v3.26.1
N-2 - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cover [Abstract]                
Entity Central Index Key 0001782524              
Amendment Flag false              
Securities Act File Number 814-01332              
Document Type 10-Q              
Entity Registrant Name Morgan Stanley Direct Lending Fund              
Entity Address, Address Line One 1585 Broadway              
Entity Address, City or Town New York              
Entity Address, State or Province NY              
Entity Address, Postal Zip Code 10036              
City Area Code 212              
Local Phone Number 761-4000              
Entity Emerging Growth Company false              
Financial Highlights [Abstract]                
Senior Securities [Table Text Block]

The following is information about the Company's senior securities as of dates indicated in the table below:

 

Class and Period

 

Total Amount Outstanding Exclusive of Treasury Securities(1)

 

 

Asset Coverage per Unit(2)

 

 

Liquidating Preference per Unit(3)

 

 

Average Market Value per Unit

 

 

($ in thousands)

 

 

($ in thousands)

 

 

 

 

 

 

CLO 2025-1 Issued Debt

 

 

 

 

 

 

 

 

 

 

 

June 30, 2026 (unaudited)

 

$

309,000

 

 

 

1,827

 

 

 

—

 

 

N/A(4)

December 31, 2025

 

$

309,000

 

 

 

1,830

 

 

 

—

 

 

N/A(4)

2025 Notes

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

$

275,000

 

 

 

1,930

 

 

 

—

 

 

N/A(4)

December 31, 2023

 

$

275,000

 

 

 

2,146

 

 

 

—

 

 

N/A(4)

December 31, 2022

 

$

275,000

 

 

 

1,912

 

 

 

—

 

 

N/A(4)

2027 Notes

 

 

 

 

 

 

 

 

 

 

 

June 30, 2026 (unaudited)

 

$

425,000

 

 

 

1,827

 

 

 

—

 

 

N/A(4)

December 31, 2025

 

$

425,000

 

 

 

1,830

 

 

 

—

 

 

N/A(4)

December 31, 2024

 

$

425,000

 

 

 

1,930

 

 

 

—

 

 

N/A(4)

December 31, 2023

 

$

425,000

 

 

 

2,146

 

 

 

—

 

 

N/A(4)

December 31, 2022

 

$

425,000

 

 

 

1,912

 

 

 

—

 

 

N/A(4)

2029 Notes

 

 

 

 

 

 

 

 

 

 

 

June 30, 2026 (unaudited)

 

$

350,000

 

 

 

1,827

 

 

 

—

 

 

N/A(4)

December 31, 2025

 

$

350,000

 

 

 

1,830

 

 

 

—

 

 

N/A(4)

December 31, 2024

 

$

350,000

 

 

 

1,930

 

 

 

—

 

 

N/A(4)

2030 Notes

 

 

 

 

 

 

 

 

 

 

 

June 30, 2026 (unaudited)

 

$

350,000

 

 

 

1,827

 

 

 

—

 

 

N/A(4)

December 31, 2025

 

$

350,000

 

 

 

1,830

 

 

 

—

 

 

N/A(4)

Truist Credit Facility

 

 

 

 

 

 

 

 

 

 

 

June 30, 2026 (unaudited)

 

$

215,678

 

 

 

1,827

 

 

 

—

 

 

N/A(4)

December 31, 2025

 

$

308,153

 

 

 

1,830

 

 

 

—

 

 

N/A(4)

December 31, 2024

 

$

617,401

 

 

 

1,930

 

 

 

—

 

 

N/A(4)

December 31, 2023

 

$

520,263

 

 

 

2,146

 

 

 

—

 

 

N/A(4)

December 31, 2022

 

$

432,254

 

 

 

1,912

 

 

 

—

 

 

N/A(4)

December 31, 2021

 

$

476,000

 

 

 

1,951

 

 

 

—

 

 

N/A(4)

BNP Funding Facility

 

 

 

 

 

 

 

 

 

 

 

June 30, 2026 (unaudited)

 

$

351,000

 

 

 

1,827

 

 

 

—

 

 

N/A(4)

December 31, 2025

 

$

351,000

 

 

 

1,830

 

 

 

—

 

 

N/A(4)

December 31, 2024

 

$

316,000

 

 

 

1,930

 

 

 

—

 

 

N/A(4)

December 31, 2023

 

$

282,000

 

 

 

2,146

 

 

 

—

 

 

N/A(4)

December 31, 2022

 

$

400,000

 

 

 

1,912

 

 

 

—

 

 

N/A(4)

December 31, 2021

 

$

463,500

 

 

 

1,951

 

 

 

—

 

 

N/A(4)

CIBC Subscription Facility

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

$

310,350

 

 

 

1,951

 

 

 

—

 

 

N/A(4)

December 31, 2020

 

$

333,850

 

 

 

1,903

 

 

 

—

 

 

N/A(4)

 

(1)
Total amount of each class of senior securities outstanding at the end of the period presented.
(2)
Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.
(3)
The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “ - ” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.
(4)
Not applicable because the senior securities are not registered for public trading on a stock exchange.
              
Senior Securities, Note [Text Block]

(11) SENIOR SECURITIES

The following is information about the Company's senior securities as of dates indicated in the table below:

 

Class and Period

 

Total Amount Outstanding Exclusive of Treasury Securities(1)

 

 

Asset Coverage per Unit(2)

 

 

Liquidating Preference per Unit(3)

 

 

Average Market Value per Unit

 

 

($ in thousands)

 

 

($ in thousands)

 

 

 

 

 

 

CLO 2025-1 Issued Debt

 

 

 

 

 

 

 

 

 

 

 

June 30, 2026 (unaudited)

 

$

309,000

 

 

 

1,827

 

 

 

—

 

 

N/A(4)

December 31, 2025

 

$

309,000

 

 

 

1,830

 

 

 

—

 

 

N/A(4)

2025 Notes

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

$

275,000

 

 

 

1,930

 

 

 

—

 

 

N/A(4)

December 31, 2023

 

$

275,000

 

 

 

2,146

 

 

 

—

 

 

N/A(4)

December 31, 2022

 

$

275,000

 

 

 

1,912

 

 

 

—

 

 

N/A(4)

2027 Notes

 

 

 

 

 

 

 

 

 

 

 

June 30, 2026 (unaudited)

 

$

425,000

 

 

 

1,827

 

 

 

—

 

 

N/A(4)

December 31, 2025

 

$

425,000

 

 

 

1,830

 

 

 

—

 

 

N/A(4)

December 31, 2024

 

$

425,000

 

 

 

1,930

 

 

 

—

 

 

N/A(4)

December 31, 2023

 

$

425,000

 

 

 

2,146

 

 

 

—

 

 

N/A(4)

December 31, 2022

 

$

425,000

 

 

 

1,912

 

 

 

—

 

 

N/A(4)

2029 Notes

 

 

 

 

 

 

 

 

 

 

 

June 30, 2026 (unaudited)

 

$

350,000

 

 

 

1,827

 

 

 

—

 

 

N/A(4)

December 31, 2025

 

$

350,000

 

 

 

1,830

 

 

 

—

 

 

N/A(4)

December 31, 2024

 

$

350,000

 

 

 

1,930

 

 

 

—

 

 

N/A(4)

2030 Notes

 

 

 

 

 

 

 

 

 

 

 

June 30, 2026 (unaudited)

 

$

350,000

 

 

 

1,827

 

 

 

—

 

 

N/A(4)

December 31, 2025

 

$

350,000

 

 

 

1,830

 

 

 

—

 

 

N/A(4)

Truist Credit Facility

 

 

 

 

 

 

 

 

 

 

 

June 30, 2026 (unaudited)

 

$

215,678

 

 

 

1,827

 

 

 

—

 

 

N/A(4)

December 31, 2025

 

$

308,153

 

 

 

1,830

 

 

 

—

 

 

N/A(4)

December 31, 2024

 

$

617,401

 

 

 

1,930

 

 

 

—

 

 

N/A(4)

December 31, 2023

 

$

520,263

 

 

 

2,146

 

 

 

—

 

 

N/A(4)

December 31, 2022

 

$

432,254

 

 

 

1,912

 

 

 

—

 

 

N/A(4)

December 31, 2021

 

$

476,000

 

 

 

1,951

 

 

 

—

 

 

N/A(4)

BNP Funding Facility

 

 

 

 

 

 

 

 

 

 

 

June 30, 2026 (unaudited)

 

$

351,000

 

 

 

1,827

 

 

 

—

 

 

N/A(4)

December 31, 2025

 

$

351,000

 

 

 

1,830

 

 

 

—

 

 

N/A(4)

December 31, 2024

 

$

316,000

 

 

 

1,930

 

 

 

—

 

 

N/A(4)

December 31, 2023

 

$

282,000

 

 

 

2,146

 

 

 

—

 

 

N/A(4)

December 31, 2022

 

$

400,000

 

 

 

1,912

 

 

 

—

 

 

N/A(4)

December 31, 2021

 

$

463,500

 

 

 

1,951

 

 

 

—

 

 

N/A(4)

CIBC Subscription Facility

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

$

310,350

 

 

 

1,951

 

 

 

—

 

 

N/A(4)

December 31, 2020

 

$

333,850

 

 

 

1,903

 

 

 

—

 

 

N/A(4)

 

(1)
Total amount of each class of senior securities outstanding at the end of the period presented.
(2)
Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.
(3)
The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “ - ” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.
(4)
Not applicable because the senior securities are not registered for public trading on a stock exchange.
              
General Description of Registrant [Abstract]                
Risk Factors [Table Text Block]

Item 1A. Risk Factors

In addition to the other information set forth in this Report, you should carefully consider the risk factors disclosed below and previously disclosed under Item 1A of our Annual Report on Form 10-K and under Item 1A in our quarterly report on Form 10-Q for the quarter ended March 31, 2026, which could materially affect our business, financial condition and/or operating results. The risks disclosed below and in our Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition and/or operating results.

              
NAV Per Share [1] $ 19.5 $ 20.26 $ 20.59 $ 20.81        
CLO 2025-1 Issued Debt                
Financial Highlights [Abstract]                
Senior Securities Amount [2] $ 309,000 $ 309,000            
Senior Securities Coverage per Unit [3] $ 1,827 $ 1,830            
Preferred Stock Liquidating Preference [4] $ 0 $ 0            
2025 Notes                
Financial Highlights [Abstract]                
Senior Securities Amount [2]       $ 275,000 $ 275,000 $ 275,000    
Senior Securities Coverage per Unit [3]       $ 1,930 $ 2,146 $ 1,912    
Preferred Stock Liquidating Preference [4]       $ 0 $ 0 $ 0    
2027 Notes                
Financial Highlights [Abstract]                
Senior Securities Amount [2] $ 425,000 $ 425,000   $ 425,000 $ 425,000 $ 425,000    
Senior Securities Coverage per Unit [3] $ 1,827 $ 1,830   $ 1,930 $ 2,146 $ 1,912    
Preferred Stock Liquidating Preference [4] $ 0 $ 0   $ 0 $ 0 $ 0    
2029 Notes                
Financial Highlights [Abstract]                
Senior Securities Amount [2] $ 350,000 $ 350,000   $ 350,000        
Senior Securities Coverage per Unit [3] $ 1,827 $ 1,830   $ 1,930        
Preferred Stock Liquidating Preference [4] $ 0 $ 0   $ 0        
2030 Notes                
Financial Highlights [Abstract]                
Senior Securities Amount [2] $ 350,000 $ 350,000            
Senior Securities Coverage per Unit [3] $ 1,827 $ 1,830            
Preferred Stock Liquidating Preference [4] $ 0 $ 0            
Truist Credit Facility                
Financial Highlights [Abstract]                
Senior Securities Amount [2] $ 215,678 $ 308,153   $ 617,401 $ 520,263 $ 432,254 $ 476,000  
Senior Securities Coverage per Unit [3] $ 1,827 $ 1,830   $ 1,930 $ 2,146 $ 1,912 $ 1,951  
Preferred Stock Liquidating Preference [4] $ 0 $ 0   $ 0 $ 0 $ 0 $ 0  
BNP Funding Facility                
Financial Highlights [Abstract]                
Senior Securities Amount [2] $ 351,000 $ 351,000   $ 316,000 $ 282,000 $ 400,000 $ 463,500  
Senior Securities Coverage per Unit [3] $ 1,827 $ 1,830   $ 1,930 $ 2,146 $ 1,912 $ 1,951  
Preferred Stock Liquidating Preference [4] $ 0 $ 0   $ 0 $ 0 $ 0 $ 0  
CIBC Subscription Facility                
Financial Highlights [Abstract]                
Senior Securities Amount [2]             $ 310,350 $ 333,850
Senior Securities Coverage per Unit [3]             $ 1,951 $ 1,903
Preferred Stock Liquidating Preference [4]             $ 0 $ 0
[1] The per share data was derived by using the weighted average shares outstanding during the period, except otherwise noted.
[2] Total amount of each class of senior securities outstanding at the end of the period presented.
[3] Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.
[4] The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “ - ” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.