Morgan Stanley Direct Lending Fund (MSDL) Shares Outstanding (Diluted) (2022 - 2026)
Morgan Stanley Direct Lending Fund (MSDL) reported Shares Outstanding (Diluted) of 84.75 million for Q2 2026, down 2.8% from 87.19 million a year earlier and down 1.2% from the prior quarter.
Powered by 
Analysis
Morgan Stanley Direct Lending Fund (MSDL) Shares Outstanding (Diluted) (2022 - 2026) Analysis & Trends
For FY2025, Morgan Stanley Direct Lending Fund posted Shares Outstanding (Diluted) of 87.27 million, down 1.6% from FY2024.
- Shares Outstanding (Diluted) has a four-year compound annual growth rate of 29.4% (FY2021 to FY2025).
- By year, Shares Outstanding (Diluted) came in at 88.65 million in FY2024 (+19.4%), 74.24 million in FY2023 (+20.4%), 61.68 million in FY2022 (+97.9%) and 31.16 million in FY2021.
- The Q2 2026 figure ranks as the lowest quarterly Shares Outstanding (Diluted) since Q4 2023.
- Year over year, Shares Outstanding (Diluted) has now declined in each of the last five quarters, with growth averaging 4.1% over the last eight quarters.
- The high point for year-over-year Shares Outstanding (Diluted) in five years was Q2 2024 (growth of 25.1%); the low point was Q1 2026 (a decline of 3.0%).
- Per Business Quant data, the three quarters before Q2 2026 came in at 85.78 million (Q1 2026), 87.27 million (Q4 2025) and 86.84 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Shares Outstanding (Dil.) (Qtr) |
|---|---|---|---|---|---|
| 1 | Rocket Companies | 43.26 Bn | 28.94 Bn | - | 2.84 Bn |
| 2 | Orix | 42.40 Bn | 42.90 Bn | - | 1.12 Bn |
| 3 | Royalty Pharma | 33.56 Bn | 33.47 Bn | - | 556.90 Mn |
| 4 | Federal National Mortgage Association Fannie Mae | 24.47 Bn | 24.47 Bn | - | 5.89 Bn |
| 5 | Affirm Holdings | 23.34 Bn | 17.03 Bn | - | 348.85 Mn |
| 6 | Synchrony Financial | 23.06 Bn | -44.91 Bn | - | 334.10 Mn |
| 7 | Royal Gold | 19.98 Bn | 19.21 Bn | 390.45 Mn | 85.05 Mn |
| 8 | Annaly Capital Management | 14.18 Bn | 5.27 Bn | - | 740.26 Mn |
| 9 | Ares Capital | 13.71 Bn | 11.15 Bn | - | 718.00 Mn |
| 10 | Morgan Stanley Direct Lending Fund | 1.15 Bn | 802.02 Mn | - | 84.75 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 84.75 Mn |
| Mar 31, 2026 | 85.78 Mn |
| Dec 31, 2025 | 87.27 Mn |
| Sep 30, 2025 | 86.84 Mn |
| Jun 30, 2025 | 87.19 Mn |
| Mar 31, 2025 | 88.41 Mn |
| Dec 31, 2024 | 88.65 Mn |
| Sep 30, 2024 | 89.26 Mn |
| Jun 30, 2024 | 89.27 Mn |
| Mar 31, 2024 | 87.36 Mn |
| Dec 31, 2023 | 74.24 Mn |
| Sep 30, 2023 | 71.87 Mn |
| Jun 30, 2023 | 71.34 Mn |
| Mar 31, 2023 | 70.86 Mn |
| Dec 31, 2022 | 61.68 Mn |
| Sep 30, 2022 | 64.10 Mn |
| Jun 30, 2022 | 59.23 Mn |
| Mar 31, 2022 | 57.10 Mn |
API Access
Morgan Stanley Direct Lending Fund Shares Outstanding (Diluted) API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=shares-outstanding-diluted&ticker=MSDL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "shares-outstanding-diluted", "ticker": "MSDL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=shares-outstanding-diluted&ticker=MSDL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();