Morgan Stanley Direct Lending Fund bonds MSDL
Who owns Morgan Stanley Direct Lending Fund's debt and what their own filings say it is worth. Bond prices and yields are fund-reported marks (SEC Form N-PORT) as of Jul 2026; they lag the market by about two months. MSDL stock page.
Every bond funds hold
Each bond's latest fund-reported mark. Price per 100 of face value; yield to maturity from price, coupon and maturity; spread over the matched-maturity Treasury for US-dollar bonds.
| Bond | Coupon | Maturity | Ccy | Price | Yield | Spread | Funds | Held | As of |
|---|---|---|---|---|---|---|---|---|---|
| 61774AAD5 | 4.5% fixed | 2027-02-11 | USD | 99.72 | 5.04% | 119 bp | 2 | $3.0M | Jul 2026 |
| 61774AAF0 | 6.15% fixed | 2029-05-17 | USD | 100.69 | 5.88% | 162 bp | 10 | $15.1M | Jul 2026 |
| 61774AAG8 | 6% fixed | 2030-05-19 | USD | 98.55 | 6.43% | 214 bp | 12 | $17.9M | Jul 2026 |
| 61774AAH6 | 6.1% fixed | 2031-07-15 | USD | 97.63 | 6.67% | 234 bp | 9 | $8.0M | Jul 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
Price history
Median fund-marked price across the bonds, per 100 of face value.
By month
Funds file on staggered quarter-ends, so each month-end is marked by the funds that reported for it; the amount held moves with which funds filed, not only with buying and selling.
| Month-end | Bonds | Held | Median price | USD yield | USD spread | Most funds on one bond |
|---|---|---|---|---|---|---|
| Jul 2026 | 4 | $44.0M | 99.13 | 6.43% | 214 bp | 12 |
| Jun 2026 | 4 | $106.1M | 99.55 | 6.14% | 197 bp | 16 |
| May 2026 | 3 | $30.6M | 100.05 | 5.85% | 178 bp | 10 |
| Apr 2026 | 3 | $27.9M | 99.92 | 5.86% | 200 bp | 11 |
| Mar 2026 | 3 | $73.8M | 99.51 | 6.15% | 238 bp | 15 |
| Feb 2026 | 3 | $32.7M | 100.25 | 5.68% | 210 bp | 10 |
| Jan 2026 | 3 | $18.0M | 101.80 | 5.10% | 146 bp | 9 |
| Dec 2025 | 3 | $81.9M | 102.42 | 5.22% | 164 bp | 16 |
| Nov 2025 | 3 | $33.0M | 102.31 | 5.15% | 156 bp | 10 |
| Oct 2025 | 3 | $17.6M | 102.25 | 5.28% | 171 bp | 11 |
| Sep 2025 | 3 | $85.4M | 102.49 | 5.08% | 149 bp | 16 |
| Aug 2025 | 3 | $33.1M | 102.24 | 5.17% | 146 bp | 11 |
| Jul 2025 | 3 | $15.9M | 100.60 | 5.45% | 156 bp | 10 |
Who holds the debt
Fund series in their latest quarterly N-PORT report, largest first, with the change in face value against each fund's own previous report. Names as reported in the filings. 19 added, 11 cut, 17 new holders and 3 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $21.2M | $21.3M | $2.0M |
| PGIM Short-Term Corporate Bond Fund Prudential Short-Term Corporate Bond Fund, Inc. | 2026-06-30 | $21.0M | $20.7M | new |
| PIMCO Total Return Fund PIMCO FUNDS | 2026-06-30 | $18.1M | $18.1M | $0 |
| PIMCO Total Return Portfolio PIMCO VARIABLE INSURANCE TRUST | 2026-06-30 | $15.0M | $14.9M | $0 |
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $13.9M | $13.8M | $60K |
| Angel Oak Multi-Strategy Income Fund Angel Oak Funds Trust | 2026-07-31 | $11.9M | $11.7M | $4.1M |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $6.0M | $6.0M | $0 |
| Angel Oak Income ETF Angel Oak | 2026-07-31 | $5.9M | $5.8M | $2.9M |
| VANGUARD SHORT-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $5.2M | $5.2M | $223K |
| Angel Oak UltraShort Income ETF Angel Oak | 2026-07-31 | $5.1M | $5.1M | new |
| State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $5.0M | $5.0M | new |
| State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $5.1M | $5.0M | $3.7M |
| Weitz Core Plus Income Fund Weitz Funds | 2026-06-30 | $5.0M | $5.0M | $0 |
| iShares 1-5 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $4.4M | $4.4M | -$2.1M |
| iShares iBonds Dec 2029 Term Corporate ETF iShares Trust | 2026-07-31 | $3.0M | $3.1M | $188K |
| THRIVENT SHORT-TERM BOND FUND Thrivent Mutual Funds | 2026-07-31 | $2.8M | $2.8M | $0 |
| Angel Oak UltraShort Income Fund Angel Oak | 2026-07-31 | $2.8M | $2.8M | new |
| iShares iBonds Dec 2027 Term Corporate ETF iShares Trust | 2026-07-31 | $2.6M | $2.6M | -$60K |
| iShares iBonds Dec 2030 Term Corporate ETF iShares Trust | 2026-07-31 | $2.3M | $2.3M | $213K |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $2.2M | $2.2M | -$1.8M |
| The Bond Fund COMMERCE FUNDS | 2026-07-31 | $2.0M | $2.0M | $0 |
| PIMCO Total Return Fund II PIMCO FUNDS | 2026-06-30 | $1.7M | $1.7M | $0 |
| THRIVENT SHORT-TERM BOND PORTFOLIO Thrivent Series Fund, Inc. | 2026-06-30 | $1.4M | $1.4M | $0 |
| First American Multi-Manager Fixed-Income Fund PFM Multi-Manager Series Trust | 2026-06-30 | $1.3M | $1.3M | $0 |
| Hilton BDC Corporate Bond ETF Tidal Trust II | 2026-07-31 | $1.3M | $1.3M | -$38K |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Nuveen Short Term Bond Index Fund ($200K), PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund ($10K), Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF ($8K).
ETFs holding these bonds
From each ETF's own latest N-PORT report: the issuer's bonds as a share of the ETF's net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Face value | Value | % of net assets |
|---|---|---|---|---|---|
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 2 | $21.2M | $21.3M | 0.04% |
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 2 | $13.9M | $13.8M | 0.00% |
| CARY Angel Oak Income ETF | 2026-07-31 | 2 | $5.9M | $5.8M | 0.42% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 2 | $5.2M | $5.2M | 0.01% |
| UYLD Angel Oak UltraShort Income ETF | 2026-07-31 | 1 | $5.1M | $5.1M | 0.33% |
| SPSB State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF | 2026-06-30 | 1 | $5.0M | $5.0M | 0.05% |
| SPIB State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF | 2026-06-30 | 3 | $5.1M | $5.0M | 0.04% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 2 | $4.4M | $4.4M | 0.02% |
| IBDU iShares iBonds Dec 2029 Term Corporate ETF | 2026-07-31 | 1 | $3.0M | $3.1M | 0.08% |
| IBDS iShares iBonds Dec 2027 Term Corporate ETF | 2026-07-31 | 1 | $2.6M | $2.6M | 0.07% |
| IBDV iShares iBonds Dec 2030 Term Corporate ETF | 2026-07-31 | 1 | $2.3M | $2.3M | 0.07% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 2 | $2.2M | $2.2M | 0.00% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 2 | $1.2M | $1.2M | 0.01% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 3 | $795K | $790K | 0.00% |
| GIGB Goldman Sachs Access Investment Grade Corporate Bond ETF | 2026-05-31 | 1 | $720K | $719K | 0.07% |
Default risk, three ways
Stock market: distance-to-default
Not computed: financial company (banks, insurers, BDCs and REITs carry leverage as their business, which the model misreads).
Bond market: priced-in odds
A 214 bp spread prices in about 3.6% a year of default odds (spread ÷ (1 − 40% recovery)). Fund-reported marks as of Jul 2026; the spread also pays for liquidity and risk premium, so this overstates actual defaults.
Accounts: Altman Z
Not available.
The stock side: 13F filings
What institutions report holding in MSDL's stock and options. Options are reported at the value of the underlying shares, not the premium paid; 13F lists long positions only, lags 45 days after quarter-end, and does not show whether puts hedge a stock position.
| Quarter-end | Stock holders | Stock value | Put managers | Puts (underlying value) | Call managers | Calls (underlying value) | Convertible holders |
|---|---|---|---|---|---|---|---|
| 2026-09-30 filings still arriving | 14 | $16.5M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 136 | $577.7M | 5 | $1.9M | 4 | $1.8M | 0 |
| 2026-03-31 | 135 | $475.5M | 6 | $2.8M | 5 | $2.1M | 0 |
| 2025-12-31 | 131 | $567.4M | 5 | $3.3M | 5 | $2.2M | 0 |
| 2025-09-30 | 115 | $472.3M | 4 | $2.2M | 3 | $712K | 0 |
| 2025-06-30 | 108 | $531.6M | 4 | $1.4M | 3 | $1.4M | 0 |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.