Kayne Anderson BDC (KBDC) vs Morgan Stanley Direct Lending Fund (MSDL)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 8, 2026.
Summary
Morgan Stanley Direct Lending Fund is the larger company by market cap ($1.13 billion vs $820.8 million), about 1.4 times the size. On valuation, Morgan Stanley Direct Lending Fund trades at a lower forward P/E (7.5x vs 7.9x for Kayne Anderson BDC). Morgan Stanley Direct Lending Fund pays a dividend yielding 14.16%, while Kayne Anderson BDC does not currently pay one.
Summary generated from market data by MetaCap's automated system. Methodology
Head-to-head
| Metric | KBDC | MSDL |
|---|---|---|
| Share price | $12.43 | $13.42 |
| Market cap | $820.85M | $1.13B |
| 1-day change | +0.24% | +0.68% |
| YTD return | -13.41% | — |
| 1-year return | -8.76% | — |
| P/E ratio (TTM) | 11.40 | 19.45 |
| Forward P/E | 7.89 | 7.45 |
| EPS (TTM) | $1.09 | $0.69 |
| Dividend yield | 12.90% | 14.16% |
| Annual dividend | $0.00 | $1.90 |
| 52-week high | $15.87 | $17.91 |
| 52-week low | $12.35 | $13.23 |
| Distance from 52-week high | -21.68% | -25.07% |
| Analyst consensus | none | none |
| Avg. price target upside | +16.65% | +16.32% |
| Average volume | 369.18K | 453.64K |
| Shares outstanding | 66.04M | 84.11M |
| Sector | Financial Services | Financial Services |
| Industry | Asset Management | Asset Management |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- Morgan Stanley Direct Lending Fund trades at a higher earnings multiple (19.4x vs 11.4x trailing P/E).
- Morgan Stanley Direct Lending Fund offers a meaningfully higher dividend yield (14.16% vs 12.90%).
About Kayne Anderson BDC
KBDC stock →Kayne Anderson BDC, Inc. is business development company and an externally managed, closed-end, non-diversified management investment company that intends to elect to be regulated as a BDC under the 1940 Act.
Financial Services · Asset Management
About Morgan Stanley Direct Lending Fund
MSDL stock →Morgan Stanley Direct Lending Fund is a business development company. It is a Private Debt fund.
Financial Services · Asset Management
KBDC vs MSDL FAQ
Which is bigger, Kayne Anderson BDC or Morgan Stanley Direct Lending Fund?
Morgan Stanley Direct Lending Fund (MSDL) is larger, with a market capitalization of $1.13B compared with $820.85M for Kayne Anderson BDC (KBDC).
Which has the lower P/E ratio, KBDC or MSDL?
KBDC has the lower trailing P/E at 11.4, versus 19.4 for MSDL. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, Kayne Anderson BDC or Morgan Stanley Direct Lending Fund?
Morgan Stanley Direct Lending Fund has the higher yield at 14.16%, compared with 12.90% for Kayne Anderson BDC.
Are Kayne Anderson BDC and Morgan Stanley Direct Lending Fund in the same industry?
Yes. Both are classified in the Asset Management industry within the Financial Services sector.