PTMN vs. MSDL

Last updated Apr 1, 2026

Compare and contrast key facts about Portman Ridge Finance Corporation (PTMN) and Morgan Stanley Direct Lending Fund (MSDL).

Performance

PTMN vs. MSDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Portman Ridge Finance Corporation (PTMN) and Morgan Stanley Direct Lending Fund (MSDL). The values are adjusted to include any dividend payments, if applicable.

PTMN vs. MSDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PTMN Portman Ridge Finance Corporation	-33.92%	-15.84%	-0.14%
MSDL Morgan Stanley Direct Lending Fund	-12.50%	-10.85%	10.95%

Fundamentals

Market Cap PTMN : $83.44M MSDL : $1.22B
EPS PTMN : -$0.80 MSDL : $1.58
PS Ratio PTMN : 2.16 MSDL : 4.06
PB Ratio PTMN : 0.40 MSDL : 0.70
Total Revenue (TTM) PTMN : $38.31M MSDL : $299.77M
Gross Profit (TTM) PTMN : -$638.00K MSDL : $100.38M
EBITDA (TTM) PTMN : $15.63M MSDL : $94.60M

Returns By Period

In the year-to-date period, PTMN achieves a -33.92% return, which is significantly lower than MSDL's -12.50% return.

PTMN

• 1D: 1.21%
• 1M: -30.52%
• YTD: -33.92%
• 6M: -29.61%
• 1Y: -38.91%
• 3Y*: -17.17%
• 5Y*: -7.70%
• 10Y*: -0.41%

MSDL

• 1D: 2.20%
• 1M: -2.57%
• YTD: -12.50%
• 6M: -7.60%
• 1Y: -21.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

PTMN vs. MSDL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PTMN

PTMN Risk / Return Rank: 3
PTMN Sharpe Ratio Rank: 1
PTMN Sortino Ratio Rank: 3
PTMN Omega Ratio Rank: 3
PTMN Calmar Ratio Rank: 8
PTMN Martin Ratio Rank: 0

MSDL

MSDL Risk / Return Rank: 7
MSDL Sharpe Ratio Rank: 6
MSDL Sortino Ratio Rank: 7
MSDL Omega Ratio Rank: 9
MSDL Calmar Ratio Rank: 9
MSDL Martin Ratio Rank: 3

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PTMN vs. MSDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Portman Ridge Finance Corporation (PTMN) and Morgan Stanley Direct Lending Fund (MSDL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	PTMN	MSDL	Difference
Sharpe ratio Return per unit of total volatility	-1.31	-0.94	-0.37
Sortino ratio Return per unit of downside risk	-1.82	-1.31	-0.51
Omega ratio Gain probability vs. loss probability	0.75	0.84	-0.09
Calmar ratio Return relative to maximum drawdown	-0.89	-0.88	-0.01
Martin ratio Return relative to average drawdown	-2.65	-1.84	-0.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PTMN vs. MSDL - Sharpe Ratio Comparison

The current PTMN Sharpe Ratio is -1.31, which is lower than the MSDL Sharpe Ratio of -0.94. The chart below compares the historical Sharpe Ratios of PTMN and MSDL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PTMN	MSDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.31	-0.94	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.37	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.01	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.04	-0.28	+0.24

Correlation

The correlation between PTMN and MSDL is 0.19, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

PTMN vs. MSDL - Dividend Comparison

PTMN's dividend yield for the trailing twelve months is around 23.27%, more than MSDL's 13.97% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PTMN Portman Ridge Finance Corporation	23.27%	16.65%	16.89%	15.12%	11.13%	9.77%	12.57%	46.68%	11.56%	14.08%	15.08%	15.48%
MSDL Morgan Stanley Direct Lending Fund	13.97%	12.14%	10.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

PTMN vs. MSDL - Drawdown Comparison

The maximum PTMN drawdown since its inception was -91.49%, which is greater than MSDL's maximum drawdown of -29.68%. Use the drawdown chart below to compare losses from any high point for PTMN and MSDL.

Drawdown Indicators

	PTMN	MSDL	Difference
Max Drawdown Largest peak-to-trough decline	-91.49%	-29.68%	-61.81%
Max Drawdown (1Y) Largest decline over 1 year	-43.57%	-25.03%	-18.54%
Max Drawdown (5Y) Largest decline over 5 years	-52.72%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-74.57%	—	—
Current Drawdown Current decline from peak	-56.64%	-27.62%	-29.02%
Average Drawdown Average peak-to-trough decline	-35.55%	-11.26%	-24.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.68%	11.98%	+2.70%

Volatility

PTMN vs. MSDL - Volatility Comparison

Portman Ridge Finance Corporation (PTMN) has a higher volatility of 17.44% compared to Morgan Stanley Direct Lending Fund (MSDL) at 6.72%. This indicates that PTMN's price experiences larger fluctuations and is considered to be riskier than MSDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PTMN	MSDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.44%	6.72%	+10.72%
Volatility (6M) Calculated over the trailing 6-month period	24.50%	16.39%	+8.11%
Volatility (1Y) Calculated over the trailing 1-year period	29.76%	22.58%	+7.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.17%	23.36%	-2.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.25%	23.36%	+8.89%

Financials

PTMN vs. MSDL - Profitability Comparison

The chart below illustrates the profitability comparison between Portman Ridge Finance Corporation and Morgan Stanley Direct Lending Fund over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

PTMN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Portman Ridge Finance Corporation reported a gross profit of 0.00 and revenue of 14.68M. Therefore, the gross margin over that period was 0.0%.

MSDL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Morgan Stanley Direct Lending Fund reported a gross profit of 0.00 and revenue of 96.60M. Therefore, the gross margin over that period was 0.0%.

PTMN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Portman Ridge Finance Corporation reported an operating income of 0.00 and revenue of 14.68M, resulting in an operating margin of 0.0%.

MSDL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Morgan Stanley Direct Lending Fund reported an operating income of 0.00 and revenue of 96.60M, resulting in an operating margin of 0.0%.

PTMN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Portman Ridge Finance Corporation reported a net income of 0.00 and revenue of 14.68M, resulting in a net margin of 0.0%.

MSDL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Morgan Stanley Direct Lending Fund reported a net income of 44.00M and revenue of 96.60M, resulting in a net margin of 45.5%.