Mar 22, 2026, 9:30 AM ETMSDL, ETGen AlphaInvesting GroupCommentsSummaryMorgan Stanley Direct Lending Fund and Energy Transfer both offer high yields, discounted valuations, and solid dividend coverage.MSDL trades at a 29% discount to NAV, has a 12.5% yield, and maintains a conservative, first-lien-heavy portfolio with low non-accruals.ET provides a 7.05% distribution yield, robust fee-based cash flows, and is positioned for growth from U.S. energy exports and data center demand.Both picks emphasize reliable income, margin of safety, and diversification, prioritizing income with price appreciation potential.Looking for a portfolio of ideas like this one? Members of iREIT®+HOYA Capital get exclusive access to our subscriber-only portfolios.