Morgan Stanley Direct Lending Fund (MSDL) Financials

$17.17 +0.13 (+0.75%)

Closing price 03:59 PM Eastern

Extended Trading

$17.17 +0.00 (+0.01%)

As of 08:00 PM Eastern

Annual Income Statements for Morgan Stanley Direct Lending Fund

This table shows Morgan Stanley Direct Lending Fund's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	148	128	231	16
Consolidated Net Income / (Loss)	148	128	231	16
Net Income / (Loss) Continuing Operations	75	129	231	-204
Total Pre-Tax Income	75	129	200	-201
Total Operating Income	84	191	-53	346
Total Gross Profit	120	246	25	432
Total Revenue	120	246	25	426
Operating Revenue	120	246	25	426
Total Cost of Revenue	0.10	0.04	0.00	-6.04
Operating Cost of Revenue	0.10	0.04	0.00	-6.04
Total Operating Expenses	36	55	78	86
Selling, General & Admin Expense	4.19	3.79	5.10	7.03
Other Operating Expenses / (Income)	32	51	73	79
Total Other Income / (Expense), net	-9.01	-62	284	-547
Interest Expense	21	67	113	316
Interest & Investment Income	1.90	0.54	358	-226
Other Income / (Expense), net	10	4.36	39	-4.77
Income Tax Expense	0.08	0.33	-	2.44
Other Adjustments to Consolidated Net Income / (Loss)	73	-	-	220
Basic Earnings per Share	$2.67	$0.79	$3.11	$2.43
Weighted Average Basic Shares Outstanding	31.16M	61.68M	74.24M	88.65M
Diluted Earnings per Share	$2.67	$0.79	$3.11	$2.43
Weighted Average Diluted Shares Outstanding	31.16M	61.68M	74.24M	88.65M
Basic & Diluted Earnings per Share	$2.34	$2.08	$2.67	$2.48
Weighted Average Basic & Diluted Shares Outstanding	-	-	88.90M	88.50M

This table shows Morgan Stanley Direct Lending Fund's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	44	48	51	88	8.37	56	-4.03	-44	46
Consolidated Net Income / (Loss)	44	48	51	88	8.37	56	-4.03	-44	46
Net Income / (Loss) Continuing Operations	44	48	51	88	-46	56	-63	-151	46
Total Pre-Tax Income	44	48	51	57	-46	57	-62	-150	47
Total Operating Income	70	75	78	-275	82	84	92	87	79
Total Gross Profit	88	93	98	-255	103	106	114	109	101
Total Revenue	88	93	98	-255	102	105	112	107	100
Operating Revenue	88	93	98	-255	102	105	112	107	100
Total Cost of Revenue	0.00	0.00	0.00	-	-1.21	-1.65	-1.68	-1.49	-0.38
Operating Cost of Revenue	0.00	0.00	0.00	-	-1.21	-1.65	-1.68	-1.49	-0.38
Total Operating Expenses	18	19	20	21	21	22	21	22	21
Selling, General & Admin Expense	1.46	1.10	1.44	1.10	1.35	1.76	1.97	1.96	1.85
Other Operating Expenses / (Income)	17	18	19	20	20	20	19	20	20
Total Other Income / (Expense), net	-26	-27	-28	364	-128	-28	-155	-237	-32
Interest Expense	27	28	30	29	71	29	84	132	34
Other Income / (Expense), net	0.99	1.20	1.77	35	-2.97	1.62	-5.52	2.10	1.68
Income Tax Expense	0.00	0.00	0.00	-	0.44	0.50	0.50	1.00	0.63
Basic Earnings per Share	$0.62	$0.79	$1.02	$0.68	$0.59	$0.66	$0.60	$0.58	$0.34
Weighted Average Basic Shares Outstanding	70.86M	71.34M	71.87M	74.24M	87.36M	89.27M	89.26M	88.65M	88.41M
Diluted Earnings per Share	$0.62	$0.79	$1.02	$0.68	$0.59	$0.66	$0.60	$0.58	$0.34
Weighted Average Diluted Shares Outstanding	70.86M	71.34M	71.87M	74.24M	87.36M	89.27M	89.26M	88.65M	88.41M
Basic & Diluted Earnings per Share	$0.62	$0.67	$0.70	$0.68	$0.63	$0.63	$0.66	$0.56	$0.52
Weighted Average Basic & Diluted Shares Outstanding	-	-	-	88.90M	89.41M	89.37M	88.77M	88.50M	87.15M

This table details how cash moves in and out of Morgan Stanley Direct Lending Fund's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	63	7.06	-12	2.66
Net Cash From Operating Activities	-1,661	-430	-84	-374
Net Cash From Continuing Operating Activities	-1,661	-430	-84	-374
Net Income / (Loss) Continuing Operations	83	49	231	216
Consolidated Net Income / (Loss)	83	49	231	216
Depreciation Expense	-8.43	80	-33	-12
Amortization Expense	-7.20	-6.13	-5.52	-7.29
Non-Cash Adjustments To Reconcile Net Income	-1,741	-563	-284	-568
Changes in Operating Assets and Liabilities, net	12	11	7.05	-1.78
Net Cash From Investing Activities	0.00	0.00	0.00	0.00
Net Cash From Continuing Investing Activities	0.00	0.00	0.00	0.00
Net Cash From Financing Activities	1,724	437	72	376
Net Cash From Continuing Financing Activities	1,724	437	72	376
Repayment of Debt	-598	-1,294	-438	-716
Repurchase of Common Equity	-0.01	0.00	0.00	-18
Payment of Dividends	-38	-86	-110	-169
Issuance of Debt	1,514	1,566	408	1,189
Issuance of Common Equity	855	255	223	96
Other Financing Activities, net	-8.20	-4.01	-9.94	-5.91
Cash Interest Paid	15	49	105	113

This table details how cash moves in and out of Morgan Stanley Direct Lending Fund's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	18	-47	35	-18	-4.94	30	-4.54	-18	-2.96
Net Cash From Operating Activities	-16	8.93	-99	23	-54	-107	-117	-96	34
Net Cash From Continuing Operating Activities	-16	8.93	-99	23	-54	-107	-117	-96	34
Net Income / (Loss) Continuing Operations	44	56	73	57	52	59	53	52	30
Consolidated Net Income / (Loss)	44	56	73	57	52	59	53	52	30
Depreciation Expense	0.57	-8.65	-23	-1.93	-2.66	-2.82	-5.44	-0.99	17
Amortization Expense	-1.20	-1.18	-0.68	-2.45	-1.15	-2.70	-2.63	-0.80	-2.20
Non-Cash Adjustments To Reconcile Net Income	-52	-48	-117	-67	-89	-182	-146	-152	-1.75
Changes in Operating Assets and Liabilities, net	-7.49	10	-32	37	-13	22	-16	5.44	-8.72
Net Cash From Investing Activities	0.00	-	-	-	0.00	-	-	-	0.00
Net Cash From Continuing Investing Activities	0.00	-	-	-	0.00	-	-	-	0.00
Net Cash From Financing Activities	35	-56	135	-41	49	137	112	78	-37
Net Cash From Continuing Financing Activities	35	-56	135	-41	49	137	112	78	-37
Repayment of Debt	0.00	-30	-115	-293	-112	-448	-77	-79	-163
Repurchase of Common Equity	-	-	-	-	-	-	-	-10	-9.62
Payment of Dividends	-24	-26	-30	-31	-37	-34	-45	-53	-53
Issuance of Debt	60	-	278	70	102	623	244	221	193
Issuance of Common Equity	2.56	-	-	220	96	-	-	-	0.00
Other Financing Activities, net	-3.94	-	1.33	-7.33	0.00	-4.54	-1.37	0.00	-4.31
Cash Interest Paid	33	17	38	17	36	16	36	26	37

This table presents Morgan Stanley Direct Lending Fund's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Total Assets	2,986	3,307	3,912
Total Current Assets	86	72	76
Cash & Equivalents	81	70	72
Short-Term Investments	2.64	2.66	3.39
Prepaid Expenses	0.04	0.05	0.63
Other Current Assets	2.56	0.04	0.00
Plant, Property, & Equipment, net	0.00	0.00	0.00
Total Noncurrent Assets	7.62	14	16
Other Noncurrent Operating Assets	7.62	14	16
Total Liabilities & Shareholders' Equity	2,986	3,307	3,912
Total Liabilities	1,589	1,586	2,070
Total Current Liabilities	55	75	87
Accrued Expenses	3.28	4.10	5.73
Dividends Payable	33	50	53
Other Current Liabilities	1.78	2.01	7.04
Other Current Nonoperating Liabilities	17	19	21
Total Noncurrent Liabilities	1,526	1,499	1,974
Long-Term Debt	1,523	1,496	1,973
Other Noncurrent Operating Liabilities	2.09	2.87	0.03
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,397	1,721	1,842
Total Preferred & Common Equity	1,397	1,721	1,842
Preferred Stock	0.00	0.00	0.00
Total Common Equity	1,397	1,721	1,842
Common Stock	1,452	1,713	1,813
Retained Earnings	-55	8.46	30

This table presents Morgan Stanley Direct Lending Fund's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	3,401	3,656	3,793	3,912
Total Current Assets	68	97	105	3,861
Cash & Equivalents	65	95	90	69
Short-Term Investments	2.66	-	3.38	3,792
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00
Total Noncurrent Assets	13	48	17	27
Other Noncurrent Operating Assets	13	48	17	27
Total Liabilities & Shareholders' Equity	3,401	3,656	3,793	3,912
Total Liabilities	1,564	1,794	1,940	2,094
Total Current Liabilities	62	80	82	73
Accrued Expenses	3.51	15	5.71	4.01
Dividends Payable	44	45	54	44
Other Current Liabilities	5.13	-	6.83	8.98
Other Current Nonoperating Liabilities	8.96	21	16	16
Total Noncurrent Liabilities	1,489	1,714	1,842	2,009
Long-Term Debt	1,487	1,664	1,842	2,009
Other Noncurrent Operating Liabilities	2.51	49	0.17	0.01
Commitments & Contingencies	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,837	1,862	1,854	1,818
Total Preferred & Common Equity	1,837	1,862	1,854	1,818
Preferred Stock	0.00	0.00	0.00	0.00
Total Common Equity	1,837	1,862	1,854	1,818
Common Stock	1,821	1,832	1,824	1,803
Retained Earnings	16	30	30	15

This table displays calculated financial ratios and metrics derived from Morgan Stanley Direct Lending Fund's official financial filings.

Metric	2021	2022	2023	2024
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-
Revenue Growth	0.00%	105.05%	-89.79%	1,594.08%
EBITDA Growth	0.00%	243.63%	-119.30%	718.65%
EBIT Growth	0.00%	107.95%	-106.98%	2,598.97%
NOPAT Growth	0.00%	127.46%	-127.54%	560.64%
Net Income Growth	0.00%	-13.36%	80.47%	-92.88%
EPS Growth	0.00%	-70.41%	293.67%	-21.87%
Operating Cash Flow Growth	0.00%	74.13%	80.50%	-345.62%
Free Cash Flow Firm Growth	0.00%	0.00%	-130.39%	519.41%
Invested Capital Growth	0.00%	0.00%	0.00%	-20.24%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	563.69%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	847.00%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	1,701.66%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	1,576.29%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-88.95%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-3.95%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	-46.83%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%
Profitability Metrics	-	-	-	-
Gross Margin	99.92%	99.98%	100.00%	101.42%
EBITDA Margin	65.28%	109.39%	-206.75%	75.50%
Operating Margin	69.87%	77.62%	-208.84%	81.12%
EBIT Margin	78.29%	79.40%	-54.24%	80.01%
Profit (Net Income) Margin	123.02%	51.98%	918.65%	3.86%
Tax Burden Percent	197.26%	99.32%	115.75%	-8.17%
Interest Burden Percent	79.66%	65.92%	-1,463.30%	-59.08%
Effective Tax Rate	0.11%	0.26%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	-1,936.15%	4,961.44%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	-1,969.20%	4,974.13%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	1,962.99%	-4,960.52%
Return on Equity (ROE)	0.00%	0.00%	26.84%	0.92%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-2,136.15%	4,983.96%
Operating Return on Assets (OROA)	0.00%	0.00%	-0.41%	9.44%
Return on Assets (ROA)	0.00%	0.00%	6.99%	0.46%
Return on Common Equity (ROCE)	0.00%	0.00%	26.84%	0.92%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	13.42%	0.89%
Net Operating Profit after Tax (NOPAT)	84	191	-53	242
NOPAT Margin	69.80%	77.42%	-208.84%	56.79%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	33.05%	-12.69%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-1.63%	6.34%
Cost of Revenue to Revenue	0.08%	0.02%	0.00%	-1.42%
SG&A Expenses to Revenue	3.49%	1.54%	20.29%	1.65%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	30.05%	22.36%	308.84%	20.29%
Earnings before Interest and Taxes (EBIT)	94	196	-14	341
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	78	269	-52	322
Valuation Ratios	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	1.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	1.00
Price to Revenue (P/Rev)	0.00	0.00	0.00	4.31
Price to Earnings (P/E)	0.00	0.00	0.00	111.51
Dividend Yield	0.00%	0.00%	0.00%	10.65%
Earnings Yield	0.00%	0.00%	0.00%	0.90%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	862.42
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	8.76
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	11.60
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	10.95
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	15.43
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	15.36
Leverage & Solvency	-	-	-	-
Debt to Equity	0.00	0.00	0.87	1.07
Long-Term Debt to Equity	0.00	0.00	0.87	1.07
Financial Leverage	0.00	0.00	-1.00	-1.00
Leverage Ratio	0.00	0.00	1.92	2.03
Compound Leverage Factor	0.00	0.00	-28.11	-1.20
Debt to Total Capital	0.00%	0.00%	46.50%	51.72%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	46.50%	51.72%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	0.00%	53.50%	48.28%
Debt to EBITDA	0.00	0.00	-28.77	6.14
Net Debt to EBITDA	0.00	0.00	-27.38	5.90
Long-Term Debt to EBITDA	0.00	0.00	-28.77	6.14
Debt to NOPAT	0.00	0.00	-28.49	8.16
Net Debt to NOPAT	0.00	0.00	-27.11	7.84
Long-Term Debt to NOPAT	0.00	0.00	-28.49	8.16
Altman Z-Score	0.00	0.00	0.00	0.94
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-
Current Ratio	0.00	0.00	0.97	0.88
Quick Ratio	0.00	0.00	0.97	0.87
Cash Flow Metrics	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	191	-58	243
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	2.84	-0.51	0.77
Operating Cash Flow to Interest Expense	-79.05	-6.40	-0.74	-1.18
Operating Cash Flow Less CapEx to Interest Expense	-79.05	-6.40	-0.74	-1.18
Efficiency Ratios	-	-	-	-
Asset Turnover	0.00	0.00	0.01	0.12
Accounts Receivable Turnover	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-
Invested Capital	0.00	0.00	5.43	4.33
Invested Capital Turnover	0.00	0.00	9.27	87.37
Increase / (Decrease) in Invested Capital	0.00	0.00	5.43	-1.10
Enterprise Value (EV)	0.00	0.00	0.00	3,732
Market Capitalization	0.00	0.00	0.00	1,834
Book Value per Share	$0.00	$0.00	$23.18	$20.75
Tangible Book Value per Share	$0.00	$0.00	$23.18	$20.75
Total Capital	0.00	0.00	3,217	3,816
Total Debt	0.00	0.00	1,496	1,973
Total Long-Term Debt	0.00	0.00	1,496	1,973
Net Debt	0.00	0.00	1,424	1,898
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	0.00	-75	-87
Debt-free Net Working Capital (DFNWC)	0.00	0.00	-2.45	-11
Net Working Capital (NWC)	0.00	0.00	-2.45	-11
Net Nonoperating Expense (NNE)	-64	63	-284	225
Net Nonoperating Obligations (NNO)	0.00	0.00	-1,716	-1,838
Total Depreciation and Amortization (D&A)	-16	74	-38	-19
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	-297.50%	-20.32%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	-9.74%	-2.54%
Net Working Capital to Revenue	0.00%	0.00%	-9.74%	-2.54%
Earnings Adjustments	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$3.11	$2.43
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	74.24M	88.65M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$3.11	$2.43
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	74.24M	88.65M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$2.67	$2.48
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	88.90M	88.50M
Normalized Net Operating Profit after Tax (NOPAT)	84	191	-37	242
Normalized NOPAT Margin	69.80%	77.42%	-146.19%	56.79%
Pre Tax Income Margin	62.37%	52.33%	793.65%	-47.26%
Debt Service Ratios	-	-	-	-
EBIT to Interest Expense	4.47	2.91	-0.12	1.08
NOPAT to Interest Expense	3.99	2.84	-0.47	0.76
EBIT Less CapEx to Interest Expense	4.47	2.91	-0.12	1.08
NOPAT Less CapEx to Interest Expense	3.99	2.84	-0.47	0.76
Payout Ratios	-	-	-	-
Dividend Payout Ratio	25.87%	66.99%	47.83%	1,028.05%
Augmented Payout Ratio	25.87%	66.99%	47.83%	1,137.87%

This table displays calculated financial ratios and metrics derived from Morgan Stanley Direct Lending Fund's official financial filings.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	15.96%	12.27%	13.74%	142.02%	-0.53%
EBITDA Growth	0.00%	0.00%	0.00%	0.00%	7.57%	22.06%	38.83%	135.48%	22.15%
EBIT Growth	0.00%	0.00%	0.00%	0.00%	11.98%	13.50%	8.22%	136.87%	-1.61%
NOPAT Growth	0.00%	0.00%	0.00%	0.00%	-17.54%	12.15%	-17.61%	122.00%	-2.69%
Net Income Growth	0.00%	0.00%	0.00%	0.00%	-81.06%	17.42%	-107.97%	-149.78%	-15.41%
EPS Growth	0.00%	0.00%	0.00%	0.00%	-4.84%	-16.46%	-41.18%	-14.71%	-42.37%
Operating Cash Flow Growth	0.00%	0.00%	0.00%	0.00%	-227.88%	-1,295.00%	-17.82%	-519.19%	163.56%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-14.62%
Invested Capital Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-20.24%	463.07%
Revenue Q/Q Growth	0.00%	5.84%	5.59%	-358.65%	140.11%	2.47%	6.97%	-4.44%	-6.21%
EBITDA Q/Q Growth	0.00%	-6.23%	-13.85%	-531.48%	130.86%	6.40%	-2.02%	10.27%	10.42%
EBIT Q/Q Growth	0.00%	6.79%	6.02%	-399.64%	133.01%	8.24%	1.09%	2.09%	-8.63%
NOPAT Q/Q Growth	0.00%	6.58%	5.35%	-450.89%	120.93%	44.96%	-22.61%	-6.30%	29.18%
Net Income Q/Q Growth	0.00%	8.08%	5.81%	74.84%	-90.53%	570.18%	-107.18%	-992.55%	205.02%
EPS Q/Q Growth	0.00%	27.42%	29.11%	-33.33%	-13.24%	11.86%	-9.09%	-3.33%	-41.38%
Operating Cash Flow Q/Q Growth	0.00%	154.55%	-1,212.83%	123.10%	-333.84%	-98.80%	-9.72%	17.81%	135.46%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	77.49%	-42.05%	-4.60%	7.81%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-53.18%	-660.67%	0.00%	0.00%	230.53%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	0.00%	101.18%	101.58%	101.50%	101.40%	100.37%
EBITDA Margin	79.71%	70.62%	57.62%	0.00%	73.94%	76.78%	70.33%	81.15%	95.54%
Operating Margin	79.32%	79.87%	79.69%	0.00%	80.58%	80.50%	82.46%	80.86%	79.02%
EBIT Margin	80.44%	81.15%	81.48%	0.00%	77.67%	82.04%	77.53%	82.83%	80.70%
Profit (Net Income) Margin	50.18%	51.24%	51.35%	0.00%	8.19%	53.59%	-3.60%	-41.12%	46.04%
Tax Burden Percent	99.72%	100.00%	99.99%	155.50%	-18.27%	98.93%	6.47%	29.35%	98.69%
Interest Burden Percent	62.55%	63.14%	63.02%	-23.64%	-57.75%	66.02%	-71.68%	-169.14%	57.81%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.88%	0.00%	0.00%	1.34%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	1,741.55%	0.00%	456.23%	4,945.30%	3,939.09%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	1,746.92%	0.00%	463.71%	4,951.19%	3,940.85%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	-1,744.51%	0.00%	-459.65%	-4,937.64%	-3,922.69%
Return on Equity (ROE)	0.00%	0.00%	0.00%	0.00%	-2.96%	10.93%	-3.41%	7.66%	16.40%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	-1,068.07%	0.00%	0.00%	0.00%	4,983.96%	2,718.62%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	0.90%	1.14%	1.31%	9.78%	9.39%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	0.09%	0.74%	-0.06%	-4.85%	5.36%
Return on Common Equity (ROCE)	0.00%	0.00%	0.00%	0.00%	-2.96%	10.93%	-3.41%	7.66%	16.40%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	10.62%	10.93%	8.03%	0.00%	0.44%
Net Operating Profit after Tax (NOPAT)	70	75	78	-275	58	84	65	61	78
NOPAT Margin	79.32%	79.87%	79.69%	0.00%	56.40%	79.79%	57.73%	56.60%	77.96%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	21.21%	-5.37%	-2.92%	-7.48%	-5.89%	-1.76%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-8.56%	3.47%	4.74%	1.75%	1.59%	2.05%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	-1.18%	-1.58%	-1.50%	-1.40%	-0.37%
SG&A Expenses to Revenue	1.66%	1.18%	1.46%	0.00%	1.32%	1.68%	1.75%	1.83%	1.84%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	20.68%	20.13%	20.31%	0.00%	20.61%	21.08%	19.03%	20.53%	21.35%
Earnings before Interest and Taxes (EBIT)	71	76	80	-240	79	86	87	89	81
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	70	66	57	-245	76	80	79	87	96
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.99	0.93	1.00	0.97
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.99	0.93	1.00	0.97
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	36.35	26.76	4.31	4.15
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	9.05	11.54	111.51	220.15
Dividend Yield	0.00%	0.00%	0.00%	0.00%	2.51%	4.85%	8.32%	10.65%	11.02%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	11.05%	8.67%	0.90%	0.45%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	213.34	862.42	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	67.33	53.99	8.76	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.60	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	672.37	296.87	10.95	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	15.43	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	15.36	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.87	0.81	0.89	0.99	1.07	1.11
Long-Term Debt to Equity	0.00	0.00	0.00	0.87	0.81	0.89	0.99	1.07	1.11
Financial Leverage	0.00	0.00	0.00	-1.00	-1.00	-1.01	-0.99	-1.00	-1.00
Leverage Ratio	0.00	0.00	0.00	1.92	1.85	1.96	2.05	2.03	2.00
Compound Leverage Factor	0.00	0.00	0.00	-0.45	-1.07	1.30	-1.47	-3.43	1.16
Debt to Total Capital	0.00%	0.00%	0.00%	46.50%	44.73%	47.20%	49.84%	51.72%	52.50%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	46.50%	44.73%	47.20%	49.84%	51.72%	52.50%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	0.00%	0.00%	53.50%	55.27%	52.80%	50.16%	48.28%	47.50%
Debt to EBITDA	0.00	0.00	0.00	-28.77	-31.85	-51.79	-182.24	6.14	5.93
Net Debt to EBITDA	0.00	0.00	0.00	-27.38	-30.41	-48.83	-172.96	5.90	-5.46
Long-Term Debt to EBITDA	0.00	0.00	0.00	-28.77	-31.85	-51.79	-182.24	6.14	5.93
Debt to NOPAT	0.00	0.00	0.00	-28.49	-37.10	-54.97	-112.38	8.16	8.35
Net Debt to NOPAT	0.00	0.00	0.00	-27.11	-35.41	-51.83	-106.66	7.84	-7.69
Long-Term Debt to NOPAT	0.00	0.00	0.00	-28.49	-37.10	-54.97	-112.38	8.16	8.35
Altman Z-Score	0.00	0.00	0.00	0.00	0.00	0.72	0.64	0.72	1.85
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	0.00	0.97	1.09	1.21	1.28	0.88	52.57
Quick Ratio	0.00	0.00	0.00	0.97	1.09	1.18	1.14	0.87	52.57
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	0.00	0.00	0.00	55	98	48	62	67
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.77	3.34	0.58	0.47	1.95
Operating Cash Flow to Interest Expense	-0.61	0.32	-3.35	0.80	-0.75	-3.64	-1.40	-0.73	1.00
Operating Cash Flow Less CapEx to Interest Expense	-0.61	0.32	-3.35	0.80	-0.75	-3.64	-1.40	-0.73	1.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.01	0.01	0.01	0.02	0.12	0.12
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	0.00	0.00	5.43	2.54	-14	16	4.33	14
Invested Capital Turnover	0.00	0.00	0.00	4.64	30.88	-7.11	7.90	87.37	50.53
Increase / (Decrease) in Invested Capital	0.00	0.00	0.00	0.00	2.54	-14	16	-1.10	12
Enterprise Value (EV)	0.00	0.00	0.00	0.00	0.00	3,411	3,465	3,732	-86
Market Capitalization	0.00	0.00	0.00	0.00	0.00	1,842	1,718	1,834	1,766
Book Value per Share	$0.00	$0.00	$0.00	$23.18	$21.03	$20.83	$20.74	$20.75	$20.54
Tangible Book Value per Share	$0.00	$0.00	$0.00	$23.18	$21.03	$20.83	$20.74	$20.75	$20.54
Total Capital	0.00	0.00	0.00	3,217	3,324	3,526	3,695	3,816	3,827
Total Debt	0.00	0.00	0.00	1,496	1,487	1,664	1,842	1,973	2,009
Total Long-Term Debt	0.00	0.00	0.00	1,496	1,487	1,664	1,842	1,973	2,009
Net Debt	0.00	0.00	0.00	1,424	1,419	1,569	1,748	1,898	-1,852
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	0.00	0.00	-75	-62	-78	-71	-87	-73
Debt-free Net Working Capital (DFNWC)	0.00	0.00	0.00	-2.45	5.67	17	23	-11	3,788
Net Working Capital (NWC)	0.00	0.00	0.00	-2.45	5.67	17	23	-11	3,788
Net Nonoperating Expense (NNE)	26	27	28	-364	49	27	69	105	32
Net Nonoperating Obligations (NNO)	0.00	0.00	0.00	-1,716	-1,834	-1,876	-1,837	-1,838	-1,804
Total Depreciation and Amortization (D&A)	-0.64	-9.83	-24	-4.38	-3.81	-5.52	-8.07	-1.79	15
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	-297.50%	-157.47%	-154.44%	-110.46%	-20.32%	-17.26%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	-9.74%	14.46%	33.02%	35.68%	-2.54%	890.18%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	-9.74%	14.46%	33.02%	35.68%	-2.54%	890.18%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.68	$0.59	$0.66	$0.60	$0.58	$0.34
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	74.24M	87.36M	89.27M	89.26M	88.65M	88.41M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.68	$0.59	$0.66	$0.60	$0.58	$0.34
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	74.24M	87.36M	89.27M	89.26M	88.65M	88.41M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.68	$0.63	$0.63	$0.66	$0.56	$0.52
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	88.90M	89.41M	89.37M	88.77M	88.50M	87.15M
Normalized Net Operating Profit after Tax (NOPAT)	49	52	55	-193	58	84	65	61	78
Normalized NOPAT Margin	55.52%	55.91%	55.78%	0.00%	56.40%	79.79%	57.73%	56.60%	77.96%
Pre Tax Income Margin	50.32%	51.24%	51.35%	0.00%	-44.85%	54.17%	-55.57%	-140.10%	46.65%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.66	2.71	2.70	-8.40	1.11	2.93	1.04	0.67	2.37
NOPAT to Interest Expense	2.62	2.67	2.64	-9.62	0.81	2.85	0.77	0.46	2.29
EBIT Less CapEx to Interest Expense	2.66	2.71	2.70	-8.40	1.11	2.93	1.04	0.67	2.37
NOPAT Less CapEx to Interest Expense	2.62	2.67	2.64	-9.62	0.81	2.85	0.77	0.46	2.29
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	47.83%	63.44%	64.85%	98.62%	1,028.05%	2,306.13%
Augmented Payout Ratio	0.00%	0.00%	0.00%	47.83%	63.44%	64.85%	103.99%	1,137.87%	2,651.07%

Financials Breakdown Chart

Key Financial Trends

The financial data for Morgan Stanley Direct Lending Fund (NYSE: MSDL) over the last four years shows a fluctuating but overall improving performance in the most recent quarters. Here are the key takeaways from the income statements, cash flow statements, and balance sheets for the recent quarters:

Q1 2025 net income attributable to common shareholders increased significantly to $46.2 million, reversing losses of previous quarters.
Operating revenue in Q1 2025 was $100.4 million, showing stability compared to prior quarters.
Gross profit remains strong in Q1 2025 at approximately $100.8 million, indicating efficient cost management relative to revenue.
Net cash from continuing operating activities in Q1 2025 improved to $34.1 million, a positive sign for internal cash generation.
Total assets increased to $3.91 billion by Q1 2025, showing growth and a stronger capital base than earlier periods.
Common equity has been relatively stable, with total common equity around $1.82 billion in Q1 2025, indicating consistent shareholder value.
Revenue and earnings show some volatility in prior quarters, including a notable loss in Q4 2024 but a rebound in Q1 2025.
Interest expense remains high at $34.2 million in Q1 2025, which reduces net income substantially.
Other operating expenses remain elevated, at $19.6 million in Q1 2025, suggesting ongoing cost pressures.
Net cash used in financing activities in Q1 2025 was negative $37.1 million, reflecting debt repayments and dividend payments exceeding new financing inflows.

Overall, Morgan Stanley Direct Lending Fund appears to be recovering from losses in late 2024, with improved profitability and operating cash flow in Q1 2025. However, the fund faces ongoing challenges from high interest expenses and other operating costs. Investors should monitor the firm's ability to sustain earnings growth while managing its liabilities and expenses effectively.

10/25/25 12:22 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Morgan Stanley Direct Lending Fund's Financials

When does Morgan Stanley Direct Lending Fund's financial year end?

According to the most recent income statement we have on file, Morgan Stanley Direct Lending Fund's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Morgan Stanley Direct Lending Fund's net income changed over the last 3 years?

Morgan Stanley Direct Lending Fund's net income appears to be on a downward trend, with a most recent value of $16.45 million in 2024, falling from $147.75 million in 2021. The previous period was $231.01 million in 2023. Find out what analysts predict for Morgan Stanley Direct Lending Fund in the coming months.

What is Morgan Stanley Direct Lending Fund's operating income?

Morgan Stanley Direct Lending Fund's total operating income in 2024 was $345.60 million, based on the following breakdown:

Total Gross Profit: $432.05 million
Total Operating Expenses: $86.45 million

How has Morgan Stanley Direct Lending Fund's revenue changed over the last 3 years?

Over the last 3 years, Morgan Stanley Direct Lending Fund's total revenue changed from $120.10 million in 2021 to $426.01 million in 2024, a change of 254.7%.

How much debt does Morgan Stanley Direct Lending Fund have?

Morgan Stanley Direct Lending Fund's total liabilities were at $2.07 billion at the end of 2024, a 30.5% increase from 2023, and a 30.3% increase since 2022.

How much cash does Morgan Stanley Direct Lending Fund have?

In the past 2 years, Morgan Stanley Direct Lending Fund's cash and equivalents has ranged from $69.71 million in 2023 to $81.22 million in 2022, and is currently $72.37 million as of their latest financial filing in 2024.

How has Morgan Stanley Direct Lending Fund's book value per share changed over the last 3 years?

Over the last 3 years, Morgan Stanley Direct Lending Fund's book value per share changed from 0.00 in 2021 to 20.75 in 2024, a change of 2,075.2%.

Related Companies

This page (NYSE:MSDL) was last updated on 10/24/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Morgan Stanley Direct Lending Fund (MSDL) Financials

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Morgan Stanley Direct Lending Fund's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Morgan Stanley Direct Lending Fund (MSDL) Financials

Annual Income Statements for Morgan Stanley Direct Lending Fund

Quarterly Income Statements for Morgan Stanley Direct Lending Fund

Annual Cash Flow Statements for Morgan Stanley Direct Lending Fund

Quarterly Cash Flow Statements for Morgan Stanley Direct Lending Fund

Annual Balance Sheets for Morgan Stanley Direct Lending Fund

Quarterly Balance Sheets for Morgan Stanley Direct Lending Fund

Annual Metrics And Ratios for Morgan Stanley Direct Lending Fund

Quarterly Metrics And Ratios for Morgan Stanley Direct Lending Fund

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Morgan Stanley Direct Lending Fund's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools