Morgan Stanley Direct Lending Fund (MSDL) Financials

$15.24 +0.13 (+0.83%)

Closing price 05/14/2026 03:59 PM Eastern

Extended Trading

$15.22 -0.02 (-0.16%)

As of 07:01 AM 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	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	148	128	200	204	176
Consolidated Net Income / (Loss)	148	128	231	216	176
Net Income / (Loss) Continuing Operations	75	129	200	204	175
Total Pre-Tax Income	75	129	200	223	178
Total Operating Income	84	191	-53	-62	307
Total Gross Profit	120	246	25	23	391
Total Revenue	120	246	25	23	391
Operating Revenue	120	246	25	23	391
Total Cost of Revenue	0.10	0.04	0.00	0.00	0.00
Total Operating Expenses	36	55	78	86	83
Selling, General & Admin Expense	4.19	3.79	5.10	6.82	8.66
Other Operating Expenses / (Income)	32	51	73	79	75
Total Other Income / (Expense), net	-9.01	-62	251	266	-130
Interest Expense	21	67	113	123	136
Other Income / (Expense), net	10	4.36	5.93	-10	6.62
Income Tax Expense	0.08	0.33	-	-	2.81
Basic Earnings per Share	$2.67	$0.79	$3.11	$2.43	$1.40
Weighted Average Basic Shares Outstanding	31.16M	61.68M	74.24M	88.65M	87.27M
Diluted Earnings per Share	$2.67	$0.79	$3.11	$2.43	$1.40
Weighted Average Diluted Shares Outstanding	31.16M	61.68M	74.24M	88.65M	87.27M
Basic & Diluted Earnings per Share	$2.34	$2.08	-	-	$2.02
Weighted Average Basic & Diluted Shares Outstanding	-	-	88.90M	88.50M	85.63M

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	51	88	55	57	-97	-44	45	44	44	42	41
Consolidated Net Income / (Loss)	51	88	55	59	-97	-44	46	36	44	50	41
Net Income / (Loss) Continuing Operations	51	88	55	57	-155	-151	45	44	44	41	41
Total Pre-Tax Income	51	57	55	57	-155	-150	46	44	44	43	41
Total Operating Income	78	-275	81	-16	-11	87	78	-17	77	169	71
Total Gross Profit	98	-255	102	6.02	0.00	109	100	3.47	98	188	88
Total Revenue	98	-255	101	6.02	0.00	107	100	3.47	98	189	88
Operating Revenue	98	-255	101	6.02	0.00	107	100	3.47	98	189	88
Total Cost of Revenue	0.00	-	-1.21	0.00	0.00	-1.49	0.00	0.00	0.00	0.38	0.00
Total Operating Expenses	20	21	21	22	11	22	21	21	22	19	17
Selling, General & Admin Expense	1.44	1.10	1.35	1.74	1.97	1.96	1.85	1.83	2.65	2.34	1.70
Other Operating Expenses / (Income)	19	20	20	20	9.23	20	20	19	19	17	15
Total Other Income / (Expense), net	-28	364	-26	72	-144	-237	-32	61	-32	-126	-30
Interest Expense	30	29	27	29	84	132	34	35	34	33	31
Other Income / (Expense), net	1.77	35	1.26	1.73	-5.52	2.10	1.68	1.27	1.47	2.20	1.13
Income Tax Expense	0.00	-	0.44	-	0.50	1.00	0.63	-	0.40	-	0.83
Basic Earnings per Share	$1.02	$0.68	$0.59	$0.66	$0.60	$0.58	$0.34	$0.41	$0.32	$0.33	($0.05)
Weighted Average Basic Shares Outstanding	71.87M	74.24M	87.36M	89.27M	89.26M	88.65M	88.41M	87.19M	86.84M	87.27M	85.78M
Diluted Earnings per Share	$1.02	$0.68	$0.59	$0.66	$0.60	$0.58	$0.34	$0.41	$0.32	$0.33	($0.05)
Weighted Average Diluted Shares Outstanding	71.87M	74.24M	87.36M	89.27M	89.26M	88.65M	88.41M	87.19M	86.84M	87.27M	85.78M
Basic & Diluted Earnings per Share	$0.70	$0.68	$0.63	-	$0.66	$0.56	$0.52	-	$0.50	-	$0.47
Weighted Average Basic & Diluted Shares Outstanding	-	88.90M	89.41M	89.37M	88.77M	88.50M	87.15M	86.84M	86.81M	85.63M	84.76M

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	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	63	7.06	-12	-6.32	18
Net Cash From Operating Activities	-1,661	-430	-84	-383	151
Net Cash From Continuing Operating Activities	-1,661	-430	-84	-383	151
Net Income / (Loss) Continuing Operations	83	49	231	216	122
Consolidated Net Income / (Loss)	83	49	231	216	122
Depreciation Expense	-8.43	80	-33	-12	47
Amortization Expense	-7.20	-6.13	-5.52	-7.29	-6.53
Non-Cash Adjustments To Reconcile Net Income	-1,741	-563	-284	-577	-7.72
Changes in Operating Assets and Liabilities, net	12	11	7.05	-1.78	-3.45
Net Cash From Investing Activities	0.00	0.00	0.00	0.00	0.00
Net Cash From Continuing Investing Activities	0.00	0.00	0.00	0.00	0.00
Net Cash From Financing Activities	1,724	437	72	376	-133
Net Cash From Continuing Financing Activities	1,724	437	72	376	-133
Repayment of Debt	-598	-1,294	-438	-716	-1,455
Repurchase of Common Equity	-0.01	0.00	0.00	-18	-42
Payment of Dividends	-38	-86	-110	-169	-184
Issuance of Debt	1,514	1,566	408	1,189	1,552
Issuance of Common Equity	855	255	223	96	-0.16
Other Financing Activities, net	-8.20	-4.01	-9.94	-5.91	-4.53
Cash Interest Paid	15	49	105	113	127

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	35	-18	-4.94	30	-4.54	-18	-2.96	-8.28	13	16	-0.77
Net Cash From Operating Activities	-99	23	-54	-107	-117	-96	34	24	39	54	86
Net Cash From Continuing Operating Activities	-99	23	-54	-107	-117	-96	34	24	39	54	86
Net Income / (Loss) Continuing Operations	73	57	52	59	53	52	30	36	28	29	-4.51
Consolidated Net Income / (Loss)	73	57	52	59	53	52	30	36	28	29	-4.51
Depreciation Expense	-23	-1.93	-2.66	-2.82	-5.44	-0.99	17	7.65	16	5.60	32
Amortization Expense	-0.68	-2.45	-1.15	-2.70	-2.63	-0.80	-2.20	-1.53	-1.65	-1.15	-1.43
Non-Cash Adjustments To Reconcile Net Income	-117	-67	-89	-182	-146	-152	-1.75	-19	-4.31	17	60
Changes in Operating Assets and Liabilities, net	-32	37	-13	22	-16	5.44	-8.72	0.55	1.21	3.50	0.84
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	135	-41	49	137	112	78	-37	-32	-26	-38	-87
Net Cash From Continuing Financing Activities	135	-41	49	137	112	78	-37	-32	-26	-38	-87
Repayment of Debt	-115	-293	-112	-448	-77	-79	-163	-715	-430	-146	-225
Repurchase of Common Equity	-	-	0.00	-	-	-10	-9.62	-20	-2.84	-9.11	-15
Payment of Dividends	-30	-31	-37	-34	-45	-53	-53	-44	-43	-43	-43
Issuance of Debt	278	70	102	623	244	221	193	747	451	161	196
Issuance of Common Equity	-	220	96	-	-	-	0.00	-0.12	-0.04	-	0.00
Other Financing Activities, net	1.33	-7.33	0.00	-4.54	-1.37	0.00	-4.31	-0.06	-0.11	-0.05	-0.06
Cash Interest Paid	38	17	36	16	36	26	37	32	25	32	25

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	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,986	3,307	3,912	3,920
Total Current Assets	86	72	72	3,871
Cash & Equivalents	81	70	63	81
Short-Term Investments	2.64	2.66	8.98	3,789
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00
Total Noncurrent Assets	7.62	14	3,840	27
Other Noncurrent Operating Assets	7.62	14	3,839	27
Total Liabilities & Shareholders' Equity	2,986	3,307	3,912	3,920
Total Liabilities	1,589	1,586	2,070	2,172
Total Current Liabilities	55	75	80	78
Accrued Expenses	3.28	4.10	5.73	4.20
Dividends Payable	33	50	53	43
Other Current Liabilities	1.78	2.01	-	9.60
Other Current Nonoperating Liabilities	17	19	21	21
Total Noncurrent Liabilities	1,526	1,499	1,990	2,087
Long-Term Debt	1,523	1,496	1,973	2,087
Other Noncurrent Operating Liabilities	2.09	2.87	16	0.09
Commitments & Contingencies	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,397	1,721	1,842	1,748
Total Preferred & Common Equity	1,397	1,721	1,842	1,748
Preferred Stock	0.00	0.00	0.00	0.00
Total Common Equity	1,397	1,721	1,842	1,748
Common Stock	1,452	1,713	1,813	1,768
Retained Earnings	-55	8.46	30	-20

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	Q2 2025	Q3 2025	Q1 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	3,401	3,656	3,793	3,912	3,922	3,932	3,825
Total Current Assets	68	97	105	3,861	3,868	3,855	3,780
Cash & Equivalents	65	95	90	69	52	65	81
Short-Term Investments	2.66	-	3.38	3,792	3,816	3,789	3,699
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	13	48	17	27	31	36	21
Other Noncurrent Operating Assets	13	48	17	27	31	36	21
Total Liabilities & Shareholders' Equity	3,401	3,656	3,793	3,912	3,922	3,932	3,825
Total Liabilities	1,564	1,794	1,940	2,094	2,132	2,161	2,134
Total Current Liabilities	62	80	82	73	72	79	75
Accrued Expenses	3.51	15	5.71	4.01	2.55	3.53	2.63
Dividends Payable	44	45	54	44	44	43	38
Other Current Liabilities	5.13	-	6.83	8.98	9.62	9.63	9.43
Other Current Nonoperating Liabilities	8.96	21	16	16	16	22	25
Total Noncurrent Liabilities	1,489	1,714	1,842	2,009	2,050	2,073	2,053
Long-Term Debt	1,487	1,664	1,842	2,009	2,050	2,072	2,053
Other Noncurrent Operating Liabilities	2.51	49	0.17	0.01	0.10	0.18	0.08
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,837	1,862	1,854	1,818	1,790	1,772	1,690
Total Preferred & Common Equity	1,837	1,862	1,854	1,818	1,790	1,772	1,690
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,837	1,862	1,854	1,818	1,790	1,772	1,690
Common Stock	1,821	1,832	1,824	1,803	1,782	1,780	1,753
Retained Earnings	16	30	30	15	7.90	-7.91	-63

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

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	105.05%	-89.79%	1,594.08%	1,563.10%
EBITDA Growth	0.00%	243.63%	-119.30%	718.65%	487.31%
EBIT Growth	0.00%	107.95%	-106.98%	2,598.97%	534.22%
NOPAT Growth	0.00%	127.46%	-127.54%	560.64%	586.37%
Net Income Growth	0.00%	-13.36%	80.47%	-92.88%	-18.34%
EPS Growth	0.00%	-70.41%	293.67%	-21.87%	-42.39%
Operating Cash Flow Growth	0.00%	74.13%	80.50%	-345.62%	139.45%
Free Cash Flow Firm Growth	0.00%	0.00%	-130.39%	519.41%	206.00%
Invested Capital Growth	0.00%	0.00%	0.00%	-20.24%	-99.65%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	563.69%	-25.03%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	847.00%	-24.07%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	1,701.66%	-27.39%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	1,576.29%	0.45%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-88.95%	40.32%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-3.95%	-15.15%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	-46.83%	15,602.19%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	1,294.18%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-41.58%
Profitability Metrics	-	-	-	-	-
Gross Margin	99.92%	99.98%	100.00%	101.42%	100.00%
EBITDA Margin	65.28%	109.39%	-206.75%	75.50%	90.60%
Operating Margin	69.87%	77.62%	-208.84%	81.12%	78.67%
EBIT Margin	78.29%	79.40%	-54.24%	80.01%	80.37%
Profit (Net Income) Margin	123.02%	51.98%	918.65%	3.86%	45.05%
Tax Burden Percent	197.26%	99.32%	115.75%	-8.17%	98.96%
Interest Burden Percent	79.66%	65.92%	-1,463.30%	-59.08%	56.65%
Effective Tax Rate	0.11%	0.26%	0.00%	0.00%	1.58%
Return on Invested Capital (ROIC)	0.00%	0.00%	-1,936.15%	4,961.44%	15.80%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	-1,969.20%	4,974.13%	-89.47%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	1,962.99%	-4,960.52%	-5.99%
Return on Equity (ROE)	0.00%	0.00%	26.84%	0.92%	9.81%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-2,136.15%	4,983.96%	214.40%
Operating Return on Assets (OROA)	0.00%	0.00%	-0.41%	9.44%	8.02%
Return on Assets (ROA)	0.00%	0.00%	6.99%	0.46%	4.50%
Return on Common Equity (ROCE)	0.00%	0.00%	26.84%	0.92%	9.81%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	13.42%	0.89%	0.00%
Net Operating Profit after Tax (NOPAT)	84	191	-53	242	303
NOPAT Margin	69.80%	77.42%	-208.84%	56.79%	77.43%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	33.05%	-12.69%	105.27%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-1.63%	6.34%	7.89%
Cost of Revenue to Revenue	0.08%	0.02%	0.00%	-1.42%	0.00%
SG&A Expenses to Revenue	3.49%	1.54%	20.29%	1.65%	2.22%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	30.05%	22.36%	308.84%	20.29%	21.33%
Earnings before Interest and Taxes (EBIT)	94	196	-14	341	314
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	78	269	-52	322	354
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	1.00	0.82
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	1.00	0.82
Price to Revenue (P/Rev)	0.00	0.00	0.00	4.31	3.66
Price to Earnings (P/E)	0.00	0.00	0.00	111.51	8.13
Dividend Yield	0.00%	0.00%	0.00%	10.65%	12.14%
Earnings Yield	0.00%	0.00%	0.00%	0.90%	12.30%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	862.42	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	8.76	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	11.60	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	10.95	0.00
Enterprise Value to NOPAT (EV/NOPAT)	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
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	15.36	0.00
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.00	0.00	0.87	1.07	1.19
Long-Term Debt to Equity	0.00	0.00	0.87	1.07	1.19
Financial Leverage	0.00	0.00	-1.00	-1.00	0.07
Leverage Ratio	0.00	0.00	1.92	2.03	2.18
Compound Leverage Factor	0.00	0.00	-28.11	-1.20	1.24
Debt to Total Capital	0.00%	0.00%	46.50%	51.72%	54.41%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	46.50%	51.72%	54.41%
Preferred Equity to Total Capital	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%
Common Equity to Total Capital	0.00%	0.00%	53.50%	48.28%	45.59%
Debt to EBITDA	0.00	0.00	-28.77	6.14	5.89
Net Debt to EBITDA	0.00	0.00	-27.38	5.90	-5.05
Long-Term Debt to EBITDA	0.00	0.00	-28.77	6.14	5.89
Debt to NOPAT	0.00	0.00	-28.49	8.16	6.90
Net Debt to NOPAT	0.00	0.00	-27.11	7.84	-5.90
Long-Term Debt to NOPAT	0.00	0.00	-28.49	8.16	6.90
Altman Z-Score	0.00	0.00	0.00	0.94	1.91
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-
Current Ratio	0.00	0.00	0.97	0.88	49.68
Quick Ratio	0.00	0.00	0.97	0.87	49.68
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	191	-58	243	4,106
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	2.84	-0.51	0.77	30.16
Operating Cash Flow to Interest Expense	-79.05	-6.40	-0.74	-1.18	1.11
Operating Cash Flow Less CapEx to Interest Expense	-79.05	-6.40	-0.74	-1.18	1.11
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.00	0.00	0.01	0.12	0.10
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	0.00	0.00	5.43	4.33	13
Invested Capital Turnover	0.00	0.00	9.27	87.37	0.20
Increase / (Decrease) in Invested Capital	0.00	0.00	5.43	-1.10	-3,804
Enterprise Value (EV)	0.00	0.00	0.00	3,732	-356
Market Capitalization	0.00	0.00	0.00	1,834	1,431
Book Value per Share	$0.00	$0.00	$23.18	$20.75	$20.14
Tangible Book Value per Share	$0.00	$0.00	$23.18	$20.75	$20.14
Total Capital	0.00	0.00	3,217	3,816	3,835
Total Debt	0.00	0.00	1,496	1,973	2,087
Total Long-Term Debt	0.00	0.00	1,496	1,973	2,087
Net Debt	0.00	0.00	1,424	1,898	-1,786
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	0.00	-75	-87	-78
Debt-free Net Working Capital (DFNWC)	0.00	0.00	-2.45	-11	3,795
Net Working Capital (NWC)	0.00	0.00	-2.45	-11	3,795
Net Nonoperating Expense (NNE)	-64	63	-284	225	127
Net Nonoperating Obligations (NNO)	0.00	0.00	-1,716	-1,838	-1,735
Total Depreciation and Amortization (D&A)	-16	74	-38	-19	40
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	-297.50%	-20.32%	-19.95%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	-9.74%	-2.54%	971.28%
Net Working Capital to Revenue	0.00%	0.00%	-9.74%	-2.54%	971.28%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$3.11	$2.43	$1.40
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	74.24M	88.65M	87.27M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$3.11	$2.43	$1.40
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	74.24M	88.65M	87.27M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$2.67	$2.48	$2.02
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	88.90M	88.50M	85.63M
Normalized Net Operating Profit after Tax (NOPAT)	84	191	-37	242	303
Normalized NOPAT Margin	69.80%	77.42%	-146.19%	56.79%	77.43%
Pre Tax Income Margin	62.37%	52.33%	793.65%	-47.26%	45.53%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	4.47	2.91	-0.12	1.08	2.31
NOPAT to Interest Expense	3.99	2.84	-0.47	0.76	2.22
EBIT Less CapEx to Interest Expense	4.47	2.91	-0.12	1.08	2.31
NOPAT Less CapEx to Interest Expense	3.99	2.84	-0.47	0.76	2.22
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	25.87%	66.99%	47.83%	1,028.05%	104.55%
Augmented Payout Ratio	25.87%	66.99%	47.83%	1,137.87%	128.39%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	85,626,805.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	85,626,805.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.47
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	15.96%	12.27%	13.74%	142.02%	-0.53%	-42.29%	0.00%	325.97%	-11.85%
EBITDA Growth	0.00%	0.00%	7.57%	22.06%	38.83%	135.48%	22.15%	49.90%	473.27%	239.82%	7.92%
EBIT Growth	0.00%	0.00%	11.98%	13.50%	8.22%	136.87%	-1.61%	-12.72%	566.77%	238.13%	-9.99%
NOPAT Growth	0.00%	0.00%	-17.54%	12.15%	-17.61%	122.00%	-2.69%	-8.43%	1,068.08%	245.25%	-10.09%
Net Income Growth	0.00%	0.00%	-81.06%	17.42%	-107.97%	-149.78%	-15.41%	-38.87%	145.25%	-74.83%	-12.37%
EPS Growth	0.00%	0.00%	-4.84%	-16.46%	-41.18%	-14.71%	-42.37%	-37.88%	-46.67%	-43.10%	-114.71%
Operating Cash Flow Growth	0.00%	0.00%	-227.88%	-1,295.00%	-17.82%	-519.19%	163.56%	122.53%	133.33%	151.12%	153.19%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-14.62%	-2,920.79%	387.44%	201.14%	14.25%
Invested Capital Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-20.24%	463.07%	233.91%	40.97%	-99.65%	-37.52%
Revenue Q/Q Growth	5.59%	-358.65%	140.11%	2.47%	6.97%	-4.44%	-6.21%	-96.54%	2,729.93%	91.95%	-53.37%
EBITDA Q/Q Growth	-13.85%	-531.48%	130.86%	6.40%	-2.02%	10.27%	10.42%	-110.29%	1,037.59%	89.54%	-41.60%
EBIT Q/Q Growth	6.02%	-399.64%	133.01%	8.24%	1.09%	2.09%	-8.63%	-119.74%	588.02%	119.05%	-57.87%
NOPAT Q/Q Growth	5.35%	-450.89%	120.93%	44.96%	-22.61%	-6.30%	29.18%	-122.05%	539.65%	122.42%	-58.84%
Net Income Q/Q Growth	5.81%	74.84%	-90.53%	570.18%	-107.18%	-992.55%	205.02%	-21.92%	21.15%	14.27%	-18.93%
EPS Q/Q Growth	29.11%	-33.33%	-13.24%	11.86%	-9.09%	-3.33%	-41.38%	20.59%	-21.95%	3.13%	-115.15%
Operating Cash Flow Q/Q Growth	-1,212.83%	123.10%	-333.84%	-98.80%	-9.72%	17.81%	135.46%	-29.53%	62.32%	37.80%	60.63%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	77.49%	-42.05%	-4.60%	7.81%	-176.02%	236.88%	5,639.45%	-98.12%
Invested Capital Q/Q Growth	0.00%	0.00%	-53.18%	-660.67%	0.00%	0.00%	230.53%	33.34%	20.07%	-41.58%	-33.20%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	0.00%	101.18%	101.58%	101.50%	101.40%	100.37%	100.00%	100.00%	99.80%	100.00%
EBITDA Margin	57.62%	0.00%	73.94%	76.78%	70.33%	81.15%	95.54%	-284.27%	94.18%	93.00%	116.47%
Operating Margin	79.69%	0.00%	80.58%	80.50%	82.46%	80.86%	79.02%	-497.03%	77.93%	89.48%	80.61%
EBIT Margin	81.48%	0.00%	77.67%	82.04%	77.53%	82.83%	80.70%	-460.57%	79.43%	90.64%	81.89%
Profit (Net Income) Margin	51.35%	0.00%	8.19%	53.59%	-3.60%	-41.12%	46.04%	1,039.63%	44.51%	26.50%	46.07%
Tax Burden Percent	99.99%	155.50%	-18.27%	98.93%	6.47%	29.35%	98.69%	82.30%	99.08%	116.09%	97.98%
Interest Burden Percent	63.02%	-23.64%	-57.75%	66.02%	-71.68%	-169.14%	57.81%	-274.26%	56.56%	25.18%	57.42%
Effective Tax Rate	0.00%	0.00%	0.00%	0.88%	0.00%	0.00%	1.34%	0.00%	0.91%	0.00%	2.02%
Return on Invested Capital (ROIC)	0.00%	0.00%	1,741.55%	0.00%	456.23%	4,945.30%	3,939.09%	-87,062.26%	2,056.42%	18.25%	2,575.63%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	1,746.92%	0.00%	463.71%	4,951.19%	3,940.85%	-87,065.19%	2,058.21%	-80.58%	2,577.29%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	-1,744.51%	0.00%	-459.65%	-4,937.64%	-3,922.69%	86,950.07%	-2,035.99%	-5.39%	-2,560.22%
Return on Equity (ROE)	0.00%	0.00%	-2.96%	10.93%	-3.41%	7.66%	16.40%	-112.19%	20.43%	12.86%	15.41%
Cash Return on Invested Capital (CROIC)	0.00%	-1,068.07%	0.00%	0.00%	0.00%	4,983.96%	2,718.62%	1,082.57%	1,505.01%	214.40%	2,582.85%
Operating Return on Assets (OROA)	0.00%	0.00%	0.90%	1.14%	1.31%	9.78%	9.39%	-51.41%	10.72%	9.04%	8.02%
Return on Assets (ROA)	0.00%	0.00%	0.09%	0.74%	-0.06%	-4.85%	5.36%	116.05%	6.01%	2.64%	4.51%
Return on Common Equity (ROCE)	0.00%	0.00%	-2.96%	10.93%	-3.41%	7.66%	16.40%	-112.19%	20.43%	12.86%	15.41%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	10.62%	10.93%	8.03%	0.00%	0.44%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	78	-275	58	84	65	61	78	-17	76	169	69
NOPAT Margin	79.69%	0.00%	56.40%	79.79%	57.73%	56.60%	77.96%	-497.03%	77.22%	89.48%	78.98%
Net Nonoperating Expense Percent (NNEP)	0.00%	21.21%	-5.37%	-2.92%	-7.48%	-5.89%	-1.76%	2.93%	-1.79%	98.83%	-1.66%
Return On Investment Capital (ROIC_SIMPLE)	-	-8.56%	3.47%	4.74%	1.75%	1.59%	2.05%	-0.45%	1.97%	4.40%	1.86%
Cost of Revenue to Revenue	0.00%	0.00%	-1.18%	-1.58%	-1.50%	-1.40%	-0.37%	0.00%	0.00%	0.20%	0.00%
SG&A Expenses to Revenue	1.46%	0.00%	1.32%	1.68%	1.75%	1.83%	1.84%	52.59%	2.70%	1.24%	1.93%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	20.31%	0.00%	20.61%	21.08%	19.03%	20.53%	21.35%	597.03%	22.07%	10.33%	19.39%
Earnings before Interest and Taxes (EBIT)	80	-240	79	86	87	89	81	-16	78	171	72
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	57	-245	76	80	79	87	96	-9.87	93	175	102
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.99	0.93	1.00	0.97	0.91	0.79	0.82	0.71
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.99	0.93	1.00	0.97	0.91	0.79	0.82	0.71
Price to Revenue (P/Rev)	0.00	0.00	0.00	36.35	26.76	4.31	4.15	3.86	2.68	3.66	3.15
Price to Earnings (P/E)	0.00	0.00	0.00	9.05	11.54	111.51	220.15	0.00	10.29	8.13	6.98
Dividend Yield	0.00%	0.00%	2.51%	4.85%	8.32%	10.65%	11.02%	11.75%	13.06%	12.14%	13.97%
Earnings Yield	0.00%	0.00%	0.00%	11.05%	8.67%	0.90%	0.45%	0.00%	9.71%	12.30%	14.33%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	213.34	862.42	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	67.33	53.99	8.76	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	11.60	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	672.37	296.87	10.95	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	15.43	0.00	0.00	0.00	0.00	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	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	15.36	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.87	0.81	0.89	0.99	1.07	1.11	1.15	1.17	1.19	1.21
Long-Term Debt to Equity	0.00	0.87	0.81	0.89	0.99	1.07	1.11	1.15	1.17	1.19	1.21
Financial Leverage	0.00	-1.00	-1.00	-1.01	-0.99	-1.00	-1.00	-1.00	-0.99	0.07	-0.99
Leverage Ratio	0.00	1.92	1.85	1.96	2.05	2.03	2.00	2.07	2.13	2.18	2.21
Compound Leverage Factor	0.00	-0.45	-1.07	1.30	-1.47	-3.43	1.16	-5.69	1.21	0.55	1.27
Debt to Total Capital	0.00%	46.50%	44.73%	47.20%	49.84%	51.72%	52.50%	53.38%	53.91%	54.41%	54.84%
Short-Term Debt to Total Capital	0.00%	0.00%	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%	46.50%	44.73%	47.20%	49.84%	51.72%	52.50%	53.38%	53.91%	54.41%	54.84%
Preferred Equity to Total Capital	0.00%	0.00%	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%	0.00%	0.00%
Common Equity to Total Capital	0.00%	53.50%	55.27%	52.80%	50.16%	48.28%	47.50%	46.62%	46.09%	45.59%	45.16%
Debt to EBITDA	0.00	-28.77	-31.85	-51.79	-182.24	6.14	5.93	5.88	4.45	5.89	5.68
Net Debt to EBITDA	0.00	-27.38	-30.41	-48.83	-172.96	5.90	-5.46	-5.21	-3.82	-5.05	-4.78
Long-Term Debt to EBITDA	0.00	-28.77	-31.85	-51.79	-182.24	6.14	5.93	5.88	4.45	5.89	5.68
Debt to NOPAT	0.00	-28.49	-37.10	-54.97	-112.38	8.16	8.35	8.55	6.88	6.90	6.97
Net Debt to NOPAT	0.00	-27.11	-35.41	-51.83	-106.66	7.84	-7.69	-7.58	-5.92	-5.90	-5.86
Long-Term Debt to NOPAT	0.00	-28.49	-37.10	-54.97	-112.38	8.16	8.35	8.55	6.88	6.90	6.97
Altman Z-Score	0.00	0.00	0.00	0.72	0.64	0.72	1.85	1.72	1.74	1.79	1.64
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.97	1.09	1.21	1.28	0.88	52.57	53.76	48.91	49.68	50.14
Quick Ratio	0.00	0.97	1.09	1.18	1.14	0.87	52.57	53.76	48.91	49.68	50.14
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	0.00	55	98	48	62	67	-51	69	3,973	75
Operating Cash Flow to CapEx	0.00%	0.00%	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	0.77	3.34	0.58	0.47	1.95	-1.46	2.04	119.14	2.44
Operating Cash Flow to Interest Expense	-3.35	0.80	-0.75	-3.64	-1.40	-0.73	1.00	0.69	1.15	1.61	2.82
Operating Cash Flow Less CapEx to Interest Expense	-3.35	0.80	-0.75	-3.64	-1.40	-0.73	1.00	0.69	1.15	1.61	2.82
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.01	0.01	0.01	0.02	0.12	0.12	0.11	0.13	0.10	0.10
Accounts Receivable Turnover	0.00	0.00	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	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	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	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	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	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	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	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	5.43	2.54	-14	16	4.33	14	19	23	13	8.94
Invested Capital Turnover	0.00	4.64	30.88	-7.11	7.90	87.37	50.53	175.16	26.63	0.20	32.61
Increase / (Decrease) in Invested Capital	0.00	0.00	2.54	-14	16	-1.10	12	33	6.66	-3,804	-5.37
Enterprise Value (EV)	0.00	0.00	0.00	3,411	3,465	3,732	-86	-187	-386	-356	-532
Market Capitalization	0.00	0.00	0.00	1,842	1,718	1,834	1,766	1,631	1,396	1,431	1,195
Book Value per Share	$0.00	$23.18	$21.03	$20.83	$20.74	$20.75	$20.54	$20.54	$20.40	$20.14	$19.74
Tangible Book Value per Share	$0.00	$23.18	$21.03	$20.83	$20.74	$20.75	$20.54	$20.54	$20.40	$20.14	$19.74
Total Capital	0.00	3,217	3,324	3,526	3,695	3,816	3,827	3,841	3,844	3,835	3,744
Total Debt	0.00	1,496	1,487	1,664	1,842	1,973	2,009	2,050	2,072	2,087	2,053
Total Long-Term Debt	0.00	1,496	1,487	1,664	1,842	1,973	2,009	2,050	2,072	2,087	2,053
Net Debt	0.00	1,424	1,419	1,569	1,748	1,898	-1,852	-1,818	-1,782	-1,786	-1,727
Capital Expenditures (CapEx)	0.00	0.00	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	-75	-62	-78	-71	-87	-73	-72	-79	-78	-75
Debt-free Net Working Capital (DFNWC)	0.00	-2.45	5.67	17	23	-11	3,788	3,797	3,776	3,795	3,705
Net Working Capital (NWC)	0.00	-2.45	5.67	17	23	-11	3,788	3,797	3,776	3,795	3,705
Net Nonoperating Expense (NNE)	28	-364	49	27	69	105	32	-53	32	119	29
Net Nonoperating Obligations (NNO)	0.00	-1,716	-1,834	-1,876	-1,837	-1,838	-1,804	-1,771	-1,749	-1,735	-1,682
Total Depreciation and Amortization (D&A)	-24	-4.38	-3.81	-5.52	-8.07	-1.79	15	6.12	15	4.45	30
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-297.50%	-157.47%	-154.44%	-110.46%	-20.32%	-17.26%	-17.02%	-15.12%	-19.95%	-19.90%
Debt-free Net Working Capital to Revenue	0.00%	-9.74%	14.46%	33.02%	35.68%	-2.54%	890.18%	897.67%	724.47%	971.28%	977.69%
Net Working Capital to Revenue	0.00%	-9.74%	14.46%	33.02%	35.68%	-2.54%	890.18%	897.67%	724.47%	971.28%	977.69%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.68	$0.59	$0.66	$0.60	$0.58	$0.34	$0.41	$0.32	$0.33	($0.05)
Adjusted Weighted Average Basic Shares Outstanding	0.00	74.24M	87.36M	89.27M	89.26M	88.65M	88.41M	87.19M	86.84M	87.27M	85.78M
Adjusted Diluted Earnings per Share	$0.00	$0.68	$0.59	$0.66	$0.60	$0.58	$0.34	$0.41	$0.32	$0.33	($0.05)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	74.24M	87.36M	89.27M	89.26M	88.65M	88.41M	87.19M	86.84M	87.27M	85.78M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.68	$0.63	$0.63	$0.66	$0.56	$0.52	$0.00	$0.50	$0.00	$0.47
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	88.90M	89.41M	89.37M	88.77M	88.50M	87.15M	86.84M	86.81M	85.63M	84.76M
Normalized Net Operating Profit after Tax (NOPAT)	55	-193	58	84	65	61	78	-12	76	118	69
Normalized NOPAT Margin	55.78%	0.00%	56.40%	79.79%	57.73%	56.60%	77.96%	-347.92%	77.22%	62.63%	78.98%
Pre Tax Income Margin	51.35%	0.00%	-44.85%	54.17%	-55.57%	-140.10%	46.65%	1,263.16%	44.92%	22.82%	47.02%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.70	-8.40	1.11	2.93	1.04	0.67	2.37	-0.46	2.30	5.13	2.35
NOPAT to Interest Expense	2.64	-9.62	0.81	2.85	0.77	0.46	2.29	-0.50	2.24	5.06	2.27
EBIT Less CapEx to Interest Expense	2.70	-8.40	1.11	2.93	1.04	0.67	2.37	-0.46	2.30	5.13	2.35
NOPAT Less CapEx to Interest Expense	2.64	-9.62	0.81	2.85	0.77	0.46	2.29	-0.50	2.24	5.06	2.27
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	47.83%	63.44%	64.85%	98.62%	1,028.05%	2,306.13%	-1,308.03%	154.70%	104.55%	102.19%
Augmented Payout Ratio	0.00%	47.83%	63.44%	64.85%	103.99%	1,137.87%	2,651.07%	-1,630.11%	188.91%	128.39%	129.82%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways from Morgan Stanley Direct Lending Fund (NYSE: MSDL) using the latest four years of quarterly data provided.

Net income to common shareholders in 2025 quarters remained positive and relatively stable, roughly in the low $40s to mid $50s millions per quarter (e.g., about $42M–$57M).
Net cash from continuing operating activities was positive in every 2025 quarter, with amounts around $34.1M (Q1), $24.0M (Q2), $39.0M (Q3), and $53.8M (Q4).
The liquidity/asset base looks solid: cash & equivalents around $60–66M, and a very large short-term investments position of about $3.79B, with total assets near $3.93B as of 2025-Q3.
The equity base remained robust, with total equity around $1.77B–$1.84B across 2025 and total common equity around $1.77B–$1.82B; Q4 2025 shows total common equity near $1.818B.
Dividends were paid every quarter in 2025, totaling roughly $43–$53M per quarter, indicating a steady capital-return policy.
Revenue shows notable quarter-to-quarter volatility in 2025 (e.g., about $3.5M in Q2 versus about $189M in Q4), suggesting top-line swings rather than a smooth trend.
Financing activity in 2025 includes both debt issuance and repayments (e.g., debt issuances in multiple quarters and sizable repayments in others), contributing to cash-flow volatility without a single, consistent pattern.
Total Other Income/(Expense), net varies across quarters, reflecting non-operating items that influence pretax and net income.
A sizable non-operating headwind occurred in 2024 Q4, where Total Other Income/(Expense), net swung negative by about $236.5M, weighing on pretax income.
Trailing Q4 2025 earnings per share declined versus Q4 2024 (0.33 vs 0.68), indicating weaker quarterly profitability per share year over year.

05/15/26 05:25 AM ETAI Generated. May Contain Errors.

Morgan Stanley Direct Lending Fund Financials - Frequently Asked Questions

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 2025 ended on December 31, 2025.

Morgan Stanley Direct Lending Fund's net income appears to be on an upward trend, with a most recent value of $176.03 million in 2025, rising from $147.75 million in 2021. The previous period was $215.56 million in 2024. Check out Morgan Stanley Direct Lending Fund's forecast to explore projected trends and price targets.

Morgan Stanley Direct Lending Fund's total operating income in 2025 was $307.40 million, based on the following breakdown:

Total Gross Profit: $390.73 million
Total Operating Expenses: $83.33 million

Over the last 4 years, Morgan Stanley Direct Lending Fund's total revenue changed from $120.10 million in 2021 to $390.73 million in 2025, a change of 225.3%.

Morgan Stanley Direct Lending Fund's total liabilities were at $2.17 billion at the end of 2025, a 4.9% increase from 2024, and a 36.7% increase since 2022.

In the past 3 years, Morgan Stanley Direct Lending Fund's cash and equivalents has ranged from $63.40 million in 2024 to $81.43 million in 2025, and is currently $81.43 million as of their latest financial filing in 2025.

Over the last 4 years, Morgan Stanley Direct Lending Fund's book value per share changed from 0.00 in 2021 to 20.14 in 2025, a change of 2,013.7%.

Related Companies

Financial statements for NYSE:MSDL last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Morgan Stanley Direct Lending Fund (MSDL) Financials

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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

Morgan Stanley Direct Lending Fund Financials - Frequently Asked Questions

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

How has Morgan Stanley Direct Lending Fund's net income changed over the last 4 years?

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

How has Morgan Stanley Direct Lending Fund's revenue changed over the last 4 years?

How much debt does Morgan Stanley Direct Lending Fund have?

How much cash does Morgan Stanley Direct Lending Fund have?

How has Morgan Stanley Direct Lending Fund's book value per share changed over the last 4 years?

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