Morgan Stanley Direct Lending Fund Financial Summary

Complete Filing Data

Morgan Stanley Direct Lending Fund reported Stock Issued During Period Value Dividend Reinvestment Plan of $0.00 for FY2025.

All values from 10-K, 20-F, and 10-Q filings on SEC EDGAR, organized by financial statement. Scroll each table horizontally for the full history. Blank cells mean Morgan Stanley Direct Lending Fund did not report that metric for that period in XBRL — often because accounting standards changed which tag a company files under (for example, most companies moved revenue to the ASC-606 tag in 2018), so a metric may continue in a different row. Rows marked * merge those successor tags into one continuous series, preferring the audited value from the newest-standard tag where periods overlap.

Income Statement

Annual (10-K / 20-F)

Metric \ Fiscal YearFY2025FY2024FY2023FY2022FY2021
Net Income Loss$122.1M$215.6M$231.0M$48.5M$83.3M
Interest Expense$136.1M$122.9M$112.9M$67.2M$21.0M
Other General And Administrative Expense$359.0K$97.0K$633.0K$510.0K$1.5M

Quarterly (10-Q, single quarters)

Metric \ QuarterQ3 2025Q2 2025Q1 2025Q3 2024Q2 2024Q1 2024Q3 2023Q2 2023Q1 2023Q3 2022Q2 2022Q1 2022
Net Income Loss$27.6M$36.1M$29.7M$53.2M$59.0M$51.7M$73.4M$56.4M$43.8M$9.4M-$3.3M$22.2M
Interest Expense$33.9M$34.7M$34.2M$33.2M$29.3M$27.3M$29.7M$27.9M$26.7M$18.6M$13.8M$10.3M
Other General And Administrative Expense$38.0K$128.0K$182.0K$120.0K$51.0K$108.0K$118.0K$197.0K$168.0K$351.0K$67.0K$410.0K

Balance Sheet

Annual (10-K / 20-F)

Metric \ Fiscal YearFY2025FY2024FY2023FY2022FY2021FY2020
Stockholders Equity$1.75B$1.84B$1.72B$1.40B$1.19B$301.6M
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents$81.4M$63.4M$69.7M$81.2M$74.2M$11.3M
Stockholders Equity Period Increase Decrease-$94.1M$121.0M$323.8M$208.7M$887.0M
Debt And Equity Securities Unrealized Gain Loss$32.8M-$80.0M$8.4M
Debt And Equity Securities Realized Gain Loss$118.0K$537.0K$1.9M
Interest Income Operating Paid In Cash$396.4M$355.5M$223.1M$108.3M
Repayments Of Long Term Debt$1.45B$712.0M$438.0M$1.28B$598.0M
Dividends Accrued But Not Yet Paid$43.2M$53.2M$50.0M$33.1M$29.7M
Amortization Of Deferred Financing Costs$4.1M$3.7M$3.2M$3.7M$2.9M
Accretion Amortization Of Discounts And Premiums Investments$15.7M$14.9M$11.3M$11.4M$10.1M
Retained Earnings Accumulated Deficit-$19.6M$29.6M$8.5M-$54.8M
Receivable Investment Sale$455.0K$470.0K$173.0K$188.0K
Management Fee Payable$9.6M$7.0M$2.0M$1.8M
Long Term Debt$2.09B$1.97B$1.50B$1.52B
Liabilities And Stockholders Equity$3.92B$3.91B$3.31B$2.99B
Liabilities$2.17B$2.07B$1.59B$1.59B
Interest Payable Current And Noncurrent$20.9M$21.2M$18.8M$17.0M
Dividends Payable Current And Noncurrent$43.2M$53.2M$50.0M$33.1M
Deferred Finance Costs Net$10.5M$6.5M$5.6M$7.9M
Debt Issuance Costs Line Of Credit Arrangements Net$16.9M$16.5M$14.3M$7.6M
Common Stock Value$86.0K$89.0K$83.0K$71.0K
Cash And Cash Equivalents At Carrying Value$81.4M$63.4M$69.7M$81.2M
Assets$3.92B$3.91B$3.31B$2.99B

Quarterly (10-Q, single quarters)

Metric \ QuarterQ3 2025Q2 2025Q1 2025Q3 2024Q2 2024Q1 2024Q3 2023Q2 2023Q1 2023Q3 2022Q2 2022Q1 2022Q2 2021Q1 2021
Stockholders Equity$1.77B$1.79B$1.82B$1.85B$1.86B$1.84B$1.48B$1.44B$1.41B$1.31B$1.24B$1.19B$1.24B$1.19B
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents$65.5M$52.2M$69.4M$90.4M$95.0M$64.8M$88.1M$52.9M$99.6M$59.9M$80.8M$38.9M
Stockholders Equity Period Increase Decrease-$18.7M-$27.5M-$24.3M-$8.2M$24.9M$115.9M$41.5M$25.4M$17.3M$66.3M$50.0M$2.3M
Debt And Equity Securities Unrealized Gain Loss-$17.1M$5.4M$2.8M$2.7M$22.8M$8.6M-$567.0K-$24.4M-$33.1M-$4.3M
Debt And Equity Securities Realized Gain Loss$549.0K-$11.0M$108.0K-$5.6M$5.0K$0.00$122.0K$18.0K$465.0K$74.0K
Interest Income Operating Paid In Cash$105.1M$99.1M$94.6M$91.0M$86.6M$81.7M$60.8M$48.5M$42.7M
Repayments Of Long Term Debt$163.0M$112.0M$0.00$443.0M
Dividends Accrued But Not Yet Paid$44.1M$44.4M$35.7M$27.5M
Amortization Of Deferred Financing Costs$960.0K$926.0K$699.0K$1.1M
Accretion Amortization Of Discounts And Premiums Investments$4.3M$2.7M$2.5M$2.0M
Retained Earnings Accumulated Deficit-$7.9M$7.9M$15.3M$29.8M$30.0M$15.7M-$475.0K-$30.7M-$46.4M
Receivable Investment Sale$14.8M$134.0K$364.0K$1.9M$136.0K$348.0K$22.0K$621.0K$91.0K
Management Fee Payable$9.6M$9.6M$9.0M$6.8M$6.5M$5.1M$1.9M$1.9M$1.8M
Long Term Debt$2.07B$2.05B$2.01B$1.84B$1.66B$1.49B$1.72B$1.55B$1.58B
Liabilities And Stockholders Equity$3.93B$3.92B$3.91B$3.79B$3.66B$3.40B$3.28B$3.07B$3.06B
Liabilities$2.16B$2.13B$2.09B$1.94B$1.79B$1.56B$1.80B$1.63B$1.65B
Interest Payable Current And Noncurrent$22.2M$16.2M$16.4M$16.3M$20.7M$9.0M$8.9M$18.9M$9.3M
Dividends Payable Current And Noncurrent$43.5M$43.6M$44.1M$53.5M$44.7M$44.4M$43.2M$41.0M$35.7M
Deferred Finance Costs Net$11.2M$8.8M$5.6M$7.4M$8.3M$5.0M$6.2M$6.7M$7.3M
Debt Issuance Costs Line Of Credit Arrangements Net$17.9M$18.9M$19.8M$17.5M$17.0M$13.4M$15.3M$10.1M$10.9M
Common Stock Value$87.0K$87.0K$88.0K$89.0K$89.0K$89.0K$72.0K$71.0K$71.0K
Cash And Cash Equivalents At Carrying Value$65.5M$52.2M$69.4M$90.4M$95.0M$64.8M$88.1M$52.9M$99.6M
Assets$3.93B$3.92B$3.91B$3.79B$3.66B$3.40B$3.28B$3.07B$3.06B

Cash Flow Statement

Annual (10-K / 20-F)

Metric \ Fiscal YearFY2025FY2024FY2023FY2022FY2021
Proceeds From Issuance Of Long Term Debt$1.55B$1.19B$408.0M$1.57B$1.51B
Proceeds From Issuance Of Common Stock-$163.0K$95.9M$222.8M$254.6M$854.6M
Proceeds From Disposition Of Investment Operating Activity And Increase Decrease In Receivable For Investment Sold Or Repaid$771.9M$657.2M$362.5M$393.8M$384.5M
Payments Of Dividends$184.0M$169.1M$110.5M$85.7M$38.2M
Payments Of Deferred Financing Costs$4.5M$5.9M$9.9M$4.0M$8.2M
Payments For Purchase Of Investment Operating Activity And Increase Decrease In Payable For Investment Purchased$771.6M$1.23B$632.1M$945.2M$2.11B
Net Cash Provided By Used In Operating Activities$150.9M-$382.5M-$83.8M-$429.8M-$1.66B
Net Cash Provided By Used In Financing Activities-$132.9M$376.2M$72.3M$436.9M$1.72B
Increase Decrease In Prepaid Deferred Expense And Other Assets$51.0K$132.0K$13.0K-$228.0K$70.0K
Increase Decrease In Management Fee Payable$2.6M$5.0M$229.0K$477.0K$1.0M
Increase Decrease In Interest Payable Net-$260.0K$2.4M$1.8M$13.7M$2.1M
Increase Decrease In Incentive Fee Payable-$1.7M-$2.8M$3.6M-$541.0K$5.8M
Increase Decrease In Due To Affiliates$62.0K-$2.8M$784.0K-$2.3M$2.6M
Increase Decrease In Accrued Liabilities And Other Operating Liabilities-$1.5M$1.6M$826.0K$44.0K$1.2M
Increase Decrease In Interest And Dividends Receivable$1.7M$8.0M$9.2M$9.5M

Quarterly (10-Q, single quarters)

Metric \ QuarterQ1 2025Q1 2024Q1 2023Q1 2022
Proceeds From Issuance Of Long Term Debt$193.0M$102.0M$60.0M$554.5M
Proceeds From Issuance Of Common Stock$0.00$95.9M$2.6M$7.8M
Proceeds From Disposition Of Investment Operating Activity And Increase Decrease In Receivable For Investment Sold Or Repaid$201.9M$71.5M$90.2M$28.5M
Payments Of Dividends$53.1M$37.2M$23.9M$22.2M
Payments Of Deferred Financing Costs$4.3M$0.00$3.9M$2.1M
Payments For Purchase Of Investment Operating Activity And Increase Decrease In Payable For Investment Purchased$203.7M$165.4M$139.6M$177.7M
Net Cash Provided By Used In Operating Activities$34.1M-$53.7M-$16.4M-$125.2M
Net Cash Provided By Used In Financing Activities-$37.1M$48.7M$34.8M$89.9M
Increase Decrease In Prepaid Deferred Expense And Other Assets$2.7M$247.0K$448.0K$129.0K
Increase Decrease In Management Fee Payable$1.9M$3.1M$43.0K$240.0K
Increase Decrease In Interest Payable Net-$4.8M-$9.9M-$7.7M$1.9M
Increase Decrease In Incentive Fee Payable$512.0K-$1.6M$1.3M-$1.5M
Increase Decrease In Due To Affiliates-$18.0K-$359.0K-$694.0K-$1.5M
Increase Decrease In Accrued Liabilities And Other Operating Liabilities-$1.7M-$596.0K$107.0K-$287.0K
Increase Decrease In Interest And Dividends Receivable$457.0K$1.6M$86.0K

Per-Share & Share Counts

Annual (10-K / 20-F)

Metric \ Fiscal YearFY2025FY2024FY2023FY2022FY2021FY2020FY2019
Weighted Average Number Of Shares Outstanding Basic87.3M88.6M74.2M61.7M31.2M7.6M
Investment Company Investment Income Loss Per Share$2.02$2.48$2.67$2.08$2.34$1.41
Weighted Average Number Of Diluted Shares Outstanding87.3M88.6M74.2M61.7M31.2M7.6M
Net Asset Value Per Share$20.26$20.81$20.67$19.81$20.91$20.08$20.00
Earnings Per Share Diluted$1.40$2.43$3.11$0.79$2.67
Earnings Per Share Basic$1.40$2.43$3.11$0.79$2.67
Common Stock Shares Outstanding86.3M88.5M83.3M70.5M56.8M15.0M
Common Stock Shares Issued86.3M88.5M83.3M70.5M
Common Stock Shares Authorized500.0M500.0M100.0M100.0M
Common Stock Par Or Stated Value Per Share$0.00$0.00$0.00$0.00

Quarterly (10-Q, single quarters)

Metric \ QuarterQ3 2025Q2 2025Q1 2025Q3 2024Q2 2024Q1 2024Q3 2023Q2 2023Q1 2023Q3 2022Q2 2022Q1 2022
Weighted Average Number Of Shares Outstanding Basic86.8M87.2M88.4M89.3M89.3M87.4M71.9M71.3M70.9M64.1M59.2M57.1M
Investment Company Investment Income Loss Per Share$0.50$0.50$0.52$0.66$0.63$0.63$0.70$0.67$0.62$0.53$0.50$0.46
Weighted Average Number Of Diluted Shares Outstanding86.8M87.2M88.4M89.3M89.3M87.4M71.9M71.3M70.9M64.1M59.2M57.1M
Net Asset Value Per Share$20.41$20.83$20.83$20.67$20.57$20.15$19.93$20.00$20.32$20.82
Earnings Per Share Diluted$0.32$0.41$0.34$0.60$0.66$0.59$1.02$0.79$0.62$0.15$-0.06$0.39
Earnings Per Share Basic$0.32$0.41$0.34$0.60$0.66$0.59$1.02$0.79$0.62$0.15$-0.06$0.39
Common Stock Shares Outstanding86.8M87.0M88.0M89.0M89.4M88.9M72.0M71.5M71.0M65.4M61.1M57.2M
Common Stock Shares Issued86.8M87.0M88.0M89.0M89.4M88.9M72.0M71.5M71.0M
Common Stock Shares Authorized500.0M500.0M500.0M100.0M100.0M100.0M100.0M100.0M100.0M
Common Stock Par Or Stated Value Per Share$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00

Other Metrics

Annual (10-K / 20-F)

Metric \ Fiscal YearFY2025FY2024FY2023FY2022FY2021
Stock Issued During Period Value Dividend Reinvestment Plan$0.00$23.4M$41.9M$30.3M$13.6M
Stock Issued During Period Value New Issues-$163.0K$95.8M$220.2M$94.6M$862.5M
Investment Income Operating After Expense And Tax$176.0M$220.2M$198.1M$128.0M$72.9M
Investment Company Dividend Distribution$174.0M$195.7M$169.3M$119.4M$72.3M
Realized And Unrealized Gain Loss Investment Derivative And Foreign Currency Transaction Operating After Tax-$53.9M-$4.7M$33.0M-$79.5M$10.3M
Professional Fees$8.0M$6.7M$4.5M$3.2M$2.4M
Noninterest Expense Directors Fees$517.0K$533.0K$345.0K$362.0K$336.0K
Net Investment Income$178.8M$222.7M$199.6M$128.3M$73.0M
Management Fee Expense$38.5M$35.4M$30.6M$26.7M$13.9M
Investment Income Investment Expense$219.5M$209.4M$191.1M$122.2M$57.1M
Investment Company Expense After Reduction Of Fee Waiver And Reimbursement$218.4M$193.4M$168.2M$102.2M$46.8M
Gross Investment Income Operating$397.3M$416.1M$367.7M$230.6M$119.8M
Investment Company Capital Share Transaction And Dividend Distribution Increase Decrease-$42.1M$101.2M$262.1M$279.6M$876.0M
Income Based Incentive Fee Expense$43.5M$42.0M$26.6M$15.9M
Administrative Fees Expense$287.0K$216.0K$178.0K$72.0K$212.0K
Other Income$6.4M$5.8M$4.4M$10.1M
Interest Income Operating Paid In Kind$10.7M$4.3M$1.6M$1.0M
Dividend Income Operating$2.6M$2.1M$1.5M$409.0K
Reinvestment Of Dividend Distributions$0.00$23.4M$41.9M$30.3M$13.6M
Interest Paid Net$126.6M$113.0M$105.3M$48.6M$15.0M
Interest And Dividend Income Operating Paid In Kind$18.2M$13.1M$6.1M$2.7M$1.2M
Capital Gains Incentive Fee Expense Reversal$0.00$0.00-$2.4M$1.8M
Excise Taxes Paid Net$2.6M$1.5M$361.0K$57.0K$5.0K
Investment Company Contractual Fee Waived$22.9M$20.0M$10.4M
Amortization Of Financing Costs And Discounts$5.0M$3.9M$2.5M$1.6M$0.00
Investment Income Operating Tax Expense Benefit$2.8M$2.4M$1.5M$334.0K$80.0K
Investment Company Expense Offset Arrangement$0.00$0.00-$44.0K-$98.0K
Investment Owned At Fair Value$3.77B$3.79B$3.19B$2.87B
Investment Owned At Cost$3.84B$3.81B$3.23B$2.94B

Quarterly (10-Q, single quarters)

Metric \ QuarterQ3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q3 2023Q2 2023Q1 2023Q3 2022Q2 2022Q1 2022
Stock Issued During Period Value Dividend Reinvestment Plan$0.00$0.00$0.00$0.00$10.6M$12.8M$11.3M$9.7M$8.9M$7.6M$7.0M$7.5M
Stock Issued During Period Value New Issues-$40.0K-$123.0K$0.00$0.00$0.00$95.8M$0.00$0.00$0.00$79.8M$74.9M
Investment Income Operating After Expense And Tax$43.7M$43.7M$46.2M$58.7M$56.1M$54.7M$50.6M$47.8M$44.2M$33.8M$29.4M$26.5M
Investment Company Dividend Distribution$43.4M$43.5M$44.0M$53.4M$44.7M$44.4M$43.2M$40.7M$35.4M$30.6M$28.6M$27.5M
Realized And Unrealized Gain Loss Investment Derivative And Foreign Currency Transaction Operating After Tax-$16.1M-$7.6M-$16.6M-$5.5M$2.9M-$3.0M$22.8M$8.6M-$445.0K-$24.4M-$32.7M-$4.3M
Professional Fees$2.5M$1.7M$1.6M$1.7M$1.7M$1.2M$1.3M$847.0K$1.2M$923.0K$776.0K$624.0K
Noninterest Expense Directors Fees$129.0K$130.0K$129.0K$130.0K$128.0K$146.0K$85.0K$88.0K$80.0K$87.0K$88.0K$87.0K
Net Investment Income$44.1M$43.9M$46.9M$59.2M$56.6M$55.1M$50.6M$47.8M$44.2M$33.8M$29.4M$26.5M
Management Fee Expense$9.6M$9.6M$9.6M$9.1M$8.6M$8.2M$7.8M$7.4M$7.3M$6.9M$6.5M$6.2M
Investment Income Investment Expense$55.6M$55.7M$55.6M$54.5M$51.4M$48.3M$49.7M$46.7M$44.9M$34.1M$25.5M$22.4M
Investment Company Expense After Reduction Of Fee Waiver And Reimbursement$55.6M$55.7M$54.6M$50.5M$47.6M$44.0M$43.9M$41.1M$39.4M$28.9M$20.6M$17.8M
Gross Investment Income Operating$99.7M$99.5M$101.5M$109.8M$104.2M$99.1M$94.5M$88.9M$83.6M$62.7M$50.0M$44.3M
Investment Company Capital Share Transaction And Dividend Distribution Increase Decrease-$2.9M-$20.1M-$10.0M-$8.0M$10.6M$108.6M$11.3M$9.7M$8.9M$56.8M$53.2M
Income Based Incentive Fee Expense$9.8M$10.1M$11.6M$11.3M$10.7M$10.1M$9.4M$7.2M$5.9M$5.5M
Administrative Fees Expense$81.0K$85.0K$60.0K$138.0K$17.0K$25.0K$27.0K$60.0K$54.0K$54.0K$54.0K$16.0K
Other Income$1.8M$1.6M$1.3M$1.8M$1.2M$985.0K$976.0K$1.0M$1.0M
Interest Income Operating Paid In Kind$2.2M$2.9M$2.6M$1.1M$622.0K$441.0K$506.0K$277.0K$272.0K
Dividend Income Operating$670.0K$646.0K$565.0K$564.0K$504.0K$496.0K$439.0K$232.0K$309.0K
Reinvestment Of Dividend Distributions$0.00$12.8M$8.9M$7.5M
Interest Paid Net$36.9M$35.6M$33.1M$6.5M
Interest And Dividend Income Operating Paid In Kind$4.9M$3.2M$1.0M$370.0K
Capital Gains Incentive Fee Expense Reversal$0.00$0.00$0.00$0.00$0.00$0.00-$1.7M-$747.0K
Excise Taxes Paid Net$2.6M$1.5M$361.0K$57.0K
Investment Company Contractual Fee Waived$5.8M$5.6M$5.5M$5.1M$4.9M$4.6M
Amortization Of Financing Costs And Discounts$1.1M$635.0K$628.0K$177.0K
Investment Income Operating Tax Expense Benefit$402.0K$200.0K$627.0K$2.4M$501.0K$500.0K$436.0K$0.00$0.00$0.00
Investment Company Expense Offset Arrangement$0.00$0.00$0.00$0.00$0.00-$39.0K
Investment Owned At Fair Value$3.78B$3.79B$3.79B$3.64B$3.51B$3.29B$3.12B$2.98B$2.93B
Investment Owned At Cost$3.84B$3.83B$3.83B$3.66B$3.54B$3.32B$3.16B$3.04B$2.99B

Most recent annual filing with the SEC: February 26, 2026

Data sourced from SEC EDGAR public filings as of August 7, 2026.