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    MSDL

    Morgan Stanley Direct Lending Fund

    Company overview

    Market capitalization
    $1.19B
    Employees
    0
    Latest publication
    2026-09-29
    About Morgan Stanley Direct Lending Fund

    Morgan Stanley Direct Lending Fund is a business development company. It is a Private Debt fund. The fund chiefly invests in riskier bonds, issued by middle-market companies or by private equity firms looking to finance their acquisitions.

    Company website

    Financial statements

    Income Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ1 20262026-03-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USDQ2 20242024-06-30 · USDQ1 20242024-03-31 · USD
    Total Revenue75,057,000USD64,684,000USD73,044,000USD65,439,000USD84,034,000USD85,001,000USD86,919,000USD76,568,000USD
    Cost Of Revenue15,291,000USD33,903,000USD34,707,000USD34,179,000USD33,213,000USD33,153,000USD29,302,000USD27,260,000USD
    Gross Profit59,766,000USD30,781,000USD38,337,000USD31,260,000USD50,821,000USD51,848,000USD57,617,000USD49,308,000USD
    Selling General Administrative1,535,000USD2,778,000USD2,041,000USD1,979,000USD2,089,000USD2,096,000USD1,883,000USD1,496,000USD
    Unclassified Operating Expenses32,067,000USD——-1,016,000USD-3,897,000USD-3,955,000USD-3,811,000USD-4,308,000USD
    Total Operating Expenses33,602,000USD2,778,000USD2,041,000USD963,000USD-1,808,000USD-1,859,000USD-1,928,000USD-2,812,000USD
    Operating Income26,164,000USD28,003,000USD36,296,000USD30,297,000USD52,629,000USD53,707,000USD59,545,000USD52,120,000USD
    Interest Income85,844,000USD97,570,000USD97,683,000USD99,169,000USD100,654,000USD107,279,000USD101,922,000USD97,275,000USD
    Interest Expense30,665,000USD33,903,000USD34,707,000USD34,179,000USD33,213,000USD33,153,000USD29,302,000USD27,260,000USD
    Net Interest Income55,179,000USD63,667,000USD62,976,000USD64,990,000USD67,441,000USD74,126,000USD72,620,000USD70,015,000USD
    Income Before Tax-4,510,000USD28,003,000USD36,296,000USD30,297,000USD52,629,000USD53,707,000USD59,545,000USD52,120,000USD
    Tax Provision834,000USD402,000USD200,000USD627,000USD1,000,000USD501,000USD500,000USD436,000USD
    Net Income-4,510,000USD27,601,000USD36,096,000USD29,670,000USD51,629,000USD53,206,000USD59,045,000USD51,684,000USD
    Net Income From Continuing Ops-4,510,000USD27,601,000USD36,096,000USD29,670,000USD51,629,000USD53,206,000USD59,045,000USD51,684,000USD
    Ebitda26,155,000USD28,003,000USD36,296,000USD30,297,000USD52,629,000USD53,707,000USD59,545,000USD52,120,000USD
    Total Other Income Expense Net-30,674,000USD—-34,540,000USD1,016,000USD52,629,000USD227,427,000USD-29,302,000USD-27,260,000USD
    Income Tax Expense—402,000USD200,000USD627,000USD1,000,000USD501,000USD500,000USD436,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Income Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USDFY 20212021-12-31 · USD
    Total Revenue332,522,000USD328,129,000USD100,216,000USD98,621,000USD
    Cost Of Revenue122,928,000USD112,883,000USD67,182,000USD21,015,000USD
    Gross Profit209,594,000USD215,246,000USD33,034,000USD77,606,000USD
    Selling General Administrative7,564,000USD5,626,000USD4,150,000USD4,568,000USD
    Unclassified Operating Expenses-15,971,000USD-22,913,001USD-19,992,000USD-10,297,001USD
    Total Operating Expenses-8,407,000USD-17,287,000USD-15,842,000USD-5,729,000USD
    Operating Income218,001,000USD232,533,000USD48,876,000USD83,335,000USD
    Interest Income407,130,000USD359,806,000USD224,745,000USD109,298,000USD
    Interest Expense122,928,000USD112,883,000USD67,182,000USD21,015,000USD
    Net Interest Income284,202,000USD246,923,000USD157,563,000USD88,283,000USD
    Income Before Tax218,001,000USD232,533,000USD48,876,000USD83,335,000USD
    Income Tax Expense2,437,000USD1,519,000USD334,000USD80,000USD
    Tax Provision2,437,000USD1,519,000USD334,000USD80,000USD
    Net Income215,564,000USD231,014,000USD48,542,000USD83,255,000USD
    Net Income From Continuing Ops215,564,000USD231,014,000USD48,542,000USD83,255,000USD
    Ebitda218,001,000USD232,533,000USD48,876,000USD83,335,000USD
    Total Other Income Expense Net218,001,000USD-112,883,000USD-67,182,000USD83,415,000USD
    Research Development—1USD0USD1USD
    Ebit—155,255,257USD102,589,637USD86,909,000USD
    Depreciation And Amortization—188,641,743USD115,072,000USD17,361,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USDQ2 20242024-06-30 · USD
    Total Assets3,824,803,000USD3,920,096,000USD3,932,283,000USD3,921,890,000USD3,912,171,000USD3,912,018,000USD3,793,368,000USD3,655,899,000USD
    Other Current Assets24,399,000USD—14,836,000USD-134,000USD—-31,024,000USD-33,662,000USD-122,696,000USD
    Total Liab2,134,336,000USD2,172,007,000USD2,160,672,000USD2,131,591,000USD2,094,364,000USD2,069,862,000USD1,939,646,000USD1,793,938,000USD
    Total Stockholder Equity1,690,467,000USD1,748,089,000USD1,771,611,000USD1,790,299,000USD1,817,807,000USD1,842,156,000USD1,853,722,000USD1,861,961,000USD
    Other Current Liab15,313,000USD16,968,000USD19,085,000USD81,337,000USD-392,000USD-74,626,000USD21,159,000USD-96,837,000USD
    Common Stock85,000USD86,000USD87,000USD87,000USD88,000USD89,000USD89,000USD89,000USD
    Capital Stock85,000USD86,000USD87,000USD87,000USD88,000USD89,000USD89,000USD89,000USD
    Retained Earnings-62,531,000USD-19,620,000USD-7,906,000USD7,899,000USD15,284,000USD29,624,000USD29,800,000USD30,037,000USD
    Other Assets3,714,429,000USD—3,836,917,000USD3,844,375,000USD3,815,837,000USD50,152,000USD3,671,147,000USD3,655,899,000USD
    Cash96,693,000USD81,434,000USD65,472,000USD75,806,000USD65,580,000USD70,372,000USD90,428,000USD92,966,000USD
    Cash And Short Term Investments96,693,000USD81,434,000USD75,523,000USD75,806,000USD65,580,000USD70,372,000USD90,428,000USD92,966,000USD
    Total Current Assets96,693,000USD107,855,000USD120,253,000USD101,239,000USD92,878,000USD101,396,000USD124,090,000USD120,696,000USD
    Total Current Liabilities78,652,000USD81,135,000USD84,741,000USD59,793,000USD62,565,000USD74,626,000USD76,922,000USD96,837,000USD
    Net Debt1,956,360,000USD2,005,238,000USD2,006,928,000USD1,974,448,000USD1,943,366,000USD1,903,107,000USD1,751,137,000USD1,571,456,000USD
    Short Long Term Debt Total2,053,053,000USD2,086,672,000USD2,072,400,000USD2,050,254,000USD2,008,946,000USD1,973,479,000USD1,841,565,000USD1,664,422,000USD
    Long Term Investments3,668,950,000USD3,771,546,000USD3,775,797,000USD3,785,496,000USD3,788,178,000USD3,791,494,000USD3,640,324,000USD3,514,286,000USD
    Net Receivables29,717,000USD26,421,000USD29,894,000USD25,433,000USD27,298,000USD31,024,000USD33,662,000USD27,730,000USD
    Accounts Payable63,339,000USD64,167,000USD65,656,000USD59,793,000USD62,565,000USD74,626,000USD76,922,000USD96,837,000USD
    Common Stock Shares Outstanding85,775,149shares87,270,081shares86,844,648shares87,189,801shares88,413,652shares89,264,686shares89,264,686shares89,271,839shares
    Non Current Assets Total3,728,110,000USD3,812,241,000USD3,812,030,000USD3,820,651,000USD3,819,293,000USD3,810,622,000USD3,669,278,000USD3,535,203,000USD
    Non Current Liabilities Total2,055,684,000USD2,090,872,000USD2,075,931,000USD2,071,798,000USD2,031,799,000USD1,995,236,000USD1,862,724,000USD1,697,101,000USD
    Non Currrent Assets Other3,728,110,000USD40,695,000USD36,233,000USD3,820,651,000USD3,819,293,000USD3,810,622,000USD3,669,278,000USD3,535,203,000USD
    Unclassified Current Assets-54,116,000USD——-27,410,000USD———-2,000,000USD
    Unclassified Non Current Assets-7,383,379,000USD—-3,836,917,000USD-7,629,871,000USD-7,604,015,000USD-3,841,646,000USD-7,311,471,000USD-7,170,185,000USD
    Unclassified Non Current Liabilities2,055,684,000USD2,090,872,000USD2,075,931,000USD2,071,798,000USD2,031,799,000USD1,995,236,000USD1,862,724,000USD1,697,101,000USD
    Unclassified Equity1,752,828,000USD1,767,537,000USD1,779,343,000USD1,782,226,000USD1,802,347,000USD1,812,354,000USD1,823,744,000USD1,831,746,000USD
    Short Term Investments——10,051,000USD27,410,000USD———2,000,000USD
    Unclassified Current Liabilities———-81,337,000USD——-21,159,000USD—
    Short Term Debt————392,000USD———
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USDFY 20212021-12-31 · USDFY 20202020-12-31 · USDFY 20192019-12-31 · USD
    Total Assets3,920,096,000USD3,912,018,000USD3,306,734,000USD2,986,122,000USD2,493,273,000USD656,806,000USD1,464,342USD
    Total Liab2,172,007,000USD2,069,862,000USD1,585,583,000USD1,588,817,000USD1,304,686,000USD355,186,000USD2,585,286USD
    Total Stockholder Equity1,748,089,000USD1,842,156,000USD1,721,151,000USD1,397,305,000USD1,188,587,000USD301,620,000USD-1,120,944USD
    Other Current Liab16,968,000USD-74,626,000USD16,648,000USD-1,573,552,000USD1,304,686,000USD-344,169,000USD2,585,286USD
    Common Stock86,000USD89,000USD83,000USD71,000USD57,000USD15,000USD2USD
    Capital Stock86,000USD89,000USD83,000USD71,000USD57,000USD15,000USD—
    Retained Earnings-19,620,000USD29,624,000USD8,459,000USD-54,779,000USD15,782,000USD4,702,000USD-1,155,944USD
    Other Assets3,812,241,000USD3,809,092,000USD-6,599,098,000USD-5,964,580,000USD-4,974,691,000USD656,806,000USD1,464,342USD
    Cash81,434,000USD70,372,000USD69,705,000USD81,215,000USD74,153,000USD11,263,000USD35,000USD
    Cash And Short Term Investments81,434,000USD70,372,000USD69,705,000USD81,215,000USD74,153,000USD11,263,000USD35,000USD
    Total Current Assets107,855,000USD101,396,000USD98,803,000USD104,870,000USD94,044,000USD13,622,000USD1,499,342USD
    Total Current Liabilities81,135,000USD74,626,000USD68,799,000USD50,077,000USD32,972,000USD10,319,000USD2,585,286USD
    Net Debt2,005,238,000USD1,903,107,000USD1,426,327,000USD1,442,260,000USD1,175,697,000USD322,587,000USD-35,000USD
    Short Long Term Debt Total2,086,672,000USD1,973,479,000USD1,496,032,000USD1,523,475,000USD1,249,850,000USD333,850,000USD—
    Long Term Investments3,771,546,000USD3,791,494,000USD3,193,561,000USD2,873,588,000USD2,387,374,000USD636,981,000USD—
    Net Receivables26,421,000USD31,024,000USD29,098,000USD23,655,000USD19,891,000USD2,359,000USD—
    Accounts Payable64,167,000USD74,626,000USD68,799,000USD50,077,000USD32,972,000USD10,319,000USD—
    Common Stock Shares Outstanding87,270,081shares89,264,686shares88,278,830shares88,278,830shares88,278,830shares88,278,830shares3,091,766shares
    Non Current Assets Total3,812,241,000USD3,810,622,000USD3,207,931,000USD2,881,252,000USD2,399,229,000USD643,184,000USD1,464,342USD
    Non Current Liabilities Total2,090,872,000USD1,995,236,000USD1,516,784,000USD1,538,740,000USD1,271,714,000USD344,867,000USD2,550,286USD
    Non Currrent Assets Other40,695,000USD3,810,622,000USD3,207,931,000USD2,881,252,000USD2,399,229,000USD643,184,000USD-1,464,342USD
    Unclassified Non Current Assets-3,812,241,000USD-7,600,586,000USD-3,193,561,000USD-2,873,588,000USD-2,387,374,000USD-1,293,787,000USD—
    Unclassified Non Current Liabilities2,090,872,000USD1,995,236,000USD1,516,784,000USD1,538,740,000USD1,271,714,000USD344,867,000USD2,550,286USD
    Unclassified Equity1,767,537,000USD1,812,354,000USD—54,637,000USD-15,896,000USD-4,732,000USD1,155,942USD
    Other Current Assets—-470,000USD3,306,734,000USD2,986,122,000USD2,493,273,000USD656,806,000USD-35,000USD
    Short Term Investments—2,000,000USD—————
    Unclassified Current Assets—-2,000,000USD-3,306,734,000USD-2,986,122,000USD-2,493,273,000USD-656,806,000USD1,464,342USD
    Short Term Debt——1,496,032,000USD1,523,475,000USD1,249,850,000USD333,850,000USD—
    Accumulated Other Comprehensive Income——1,721,151,000USD1,397,305,000USD1,188,587,000USD301,620,000USD-1,120,944USD
    Unclassified Current Liabilities——-1,512,680,000USD-1,523,475,000USD-2,554,536,000USD-333,850,000USD—
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USDQ2 20242024-06-30 · USD
    Net Income-4,510,000USD28,727,000USD27,601,000USD36,096,000USD29,670,000USD51,629,000USD53,206,000USD59,045,000USD
    Depreciation28,321,000USD41,898,000USD-16,155,000USD-7,652,000USD12,809,000USD———
    Other Non Cash Items93,475,000USD18,085,000USD14,786,000USD14,787,000USD7,599,000USD-154,709,000USD-150,122,000USD-8,865,000USD
    Change To Account Receivables-3,296,000USD3,473,000USD-4,595,000USD-3,625,000USD3,620,000USD1,239,000USD-4,199,000USD1,747,000USD
    Change In Working Capital-2,618,000USD6,942,000USD-3,379,000USD-2,425,000USD-3,165,000USD6,897,000USD-20,116,000USD24,843,000USD
    Total Cash From Operating Activities86,347,000USD53,754,000USD39,008,000USD40,806,000USD34,104,000USD-96,183,000USD-117,032,000USD75,023,000USD
    Capital Expenditures0USD0USD0USD0USD0USD0USD0USD0USD
    Free Cash Flow86,347,000USD53,754,000USD39,008,000USD40,806,000USD34,104,000USD-96,183,000USD-117,032,000USD75,023,000USD
    Total Cashflows From Investing Activities61,759,000USD2,101,000USD-12,756,000USD1,660,000USD-1,800,000USD——-181,689,000USD
    Net Borrowings-29,000,000USD15,000,000USD24,000,000USD36,345,000USD30,000,000USD141,634,000USD166,500,000USD—
    Total Cash From Financing Activities-87,114,000USD-37,697,000USD-25,825,000USD-32,314,000USD-37,062,000USD78,115,000USD112,494,000USD136,870,000USD
    Dividends Paid-43,138,000USD-43,405,000USD-43,482,000USD-44,008,000USD-53,137,000USD-53,443,000USD-44,635,000USD-33,829,000USD
    Sale Purchase Of Stock-14,711,000USD-9,111,000USD-2,883,000USD-20,516,000USD-9,616,000USD-10,060,000USD-8,002,000USD0USD
    Change In Cash-777,000USD15,962,000USD13,256,000USD-17,184,000USD-2,972,000USD-18,056,000USD-4,538,000USD30,204,000USD
    Begin Period Cash Flow81,434,000USD65,472,000USD52,216,000USD69,400,000USD72,372,000USD90,428,000USD94,966,000USD64,762,000USD
    End Period Cash Flow80,657,000USD81,434,000USD65,472,000USD52,216,000USD69,400,000USD72,372,000USD90,428,000USD94,966,000USD
    Other Cashflows From Financing Activities-265,000USD-181,000USD-3,460,000USD-57,000USD-4,309,000USD-16,000USD-1,369,000USD-8,636,000USD
    Unclassified Operating Cash Flow-28,321,000USD-41,898,000USD16,155,000USD—-12,809,000USD———
    Unclassified Investing Cash Flow61,759,000USD2,101,000USD-12,756,000USD1,660,000USD-3,600,000USD——-181,689,000USD
    Unclassified Financing Cash Flow———-4,078,000USD———179,335,000USD
    Issuance Of Capital Stock————0USD0USD0USD0USD
    Other Cashflows From Investing Activities————1,800,000USD149,200,000USD150,229,000USD—
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USDFY 20212021-12-31 · USDFY 20202020-12-31 · USD
    Net Income122,094,000USD215,564,000USD231,014,000USD48,542,000USD83,255,000USD18,297,000USD
    Depreciation30,900,000USD—————
    Other Non Cash Items25,571,000USD-15,679,000USD-44,539,000USD70,622,000USD-18,701,000USD-9,947,000USD
    Change To Account Receivables4,133,000USD-1,670,000USD-7,973,000USD-9,171,000USD-9,460,000USD-2,280,000USD
    Change In Working Capital3,233,000USD1,585,000USD-695,000USD2,430,000USD3,135,000USD4,082,000USD
    Total Cash From Operating Activities150,898,000USD201,470,000USD185,780,000USD121,594,000USD67,689,000USD12,432,000USD
    Capital Expenditures0USD0USD0USD0USD0USD0USD
    Free Cash Flow150,898,000USD201,470,000USD185,780,000USD121,594,000USD67,689,000USD12,432,000USD
    Total Cashflows From Investing Activities301,000USD-575,006,000USD-269,604,000USD-551,429,000USD-1,728,977,000USD-625,783,000USD
    Net Borrowings105,345,000USD477,469,000USD-30,000,000USD281,325,000USD916,000,000USD—
    Total Cash From Financing Activities-132,898,000USD376,191,000USD72,314,000USD436,897,000USD1,724,178,000USD624,579,000USD
    Dividends Paid-184,032,000USD-169,083,000USD-110,497,000USD-85,748,000USD-38,217,000USD-3,738,000USD
    Sale Purchase Of Stock-42,126,000USD-18,062,000USD0USD0USD——
    Change In Cash18,038,000USD2,667,000USD-11,510,000USD7,062,000USD62,890,000USD11,228,000USD
    Begin Period Cash Flow63,396,000USD69,705,000USD81,215,000USD74,153,000USD11,263,000USD35,000USD
    End Period Cash Flow81,434,000USD72,372,000USD69,705,000USD81,215,000USD74,153,000USD11,263,000USD
    Other Cashflows From Financing Activities-12,085,000USD-10,021,000USD-9,942,000USD-13,265,000USD-8,210,000USD-2,880,000USD
    Unclassified Operating Cash Flow-30,900,000USD—————
    Issuance Of Capital Stock—95,888,000USD222,753,000USD254,585,000USD854,605,000USD297,347,000USD
    Unclassified Investing Cash Flow—-575,006,000USD-632,097,000USD-551,429,000USD-1,728,977,000USD-625,783,000USD
    Unclassified Financing Cash Flow—95,888,000USD222,753,000USD254,585,000USD—333,850,000USD
    Other Cashflows From Investing Activities——362,493,000USD———
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Operating metrics

    No operating metrics are currently published for this company.

    Revenue breakdown

    No revenue breakdown is currently published for this company.

    Periods follow company fiscal calendars. Quarterly, annual and year-to-date amounts are shown separately. Missing values are not zero. Data may be delayed, incomplete or corrected; follow the disclosure links to verify figures.