MSDLMorgan Stanley Direct Lending Fund

$1B

Q2 2025 Earnings

Financial Services Financial - Conglomerates

Income Statement

Revenue

$73M-16.0% YoY

Gross Profit

$38M52.5% margin

Operating Income

$36M49.7% margin

Net Income

$36M49.4% margin

EPS (Diluted)

$0.41

QoQ Revenue Growth

+11.6%

Cash Flow

Operating Cash Flow

$41M

Free Cash Flow

$41M

Stock-Based Comp.

$0

Balance Sheet

Total Assets

$3.9B

Total Liabilities

$2.1B

Stockholders' Equity

$1.8B

Cash & Equivalents

$76M

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$73M	$87M	-16.0%
Gross Profit	$38M	$58M	-33.5%
Operating Income	$36M	$60M	-39.0%
Net Income	$36M	$59M	-38.9%

MSDL Q2 2025 Earnings — Morgan Stanley Direct Lending Fund Revenue & Financial Results | Market Cap Arena