Morgan Stanley Direct Lending Fund (MSDL) Financial Statements
In fiscal 2025, Morgan Stanley Direct Lending Fund reported revenue of $397.3M, down 4.5% from $416.1M the year before. Net income was $122.1M (a 30.7% net margin), or $1.40 per diluted share. Operating activities generated $150.9M of cash. At fiscal year end, Morgan Stanley Direct Lending Fund held $3.92B in total assets against $2.17B in total liabilities, including $81.4M of cash and equivalents.
Open the full interactive Morgan Stanley Direct Lending Fund financials → Quarterly statements, key ratios, valuation history and price charts.
Morgan Stanley Direct Lending Fund Key Stats
| Share Price | $13.15 |
|---|---|
| Market Cap | $1.11B |
| P/E Ratio | 9.4 |
| Dividend Yield | 15.11% |
| Revenue YoY Growth | -4.5% |
| 52-Week Range | $12.76 – $15.72 |
| Shares Outstanding | 84.8 million (basic, 2026 Q2) |
Morgan Stanley Direct Lending Fund Income Statement
| FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|
| Revenue | $367.7M | $416.1M | $397.3M |
| Pre-Tax Income | $231.0M | $215.6M | $122.1M |
| Net Income | $231.0M | $215.6M | $122.1M |
| Diluted EPS | $3.11 | $2.43 | $1.40 |
Morgan Stanley Direct Lending Fund Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $99.7M | $96.6M | $89.1M | $88.8M |
| Net Income | $27.6M | $28.7M | -$4.5M | $7.9M |
| Diluted EPS | $0.32 | $0.33 | -$0.05 | $0.09 |
Morgan Stanley Direct Lending Fund Balance Sheet
| FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|
| Cash & Equivalents | $69.7M | $72.4M | $81.4M |
| Total Assets | $3.31B | $3.91B | $3.92B |
| Total Long-Term Debt | $1.50B | $1.97B | $2.09B |
| Total Liabilities | $1.59B | $2.07B | $2.17B |
| Shareholders' Equity | $1.72B | $1.84B | $1.75B |
Morgan Stanley Direct Lending Fund Cash Flow Statement
| FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|
| Cash From Operations | -$83.8M | -$373.5M | $150.9M |
| Cash From Financing | $72.3M | $376.2M | -$132.9M |
| Dividends Paid | $110.5M | $169.1M | $184.0M |
Figures from Morgan Stanley Direct Lending Fund's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Morgan Stanley Direct Lending Fund financials page for every line item.
Morgan Stanley Direct Lending Fund Company Profile
| Ticker | MSDL |
|---|---|
| Exchange | NYSE |
| Headquarters | New York, New York |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001782524 |
Frequently Asked Questions
What was Morgan Stanley Direct Lending Fund's revenue in fiscal 2025?
Morgan Stanley Direct Lending Fund (MSDL) reported revenue of $397.3M for fiscal 2025.
What is Morgan Stanley Direct Lending Fund's annual revenue history?
Morgan Stanley Direct Lending Fund's annual revenue by fiscal year: 2023: $367.7M; 2024: $416.1M; 2025: $397.3M.
What was Morgan Stanley Direct Lending Fund's net income in fiscal 2025?
Morgan Stanley Direct Lending Fund reported net income of $122.1M for fiscal 2025.
What was Morgan Stanley Direct Lending Fund's earnings per share (EPS) in fiscal 2025?
Morgan Stanley Direct Lending Fund's diluted EPS was $1.40 for fiscal 2025 (adjusted for any later stock splits).
What was Morgan Stanley Direct Lending Fund's revenue last quarter?
In its most recent reported quarter (2026 Q2), Morgan Stanley Direct Lending Fund reported revenue of $88.8M.
How much debt does Morgan Stanley Direct Lending Fund have?
Morgan Stanley Direct Lending Fund reported $2.09B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Morgan Stanley Direct Lending Fund are outstanding?
Morgan Stanley Direct Lending Fund reported a weighted average of 84.8 million basic shares outstanding in 2026 Q2.
What is Morgan Stanley Direct Lending Fund's market cap?
Based on its latest closing price, Morgan Stanley Direct Lending Fund (MSDL) has a market capitalization of about $1.11B.
When does Morgan Stanley Direct Lending Fund's fiscal year end?
Morgan Stanley Direct Lending Fund's fiscal year end, as registered with the SEC, is December 31.
Where is Morgan Stanley Direct Lending Fund headquartered?
Morgan Stanley Direct Lending Fund lists its business address in New York, New York in its SEC filings.