Morgan Stanley Direct Lending Fund MSDL
We are a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. We have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the "1940 Act"). For U.S. federal income tax purposes, we have elected to be treated, and intend to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. We are externally managed by the Adviser, an indirect, wholly owned subsidiary of Morgan Stanley.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Interest expense | $136.1M | $122.9M | $112.9M | $67.2M | $21.0M | — |
| Net income | $122.1M | $215.6M | $231.0M | $48.5M | $83.3M | — |
| EPS, basic | 1.40 | 2.43 | 3.11 | 0.79 | 2.67 | — |
| EPS, diluted | 1.40 | 2.43 | 3.11 | 0.79 | 2.67 | — |
| Shares, diluted (wtd. avg.) | 87.3M | 88.6M | 74.2M | 61.7M | 31.2M | 7.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $81.4M | $63.4M | $69.7M | $81.2M | $74.2M | $11.3M |
| Short-term investments | $13.0M | $9.0M | — | — | — | — |
| Total assets | $3.92B | $3.91B | $3.31B | $2.99B | — | — |
| Long-term debt | $2.09B | $1.97B | $1.50B | $1.52B | — | — |
| Total liabilities | $2.17B | $2.07B | $1.59B | $1.59B | — | — |
| Retained earnings | -$19.6M | $29.6M | $8.5M | -$54.8M | — | — |
| Total equity | $1.75B | $1.84B | $1.72B | $1.40B | $1.19B | $301.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | $150.9M | -$382.5M | -$83.8M | -$429.8M | -$1.66B | — |
| Financing cash flow | -$132.9M | $376.2M | $72.3M | $436.9M | $1.72B | — |
| Dividends paid | $184.0M | $169.1M | $110.5M | $85.7M | $38.2M | — |
| Buybacks | $42.0M | $18.1M | $0 | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-076632.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — |
| Net income | — | $83.3M | $48.5M | $231.0M | $215.6M | $122.1M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Regulation FD disclosure Item 7.01
- Material agreement signed Item 1.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Material agreement signed Item 1.01
- New debt or obligation Item 2.03
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.