Morgan Stanley Direct Lending Fund

Listed Company

MSDLCIK 0001782524NYSELarge AcceleratedDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$122.09M

Total Assets

$3.92B

Equity

$1.75B

Shares Out

85.63M

Op. Cash Flow

$150.90M

Business

Morgan Stanley Direct Lending Fund is a non-diversified, externally managed specialty finance company that operates as a business development company focused on lending to U.S. middle-market companies. It primarily originates and invests in senior secured term loans (including first‑lien, unitranche and second‑lien loans) and also holds mezzanine debt, unsecured debt, equity investments and opportunistic credit positions while earning interest, fees and capital gains. The Adviser and the MS Private Credit platform provide origination, underwriting, structuring, due diligence and portfolio management services. The Fund focuses on sponsor‑backed U.S. middle‑market borrowers and may invest selectively in certain developed foreign jurisdictions, sourcing opportunities through Morgan Stanley’s global network and private credit distribution channels.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total investment income	397	416	368	231	120
Interest and other financing expenses	136	123	113	67	21
Management fees	38	35	31	27	14
Income based incentive fees	36	43	42	—	—
Professional fees	8	7	4	3	2
Directors fees	517,000	533,000	345,000	362,000	336,000
Administrative service fees	287,000	216,000	178,000	72,000	212,000
General and other expenses	359,000	97,000	633,000	510,000	2
Total expenses	219	209	191	122	57
Management fees waiver (Note 3)	−641,000	−10	−23	—	—
Incentive fees waiver (Note 3)	−375,000	−6	0	—	—
Net expenses	218	193	168	102	47
Net investment income (loss) before taxes	179	223	200	128	73
Excise tax expense	3	2	2	334,000	80,000
Net investment income (loss) after taxes	176	220	198	128	73
Net realized gain (loss) on non-controlled/non-affiliated investments	−7	−16	118,000	—	—
Foreign currency and other transactions	58,000	13,000	—	0	—
Net realized gain (loss)	−7	−16	118,000	537,000	—
Translation of assets and liabilities in foreign currencies	78,000	−108,000	0	0	—
Net unrealized appreciation (depreciation)	−47	12	33	−80	—
Net realized and unrealized gain (loss)	−54	−5	33	−79	10
Net increase (decrease) in net assets resulting from operations	122	216	231	49	83
Net investment income (loss) per share, basic	2.02	2.48	2.67	2.08	2.34
Earnings per share - basic	1.4	2.43	3.11	0.79	2.67
Earnings per share - diluted	1.4	2.43	3.11	0.79	2.67
Weighted average shares outstanding - basic (in shares)	87	89	74	62	31
Weighted average shares outstanding - diluted (in shares)	87	89	74	62	31

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fair value	3,772	3,791	3,194	2,874	—
Cash and cash equivalents (restricted cash of $3,820 and $2,000)	81	63	70	81	—
Investments in unaffiliated money market fund (cost of $12,976 and $8,976)	13	9	—	—	—
Deferred financing costs	17	16	14	8	—
Interest and dividend receivable from non-controlled/non-affiliated investments	26	31	—	—	—
Interest receivable from non-controlled/affiliated investments	89,000	0	—	—	—
Receivable for investments sold/repaid	455,000	470,000	173,000	188,000	—
Prepaid expenses and other assets	10	630,000	—	—	—
Total assets	3,920	3,912	3,307	2,986	—
Debt (net of unamortized debt issuance costs of $10,545 and $6,527)	2,087	1,973	1,496	1,523	—
Payable for investment purchased	0	192,000	8,000	0	—
Payable to affiliates (Note 3)	91,000	29,000	3	2	—
Dividends payable	43	53	50	33	—
Management fees payable	10	7	2	2	—
Income based incentive fees payable	7	9	—	—	—
Interest payable	21	21	19	17	—
Accrued expenses and other liabilities	4	6	4	3	—
Total liabilities	2,172	2,070	1,586	1,589	—
Commitments and contingencies (Note 7)	—	—	—	—	—
Preferred stock, $0.001 par value (1,000,000 shares authorized; no shares issued and outstanding)	0	0	0	0	—
Common stock, par value $0.001 (500,000,000 shares authorized; 86,276,305 and 88,511,089 shares issued and outstanding)	86,000	89,000	83,000	71,000	—
Additional Paid in Capital, Common Stock	1,768	1,812	—	—	—
Distributable earnings (loss)	−20	30	8	−55	—
Total net assets	1,748	1,842	1,721	1,397	1,189
Total liabilities and net assets	3,920	3,912	3,307	2,986	—
Net asset value per share	20.26	20.81	20.67	19.81	20.91

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net unrealized (appreciation) depreciation on investments	47	−12	−33	80	—
Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	−78,000	108,000	0	0	—
Net unrealized (appreciation) depreciation on interest rate swap attributed to unsecured notes	45,000	10,000	0	0	—
Net realized (gain) loss on foreign currency and other transactions	−58,000	−13,000	0	0	—
Investments in unaffiliated money market fund, net	−4	−9	0	—	—
Net accretion of discount and amortization of premium on investments	−16	−15	−11	−11	−10
Payment-in-kind interest and dividend capitalized	−18	−13	−6	−3	−1
Amortization of deferred financing costs	4	4	3	4	3
Amortization of debt issuance costs and original issuance discount on unsecured notes	5	4	3	2	0
Purchases of investments and change in payable for investments purchased	−772	−1,232	−632	−945	−2,113
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid	772	657	362	394	384
(Increase) decrease in prepaid expenses and other assets	−51,000	−132,000	−13,000	228,000	−70,000
(Decrease) increase in payable to affiliates	62,000	−3	784,000	−2	3
(Decrease) increase in management fees payable	3	5	229,000	477,000	1
(Decrease) increase in incentive fees payable	−2	−3	4	−541,000	6
(Decrease) increase in interest payable	−260,000	2	2	14	2
(Decrease) increase in accrued expenses and other liabilities	−2	2	826,000	44,000	1
Net cash provided by (used in) operating activities	151	−383	−84	−430	−1,661
Borrowings on debt	1,552	1,189	408	1,566	1,514
Repayments on debt	−1,447	−712	−438	−1,285	−598
Deferred financing costs paid	−5	−6	−10	−4	−8
Debt issuance costs paid	−8	−4	0	−9	0
Dividends paid in cash	−184	−169	−110	−86	−38
Proceeds from issuance of common stock, net of underwriting & offering costs	−163,000	96	223	255	855
Repurchases of common stock	−42	−18	0	0	—
Net cash provided by (used in) financing activities	−133	376	72	437	1,724
Net increase (decrease) in cash, cash equivalents and restricted cash	18	−6	−12	7	—
Effect of foreign exchange rate changes on cash	38,000	12,000	0	0	—
Excise tax paid	3	2	361,000	57,000	5,000
Interest expense paid	127	113	105	49	15
Reinvestment of dividends	0	23	42	30	14
Dividends payable	43	53	50	33	30
Non-cash purchases of investments	−6	−25	0	0	—
Non-cash sales of investments	6	25	0	0	—
Subscriptions receivable	0	0	41,000	3	8

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