Morgan Stanley Direct Lending Fund
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
| Concept | Trend | 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
| Concept | Trend | 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
| Concept | Trend | 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 |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Morgan Stanley Direct Lending Fund's CIK number?
Morgan Stanley Direct Lending Fund's SEC CIK number is 0001782524 (1782524). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Morgan Stanley Direct Lending Fund's SEC filings?
All of Morgan Stanley Direct Lending Fund's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Morgan Stanley Direct Lending Fund last report earnings?
Morgan Stanley Direct Lending Fund (MSDL) most recently filed an earnings 8-K with the SEC on May 7, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001193125-26-212041). This is Morgan Stanley Direct Lending Fund's most recent earnings filing of record — not a forecast of its next earnings date.
What is Morgan Stanley Direct Lending Fund's most recent earnings 8-K?
Morgan Stanley Direct Lending Fund's latest earnings 8-K (Item 2.02) was filed May 7, 2026 under accession 0001193125-26-212041. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Morgan Stanley Direct Lending Fund's latest earnings 8-K →
Look up any company's CIK number →