Morgan Stanley Direct Lending Fund Earnings Per Share Disclosure
(9) EARNINGS (LOSS) PER SHARE
The following table sets forth the computation of basic and diluted earnings (loss) per share:
|
|
For the Year Ended |
|
|||||||||
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
|||
Numerator—net increase/(decrease) in net assets resulting from operations |
|
$ |
122,094 |
|
|
$ |
215,564 |
|
|
$ |
231,014 |
|
Denominator—weighted average shares outstanding |
|
|
87,270,081 |
|
|
|
88,649,149 |
|
|
|
74,239,743 |
|
Basic and diluted earnings (loss) per share |
|
$ |
1.40 |
|
|
$ |
2.43 |
|
|
$ |
3.11 |
|
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About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.