Morgan Stanley Direct Lending Fund
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Interest expense | $136.1M | $122.9M | $112.9M | $67.2M | $21.0M |
| Net income | $122.1M | $215.6M | $231.0M | $48.5M | $83.3M |
| Balance Sheet | |||||
| Cash and equivalents | $81.4M | $63.4M | $69.7M | $81.2M | — |
| Total assets | $3.9B | $3.9B | $3.3B | $3.0B | — |
| Total liabilities | $2.2B | $2.1B | $1.6B | $1.6B | — |
| Total debt | $2.1B | $2.0B | $1.5B | $1.5B | — |
| Stockholders' equity | $1.7B | $1.8B | $1.7B | $1.4B | $1.2B |
| Cash Flow Statement | |||||
| Cash from operations | $150.9M | -$382.5M | -$83.8M | -$429.8M | -$1.7B |
| Dividends paid | $184.0M | $169.1M | $110.5M | $85.7M | $38.2M |
| Share repurchases | $42.0M | $18.1M | $0 | $0 | — |
Shares outstanding 84.8M · Free float 88.2%
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.