Morgan Stanley Direct Lending Fund (MSDL) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MSDL SEC filings page.
This page shows Morgan Stanley Direct Lending Fund (MSDL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Rising leverage and cash flow swings show distributions depend on financing mechanics, not earnings alone.
Operating cash flow swung from-$383M in FY2024 to$151M in FY2025. Yet net income fell from$216M to$122M , so the cash reversal was not an earnings-led improvement; it points to changes in cash timing or balance-sheet activity.
Liabilities rose to
Dividends were
Financial Health Signals
Morgan Stanley Direct Lending Fund does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Morgan Stanley Direct Lending Fund passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.
For every $1 of reported earnings, Morgan Stanley Direct Lending Fund generates $1.24 in operating cash flow ($150.9M OCF vs $122.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Morgan Stanley Direct Lending Fund reported $7.9M in net income in Q2 2026. This represents a decrease of 78.0% from the same quarter a year earlier. Against the prior quarter it is up 275.8%.
Morgan Stanley Direct Lending Fund earned $0.09 per diluted share (EPS) in Q2 2026. This represents a decrease of 78.0% from the same quarter a year earlier. Against the prior quarter it is up 280.0%.
Not reported for Q2 2026.
Not reported for Q2 2026.
Cash & Balance Sheet
Morgan Stanley Direct Lending Fund held $65.8M in cash against $2.0B in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Morgan Stanley Direct Lending Fund's ROE was 0.5% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 1.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.8 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Morgan Stanley Direct Lending Fund spent $12.5M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 38.7% from the same quarter a year earlier. Against the prior quarter it is down 15.0%.
Not reported for Q2 2026.
Not reported for Q2 2026.
MSDL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Interest Expense | $32.0M-7.7% | $30.7M-10.3% | N/A | $33.9M+2.3% | $34.7M+18.4% | $34.2M+25.4% | N/A | $33.2M+11.7% |
| Net Income | $7.9M-78.0% | -$4.5M-115.2% | N/A | $27.6M-48.1% | $36.1M-38.9% | $29.7M-42.6% | N/A | $53.2M-27.5% |
| EPS (Basic) | $0.09-78.0% | -$0.05-114.7% | $0.33-43.1% | $0.32-46.7% | $0.41-37.9% | $0.34-42.4% | $0.58-14.7% | $0.60-41.2% |
| EPS (Diluted) | $0.09-78.0% | -$0.05-114.7% | $0.33-43.1% | $0.32-46.7% | $0.41-37.9% | $0.34-42.4% | $0.58-14.7% | $0.60-41.2% |
| Diluted Shares (Avg) | 85M-2.8% | 86M-3.0% | N/A | 87M-2.7% | 87M-2.3% | 88M+1.2% | N/A | 89M+24.2% |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Income Tax.
MSDL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.7B-5.4% | $3.8B-2.2% | $3.9B+0.2% | $3.9B+3.7% | $3.9B+7.3% | $3.9B+15.0% | $3.9B+18.3% | $3.8B+15.8% |
| Cash & Equivalents | $65.8M+26.0% | $80.7M+16.2% | $81.4M+28.5% | $65.5M-27.6% | $52.2M-45.0% | $69.4M+7.2% | $63.4M-9.1% | $90.4M+2.7% |
| Short-Term Investments | $14.4M-47.6% | $19.9M | $13.0M+44.6% | $10.1M | $27.4M | $0 | $9.0M | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $2.1B-3.2% | $2.1B+1.9% | $2.2B+4.9% | $2.2B+11.4% | $2.1B+18.8% | $2.1B+33.9% | $2.1B+30.5% | $1.9B+8.0% |
| Long-Term Debt | $2.0B-3.3% | $2.1B+2.2% | $2.1B+5.7% | $2.1B+12.5% | $2.1B+23.2% | $2.0B+35.1% | $2.0B+31.9% | $1.8B+7.2% |
| Total Equity | $1.6B-8.0% | $1.7B-7.0% | $1.7B-5.1% | $1.8B-4.4% | $1.8B-3.8% | $1.8B-1.0% | $1.8B+7.0% | $1.9B+25.1% |
| Retained Earnings | -$92.6M-1272.7% | -$62.5M-509.1% | -$19.6M-166.2% | -$62.5M-309.8% | $7.9M-73.7% | $15.3M-2.6% | $29.6M+250.2% | $29.8M+6373.7% |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities.
MSDL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $103.8M+331.9% | $86.3M+153.2% | $53.8M+151.1% | $39.0M+133.3% | $24.0M+122.5% | $34.1M+163.6% | -$105.2M-558.3% | -$117.0M-17.8% |
| Financing Cash Flow | -$118.6M-267.1% | -$87.1M-135.0% | -$37.7M-148.3% | -$25.8M-123.0% | -$32.3M-123.6% | -$37.1M-176.1% | $78.1M+289.0% | $112.5M-16.4% |
| Dividends Paid | $38.4M-12.7% | $43.1M-18.8% | $43.4M-18.8% | $43.5M-2.6% | $44.0M+30.1% | $53.1M+42.9% | $53.4M+71.3% | $44.6M+50.0% |
| Share Buybacks | $12.5M-38.7% | $14.7M+53.0% | $9.1M-9.4% | $2.8M-64.5% | $20.4M | $9.6M | $10.1M | $8.0M |
Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow.
MSDL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | 0.5%-1.5pp | -0.3%-1.9pp | N/A | 1.6%-1.3pp | 2.0%-1.1pp | 1.6%-1.2pp | N/A | 2.9%-2.1pp |
| Return on Assets | 0.2%-0.7pp | -0.1%-0.9pp | N/A | 0.7%-0.7pp | 0.9%-0.7pp | 0.8%-0.8pp | N/A | 1.4%-0.8pp |
| Debt-to-Equity | 1.20+0.1x | 1.21+0.1x | 1.19+0.1x | 1.17+0.2x | 1.15+0.3x | 1.11+0.3x | 1.07+0.2x | 0.99-0.2x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, Asset Turnover, FCF Margin.
Where Morgan Stanley Direct Lending Fund Ranks
Frequently Asked Questions
Is Morgan Stanley Direct Lending Fund profitable?
Yes, Morgan Stanley Direct Lending Fund (MSDL) reported a net income of $122.1M in fiscal year 2025.
How much debt does Morgan Stanley Direct Lending Fund have?
As of fiscal year 2025, Morgan Stanley Direct Lending Fund (MSDL) had $81.4M in cash and equivalents against $2.1B in long-term debt.
What is Morgan Stanley Direct Lending Fund's return on equity (ROE)?
Morgan Stanley Direct Lending Fund (MSDL) has a return on equity of 7.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Morgan Stanley Direct Lending Fund's operating cash flow?
Morgan Stanley Direct Lending Fund (MSDL) generated $150.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Morgan Stanley Direct Lending Fund's total assets?
Morgan Stanley Direct Lending Fund (MSDL) had $3.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Morgan Stanley Direct Lending Fund's debt-to-equity ratio?
Morgan Stanley Direct Lending Fund (MSDL) had a debt-to-equity ratio of 1.19 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Morgan Stanley Direct Lending Fund's return on assets (ROA)?
Morgan Stanley Direct Lending Fund (MSDL) had a return on assets of 3.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Morgan Stanley Direct Lending Fund's P/E ratio?
Morgan Stanley Direct Lending Fund (MSDL) trades at 10.1x earnings, its market capitalization divided by net income of $122.1M net income, FY2025. The market capitalization is $1.2B as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Morgan Stanley Direct Lending Fund's price-to-sales ratio?
Morgan Stanley Direct Lending Fund (MSDL) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $1.2B as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Morgan Stanley Direct Lending Fund's Piotroski F-Score?
Morgan Stanley Direct Lending Fund (MSDL) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Morgan Stanley Direct Lending Fund's earnings high quality?
Morgan Stanley Direct Lending Fund (MSDL) has an earnings quality ratio of 1.24x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.