Morgan Stanley Direct Lending Fund (MSDL)

MSDL Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	87.91	122.09	215.56	231.01	48.54	83.26
Depreciation & Amortization	9.15	9.16	7.58	5.8	5.29	2.94
Other Adjustments	49.32	20.11	-23.26	-50.34	65.34	-21.64
Changes in Accrued Interest and Accounts Receivable	-2.78	4.13	-1.67	-7.97	-9.17	-9.46
Changes in Accounts Payable	8.55	-0.2	-0.46	2.59	11.39	4.7
Changes in Accrued Expenses	-9.82	-0.65	3.85	4.7	-0.02	7.97
Changes in Other Operating Activities	60.81	-3.75	-584.11	-269.62	-551.2	-1,729
Operating Cash Flow	203.14	150.9	-382.51	-83.82	-429.84	-1,661
Long-Term Debt Issued	1,555	1,552	1,189	408	1,566	1,514
Long-Term Debt Repaid	-1,509	-1,447	-712	-438	-1,285	-598
Net Long-Term Debt Issued (Repaid)	46.35	105.35	477.47	-30	281.33	916
Issuance of Common Stock	-0.1	-0.16	95.89	222.75	254.59	854.61
Repurchase of Common Stock	-47.06	-41.96	-18.06	-	-	-
Net Common Stock Issued (Repurchased)	-47.16	-42.13	77.83	222.75	254.59	854.61
Common Dividends Paid	-174.03	-184.03	-169.08	-110.5	-85.75	-38.22
Other Financing Activities	-8.04	-12.09	-10.02	-9.94	-13.27	-8.21
Financing Cash Flow	-182.95	-132.9	376.19	72.31	436.9	1,724
Effect of Exchange Rate Changes on Cash and Cash Equivalents	0.04	0.04	0.01	-	-	-
Net Cash Flow	20.19	18	-6.32	-11.51	7.06	62.89
Free Cash Flow	203.14	150.9	-382.51	-83.82	-429.84	-1,661
Free Cash Flow Growth	34.62%	-	-	-	-	-
FCF Margin	80.62%	57.77%	-132.60%	-29.13%	-512.06%	-1522.34%
Free Cash Flow Per Share	2.35	1.73	-4.31	-1.13	-6.97	-53.32
Levered Free Cash Flow	200.17	236.13	118.22	-63.49	-213.85	-723.65
Unlevered Free Cash Flow	65.91	8.69	-574.82	-264.5	-543.71	-1,723

Updated May 7, 2026. Data Source: Fiscal.ai. Banks template. Financial Sources.

SEC Filings: 10-K · 10-Q