Morgan Stanley Direct Lending Fund (MSDL)

MSDL Cash Flow Statement

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

Operating Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	59.75	122.09	215.56	231.01	48.54	83.26
Other Amortization	9.54	9.16	7.58	5.8	5.29	2.94
Loss (Gain) From Sale of Investments	90.63	38.43	-10.28	-44.27	68.05	-20.46
Other Operating Activities	123.5	-22.01	-596.96	-275.67	-554.14	-1,730
Change in Accounts Receivable	-1.53	4.13	-1.67	-7.97	-9.17	-9.46
Change in Accounts Payable	-0.05	0.06	-2.84	0.78	-2.35	2.57
Change in Other Net Operating Assets	1.08	-0.96	6.1	6.49	13.95	10.02
Operating Cash Flow	282.91	150.9	-382.51	-83.82	-429.84	-1,661
Operating Cash Flow Growth	-	-	-	-	-	-

Financing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Long-Term Debt Issued	-	1,552	1,189	408	1,566	1,514
Long-Term Debt Repaid	-	-1,447	-712	-438	-1,285	-598
Net Debt Issued (Repaid)	-53.25	105.35	477.47	-30	281.33	916
Issuance of Common Stock	-	-	95.89	222.75	254.59	854.61
Repurchase of Common Stock	-39.17	-41.96	-18.06	-	-	-
Common Dividends Paid	-168.43	-184.03	-169.08	-98.29	-85.75	-38.22
Other Financing Activities	-8.4	-12.25	-10.02	-9.94	-13.27	-8.21
Financing Cash Flow	-269.25	-132.9	376.19	72.31	436.9	1,724

Net Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Foreign Exchange Rate Adjustments	-0.07	0.04	0.01	-	-	-
Net Cash Flow	13.6	18.04	-6.31	-11.51	7.06	62.89

Free Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Levered Free Cash Flow	81.17	105.3	154.85	150.48	96.81	66.4
Unlevered Free Cash Flow	149.78	178.32	220.99	213.33	131.63	75.98

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash Interest Paid	117.92	126.57	112.96	105.28	48.57	14.96
Change in Working Capital	-0.5	3.23	1.59	-0.7	2.43	3.14

SEC Filings: 10-K · 10-Q

Data Source: S&P Global Market Intelligence Last updated: Jun 30, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Aug 12, 2026

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