Morgan Stanley Direct Lending Fund (MSDL)

MSDL Cash Flow Statement

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

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

Updated Dec 31, 2025. Data Source: Fiscal.ai. Banks template. Financial Sources.

SEC Filings: 10-K · 10-Q