Morgan Stanley Direct Lending Fund (MSDL) — Financial statements
Income statement, balance sheet, and cash flow for Morgan Stanley Direct Lending Fund — annual and quarterly history with growth and margin analysis.
| Metric (USD Millions) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Revenue & Gross Profit | ||||||
| Revenue | 387↑16.4% | 333↑1.3% | 328↑227.4% | 100↑1.6% | 99 | |
| Cost of Revenue | 73↓40.3% | 123↑8.9% | 113↑68.0% | 67↑219.7% | 21 | |
| Gross Profit | 314↑49.6% | 210↓2.6% | 215↑551.6% | 33↓57.4% | 78 | |
| Operating Expenses | ||||||
| R&D Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| General & Administrative Expenses | 8↑9.8% | 8↑34.4% | 6↑35.6% | 4↓9.2% | 5 | |
| Selling & Marketing Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| SG&A Expenses | 8↑9.8% | 8↑34.4% | 6↑35.6% | 4↓9.2% | 5 | |
| Other Expenses | 47↑395.4% | -16↑30.3% | -23↓14.6% | -20↓94.2% | -10 | |
| Operating Expenses | 55↑759.9% | -8↑51.4% | -17↓9.1% | -16↓176.5% | -6 | |
| Total Costs & Expenses | 129↑12.6% | 115↑19.8% | 96↑86.2% | 51↑235.9% | 15 | |
| Operating Results | ||||||
| Operating Income | 258↑18.4% | 218↓6.2% | 233↑375.8% | 49↓41.3% | 83 | |
| Depreciation & Amortization | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| EBITDA | 258↑18.5% | 218↓6.2% | 233↑375.8% | 49↓41.3% | 83 | |
| EBIT | 258↑18.5% | 218↓6.2% | 233↑375.8% | 49↓41.3% | 83 | |
| Interest & Other Income | ||||||
| Net Interest Income | 236↓17.1% | 284↑15.1% | 247↑56.7% | 158↑78.5% | 88 | |
| Interest Income | 372↓8.7% | 407↑13.2% | 360↑60.1% | 225↑105.6% | 109 | |
| Interest Expense | 136↑10.7% | 123↑8.9% | 113↑68.0% | 67↑219.7% | 21 | |
| Non-Operating Income | -0.14 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Other Income / Expenses | -136 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Income Before Tax | 122↓44.0% | 218↓6.2% | 233↑375.8% | 49↓41.3% | 83 | |
| Income Tax Expense | 0.00↓100.0% | 2↑60.4% | 2↑354.8% | 0.33↑317.5% | 0.08 | |
| Net Income & EPS | ||||||
| Net Income from Continuing Operations | 122↓43.4% | 216↓6.7% | 231↑375.9% | 49↓41.7% | 83 | |
| Net Income from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net Income | 122↓43.4% | 216↓6.7% | 231↑375.9% | 49↓41.7% | 83 | |
| Bottom-Line Net Income | 122↓43.4% | 216↓6.7% | 231↑375.9% | 49↓41.7% | 83 | |
| EPS (Basic) | 1.40↓42.4% | 2.43↓7.3% | 2.62↑376.4% | 0.55↓41.5% | 0.94 | |
| EPS (Diluted) | 1.40↓42.4% | 2.43↓7.3% | 2.62↑376.4% | 0.55↓41.5% | 0.94 | |
| Weighted Average Shares | 87↓2.2% | 89↑1.1% | 88↑0.0% | 88↑0.0% | 88 | |
| Weighted Average Diluted Shares | 87↓2.2% | 89↑1.1% | 88↑0.0% | 88↑0.0% | 88 | |
* All figures in Millions of USD, except per share data. Growth rates calculated Year-over-Year (YoY). Data source: SEC Filings.