Morgan Stanley Direct Lending Fund — Financial Data
Annual figures from SEC EDGAR XBRL filings (10-K)
These figures are extracted directly from XBRL-tagged financial statements that Morgan Stanley Direct Lending Fund filed with the SEC as part of its annual 10-K reports. XBRL (eXtensible Business Reporting Language) is a structured data format the SEC requires for machine-readable financial disclosures. Values shown are as reported — negative figures indicate a loss and are shown in red.
Net Income
The bottom-line profit — what remains after all operating expenses, interest, taxes, and other costs are deducted. A negative value means the company reported a net loss for the year.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $122.09M | Feb 26, 2026 |
| FY2025 | Dec 31, 2024 | $215.56M | Feb 26, 2026 |
| FY2025 | Dec 31, 2023 | $231.01M | Feb 26, 2026 |
| FY2024 | Dec 31, 2022 | $48.54M | Feb 27, 2025 |
| FY2023 | Dec 31, 2021 | $83.26M | Mar 1, 2024 |
Operating Cash Flow
Cash generated from core business operations — a more reliable measure of financial health than net income because it strips out non-cash items like depreciation and one-time charges.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $150.90M | Feb 26, 2026 |
| FY2025 | Dec 31, 2024 | ($382.51M) | Feb 26, 2026 |
| FY2025 | Dec 31, 2023 | ($83.82M) | Feb 26, 2026 |
| FY2024 | Dec 31, 2022 | ($429.84M) | Feb 27, 2025 |
| FY2023 | Dec 31, 2021 | ($1.66B) | Mar 1, 2024 |
Total Assets
The total value of everything the company owns or controls — cash, investments, receivables, property, equipment, and intangibles. Reported as of fiscal year end.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $3.92B | Feb 26, 2026 |
| FY2025 | Dec 31, 2024 | $3.91B | Feb 26, 2026 |
| FY2024 | Dec 31, 2023 | $3.31B | Feb 27, 2025 |
| FY2023 | Dec 31, 2022 | $2.99B | Mar 1, 2024 |
Total Liabilities
All financial obligations owed to outside parties — including debt, accounts payable, accrued expenses, and deferred revenue. Subtracting liabilities from total assets gives stockholders' equity.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $2.17B | Feb 26, 2026 |
| FY2025 | Dec 31, 2024 | $2.07B | Feb 26, 2026 |
| FY2024 | Dec 31, 2023 | $1.59B | Feb 27, 2025 |
| FY2023 | Dec 31, 2022 | $1.59B | Mar 1, 2024 |
Stockholders Equity
The net worth attributable to shareholders: total assets minus total liabilities. Also called book value. Can be negative if liabilities exceed assets, which is common in capital-intensive industries.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $1.75B | Feb 26, 2026 |
| FY2025 | Dec 31, 2024 | $1.84B | Feb 26, 2026 |
| FY2025 | Dec 31, 2023 | $1.72B | Feb 26, 2026 |
| FY2025 | Dec 31, 2022 | $1.40B | Feb 26, 2026 |
| FY2024 | Dec 31, 2021 | $1.19B | Feb 27, 2025 |
| FY2023 | Dec 31, 2020 | $301.62M | Mar 1, 2024 |
Retained Earnings
Cumulative net income kept by the company rather than distributed as dividends. A growing retained earnings balance indicates consistent profitability; a deficit indicates cumulative losses.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | ($19.62M) | Feb 26, 2026 |
| FY2025 | Dec 31, 2024 | $29.62M | Feb 26, 2026 |
| FY2025 | Dec 31, 2023 | $8.46M | Feb 26, 2026 |
| FY2025 | Dec 31, 2022 | ($54.78M) | Feb 26, 2026 |
Cash & Equivalents
Highly liquid assets the company holds — cash on hand, bank balances, and short-term investments with maturities of three months or less. A key indicator of short-term financial health.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $81.43M | Feb 26, 2026 |
| FY2025 | Dec 31, 2024 | $63.40M | Feb 26, 2026 |
| FY2024 | Dec 31, 2023 | $69.71M | Feb 27, 2025 |
| FY2023 | Dec 31, 2022 | $81.22M | Mar 1, 2024 |
Long-Term Debt
Debt obligations due more than one year from the balance sheet date — bonds, term loans, and notes payable. High long-term debt relative to equity can signal elevated financial leverage.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $2.09B | Feb 26, 2026 |
| FY2025 | Dec 31, 2024 | $1.97B | Feb 26, 2026 |
| FY2024 | Dec 31, 2023 | $1.50B | Feb 27, 2025 |
| FY2023 | Dec 31, 2022 | $1.52B | Mar 1, 2024 |
EPS (Basic)
Net income divided by the weighted average shares outstanding. Basic EPS does not account for dilutive securities like options or convertible bonds — use diluted EPS for a more conservative view.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 1 | Feb 26, 2026 |
| FY2025 | Dec 31, 2024 | 2 | Feb 26, 2026 |
| FY2025 | Dec 31, 2023 | 3 | Feb 26, 2026 |
| FY2024 | Dec 31, 2022 | 0 | Feb 27, 2025 |
| FY2023 | Dec 31, 2021 | 2 | Mar 1, 2024 |
EPS (Diluted)
Net income divided by the fully diluted share count — including all potential shares from options, warrants, and convertible instruments. The more conservative and widely cited EPS figure.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 1 | Feb 26, 2026 |
| FY2025 | Dec 31, 2024 | 2 | Feb 26, 2026 |
| FY2025 | Dec 31, 2023 | 3 | Feb 26, 2026 |
| FY2024 | Dec 31, 2022 | 0 | Feb 27, 2025 |
| FY2023 | Dec 31, 2021 | 2 | Mar 1, 2024 |
Shares Outstanding
Total common shares issued and held by all shareholders, excluding treasury shares. Combined with market price gives market capitalization.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 86.28M | Feb 26, 2026 |
| FY2025 | Dec 31, 2024 | 88.51M | Feb 26, 2026 |
| FY2025 | Dec 31, 2023 | 83.28M | Feb 26, 2026 |
| FY2025 | Dec 31, 2022 | 70.54M | Feb 26, 2026 |
| FY2025 | Dec 31, 2021 | 56.84M | Feb 26, 2026 |
| FY2024 | Dec 31, 2020 | 15.02M | Feb 27, 2025 |