# Morgan Stanley Direct Lending Fund: financial statements, quarterly

MSDL · NYSE · CIK 1782524 · [Other](/sectors/other.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/msdl.md) · [Financials](/companies/msdl/financials.md) · [Filings](/companies/msdl/filings.md) · [Insiders](/companies/msdl/insiders.md)

Standardized line items from XBRL company facts. Each value links to its filing; d marks a value derived from year-to-date figures. Other view: [annual](/companies/msdl/financials.md?period=annual).

## Income statement

| Line item | Unit | Q3 FY2023 (2023-09-30) | Q4 FY2023 (2023-12-31) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Interest expense | $m | [29.7](/filings/0001782524-24-000041.md) | [28.6 d](/filings/0001193125-26-076632.md) | [27.3](/filings/0001782524-25-000018.md) | [29.3](/filings/0001782524-25-000026.md) | [33.2](/filings/0001193125-25-269438.md) | [33.2 d](/filings/0001193125-26-076632.md) | [34.2](/filings/0001193125-26-211906.md) | [34.7](/filings/0001193125-26-337915.md) | [33.9](/filings/0001193125-25-269438.md) | [33.3 d](/filings/0001193125-26-076632.md) | [30.7](/filings/0001193125-26-211906.md) | [32.0](/filings/0001193125-26-337915.md) |
| Net income | $m | [73.4](/filings/0001782524-24-000041.md) | [57.4 d](/filings/0001193125-26-076632.md) | [51.7](/filings/0001782524-25-000018.md) | [59.0](/filings/0001782524-25-000026.md) | [53.2](/filings/0001193125-25-269438.md) | [51.6 d](/filings/0001193125-26-076632.md) | [29.7](/filings/0001193125-26-211906.md) | [36.1](/filings/0001193125-26-337915.md) | [27.6](/filings/0001193125-25-269438.md) | [28.7 d](/filings/0001193125-26-076632.md) | [(4.5)](/filings/0001193125-26-211906.md) | [7.9](/filings/0001193125-26-337915.md) |
| Diluted EPS | $ per share | [1.02](/filings/0001782524-24-000041.md) | not reported | [0.59](/filings/0001782524-25-000018.md) | [0.66](/filings/0001782524-25-000026.md) | [0.60](/filings/0001193125-25-269438.md) | not reported | [0.34](/filings/0001193125-26-211906.md) | [0.41](/filings/0001193125-26-337915.md) | [0.32](/filings/0001193125-25-269438.md) | not reported | [(0.05)](/filings/0001193125-26-211906.md) | [0.09](/filings/0001193125-26-337915.md) |
| Basic EPS | $ per share | [1.02](/filings/0001782524-24-000041.md) | not reported | [0.59](/filings/0001782524-25-000018.md) | [0.66](/filings/0001782524-25-000026.md) | [0.60](/filings/0001193125-25-269438.md) | not reported | [0.34](/filings/0001193125-26-211906.md) | [0.41](/filings/0001193125-26-337915.md) | [0.32](/filings/0001193125-25-269438.md) | not reported | [(0.05)](/filings/0001193125-26-211906.md) | [0.09](/filings/0001193125-26-337915.md) |

- Interest expense: us-gaap:InterestExpense
- Net income: us-gaap:NetIncomeLoss
- Diluted EPS: us-gaap:EarningsPerShareDiluted
- Basic EPS: us-gaap:EarningsPerShareBasic

## Balance sheet

| Line item | Unit | Q3 FY2023 (2023-09-30) | FY2023 (2023-12-31) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | $m | [88.1](/filings/0001782524-23-000054.md) | [69.7](/filings/0001782524-25-000009.md) | [64.8](/filings/0001782524-24-000020.md) | [95.0](/filings/0001782524-24-000029.md) | [90.4](/filings/0001782524-24-000041.md) | [63.4](/filings/0001193125-26-076632.md) | [69.4](/filings/0001782524-25-000018.md) | [52.2](/filings/0001782524-25-000026.md) | [65.5](/filings/0001193125-25-269438.md) | [81.4](/filings/0001193125-26-337915.md) | [80.7](/filings/0001193125-26-211906.md) | [65.8](/filings/0001193125-26-337915.md) |
| Total assets | $m | [3,277](/filings/0001782524-23-000054.md) | [3,307](/filings/0001782524-25-000009.md) | [3,401](/filings/0001782524-24-000020.md) | [3,656](/filings/0001782524-24-000029.md) | [3,793](/filings/0001782524-24-000041.md) | [3,912](/filings/0001193125-26-076632.md) | [3,912](/filings/0001782524-25-000018.md) | [3,922](/filings/0001782524-25-000026.md) | [3,932](/filings/0001193125-25-269438.md) | [3,920](/filings/0001193125-26-337915.md) | [3,825](/filings/0001193125-26-211906.md) | [3,711](/filings/0001193125-26-337915.md) |
| Total liabilities | $m | [1,795](/filings/0001782524-23-000054.md) | [1,586](/filings/0001782524-25-000009.md) | [1,564](/filings/0001782524-24-000020.md) | [1,794](/filings/0001782524-24-000029.md) | [1,940](/filings/0001782524-24-000041.md) | [2,070](/filings/0001193125-26-076632.md) | [2,094](/filings/0001782524-25-000018.md) | [2,132](/filings/0001782524-25-000026.md) | [2,161](/filings/0001193125-25-269438.md) | [2,172](/filings/0001193125-26-337915.md) | [2,134](/filings/0001193125-26-211906.md) | [2,063](/filings/0001193125-26-337915.md) |
| Long-term debt | $m | [1,718](/filings/0001782524-23-000054.md) | [1,496](/filings/0001782524-25-000009.md) | [1,487](/filings/0001782524-24-000020.md) | [1,664](/filings/0001782524-24-000029.md) | [1,842](/filings/0001782524-24-000041.md) | [1,973](/filings/0001193125-26-076632.md) | [2,009](/filings/0001782524-25-000018.md) | [2,050](/filings/0001782524-25-000026.md) | [2,072](/filings/0001193125-25-269438.md) | [2,087](/filings/0001193125-26-337915.md) | [2,053](/filings/0001193125-26-211906.md) | [1,982](/filings/0001193125-26-337915.md) |
| Shareholders' equity | $m | [1,481](/filings/0001782524-24-000041.md) | [1,721](/filings/0001193125-26-076632.md) | [1,837](/filings/0001782524-25-000026.md) | [1,862](/filings/0001193125-25-269438.md) | [1,854](/filings/0001193125-25-269438.md) | [1,842](/filings/0001193125-26-337915.md) | [1,818](/filings/0001193125-26-337915.md) | [1,790](/filings/0001193125-26-337915.md) | [1,772](/filings/0001193125-25-269438.md) | [1,748](/filings/0001193125-26-337915.md) | [1,690](/filings/0001193125-26-337915.md) | [1,648](/filings/0001193125-26-337915.md) |

- Cash and equivalents: us-gaap:CashAndCashEquivalentsAtCarryingValue
- Total assets: us-gaap:Assets
- Total liabilities: us-gaap:Liabilities
- Long-term debt: us-gaap:LongTermDebt
- Shareholders' equity: us-gaap:StockholdersEquity

## Cash flow

| Line item | Unit | Q3 FY2023 (2023-09-30) | Q4 FY2023 (2023-12-31) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Operating cash flow | $m | [(99.3) d](/filings/0001782524-24-000041.md) | [22.9 d](/filings/0001193125-26-076632.md) | [(53.7)](/filings/0001782524-25-000018.md) | [(107) d](/filings/0001782524-25-000026.md) | [(117) d](/filings/0001193125-25-269438.md) | [(105) d](/filings/0001193125-26-076632.md) | [34.1](/filings/0001193125-26-211906.md) | [24.0 d](/filings/0001193125-26-337915.md) | [39.0 d](/filings/0001193125-25-269438.md) | [53.8 d](/filings/0001193125-26-076632.md) | [86.3](/filings/0001193125-26-211906.md) | [104 d](/filings/0001193125-26-337915.md) |
| Dividends paid | $m | [29.8 d](/filings/0001782524-24-000041.md) | [31.2 d](/filings/0001193125-26-076632.md) | [37.2](/filings/0001782524-25-000018.md) | [33.8 d](/filings/0001782524-25-000026.md) | [44.6 d](/filings/0001193125-25-269438.md) | [53.4 d](/filings/0001193125-26-076632.md) | [53.1](/filings/0001193125-26-211906.md) | [44.0 d](/filings/0001193125-26-337915.md) | [43.5 d](/filings/0001193125-25-269438.md) | [43.4 d](/filings/0001193125-26-076632.md) | [43.1](/filings/0001193125-26-211906.md) | [38.4 d](/filings/0001193125-26-337915.md) |
| Share repurchases | $m | not reported | [0.0 d](/filings/0001193125-26-076632.md) | [0.0](/filings/0001782524-25-000018.md) | [0.0 d](/filings/0001782524-25-000026.md) | [8.0 d](/filings/0001193125-25-269438.md) | [10.1 d](/filings/0001193125-26-076632.md) | [9.6](/filings/0001193125-26-211906.md) | [20.4 d](/filings/0001193125-26-337915.md) | [2.8 d](/filings/0001193125-25-269438.md) | [9.1 d](/filings/0001193125-26-076632.md) | [14.7](/filings/0001193125-26-211906.md) | [12.5 d](/filings/0001193125-26-337915.md) |

- Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities
- Dividends paid: us-gaap:PaymentsOfDividends
- Share repurchases: us-gaap:PaymentsForRepurchaseOfCommonStock

## Shares

| Line item | Unit | period not labelled (2022-09-30) | Q1 FY2023 (2023-03-31) | Q2 FY2023 (2023-06-30) | Q3 FY2023 (2023-09-30) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Diluted shares (weighted) | millions of shares | [64.1](/filings/0001782524-23-000054.md) | [70.9](/filings/0001782524-24-000020.md) | [71.3](/filings/0001782524-24-000029.md) | [71.9](/filings/0001782524-24-000041.md) | [87.4](/filings/0001782524-25-000018.md) | [89.3](/filings/0001782524-25-000026.md) | [89.3](/filings/0001193125-25-269438.md) | [88.4](/filings/0001193125-26-211906.md) | [87.2](/filings/0001193125-26-337915.md) | [86.8](/filings/0001193125-25-269438.md) | [85.8](/filings/0001193125-26-211906.md) | [84.8](/filings/0001193125-26-337915.md) |

- Diluted shares (weighted): us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding

Shares outstanding: 84,105,122 at 2026-08-05, from the cover of the [10-Q filed 2026-08-06](/filings/0001193125-26-337915.md) (dei:EntityCommonStockSharesOutstanding).

Source: SEC EDGAR, XBRL company facts. Last ingested by Listed: Oct 24, 2026, 15:47 ET. No prices; not investment advice.