20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.
Morgan Stanley Direct Lending Fund (MSDL) operates in the ASSET MANAGEMENT industry and is headquartered in New York, United States. Its market capitalization is roughly $1 billion. In the fiscal year ended 2025-12-31, MSDL reported $387M in revenue and $122M in net income.
Morgan Stanley Direct Lending Fund is a business development company. It is a Private Debt fund. The fund chiefly invests in riskier bonds, issued by middle-market companies or by private equity firms looking to finance their acquisitions.
Interactive charts & full statements → Open the MSDL valuation workbench →
| Income statement | TTM → 2026-06-30 | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
|---|---|---|---|---|---|---|---|---|
| Total Revenue | $309M | $387M | $333M | $328M | $100M | $99M | $23M | — |
| Gross Profit | $211M | $314M | $210M | $215M | $33M | $78M | $20M | — |
| Gross Margin % | 68.3% | 81.0% | 63.0% | 65.6% | 33.0% | 78.7% | 84.1% | — |
| Operating Income (EBIT) | $165M | $258M | $218M | $233M | $49M | $83M | $18M | ($2M) |
| Operating Margin % | 53.3% | 66.7% | 65.6% | 70.9% | 48.8% | 84.5% | 78.0% | — |
| Net Income | $60M | $122M | $216M | $231M | $49M | $83M | $18M | ($1M) |
| Net Margin % | 19.3% | 31.6% | 64.8% | 70.4% | 48.4% | 84.4% | 78.0% | — |
| EBITDA | $157M | $258M | $218M | $233M | $49M | $83M | $18M | ($1M) |
| Earnings Per Share (EPS) | $0.69 | $1.40 | $2.41 | $2.62 | $0.55 | $0.94 | $0.21 | $-0.37 |
| Shares Outstanding (M) | 85M | 87M | 89M | 88M | 88M | 88M | 88M | 3M |
USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).
| Quarterly income statement | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Total Revenue | $83M | $75M | $87M | $65M | $73M | $65M | $84M | $85M |
| Gross Profit | $51M | $60M | $70M | $31M | $38M | $31M | $51M | $52M |
| Gross Margin % | 61.3% | 79.6% | 80.5% | 47.6% | 52.5% | 47.8% | 60.5% | 61.0% |
| Operating Income (EBIT) | $49M | $26M | $62M | $28M | $36M | $30M | $53M | $54M |
| Operating Margin % | 58.7% | 34.9% | 71.4% | 43.3% | 49.7% | 46.3% | 62.6% | 63.2% |
| Net Income | $8M | ($5M) | $29M | $28M | $36M | $30M | $52M | $53M |
| Net Margin % | 9.6% | -6.0% | 33.1% | 42.7% | 49.4% | 45.3% | 61.4% | 62.6% |
| EBITDA | $41M | $26M | $62M | $28M | $36M | $30M | $53M | $54M |
| Earnings Per Share (EPS) | $0.09 | $-0.05 | $0.33 | $0.32 | $0.41 | $0.34 | $0.58 | $0.60 |
| Shares Outstanding (M) | 85M | 86M | 87M | 87M | 87M | 88M | 89M | 89M |
USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).
| Cash flow | TTM → 2026-06-30 | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
|---|---|---|---|---|---|---|---|
| Cash from Operations (CFO) | $283M | $151M | $201M | $186M | $122M | $68M | $12M |
| Free Cash Flow (FCF) | $283M | $151M | $201M | $186M | $122M | $68M | $12M |
| FCF Margin % | 91.5% | 39.0% | 60.6% | 56.6% | 121.3% | 68.6% | 53.0% |
| Dividends Paid | $168M | $184M | $169M | $110M | $86M | $38M | $4M |
USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).
| Quarterly cash flow | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Cash from Operations (CFO) | $104M | $86M | $54M | $39M | $41M | $34M | ($96M) | ($117M) |
| Free Cash Flow (FCF) | $104M | $86M | $54M | $39M | $41M | $34M | ($96M) | ($117M) |
| FCF Margin % | 125.6% | 115.0% | 61.8% | 60.3% | 55.9% | 52.1% | -114.5% | -137.7% |
| Dividends Paid | $38M | $43M | $43M | $43M | $44M | $53M | $53M | $45M |
USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).
| Balance sheet | 2026-06-30 | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.7B | $3.9B | $3.9B | $3.3B | $3.0B | $2.5B | $657M | $1M |
| Cash & Cash Equivalents | $66M | $81M | $70M | $70M | $81M | $74M | $11M | $0M |
| Total Liabilities | $2.1B | $2.2B | $2.1B | $1.6B | $1.6B | $1.3B | $355M | $3M |
| Total Debt (Short + Long-Term) | $0M | $0M | $0M | $1.5B | $1.5B | $1.2B | $334M | $0M |
| Total Shareholders' Equity | $1.6B | $1.7B | $1.8B | $1.7B | $1.4B | $1.2B | $302M | ($1M) |
USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).
Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive MSDL viewer.
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