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Stocks

Morgan Stanley Direct Lending Fund

MSDL Clue Score51
United States Fiscal year ends December CIK 0001782524
$13.38 -1.40% Close, 9 Oct 2026
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Price $13.38 −17.91% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 24 Jan 2024. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
Net income
Fiscal year 2020Fiscal year 2021Net income83.3EPS, diluted2.67Fiscal year 2022Net income48.5 −41.7%EPS, diluted0.79Fiscal year 2023Net income231.0 +375.9%EPS, diluted3.11Fiscal year 2024Net income215.6 −6.7%EPS, diluted2.43Fiscal year 2025Net income122.1 −43.4%EPS, diluted1.40
FY2020FY2021FY2022FY2023FY2024FY2025
Net income n/a 83.3 48.5 231.0 215.6 122.1
Growth −41.7% +375.9% −6.7% −43.4%
EPS, diluted n/a 2.67 0.79 3.11 2.43 1.40

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flow
Fiscal year 2020Fiscal year 2021Operating cash flow−1,661.3Dividends paid−38.2Fiscal year 2022Operating cash flow−429.8Buybacks0.0Dividends paid−85.7Fiscal year 2023Operating cash flow−83.8Buybacks0.0Dividends paid−110.5Fiscal year 2024Operating cash flow−382.5Buybacks−18.1Dividends paid−169.1Fiscal year 2025Operating cash flow150.9Buybacks−42.0Dividends paid−184.0
FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow n/a −1,661.3 −429.8 −83.8 −382.5 150.9
Buybacks n/a n/a 0.0 0.0 −18.1 −42.0
Dividends paid n/a −38.2 −85.7 −110.5 −169.1 −184.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2020Cash11.3Shareholders’ equity301.6Fiscal year 2021Cash74.2Shareholders’ equity1,188.6Fiscal year 2022Cash81.2Total debt1,523.5Net cash (debt)−1,442.3Shareholders’ equity1,397.3Debt to equity1.09Fiscal year 2023Cash69.7Total debt1,496.0Net cash (debt)−1,426.3Shareholders’ equity1,721.2Debt to equity0.87Fiscal year 2024Cash63.4Total debt1,973.5Net cash (debt)−1,910.1Shareholders’ equity1,842.2Debt to equity1.07Fiscal year 2025Cash81.4Total debt2,086.7Net cash (debt)−2,005.2Shareholders’ equity1,748.1Debt to equity1.19
FY2020FY2021FY2022FY2023FY2024FY2025
Cash 11.3 74.2 81.2 69.7 63.4 81.4
Total debt n/a n/a 1,523.5 1,496.0 1,973.5 2,086.7
Net cash (debt) n/a n/a −1,442.3 −1,426.3 −1,910.1 −2,005.2
Shareholders’ equity 301.6 1,188.6 1,397.3 1,721.2 1,842.2 1,748.1
Debt to equity n/a n/a 1.09 0.87 1.07 1.19

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2020 31 Dec 2020 FY2021† 31 Dec 2021 FY2022† 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
n/a 83.3 48.5 231.0 215.6 122.1
Growth −41.7% +375.9% −6.7% −43.4%
Per share
n/a 2.67 0.79 3.11 2.43 1.40
n/a 2.67 0.79 3.11 2.43 1.40
Growth −70.4% +293.7% −21.9% −42.4%
7.6 31.2 61.7 74.2 88.6 87.3
7.6 31.2 61.7 74.2 88.6 87.3
Growth +312.2% +97.9% +20.4% +19.4% −1.6%

† The diluted share count jumps at 2021 and 2022, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Profitable in every one of the 5 years on file.