Morgan Stanley Direct Lending Fund financial statements
Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Morgan Stanley Direct Lending Fund files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2023
FY2023
FY2024
FY2025
Interest expense
21
67.2
113
123
136
Net income
83.3
48.5
231
216
122
EPS, basic
2.67
0.79
3.11
2.43
1.40
EPS, diluted
2.67
0.79
3.11
2.43
1.40
Shares, basic (weighted)
31.2
61.7
74.2
88.6
87.3
Shares, diluted (weighted)
31.2
61.7
74.2
88.6
87.3
Dividend per share
1.92
2.27
Balance sheet
FY2021
FY2023
FY2023
FY2024
FY2025
Cash and equivalents
74.2
81.2
69.7
63.4
81.4
Short-term investments
8.98
13
Total assets
2,986
3,307
3,912
3,920
Total liabilities
1,589
1,586
2,070
2,172
Total debt
1,523
1,496
1,973
2,087
Paid-in capital
1,452
1,713
1,812
1,768
Retained earnings
-54.8
8.46
29.6
-19.6
Shareholders' equity
1,189
1,397
1,721
1,842
1,748
Total equity
1,189
1,397
1,721
1,842
1,748
Total liabilities and equity
2,986
3,307
3,912
3,920
Shares outstanding
56.8
70.5
83.3
88.5
86.3
Cash flow statement
FY2021
FY2023
FY2023
FY2024
FY2025
Net income
83.3
48.5
231
216
122
Cash from operations
-1,661
-430
-83.8
-383
151
Debt issued
1,514
1,566
408
1,189
1,552
Debt repaid
-598
-1,285
-438
-712
-1,447
Stock issued
855
255
223
95.9
-0.16
Share buybacks
0
0
-18.1
-42
Dividends paid
-38.2
-85.7
-110
-169
-184
Cash from financing
1,724
437
72.3
376
-133
Net change in cash
62.9
7.06
-11.5
-6.32
18
Interest paid
15
48.6
105
113
127
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $14.16 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
3.6%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
1.6%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Net income growth, 1y
-43.4%
Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y
36.0%
Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y
-42.4%
EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y
21.0%
Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
-5.1%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
7.8%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
0.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
9.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
-1.6%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
12.3%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Debt / equity
1.20x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
53.4%
Total debt / total assets.
Liabilities / assets
55.6%
Total liabilities / total assets.
Net debt
$1.90B
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share
$3.34
Cash from operations / diluted weighted shares.
Book value per share
$19.50
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Dividends paid / net income, when net income is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$1.19B
Share price x shares outstanding.
Enterprise value
$3.09B
Market cap + total debt - cash - short-term investments.
P/E
19.9x
Market cap / net income. Only when net income is positive.
P/B
0.72x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.72x
Market cap / tangible book value, when positive.
P/OCF
4.21x
Market cap / cash from operations, when positive.
Earnings yield
5.0%
Net income / market cap (the inverse of P/E).
Dividend yield
14.1%
Dividends paid over the period / market cap.
Shareholder yield
17.4%
(Dividends paid + share buybacks) / market cap.
PEG
0.95x
P/E / EPS growth per year over 3 years (in percent). Only when both are positive.
Was Morgan Stanley Direct Lending Fund profitable in fiscal 2025?
Yes. Net income was $122.1M, a net margin of -.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.