Morgan Stanley Direct Lending Fund (MSDL) quarterly balance sheet — complete assets, liabilities & equity history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Total Current Assets | 134.77M | 107.86M | 120.25M | 101.24M | 92.88M | 101.4M | 124.09M | 120.7M | 94.45M | 3.41B | 114.28M | 76.99M | 122.22M | 104.87M | 123.15M | 95.19M | 51.21M | 94.04M | 0 | 0 |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | 33.66 | 29.8 | 39.35 | 32.85 | 40.11 | 35.41 | 33.22 | 30.06 | 34.93 | 30.7 | 23.44 | 26.61 | 31.31 | 99.52 | 146.83 | 183.96 | 49.8 | 57.4 | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 24.4M | 0 | 14.84M | 0 | 0 | 0 | 0 | 0 | 0 | 3.31B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -56.55M | -34.81M |
| Total Non-Current Assets | 3.69B | 3.81B | 3.81B | 3.82B | 3.82B | 3.81B | 3.67B | 3.54B | 3.31B | 6.5B | 3.16B | 2.99B | 2.94B | 2.88B | 2.76B | 2.69B | 2.55B | 2.4B | 0 | 0 |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 3.67B | 3.77B | 3.78B | 0 | 0 | 0 | 0 | 0 | 0 | 3.19B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 3.82B | 3.92B | 3.93B | 3.92B | 3.91B | 3.91B | 3.79B | 3.66B | 3.4B | 3.31B | 3.28B | 3.07B | 3.06B | 2.99B | 2.88B | 2.79B | 2.6B | 2.49B | 1.84B | 1.39B |
| Asset Turnover | 0.02x | 0.02x | 0.02x | 0.02x | 0.02x | 0.02x | 0.02x | 0.02x | 0.02x | 0.03x | 0.03x | 0.03x | 0.02x | 0.01x | 0.01x | 0.00x | 0.01x | 0.01x | 0.02x | 0.02x |
| Asset Growth % | -2.23% | 0.21% | 3.66% | 7.28% | 15.02% | 18.3% | 15.76% | 19.04% | 11.17% | 10.74% | 13.83% | 10.2% | 17.83% | 19.77% | 56.73% | 99.99% | 153.6% | 279.61% | 303.42% | 349.59% |
| Total Current Liabilities | 0 | 0 | 84.74M | 59.79M | 62.56M | 74.63M | 76.92M | 96.84M | 56.38M | 85.45M | 52.14M | 59.98M | 44.98M | 50.08M | 39.19M | 54.14M | 32.65M | 32.97M | 40.76M | 0 |
| Accounts Payable | 0 | 0 | 65.66M | 59.79M | 62.56M | 74.63M | 76.92M | 96.84M | 56.38M | 68.8M | 52.14M | 59.98M | 44.98M | 50.08M | 39.19M | 54.14M | 32.65M | 32.97M | 0 | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 40.76M | 0 |
| Current Ratio | - | - | 1.42x | 1.69x | 1.48x | 1.36x | 1.61x | 1.25x | 1.68x | 39.86x | 2.19x | 1.28x | 2.72x | 2.09x | 3.14x | 1.76x | 1.57x | 2.85x | - | - |
| Quick Ratio | - | - | 1.42x | 1.69x | 1.48x | 1.36x | 1.61x | 1.25x | 1.68x | 39.86x | 2.19x | 1.28x | 2.72x | 2.09x | 3.14x | 1.76x | 1.57x | 2.85x | - | - |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 2.13B | 2.17B | 2.08B | 2.07B | 2.03B | 2B | 1.86B | 1.7B | 1.51B | 1.59B | 1.74B | 1.57B | 1.6B | 1.54B | 1.53B | 1.49B | 1.37B | 1.27B | 0 | 0 |
| Long-Term Debt | 2.05B | 2.09B | 2.07B | 2.05B | 2.01B | 1.97B | 1.84B | 1.66B | 1.49B | 1.5B | 1.72B | 1.55B | 1.58B | 1.52B | 1.51B | 1.48B | 1.36B | 1.25B | 1.05B | 719.85M |
| Capital Lease Obligations | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 2.13B | 2.17B | 2.16B | 2.13B | 2.09B | 2.07B | 1.94B | 1.79B | 1.56B | 1.59B | 1.8B | 1.63B | 1.65B | 1.59B | 1.57B | 1.55B | 1.41B | 1.3B | 1.09B | 800.18M |
| Total Debt | 2.05B | 2.09B | 2.07B | 2.05B | 2.01B | 1.97B | 1.84B | 1.66B | 1.49B | 1.5B | 1.72B | 1.55B | 1.58B | 1.52B | 1.51B | 1.48B | 1.36B | 1.25B | 1.05B | 719.85M |
| Net Debt | 1.97B | 2.01B | 2.01B | 1.97B | 1.94B | 1.9B | 1.75B | 1.57B | 1.42B | 1.43B | 1.63B | 1.5B | 1.48B | 1.44B | 1.45B | 1.4B | 1.32B | 1.18B | 1B | 691.67M |
| Debt / Equity | 1.21x | 1.19x | 1.17x | 1.15x | 1.11x | 1.07x | 0.99x | 0.89x | 0.81x | 0.87x | 1.16x | 1.08x | 1.12x | 1.09x | 1.15x | 1.19x | 1.14x | 1.05x | 1.40x | 1.21x |
| Debt / EBITDA | 78.50x | 33.62x | 74.01x | 56.49x | 66.31x | 37.50x | 34.29x | 27.95x | 28.52x | 25.40x | 23.41x | 27.55x | 36.19x | 74.49x | 159.60x | - | 60.95x | 47.17x | 47.08x | 36.18x |
| Net Debt / EBITDA | 75.41x | 32.31x | 71.67x | 54.40x | 64.14x | 36.16x | 32.61x | 26.39x | 27.28x | 24.21x | 22.21x | 26.61x | 33.91x | 70.52x | 153.26x | - | 59.20x | 44.37x | 45.07x | 34.76x |
| Interest Coverage | 0.85x | 1.86x | 0.83x | 1.05x | 0.89x | 1.58x | 1.62x | 2.03x | 1.91x | 2.06x | 2.47x | 2.02x | 1.64x | 0.84x | 0.51x | -0.24x | 2.15x | 3.41x | 3.54x | 4.72x |
| Total Equity | 1.69B | 1.75B | 1.77B | 1.79B | 1.82B | 1.84B | 1.85B | 1.86B | 1.84B | 1.72B | 1.48B | 1.44B | 1.41B | 1.4B | 1.31B | 1.24B | 1.19B | 1.19B | 749.15M | 593.38M |
| Equity Growth % | -7.01% | -5.11% | -4.43% | -3.85% | -1.05% | 7.03% | 25.13% | 29.3% | 29.86% | 23.18% | 13.34% | 16.05% | 18.78% | 17.56% | 74.48% | 109.12% | 205.2% | 294.07% | 225.82% | 410.03% |
| Book Value per Share | 19.71 | 20.03 | 20.40 | 20.53 | 20.56 | 20.64 | 20.77 | 20.86 | 21.03 | 20.99 | 16.78 | 16.31 | 16.02 | 18.34 | 14.81 | 14.06 | 13.49 | 13.46 | 8.49 | 6.72 |
| Total Shareholders' Equity | 1.69B | 1.75B | 1.77B | 1.79B | 1.82B | 1.84B | 1.85B | 1.86B | 1.84B | 1.72B | 1.48B | 1.44B | 1.41B | 1.4B | 1.31B | 1.24B | 1.19B | 1.19B | 749.15M | 593.38M |
| Common Stock | 85K | 86K | 87K | 87K | 88K | 89K | 89K | 89K | 89K | 83K | 72K | 71K | 71K | 71K | 65K | 61K | 57K | 57K | 36K | 29K |
| Retained Earnings | -62.53M | -19.62M | -7.91M | 7.9M | 15.28M | 29.62M | 29.8M | 30.04M | 15.7M | 8.46M | -475K | -30.67M | -46.38M | -54.78M | -42.46M | -21.29M | 10.57M | 15.78M | 18.91M | 16.76M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |