Morgan Stanley Direct Lending Fund (MSDL) quarterly cash flow statement — complete operating, investing & financing 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 |
|---|
| Cash from Operations | 31.47M | 53.75M | 39.01M | 40.81M | 34.1M | -96.18M | -117.03M | 75.02M | 40.23M | 84.71M | 13.35M | 54.77M | 32.95M | 42.21M | 26.59M | 28.73M | 24.06M | 28.31M | 15.6M | -352.31M |
| Operating CF Margin % | 41.93% | 61.84% | 60.31% | 55.86% | 52.12% | -114.46% | -137.68% | 86.31% | 52.55% | 102.23% | 13.51% | 68.49% | 49.55% | 105.09% | 109.38% | 435.25% | 82.58% | 88.79% | 58.72% | -1513.61% |
| Operating CF Growth % | -7.73% | 155.89% | 133.33% | -45.61% | -15.23% | -213.55% | -976.64% | 36.99% | 22.08% | 100.67% | -49.79% | 90.62% | 36.97% | 49.13% | 70.45% | 108.16% | 108.7% | 325.72% | 398.85% | -4604.98% |
| Net Income | -4.51M | 28.73M | 27.6M | 36.1M | 29.67M | 51.63M | 53.21M | 59.05M | 51.68M | 57.39M | 73.41M | 56.44M | 43.78M | 20.12M | 9.44M | -3.26M | 22.25M | 26.42M | 22.24M | 19.9M |
| Depreciation & Amortization | 0 | 0 | 0 | -7.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 38.6M | 18.09M | 14.79M | 14.79M | 7.6M | -154.71M | -150.12M | -8.87M | -1.41M | -6.9M | -24.99M | -10.68M | -1.76M | 15.88M | 21.77M | 29.77M | 3.2M | -1.7M | -4.81M | -372.02M |
| Working Capital Changes | -2.62M | 6.94M | -3.38M | -2.42M | -3.17M | 6.9M | -20.12M | 24.84M | -10.04M | 34.22M | -35.06M | 9.21M | -9.06M | 6.22M | -4.62M | 2.23M | -1.39M | 3.59M | -1.82M | -191K |
| Change in Receivables | -3.3M | 3.47M | -4.59M | -3.63M | 3.62M | 1.24M | -4.2M | 1.75M | -457K | -2.71M | -2.66M | -998K | -1.61M | -2.14M | -4.88M | -2.06M | -86K | -380K | -4.74M | -2.93M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.65M | 0 | 0 | 458K | 0 | 725K | -1.11M | 1.12M | 1.48M | 1.11M | 665K | 793K | 1.31M | 1.01M | 1.38M | -1.19M | -1.26M | 1.83M | 1.44M | 0 |
| Cash from Investing | 61.76M | 0 | 0 | 1.66M | 0 | 0 | 0 | -181.69M | -93.89M | -61.76M | -112.68M | -45.84M | -49.32M | -96.56M | -144.3M | -161.34M | -149.23M | -615.34M | -461.08M | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 3.69B | 3.77B | 3.79B | 0 | 0 | 0 | 0 | 0 | 0 | 3.19B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 0 | 0 | 0 | 0 | 1.8M | 149.2M | 150.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -87.11M | -37.7M | -25.82M | -32.31M | -37.06M | 78.11M | 112.49M | 136.87M | 48.71M | -41.33M | 134.57M | -55.68M | 34.76M | 75.66M | 96.77M | 174.59M | 89.88M | 616.47M | 462.03M | 316.34M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -14.71M | -9.11M | -2.88M | -20.52M | -9.62M | -10.06M | -8M | 0 | 95.89M | 212.87M | 7.33M | 0 | 2.56M | 92.05M | 79.88M | 74.88M | 7.78M | 429.76M | 149.87M | 195.18M |
| Dividends Paid | -43.14M | -43.41M | -43.48M | -44.01M | -53.14M | -53.44M | -44.63M | -33.83M | -37.18M | -31.19M | -29.76M | -25.68M | -23.86M | -22.22M | -20.99M | -20.39M | -22.15M | -14.98M | -10.24M | -6.29M |
| Share Repurchases | -14.71M | -9.11M | -2.88M | -20.52M | -9.62M | -10.06M | -8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -59K | -181K | -3.46M | -57K | -4.31M | 0 | -1.37M | -8.64M | 0 | 0 | -6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -50K |
| Net Change in Cash | -777K | 15.96M | 13.26M | -17.18M | -2.97M | -18.06M | -4.54M | 30.2M | -4.94M | -18.38M | 35.23M | -46.76M | 18.39M | 21.31M | -20.95M | 41.98M | -35.29M | 29.43M | 16.54M | -35.97M |
| Free Cash Flow | 31.47M | 53.75M | 39.01M | 40.81M | 34.1M | -96.18M | -117.03M | 75.02M | 40.23M | 84.71M | 13.35M | 54.77M | 32.95M | 42.21M | 26.59M | 28.73M | 24.06M | 28.31M | 15.6M | -352.31M |
| FCF Margin % | 41.93% | 61.84% | 60.31% | 55.86% | 52.12% | -114.46% | -137.68% | 86.31% | 52.55% | 102.23% | 13.51% | 68.49% | 49.55% | 105.09% | 109.38% | 435.25% | 82.58% | 88.79% | 58.72% | -1513.61% |
| FCF Growth % | -7.73% | 155.89% | 133.33% | -45.61% | -15.23% | -213.55% | -976.64% | 36.99% | 22.08% | 100.67% | -49.79% | 90.62% | 36.97% | 49.13% | 70.45% | 108.16% | 108.7% | 325.72% | 398.85% | -4604.98% |
| FCF per Share | 0.37 | 0.62 | 0.45 | 0.47 | 0.39 | -1.08 | -1.31 | 0.84 | 0.46 | 1.03 | 0.15 | 0.62 | 0.37 | 0.55 | 0.30 | 0.33 | 0.27 | 0.32 | 0.18 | -3.99 |
| FCF Conversion (FCF/Net Income) | -6.98x | 1.87x | 1.41x | 1.13x | 1.15x | -1.86x | -2.20x | 1.27x | 0.78x | 1.48x | 0.18x | 0.97x | 0.75x | 2.10x | 2.82x | -8.81x | 1.08x | 1.07x | 0.70x | -17.71x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |