Morgan Stanley Direct Lending Fund (MSDL) Quarterly Financials

120+ quarters historyFree accessUpdated daily

Morgan Stanley Direct Lending Fund (MSDL) quarterly income statement — complete revenue, gross profit & net income history

Annual Quarterly

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

Sales/Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cost of Goods Sold	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
COGS % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	59.77M	69.99M	30.78M	38.34M	31.26M	50.82M	51.85M	57.62M	49.31M	54.23M	69.12M	52.05M	39.84M	15.72M	5.71M	-7.18M	18.79M	24.11M	20.29M	19.06M
Gross Margin %	79.63%	80.52%	47.59%	52.48%	47.77%	60.48%	61%	66.29%	64.4%	65.46%	69.95%	65.1%	59.9%	39.13%	23.48%	-108.77%	64.48%	75.64%	76.39%	81.88%
Gross Profit Growth %	91.19%	37.71%	-40.63%	-33.46%	-36.6%	-6.29%	-24.99%	10.7%	23.76%	245.01%	1110.9%	824.93%	112.09%	-34.81%	-71.87%	-137.67%	32.81%	168.01%	306.8%	312.69%
Operating Expenses	33.6M	7.92M	2.78M	2.04M	963K	-1.81M	-1.86M	-1.93M	-2.81M	-4.67M	-4.29M	-4.39M	-3.94M	-4.73M	-3.73M	-3.92M	-3.46M	-2.38M	-1.95M	-840K
OpEx % of Revenue	44.77%	9.11%	4.29%	2.79%	1.47%	-2.15%	-2.19%	-2.22%	-3.67%	-5.64%	-4.34%	-5.49%	-5.92%	-11.78%	-15.36%	-59.34%	-11.88%	-7.47%	-7.32%	-3.61%
Selling, General & Admin	0	2.24M	2.78M	2.04M	1.98M	2.09M	2.1M	1.88M	1.5M	1.36M	1.53M	1.19M	1.54M	613K	1.42M	985K	1.14M	1.54M	952K	1.17M
SG&A % of Revenue	-	2.58%	4.29%	2.79%	3.02%	2.49%	2.47%	2.17%	1.95%	1.65%	1.54%	1.49%	2.32%	1.53%	5.82%	14.92%	3.9%	4.82%	3.58%	5.04%
Research & Development	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	26.16M	62.07M	28M	36.3M	30.3M	52.63M	53.71M	59.55M	52.12M	58.91M	73.41M	56.44M	43.78M	20.45M	9.44M	-3.26M	22.25M	26.5M	22.24M	19.9M
Operating Margin %	34.86%	71.41%	43.29%	49.69%	46.3%	62.63%	63.18%	68.51%	68.07%	71.09%	74.3%	70.59%	65.82%	50.91%	38.84%	-49.43%	76.36%	83.11%	83.71%	85.49%
Operating Income Growth %	-13.64%	17.94%	-47.86%	-39.04%	-41.87%	-10.66%	-26.84%	5.5%	19.06%	188.03%	677.46%	1829.76%	96.79%	-22.81%	-57.54%	-116.4%	51.27%	125.32%	193.12%	235.04%
EBITDA	26.16M	62.07M	28M	36.3M	30.3M	52.63M	53.71M	59.55M	52.12M	58.91M	73.41M	56.44M	43.78M	20.45M	9.44M	-3.26M	22.25M	26.5M	22.24M	19.9M
EBITDA Margin %	34.85%	71.41%	43.29%	49.69%	46.3%	62.63%	63.18%	68.51%	68.07%	71.09%	74.3%	70.59%	65.82%	50.91%	38.84%	-49.43%	76.36%	83.11%	83.71%	85.49%
EBITDA Growth %	-13.67%	17.94%	-47.86%	-39.04%	-41.87%	-10.66%	-26.84%	5.5%	19.06%	188.03%	677.46%	1829.76%	96.79%	-22.81%	-57.54%	-116.4%	51.27%	125.32%	193.12%	235.04%
D&A (Non-Cash Add-back)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EBIT	26.16M	62.07M	28M	36.3M	30.3M	52.63M	53.71M	59.55M	52.12M	58.91M	73.41M	56.44M	43.78M	20.45M	9.44M	-3.26M	22.25M	26.5M	22.24M	19.9M
Net Interest Income	56.44M	56.3M	63.67M	62.98M	64.99M	67.44M	74.13M	72.62M	70.02M	69.71M	62.43M	59.29M	55.49M	47.26M	42.7M	34.96M	32.64M	32.45M	24.69M	18.76M
Interest Income	87.11M	89.64M	97.57M	97.68M	99.17M	100.65M	107.28M	101.92M	97.28M	98.33M	92.12M	87.19M	82.16M	71.71M	61.3M	48.74M	42.99M	40.22M	30.96M	22.97M
Interest Expense	30.66M	33.34M	33.9M	34.71M	34.18M	33.21M	33.15M	29.3M	27.26M	28.62M	29.69M	27.91M	26.67M	24.45M	18.6M	13.78M	10.35M	7.77M	6.27M	4.22M
Other Income/Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Pretax Income	-4.51M	28.73M	28M	36.3M	30.3M	52.63M	53.71M	59.55M	52.12M	57.39M	73.41M	56.44M	43.78M	20.45M	9.44M	-3.26M	22.25M	26.5M	22.24M	19.9M
Pretax Margin %	-6.01%	33.05%	43.29%	49.69%	46.3%	62.63%	63.18%	68.51%	68.07%	69.26%	74.3%	70.59%	65.82%	50.91%	38.84%	-49.43%	76.36%	83.11%	83.71%	85.49%
Income Tax	0	0	402K	200K	627K	1M	501K	500K	436K	0	0	0	0	334K	0	0	0	75K	0	0
Effective Tax Rate %	0%	0%	1.44%	0.55%	2.07%	1.9%	0.93%	0.84%	0.84%	0%	0%	0%	0%	1.63%	0%	0%	0%	0.28%	0%	0%
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
Net Margin %	-6.01%	33.05%	42.67%	49.42%	45.34%	61.44%	62.59%	67.93%	67.5%	69.26%	74.3%	70.59%	65.82%	50.08%	38.84%	-49.43%	76.36%	82.88%	83.71%	85.49%
Net Income Growth %	-115.2%	-44.36%	-48.12%	-38.87%	-42.59%	-10.03%	-27.52%	4.61%	18.06%	185.27%	677.46%	1829.76%	96.79%	-23.86%	-57.54%	-116.4%	51.32%	162%	235.94%	277.21%
Net Income (Continuing)	-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
Discontinued Operations	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
EPS (Diluted)	-0.05	0.33	0.32	0.41	0.34	0.58	0.60	0.66	0.59	0.70	0.83	0.64	0.50	0.26	0.11	-0.04	0.25	0.43	0.25	0.23
EPS Growth %	-115.47%	-43.1%	-46.67%	-37.88%	-42.37%	-17.14%	-27.71%	3.13%	18%	169.23%	654.55%	1829.73%	100%	-39.53%	-56%	-116.09%	47.06%	104.76%	-72.53%	-76.77%
EPS (Basic)	-0.05	0.33	0.32	0.41	0.34	0.58	0.60	0.66	0.59	0.70	0.83	0.64	0.50	0.26	0.11	-0.04	0.25	0.30	0.25	0.23
Diluted Shares Outstanding	85.78M	87.27M	86.84M	87.19M	88.41M	89.26M	89.26M	89.27M	87.36M	81.98M	88.28M	88.28M	88.28M	76.19M	88.28M	88.28M	88.28M	88.28M	88.28M	88.28M
Basic Shares Outstanding	85.78M	87.27M	86.84M	87.19M	88.41M	89.26M	89.26M	89.27M	87.36M	81.98M	88.28M	88.28M	88.28M	76.19M	88.28M	88.28M	88.28M	88.28M	88.28M	88.28M
Dividend Payout Ratio	-	151.09%	157.54%	121.92%	179.09%	103.51%	83.89%	57.29%	71.93%	54.35%	40.54%	45.5%	-	-	-	-	-	-	-	31.63%

Morgan Stanley Direct Lending Fund (MSDL) Quarterly Financials

120+ quarters historyFree accessUpdated daily

Morgan Stanley Direct Lending Fund (MSDL) quarterly income statement — complete revenue, gross profit & net income history

Annual Quarterly

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

Sales/Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cost of Goods Sold	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
COGS % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	59.77M	69.99M	30.78M	38.34M	31.26M	50.82M	51.85M	57.62M	49.31M	54.23M	69.12M	52.05M	39.84M	15.72M	5.71M	-7.18M	18.79M	24.11M	20.29M	19.06M
Gross Margin %	79.63%	80.52%	47.59%	52.48%	47.77%	60.48%	61%	66.29%	64.4%	65.46%	69.95%	65.1%	59.9%	39.13%	23.48%	-108.77%	64.48%	75.64%	76.39%	81.88%
Gross Profit Growth %	91.19%	37.71%	-40.63%	-33.46%	-36.6%	-6.29%	-24.99%	10.7%	23.76%	245.01%	1110.9%	824.93%	112.09%	-34.81%	-71.87%	-137.67%	32.81%	168.01%	306.8%	312.69%
Operating Expenses	33.6M	7.92M	2.78M	2.04M	963K	-1.81M	-1.86M	-1.93M	-2.81M	-4.67M	-4.29M	-4.39M	-3.94M	-4.73M	-3.73M	-3.92M	-3.46M	-2.38M	-1.95M	-840K
OpEx % of Revenue	44.77%	9.11%	4.29%	2.79%	1.47%	-2.15%	-2.19%	-2.22%	-3.67%	-5.64%	-4.34%	-5.49%	-5.92%	-11.78%	-15.36%	-59.34%	-11.88%	-7.47%	-7.32%	-3.61%
Selling, General & Admin	0	2.24M	2.78M	2.04M	1.98M	2.09M	2.1M	1.88M	1.5M	1.36M	1.53M	1.19M	1.54M	613K	1.42M	985K	1.14M	1.54M	952K	1.17M
SG&A % of Revenue	-	2.58%	4.29%	2.79%	3.02%	2.49%	2.47%	2.17%	1.95%	1.65%	1.54%	1.49%	2.32%	1.53%	5.82%	14.92%	3.9%	4.82%	3.58%	5.04%
Research & Development	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	26.16M	62.07M	28M	36.3M	30.3M	52.63M	53.71M	59.55M	52.12M	58.91M	73.41M	56.44M	43.78M	20.45M	9.44M	-3.26M	22.25M	26.5M	22.24M	19.9M
Operating Margin %	34.86%	71.41%	43.29%	49.69%	46.3%	62.63%	63.18%	68.51%	68.07%	71.09%	74.3%	70.59%	65.82%	50.91%	38.84%	-49.43%	76.36%	83.11%	83.71%	85.49%
Operating Income Growth %	-13.64%	17.94%	-47.86%	-39.04%	-41.87%	-10.66%	-26.84%	5.5%	19.06%	188.03%	677.46%	1829.76%	96.79%	-22.81%	-57.54%	-116.4%	51.27%	125.32%	193.12%	235.04%
EBITDA	26.16M	62.07M	28M	36.3M	30.3M	52.63M	53.71M	59.55M	52.12M	58.91M	73.41M	56.44M	43.78M	20.45M	9.44M	-3.26M	22.25M	26.5M	22.24M	19.9M
EBITDA Margin %	34.85%	71.41%	43.29%	49.69%	46.3%	62.63%	63.18%	68.51%	68.07%	71.09%	74.3%	70.59%	65.82%	50.91%	38.84%	-49.43%	76.36%	83.11%	83.71%	85.49%
EBITDA Growth %	-13.67%	17.94%	-47.86%	-39.04%	-41.87%	-10.66%	-26.84%	5.5%	19.06%	188.03%	677.46%	1829.76%	96.79%	-22.81%	-57.54%	-116.4%	51.27%	125.32%	193.12%	235.04%
D&A (Non-Cash Add-back)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EBIT	26.16M	62.07M	28M	36.3M	30.3M	52.63M	53.71M	59.55M	52.12M	58.91M	73.41M	56.44M	43.78M	20.45M	9.44M	-3.26M	22.25M	26.5M	22.24M	19.9M
Net Interest Income	56.44M	56.3M	63.67M	62.98M	64.99M	67.44M	74.13M	72.62M	70.02M	69.71M	62.43M	59.29M	55.49M	47.26M	42.7M	34.96M	32.64M	32.45M	24.69M	18.76M
Interest Income	87.11M	89.64M	97.57M	97.68M	99.17M	100.65M	107.28M	101.92M	97.28M	98.33M	92.12M	87.19M	82.16M	71.71M	61.3M	48.74M	42.99M	40.22M	30.96M	22.97M
Interest Expense	30.66M	33.34M	33.9M	34.71M	34.18M	33.21M	33.15M	29.3M	27.26M	28.62M	29.69M	27.91M	26.67M	24.45M	18.6M	13.78M	10.35M	7.77M	6.27M	4.22M
Other Income/Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Pretax Income	-4.51M	28.73M	28M	36.3M	30.3M	52.63M	53.71M	59.55M	52.12M	57.39M	73.41M	56.44M	43.78M	20.45M	9.44M	-3.26M	22.25M	26.5M	22.24M	19.9M
Pretax Margin %	-6.01%	33.05%	43.29%	49.69%	46.3%	62.63%	63.18%	68.51%	68.07%	69.26%	74.3%	70.59%	65.82%	50.91%	38.84%	-49.43%	76.36%	83.11%	83.71%	85.49%
Income Tax	0	0	402K	200K	627K	1M	501K	500K	436K	0	0	0	0	334K	0	0	0	75K	0	0
Effective Tax Rate %	0%	0%	1.44%	0.55%	2.07%	1.9%	0.93%	0.84%	0.84%	0%	0%	0%	0%	1.63%	0%	0%	0%	0.28%	0%	0%
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
Net Margin %	-6.01%	33.05%	42.67%	49.42%	45.34%	61.44%	62.59%	67.93%	67.5%	69.26%	74.3%	70.59%	65.82%	50.08%	38.84%	-49.43%	76.36%	82.88%	83.71%	85.49%
Net Income Growth %	-115.2%	-44.36%	-48.12%	-38.87%	-42.59%	-10.03%	-27.52%	4.61%	18.06%	185.27%	677.46%	1829.76%	96.79%	-23.86%	-57.54%	-116.4%	51.32%	162%	235.94%	277.21%
Net Income (Continuing)	-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
Discontinued Operations	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
EPS (Diluted)	-0.05	0.33	0.32	0.41	0.34	0.58	0.60	0.66	0.59	0.70	0.83	0.64	0.50	0.26	0.11	-0.04	0.25	0.43	0.25	0.23
EPS Growth %	-115.47%	-43.1%	-46.67%	-37.88%	-42.37%	-17.14%	-27.71%	3.13%	18%	169.23%	654.55%	1829.73%	100%	-39.53%	-56%	-116.09%	47.06%	104.76%	-72.53%	-76.77%
EPS (Basic)	-0.05	0.33	0.32	0.41	0.34	0.58	0.60	0.66	0.59	0.70	0.83	0.64	0.50	0.26	0.11	-0.04	0.25	0.30	0.25	0.23
Diluted Shares Outstanding	85.78M	87.27M	86.84M	87.19M	88.41M	89.26M	89.26M	89.27M	87.36M	81.98M	88.28M	88.28M	88.28M	76.19M	88.28M	88.28M	88.28M	88.28M	88.28M	88.28M
Basic Shares Outstanding	85.78M	87.27M	86.84M	87.19M	88.41M	89.26M	89.26M	89.27M	87.36M	81.98M	88.28M	88.28M	88.28M	76.19M	88.28M	88.28M	88.28M	88.28M	88.28M	88.28M
Dividend Payout Ratio	-	151.09%	157.54%	121.92%	179.09%	103.51%	83.89%	57.29%	71.93%	54.35%	40.54%	45.5%	-	-	-	-	-	-	-	31.63%

MSDL Income Statement

MSDL Income Statement