Morgan Stanley Direct Lending Fund
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 26, 2026
MSDL$14.00+0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Assets and Liabilities
(In thousands, except share and per share amounts)
| As of | ||
|---|---|---|
| December 31, 2025 | December 31, 2024 | |
| (Audited) | (Audited) | |
| Assets | ||
| Non-controlled/non-affiliated investments, at fair value (amortized cost of $3,833,800 and $3,813,127) | $3,766,757 | $3,791,494 |
| Non-controlled/affiliated investments, at fair value (amortized cost of $5,239 and $0) | 4,789 | — |
| Total investments, at fair value (cost of $3,839,039 and $3,813,127) | 3,771,546 | 3,791,494 |
| Cash and cash equivalents (restricted cash of $3,820 and $2,000) | 81,434 | 63,396 |
| Investments in unaffiliated money market fund (cost of $12,976 and $8,976) | 12,976 | 8,976 |
| Deferred financing costs | 16,874 | 16,498 |
| Interest and dividend receivable from non-controlled/non-affiliated investments | 26,332 | 30,554 |
| Interest receivable from non-controlled/affiliated investments | 89 | — |
| Receivable for investments sold/repaid | 455 | 470 |
| Prepaid expenses and other assets | 10,390 | 630 |
| Total assets | 3,920,096 | 3,912,018 |
| Liabilities | ||
| Debt (net of unamortized debt issuance costs of $10,545 and $6,527) | 2,086,672 | 1,973,479 |
| Payable for investment purchased | — | 192 |
| Payable to affiliates (Note 3) | 91 | 29 |
| Dividends payable | 43,222 | 53,229 |
| Management fees payable | 9,596 | 7,042 |
| Income based incentive fees payable | 7,281 | 8,956 |
| Interest payable | 20,945 | 21,205 |
| Accrued expenses and other liabilities | 4,200 | 5,730 |
| Total liabilities | 2,172,007 | 2,069,862 |
| Commitments and contingencies (Note 7) | ||
| Net assets | ||
| Preferred stock, $0.001 par value (1,000,000 shares authorized; no shares issued and outstanding) | — | — |
| Common stock, par value $0.001 (500,000,000 shares authorized; 86,276,305 and 88,511,089 shares issued and outstanding) | 86 | 89 |
| Paid-in capital in excess of par value | 1,767,623 | 1,812,443 |
| Total distributable earnings (loss) | (19,620) | 29,624 |
| Total net assets | $1,748,089 | $1,842,156 |
| Total liabilities and net assets | $3,920,096 | $3,912,018 |
| Net asset value per share | $20.26 | $20.81 |
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