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$13.96+2.5%Stored close · as of Nov 9, 2026

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Contents

Consolidated Statements of Changes in Net Assets

(In thousands, except share and per share amount)

	For the Year Ended
	December 31, 2025	December 31, 2024	December 31, 2023
Net assets at the beginning of period	$1,842,156	$1,721,151	$1,397,305
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	176,026	220,235	198,061
Net realized gain (loss)	(7,422)	(16,467)	118
Net change in unrealized appreciation (depreciation)	(46,510)	11,796	32,835
Net increase (decrease) in net assets resulting from operations	122,094	215,564	231,014
Distributions to stockholders from:
Distributable earnings	(174,035)	(195,729)	(169,291)
Total distributions to stockholders	(174,035)	(195,729)	(169,291)
Capital transactions:
Issuance of common stock, net of underwriting and offering costs(1)	(163)	95,847	220,238
Reinvestment of dividends	—	23,385	41,885
Repurchase of common stock	(41,963)	(18,062)	—
Net increase (decrease) in net assets resulting from capital transactions	(42,126)	101,170	262,123
Total increase (decrease) in net assets	(94,067)	121,005	323,846
Net assets at end of period	$1,748,089	$1,842,156	$1,721,151
Dividends per share	$2.00	$2.20	$2.27

(1)

Includes costs incurred in connection with the Company's ATM” program. See Note 8 "Net Assets."

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