Morgan Stanley Direct Lending Fund
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
MSDL$13.96+2.5%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Operations
(In thousands, except share and per share amounts)
| For the Year Ended | |||
|---|---|---|---|
| December 31, 2025 | December 31, 2024 | December 31, 2023 | |
| Investment Income: | |||
| From non-controlled/non-affiliated investments: | |||
| Interest income | $371,811 | $396,421 | $355,530 |
| Payment-in-kind income | 15,623 | 10,709 | 4,276 |
| Dividend income | 2,849 | 2,591 | 2,124 |
| Other income | 6,558 | 6,354 | 5,808 |
| From non-controlled/affiliated investments: | |||
| Interest income | 150 | — | — |
| Payment-in-kind income | 250 | — | — |
| Dividend income | 46 | — | — |
| Total investment income | 397,287 | 416,075 | 367,738 |
| Expenses: | |||
| Interest and other financing expenses | 136,132 | 122,928 | 112,883 |
| Management fees | 38,466 | 35,415 | 30,550 |
| Income based incentive fees | 35,685 | 43,467 | 42,012 |
| Professional fees | 8,017 | 6,718 | 4,470 |
| Directors’ fees | 517 | 533 | 345 |
| Administrative service fees | 287 | 216 | 178 |
| General and other expenses | 359 | 97 | 633 |
| Total expenses | 219,463 | 209,374 | 191,071 |
| Management fees waiver (Note 3) | (641) | (9,936) | (22,913) |
| Incentive fees waiver (Note 3) | (375) | (6,035) | — |
| Net expenses | 218,447 | 193,403 | 168,158 |
| Net investment income (loss) before taxes | 178,840 | 222,672 | 199,580 |
| Excise tax expense | 2,814 | 2,437 | 1,519 |
| Net investment income (loss) after taxes | 176,026 | 220,235 | 198,061 |
| Net realized and unrealized gain (loss): | |||
| Realized gain (loss): | |||
| Net realized gain (loss) on non-controlled/non-affiliated investments | (7,480) | (16,480) | 118 |
| Foreign currency and other transactions | 58 | 13 | — |
| Net realized gain (loss) | (7,422) | (16,467) | 118 |
| Net change in unrealized appreciation (depreciation): | |||
| Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments | (46,138) | 11,904 | 32,835 |
| Net change in unrealized appreciation (depreciation) on non-controlled/affiliated investments | (450) | — | — |
| Translation of assets and liabilities in foreign currencies | 78 | (108) | — |
| Net unrealized appreciation (depreciation) | (46,510) | 11,796 | 32,835 |
| Net realized and unrealized gain (loss) | (53,932) | (4,671) | 32,953 |
| Net increase (decrease) in net assets resulting from operations | $122,094 | $215,564 | $231,014 |
| Earnings per share (basic and diluted) | $1.40 | $2.43 | $3.11 |
| Weighted average shares outstanding (basic and diluted) | 87,270,081 | 88,649,149 | 74,239,743 |
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