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$14.00+0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(In thousands)
| For the Year Ended | |||
|---|---|---|---|
| December 31, 2025 | December 31, 2024 | December 31, 2023 | |
| Cash flows from operating activities: | |||
| Net increase (decrease) in net assets resulting from operations | $122,094 | $215,564 | $231,014 |
| Adjustments to reconcile net increase (decrease) in net assets resulting fromoperations to net cash provided by (used in) operating activities: | |||
| Net unrealized (appreciation) depreciation on investments | 46,588 | (11,904) | (32,835) |
| Net unrealized (appreciation) depreciation on translation of assets andliabilities in foreign currencies | (78) | 108 | — |
| Net unrealized (appreciation) depreciation on interest rate swap attributed tounsecured notes | 45 | 10 | — |
| Net realized (gain) loss on investments | 7,480 | 16,480 | (118) |
| Net realized (gain) loss on foreign currency and other transactions | (58) | (13) | — |
| Investments in unaffiliated money market fund, net | (4,000) | (8,976) | — |
| Net accretion of discount and amortization of premium on investments | (15,688) | (14,866) | (11,314) |
| Payment-in-kind interest and dividend capitalized | (18,178) | (13,073) | (6,069) |
| Amortization of deferred financing costs | 4,149 | 3,726 | 3,249 |
| Amortization of debt issuance costs and original issuance discount onunsecured notes | 5,010 | 3,853 | 2,548 |
| Purchases of investments and change in payable for investments purchased | (771,585) | (1,232,200) | (632,097) |
| Proceeds from sale of investments and principal repayments and change inreceivable for investments sold/repaid | 771,886 | 657,194 | 362,493 |
| Changes in operating assets and liabilities: | |||
| (Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments | 4,222 | (1,670) | (7,973) |
| (Increase) decrease in interest and dividend receivable from non-controlled/affiliated investments | (89) | — | — |
| (Increase) decrease in prepaid expenses and other assets | (51) | (132) | (13) |
| (Decrease) increase in payable to affiliates | 62 | (2,841) | 784 |
| (Decrease) increase in management fees payable | 2,554 | 5,030 | 229 |
| (Decrease) increase in incentive fees payable | (1,675) | (2,810) | 3,648 |
| (Decrease) increase in interest payable | (260) | 2,382 | 1,804 |
| (Decrease) increase in accrued expenses and other liabilities | (1,530) | 1,626 | 826 |
| Net cash provided by (used in) operating activities | 150,898 | (382,512) | (83,824) |
| Cash flows from financing activities: | |||
| Borrowings on debt | 1,552,345 | 1,189,469 | 408,000 |
| Repayments on debt | (1,447,000) | (712,000) | (438,000) |
| Deferred financing costs paid | (4,525) | (5,907) | (9,942) |
| Debt issuance costs paid | (7,560) | (4,114) | — |
| Dividends paid in cash | (184,032) | (169,083) | (110,497) |
| Proceeds from issuance of common stock, net of underwriting & offering costs | (163) | 95,888 | 222,753 |
| Repurchases of common stock | (41,963) | (18,062) | — |
| Net cash provided by (used in) financing activities | (132,898) | 376,191 | 72,314 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 18,000 | (6,321) | (11,510) |
| Effect of foreign exchange rate changes on cash | 38 | 12 | — |
| Cash, cash equivalents and restricted cash, beginning of period | 63,396 | 69,705 | 81,215 |
| Cash, cash equivalents and restricted cash, end of period | $81,434 | $63,396 | $69,705 |
| For the Year Ended | |||
|---|---|---|---|
| December 31, 2025 | December 31, 2024 | December 31, 2023 | |
| Supplemental information and non-cash activities: | |||
| Excise tax paid | $2,567 | $1,516 | $361 |
| Interest expense paid | $126,568 | $112,955 | $105,282 |
| Reinvestment of dividends | $— | $23,385 | $41,885 |
| Dividends payable | $43,222 | $53,229 | $49,968 |
| Non-cash purchases of investments | $(5,756) | $(24,930) | $— |
| Non-cash sales of investments | $5,756 | $24,930 | $— |
| Subscriptions receivable | $— | $— | $41 |
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