Morgan Stanley Direct Lending Fund

For the period ended Mar 31, 2026. Filed May 7, 2026.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2026 · Filed May 7, 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 exhibits

Contents

Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

	For the Three Months Ended
	March 31, 2026	March 31, 2025
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$(4,510)	$29,670
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation on investments	31,838	17,106
Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	11	1
Net unrealized (appreciation) depreciation on interest rate swap attributed to unsecured notes	(109)	(24)
Net realized (gain) loss on investments	13,173	(562)
Net realized (gain) loss on foreign currency and other transactions	(2)	13
Investments in unaffiliated money market fund, net	(6,880)	—
Net accretion of discount and amortization of premium on investments	(3,517)	(4,297)
Payment-in-kind interest and dividend capitalized	(4,884)	(4,936)
Amortization of deferred financing costs	1,016	960
Amortization of debt issuance costs and original issuance discount on unsecured notes	1,070	1,138
Purchases of investments and change in payable for investments purchased	(173,960)	(203,744)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid	235,719	201,944
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments	(2,078)	3,579
(Increase) decrease in interest and dividend receivable from non-controlled/affiliated investments	(53)	41
(Increase) decrease in interest and dividend receivable from controlled/affiliated investments	(1,165)	—
(Increase) decrease in other assets	5,227	(2,651)
(Decrease) increase in payable to affiliates	(8)	(18)
(Decrease) increase in management fees payable	(166)	1,935
(Decrease) increase in income based incentive fees payable	(1,481)	512
(Decrease) increase in interest payable	3,902	(4,839)
(Decrease) increase in accrued expenses and other liabilities	(6,796)	(1,724)
Net cash provided by (used in) operating activities	86,347	34,104
Cash flows from financing activities:
Borrowings on debt	196,000	193,000
Repayments on debt	(225,000)	(163,000)
Deferred financing costs paid	(59)	(4,309)
Debt issuance costs paid	(206)	—
Distributions paid in cash	(43,138)	(53,137)
Repurchases of common stock	(14,711)	(9,616)
Net cash provided by (used in) financing activities	(87,114)	(37,062)
Net increase (decrease) in cash, cash equivalents and restricted cash	(767)	(2,958)
Effect of foreign exchange rate changes on cash	(10)	(14)
Cash, cash equivalents and restricted cash, beginning of period	81,434	72,372
Cash, cash equivalents and restricted cash, end of period	$80,657	$69,400

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

Supplemental information and non-cash activities:
Excise tax paid	$2,792	$2,567
Interest expense paid	$25,060	$36,946
Distributions payable	$38,485	$44,103
Non-cash purchases of investments	$(8,127)	$(5,010)
Non-cash sales of investments	$8,127	$5,010

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.