Morgan Stanley Direct Lending Fund

For the period ended Jun 30, 2026. Filed Aug 6, 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.

Jun 30, 2026 · Filed Aug 6, 2026

MSDL$14.00+0.3%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

	For the Six Months Ended
	June 30, 2026	June 30, 2025
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$3,418	$65,766
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	54,632	24,859
Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	19	(100)
Net unrealized (appreciation) depreciation on interest rate swap attributed to unsecured notes	(23)	(61)
Net realized (gain) loss on investments	20,580	(587)
Net realized (gain) loss on foreign currency and other transactions	22	(53)
Investments in unaffiliated money market fund	(1,381)	(18,434)
Net accretion of discount and amortization of premium on investments	(6,929)	(8,153)
Payment-in-kind interest and dividend capitalized	(11,338)	(9,054)
Amortization of deferred financing costs	2,464	2,011
Amortization of debt issuance costs and original issuance discount on unsecured notes	2,339	2,412
Purchases of investments and change in payable for investments purchased	(360,356)	(409,840)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid	490,767	409,700
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments	2,662	5,301
(Increase) decrease in interest and dividend receivable from non-controlled/affiliated investments	(57)	(46)
(Increase) decrease in interest and dividend receivable from controlled/affiliated investments	(3,016)	—
(Increase) decrease in other assets	9,999	(385)
(Decrease) increase in payable to affiliates	(40)	67
(Decrease) increase in management fees payable	(414)	2,582
(Decrease) increase in income based incentive fees payable	(763)	323
(Decrease) increase in interest payable	(2,169)	(4,987)
(Decrease) increase in accrued expenses and other liabilities	(10,264)	(3,185)
Net cash provided by (used in) operating activities	190,152	58,136
Cash flows from financing activities:
Borrowings on debt	291,000	940,345
Repayments on debt	(383,246)	(874,000)
Deferred financing costs paid	(4,380)	(4,366)
Debt issuance costs paid	(343)	(4,078)
Distributions paid in cash	(81,547)	(97,145)
Proceeds from issuance of common stock, net of underwriting & offering costs	—	(123)
Repurchases of common stock	(27,211)	(30,009)
Net cash provided by (used in) financing activities	(205,727)	(69,376)
Net increase (decrease) in cash, cash equivalents and restricted cash	(15,575)	(11,240)
Effect of foreign exchange rate changes on cash	(43)	60
Cash, cash equivalents and restricted cash, beginning of period	81,434	63,396
Cash, cash equivalents and restricted cash, end of period	$65,816	$52,216

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

Supplemental information and non-cash activities:
Excise tax paid	$2,792	$2,567
Interest expense paid	$60,676	$69,326
Distributions payable	$38,103	$43,575
Non-cash purchases of investments	$(29,361)	$(5,010)
Non-cash sales of investments	$29,361	$5,010

ContentsView on SEC.gov

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