Morgan Stanley Direct Lending Fund
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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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.
Sep 30, 2026 · Filed Nov 5, 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 exhibitsContents
Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| For the Nine Months Ended | ||
|---|---|---|
| September 30, 2026 | September 30, 2025 | |
| Cash flows from operating activities: | ||
| Net increase (decrease) in net assets resulting from operations | $(23,886) | $93,367 |
| 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 | 84,014 | 40,990 |
| Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies | 17 | (76) |
| Net unrealized (appreciation) depreciation on interest rate swap attributed to unsecured notes | 27 | (30) |
| Net realized (gain) loss on investments | 58,744 | (609) |
| Net realized (gain) loss on foreign currency and other transactions | 43 | (57) |
| (Increase) decrease in investments in unaffiliated money market fund | 1,760 | (1,075) |
| Net accretion of discount and amortization of premium on investments | (9,196) | (12,268) |
| Payment-in-kind interest and dividend capitalized | (17,117) | (13,377) |
| Amortization of deferred financing costs | 3,748 | 3,078 |
| Amortization of debt issuance costs and original issuance discount on unsecured notes | 4,150 | 3,806 |
| Purchases of investments and change in payable for investments purchased | (435,442) | (607,794) |
| Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid | 656,010 | 594,898 |
| Changes in operating assets and liabilities: | ||
| (Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments | (1,344) | 706 |
| (Increase) decrease in interest and dividend receivable from non-controlled/affiliated investments | 68 | (46) |
| (Increase) decrease in interest and dividend receivable from controlled/affiliated investments | (3,357) | — |
| (Increase) decrease in other assets | 9,856 | (6,179) |
| (Decrease) increase in payable to affiliates | 10 | 147 |
| (Decrease) increase in management fees payable | (759) | 2,586 |
| (Decrease) increase in income based incentive fees payable | (6,840) | 325 |
| (Decrease) increase in interest payable | 8,216 | 952 |
| (Decrease) increase in accrued expenses and other liabilities | (9,831) | (2,200) |
| Net cash provided by (used in) operating activities | 318,891 | 97,144 |
| Cash flows from financing activities: | ||
| Borrowings on debt | 683,181 | 1,391,345 |
| Repayments on debt | (821,746) | (1,301,000) |
| Deferred financing costs paid | (4,469) | (4,471) |
| Debt issuance costs paid | (4,760) | (7,433) |
| Distributions paid in cash | (119,573) | (140,627) |
| Proceeds from issuance of common stock, net of underwriting & offering costs | — | (163) |
| Repurchases of common stock | (39,991) | (32,852) |
| Net cash provided by (used in) financing activities | (307,358) | (95,201) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 11,533 | 1,943 |
| Effect of foreign exchange rate changes on cash | (36) | 133 |
| Cash, cash equivalents and restricted cash, beginning of period | 81,434 | 63,396 |
| Cash, cash equivalents and restricted cash, end of period | $92,931 | $65,472 |
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Supplemental information and non-cash activities: | ||
|---|---|---|
| Excise tax paid | $2,792 | $2,567 |
| Interest expense paid | $80,441 | $94,478 |
| Distributions payable | $37,735 | $43,499 |
| Non-cash purchases of investments | $(44,676) | $(5,756) |
| Non-cash sales of investments | $44,676 | $5,756 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.