Morgan Stanley Direct Lending Fund
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
View on SEC.govAbout 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.
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
Item 1. Consolidated Statements of Operations
Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share amounts)
| For the Three Months Ended | For the Nine Months Ended | |||
|---|---|---|---|---|
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |
| Investment income: | ||||
| From non-controlled/non-affiliated investments: | ||||
| Interest income | $76,186 | $93,477 | $235,593 | $282,171 |
| Payment-in-kind income | 4,547 | 3,969 | 13,478 | 11,973 |
| Dividend income | 1,177 | 685 | 3,850 | 1,929 |
| Other income | 805 | 1,467 | 3,279 | 4,337 |
| From non-controlled/affiliated investments: | ||||
| Interest income | 28 | 36 | 65 | 106 |
| Payment-in-kind income | 36 | 88 | 138 | 174 |
| Dividend income | — | — | 27 | — |
| Other income | 2 | — | 7 | — |
| From controlled/affiliated investments: | ||||
| Interest income | 26 | — | 26 | — |
| Payment-in-kind income | 29 | — | 29 | — |
| Dividend income | 3,304 | — | 7,485 | — |
| Total investment income | 86,140 | 99,722 | 263,977 | 300,690 |
| Expenses: | ||||
| Interest and other financing expenses | 33,183 | 33,903 | 95,865 | 102,788 |
| Management fees | 8,837 | 9,628 | 27,449 | 28,870 |
| Income based incentive fees | 441 | 9,281 | 12,759 | 28,404 |
| Professional fees | 2,081 | 2,530 | 5,271 | 5,836 |
| Directors’ fees | 129 | 129 | 387 | 388 |
| Administrative service fees | 99 | 81 | 221 | 228 |
| General and other expenses | 359 | 38 | 710 | 348 |
| Total expenses | 45,129 | 55,590 | 142,662 | 166,862 |
| Management fees waiver (Note 3) | — | — | — | (641) |
| Incentive fees waiver (Note 3) | — | — | — | (375) |
| Net expenses | 45,129 | 55,590 | 142,662 | 165,846 |
| Net investment income (loss) before taxes | 41,011 | 44,132 | 121,315 | 134,844 |
| Excise tax expense | 750 | 402 | 2,384 | 1,229 |
| Net investment income (loss) after taxes | 40,261 | 43,730 | 118,931 | 133,615 |
| Net realized and unrealized gain (loss): | ||||
| Net realized gain (loss) on non-controlled/non-affiliated investments | (38,164) | 22 | (58,744) | 609 |
| Foreign currency and other transactions | (22) | 4 | (43) | 57 |
| Net realized gain (loss) | (38,186) | 26 | (58,787) | 666 |
| Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments | (28,979) | (15,909) | (80,694) | (40,808) |
| Net change in unrealized appreciation (depreciation) on non-controlled/affiliated investments | (69) | (222) | (998) | (182) |
| Net change in unrealized appreciation (depreciation) on controlled/affiliated investments | (333) | — | (2,321) | — |
| Translation of assets and liabilities in foreign currencies | 2 | (24) | (17) | 76 |
| Net unrealized appreciation (depreciation) | (29,379) | (16,155) | (84,030) | (40,914) |
| Net realized and unrealized gain (loss) | (67,565) | (16,129) | (142,817) | (40,248) |
| Net increase (decrease) in net assets resulting from operations | $(27,304) | $27,601 | $(23,886) | $93,367 |
| Earnings per share (basic and diluted) | $(0.32) | $0.32 | $(0.28) | $1.07 |
| Weighted average shares outstanding (basic and diluted) | 84,031,223 | 86,844,648 | 84,847,339 | 87,476,954 |
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