Morgan Stanley Direct Lending Fund

For the period ended Dec 31, 2023. Filed Mar 1, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Mar 1, 2024

MSDL$13.96+2.5%Stored close · as of Nov 9, 2026

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Contents

Consolidated Statements of Operations

(In thousands, except share and per share amounts)

	For the Year Ended
	December 31, 2023	December 31, 2022	December 31, 2021
Investment Income:
From non-controlled/non-affiliated investments:
Interest income	$355,530	$223,119	$108,277
Payment-in-kind	4,276	1,626	1,021
Dividend income	2,124	1,488	409
Other income	5,808	4,360	10,109
Total investment income	367,738	230,593	119,816
Expenses:
Interest and other financing expenses	112,883	67,182	21,015
Management fees	30,550	26,715	13,860
Income based incentive fees	42,012	26,635	15,852
Capital gains incentive fees	—	(2,441)	1,809
Professional fees	4,470	3,206	2,440
Offering costs	—	—	42
Directors’ fees	345	362	336
Administrative service fees	178	72	212
General and other expenses	633	510	1,538
Total expenses	191,071	122,241	57,104
Expense support (Note 3)	—	44	98
Management fees waiver (Note 3)	(22,913)	(20,036)	(10,395)
Net expenses	168,158	102,249	46,807
Net investment income (loss) before taxes	199,580	128,344	73,009
Excise tax expense	1,519	334	80
Net investment income/(loss) after taxes	198,061	128,010	72,929
Net realized and unrealized gain (loss) on investment transactions:
Net realized gain (loss) on non-controlled/non-affiliated investments	118	537	1,895
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments	32,835	(80,005)	8,431
Net realized and unrealized gain (loss)	32,953	(79,468)	10,326
Net increase (decrease) in net assets resulting from operations	$231,014	$48,542	$83,255
Per share information—basic and diluted
Net investment income (loss) per share (basic and diluted)	$2.67	$2.08	$2.34
Earnings (loss) per share (basic and diluted)	$3.11	$0.79	$2.67
Weighted average shares outstanding	74,239,743	61,676,363	31,159,302

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.