Morgan Stanley Direct Lending Fund
For the period ended Dec 31, 2023. Filed Mar 1, 2024.
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FY2023 · Filed Mar 1, 2024
MSDL$14.00+0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| For the Year Ended | |||
|---|---|---|---|
| December 31, 2023 | December 31, 2022 | December 31, 2021 | |
| Cash flows from operating activities: | |||
| Net increase (decrease) in net assets resulting from operations | $231,014 | $48,542 | $83,255 |
| 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 | (32,835) | 80,005 | (8,431) |
| Net realized (gain) loss on investments | (118) | (537) | (1,895) |
| Net accretion of discount and amortization of premium on investments | (11,314) | (11,418) | (10,133) |
| Payment-in-kind interest and dividend capitalized | (6,069) | (2,714) | (1,179) |
| Amortization of deferred financing costs | 3,249 | 3,735 | 2,913 |
| Amortization of debt issuance costs and original issuance discount on Unsecured Notes | 2,548 | 1,551 | — |
| Amortization of deferred offering costs | — | — | 24 |
| Purchases of investments and change in payable for investments purchased | (632,097) | (945,209) | (2,113,463) |
| Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid | 362,493 | 393,780 | 384,486 |
| Changes in operating assets and liabilities: | |||
| (Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments | (7,973) | (9,171) | (9,460) |
| (Increase) decrease in prepaid expenses and other assets | (13) | 228 | (70) |
| (Decrease) increase in payable to affiliates | 784 | (2,345) | 2,571 |
| (Decrease) increase in management fees payable | 229 | 477 | 1,011 |
| (Decrease) increase in incentive fees payable | 3,648 | (541) | 5,770 |
| (Decrease) increase in interest payable | 1,804 | 13,738 | 2,127 |
| (Decrease) increase in accrued expenses and other liabilities | 826 | 44 | 1,186 |
| Net cash provided by (used in) operating activities | (83,824) | (429,835) | (1,661,288) |
| Cash flows from financing activities: | |||
| Borrowings on debt | 408,000 | 1,566,175 | 1,514,000 |
| Repayments on debt | (438,000) | (1,284,850) | (598,000) |
| Deferred financing costs paid | (9,942) | (4,006) | (8,204) |
| Debt issuance costs paid | — | (9,259) | — |
| Dividends paid in cash | (110,497) | (85,748) | (38,217) |
| Proceeds from issuance of common stock | 222,753 | 254,585 | 854,605 |
| Offering costs paid | — | — | (6) |
| Net cash provided by (used in) financing activities | 72,314 | 436,897 | 1,724,178 |
| Net increase (decrease) in cash | (11,510) | 7,062 | 62,890 |
| Cash, beginning of period | 81,215 | 74,153 | 11,263 |
| Cash, end of period | $69,705 | $81,215 | $74,153 |
| Supplemental information and non-cash activities: | |||
|---|---|---|---|
| Excise tax paid | $361 | $57 | $5 |
| Interest expense paid | $105,282 | $48,565 | $14,956 |
| Reinvestment of dividends | $41,885 | $30,322 | $13,572 |
| Subscriptions receivable | $41 | $2,556 | $7,850 |
| Dividends payable | $49,968 | $33,058 | $29,691 |
| Accrued but unpaid deferred financing costs | $— | $— | $1,487 |
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