Morgan Stanley Direct Lending Fund

For the period ended Dec 31, 2024. Filed Feb 27, 2025.

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.

FY2024 · Filed Feb 27, 2025

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, 2024	December 31, 2023	December 31, 2022
Investment Income:
From non-controlled/non-affiliated investments:
Interest income	$396,421	$355,530	$223,119
Payment-in-kind	10,709	4,276	1,626
Dividend income	2,591	2,124	1,488
Other income	6,354	5,808	4,360
Total investment income	416,075	367,738	230,593
Expenses:
Interest and other financing expenses	122,928	112,883	67,182
Management fees	35,415	30,550	26,715
Income based incentive fees	43,467	42,012	26,635
Capital gains incentive fees	—	—	(2,441)
Professional fees	6,718	4,470	3,206
Directors’ fees	533	345	362
Administrative service fees	216	178	72
General and other expenses	97	633	510
Total expenses	209,374	191,071	122,241
Expense support (Note 3)	—	—	44
Management fees waiver (Note 3)	(9,936)	(22,913)	(20,036)
Incentive fees waiver (Note 3)	(6,035)	—	—
Net expenses	193,403	168,158	102,249
Net investment income (loss) before taxes	222,672	199,580	128,344
Excise tax expense	2,437	1,519	334
Net investment income (loss) after taxes	220,235	198,061	128,010
Net realized and unrealized gain (loss):
Realized gain (loss):
Net realized gain (loss) on non-controlled/non-affiliated investments	(16,480)	118	537
Foreign currency and other transactions	13	—	—
Net realized gain (loss)	(16,467)	118	537
Net change in unrealized appreciation (depreciation):
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments	11,904	32,835	(80,005)
Translation of assets and liabilities in foreign currencies	(108)	—	—
Net unrealized appreciation (depreciation)	11,796	32,835	(80,005)
Net realized and unrealized gain (loss)	(4,671)	32,953	(79,468)
Net increase (decrease) in net assets resulting from operations	$215,564	$231,014	$48,542
Net investment income (loss) per share (basic and diluted)	$2.48	$2.67	$2.08
Earnings per share (basic and diluted)	$2.43	$3.11	$0.79
Weighted average shares outstanding	88,649,149	74,239,743	61,676,363

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.