Morgan Stanley Direct Lending Fund

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

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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$14.00+0.3%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows

	For the Year Ended
	December 31, 2024	December 31, 2023	December 31, 2022
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$215,564	$231,014	$48,542
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	(11,904)	(32,835)	80,005
Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	108	—	—
Net unrealized (appreciation) depreciation on interest rate swap attributed to unsecured notes	10	—	—
Net realized (gain) loss on investments	16,480	(118)	(537)
Net realized (gain) loss on foreign currency and other transactions	(13)	—	—
Net accretion of discount and amortization of premium on investments	(14,866)	(11,314)	(11,418)
Payment-in-kind interest and dividend capitalized	(13,073)	(6,069)	(2,714)
Amortization of deferred financing costs	3,726	3,249	3,735
Amortization of debt issuance costs and original issuance discount on unsecured notes	3,853	2,548	1,551
Purchases of investments and change in payable for investments purchased	(1,232,200)	(632,097)	(945,209)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid	657,194	362,493	393,780
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments	(1,670)	(7,973)	(9,171)
(Increase) decrease in prepaid expenses and other assets	(132)	(13)	228
(Decrease) increase in payable to affiliates	(2,841)	784	(2,345)
(Decrease) increase in management fees payable	5,030	229	477
(Decrease) increase in incentive fees payable	(2,810)	3,648	(541)
(Decrease) increase in interest payable	2,382	1,804	13,738
(Decrease) increase in accrued expenses and other liabilities	1,626	826	44
Net cash provided by (used in) operating activities	(373,536)	(83,824)	(429,835)
Cash flows from financing activities:
Borrowings on debt	1,189,469	408,000	1,566,175
Repayments on debt	(712,000)	(438,000)	(1,284,850)
Deferred financing costs paid	(5,907)	(9,942)	(4,006)
Debt issuance costs paid	(4,114)	—	(9,259)
Dividends paid in cash	(169,083)	(110,497)	(85,748)
Proceeds from issuance of common stock, net of underwriting & offering costs	95,888	222,753	254,585
Repurchases of common stock	(18,062)	—	—
Net cash provided by (used in) financing activities	376,191	72,314	436,897
Net increase (decrease) in cash, cash equivalents and restricted cash	2,655	(11,510)	7,062

Consolidated Statements of Cash Flows

Effect of foreign exchange rate changes on cash	12	—	—
Cash, cash equivalents and restricted cash, beginning of period	69,705	81,215	74,153
Cash, cash equivalents and restricted cash, end of period	$72,372	$69,705	$81,215

Supplemental information and non-cash activities:
Excise tax paid	$1,516	$361	$57
Interest expense paid	$112,955	$105,282	$48,565
Reinvestment of dividends	$23,385	$41,885	$30,322
Dividends payable	$53,229	$49,968	$33,058
Non-cash purchases of investments	$(24,930)	$—	$—
Non-cash sales of investments	$24,930	$—	$—
Subscriptions receivable	$—	$41	$2,556

ContentsView on SEC.gov

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