Morgan Stanley Direct Lending Fund

For the period ended Jun 30, 2025. Filed Aug 7, 2025.

About 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.

Jun 30, 2025 · Filed Aug 7, 2025

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

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Contents

Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

	For the Six Months Ended
	June 30, 2025	June 30, 2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$65,766	$110,729
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	24,859	(5,474)
Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(100)	—
Net unrealized (appreciation) depreciation on interest rate swap attributed to unsecured notes	(61)	(7)
Net realized (gain) loss on investments	(587)	5,517
Net realized (gain) loss on foreign currency and other transactions	(53)	—
Investments in unaffiliated money market fund, net	(18,434)	—
Net accretion of discount and amortization of premium on investments	(8,153)	(7,240)
Payment-in-kind interest and dividend capitalized	(9,054)	(6,461)
Amortization of deferred financing costs	2,011	1,856
Amortization of debt issuance costs and original issuance discount on unsecured notes	2,412	1,532
Purchases of investments and change in payable for investments purchased	(409,840)	(636,580)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid	409,700	361,003
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments	5,301	1,290
(Increase) decrease in interest and dividend receivable from non-controlled/affiliated investments	(46)	—
(Increase) decrease in prepaid expenses and other assets	(385)	(228)
(Decrease) increase in payable to affiliates	67	(1,362)
(Decrease) increase in management fees payable	2,582	4,467
(Decrease) increase in incentive fees payable	323	(1,863)
(Decrease) increase in interest payable	(4,987)	1,841
(Decrease) increase in accrued expenses and other liabilities	(3,185)	10,659
Net cash provided by (used in) operating activities	58,136	(160,321)
Cash flows from financing activities:
Borrowings on debt	940,345	725,335
Repayments on debt	(874,000)	(556,000)
Deferred financing costs paid	(4,366)	(4,539)
Debt issuance costs paid	(4,078)	(4,097)
Dividends paid in cash	(97,145)	(71,005)
Proceeds from issuance of common stock, net of underwriting & offering costs	(123)	95,888
Repurchases of common stock	(30,009)	—
Net cash provided by (used in) financing activities	(69,376)	185,582
Net increase (decrease) in cash, cash equivalents and restricted cash	(11,240)	25,261
Effect of foreign exchange rate changes on cash	60	—
Cash, cash equivalents and restricted cash, beginning of period	63,396	69,705
Cash, cash equivalents and restricted cash, end of period	$52,216	$94,966

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

Supplemental information and non-cash activities:
Excise tax paid	$2,567	$1,457
Interest expense paid	$69,326	$51,339
Reinvestment of dividends	$—	$23,385
Dividends payable	$43,575	$44,704
Non-cash purchases of investments	$(5,010)	$(24,636)
Non-cash sales of investments	$5,010	$24,636

ContentsView on SEC.gov

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