Morgan Stanley Direct Lending Fund
NYSE: MSDL · FINANCIAL SERVICES · ASSET MANAGEMENT
Updated 2026-06-05
Morgan Stanley Direct Lending Fund (MSDL) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $23.47M | $98.62M | $100.22M | $328.13M | $332.52M | $386.99M |
| Revenue growth (YoY) | — | — | +320.2% | +1.6% | +227.4% | +1.3% | +16.4% |
| Cost of revenue | — | $3.73M | $21.02M | $67.18M | $112.88M | $122.93M | $73.42M |
| Gross profit | — | $19.74M | $77.61M | $33.03M | $215.25M | $209.59M | $313.57M |
| Gross margin | — | 84.1% | 78.7% | 33.0% | 65.6% | 63.0% | 81.0% |
| R&D | — | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| SG&A | — | $2.68M | $4.57M | $4.15M | $5.63M | $7.56M | $8.30M |
| Operating income | $-2.31M | $18.30M | $83.33M | $48.88M | $232.53M | $218.00M | $258.09M |
| Operating margin | — | 78.0% | 84.5% | 48.8% | 70.9% | 65.6% | 66.7% |
| EBITDA | $-1.16M | $18.30M | $83.33M | $48.88M | $232.53M | $218.00M | $258.23M |
| EBITDA margin | — | 78.0% | 84.5% | 48.8% | 70.9% | 65.6% | 66.7% |
| EBIT | $-2.31M | $19.99M | $86.91M | $102.59M | $155.26M | — | $0.00 |
| Interest expense | — | $3.73M | $21.02M | $67.18M | $112.88M | $122.93M | $136.13M |
| Income tax | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $-1.16M | $18.30M | $83.25M | $48.54M | $231.01M | $215.56M | $122.09M |
| Net income growth (YoY) | — | +1682.9% | +355.0% | -41.7% | +375.9% | -6.7% | -43.4% |
| Profit margin | — | 78.0% | 84.4% | 48.4% | 70.4% | 64.8% | 31.5% |
Frequently asked questions
What is Morgan Stanley Direct Lending Fund's revenue?
Morgan Stanley Direct Lending Fund's trailing twelve-month revenue is $384.89M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is MSDL?
In its most recent fiscal year, MSDL ran a gross margin of 81.03%, an operating margin of 66.69%, and a net margin of 31.55%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does MSDL generate?
MSDL produced $150.90M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is MSDL's balance sheet healthy?
MSDL holds $81.43M in cash and equivalents against — in long-term debt, on $1.75B of shareholder equity. That debt is best read against the cash flow the business throws off each year.