Income Statement - Morgan Stanley Direct Lending Fund (MSDL)
$(Billion, Million)| Dec-25 | Dec-24 | Dec-23 | Dec-22 | Dec-21 | Dec-20 | Dec-19 | |
|---|---|---|---|---|---|---|---|
| Total revenue | 386.99 | 332.52 | 328.13 | 100.22 | 98.62 | 23.47 | |
| Cost of revenue | 73.42 | 122.93 | 112.88 | 67.18 | 21.02 | 3.73 | |
| Gross profit | 313.57 | 209.59 | 215.25 | 33.03 | 77.61 | 19.74 | |
| Total operating expenses | 55.48 | -8.41 | -17.29 | -15.84 | -5.73 | 1.45 | 0.00 |
| Operating income | 258.09 | 218.00 | 232.53 | 48.88 | 83.34 | 18.30 | -2.31 |
| Non-operating income (net) | -136.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.16 |
| Income before tax | 122.09 | 218.00 | 232.53 | 48.88 | 83.34 | 18.30 | -1.16 |
| Income tax expense | 2.44 | 1.52 | 0.33 | 0.08 | 22.02 | -1.16 | |
| Net income | 122.09 | 215.56 | 231.01 | 48.54 | 83.26 | 18.30 | -1.16 |
Show Quarterly Income Statement
Income Statement - Morgan Stanley Direct Lending Fund (MSDL)
$(Billion, Million)| Mar-26 | Dec-25 | Sep-25 | Jun-25 | Mar-25 | Dec-24 | Sep-24 | Jun-24 | Mar-24 | Dec-23 | Sep-23 | Jun-23 | Mar-23 | Dec-22 | Sep-22 | Jun-22 | Mar-22 | Dec-21 | Sep-21 | Jun-21 | Mar-21 | Dec-20 | Sep-20 | Jun-20 | Mar-20 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total revenue | 75.06 | 86.92 | 64.68 | 73.04 | 65.44 | 84.03 | 85.00 | 86.92 | 76.57 | 82.86 | 98.80 | 79.96 | 66.51 | 40.17 | 24.31 | 6.60 | 29.13 | 31.88 | 26.56 | 23.28 | 16.90 | 11.43 | 6.45 | 5.26 | 0.92 |
| Cost of revenue | 15.29 | 16.94 | 33.90 | 34.71 | 34.18 | 33.21 | 33.15 | 29.30 | 27.26 | 28.62 | 29.69 | 27.91 | 26.67 | 24.45 | 18.60 | 13.78 | 10.35 | 7.77 | 6.27 | 4.22 | 2.76 | 2.43 | 1.46 | 0.64 | 0.09 |
| Gross profit | 59.77 | 69.99 | 30.78 | 38.34 | 31.26 | 50.82 | 51.85 | 57.62 | 49.31 | 54.24 | 69.12 | 52.05 | 39.84 | 15.72 | 5.71 | -7.18 | 18.79 | 24.11 | 20.29 | 19.06 | 14.14 | 9.00 | 4.99 | 4.62 | 0.83 |
| Total operating expenses | 33.60 | 7.92 | 2.78 | 2.04 | 0.96 | -1.81 | -1.86 | -1.93 | -2.81 | -4.67 | -4.29 | -4.39 | -3.94 | -4.73 | -3.73 | -3.92 | -3.46 | -2.38 | -1.95 | -0.84 | -0.56 | -2.76 | -2.60 | -1.32 | 4.10 |
| Operating income | 26.16 | 62.07 | 28.00 | 36.30 | 30.30 | 52.63 | 53.71 | 59.55 | 52.12 | 58.91 | 73.41 | 56.44 | 43.78 | 20.45 | 9.44 | -3.26 | 22.25 | 26.50 | 22.24 | 19.90 | 14.71 | 11.76 | 7.59 | 5.94 | -3.26 |
| Non-operating income (net) | -30.67 | -33.34 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -1.52 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -1.68 | -0.97 | -0.66 | -0.42 |
| Income before tax | -4.51 | 28.73 | 28.00 | 36.30 | 30.30 | 52.63 | 53.71 | 59.55 | 52.12 | 57.39 | 73.41 | 56.44 | 43.78 | 20.45 | 9.44 | -3.26 | 22.25 | 26.50 | 22.24 | 19.90 | 14.71 | 10.08 | 6.62 | 5.28 | -3.68 |
| Income tax expense | 0.40 | 0.20 | 0.63 | 1.00 | 0.50 | 0.50 | 0.44 | 0.33 | 0.08 | 0.01 | |||||||||||||||
| Net income | -4.51 | 28.73 | 27.60 | 36.10 | 29.67 | 51.63 | 53.21 | 59.05 | 51.68 | 57.39 | 73.41 | 56.44 | 43.78 | 20.12 | 9.44 | -3.26 | 22.25 | 26.42 | 22.24 | 19.90 | 14.70 | 10.08 | 6.62 | 5.28 | -3.68 |