Morgan Stanley Direct Lending Fund

	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19
Total revenue	0.39	0.33	0.33	0.10	0.10	0.02
Cost of revenue	0.07	0.12	0.11	0.07	0.02	0.00
Gross profit	0.31	0.21	0.22	0.03	0.08	0.02
Total operating expenses +	0.06	-0.01	-0.02	-0.02	-0.01	0.00	0.00
Selling, general and administrative	0.01	0.01	0.01	0.00	0.00	0.00
Research and development			0.00	0.00	0.00	0.00
Other operating expenses	0.05	-0.02	-0.02	-0.02	-0.01	0.00	0.00
Operating income	0.26	0.22	0.23	0.05	0.08	0.02	0.00
Non-operating income (net)	-0.14	0.00	0.00	0.00	0.00	0.00	0.00
Income before tax	0.12	0.22	0.23	0.05	0.08	0.02	0.00
Income tax expense		0.00	0.00	0.00	0.00	0.02	0.00
Net income	0.12	0.22	0.23	0.05	0.08	0.02	0.00

Show Quarterly Income Statement

	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	0.08	0.09	0.06	0.07	0.07	0.08	0.09	0.09	0.08	0.08	0.10	0.08	0.07	0.04	0.02	0.01	0.03	0.03	0.03	0.02	0.02	0.01	0.01	0.01	0.00
Cost of revenue	0.02	0.02	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.02	0.02	0.01	0.01	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00
Gross profit	0.06	0.07	0.03	0.04	0.03	0.05	0.05	0.06	0.05	0.05	0.07	0.05	0.04	0.02	0.01	-0.01	0.02	0.02	0.02	0.02	0.01	0.01	0.00	0.00	0.00
Total operating expenses +	0.03	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, general and administrative	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Research and development
Other operating expenses	0.03	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.01	-0.01	-0.01	-0.01	-0.01	-0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating income	0.03	0.06	0.03	0.04	0.03	0.05	0.05	0.06	0.05	0.06	0.07	0.06	0.04	0.02	0.01	0.00	0.02	0.03	0.02	0.02	0.01	0.01	0.01	0.01	0.00
Non-operating income (net)	-0.03	-0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Income before tax	0.00	0.03	0.03	0.04	0.03	0.05	0.05	0.06	0.05	0.06	0.07	0.06	0.04	0.02	0.01	0.00	0.02	0.03	0.02	0.02	0.01	0.01	0.01	0.01	0.00
Income tax expense			0.00	0.00	0.00	0.00	0.00	0.00	0.00					0.00				0.00			0.00
Net income	0.00	0.03	0.03	0.04	0.03	0.05	0.05	0.06	0.05	0.06	0.07	0.06	0.04	0.02	0.01	0.00	0.02	0.03	0.02	0.02	0.01	0.01	0.01	0.01	0.00

4 days ago

Ask a follow up

	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19
Total cash and short-term investments +	0.08	0.07	0.07	0.08	0.07	0.01	0.00
Cash and cash equivalents	0.08	0.07	0.07	0.08	0.07	0.01	0.00
Short-term investments		0.00
Accounts receivable, net	0.03	0.03	0.03	0.02	0.02	0.00
Other current assets		0.00	3.31	2.99	2.49	0.66	0.00
Total current assets	0.11	0.10	0.10	0.10	0.09	0.01	0.00
Total non-current assets +	3.81	3.81	3.21	2.88	2.40	0.64	0.00
Property, plant and equipment, net
Goodwill
Intangible assets
Long-term investments	3.77	3.79	3.19	2.87	2.39	0.64
Other non-current assets
Total assets	3.92	3.91	3.31	2.99	2.49	0.66	0.00

Total current liabilities +	0.08	0.07	0.07	0.05	0.03	0.01	0.00
Accounts payable	0.06	0.07	0.07	0.05	0.03	0.01
Short-term debt			1.50	1.52	1.25	0.33
Current portion of long-term debt
Deferred revenue
Other current liabilities	0.02	-0.07	0.02	-1.57	1.30	-0.34	0.00
Total non-current liabilities +	2.09	2.00	1.52	1.54	1.27	0.34	0.00
Long-term debt
Capital lease obligations
Other non-current liabilities
Total liabilities	2.17	2.07	1.59	1.59	1.30	0.36	0.00

Total stockholders' equity +	1.75	1.84	1.72	1.40	1.19	0.30	0.00
Common stock and paid-in capital	1.77	1.81	1.71	1.45	1.17	0.30	0.00
Retained earnings	-0.02	0.03	0.01	-0.05	0.02	0.00	0.00
Common shares outstanding	87	89	88	88	88	88	3

Show Quarterly Balance Sheet

	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 cash and short-term investments +	0.10	0.08	0.08	0.10	0.07	0.07	0.09	0.09	0.06	0.07	0.09	0.05	0.10	0.08	0.06	0.08	0.04	0.07	0.04	0.03	0.06	0.01	0.11	0.09	0.13
Cash and cash equivalents	0.10	0.08	0.07	0.08	0.07	0.07	0.09	0.09	0.06	0.07	0.09	0.05	0.10	0.08	0.06	0.08	0.04	0.07	0.04	0.03	0.06	0.01	0.11	0.09	0.13
Short-term investments			0.01	0.03				0.00
Accounts receivable, net	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.02	0.02	0.02	0.06	0.01	0.01	0.02	0.01	0.01	0.00	0.00	0.00	0.01	0.00
Other current assets	0.02		0.01	0.00		-0.03	-0.03	-0.12	-0.09	3.31	-0.11	-0.08	-0.12	-0.10	-0.12	-0.10	-0.05	-0.09	-0.06	-0.03	-0.07	-0.01	-0.12	-0.10	-0.14
Total current assets	0.10	0.11	0.12	0.10	0.09	0.10	0.12	0.12	0.09	3.41	0.11	0.08	0.12	0.10	0.12	0.10	0.05	0.09							0.00
Total non-current assets +	3.73	3.81	3.81	3.82	3.82	3.81	3.67	3.54	3.31	6.50	3.16	2.99	2.94	2.88	2.76	2.69	2.55	2.40							0.23
Property, plant and equipment, net
Goodwill
Intangible assets
Long-term investments	3.67	3.77	3.78	3.79	3.79	3.79	3.64	3.51	3.29	3.19	3.12	2.98
Other non-current assets
Total assets	3.82	3.92	3.93	3.92	3.91	3.91	3.79	3.66	3.40	3.31	3.28	3.07	3.06	2.99	2.88	2.79	2.60	2.49	1.84	1.39	1.02	0.66	0.46	0.31	0.23

Total current liabilities +	0.08	0.08	0.08	0.06	0.06	0.07	0.08	0.10	0.06	0.09	0.05	0.06	0.04	0.05	0.04	0.05	0.03	0.03	0.04
Accounts payable	0.06	0.06	0.07	0.06	0.06	0.07	0.08	0.10	0.06	0.07	0.05	0.06	0.04	0.05	0.04	0.05	0.03	0.03
Short-term debt					0.00
Current portion of long-term debt
Deferred revenue
Other current liabilities	0.02	0.02	0.02	0.08	0.00	-0.07	0.02	-0.10	-0.06	0.02	-0.05	-0.06	-0.04	-0.05	-0.04	-0.05	-0.03	-0.03	0.04
Total non-current liabilities +	2.06	2.09	2.08	2.07	2.03	2.00	1.86	1.70	1.51	1.59	1.74	1.57	1.60	1.54	1.53	1.49	1.37	1.27	1.09
Long-term debt
Capital lease obligations
Other non-current liabilities
Total liabilities	2.13	2.17	2.16	2.13	2.09	2.07	1.94	1.79	1.56	1.59	1.80	1.63	1.65	1.59	1.57	1.55	1.41	1.30	1.09	0.80	0.63	0.36	0.23	0.19	0.13

Total stockholders' equity +	1.69	1.75	1.77	1.79	1.82	1.84	1.85	1.86	1.84	1.72	1.48	1.44	1.41	1.40	1.31	1.24	1.19	1.19	0.75	0.59	0.39	0.30	0.23	0.12	0.10
Common stock and paid-in capital	1.75	1.77	1.78	1.78	1.80	1.81	1.82	1.83	1.82	1.71	1.48	1.47	1.46	1.45	1.35	1.26	1.18	1.17	0.73	0.58	0.38	0.30	0.23	0.12	0.10
Retained earnings	-0.06	-0.02	-0.01	0.01	0.02	0.03	0.03	0.03	0.02	0.01	0.00	-0.03	-0.05	-0.05	-0.04	-0.02	0.01	0.02	0.02	0.02	0.01	0.00	0.00	0.00	0.00
Common shares outstanding	86	87	87	87	88	89	89	89	87	82	88	88	88	76	88	88	88	88	88	88	88	48	7	5	3

4 days ago

Ask a follow up

	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20
Operating cash flow +	0.15	0.20	0.19	0.12	0.07	0.01
Net income
Depreciation, depletion and amortization	0.03
Stock-based compensation
Change in inventory
Other working capital changes	0.12	0.20	0.19	0.12	0.07	0.01
Cash flow from investing +	0.00	-0.58	-0.27	-0.55	-1.73	-0.63
Capital expenditures	0.00	0.00	0.00	0.00	0.00	0.00
Others incl. marketable securities changes	0.00	-0.58	-0.27	-0.55	-1.73	-0.63
Cash flow from financing +	-0.13	0.38	0.07	0.44	1.72	0.62
Dividend payout	-0.18	-0.17	-0.11	-0.09	-0.04	0.00
Common stock repurchases	-0.04	-0.02	0.00	0.00
Net Debt Issuance	0.09	0.56	0.18	0.52	1.76	0.63

Change in cash	0.02	0.00	-0.01	0.01	0.06	0.01

Show Quarterly Cash Flow

	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
Operating cash flow +	0.09	0.05	0.04	0.04	0.03	-0.10	-0.12	0.08	0.04	0.08	0.01	0.05	0.03	0.04	0.03	0.03	0.02	0.03	0.02	-0.35	-0.28	0.01	0.00	-0.01	0.01
Net income
Depreciation, depletion and amortization	0.03	0.04	-0.02	-0.01	0.01
Stock-based compensation
Change in inventory
Other working capital changes	0.06	0.01	0.06	0.05	0.02	-0.10	-0.12	0.08	0.04	0.08	0.01	0.05	0.03	0.04	0.03	0.03	0.02	0.03	0.02	-0.35	-0.28	0.01	0.00	-0.01	0.01
Cash flow from investing +	0.06	0.00	-0.01	0.00	0.00			-0.18	-0.09	-0.06	-0.11	-0.05	-0.05	-0.10	-0.14	-0.16	-0.15	-0.62	-0.46			-0.33	-0.09	-0.11	-0.09
Capital expenditures	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Others incl. marketable securities changes	0.06	0.00	-0.01	0.00	0.00	0.00	0.00	-0.18	-0.09	-0.06	-0.11	-0.05	-0.05	-0.10	-0.14	-0.16	-0.15	-0.62	-0.46	0.00	0.00	-0.33	-0.09	-0.11	-0.09
Cash flow from financing +	-0.09	-0.04	-0.03	-0.03	-0.04	0.08	0.11	0.14	0.05	-0.04	0.13	-0.06	0.03	0.08	0.10	0.17	0.09	0.62	0.46	0.32	0.33	0.22	0.11	0.08	0.22
Dividend payout	-0.04	-0.04	-0.04	-0.04	-0.05	-0.05	-0.04	-0.03	-0.04	-0.03	-0.03	-0.03	-0.02	-0.02	-0.02	-0.02	-0.02	-0.01	-0.01	-0.01	-0.01	0.00	0.00
Common stock repurchases	-0.01	-0.01	0.00	-0.02	-0.01	-0.01	-0.01	0.00	0.00
Net Debt Issuance	-0.03	0.01	0.02	0.03	0.03	0.14	0.17	0.17	0.09	-0.01	0.16	-0.03	0.06	0.10	0.12	0.19	0.11	0.63	0.47	0.32	0.34	0.22	0.11	0.08	0.22

Change in cash	0.06	0.02	0.00	0.01	0.00	-0.02	0.00	0.03	0.00	-0.02	0.04	-0.05	0.02	0.02	-0.02	0.04	-0.04	0.03	0.02	-0.04	0.05	-0.10	0.02	-0.04	0.13