Morgan Stanley Direct Lending Fund Quarterly Cash Flow Statement
NYSE: MSDLFinancial ServicesAsset ManagementUSD
At close: Oct 9, 4:00 PM ET · Delayed 15 min
Morgan Stanley Direct Lending Fund free cash flow
In the quarter ended Jun 30, 2026, Morgan Stanley Direct Lending Fund generated $103.8 million of operating cash flow. That left free cash flow of $103.8 million. Free cash flow was up 331.9% from the prior year's $24.0 million.
Morgan Stanley Direct Lending Fund returned $50.9 million to shareholders: $38.4 million in dividends and $12.5 million in share repurchases, equal to 49% of free cash flow. Free cash flow covered dividend payments 2.7 times.
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Morgan Stanley Direct Lending Fund cash flow statement (quarterly)
| Quarter (USD) | Q2 20262026-06-30 | Q1 20262026-03-31 | Q4 20252025-12-31 | Q3 20252025-09-30 | Q2 20252025-06-30 | Q1 20252025-03-31 | Q4 20242024-12-31 | Q3 20242024-09-30 | Q2 20242024-06-30 | Q1 20242024-03-31 | Q4 20232023-12-31 | Q3 20232023-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 7.93M | -4.51M | 28.73M | 27.60M | 36.10M | 29.67M | 51.63M | 53.21M | 59.05M | 51.68M | 57.39M | 73.41M |
| Net Income growth (YoY) | -78.04% | -115.20% | -44.36% | -48.12% | -38.87% | -42.59% | -10.03% | -27.52% | +4.61% | +18.06% | +185.27% | +677.46% |
| Change in Working Capital | 4.77M | 5.23M | 6.13M | -5.79M | 2.27M | -2.65M | 139.00K | -43.00K | 19.00K | -247.00K | 23.83M | -23.50M |
| Operating Cash Flow | 103.81M | 86.35M | 53.75M | 39.01M | 24.03M | 34.10M | -105.16M | -117.03M | -106.67M | -53.66M | 22.95M | -99.33M |
| Dividends Paid | -38.41M | -43.14M | -43.41M | -43.48M | -44.01M | -53.14M | -53.44M | -44.63M | -33.83M | -37.18M | -31.19M | -29.76M |
| Share Repurchases | -12.50M | -14.71M | -9.11M | -2.84M | -20.39M | -9.62M | -10.06M | -8.00M | 0 | 0 | 0 | — |
| Debt Issued | 95.00M | 196.00M | 161.00M | 451.00M | 747.35M | 193.00M | 220.63M | 243.50M | 623.34M | 102.00M | 70.00M | 278.00M |
| Debt Repaid | -158.25M | -225.00M | -146.00M | -427.00M | -711.00M | -163.00M | -79.00M | -77.00M | -444.00M | -112.00M | -293.00M | -115.00M |
| Financing Cash Flow | -118.61M | -87.11M | -37.70M | -25.82M | -32.31M | -37.06M | 78.11M | 112.49M | 136.87M | 48.71M | -41.33M | 134.57M |
| Net Change in Cash | -14.81M | -767.00K | 16.06M | 13.18M | -8.28M | -2.96M | -27.04M | -4.54M | 30.20M | -4.94M | -18.38M | 35.23M |
| Free Cash Flow | 103.81M | 86.35M | 53.75M | 39.01M | 24.03M | 34.10M | -105.16M | -117.03M | -106.67M | -53.66M | 22.95M | -99.33M |
This table shows 12 quarterly periods of Morgan Stanley Direct Lending Fund's cash flow statement, from Q2 2026 back to Q3 2023, across 10 line items including net income, change in working capital, operating cash flow. Values in USD; B = billions, M = millions. Fiscal periods follow MSDL's reporting calendar. What is a cash flow statement?