STOCK TITAN
  1. Home
  2. Financials
  3. MSDL

MORGAN STANLEY DIRECT LENDING Financials

MSDL
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows MORGAN STANLEY DIRECT LENDING (MSDL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI MSDL FY2025

FY2025 cash generation improved, but the dominant mechanic is a more leveraged balance sheet earning less on roughly the same asset base than before.

Between FY2024 and FY2025, operating cash flow swung from -$382.5M to $150.9M even as net income fell from $215.6M to $122.1M. With assets still sitting near $3.9B, that reversal points less to stronger earning power than to a pause in balance-sheet expansion or more portfolio cash coming back in.

Returns compressed over the last three years. ROE fell from 13.4% in FY2023 to 7.0% in FY2025. Leverage crept higher as debt-to-equity rose from 0.9x to 1.2x, so each equity dollar is carrying more borrowing but producing a thinner profit stream.

Cash is a thin cushion at $81.4M against nearly $3.9B of assets, so day-to-day flexibility appears to rely more on portfolio turnover and financing capacity than on idle liquidity. Dividend outflows outpaced earnings: $184.0M paid versus $122.1M earned, which helps explain why equity slipped even without meaningful asset growth.

Generated by Rhea from SEC filings [ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 18 / 100
Financial Profile 18/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of MORGAN STANLEY DIRECT LENDING's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage
78

MORGAN STANLEY DIRECT LENDING carries a low D/E ratio of 1.19, meaning only $1.19 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 78/100, indicating a strong balance sheet with room for future borrowing.

Returns
33

MORGAN STANLEY DIRECT LENDING's ROE of 7.0% shows moderate profitability relative to equity, earning a score of 33/100. This is down from 11.7% the prior year.

Piotroski F-Score Neutral
4/9

MORGAN STANLEY DIRECT LENDING passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality Cash-Backed
1.24x

For every $1 of reported earnings, MORGAN STANLEY DIRECT LENDING generates $1.24 in operating cash flow ($150.9M OCF vs $122.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue
N/A
EBITDA
N/A
Net Income
$122.1M
YoY-43.4%

MORGAN STANLEY DIRECT LENDING reported $122.1M in net income in fiscal year 2025. This represents a decrease of 43.4% from the prior year.

EPS (Diluted)
$1.40
YoY-42.4%

MORGAN STANLEY DIRECT LENDING earned $1.40 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 42.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow
N/A
Cash & Debt
$81.4M
YoY+28.5%

MORGAN STANLEY DIRECT LENDING held $81.4M in cash against $2.1B in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
86M
YoY-2.5%

MORGAN STANLEY DIRECT LENDING had 86M shares outstanding in fiscal year 2025. This represents a decrease of 2.5% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
N/A
Net Margin
N/A
Return on Equity
7.0%
YoY-4.7pp

MORGAN STANLEY DIRECT LENDING's ROE was 7.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 4.7 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
$42.0M
YoY+132.3%

MORGAN STANLEY DIRECT LENDING spent $42.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 132.3% from the prior year.

Capital Expenditures
N/A

MSDL Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Cost of Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A N/A N/A N/A N/A
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses N/A N/A N/A N/A N/A N/A N/A N/A
Operating Income N/A N/A N/A N/A N/A N/A N/A N/A
Interest Expense $30.7M N/A $33.9M-2.3% $34.7M+1.5% $34.2M N/A $33.2M+13.1% $29.3M
Income Tax N/A N/A N/A N/A N/A N/A N/A N/A
Net Income -$4.5M N/A $27.6M-23.5% $36.1M+21.7% $29.7M N/A $53.2M-9.9% $59.0M
EPS (Diluted) $-0.05 N/A $0.32-22.0% $0.41+20.6% $0.34 N/A $0.60-9.1% $0.66

MSDL Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $3.8B-2.4% $3.9B-0.3% $3.9B+0.3% $3.9B+0.2% $3.9B0.0% $3.9B+3.1% $3.8B+3.8% $3.7B
Current Assets N/A N/A N/A N/A N/A N/A N/A N/A
Cash & Equivalents $80.7M-1.0% $81.4M+24.4% $65.5M+25.4% $52.2M-24.8% $69.4M+9.5% $63.4M-29.9% $90.4M-4.8% $95.0M
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable N/A N/A N/A N/A N/A N/A N/A N/A
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $2.1B-1.7% $2.2B+0.5% $2.2B+1.4% $2.1B+1.8% $2.1B+1.2% $2.1B+6.7% $1.9B+8.1% $1.8B
Current Liabilities N/A N/A N/A N/A N/A N/A N/A N/A
Long-Term Debt $2.1B-1.6% $2.1B+0.7% $2.1B+1.1% $2.1B+2.1% $2.0B+1.8% $2.0B+7.2% $1.8B+10.6% $1.7B
Total Equity $1.7B-3.3% $1.7B-1.3% $1.8B-1.0% $1.8B-1.5% $1.8B-1.3% $1.8B-0.6% $1.9B-0.4% $1.9B
Retained Earnings -$62.5M-218.7% -$19.6M+68.6% -$62.5M-891.6% $7.9M-48.3% $15.3M-48.4% $29.6M-0.6% $29.8M-0.8% $30.0M

MSDL Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow $86.3M+60.6% $53.8M+37.8% $39.0M+62.3% $24.0M-29.5% $34.1M+132.4% -$105.2M+10.1% -$117.0M-9.7% -$106.7M
Capital Expenditures N/A N/A N/A N/A N/A N/A N/A N/A
Free Cash Flow N/A N/A N/A N/A N/A N/A N/A N/A
Investing Cash Flow N/A N/A N/A N/A N/A N/A N/A N/A
Financing Cash Flow -$87.1M-131.1% -$37.7M-46.0% -$25.8M+20.1% -$32.3M+12.8% -$37.1M-147.4% $78.1M-30.6% $112.5M-17.8% $136.9M
Dividends Paid $43.1M-0.6% $43.4M-0.2% $43.5M-1.2% $44.0M-17.2% $53.1M-0.6% $53.4M+19.7% $44.6M+31.9% $33.8M
Share Buybacks $14.7M+61.5% $9.1M+220.5% $2.8M-86.1% $20.4M+112.1% $9.6M-4.4% $10.1M+25.7% $8.0M $0

MSDL Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin N/A N/A N/A N/A N/A N/A N/A N/A
Operating Margin N/A N/A N/A N/A N/A N/A N/A N/A
Net Margin N/A N/A N/A N/A N/A N/A N/A N/A
Return on Equity -0.3% N/A 1.6%-0.5pp 2.0%+0.4pp 1.6% N/A 2.9%-0.3pp 3.2%
Return on Assets -0.1% N/A 0.7%-0.2pp 0.9%+0.2pp 0.8% N/A 1.4%-0.2pp 1.6%
Current Ratio N/A N/A N/A N/A N/A N/A N/A N/A
Debt-to-Equity 1.21+0.0 1.19+0.0 1.17+0.0 1.15+0.0 1.11+0.0 1.07+0.1 0.99+0.1 0.89
FCF Margin N/A N/A N/A N/A N/A N/A N/A N/A

Similar Companies

FS Credit Opportunities Corp FSCO
$1.0B
BlackRock Science and Technology Term Trust BSTZ
$1.9B
BlackRock Municipal 2030 Target Term BTT
$1.4B
DoubleLine Income Solutions Fund DSL
$1.3B
Central Securities Corporation CET
$1.6B

Frequently Asked Questions

Yes, MORGAN STANLEY DIRECT LENDING (MSDL) reported a net income of $122.1M in fiscal year 2025.

MORGAN STANLEY DIRECT LENDING (MSDL) reported diluted earnings per share of $1.40 for fiscal year 2025. This represents a -42.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

As of fiscal year 2025, MORGAN STANLEY DIRECT LENDING (MSDL) had $81.4M in cash and equivalents against $2.1B in long-term debt.

MORGAN STANLEY DIRECT LENDING (MSDL) has a return on equity of 7.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

MORGAN STANLEY DIRECT LENDING (MSDL) generated $150.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

MORGAN STANLEY DIRECT LENDING (MSDL) had $3.9B in total assets as of fiscal year 2025, including both current and long-term assets.

Yes, MORGAN STANLEY DIRECT LENDING (MSDL) spent $42.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

MORGAN STANLEY DIRECT LENDING (MSDL) had 86M shares outstanding as of fiscal year 2025.

MORGAN STANLEY DIRECT LENDING (MSDL) had a debt-to-equity ratio of 1.19 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

MORGAN STANLEY DIRECT LENDING (MSDL) had a return on assets of 3.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

MORGAN STANLEY DIRECT LENDING (MSDL) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

MORGAN STANLEY DIRECT LENDING (MSDL) has an earnings quality ratio of 1.24x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

MORGAN STANLEY DIRECT LENDING (MSDL) scores 18 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

Back to top