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Page: Company Financials

Morgan Stanley Direct Lending Fund

Ticker: MSDL | Industry: Financial - Conglomerates | Sector: Financial Services
$16.32 -0.19 (-1.15%)
As of: 2026-01-23

Master Data Export

Enterprise Value

Metric MRQ MRQ-1 2025 2024 2023 2022 2021 2020
Stock Price 16.08 18.72 18.25 20.93 20.64 20.64 20.64 20.64
Market Capitalization 1,396.46M 1,632.19M 1,597.80M 1,858.30M 1,789.58M 1,759.70M 1,822.08M 327.64M
(-) Cash & Equivalents 65.47M 52.22M 61.09M 79.63M 77.56M 65.21M 52.80M 87.84M
(+) Total Debt 0.00M 2,050.25M 1,353.07M 1,741.53M 1,588.32M 1,467.86M 902.23M 202.64M
Enterprise Value 1,330.99M 3,630.23M 2,889.77M 3,520.20M 3,300.33M 3,162.35M 2,671.50M 442.44M

Income Statement

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31
Revenue 287M 331M 333M 328M 100M 99M 23M 0M
Cost of Revenue 136M 118M 123M 113M 67M 21M 4M 0M
Gross Profit 151M 213M 210M 215M 33M 78M 20M 0M
Gross Profit Margin 52.6% 64.3% 63.0% 65.6% 33.0% 78.7% 84.1% 0.0%
R&D Expenses 0M 0M 0M 0M 0M 0M 0M 0M
SG&A Expenses 9M 7M 8M 6M 4M 5M 3M 0M
Operating Expenses 4M -11M -8M -17M -16M -6M 1M 0M
Operating Income (EBIT) 147M 224M 218M 233M 49M 83M 18M 0M
Operating Income Margin 51.3% 67.7% 65.6% 70.9% 48.8% 84.5% 78.0% 0.0%
Interest Income 395M 405M 407M 360M 225M 109M 20M 0M
Interest Expense 136M 118M 123M 113M 67M 21M 4M 0M
Net Interest Income 259M 286M 284M 247M 158M 88M 17M 0M
Unusual Items -259M -288M -284M -247M -158M -88M -17M -1M
EBT Excluding Unusual Items 406M 511M 502M 479M 206M 172M 35M 0M
Pre-Tax Income 147M 223M 218M 233M 49M 83M 18M -1M
Pre-Tax Margin 51.3% 67.2% 65.6% 70.9% 48.8% 84.5% 78.0% 0.0%
Income Tax Expense 2M 1M 2M 2M 0M 0M 0M -1M
Net Income 145M 221M 216M 231M 49M 83M 18M -1M
Net Income Margin 50.5% 66.8% 64.8% 70.4% 48.4% 84.4% 78.0% 0.0%
Depreciation & Amortization 0M 0M 0M 0M 0M 0M 0M 1M
EBITDA 147M 224M 218M 233M 49M 83M 18M 1M
EBITDA Margin 51.3% 67.7% 65.6% 70.9% 48.8% 84.5% 78.0% 0.0%
NOPAT 145M 223M 216M 231M 49M 83M 18M 0M
NOPAT Margin 50.5% 67.3% 64.8% 70.4% 48.4% 84.4% 78.0% 0.0%
Owner's Earnings 145M 221M 216M 231M 49M 83M 18M 0M
Owner's Earnings Margin 50.5% 66.8% 64.8% 70.4% 48.4% 84.4% 78.0% 0.0%
EPS (Basic) 1.65 2.55 2.43 2.62 0.55 0.94 0.21 -0.37
EPS (Diluted) 1.65 2.54 2.41 2.62 0.55 0.94 0.21 -0.37
Shares (Basic) 88M 87M 89M 88M 88M 88M 88M 3M
Shares (Diluted) 88M 87M 89M 88M 88M 88M 88M 3M

Balance Sheet

Metric MRQ MRQ-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31
Cash & Cash Equivalents 65.47M 75.81M 70.37M 69.71M 81.22M 74.15M 11.26M 0.04M
Short-Term Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Cash & Short-Term Investments 65.47M 75.81M 70.37M 69.71M 81.22M 74.15M 11.26M 0.04M
Net Receivables 29.89M 25.43M 31.02M 29.10M 23.66M 19.89M 2.36M 0.00M
Inventory 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Current Assets 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -0.04M
Total Current Assets 95.37M 101.24M 101.40M 98.80M 104.87M 94.04M 13.62M 0.00M
Property, Plant & Equipment 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Goodwill 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Intangible Assets 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Long-Term Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Tax Assets 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Non-Current Assets 0.00M 3,820.65M 3,810.62M 3,207.93M 2,881.25M 2,399.23M 643.18M 0.00M
Other Assets 3,836.92M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 1.46M
Total Non-Current Assets 3,836.92M 3,820.65M 3,810.62M 3,207.93M 2,881.25M 2,399.23M 643.18M 1.46M
Total Assets 3,932.28M 3,921.89M 3,912.02M 3,306.73M 2,986.12M 2,493.27M 656.81M 1.46M
Accounts Payable 0.00M 59.79M 74.63M 68.80M 50.08M 32.97M 10.32M 0.00M
Short-Term Debt 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Tax Payables 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Deferred Revenue 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Current Liabilities 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Total Current Liabilities 0.00M 59.79M 74.63M 68.80M 50.08M 32.97M 10.32M 0.00M
Long-Term Debt 0.00M 2,050.25M 1,973.48M 1,496.03M 1,523.48M 1,249.85M 333.85M 0.00M
Capital Lease Obligations 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Deferred Tax Liabilities 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Non-Current Liabilities 0.00M 21.54M 21.76M 20.75M 15.27M 21.86M 11.02M 0.00M
Total Non-Current Liabilities 0.00M 2,071.80M 1,995.24M 1,516.78M 1,538.74M 1,271.71M 344.87M 0.00M
Total Liabilities 0.00M 2,131.59M 2,069.86M 1,585.58M 1,588.82M 1,304.69M 355.19M 0.00M
Preferred Stock 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Common Stock 0.09M 0.09M 0.09M 0.08M 0.07M 0.06M 0.02M 0.00M
Retained Earnings 0.00M 7.90M 29.62M 8.46M -54.78M 15.78M 4.70M -1.16M
Accumulated OCI 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Minority Interest 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Total Shareholders’ Equity 0.09M 7.99M 29.71M 8.54M -54.71M 15.84M 4.72M -1.16M
Total Equity 0.09M 7.99M 29.71M 8.54M -54.71M 15.84M 4.72M -1.16M
Total Liabilities & Equity 0.09M 2,139.58M 2,099.58M 1,594.13M 1,534.11M 1,320.53M 359.90M -1.16M
Tangible Assets 3,932.28M 3,921.89M 3,912.02M 3,306.73M 2,986.12M 2,493.27M 656.81M 1.46M
Tangible Equity 0.09M 7.99M 29.71M 8.54M -54.71M 15.84M 4.72M -1.16M
Tangible Book Value 0.09M 7.99M 29.71M 8.54M -54.71M 15.84M 4.72M -1.16M
Total Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Debt -65.47M 1,974.45M 1,903.11M 1,426.33M 1,442.26M 1,175.70M 322.59M -0.04M

Capital Metrics

Metric MRQ MRQ-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31
Working Capital 95.4M 41.4M 26.8M 30.0M 54.8M 61.1M 3.3M 0.0M
Total Capital 1,771.6M 3,840.6M 3,815.6M 3,217.2M 2,920.8M 2,438.4M 635.5M -1.1M
Capital Employed 3,932.3M 3,862.1M 3,837.4M 3,237.9M 2,936.0M 2,460.3M 646.5M 1.5M
Invested Capital 1,706.1M 3,764.7M 3,745.3M 3,147.5M 2,839.6M 2,364.3M 624.2M -1.2M

Cash Flow Statement

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Net Income 145.00M 221.32M 215.56M 231.01M 48.54M 83.26M 18.30M
Depreciation & Amortization -7.65M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Deferred Income Tax 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Stock-Based Compensation 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Change in Working Capital 3.28M 28.91M 1.59M -0.70M 2.43M 3.14M 4.08M
Accounts Receivable 1.99M -5.62M -1.67M -7.97M -9.17M -9.46M -2.28M
Inventory 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Accounts Payable 1.19M 2.61M 2.22M 3.88M -0.06M 6.78M 3.18M
Other Working Capital 0.10M 31.92M 1.04M 3.40M 11.67M 5.81M 3.18M
Other Non-Cash Items -127.49M -167.30M -15.68M -44.54M 70.62M -18.70M -9.95M
Net Cash from Operating Activities 13.13M 82.93M 201.47M 185.78M 121.59M 67.69M 12.43M
Capital Expenditures (PPE) 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Acquisitions (Net) 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Purchases of Investments -802.03M -1,291.83M -1,232.20M -632.10M -945.21M -2,113.46M -714.66M
Sales / Maturities of Investments 639.93M 804.26M 657.19M 362.49M 393.78M 384.49M 88.88M
Other Investing Activities 151.00M 150.23M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Cash from Investing Activities -11.10M -337.34M -575.01M -269.60M -551.43M -1,728.98M -625.78M
Net Debt Issuance 224.53M 112.84M 467.45M -30.00M 281.33M 916.00M 333.85M
Long-Term Debt Issuance 224.55M 112.84M 467.45M -30.00M 281.33M 916.00M 333.85M
Short-Term Debt Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Stock Issuance -43.08M 300.75M 77.83M 222.75M 254.59M 854.61M 297.35M
Common Stock Issuance 0.00M 308.75M 95.89M 222.75M 254.59M 854.61M 297.35M
Common Stock Repurchased -43.08M -8.00M -18.06M 0.00M 0.00M 0.00M 0.00M
Preferred Stock Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Dividends Paid -194.07M -146.83M -169.08M -110.50M -85.75M -38.22M -3.74M
Common Dividends Paid -150.59M -146.83M 0.00M -110.50M -85.75M -38.22M -3.74M
Preferred Dividends Paid 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Financing Activities -4.47M -10.01M 0.00M -9.94M -13.27M -8.21M -2.88M
Net Cash from Financing Activities -17.09M 256.75M 376.19M 72.31M 436.90M 1,724.18M 624.58M
Effect of FX on Cash -9.91M 0.00M 0.01M 0.00M 0.00M 0.00M 0.00M
Net Change in Cash -24.96M 2.34M 2.67M -11.51M 7.06M 62.89M 11.23M
Cash at Beginning of Period 284.42M 317.52M 69.71M 81.22M 74.15M 11.26M 0.04M
Cash at End of Period 259.46M 319.86M 72.37M 69.71M 81.22M 74.15M 11.26M
Operating Cash Flow 13.13M 82.93M 201.47M 185.78M 121.59M 67.69M 12.43M
Capital Expenditure 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Free Cash Flow 13.13M 82.93M 201.47M 185.78M 121.59M 67.69M 12.43M

Free Cash Flow

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
EBITDA 142.31M 206.17M 202.03M 209.62M 28.88M 73.04M 17.07M
(-) Tax Adjustment 2.15M 1.33M 2.26M 1.37M 0.20M 0.07M 0.00M
(-) Change In Working Capital 3.28M 28.91M 1.59M -0.70M 2.43M 3.14M 4.08M
(-) Capital Expenditure 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Unlevered Free Cash Flow 136.88M 175.93M 198.19M 208.95M 26.26M 69.83M 12.98M
(-) Net Interest Income After Taxes 255.15M 284.62M 281.02M 245.31M 156.49M 88.20M 16.55M
Net Debt Issuance 224.53M 112.84M 467.45M -30.00M 281.33M 916.00M 333.85M
Levered Free Cash Flow 106.26M 4.14M 384.61M -66.36M 151.10M 897.63M 330.28M