Morgan Stanley Direct Lending Fund (MSDL) Cash from Operations (2022 - 2026)
Morgan Stanley Direct Lending Fund (MSDL) reported Cash from Operations of $103.81 million for Q2 2026, up 331.9% from $24.03 million a year earlier and up 20.2% from the prior quarter.
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Analysis
Morgan Stanley Direct Lending Fund (MSDL) Cash from Operations (2022 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Morgan Stanley Direct Lending Fund's Cash from Operations came in at $282.91 million; for FY2025, it was $150.9 million.
- By year, Cash from Operations came in at -$382.51 million in FY2024, -$83.82 million in FY2023, -$429.84 million in FY2022 and -$1.66 billion in FY2021.
- The Q2 2026 figure ranks as the highest quarterly Cash from Operations in data going back to Q1 2022.
- Per Business Quant data, the three quarters before Q2 2026 came in at $86.35 million (Q1 2026), $53.75 million (Q4 2025) and $39.01 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cash from Ops. (Qtr) |
|---|---|---|---|---|---|
| 1 | Rocket Companies | 43.26 Bn | 28.94 Bn | - | -1.21 Bn |
| 2 | Orix | 42.40 Bn | 42.90 Bn | - | - |
| 3 | Royalty Pharma | 33.56 Bn | 33.47 Bn | - | 728.46 Mn |
| 4 | Federal National Mortgage Association Fannie Mae | 24.47 Bn | 24.47 Bn | - | 9.25 Bn |
| 5 | Affirm Holdings | 23.34 Bn | 17.03 Bn | - | 296.16 Mn |
| 6 | Synchrony Financial | 23.06 Bn | -44.91 Bn | - | 2.42 Bn |
| 7 | Royal Gold | 19.98 Bn | 19.21 Bn | 390.45 Mn | 335.15 Mn |
| 8 | Annaly Capital Management | 14.18 Bn | 5.27 Bn | - | 1.62 Bn |
| 9 | Ares Capital | 13.71 Bn | 11.15 Bn | - | 336.00 Mn |
| 10 | Morgan Stanley Direct Lending Fund | 1.15 Bn | 802.02 Mn | - | 103.81 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 103.81 Mn |
| Mar 31, 2026 | 86.35 Mn |
| Dec 31, 2025 | 53.75 Mn |
| Sep 30, 2025 | 39.01 Mn |
| Jun 30, 2025 | 24.03 Mn |
| Mar 31, 2025 | 34.10 Mn |
| Dec 31, 2024 | -105.16 Mn |
| Sep 30, 2024 | -117.03 Mn |
| Jun 30, 2024 | -106.67 Mn |
| Mar 31, 2024 | -53.66 Mn |
| Dec 31, 2023 | 22.95 Mn |
| Sep 30, 2023 | -99.33 Mn |
| Jun 30, 2023 | 8.93 Mn |
| Mar 31, 2023 | -16.36 Mn |
| Dec 31, 2022 | -54.35 Mn |
| Sep 30, 2022 | -117.71 Mn |
| Jun 30, 2022 | -132.61 Mn |
| Mar 31, 2022 | -125.17 Mn |
API Access
Morgan Stanley Direct Lending Fund Cash from Operations API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cash-from-operations&ticker=MSDL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cash-from-operations", "ticker": "MSDL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cash-from-operations&ticker=MSDL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();