Morgan Stanley Direct Lending Fund (MSDL) — Cash Flow Quality Index
Morgan Stanley Direct Lending Fund (MSDL) has a Cash Flow Quality Index of 1.87x as of December 2025. Operating cash flow of $53.75 Million exceeds net income of $28.73 Million, indicating high earnings quality where cash backs reported profits. Explore MSDL debt coverage from operations to assess how comfortably operating cash covers total debt obligations.
Cash Flow Quality Index
Operating Cash Flow
Net Income
Data as of
Morgan Stanley Direct Lending Fund Cash Flow Quality Index (2020–2025)
Historical Cash Flow Quality Index for Morgan Stanley Direct Lending Fund across 6 annual periods. Values consistently above 1.0x indicate high-quality earnings. For the full cash flow conversion analysis, see Morgan Stanley Direct Lending Fund cash conversion from operations.
Annual Cash Flow Quality Index for Morgan Stanley Direct Lending Fund (2020–2025)
Year-by-year earnings quality comparison for Morgan Stanley Direct Lending Fund.
| Year | Quality Index | Operating CF (USD) | Net Income | YoY Change |
|---|---|---|---|---|
| 2025 | 1.24x | $150.90 Million | $122.09 Million | ▲ +32.2% |
| 2024 | 0.93x | $201.47 Million | $215.56 Million | ▲ +16.2% |
| 2023 | 0.80x | $185.78 Million | $231.01 Million | ▼ -67.9% |
| 2022 | 2.50x | $121.59 Million | $48.54 Million | ▲ +208.1% |
| 2021 | 0.81x | $67.69 Million | $83.25 Million | ▲ +19.7% |
| 2020 | 0.68x | $12.43 Million | $18.30 Million | — |