Morgan Stanley Direct Lending Fund (MSDL) — Working Capital to Net Assets Ratio
Morgan Stanley Direct Lending Fund (MSDL) has a Working Capital to Net Assets ratio of 1.1% as of March 2026. Working capital of $18.04 Million (current assets of $96.69 Million minus current liabilities of $78.65 Million) is measured against net assets of $1.69 Billion. A higher ratio indicates strong short-term liquidity financed by the equity base. See financial flexibility index of Morgan Stanley Direct Lending Fund to measure the company's free cash flow as a share of total liabilities.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
Morgan Stanley Direct Lending Fund Working Capital to Net Assets (2019–2025)
This chart shows how Morgan Stanley Direct Lending Fund's Working Capital to Net Assets ratio has evolved across 7 annual periods from 2019 to 2025. As of March 2026, the ratio stands at 1.1%, reflecting working capital of $18.04 Million against net assets of $1.69 Billion USD. See MSDL days of operational coverage to measure how many days the company can operate on defensive assets alone.
Annual Working Capital to Net Assets for Morgan Stanley Direct Lending Fund (2019–2025)
The table below presents the year-by-year Working Capital to Net Assets ratio for Morgan Stanley Direct Lending Fund from 2019 to 2025, covering 7 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. For live market cap and the full company profile, see Morgan Stanley Direct Lending Fund market capitalisation.
| Year | WC/NA Ratio | Working Capital (USD) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2025 | 1.5% | $26.72 Million | $1.75 Billion | $107.86 Million | $81.14 Million | ▲ +0.1 pp |
| 2024 | 1.5% | $26.77 Million | $1.84 Billion | $101.40 Million | $74.63 Million | ▼ -0.3 pp |
| 2023 | 1.7% | $30.00 Million | $1.72 Billion | $98.80 Million | $68.80 Million | ▼ -2.2 pp |
| 2022 | 3.9% | $54.79 Million | $1.40 Billion | $104.87 Million | $50.08 Million | ▼ -1.2 pp |
| 2021 | 5.1% | $61.07 Million | $1.19 Billion | $94.04 Million | $32.97 Million | ▲ +4.0 pp |
| 2020 | 1.1% | $3.30 Million | $301.62 Million | $13.62 Million | $10.32 Million | ▼ -95.8 pp |
| 2019 | 96.9% | $-1.09 Million | $-1.12 Million | $1.50 Million | $2.59 Million | — |