Morgan Stanley Direct Lending Fund (MSDL) Accumulated Expenses (2022 - 2026)
Morgan Stanley Direct Lending Fund (MSDL) reported Accumulated Expenses of $8.33 million for Q2 2026, up 227.4% from $2.55 million a year earlier and up 216.7% from the prior quarter.
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Analysis
Morgan Stanley Direct Lending Fund (MSDL) Accumulated Expenses (2022 - 2026) Analysis & Trends
At the end of FY2025, Morgan Stanley Direct Lending Fund posted Accumulated Expenses of $4.2 million, down 26.7% from FY2024.
- Accumulated Expenses has a three-year compound annual growth rate of 8.6% (FY2022 to FY2025).
- By year, Accumulated Expenses came in at $5.73 million in FY2024 (+39.6%), $4.1 million in FY2023 (+25.2%) and $3.28 million in FY2022.
- The Q2 2026 figure ranks as the highest quarterly Accumulated Expenses since Q2 2024.
- Year over year, Accumulated Expenses gained in four of the last eight quarters, with growth averaging 17.0%.
- The high point for year-over-year Accumulated Expenses in five years was Q2 2024 (growth of 322.9%); the low point was Q2 2025 (a decline of 82.8%).
- Per Business Quant data, the three quarters before Q2 2026 came in at $2.63 million (Q1 2026), $4.2 million (Q4 2025) and $3.53 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Rocket Companies | 43.26 Bn | 28.94 Bn | - |
| 2 | Orix | 42.40 Bn | 42.90 Bn | - |
| 3 | Royalty Pharma | 33.56 Bn | 33.47 Bn | - |
| 4 | Federal National Mortgage Association Fannie Mae | 24.47 Bn | 24.47 Bn | - |
| 5 | Affirm Holdings | 23.34 Bn | 17.03 Bn | - |
| 6 | Synchrony Financial | 23.06 Bn | -44.91 Bn | - |
| 7 | Royal Gold | 19.98 Bn | 19.21 Bn | 390.45 Mn |
| 8 | Annaly Capital Management | 14.18 Bn | 5.27 Bn | - |
| 9 | Ares Capital | 13.71 Bn | 11.15 Bn | - |
| 10 | Morgan Stanley Direct Lending Fund | 1.15 Bn | 802.02 Mn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 8.33 Mn |
| Mar 31, 2026 | 2.63 Mn |
| Dec 31, 2025 | 4.20 Mn |
| Sep 30, 2025 | 3.53 Mn |
| Jun 30, 2025 | 2.55 Mn |
| Mar 31, 2025 | 4.01 Mn |
| Dec 31, 2024 | 5.73 Mn |
| Sep 30, 2024 | 5.71 Mn |
| Jun 30, 2024 | 14.79 Mn |
| Mar 31, 2024 | 3.51 Mn |
| Dec 31, 2023 | 4.10 Mn |
| Sep 30, 2023 | 4.18 Mn |
| Jun 30, 2023 | 3.50 Mn |
| Mar 31, 2023 | 3.39 Mn |
| Dec 31, 2022 | 3.28 Mn |
API Access
Morgan Stanley Direct Lending Fund Accumulated Expenses 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=accumulated-expenses&ticker=MSDL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "accumulated-expenses", "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=accumulated-expenses&ticker=MSDL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();