Morgan Stanley Direct Lending Fund (MSDL) Assets (2022 - 2026)
Morgan Stanley Direct Lending Fund's Assets was $3.71 billion in Q2 2026, down 5.4% from $3.92 billion a year earlier and down 3.0% from the prior quarter.
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Analysis
Morgan Stanley Direct Lending Fund (MSDL) Assets (2022 - 2026) Analysis & Trends
At the end of FY2025, Assets at Morgan Stanley Direct Lending Fund came in at $3.92 billion, up 0.2% from FY2024.
- Assets has now increased for three consecutive years, with a three-year compound annual growth rate of 9.5% (FY2022 to FY2025).
- In earlier years, Assets was $3.91 billion in FY2024 (+18.3%), $3.31 billion in FY2023 (+10.7%) and $2.99 billion in FY2022.
- The Q2 2026 figure marks the lowest quarterly Assets since Q2 2024.
- Compared with a year earlier, Assets was higher in six of the last eight quarters, with growth averaging 6.6%.
- The best year-over-year quarter for Assets over five years was Q2 2024 (growth of 19.0%); the worst was Q2 2026 (a decline of 5.4%).
- Per Business Quant data, MSDL's Assets in the three quarters before Q2 2026 was $3.82 billion (Q1 2026), $3.92 billion (Q4 2025) and $3.93 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Assets (Qtr) |
|---|---|---|---|---|---|
| 1 | Rocket Companies | 43.26 Bn | 28.94 Bn | - | 60.98 Bn |
| 2 | Orix | 42.40 Bn | 42.90 Bn | - | 114.54 Bn |
| 3 | Royalty Pharma | 33.56 Bn | 33.47 Bn | - | 19.82 Bn |
| 4 | Federal National Mortgage Association Fannie Mae | 24.47 Bn | 24.47 Bn | - | 4,332.34 Bn |
| 5 | Affirm Holdings | 23.34 Bn | 17.03 Bn | - | 15.79 Bn |
| 6 | Synchrony Financial | 23.06 Bn | -44.91 Bn | - | 121.93 Bn |
| 7 | Royal Gold | 19.98 Bn | 19.21 Bn | 390.45 Mn | 9.45 Bn |
| 8 | Annaly Capital Management | 14.18 Bn | 5.27 Bn | - | 143.74 Bn |
| 9 | Ares Capital | 13.71 Bn | 11.15 Bn | - | 30.50 Bn |
| 10 | Morgan Stanley Direct Lending Fund | 1.15 Bn | 802.02 Mn | - | 3.71 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 3.71 Bn |
| Mar 31, 2026 | 3.82 Bn |
| Dec 31, 2025 | 3.92 Bn |
| Sep 30, 2025 | 3.93 Bn |
| Jun 30, 2025 | 3.92 Bn |
| Mar 31, 2025 | 3.91 Bn |
| Dec 31, 2024 | 3.91 Bn |
| Sep 30, 2024 | 3.79 Bn |
| Jun 30, 2024 | 3.66 Bn |
| Mar 31, 2024 | 3.40 Bn |
| Dec 31, 2023 | 3.31 Bn |
| Sep 30, 2023 | 3.28 Bn |
| Jun 30, 2023 | 3.07 Bn |
| Mar 31, 2023 | 3.06 Bn |
| Dec 31, 2022 | 2.99 Bn |
API Access
Morgan Stanley Direct Lending Fund Assets 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=assets&ticker=MSDL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "assets", "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=assets&ticker=MSDL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();