Morgan Stanley Direct Lending Fund (MSDL) EBIT Margin (2022 - 2026)
Morgan Stanley Direct Lending Fund (MSDL) posted quarterly EBIT Margin of 45.48% for Q1 2026, down 70.0% year-over-year from 151.61% in Q1 2025, and up 6.69% quarter-over-quarter from 42.63% in Q4 2025.
Morgan Stanley Direct Lending Fund (MSDL) EBIT Margin (2022 - 2026) Analysis & Trends
Morgan Stanley Direct Lending Fund (MSDL) has reported EBIT Margin for 5 consecutive years, with 45.48% the latest figure, recorded in Q1 2026.
- In Q1 2026, EBIT Margin fell 70.0% year-over-year to 45.48%; the TTM figure through Mar 2026 stood at 44.09% (down 646.0% YoY), while the FY2025 annual figure was 44.31%, down 862.0% from the prior year.
- EBIT Margin improved to 45.48% in Q1 2026 per MSDL's latest filing, from 42.63% in the prior quarter.
- Across five years, EBIT Margin topped out at 62.07% in Q1 2022 and bottomed at 42.63% in Q4 2025.
- Historically, EBIT Margin has averaged 51.65% across 5 years, with a median of 53.87% in 2024.
- Annual changes were most pronounced in 2023 — EBIT Margin surged 168 bps — and 2025, when it slumped 979 bps.
- Morgan Stanley Direct Lending Fund's EBIT Margin stood at 53.8% in 2022, then retreated by 5 bps to 51.14% in 2023, then fell by 6 bps to 47.85% in 2024, then retreated by 11 bps to 42.63% in 2025, then gained by 7 bps to 45.48% in 2026.
- Business Quant data shows MSDL's EBIT Margin at 45.48% in Q1 2026, 42.63% in Q4 2025, and 44.26% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBIT Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 176.99 Bn | 163.12 Bn | - | 34.74% |
| 2 | Blackstone | 113.16 Bn | 110.65 Bn | - | 58.55% |
| 3 | Kkr | 96.05 Bn | -181.02 Bn | - | 35.61% |
| 4 | Brookfield | 92.54 Bn | 45.14 Bn | - | - |
| 5 | Brookfield Asset Management | 82.31 Bn | 80.81 Bn | - | 79.12% |
| 6 | Apollo Global Management | 77.14 Bn | 51.77 Bn | 10.54 Bn | 47.97% |
| 7 | State Street | 50.64 Bn | 50.64 Bn | - | 83.30% |
| 8 | Ameriprise Financial | 50.31 Bn | 39.27 Bn | 4.72 Bn | 24.36% |
| 9 | Northern Trust | 33.61 Bn | 33.61 Bn | - | 191.07% |
| 10 | Morgan Stanley Direct Lending Fund | 1.30 Bn | 1.22 Bn | - | 43.89% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 43.89% |
| Mar 31, 2026 | 45.48% |
| Dec 31, 2025 | 42.63% |
| Sep 30, 2025 | 44.26% |
| Jun 30, 2025 | 44.07% |
| Mar 31, 2025 | 46.18% |
| Dec 31, 2024 | 47.85% |
| Sep 30, 2024 | 53.97% |
| Jun 30, 2024 | 53.87% |
| Mar 31, 2024 | 55.15% |
| Dec 31, 2023 | 51.14% |
| Sep 30, 2023 | 55.59% |
| Jun 30, 2023 | 55.21% |
| Mar 31, 2023 | 54.12% |
| Dec 31, 2022 | 53.80% |
| Sep 30, 2022 | 53.91% |
| Jun 30, 2022 | 58.83% |
| Mar 31, 2022 | 62.07% |