Morgan Stanley Direct Lending Fund (MSDL) EBT Margin (2022 - 2026)
Morgan Stanley Direct Lending Fund (MSDL) posted quarterly EBT Margin of 11.05% for Q1 2026, up 129.0% year-over-year from 4.83% in Q1 2025, and up 115.78% quarter-over-quarter from 70.06% in Q4 2025.
Morgan Stanley Direct Lending Fund (MSDL) EBT Margin (2022 - 2026) Analysis & Trends
Morgan Stanley Direct Lending Fund (MSDL) has reported EBT Margin for 5 consecutive years, with 11.05% the latest figure, recorded in Q1 2026.
- In Q1 2026, EBT Margin rose 129.0% year-over-year to 11.05%; the TTM figure through Mar 2026 stood at 9.99% (down 1108.0% YoY), while the FY2025 annual figure was 10.04%, down 1335.0% from the prior year.
- EBT Margin advanced to 11.05% in Q1 2026 per MSDL's latest filing, from 70.06% in the prior quarter.
- Across five years, EBT Margin topped out at 51.14% in Q4 2023 and bottomed at 70.06% in Q4 2025.
- Historically, EBT Margin has averaged 12.12% across 5 years, with a median of 19.43% in 2022.
- Annual changes were most pronounced in 2023 — EBT Margin jumped 3171 bps — and 2024, when it tumbled 10767 bps.
- Morgan Stanley Direct Lending Fund's EBT Margin stood at 19.43% in 2022, then soared by 163 bps to 51.14% in 2023, then sank by 211 bps to 56.53% in 2024, then dropped by 24 bps to 70.06% in 2025, then surged by 116 bps to 11.05% in 2026.
- Business Quant data shows MSDL's EBT Margin at 11.05% in Q1 2026, 70.06% in Q4 2025, and 10.26% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBT Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 176.99 Bn | 163.12 Bn | - | 38.38% |
| 2 | Blackstone | 113.16 Bn | 110.65 Bn | - | 55.68% |
| 3 | Kkr | 96.05 Bn | -181.02 Bn | - | 24.00% |
| 4 | Brookfield | 92.54 Bn | 45.14 Bn | - | - |
| 5 | Brookfield Asset Management | 82.31 Bn | 80.81 Bn | - | 76.10% |
| 6 | Apollo Global Management | 77.14 Bn | 51.77 Bn | 10.54 Bn | 22.28% |
| 7 | State Street | 50.64 Bn | 50.64 Bn | - | 34.31% |
| 8 | Ameriprise Financial | 50.31 Bn | 39.27 Bn | 4.72 Bn | 28.77% |
| 9 | Northern Trust | 33.61 Bn | 33.61 Bn | - | 78.90% |
| 10 | Morgan Stanley Direct Lending Fund | 1.30 Bn | 1.22 Bn | - | 7.82% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 7.82% |
| Mar 31, 2026 | 11.05% |
| Dec 31, 2025 | -70.06% |
| Sep 30, 2025 | 10.26% |
| Jun 30, 2025 | 9.20% |
| Mar 31, 2025 | 9.77% |
| Dec 31, 2024 | -56.53% |
| Sep 30, 2024 | 23.76% |
| Jun 30, 2024 | 25.74% |
| Mar 31, 2024 | 19.27% |
| Dec 31, 2023 | 51.14% |
| Sep 30, 2023 | 22.96% |
| Jun 30, 2023 | 22.97% |
| Mar 31, 2023 | 13.66% |
| Dec 31, 2022 | 19.43% |
| Sep 30, 2022 | 24.26% |
| Jun 30, 2022 | 31.26% |
| Mar 31, 2022 | 37.84% |