Morgan Stanley Direct Lending Fund (MSDL) EBT Margin (2022 - 2026)
Morgan Stanley Direct Lending Fund (MSDL) reported EBT Margin of 32.79% for Q1 2026, down 4529.0% year-over-year from 0.74% in Q1 2025, and down 397.39% on a QoQ basis from 11.03% in Q4 2025.
Morgan Stanley Direct Lending Fund (MSDL) has 5 years of EBT Margin data on file, last reported at 32.79% in Q1 2026.
- Quarterly EBT Margin fell 4529.0% year-over-year to 32.79% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 0.21% (down 2000.0% YoY) and the FY2025 annual result came in at 10.75%, down 1322.0% from the prior year.
- EBT Margin eased to 32.79% in Q1 2026 per MSDL's latest filing, from 11.03% in the prior quarter.
- Across five years, EBT Margin topped out at 36.49% in Q1 2022 and bottomed at 32.79% in Q1 2026.
- The 5-year median for EBT Margin is 22.96% (2023), against an average of 18.43%.
- The widest annual swing landed in 2023, when EBT Margin soared 843 bps; it then sank 4529 bps in 2026.
- Tracing MSDL's EBT Margin over 5 years: stood at 19.24% in 2022, then jumped by 44 bps to 27.67% in 2023, then sank by 35 bps to 17.98% in 2024, then slumped by 39 bps to 11.03% in 2025, then sank by 397 bps to 32.79% in 2026.
- Per Business Quant, the three latest MSDL EBT Margin figures stand at 32.79% (Q1 2026), 11.03% (Q4 2025), and 10.26% (Q3 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBT Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 158.51 Bn | 148.89 Bn | - | 42.43% |
| 2 | Blackstone | 92.68 Bn | 91.63 Bn | - | 40.22% |
| 3 | Kkr | 84.94 Bn | 132.45 Bn | - | 10.72% |
| 4 | Brookfield Asset Management | 77.34 Bn | 77.68 Bn | - | 52.02% |
| 5 | Apollo Global Management | 76.27 Bn | 95.00 Bn | 5.04 Bn | 5.59% |
| 6 | State Street | 44.42 Bn | 18.75 Bn | - | 25.53% |
| 7 | Ameriprise Financial | 41.68 Bn | 41.55 Bn | 4.57 Bn | 23.41% |
| 8 | Northern Trust | 31.21 Bn | 31.21 Bn | - | 52.23% |
| 9 | Ares Management | 28.85 Bn | 32.22 Bn | - | 22.41% |
| 10 | Morgan Stanley Direct Lending Fund | - | - | - | -32.79% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | -32.79% |
| Dec 31, 2025 | 11.03% |
| Sep 30, 2025 | 10.26% |
| Jun 30, 2025 | 9.20% |
| Mar 31, 2025 | 12.49% |
| Dec 31, 2024 | 17.98% |
| Sep 30, 2024 | 23.76% |
| Jun 30, 2024 | 26.22% |
| Mar 31, 2024 | 28.08% |
| Dec 31, 2023 | 27.67% |
| Sep 30, 2023 | 22.96% |
| Jun 30, 2023 | 22.97% |
| Mar 31, 2023 | 21.48% |
| Dec 31, 2022 | 19.24% |
| Sep 30, 2022 | 25.02% |
| Jun 30, 2022 | 31.26% |
| Mar 31, 2022 | 36.49% |