Morgan Stanley Direct Lending Fund (MSDL) FCF Margin (2022 - 2026)
Morgan Stanley Direct Lending Fund (MSDL) reported FCF Margin of 96.95% for Q1 2026, up 6334.0% year-over-year from 1.51% in Q1 2025, and up 74.22% on a QoQ basis from 55.65% in Q4 2025.
Morgan Stanley Direct Lending Fund (MSDL) has 5 years of FCF Margin data on file, last reported at 96.95% in Q1 2026.
- Quarterly FCF Margin rose 6334.0% year-over-year to 96.95% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 52.78% (up 12322.0% YoY) and the FY2025 annual result came in at 37.98%, up 12992.0% from the prior year.
- FCF Margin climbed to 96.95% in Q1 2026 per MSDL's latest filing, from 55.65% in the prior quarter.
- Across five years, FCF Margin topped out at 96.95% in Q1 2026 and bottomed at 282.52% in Q1 2022.
- The 5-year median for FCF Margin is 54.14% (2024), against an average of 60.42%.
- The widest annual swing landed in 2023, when FCF Margin soared 27556 bps; it then plunged 12484 bps in 2024.
- Tracing MSDL's FCF Margin over 5 years: stood at 73.87% in 2022, then soared by 131 bps to 22.77% in 2023, then tumbled by 548 bps to 102.06% in 2024, then surged by 155 bps to 55.65% in 2025, then jumped by 74 bps to 96.95% in 2026.
- Per Business Quant, the three latest MSDL FCF Margin figures stand at 96.95% (Q1 2026), 55.65% (Q4 2025), and 39.12% (Q3 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 158.51 Bn | 148.89 Bn | - | -16.21% |
| 2 | Blackstone | 92.68 Bn | 91.63 Bn | - | 26.47% |
| 3 | Kkr | 84.94 Bn | 132.45 Bn | - | 39.82% |
| 4 | Brookfield Asset Management | 77.34 Bn | 77.68 Bn | - | 24.81% |
| 5 | Apollo Global Management | 76.27 Bn | 95.00 Bn | 5.04 Bn | 32.02% |
| 6 | State Street | 44.42 Bn | 18.75 Bn | - | -327.00% |
| 7 | Ameriprise Financial | 41.68 Bn | 41.55 Bn | 4.57 Bn | 8.80% |
| 8 | Northern Trust | 31.21 Bn | 31.21 Bn | - | -24.56% |
| 9 | Ares Management | 28.85 Bn | 32.22 Bn | - | 27.99% |
| 10 | Morgan Stanley Direct Lending Fund | - | - | - | 96.95% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 96.95% |
| Dec 31, 2025 | 55.65% |
| Sep 30, 2025 | 39.12% |
| Jun 30, 2025 | 24.15% |
| Mar 31, 2025 | 33.61% |
| Dec 31, 2024 | -102.06% |
| Sep 30, 2024 | -106.63% |
| Jun 30, 2024 | -102.38% |
| Mar 31, 2024 | -54.14% |
| Dec 31, 2023 | 22.77% |
| Sep 30, 2023 | -109.18% |
| Jun 30, 2023 | 10.31% |
| Mar 31, 2023 | -20.03% |
| Dec 31, 2022 | -73.87% |
| Sep 30, 2022 | -193.61% |
| Jun 30, 2022 | -265.25% |
| Mar 31, 2022 | -282.52% |