Morgan Stanley Direct Lending Fund (MSDL) FCF Margin (2022 - 2026)
Morgan Stanley Direct Lending Fund (MSDL) posted quarterly FCF Margin of 96.95% for Q1 2026, up 6334.0% year-over-year from 1.51% in Q1 2025, and up 74.22% quarter-over-quarter from 55.65% in Q4 2025.
Morgan Stanley Direct Lending Fund (MSDL) FCF Margin (2022 - 2026) Analysis & Trends
Morgan Stanley Direct Lending Fund (MSDL) has reported FCF Margin for 5 consecutive years, with 96.95% the latest figure, recorded in Q1 2026.
- In Q1 2026, FCF Margin rose 6334.0% year-over-year to 96.95%; the TTM figure through Mar 2026 stood at 52.78% (up 12322.0% YoY), while the FY2025 annual figure was 37.98%, up 12992.0% from the prior year.
- FCF Margin rose 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 293.03% in Q1 2022.
- Historically, FCF Margin has averaged 60.93% across 5 years, with a median of 54.14% in 2024.
- Annual changes were most pronounced in 2023 — FCF Margin surged 27556 bps — and 2024, when it sank 12322 bps.
- Morgan Stanley Direct Lending Fund's FCF Margin stood at 76.39% in 2022, then surged by 128 bps to 21.15% in 2023, then tumbled by 582 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.
- Business Quant data shows MSDL's FCF Margin at 96.95% in Q1 2026, 55.65% in Q4 2025, and 39.12% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 176.99 Bn | 163.12 Bn | - | 15.78% |
| 2 | Blackstone | 113.16 Bn | 110.65 Bn | - | 37.86% |
| 3 | Kkr | 96.05 Bn | -181.02 Bn | - | 55.96% |
| 4 | Brookfield | 92.54 Bn | 45.14 Bn | - | - |
| 5 | Brookfield Asset Management | 82.31 Bn | 80.81 Bn | - | 30.52% |
| 6 | Apollo Global Management | 77.14 Bn | 51.77 Bn | 10.54 Bn | 25.83% |
| 7 | State Street | 50.64 Bn | 50.64 Bn | - | -74.14% |
| 8 | Ameriprise Financial | 50.31 Bn | 39.27 Bn | 4.72 Bn | 56.83% |
| 9 | Northern Trust | 33.61 Bn | 33.61 Bn | - | -14.38% |
| 10 | Morgan Stanley Direct Lending Fund | 1.30 Bn | 1.22 Bn | - | 116.93% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 116.93% |
| 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 | 21.15% |
| Sep 30, 2023 | -109.18% |
| Jun 30, 2023 | 10.31% |
| Mar 31, 2023 | -20.03% |
| Dec 31, 2022 | -76.39% |
| Sep 30, 2022 | -187.68% |
| Jun 30, 2022 | -265.25% |
| Mar 31, 2022 | -293.03% |