Morgan Stanley Direct Lending Fund (MSDL) FCF Payout Ratio (2022 - 2026)
Morgan Stanley Direct Lending Fund (MSDL) posted quarterly FCF Payout Ratio of 0.5 for Q1 2026, down 67.94% year-over-year from 1.56 in Q1 2025, and down 38.13% quarter-over-quarter from 0.81 in Q4 2025.
Morgan Stanley Direct Lending Fund (MSDL) FCF Payout Ratio (2022 - 2026) Analysis & Trends
Morgan Stanley Direct Lending Fund (MSDL) has reported FCF Payout Ratio for 5 consecutive years, with 0.5 the latest figure, recorded in Q1 2026.
- In Q1 2026, FCF Payout Ratio fell 67.94% year-over-year to 0.5; the TTM figure through Mar 2026 stood at 0.86 (up 236.46% YoY), while the FY2025 annual figure was 1.22, up 375.9% from the prior year.
- FCF Payout Ratio slipped to 0.5 in Q1 2026 per MSDL's latest filing, from 0.81 in the prior quarter.
- Across five years, FCF Payout Ratio topped out at 2.88 in Q2 2023 and bottomed at 1.46 in Q1 2023.
- Historically, FCF Payout Ratio has averaged 0.32 across 5 years, with a median of 0.18 in 2022.
- On a YoY basis, FCF Payout Ratio climbed as much as 1971.42% in 2023 and fell as far as 723.97% in 2023.
- Morgan Stanley Direct Lending Fund's FCF Payout Ratio stood at 0.41 in 2022, then surged by 432.46% to 1.36 in 2023, then sank by 137.39% to 0.51 in 2024, then soared by 258.89% to 0.81 in 2025, then tumbled by 38.13% to 0.5 in 2026.
- Business Quant data shows MSDL's FCF Payout Ratio at 0.5 in Q1 2026, 0.81 in Q4 2025, and 1.11 in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Cover (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 179.02 Bn | 165.15 Bn | - | 0.83 |
| 2 | Blackstone | 114.47 Bn | 111.96 Bn | - | 0.80 |
| 3 | Kkr | 96.88 Bn | -180.19 Bn | - | 0.05 |
| 4 | Brookfield | 93.17 Bn | 45.76 Bn | - | - |
| 5 | Brookfield Asset Management | 83.58 Bn | 82.08 Bn | - | 1.50 |
| 6 | Apollo Global Management | 78.48 Bn | 53.11 Bn | 10.54 Bn | 0.11 |
| 7 | State Street | 51.38 Bn | 51.38 Bn | - | -0.10 |
| 8 | Ameriprise Financial | 51.04 Bn | 39.99 Bn | 4.72 Bn | 0.05 |
| 9 | Raymond James Financial | 33.90 Bn | 20.64 Bn | - | -0.34 |
| 10 | Morgan Stanley Direct Lending Fund | 1.30 Bn | 1.22 Bn | - | 0.37 |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 0.37 |
| Mar 31, 2026 | 0.50 |
| Dec 31, 2025 | 0.81 |
| Sep 30, 2025 | 1.11 |
| Jun 30, 2025 | 1.83 |
| Mar 31, 2025 | 1.56 |
| Dec 31, 2024 | -0.51 |
| Sep 30, 2024 | -0.38 |
| Jun 30, 2024 | -0.32 |
| Mar 31, 2024 | -0.69 |
| Dec 31, 2023 | 1.36 |
| Sep 30, 2023 | -0.30 |
| Jun 30, 2023 | 2.88 |
| Mar 31, 2023 | -1.46 |
| Dec 31, 2022 | -0.41 |
| Sep 30, 2022 | -0.18 |
| Jun 30, 2022 | -0.15 |
| Mar 31, 2022 | -0.18 |