Morgan Stanley Direct Lending Fund (MSDL) FCF Payout Ratio (2022 - 2026)
Morgan Stanley Direct Lending Fund (MSDL) reported 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% on a QoQ basis from 0.81 in Q4 2025.
Morgan Stanley Direct Lending Fund (MSDL) has 5 years of FCF Payout Ratio data on file, last reported at 0.5 in Q1 2026.
- Quarterly FCF Payout Ratio fell 67.94% year-over-year to 0.5 in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 0.86 (up 236.46% YoY) and the FY2025 annual result came in at 1.22, up 375.9% from the prior year.
- FCF Payout Ratio fell 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.
- The 5-year median for FCF Payout Ratio is 0.18 (2022), against an average of 0.32.
- Peak annual rise in FCF Payout Ratio reached 1971.42% in 2023, while the deepest fall reached 723.97% in 2023.
- Tracing MSDL's FCF Payout Ratio over 5 years: stood at 0.41 in 2022, then surged by 432.46% to 1.36 in 2023, then slumped by 137.39% to 0.51 in 2024, then soared by 258.89% to 0.81 in 2025, then plunged by 38.13% to 0.5 in 2026.
- Per Business Quant, the three latest MSDL FCF Payout Ratio figures stand at 0.5 (Q1 2026), 0.81 (Q4 2025), and 1.11 (Q3 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Cover (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 158.51 Bn | 148.89 Bn | - | - |
| 2 | Blackstone | 92.68 Bn | 91.63 Bn | - | 0.37 |
| 3 | Kkr | 84.94 Bn | 132.45 Bn | - | 0.10 |
| 4 | Brookfield Asset Management | 77.34 Bn | 77.68 Bn | - | 2.44 |
| 5 | Apollo Global Management | 76.27 Bn | 95.00 Bn | 5.04 Bn | 0.18 |
| 6 | State Street | 44.42 Bn | 18.75 Bn | - | -0.02 |
| 7 | Ameriprise Financial | 41.68 Bn | 41.55 Bn | 4.57 Bn | 0.34 |
| 8 | Northern Trust | 31.21 Bn | 31.21 Bn | - | -0.45 |
| 9 | Ares Management | 28.85 Bn | 32.22 Bn | - | 0.21 |
| 10 | Morgan Stanley Direct Lending Fund | - | - | - | 0.50 |
Historic Data
Download Data| Date | Value |
|---|---|
| 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 |