Morgan Stanley Direct Lending Fund (MSDL) Interest Coverage Ratio (2022 - 2026)
Morgan Stanley Direct Lending Fund (MSDL) posted quarterly Interest Coverage Ratio of 1.32 for Q1 2026, up 4.17% year-over-year from 1.27 in Q1 2025, and up 249.2% quarter-over-quarter from 0.38 in Q4 2025.
Morgan Stanley Direct Lending Fund (MSDL) Interest Coverage Ratio (2022 - 2026) Analysis & Trends
Morgan Stanley Direct Lending Fund (MSDL) has reported Interest Coverage Ratio for 5 consecutive years, with 1.32 the latest figure, recorded in Q1 2026.
- In Q1 2026, Interest Coverage Ratio rose 4.17% year-over-year to 1.32; the TTM figure through Mar 2026 stood at 0.82 (down 20.23% YoY), while the FY2025 annual figure was 1.29, down 27.83% from the prior year.
- Interest Coverage Ratio improved to 1.32 in Q1 2026 per MSDL's latest filing, from 0.38 in the prior quarter.
- Across five years, Interest Coverage Ratio topped out at 2.56 in Q1 2022 and bottomed at 0.38 in Q4 2025.
- Historically, Interest Coverage Ratio has averaged 1.5 across 5 years, with a median of 1.55 in 2022.
- Annual changes were most pronounced in 2023 — Interest Coverage Ratio tumbled 47.79% — and 2024, when it grew 14.9%.
- Morgan Stanley Direct Lending Fund's Interest Coverage Ratio stood at 1.57 in 2022, then climbed by 8.84% to 1.7 in 2023, then plunged by 73.09% to 0.46 in 2024, then retreated by 17.47% to 0.38 in 2025, then jumped by 249.2% to 1.32 in 2026.
- Business Quant data shows MSDL's Interest Coverage Ratio at 1.32 in Q1 2026, 0.38 in Q4 2025, and 1.3 in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Interest Cover (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 176.99 Bn | 163.12 Bn | - | 18.37 |
| 2 | Blackstone | 113.16 Bn | 110.65 Bn | - | 20.37 |
| 3 | Kkr | 96.05 Bn | -181.02 Bn | - | 2.90 |
| 4 | Brookfield | 92.54 Bn | 45.14 Bn | - | - |
| 5 | Brookfield Asset Management | 82.31 Bn | 80.81 Bn | - | 26.17 |
| 6 | Apollo Global Management | 77.14 Bn | 51.77 Bn | 10.54 Bn | 60.80 |
| 7 | State Street | 50.64 Bn | 50.64 Bn | - | 1.70 |
| 8 | Ameriprise Financial | 50.31 Bn | 39.27 Bn | 4.72 Bn | 7.22 |
| 9 | Northern Trust | 33.61 Bn | 33.61 Bn | - | 1.70 |
| 10 | Morgan Stanley Direct Lending Fund | 1.30 Bn | 1.22 Bn | - | 1.22 |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 1.22 |
| Mar 31, 2026 | 1.32 |
| Dec 31, 2025 | 0.38 |
| Sep 30, 2025 | 1.30 |
| Jun 30, 2025 | 1.26 |
| Mar 31, 2025 | 1.27 |
| Dec 31, 2024 | 0.46 |
| Sep 30, 2024 | 1.79 |
| Jun 30, 2024 | 1.92 |
| Mar 31, 2024 | 1.54 |
| Sep 30, 2023 | 1.70 |
| Jun 30, 2023 | 1.71 |
| Mar 31, 2023 | 1.34 |
| Dec 31, 2022 | 1.57 |
| Sep 30, 2022 | 1.82 |
| Jun 30, 2022 | 2.13 |
| Mar 31, 2022 | 2.56 |