Morgan Stanley Direct Lending Fund (MSDL) Interest Coverage Ratio (2022 - 2026)
Morgan Stanley Direct Lending Fund's (MSDL) quarterly Interest Coverage Ratio came in at 1.22 in Q2 2026, down 3.71% year-over-year from 1.26 in Q2 2025, and down 9.75% quarter-over-quarter from 1.35 in Q1 2026.
Analysis
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 1.22 the latest figure, recorded in Q2 2026.
- On a quarterly basis, Interest Coverage Ratio fell 3.71% year-over-year to 1.22 in Q2 2026; TTM through Jun 2026 was 1.3, a 13.06% decrease from a year earlier, with the FY2025 full-year figure at 1.31, down 27.47% from the prior year.
- Interest Coverage Ratio was 1.22 for Q2 2026 at Morgan Stanley Direct Lending Fund, down from 1.35 in the prior quarter.
- Over five years, Interest Coverage Ratio peaked at 2.56 in Q1 2022 and troughed at 1.22 in Q2 2026.
- A 5-year average of 1.68 and a median of 1.68 in 2023 frame the typical range for Interest Coverage Ratio.
- The widest YoY moves for Interest Coverage Ratio: up 23.97% in 2023, down 35.27% in 2023.
- Over 5 years, Interest Coverage Ratio stood at 1.58 in 2022, then grew by 23.97% to 1.96 in 2023, then declined by 20.42% to 1.56 in 2024, then declined by 15.29% to 1.32 in 2025, then retreated by 7.78% to 1.22 in 2026.
- The last three Interest Coverage Ratio figures came in at 1.22 (Q2 2026), 1.35 (Q1 2026), and 1.32 (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Interest Cover (Qtr) |
|---|---|---|---|---|---|
| 1 | Ares Capital | 14.12 Bn | 13.73 Bn | - | 1.71 |
| 2 | Blackstone Secured Lending Fund | 5.69 Bn | 5.42 Bn | - | 1.76 |
| 3 | Blue Owl Capital | 5.52 Bn | 5.28 Bn | - | 1.44 |
| 4 | Main Street Capital | 5.26 Bn | 5.20 Bn | - | 2.56 |
| 5 | Blue Owl Technology Finance | 5.05 Bn | 4.84 Bn | - | 1.28 |
| 6 | Hercules Capital | 4.64 Bn | 4.59 Bn | - | 2.98 |
| 7 | FS KKR Capital | 3.37 Bn | 3.27 Bn | - | - |
| 8 | Golub Capital Bdc | 3.34 Bn | 3.30 Bn | - | 1.40 |
| 9 | PennantPark Floating Rate Capital | 2.48 Bn | -129.09 Mn | - | 0.23 |
| 10 | Morgan Stanley Direct Lending Fund | 1.25 Bn | 1.17 Bn | - | 1.22 |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 1.22 |
| Mar 31, 2026 | 1.35 |
| Dec 31, 2025 | 1.32 |
| Sep 30, 2025 | 1.30 |
| Jun 30, 2025 | 1.26 |
| Mar 31, 2025 | 1.37 |
| Dec 31, 2024 | 1.56 |
| Sep 30, 2024 | 1.79 |
| Jun 30, 2024 | 1.93 |
| Mar 31, 2024 | 2.02 |
| Dec 31, 2023 | 1.96 |
| Sep 30, 2023 | 1.70 |
| Jun 30, 2023 | 1.71 |
| Mar 31, 2023 | 1.66 |
| Dec 31, 2022 | 1.58 |
| Sep 30, 2022 | 1.82 |
| Jun 30, 2022 | 2.13 |
| Mar 31, 2022 | 2.56 |