Morgan Stanley Direct Lending Fund (MSDL) Invested Capital (2022 - 2026)
Morgan Stanley Direct Lending Fund (MSDL) reported Invested Capital of $3.7 billion for Q1 2026, down 2.18% year-over-year from $3.8 billion in Q1 2025, and down 2.38% on a QoQ basis from $3.8 billion in Q4 2025.
Morgan Stanley Direct Lending Fund (MSDL) has 5 years of Invested Capital data on file, last reported at $3.7 billion in Q1 2026.
- Quarterly Invested Capital fell 2.18% year-over-year to $3.7 billion in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $3.7 billion (down 2.18% YoY) and the FY2025 annual result came in at $3.8 billion, up 0.5% from the prior year.
- Invested Capital slipped to $3.7 billion in Q1 2026 per MSDL's latest filing, from $3.8 billion in the prior quarter.
- Across five years, Invested Capital topped out at $3.8 billion in Q3 2025 and bottomed at $1.2 billion in Q1 2022.
- The 5-year median for Invested Capital is $3.3 billion (2024), against an average of $3.1 billion.
- The widest annual swing landed in 2023, when Invested Capital jumped 151.8%; it then fell 2.18% in 2026.
- Tracing MSDL's Invested Capital over 5 years: stood at $2.9 billion in 2022, then advanced by 10.15% to $3.2 billion in 2023, then climbed by 18.6% to $3.8 billion in 2024, then increased by 0.5% to $3.8 billion in 2025, then dropped by 2.38% to $3.7 billion in 2026.
- Per Business Quant, the three latest MSDL Invested Capital figures stand at $3.7 billion (Q1 2026), $3.8 billion (Q4 2025), and $3.8 billion (Q3 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Invested Cap. (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 158.51 Bn | 148.89 Bn | - | 69.22 Bn |
| 2 | Blackstone | 92.68 Bn | 91.63 Bn | - | 8.37 Bn |
| 3 | Kkr | 84.94 Bn | 132.45 Bn | - | 30.50 Bn |
| 4 | Brookfield Asset Management | 77.34 Bn | 77.68 Bn | - | 8.59 Bn |
| 5 | Apollo Global Management | 76.27 Bn | 95.00 Bn | 5.04 Bn | 53.75 Bn |
| 6 | State Street | 44.42 Bn | 18.75 Bn | - | - |
| 7 | Ameriprise Financial | 41.68 Bn | 41.55 Bn | 4.57 Bn | 8.75 Bn |
| 8 | Northern Trust | 31.21 Bn | 31.21 Bn | - | 12.99 Bn |
| 9 | Ares Management | 28.85 Bn | 32.22 Bn | - | 12.75 Bn |
| 10 | Morgan Stanley Direct Lending Fund | - | - | - | 3.74 Bn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 3.74 Bn |
| Dec 31, 2025 | 3.83 Bn |
| Sep 30, 2025 | 3.84 Bn |
| Jun 30, 2025 | 3.84 Bn |
| Mar 31, 2025 | 3.83 Bn |
| Dec 31, 2024 | 3.82 Bn |
| Sep 30, 2024 | 3.70 Bn |
| Jun 30, 2024 | 3.53 Bn |
| Mar 31, 2024 | 3.32 Bn |
| Dec 31, 2023 | 3.22 Bn |
| Sep 30, 2023 | 3.20 Bn |
| Jun 30, 2023 | 2.99 Bn |
| Mar 31, 2023 | 3.00 Bn |
| Dec 31, 2022 | 2.92 Bn |
| Sep 30, 2022 | 1.31 Bn |
| Jun 30, 2022 | 1.24 Bn |
| Mar 31, 2022 | 1.19 Bn |