Morgan Stanley Direct Lending Fund (MSDL) Net Margin (2022 - 2026)
Morgan Stanley Direct Lending Fund (MSDL) posted quarterly Net Margin of 10.12% for Q1 2026, up 97.0% year-over-year from 5.14% in Q1 2025, and up 114.11% quarter-over-quarter from 71.7% in Q4 2025.
Morgan Stanley Direct Lending Fund (MSDL) Net Margin (2022 - 2026) Analysis & Trends
Morgan Stanley Direct Lending Fund (MSDL) has reported Net Margin for 5 consecutive years, with 10.12% the latest figure, recorded in Q1 2026.
- In Q1 2026, Net Margin rose 97.0% year-over-year to 10.12%; the TTM figure through Mar 2026 stood at 10.78% (down 1124.0% YoY), while the FY2025 annual figure was 9.33%, down 1347.0% from the prior year.
- Net Margin improved to 10.12% in Q1 2026 per MSDL's latest filing, from 71.7% in the prior quarter.
- Across five years, Net Margin topped out at 49.74% in Q4 2023 and bottomed at 71.7% in Q4 2025.
- Historically, Net Margin has averaged 11.67% across 5 years, with a median of 19.43% in 2022.
- Annual changes were most pronounced in 2023 — Net Margin jumped 3031 bps — and 2024, when it plunged 10724 bps.
- Morgan Stanley Direct Lending Fund's Net Margin stood at 19.43% in 2022, then jumped by 156 bps to 49.74% in 2023, then sank by 216 bps to 57.5% in 2024, then slipped by 25 bps to 71.7% in 2025, then soared by 114 bps to 10.12% in 2026.
- Business Quant data shows MSDL's Net Margin at 10.12% in Q1 2026, 71.7% in Q4 2025, and 9.85% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 176.99 Bn | 163.12 Bn | - | 27.15% |
| 2 | Blackstone | 113.16 Bn | 110.65 Bn | - | 46.71% |
| 3 | Kkr | 96.05 Bn | -181.02 Bn | - | 11.53% |
| 4 | Brookfield | 92.54 Bn | 45.14 Bn | - | 1.88% |
| 5 | Brookfield Asset Management | 82.31 Bn | 80.81 Bn | - | 51.57% |
| 6 | Apollo Global Management | 77.14 Bn | 51.77 Bn | 10.54 Bn | 11.98% |
| 7 | State Street | 50.64 Bn | 50.64 Bn | - | 25.35% |
| 8 | Ameriprise Financial | 50.31 Bn | 39.27 Bn | 4.72 Bn | 22.20% |
| 9 | Northern Trust | 33.61 Bn | 33.61 Bn | - | 58.35% |
| 10 | Morgan Stanley Direct Lending Fund | 1.30 Bn | 1.22 Bn | - | 6.92% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 6.92% |
| Mar 31, 2026 | 10.12% |
| Dec 31, 2025 | -71.70% |
| Sep 30, 2025 | 9.85% |
| Jun 30, 2025 | 8.99% |
| Mar 31, 2025 | 9.15% |
| Dec 31, 2024 | -57.50% |
| Sep 30, 2024 | 23.30% |
| Jun 30, 2024 | 25.26% |
| Mar 31, 2024 | 18.83% |
| Dec 31, 2023 | 49.74% |
| Sep 30, 2023 | 22.96% |
| Jun 30, 2023 | 22.97% |
| Mar 31, 2023 | 13.66% |
| Dec 31, 2022 | 19.43% |
| Sep 30, 2022 | 24.26% |
| Jun 30, 2022 | 31.26% |
| Mar 31, 2022 | 37.84% |