Morgan Stanley Direct Lending Fund (MSDL) Net Margin (2022 - 2026)

Morgan Stanley Direct Lending Fund (MSDL) has reported Net Margin for 5 consecutive years, with 6.92% the latest figure, recorded in Q2 2026.

• On a quarterly basis, Net Margin fell 208.0% year-over-year to 6.92% in Q2 2026; TTM through Jun 2026 was 9.32%, a 617.0% decrease from a year earlier, with the FY2025 full-year figure at 10.04%, down 1335.0% from the prior year.
• Net Margin was 6.92% for Q2 2026 at Morgan Stanley Direct Lending Fund, down from 11.05% in the prior quarter.
• Over five years, Net Margin peaked at 36.49% in Q1 2022 and troughed at 6.92% in Q2 2026.
• A 5-year average of 19.7% and a median of 21.55% in 2023 frame the typical range for Net Margin.
• Across the five-year window, Net Margin surged 692 bps in 2023 and slumped 1675 bps in 2025, its largest moves.
• Over 5 years, Net Margin stood at 19.24% in 2022, then soared by 36 bps to 26.16% in 2023, then plunged by 35 bps to 17.01% in 2024, then tumbled by 45 bps to 9.39% in 2025, then dropped by 26 bps to 6.92% in 2026.
• The last three Net Margin figures came in at 6.92% (Q2 2026), 11.05% (Q1 2026), and 9.39% (Q4 2025), per Business Quant data.