Morgan Stanley Direct Lending Fund (MSDL) Net Margin (2022 - 2026)
Morgan Stanley Direct Lending Fund (MSDL) reported Net Margin of 33.73% for Q1 2026, down 4561.0% year-over-year from 0.76% in Q1 2025, and down 459.36% on a QoQ basis from 9.39% in Q4 2025.
Morgan Stanley Direct Lending Fund (MSDL) has 5 years of Net Margin data on file, last reported at 33.73% in Q1 2026.
- Quarterly Net Margin fell 4561.0% year-over-year to 33.73% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 0.57% (down 2016.0% YoY) and the FY2025 annual result came in at 10.04%, down 1335.0% from the prior year.
- Net Margin retreated to 33.73% in Q1 2026 per MSDL's latest filing, from 9.39% in the prior quarter.
- Across five years, Net Margin topped out at 36.49% in Q1 2022 and bottomed at 33.73% in Q1 2026.
- The 5-year median for Net Margin is 22.96% (2023), against an average of 17.98%.
- The widest annual swing landed in 2023, when Net Margin jumped 692 bps; it then slumped 4561 bps in 2026.
- Tracing MSDL's Net Margin over 5 years: stood at 19.24% in 2022, then surged by 36 bps to 26.16% in 2023, then sank by 35 bps to 17.01% in 2024, then plunged by 45 bps to 9.39% in 2025, then tumbled by 459 bps to 33.73% in 2026.
- Per Business Quant, the three latest MSDL Net Margin figures stand at 33.73% (Q1 2026), 9.39% (Q4 2025), and 9.85% (Q3 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 158.51 Bn | 148.89 Bn | - | 34.73% |
| 2 | Blackstone | 92.68 Bn | 91.63 Bn | - | 34.77% |
| 3 | Kkr | 84.94 Bn | 132.45 Bn | - | 8.45% |
| 4 | Brookfield Asset Management | 77.34 Bn | 77.68 Bn | - | 46.11% |
| 5 | Apollo Global Management | 76.27 Bn | 95.00 Bn | 5.04 Bn | -38.15% |
| 6 | State Street | 44.42 Bn | 18.75 Bn | - | 18.57% |
| 7 | Ameriprise Financial | 41.68 Bn | 41.55 Bn | 4.57 Bn | 18.73% |
| 8 | Northern Trust | 31.21 Bn | 31.21 Bn | - | 37.97% |
| 9 | Ares Management | 28.85 Bn | 32.22 Bn | - | 8.40% |
| 10 | Morgan Stanley Direct Lending Fund | - | - | - | -33.73% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | -33.73% |
| Dec 31, 2025 | 9.39% |
| Sep 30, 2025 | 9.85% |
| Jun 30, 2025 | 8.99% |
| Mar 31, 2025 | 11.88% |
| Dec 31, 2024 | 17.01% |
| Sep 30, 2024 | 23.30% |
| Jun 30, 2024 | 25.74% |
| Mar 31, 2024 | 27.64% |
| Dec 31, 2023 | 26.16% |
| Sep 30, 2023 | 22.96% |
| Jun 30, 2023 | 22.97% |
| Mar 31, 2023 | 21.48% |
| Dec 31, 2022 | 19.24% |
| Sep 30, 2022 | 25.02% |
| Jun 30, 2022 | 31.26% |
| Mar 31, 2022 | 36.49% |