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

Morgan Stanley Direct Lending Fund (MSDL) has 5 years of Net Margin data on file, last reported at 10.12% in Q1 2026.

• On a quarterly basis, Net Margin rose 97.0% year-over-year to 10.12% in Q1 2026; TTM through Mar 2026 was 10.78%, a 2832.0% decrease from a year earlier, with the FY2025 full-year figure at 9.33%, down 1347.0% from the prior year.
• Net Margin for Q1 2026 stood at 10.12%, up from 71.7% in the prior quarter.
• Over the last five years, Net Margin for MSDL reached as high as 49.74% in Q4 2023 and fell as low as 71.7% in Q4 2025.
• Historically, Net Margin has averaged 17.29% across 5 years, with a median of 22.96% in 2023.
• Across the five-year window, Net Margin soared 517 bps in 2024 and sank 8358 bps in 2025, its largest moves.
• Year by year, Net Margin stood at 45.6% in 2022, then rose by 9 bps to 49.74% in 2023, then sank by 76 bps to 11.88% in 2024, then slumped by 704 bps to 71.7% in 2025, then surged by 114 bps to 10.12% in 2026.
• Per Business Quant data, the three most recent Net Margin figures were 10.12% in Q1 2026, 71.7% in Q4 2025, and 9.85% in Q3 2025.