Morgan Stanley Direct Lending Fund (MSDL) Non-Current Debt (2022 - 2026)
Morgan Stanley Direct Lending Fund's (MSDL) quarterly Non-Current Debt came in at $2.0 billion in Q2 2026, down 3.33% year-over-year from $2.1 billion in Q2 2025, and down 3.47% quarter-over-quarter from $2.1 billion in Q1 2026.
Analysis
Morgan Stanley Direct Lending Fund (MSDL) Non-Current Debt (2022 - 2026) Analysis & Trends
Morgan Stanley Direct Lending Fund (MSDL) has reported Non-Current Debt for 5 consecutive years, with $2.0 billion the latest figure, recorded in Q2 2026.
- On a quarterly basis, Non-Current Debt fell 3.33% year-over-year to $2.0 billion in Q2 2026; TTM through Jun 2026 was $2.0 billion, a 3.33% decrease from a year earlier, with the FY2025 full-year figure at $2.1 billion, up 5.74% from the prior year.
- Non-Current Debt was $2.0 billion for Q2 2026 at Morgan Stanley Direct Lending Fund, down from $2.1 billion in the prior quarter.
- Over five years, Non-Current Debt peaked at $2.1 billion in Q4 2025 and troughed at $1.5 billion in Q1 2024.
- A 5-year average of $1.8 billion and a median of $1.8 billion in 2024 frame the typical range for Non-Current Debt.
- Across the five-year window, Non-Current Debt decreased 6.15% in 2024 and jumped 35.13% in 2025, its largest moves.
- Over 5 years, Non-Current Debt stood at $1.5 billion in 2022, then slipped by 1.8% to $1.5 billion in 2023, then surged by 31.91% to $2.0 billion in 2024, then gained by 5.74% to $2.1 billion in 2025, then decreased by 5.02% to $2.0 billion in 2026.
- The last three Non-Current Debt figures came in at $2.0 billion (Q2 2026), $2.1 billion (Q1 2026), and $2.1 billion (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Non-Current Debt (Qtr) |
|---|---|---|---|---|---|
| 1 | Ares Capital | 14.12 Bn | 13.73 Bn | - | 15.77 Bn |
| 2 | Blackstone Secured Lending Fund | 5.69 Bn | 5.42 Bn | - | 7.54 Bn |
| 3 | Blue Owl Capital | 5.52 Bn | 5.28 Bn | - | 7.90 Bn |
| 4 | Main Street Capital | 5.26 Bn | 5.20 Bn | - | 2.53 Bn |
| 5 | Blue Owl Technology Finance | 5.05 Bn | 4.84 Bn | - | 7.16 Bn |
| 6 | Hercules Capital | 4.64 Bn | 4.59 Bn | - | 2.34 Bn |
| 7 | FS KKR Capital | 3.37 Bn | 3.27 Bn | - | 6.47 Bn |
| 8 | Golub Capital Bdc | 3.34 Bn | 3.30 Bn | - | 4.54 Bn |
| 9 | PennantPark Floating Rate Capital | 2.48 Bn | -129.09 Mn | - | 318.31 Mn |
| 10 | Morgan Stanley Direct Lending Fund | 1.25 Bn | 1.17 Bn | - | 1.98 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 1.98 Bn |
| Mar 31, 2026 | 2.05 Bn |
| Dec 31, 2025 | 2.09 Bn |
| Sep 30, 2025 | 2.07 Bn |
| Jun 30, 2025 | 2.05 Bn |
| Mar 31, 2025 | 2.01 Bn |
| Dec 31, 2024 | 1.97 Bn |
| Sep 30, 2024 | 1.84 Bn |
| Jun 30, 2024 | 1.66 Bn |
| Mar 31, 2024 | 1.49 Bn |
| Dec 31, 2023 | 1.50 Bn |
| Sep 30, 2023 | 1.72 Bn |
| Jun 30, 2023 | 1.55 Bn |
| Mar 31, 2023 | 1.58 Bn |
| Dec 31, 2022 | 1.52 Bn |