Morgan Stanley Direct Lending Fund (MSDL) Non-Current Debt (2022 - 2026)
Morgan Stanley Direct Lending Fund (MSDL) posted quarterly Non-Current Debt of $2.1 billion for Q1 2026, up 2.2% year-over-year from $2.0 billion in Q1 2025, and down 1.61% quarter-over-quarter from $2.1 billion in Q4 2025.
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 $2.1 billion the latest figure, recorded in Q1 2026.
- In Q1 2026, Non-Current Debt rose 2.2% year-over-year to $2.1 billion; the TTM figure through Mar 2026 stood at $2.1 billion (up 2.2% YoY), while the FY2025 annual figure was $2.1 billion, up 5.74% from the prior year.
- Non-Current Debt declined to $2.1 billion in Q1 2026 per MSDL's latest filing, from $2.1 billion in the prior quarter.
- Across five years, Non-Current Debt topped out at $2.1 billion in Q4 2025 and bottomed at $1.5 billion in Q1 2024.
- Historically, Non-Current Debt has averaged $1.8 billion across 5 years, with a median of $1.8 billion in 2023.
- Annual changes were most pronounced in 2024 — Non-Current Debt slipped 6.15% — and 2025, when it surged 35.13%.
- Morgan Stanley Direct Lending Fund's Non-Current Debt stood at $1.5 billion in 2022, then declined by 1.8% to $1.5 billion in 2023, then jumped by 31.91% to $2.0 billion in 2024, then climbed by 5.74% to $2.1 billion in 2025, then decreased by 1.61% to $2.1 billion in 2026.
- Business Quant data shows MSDL's Non-Current Debt at $2.1 billion in Q1 2026, $2.1 billion in Q4 2025, and $2.1 billion in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Non-Current Debt (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 176.99 Bn | 163.12 Bn | - | 12.74 Bn |
| 2 | Blackstone | 113.16 Bn | 110.65 Bn | - | 13.19 Bn |
| 3 | Kkr | 96.05 Bn | -181.02 Bn | - | - |
| 4 | Brookfield | 92.54 Bn | 45.14 Bn | - | - |
| 5 | Brookfield Asset Management | 82.31 Bn | 80.81 Bn | - | 3.47 Bn |
| 6 | Apollo Global Management | 77.14 Bn | 51.77 Bn | 10.54 Bn | 13.73 Bn |
| 7 | State Street | 50.64 Bn | 50.64 Bn | - | - |
| 8 | Ameriprise Financial | 50.31 Bn | 39.27 Bn | 4.72 Bn | 200.00 Mn |
| 9 | Northern Trust | 33.61 Bn | 33.61 Bn | - | 8.63 Bn |
| 10 | Morgan Stanley Direct Lending Fund | 1.30 Bn | 1.22 Bn | - | 1.98 Bn |
Historic Data
Download 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 |