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Morgan Stanley Direct Lending Fund (MSDL) Operating Expenses (2022 - 2026)

Morgan Stanley Direct Lending Fund has reported Operating Expenses over the past 4 years, most recently at $52.6 million for Q4 2025.

  • Quarterly Operating Expenses fell 21.81% to $52.6 million in Q4 2025 from the year-ago period, while the trailing twelve-month figure was $218.4 million through Dec 2025, up 2.23% year-over-year, with the annual reading at $218.4 million for FY2025, 4.33% up from the prior year.
  • Operating Expenses was $52.6 million for Q4 2025 at Morgan Stanley Direct Lending Fund, down from $55.6 million in the prior quarter.
  • Over five years, Operating Expenses peaked at $67.3 million in Q4 2024 and troughed at $22.4 million in Q1 2022.
  • The 4-year median for Operating Expenses is $47.9 million (2024), against an average of $46.1 million.
  • Year-over-year, Operating Expenses soared 76.06% in 2023 and then decreased 21.81% in 2025.
  • A 4-year view of Operating Expenses shows it stood at $55.0 million in 2022, then dropped by 20.37% to $43.8 million in 2023, then soared by 53.71% to $67.3 million in 2024, then decreased by 21.81% to $52.6 million in 2025.
  • Per Business Quant, the three most recent readings for MSDL's Operating Expenses are $52.6 million (Q4 2025), $55.6 million (Q3 2025), and $55.7 million (Q2 2025).