Morgan Stanley Direct Lending Fund (MSDL) Operating Expenses (2022 - 2026)
Morgan Stanley Direct Lending Fund (MSDL) posted quarterly Operating Expenses of $47.7 million for Q1 2026, down 12.61% year-over-year from $54.6 million in Q1 2025, and down 9.28% quarter-over-quarter from $52.6 million in Q4 2025.
Morgan Stanley Direct Lending Fund (MSDL) Operating Expenses (2022 - 2026) Analysis & Trends
Morgan Stanley Direct Lending Fund (MSDL) has reported Operating Expenses for 5 consecutive years, with $47.7 million the latest figure, recorded in Q1 2026.
- In Q1 2026, Operating Expenses fell 12.61% year-over-year to $47.7 million; the TTM figure through Mar 2026 stood at $211.6 million (up 1.77% YoY), while the FY2025 annual figure was $218.4 million, up 4.33% from the prior year.
- Operating Expenses slipped to $47.7 million in Q1 2026 per MSDL's latest filing, from $52.6 million in the prior quarter.
- Across five years, Operating Expenses topped out at $55.7 million in Q2 2025 and bottomed at $17.8 million in Q1 2022.
- Historically, Operating Expenses has averaged $42.9 million across 5 years, with a median of $44.9 million in 2023.
- Annual changes were most pronounced in 2023 — Operating Expenses surged 152.36% — and 2026, when it declined 12.61%.
- Morgan Stanley Direct Lending Fund's Operating Expenses stood at $20.3 million in 2022, then jumped by 115.36% to $43.8 million in 2023, then rose by 26.12% to $55.2 million in 2024, then retreated by 4.7% to $52.6 million in 2025, then retreated by 9.28% to $47.7 million in 2026.
- Business Quant data shows MSDL's Operating Expenses at $47.7 million in Q1 2026, $52.6 million in Q4 2025, and $55.6 million in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 176.99 Bn | 163.12 Bn | - | 4.62 Bn |
| 2 | Blackstone | 113.16 Bn | 110.65 Bn | - | 2.38 Bn |
| 3 | Kkr | 96.05 Bn | -181.02 Bn | - | 5.41 Bn |
| 4 | Brookfield | 92.54 Bn | 45.14 Bn | - | 14.94 Bn |
| 5 | Brookfield Asset Management | 82.31 Bn | 80.81 Bn | - | 659.00 Mn |
| 6 | Apollo Global Management | 77.14 Bn | 51.77 Bn | 10.54 Bn | 8.74 Bn |
| 7 | State Street | 50.64 Bn | 50.64 Bn | - | 2.66 Bn |
| 8 | Ameriprise Financial | 50.31 Bn | 39.27 Bn | 4.72 Bn | 3.50 Bn |
| 9 | Northern Trust | 33.61 Bn | 33.61 Bn | - | 1.64 Bn |
| 10 | Morgan Stanley Direct Lending Fund | 1.30 Bn | 1.22 Bn | - | 49.81 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 49.81 Mn |
| Mar 31, 2026 | 47.72 Mn |
| Dec 31, 2025 | 52.60 Mn |
| Sep 30, 2025 | 55.59 Mn |
| Jun 30, 2025 | 55.65 Mn |
| Mar 31, 2025 | 54.60 Mn |
| Dec 31, 2024 | 55.20 Mn |
| Sep 30, 2024 | 50.52 Mn |
| Jun 30, 2024 | 47.57 Mn |
| Mar 31, 2024 | 44.01 Mn |
| Dec 31, 2023 | 43.77 Mn |
| Sep 30, 2023 | 43.88 Mn |
| Jun 30, 2023 | 41.10 Mn |
| Mar 31, 2023 | 44.90 Mn |
| Dec 31, 2022 | 20.32 Mn |
| Sep 30, 2022 | 34.05 Mn |
| Jun 30, 2022 | 20.59 Mn |
| Mar 31, 2022 | 17.79 Mn |