Morgan Stanley Direct Lending Fund (MSDL) Operating Expenses (2022 - 2026)
Morgan Stanley Direct Lending Fund (MSDL) reported Operating Expenses of $49.81 million for Q2 2026, down 10.5% from $55.65 million a year earlier but up 4.4% from the prior quarter.
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Analysis
Morgan Stanley Direct Lending Fund (MSDL) Operating Expenses (2022 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Morgan Stanley Direct Lending Fund's Operating Expenses came in at $205.73 million, down 3.0% year-over-year; for FY2025, it came in at $218.45 million, up 12.9% from FY2024.
- Operating Expenses has increased for four consecutive years, with a four-year compound annual growth rate of 47.0% (FY2021 to FY2025).
- By year, Operating Expenses came in at $193.4 million in FY2024 (+15.0%), $168.16 million in FY2023 (+64.5%), $102.25 million in FY2022 (+118.4%) and $46.81 million in FY2021.
- Five-year quarterly Operating Expenses spans a low of $17.79 million in Q1 2022 and a high of $55.65 million in Q2 2025.
- Year over year, Operating Expenses gained in six of the last eight quarters, with growth averaging 7.9%.
- The high point for year-over-year Operating Expenses in five years was Q1 2023 (growth of 121.6%); the low point was Q1 2026 (a decline of 12.6%).
- Per Business Quant data, the three quarters before Q2 2026 came in at $47.72 million (Q1 2026), $52.6 million (Q4 2025) and $55.59 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Rocket Companies | 43.26 Bn | 28.94 Bn | - | 2.50 Bn |
| 2 | Orix | 42.40 Bn | 42.90 Bn | - | 4.66 Bn |
| 3 | Royalty Pharma | 33.56 Bn | 33.47 Bn | - | 541.02 Mn |
| 4 | Federal National Mortgage Association Fannie Mae | 24.47 Bn | 24.47 Bn | - | 2.07 Bn |
| 5 | Affirm Holdings | 23.34 Bn | 17.03 Bn | - | 1.02 Bn |
| 6 | Synchrony Financial | 23.06 Bn | -44.91 Bn | - | 1.33 Bn |
| 7 | Royal Gold | 19.98 Bn | 19.21 Bn | 390.45 Mn | 173.18 Mn |
| 8 | Annaly Capital Management | 14.18 Bn | 5.27 Bn | - | 58.19 Mn |
| 9 | Ares Capital | 13.71 Bn | 11.15 Bn | - | - |
| 10 | Morgan Stanley Direct Lending Fund | 1.15 Bn | 802.02 Mn | - | 49.81 Mn |
Historic Data
Download Data
Historic 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 | 51.30 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 | 39.42 Mn |
| Dec 31, 2022 | 34.97 Mn |
| Sep 30, 2022 | 28.91 Mn |
| Jun 30, 2022 | 20.59 Mn |
| Mar 31, 2022 | 17.79 Mn |
API Access
Morgan Stanley Direct Lending Fund Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=MSDL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "MSDL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=MSDL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();