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Morgan Stanley Direct Lending Fund (MSDL) Operating Expenses (2022 - 2025)

Morgan Stanley Direct Lending Fund (MSDL) has disclosed Operating Expenses for 4 consecutive years, with $52.6 million as the latest value 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 for Q4 2025 was $52.6 million at Morgan Stanley Direct Lending Fund, down from $55.6 million in the prior quarter.
  • The five-year high for Operating Expenses was $67.3 million in Q4 2024, with the low at $22.4 million in Q1 2022.
  • Average Operating Expenses over 4 years is $46.1 million, with a median of $47.9 million recorded in 2024.
  • The sharpest move saw Operating Expenses skyrocketed 76.06% in 2023, then fell 21.81% in 2025.
  • Over 4 years, Operating Expenses stood at $55.0 million in 2022, then fell by 20.37% to $43.8 million in 2023, then surged by 53.71% to $67.3 million in 2024, then dropped by 21.81% to $52.6 million in 2025.
  • According to Business Quant data, Operating Expenses over the past three periods came in at $52.6 million, $55.6 million, and $55.7 million for Q4 2025, Q3 2025, and Q2 2025 respectively.