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

Morgan Stanley Direct Lending Fund (MSDL) has 5 years of Operating Expenses data on file, last reported at $47.7 million in Q1 2026.

• Quarterly Operating Expenses fell 14.2% year-over-year to $47.7 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $212.6 million (down 1.89% YoY) and the FY2025 annual result came in at $219.5 million, up 4.82% from the prior year.
• Operating Expenses fell to $47.7 million in Q1 2026 per MSDL's latest filing, from $53.6 million in the prior quarter.
• Across five years, Operating Expenses topped out at $55.7 million in Q2 2025 and bottomed at $22.4 million in Q1 2022.
• The 5-year median for Operating Expenses is $49.7 million (2023), against an average of $45.3 million.
• The widest annual swing landed in 2023, when Operating Expenses soared 83.16%; it then declined 14.2% in 2026.
• Tracing MSDL's Operating Expenses over 5 years: stood at $35.0 million in 2022, then jumped by 42.41% to $49.8 million in 2023, then advanced by 10.84% to $55.2 million in 2024, then declined by 2.86% to $53.6 million in 2025, then fell by 11.0% to $47.7 million in 2026.
• Per Business Quant, the three latest MSDL Operating Expenses figures stand at $47.7 million (Q1 2026), $53.6 million (Q4 2025), and $55.6 million (Q3 2025).

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