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.

• On a quarterly basis, Operating Expenses fell 12.61% year-over-year to $47.7 million in Q1 2026; TTM through Mar 2026 was $211.6 million, a 1.77% increase from a year earlier, with the FY2025 full-year figure at $218.4 million, up 4.33% from the prior year.
• Operating Expenses for Q1 2026 stood at $47.7 million, down from $52.6 million in the prior quarter.
• Over the last five years, Operating Expenses for MSDL reached as high as $55.7 million in Q2 2025 and fell as low as $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.
• Across the five-year window, Operating Expenses soared 152.36% in 2023 and slipped 12.61% in 2026, its largest moves.
• Year by year, Operating Expenses stood at $20.3 million in 2022, then soared by 115.36% to $43.8 million in 2023, then advanced by 26.12% to $55.2 million in 2024, then slipped by 4.7% to $52.6 million in 2025, then slipped by 9.28% to $47.7 million in 2026.
• Per Business Quant data, the three most recent Operating Expenses figures were $47.7 million in Q1 2026, $52.6 million in Q4 2025, and $55.6 million in Q3 2025.