Growth Metrics

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

Morgan Stanley Direct Lending Fund has reported Operating Income over the past 4 years, most recently at $44.0 million for Q4 2025.

  • Quarterly Operating Income fell 14.96% to $44.0 million in Q4 2025 from the year-ago period, while the trailing twelve-month figure was $178.8 million through Dec 2025, down 19.68% year-over-year, with the annual reading at $178.8 million for FY2025, 19.68% down from the prior year.
  • Operating Income was $44.0 million for Q4 2025 at Morgan Stanley Direct Lending Fund, roughly flat from $44.1 million in the prior quarter.
  • Over five years, Operating Income peaked at $59.2 million in Q3 2024 and troughed at $26.5 million in Q1 2022.
  • The 4-year median for Operating Income is $45.5 million (2023), against an average of $45.6 million.
  • Year-over-year, Operating Income surged 66.79% in 2023 and then dropped 25.49% in 2025.
  • A 4-year view of Operating Income shows it stood at $38.6 million in 2022, then skyrocketed by 47.62% to $57.0 million in 2023, then decreased by 9.22% to $51.7 million in 2024, then decreased by 14.96% to $44.0 million in 2025.
  • Per Business Quant, the three most recent readings for MSDL's Operating Income are $44.0 million (Q4 2025), $44.1 million (Q3 2025), and $43.9 million (Q2 2025).