Morgan Stanley Direct Lending Fund (MSDL) Operating Income (2022 - 2026)
Morgan Stanley Direct Lending Fund (MSDL) posted quarterly Operating Income of $40.5 million for Q1 2026, down 13.54% year-over-year from $46.9 million in Q1 2025, and down 1.63% quarter-over-quarter from $41.2 million in Q4 2025.
Morgan Stanley Direct Lending Fund (MSDL) Operating Income (2022 - 2026) Analysis & Trends
Morgan Stanley Direct Lending Fund (MSDL) has reported Operating Income for 5 consecutive years, with $40.5 million the latest figure, recorded in Q1 2026.
- In Q1 2026, Operating Income fell 13.54% year-over-year to $40.5 million; the TTM figure through Mar 2026 stood at $169.7 million (down 19.77% YoY), while the FY2025 annual figure was $176.0 million, down 20.07% from the prior year.
- Operating Income slipped to $40.5 million in Q1 2026 per MSDL's latest filing, from $41.2 million in the prior quarter.
- Across five years, Operating Income topped out at $59.2 million in Q3 2024 and bottomed at $26.5 million in Q1 2022.
- Historically, Operating Income has averaged $44.8 million across 5 years, with a median of $44.2 million in 2023.
- Annual changes were most pronounced in 2023 — Operating Income surged 66.79% — and 2025, when it retreated 25.49%.
- Morgan Stanley Direct Lending Fund's Operating Income stood at $38.3 million in 2022, then soared by 44.94% to $55.5 million in 2023, then dropped by 11.13% to $49.3 million in 2024, then dropped by 16.46% to $41.2 million in 2025, then retreated by 1.63% to $40.5 million in 2026.
- Business Quant data shows MSDL's Operating Income at $40.5 million in Q1 2026, $41.2 million in Q4 2025, and $44.1 million in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Op. Inc (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 178.55 Bn | 164.68 Bn | - | 2.46 Bn |
| 2 | Blackstone | 115.02 Bn | 112.52 Bn | - | - |
| 3 | Kkr | 97.24 Bn | -179.83 Bn | - | 2.04 Bn |
| 4 | Brookfield | 93.35 Bn | 45.94 Bn | - | - |
| 5 | Brookfield Asset Management | 83.51 Bn | 82.00 Bn | - | - |
| 6 | Apollo Global Management | 78.61 Bn | 53.24 Bn | 10.54 Bn | 5.35 Bn |
| 7 | State Street | 51.21 Bn | 51.21 Bn | - | - |
| 8 | Ameriprise Financial | 51.14 Bn | 40.10 Bn | 4.72 Bn | 1.22 Bn |
| 9 | Raymond James Financial | 33.91 Bn | 20.66 Bn | - | - |
| 10 | Morgan Stanley Direct Lending Fund | 1.31 Bn | 1.23 Bn | - | 38.96 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 38.96 Mn |
| Mar 31, 2026 | 40.51 Mn |
| Dec 31, 2025 | 41.18 Mn |
| Sep 30, 2025 | 44.13 Mn |
| Jun 30, 2025 | 43.86 Mn |
| Mar 31, 2025 | 46.86 Mn |
| Dec 31, 2024 | 49.30 Mn |
| Sep 30, 2024 | 59.23 Mn |
| Jun 30, 2024 | 56.12 Mn |
| Mar 31, 2024 | 54.65 Mn |
| Dec 31, 2023 | 55.47 Mn |
| Sep 30, 2023 | 50.57 Mn |
| Jun 30, 2023 | 47.80 Mn |
| Mar 31, 2023 | 44.22 Mn |
| Dec 31, 2022 | 38.27 Mn |
| Sep 30, 2022 | 33.81 Mn |
| Jun 30, 2022 | 29.41 Mn |
| Mar 31, 2022 | 26.51 Mn |