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

Morgan Stanley Direct Lending Fund (MSDL) has disclosed Operating Margin for 4 consecutive years, with 45.55% as the latest value for Q4 2025.

  • Quarterly Operating Margin fell 466.0% to 45.55% in Q4 2025 from the year-ago period, while the trailing twelve-month figure was 45.02% through Dec 2025, down 850.0% year-over-year, with the annual reading at 45.02% for FY2025, 850.0% down from the prior year.
  • Operating Margin for Q4 2025 was 45.55% at Morgan Stanley Direct Lending Fund, up from 44.26% in the prior quarter.
  • The five-year high for Operating Margin was 62.07% in Q1 2022, with the low at 44.07% in Q2 2025.
  • Average Operating Margin over 4 years is 52.91%, with a median of 54.19% recorded in 2022.
  • The sharpest move saw Operating Margin soared 230bps in 2023, then plummeted -1027bps in 2025.
  • Over 4 years, Operating Margin stood at 54.27% in 2022, then rose by 4bps to 56.56% in 2023, then dropped by -11bps to 50.21% in 2024, then fell by -9bps to 45.55% in 2025.
  • According to Business Quant data, Operating Margin over the past three periods came in at 45.55%, 44.26%, and 44.07% for Q4 2025, Q3 2025, and Q2 2025 respectively.