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

Morgan Stanley Direct Lending Fund (MSDL) has 5 years of Operating Margin data on file, last reported at 45.48% in Q1 2026.

• On a quarterly basis, Operating Margin fell 70.0% year-over-year to 45.48% in Q1 2026; TTM through Mar 2026 was 44.09%, a 646.0% decrease from a year earlier, with the FY2025 full-year figure at 44.31%, down 862.0% from the prior year.
• Operating Margin for Q1 2026 stood at 45.48%, up from 42.63% in the prior quarter.
• Over the last five years, Operating Margin for MSDL reached as high as 62.07% in Q1 2022 and fell as low as 42.63% in Q4 2025.
• Historically, Operating Margin has averaged 51.65% across 5 years, with a median of 53.87% in 2024.
• Across the five-year window, Operating Margin soared 168 bps in 2023 and plunged 979 bps in 2025, its largest moves.
• Year by year, Operating Margin stood at 53.8% in 2022, then slipped by 5 bps to 51.14% in 2023, then decreased by 6 bps to 47.85% in 2024, then slipped by 11 bps to 42.63% in 2025, then climbed by 7 bps to 45.48% in 2026.
• Per Business Quant data, the three most recent Operating Margin figures were 45.48% in Q1 2026, 42.63% in Q4 2025, and 44.26% in Q3 2025.