Morgan Stanley Direct Lending Fund Ratios (2022-2025) | MSDL

Ratios Mar2022 Jun2022 Sep2022 Dec2022 Mar2023 Jun2023 Sep2023 Dec2023 Mar2024 Jun2024 Sep2024 Dec2024 Mar2025 Jun2025 Sep2025
Profitability
EBT Margin 36.49%31.26%24.26%19.24%20.99%22.37%22.12%28.15%28.08%26.22%23.76%17.98%12.49%9.20%10.26%
EBIT Margin 59.85%58.83%53.91%52.47%52.87%53.77%53.55%56.56%55.59%54.35%53.97%50.21%46.18%44.07%44.26%
EBITDA Margin 59.85%58.83%53.91%52.47%52.87%53.77%53.55%56.56%55.59%54.35%53.97%50.21%46.18%44.07%44.26%
Operating Margin 59.85%58.83%53.91%52.47%52.87%53.77%53.55%56.56%55.59%54.35%53.97%50.21%46.18%44.07%44.26%
Net Margin 36.49%31.26%24.26%19.24%20.99%22.37%22.12%26.65%27.64%25.74%23.30%15.61%11.88%8.99%9.85%
FCF Margin -282.52%-265.25%-187.68%-73.87%-19.57%10.04%-105.17%22.77%-54.14%-102.38%-106.63%-93.35%33.61%24.15%39.12%
Efficiency
Assets Average 3,022.90M3,065.44M3,174.05M3,291.80M3,354.04M3,528.62M3,724.63M3,852.69M3,912.09M3,917.03M3,927.09M
Equity Average 1,405.95M1,427.30M1,460.74M1,601.31M1,779.09M1,849.49M1,857.84M1,847.94M1,829.98M1,804.05M1,780.95M
Invested Capital 2,920.78M2,998.70M2,994.74M3,199.85M3,217.18M3,323.69M3,526.38M3,695.29M3,815.64M3,826.75M3,840.55M3,844.01M
Asset Utilization Ratio 0.090.100.110.110.110.110.110.110.110.110.10
Leverage & Solvency
Interest Coverage Ratio 2.562.131.821.581.661.711.701.992.021.931.791.561.371.261.30
Equity Ratio 0.470.460.470.450.520.540.510.490.470.460.460.45
Times Interest Earned 2.562.131.821.581.661.711.701.992.021.931.791.561.371.261.30
Dividends & Payouts
FCF Payout Ratio -0.18-0.15-0.18-0.41-1.462.88-0.301.36-0.69-0.32-0.38-0.561.561.831.11
Valuation
Enterprise Value -81.22M-99.61M-52.85M-88.08M-69.70M-64.76M-94.97M-90.43M-72.37M-69.40M-79.63M-75.52M
Return Ratios
Return on Sales 0.36%0.31%0.24%0.19%0.21%0.22%0.22%0.27%0.28%0.26%0.23%0.16%0.12%0.09%0.10%
Return on Invested Capital 0.06%0.06%0.06%0.06%0.06%0.05%0.05%0.05%
Return on Assets 0.02%0.02%0.02%0.03%0.03%0.03%0.03%0.02%0.02%0.02%0.01%
Return on Equity 0.04%0.05%0.05%0.05%0.05%0.06%0.06%0.05%0.04%0.03%0.03%