Morgan Stanley Direct Lending Fund (MSDL) Revenue History
Annual and quarterly revenue from 2020 to 2025
Compound Annual Growth Rate (CAGR)
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MSDL Revenue Growth
MSDL Revenue Analysis (2020–2025)
As of May 8, 2026, Morgan Stanley Direct Lending Fund (MSDL) generated trailing twelve-month (TTM) revenue of $313.7 million, reflecting explosive growth of +36.1% year-over-year. The most recent quarter (Q1 2026) recorded $89.1 million in revenue, up 2.5% sequentially.
Looking at the longer-term picture, MSDL's 5-year compound annual growth rate (CAGR) stands at +75.2%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $387.0 million in 2025, representing a new all-time high.
When compared to Financial Services sector peers including ARCC, FSCO, and OBDC. Compare MSDL vs ARCC →
MSDL Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| MSDLCurrent | $314M | +36.1% | +75.2% | 66.7% | |
 ARCC | $3.1B | - | - | 69.7% | |
 FSCO | $254M | - | - | 77.5% | |
 OBDC | $1.7B | - | - | 73.2% | |
 GBDC | $871M | - | - | 78.9% | |
 TPVG | $97M | - | - | 77.9% |
MSDL Historical Revenue Data (2020–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $387.0M | - | $313.6M | 81.0% | $258.1M | 66.7% |
| 2024 | $332.5M | - | $209.6M | 63.0% | $218.0M | 65.6% |
| 2023 | $328.1M | - | $215.2M | 65.6% | $232.5M | 70.9% |
| 2022 | $100.2M | - | $33.0M | 33.0% | $48.9M | 48.8% |
| 2021 | $98.6M | - | $77.6M | 78.7% | $83.3M | 84.5% |
| 2020 | $23.5M | - | $19.7M | 84.1% | $18.3M | 78.0% |
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Start ComparisonMSDL — Frequently Asked Questions
Quick answers to the most common questions about buying MSDL stock.
Is MSDL's revenue growth accelerating or slowing?
MSDL revenue is accelerating at +36.1% year-over-year, exceeding the 5-year CAGR of +75.2%. TTM revenue reached $314M. Growth momentum has increased versus prior periods.
What is MSDL's long-term revenue growth rate?
Morgan Stanley Direct Lending Fund's 5-year revenue CAGR of +75.2% reflects the sustained expansion pattern. Current YoY growth of +36.1% is above this long-term average.
How is MSDL's revenue distributed by segment?
MSDL reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2020-2025 are available for download. Segment mix reveals concentration and diversification trends.