Morgan Stanley Direct Lending Fund (MSDL) Revenue History
Annual and quarterly revenue from 2020 to present
MSDL Revenue Over Time (2020–2025)
MSDL Revenue Growth History
3 of 5 years with positive growth- FY2020 revenue growth
- N/A
- FY2021 revenue growth
- +293.1%
- FY2022 revenue growth
- -57.4%
- FY2023 revenue growth
- +551.6%
- FY2024 revenue growth
- -2.6%
- FY2025 revenue growth
- +19.7%
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $10.0M | -67.7% |
| Q2 2026 | $50.6M | +32.0% |
| Q1 2026 | $75.1M | +140.1% |
| Q4 2025 | $53.6M | +5.4% |
| Q3 2025 | $30.8M | -40.6% |
| Q2 2025 | $38.3M | -33.5% |
| Q1 2025 | $31.3M | -36.6% |
| Q4 2024 | $50.8M | -6.3% |
Multi-year avg. share of annual revenue by fiscal quarter
MSDL Revenue Analysis (2020–2025)
Current Revenue & Growth
As of November 8, 2026, Morgan Stanley Direct Lending Fund (MSDL) generated trailing twelve-month (TTM) revenue of $189.2 million, reflecting significant decline in growth of -67.7% year-over-year. The most recent quarter (Q3 2026) recorded $10.0 million in revenue, down 80.3% sequentially.
Historical Growth Trajectory
MSDL's 5-year compound annual growth rate (CAGR) stands at +66.3%, indicating outstanding long-term growth trajectory. The 3-year CAGR of +96.6% exceeds the 5-year average, indicating an acceleration in the most recent period. Morgan Stanley Direct Lending Fund's highest annual revenue of $250.9 million was recorded in 2025, an all-time high.
Peer Comparison
Compared to Financial Services sector peers — including ARCC (+3.7% YoY), FSCO, and OBDC (+35.0% YoY) — MSDL has underperformed the peer group in revenue growth. 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 | $189M | -67.7% | +66.3% | 102.9% | |
 ARCC | $1.5B | +3.7% | +22.7% | 92.8% | |
 FSCO | $164M | - | - | 94.0% | |
 OBDC | $1.1B | +35.0% | +29.0% | 113.7% | |
 GBDC | $590M | -15.9% | +54.6% | 116.5% | |
 TPVG | $71M | -16.0% | +9.6% | 107.1% |
MSDL Historical Revenue Data (2020–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $250.9M | +19.7% | $313.6M | 125.0% | $258.1M | 102.9% |
| 2024 | $209.6M | -2.6% | $209.6M | 100.0% | $218.0M | 104.0% |
| 2023 | $215.2M | +551.6% | $215.2M | 100.0% | $232.5M | 108.0% |
| 2022 | $33.0M | -57.4% | $33.0M | 100.0% | $48.9M | 148.0% |
| 2021 | $77.6M | +293.1% | $77.6M | 100.0% | $83.3M | 107.4% |
| 2020 | $19.7M | - | $19.7M | 100.0% | $18.3M | 92.7% |
MSDL Chart Terminal
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Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
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Peer Comparison
Compare growth, multiples, and margins vs sector.
MSDL — 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 declining -67.7% year-over-year. TTM revenue fell to $189M, contrasting with the 5-year CAGR of +66.3%. The reversal reflects either macro headwinds or company-specific challenges.
What is MSDL's revenue history from 2020 to 2026?
Morgan Stanley Direct Lending Fund (MSDL) revenue history spans 2020 to 2026. TTM revenue as of 2026 is $189M, growing at -67.7% YoY. The 5-year CAGR is +66.3%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is MSDL's long-term revenue growth rate (CAGR)?
Morgan Stanley Direct Lending Fund's 5-year revenue CAGR of +66.3% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -67.7% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for MSDL.
Why does MSDL's quarterly revenue fluctuate?
MSDL quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Morgan Stanley Direct Lending Fund's revenue data from 2020 to 2026 shows full historical quarterly detail on this page.
How is MSDL's revenue distributed by segment?
MSDL reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does MSDL's revenue compare to industry peers?
Morgan Stanley Direct Lending Fund (MSDL) with TTM revenue of $189M and -67.7% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.