Morgan Stanley Direct Lending Fund annual return on equity
2021
2022
2023
2024
2025
Morgan Stanley Direct Lending Fund Return on Equity (ROE) Growth & History (MSDL)
Morgan Stanley Direct Lending Fund's return on equity was 6.80% for fiscal 2025.
View full Morgan Stanley Direct Lending Fund company overviewMorgan Stanley Direct Lending Fund annual return on equity history
| Fiscal year | Period ended | Return on equity | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 6.80% | −5.30 pp |
| 2024 | 2024-12-31 | 12.10% | −2.72 pp |
| 2023 | 2023-12-31 | 14.82% | +11.06 pp |
| 2022 | 2022-12-31 | 3.75% | −7.42 pp |
| 2021 | 2021-12-31 | 11.17% | — |
Morgan Stanley Direct Lending Fund quarterly return on equity
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Return on equity | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 0.47% | −1.53 pp |
| Q1 2026 | 2026-03-31 | −0.26% | −1.88 pp |
| Q4 2025 | 2025-12-31 | 1.63% | −1.16 pp |
| Q3 2025 | 2025-09-30 | 1.55% | −1.31 pp |
| Q2 2025 | 2025-06-30 | 2.00% | −1.19 pp |
| Q1 2025 | 2025-03-31 | 1.62% | −1.28 pp |
| Q4 2024 | 2024-12-31 | 2.79% | −0.79 pp |
| Q3 2024 | 2024-09-30 | 2.86% | −2.16 pp |
| Q2 2024 | 2024-06-30 | 3.19% | −0.76 pp |
| Q1 2024 | 2024-03-31 | 2.91% | −0.21 pp |
| Q4 2023 | 2023-12-31 | 3.58% | +2.03 pp |
| Q3 2023 | 2023-09-30 | 5.03% | — |
| Q2 2023 | 2023-06-30 | 3.95% | — |
| Q1 2023 | 2023-03-31 | 3.11% | — |
| Q4 2022 | 2022-12-31 | 1.56% | — |
Morgan Stanley Direct Lending Fund return on equity trends
Between the periods ended 2021-12-31 and 2025-12-31, Morgan Stanley Direct Lending Fund's return on equity decreased from 11.17% to 6.80%, a change of −4.37 percentage points. The latest reported quarter, Q2 2026, shows 0.47%.
About the metric
What return on equity (ROE) means
Return on equity (ROE) measures how much net income a company generates relative to shareholders’ equity. It can help evaluate how efficiently equity capital is used, but unusually high or negative values may reflect leverage, losses, or a small equity base.
Calculation and source
How return on equity is calculated
TickerStat calculates ROE as SEC-reported net income divided by average stockholders’ equity at the beginning and end of the fiscal period. Periods with missing or non-positive average equity are omitted. Quarterly ROE uses quarterly net income and is not annualized. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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