Morgan Stanley Direct Lending Fund (MSDL) Interest Expenses (2022 - 2026)
Morgan Stanley Direct Lending Fund (MSDL) recorded Interest Expenses of $32.02 million in Q2 2026, down 7.7% from $34.71 million a year earlier but up 4.4% from the prior quarter.
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Analysis
Morgan Stanley Direct Lending Fund (MSDL) Interest Expenses (2022 - 2026) Analysis & Trends
On a TTM basis, Morgan Stanley Direct Lending Fund's Interest Expenses came in at $129.93 million as of Jun 30, 2026, down 3.9% year-over-year; for FY2025, it came in at $136.13 million, up 10.7% from FY2024.
- Annual Interest Expenses has increased for four straight years, with a four-year compound annual growth rate of 59.5% (FY2021 to FY2025).
- Across earlier years, Interest Expenses came in at $122.93 million in FY2024 (+8.9%), $112.88 million in FY2023 (+68.0%), $67.18 million in FY2022 (+219.7%) and $21.02 million in FY2021.
- Quarterly Interest Expenses has ranged from $10.35 million in Q1 2022 to $34.71 million in Q2 2025 over the past five years.
- On a year-over-year basis, Interest Expenses rose in six of the last eight quarters, with growth averaging 7.0%.
- Peak year-over-year performance for Interest Expenses in the last five years was growth of 157.7% in Q1 2023, against a decline of 10.3% in Q1 2026 at the low end.
- Per Business Quant, the preceding three quarters came in at $30.67 million (Q1 2026), $33.34 million (Q4 2025) and $33.9 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Int Expense (Qtr) |
|---|---|---|---|---|---|
| 1 | Rocket Companies | 43.26 Bn | 28.94 Bn | - | 374.00 Mn |
| 2 | Orix | 42.40 Bn | 42.90 Bn | - | 281.69 Mn |
| 3 | Royalty Pharma | 33.56 Bn | 33.47 Bn | - | 93.62 Mn |
| 4 | Federal National Mortgage Association Fannie Mae | 24.47 Bn | 24.47 Bn | - | 33.32 Bn |
| 5 | Affirm Holdings | 23.34 Bn | 17.03 Bn | - | 118.51 Mn |
| 6 | Synchrony Financial | 23.06 Bn | -44.91 Bn | - | 975.00 Mn |
| 7 | Royal Gold | 19.98 Bn | 19.21 Bn | 390.45 Mn | 10.01 Mn |
| 8 | Annaly Capital Management | 14.18 Bn | 5.27 Bn | - | 1.32 Bn |
| 9 | Ares Capital | 13.71 Bn | 11.15 Bn | - | 214.00 Mn |
| 10 | Morgan Stanley Direct Lending Fund | 1.15 Bn | 802.02 Mn | - | 32.02 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 32.02 Mn |
| Mar 31, 2026 | 30.67 Mn |
| Dec 31, 2025 | 33.34 Mn |
| Sep 30, 2025 | 33.90 Mn |
| Jun 30, 2025 | 34.71 Mn |
| Mar 31, 2025 | 34.18 Mn |
| Dec 31, 2024 | 33.21 Mn |
| Sep 30, 2024 | 33.15 Mn |
| Jun 30, 2024 | 29.30 Mn |
| Mar 31, 2024 | 27.26 Mn |
| Dec 31, 2023 | 28.62 Mn |
| Sep 30, 2023 | 29.69 Mn |
| Jun 30, 2023 | 27.91 Mn |
| Mar 31, 2023 | 26.67 Mn |
| Dec 31, 2022 | 24.45 Mn |
| Sep 30, 2022 | 18.60 Mn |
| Jun 30, 2022 | 13.78 Mn |
| Mar 31, 2022 | 10.35 Mn |
API Access
Morgan Stanley Direct Lending Fund Interest Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=interest-expenses&ticker=MSDL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "interest-expenses", "ticker": "MSDL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=interest-expenses&ticker=MSDL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();