Morgan Stanley Direct Lending Fund (MSDL) Non Operating Interest Expenses (2022 - 2026)
Morgan Stanley Direct Lending Fund (MSDL) posted Non Operating Interest Expenses of $32.02 million for Q2 2026, down 7.7% from $34.71 million a year earlier but up 4.4% from the prior quarter.
Morgan Stanley Direct Lending Fund (MSDL) Non Operating Interest Expenses (2022 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, Non Operating Interest Expenses at Morgan Stanley Direct Lending Fund was $129.93 million, down 3.9% year-over-year; for FY2025, it came in at $136.13 million, up 10.7% from FY2024.
- Annual Non Operating Interest Expenses has increased for four consecutive years, with a four-year compound annual growth rate of 59.5% (FY2021 to FY2025).
- In prior years, Morgan Stanley Direct Lending Fund's Non Operating Interest Expenses was $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 Non Operating Interest Expenses has run from a low of $10.35 million in Q1 2022 to a high of $34.71 million in Q2 2025 over five years.
- On a year-over-year basis, Non Operating Interest Expenses increased in six of the last eight quarters, with growth averaging 7.0%.
- The strongest year-over-year quarter for Non Operating Interest Expenses in the past five years was Q1 2023, with growth of 157.7%; the weakest was Q1 2026, with a decline of 10.3%.
- According to Business Quant data, Non Operating Interest Expenses for the three prior quarters was $30.67 million (Q1 2026), $33.34 million (Q4 2025) and $33.9 million (Q3 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Non Operating Interest Expenses (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 | - | - |
| 5 | Affirm Holdings | 23.34 Bn | 17.03 Bn | - | 118.51 Mn |
| 6 | Synchrony Financial | 23.06 Bn | -44.91 Bn | - | - |
| 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
| 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 |
Morgan Stanley Direct Lending Fund Non Operating 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=non-operating-interest-expenses&ticker=MSDL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "non-operating-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=non-operating-interest-expenses&ticker=MSDL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();