Morgan Stanley Direct Lending Fund (MSDL) Tax Rate (2023 - 2026)
Morgan Stanley Direct Lending Fund (MSDL) reported Tax Rate of 2.86% for Q1 2026, down 780.0% year-over-year from 0.42% in Q1 2025, and down 119.19% on a QoQ basis from 14.88% in Q4 2025.
Morgan Stanley Direct Lending Fund (MSDL) has 4 years of Tax Rate data on file, last reported at 2.86% in Q1 2026.
- Quarterly Tax Rate fell 780.0% year-over-year to 2.86% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 367.07% (up 36397.0% YoY) and the FY2025 annual result came in at 6.59%, up 415.0% from the prior year.
- Tax Rate fell to 2.86% in Q1 2026 per MSDL's latest filing, from 14.88% in the prior quarter.
- Across five years, Tax Rate topped out at 14.88% in Q4 2025 and bottomed at 2.86% in Q1 2026.
- The 4-year median for Tax Rate is 3.06% (2025), against an average of 3.93%.
- The widest annual swing landed in 2025, when Tax Rate jumped 948 bps; it then plunged 780 bps in 2026.
- Tracing MSDL's Tax Rate over 4 years: stood at 5.45% in 2023, then declined by 1 bps to 5.4% in 2024, then surged by 176 bps to 14.88% in 2025, then plunged by 119 bps to 2.86% in 2026.
- Per Business Quant, the three latest MSDL Tax Rate figures stand at 2.86% (Q1 2026), 14.88% (Q4 2025), and 3.93% (Q3 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Tax Rate (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 158.51 Bn | 148.89 Bn | - | 18.16 |
| 2 | Blackstone | 92.68 Bn | 91.63 Bn | - | 13.55 |
| 3 | Kkr | 84.94 Bn | 132.45 Bn | - | 40.05 |
| 4 | Brookfield Asset Management | 77.34 Bn | 77.68 Bn | - | 15.80 |
| 5 | Apollo Global Management | 76.27 Bn | 95.00 Bn | 5.04 Bn | 598.59 |
| 6 | State Street | 44.42 Bn | 18.75 Bn | - | 21.16 |
| 7 | Ameriprise Financial | 41.68 Bn | 41.55 Bn | 4.57 Bn | 20.02 |
| 8 | Northern Trust | 31.21 Bn | 31.21 Bn | - | 24.99 |
| 9 | Ares Management | 28.85 Bn | 32.22 Bn | - | 19.13 |
| 10 | Morgan Stanley Direct Lending Fund | - | - | - | -2.86 |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | -2.86 |
| Mar 31, 2026 | -2.86 |
| Dec 31, 2025 | 14.88 |
| Dec 31, 2025 | 14.88 |
| Sep 30, 2025 | 3.93 |
| Sep 30, 2025 | 3.93 |
| Jun 30, 2025 | 2.19 |
| Jun 30, 2025 | 2.19 |
| Mar 31, 2025 | 4.95 |
| Mar 31, 2025 | 4.95 |
| Dec 31, 2024 | 5.40 |
| Dec 31, 2024 | 5.40 |
| Sep 30, 2024 | 1.92 |
| Sep 30, 2024 | 1.92 |
| Jun 30, 2024 | 1.83 |
| Jun 30, 2024 | 1.83 |
| Mar 31, 2024 | 1.57 |
| Mar 31, 2024 | 1.57 |
| Dec 31, 2023 | 5.45 |
| Dec 31, 2023 | 5.45 |