Morgan Stanley Direct Lending Fund (MSDL) Tax Rate (2023 - 2026)
Morgan Stanley Direct Lending Fund (MSDL) posted quarterly Tax Rate of 8.47% for Q1 2026, up 214.0% year-over-year from 2.7% in Q1 2025, and up 461.71% quarter-over-quarter from 2.34% in Q4 2025.
Morgan Stanley Direct Lending Fund (MSDL) Tax Rate (2023 - 2026) Analysis & Trends
Morgan Stanley Direct Lending Fund (MSDL) has reported Tax Rate for 4 consecutive years, with 8.47% the latest figure, recorded in Q1 2026.
- In Q1 2026, Tax Rate rose 214.0% year-over-year to 8.47%; the TTM figure through Mar 2026 stood at 7.86% (down 6554.0% YoY), while the FY2025 annual figure was 7.05%, up 455.0% from the prior year.
- Tax Rate improved to 8.47% in Q1 2026 per MSDL's latest filing, from 2.34% in the prior quarter.
- Across five years, Tax Rate topped out at 8.47% in Q1 2026 and bottomed at 2.34% in Q4 2025.
- Historically, Tax Rate has averaged 2.57% across 4 years, with a median of 2.23% in 2025.
- Annual changes were most pronounced in 2024 — Tax Rate plunged 446 bps — and 2025, when it surged 404 bps.
- Morgan Stanley Direct Lending Fund's Tax Rate stood at 2.74% in 2023, then sank by 163 bps to 1.72% in 2024, then plunged by 36 bps to 2.34% in 2025, then surged by 462 bps to 8.47% in 2026.
- Business Quant data shows MSDL's Tax Rate at 8.47% in Q1 2026, 2.34% in Q4 2025, and 3.93% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Tax Rate (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 176.99 Bn | 163.12 Bn | - | 24.90% |
| 2 | Blackstone | 113.16 Bn | 110.65 Bn | - | 16.11% |
| 3 | Kkr | 96.05 Bn | -181.02 Bn | - | 17.91% |
| 4 | Brookfield | 92.54 Bn | 45.14 Bn | - | - |
| 5 | Brookfield Asset Management | 82.31 Bn | 80.81 Bn | - | 12.14% |
| 6 | Apollo Global Management | 77.14 Bn | 51.77 Bn | 10.54 Bn | 15.94% |
| 7 | State Street | 50.64 Bn | 50.64 Bn | - | 21.96% |
| 8 | Ameriprise Financial | 50.31 Bn | 39.27 Bn | 4.72 Bn | 22.82% |
| 9 | Northern Trust | 33.61 Bn | 33.61 Bn | - | 25.59% |
| 10 | Morgan Stanley Direct Lending Fund | 1.30 Bn | 1.22 Bn | - | 11.52% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 11.52% |
| Jun 30, 2026 | 11.52% |
| Jun 30, 2026 | 11.52% |
| Mar 31, 2026 | 8.47% |
| Mar 31, 2026 | 8.47% |
| Mar 31, 2026 | 8.47% |
| Dec 31, 2025 | -2.34% |
| Dec 31, 2025 | -2.34% |
| Dec 31, 2025 | -2.34% |
| Sep 30, 2025 | 3.93% |
| Sep 30, 2025 | 3.93% |
| Sep 30, 2025 | 3.93% |
| Jun 30, 2025 | 2.19% |
| Jun 30, 2025 | 2.19% |
| Jun 30, 2025 | 2.19% |
| Mar 31, 2025 | 6.33% |
| Mar 31, 2025 | 6.33% |
| Mar 31, 2025 | 6.33% |
| Dec 31, 2024 | -1.72% |
| Dec 31, 2024 | -1.72% |