Morgan Stanley Direct Lending Fund (MSDL) Tax Rate (2023 - 2026)
Morgan Stanley Direct Lending Fund's (MSDL) quarterly Tax Rate came in at 11.52% in Q2 2026, up 934.0% year-over-year from 1.11% in Q2 2025, and up 47.56% quarter-over-quarter from 7.81% in Q1 2026.
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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 11.52% the latest figure, recorded in Q2 2026.
- On a quarterly basis, Tax Rate rose 934.0% year-over-year to 11.52% in Q2 2026; TTM through Jun 2026 was 9.4%, a 590.0% increase from a year earlier, with the FY2025 full-year figure at 6.59%, up 415.0% from the prior year.
- Tax Rate was 11.52% for Q2 2026 at Morgan Stanley Direct Lending Fund, up from 7.81% in the prior quarter.
- Over five years, Tax Rate peaked at 14.88% in Q4 2025 and troughed at 1.57% in Q1 2024.
- A 4-year average of 5.59% and a median of 4.95% in 2025 frame the typical range for Tax Rate.
- Across the five-year window, Tax Rate retreated 5 bps in 2024 and surged 948 bps in 2025, its largest moves.
- Over 4 years, Tax Rate stood at 5.45% in 2023, then fell by 1 bps to 5.4% in 2024, then soared by 176 bps to 14.88% in 2025, then declined by 23 bps to 11.52% in 2026.
- The last three Tax Rate figures came in at 11.52% (Q2 2026), 7.81% (Q1 2026), and 14.88% (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Tax Rate (Qtr) |
|---|---|---|---|---|---|
| 1 | Ares Capital | 14.12 Bn | 13.73 Bn | - | 5.23% |
| 2 | Blackstone Secured Lending Fund | 5.69 Bn | 5.42 Bn | - | 5.73% |
| 3 | Blue Owl Capital | 5.52 Bn | 5.28 Bn | - | 1.32% |
| 4 | Main Street Capital | 5.26 Bn | 5.20 Bn | - | - |
| 5 | Blue Owl Technology Finance | 5.05 Bn | 4.84 Bn | - | 1.39% |
| 6 | Hercules Capital | 4.64 Bn | 4.59 Bn | - | 4.52% |
| 7 | FS KKR Capital | 3.37 Bn | 3.27 Bn | - | - |
| 8 | Golub Capital Bdc | 3.34 Bn | 3.30 Bn | - | - |
| 9 | PennantPark Floating Rate Capital | 2.48 Bn | -129.09 Mn | - | -0.26% |
| 10 | Morgan Stanley Direct Lending Fund | 1.25 Bn | 1.17 Bn | - | 11.52% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 11.52% |
| Mar 31, 2026 | 7.81% |
| Dec 31, 2025 | 14.88% |
| Sep 30, 2025 | 3.93% |
| Jun 30, 2025 | 2.19% |
| Mar 31, 2025 | 4.95% |
| Dec 31, 2024 | 5.40% |
| Sep 30, 2024 | 1.92% |
| Jun 30, 2024 | 1.83% |
| Mar 31, 2024 | 1.57% |
| Dec 31, 2023 | 5.45% |