MSDL director David N. Miller increases stake with 10,000-share buy (MSDL)

Rhea-AI Filing Summary

Morgan Stanley Direct Lending Fund director David N. Miller reported an open-market purchase of 10,000 shares of common stock on 2025-08-12 at $17.69 per share. The filing shows these shares are held indirectly through the MSSB C/F David Nathan Miller IRA.

After this transaction, Miller’s indirect holdings reported in the IRA totaled 17,168.239 shares, and his direct ownership totaled 5,000 shares of common stock.

Insider Trade Summary

Net Buyer: 10,000 shares ($176,900)

Net Buy 2 txns

Insider MILLER DAVID N

Role Director

Bought 10,000 shs ($177K)

Type	Security	Shares	Price	Value
Purchase	Common Stock, par value $0.001 per share	10,000	$17.69	$177K
holding	Common Stock, par value $0.001 per share	--	--	--

Holdings After Transaction: Common Stock, par value $0.001 per share — 17,168.239 shares (Indirect, See Footnote.); Common Stock, par value $0.001 per share — 5,000 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

MILLER DAVID N

(Last) (First) (Middle)

C/O MORGAN STANLEY DIRECT LENDING FUND

1585 BROADWAY

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Morgan Stanley Direct Lending Fund [ MSDL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.001 per share	08/12/2025		P		10,000	A	$17.69	17,168.239	I	See Footnote.(1)
Common Stock, par value $0.001 per share								5,000	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Mr. Miller is the owner of the MSSB C/F David Nathan Miller IRA, which owns the reported securities

	/s/ Orit Mizrachi, by power of attorney	08/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did MSDL director David N. Miller report?

David N. Miller reported buying 10,000 shares of Morgan Stanley Direct Lending Fund common stock. The purchase occurred on 2025-08-12 as an open-market transaction, indicating he increased his economic exposure to MSDL through an individually owned IRA account.

At what price did David N. Miller buy MSDL shares?

David N. Miller purchased 10,000 Morgan Stanley Direct Lending Fund shares at a price of $17.69 per share. This was disclosed as an open-market transaction, giving a clear view of the price he was willing to pay for additional exposure.

How many MSDL shares does David N. Miller own after this Form 4?

Following the reported transaction, David N. Miller’s indirect IRA holdings totaled 17,168.239 MSDL shares, and his direct holdings totaled 5,000 shares. The Form 4 distinguishes clearly between these indirect and direct positions in Morgan Stanley Direct Lending Fund.

How are David N. Miller’s MSDL shares held according to the filing?

The filing shows 17,168.239 shares held indirectly through the MSSB C/F David Nathan Miller IRA and 5,000 shares held directly. This separation helps investors understand which interests are in a retirement account versus personally held in Morgan Stanley Direct Lending Fund.

What does a Form 4 filing for MSDL indicate to investors?

A Form 4 for MSDL discloses insider trades by directors or officers. In this case, it records David N. Miller’s open-market purchase, providing transparency into insider activity and how management or board members adjust their personal exposure to the fund.