[Form 4] Morgan Stanley Direct Lending Fund Insider Trading Activity

Rhea-AI Filing Summary

Occi Michael Jr., an officer of Morgan Stanley Direct Lending Fund (MSDL), purchased 14,000 shares of the fund's common stock on 08/12/2025 at $17.7751 per share, increasing his direct beneficial ownership to 21,500 shares.

The Form 4 reports the purchase using transaction code P and shows no derivative securities reported in Table II.

Insights

Financial Analyst

TL;DR: Officer purchase of 14,000 MSDL shares at $17.7751 increased direct holdings to 21,500; routine insider buy with limited disclosed materiality.

The Form 4 discloses a direct purchase of 14,000 common shares at $17.7751, bringing the reporting person's direct beneficial ownership to 21,500 shares. No derivative positions are listed, and the transaction is recorded with code P indicating a purchase. Based solely on the filing, the disclosure documents an insider buy but provides no information on scale relative to total outstanding shares or the issuer's market capitalization, so materiality to valuation cannot be determined from this form alone.

Corporate Governance Expert

TL;DR: Reported Form 4 purchase complies with Section 16 reporting; increases officer's direct stake to 21,500 shares, a straightforward disclosure.

The document shows a single-class, direct acquisition by an officer with transaction code P. Table II contains no derivative entries. The filing presents the required disclosure of insider activity; it does not include amendments or additional context about intent or plans. From a governance perspective, the filing satisfies disclosure requirements without revealing further governance implications.

Insider Trade Summary

Net Buyer: 14,000 shares ($248,851)

Net Buy 1 txn

Insider Occi Michael Jr.

Role Chief Executive Officer

Bought 14,000 shs ($249K)

Type	Security	Shares	Price	Value
Purchase	Common Stock, par value $0.001 per share	14,000	$17.7751	$249K

Holdings After Transaction: Common Stock, par value $0.001 per share — 21,500 shares (Direct)

Footnotes (1)

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^*

Occi Michael Jr.

(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)

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

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		14,000	A	$17.7751	21,500	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:

	/s/ Orit Mizrachi, by power of attorney	08/13/2025
	** 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.