MSDL director buys 9,030 shares at $16.6367; 50,042 owned

Rhea-AI Filing Summary

Director purchase recorded on Form 4: The filing shows Joan Binstock, a director of Morgan Stanley Direct Lending Fund (MSDL), as grantor and trustee of the Joan A Binstock Revocable Trust, purchased 9,030 shares of the issuer's common stock on 10/06/2025 at a price of $16.6367 per share. After the transaction the trust beneficially owned 50,042 shares indirecty. The filing is signed via power of attorney on 10/08/2025.

Positive

• Director-aligned purchase of 9,030 shares at $16.6367 on 10/06/2025
• Indirect beneficial ownership increased to 50,042 shares following the transaction

Negative

• None.

Insights

Corporate Governance Analyst

Insider buying increases director-aligned ownership.

The reported purchase increases the trust's indirect stake to 50,042 shares following acquisition of 9,030 shares at $16.6367 on 10/06/2025

This transaction is a routine Section 16 disclosure showing a director-affiliated trust acquiring shares; monitor any further director purchases or filings that change total ownership or indicate a pattern over the next several reporting periods.

Insider Trade Summary

Net Buyer: 9,030 shares

Net Buy 1 txn

Insider Binstock Joan

Role Director

Bought 9,030 shs ($150K)

Type	Security	Shares	Price	Value
Purchase	Common Stock, par value $0.001 per share	9,030	$16.6367	$150K

Holdings After Transaction: Common Stock, par value $0.001 per share — 50,042 shares (Indirect, See Footnote.)

Footnotes (1)

1. F1. Ms. Binstock is the grantor and trustee of the Joan A Binstock Revocable Trust, which owns the reported securities. Ms. Binstock disclaims beneficial ownership of shares of common stock held by the Joan A Binstock Revocable Trust, except to the extent of her pecuniary interest therein.

FAQ

What did Joan Binstock report on the MSDL Form 4?

The report shows Joan Binstock, as grantor and trustee of the Joan A Binstock Revocable Trust, purchased 9,030 shares at $16.6367 on 10/06/2025, bringing indirect ownership to 50,042 shares.

How much did the director pay per share in the reported transaction for MSDL?

The reported purchase price was $16.6367 per share.

Does the Form 4 indicate direct ownership by Joan Binstock?

The filing states the shares are held by the Joan A Binstock Revocable Trust and Ms. Binstock disclaims beneficial ownership except to the extent of her pecuniary interest; ownership is reported as indirect.

When was the Form 4 signed for the MSDL transaction?

The filing is signed by power of attorney on 10/08/2025.

How many shares does the trust own after the transaction?

After the reported purchase the trust beneficially owned 50,042 shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 10/08/2025 - 02:34 PM Learn about SEC filing dates

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^*

Binstock Joan

(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)
10/06/2025

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	10/06/2025		P		9,030	A	$16.6367	50,042	I(1)	See Footnote.

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. Ms. Binstock is the grantor and trustee of the Joan A Binstock Revocable Trust, which owns the reported securities. Ms. Binstock disclaims beneficial ownership of shares of common stock held by the Joan A Binstock Revocable Trust, except to the extent of her pecuniary interest therein.

	/s/ Orit Mizrachi, by power of attorney	10/08/2025
	** 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.