Morgan Stanley Direct Lending Fund (MSDL) gains Morgan Stanley 5% holder

Rhea-AI Filing Summary

Morgan Stanley Direct Lending Fund reported that entities affiliated with Morgan Stanley have become significant shareholders. Morgan Stanley and Morgan Stanley Investment Management Inc., both Delaware entities, jointly report beneficial ownership of 4,371,105 shares of the fund’s common stock, representing 5.0% of the class as of the event date.

The filing shows no sole voting or dispositive power, but shared voting power over a portion of the shares and shared dispositive power over the full reported amount. The holders state that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Morgan Stanley Direct Lending Fund

(Name of Issuer)

Common Stock

(Title of Class of Securities)

61774A103

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 61774A103

1

Names of Reporting Persons

Morgan Stanley

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 565,896.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,371,105.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,371,105.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.0 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP No. 61774A103

1

Names of Reporting Persons

Morgan Stanley Investment Management Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 563,646.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,368,855.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,368,855.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.0 %

12

Type of Reporting Person (See Instructions)

IA, CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Morgan Stanley Direct Lending Fund
(b)	Address of issuer's principal executive offices: 1585 BROADWAY, NEW YORK, NY, 10036
Item 2.
(a)	Name of person filing: 1: Morgan Stanley 2: Morgan Stanley Investment Management Inc.
(b)	Address or principal business office or, if none, residence: 1: 1585 Broadway, New York, NY 10036 ;2: 1585 Broadway New York, NY 10036
(c)	Citizenship: 1: Delaware 2: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 61774A103
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 5.0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99.2
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Morgan Stanley

Signature:	Chris O'Hara
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	02/12/2026

Morgan Stanley Investment Management Inc.

Signature:	Deidre A. Downes
Name/Title:	Authorized Signatory, Morgan Stanley Investment Management Inc.
Date:	02/12/2026

Exhibit Information

EXHIBIT NO. EXHIBITS ------------------ ------------------------------------ 99.1 Joint Filing Agreement 99.2 Item 7 Information * Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001).

FAQ

What percentage of Morgan Stanley Direct Lending Fund (MSDL) shares does Morgan Stanley report owning?

Morgan Stanley reports beneficial ownership of 5.0% of the common stock of Morgan Stanley Direct Lending Fund. This stake is disclosed in a Schedule 13G, indicating a significant but non-controlling position in the issuer’s equity.

How many Morgan Stanley Direct Lending Fund (MSDL) shares are beneficially owned by the reporting persons?

The reporting persons disclose beneficial ownership of 4,371,105 shares of Morgan Stanley Direct Lending Fund common stock. This aggregate amount underpins the reported 5.0% stake in the issuer’s outstanding common shares.

Who are the reporting persons in this Schedule 13G for Morgan Stanley Direct Lending Fund (MSDL)?

The reporting persons are Morgan Stanley and Morgan Stanley Investment Management Inc., both organized in Delaware. They jointly file the Schedule 13G to report their beneficial ownership in Morgan Stanley Direct Lending Fund common stock.

Does Morgan Stanley seek to influence control of Morgan Stanley Direct Lending Fund (MSDL) with this stake?

The reporting persons certify the securities were acquired and held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer, consistent with a passive Schedule 13G filing.

What voting and dispositive powers are reported over MSDL shares in this Schedule 13G?

The filing reports no sole voting or dispositive power, but shared voting power over part of the position and shared dispositive power over the full reported share amount, reflecting coordinated control over key ownership rights.

When did the ownership level triggering this Schedule 13G for MSDL occur?

The date of the event requiring the filing is listed as December 31, 2025. As of that date, the reporting persons’ beneficial ownership in Morgan Stanley Direct Lending Fund reached the disclosed 5.0% threshold.