Morgan Stanley Direct Lending Fund
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
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Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Sales of Unregistered Securities
Refer to “Part I, Item 1. Financial Statements—Notes to Consolidated Financial Statements—Note 8. Net Assets” in this Report.
Issuer Purchases of Equity Securities
On January 25, 2024, the Company entered into the Original Company 10b5-1 Plan, to acquire up to $100 million in the aggregate of the Company’s Common Stock at prices below the Company’s net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b5-1 and Rule 10b-18 of the Exchange Act.
On February 27, 2025, the Board authorized an amended and restated share repurchase plan (or the "Amended and Restated Company 10b5-1 Plan"). Under the Amended and Restated Company 10b5-1 Plan, the Company may acquire up to $100 million in the aggregate of Common Stock at prices below its net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b5-1 and Rule 10b-18 of the Exchange Act. The following table summarizes the shares repurchased under the Original Company 10b5-1 Plan and the Amended and Restated Company 10b5-1 Plan during the six months ended June 30, 2025:
| Period · Total Number of Shares Purchased · Average Price Paid per Share · Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs · Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (in millions) | |||||
|---|---|---|---|---|---|
| January 1 - January 31, 2025* | 11,401 | $20.31 | 11,401 | $81.9 | |
| February 1 - February 27, 2025* | — | — | — | 81.9 | |
| February 28, 2025 | 20,789 | 20.24 | 20,789 | 99.6 | |
| March 1 - March 31, 2025 | 459,142 | 20.38 | 459,142 | 90.2 | |
| April 1 - April 30, 2025 | 753,096 | 18.79 | 753,096 | 76.1 | |
| May 1 - May 31, 2025 | 277,558 | 19.22 | 277,558 | 70.7 | |
| June 1 - June 30, 2025 | 26,473 | 19.54 | 26,473 | 70.2 | |
| Total Repurchases | 1,548,459 | 1,548,459 | |||
No shares were repurchased under the Original 10b5-1 Plan during the six months ended June 30, 2024.
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