MSDLNYSEFiscal year ends December 31
Morgan Stanley Direct Lending Fund
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$12.78−0.25 (-1.92%)
Close on Oct 19, 2026
- Market cap
- $1.08B
- P/E (TTM)
- 18.5
- Dividend yield
- –
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
45.9%
39M of 84M shares
Institutional holders
141
25 new, 21 sold out
Net institutional buying
3M
In Q2 2026
Insider trades, 12 months
7 buys · 0 sales
Net bought $399.94K
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| Morgan Stanley | 4,371,105 | 5.00% | 13G (passive) | Dec 31, 2025 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of MSDL | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| Morgan Stanley | 15,723,274 | 18.69% | $237.74M | −151,088 | 0.01% |
| UBS Group AG | 2,581,090 | 3.07% | $39.03M | +984,494 | 0.00% |
| Van Eck Associates Corp | 2,014,119 | 2.39% | $30.45M | +580,142 | 0.02% |
| Generali Asset Management SPA SGR | 1,829,964 | 2.18% | $27.67M | – | 0.50% |
| Lunate Capital Ltd | 1,103,814 | 1.31% | $16.69M | New | 8.51% |
| Russell Investments Group, Ltd. | 1,061,802 | 1.26% | $16.05M | +339,853 | 0.01% |
| Two Sigma Investments, LP | 893,188 | 1.06% | $13.51M | +3,839 | 0.01% |
| Muzinich & Co., Inc. | 838,899 | 1.00% | $12.68M | +71,097 | 4.33% |
| Ares Management LLC | 775,128 | 0.92% | $11.72M | +363,128 | 0.51% |
| Ensign Peak Advisors, Inc | 748,000 | 0.89% | $11.31M | New | 0.02% |
| Altshuler Shaham Ltd | 650,437 | 0.77% | $9.83M | – | 0.12% |
| American Financial Group Inc | 631,500 | 0.75% | $9.55M | – | 3.37% |
| Sumitomo Mitsui Trust Holdings, Inc. | 616,116 | 0.73% | $9.32M | +58,003 | 0.01% |
| Brown Brothers Harriman & Co | 539,662 | 0.64% | $8.16M | New | 0.04% |
| Wells Fargo & Company/Mn | 515,964 | 0.61% | $7.80M | −26,832 | 0.00% |
| DG Capital Management, LLC | 475,537 | 0.57% | $7.19M | −100,000 | 1.51% |
| Franklin Resources Inc | 456,469 | 0.54% | $6.90M | +269,658 | 0.00% |
| Caz Investments LP | 399,455 | 0.47% | $6.04M | New | 1.10% |
| TT Capital Management LLC | 343,317 | 0.41% | $5.19M | +10,850 | 4.04% |
| Hennion & Walsh Asset Management, Inc. | 315,801 | 0.38% | $4.77M | +28,418 | 0.14% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 141 | 39M | 45.9% | 25 / 49 | 42 / 21 | 7M | 4M |
| Q1 2026 | 139 | 36M | 42.5% | 27 / 48 | 43 / 21 | 3M | 4M |
| Q4 2025 | 134 | 36M | 43.2% | 42 / 43 | 37 / 22 | 7M | 2M |
| Q3 2025 | 118 | 31M | 37.3% | 23 / 48 | 36 / 15 | 5M | 1M |
| Q2 2025 | 110 | 28M | 33.4% | 24 / 50 | 25 / 11 | 4M | 1M |
| Q1 2025 | 97 | 26M | 30.6% | 27 / 52 | 12 / 11 | 7M | 2M |
| Q4 2024 | 82 | 21M | 24.8% | 39 / 36 | 4 / 7 | 5M | 1M |
| Q3 2024 | 52 | 17M | 20.1% | 39 / 10 | 3 / 5 | 3M | 0M |
| Q2 2024 | 18 | 14M | 16.8% | 5 / 8 | 4 / 7 | 0M | 0M |
| Q1 2024 | 20 | 14M | 16.7% | 20 / 0 | 0 / 0 | 14M | 0M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
| Fund | Shares | % of MSDL | Value | % of fund | As of |
|---|---|---|---|---|---|
| VanEck BDC Income ETF | 1,628,491 | 1.94% | $24.62M | 1.51% | Jun 30, 2026 |
| Putnam BDC Income ETF | 471,831 | 0.56% | $6.89M | 2.44% | Jul 31, 2026 |
| GraniteShares HIPS U.S. High Income ETF | 164,369 | 0.20% | $2.49M | 2.26% | Jun 30, 2026 |
| FT Confluence BDC & Specialty Finance Income ETF | 48,658 | 0.06% | $750.31K | 2.19% | May 31, 2026 |
| Victory Pioneer Multi-Asset Income Fund | 40,000 | 0.05% | $584.40K | 0.01% | Jul 31, 2026 |
| Invesco High Yield Fund | 36,000 | 0.04% | $555.12K | 0.05% | May 31, 2026 |
| Virtus Private Credit Strategy ETF | 24,668 | 0.03% | $360.40K | 1.19% | Jul 31, 2026 |
| Small Cap Core Fund | 8,079 | 0.01% | $122.15K | 0.03% | Jun 30, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| Michael Occi Jr. | Chief Executive Officer, Director | 28,500 | 0.03% | Mar 3, 2026 |
| Jeff M. Day | Co-President | 22,818 | 0.03% | Mar 5, 2026 |
| Orit Mizrachi | See Remarks | 5,867 | 0.01% | Mar 3, 2026 |
| Hope L. Brown | Chief Compliance Officer | – | – | Jan 2, 2026 |
| Ashwin Krishnan | Chief Investment Officer | 3,000 | 0.00% | Dec 16, 2025 |
| David Pessah | Chief Financial Officer | 5,400 | 0.01% | Aug 15, 2025 |
| David N. Miller | Director | 32,168 | 0.04% | Mar 3, 2026 |
| Bruce D. Frank | Director | 6,745 | 0.01% | Nov 12, 2025 |
| Joan Binstock | Director | 73,539 | 0.09% | Oct 8, 2025 |
| Kevin Shannon | Director | 39,337 | 0.05% | Aug 18, 2025 |
| Adam S. Metz | Director | 70,187 | 0.08% | Aug 14, 2025 |
Insider trades
Common stock transactions reported on Form 4, newest first
| Insider | Date | Transaction | Shares | Price | Value | Shares after |
|---|---|---|---|---|---|---|
| Jeff M. Day Co-President | Mar 5, 2026 | Buy | +5,000 | $14.90 | $74.50K | 22,818 |
| David N. Miller Director | Mar 3, 2026 | Buy | +5,000 | $14.69 | $73.45K | 15,000 |
| Orit Mizrachi See Remarks | Mar 3, 2026 | Buy | +1,000 | $14.49 | $14.49K | 5,867 |
| David N. Miller Director | Mar 2, 2026 | Buy | +5,000 | $14.68 | $73.40K | 10,000 |
| Michael Occi Jr. Chief Executive Officer, Director | Mar 2, 2026 | Buy | +7,000 | $14.87 | $104.09K | 28,500 |
| Ashwin Krishnan Chief Investment Officer | Nov 11, 2025 | Buy | +3,000 | $16.72 | $50.16K | 3,000 |
| Bruce D. Frank Director | Nov 10, 2025 | Buy | +600 | $16.41 | $9.85K | 4,387 |
| Joan Binstock Director | Oct 6, 2025 | Buy | +9,030 | $16.64 | $150.26K | 50,042 |
| Kevin Shannon Director | Aug 14, 2025 | Buy | +5,000 | $17.70 | $88.50K | 29,079 |
| David Pessah Chief Financial Officer | Aug 14, 2025 | Buy | +3,400 | $17.72 | $60.25K | 5,400 |
| Adam S. Metz Director | Aug 13, 2025 | Buy | +28,248 | $17.67 | $499.14K | 28,248 |
| David N. Miller Director | Aug 12, 2025 | Buy | +10,000 | $17.69 | $176.90K | 17,168 |
| Jeff M. Day Co-President | Aug 12, 2025 | Buy | +5,650 | $17.70 | $100.01K | 17,818 |
| Michael Occi Jr. Chief Executive Officer | Aug 12, 2025 | Buy | +14,000 | $17.78 | $248.92K | 21,500 |
| Joan Binstock Director | Aug 11, 2025 | Buy | +5,659 | $17.69 | $100.11K | 39,251 |
| Kevin Shannon Director | Jun 6, 2025 | Buy | +2,300 | $19.44 | $44.71K | 2,300 |
| Kevin Shannon Director | Jun 6, 2025 | Buy | +2,000 | $19.43 | $38.86K | 2,000 |
| Kevin Shannon Director | Jun 6, 2025 | Buy | +5,700 | $19.43 | $110.75K | 5,700 |
| Bruce D. Frank Director | Nov 11, 2024 | Buy | +420 | $20.50 | $8.61K | 3,695 |
| David Pessah Chief Financial Officer | Jan 24, 2024 | Buy | +2,000 | $20.67 | $41.34K | 2,000 |
| Michael Occi Jr. Chief Administrative Officer | Jan 24, 2024 | Buy | +7,500 | $20.67 | $155.03K | 7,500 |
| David N. Miller Director | Oct 11, 2023 | Buy | +1,641.56 | $20.62 | $33.85K | 12,168 |
| Joan Binstock Director | Oct 11, 2023 | Buy | +3,283.12 | $20.62 | $67.70K | 28,622 |
| Jeffrey Levin CEO and President, Director | Oct 11, 2023 | Buy | +6,566.24 | $20.62 | $135.40K | 48,600 |
| Orit Mizrachi COO and Interim CFO | Oct 11, 2023 | Buy | +656.62 | $20.62 | $13.54K | 4,867 |
| Adam S. Metz Director | Oct 11, 2023 | Buy | +6,566.24 | $20.62 | $135.40K | 48,506 |
| Bruce D. Frank Director | Oct 11, 2023 | Buy | +328.31 | $20.62 | $6.77K | 2,871 |
| Kevin Shannon Director | Oct 11, 2023 | Buy | +3,283.12 | $20.62 | $67.70K | 24,080 |
| Credit Partners Holdings Inc. MS 10% owner | Oct 11, 2023 | Buy | +1,313,018.33 | $20.62 | $27.07M | 9,727,311 |
| David N. Miller Director | Dec 28, 2022 | Buy | +702.91 | $19.81 | $13.92K | 10,527 |
| Jeffrey Levin CEO and President, Director | Dec 28, 2022 | Award | +2,811.64 | $19.81 | $55.70K | 42,033 |
| Kevin Shannon Director | Dec 28, 2022 | Award | +1,405.82 | $19.81 | $27.85K | 20,797 |
| Joan Binstock Director | Dec 28, 2022 | Buy | +1,405.82 | $19.81 | $27.85K | 23,497 |
| Orit Mizrachi Chief Operating Officer | Dec 28, 2022 | Award | +281.16 | $19.81 | $5.57K | 4,211 |
| Adam S. Metz Director | Dec 28, 2022 | Buy | +2,811.64 | $19.81 | $55.70K | 41,939 |
| Credit Partners Holdings Inc. MS 10% owner | Dec 28, 2022 | Award | +562,229.26 | $19.81 | $11.14M | 8,414,293 |
| Bruce D. Frank Director | Dec 28, 2022 | Buy | +140.58 | $19.81 | $2.78K | 2,358 |
| Venugopal Rathi Chief Finanacial Officer | Dec 28, 2022 | Award | +281.16 | $19.81 | $5.57K | 4,211 |
| Adam S. Metz Director | Jul 28, 2022 | Buy | +2,411.98 | $20.45 | $49.32K | 39,124 |
| Orit Mizrachi Chief Operating Officer | Jul 28, 2022 | Buy | +241.2 | $20.45 | $4.93K | 3,929 |
| Bruce D. Frank Director | Jul 28, 2022 | Buy | +120.6 | $20.45 | $2.47K | 2,241 |
| David N. Miller Director | Jul 28, 2022 | Buy | +603 | $20.45 | $12.33K | 9,823 |
| Joan Binstock Director | Jul 28, 2022 | Buy | +1,205.99 | $20.45 | $24.66K | 22,332 |
| Kevin Shannon Director | Jul 28, 2022 | Buy | +1,205.99 | $20.45 | $24.66K | 19,389 |
| Credit Partners Holdings Inc. MS 10% owner | Jul 28, 2022 | Buy | +482,312.68 | $20.45 | $9.86M | 7,851,320 |
| Venugopal Rathi Chief Finanacial Officer | Jul 28, 2022 | Buy | +241.2 | $20.45 | $4.93K | 3,929 |
| Jeffrey Levin CEO and President, Director | Jul 28, 2022 | Buy | +2,411.98 | $20.45 | $49.32K | 39,218 |
| Credit Partners Holdings Inc. MS 10% owner | May 16, 2022 | Buy | +264,874.88 | – | – | 7,369,007 |
| Venugopal Rathi Chief Finanacial Officer | May 16, 2022 | Buy | +132.46 | – | – | 3,688 |
| Bruce D. Frank Director | May 16, 2022 | Buy | +66.23 | – | – | 2,000 |
| Jeffrey Levin CEO and President, Director | May 16, 2022 | Buy | +1,324.61 | – | – | 36,806 |
| Adam S. Metz Director | May 16, 2022 | Buy | +1,324.61 | – | – | 36,712 |
| Orit Mizrachi Chief Operating Officer | May 16, 2022 | Buy | +132.46 | – | – | 3,688 |
| Kevin Shannon Director | May 16, 2022 | Buy | +662.3 | – | – | 18,183 |
| David N. Miller Director | May 16, 2022 | Buy | +331.15 | – | – | 9,220 |
| Joan Binstock Director | May 16, 2022 | Buy | +662.3 | – | – | 19,920 |
| Adam S. Metz Director | Dec 29, 2021 | Buy | +2,975.26 | $20.98 | $62.42K | 35,387 |
| David N. Miller Director | Dec 29, 2021 | Buy | +743.82 | $20.98 | $15.61K | 8,889 |
| Venugopal Rathi Chief Finanacial Officer | Dec 29, 2021 | Buy | +297.53 | $20.98 | $6.24K | 3,555 |
| Credit Partners Holdings Inc. MS 10% owner | Dec 29, 2021 | Buy | +594,947.78 | $20.98 | $12.48M | 7,104,132 |
Awards, option exercises, tax withholding and gifts are shown alongside open-market buys and sales. Each name links to the filing on SEC EDGAR.
Planned insider sales
Notices of proposed sale filed on Form 144 before shares are sold
| Seller | Filed | Shares | Market value | Planned sale | Acquired through |
|---|---|---|---|---|---|
| Levin Jeffrey Former Officer/Director | Sep 29, 2025 | 48,599 | $811.55K | Sep 29, 2025 | Private Acquisition from Issuer/Affiliate |