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Acquisition Date - 05/11/2023 Investment Delayed Draw Term Loan - 12.46% (SOFR + 7.00%, 1.50% Floor) % of Net Assets - 0.2% Maturity Date - 02/23/20282023-01-012023-12-310001916608Debt Investment Containers & Packaging % of Net Assets - 15.6%2024-09-300001916608us-gaap:CapitalUnitsMember2022-12-310001916608Debt Investment Containers & Packaging Hoffmaster Group, Inc. Acquisition Date - 02/24/2023 Investment Term Loan - 11.50% (SOFR + 6.25%, 2.00% Floor) % of Net Assets - 4.7% Maturity Date - 02/24/20282024-09-300001916608us-gaap:CapitalUnitsMember2024-04-012024-06-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2024-06-300001916608Debt Investment Food Products Great Kitchens Food Company, Inc Acquisition Date - 05/31/24 Investment Term Loan - 10.85% (SOFR + 6.00%, 1.25% Floor) % of Net Assets - 5.2% Maturity Date - 05/31/292024-09-300001916608Debt Investment Food Products Baxters North America, Inc. Acquisition Date - 05/31/2023 Investment Term Loan - 14.31% inc PIK (SOFR + 9.25%, 1.75% Floor, 2.00% PIK) % of Net Assets - 5.7% Maturity Date - 05/31/20282024-09-300001916608ck0001916608:CgBuyerLlcMember2024-09-300001916608us-gaap:CapitalUnitsMember2023-06-3000019166082024-08-122024-08-120001916608ck0001916608:DelRealLlcMember2024-01-012024-09-300001916608Debt Investment Containers & Packaging Hoffmaster Group, Inc. Acquisition Date - 03/15/24 Investment Incremental Term Loan - 11.50% (SOFR + 6.25%, 2.00% Floor) % of Net Assets – 0.6% Maturity Date - 02/24/20282024-01-012024-09-300001916608Debt Investment Containers & Packaging The HC Companies, Inc. Acquisition Date - 05/21/2024 Investment Incremental Term Loan - 12.42% (SOFR + 7.50%, 2.00% Floor) % of Net Assets - 1.2% Maturity Date - 08/01/20282024-09-300001916608Debt Investment Energy Equipment & Services % of Net Assets - 4.1%2024-09-300001916608ck0001916608:FiveStarBuyerIncMember2024-01-012024-09-300001916608Debt Investment Containers & Packaging PaperWorks Industries, Inc. Acquisition Date - 07/26/2023 Investment Term Loan - 13.65% (SOFR + 8.25%, 1.00% Floor) % of Net Assets - 2.3% Maturity Date - 06/30/20272024-09-300001916608us-gaap:RetainedEarningsMember2022-12-310001916608ck0001916608:DelRealLlcMember2023-12-310001916608ck0001916608:PropulsionAcquisitionLlcMember2023-01-012023-09-300001916608us-gaap:FairValueInputsLevel3Member2023-06-300001916608Debt Investment Commercial Services & Supplies Comprehensive Logistics Co., LLC Acquisition Date - 03/26/24 Investment Term Loan - 11.95% (SOFR + 7.00%, 2.00% Floor % of Net Assets – 5.0% Maturity Date - 03/26/262024-09-300001916608Debt Investment Containers & Packaging The HC Companies, Inc. Acquisition Date - 08/01/2023 Investment Term Loan - 12.35% (SOFR + 7.50%, 2.00% Floor) % of Net Assets - 6.8% Maturity Date - 08/01/20282024-09-300001916608us-gaap:RetainedEarningsMember2023-04-012023-06-300001916608ck0001916608:JonesIndustrialHoldingsIncMember2024-01-012024-09-300001916608ck0001916608:HoffmasterGroupIncMember2024-09-300001916608Debt Investment Specialty Retail D&D Buyer, LLC Acquisition Date - 10/04/23 Investment Revolver - 11.52% (SOFR + 6.75%, 2.00% Floor) % of Net Assets – 0.2% Maturity Date - 10/04/282024-01-012024-09-300001916608ck0001916608:GreatKitchensFoodCompanyIncMember2024-01-012024-09-300001916608us-gaap:CapitalUnitsMember2023-12-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-01-012024-09-300001916608Debt Investment Food Products Del Real, LLC Acquisition Date - 03/28/2023 Investment Term Loan - 12.45% inc PIK (SOFR + 7.75%, 2.00% Floor, 1.00% PIK) % of Net Assets - 5.6% Maturity Date - 03/28/20282024-01-012024-09-300001916608Net Assets (100.0%)2024-09-300001916608us-gaap:CapitalUnitsMember2023-03-310001916608Debt Investment Containers & Packaging Hoffmaster Group, Inc. Acquisition Date - 02/24/2023 Investment Term Loan - 12.84% (SOFR + 7.50%, 2.00% Floor) % of Net Assets - 5.5% Maturity Date - 02/24/20282023-12-310001916608ck0001916608:FiveStarBuyerIncMember2024-09-300001916608Debt Investment Marine Transportation Florida Marine Transporters, LLC Acquisition Date - 03/17/2023 Investment Term Loan B - 13.47% (SOFR + 8.00%, 2.00% Floor) % of Net Assets - 7.5% Maturity Date - 03/17/20282023-12-310001916608Debt Investment Specialty Retail D&D Buyer, LLC Acquisition Date - 10/04/23 Investment Term Loan - 12.45% (SOFR + 7.00%, 2.00% Floor) % of Net Assets - 4.8% Maturity Date - 10/04/20282023-12-310001916608us-gaap:EquitySecuritiesMember2024-09-300001916608Debt Investment Automobile Components Fenix Intermediate LLC Acquisition Date - 03/28/24 Investment Delayed Draw Term Loan B-1 - 11.11%(SOFR + 6.50%, 1.75% Floor) % of Net Assets – 0.3% Maturity Date - 03/28/292024-01-012024-09-300001916608Debt Investment Food Products Baxters North America, Inc. 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Acquisition Date - 05/11/2023 Investment Term Loan - 12.46% (SOFR + 7.00%, 1.50% Floor) % of Net Assets - 4.9% Maturity Date - 02/23/20282023-01-012023-12-310001916608ck0001916608:PropulsionAcquisitionLlcMember2023-09-300001916608Debt Investment Hotels, Restaurants & Leisure Five Star Buyer, Inc. Acquisition Date - 05/11/2023 Investment Delayed Draw Term Loan - 12.21% (SOFR + 7.00%, 1.50% Floor) % of Net Assets - 0.2% Maturity Date - 02/23/20282024-01-012024-09-300001916608ck0001916608:SuperiorIndustriesInternationalIncMember2024-01-012024-09-300001916608ck0001916608:GreatKitchensFoodCompanyIncThreeMember2024-09-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-07-012024-09-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityFundsMemberus-gaap:MeasurementInputEbitdaMultipleMember2024-09-300001916608us-gaap:RetainedEarningsMember2024-06-3000019166082024-04-012024-06-300001916608Debt Investment Marine Transportation Florida Marine Transporters, LLC Acquisition Date - 03/17/2023 Investment Term Loan B - 13.47% (SOFR + 8.00%, 2.00% Floor) % of Net Assets - 7.5% Maturity Date - 03/17/20282023-01-012023-12-310001916608Debt Investment Energy Equipment & Services HydroSource Logistics, LLC Acquisition Date - 04/05/24 Investment Term Loan - 13.37% (SOFR + 8.50%, 2.00% Floor) % of Net Assets - 4.1% Maturity Date - 04/24/292024-01-012024-09-300001916608ck0001916608:FenixIntermediateLlcMember2024-09-300001916608us-gaap:CapitalUnitsMember2023-09-300001916608ck0001916608:MarkAndyIncOneMember2023-01-012023-09-300001916608ck0001916608:RpmPurchaserIncMember2023-12-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:ShortTermInvestmentsMember2023-12-310001916608Debt Investment Transportation Infrastructure CG Buyer, LLC Acquisition Date - 07/19/2023 Investment Term Loan - 11.86% (SOFR + 6.50%, 1.50% Floor) % of Net Assets - 4.2% Maturity Date - 07/19/20282023-12-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2023-12-310001916608ck0001916608:IncentiveFeeThirdMember2024-01-012024-09-300001916608Equity Investment Energy Equipment & Services HydroSource Logistics, LLC Acquisition Date - 04/05/24 Warrant, expires 4/4/34 % of Net Assets – 0.0%2024-01-012024-09-300001916608Debt Investment Automobile Components Superior Industries International, Inc. Acquisition Date - 08/14/24 Investment Term Loan - 12.60% (SOFR + 7.50%, 2.50% Floor) % of Net Assets – 2.6% Maturity Date - 12/15/282024-09-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2022-12-310001916608ck0001916608:DelRealLlcMember2023-09-300001916608ck0001916608:GreatKitchensFoodCompanyIncOneMember2024-09-300001916608Debt Investment Food Products % of Net Assets - 22.6%2024-09-300001916608us-gaap:FairValueInputsLevel3Member2022-12-310001916608Debt Investment Containers & Packaging The HC Companies, Inc. Acquisition Date - 08/01/2023 Investment Term Loan - 12.61% (SOFR + 7.25%, 2.00% Floor) % of Net Assets - 7.8% Maturity Date - 08/01/20282023-12-310001916608Debt Investment Commercial Services & Supplies Jones Industrial Holdings, Inc. Acquisition Date - 07/31/2023 Investment Term Loan - 12.20% (SOFR + 7.25%, 2.00% Floor) % of Net Assets - 2.9% Maturity Date - 07/31/20282024-09-300001916608us-gaap:RetainedEarningsMember2023-01-012023-03-310001916608ck0001916608:FiveStarBuyerIncMember2023-01-012023-09-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2024-07-012024-09-300001916608Debt Investment Construction & Engineering % of Net Assets - 7.6%2023-12-310001916608us-gaap:FairValueInputsLevel2Member2024-09-300001916608ck0001916608:DAndDBuyerLlcMember2024-09-300001916608us-gaap:InvestmentUnaffiliatedIssuerMember2024-07-012024-09-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2022-12-310001916608ck0001916608:SunlandAsphaltAndConstructionLlcMember2024-09-300001916608Debt Investment Commercial Services & Supplies Jones Industrial Holdings, Inc. Acquisition Date - 07/31/2023 Investment Delayed Draw Term Loan - 12.20% (SOFR + 7.25%, 2.00% Floor) % of Net Assets – 0.7% Maturity Date - 07/31/20282024-09-300001916608us-gaap:FairValueInputsLevel1Member2023-12-310001916608us-gaap:FairValueInputsLevel1Memberus-gaap:CashEquivalentsMember2023-12-310001916608Debt Investment Professional Services Alorica Inc. Acquisition Date - 12/21/2022 Investment Term Loan - 12.23% (SOFR + 6.88%, 1.50% Floor) % of Net Assets - 8.1% Maturity Date - 12/21/20272023-01-012023-12-310001916608us-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMember2023-12-310001916608Debt Investment Machinery % of Net Assets - 5.6%2023-12-310001916608ck0001916608:BarclaysTransactionTwoMember2023-01-012023-09-300001916608ck0001916608:HoffmasterGroupIncMember2024-09-300001916608ck0001916608:IncentiveFeeThereafterMember2024-01-012024-09-300001916608Debt Investment Containers & Packaging The HC Companies, Inc. Acquisition Date - 08/01/2023 Investment Term Loan - 12.61% (SOFR + 7.25%, 2.00% Floor) % of Net Assets - 7.8% Maturity Date - 08/01/20282023-01-012023-12-310001916608Debt Investment Containers & Packaging The HC Companies, Inc. Acquisition Date - 05/21/2024 Investment Incremental Term Loan - 12.42% (SOFR + 7.50%, 2.00% Floor) % of Net Assets - 1.2% Maturity Date - 08/01/20282024-01-012024-09-300001916608ck0001916608:TermLoanMemberus-gaap:SubsequentEventMemberck0001916608:ComprehensiveLogisticsCoLlcMember2024-10-112024-10-110001916608us-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001916608Debt Investment Food Products Del Real, LLC Acquisition Date - 03/28/2023 Investment Term Loan - 13.25% inc PIK (SOFR + 7.75%, 2.00% Floor, 1.00% PIK) % of Net Assets - 6.1% Maturity Date - 03/28/20282023-01-012023-12-310001916608ck0001916608:BaxtersNorthAmericaHoldingsIncMember2023-01-012023-09-300001916608Debt Investment Transportation Infrastructure CG Buyer, LLC Acquisition Date - 07/19/2023 Investment Delayed Draw Term Loan - 11.86% (SOFR + 7.00%, 1.50% Floor) % of Net Assets - 0.0% Maturity Date - 07/19/20282024-01-012024-09-300001916608us-gaap:CapitalUnitsMember2024-01-012024-03-310001916608Debt Investment Machinery Mark Andy, Inc. Acquisition Date - 06/16/2023 Investment Term Loan - 13.50% inc PIK (SOFR + 8.75%, 1.50% Floor, 1.00% PIK) % of Net Assets - 4.7% Maturity Date - 06/16/20282024-09-300001916608ck0001916608:FenixIntermediateLlcTwoMember2024-09-300001916608Debt Investment Construction & Engineering Propulsion Acquisition, LLC Acquisition Date - 05/22/2023 Investment Term Loan - 12.10% (SOFR + 6.50%, 1.50% Floor) % of Net Assets - 3.5% Maturity Date - 07/31/20262023-01-012023-12-310001916608us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2024-09-300001916608us-gaap:RetainedEarningsMember2023-06-300001916608us-gaap:CapitalUnitsMember2024-09-300001916608us-gaap:FairValueInputsLevel1Memberus-gaap:DebtSecuritiesMember2024-09-300001916608Debt Investment Automobile Components Fenix Intermediate LLC Acquisition Date - 03/28/24 Investment Delayed Draw Term Loan B-1 - 11.11%(SOFR + 6.50%, 1.75% Floor) % of Net Assets – 0.3% Maturity Date - 03/28/292024-09-300001916608ck0001916608:CsatHoldingsLlcMember2024-01-012024-09-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-01-012023-09-300001916608Debt Investment Construction & Engineering % of Net Assets - 4.4%2024-09-300001916608ck0001916608:SignatureBrandsLlcMember2024-09-3000019166082023-06-300001916608ck0001916608:FiveStarBuyerIncMember2023-09-300001916608Debt Investment Hotels, Restaurants & Leisure Five Star Buyer, Inc. Acquisition Date - 05/11/2023 Investment Term Loan - 12.46% (SOFR + 7.00%, 1.50% Floor) % of Net Assets - 4.9% Maturity Date - 02/23/20282023-12-310001916608us-gaap:FairValueInputsLevel1Memberus-gaap:ShortTermInvestmentsMember2023-12-310001916608ck0001916608:MacquarieUsTradingLlcMember2023-01-012023-09-300001916608Debt Investment Construction & Engineering Sunland Asphalt & Construction, LLC Acquisition Date - 06/16/23 Investment Delayed Draw Term Loan - 11.45% (SOFR + 6.50%, 1.75% Floor) % of Net Assets - 0.6% Maturity Date - 06/16/282024-09-300001916608ck0001916608:JonesIndustrialHoldingsIncMember2023-01-012023-09-300001916608us-gaap:FairValueInputsLevel3Member2023-01-012023-09-3000019166082023-04-012023-06-300001916608us-gaap:CapitalUnitsMember2024-07-012024-09-300001916608Debt Investment Food Products Signature Brands, LLC Acquisition Date - 02/29/24 Investment Delayed Draw Term Loan A - 11.37% (SOFR + 6.50%, 1.75% Floor) % of Net Assets - 0.4% Maturity Date - 05/04/282024-09-300001916608Debt Investment Professional Services Alorica Inc. Acquisition Date - 12/21/2022 Investment Term Loan - 11.72% (SOFR + 6.88%, 1.50% Floor) % of Net Assets - 7.0% Maturity Date - 12/21/20272024-01-012024-09-300001916608ck0001916608:MarkAndyIncMember2023-09-300001916608Debt Investment Specialty Retail % of Net Assets - 5.0%2023-12-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityFundsMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2024-09-300001916608us-gaap:CashEquivalentsMember2023-12-310001916608Total Cash Equivalents Net Assets 5.7%2024-09-300001916608Debt Investment Food Products % of Net Assets - 19.7%2023-12-310001916608Debt Investment Containers & Packaging Hoffmaster Group, Inc. Acquisition Date - 03/15/24 Investment Incremental Term Loan - 11.50% (SOFR + 6.25%, 2.00% Floor) % of Net Assets – 0.6% Maturity Date - 02/24/20282024-09-300001916608Debt Investment Ground Transportation RPM Purchaser, Inc. Acquisition Date - 09/11/2023 Investment Delayed Draw Term Loan B - 11.21% (SOFR + 6.25%, 2.00% Floor) % of Net Assets – 0.7% Maturity Date - 09/11/20282024-09-300001916608Debt Investment Commercial Services & Supplies % of Net Assets - 14.2%2024-09-300001916608Total Equity Investment 0.0%2024-09-300001916608Debt Investment Transportation Infrastructure % of Net Assets 4.2%2023-12-310001916608us-gaap:RetainedEarningsMember2024-01-012024-03-310001916608Debt Investment Containers & Packaging The HC Companies, Inc. Acquisition Date - 08/01/2023 Investment Term Loan - 12.35% (SOFR + 7.50%, 2.00% Floor) % of Net Assets - 6.8% Maturity Date - 08/01/20282024-01-012024-09-300001916608ck0001916608:HydrosourceLogisticsLlcMember2024-01-012024-09-300001916608ck0001916608:MacquarieUsTradingLlcMember2023-07-012023-09-300001916608Debt Investment Automobile Components Fenix Intermediate LLC Acquisition Date - 03/28/24 Investment Term Loan B - 11.11%(SOFR + 6.50%, 1.75% Floor) % of Net Assets – 4.4% Maturity Date - 03/28/292024-01-012024-09-3000019166082022-10-012022-12-310001916608Debt Investment Transportation Infrastructure CG Buyer, LLC Acquisition Date - 07/19/2023 Investment Term Loan - 11.85% (SOFR + 7.00%, 1.50% Floor) % of Net Assets - 3.9% Maturity Date - 07/19/20282024-01-012024-09-300001916608Debt Investment Containers & Packaging % of Net Assets - 16.2%2023-12-310001916608Debt Investment Commercial Services & Supplies CSAT Holdings, LLC Acquisition Date - 06/30/2023 Investment Term Loan - 13.11% (SOFR + 7.50%, 2.00% Floor) % of Net Assets - 6.3% Maturity Date - 06/30/20282023-12-310001916608ck0001916608:DAndDBuyerLlcMember2024-01-012024-09-300001916608us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityFundsMemberus-gaap:MeasurementInputEbitdaMultipleMember2024-09-300001916608Debt Investment Specialty Retail D&D Buyer, LLC Acquisition Date - 10/04/23 Investment Term Loan - 12.45% (SOFR + 7.00%, 2.00% Floor) % of Net Assets - 4.8% Maturity Date - 10/04/20282023-01-012023-12-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2024-01-012024-09-300001916608us-gaap:CapitalUnitsMember2023-04-012023-06-300001916608ck0001916608:JonesIndustrialHoldingsIncMember2024-09-300001916608us-gaap:FairValueInputsLevel3Member2024-06-300001916608Debt Investment Commercial Services & Supplies Jones Industrial Holdings, Inc. Acquisition Date - 07/31/2023 Investment Term Loan - 12.20% (SOFR + 7.25%, 2.00% Floor) % of Net Assets - 2.9% Maturity Date - 07/31/20282024-01-012024-09-300001916608us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2024-09-300001916608Debt Investment Electrical Equipment VoltaGrid, LLC Acquisition Date - 04/09/24 Investment Term Loan - 11.20% (SOFR + 6.50%, 4.00% Floor) % of Net Assets - 4.2% Maturity Date - 02/28/292024-01-012024-09-300001916608ck0001916608:VoltagridLlcMember2023-12-310001916608ck0001916608:GreatKitchensFoodCompanyIncTwoMember2024-01-012024-09-300001916608us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMember2024-09-3000019166082024-06-300001916608ck0001916608:SuperiorIndustriesInternationalIncMember2024-09-300001916608ck0001916608:InvestmentAdvisoryAndManagementAgreementMember2024-01-012024-09-300001916608ck0001916608:CsatHoldingsLlcOneMember2023-01-012023-09-300001916608ck0001916608:CsatHoldingsLlcMember2023-12-310001916608ck0001916608:DAndDBuyerLlcTwoMember2024-01-012024-09-300001916608us-gaap:FairValueInputsLevel2Memberus-gaap:CashEquivalentsMember2024-09-300001916608ck0001916608:TheHcCompaniesIncOneMember2023-01-012023-09-300001916608Total Debt & Equity Investments 102.7%2024-09-300001916608Debt Investment Construction & Engineering Sunland Asphalt & Construction, LLC Acquisition Date - 06/16/23 Investment Delayed Draw Term Loan - 11.45% (SOFR + 6.50%, 1.75% Floor) % of Net Assets - 0.6% Maturity Date - 06/16/282024-01-012024-09-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-09-300001916608ck0001916608:VoltagridLlcMember2024-09-300001916608ck0001916608:InvestmentAdvisoryAndManagementAgreementMember2022-09-150001916608Debt Investment Construction & Engineering Sunland Asphalt & Construction, LLC Acquisition Date - 06/16/2023 Investment Term Loan B - 11.45% (SOFR + 6.50%, 1.75% Floor) % of Net Assets - 3.8% Maturity Date - 06/16/20282024-01-012024-09-300001916608ck0001916608:GreatKitchensFoodCompanyIncMember2024-09-3000019166082022-01-012022-03-310001916608Debt Investment Automobile Components % of Net Assets - 7.3%2024-09-300001916608ck0001916608:FloridaMarineTransportersLlcMember2023-09-300001916608Debt Investment Ground Transportation RPM Purchaser, Inc. Acquisition Date - 09/11/2023 Investment Term Loan B - 11.21% (SOFR + 6.25%, 2.00% Floor) % of Net Assets - 4.8% Maturity Date - 09/11/20282024-01-012024-09-300001916608Debt Investment Commercial Services & Supplies Comprehensive Logistics Co., LLC Acquisition Date - 03/26/24 Investment Term Loan - 11.95% (SOFR + 7.00%, 2.00% Floor % of Net Assets – 5.0% Maturity Date - 03/26/262024-01-012024-09-300001916608us-gaap:FairValueInputsLevel1Memberus-gaap:CashEquivalentsMember2024-09-300001916608ck0001916608:FenixIntermediateLlcTwoMember2024-01-012024-09-300001916608ck0001916608:SunlandAsphaltConstructionLlcMember2023-01-012023-09-300001916608Net unrealized depreciation on unfunded commitments (-0.2%)2023-12-310001916608Liabilities in Excess of Other Assets (28.6%)2023-12-310001916608ck0001916608:FiveStarBuyerIncTwoMember2024-09-300001916608ck0001916608:MacquarieUsTradingLlcMember2024-09-300001916608Debt Investment Food Products Great Kitchens Food Company, Inc Acquisition Date - 05/31/24 Investment Term Loan - 10.85% (SOFR + 6.00%, 1.25% Floor) % of Net Assets - 5.2% Maturity Date - 05/31/292024-01-012024-09-300001916608ck0001916608:HoffmasterGroupIncMember2023-12-310001916608Debt Investment Ground Transportation RPM Purchaser, Inc. Acquisition Date - 09/11/2023 Investment Term Loan B - 11.21% (SOFR + 6.25%, 2.00% Floor) % of Net Assets - 4.8% Maturity Date - 09/11/20282024-09-300001916608Total Investments (128.8%)2023-12-3100019166082023-07-012023-09-300001916608ck0001916608:GreatKitchensFoodCompanyIncThreeMember2024-01-012024-09-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:CashEquivalentsMember2024-09-300001916608Debt Investment Food Products Del Real, LLC Acquisition Date - 03/28/2023 Investment Term Loan - 12.45% inc PIK (SOFR + 7.75%, 2.00% Floor, 1.00% PIK) % of Net Assets - 5.6% Maturity Date - 03/28/20282024-09-300001916608Debt Investment Food Products Del Real, LLC Acquisition Date - 03/28/2023 Investment Term Loan - 13.25% inc PIK (SOFR + 7.75%, 2.00% Floor, 1.00% PIK) % of Net Assets - 6.1% Maturity Date - 03/28/20282023-12-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:CashEquivalentsMember2023-12-310001916608ck0001916608:ComprehensiveLogisticsCoLlcMember2024-09-300001916608ck0001916608:FloridaMarineTransportersLlcMember2023-01-012023-09-300001916608ck0001916608:RpmPurchaserIncMember2023-01-012023-09-300001916608Debt Investment Machinery Mark Andy, Inc. Acquisition Date - 06/16/2023 Investment Term Loan - 13.25% (SOFR + 7.75%, 1.50% Floor) % of Net Assets - 5.6% Maturity Date - 06/16/20282023-01-012023-12-310001916608ck0001916608:SunlandAsphaltAndConstructionLlcMember2024-01-012024-09-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2023-09-300001916608Debt Investment Food Products Baxters North America, Inc. Acquisition Date - 05/31/2023 Investment Term Loan - 14.31% inc PIK (SOFR + 9.25%, 1.75% Floor, 2.00% PIK) % of Net Assets - 5.7% Maturity Date - 05/31/20282024-01-012024-09-3000019166082024-11-120001916608ck0001916608:FiveStarBuyerIncTwoMember2023-12-310001916608ck0001916608:JonesIndustrialHoldingsIncMember2023-12-310001916608ck0001916608:CsatHoldingsLlcOneMember2023-09-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2023-12-310001916608ck0001916608:IncentiveFeeTwoMember2024-01-012024-09-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityFundsMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2024-09-300001916608ck0001916608:ComprehensiveLogisticsCoLlcOneMember2024-09-300001916608ck0001916608:GreatKitchensFoodCompanyIncOneMember2024-01-012024-09-300001916608Debt Investment Marine Transportation % of Net Assets - 7.5%2023-12-310001916608us-gaap:InvestmentUnaffiliatedIssuerMember2023-07-012023-09-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-06-300001916608ck0001916608:MacquarieUsTradingLlcMember2024-01-012024-09-300001916608Total Investments (108.4%)2024-09-300001916608Debt Investment Commercial Services & Supplies % of Net Assets - 12.7%2023-12-310001916608Debt Investment Transportation Infrastructure % of Net Assets 3.9%2024-09-300001916608Debt Investment Transportation Infrastructure CG Buyer, LLC Acquisition Date - 07/19/2023 Investment Term Loan - 11.86% (SOFR + 6.50%, 1.50% Floor) % of Net Assets - 4.2% Maturity Date - 07/19/20282023-01-012023-12-310001916608ck0001916608:BarclaysTransactionMember2024-09-300001916608Debt Investment Food Products Signature Brands, LLC Acquisition Date - 05/05/2023 Investment Term Loan - 14.82% inc PIK (SOFR + 9.50%, 1.75% Floor, 3.00% PIK) % of Net Assets - 5.7% Maturity Date - 05/04/20282024-01-012024-09-300001916608us-gaap:RetainedEarningsMember2024-07-012024-09-300001916608ck0001916608:VoltagridLlcMember2024-01-012024-09-300001916608ck0001916608:MacquarieUsTradingLlcMember2024-07-012024-09-3000019166082022-07-212024-09-300001916608ck0001916608:ComprehensiveLogisticsCoLlcTwoMember2024-09-300001916608ck0001916608:CgBuyerLlcMember2023-01-012023-09-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2024-09-300001916608ck0001916608:SunlandAsphaltConstructionLlcOneMember2023-01-012023-09-300001916608ck0001916608:DAndDBuyerLlcTwoMember2024-09-300001916608Debt Investment Ground Transportation RPM Purchaser, Inc. Acquisition Date - 09/11/2023 Investment Term Loan B - 11.90% (SOFR + 6.25%, 2.00% Floor) % of Net Assets - 5.1% Maturity Date - 09/11/20282023-01-012023-12-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2023-06-300001916608ck0001916608:ComprehensiveLogisticsCoLlcMember2024-01-012024-09-300001916608us-gaap:ShortTermInvestmentsMember2023-12-310001916608Debt Investment Commercial Services & Supplies Jones Industrial Holdings, Inc. Acquisition Date - 07/31/2023 Investment Delayed Draw Term Loan - 12.20% (SOFR + 7.25%, 2.00% Floor) % of Net Assets – 0.7% Maturity Date - 07/31/20282024-01-012024-09-300001916608Debt Investment Specialty Retail D&D Buyer, LLC Acquisition Date - 10/04/23 Investment Revolver - 11.52% (SOFR + 6.75%, 2.00% Floor) % of Net Assets – 0.2% Maturity Date - 10/04/282024-09-300001916608ck0001916608:BarclaysTransactionMember2023-01-012023-09-300001916608us-gaap:FairValueInputsLevel1Memberus-gaap:DebtSecuritiesMember2023-12-310001916608us-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001916608Debt Investment Ground Transportation RPM Purchaser, Inc. Acquisition Date - 09/11/2023 Investment Delayed Draw Term Loan B - 11.21% (SOFR + 6.25%, 2.00% Floor) % of Net Assets – 0.7% Maturity Date - 09/11/20282024-01-012024-09-300001916608Total Cash Equivalents Net Assets 3.8%2023-12-310001916608ck0001916608:TheHcCompaniesIncMember2024-01-012024-09-300001916608us-gaap:FairValueInputsLevel3Member2023-07-012023-09-300001916608us-gaap:RetainedEarningsMember2023-12-310001916608ck0001916608:BarclaysTransactionMember2024-07-012024-09-300001916608Short-term Investments U.S. Treasury Bill, Yield 5.26% Net Assets 28.2%2023-12-310001916608Debt Investment Hotels, Restaurants & Leisure Five Star Buyer, Inc. Acquisition Date - 05/11/2023 Investment Term Loan - 12.21% (SOFR + 7.00%, 1.50% Floor) % of Net Assets - 4.4% Maturity Date - 02/23/20282024-09-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2024-09-300001916608ck0001916608:HydrosourceLogisticsLlcMember2024-09-300001916608Debt Investment Transportation Infrastructure CG Buyer, LLC Acquisition Date - 07/19/2023 Investment Term Loan - 11.85% (SOFR + 7.00%, 1.50% Floor) % of Net Assets - 3.9% Maturity Date - 07/19/20282024-09-300001916608ck0001916608:GreatKitchensFoodCompanyIncMember2024-09-300001916608Debt Investment Specialty Retail D&D Buyer, LLC Acquisition Date - 10/04/23 Investment Revolver - 12.45% (SOFR + 7.00%, 2.00% Floor) % of Net Assets - 0.2% Maturity Date - 10/04/20282023-01-012023-12-310001916608ck0001916608:MarkAndyIncMember2023-01-012023-09-300001916608us-gaap:CapitalUnitsMember2024-03-310001916608Debt Investment Food Products Signature Brands, LLC Acquisition Date - 05/05/2023 Investment Term Loan - 14.82% inc PIK (SOFR + 9.50%, 1.75% Floor, 3.00% PIK) % of Net Assets - 5.7% Maturity Date - 05/04/20282024-09-300001916608ck0001916608:FenixIntermediateLlcTwoMember2023-12-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2024-09-300001916608us-gaap:AccountingStandardsUpdate202203Member2024-01-010001916608ck0001916608:SignatureBrandsLlcMember2024-01-012024-09-300001916608Debt Investment Commercial Services & Supplies Jones Industrial Holdings, Inc. Acquisition Date - 07/31/2023 Investment Term Loan - 13.96% (SOFR + 8.50%, 2.00% Floor) % of Net Assets - 6.4% Maturity Date - 07/31/20282023-01-012023-12-310001916608ck0001916608:RpmPurchaserIncMember2023-09-300001916608Debt Investment Commercial Services & Supplies CSAT Holdings, LLC Acquisition Date - 06/30/2023 Investment Term Loan - 13.12% (SOFR + 8.25%, 2.00% Floor) % of Net Assets - 5.6% Maturity Date - 06/30/20282024-01-012024-09-300001916608Debt Investment Construction & Engineering Sunland Asphalt & Construction, LLC Acquisition Date - 06/16/2023 Investment Term Loan B - 12.96% inc PIK (SOFR + 7.50%, 1.75% Floor, 0.50% PIK) % of Net Assets - 4.1% Maturity Date - 06/16/20282023-12-3100019166082023-12-310001916608Net Assets (100.0%)2023-12-310001916608Cash Equivalents First American Government Obligation Fund, Yield 5.30% Net Assets 3.8%2023-12-310001916608Debt Investment Food Products Signature Brands, LLC Acquisition Date - 02/29/24 Investment Delayed Draw Term Loan A - 11.37% (SOFR + 6.50%, 1.75% Floor) % of Net Assets - 0.4% Maturity Date - 05/04/282024-01-012024-09-300001916608us-gaap:CashEquivalentsMember2024-09-300001916608ck0001916608:BarclaysTransactionOneMember2024-01-012024-09-300001916608us-gaap:CapitalUnitsMember2023-07-012023-09-300001916608Debt Investment Specialty Retail D&D Buyer, LLC Acquisition Date - 10/04/23 Investment Term Loan - 11.45% (SOFR + 6.75%, 2.00% Floor) % of Net Assets – 4.4% Maturity Date - 10/04/282024-09-300001916608Debt Investment Containers & Packaging PaperWorks Industries, Inc. Acquisition Date - 07/26/2023 Investment Term Loan - 13.65% (SOFR + 8.25%, 1.00% Floor) % of Net Assets - 2.3% Maturity Date - 06/30/20272024-01-012024-09-30xbrli:purexbrli:sharesiso4217:USDiso4217:USDxbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐For the quarterly period ended September 30, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 814-01566

TCW STAR DIRECT LENDING LLC

(Exact Name of Registrant as Specified in Its Charter)


Delaware	88-1126955
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)


200 Clarendon Street, Boston, MA	02116
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s Telephone Number, Including Area Code: (617) 936-2275

Not applicable

Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report.

Securities registered pursuant to Section 12(b) of the Act.

    Title of each class

    Trading
   Symbol(s)

    Name of each exchange 
on which registered

    None

    Not applicable

                Not applicable

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-Accelerated filer	☒	Smaller reporting company	☐
Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes ☐ No ☒

As of September 30, 2024, there was no established public market for the Registrant’s common units. The number of the Registrant’s common units outstanding at November 12, 2024 was 3,753,190.

Auditor Firm Id: 34 Auditor Name: Deloitte & Touche LLP Auditor Location: Los Angeles, CA, U.S.A.

TCW STAR DIRECT LENDING LLC

FORM 10-Q FOR THE QUARTER ENDED September 30, 2024

Table of Contents


		PAGE
	INDEX	NO.
PART I.	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements
	Consolidated Schedule of Investments as of September 30, 2024 (unaudited) and December 31, 2023	2
	Consolidated Statements of Assets and Liabilities as of September 30, 2024 (unaudited) and December 31, 2023	7
	Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (unaudited)	8
	Consolidated Statements of Changes in Members' Capital for the three and nine months ended September 30, 2024 and 2023 (unaudited)	9
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (unaudited)	11
	Notes to Consolidated Financial Statements (unaudited)	12
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40
Item 4.	Controls and Procedures	41
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	42
Item 1A.	Risk Factors	42
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42
Item 3.	Defaults Upon Senior Securities	42
Item 4.	Mine Safety Disclosures	42
Item 5.	Other Information	42
Item 6.	Exhibits	43
SIGNATURES		44

TCW STAR DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited)

As of September 30, 2024


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1)
Automobile Components
	Fenix Intermediate LLC	03/28/24	Term Loan B - 11.11% (SOFR + 6.50%, 1.75% Floor)		4.4	%	$	6,156,452	03/28/29	$	5,989,047	$	5,996,385
	Fenix Intermediate LLC	03/28/24	Delayed Draw Term Loan B-1 - 11.11% (SOFR + 6.50%, 1.75% Floor)		0.3	%		369,203	03/28/29		369,203		359,603
	Superior Industries International, Inc.	08/14/24	Term Loan - 12.60% (SOFR + 7.50%, 2.50% Floor)		2.6	%		3,543,720	12/15/28		3,457,811		3,455,127
					7.3	%					9,816,061		9,811,115
Commercial Services & Supplies
	CSAT Holdings LLC	06/30/23	Term Loan - 13.12% (SOFR + 8.25%, 2.00% Floor)		5.6	%		7,646,693	06/30/28		7,447,844		7,524,346
	Jones Industrial Holdings, Inc.	07/31/23	Term Loan - 12.20% (SOFR + 7.25%, 2.00% Floor)		2.9	%		3,970,034	07/31/28		3,867,434		3,958,124
	Jones Industrial Holdings, Inc.	07/31/23	Delayed Draw Term Loan - 12.20% (SOFR + 7.25%, 2.00% Floor)		0.7	%		943,731	07/31/28		930,722		940,900
	Comprehensive Logistics Co., LLC(3)	03/26/24	Term Loan - 11.95% (SOFR + 7.00%, 2.00% Floor)		5.0	%		6,871,094	03/26/26		6,756,387		6,747,414
					14.2	%					19,002,387		19,170,784
Construction & Engineering
	Sunland Asphalt & Construction, LLC	06/16/23	Delayed Draw Term Loan - 11.45% (SOFR + 6.50%, 1.75% Floor)		0.6	%		806,603	06/16/28		806,603		806,603
	Sunland Asphalt & Construction, LLC	06/16/23	Term Loan B - 11.45% (SOFR + 6.50%, 1.75% Floor)		3.8	%		5,018,231	06/16/28		4,880,358		5,118,595
					4.4	%					5,686,961		5,925,198
Containers & Packaging
	The HC Companies, Inc.	08/01/23	Term Loan - 12.35% (SOFR + 7.50%, 2.00% Floor)		6.8	%		9,511,628	08/01/28		9,329,413		9,140,675
	The HC Companies, Inc.	05/21/24	Incremental Term Loan - 12.42% (SOFR + 7.50%, 2.00% Floor)		1.2	%		1,624,248	08/01/28		1,587,165		1,560,903
	Hoffmaster Group, Inc.	02/24/23	Term Loan - 11.50% (SOFR + 6.25%, 2.00% Floor)		4.7	%		6,415,562	02/24/28		6,367,829		6,370,653
	Hoffmaster Group, Inc.	03/15/24	Incremental Term Loan - 11.50% (SOFR + 6.25%, 2.00% Floor)		0.6	%		809,694	02/24/28		795,748		804,026
	PaperWorks Industries, Inc.	07/26/23	Term Loan - 13.65% (SOFR + 8.25%, 1.00% Floor)		2.3	%		3,204,049	06/30/27		3,159,304		3,117,540
					15.6	%					21,239,459		20,993,797
Electrical Equipment
	VoltaGrid, LLC	04/09/24	Term Loan - 11.20% (SOFR + 6.50%, 4.00% Floor)		4.2	%		5,748,449	02/28/29		5,530,804		5,708,210
					4.2	%					5,530,804		5,708,210
Energy Equipment & Services
	HydroSource Logistics, LLC	04/05/24	Term Loan - 13.37% (SOFR + 8.50%, 2.00% Floor)		4.1	%		5,585,572	04/04/29		5,434,777		5,585,572
					4.1	%					5,434,777		5,585,572
Food Products
	Baxters North America, Inc.	05/31/23	Term Loan - 14.31% inc PIK (SOFR + 9.25%, 1.75% Floor, 2.00% PIK)		5.7	%		7,929,905	05/31/28		7,777,733		7,715,797
	Del Real, LLC	03/28/23	Term Loan - 12.45% inc PIK (SOFR + 7.75%, 2.00% Floor, 1.00% PIK)		5.6	%		7,437,706	03/28/28		7,262,070		7,586,460
	Great Kitchens Food Company, Inc.(3)	05/31/24	Term Loan - 10.85% (SOFR + 6.00%, 1.25% Floor)		5.2	%		7,087,508	05/31/29		6,933,563		6,974,108
	Signature Brands, LLC	02/29/24	Delayed Draw Term Loan A - 11.37% (SOFR + 6.50%, 1.75% Floor)		0.4	%		481,928	05/04/28		481,928		481,928
	Signature Brands, LLC	05/05/23	Term Loan - 14.82% inc PIK (SOFR + 9.50%, 1.75% Floor, 3.00% PIK)		5.7	%		8,443,048	05/04/28		8,302,661		7,691,617
					22.6	%					30,757,955		30,449,910

TCW STAR DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of September 30, 2024


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount/Shares		Maturity Date	Amortized Cost		Fair Value
	DEBT(1) (continued)
Ground Transportation
	RPM Purchaser, Inc.	09/11/23	Term Loan B - 11.21% (SOFR + 6.25%, 2.00% Floor)		4.8	%	$	6,357,838	09/11/28	$	6,201,132	$	6,446,848
	RPM Purchaser, Inc.	09/11/23	Delayed Draw Term Loan B - 11.21% (SOFR + 6.25%, 2.00% Floor)		0.7	%		900,402	09/11/28		900,402		900,402
					5.5	%					7,101,534		7,347,250
Hotels, Restaurants & Leisure
	Five Star Buyer, Inc.	05/11/23	Term Loan - 12.21% (SOFR + 7.00%, 1.50% Floor)		4.4	%		6,129,772	02/23/28		5,957,490		5,958,139
	Five Star Buyer, Inc.	05/11/23	Delayed Draw Term Loan - 12.21% (SOFR + 7.00%, 1.50% Floor)		0.2	%		213,054	02/23/28		213,054		207,089
					4.6	%					6,170,544		6,165,228
Machinery
	Mark Andy, Inc.	06/16/23	Term Loan - 13.50% inc PIK (SOFR + 8.75%, 1.50% Floor, 1.00% PIK)		4.7	%		6,988,538	06/16/28		6,860,989		6,275,708
					4.7	%					6,860,989		6,275,708
Professional Services
	Alorica Inc.	12/21/22	Term Loan - 11.72% (SOFR + 6.88%, 1.50% Floor)		7.0	%		9,533,963	12/21/27		9,441,860		9,362,351
					7.0	%					9,441,860		9,362,351
Specialty Retail
	D&D Buyer, LLC	10/04/23	Revolver - 11.52% (SOFR + 6.75%, 2.00% Floor)		0.2	%		212,240	10/04/28		212,240		212,240
	D&D Buyer, LLC	10/04/23	Term Loan - 11.45% (SOFR + 6.75%, 2.00% Floor)		4.4	%		5,898,160	10/04/28		5,741,199		5,921,753
					4.6	%					5,953,439		6,133,993
Transportation Infrastructure
	CG Buyer, LLC	07/19/23	Delayed Draw Term Loan - 11.86% (SOFR + 7.00%, 1.50% Floor)		0.0	%		62,084	07/19/28		62,084		61,463
	CG Buyer, LLC	07/19/23	Term Loan - 11.85% (SOFR + 7.00%, 1.50% Floor)		3.9	%		5,251,430	07/19/28		5,143,078		5,198,915
					3.9	%					5,205,162		5,260,378

	Total Debt Investments(2)				102.7	%					138,201,932		138,189,494
	EQUITY
Energy Equipment & Services
	HydroSource Logistics, LLC(4)(5)	04/05/24	Warrant, expires 4/4/34		0.0	%		73			—		40,579
					0.0	%					—		40,579
	Total Equity Investments				0.0	%					—		40,579
	Total Debt & Equity Investments				102.7	%					138,201,932		138,230,073
	Cash Equivalents
	First American Government Obligation Fund, Yield 4.82%				5.7	%		7,723,456			7,723,456		7,723,456
	Total Cash Equivalents				5.7	%		7,723,456			7,723,456		7,723,456
	Total Investments (108.4%)									$	145,925,388	$	145,953,529
	Net unrealized depreciation on unfunded commitments (-0.2%)												(242,530	)
	Liabilities in Excess of Other Assets (-8.2%)											$	(11,079,591	)
	Net Assets (100.0%)											$	134,631,408

(1)

Certain debt investments are subject to contractual restrictions on resale, such as approval of the agent or borrower.

(2)

The fair value of each debt investment was determined using significant unobservable inputs and such investments are considered to be Level 3 within the Fair Value Hierarchy. See Note 3 “Investment Valuations and Fair Value Measurements.”

(3)

A portion of such investment is used as collateral for the Company's secured borrowing. See Note 7.

(4)

Non-income producing.

TCW STAR DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of September 30, 2024

(5)

All or a portion of such security was acquired in a transaction exempt from registration under the Securities Act of 1933, and may be deemed “restricted securities” under the Securities Act. As of September 30, 2024, the aggregate fair value of these securities was $40,579, or 0.0% of the Company’s total assets.

SOFR - Secured Overnight Financing Rate, generally 1-Month or 3-Month

PIK - Payment-In-Kind

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $45,474,122 and $25,507,203, respectively, for the nine months ended September 30, 2024. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments.


Geographic Breakdown of Portfolio
United States	100	%

The accompanying notes are an integral part of these consolidated financial statements.

TCW STAR DIRECT LENDING LLC

Consolidated Schedule of Investments

As of December 31, 2023


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1)
Commercial Services & Supplies
	CSAT Holdings LLC	06/30/23	Term Loan - 13.11% (SOFR + 7.50%, 2.00% Floor)		6.3	%	$	7,839,556	06/30/28	$	7,594,859	$	7,721,962
	Jones Industrial Holdings, Inc.	07/31/23	Term Loan - 13.96% (SOFR + 8.50%, 2.00% Floor)		6.4	%		7,812,578	07/31/28		7,571,129		7,820,391
					12.7	%					15,165,988		15,542,353
Construction & Engineering
	Propulsion Acquisition, LLC	05/22/23	Term Loan - 12.10% (SOFR + 6.50%, 1.50% Floor)		3.5	%		4,269,651	07/31/26		4,235,157		4,265,381
	Sunland Asphalt & Construction, LLC	06/16/23	Term Loan B - 12.96% inc PIK (SOFR + 7.50%, 1.75% Floor, 0.50% PIK)		4.1	%		5,010,465	06/16/28		4,844,692		4,995,434
					7.6	%					9,079,849		9,260,815
Containers & Packaging
	The HC Companies, Inc.	08/01/23	Term Loan - 12.61% (SOFR + 7.25%, 2.00% Floor)		7.8	%		9,680,963	08/01/28		9,459,207		9,506,706
	Hoffmaster Group, Inc.	02/24/23	Term Loan - 12.84% (SOFR + 7.50%, 2.00% Floor)		5.5	%		6,531,605	02/24/28		6,472,280		6,694,896
	PaperWorks Industries, Inc.	07/26/23	Term Loan - 13.78% (SOFR + 8.25%, 1.00% Floor)		2.9	%		3,604,746	06/30/27		3,540,640		3,539,861
					16.2	%					19,472,127		19,741,463
Food Products
	Baxters North America, Inc.	05/31/23	Term Loan - 14.63% inc PIK (SOFR + 9.25%, 1.75% Floor, 2.00% PIK)		7.0	%		9,010,904	05/31/28		8,798,913		8,551,348
	Del Real, LLC	03/28/23	Term Loan - 13.25% inc PIK (SOFR + 7.75%, 2.00% Floor, 1.00% PIK)		6.1	%		7,436,417	03/28/28		7,221,402		7,473,600
	Signature Brands, LLC	05/05/23	Term Loan - 14.14% inc PIK (SOFR + 8.50%, 1.75% Floor, 1.25% PIK)		6.6	%		8,347,825	05/04/28		8,176,625		8,080,695
					19.7	%					24,196,940		24,105,643
Ground Transportation
	RPM Purchaser, Inc.	09/11/23	Term Loan B - 11.90% (SOFR + 6.25%, 2.00% Floor)		5.1	%		6,406,004	09/11/28		6,218,088		6,303,508
					5.1	%					6,218,088		6,303,508
Hotels, Restaurants & Leisure
	Five Star Buyer, Inc.	05/11/23	Term Loan - 12.46% (SOFR + 7.00%, 1.50% Floor)		4.9	%		6,273,066	02/23/28		6,057,797		6,040,962
	Five Star Buyer, Inc.	05/11/23	Delayed Draw Term Loan - 12.46% (SOFR + 7.00%, 1.50% Floor)		0.2	%		213,054	02/23/28		213,054		205,171
					5.1	%					6,270,851		6,246,133
Machinery
	Mark Andy, Inc.	06/16/23	Term Loan - 13.25% (SOFR + 7.75%, 1.50% Floor)		5.6	%		6,936,317	06/16/28		6,781,797		6,811,463
					5.6	%					6,781,797		6,811,463

TCW STAR DIRECT LENDING LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2023


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1) (continued)
Marine Transportation
	Florida Marine Transporters, LLC	03/17/23	Term Loan B - 13.47% (SOFR + 8.00%, 2.00% Floor)		7.5	%	$	9,232,860	03/17/28	$	9,014,571	$	9,158,997
					7.5	%					9,014,571		9,158,997
Professional Services
	Alorica Inc.	12/21/22	Term Loan - 12.23% (SOFR + 6.88%, 1.50% Floor)		8.1	%		10,098,739	12/21/27		9,978,450		9,906,863
					8.1	%					9,978,450		9,906,863
Specialty Retail
	D&D Buyer, LLC	10/04/23	Revolver - 12.45% (SOFR + 7.00%, 2.00% Floor)		0.2	%		212,240	10/04/28		212,240		207,996
	D&D Buyer, LLC	10/04/23	Term Loan - 12.45% (SOFR + 7.00%, 2.00% Floor)		4.8	%		5,942,731	10/04/28		5,754,985		5,823,876
					5.0	%					5,967,225		6,031,872
Transportation Infrastructure
	CG Buyer, LLC	07/19/23	Term Loan - 11.86% (SOFR + 6.50%, 1.50% Floor)		4.2	%		5,225,173	07/19/28		5,095,416		5,068,417
					4.2	%					5,095,416		5,068,417

	Total Debt Investments(2)				96.8	%					117,241,302		118,177,527
							Shares
	Cash Equivalents
	First American Government Obligation Fund, Yield 5.30%				3.8	%		4,675,555			4,675,555		4,675,555
	Total Cash Equivalents				3.8	%		4,675,555			4,675,555		4,675,555
	Short-term Investments
	U.S. Treasury Bill, Yield 5.26%				28.2	%		35,000,000			34,437,589		34,437,589
	Total Short-term Investments				28.2	%		35,000,000			34,437,589		34,437,589
	Total Investments (128.8%)									$	156,354,446	$	157,290,671
	Net unrealized depreciation on unfunded commitments (-0.2%)												(215,440	)
	Liabilities in Excess of Other Assets (28.6%)											$	(34,945,502	)
	Net Assets (100.0%)											$	122,129,729

(1)

Certain debt investments are subject to contractual restrictions on resale, such as approval of the agent or borrower.

(2)

SOFR - Secured Overnight Financing Rate, generally 1-Month, 3-Month, or 6-Month

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $119,348,936 and $12,806,098, respectively, for the year ended December 31, 2023. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments.


Geographic Breakdown of Portfolio
United States	100	%

The accompanying notes are an integral part of these consolidated financial statements.

TCW STAR DIRECT LENDING LLC

Consolidated Statements of Assets and Liabilities

(Dollar amounts in thousands, except unit data)

September 30, 2024


	As of September 30,
	2024			As of December 31,
	(unaudited)			2023
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (amortized cost of $138,202 and $117,241, respectively)	$	138,230		$	118,178
Cash and cash equivalents		8,738			5,490
Short-term investments		—			34,438
Interest income receivable		801			602
Receivable for investments sold		61			—
Prepaid expenses		38			25
Total Assets	$	147,868		$	158,733
Liabilities
Repurchase obligations	$	8,976		$	—
Incentive fee payable		3,004			1,169
Management fee payable		434			369
Unrealized depreciation on unfunded commitments		243			215
Payable for short-term investments purchased		—			34,438
Other liabilities payable to related party		—			10
Other accrued expenses and other liabilities		580			402
Total Liabilities		13,237			36,603
Commitments and Contingencies (Note 5)
Members’ Capital
Common Unitholders’ commitment: (3,753,190 units issued and outstanding)		375,319			375,319
Common Unitholders’ undrawn commitment: (3,753,190 units issued and outstanding)		(225,319	)		(246,319	)
Common Unitholders’ return of capital		(13,146	)		(5,997	)
Common Unitholders’ offering costs		(5	)		(5	)
Accumulated Common Unitholders’ tax reclassification		(287	)		(287	)
Common Unitholders’ capital		136,562			122,711
Accumulated overdistributed earnings		(1,931	)		(581	)
Total Members’ Capital		134,631			122,130
Total Liabilities and Members’ Capital	$	147,868		$	158,733
Net Asset Value Per Unit (accrual base) (Note 9)(1)	$	95.91		$	98.17

(1)

Net Asset Value Per Unit (accrual base) equates to the aggregate of the Total Members' Capital and Common Unitholders' undrawn commitment divided by total Common units outstanding.

The accompanying notes are an integral part of these consolidated financial statements.

TCW STAR DIRECT LENDING LLC

Consolidated Statements of Operations (Unaudited)

(Dollar amounts in thousands, except unit data)

September 30, 2024


	For the three months ended September 30,						For the nine months ended September 30,
	2024			2023			2024			2023
Investment Income
Non-controlled/non-affiliated investments:
Interest income	$	5,538		$	3,680		$	14,923		$	6,147
Interest income paid-in-kind		454			45			870			83
Other fee income		—			5			24			5
Total investment income		5,992			3,730			15,817			6,235
Expenses
Incentive fees		616			592			1,836			592
Management fees		434			333			1,282			587
Interest expense on repurchase transactions		146			838			704			1,359
Administrative fees		121			123			362			362
Professional fees		69			64			269			196
Directors' fees		64			80			197			225
Insurance expense		13			(125	)		38			(22	)
Organizational costs		—			1			—			1
Other expenses		8			15			22			36
Total expenses		1,471			1,921			4,710			3,336
Net investment income		4,521			1,809			11,107			2,899
Net realized and unrealized (loss) gain on investments
Net realized (loss) gain:
Non-controlled/non-affiliated investments		(2	)		90			24			93
Net change in unrealized appreciation/(depreciation):
Non-controlled/non-affiliated investments		(1,034	)		191			(935	)		526
Net realized gain on short-term investments		—			127			204			270
Net realized and unrealized (loss) gain on investments		(1,036	)		408			(707	)		889
Net increase in Members’ Capital from operations	$	3,485		$	2,217		$	10,400		$	3,788
Basic and diluted:
Income per unit	$	0.93		$	0.59		$	2.77		$	1.01
Units outstanding		3,753,190			3,753,190			3,753,190			3,753,190

The accompanying notes are an integral part of these consolidated financial statements.

TCW STAR DIRECT LENDING LLC

Consolidated Statements of Changes in Members' Capital (Unaudited)

(Dollar amounts in thousands, except unit data)

September 30, 2023


	Common Unitholders’ Capital		Accumulated Undistributed (Overdistributed) Earnings			Total
Members' Capital at January 1, 2023	$	22,708	$	(144	)	$	22,564
Net Increase (Decrease) in Members’ Capital Resulting from Operations:
Net investment income		—		93			93
Net realized gain on investments		—		47			47
Net change in unrealized appreciation/(depreciation) on investments		—		(34	)		(34	)
Net Increase in Members’ Capital Resulting from Capital Activity:
Contributions		25,000		—			25,000
Total Increase in Members’ Capital for the three months ended March 31, 2023		25,000		106			25,106
Members’ Capital at March 31, 2023		47,708		(38	)		47,670
Net Increase in Members’ Capital Resulting from Operations:
Net investment income		—		997			997
Net realized gain on investments		—		99			99
Net change in unrealized appreciation/(depreciation) on investments		—		369			369
Net Increase in Members’ Capital Resulting from Capital Activity:
Contributions		19,000		—			19,000
Total Increase in Members’ Capital for the three months ended June 30, 2023		19,000		1,465			20,465
Members’ Capital at June 30, 2023		66,708		1,427			68,135
Net Increase in Members’ Capital Resulting from Operations:
Net investment income		—		1,809			1,809
Net realized gain on investments		—		217			217
Net change in unrealized appreciation/(depreciation) on investments		—		191			191
Net Increase in Members’ Capital Resulting from Capital Activity:
Contributions		47,000		—			47,000
Total Increase in Members’ Capital for the three months ended September 30, 2023		47,000		2,217			49,217
Members’ Capital at September 30, 2023	$	113,708	$	3,644		$	117,352

The accompanying notes are an integral part of these consolidated financial statements.

TCW STAR DIRECT LENDING LLC

Consolidated Statements of Changes in Members' Capital (Unaudited)

(Dollar amounts in thousands, except unit data)

September 30, 2024


	Common Unitholders’ Capital			Accumulated Undistributed (Overdistributed) Earnings			Total
Members' Capital at January 1, 2024	$	122,711		$	(581	)	$	122,130
Net Increase (Decrease) in Members’ Capital Resulting from Operations:
Net investment income		—			3,125			3,125
Net realized gain on investments		—			138			138
Net change in unrealized appreciation/(depreciation) on investments		—			(660	)		(660	)
Total Increase in Members’ Capital for the three months ended March 31, 2024		—			2,603			2,603
Members’ Capital at March 31, 2024		122,711			2,022			124,733
Net Increase in Members’ Capital Resulting from Operations:
Net investment income		—			3,461			3,461
Net realized gain on investments		—			92			92
Net change in unrealized appreciation/(depreciation) on investments		—			759			759
Net Increase in Members’ Capital Resulting from Capital Activity:
Contributions		21,000			—			21,000
Total Increase in Members’ Capital for the three months ended June 30, 2024		21,000			4,312			25,312
Members’ Capital at June 30, 2024		143,711			6,334			150,045
Net Increase (Decrease) in Members’ Capital Resulting from Operations:
Net investment income		—			4,521			4,521
Net realized loss on investments		—			(2	)		(2	)
Net change in unrealized appreciation/(depreciation) on investments		—			(1,034	)		(1,034	)
Distributions to Members from:
Distributable earnings		—			(11,750	)		(11,750	)
Return of capital		(7,149	)		—			(7,149	)
Total Decrease in Members’ Capital for the three months ended September 30, 2024		(7,149	)		(8,265	)		(15,414	)
Members’ Capital at September 30, 2024	$	136,562		$	(1,931	)	$	134,631

The accompanying notes are an integral part of these consolidated financial statements.

TCW STAR DIRECT LENDING LLC

Consolidated Statements of Cash Flows (Unaudited)

(Dollar amounts in thousands, except unit data)

September 30, 2024


	For the nine months ended September 30,
	2024			2023
Cash Flows from Operating Activities
Net increase in net assets resulting from operations	$	10,400		$	3,788
Adjustments to reconcile the net increase in net assets resulting from operations to net cash used in operating activities:
Purchases of investments		(44,604	)		(111,774	)
Purchases of short-term investments		—			(39,340	)
Interest income paid in-kind		(870	)		(83	)
Proceeds from sales of short-term investments (net of $204 and $270 realized gain on short term investments, respectively)		34,438			24,563
Proceeds from sales and paydowns of investments		25,507			10,958
Realized gain on investments		(24	)		(93	)
Change in net unrealized (appreciation)/depreciation on investments		935			(526	)
Amortization of premium and accretion of discount, net		(968	)		(258	)
Increase (decrease) in operating assets and liabilities:
(Increase) decrease in interest income receivable		(199	)		(367	)
(Increase) decrease in receivable for investments sold		(61	)		—
(Increase) decrease in prepaid expenses		(13	)		(38	)
Increase (decrease) in payable for short-term investments purchased		(34,438	)		14,777
Increase (decrease) in incentive fee payable		1,835			592
Increase (decrease) in management fee payable		65			329
Increase (decrease) in organizational costs payable to related party		—			2
Increase (decrease) in other liabilities payable to related party		(10	)		36
Increase (decrease) in other accrued expenses and other liabilities		178			361
Net cash used in operating activities		(7,829	)		(97,073	)
Cash Flows from Financing Activities
Contribution from Members		21,000			91,000
Return of capital		(7,149	)		—
Distributions to Members		(11,750	)		—
Proceeds from repurchase obligation		43,507			83,714
Repayment of repurchase obligation		(34,531	)		(77,493	)
Net cash provided by financing activities		11,077			97,221
Net increase in cash and cash equivalents		3,248			148
Cash and cash equivalents, beginning of period		5,490			12,880
Cash and cash equivalents, end of period	$	8,738		$	13,028
Supplemental and non-cash financing activities
Interest expense paid	$	675		$	886

The accompanying notes are an integral part of these consolidated financial statements.

TCW STAR DIRECT LENDING LLC

Notes to Consolidated Financial Statements (Unaudited)

(Dollar amounts in thousands, except unit data)

As of September 30, 2024

Organization and Basis of Presentation

Organization: TCW Star Direct Lending LLC (the “Company”), was formed as a Delaware limited liability company on March 7, 2022. The Company has conducted a private offering of its common limited liability company units (the “Units”) to investors in reliance on exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended (the “Securities Act”). In addition, the Company may issue preferred units, though it currently has no intention to do so. On July 21, 2022 (“Inception Date”), the Company sold and issued 10 Units at an aggregate purchase price of $1 to TCW Asset Management Company LLC (“TAMCO”), an affiliate of the TCW Group, Inc. During the fourth quarter of 2022, TAMCO transferred its 10 units back to the Company.

On September 1, 2022, the Company filed an election to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company also filed an election to be treated for U.S. federal income tax purposes as a Regulated Investment Company (a “RIC”) under Subchapter M of the U.S Internal Revenue Code of 1986, as amended (the “Code”) and has made such an election beginning with the taxable year ending December 31, 2022. As a BDC and a RIC, the Company is required to meet the minimum distribution and other requirements for RIC qualification, and as a BDC and a RIC, the Company is required to comply with certain regulatory requirements.

On September 15, 2022, the Company entered into the Investment Advisory and Management Agreement with TAMCO, its registered investment adviser (the “Adviser”). On the same date, the Company also completed the closing of the sale of its Common Units (the "Closing Date") pursuant to which the Company sold 3,753,190 Common Units at an aggregate purchase price of $375,319.

The Company commenced operations during the third quarter of fiscal year 2022 and commenced investment activity during the last two weeks of December 2022.

During the year-ended December 31, 2023, the Company formed three wholly-owned subsidiaries - TCW Star DLG-1 LLC, TCW Star DLG-2 LLC, and TCW Star DLG-3 LLC, each a Delaware limited liability company and each designed to be signatories on debt investments of the Company.

These consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.

Term: The term of the Company will continue until September 15, 2030 which is the eighth anniversary of the date of the Company’s amended and restated limited liability agreement (the “LLC Agreement”), unless extended or the Company is sooner dissolved as provided in the LLC Agreement or by operation of law. Thereafter, the Company may extend the term for successive one-year periods upon written notice to the holders of the Units (the “Unitholders”) and holders of preferred units, if any, (together with the Unitholders, the “Members”) at least 90 days prior to the expiration of the term or the end of the first one-year period.

Commitment Period: The Commitment Period commenced on the Closing Date, the day on which the Company completed the first closing of the sale of its Units to persons not affiliated with the Adviser, and will end four years from the later of (a) September 15, 2026, four years from the Closing Date and (b) four years from the date in which the Company first completed an investment.

TCW Star Direct Lending LLC 10-Q