Financial Highlights

3 Months Ended

Mar. 31, 2025

Investment Company, Financial Highlights [Abstract]

10.

Financial Highlights

Selected data for a unit outstanding throughout the three months ended March 31, 2025 and 2024 is presented below.


	For the three months ended March 31,
	2025(1)			2024(1)
Net Asset Value Per Unit (accrual base), Beginning of Period	$	96.87		$	98.95
Net Increase in Common Unitholder NAV from Prior Year(2)		—			0.17
Income from Investment Operations:
Net investment income		1.50			1.35
Net realized and unrealized loss		(0.33	)		(0.39	)
Total income from investment operations		1.17			0.96
Less Distributions:
From net investment income		(1.96	)		(0.45	)
Return of capital		—			(0.02	)
Total distributions		(1.96	)		(0.47	)
Net Asset Value Per Unit (accrual base), End of Period	$	96.08		$	99.61
Unitholder Total Return(3)(4)		2.31	%		2.51	%
Unitholder IRR before incentive fee(5)		14.61	%		15.14	%
Unitholder IRR(5)		12.59	%		12.95	%
Ratios and Supplemental Data:
Members’ Capital, end of period	$	601,141		$	498,780
Units outstanding, end of period		12,745,660			12,745,660
Ratios based on average net assets of Members’ Capital:
Ratio of total expenses to average net assets(6)		10.16	%		10.59	%
Ratio of financing cost to average net assets(4)		1.45	%		1.58	%
Ratio of net investment income to average net assets(6)		12.83	%		14.45	%
Ratio of incentive fees to average net assets(6)		1.76	%		1.82	%
Credit facility payable		503,200			346,789
Asset coverage ratio		2.19			2.44
Portfolio turnover rate(4)		1.55	%		7.65	%

(1)

Per unit data was calculated using the number of Units issued and outstanding as of March 31, 2025 and 2024.

(2)

Adjustment to NAV per Unit is attributable to the 734,300 Units and 1,302,300 Units issued on January 18, 2024 and March 19 2024, respectively, at $100 per Unit. See Note 1 in the financial statements.

(3)

The Total Return for the three months ended March 31, 2025 and 2024 was calculated by taking total income from investment operations for the period divided by the weighted average capital contributions from the Members during the period. The return does not reflect sales load and is net of management fees and expenses.

(4)

Not annualized.

(5)

The Internal Rate of Return ("IRR") since inception for the Common Unitholders, after management fees, financing costs and operating expenses, but before incentive fees is 14.61%. The IRR since inception for the Common Unitholders, after management fees, financing costs and operating expenses, is 12.59% through March 31, 2025. The IRR is computed based on cash flow due dates contained in notices to Members (contributions from and distributions to the Common Unitholders) and the net assets (residual value) of the Members’ Capital account at period end. The IRR is calculated based on the fair value of investments using principles and methods in accordance with GAAP and does not necessarily represent the amounts that may be realized from sales or other dispositions. Accordingly, the return may vary significantly upon realization.

(6)

Annualized except for organizational costs.

TCW Direct Lending VIII LLC 10-Q