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Class A Preferred Stock Net Assets 7.5%2025-09-300001603480us-gaap:MemberUnitsMember2025-04-012025-06-300001603480Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/24/21 Term Loan – 16.39% inc PIK (SOFR + 12.00%, 1.25% Floor, all PIK) Net Assets 4.1% Maturity 02/24/272025-01-012025-09-300001603480us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-09-300001603480TCW Direct Lending Strategic Ventures LLC Common Membership Interests2023-12-310001603480Debt Investments- United States Pharmaceuticals Noramco, LLC Date 07/01/16 Term Loan – 13.12% inc PIK (SOFR + 8.38%, 1.00% Floor, 0.38% PIK) Net Assets 10.8% Maturity 01/31/262024-12-310001603480ck0001603480:FirstAmericanGovernmentObligationFundMember2024-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-07-012024-09-300001603480ck0001603480:OtherLoanMembersrt:MinimumMemberck0001603480:SeventhAmendedCreditAgreementMember2025-07-032025-07-030001603480us-gaap:DebtSecuritiesMember2024-12-310001603480TCW Direct Lending Strategic Ventures LLC Preferred Membership Interests2023-12-310001603480ck0001603480:CommonUndrawnCommitmentMember2025-09-300001603480Equity Investments- United States Investment Funds & Vehicles TCW Direct Lending Strategic Ventures Preferred membership Interests Net Assets 20.0%2024-12-3100016034802025-07-012025-09-300001603480us-gaap:MemberUnitsMember2025-09-300001603480us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-01-012025-09-300001603480us-gaap:RetainedEarningsMember2023-12-310001603480RT Holdings Parent, LLC Warrant2023-12-310001603480ck0001603480:SeventhAmendedCreditAgreementMember2025-07-030001603480Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company) Class A Units2023-12-310001603480ck0001603480:HouseholdDurablesMemberus-gaap:EquitySecuritiesMember2025-09-300001603480srt:MinimumMember2025-09-300001603480Cedar Ultimate Parent, LLC Class D Preferred Unit2024-12-310001603480Debt Investments- United States Metals & Mining Pace Industries, Inc. 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Preferred Stock A2025-09-300001603480ck0001603480:IndustrialConglomeratesMemberus-gaap:EquitySecuritiesMember2025-09-300001603480Overton Chicago Gear, LLC Term Loan A2025-09-300001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001603480:MeasurementInputIndicativeBidMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2024-12-310001603480Cedar Electronics Holdings, Corp Term Loan - 9.50%2024-12-310001603480Retail & Animal Intermediate, LLC Delayed Draw Priming Term Loan2025-09-300001603480us-gaap:RetainedEarningsMember2025-01-012025-03-310001603480ck0001603480:InvestmentAdvisoryAndManagementAgreementWithAdviserMember2024-07-012024-09-300001603480RT Holdings Parent, LLC Class A Unit2024-01-012024-12-310001603480us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-09-300001603480Cedar Ultimate Parent, LLC Class D Preferred Unit2025-09-300001603480Animal Supply Company, LLC First Out Term Loan - 13.09%2024-01-012024-12-310001603480us-gaap:FairValueInputsLevel2Member2025-09-300001603480Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/01/23 Incremental Term Loan – 20.39% inc PIK (SOFR + 16.00%, 1.25% Floor, all PIK) Net Assets 1.2% Maturity 02/24/272025-01-012025-09-3000016034802025-06-300001603480ck0001603480:RTHoldingsParentLLCMember2024-12-052025-09-020001603480Cedar Electronics Holdings, Corp Incremental Term Loan - 15.00%2025-01-012025-09-300001603480ck0001603480:NatixisMemberck0001603480:CommercialPaperRateMemberck0001603480:AmendedCreditAgreementMember2020-04-062020-04-060001603480SSI Parent, LLC (fka School Specialty, Inc.) 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HoldCo Term Loan - 6.58%2024-12-310001603480ck0001603480:AmendedCreditAgreementMember2020-05-270001603480ck0001603480:HotelsRestaurantsAndLeisureMemberus-gaap:EquitySecuritiesMember2024-12-310001603480Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Revolver - 6.00%2023-12-310001603480Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Warrant, expires 2/24/27 Net Assets 1.0%2024-12-310001603480ck0001603480:InvestmentFundsAndVehiclesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-12-310001603480Pace Industries, Inc. Term Loan - 9.75%2024-12-310001603480us-gaap:InvestmentAffiliatedIssuerControlledMembersrt:MinimumMember2025-09-300001603480us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-09-300001603480Ruby Tuesday Operations, LLC Term Loan2025-09-300001603480us-gaap:MemberUnitsMember2024-09-300001603480Debt Investments- United States Household Durables Cedar Electronics Holdings, Corp. 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Class B Preferred Stock Net Assets 2.2%2025-09-300001603480us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2024-01-012024-09-300001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:DebtSecuritiesMember2024-12-310001603480Debt Investments- United States Pharmaceuticals Noramco, LLC Date 07/01/16 Term Loan – 12.82% inc PIK (SOFR + 8.38%, 1.00% Floor, 0.38% PIK) Net Assets 11.1% Maturity 05/01/262025-09-300001603480Cedar Ultimate Parent, LLC Class A Preferred Unit2024-12-310001603480srt:MinimumMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001603480RT Holdings Parent, LLC Warrant2024-01-012024-12-310001603480Ruby Tuesday P-2 Units2025-01-012025-09-300001603480us-gaap:InvestmentAffiliatedIssuerControlledMember2023-12-310001603480us-gaap:FairValueInputsLevel3Member2024-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2024-12-310001603480Pace Industries, Inc. 2025 Term Loan - 7.75%2025-09-300001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2024-12-310001603480SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock A2024-01-012024-12-310001603480us-gaap:BaseRateMemberck0001603480:SeventhAmendedCreditAgreementMembersrt:MaximumMember2025-07-032025-07-030001603480us-gaap:RetainedEarningsMember2024-09-300001603480ASC Acquisition Holdings LLC Term Loan - 9.50%2025-01-012025-09-300001603480us-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001603480Pace Industries, Inc. HoldCo Term Loan - 6.58%2024-01-012024-12-310001603480Pace Industries, Inc. Term Loan - 12.83%2024-01-012024-12-310001603480Ruby Tuesday Operations, LLC Term Loan2024-12-310001603480us-gaap:RetainedEarningsMember2025-04-012025-06-300001603480us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMember2024-12-310001603480us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:EquitySecuritiesMember2025-09-300001603480ck0001603480:RubyTuesdayOperationsLLCMember2024-12-310001603480us-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMember2025-09-300001603480Cedar Ultimate Parent, LLC Class E Preferred Unit2023-12-310001603480us-gaap:MemberUnitsMember2024-03-310001603480us-gaap:FairValueInputsLevel1Memberus-gaap:DebtSecuritiesMember2025-09-300001603480TCW Direct Lending Strategic Ventures LLC Common Membership Interests2025-01-012025-09-300001603480Equity Investments- United States Industrial Conglomerates Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company) Class A Units Net Assets 13.0%2024-12-310001603480Animal Supply Company, LLC First Out Term Loan2025-09-300001603480Retail & Animal Intermediate, LLC Delayed Draw Priming Term Loan - 20.00%2024-01-012024-12-310001603480us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel2Member2024-12-310001603480ck0001603480:NatixisMemberck0001603480:CreditAgreementMember2017-04-090001603480Pace Industries, Inc. 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Class B Preferred Stock Net Assets 2.1%2024-12-310001603480ck0001603480:InvestmentAdvisoryAndManagementAgreementWithAdviserMember2025-07-012025-09-300001603480Cedar Ultimate Parent, LLC Class E Preferred Unit2024-12-310001603480us-gaap:InvestmentAffiliatedIssuerControlledMembersrt:MinimumMember2024-12-310001603480us-gaap:BaseRateMemberck0001603480:NatixisMemberck0001603480:AmendedCreditAgreementMember2020-04-062020-04-060001603480Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Revolver - 6.00%2024-12-310001603480SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock B2024-12-3100016034802024-03-310001603480Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 04/11/25 2025 Term Loan - 10.57% inc PIK (SOFR + 6.25%, 1.50% Floor, all PIK) Net Assets 1.8% Maturity 04/11/252025-01-012025-09-300001603480ck0001603480:IndustrialConglomeratesMemberus-gaap:EquitySecuritiesMember2024-12-310001603480RT Holdings Parent, LLC P-1 Units2024-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2025-09-300001603480us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-06-300001603480Debt Investments- United States Industrial Conglomerates Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Date 08/22/24 Revolver - 6.00% inc PIK (6.00%, Fixed Coupon, all PIK) Net Assets 7.1% Maturity 01/31/282025-09-300001603480Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 10/07/22 Revolver - 12.73% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK) Net Assets 4.4% Maturity 06/01/252024-01-012024-12-310001603480Cedar Ultimate Parent, LLC Class D Preferred Unit2025-01-012025-09-300001603480ck0001603480:NatixisMemberck0001603480:AmendedCreditAgreementMemberus-gaap:EurodollarMember2020-04-062020-04-060001603480ASC Acquisition Holdings LLC Term Loan - 9.50%2025-09-300001603480us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-09-300001603480us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2025-09-300001603480Debt Investments- United States Distributors Retail & Animal Intermediate, LLC Date 07/29/22 Delayed Draw Priming Term Loan - 20.00% inc PIK (20.00%, Fixed Coupon, all PIK) Net Assets 0.0% Maturity 11/14/252024-12-310001603480Ruby Tuesday Operations, LLC Term Loan - 16.65%2024-01-012024-12-310001603480Precision Products Machining Group, LLC Class A Units2025-09-300001603480Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class D Preferred Units Net Assets 0.0%2024-12-310001603480School Specialty, Inc. Term Loan - 9.25%2025-01-012025-09-300001603480us-gaap:MemberUnitsMember2025-03-310001603480Cedar Ultimate Parent, LLC Class D Preferred Unit2023-12-310001603480ck0001603480:NatixisMemberck0001603480:ThirdAmendedAndRestatedRevolvingCreditAgreementMemberus-gaap:FederalFundsEffectiveSwapRateMember2017-04-102017-04-100001603480Overton Chicago Gear, LLC Revolver2024-12-310001603480us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001603480us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-12-310001603480Cedar Electronics Holdings, Corp Term Loan - 9.50%2025-01-012025-09-300001603480us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2025-09-300001603480Equity Investments- United States Metals & Mining Pace Industries, Inc. Common Stock Net Assets 0.0%2024-12-310001603480ck0001603480:DiversifiedConsumerServicesMemberus-gaap:DebtSecuritiesMember2024-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2025-09-300001603480Cedar Electronics Holdings, Corp Incremental Term Loan - 15.00%2025-09-300001603480Debt Investments- United States Household Durables Cedar Electronics Holdings, Corp. Date 01/30/19 Incremental Term Loan - 15.00% inc PIK (15.00%, Fixed Coupon, all PIK) Net Assets 2.3% Maturity 12/31/262024-12-310001603480ck0001603480:HotelsRestaurantsAndLeisureMemberus-gaap:EquitySecuritiesMember2025-09-300001603480Debt Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc. Date 09/15/20 Term Loan – 12.26% (SOFR + 8.00%, 1.25% Floor) Net Assets 2.30% Maturity 12/29/262025-01-012025-09-300001603480us-gaap:CashAndCashEquivalentsMember2025-09-300001603480School Specialty, Inc. Preferred Stock B2024-12-310001603480Precision Products Machining Group, LLC Class A Units2024-12-310001603480RT Holdings Parent, LLC Class A Unit2024-12-310001603480School Specialty, Inc. Preferred Stock B2025-09-300001603480Debt Investments- United States Industrial Conglomerates Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Date 08/22/24 Revolver - 6.00% inc PIK (6.00%, Fixed Coupon, all PIK) Net Assets 37.1% Maturity 01/31/282025-01-012025-09-300001603480ck0001603480:HouseholdDurablesMemberus-gaap:EquitySecuritiesMember2024-12-310001603480us-gaap:MemberUnitsMember2024-07-012024-09-300001603480TCW Direct Lending Strategic Ventures LLC Preferred Membership Interests2025-09-300001603480TCW Direct Lending Strategic Ventures LLC Preferred Membership Interests2024-12-310001603480Pace Industries, Inc. Term Loan - 12.83%2024-12-310001603480ck0001603480:PharmaceuticalsMemberus-gaap:DebtSecuritiesMember2025-09-300001603480us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-09-300001603480Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/24/21 Term Loan – 16.65% inc PIK (SOFR + 12.00%, 1.25% Floor, all PIK) Net Assets 3.7% Maturity 02/24/272024-12-310001603480us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-09-300001603480us-gaap:FairValueInputsLevel3Memberus-gaap:ShortTermInvestmentsMember2024-12-310001603480Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Term Loan - 6.00%2024-12-310001603480ck0001603480:OtherThanGovernmentSecuritiesMember2024-01-012024-12-310001603480ck0001603480:ThirdAmendedCreditAgreementMember2021-04-060001603480Ruby Tuesday P-1 Units2025-01-012025-09-300001603480Cedar Ultimate Parent, LLC Class A Preferred Unit2025-01-012025-09-300001603480SSI Parent, LLC (fka School Specialty, Inc.) Term Loan - 12.46%2023-12-310001603480Cedar Electronics Holdings, Corp Incremental Term Loan - 15.00%2024-12-310001603480ck0001603480:SixthAmendedCreditAgreementMember2024-04-052024-04-050001603480ck0001603480:CommonUndrawnCommitmentMember2024-12-310001603480ck0001603480:InvestmentAdvisoryAndManagementAgreementWithAdviserMember2024-01-012024-12-3100016034802024-01-012024-09-300001603480ck0001603480:ThirdAmendedCreditAgreementMemberck0001603480:OtherLoanMembersrt:MaximumMember2023-04-072023-04-070001603480us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2024-12-310001603480us-gaap:InvestmentUnaffiliatedIssuerMember2025-07-012025-09-300001603480us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2024-07-012024-09-300001603480Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/01/23 Incremental Term Loan – 20.65% inc PIK (SOFR + 16.00%, 1.25% Floor, all PIK) Net Assets 1.1% Maturity 02/24/272024-01-012024-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-01-012025-09-300001603480us-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001603480Debt Investments- United States Household Durables Cedar Electronics Holdings, Corp. Date 05/19/15 Term Loan – 12.65% (SOFR + 8.00%, 1.50% Floor) Net Assets 5.5% Maturity 12/31/262024-01-012024-12-310001603480us-gaap:FairValueInputsLevel3Member2024-09-300001603480Cedar Ultimate Parent, LLC Class A Preferred Unit2024-01-012024-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2025-09-300001603480ck0001603480:ThirdAmendedCreditAgreementMemberck0001603480:OtherLoanMembersrt:MinimumMember2023-04-072023-04-070001603480Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/01/23 Incremental Term Loan – 20.65% inc PIK (SOFR + 16.00%, 1.25% Floor, all PIK) Net Assets 1.1% Maturity 02/24/272024-12-310001603480ck0001603480:HotelsRestaurantsAndLeisureMemberus-gaap:DebtSecuritiesMember2025-09-300001603480Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 06/01/20 Term Loan – 12.83% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK) Net Assets 16.8% Maturity 06/01/252024-12-310001603480Debt Investments- United States Household Durables Cedar Electronics Holdings, Corp. Date 05/19/15 Term Loan – 12.38% (SOFR + 8.00%, 1.50% Floor) Net Assets 5.8% Maturity 12/31/262025-09-300001603480us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-09-300001603480Ruby Tuesday Operations, LLC Term Loan - 16.65%2024-12-310001603480us-gaap:RetainedEarningsMember2024-06-3000016034802025-01-012025-09-300001603480ck0001603480:CommonCommitmentMember2024-12-310001603480ck0001603480:PrecisionProductsMachiningGroupLlcFkaHDAdvancedManufacturingCompanyMember2025-01-012025-09-300001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001603480:MeasurementInputIndicativeBidMemberus-gaap:DebtSecuritiesMember2024-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:DebtSecuritiesMember2025-09-300001603480ck0001603480:InvestmentFundsAndVehiclesMemberus-gaap:EquitySecuritiesMember2025-09-300001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2024-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:DebtSecuritiesMember2024-12-310001603480ck0001603480:MetalsAndMiningMemberus-gaap:EquitySecuritiesMember2025-09-300001603480ck0001603480:HouseholdDurablesMemberus-gaap:DebtSecuritiesMember2025-09-300001603480School Specialty, Inc. Preferred Stock A2024-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2024-09-300001603480ck0001603480:MetalsAndMiningMemberus-gaap:DebtSecuritiesMember2024-12-310001603480Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 06/01/20 Term Loan – 12.83% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK) Net Assets 16.8% Maturity 06/01/252024-01-012024-12-3100016034802020-09-192020-09-190001603480us-gaap:BaseRateMemberck0001603480:NatixisMemberck0001603480:ThirdAmendedAndRestatedRevolvingCreditAgreementMember2017-04-102017-04-100001603480us-gaap:FairValueInputsLevel3Member2024-01-012024-09-300001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2024-12-310001603480School Specialty, Inc. Common Stock2025-01-012025-09-300001603480us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001603480us-gaap:FairValueInputsLevel2Memberck0001603480:InvestmentFundsAndVehiclesMember2024-12-310001603480ck0001603480:ThirdAmendedCreditAgreementMember2023-04-072023-04-070001603480ck0001603480:ThirdAmendedCreditAgreementMemberck0001603480:CommercialPaperRateMember2021-04-062021-04-060001603480us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-07-012025-09-300001603480Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Class P-2 Units Net Assets 0.0%2025-09-300001603480ck0001603480:NatixisMemberus-gaap:InterestRateFloorMemberck0001603480:CommercialPaperRateAndEuroCurrencyRateMemberck0001603480:AmendedCreditAgreementMember2020-04-062020-04-060001603480Equity Investments- United States Metals & Mining Pace Industries, Inc. Common Stock Net Assets 0.0%2025-09-300001603480us-gaap:InvestmentAffiliatedIssuerControlledMember2025-07-012025-09-300001603480us-gaap:BaseRateMemberck0001603480:ThirdAmendedCreditAgreementMembersrt:MaximumMember2023-04-072023-04-070001603480Ruby Tuesday Operations, LLC Term Loan2025-01-012025-09-300001603480ck0001603480:ThirdAmendedCreditAgreementMemberus-gaap:EurodollarMember2021-04-062021-04-060001603480TCW Direct Lending Strategic Ventures LLC Preferred Membership Interests2025-01-012025-09-300001603480ck0001603480:DiversifiedConsumerServicesMemberus-gaap:EquitySecuritiesMember2024-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2025-09-300001603480Animal Supply Company, LLC Term Loan - 13.28%2024-12-310001603480Pace Industries, Inc. Term Loan - 3.50%2025-01-012025-09-300001603480us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:EquitySecuritiesMember2024-12-310001603480TCW Direct Lending Strategic Ventures LLC Common Membership Interests2025-09-300001603480us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel3Member2024-12-310001603480Debt Investments- United States Pharmaceuticals Noramco, LLC Date 07/01/16 Term Loan – 13.12% inc PIK (SOFR + 8.38%, 1.00% Floor, 0.38% PIK) Net Assets 10.8% Maturity 01/31/262024-01-012024-12-310001603480ck0001603480:HotelsRestaurantsAndLeisureMemberus-gaap:DebtSecuritiesMember2024-12-310001603480Cedar Electronics Holdings, Corp Incremental Term Loan - 15.00%2023-12-310001603480us-gaap:FairValueInputsLevel3Member2025-01-012025-09-300001603480srt:MaximumMember2025-09-300001603480Debt Investments- United States Industrial Conglomerates Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Date 08/22/24 Revolver - 6.00% inc PIK (6.00%, Fixed Coupon, all PIK) Net Assets 2.3% Maturity 01/31/282024-12-310001603480ck0001603480:NatixisMemberck0001603480:CreditAgreementMember2017-04-092017-04-090001603480RT Holdings Parent, LLC Warrant2025-09-300001603480us-gaap:RetainedEarningsMember2025-09-300001603480us-gaap:InvestmentAffiliatedIssuerControlledMember2024-07-012024-09-300001603480Animal Supply Company, LLC Term Loan - 13.28%2024-01-012024-12-3100016034802025-04-012025-06-300001603480Debt Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc. Date 09/15/20 Term Loan – 12.26% (SOFR + 8.00%, 1.25% Floor) Net Assets 3.0% Maturity 12/29/262025-09-300001603480us-gaap:RetainedEarningsMember2024-12-310001603480us-gaap:EquitySecuritiesMember2025-09-300001603480us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2024-12-310001603480ck0001603480:RTHoldingsParentLLCMember2024-06-052024-09-030001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-09-300001603480Debt Investments- United States Industrial Conglomerates Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Date 08/22/24 Term Loan A - 6.00% inc PIK (6.00%, Fixed Coupon all PIK) Net Assets 4.7% Maturity 01/31/282025-01-012025-09-300001603480Ruby Tuesday Operations, LLC Incremental Term Loan2025-09-300001603480us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-12-310001603480srt:MaximumMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001603480us-gaap:ShortTermInvestmentsMember2025-09-300001603480Ruby Tuesday Operations, LLC Incremental Term Loan2025-01-012025-09-300001603480us-gaap:FairValueInputsLevel3Member2025-09-300001603480ck0001603480:ThirdAmendedCreditAgreementMemberck0001603480:AdjustedEurodollarRateMember2021-04-062021-04-060001603480us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2025-09-300001603480ck0001603480:AmendedCreditAgreementMember2024-12-310001603480Pace Industries, Inc. 2025 Term Loan - 7.75%2025-01-012025-09-300001603480us-gaap:FairValueInputsLevel3Member2024-06-300001603480ck0001603480:IncentiveFeeThereafterMemberck0001603480:InvestmentAdvisoryAndManagementAgreementWithAdviserMember2025-01-012025-09-300001603480us-gaap:EquitySecuritiesMember2024-12-310001603480us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-09-300001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2024-12-310001603480ck0001603480:InvestmentAdvisoryAndManagementAgreementWithAdviserMember2025-08-132025-08-130001603480Pace Industries, LLC Revolver Opco - 12.73%2023-12-310001603480us-gaap:BaseRateMemberck0001603480:SixthAmendedCreditAgreementMembersrt:MaximumMember2024-04-052024-04-050001603480ck0001603480:NatixisMemberck0001603480:ThirdAmendedAndRestatedRevolvingCreditAgreementMember2017-04-102017-04-100001603480Debt Investments- United States Pharmaceuticals Noramco, LLC Date 07/01/16 Term Loan – 12.82% inc PIK (SOFR + 8.38%, 1.00% Floor, 0.38% PIK) Net Assets 11.1% Maturity 05/01/262025-01-012025-09-300001603480us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2024-12-310001603480Pace Industries, Inc. Common Stock2024-01-012024-12-3100016034802024-09-300001603480Ruby Tuesday Operations, LLC Incremental Term Loan - 20.65%2024-12-310001603480Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Revolver - 6.00%2024-01-012024-12-310001603480SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock A2023-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2025-09-300001603480us-gaap:CommonStockMember2015-03-192015-03-190001603480country:US2024-12-3100016034802025-11-130001603480country:US2025-09-300001603480Pace Industries, LLC Revolver Opco2024-12-310001603480ck0001603480:CommonCommitmentMember2025-09-300001603480us-gaap:DebtSecuritiesMember2025-09-300001603480Equity Investments- United States Industrial Conglomerates Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company) Class A Units Net Assets 17.4%2025-09-300001603480School Specialty, Inc. Preferred Stock B2025-01-012025-09-300001603480RT Holdings Parent, LLC P-1 Units2023-12-310001603480School Specialty, Inc. Preferred Stock A2025-01-012025-09-300001603480us-gaap:MemberUnitsMember2024-12-310001603480SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock B2024-01-012024-12-310001603480us-gaap:RetainedEarningsMember2024-07-012024-09-300001603480us-gaap:RetainedEarningsMember2024-01-012024-03-310001603480Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Term Loan - 6.00%2024-01-012024-12-310001603480Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 06/01/20 Term Loan – 12.57% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK) Net Assets 12.5% Maturity 10/14/262025-01-012025-09-300001603480us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2024-12-310001603480Pace Industries, Inc. Term Loan - 9.75%2025-09-300001603480us-gaap:FairValueInputsLevel3Memberus-gaap:ShortTermInvestmentsMember2025-09-300001603480Debt Investments- United States Household Durables Cedar Electronics Holdings, Corp. Date 05/19/15 Term Loan – 12.38% (SOFR + 8.00%, 1.50% Floor) Net Assets 5.8% Maturity 12/31/262025-01-012025-09-3000016034802024-07-012024-09-300001603480ck0001603480:InvestmentFundsAndVehiclesMemberus-gaap:EquitySecuritiesMember2024-12-310001603480Cedar Ultimate Parent, LLC Class E Preferred Unit2024-01-012024-12-310001603480Debt Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc. Date 09/15/20 Term Loan – 12.46% (SOFR + 8.00%, 1.25% Floor) Net Assets 3.2% Maturity 12/29/262024-01-012024-12-3100016034802022-07-112022-07-110001603480Pace Industries, Inc. Term Loan - 3.50%2024-12-310001603480Animal Supply Company, LLC Term Loan - 13.28%2023-12-3100016034802024-01-012024-03-310001603480Debt Investments- United States Distributors Retail & Animal Intermediate, LLC Date 07/29/22 Delayed Draw Priming Term Loan - 20.00% inc PIK (20.00%, Fixed Coupon, all PIK) Net Assets 0.0% Maturity 11/14/252024-01-012024-12-310001603480Cedar Ultimate Parent, LLC Class E Preferred Unit2025-09-30ck0001603480:Agreementxbrli:pureck0001603480:Segmentxbrli:sharesiso4217:USDck0001603480:Loaniso4217: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, 2025

☐ 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 814-01069

TCW DIRECT LENDING LLC

(Exact Name of Registrant as Specified in Its Charter)



Delaware	46-5327366
(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, 2025, there was no established public market for the Registrant’s common units. The number of the Registrant’s common units outstanding at November 13, 2025 was 18,034,649.

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

TCW DIRECT LENDING LLC

FORM 10-Q FOR THE QUARTER ENDED September 30, 2025

Table of Contents


	INDEX	PAGE NO.
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Schedules of Investments as of September 30, 2025 (unaudited) and December 31, 2024	3
	Consolidated Statements of Assets and Liabilities as of September 30, 2025 (unaudited) and December 31, 2024	13
	Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (unaudited)	14
	Consolidated Statements of Changes in Members' Capital for the three and nine months ended September 30, 2025 and 2024 (unaudited)	15
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited)	17
	Notes to Consolidated Financial Statements (unaudited)	18
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	48
Item 4.	Controls and Procedures	48
PART II.	OTHER INFORMATION	48
Item 1.	Legal Proceedings	48
Item 1A.	Risk Factors	49
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	49
Item 3.	Defaults Upon Senior Securities	49
Item 4.	Mine Safety Disclosures	49
Item 5.	Other Information	49
Item 6.	Exhibits	50
	SIGNATURES	52

TCW DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited)

As of September 30, 2025


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1)
Diversified Consumer Services
	SSI Parent, LLC (fka School Specialty, Inc.)(4)	09/15/20	Term Loan - 12.26% (SOFR + 8.00%, 1.25% Floor)		3.0	%		7,334,188	12/29/26	$	7,334,188	$	7,334,188
					3.0	%					7,334,188		7,334,188
Hotels, Restaurants & Leisure
	Ruby Tuesday Operations LLC(4)	02/24/21	Term Loan - 16.39% inc PIK (SOFR + 12.00%, 1.25% Floor, all PIK)		4.1	%		10,011,826	02/24/27		9,991,095		10,011,826
	Ruby Tuesday Operations LLC(4)	02/01/23	Incremental Term Loan - 20.39% inc PIK (SOFR + 16.00%, 1.25% Floor, all PIK)		1.2	%		2,529,062	02/24/27		2,529,062		2,928,001
					5.3	%					12,520,157		12,939,827
Household Durables
	Cedar Electronics Holdings, Corp.(4)	05/19/15	Term Loan - 12.38% (SOFR + 8.00%, 1.50% Floor)		5.8	%		14,018,452	12/31/26		14,017,838		14,018,452
	Cedar Electronics Holdings, Corp. (4)	01/30/19	Incremental Term Loan - 15.00% inc PIK (15.00%, Fixed Coupon, all PIK)		2.7	%		6,546,381	12/31/26		6,479,044		6,546,381
					8.5	%					20,496,882		20,564,833
Industrial Conglomerates
	Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company)(4)	08/22/24	Revolver - 6.00% inc PIK (6.00%, Fixed Coupon, all PIK)		7.1	%		17,092,378	01/31/28		17,092,378		17,092,378
	Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company)(4)	08/22/24	Term Loan A - 6.00% inc PIK (6.00%, Fixed Coupon, all PIK)		4.7	%		11,499,903	01/31/28		11,497,109		11,499,903
					11.8	%					28,589,487		28,592,281
Metals & Mining
	Pace Industries, Inc.(2)(4)(9)	06/01/20	HoldCo Term Loan - 6.27% inc PIK (SOFR + 2.00%, 1.50% Floor, all PIK)		0.0	%		108,418,536	06/01/40		78,137,869		—
	Pace Industries, Inc.(2)(4)(9)	06/01/20	Term Loan - 12.57% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK)		12.5	%		82,877,442	10/14/26		68,091,752		30,167,389
	Pace Industries, Inc.(2)(4)(9)	10/07/22	Revolver - 12.60% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK)		3.6	%		23,986,403	10/14/26		19,869,725		8,731,051
	Pace Industries, Inc.(4)	04/11/25	2025 Term Loan - 10.57% inc PIK (SOFR + 6.25%, 1.50% Floor, all PIK)		1.8	%		4,352,357	04/14/26		4,352,357		4,352,357
					17.9	%					170,451,703		43,250,797
Pharmaceuticals
	Noramco, LLC	07/01/16	Term Loan - 12.82% inc PIK (SOFR + 8.38%, 1.00% Floor, 0.38% PIK)		11.1	%		27,639,532	05/01/26		27,639,532		27,003,822
					11.1	%					27,639,532		27,003,822
	Total Debt Investments				57.6	%					267,031,949		139,685,748

TCW DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of September 30, 2025


Industry	Issuer	Investment	% of Net Assets			Shares		Amortized Cost		Fair Value
	EQUITY
Diversified Consumer Services
	SSI Parent, LLC (fka School Specialty, Inc.)(2)(4)(5)(7)	Class A Preferred Stock		7.5	%		806,264	$	8,062,637	$	18,060,308
	SSI Parent, LLC (fka School Specialty, Inc.)(2)(4)(5)(7)	Class B Preferred Stock		2.2	%		359,474		356,635		5,284,268
	SSI Parent, LLC (fka School Specialty, Inc.)(2)(4)(5)(7)	Common Stock		4.7	%		80,700		53,889		11,481,100
				14.4	%				8,473,161		34,825,676
Hotels, Restaurants & Leisure
	RT Holdings Parent, LLC(2)(4)(7)	Class A Units		8.4	%		5,475,885		5,133,708		20,363,721
	RT Holdings Parent, LLC(2)(4)(7)	Warrant, expires 2/24/27		1.4	%		912,647		—		3,393,587
	RT Holdings Parent, LLC(2)(4)(7)	Class P-1 Units		0.2	%		105,624		133,086		392,995
	RT Holdings Parent, LLC(2)(4)(7)	Class P-2 Units		0.0	%		53,104		66,914		119,001
				10.0	%				5,333,708		24,269,304
Household Durables
	Cedar Ultimate Parent, LLC(2)(4)(7)	Class A Preferred Units		5.6	%		9,297,990		9,187,902		13,560,003
	Cedar Ultimate Parent, LLC(2)(4)(7)	Class E Common Units		0.0	%		300,000		—		—
	Cedar Ultimate Parent, LLC(2)(4)(7)	Class D Preferred Units		0.0	%		2,900,000		—		—
				5.6	%				9,187,902		13,560,003
Industrial Conglomerates
	Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company)(2)(4)(7)	Class A Units		17.4	%		100,000		62,647,925		42,099,000
				17.4	%				62,647,925		42,099,000
Investment Funds & Vehicles
	TCW Direct Lending Strategic Ventures LLC(2)(4)(6)	Common membership Interests		0.0	%		800		—		—
	TCW Direct Lending Strategic Ventures LLC(2)(4)(6)	Preferred membership Interests		15.3	%		56,760		56,760,000		37,031,795
				15.3	%				56,760,000		37,031,795
Metals & Mining
	Pace Industries, Inc.(2)(4)(7)	Common Stock		0.0	%		971,418		2,110,522		—
				0.0	%				2,110,522		—
	Total Equity Investments			62.7	%				144,513,218		151,785,778
	Total Debt & Equity Investments(8)			120.3	%				411,545,167		291,471,526
	Cash Equivalents
	First American Government Obligation Fund, Yield 4.04%, Class X (FGXXX)			0.9	%		2,062,648		2,062,648		2,062,648
	Total Cash Equivalents			0.9	%				2,062,648		2,062,648
	Short-term Investments
	U.S. Treasury Bill, Yield 3.92%, Maturity Date 01/27/26			163.1	%		400,000,000		394,998,111		394,998,111
	Total Short-term Investments			163.1	%				394,998,111		394,998,111
	Total Investments (284.2%)							$	808,605,926	$	688,532,285
	Net unrealized depreciation on unfunded commitments (0.0%)										—
	Liabilities in Excess of Other Assets (-184.2%)										(446,297,111	)
	Net Assets (100.0%)									$	242,235,175

(1)

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

(2)

Non-income producing.

TCW DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of September 30, 2025

(3)

As defined in the Investment Company Act of 1940, as amended (the “1940 Act”), the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, between 5% and 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2024 and September 30, 2025 along with transactions during the period ended September 30, 2025 in these affiliated investments are as follows:


Name of Investment	Fair Value at December 31, 2024		Gross Addition (a)		Gross Reduction (b)		Realized Gains (Losses)			Net Change in Unrealized Appreciation/ (Depreciation)			Fair Value at September 30, 2025		Interest/Dividend/ Other income
ASC Acquisition Holdings LLC Term Loan - 9.50%	$	686,276	$	—	$	—	$	(27,362,675	)	$	26,676,399		$	—	$	—
Retail & Animal Intermediate, LLC Delayed Draw Priming Term Loan		—		—		—		(2,816,305	)		2,816,305			—		—
Animal Supply Company, LLC First Out Term Loan		2,703,724		6,022		30,767		(2,715,155	)		(25,358	)		—		35,805
Total Non-Controlled Affiliated Investments	$	3,390,000	$	6,022	$	30,767	$	(32,894,135	)	$	29,467,346		$	—	$	35,805

(a)

Gross additions include new purchases, payment-in-kind (“PIK”) income and amortization of original issue and market discounts.

(b)

Gross reductions include decreases in the cost basis from sales, paydown and the amortization of premium.

TCW DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of September 30, 2025

(4)

As defined in the 1940 Act, the investment is deemed to be a “controlled person” of the Company because the Company owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2024 and September 30, 2025 along with transactions during the period ended September 30, 2025 in these controlled investments are as follows:


Name of Investment	Fair Value at December 31, 2024		Gross Addition (a)		Gross Reduction (b)			Realized Gains (Losses)		Net Change in Unrealized Appreciation/ (Depreciation)			Fair Value at September 30, 2025		Interest/Dividend/ Other income
Cedar Electronics Holdings, Corp Incremental Term Loan - 15.00%	$	5,844,291	$	702,090	$	—		$	—	$	—		$	6,546,381	$	708,139
Cedar Electronics Holdings, Corp Term Loan - 9.50%		14,018,452		—		(583	)		—		583			14,018,452		1,500,172
Cedar Ultimate Parent, LLC Class A Preferred Unit		16,403,979		—		—			—		(2,843,976	)		13,560,003		—
Cedar Ultimate Parent, LLC Class D Preferred Unit		—		—		—			—		—			—		—
Cedar Ultimate Parent, LLC Class E Preferred Unit		—		—		—			—		—			—		—
Overton Chicago Gear, LLC Revolver		5,829,929		11,262,449		—			—		—			17,092,378		435,693
Overton Chicago Gear, LLC Term Loan A		40,929,862		1,520,898		(30,939,620	)		—		(11,237	)		11,499,903		1,625,780
Pace Industries, Inc. Common Stock		—		—		—			—		—			—		—
Pace Industries, Inc. Term Loan - 3.50%		—		—		—			—		—			—		—
Pace Industries, Inc. Revolver Opco		11,240,860		2,336,380		—			—		(4,846,189	)		8,731,051		2,500
Pace Industries, Inc. Term Loan - 9.75%		42,921,932		—		(6,143	)		—		(12,748,400	)		30,167,389		(6,143	)
Pace Industries, Inc. 2025 Term Loan - 7.75%		—		4,352,357		—			—		—			4,352,357		218,593
Precision Products Machining Group, LLC Class A Units		33,351,000		—		—			—		8,748,000			42,099,000		—
RT Holdings Parent, LLC Class A Unit		15,197,224		—		—			—		5,166,498			20,363,722		—
RT Holdings Parent, LLC Warrant		2,532,687		—		—			—		860,900			3,393,587		—
Ruby Tuesday Operations, LLC Incremental Term Loan		2,928,001		360,670		—			—		(360,670	)		2,928,001		367,549
Ruby Tuesday Operations, LLC Term Loan		9,389,540		861,628		(229,608	)		—		(9,734	)		10,011,826		1,084,956
Ruby Tuesday P-1 Units		293,001		—		—			—		99,994			392,995		—
Ruby Tuesday P-2 Units		68,000		—		—			—		51,001			119,001		—
School Specialty, Inc. Common Stock		16,945,063		—		—			—		(5,463,963	)		11,481,100		—
School Specialty, Inc. Preferred Stock A		18,060,308		—		—			—		—			18,060,308		—
School Specialty, Inc. Preferred Stock B		5,284,268		—		—			—		—			5,284,268		—
School Specialty, Inc. Term Loan - 9.25%		8,065,952		5,405		(729,655	)		—		(7,513	)		7,334,189		733,422
TCW Direct Lending Strategic Ventures LLC Common Membership Interests		—		—		—			—		—			—		—
TCW Direct Lending Strategic Ventures LLC Preferred Membership Interests		51,230,479		—		(8,240,000	)		—		(5,958,684	)		37,031,795		2,560,000
Total Controlled Affiliated Investments	$	300,534,828	$	21,401,877	$	(40,145,609	)	$	—	$	(17,323,390	)	$	264,467,706	$	9,230,659

(a)

Gross additions include new purchases, PIK income and amortization of original issue and market discounts.

(b)

Gross reductions include decreases in the cost basis from sales, paydown and the amortization of premium.

(5)

Holdings of SSI Parent, LLC (fka School Specialty, Inc.) Class A & B preferred stock and common stock are held through TCW DL SSP LLC, a special purpose vehicle.

TCW DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of September 30, 2025

(6)

The investment is not a qualifying asset as defined in Section 55(a) under the 1940 Act. A business development company may not acquire an asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets. As of September 30, 2025, $37,031,795 or 5.4% of the Company’s total assets were represented by “non-qualifying assets.”

(7)

All or a portion of such security was acquired in a transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and may be deemed “restricted securities” under the Securities Act. As of September 30, 2025, the aggregate fair value of these securities was $114,753,983, or 16.6% of the Company’s total assets.

(8)

The fair value of each debt and equity 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.”

(9)

Investment is in default as of September 30, 2025.

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 $21,513,840 and $40,639,599, respectively, for the period ended September 30, 2025. 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	%

See Notes to Consolidated Financial Statements.

TCW DIRECT LENDING LLC

Consolidated Schedule of Investments

As of December 31, 2024


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1)
Distributors
	Animal Supply Company, LLC(2)(3)(9)	08/14/20	Term Loan - 13.28% inc PIK (SOFR + 8.50%, 1.00% Floor, all PIK)		0.3	%	$	32,679,831	08/14/25	$	27,362,675	$	686,276
	Animal Supply Company, LLC(3)	05/29/24	First Out Term Loan - 13.09% inc PIK (SOFR + 8.50%, 1.00% Floor, all PIK)		1.1	%		2,703,724	08/14/25		2,678,367		2,703,724
	Retail & Animal Intermediate, LLC(2)(3)(9)	07/29/22	Delayed Draw Priming Term Loan - 20.00% inc PIK (20.00%, Fixed Coupon, all PIK)		0.0	%		3,449,204	11/14/25		2,816,305		—
					1.4	%					32,857,347		3,390,000
Diversified Consumer Services
	SSI Parent, LLC (fka School Specialty, Inc.)(4)	09/15/20	Term Loan - 12.46% (SOFR + 8.00%, 1.25% Floor)		3.2	%		8,065,952	12/29/26		8,058,439		8,065,952
					3.2	%					8,058,439		8,065,952
Hotels, Restaurants & Leisure
	Ruby Tuesday Operations LLC(4)	02/24/21	Term Loan - 16.65% inc PIK (SOFR + 12.00%, 1.25% Floor, all PIK)		3.7	%		9,389,540	02/24/27		9,359,075		9,389,540
	Ruby Tuesday Operations LLC(4)	02/01/23	Incremental Term Loan - 20.65% inc PIK (SOFR + 16.00%, 1.25% Floor, all PIK)		1.1	%		2,168,392	02/24/27		2,168,392		2,928,001
					4.8	%					11,527,467		12,317,541
Household Durables
	Cedar Electronics Holdings, Corp.(4)	05/19/15	Term Loan - 12.65% (SOFR + 8.00%, 1.50% Floor)		5.5	%		14,018,452	12/31/26		14,018,421		14,018,452
	Cedar Electronics Holdings, Corp. (4)	01/30/19	Incremental Term Loan - 15.00% inc PIK (15.00%, Fixed Coupon, all PIK)		2.3	%		5,844,291	12/31/26		5,776,954		5,844,291
					7.8	%					19,795,375		19,862,743
Industrial Conglomerates
	Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company)(4)	08/22/24	Revolver - 6.00% inc PIK (6.00%, Fixed Coupon, all PIK)		2.3	%		5,829,929	01/31/28		5,829,929		5,829,929
	Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company)(4)	08/22/24	Term Loan A - 6.00% inc PIK (6.00%, Fixed Coupon, all PIK)		16.0	%		40,929,861	01/31/28		40,915,831		40,929,861
					18.3	%					46,745,760		46,759,790
Metals & Mining
	Pace Industries, Inc.(2)(4)(9)	06/01/20	HoldCo Term Loan - 6.58% inc PIK (SOFR + 2.00%, 1.50% Floor, all PIK)		0.0	%		103,197,685	06/01/40		78,137,869		—
	Pace Industries, Inc.(2)(4)(9)	06/01/20	Term Loan - 12.83% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK)		16.8	%		75,433,976	06/01/25		68,097,904		42,921,932
	Pace Industries, Inc.(2)(4)(9)	10/07/22	Revolver - 12.73% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK)		4.4	%		19,755,465	06/01/25		17,533,344		11,240,860
					21.2	%					163,769,117		54,162,792
Pharmaceuticals
	Noramco, LLC	07/01/16	Term Loan - 13.12% inc PIK (SOFR + 8.38%, 1.00% Floor, 0.38% PIK)		10.8	%		27,993,467	01/31/26		28,041,810		27,657,545
					10.8	%					28,041,810		27,657,545
	Total Debt Investments				67.5	%					310,795,315		172,216,363

TCW DIRECT LENDING LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2024


Industry	Issuer	Investment	% of Net Assets			Shares		Amortized Cost		Fair Value
	EQUITY
Diversified Consumer Services
	SSI Parent, LLC (fka School Specialty, Inc.)(2)(4)(5)(7)	Class A Preferred Stock		7.1	%		806,264	$	8,062,637	$	18,060,308
	SSI Parent, LLC (fka School Specialty, Inc.)(2)(4)(5)(7)	Class B Preferred Stock		2.1	%		359,474		356,635		5,284,268
	SSI Parent, LLC (fka School Specialty, Inc.)(2)(4)(5)(7)	Common Stock		6.6	%		80,700		53,889		16,945,063
				15.8	%				8,473,161		40,289,639
Hotels, Restaurants & Leisure
	RT Holdings Parent, LLC(2)(4)(7)	Class A Units		5.9	%		5,475,885		5,133,708		15,197,224
	RT Holdings Parent, LLC(2)(4)(7)	Warrant, expires 2/24/27		1.0	%		912,647		—		2,532,687
	RT Holdings Parent, LLC(2)(4)(7)	Class P-1 Units		0.1	%		105,624		133,086		293,001
	RT Holdings Parent, LLC(2)(4)(7)	Class P-2 Units		0.0	%		53,104		66,914		68,000
				7.0	%				5,333,708		18,090,912
Household Durables
	Cedar Ultimate Parent, LLC(2)(4)(7)	Class A Preferred Units		6.4	%		9,297,990		9,187,902		16,403,979
	Cedar Ultimate Parent, LLC(2)(4)(7)	Class E Common Units		0.0	%		300,000		—		—
	Cedar Ultimate Parent, LLC(2)(4)(7)	Class D Preferred Units		0.0	%		2,900,000		—		—
				6.4	%				9,187,902		16,403,979
Industrial Conglomerates
	Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company)(2)(4)(7)	Class A Units		13.0	%		100,000		62,647,925		33,351,000
				13.0	%				62,647,925		33,351,000
Investment Funds & Vehicles
	TCW Direct Lending Strategic Ventures(2)(4)(6)	Common membership Interests		0.0	%		800		—		—
	TCW Direct Lending Strategic Ventures(4)(6)	Preferred membership Interests		20.0	%		65,000		65,000,000		51,230,479
				20.0	%				65,000,000		51,230,479
Metals & Mining
	Pace Industries, Inc.(2)(4)(7)	Common Stock		0.0	%		971,418		2,110,522		—
				0.0	%				2,110,522		—
	Total Equity Investments			62.2	%				152,753,218		159,366,009
	Total Debt & Equity Investments(8)			129.7	%				463,548,533		331,582,372
	Cash Equivalents
	First American Government Obligation Fund, Yield 4.39%, Class X (FGXXX)			0.7	%		1,765,814		1,765,814		1,765,814
	Total Cash Equivalents			0.7	%

TCW Direct Lending LLC 10-Q