
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 - 10.70% (SOFR + 7.00%, 1.75% Floor)		3.4	%	$	29,412,589	03/28/29	$	28,879,724	$	27,912,547
	Fenix Intermediate, LLC	03/28/24	Delayed Draw Term Loan B-1 - 10.70% (SOFR + 7.00%, 1.75% Floor)		0.2	%		1,763,873	03/28/29		1,763,873		1,673,916
	Superior Industries International, Inc.	12/08/25	Take Back Term Loan - 13.67% inc PIK (SOFR + 10.00%, 3.50% Floor, all PIK)		1.0	%		8,147,888	12/08/30		8,033,459		8,032,188
					4.6	%					38,677,056		37,618,651
Building Products
	Eastern Metal Supply Borrower, LLC	01/06/26	Term Loan - 9.45% (SOFR + 5.75%, 1.00% Floor)		8.2	%		68,742,836	01/06/31		67,759,693		67,711,694
					8.2	%					67,759,693		67,711,694
Commercial Services & Supplies
	Axvor Intermediate, LLC (DQS)	03/24/26	Term Loan - 9.93% (SOFR + 6.25%, 2.00% Floor)		6.5	%		53,479,235	03/24/31		52,550,978		52,709,134
	CSAT Holdings LLC	06/30/23	Term Loan - 14.46% inc PIK (SOFR + 10.50%, 2.00% Floor, 2.25% PIK)		3.6	%		28,746,383	06/30/28		28,314,733		28,976,354
	CSAT Holdings LLC	06/30/23	Revolver - 14.28% (SOFR + 10.50%, 2.00% Floor)		0.3	%		2,360,538	06/30/28		2,360,538		2,360,538
	Power Acquisition LLC	01/22/25	Term Loan B - 10.67% (SOFR + 7.00%, 1.50% Floor)		4.2	%		35,378,021	01/22/30		34,675,883		33,856,766
	Power Acquisition LLC	07/11/25	Incremental Term Loan B - 10.67% (SOFR + 7.00%, 1.50% Floor)		0.3	%		2,724,408	01/22/30		2,682,734		2,607,259
					14.9	%					120,584,866		120,510,051
Construction & Engineering
	Sunland Asphalt & Construction, LLC	06/16/23	Delayed Draw Term Loan - 10.77% (SOFR + 7.00%, 1.75% Floor)		1.0	%		7,912,750	06/16/28		7,912,750		7,980,800
	Sunland Asphalt & Construction, LLC	06/16/23	Term Loan B - 10.77% (SOFR + 7.00%, 1.75% Floor)		2.4	%		19,070,701	06/16/28		18,758,417		19,234,709
					3.4	%					26,671,167		27,215,509
Consumer Discretionary Textiles, Apparel & Luxury Goods
	Helix Sleep, Inc.	11/07/25	Term Loan - 9.16% (SOFR + 5.50%, 1.00% Floor)		2.0	%		16,572,994	11/07/30		16,317,860		16,340,972
					2.0	%					16,317,860		16,340,972
Containers & Packaging
	The HC Companies, Inc.	08/01/23	Term Loan - 12.17% inc PIK (SOFR + 8.50%, 2.00% Floor, 1.00% PIK)		4.5	%		39,978,146	08/01/28		39,514,874		36,380,113
	The HC Companies, Inc.	05/21/24	Incremental Term Loan - 12.17% inc PIK (SOFR + 8.50%, 2.00% Floor, 1.00% PIK)		2.6	%		23,499,528	08/01/28		23,174,987		21,384,570
	Hoffmaster Group, Inc.	02/24/23	Term Loan - 8.67% (SOFR + 5.00%, 2.00% Floor)		2.5	%		20,358,957	05/24/28		20,274,249		20,206,265
	Hoffmaster Group, Inc.	03/15/24	Incremental Term Loan - 8.67% (SOFR + 5.00%, 2.00% Floor)		2.2	%		18,426,749	05/24/28		18,249,259		18,288,549
					11.8	%					101,213,369		96,259,497


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1) (continued)
Energy Equipment & Services
	HydroSource Logistics, LLC	04/14/25	3rd Amendment Term Loan - 12.46% (SOFR + 8.50%, 2.00% Floor)		4.9	%	$	39,888,183	04/04/29	$	38,681,797	$	39,888,183
	HydroSource Logistics, LLC	04/05/24	Term Loan - 12.46% (SOFR + 8.50%, 2.00% Floor)		3.1	%		25,178,526	04/04/29		24,726,209		25,178,526
	HydroSource Logistics, LLC	04/05/24	Revolver - 12.43% (SOFR + 8.50%, 2.00% Floor)		0.3	%		2,657,450	04/04/29		2,657,450		2,657,450
					8.3	%					66,065,456		67,724,159
Food Products
	Baxters North America, Inc.	05/31/23	Term Loan - 10.59% (SOFR + 6.88%, 1.75% Floor)		4.0	%		32,958,439	05/31/28		32,585,892		32,994,469
	Signature Brands, LLC	05/05/25	9th Amendment Term Loan A - 17.50% inc PIK (17.50%, Fixed Coupon, all PIK)		1.0	%		7,748,333	05/04/28		7,564,691		7,748,333
	Signature Brands, LLC	05/05/23	Term Loan - 13.43% inc PIK (SOFR + 9.50%, 1.75% Floor, all PIK)		2.8	%		37,954,797	05/04/28		37,648,456		23,114,471
	Signature Brands, LLC	02/29/24	Delayed Draw Term Loan A - 10.43% inc PIK (SOFR + 6.50%, 1.75% Floor, all PIK)		0.3	%		2,095,053	05/04/28		2,076,902		2,095,053
					8.1	%					79,875,941		65,952,326
Ground Transportation
	RPM Purchaser, Inc.	09/11/23	Delayed Draw Term Loan B - 10.03% (SOFR + 6.25%, 2.00% Floor)		1.0	%		8,334,090	09/11/28		8,334,090		8,334,090
	RPM Purchaser, Inc.	09/11/23	Term Loan B - 10.03% (SOFR + 6.25%, 2.00% Floor)		3.3	%		27,002,356	09/11/28		26,589,450		27,272,379
					4.3	%					34,923,540		35,606,469
Health Care Equipment & Supplies
	ConnectAmerica.com, LLC	10/11/24	Last Out Term Loan - 9.45% (SOFR + 5.75%, 1.75% Floor)		6.0	%		52,115,726	10/11/29		51,506,715		48,676,089
					6.0	%					51,506,715		48,676,089
Hotels, Restaurants & Leisure
	ADAN-B LLC (24 Hour Fitness)	4/30/2025 & 12/31/25	Term Loan - 9.45% (SOFR + 5.75%, 1.50% Floor)		6.8	%		56,149,041	12/31/30		55,115,008		55,699,849
	ADAN-B LLC (24 Hour Fitness)	4/30/2025 & 12/31/25	Revolver - 9.46% (SOFR + 5.75%, 1.50% Floor)		0.2	%		1,858,455	12/31/30		1,858,455		1,843,587
	CEC Entertainment, LLC	09/26/25	Term Loan - 9.70% (SOFR + 6.00%, 2.00% Floor)		5.5	%		46,289,974	09/26/30		45,298,240		45,086,435
	Five Star Buyer, Inc.	05/11/23	Term Loan - 12.98% inc PIK (SOFR + 9.00%, 1.50% Floor, 2.00% PIK)		2.3	%		19,848,428	02/23/28		19,542,116		18,617,826
	Five Star Buyer, Inc.	05/11/23	Delayed Draw Term Loan - 12.98% inc PIK (SOFR + 9.00%, 1.50% Floor, 2.00% PIK)		0.1	%		709,362	02/23/28		709,362		665,382
	Red Robin International, Inc.	04/11/22	Revolver - 11.29% (SOFR + 7.50%, 1.00% Floor)		0.1	%		1,067,884	09/03/27		1,067,884		1,060,409
	Red Robin International, Inc.	04/11/22	Term Loan - 11.43% (SOFR + 7.50%, 1.00% Floor)		1.4	%		11,520,596	09/03/27		11,432,162		11,439,952
					16.4	%					135,023,227		134,413,440
Household Durables
	Lenox Holdings, Inc.	07/08/22	Term Loan - 12.68% (SOFR + 8.75%, 1.00% Floor)		4.0	%		32,443,570	12/31/26		32,334,963		32,443,570
					4.0	%					32,334,963		32,443,570


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1) (continued)
Information Technology Services
	Corcentric, Inc.	05/09/23	Term Loan - 10.96% (SOFR + 7.00%, 2.00% Floor)		4.6	%	$	37,993,098	05/09/27	$	37,835,899	$	37,852,524
					4.6	%					37,835,899		37,852,524
Leisure Products
	Lumos Holdings US Acquisition Co. (Life Fitness)	08/05/25	Term Loan - 9.16% (SOFR + 5.50%, 1.50% Floor)		7.2	%		58,533,440	08/05/30		57,770,358		58,416,373
					7.2	%					57,770,358		58,416,373
Machinery
	Mark Andy, Inc.	06/16/23	Term Loan - 12.60% inc PIK (SOFR + 8.75%, 1.50% Floor, 5.75% PIK)		2.3	%		26,880,313	06/16/28		26,596,417		18,681,818
	Triarc Tanks Bidco, LLC	10/03/22	Term Loan - 10.96% (SOFR + 7.00%, 1.00% Floor)		1.7	%		14,416,713	10/03/26		14,362,219		13,564,685
					4.0	%					40,958,636		32,246,503
Metals & Mining
	Material Sciences Corporation	03/14/25	Term Loan - 10.20% (SOFR + 6.50%, 2.00% Floor)		6.3	%		52,595,557	03/14/30		51,660,372		51,070,285
					6.3	%					51,660,372		51,070,285
Oil, Gas & Consumable Fuels
	HOP Energy, LLC(2)(5)	02/29/24	Term Loan B - 13.78% inc PIK (SOFR + 10.00%, 2.00% Floor, all PIK)		0.0	%		6,876,841	12/09/27		5,345,831		—
	HOP Energy, LLC(2)(5)	04/27/25	Delayed Draw Term Loan B - 13.78% inc PIK (SOFR + 10.00%, 2.00% Floor, all PIK)		0.1	%		752,279	12/09/27		701,282		749,194
	HOP Energy, LLC(2)(5)	06/17/22	Term Loan - 12.78% inc PIK (SOFR + 9.00%, 2.00% Floor, all PIK)		1.2	%		32,139,544	12/09/27		28,916,741		9,853,984
	HOP Energy, LLC(2)(5)	01/14/25	Term Loan C - 13.78% inc PIK (SOFR + 10.00%, 2.00% Floor, all PIK)		0.6	%		5,175,892	12/09/27		4,752,836		5,154,671
					1.9	%					39,716,690		15,757,849
Paper & Forest Products
	Pallet Logistics of America, LLC	11/22/24	Revolver - 10.67% (SOFR + 7.00%, 1.00% Floor)		0.2	%		1,589,369	11/29/29		1,589,369		1,524,205
	Pallet Logistics of America, LLC	11/22/24	Term Loan - 10.67% inc PIK (SOFR + 7.00%, 1.00% Floor, 0.50% PIK)		2.8	%		23,949,806	11/22/29		23,535,774		22,967,864
					3.0	%					25,125,143		24,492,069
Personal Care Products
	The Vitamin Shoppe, LLC	03/23/26	Term Loan - 9.92% (SOFR + 6.25%, 2.00% Floor)		6.0	%		49,788,962	03/23/31		48,798,091		48,793,183
	Viva 5 Group, LLC	05/21/25	Term Loan - 10.17% (SOFR + 6.50%, 2.25% Floor)		6.1	%		50,569,648	05/21/30		49,510,422		49,659,394
	Viva 5 Group, LLC	05/21/25	Revolver - 10.17% (SOFR + 6.50%, 2.25% Floor)		0.1	%		1,149,310	05/21/30		1,149,310		1,128,623
					12.2	%					99,457,823		99,581,200
Professional Services
	Alorica Inc.	12/21/22	Term Loan - 10.54% (SOFR + 6.88%, 1.50% Floor)		3.8	%		30,771,805	12/21/27		30,612,806		30,771,805
					3.8	%					30,612,806		30,771,805


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount/Shares		Maturity Date	Amortized Cost		Fair Value
	DEBT(1) (continued)
Software
	CF Newco, Inc.	12/09/24	Term Loan - 9.66% (SOFR + 6.00%, 1.50% Floor)		2.7	%	$	21,982,050	12/10/29	$	21,807,256	$	21,938,086
	CF Newco, Inc.	12/09/24	Revolver - 9.66% (SOFR + 6.00%, 1.50% Floor)		0.2	%		1,515,890	12/10/29		1,515,890		1,512,859
	CF Newco, Inc.	12/11/25	Amendment No. 1 Term Loan - 9.91% (SOFR + 6.25%, 1.50% Floor)		1.2	%		10,057,265	12/10/29		9,911,597		10,117,608
					4.1	%					33,234,743		33,568,553
Specialty Retail
	D&D Buyer, LLC	10/04/23	Term Loan - 9.55% (SOFR + 5.75%, 2.00% Floor)		7.2	%		58,166,051	10/04/29		57,649,781		58,747,712
	Follett Higher Education Group, Inc.	02/01/22	Term Loan - 10.77% (SOFR + 7.00%, 2.00% Floor)		3.9	%		31,607,067	02/01/28		31,505,746		31,679,764
					11.1	%					89,155,527		90,427,476
Trading Companies & Distributors
	Cinelease, LLC	08/07/25	ABL Term Loan - 11.17% (SOFR + 7.50%, 2.50% Floor)		2.2	%		18,069,109	07/31/30		17,334,550		18,267,869
					2.2	%					17,334,550		18,267,869
Transportation Infrastructure
	CG Buyer, LLC	07/19/23	Delayed Draw Term Loan - 9.67% (SOFR + 6.00%, 1.50% Floor)		0.1	%		436,244	07/19/28		436,244		436,244
	CG Buyer, LLC	07/19/23	Term Loan - 9.67% (SOFR + 6.00%, 1.50% Floor)		2.4	%		19,956,923	07/19/28		19,707,547		19,956,923
					2.5	%					20,143,791		20,393,167
	Total Debt Investments				154.9	%					1,313,960,191		1,263,318,100


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Shares		Amortized Cost		Fair Value
	EQUITY
Automobile Components
	SUP Parent Holdings, LLC(2)(4)	08/13/25	Common Units		1.2	%		38,121	$	16,956,285	$	9,523,011
					1.2	%				16,956,285		9,523,011
Commercial Services & Supplies
	CSAT Investment Holdings LLC(2)(4)	03/05/25	Warrant, expires 03/05/32		0.1	%		1,145,950		508,373		1,146,328
					0.1	%				508,373		1,146,328
Energy Equipment & Services
	HydroSource Logistics, LLC (2)(4)	04/05/24	Warrant, expires 4/4/34		4.2	%		247		357,421		34,198,026
					4.2	%				357,421		34,198,026
Trading Companies & Distributors
	Cinelease, LLC(2)(4)	08/07/25	Warrant, expires 07/31/35		0.2	%		215,403		379,334		1,467,757
					0.2	%				379,334		1,467,757
	Total Equity Investments				5.7	%				18,201,413		46,335,122
	Total Debt & Equity Investments(3)				160.6	%				1,332,161,604		1,309,653,222
	Cash Equivalents
	First American Government Obligation Fund, Yield 3.58%, Class X (FGXXX)				0.1	%		601,251		601,251		601,251
	Total Cash Equivalents				0.1	%		601,251		601,251		601,251
	Total Investments (160.7%)								$	1,332,762,855	$	1,310,254,473
	Net unrealized depreciation on unfunded commitments (-0.1%)											(477,016	)
	Liabilities in Excess of Other Assets (-60.6%)										$	(494,180,085	)
	Net Assets (100.0%)										$	815,597,372

(1)

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

(2)

Non-income producing.

(3)

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.”

(4)

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 March 31, 2026, the aggregate fair value of these securities was $46,335,122, or 3.4% of the Company’s total assets.

(5)

Loan was on non-accrual status as of March 31, 2026.

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 $210,634,309 and $112,402,472, respectively, for the period ended March 31, 2026. 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	%


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 - 10.43% (SOFR + 6.75%, 1.75% Floor)		3.5	%	$	29,487,621	03/28/29	$	28,909,368	$	28,396,579
	Fenix Intermediate, LLC	03/28/24	Delayed Draw Term Loan B-1 - 10.43% (SOFR + 6.75%, 1.75% Floor)		0.2	%		1,768,373	03/28/29		1,768,373		1,702,943
	Superior Industries International, Inc.	12/08/25	Take Back Term Loan - 13.78% inc PIK (SOFR + 10.00%, 3.50% Floor, all PIK)		1.0	%		7,871,926	12/08/30		7,662,098		7,875,074
					4.7	%					38,339,839		37,974,596
Commercial Services & Supplies
	CSAT Holdings LLC	06/30/23	Term Loan - 14.43% inc PIK (SOFR + 10.50%, 2.00% Floor, 2.25% PIK)		3.5	%		28,770,282	06/30/28		28,288,201		28,741,512
	CSAT Holdings LLC	06/30/23	Revolver - 14.33% inc PIK (SOFR + 10.50%, 2.00% Floor, 2.25% PIK)		0.3	%		2,622,820	06/30/28		2,622,820		2,620,198
	Comprehensive Logistics Co., LLC	03/26/24	Term Loan - 11.32% (SOFR + 7.50%, 2.00% Floor)		4.2	%		34,487,535	03/26/26		34,398,141		34,039,197
	Power Acquisition LLC	01/22/25	Term Loan B - 9.86% (SOFR + 6.00%, 1.50% Floor)		4.1	%		35,476,365	01/22/30		34,724,735		33,702,547
	Power Acquisition LLC	07/11/25	Incremental Term Loan B - 9.86% (SOFR + 6.00%, 1.50% Floor)		0.3	%		2,724,408	01/22/30		2,680,040		2,604,534
					12.4	%					102,713,937		101,707,988
Construction & Engineering
	Sunland Asphalt & Construction, LLC	06/16/23	Delayed Draw Term Loan - 10.32% (SOFR + 6.50%, 1.75% Floor)		1.0	%		7,932,833	06/16/28		7,932,833		8,008,195
	Sunland Asphalt & Construction, LLC	06/16/23	Term Loan B - 10.32% (SOFR + 6.50%, 1.75% Floor)		2.4	%		19,070,701	06/16/28		18,723,590		19,251,872
					3.4	%					26,656,423		27,260,067
Consumer Discretionary Textiles, Apparel & Luxury Goods
	Helix Sleep, Inc.	11/07/25	Term Loan - 9.37% (SOFR + 5.50%, 1.00% Floor)		2.0	%		16,614,530	11/07/30		16,345,063		16,415,156
					2.0	%					16,345,063		16,415,156
Containers & Packaging
	The HC Companies, Inc.	08/01/23	Term Loan - 12.17% inc PIK (SOFR + 8.50%, 2.00% Floor, 1.00% PIK)		4.5	%		39,978,146	08/01/28		39,465,994		37,007,770
	The HC Companies, Inc.	05/21/24	Incremental Term Loan - 12.17% inc PIK (SOFR + 8.50%, 2.00% Floor, 1.00% PIK)		2.7	%		23,499,528	08/01/28		23,140,745		21,753,513
	Hoffmaster Group, Inc.	02/24/23	Term Loan - 10.10% (SOFR + 6.25%, 2.00% Floor)		2.5	%		20,412,392	02/24/28		20,316,448		20,261,341
	Hoffmaster Group, Inc.	03/15/24	Incremental Term Loan - 10.10% (SOFR + 6.25%, 2.00% Floor)		2.2	%		18,473,637	02/24/28		18,272,619		18,336,932
					11.9	%					101,195,806		97,359,556


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1) (continued)
Energy Equipment & Services
	HydroSource Logistics, LLC	04/14/25	3rd Amendment Term Loan - 12.43% (SOFR + 8.50%, 2.00% Floor)		4.9	%	$	40,240,512	04/04/29	$	38,923,804	$	40,240,512
	HydroSource Logistics, LLC	04/05/24	Term Loan - 12.43% (SOFR + 8.50%, 2.00% Floor)		3.1	%		25,401,878	04/04/29		24,908,179		25,401,878
	HydroSource Logistics, LLC	04/05/24	Revolver - 12.46% (SOFR + 8.50%, 2.00% Floor)		0.3	%		2,657,450	04/04/29		2,657,450		2,657,450
					8.3	%					66,489,433		68,299,840
Food Products
	Baxters North America, Inc.	05/31/23	Term Loan - 10.70% (SOFR + 6.88%, 1.75% Floor)		4.1	%		33,213,014	05/31/28		32,794,874		33,253,452
	Great Kitchens Food Company, Inc.	05/31/24	Term Loan - 9.72% (SOFR + 6.00%, 1.25% Floor)		4.5	%		36,720,427	05/31/29		36,136,869		36,720,427
	Signature Brands, LLC	05/05/25	9th Amendment Term Loan A - 17.50% inc PIK (17.50%, Fixed Coupon, all PIK)		0.9	%		7,419,002	05/04/28		7,213,727		7,419,002
	Signature Brands, LLC	05/05/23	Term Loan - 13.58% inc PIK (SOFR + 9.50%, 1.75% Floor, all PIK)		2.7	%		36,699,338	05/04/28		36,356,909		22,276,498
	Signature Brands, LLC	02/29/24	Delayed Draw Term Loan A - 10.58% inc PIK (SOFR + 6.50%, 1.75% Floor, all PIK)		0.2	%		2,040,852	05/04/28		2,020,563		2,040,852
					12.4	%					114,522,942		101,710,231
Ground Transportation
	RPM Purchaser, Inc.	09/11/23	Delayed Draw Term Loan B - 10.08% (SOFR + 6.25%, 2.00% Floor)		1.0	%		8,392,338	09/11/28		8,392,338		8,392,338
	RPM Purchaser, Inc.	09/11/23	Term Loan B - 10.08% (SOFR + 6.25%, 2.00% Floor)		3.4	%		27,193,615	09/11/28		26,735,923		27,465,551
					4.4	%					35,128,261		35,857,889
Health Care Equipment & Supplies
	ConnectAmerica.com, LLC	10/11/24	Last Out Term Loan - 9.42% (SOFR + 5.75%, 1.75% Floor)		6.1	%		52,115,726	10/11/29		51,464,193		50,239,560
					6.1	%					51,464,193		50,239,560
Hotels, Restaurants & Leisure
	ADAN-B LLC (24 Hour Fitness)	4/30/2025 & 12/31/25	Term Loan - 9.42% (SOFR + 5.75%, 1.50% Floor)		6.8	%		56,431,197	12/31/30		55,329,195		56,007,963
	Five Star Buyer, Inc.	05/11/23	Term Loan - 12.98% inc PIK (SOFR + 9.00%, 1.50% Floor, 2.00% PIK)		2.3	%		19,906,031	02/23/28		19,557,182		18,592,233
	Five Star Buyer, Inc.	05/11/23	Delayed Draw Term Loan - 12.98% inc PIK (SOFR + 9.00%, 1.50% Floor, 2.00% PIK)		0.1	%		711,445	02/23/28		711,445		664,490
	Red Robin International, Inc.	04/11/22	Revolver - 11.40% (SOFR + 7.50%, 1.00% Floor)		0.2	%		1,515,706	03/04/27		1,515,706		1,505,096
	Red Robin International, Inc.	04/11/22	Term Loan - 11.50% (SOFR + 7.50%, 1.00% Floor)		1.4	%		11,520,596	03/04/27		11,408,545		11,439,952
	CEC Entertainment, LLC	09/26/25	Term Loan - 9.67% (SOFR + 6.00%, 2.00% Floor)		5.6	%		46,581,106	09/26/30		45,528,334		45,556,322
					16.4	%					134,050,407		133,766,056
Household Durables
	Lenox Holdings, Inc.	07/08/22	Term Loan - 12.92% (SOFR + 8.75%, 1.00% Floor)		4.0	%		32,929,252	12/31/26		32,782,811		32,929,252
					4.0	%					32,782,811		32,929,252


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1) (continued)
Information Technology Services
	Corcentric, Inc.	05/09/23	Term Loan - 10.93% (SOFR + 7.00%, 2.00% Floor)		4.7	%	$	38,249,808	05/09/27	$	38,056,203	$	38,196,259
					4.7	%					38,056,203		38,196,259
Leisure Products
	Lumos Holdings US Acquisition Co. (Life Fitness)	08/05/25	Term Loan - 9.40% (SOFR + 5.50%, 1.50% Floor)		7.1	%		58,680,509	08/05/30		57,872,125		57,976,343
					7.1	%					57,872,125		57,976,343
Machinery
	Mark Andy, Inc.	06/16/23	Term Loan - 12.57% inc PIK (SOFR + 8.75%, 1.50% Floor, 5.75% PIK)		2.6	%		26,497,585	06/16/28		26,182,028		21,198,068
	Triarc Tanks Bidco, LLC	10/03/22	Term Loan - 10.93% (SOFR + 7.00%, 1.00% Floor)		1.7	%		14,562,898	10/03/26		14,480,664		13,751,745
					4.3	%					40,662,692		34,949,813
Metals & Mining
	Material Sciences Corporation	03/14/25	Term Loan - 10.17% (SOFR + 6.50%, 2.00% Floor)		6.3	%		52,728,374	03/14/30		51,732,353		51,251,979
					6.3	%					51,732,353		51,251,979
Oil, Gas & Consumable Fuels
	HOP Energy, LLC(2)(5)	02/29/24	Term Loan B - 13.83% inc PIK (SOFR + 10.00%, 2.00% Floor, all PIK)		0.0	%		6,644,922	12/09/27		5,345,831		—
	HOP Energy, LLC(2)(5)	04/27/25	Delayed Draw Term Loan B - 13.83% inc PIK (SOFR + 10.00%, 2.00% Floor, all PIK)		0.1	%		726,908	12/09/27		702,347		726,908
	HOP Energy, LLC(2)(5)	06/17/22	Term Loan - 12.83% inc PIK (SOFR + 9.00%, 2.00% Floor, all PIK)		1.3	%		31,132,535	12/09/27		29,208,187		10,379,587
	HOP Energy, LLC(2)(5)	01/14/25	Term Loan C - 13.83% inc PIK (SOFR + 10.00%, 2.00% Floor, all PIK)		0.6	%		5,001,338	12/09/27		4,764,015		5,001,338
					2.0	%					40,020,380		16,107,833
Paper & Forest Products
	Pallet Logistics of America, LLC	11/22/24	Revolver - 10.79% (SOFR + 7.00%, 1.00% Floor)		0.2	%		1,438,000	11/29/29		1,438,000		1,391,984
	Pallet Logistics of America, LLC	11/22/24	Term Loan - 10.79% inc PIK (SOFR + 7.00%, 1.00% Floor, 0.50% PIK)		2.8	%		23,980,095	11/22/29		23,536,948		23,212,732
					3.0	%					24,974,948		24,604,716
Personal Care Products
	Viva 5 Group, LLC	05/21/25	Term Loan - 10.22% (SOFR + 6.50%, 2.25% Floor)		6.2	%		51,226,396	05/21/30		50,089,504		50,406,774
	Viva 5 Group, LLC	05/21/25	Revolver - 10.22% (SOFR + 6.50%, 2.25% Floor)		0.1	%		1,149,310	05/21/30		1,149,310		1,130,921
					6.3	%					51,238,814		51,537,695
Professional Services
	Alorica Inc.	12/21/22	Term Loan - 10.59% (SOFR + 6.88%, 1.50% Floor)		3.8	%		30,943,677	12/21/27		30,760,913		30,943,677
					3.8	%					30,760,913		30,943,677


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount/Shares		Maturity Date	Amortized Cost		Fair Value
	DEBT(1) (continued)
Software
	CF Newco, Inc.	12/09/24	Term Loan - 9.74% (SOFR + 6.00%, 1.50% Floor)		2.7	%	$	22,153,339	12/10/29	$	21,965,431	$	22,264,106
	CF Newco, Inc.	12/09/24	Revolver - 9.74% (SOFR + 6.00%, 1.50% Floor)		0.2	%		1,515,890	12/10/29		1,515,890		1,515,890
	CF Newco, Inc.	12/11/25	Amendment No. 1 Term Loan - 9.99% (SOFR + 6.25%, 1.50% Floor)		1.3	%		10,133,264	12/10/29		9,976,704		10,264,996
					4.2	%					33,458,025		34,044,992
Specialty Retail
	D&D Buyer, LLC	10/04/23	Term Loan - 10.27% (SOFR + 6.50%, 2.00% Floor)		4.0	%		32,589,249	10/04/28		32,018,673		32,869,516
	D&D Buyer, LLC	10/04/23	Revolver - 10.27% (SOFR + 6.50%, 2.00% Floor)		0.4	%		2,873,529	10/04/28		2,873,529		2,873,529
	D&D Buyer, LLC	10/04/23	Delayed Draw Term Loan - 10.42% (SOFR + 6.50%, 2.00% Floor)		1.0	%		7,876,392	10/04/28		7,876,392		7,944,129
	D&D Buyer, LLC	08/20/25	4th Amendment Delayed Draw Term Loan - 10.49% (SOFR + 6.50%, 2.00% Floor)		1.4	%		11,733,619	10/04/28		11,733,619		11,834,528
	Follett Higher Education Group, Inc.	07/28/25	Incremental Term Loan - 10.82% (SOFR + 7.00%, 2.00% Floor)		0.3	%		2,434,155	02/28/26		2,373,619		2,423,201
	Follett Higher Education Group, Inc.	02/01/22	Term Loan - 10.82% (SOFR + 7.00%, 2.00% Floor)		3.9	%		31,915,394	02/01/28		31,782,993		31,944,118
					11.0	%					88,658,825		89,889,021
Trading Companies & Distributors
	Cinelease, LLC	08/07/25	ABL Term Loan - 11.82% (SOFR + 7.50%, 2.50% Floor)		2.0	%		17,111,644	07/31/30		16,335,295		16,598,294
					2.0	%					16,335,295		16,598,294
Transportation Infrastructure
	CG Buyer, LLC	07/19/23	Delayed Draw Term Loan - 10.22% (SOFR + 6.50%, 1.50% Floor)		0.1	%		437,352	07/19/28		437,352		435,166
	CG Buyer, LLC	07/19/23	Term Loan - 10.22% (SOFR + 6.50%, 1.50% Floor)		2.4	%		19,956,923	07/19/28		19,680,828		19,857,138
					2.5	%					20,118,180		20,292,304
	Total Debt Investments				143.2	%					1,213,577,868		1,169,913,117


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Shares		Amortized Cost		Fair Value
	EQUITY
Automobile Components
	SUP Parent Holdings, LLC(2)(4)	08/13/25	Common Units		1.2	%		38,121	$	16,956,285	$	9,574,747
					1.2	%				16,956,285		9,574,747
Commercial Services & Supplies
	CSAT Investment Holdings LLC(2)(4)	03/05/25	Warrant, expires 03/05/32		0.2	%		1,145,950		508,373		1,330,907
					0.2	%				508,373		1,330,907
Energy Equipment & Services
	HydroSource Logistics, LLC (2)(4)	04/05/24	Warrant, expires 4/4/34		3.5	%		247		357,421		28,719,739
					3.5	%				357,421		28,719,739
Trading Companies & Distributors
	Cinelease, LLC(2)(4)	08/07/25	Warrant, expires 07/31/35		0.0	%		215,403		379,334		249,867
					0.0	%				379,334		249,867
	Total Equity Investments				4.9	%				18,201,413		39,875,260
	Total Debt & Equity Investments(3)				148.1	%				1,231,779,281		1,209,788,377
	Cash Equivalents
	First American Government Obligation Fund, Yield 3.68%, Class X (FGXXX)				5.0	%		41,044,908		41,044,908		41,044,908
	Total Cash Equivalents				5.0	%		41,044,908		41,044,908		41,044,908
	Total Investments (152.7%)								$	1,272,824,189	$	1,250,833,285
	Net unrealized depreciation on unfunded commitments (-0.1%)											(1,005,800	)
	Liabilities in Excess of Other Assets (-52.6%)										$	(430,727,848	)
	Net Assets (100.0%)										$	819,099,637

(1)

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

(2)

Non-income producing.

(3)

(4)

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 December 31, 2025, the aggregate fair value of these securities was $39,875,260, or 3.1% of the Company’s total assets.

(5)

Loan was on non-accrual status as of as of December 31, 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 $654,603,203 and $385,629,258, respectively, for the period ended December 31, 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	%

TCW DIRECT LENDING VIII LLC

Consolidated Statements of Assets and Liabilities

(Dollar amounts in thousands, except unit data)

March 31, 2026


	As of March 31,
	2026			As of December 31,
	(unaudited)			2025
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (amortized cost of $1,332,162 and $1,231,779, respectively)	$	1,309,653		$	1,209,788
Cash and cash equivalents		63,404			52,311
Interest income receivable		6,789			4,870
Receivable for investment sold		186			155
Due from adviser		106			106
Deferred financing costs		503			595
Prepaid and other assets		207			75
Total Assets	$	1,380,848		$	1,267,900
Liabilities
Term loan (net of $503 and $563 of deferred financing costs, respectively)	$	324,497		$	324,437
Revolving credit facilities payable		194,600			76,700
Incentive fee payable		41,151			37,358
Management fees payable		4,025			3,859
Unrealized depreciation on unfunded commitments		477			1,006
Directors' fees payable		54			—
Interest and credit facility expense payable		13			4,289
Other accrued expenses and other liabilities		434			1,151
Total Liabilities		565,251			448,800
Commitments and Contingencies (Note 5)
Members’ Capital
Common Unitholders’ commitment: (12,745,660 units issued and outstanding)		1,274,566			1,274,566
Common Unitholders’ undrawn commitment: (12,745,660 units issued and outstanding)		(384,504	)		(384,504	)
Common Unitholders’ return of capital		(9,729	)		(9,729	)
Common Unitholders’ offering costs		(347	)		(347	)
Common Unitholders’ capital		879,986			879,986
Accumulated overdistributed earnings		(64,389	)		(60,886	)
Total Members’ Capital		815,597			819,100
Total Liabilities and Members’ Capital	$	1,380,848		$	1,267,900
Net Asset Value Per Unit (accrual base) (Note 10)(1)	$	94.16		$	94.43

(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.

TCW DIRECT LENDING VIII LLC

Consolidated Statement of Operations (Unaudited)

(Dollar amounts in thousands, except unit data)

March 31, 2026


	For the three months ended March 31,
	2026		2025
Investment Income
Non-controlled/non-affiliated investments:
Interest income	$	34,490	$	30,179
Interest income paid-in-kind		2,670		4,065
Other fee income		89		111
Total investment income		37,249		34,355
Expenses
Interest and credit facility expenses		7,358		8,813
Management fees		4,025		3,230
Incentive fees		3,794		2,631
Administrative fees		277		248
Professional fees		98		73
Directors’ fees		57		52
Other expenses		221		134
Total expenses		15,830		15,181
Net investment income		21,419		19,174
Net realized and unrealized gain (loss) on investments
Net realized gain:
Non-controlled/non-affiliated investments		67		—
Net change in unrealized appreciation/(depreciation):
Non-controlled/non-affiliated investments		11		(4,262	)
Net realized and unrealized gain (loss) on investments		78		(4,262	)
Net increase in Members’ Capital from operations	$	21,497	$	14,912
Basic and diluted:
Income per unit	$	1.69	$	1.17
Units Outstanding		12,745,660		12,745,660

TCW DIRECT LENDING VIII LLC

Consolidated Statement of Changes in Members’ Capital (Unaudited)

(Dollar amounts in thousands, except unit data)

March 31, 2026


	Common Unitholders’ Capital		Accumulated Undistributed (Overdistributed) Earnings			Total
Members’ Capital at January 1, 2026	$	879,986	$	(60,886	)	$	819,100
Net Increase in Members’ Capital Resulting from Operations:
Net investment income		—		21,419			21,419
Net realized gain on investments		—		67			67
Net change in unrealized appreciation/(depreciation) on investments		—		11			11
Distributions to Members from:
Distributable earnings		—		(25,000	)		(25,000	)
Total Decrease in Members’ Capital for the three months ended March 31, 2026		—		(3,503	)		(3,503	)
Members’ Capital at March 31, 2026	$	879,986	$	(64,389	)	$	815,597

TCW DIRECT LENDING VIII LLC

Consolidated Statement of Changes in Members’ Capital (Unaudited)

(Dollar amounts in thousands, except unit data)

March 31, 2025


	Common Unitholders’ Capital		Accumulated Undistributed (Overdistributed) Earnings			Total
Members’ Capital at January 1, 2025	$	644,774	$	(33,545	)	$	611,229
Net Increase (Decrease) in Members’ Capital Resulting from Operations:
Net investment income		—		19,174			19,174
Net change in unrealized appreciation/(depreciation) on investments		—		(4,262	)		(4,262	)
Distributions to Members from:
Distributable earnings		—		(25,000	)		(25,000	)
Total Decrease in Members’ Capital for the three months ended March 31, 2025		—		(10,088	)		(10,088	)
Members’ Capital at March 31, 2025	$	644,774	$	(43,633	)	$	601,141

TCW DIRECT LENDING VIII LLC

Consolidated Statement of Cash Flows (Unaudited)

(Dollar amounts in thousands, except unit data)

March 31, 2026


	For the three months ended March 31,
	2026			2025
Cash Flows from Operating Activities
Net increase in net assets resulting from operations	$	21,497		$	14,912
Adjustments to reconcile the net increase in net assets resulting from operations to net cash used in operating activities:
Purchases of investments		(207,964	)		(171,561	)
Interest income paid-in-kind		(2,670	)		(4,065	)
Proceeds from sales and paydowns of investments		112,402			15,536
Net realized loss (gain) on investments		(67	)		—
Change in net unrealized (appreciation)/depreciation on investments		(11	)		4,262
Amortization of premium and accretion of discount, net		(2,084	)		(1,436	)
Amortization of deferred financing costs		152			841
Increase (decrease) in operating assets and liabilities:
(Increase) decrease in interest income receivable		(1,919	)		269
(Increase) decrease in receivable for investment sold		(31	)		(667	)
(Increase) decrease in prepaid and other assets		(132	)		30
Increase (decrease) incentive fee payable		3,793			2,631
Increase (decrease) management fees payable		166			3,230
Increase (decrease) interest and credit facility expense payable		(4,276	)		(437	)
Increase (decrease) directors’ fees payable		54			50
Increase (decrease) other accrued expenses and other liabilities		(717	)		276
Net cash used in operating activities		(81,807	)		(136,129	)
Cash Flows from Financing Activities
Distributions to Members from distributable earnings		(25,000	)		(25,000	)
Deferred financing costs paid		—			(182	)
Proceeds from credit facilities		239,900			103,200
Repayment of credit facilities		(122,000	)		—
Net cash provided by financing activities		92,900			78,018
Net increase (decrease) in cash and cash equivalents		11,093			(58,111	)
Cash and cash equivalents, beginning of period		52,311			92,946
Cash and cash equivalents, end of period	$	63,404		$	34,835
Supplemental and non-cash financing activities
Interest expense paid	$	11,033		$	7,917
Non-cash purchases of investments due to reorganization	$	(22,842	)	$	—
Non-cash sales of investments due to reorganization	$	22,842		$	—

Organization and Basis of Presentation

Organization: TCW Direct Lending VIII LLC (the “Company”), was formed as a Delaware limited liability company on September 3, 2020. The Company has conducted and expects to further conduct private offerings 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 May 27, 2021 (“Inception Date”), the Company sold and issued 10 Units at an aggregate purchase price of $1 to TCW Asset Management Company LLC (“TAMCO” or the “Adviser”), the Company's investment adviser and an affiliate of the TCW Group, Inc (“TCW”).

On July 22, 2021, 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 made such an election beginning with the taxable year ending December 31, 2022. The Company is required to meet the minimum distribution and other requirements for RIC qualification. As a BDC and a RIC, the Company is required to comply with certain regulatory requirements.

On January 21, 2022, the Company entered into the Investment Advisory and Management Agreement with the Adviser. On the same date, the Company also completed the first closing of the sale of its Common Units (the “Initial Closing Date”) pursuant to which the Company sold 4,543,770 Common Units at an aggregate purchase price of $454,377. The Company continued to accept subscription agreements and issue Units for a period of twelve-months following the Initial Closing Date (the “Closing Period”). On January 6, 2023, the Company's board of directors (the “Board” or “Board of Directors”) approved a six-month extension of the Closing Period from January 21, 2023 to July 21, 2023. On July 26, 2023, the Company's Amended and Restated Limited Liability Company Agreement (the “LLC Agreement”) was amended to extend the Closing Period to be the twenty-four-month period following the Company's initial closing, until January 21, 2024 by a majority vote of the Company's Unitholders. On February 16, 2024, the Company's LLC Agreement was amended such that the definition of the Closing Period was amended to be the twenty-six month period following the Initial Closing Date, such that the Initial Closing Date ended on March 21, 2024.

The Company commenced operations during the first quarter of fiscal year 2022.

As of March 31, 2026, the Company has four wholly-owned subsidiaries, each a single member Delaware limited liability company.

The consolidated financial statements in this quarterly report on Form 10-Q include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.

On July 8, 2022, the Company completed the second closing of the sale of its Common Units pursuant to which the Company sold 2,178,280 Common Units for an aggregate offering price of $217,828. On November 14, 2022, the Company completed the third closing of the sale of our Common Units pursuant to which the Company sold 642,500 Common Units for an aggregate offering price of $64,250. On April 3, 2023, the Company completed the fourth closing of the sale of its Common Units pursuant to which the Company sold 1,025,550 Common Units for an aggregate offering price of $102,555. On July 24, 2023, the Company completed the fifth closing of the sale of its Common Units pursuant to which the Company sold 1,173,625 Common Units for an aggregate offering price of $117,363. On December 13, 2023, the Company completed the sixth closing of the sale of its Common Units pursuant to which the Company sold 1,145,325 Common Units for an aggregate offering price of $114,533. On January 18, 2024, the Company completed the seventh closing of the sale of its Common Units pursuant to which the Company sold 734,300 Common Units for an aggregate offering price of $73,430. On March 19, 2024, the Company completed the final closing of the sale of its Common Units pursuant to which the Company sold 1,302,300 Common Units for an aggregate offering price of $130,230. The additional closings occurred during the 26-month Closing Period. The sale of the Common Units was made pursuant to subscription agreements entered into by the Company and each investor. Under the terms of the subscription agreements, the Company may draw down all or any portion of the undrawn commitment with respect to each Common Unit generally upon at least ten business days’ prior written notice to the unitholders.

Organization and Basis of Presentation (Continued)

Term: The term of the Company will continue until January 21, 2029, unless extended or the Company is sooner dissolved as provided in the Company’s amended and restated limited liability agreement (the “LLC Agreement”) or by operation of law. The Company may extend the term for two additional 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. Thereafter, the term may be extended for successive one-year periods, with the vote or consent of a supermajority representing more than 66 2/3% in interest of the holders of the Units.

Commitment Period: The Commitment Period commenced on the Initial 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 on February 1, 2026, which is the later of (a) January 21, 2026, four years from the Initial Closing Date and (b) February 1, 2026, four years from the date in which the Company first completed an investment. However, the Commitment Period is subject to termination upon the occurrence of a Key Person Event defined as follows: A “Key Person Event” will occur if, during the Commitment Period, (i) Richard T. Miller and one or more of Suzanne Grosso, Mark Gertzof and David Wang (each of such four Persons, a “Key Person” and collectively, the “Key Persons”) fail to devote substantially all (i.e. more than 85%) of his or her business time to the investment activities of the Company, the prior funds, any successor funds and any fund(s) managed by the Adviser or an affiliate of the Adviser that are managed within TCW's Private Credit Group (together, the “Related Entities”); or (ii) Ms. Grosso, Mr. Gertzof and Mr. Wang all fail to devote substantially all of their business time to the investment activities of the Company and the Related Entities, in each case other than as a result of a temporary disability; provided that if a replacement has been approved as described in the paragraphs below, such replacement shall be specifically designated to take the place of one of the above-named individuals and the definition “Key Person Event” will be amended to take into account such successor.

Upon the occurrence of a Key Person Event, and in the event that the Adviser fails to replace the above-referenced individuals in the manner contemplated by this paragraph, the Commitment Period shall be automatically terminated upon such Key Person Event. The Commitment Period will be re-instated upon the vote or written consent of 66 2/3% in interest of the Unitholders. The Adviser is permitted at any time to replace any person designated above with a senior professional (including a Key Person) selected by the Adviser, provided that such replacement has been approved by a majority of the Unitholders (in which case, the approved substitute will be a Key Person in lieu of the person replaced). The determination of whether a Key Person Event has occurred will be made by the Company in accordance with the criteria set out above. If, during the Commitment Period, any Key Person shall fail to devote substantially all of his or her business time to the investment activities of the Company and the Related Entities other than as a result of temporary disability (the occurrence of such event, a “Key Person Departure”), the Company shall provide written notice to Unitholders of such Key Person Departure within 30 days of the date of such Key Person Departure. If the Company fails to obtain approval of a replacement of a Key Person following a Key Person Departure as provided herein, then notwithstanding anything herein, the Key Person Departure shall be permanent and the Adviser shall not be permitted to replace such Key Person. Notwithstanding the foregoing, the Adviser is permitted at any time to replace any Person designated above with a senior professional (including a Key Person) selected by the Adviser, with the approval of the majority of the Unitholders (in which case, the approved substitute shall be a Key Person in lieu of the Person replaced) no later than 90 days after the date that the Adviser informs the Company of its proposed replacement of the Key Person. If such replacement(s) end the occurrence of a Key Person Event, the Commitment Period will automatically be re-instated.

In accordance with the Company’s LLC Agreement, the Company may complete investment transactions that were significantly in process as of the end of the Commitment Period and which the Company reasonably expects to be consummated prior to 90 days subsequent to the expiration date of the Commitment Period. The Company may also effect follow-on investments in existing portfolio companies up to an aggregate maximum of 10% of aggregate cumulative invested amounts.

Capital Commitments: On the Initial Closing Date, the Company began accepting subscription agreements from investors for the private sale of its Units. As of March 31, 2026, the Company has sold 12,745,660 Units for an aggregate offering price of $1,274,566. Each Unitholder is obligated to contribute capital equal to their respective capital commitment to the Company (each, a “Commitment”) and each Unit’s Commitment obligation is $100.00 per unit. The sale of the Units was made pursuant to subscription agreements entered into by the Company and each investor. Under the terms of the subscription agreements, the Company may draw down all or any portion of the undrawn commitment with respect to each Unit generally upon at least ten business days’ prior written notice to the unitholders. The amount of capital that remains to be drawn down and contributed is referred to as an “Undrawn Commitment”.

Organization and Basis of Presentation (Continued)

The commitment amount funded does not include amounts contributed in anticipation of a potential investment that the Company did not consummate and therefore returned to the Members as unused capital. As of March 31, 2026, aggregate Commitments, Undrawn Commitments, percentage of Commitments funded and the number of subscribed for Units of the Company were as follows:


	Commitments		Undrawn Commitments		% of Commitments Funded			Units
Common Unitholder	$	1,274,566	$	384,504		69.8	%		12,745,660

Recallable Amount: A Unitholder may be required to re-contribute amounts distributed equal to (a) such Unitholder’s share of all portfolio investments that are repaid to the Company, or otherwise recouped by the Company, and distributed to the Unitholder, in whole or in part, during or after the Commitment period, reduced by (b) all re-contributions made by such Unitholder. This amount, (the “Recallable Amount”) is excluded from the calculation of the accrual based net asset value.

The Recallable Amount as of March 31, 2026 was $9,729.

On January 14, 2026, as amended on February 20, 2026, March 9, 2026, and March 24, 2026, the Company filed a Schedule TO (the “Schedule TO”) with the SEC relating to an offer to exchange outstanding Units for an equivalent number of limited liability company units of TCW Specialty Lending LLC, a Delaware limited liability company and wholly owned subsidiary of the Company (the “Perpetual Fund”, and such exchange, the “Exchange Offer”) The Exchange Offer will result in the transfer of approximately 50% of the Company's assets, liabilities and related interests attributable to the exchanged Units to the Perpetual Fund with the intention of the Perpetual Fund splitting off and operating as a stand-alone company. The Perpetual Fund will operate as a closed-end, non-diversified management investment company regulated as a business development company under the Investment Company Act of 1940.

Significant Accounting Policies

Basis of Presentation: The Company’s unaudited consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6 and Article 10 of Regulation S-X. The Company is an investment company following accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC Topic 946”). The unaudited consolidated financial statements reflect all adjustments, both normal and recurring which, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition for the periods presented. The unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto appearing in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission ("SEC") on March 26, 2026.

Use of Estimates: The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the consolidated financial statements, (ii) the reported amounts of income and expenses during the years presented and (iii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates, and such differences could be material.

Investments: The Company measures the fair value of its investments in accordance with ASC Topic 820, Fair Value Measurements and Disclosure (“ASC 820”). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Company considers the principal market of its investments to be the market in which the investment trades with the greatest volume and level of activity.

Transactions: The Company records investment transactions on the trade date. The Company considers the trade date for investments not traded on a recognizable exchange, or traded in the over-the-counter markets, to be the date on which the Company receives legal or contractual title to the asset and bears the risk of loss.

Significant Accounting Policies (Continued)

Income Recognition: Interest income and interest income paid-in-kind (“PIK”) are recorded on an accrual basis unless doubtful of collection or the related investment is in default. Although the Company does not currently expect the Private Credit Group to originate a significant amount of investments for the Company with the use of PIK interest features, from time to time the Company may make investments that contain such features or that subsequently incorporate such features after origination. PIK interest represents accrued interest that is added to the principal amount of the investment on the respective interest payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a liquidation event. To maintain the Company's tax status as a RIC, this non-cash source of income must be paid out to stockholders in the form of dividends for the year the income was earned, even though the Company has not yet collected the cash. The amortized cost of investments represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest. For the three months ended March 31, 2026, PIK interest income earned was $2,670, representing 7.2% of investment income. For the three months ended March 31, 2025, PIK interest income earned was $4,065, representing 11.8% of investment income.

Realized gains and losses on investments are recorded on a specific identification basis. The Company typically receives a fee in the form of a discount to the purchase price at the time it funds an investment in a loan. The discount is accreted to interest income over the life of the respective loan, using the effective-interest method assuming there are no questions as to collectability, and reflected in the amortized cost basis of the investment. Ongoing facility, commitment or other additional fees including prepayment fees, consent fees and forbearance fees are recognized immediately when earned as income.

The Company may enter into certain intercreditor agreements that entitle the Company to the “last out” tranche of first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. In certain cases, the Company may receive a higher interest rate than the contractual stated interest rate as disclosed on the Company’s Consolidated Schedule of Investments.

Certain investments have an unfunded loan commitment for a delayed draw term loan or revolving credit. The Company earns an unused commitment fee on the unfunded commitment during the commitment period. The expiration date of the commitment period may be earlier than the maturity date of the investment stated above. See Note 5—Commitments and Contingencies.

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. If at any point the Company believes PIK interest is not expected to be realized, the investment generating PIK interest will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through interest income. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection.

Deferred Financing Costs: Deferred financing costs incurred by the Company in connection with the Credit Facilities (as defined and described in Note 7 to the Consolidated Financial Statements), including arrangement fees, upfront fees and legal fees, are amortized on a straight-line basis over the term of the respective credit facility.

Organizational and Offering Costs: Costs incurred to organize the Company are expensed as incurred. Offering costs are accumulated and will be charged directly to Members’ Capital at the end of the period during which Units will be offered (the “Closing Period”). The Company will not bear more than an amount equal to 10 basis points of the aggregate capital commitments to the Company through the Units (in aggregate, the “Commitments”) of the Company for organizational and offering costs in connection with the offering of the Units through the Closing Period. Organizational costs are expensed as incurred and since inception, the Company has incurred $718 in organizational costs, of which $0 was expensed during the three months ended March 31, 2026. Since inception, the Company has incurred $347 in offering costs, all of which were charged to Members’ Capital as of December 31, 2024.

Significant Accounting Policies (Continued)

Cash and Cash Equivalents: The Company generally considers investments with a maturity of three months or less at the time of acquisition to be cash equivalents. As of March 31, 2026, cash and cash equivalents are comprised of demand deposits and highly liquid investments with maturities of three months or less. Cash equivalents are valued at the net asset value of the mutual fund which approximates fair value and are classified as Level 1 in the GAAP valuation hierarchy.

Income Taxes: The Company has elected to be regulated as a BDC under the 1940 Act. The Company also intends to be treated as a RIC under the Code and will make such an election beginning with the taxable year ending December 31, 2022. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its Unitholders as dividends. Rather, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company.

Investment Valuations and Fair Value Measurements

Investments at Fair Value: Investments held by the Company are valued at fair value. Fair value is generally determined on the basis of last reported sales prices or official closing prices on the primary exchange in which each security trades, or if no sales are reported, generally based on the midpoint of the valuation range obtained for debt investments from a quotation reporting system, established market makers or pricing service.

Investments for which market quotes are not readily available or are not considered reliable are valued at fair value according to procedures approved by the Board of Directors based on similar instruments, internal assumptions and the weighting of the best available pricing inputs.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" with respect to the fair valuation of the Company's portfolio securities, subject to oversight by and periodic reporting to the Board.

Fair Value Hierarchy: Assets and liabilities are classified by the Company into three levels based on valuation inputs used to determine fair value:

Level 1 values are based on unadjusted quoted market prices in active markets for identical assets.

Level 2 values are based on significant observable market inputs, such as quoted prices for similar assets and quoted prices in inactive markets or other market observable inputs.

Level 3 values are based on significant unobservable inputs that reflect the Company’s determination of assumptions that market participants might reasonably use in valuing the assets.

Categorization within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The valuation levels are not necessarily an indication of the risk associated with investing in those securities.

Level 1 Assets (Investments): The valuation techniques and significant inputs used to determine fair value are as follows:

Equity, (Level 1), generally includes common stock valued at the closing price on the primary exchange in which the security trades.

Level 2 Assets (Investments): The valuation techniques and significant inputs used to determine fair value are as follows:

Equity, (Level 2), generally includes warrants valued using quotes for comparable investments.

Level 3 Assets (Investments): The following valuation techniques and significant inputs are used to determine the fair value of investments in private debt and equity for which reliable market quotations are not available. Some of the inputs are independently observable however, a significant portion of the inputs and the internal assumptions applied are unobservable.

Investment Valuations and Fair Value Measurements (Continued)

Debt, (Level 3), include investments in privately originated senior secured debt. Such securities are valued based on specific pricing models, internal assumptions and the weighting of the best available pricing inputs. An income method approach incorporating a weighted average cost of capital and discount rate, or a market method approach using prices and other relevant information generated by market transactions involving identical or comparable assets, is generally used to determine fair value, though some cases use an enterprise value waterfall method. Valuation may also include a shadow rating method. Standard pricing inputs include but are not limited to the financial health of the issuer, place in the capital structure, value of other issuer debt, credit, industry, and market risk and events.

Equity, (Level 3), may include common stock, preferred stock and warrants. Such securities are valued based on specific pricing models, internal assumptions and the weighting of the best available pricing inputs. A market approach is generally used to determine fair value. Pricing inputs include, but are not limited to, financial health and relevant business developments of the issuer; EBITDA; market multiples of comparable companies; comparable market transactions and recent trades or transactions; issuer, industry and market events; and contractual or legal restrictions on the sale of the security. When a Black-Scholes pricing model is used it follows the income approach. The Black-Scholes pricing model takes into account the contract terms as well as multiple inputs, including: time value, implied volatility, equity prices and interest rates. A liquidity discount based on current market expectations, future events, minority ownership position and the period management reasonably expects to hold the investment may be applied.

Pricing inputs and weightings applied to determine value require subjective determination. Accordingly, valuations do not necessarily represent the amounts that may eventually be realized from sales or other dispositions of investments.

The following is a summary by major security type of the fair valuations according to inputs used in valuing investments listed in the Consolidated Schedule of Investments as of March 31, 2026:


Investments	Level 1		Level 2		Level 3		Total
Debt	$	—	$	—	$	1,263,318	$	1,263,318
Equity		—		—		46,335		46,335
Cash equivalents		601		—		—		601
Total	$	601	$	—	$	1,309,653	$	1,310,254

The following is a summary by major security type of the fair valuations according to inputs used in valuing investments listed in the Consolidated Schedule of Investments as of December 31, 2025:


Investments	Level 1		Level 2		Level 3		Total
Debt	$	—	$	—	$	1,169,913	$	1,169,913
Equity		—		—		39,875		39,875
Cash equivalents		41,045		—		—		41,045
Total	$	41,045	$	—	$	1,209,788	$	1,250,833

Investment Valuations and Fair Value Measurements (Continued)

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three months ended March 31, 2026:


	Debt			Equity			Total
Balance, January 1, 2026	$	1,169,913		$	39,875		$	1,209,788
Purchases, including payments received in-kind		233,119			357			233,476
Sales and paydowns of investments		(134,887	)		(357	)		(135,244	)
Amortization of premium and accretion of discount, net		2,084			—			2,084
Net realized (loss) gain		67			—			67
Net change in unrealized appreciation/(depreciation)		(6,978	)		6,460			(518	)
Balance, March 31, 2026	$	1,263,318		$	46,335		$	1,309,653
Change in net unrealized appreciation/(depreciation) in investments held as of March 31, 2026	$	(6,535	)	$	6,460		$	(75	)

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three months ended March 31, 2025:


	Debt			Equity			Total
Balance, January 1, 2025	$	941,903		$	224		$	942,127
Purchases, including payments received in-kind		174,869			757			175,626
Sales and paydowns of investments		(15,412	)		(124	)		(15,536	)
Amortization of premium and accretion of discount, net		1,436			—			1,436
Net change in unrealized appreciation/(depreciation)		(5,701	)		1,174			(4,527	)
Balance, March 31, 2025	$	1,097,095		$	2,031		$	1,099,126
Change in net unrealized appreciation/(depreciation) in investments held as of March 31, 2025	$	(5,701	)	$	1,174		$	(4,527	)

The Company did not have any transfers between levels during the three months ended March 31, 2026 and 2025.

Investment Valuations and Fair Value Measurements (Continued)

Level 3 Valuation and Quantitative Information: The following table summarizes the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of March 31, 2026:

         Investment Type

         Fair Value

         Valuation
Technique

         Unobservable
Input

         Range

         Weighted
Average*

         Impact to
Valuation if
Input Increases

Debt

879,220

Income Method

Discount Rate

8.9% to 19.6%

11.4%

Decrease

Debt

186,983

Market Method

EBITDA Multiple

4.4x to 11.0x

7.3x

Increase

Debt

101,502

Market Method

Indicative Bid

98.0% to 98.6%

98.3%

Increase

Debt

82,048

Income Method

Discount Rate

12.5% to 17.0%

14.3%

Decrease

          
         Market Method

         Indicative Bid

         100.0% to 105.0%

         101.5%

         Increase

Debt

13,565

Income Method

Discount Rate

13.8% to 17.2%

15.5%

Decrease

          
         Market Method

         EBITDA Multiple

         3.1x to 4.1x

         3.6x

         Increase

Equity

44,867

Market Method

EBITDA Multiple

4.5x to 11.5x

9.3x

Increase

Equity

1,468

Market Method

Revenue Multiple

1.3x to 1.5x

1.4x

Increase

          
         Market Method

         Indicative Bid

         $10.46 to $15.73

         $13.10

         Increase

* Weighted based on fair value

During the three months ended March 31, 2026, two debt investments with an aggregate fair value of $50,711 transitioned from a yield analysis valuation model to a yield analysis and market approach valuation model, one debt investment with a fair value of $18,682 transitioned from a yield analysis and market approach valuation model to a market approach valuation model, and one debt investments with a fair value of $55,700 transitioned from a market approach valuation model to a yield analysis model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.

The following table summarizes the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of December 31, 2025:

         Investment Type

         Fair Value

         Valuation
Technique

         Unobservable
Input

         Range

         Weighted
Average*

         Impact to
Valuation if
Input Increases

Debt

878,416

Income Method

Discount Rate

8.0% to 19.1%

11.1%

Decrease

Debt

169,177

Market Method

EBITDA Multiple

4.5x to 9.5x

6.8x

Increase

Debt

56,008

Market Method

Indicative Bid

99.3% to 99.3%

99.3%

Increase

Debt

31,362

Income Method

Discount Rate

15.4% to 18.1%

16.8%

Decrease

          
         Market Method

         Indicative Bid

         101.0% to 101.0%

         101.0%

         Increase

Debt

34,950

Income Method

Discount Rate

13.3% to 27.0%

20.8%

Decrease

           
         Market Method

         EBITDA Multiple

         3.8x to 7.5x

         5.9x

         Increase

Equity

39,625

Income Method

EBITDA Multiple

4.8x to 10.8x

8.1x

Increase

Equity

250

Market Method

Revenue Multiple

1.3x to 1.5x

1.4x

Increase

* Weighted based on fair value

During the year ended December 31, 2025, four debt investments with an aggregate fair value of $66,312 transitioned from a yield analysis valuation model to a yield analysis and market approach valuation model and four debt investments with an aggregate fair value of $83,079 transitioned from a yield analysis valuation model to a market approach valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.

The Company generally utilizes the midpoint of a valuation range provided by an external, independent valuation firm in determining fair value.

Agreements and Related Party Transactions

Advisory Agreement: On January 21, 2022, the Company entered into the Investment Advisory and Management Agreement (the “Advisory Agreement”) with the Adviser, a registered investment adviser under the Investment Advisers Act of 1940, as amended. The Advisory Agreement became effective upon its execution for an initial two-year term. Unless earlier terminated, the Advisory Agreement will continue to remain in effect for additional one-year terms if approved annually by (i) the vote of the Board, or by the vote of a majority of the Company’s outstanding voting securities and (ii) the vote of a majority of the Board who are not “interested persons” (as defined in Section 2(a)(19) of the 1940 Act) of the Company, the Adviser or any of their respective affiliates (the “Independent Directors”). The Advisory Agreement will automatically terminate in the event of an assignment by the Adviser. On August 12, 2025, the Company's Board renewed the Advisory Agreement for an additional one-year term until September 15, 2026.

The Advisory Agreement may be terminated by either party, by vote of the Company’s Board, or by a vote of the majority of the Company’s outstanding voting units, without penalty upon not less than 60 days’ prior written notice to the applicable party. If the Advisory Agreement is terminated according to this paragraph, the Company will pay the Adviser a pro-rated portion of the Management Fee and Incentive Fee (each as defined below).

Pursuant to the Advisory Agreement, the Adviser:

•

determines the composition of the Company’s portfolio, the nature and timing of the changes to the Company’s portfolio and the manner of implementing such changes;

•

identifies, evaluates and negotiates the structure of the investments the Company makes (including performing due diligence on the Company’s prospective portfolio companies);

•

determines the assets the Company will originate, purchase, retain or sell;

•

closes, monitors and administers the investments the Company makes, including the exercise of any rights in the Company’s capacity as a lender; and

•

provides the Company such other investment advice, research and related services as the Company may, from time to time, require.

The Company pays to the Adviser, quarterly in arrears, a management fee in cash (the “Management Fee”) calculated as follows: 0.3125% (i.e., 1.25% per annum) of the average gross assets of the Company on a consolidated basis, with the average determined based on the gross assets of the Company as of the end of the three most recently completed calendar months. “Gross assets” means the amortized cost of the Company’s portfolio investments (including portfolio investments purchased with borrowed funds and other forms of leverage, such as preferred units, public and private debt issuances, derivative instruments, repurchase agreements and other similar instruments or arrangements) that have not been sold, distributed to members, or written off for tax purposes (but reduced by any portion of such cost basis that has been written down to reflect a permanent impairment of value of any portfolio investment), and excluding cash and cash equivalents. The Management Fee payable for any partial month or quarter will be appropriately pro-rated.

For the three months ended March 31, 2026, Management Fees incurred were $4,025 and $4,025 remained payable as of March 31, 2026. For the three months ended March 31, 2025, Management Fees incurred were $3,230 and $6,200 remained payable as of March 31, 2025.

In addition, the Adviser receives an incentive fee (the “Incentive Fee”) as follows:

(a)

First, no Incentive Fee is owed until the Unitholders have collectively received cumulative distributions pursuant to this clause equal to their aggregate capital contributions in respect of all Units;

(b)

Second, no Incentive Fee is owed until the Unitholders have collectively received cumulative distributions equal to an 8.0% internal rate of return on their aggregate capital contributions in respect of all Units (the “Hurdle”);

(c)

Third, the Adviser is entitled to an Incentive Fee out of 100% of additional amounts otherwise distributable to Unitholders until such time as the Incentive Fee paid to the Adviser is equal to 15% of the sum of (i) the amount by which the Hurdle exceeds the aggregate capital contributions of the Unitholders in respect of all Units and (ii) the amount of Incentive Fee being paid to the Adviser pursuant to this clause (c); and

Agreements and Related Party Transactions (Continued)

(d)

Thereafter, the Adviser is entitled to an Incentive Fee equal to 15% of additional amounts otherwise distributable to Unitholders, with the remaining 85% distributed to the Unitholders.

The Incentive Fee is calculated on a cumulative basis and the amount of the Incentive Fee payable in connection with any distribution (or deemed distribution) will be determined and, if applicable, paid in accordance with the foregoing formula each time amounts are to be distributed to the Unitholders.

For the three months ended March 31, 2026, Incentive Fees incurred were $3,794. For the three months ended March 31, 2025, Incentive Fees incurred were $2,631. The Company has not made any incentive fee payments to the Adviser and as of March 31, 2026 and December 31, 2025, the Company's incentive fee payable to the Advisor was $41,151 and $37,358, respectively.

For purposes of calculating the Incentive Fee, as provided in 3.3.2 of the LLC Agreement, Aggregate Contributions shall not include NAV Balancing Contributions or Late-Closer Contributions (as such terms are defined in the LLC Agreement), and the distributions to Unitholders shall not include distributions attributable to Late-Closer Contributions. NAV Balancing Contributions received by the Company will not be treated as amounts distributed to Unitholders for purposes of calculating the Incentive Fee. In addition if distributions to which a Defaulting Member (as such term is defined in the LLC Agreement) otherwise would have been entitled have been withheld pursuant to 6.2.4 of the LLC Agreement, the amounts so withheld shall be treated for such purposes as having been distributed to such Defaulting Member. The amount of any distribution of securities made in kind shall be equal to the fair market value of those securities at the time of distribution determined pursuant to 13.4 of the LLC Agreement.

If the Advisory Agreement terminates early for any reason other than (i) the Adviser voluntarily terminating the Advisory Agreement or (ii) the Company terminating the agreement for cause (as set out in the Advisory Agreement), the Company will be required to pay the Adviser a final incentive fee payment (the “Final Incentive Fee Payment”). The Final Incentive Fee Payment will be calculated as of the date the Advisory Agreement is so terminated and will equal the amount of Incentive Fee that would be payable to the Adviser if (A) all of the Company’s investments were liquidated for their current value (but without taking into account any unrealized appreciation of any portfolio investment), and any unamortized deferred portfolio investment-related fees were deemed accelerated, (B) the proceeds from such liquidation were used to pay all of the Company’s outstanding liabilities, and (C) the remainder were distributed to Unitholders and paid as Incentive Fee in accordance with Section 6 of the Advisory Agreement. The Company will make the Final Incentive Fee Payment in cash on or immediately following the date the Advisory Agreement is so terminated. The Adviser Return Obligation (defined below) will not apply in connection with a Final Incentive Fee Payment.

Adviser Return Obligation: After the Company has made its final distribution of assets in connection with its dissolution, if the Adviser has received aggregate payments of Incentive Fees in excess of the amount the Adviser was entitled to receive pursuant to “Incentive Fee” above, then the Adviser will return to the Company, on or before 90 days after such final distribution of assets, an amount equal to such excess (the “Adviser Return Obligation”). Notwithstanding the preceding sentence, in no event will the Adviser be required to return to the Company an amount greater than the aggregate Incentive Fees paid to the Adviser, reduced by the excess (if any) of (a) the aggregate federal, state and local income tax liability the Adviser incurred in connection with the payment of such Incentive Fees, over (b) an amount equal to the U.S. federal and state tax benefits available to the Adviser by virtue of the payment made by the Adviser pursuant to its Adviser Return Obligation.

Administration Agreement: On January 21, 2022, the Company entered into an Administration Agreement (the “Administration Agreement”) with TCW Asset Management Company LLC (in such capacity, the “Administrator”). Under the Administration Agreement, the Administrator furnishes us with office facilities and equipment, and clerical, bookkeeping and record keeping services. Pursuant to the Administration Agreement, the Administrator oversees the maintenance of the Company’s financial records and otherwise assists with the Company’s compliance with BDC and RIC rules, monitors the payment of expenses, oversees the performance of administrative and professional services rendered to the Company by others, is responsible for the financial and other records that the Company is required to maintain, prepares and disseminates reports to the Unitholders and reports and other materials to be filed with the SEC or other regulators, assists the Company in determining and publishing (as necessary or appropriate) its net asset value, oversees the preparation and filing of tax returns, generally oversees the payment of expenses and provides such other services as the Administrator, subject to review of the Company’s Board, shall from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement. The Administrator may perform these services directly, may delegate some or all of them through the retention of a sub-administrator and may remove or replace any sub-administrator.

Agreements and Related Party Transactions (Continued)

Payments under the Administration Agreement are equal to an amount that reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities under the Administration Agreement. The amounts paid pursuant to the Administration Agreement are subject to the Company Expenses Limitation (as defined below). The Administrator agrees that it will not charge total fees under the Administration Agreement that would exceed its reasonable estimate of what a qualified third party would charge to perform substantially similar services. The costs and expenses paid by the Company and the applicable caps on certain costs and expenses are described below under “Expenses”.

The Administration Agreement provides that neither the Administrator, nor any director, officer, agent or employee of the Administrator, shall be liable or responsible to the Company or any of the Unitholders for any error of judgment, mistake of law or any loss arising out of any investment, or for any other act or omission in the performance by such person or persons of their respective duties, except for liability resulting from willful misfeasance, bad faith, gross negligence, or reckless disregard of their respective duties. The Company will also indemnify the Administrator and its members, managers, officers, employees, agents, controlling persons and any other person or entity affiliated with it. On August 12, 2025, the Company's Board renewed the Administration Agreement for an additional one-year term until September 15, 2026.

Agreements and Related Party Transactions (Continued)

Expenses: The Company, and indirectly the Unitholders, bears all costs, expenses and liabilities, other than Adviser Operating Expenses (which shall be borne by the Adviser), in connection with the Company’s organization, operations, administration and transactions (“Company Expenses”). Company Expenses include, without limitation: (a) organizational expenses and expenses associated with the issuance of the Units and organizational expenses of a related entity organized and managed by the Adviser or an affiliate of the Adviser as a feeder fund for the Company and issuance of interests therein; (b) expenses of calculating net asset value (including the cost and expenses of any independent valuation firm); (c) fees payable to third parties, including agents, consultants, attorneys or other advisors, relating to, or associated with, evaluating and making investments; (d) expenses incurred by the Adviser or the Administrator payable to third parties, including agents, consultants, attorneys or other advisors, relating to or associated with monitoring the Company’s financial and legal affairs, providing administrative services, monitoring or administering the Company’s investments and performing due diligence reviews of prospective investments and the corresponding portfolio companies; (e) costs associated with the Company’s reporting and compliance obligations under the 1940 Act, the 1934 Act and other applicable federal or state securities laws; (f) fees and expenses incurred in connection with debt incurred to finance the Company’s investments or operations, and payment of interest and repayment of principal on such debt; (g) expenses related to sales and purchases of Units and other securities; (h) Management Fees and Incentive Fees; (i) administrator fees and expenses payable under the Administration Agreement, provided that any such fees payable to the Administrator shall be limited to what a qualified third party would charge to perform substantially similar services; (j) transfer agent, sub-administrator and custodial fees; (k) expenses relating to the issue, repurchase and transfer of Units to the extent not borne by the relevant transferring Unitholders and/or assignees; (l) federal and state registration fees; (m) federal, state and local taxes and other governmental charges assessed against the Company; (n) independent directors’ fees and expenses and the costs associated with convening a meeting of the Company’s Board of Directors or any committee thereof; (o) fees and expenses and the costs associated with convening a meeting of the Unitholders or holders of any Preferred Units; (p) costs of any reports, proxy statements or other notices to Unitholders, including printing and mailing costs; (q) costs and expenses related to the preparation of the Company’s consolidated financial statements and tax returns; (r) the Company’s allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums; (s) direct costs and expenses of administration, including printing, mailing, long distance telephone, and copying; (t) independent auditors and outside legal costs, including legal costs associated with any requests for exemptive relief, “no-action” positions or other guidance sought from a regulator, pertaining to the Company; (u) compensation of other third party professionals to the extent they are devoted to preparing the Company’s consolidated financial statements or tax returns or providing similar “back office” financial services to the Company; (v) Adviser costs and expenses (excluding travel) in connection with identifying and investigating investment opportunities for the Company, monitoring the Company’s investments and disposing of any such investments; (w) portfolio risk management costs; (x) commissions or brokerage fees or similar charges incurred in connection with the purchase or sale of securities (including merger fees); (y) costs and expenses attributable to normal and extraordinary investment banking, commercial banking, accounting, auditing, appraisal, valuation, administrative agent activities, custodial and registration services provided to the Company, including in each case services with respect to the proposed purchase or sale of securities by us that are not reimbursed by the issuer of such securities or others (whether or not such purchase or sale is consummated); (z) costs of amending, restating or modifying the Company’s LLC Agreement or Advisory Agreement or related documents of the Company or related entities; (aa) fees, costs, and expenses incurred in connection with the termination, liquidation or dissolution of the Company or related entities; and (bb) all other properly and reasonably chargeable expenses incurred by the Company or the Administrator in connection with administering the Company’s business.

Agreements and Related Party Transactions (Continued)

However, the Company will not bear more than (a) an amount equal to 10 basis points of its aggregate Commitments for organizational expenses and offering expenses in connection with the offering of Units through the Closing Period and (b) 12.5 basis points of the greater of total commitments or total assets computed annually for Company Expenses (“Company Expenses Limitation”); provided, that, any amount by which actual annual expenses in (b) exceed the Company Expenses Limitation shall be reimbursed to us by the Adviser in the year such excess is incurred with any partial year assessed and reimbursed on a pro rata basis; and provided, further, that in determining the Company Expenses subject to the Company Expenses Limitation in (b), the following expenses shall be excluded and shall be borne by us as incurred without regard to the Company Expenses Limitation in (b): the Management Fee, the Incentive Fee, organizational and offering expenses (which are subject to the separate cap), amounts incurred in connection with the Company’s borrowings (including collateral agent (security trustee) fees, interest, bank fees, legal fees and other transactional expenses arising out of or related to any borrowing or borrowing facility and similar costs), transfer agent fees, federal, state and local taxes and other governmental charges assessed against the Company, out-of-pocket expenses of calculating net asset value (including the cost and expenses of any independent valuation firm engaged for that purpose and the costs and expenses of the valuation of the Company’s portfolio investments performed by the Company’s independent auditors in order to comply with applicable Public Company Accounting Oversight Board standards), out-of-pocket costs and expenses incurred in connection with arranging or structuring investments and their ongoing operations (including expenses and liabilities related to the formation and ongoing operations of any special purpose entity or entities in connection with an investment), out-of-pocket legal costs associated with any requests for exemptive relief, “no-action” positions or other guidance sought from a regulator pertaining to the Company, out-of-pocket costs and expenses relating to any reorganization or liquidation of the Company, directors and officers/errors and omissions liability insurance, and any extraordinary expenses (such as litigation expenses and indemnification payments). Notwithstanding the foregoing, amounts reimbursed pursuant to the Company Expenses Limitation in any year may be carried forward by the Adviser and recouped in future years where the Company Expenses Limitation is not exceeded but in no event will the Company carryforward to future periods the amount by which actual annual Company Expenses for a year exceed the Company Expenses Limitation for more than three years from the date on which such expenses were reimbursed.

“Adviser Operating Expenses” means overhead and operating and administrative expenses incurred by or on behalf of the Adviser or any of its affiliates, including the Company, in connection with maintaining and operating the Adviser’s office, including salaries and other compensation (including compensation due to its officers), rent, routine office equipment expense and liability and insurance premiums (other than (i) those incurred in maintaining fidelity bonds and Indemnitee insurance policies and (ii) the allocable portion of the Administrator’s overhead in performing its obligations), in furtherance of providing supervisory investment management services for the Company. For the avoidance of doubt, Adviser Operating Expenses include any expenses incurred by the Adviser or its affiliates in connection with the Adviser’s registration as an investment adviser under the Investment Advisers Act of 1940, as amended (“Advisers Act”), or with its compliance as a registered investment adviser thereunder.

All Adviser Operating Expenses and all expenses of the Company that the Company will not bear, as set forth above, will be borne by the Adviser or its affiliates.

Commitments and Contingencies

The Company had the following unfunded commitments and unrealized depreciation by investment as of March 31, 2026 and December 31, 2025:


			March 31, 2026					December 31, 2025
Unfunded Commitments	Investment	Maturity/ Expiration	Amount		Unrealized (Appreciation)/ Depreciation			Amount		Unrealized Depreciation
ADAN-B LLC (24 Hour Fitness)	Revolver	December 2030	$	4,336	$	35		$	6,195	$	46
Axvor Intermediate, LLC (DQS)	Delayed Draw Term Loan	December 2026		6,644		96			—		—
Axvor Intermediate, LLC (DQS)	Revolver	March 2031		6,482		93			—		—
CF Newco, Inc.	Revolver	December 2029		2,815		6			2,815		—
Cinelease, LLC	ABL Term Loan	July 2030		5,194		(57	)		6,152		185
Comprehensive Logistics Co., LLC	Revolver	March 2026		—		—			4,556		59
CSAT Holdings LLC	Revolver	June 2028		1,574		—			1,311		1
D&D Buyer, LLC	Revolver	October 2029		4,789		—			1,916		—
D&D Buyer, LLC	5th Amendment Delayed Draw Term Loan	February 2028		13,843		—			—		—
Fenix Intermediate LLC	Delayed Draw Term Loan B-2	March 2027		—		—			11,607		429
Five Star Buyer, Inc.	Revolver	February 2028		1,517		94			1,517		100
Great Kitchens Food Company, Inc.	Revolver	May 2029		—		—			6,902		—
Helix Sleep, Inc.	Revolver	November 2030		1,908		27			1,908		23
Hoffmaster Group, Inc.	Revolver	February 2028		2,096		16			2,096		16
HydroSource Logistics, LLC	Revolver	April 2029		190		—			190		—
Pallet Logistics of America, LLC	Revolver	November 2029		1,438		59			1,589		51
Red Robin International, Inc.	Revolver	September 2027		1,688		12			1,240		9
RPM Purchaser, Inc.	Delayed Draw Term Loan B	November 2026		3,035		—			3,035		—
Signature Brands, LLC	9th Amendment Delayed Draw Term Loan A	November 2026		2,639		—			3,959		—
Viva 5 Group, LLC	Revolver	May 2030		5,418		96			5,418		87
Total			$	65,606	$	477		$	62,406	$	1,006

Commitments and Contingencies (Continued)

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2026, the Company is not aware of any pending or threatened litigation.

In the normal course of business, the Company enters into contracts which provide a variety of representations and warranties, and that provide general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to the Company under these arrangements is unknown as it would involve future claims that may be made against the Company; however, based on the Company’s experience, the risk of loss is remote and no such claims are expected to occur. As such, the Company has not accrued any liability in connection with such indemnifications.

Members' Capital

The Company’s Unit activity for the three months ended March 31, 2026 and 2025, was as follows (See Note 1):


	Three months ended March 31,
	2026		2025
Units at beginning of period		12,745,660		12,745,660
Units issued and committed during the period		—		—
Units issued and committed at end of period		12,745,660		12,745,660

No deemed distributions and contributions were processed during the three months ended March 31, 2026.

Credit Facilities

On March 8, 2022, the Company entered into a senior secured revolving credit facility (the “Subscription Based Credit Facility” fka the “March 2022 Credit Facility”) among the Company, as borrower, and PNC Bank, National Association, as administrative agent and committed lender (“PNC”). The Subscription Based Credit Facility provides for a revolving credit line of up to $200,000 (the “Subscription Based Credit Facility Maximum Commitment”), subject to the lesser of (i) a percentage of unfunded commitments from certain classes of eligible investors in the Company (the “Subscription Based Credit Facility Borrowing Base”) and (ii) the Subscription Based Credit Facility Maximum Commitment. The Subscription Based Credit Facility has an initial commitment of $200,000 and may be periodically increased in amounts designated by the Company, up to an aggregate amount of $400,000. The maturity date of the Subscription Based Credit Facility is March 7, 2025, unless such date is extended at the Company’s option for a term of up to 12 months per such extension. Borrowings under the Subscription Based Credit Facility bear interest at a rate equal to either (a) a base rate calculated in a customary manner (which will never be less than the adjusted SOFR rate plus 1.00%) plus 0.75% or (b) adjusted SOFR rate calculated in a customary manner plus 1.75%.

The Subscription Based Credit Facility is secured by a first priority security interest, subject to customary exceptions, in (i) all of the capital commitments of the investors in the Company, (ii) the Company’s right to make capital calls, receive payment of capital contributions from the investors and enforce payment of the capital commitments and capital contributions under the Company’s operating agreement and (iii) a cash collateral account into which the capital contributions from the investors are made. The Subscription Based Credit Facility may be terminated, and any outstanding amounts thereunder may become due and payable, should the Company fail to satisfy certain covenants. As of March 31, 2026, the Company was in compliance with such covenants.

On March 7, 2025 the Company entered into the first amendment to the Subscription Based Credit Facility (the “First Amendment to the Subscription Based Credit Facility”). The First Amendment to the Subscription Based Credit Facility increased the applicable margin from 1.75% to 2.10%, decreased the Subscription Based Credit Facility Maximum Commitment from $200,000 to $50,000 and extended the stated maturity date from March 7, 2025 to March 6, 2026.

On March 6, 2026, the Company paid the remaining amounts owed for the Subscription Based Credit Facility in the amount of $40,500 and terminated the agreement on the maturity date of March 6, 2026. As of March 6, 2026, the Company is no longer eligible to borrow amounts using the Subscription Based Credit Facility.

Credit Facilities (Continued)

On September 13, 2022, TCW DL VIII Financing LLC (the “Borrower” or “TCW DL VIII Financing”), a newly-formed, wholly-owned, special purpose financing subsidiary of the Company entered into a senior secured credit facility (the “Asset Based Credit Facility” fka the “September 2022 Credit Facility” and together with the Subscription Based Credit Facility, the “Credit Facilities”) pursuant to a credit and security agreement with PNC, as facility agent, the lenders from time to time party thereto, U.S. Bank National Association, as custodian, and Alter Domus (US) LLC, as collateral agent and collateral administrator.

The Asset Based Credit Facility provides for an aggregate principal amount of up to $250,000 of revolving and term loans (the “Asset Based Credit Facility Maximum Commitment”), subject to compliance with a borrowing base (the “Asset Based Credit Facility Borrowing Base”). The Asset Based Credit Facility Maximum Commitment may be periodically increased in amounts designated by the Borrower up to an aggregate principal amount of $800,000, subject to lender consent and obtaining commitments for the increase. Under the Asset Based Credit Facility, the Borrower may make borrowings of (i) revolving loans (the “Asset Based Revolving Credit Facility” and together with the Subscription Based Credit Facility, the “Revolving Credit Facilities”) during the period commencing September 13, 2022 and ending on September 13, 2025 and (ii) term loans (the “Term Loan”) during the period commencing September 13, 2022 and ending on September 13, 2023, unless, in the case of (i) and (ii), there is an earlier termination of the Asset Based Credit Facility or event of default thereunder. The Asset Based Credit Facility will mature on September 13, 2027. Borrowings under the Asset Based Credit Facility will bear interest at a fluctuating rate of interest per annum equal to, at the Borrower’s option, either (i) a SOFR reference rate plus the facility margin of 2.25% per annum or (ii) the Base Rate plus the facility margin of 2.25% per annum.

The Borrower’s obligations under the Asset Based Credit Facility are secured by a first priority security interest in all of the assets of the Borrower, including its portfolio of loans which will be contributed by the Company to the Borrower in exchange for 100% of the membership interest of the Borrower and any payments received in respect of such loans. The Company may contribute or sell to the Borrower additional loans from time to time after the closing date, which shall be pledged in favor of the lenders under the Asset Based Credit Facility.

Under the Asset Based Credit Facility, the Borrower has made customary representations and warranties and is required to comply with various affirmative and negative covenants, reporting requirements and other customary requirements for similar credit facilities. The Asset Based Credit Facility also includes events of default that are customary for similar credit facilities. As of March 31, 2026, the Borrower was in compliance with such covenants.

On August 11, 2023, the Company amended the Asset Based Credit Facility and entered into the Amendment No. 1 to Credit and Security Agreement ("Amendment No. 1"). Amendment No. 1 increased the Asset Based Credit Facility Maximum Commitment from $250,000 to $400,000 which is comprised of $200,000 each of the revolving loan and term loan commitments, respectively. In addition, the term SOFR Adjustment has been deleted and the Facility Margin Level shall be 2.90% per annum.

On February 2, 2024, the Company amended the Asset Based Credit Facility and entered into the Amendment No. 2 to Credit and Security Agreement ("Amendment No. 2"). Amendment No. 2 increased the Asset Based Credit Facility Maximum Commitment from $400,000 to $800,000 which is comprised of $400,000 each of the revolving loan and term loan commitments, respectively.

On August 22, 2025, the Company amended the Asset Based Credit Facility and entered into the Amendment No. 3 to Credit and Security Agreement ("Amendment No. 3"). Amendment No. 3 decreased the Asset Based Credit Facility Maximum Commitment from $800,000 to $650,000 which is comprised of $325,000 each of the revolving loan and term loan commitments, respectively. In addition, Amendment No. 3 extended the maturity date from September 13, 2027 to April 28, 2028 and extended the period in which the Borrower may make borrowings of revolving loans from September 13, 2025 to April 30, 2026. Amendment No. 3 also decreased the facility margin from 2.90% to 2.25%

Borrowings of the Borrower are non-recourse to the Company but are considered borrowings of the Company for purposes of complying with the asset coverage requirements under the Investment Company Act of 1940, as amended.

Credit Facilities (Continued)

A summary of amounts outstanding and available under the Credit Facilities as of March 31, 2026 and December 31, 2025 was as follows:


Credit Facilities	Total Facility Commitment		Borrowings Outstanding		Available Amount(1)
Subscription Based Credit Facility – March 31, 2026	$	—	$	—	$	—
Asset Based Credit Facility – March 31, 2026	$	650,000	$	519,600	$	130,400
Subscription Based Credit Facility – December 31, 2025	$	50,000	$	40,500	$	9,500
Asset Based Credit Facility – December 31, 2025	$	650,000	$	361,200	$	288,800

(1)

The amount available considers any limitations related to the debt facility borrowing.

As of March 31, 2026 and December 31, 2025 borrowings under the Asset Based Credit Facility consisted of $325,000 and $325,000, respectively, of Term Loans and $194,600 and $36,200, respectively of revolving credit lines.

Costs associated with the revolving credit lines are recorded as deferred financing costs on the Company's Consolidated Statements of Assets and Liabilities and such costs are being amortized over the lives of the respective Credit Facilities. Costs associated with the Term Loan are recorded as a reduction of the Term Loan on the Company's Consolidated Statements of Assets and Liabilities and such costs are being amortized over the life of the Term Loan.

As of March 31, 2026 and December 31, 2025, $503 and $595, respectively of deferred financing costs related to the revolving credit lines had yet to be amortized and $503 and $563, respectively of deferred financing costs related to the Term Loan have yet to be amortized.

A reconciliation of amounts presented on the Company’s Consolidated Statements of Assets and Liabilities versus amounts outstanding on the Term Loan is as follows:


	As of March 31, 2026			As of December 31, 2025
Principal amount outstanding on Term Loan	$	325,000		$	325,000
Deferred financing costs		(503	)		(563	)
Term Loan (as presented on the Consolidated Statements of Assets and Liabilities)	$	324,497		$	324,437

The carrying amount of the Credit Facilities, which is categorized as Level 2 within the fair value hierarchy as of March 31, 2026 approximates its fair value. Valuation techniques and significant inputs used to determine fair value include Company performance; credit, market and liquidity risk and events; financial health of the Company; place in the capital structure; interest rate; and the respective credit agreement’s terms and conditions.

The summary information regarding the Credit Facilities for the three months ended March 31, 2026 was as follows:


	Three months ended March 31,
	2026			2025
Credit Facilities interest expense	$	7,009		$	7,530
Undrawn commitment fees		184			422
Administrative fees		13			20
Amortization of deferred financing costs		152			841
Total	$	7,358		$	8,813
Weighted average interest rate		5.93	%		7.22	%
Average outstanding balance	$	473,123		$	417,342

Income Taxes

The Company has elected to be regulated as a BDC under the 1940 Act and has also elected to be treated as a RIC under the Code and has made such an election beginning with the taxable year ending December 31, 2022. So long as the Company maintains its status as a RIC, it will generally not pay corporate-level U.S. Federal income or excise taxes on any ordinary income or capital gains that it distributes at least annually to its Unitholders as dividends. The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reversed and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

Federal Income Taxes: It is the policy of the Company to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and distribute all of its net taxable income and any net realized gains on investments to its shareholders. Therefore, no federal income tax provision is required.

As of March 31, 2026 and December 31, 2025, the Company’s aggregate investment unrealized appreciation and depreciation for federal income tax purposes were as follows:


	March 31, 2026			December 31, 2025
Cost of investments for federal income tax purposes	$	1,332,763		$	1,272,824
Unrealized appreciation	$	44,859		$	38,544
Unrealized depreciation	$	(67,367	)	$	(60,535	)
Net unrealized depreciation on investments	$	(22,508	)	$	(21,991	)

The Company's investment in HydroSource Logistics, LLC warrant is held through TCW DL HDR LLC, a wholly owned subsidiary of the Company. The fair value of such equity investment as of March 31, 2026 is net of a $11,859 deferred tax liability recorded by TCW DL HDR LLC. TCW DL HDR LLC accounts for income taxes under the liability method prescribed by FASB ASC 740, Accounting for Income Taxes ("ASC 740"). Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to the temporary differences between the financial statement carrying amount of existing assets and liabilities and their respective tax basis.

The Company did not have any unrecognized tax benefits as of December 31, 2025, nor were there any increases or decreases in unrecognized tax benefits for the period then ended; therefore, no interest or penalties were accrued. The Company files U.S. federal, state, local and non-U.S. tax returns, as applicable. The Company is subject to examination by the U.S federal and state tax authorities for returns filed for the prior three and four years, respectively.

Segment Reporting

The Company represents a single operating segment as the operating results of the Company are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined investment objectives that is executed by the Company’s portfolio management team. The Company's Chief Financial Officer, serves as the Company’s chief operating decision maker (“CODM”), who acts in accordance with the Board's reviews and approvals. The CODM uses financial information, such as changes in members' capital from operations, changes in members' capital from Company share transactions, and income and expense ratios, consistent with that presented within the accompanying consolidated financial statements and financial highlights to assess the Company’s profits and losses and to make resource allocation decisions, such as the need to obtain additional funding or make distributions. Segment assets are reflected in the Company's Consolidated Statements of Assets and Liabilities as members' capital, which consists primarily of investments at fair value, and significant segment expenses are listed in the accompanying Consolidated Statements of Operations.

10.

Financial Highlights

Selected data for a unit outstanding throughout the three months ended March 31, 2026 and 2025 is presented below.


	For the three months ended March 31,
	2026(1)			2025(1)
Net Asset Value Per Unit (accrual base), Beginning of Period	$	94.43		$	96.87
Income from Investment Operations:
Net investment income		1.68			1.50
Net realized and unrealized gain (loss)		0.01			(0.33	)
Total income from investment operations		1.69			1.17
Less Distributions:
From net investment income		(1.96	)		(1.96	)
Total distributions		(1.96	)		(1.96	)
Net Asset Value Per Unit (accrual base), End of Period	$	94.16		$	96.08
Unitholder Total Return(2)(3)		2.44	%		2.31	%
Unitholder IRR before incentive fee(4)		14.53	%		14.61	%
Unitholder IRR(4)		12.61	%		12.59	%
Ratios and Supplemental Data:
Members’ Capital, end of period	$	815,597		$	601,141
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(5)		7.86	%		10.16	%
Ratio of financing cost to average net assets(3)		0.90	%		1.45	%
Ratio of net investment income to average net assets(5)		10.63	%		12.83	%
Ratio of incentive fees to average net assets(6)		1.88	%		1.76	%
Credit facility payable		519,600			503,200
Asset coverage ratio		2.57			2.19
Portfolio turnover rate(3)		8.98	%		1.55	%

(1)

Per unit data was calculated using the number of Units issued and outstanding as of March 31, 2026 and 2025.

(2)

The Total Return for the three months ended March 31, 2026 and 2025 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.

(3)

Not annualized.

(4)

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 14.53%. The IRR since inception for the Common Unitholders, after management fees, financing costs and operating expenses, is 12.61% through March 31, 2026. 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.

(5)

Annualized except for organizational costs.

(6)

Annualized.

11.

Subsequent Events

The Company has evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no subsequent events that require recognition or disclosure in these consolidated financial statements other than those described below.

On April 1, 2026, the Company completed the Exchange Offer announced in the Company’s Offer to Exchange, dated January 14, 2026, as amended and supplemented on February 20, 2026, March 9, 2026, and March 24, 2026, pursuant to which holders of the Company’s outstanding Units were permitted to exchange all or a portion of their Units for an equivalent number of limited liability company units of the Perpetual Fund. In accordance with the terms of the Exchange Offer, 6,435,400 Units were validly tendered and accepted for exchange, representing approximately 50.49% of the Company’s outstanding Units.

In connection with the completion of the Exchange Offer, the Company transferred to the Perpetual Fund a pro rata share of all of the assets, liabilities and related interests held by the Company immediately prior to the completion of the Exchange Offer, in proportion to the number of Units validly tendered and accepted for exchange, and tendering holders received an equivalent number of Perpetual Fund units in exchange for the accepted Units. Units accepted for exchange in the Exchange Offer were canceled upon settlement.

On April 1, 2026, in connection with the completion of the Exchange Offer, the Company entered into Amendment No. 5 to the LLC Agreement (the “LLCA Amendment No. 5”). LLCA Amendment No. 5, among other things, revised Article 14 of the Company’s limited liability company agreement with respect to the “publicly offered security” exception under the Plan Asset Regulation for purposes of ERISA and Section 4975 of the Code, and as an additional protective measure, monitoring benefit plan investor ownership; required the Company to provide certain certifications and notices to ERISA Members; authorized the Board to interpret Article 14 consistent with that reliance; and revised the circumstances in which an ERISA Member may elect, or be required, to withdraw from the Company.

On April 1, 2026, the Company amended the Asset Based Credit Facility and entered into Amendment No. 4 to the Credit and Security Agreement (“Amendment No. 4”). Amendment No. 4 decreased the Asset Based Credit Facility Maximum Commitment from $650,000 to $300,000, which is comprised of $150,000 each of the revolving loan and term loan commitments, respectively. In addition, Amendment No. 4 extended the maturity date from April 28, 2028 to April 1, 2030, and extended the period in which the Borrower may make borrowings of revolving loans from April 30, 2026 to April 1, 2028.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The information contained in this section should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this report on Form 10-Q. Some of the statements in this report (including in the following discussion) constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or future performance or financial condition of TCW Direct Lending VIII LLC. For simplicity, this report uses the terms “Company,” “we,” “us,” and “our” to refer to TCW Direct Lending VIII LLC and where appropriate in the context, its wholly-owned subsidiaries.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “would,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation:

•

an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;

•

an economic downturn could disproportionately impact the companies which we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;

•

a contraction of available credit could impair our ability to obtain leverage;

•

a decline in interest rates could adversely impact our results as a majority of our debt investments bear interest based on floating rates;

•

the impact of current global economic conditions, including those caused by inflation, an elevated interest rate environment and geopolitical events;

•

interest rate volatility could adversely affect our results, particularly to the extent we use leverage as part of our investment strategy;

•

our future operating results;

•

our business prospects and the prospects of our portfolio companies;

•

our contractual arrangements and relationships with third parties;

•

the ability of our portfolio companies to achieve their financial and other business objectives;

•

an inability to replicate the historical success of any previously launched fund managed by the private credit team of our investment adviser, TCW Asset Management Company LLC (the “Adviser”, also the “Administrator”);

•

potential illiquidity and lack of a viable trading market for our Units (as defined herein);

•

the ability of the Adviser to attract and retain highly talented professionals, and the allocation of such professionals’ time;

•

our reliance on management of the portfolio companies in which we invest;

•

we may be unable to generate returns for our investors and any losses of the Company will be borne solely by holders of our Units (“Unitholders”) and not by the Adviser;

•

the speculative and illiquid nature of our investments;

•

operational risks;

•

uncertainty surrounding market and geopolitical risk;

•

disruptions and instability in the capital markets;

•

uncertainty with respect to trade policies, treaties and tariffs;

•

our status as a non-diversified investment company may cause our net asset value to fluctuate;

•

collateral may consist of assets that may not be readily liquidated;

•

our investments may not be diversified;

•

a contraction of available credit could impair our lending and investment activities;

•

our reliance upon un-affiliated co-lenders, consultants, service providers and other counterparties;

•

valuation risks;

•

the risks associated with indirect investments in portfolio companies through joint ventures, partnerships or other special purpose vehicles;

•

insolvencies of our portfolio companies;

•

potential lender liability proceedings;

•

additional risks associated with the highly levered portfolio companies in which we may invest;

•

the risks associated with the bridge financings, subordinated or mezzanine financings, unitranche loans, delayed draw facilities which we may make to portfolio companies;

•

loans to middle-market portfolio companies present a greater risk than loans to larger companies;

•

risks associated payment-in-kind (“PIK”) interest and private credit;

•

investments in portfolio companies located outside of the US may present additional risks;

•

we may be subject to risks in connection with the derivative instruments we use;

•

we will pay fees and expenses which will reduce the actual returns to Unitholders, the distributions we make to Unitholders, and the overall value of the Unitholders’ investment;

•

we may retain, in whole or in part, any proceeds attributable to portfolio investments and may use the amounts retained to make investments, pay Company fees and expenses, repay Company borrowings, or fund reasonable reserves for future Company expenses or other obligations;

•

we may issue Preferred Units with separate rights and privileges;

•

compliance with current legal, tax and regulatory framework and changes thereto;

•

the costs associated with being a public entity;

•

the use of borrowed money to finance a portion of our investments;

•

uncertainty surrounding global political and financial stability, including the liquidity of the banking industry;

•

changes or potential disruptions in our operations and the operations of our portfolio companies, the economy, financial markets or political environment, including those caused by tariffs and trade disputes with other countries, supply chain issues, inflation and an elevated interest rate environment;

•

risks associated with possible disruption in our operations, the operations of our portfolio companies or the economy generally due to terrorism, war or other geopolitical conflict, natural disasters, pandemics or cybersecurity incidents;

•

the ability of the Adviser to locate suitable investments for us and to monitor and administer our investments;

•

defaults by a substantial number of Unitholders or by one or more Unitholders who have made substantial Capital Commitments (as defined herein);

•

the impact of prepayment on the value of our investments;

•

the allocation of expenses in co-investments;

•

our reliance on the skill and expertise of the Adviser;

•

investments at different levels of a capital structure may expose us to additional risks;

•

conflicts of interest may arise between the Advisers, Other Clients (as defined herein) and certain of our portfolio companies;

•

we may be limited in our ability to engage in certain transactions with affiliates under the 1940 Act;

•

the ability of the TCW Group, Inc. (“TCW”) to attract and retain highly talented professionals that can provide services to the Adviser and Administrator;

•

our ability to qualify and maintain our qualification as a regulated investment company, or “RIC,” under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) and as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”) and the related tax implications;

•

the effect of legal, tax and regulatory changes;

•

information systems failures and other cybersecurity risks significantly disrupting our business, financial condition or operating results;

•

the risks artificial intelligence pose to us and our portfolio companies; and

•

the other risks, uncertainties and other factors we identify in this quarterly report on Form 10-Q and under “Part I—Item 1A. Risk Factors” in the Form 10-K that we filed with the SEC on March 26, 2026.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, some of those assumptions are based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, the forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “1934 Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this report because we are regulated under the 1940 Act as an investment company.

Overview

We were formed on September 3, 2020 as a limited liability company under the laws of the State of Delaware. We have conducted and expect to further conduct private offerings of our 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”).

We are an externally managed, closed-end, non-diversified management investment company. On July 22, 2021, we filed an election to be regulated as a BDC under the 1940 Act. We also filed an election to be treated for U.S. Federal income tax purposes as a RIC under Subchapter M of the Code and have made such an election beginning with the taxable year ending December 31, 2022. As a BDC and a RIC, we are required to comply with certain regulatory requirements, such as the requirement to invest at least 70% of our assets in “qualifying assets,” source of income limitations, asset diversification requirements, and the requirement to distribute annually at least 90% of our taxable income and tax-exempt interest.

On May 27, 2021 (“Inception Date”), we issued 10 Common Units at an aggregate purchase price of $1.0 thousand to TCW Asset Management Company (“TAMCO”). On January 21, 2022, (the “Initial Closing Date”) we began accepting subscription agreements from investors for the private sale of our Units and we completed the first closing of the sale of our Units pursuant to which we sold 4,543,770 Units for an aggregate purchase price of $454.4 million. On July 8, 2022 we completed the second closing of the sale of our Units pursuant to which we sold 2,178,280 Common Units for an aggregate offering price of $217.8 million. On November 14, 2022, we completed the third closing of the sale of our Common Units pursuant to which we sold 642,500 Common Units for an aggregate offering price of $64.3 million

On January 6, 2023, our Board of Directors (the “Board”) approved a 6-month extension of the period for which we may continue to accept subscription agreements and issue Units from January 21, 2023 to July 21, 2023 (the “Closing Period”). On July 26, 2023, our Amended and Restated Limited Liability Company Agreement was amended to extend the Closing Period to be the twenty-four month period following our initial closing, until January 21, 2024 by a majority vote of our Unitholders.. On April 3, 2023, we completed the fourth closing of the sale of our Common Units pursuant to which we sold 1,025,550 Common Units for an aggregate offering price of $102.6 million. On July 24, 2023, we completed the fifth closing of the sale of our Common Units pursuant to which we sold 1,173,625 Common Units for an aggregate offering price of $117.4 million. On December 13, 2023, we completed the sixth closing of the sale of our Common Units pursuant to which we sold 1,145,325 Common Units for an aggregate offering price of $114.5 million. On January 18, 2024, we completed the seventh closing of the sale of our Common Units pursuant to which we sold 734,300 Common Units for an aggregate offering price of $73.4 million. On February 16, 2024, our Amended and Restated Limited Liability Company Agreement was amended such that the definition of the Closing Period was amended to be the twenty-six month

period following the Initial Closing Date which ended on March 21, 2024. On March 19, 2024, we completed the final closing of the sale of our Common Units pursuant to which the Company sold 1,302,300 Common Units for an aggregate offering price of $130.2 million.

As of March 31, 2026, we have sold 12,745,660 Units for an aggregate offering price of $1.3 billion. Each Unitholder is obligated to contribute capital equal to their Commitment and each Unit’s Commitment obligation is $100.00 per unit. The sale of the Units was made pursuant to subscription agreements entered into by us and each investor. Under the terms of the subscription agreements, we may draw down all or any portion of the undrawn commitment with respect to each Unit generally upon at least ten business days’ prior written notice to the unitholders. The amount of capital that remains to be drawn down and contributed is referred to as an “Undrawn Commitment.” All Units that are issued will be issued prior to the end of the Closing Period.

Our Commitment Period commenced on the Initial Closing Date and will end on February 1, 2026, which is the later of (a) January 21, 2026, four years from the Initial Closing Date and (b) February 1, 2026, four years from the date in which the Company first completed an investment. However, the Commitment Period is subject to termination upon the occurrence of a Key Person Event defined as follows: A “Key Person Event” will occur if, during the Commitment Period, (i) Richard T. Miller and one or more Suzanne Grosso, Mark Gertzof and David Wang (each of such four Persons, a “Key Person” and collectively, the “Key Persons”) fail to devote substantially all (i.e. more than 85%) of his or her business time to the investment activities of the Company, the prior funds, any successor funds and any fund(s) managed by the Adviser or an affiliate of the Adviser that are managed within TCW's Private Credit Group (the “Private Credit Group”) (together, the “Related Entities”); or (ii) Ms. Grosso, Mr. Gertzof and Mr. Wang all fail to devote substantially all of their business time to the investment activities of the Company and the Related Entities, in each case other than as a result of a temporary disability; provided that if a replacement has been approved as described in the paragraphs below, such replacement shall be specifically designated to take the place of one of the above-named individuals and the definition “Key Person Event” will be amended to take into account such successor.

Upon the occurrence of a Key Person Event, and in the event that the Adviser fails to replace the above-referenced individuals in the manner contemplated by the last sentence of this paragraph, the Commitment Period shall be automatically terminated upon such Key Person Event. The Commitment Period will be re-instated upon the vote or written consent of 66 2/3% in interest of the Unitholders. The Adviser is permitted at any time to replace any person designated above with a senior professional (including a Key Person) selected by the Adviser, provided that such replacement has been approved by a majority of the Unitholders (in which case, the approved substitute will be a Key Person in lieu of the person replaced). The determination of whether a Key Person Event has occurred will be made by the Company in accordance with the criteria set out above. If, during the Commitment Period, any Key Person shall fail to devote substantially all of his or her business time to the investment activities of the Company and the Related Entities other than as a result of temporary disability (the occurrence of such event, a “Key Person Departure”), the Company shall provide written notice to Unitholders of such Key Person Departure within 30 days of the date of such Key Person Departure. If the Company fails to obtain approval of a replacement of a Key Person following a Key Person Departure as provided herein, then notwithstanding anything herein, the Key Person Departure shall be permanent and the Adviser shall not be permitted to replace such Key Person. Notwithstanding the foregoing, the Adviser is permitted at any time to replace any Person designated above with a senior professional (including a Key Person) selected by the Adviser, with the approval of the majority of the Unitholders (in which case, the approved substitute shall be a Key Person in lieu of the Person replaced) no later than 90 days after the date that the Adviser informs the Company of its proposed replacement of the Key Person. If such replacement(s) end the occurrence of a Key Person Event, the Commitment Period will automatically be re-instated.

In accordance with the Company’s amended and restated LLC Agreement, the Company may complete investment transactions that were significantly in process as of the end of the Commitment Period and which the Company reasonably expects to be consummated prior to 90 days subsequent to the expiration date of the Commitment Period. The Company may also effect follow-on investments in existing portfolio companies up to an aggregate maximum of 10% of aggregate cumulative invested amounts.

We commenced operations during the first quarter of fiscal year 2022.

As of March 31, 2026, we have four wholly-owned subsidiaries, each a single member Delaware limited liability company.

Revenues

We generate revenues in the form of interest income and capital appreciation by providing private capital to middle market companies operating in a broad range of industries primarily in the United States. Our highly negotiated private investments include senior secured loans, unsecured senior loans, subordinated and mezzanine loans, convertible securities, notes and other non-convertible debt securities, equity securities, and equity-linked securities such as options and warrants. However, our investment bias is towards adjustable-rate, senior secured loans. We do not anticipate a secondary market developing for our private investments. Although we do not currently expect the Private Credit Group to originate a significant amount of investments for us with the use of

payment-in-kind ("PIK") interest features, which represents contractual interest accrued and added to the loan balance that generally becomes due at maturity, from time to time we may make investments that contain such features or that subsequently incorporate such features after origination.

We are primarily focused on investing in senior secured debt obligations, although there may be occasions where the investment may be unsecured. We also consider an equity investment as the primary security, in combination with a debt obligation, or as a part of total return strategy. Our investments are mostly in corporations, partnerships or other business entities. Additionally, in certain circumstances, we may co-invest with other investors and/or strategic partners indirectly in a company through an investment vehicle. While we invest primarily in U.S. companies, there are certain instances where we invest in companies domiciled elsewhere.

Expenses

We do not currently have any employees and do not expect to have any employees. Services necessary for our business are provided through the Administration Agreement and the Advisory Agreement.

We, and indirectly our Unitholders, bear all costs, expenses and liabilities, other than Adviser Operating Expenses (as defined below, and which shall be borne by the Adviser), in connection with our organization, operations, administration and transactions (“Company Expenses”). Company Expenses shall include, without limitation: (a) organizational expenses and expenses associated with the issuance of the Units and organizational expenses of a related entity organized and managed by the Adviser or an affiliate of the Adviser as a feeder fund for the Company and issuance of interests therein; (b) expenses of calculating our net asset value (including the cost and expenses of any independent valuation firm); (c) fees payable to third parties, including agents, consultants, attorneys or other advisors, relating to, or associated with, evaluating and making investments; (d) expenses incurred by the Adviser or the Administrator payable to third parties, including agents, consultants, attorneys or other advisors, relating to or associated with monitoring our financial and legal affairs, providing administrative services, monitoring or administering our investments and performing due diligence reviews of prospective investments and the corresponding portfolio companies; (e) costs associated with our reporting and compliance obligations under the 1940 Act, the 1934 Act and other applicable federal or state securities laws; (f) fees and expenses incurred in connection with debt incurred to finance our investments or operations, and payment of interest and repayment of principal on such debt; (g) expenses related to sales and purchases of Units and other securities; (h) Management Fees and Incentive Fees; (i) administrator fees and expenses payable under the Administration Agreement, provided that any such fees payable to the Administrator shall be limited to what a qualified third party would charge to perform substantially similar services; (j) transfer agent, sub-administrator and custodial fees; (k) expenses relating to the issue, repurchase and transfer of Units to the extent not borne by the relevant transferring Unitholders and/or assignees; (l) federal and state registration fees; (m) federal, state and local taxes and other governmental charges assessed against us; (n) Independent Directors’ fees and expenses and the costs associated with convening a meeting of our Board of Directors or any committee thereof; (o) fees and expenses and the costs associated with convening a meeting of the Unitholders or holders of any Preferred Units; (p) costs of any reports, proxy statements or other notices to Unitholders, including printing and mailing costs; (q) costs and expenses related to the preparation of our consolidated financial statements and tax returns; (r) our allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums; (s) direct costs and expenses of administration, including printing, mailing, long distance telephone, and copying; (t) independent auditors and outside legal costs, including legal costs associated with any requests for exemptive relief, “no-action” positions or other guidance sought from a regulator, pertaining to us; (u) compensation of other third party professionals to the extent they are devoted to preparing our consolidated financial statements or tax returns or providing similar “back office” financial services to us; (v) Adviser costs and expenses (excluding travel) in connection with identifying and investigating investment opportunities for us, monitoring our investments and disposing of any such investments; (w) portfolio risk management costs; (x) commissions or brokerage fees or similar charges incurred in connection with the purchase or sale of securities (including merger fees); (y) costs and expenses attributable to normal and extraordinary investment banking, commercial banking, accounting, auditing, appraisal, valuation, administrative agent activities, custodial and registration services provided to us, including in each case services with respect to the proposed purchase or sale of securities by us that are not reimbursed by the issuer of such securities or others (whether or not such purchase or sale is consummated); (z) costs of amending, restating or modifying the LLC Agreement or Advisory Agreement or related documents of us or related entities; (aa) fees, costs, and expenses incurred in connection with the termination, liquidation or dissolution of the Company or related entities; and (bb) all other properly and reasonably chargeable expenses incurred by the Company or the Administrator in connection with administering our business.

However, we do not bear more than (a) an amount equal to 10 basis points of our aggregate Commitments for organizational expenses and offering expenses in connection with the offering of Units through the Closing Period and (b) 12.5 basis points of the greater of total commitments or total assets computed annually for Company Expenses (the “Company Expenses Limitation”); provided, that, any amount by which actual annual expenses in (b) exceed the Company Expenses Limitation shall be reimbursed to us by the Adviser in the year such excess is incurred with any partial year assessed and reimbursed on a pro rata basis; and provided, further, that in determining the Company Expenses subject to the Company Expenses Limitation in (b), the following expenses shall be excluded and shall be borne by us as incurred without regard to the Company Expenses Limitation in (b): the Management Fee, the Incentive Fee, organizational and offering expenses (which are subject to the separate cap), amounts incurred in connection with our borrowings (including collateral agent (security trustee) fees, interest, bank fees, legal fees and other transactional expenses arising out of or related to any borrowing or borrowing facility and similar costs), transfer agent fees, federal, state and local taxes and other governmental charges assessed against us, out-of-pocket expenses of calculating our net asset value (including the cost and expenses of any independent valuation firm engaged for that purpose and the costs and expenses of the valuation of our portfolio investments performed by our independent auditors in order to comply with applicable Public Company Accounting Oversight Board standards), out-of-pocket costs and expenses incurred in connection with arranging or structuring investments and their ongoing operations (including expenses and liabilities related to the formation and ongoing operations of any special purpose entity or entities in connection with an investment), out-of-pocket legal costs associated with any requests for exemptive relief, “no-action” positions or other guidance sought from a regulator pertaining to us, out-of-pocket costs and expenses relating to any reorganization or liquidation of the Company, directors and officers/errors and omissions liability insurance, and any extraordinary expenses (such as litigation expenses and indemnification payments). Notwithstanding the foregoing, amounts reimbursed pursuant to the Company Expenses Limitation in any year may be carried forward by the Adviser and recouped in future years where the Company Expenses Limitation is not exceeded but in no event will we carryforward to future periods the amount by which actual annual Company Expenses for a year exceed the Company Expenses Limitation for more than three years from the date on which such expenses were reimbursed.

“Adviser Operating Expenses” means overhead and operating and administrative expenses incurred by or on behalf of the Adviser or any of its affiliates, including us, in connection with maintaining and operating the Adviser’s office, including salaries and other compensation (including compensation due to its officers), rent, routine office equipment expense and liability and insurance premiums (other than (i) those incurred in maintaining fidelity bonds and Indemnitee insurance policies and (ii) the allocable portion of the Administrator’s overhead in performing its obligations), in furtherance of providing supervisory investment management services for us. For the avoidance of doubt, Adviser Operating Expenses include any expenses incurred by the Adviser or its affiliates in connection with the Adviser’s registration as an investment adviser under the Investment Advisers Act of 1940, as amended (“Advisers Act”), or with its compliance as a registered investment adviser thereunder.

All Adviser Operating Expenses and all our expenses that we do not bear, as set forth above, are borne by the Adviser or its affiliates.

In connection with our borrowings, our lenders require us to pledge assets, Commitments and/or the right to draw down on Commitments. In this regard, the Subscription Agreement contractually obligates each of our investors to fund their respective Commitments in order to pay amounts that may become due under any borrowings or other financings or similar obligations.

Costs incurred to organize the Company are expensed as incurred. Offering costs are accumulated and will be charged directly to Members’ Capital at the end of the period during which Units will be offered (the “Closing Period”). We will not bear more than an amount equal to 10 basis points of the aggregate capital commitments to the Company through the Units (in aggregate, the “Commitments”) of the Company for organization and offering costs in connection with the offering of the Units through the Closing Period. Since inception, we have expensed $0.7 million in organizational costs, of which $0 was expensed during the three months ended March 31, 2026. Since inception, we have incurred $0.3 million of offering costs all of which were charged directly to Members’ Capital as of December 31, 2024.

Critical Accounting Policies and Estimates

Investments at Fair Value

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting estimates, including those relating to the valuation of our investment portfolio, are described below. The critical accounting estimates should be read in conjunction with our risk factors as disclosed in “Item 1A. Risk Factors.” See Note 3 to our consolidated financial statements for more information on our critical accounting policies.

Investments that we hold for which market quotes are not readily available or are not considered reliable are valued at fair value according to procedures approved by the Board based on similar instruments, internal assumptions and the weighting of the best

available pricing inputs. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" with respect to the fair valuation of our portfolio securities, subject to oversight by and periodic reporting to the Board.

Fair Value Hierarchy: Assets and liabilities are classified by us into three levels based on valuation inputs used to determine fair value:

Level 1 values are based on unadjusted quoted market prices in active markets for identical assets.

Level 2 values are based on significant observable market inputs, such as quoted prices for similar assets and quoted prices in inactive markets or other market observable inputs.

Level 3 values are based on significant unobservable inputs that reflect our determination of assumptions that market participants might reasonably use in valuing the assets.

Level 1 Assets (Investments): The valuation techniques and significant inputs used to determine fair value are as follows:

Equity, (Level 1), generally includes common stock valued at the closing price on the primary exchange in which the security trades.

Level 2 Assets (Investments): The valuation techniques and significant inputs used to determine fair value are as follows:

Equity, (Level 2), generally includes warrants valued using quotes for comparable investments.

Debt, (Level 3), includes investments in privately originated senior secured debt. Such securities are valued based on specific pricing models, internal assumptions and the weighting of the best available pricing inputs. An income method approach incorporating a weighted average cost of capital and discount rate, or a market method approach using prices and other relevant information generated by market transactions involving identical or comparable assets, is generally used to determine fair value, though some cases use an enterprise value waterfall method. Valuation may also include a shadow rating method. Standard pricing inputs include but are not limited to the financial health of the issuer, place in the capital structure, value of other issuer debt, credit, industry, and market risk and events.

Equity, (Level 3), generally includes common stock, preferred stock and warrants. Such securities are valued based on specific pricing models, internal assumptions and the weighting of the best available pricing inputs. A market approach is generally used to determine fair value. Pricing inputs include, but are not limited to, financial health and relevant business developments of the issuer; EBITDA; market multiples of comparable companies; comparable market transactions and recent trades or transactions; issuer, industry and market events; and contractual or legal restrictions on the sale of the security. When a Black-Scholes pricing model is used it follows the income approach. The Black-Scholes pricing model takes into account the contract terms as well as multiple inputs, including: time value, implied volatility, equity prices and interest rates. A liquidity discount based on current market expectations, future events, minority ownership position and the period management reasonably expects to hold the investment may be applied.

Income Recognition

Interest income and interest income paid-in-kind are recorded on an accrual basis unless doubtful of collection or the related investment is in default.

Although we do not currently expect the Private Credit Group to originate a significant amount of investments for us with the use of PIK interest features, from time to time we may make investments that contain such features or that subsequently incorporate such features after origination. PIK interest represents accrued interest that is added to the principal amount of the investment on the respective interest payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a

liquidation event. To maintain our tax status as a RIC, this non-cash source of income must be paid out to stockholders in the form of dividends for the year the income was earned, even though we have not yet collected the cash. The amortized cost of investments represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest. For the three months ended March 31, 2026, PIK interest income earned was $2.7 million, representing 7.2% of investment income. For the three months ended March 31, 2025, PIK interest income earned was $4.1 million, representing 11.8% of investment income.

Realized gains and losses on investments are recorded on a specific identification basis. We typically receive a fee in the form of a discount to the purchase price at the time it funds an investment in a loan. The discount is accreted to interest income over the life of the respective loan, using the effective-interest method assuming there are no questions as to collectability, and reflected in the amortized cost basis of the investment. Ongoing facility, commitment or other additional fees including prepayment fees, consent fees and forbearance fees are recognized immediately when earned as income.

We may enter into certain intercreditor agreements or loan agreements that entitle us to the “last out” tranche of first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. In certain cases, we may receive a higher interest rate than the contractual stated interest rate as disclosed on our Consolidated Schedule of Investments.

Certain investments have an unfunded loan commitment for a delayed draw term loan or revolving credit. We earn an unused commitment fee on the unfunded commitment during the commitment period. The expiration date of the commitment period may be earlier than the maturity date of the investment stated above. See Note 5—Commitments and Contingencies.

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. If at any point we believe PIK interest is not expected to be realized, the investment generating PIK interest will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through interest income. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. We may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection.

Investment Activity

As of March 31, 2026, our portfolio consisted of 57 debt investments and four equity investments. Based on fair values as of March 31, 2026, our portfolio was 96.5% invested in debt investments which were all senior secured term loans and revolving loans and 3.5% invested in equity investments which were common units and warrants. Debt investments in one portfolio company were on non-accrual status as of March 31, 2026, representing 1.2% and 3.0% of our portfolio's fair value and cost, respectively.

As of December 31, 2025, our portfolio consisted of 59 debt investments and four equity investments. Based on fair values as of December 31, 2025, our portfolio was 96.7% invested in debt investments which were all senior secured term loans and revolving loans and 3.3% invested in equity investments which were common units and warrants. Debt investments in one portfolio company was on non-accrual status as of December 31, 2025, representing 1.3% and 3.2% of our portfolio's fair value and cost, respectively.

The table below describes our debt and equity investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets by industry as of March 31, 2026:


Industry	Percent of Total Investments
Hotels, Restaurants & Leisure		10	%
Commercial Services & Supplies		9	%
Energy Equipment & Services		8	%
Personal Care Products		8	%
Containers & Packaging		7	%
Specialty Retail		7	%
Building Products		5	%
Food Products		5	%
Leisure Products		4	%
Metals & Mining		4	%
Health Care Equipment & Supplies		4	%
Automobile Components		4	%
Information Technology Services		3	%
Ground Transportation		3	%
Software		3	%
Household Durables		2	%
Machinery		2	%
Professional Services		2	%
Construction & Engineering		2	%
Paper & Forest Products		2	%
Transportation Infrastructure		2	%
Trading Companies & Distributors		2	%
Consumer Discretionary Textiles, Apparel & Luxury Goods		1	%
Oil, Gas & Consumable Fuels		1	%
Total		100	%

Interest income including interest income paid-in-kind, was $37.2 million and $34.2 million for the three months ended March 31, 2026 and 2025, respectively.

Results of Operations

Our operating results for the three months ended March 31, 2026 and 2025 were as follows (dollar amounts in thousands):


	For the three months ended March 31,
	2026		2025
Total investment income	$	37,249	$	34,355
Total expenses		15,830		15,181
Net investment income		21,419		19,174
Net realized gain on investments		67		—
Net change in unrealized appreciation/(depreciation) on investments		11		(4,262	)
Net increase in Members’ Capital from operations	$	21,497	$	14,912

Total investment income

Total investment income for the three months ended March 31, 2026 and 2025 was $37.2 million and $34.4 million, respectively, and included other fee income of $0.1 million and $0, respectively. The increase in total investment income during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was due to the increase in the par value of the debt investments in our portfolio, which increased to $1.3 billion as of March 31, 2026 compared to $1.1 billion as of March 31, 2025.

Total Expenses

Expenses for the three months ended March 31, 2026 and 2025 were as follows (dollar amounts in thousands):


	For the three months ended March 31,
	2026		2025
Expenses
Interest and credit facility expenses	$	7,358	$	8,813
Management fees		4,025		3,230
Incentive fees		3,794		2,631
Administrative fees		277		248
Professional fees		98		73
Directors’ fees		57		52
Other expenses		221		134
Total expenses	$	15,830	$	15,181

Our total expenses for the three months ended March 31, 2026 and 2025 were $15.8 million and $15.2 million, respectively. Our total expenses include incentive fees of $3.8 million and $2.6 million; and management fees attributed to the Adviser of $4.0 million and $3.2 million for the three months ended March 31, 2026 and 2025, respectively.

Total expenses increased for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 due to an increase in incentive fees and management fees. Incentive fees increased due to net realized and unrealized gains of $78.0 thousand during the three months ended March 31, 2026 compared to net realized and unrealized losses of $4.3 million during the three months ended March 31, 2025. Management fees also increased during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 due to an increase in the investment cost basis for which management fees are based. The increases in incentive fees and management fees were partially offset by a decrease to interest and credit facility expenses which decreased primarily due to a decrease in the weighted average interest rate during the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

Net investment income

Net investment income for the three months ended March 31, 2026 and 2025 was $21.4 million and $19.2 million, respectively. The increase in our net investment income during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily due to the increase in investment income partially offset by an increase to expenses, as described above.

Net change in unrealized appreciation/(depreciation) on non-controlled/non-affiliated investments

Our net change in unrealized appreciation/(depreciation) on non-controlled/non-affiliated investments for the three months ended March 31, 2026 and 2025 was $11.0 thousand and ($4.3) million, respectively. Our net change in unrealized appreciation/(depreciation) for the three months ended March 31, 2026 was primarily attributable to the following investments (dollar amounts in thousands):


Issuer	Investment	Change in Unrealized Appreciation/ (Depreciation)
HydroSource Logistics, LLC	Warrant, expires 4/4/34	$	5,478
Cinelease, LLC	Warrant, expires 7/31/35		1,218
Cinelease, LLC	ABL Term Loan		670
Lumos Holdings US Acquisition Co. (Life Fitness)	Term Loan		542
Comprehensive Logistics Co., LLC	Term Loan		359
D&D Buyer, LLC	Term Loan		247
CSAT Holdings LLC	Term Loan		208
Power Acquisition LLC	Term Loan B		203
Superior Industries International, Inc.	Take Back Term Loan		(214	)
HOP Energy, LLC	Term Loan		(234	)
CEC Entertainment, LLC	Term Loan		(240	)
Pallet Logistics of America, LLC	Term Loan		(244	)
The HC Companies, Inc.	Incremental Term Loan		(403	)
Signature Brands, LLC	Term Loan		(454	)
Fenix Intermediate LLC	Term Loan B		(454	)
Great Kitchens Food Company, Inc.	Term Loan		(584	)
The HC Companies, Inc.	Term Loan		(677	)
Connect America.com, LLC	Last Out Term Loan		(1,606	)
Mark Andy, Inc.	Term Loan		(2,931	)
All others	Various		(873	)
Net change in unrealized appreciation/(depreciation)		$	11

Our net change in unrealized appreciation/(depreciation) for the three months ended March 31, 2025 was primarily attributable to the following investments (dollar amounts in thousands):


Issuer	Investment	Change in Unrealized Appreciation/ (Depreciation)
HydroSource Logistics, LLC	Warrant, expires 4/4/34	$	830
Follett Higher Education Group, Inc.	Term Loan		750
Sigmatron International, Inc.	Term Loan		692
Mark Andy, Inc.	Term Loan		471
Signature Brands, LLC	Delayed Draw Term Loan B		351
Milk Makeup LLC	Revolver		(205	)
VoltaGrid, LLC	Delayed Draw Term Loan B		(216	)
Five Star Buyer, Inc.	Term Loan		(263	)
Comprehensive Logistics Co., LLC	Term Loan		(272	)
Connect America.com, LLC	Last Out Term Loan		(357	)
Corcentric, Inc.	Term Loan		(431	)
The HC Companies, Inc.	Incremental Term Loan		(594	)
The HC Companies, Inc.	Term Loan		(1,001	)
Signature Brands, LLC	Term Loan		(4,304	)
All others	Various		287
Net change in unrealized appreciation/(depreciation)		$	(4,262	)

Net realized gain on investments

During the three months ended March 31, 2026 and 2025 we recognized $0.1 million and $0, respectively, in realized gains on investments. Our net realized gain during the three months ended March 31, 2026 was primarily due to the partial disposition of the Eastern Metal Supply Borrower, LLC Term Loan. We did not have any realized gains on investments during the three months ended March 31, 2025 as we did not dispose of any investments during the period.

Net increase in Members’ Capital from operations

Our net increase in Members’ Capital from operations during the three months ended March 31, 2026 and 2025 was $21.5 million and $14.9 million, respectively.

The relative increase in Net increase in Members' Capital from operations during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 is primarily attributable to net realized and unrealized gains on investments during the three months ended March 31, 2026 compared to net realized and unrealized losses on investments during the three months ended March 31, 2025 coupled with increases in net investment income described above.

Financial Condition, Liquidity and Capital Resources

As of March 31, 2026, we have sold 12,745,660 Units for an aggregate offering price of $1.3 billion. We commenced operations during the three months ended March 31, 2022. We generate cash from (1) drawing down capital in respect of Units, (2) cash flows from investments and operations and (3) borrowings from banks or other lenders.

Our primary use of cash is for (1) investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (2) the cost of operations (including expenses, the Management Fee, the Incentive Fee, and any indemnification obligations), (3) debt service of any borrowings and (4) cash distributions to the Unitholders.

As of March 31, 2026 and December 31, 2025, aggregate Commitments, Undrawn Commitments and subscribed for Units of the Company were as follows (dollar amounts in thousands):


	March 31, 2026			December 31, 2025
Commitments	$	1,274,566		$	1,274,566
Undrawn commitments	$	384,504		$	384,504
Percentage of commitments funded		69.8	%		69.8	%
Units		12,745,660			12,745,660

On March 8, 2022, we entered into a senior secured revolving credit facility (the “Subscription Based Credit Facility” fka the “March 2022 Credit Facility”) among us, as borrower, and PNC Bank, National Association, as administrative agent and committed lender (“PNC”). The Subscription Based Credit Facility provides for a revolving credit line of up to $200.0 million (the “Subscription Based Credit Facility Maximum Commitment”), subject to the lesser of (i) a percentage of unfunded commitments from certain classes of eligible investors in the Company (the “Subscription Based Credit Facility Borrowing Base”) and (ii) the Subscription Based Credit Facility Maximum Commitment. The Subscription Based Credit Facility has an initial commitment of $200.0 million and may be periodically increased in amounts designated by us, up to an aggregate amount of $400.0 million. The maturity date of the Subscription Based Credit Facility is March 7, 2025, unless such date is extended at our option for a term of up to 12 months per such extension. Borrowings under the Subscription Based Credit Facility bear interest at a rate equal to either (a) a base rate calculated in a customary manner (which will never be less than the adjusted SOFR rate plus 1.00%) plus 0.75% or (b) adjusted SOFR rate calculated in a customary manner plus 1.75%.

The Subscription Based Credit Facility is secured by a first priority security interest, subject to customary exceptions, in (i) all of the capital commitments of the investors in the Company, (ii) our right to make capital calls, receive payment of capital contributions from the investors and enforce payment of the capital commitments and capital contributions under our operating agreement and (iii) a cash collateral account into which the capital contributions from the investors are made. The Subscription Based Credit Facility may be terminated, and any outstanding amounts thereunder may become due and payable, should we fail to satisfy certain covenants. As of March 31, 2026, we were in compliance with such covenants.

On March 7, 2025 we entered into the first amendment to the Subscription Based Credit Facility (the “First Amendment to the Subscription Based Credit Facility”). The First Amendment to the Subscription Based Credit Facility increased the applicable margin from 1.75% to 2.10%, decreased the Subscription Based Credit Facility Maximum Commitment from $200.0 million to $50.0 million and extended the stated maturity date from March 7, 2025 to March 6, 2026.

On March 6, 2026, we paid the remaining amounts owed for the Subscription Based Credit Facility in the amount of $40.5 million and terminated the agreement on the maturity date of March 6, 2026. As of March 6, 2026, we are no longer eligible to borrow amounts using the Subscription Based Credit Facility.

On September 13, 2022, TCW DL VIII Financing LLC (the “Borrower” or “TCW DL VIII Financing”), a newly-formed, wholly-owned, special purpose financing subsidiary of ours entered into a senior secured credit facility (the “Asset Based Credit Facility” fka the “September 2022 Credit Facility” and together with the Subscription Based Credit Facility, the “Credit Facilities”) pursuant to a credit and security agreement with PNC, as facility agent, the lenders from time to time party thereto, U.S. Bank National Association, as custodian, and Alter Domus (US) LLC, as collateral agent and collateral administrator.

The Asset Based Credit Facility provides for an aggregate principal amount of up to $250.0 million of revolving and term loans (the “Asset Based Credit Facility Maximum Commitment”), subject to compliance with a borrowing base (the “Asset Based Credit Facility Borrowing Base”). The Asset Based Credit Facility Maximum Commitment may be periodically increased in amounts designated by the Borrower up to an aggregate principal amount of $800.0 million, subject to lender consent and obtaining commitments for the increase. Under the Asset Based Credit Facility, the Borrower may make borrowings of (i) revolving loans (the “Asset Based Revolving Credit Facility” and together with the Subscription Based Credit Facility, the “Revolving Credit Facilities”) during the period commencing September 13, 2022 and ending on September 13, 2025 and (ii) term loans (the “Term Loan”) during the period commencing September 13, 2022 and ending on September 13, 2023, unless, in the case of (i) and (ii), there is an earlier termination of the Asset Based Credit Facility or event of default thereunder. The Asset Based Credit Facility will mature on September 13, 2027. Borrowings under the Asset Based Credit Facility will bear interest at a fluctuating rate of interest per annum equal to, at the Borrower’s option, either (i) a SOFR reference rate plus the facility margin of 2.25% per annum or (ii) the Base Rate plus the facility margin of 2.25% per annum.

The Borrower’s obligations under the Asset Based Credit Facility are secured by a first priority security interest in all of the assets of the Borrower, including its portfolio of loans which will be contributed by us to the Borrower in exchange for 100% of the membership interest of the Borrower and any payments received in respect of such loans. We may contribute or sell to the Borrower additional loans from time to time after the closing date, which shall be pledged in favor of the lenders under the Asset Based Credit Facility.

On August 11, 2023, we amended the Asset Based Credit Facility and entered into the Amendment No. 1 to Credit and Security Agreement ("Amendment No. 1"). Amendment No. 1 increased the Asset Based Credit Facility Maximum Commitment from $250 million to $400 million which is comprised of $200 million each of the revolving loan and term loan commitments, respectively. In addition, the term SOFR Adjustment has been deleted and the Facility Margin Level shall be 2.90% per annum.

On February 2, 2024, we amended the Asset Based Credit Facility and entered into the Amendment No. 2 to Credit and Security Agreement ("Amendment No. 2"). Amendment No. 2 increased the Asset Based Credit Facility Maximum Commitment from $400 million to $800 million which is comprised of $400 million each of the revolving loan and term loan commitments, respectively.

On August 22, 2025, we amended the Asset Based Credit Facility and entered into the Amendment No. 3 to Credit and Security Agreement ("Amendment No. 3"). Amendment No. 3 decreased the Asset Based Credit Facility Maximum Commitment from $800 million to $650 million which is comprised of $325 million each of the revolving loan and term loan commitments, respectively. In addition, Amendment No. 3 extended the maturity date from September 13, 2027 to April 28, 2028 and extended the period in which the Borrower may make borrowings of revolving loans from September 13, 2025 to April 30, 2026. Amendment No. 3 also decreased the facility margin from 2.90% to 2.25%.

Borrowings of the Borrower are non-recourse to us but are considered borrowings of ours for purposes of complying with the asset coverage requirements under the Investment Company Act of 1940, as amended.

A summary of amounts outstanding and available under the Credit Facilities as of March 31, 2026 and December 31, 2025 was as follows (dollar amounts in thousands):


Credit Facilities	Total Facility Commitment		Borrowings Outstanding		Available Amount(1)
Subscription Based Credit Facility – March 31, 2026	$	—	$	—	$	—
Asset Based Credit Facility – March 31, 2026	$	650,000	$	519,600	$	130,400
Subscription Based Credit Facility – December 31, 2025	$	50,000	$	40,500	$	9,500
Asset Based Credit Facility – December 31, 2025	$	650,000	$	361,200	$	288,800

(1)

The amount available considers any limitations related to the debt facility borrowing.

As of March 31, 2026 and December 31, 2025 borrowings under the Asset Based Credit Facility consisted of $325.0 million and $325.0 million, respectively, of Term Loans and $194.6 million and $36.2 million, respectively of revolving credit lines.

Costs associated with the the revolving credit lines are recorded as deferred financing costs on our Consolidated Statements of Assets and Liabilities and such costs are being amortized over the lives of the respective Credit Facilities. Costs associated with the

Term Loan are recorded as a reduction of the Term Loan on the our Consolidated Statements of Assets and Liabilities and such costs are being amortized over the life of the Term Loan.

As of March 31, 2026 and December 31, 2025, $0.5 million and $0.6 million, respectively of deferred financing costs related to the revolving credit lines had yet to be amortized and $0.5 million and $0.6 million, respectively of deferred financing costs related to the Term Loan have yet to be amortized.

The carrying amount of the Credit Facilities, which is categorized as Level 2 within the fair value hierarchy as of March 31, 2026 approximates its fair value. Valuation techniques and significant inputs used to determine fair value include our performance; credit, market and liquidity risk and events; our financial health; place in the capital structure; interest rate; and the respective credit agreement’s terms and conditions.

The summary information regarding the Credit Facilities for the three months ended March 31, 2026 and 2025 was as follows (dollar amounts in thousands):


	Three months ended March 31,
	2026			2025
Credit Facilities interest expense	$	7,009		$	7,530
Undrawn commitment fees		184			422
Administrative fees		13			20
Amortization of deferred financing costs		152			841
Total	$	7,358		$	8,813
Weighted average interest rate		5.93	%		7.22	%
Average outstanding balance	$	473,123		$	417,342

We had the following unfunded commitments and unrealized depreciation by investment as of March 31, 2026 and December 31, 2025 (dollar amounts in thousands):


			March 31, 2026					December 31, 2025
Unfunded Commitments	Investment	Maturity/ Expiration	Amount		Unrealized (Appreciation)/ Depreciation			Amount		Unrealized Depreciation
ADAN-B LLC (24 Hour Fitness)	Revolver	December 2030	$	4,336	$	35		$	6,195	$	46
Axvor Intermediate, LLC (DQS)	Delayed Draw Term Loan	December 2026		6,644		96			—		—
Axvor Intermediate, LLC (DQS)	Revolver	March 2031		6,482		93			—		—
CF Newco, Inc.	Revolver	December 2029		2,815		6			2,815		—
Cinelease, LLC	ABL Term Loan	July 2030		5,194		(57	)		6,152		185
Comprehensive Logistics Co., LLC	Revolver	March 2026		—		—			4,556		59
CSAT Holdings LLC	Revolver	June 2028		1,574		—			1,311		1
D&D Buyer, LLC	Revolver	October 2029		4,789		—			1,916		—
D&D Buyer, LLC	5th Amendment Delayed Draw Term Loan	February 2028		13,843		—			—		—
Fenix Intermediate LLC	Delayed Draw Term Loan B-2	March 2027		—		—			11,607		429
Five Star Buyer, Inc.	Revolver	February 2028		1,517		94			1,517		100
Great Kitchens Food Company, Inc.	Revolver	May 2029		—		—			6,902		—
Helix Sleep, Inc.	Revolver	November 2030		1,908		27			1,908		23
Hoffmaster Group, Inc.	Revolver	February 2028		2,096		16			2,096		16
HydroSource Logistics, LLC	Revolver	April 2029		190		—			190		—
Pallet Logistics of America, LLC	Revolver	November 2029		1,438		59			1,589		51
Red Robin International, Inc.	Revolver	September 2027		1,688		12			1,240		9
RPM Purchaser, Inc.	Delayed Draw Term Loan B	November 2026		3,035		—			3,035		—
Signature Brands, LLC	9th Amendment Delayed Draw Term Loan A	November 2026		2,639		—			3,959		—
Viva 5 Group, LLC	Revolver	May 2030		5,418		96			5,418		87
Total			$	65,606	$	477		$	62,406	$	1,006


Delaware	86-3307898
(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)


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


		PAGE
	INDEX	NO.
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Schedule of Investments as of March 31, 2026 (unaudited) and December 31, 2025	3
	Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and December 31, 2025	14
	Consolidated Statement of Operations for the three months ended March 31, 2026 and 2025 (unaudited)	15
	Consolidated Statement of Changes in Members’ Capital for the three months ended March 31, 2026 and 2025 (unaudited)	16
	Consolidated Statement of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)	18
	Notes to Consolidated Financial Statements (unaudited)	19
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	39
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	55
Item 4.	Controls and Procedures	56
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	57
Item 1A.	Risk Factors	57
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	57
Item 3.	Defaults Upon Senior Securities	57
Item 4.	Mine Safety Disclosures	57
Item 5.	Other Information	57
Item 6.	Exhibits	58
SIGNATURES		60


	Interest Income			Interest Expense			Net Investment Income (Loss)
Up 300 basis points	$	39,076		$	15,805		$	23,271
Up 200 basis points		26,050			10,536			15,514
Up 100 basis points		13,025			5,268			7,757
Down 100 basis points		(12,957	)		(5,268	)		(7,689	)
Down 200 basis points		(24,072	)		(10,536	)		(13,536	)
Down 300 basis points		(26,103	)		(15,805	)		(10,298	)


3.1	Certificate of Formation (incorporated by reference to Exhibit 3.1 to the Company’s registration statement on Form 10, as filed with the Securities and Exchange Commission on May 25, 2021)

3.2	Limited Liability Company Agreement, dated March 9, 2021 (incorporated by reference to Exhibit 3.2 to the Company’s registration statement on Form 10, as filed with the Securities and Exchange Commission on May 25, 2021)

3.3	Amended and Restated Limited Liability Company Agreement, dated January 21, 2022 (incorporated by reference to Exhibit 3.3 to the Company’s Annual Report on form 10-K/A filed on April 28, 2022)

3.4	Amendment to Amended and Restated Limited Liability Company Agreement, dated July 26, 2023 (incorporated by reference to Exhibit 3.4 to the Company's Current Report on Form 8-K, as filed with the Securities and Exchange Commission on August 3, 2023)

3.5	Amendment No. 2 to Amended and Restated Limited Liability Company Agreement, dated January 6, 2023 (incorporated by reference to Exhibit 3.5 to the Company's Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 27, 2024)

3.6	Amendment No. 3 to Amended and Restated Limited Liability Company Agreement, dated July 26, 2023 (incorporated by reference to Exhibit 3.6 to the Company’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on August 3, 2023)

3.7	Amendment No. 4 to Amended and Restated Limited Liability Company Agreement, dated February 16, 2024 (incorporated by reference to Exhibit 3.7 to the Company’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on February 22, 2024)

3.8	Amendment No. 5 to Amended and Restated Limited Liability Company Agreement, dated April 1, 2026 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on April 7, 2026)

10.1	Investment Advisory and Management Agreement, dated January 21, 2022, by and between the Company and TCW Asset Management Company LLC (incorporated by reference to Exhibit 10.1 to the Company’s Annual Report on form 10-K/A filed on April 28, 2022)

10.2	Administration Agreement, dated January 21, 2022, by and between the Company and TCW Asset Management Company LLC (incorporated by reference to Exhibit 10.2 to the Company’s Annual Report on form 10-K/A filed on April 28, 2022)

10.3	Revolving Credit Agreement, dated as of March 8, 2022, among TCW Direct Lending VIII LLC, as borrower, and PNC Bank National Association, as Administrative Agent (incorporated by reference from the Company’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on March 14, 2022)

10.4	Credit and Security Agreement, dated as of September 13, 2022, by and among TCW DL VIII Financing LLC, as Borrower, the Lenders from time to time party thereto; PNC Bank, National Association, as Facility Agent, U.S. Bank National Association, as Custodian and Alter Domus (US) LLC, as Collateral Agent and Collateral Administrator (incorporated by reference from the Company's Current Report on Form 8-K, as filed with the Securities and Exchange Commission on September 19, 2022).

10.5	Amendment No. 1 to Credit and Security Agreement, dated as of August 11, 2023, by and among TCW DL VIII Financing LLC, as Borrower, the Lenders from time to time party thereto; PNC Bank, National Association, as Facility Agent, U.S. Bank National Association, as Custodian and Alter Domus (US) LLC, as Collateral Agent and Collateral Administrator (incorporated by reference to Exhibit 10.5 the Company's Quarterly Report on form 10-Q filed on November 8, 2023)

10.6	Amendment No. 2 to Credit and Security Agreement, dated as of February 2, 2024, by and among TCW DL VIII Financing LLC, as Borrower, the Lenders from time to time party thereto; PNC Bank, National Association, as Facility Agent, U.S. Bank National Association, as Custodian and Alter Domus (US) LLC, as Collateral Agent and Collateral Administrator (incorporated by reference to Exhibit 10.6 to the Company's Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 27, 2024)

10.7	First Amendment to Revolving Credit Agreement dated as of March 7, 2025, by and among TCW Direct Lending VIII LLC, as Borrower, PNC Bank National Association as administrative agent for the Lenders (in such capacity, the


	Administrative Agent), and the Committed Lenders, Conduit Lenders, and Funding Agents (incorporated by reference to Exhibit 10.7 to the Company's Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 26, 2025).

10.8	Amendment No. 3 to Credit and Security Agreement, dated as of August 22, 2025, by and among TCW DL VIII Financing LLC, as Borrower, the Lenders from time to time party thereto; PNC Bank, National Association, as Facility Agent, U.S. Bank National Association, as Custodian and Alter Domus (US) LLC, as Collateral Agent and Collateral Administrator (incorporated by reference to Exhibit 10.8 to the Company's Quarterly Report on Form 10-Q, as filed with the Securities and Exchange Commission on November 12, 2025).

10.9*	Amendment No. 4 to Credit and Security Agreement, dated as of April 1, 2026, by and among TCW DL VIII Financing LLC, as Borrower, the Lenders from time to time party thereto; PNC Bank, National Association, as Facility Agent, U.S. Bank National Association, as Custodian and Alter Domus (US) LLC, as Collateral Agent and Collateral Administrator.

31.1*	Certification of President Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934

31.2*	Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934

32.1*	Certification of President Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)

32.2*	Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)

101.INS	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)


	TCW DIRECT LENDING VIII LLC
Date: May 13, 2026	By:	/s/ Richard T. Miller
		Richard T. Miller
		President


Date: May 13, 2026	By:	/s/ Andrew J. Kim
		Andrew J. Kim
		Chief Financial Officer

OR

For the transition period from to

Commission file number 814-01420

(Exact Name of Registrant as Specified in Its Charter)

200 Clarendon Street, Boston, MA

02116

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

Not applicable

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

Not applicable

TCW DIRECT LENDING VIII LLC

Consolidated Schedule of Investments (Unaudited)

As of March 31, 2026

TCW DIRECT LENDING VIII LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of March 31, 2026

TCW DIRECT LENDING VIII LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of March 31, 2026

TCW DIRECT LENDING VIII LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of March 31, 2026

TCW DIRECT LENDING VIII LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of March 31, 2026

TCW DIRECT LENDING VIII LLC

Consolidated Schedule of Investments

As of December 31, 2025

TCW DIRECT LENDING VIII LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2025

TCW DIRECT LENDING VIII LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2025

TCW DIRECT LENDING VIII LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2025

TCW DIRECT LENDING VIII LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2025

TCW DIRECT LENDING VIII LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2025

TCW DIRECT LENDING VIII LLC

Consolidated Statements of Assets and Liabilities

(Dollar amounts in thousands, except unit data)

March 31, 2026

TCW DIRECT LENDING VIII LLC

Consolidated Statement of Operations (Unaudited)

(Dollar amounts in thousands, except unit data)

March 31, 2026

TCW DIRECT LENDING VIII LLC

Consolidated Statement of Changes in Members’ Capital (Unaudited)

(Dollar amounts in thousands, except unit data)

March 31, 2026

TCW DIRECT LENDING VIII LLC

Consolidated Statement of Changes in Members’ Capital (Unaudited)

(Dollar amounts in thousands, except unit data)

March 31, 2025

TCW DIRECT LENDING VIII LLC

Consolidated Statement of Cash Flows (Unaudited)

(Dollar amounts in thousands, except unit data)

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