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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2025

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

For the transition period from to

Commission file number 814-01069

TCW DIRECT LENDING LLC

(Exact Name of Registrant as Specified in Its Charter)



Delaware	46-5327366
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

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

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

Not applicable

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

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



Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	Not applicable	Not applicable

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

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

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


Large accelerated filer	☐	Accelerated filer	☐

Non-Accelerated filer	☒	Smaller reporting company	☐

		Emerging growth company	☐

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

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

As of March 31, 2025, there was no established public market for the Registrant’s common units. The number of the Registrant’s common units outstanding at May 14, 2025 was 18,034,649.

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

TCW DIRECT LENDING LLC

FORM 10-Q FOR THE QUARTER ENDED March 31, 2025

Table of Contents


	INDEX	PAGE NO.
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Schedules of Investments as of March 31, 2025 (unaudited) and December 31, 2024	3
	Consolidated Statements of Assets and Liabilities as of March 31, 2025 (unaudited) and December 31, 2024	13
	Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (unaudited)	14
	Consolidated Statements of Changes in Members' Capital for the three months ended March 31, 2025 and 2024 (unaudited)	15
	Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (unaudited)	16
	Notes to Consolidated Financial Statements (unaudited)	17
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	33
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	44
Item 4.	Controls and Procedures	44
PART II.	OTHER INFORMATION	44
Item 1.	Legal Proceedings	44
Item 1A.	Risk Factors	44
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	45
Item 3.	Defaults Upon Senior Securities	45
Item 4.	Mine Safety Disclosures	45
Item 5.	Other Information	45
Item 6.	Exhibits	46
	SIGNATURES	47

TCW DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited)

As of March 31, 2025


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1)
Diversified Consumer Services
	SSI Parent, LLC (fka School Specialty, Inc.)(4)	09/15/20	Term Loan - 12.43% (SOFR + 8.00%, 1.25% Floor)		2.9	%		7,696,693	12/29/26		7,692,035		7,696,693
					2.9	%					7,692,035		7,696,693
Hotels, Restaurants & Leisure
	Ruby Tuesday Operations LLC(4)	02/24/21	Term Loan - 16.44% inc PIK (SOFR + 12.00%, 1.25% Floor, all PIK)		3.7	%		9,786,890	02/24/27		9,766,153		9,786,890
	Ruby Tuesday Operations LLC(4)	02/01/23	Incremental Term Loan - 20.44% inc PIK (SOFR + 16.00%, 1.25% Floor, all PIK)		1.1	%		2,282,765	02/24/27		2,282,765		2,928,011
					4.8	%					12,048,918		12,714,901
Household Durables
	Cedar Electronics Holdings, Corp.(4)	05/19/15	Term Loan - 12.42% (SOFR + 8.00%, 1.50% Floor)		5.3	%		14,018,452	12/31/26		14,018,452		14,018,452
	Cedar Electronics Holdings, Corp. (4)	01/30/19	Incremental Term Loan - 15.00% inc PIK (15.00%, Fixed Coupon, all PIK)		2.3	%		6,068,695	12/31/26		6,001,358		6,068,695
					7.6	%					20,019,810		20,087,147
Industrial Conglomerates
	Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company)(4)	08/22/24	Revolver - 6.00% inc PIK (6.00%, Fixed Coupon, all PIK)		2.4	%		6,419,980	01/31/28		6,419,980		6,419,980
	Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company)(4)	08/22/24	Term Loan A - 6.00% inc PIK (6.00%, Fixed Coupon, all PIK)		15.7	%		41,548,454	01/31/28		41,535,546		41,548,454
					18.1	%					47,955,526		47,968,434
Metals & Mining
	Pace Industries, Inc.(2)(4)(9)	06/01/20	HoldCo Term Loan - 6.44% inc PIK (SOFR + 2.00%, 1.50% Floor, all PIK)		0.0	%		104,894,884	06/01/40		78,137,869		—
	Pace Industries, Inc.(2)(4)(9)	06/01/20	Term Loan - 12.69% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK)		14.8	%		77,853,227	10/14/26		68,097,904		39,160,173
	Pace Industries, Inc.(2)(4)(9)	10/07/22	Revolver - 12.70% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK)		4.0	%		21,099,702	10/14/26		18,242,602		10,613,150
					18.8	%					164,478,375		49,773,323
Pharmaceuticals
	Noramco, LLC	07/01/16	Term Loan - 12.84% inc PIK (SOFR + 8.38%, 1.00% Floor, 0.38% PIK)		10.5	%		28,016,443	01/31/26		28,016,443		27,792,311
					10.5	%					28,016,443		27,792,311
	Total Debt Investments				62.7	%					280,211,107		166,032,809

TCW DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of March 31, 2025


Industry	Issuer	Investment	% of Net Assets			Shares		Amortized Cost		Fair Value
	EQUITY
Diversified Consumer Services
	SSI Parent, LLC (fka School Specialty, Inc.)(2)(4)(5)(7)	Class A Preferred Stock		6.8	%		806,264	$	8,062,637	$	18,060,308
	SSI Parent, LLC (fka School Specialty, Inc.)(2)(4)(5)(7)	Class B Preferred Stock		2.0	%		359,474		356,635		5,284,268
	SSI Parent, LLC (fka School Specialty, Inc.)(2)(4)(5)(7)	Common Stock		6.9	%		80,700		53,889		18,205,597
				15.7	%				8,473,161		41,550,173
Hotels, Restaurants & Leisure
	RT Holdings Parent, LLC(2)(4)(7)	Class A Units		7.8	%		5,475,885		5,133,708		20,649,015
	RT Holdings Parent, LLC(2)(4)(7)	Warrant, expires 2/24/27		1.3	%		912,647		—		3,441,136
	RT Holdings Parent, LLC(2)(4)(7)	Class P-1 Units		0.2	%		105,624		133,086		398,002
	RT Holdings Parent, LLC(2)(4)(7)	Class P-2 Units		0.0	%		53,104		66,914		120,997
				9.3	%				5,333,708		24,609,150
Household Durables
	Cedar Ultimate Parent, LLC(2)(4)(7)	Class A Preferred Units		7.4	%		9,297,990		9,187,902		19,671,014
	Cedar Ultimate Parent, LLC(2)(4)(7)	Class E Common Units		0.0	%		300,000		—		—
	Cedar Ultimate Parent, LLC(2)(4)(7)	Class D Preferred Units		0.0	%		2,900,000		—		—
				7.4	%				9,187,902		19,671,014
Industrial Conglomerates
	Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company)(2)(4)(7)	Class A Units		14.7	%		100,000		62,647,925		38,974,000
				14.7	%				62,647,925		38,974,000
Investment Funds & Vehicles
	TCW Direct Lending Strategic Ventures LLC(2)(4)(6)	Common membership Interests		0.0	%		800		—		—
	TCW Direct Lending Strategic Ventures LLC(2)(4)(6)	Preferred membership Interests		16.2	%		57,400		57,400,000		42,798,018
				16.2	%				57,400,000		42,798,018
Metals & Mining
	Pace Industries, Inc.(2)(4)(7)	Common Stock		0.0	%		971,418		2,110,522		—
				0.0	%				2,110,522		—
	Total Equity Investments			63.3	%				145,153,218		167,602,355
	Total Debt & Equity Investments(8)			126.0	%				425,364,325		333,635,164
	Cash Equivalents
	First American Government Obligation Fund, Yield 4.27%, Class X (FGXXX)			4.1	%		10,968,007		10,968,007		10,968,007
	Total Cash Equivalents			4.1	%				10,968,007		10,968,007
	Short-term Investments
	U.S. Treasury Bill, Yield 2.29%, Maturity Date 04/03/25			137.9	%		370,000,000		364,899,858		364,899,858
	Total Short-term Investments			137.9	%				364,899,858		364,899,858
	Total Investments (268.2%)							$	801,232,190	$	709,503,029
	Net unrealized depreciation on unfunded commitments (-0.3%)										(808,680	)
	Liabilities in Excess of Other Assets (-167.9%)										(444,127,677	)
	Net Assets (100.0%)									$	264,566,672

(1)

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

(2)

Non-income producing.

TCW DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of March 31, 2025

(3)

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


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

(a)

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

(b)

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

TCW DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of March 31, 2025

(4)

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


Name of Investment	Fair Value at December 31, 2024		Gross Addition (a)		Gross Reduction (b)			Realized Gains (Losses)		Net Change in Unrealized Appreciation/ (Depreciation)			Fair Value at March 31, 2025		Interest/Dividend/ Other income
Cedar Electronics Holdings, Corp Incremental Term Loan - 15.00%	$	5,844,291	$	224,404	$	—		$	—	$	—		$	6,068,695	$	224,681
Cedar Electronics Holdings, Corp Term Loan - 9.50%		14,018,452		31		—			—		(31	)		14,018,452		495,513
Cedar Ultimate Parent, LLC Class A Preferred Unit		16,403,979		—		—			—		3,267,035			19,671,014		—
Cedar Ultimate Parent, LLC Class D Preferred Unit		—		—		—			—		—			—		—
Cedar Ultimate Parent, LLC Class E Preferred Unit		—		—		—			—		—			—		—
Overton Chicago Gear, LLC Revolver		5,829,929		590,051		—			—		—			6,419,980		90,148
Overton Chicago Gear, LLC Term Loan A		40,929,862		619,715		—			—		(1,122	)		41,548,455		619,817
Pace Industries, Inc. Common Stock		—		—		—			—		—			—		—
Pace Industries, Inc. Term Loan - 3.50%		—		—		—			—		—			—		—
Pace Industries, Inc. Term Loan - 9.75%		42,921,932		—		—			—		(3,761,759	)		39,160,173		—
Pace Industries, LLC Revolver Opco		11,240,860		709,259		—			—		(1,336,969	)		10,613,150		2,251
Precision Products Machining Group, LLC Class A Units		33,351,000		—		—			—		5,623,000			38,974,000		—
RT Holdings Parent, LLC Class A Unit		15,197,224		—		—			—		5,451,791			20,649,015		—
RT Holdings Parent, LLC Warrant		2,532,687		—		—			—		908,449			3,441,136		—
Ruby Tuesday Operations, LLC Incremental Term Loan		2,928,001		114,373		—			—		(114,363	)		2,928,011		115,991
Ruby Tuesday Operations, LLC Term Loan		9,389,540		407,077		—			—		(9,727	)		9,786,890		406,310
Ruby Tuesday P-1 Units		293,001		—		—			—		105,001			398,002		—
Ruby Tuesday P-2 Units		68,000		—		—			—		52,997			120,997		—
School Specialty, Inc. Common Stock		16,945,063		—		—			—		1,260,534			18,205,597		—
School Specialty, Inc. Preferred Stock A		18,060,308		—		—			—		—			18,060,308		—
School Specialty, Inc. Preferred Stock B		5,284,268		—		—			—		—			5,284,268		—
School Specialty, Inc. Term Loan - 9.25%		8,065,952		798		(367,202	)		—		(2,855	)		7,696,693		248,882
TCW Direct Lending Strategic Ventures LLC Common Membership Interests		—		—		—			—		—			—		—
TCW Direct Lending Strategic Ventures LLC Preferred Membership Interests		51,230,479		—		(7,600,000	)		—		(832,461	)		42,798,018		—
Total Controlled Affiliated Investments	$	300,534,828	$	2,665,708	$	(7,967,202	)	$	—	$	10,609,520		$	305,842,854	$	2,203,593

TCW DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of March 31, 2025

(a)

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

(b)

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

(5)

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

(6)

The investment is not a qualifying asset as defined in Section 55(a) under the Investment Company Act of 1940, as amended. A business development company may not acquire an asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets. As of March 31, 2025, $42,798,018 or 6.0% of the Company’s total assets were represented by “non-qualifying assets.”

(7)

All or a portion of such security was acquired in a transaction exempt from registration under the Securities Act of 1933, and may be deemed “restricted securities” under the Securities Act. As of March 31, 2025, the aggregate fair value of these securities was $124,804,337, or 17.6% of the Company’s total assets.

(8)

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

(9)

Investment is in default as of March 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 $2,730,073 and $7,991,850, respectively, for the period ended March 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	%

See Notes to Consolidated Financial Statements.

TCW DIRECT LENDING LLC

Consolidated Schedule of Investments

As of December 31, 2024


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

TCW DIRECT LENDING LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2024


Industry	Issuer	Investment	% of Net Assets			Shares		Amortized Cost		Fair Value
	EQUITY
Diversified Consumer Services
	SSI Parent, LLC (fka School Specialty, Inc.)(2)(4)(5)(7)	Class A Preferred Stock		7.1	%		806,264	$	8,062,637	$	18,060,308
	SSI Parent, LLC (fka School Specialty, Inc.)(2)(4)(5)(7)	Class B Preferred Stock		2.1	%		359,474		356,635		5,284,268
	SSI Parent, LLC (fka School Specialty, Inc.)(2)(4)(5)(7)	Common Stock		6.6	%		80,700		53,889		16,945,063
				15.8	%				8,473,161		40,289,639
Hotels, Restaurants & Leisure
	RT Holdings Parent, LLC(2)(4)(7)	Class A Units		5.9	%		5,475,885		5,133,708		15,197,224
	RT Holdings Parent, LLC(2)(4)(7)	Warrant, expires 2/24/27		1.0	%		912,647		—		2,532,687
	RT Holdings Parent, LLC(2)(4)(7)	Class P-1 Units		0.1	%		105,624		133,086		293,001
	RT Holdings Parent, LLC(2)(4)(7)	Class P-2 Units		0.0	%		53,104		66,914		68,000
				7.0	%				5,333,708		18,090,912
Household Durables
	Cedar Ultimate Parent, LLC(2)(4)(7)	Class A Preferred Units		6.4	%		9,297,990		9,187,902		16,403,979
	Cedar Ultimate Parent, LLC(2)(4)(7)	Class E Common Units		0.0	%		300,000		—		—
	Cedar Ultimate Parent, LLC(2)(4)(7)	Class D Preferred Units		0.0	%		2,900,000		—		—
				6.4	%				9,187,902		16,403,979
Industrial Conglomerates
	Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company)(2)(4)(7)	Class A Units		13.0	%		100,000		62,647,925		33,351,000
				13.0	%				62,647,925		33,351,000
Investment Funds & Vehicles
	TCW Direct Lending Strategic Ventures(2)(4)(6)	Common membership Interests		0.0	%		800		—		—
	TCW Direct Lending Strategic Ventures(4)(6)	Preferred membership Interests		20.0	%		65,000		65,000,000		51,230,479
				20.0	%				65,000,000		51,230,479
Metals & Mining
	Pace Industries, Inc.(2)(4)(7)	Common Stock		0.0	%		971,418		2,110,522		—
				0.0	%				2,110,522		—
	Total Equity Investments			62.2	%				152,753,218		159,366,009
	Total Debt & Equity Investments(8)			129.7	%				463,548,533		331,582,372
	Cash Equivalents
	First American Government Obligation Fund, Yield 4.39%, Class X (FGXXX)			0.7	%		1,765,814		1,765,814		1,765,814
	Total Cash Equivalents			0.7	%				1,765,814		1,765,814
	Short-term Investments
	U.S. Treasury Bill, Yield 4.46%, Maturity Date 04/03/25			164.4	%		425,000,000		420,466,431		420,466,431
	Total Short-term Investments			164.4	%				420,466,431

TCW Direct Lending LLC 10-Q