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Loan B - 10.96% (SOFR + 6.50%, 1.75% Floor), % of Net Assets – 3.4%, Maturity Date - 06/16/282024-01-012024-12-310001916608Debt Investment, Food Products, Baxters North America, Inc., Acquisition Date - 05/31/23, Investment - Term Loan - 11.21% (SOFR + 6.88%, 1.75% Floor), % of Net Assets - 3.7%, Maturity Date - 05/31/282025-06-300001916608Debt Investment, Specialty Retail, D&D Buyer, LLC., Acquisition Date - 10/04/23, Investment - Term Loan - 11.43% (SOFR + 7.00%, 2.00% Floor), % of Net Assets – 4.0%, Maturity Date - 10/04/282024-12-310001916608Debt Investment, Paper & Forest Products, Pallet Logistics of America, LLC, Acquisition Date - 11/22/24, Investment - Term Loan - 10.76% (SOFR + 6.50%, 1.00% Floor), % of Net Assets – 2.0%, Maturity Date - 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Equipment, VoltaGrid, LLC, Acquisition Date - 04/09/24, Investment - Delayed Draw Term Loan - 10.90% (SOFR + 6.50%, 4.00% Floor), % of Net Assets - 0.3% Maturity Date - 02/28/292025-01-012025-06-300001916608Debt Investment, Ground Transportation, RPM Purchaser, Inc., Acquisition Date - 09/11/23, Investment - Delayed Draw Term Loan B - 10.72% (SOFR + 6.25%, 2.00% Floor), % of Net Assets - 0.6%, Maturity Date - 09/11/282024-12-310001916608Debt Investment, Transportation Infrastructure, CG Buyer, LLC, Acquisition Date - 07/19/23, Investment - Delayed Draw Term Loan 11.33%(SOFR + 7.00%, 1.50% Floor), % of Net Assets – 0.1%, Maturity Date - 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02/28/292025-06-3000019166082024-06-300001916608Debt Investment, Transportation Infrastructure, CG Buyer, LLC, Acquisition Date - 07/19/23, Investment - Term Loan 11.33%(SOFR + 7.00%, 1.50% Floor), % of Net Assets – 2.6%, Maturity Date - 07/19/282025-01-012025-06-300001916608Debt Investment, Construction & Engineering, Sunland Asphalt & Construction, LLC., Acquisition Date - 06/16/23, Investment - Delayed Draw Term Loan - 10.96% (SOFR + 6.50%, 1.75% Floor), % of Net Assets – 1.5%, Maturity Date - 06/16/282024-12-310001916608ck0001916608:IncentiveFeeTwoMember2025-01-012025-06-300001916608ck0001916608:SoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2024-12-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-03-310001916608Debt Investment, Transportation Infrastructure, CG Buyer, LLC., Acquisition Date - 07/19/23, Investment - Delayed Draw Term Loan - 11.36% (SOFR + 7.00%, 1.50% Floor), % of Net Assets – 0.1%, Maturity Date 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05/31/23, Investment - Term Loan - 11.76% (SOFR + 7.25%, 1.75% Floor), % of Net Assets - 5.2%, Maturity Date - 05/31/282024-01-012024-12-3100019166082022-10-012022-12-310001916608Debt Investment, Software, CF Newco, Inc., Acquisition Date - 12/09/24, Investment - Revolver 10.56%(SOFR + 6.25%, 1.50% Floor), % of Net Assets – 0.1%, Maturity Date - 12/10/292025-06-300001916608us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMemberck0001916608:PaperAndForestProductsMember2025-06-300001916608us-gaap:CapitalUnitsMember2025-06-300001916608Debt Investment, Ground Transportation, RPM Purchaser, Inc., Acquisition Date - 09/11/23, Investment - Delayed Draw Term Loan B - 10.69% (SOFR + 6.25%, 2.00% Floor), % of Net Assets - 0.4%, Maturity Date - 09/11/282025-01-012025-06-300001916608ck0001916608:GreatKitchensFoodCompanyIncMember2024-12-310001916608Debt Investment, Containers & Packaging, Hoffmaster Group, Inc, Acquisition Date - 03/15/24, Investment - Incremental Term Loan - 10.57% (SOFR + 6.25%, 2.00% Floor), % of Net Assets - 0.4% Maturity Date - 02/24/282025-06-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-01-012024-06-300001916608Debt Investment, Ground Transportation, RPM Purchaser, Inc., Acquisition Date - 09/11/23, Investment - Term Loan B - 10.69% (SOFR + 6.25%, 2.00% Floor), % of Net Assets - 3.2%, Maturity Date - 09/11/282025-06-3000019166082022-04-012022-06-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2024-03-310001916608Debt Investment, Specialty Retail, D&D Buyer, LLC., Acquisition Date - 10/04/23, Investment - Delayed Draw Term Loan - 11.62% (SOFR + 7.00%, 2.00% Floor), % of Net Assets – 0.7%, Maturity Date - 10/04/282024-01-012024-12-310001916608Debt Investment, Software, CF Newco, Inc., Acquisition Date - 12/09/24, Investment - Revolver 10.56%(SOFR + 6.25%, 1.50% Floor), % of Net Assets – 0.1%, Maturity Date - 12/10/292025-01-012025-06-300001916608ck0001916608:InvestmentAdvisoryAndManagementAgreementMember2025-01-012025-06-300001916608Debt Investment, Energy Equipment & Services, HydroSource Logistics, LLC, Acquisition Date - 04/05/24, Investment - Revolver - 13.06% (SOFR + 8.50%, 2.00% Floor), % of Net Assets - 0.2% Maturity Date - 04/04/292025-01-012025-06-300001916608us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2024-12-310001916608Debt Investment, Energy Equipment & Services, HydroSource Logistics, LLC, Acquisition Date - 04/05/24, Investment – Term Loan - 13.06% (SOFR + 8.50%, 2.00% Floor), % of Net Assets - 2.6% Maturity Date - 04/04/292025-01-012025-06-300001916608us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-06-3000019166082022-12-310001916608ck0001916608:ConstructionAndEngineeringMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2024-12-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-12-310001916608ck0001916608:MacquarieTransactionsMember2024-01-012024-06-300001916608us-gaap:FairValueInputsLevel3Memberck0001916608:MeasurementInputTakeOutIndicationMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2025-06-300001916608Debt Investment, Food Products, Signature Brands, LLC, Acquisition Date - 05/05/23, Investment - Term Loan - 14.28% inc PIK (SOFR + 9.50%, 1.75% Floor, 3.00% PIK), % of Net Assets - 5.1%, Maturity Date - 05/04/282024-12-310001916608us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMember2025-06-300001916608ck0001916608:HydrosourceLogisticsLlcMember2025-06-300001916608us-gaap:FairValueInputsLevel2Memberus-gaap:CashEquivalentsMember2024-12-310001916608ck0001916608:SuperiorIndustriesInternationalIncMember2025-01-012025-06-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityFundsMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2024-12-3100019166082025-01-012025-06-300001916608Debt Investment, Commercial Services & Supplies., LLC, Comprehensive Logistics Co., LLC., Acquisition Date - 03/26/24, Investment - Revolver - 11.44% (SOFR + 7.00%, 2.00% Floor), % of Net Assets – 0.2%, Maturity Date - 03/26/262024-01-012024-12-310001916608Debt Investment, Machinery, Mark Andy, Inc., Acquisition Date - 06/16/23, Investment - Term Loan - 13.20% inc PIK (SOFR + 8.75%, 1.50% Floor, 1.00% PIK), % of Net Assets – 3.2%, Maturity Date - 06/16/282025-06-300001916608us-gaap:RetainedEarningsMember2024-06-300001916608ck0001916608:FiveStarBuyerIncMember2025-06-300001916608us-gaap:FairValueInputsLevel3Member2025-01-012025-06-3000019166082022-07-212025-06-300001916608ck0001916608:SuperiorIndustriesInternationalIncMember2024-12-310001916608Debt Investment, Containers & Packaging, The HC Companies, Inc., Acquisition Date - 05/21/24, Investment - Incremental Term Loan - 11.84% (SOFR + 7.50%, 2.00% Floor) % of Net Assets - 1.0% Maturity Date - 08/01/282024-01-012024-12-310001916608Debt Investment, Construction & Engineering, Sunland Asphalt & Construction, LLC., Acquisition Date - 06/16/23, Investment - Delayed Draw Term Loan - 10.96% (SOFR + 6.50%, 1.75% Floor), % of Net Assets – 1.5%, Maturity Date - 06/16/282024-01-012024-12-310001916608ck0001916608:MacquarieTransactionsMember2025-04-012025-06-300001916608us-gaap:InvestmentUnaffiliatedIssuerMemberck0001916608:HotelsRestaurantAndLeisureMemberus-gaap:DebtSecuritiesMember2024-12-310001916608ck0001916608:CgBuyerLlcMember2024-12-310001916608Debt Investment, Food Products, Great Kitchens Food Company, Inc.., Acquisition Date - 05/31/24, Investment - Term Loan - 10.36% (SOFR + 6.00%, 1.25% Floor), % of Net Assets - 4.7%, Maturity Date - 05/31/292024-01-012024-12-310001916608Debt Investment, Professional Services, Alorica Inc., Acquisition Date - 12/21/22, Investment - Term Loan - 11.23% (SOFR + 6.88%, 1.50% Floor), % of Net Assets – 6.3%, Maturity Date - 12/21/272024-12-310001916608Debt Investment, Food Products, Signature Brands, LLC, Acquisition Date - 02/29/24, Investment - Delayed Draw Term Loan A - 13.94% inc PIK (SOFR + 9.50%, 1.75% Floor, all PIK), % of Net Assets - 0.3%, Maturity Date - 05/04/282025-06-300001916608us-gaap:FairValueInputsLevel3Member2023-12-310001916608Debt Investment, Energy Equipment & Services, HydroSource Logistics, LLC, Acquisition Date - 04/14/25, Investment – 3rd Amendment Term Loan - 13.06% (SOFR + 8.50%, 2.00% Floor), % of Net Assets - 3.4% Maturity Date - 04/04/292025-01-012025-06-300001916608Debt Investment, Energy Equipment & Services, HydroSource Logistics, LLC, Acquisition Date - 04/05/24, Investment - Term Loan - 13.09% (SOFR + 8.50%, 2.00% Floor), % of Net Assets - 3.5% Maturity Date - 04/04/292024-12-310001916608ck0001916608:CsatHoldingsLlcMember2025-01-012025-06-300001916608us-gaap:InvestmentUnaffiliatedIssuerMemberck0001916608:ContainersAndPackagingMemberus-gaap:DebtSecuritiesMember2025-06-300001916608ck0001916608:GreatKitchensFoodCompanyIncMember2025-06-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-06-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2025-06-300001916608DEBT Investment, Automobile Components, Fenix Intermediate LLC, Acquisition Date - 03/28/24, Investment - Delayed Draw Term Loan B-1 - 10.83% (SOFR + 6.50%, 1.75% Floor), Net Assets – 0.2%, Maturity Date - 03/28/292024-12-310001916608ck0001916608:PalletLogisticsOfAmericaLLCMember2024-12-310001916608ck0001916608:MilkMakeupLLCMember2025-01-012025-06-300001916608us-gaap:RetainedEarningsMember2025-06-300001916608Debt Investment, Construction & Engineering, Sunland Asphalt & Construction, LLC., Acquisition Date - 06/16/23, Investment - Term Loan B - 11.43% (SOFR + 7.00%, 1.75% Floor), % of Net Assets – 2.6%, Maturity Date - 06/16/282025-01-012025-06-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2024-12-310001916608ck0001916608:HealthCareEquipmentAndSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2024-12-310001916608Debt Investment, Electrical Equipment, VoltaGrid, LLC, Acquisition Date - 03/31/25, Investment - Delayed Draw Term Loan B - 10.65% (SOFR + 6.25%, 4.00% Floor), % of Net Assets - 1.1% Maturity Date - 02/28/292025-01-012025-06-300001916608ck0001916608:HydrosourceLogisticsLlcMember2024-12-310001916608Debt Investment, Energy Equipment & Services, HydroSource Logistics, LLC, Acquisition Date - 04/05/24, Investment - Revolver - 13.12% 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Holdings LLC , Acquisition Date - 03/05/25 Investment Warrant, expires 3/5/32 % of Net Assets – 0.0%2025-06-300001916608Debt Investment, Automobile Components, Superior Industries International, Inc, Acquisition Date - 06/04/25, Investment – Delayed Draw Term Loan - 12.32% (SOFR + 8.00%, 3.50% Floor, all PIK), % of Net Assets - 0.0%, Maturity Date - 06/04/262025-01-012025-06-300001916608Debt Investment, Automobile Components, Fenix Intermediate LLC, Acquisition Date - 03/28/24 Investment - Term Loan B - 11.05% (SOFR + 6.75%, 1.75% Floor), % of Net Assets - 2.9%, Maturity Date - 03/28/292025-01-012025-06-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2024-06-300001916608us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-06-300001916608us-gaap:RetainedEarningsMember2024-03-310001916608Debt Investment, Paper & Forest Products, Pallet Logistics of America, LLC, Acquisition Date - 11/22/24, Investment - Revolver - 10.81% (SOFR + 6.50%, 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Investment, Specialty Retail, D&D Buyer, LLC., Acquisition Date - 10/04/23, Investment - Term Loan - 11.43% (SOFR + 7.00%, 2.00% Floor), % of Net Assets – 4.0%, Maturity Date - 10/04/282024-01-012024-12-310001916608Debt Investment, Energy Equipment & Services, HydroSource Logistics, LLC, Acquisition Date - 04/14/25, Investment – 3rd Amendment Term Loan - 13.06% (SOFR + 8.50%, 2.00% Floor), % of Net Assets - 3.4% Maturity Date - 04/04/292025-06-3000019166082024-08-122024-08-120001916608ck0001916608:HoffmasterGroupIncMember2024-12-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-01-012025-06-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2024-12-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMemberck0001916608:MachineryMember2024-12-310001916608ck0001916608:MilkMakeupLLCMember2024-12-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001916608:DebtSecuritiesOneMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2025-06-300001916608Debt Investment, Commercial Services & Supplies, Comprehensive Logistics Co., LLC, Acquisition Date - 03/26/24, Investment - Revolver - 11.98% (SOFR + 7.50%, 2.00% Floor), % of Net Assets – 0.3%, Maturity Date - 03/26/262025-01-012025-06-300001916608ck0001916608:SignatureBrandsLlcTwoMember2025-06-300001916608Debt Investment, Transportation Infrastructure, CG Buyer, LLC, Acquisition Date - 07/19/23, Investment - Delayed Draw Term Loan 11.33%(SOFR + 7.00%, 1.50% Floor), % of Net Assets – 0.1%, Maturity Date - 07/19/282025-01-012025-06-300001916608us-gaap:CapitalUnitsMember2024-06-3000019166082025-08-120001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityFundsMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-06-300001916608Debt Investment, Commercial Services & Supplies., LLC, Comprehensive Logistics Co., LLC., Acquisition Date - 03/26/24, Investment - Revolver - 11.44% (SOFR + 7.00%, 2.00% Floor), % of Net Assets – 0.2%, Maturity Date - 03/26/262024-12-310001916608Debt Investment, Commercial Services & Supplies, Power Acquisition LLC, Acquisition Date - 01/22/25 Investment - Term Loan B - 10.02% (SOFR + 5.75%, 1.50% 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03/28/292024-01-012024-12-310001916608us-gaap:FairValueInputsLevel3Memberck0001916608:MeasurementInputTakeOutIndicationMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2025-06-300001916608us-gaap:InvestmentUnaffiliatedIssuerMemberck0001916608:CommercialServicesAndSuppliesMemberus-gaap:DebtSecuritiesMember2025-06-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2024-04-012024-06-300001916608Debt Investment, Paper & Forest Products, Pallet Logistics of America, LLC, Acquisition Date - 11/22/24, Investment - Term Loan - 11.01% (SOFR + 6.50%, 1.00% Floor), % of Net Assets – 2.8%, Maturity Date - 11/22/292024-12-310001916608ck0001916608:HoffmasterGroupIncMember2025-01-012025-06-300001916608us-gaap:DebtSecuritiesMember2024-12-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2024-12-310001916608ck0001916608:FenixIntermediateLlcTwoMember2024-12-310001916608us-gaap:CapitalUnitsMember2025-04-012025-06-300001916608Debt Investment, Food Products, Signature Brands, LLC, Acquisition Date - 05/05/25, Investment – 9th Amendment Term Loan A - 22.03% inc PIK (SOFR + 17.50%, 1.75% Floor, all PIK), % of Net Assets - 0.9%, Maturity Date - 05/04/282025-06-300001916608Equity Investment Energy Equipment & Services HydroSource Logistics, LLC Acquisition Date - 04/05/24 Investment Warrant, expires 4/4/34 % of Net Assets – 0.0%2024-01-012024-12-3100019166082024-12-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-06-300001916608us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMemberck0001916608:MetalsAndMiningMember2025-06-300001916608Debt Investment, Energy Equipment & Services, HydroSource Logistics, LLC, Acquisition Date - 04/05/24, Investment - Revolver - 13.12% (SOFR + 8.50%, 2.00% Floor), % of Net Assets - 0.1% Maturity Date - 04/04/292024-01-012024-12-310001916608ck0001916608:GroundTransportationMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2024-12-310001916608Debt Investment, Containers & Packaging, The HC Companies, Inc., Acquisition Date - 05/21/24, Investment - Incremental Term Loan - 11.78% (SOFR + 7.50%, 2.00% Floor) % of Net Assets - 0.7% Maturity Date - 08/01/282025-01-012025-06-300001916608us-gaap:FairValueInputsLevel3Member2024-12-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001916608:DebtSecuritiesOneMemberus-gaap:IncomeApproachValuationTechniqueMember2025-06-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2025-06-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-04-012025-06-300001916608Debt Investment, Specialty Retail, D&D Buyer, LLC, Acquisition Date - 10/04/23, Investment - Term Loan 10.90%(SOFR + 6.50%, 2.00% Floor), % of Net Assets – 2.9%, Maturity Date - 10/04/282025-06-300001916608country:US2025-06-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-04-012025-06-300001916608us-gaap:FairValueInputsLevel3Member2025-03-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberck0001916608:EnergyEquipmentAndServicesMemberus-gaap:DebtSecuritiesMember2025-06-300001916608ck0001916608:VivaFiveGroupLLCMember2025-01-012025-06-300001916608ck0001916608:MacquarieTransactionsMember2025-06-300001916608Debt Investment, Food Products, Signature Brands, LLC, Acquisition Date - 05/05/23, Investment - Term Loan - 13.94% inc PIK (SOFR + 9.50%, 1.75% Floor, all PIK), % of Net Assets - 2.9%, Maturity Date - 05/04/282025-06-300001916608us-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001916608ck0001916608:SoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-06-300001916608ck0001916608:IncentiveFeeThereafterMember2025-01-012025-06-300001916608Debt Investment, Containers & Packaging, Hoffmaster Group, Inc, Acquisition Date - 03/15/24, Investment - Incremental Term Loan - 10.57% (SOFR + 6.25%, 2.00% Floor), % of Net Assets - 0.4% Maturity Date - 02/24/282025-01-012025-06-3000019166082024-01-012024-03-310001916608ck0001916608:VoltagridLlcMember2025-01-012025-06-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-06-300001916608Debt Investment, Commercial Services & Supplies., LLC, Comprehensive Logistics Co., LLC., Acquisition Date - 03/26/24, Investment - Term Loan - 11.46% (SOFR + 7.00%, 2.00% Floor), % of Net Assets – 4.5%, Maturity Date - 03/26/262024-12-310001916608ck0001916608:PalletLogisticsOfAmericaLLCTwoMember2025-01-012025-06-300001916608Debt Investment, Commercial Services & Supplies, Jones Industrial Holdings, Inc., Acquisition Date - 07/31/23, Investment - Delayed Draw Term Loan - 11.46% (SOFR + 7.00%, 2.00% Floor), % of Net Assets – 0.6%, Maturity Date - 07/31/282024-01-012024-12-310001916608Debt Investment, Containers & Packaging, Hoffmaster Group, Inc, Acquisition Date - 03/15/24, Investment - Incremental Term Loan - 10.82% (SOFR + 6.25%, 2.00% Floor), % of Net Assets - 0.5% Maturity Date - 02/24/282024-01-012024-12-310001916608ck0001916608:TransportationInfrastructureMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2024-12-310001916608Debt Investment, Software, CF Newco, Inc., Acquisition Date - 12/09/24, Investment - Term Loan 10.56%(SOFR + 6.25%, 1.50% Floor), % of Net Assets – 1.9%, Maturity Date - 12/10/292025-06-300001916608Debt Investment, Construction & Engineering, Sunland Asphalt & Construction, LLC., Acquisition Date - 06/16/23, Investment - Term Loan B - 10.96% (SOFR + 6.50%, 1.75% Floor), % of Net Assets – 3.4%, Maturity Date - 06/16/282024-12-310001916608Debt Investment, Commercial Services & Supplies, CSAT Holdings LLC, Acquisition Date - 06/30/23, Investment - Term Loan - 15.06% inc PIK (SOFR + 10.50%, 2.00% Floor, 2.25% PIK), % of Net Assets - 3.7%, Maturity Date - 06/30/282025-06-300001916608ck0001916608:DAndDBuyerLlcMember2025-06-300001916608us-gaap:CapitalUnitsMember2025-03-310001916608Debt Investment, Energy Equipment & Services, HydroSource Logistics, LLC, Acquisition Date - 04/05/24, Investment – Term Loan - 13.06% (SOFR + 8.50%, 2.00% Floor), % of Net Assets - 2.6% Maturity Date - 04/04/292025-06-300001916608DEBT Investment, Automobile Components, Fenix Intermediate LLC, Acquisition Date - 03/28/24, Investment - Delayed Draw Term Loan B-1 - 10.83% (SOFR + 6.50%, 1.75% Floor), Net Assets – 0.2%, Maturity Date - 03/28/292024-01-012024-12-310001916608ck0001916608:MilkMakeupLLCMember2025-06-300001916608ck0001916608:ProfessionalServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-06-300001916608Debt Investment, Automobile Components, Superior Industries International, Inc, Acquisition Date - 08/14/24, Investment - Term Loan - 11.83% (SOFR + 7.50%, 2.50% Floor, all PIK), % of Net Assets - 1.2%, Maturity Date - 12/15/282025-01-012025-06-300001916608us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-06-300001916608ck0001916608:VoltagridLlcMember2025-06-300001916608Debt Investment, Machinery, Mark Andy, Inc., Acquisition Date - 06/16/23, Investment - Term Loan - 13.23% inc PIK (SOFR + 8.75%, 1.50% Floor, 1.00% PIK), % of Net Assets – 4.1%, Maturity Date - 06/16/282024-01-012024-12-310001916608ck0001916608:FiveStarBuyerIncMember2024-12-310001916608ck0001916608:ComprehensiveLogisticsCoLlcMember2025-06-300001916608Debt Investment, Paper & Forest Products, Pallet Logistics of America, LLC, Acquisition Date - 11/22/24, Investment - Revolver - 10.81% (SOFR + 6.50%, 1.00% Floor), % of Net Assets – 0.1%, Maturity Date - 11/29/292025-06-300001916608Debt Investment, Construction & Engineering, Sunland Asphalt & Construction, LLC., Acquisition Date - 06/16/23, Investment - Term Loan B - 11.43% (SOFR + 7.00%, 1.75% Floor), % of Net Assets – 2.6%, Maturity Date - 06/16/282025-06-300001916608us-gaap:FairValueInputsLevel2Member2024-12-310001916608us-gaap:RetainedEarningsMember2023-12-3100019166082025-03-310001916608ck0001916608:VivaFiveGroupLLCMember2024-12-310001916608Debt Investment, Ground Transportation, RPM Purchaser, Inc., Acquisition Date - 09/11/23, Investment - Delayed Draw Term Loan B - 10.69% (SOFR + 6.25%, 2.00% Floor), % of Net Assets - 0.4%, Maturity Date - 09/11/282025-06-300001916608Debt Investment, Specialty Retail, D&D Buyer, LLC., Acquisition Date - 10/04/23, Investment - Delayed Draw Term Loan - 11.62% (SOFR + 7.00%, 2.00% Floor), % of Net Assets – 0.7%, Maturity Date - 10/04/282024-12-310001916608us-gaap:EquitySecuritiesMember2025-06-300001916608ck0001916608:MacquarieTransactionsMember2025-01-012025-06-300001916608Debt Investment, Construction & Engineering, Sunland Asphalt & Construction, LLC., Acquisition Date - 06/16/23, Investment - Delayed Draw Term Loan - 11.43% (SOFR + 7.00%, 1.75% Floor), % of Net Assets – 1.2%, Maturity Date - 06/16/282025-06-300001916608us-gaap:FairValueInputsLevel3Member2025-04-012025-06-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2025-06-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-12-310001916608Debt Investment, Commercial Services & Supplies, Comprehensive Logistics Co., LLC, Acquisition Date - 03/26/24 Investment - Term Loan - 11.98% (SOFR + 7.50%, 2.00% Floor), % of Net Assets – 3.3%, Maturity Date - 03/26/262025-06-300001916608Debt Investment, Ground Transportation, RPM Purchaser, Inc., Acquisition Date - 09/11/23, Investment - Term Loan B - 10.72% (SOFR + 6.25%, 2.00% Floor), % of Net Assets - 4.3%, Maturity Date - 09/11/282024-01-012024-12-310001916608Debt Investment, Paper & Forest Products, Pallet Logistics of America, LLC, Acquisition Date - 11/22/24, Investment - Term Loan - 10.76% (SOFR + 6.50%, 1.00% Floor), % of Net Assets – 2.0%, Maturity Date - 11/22/292025-06-300001916608Debt Investment, Electrical Equipment, VoltaGrid, LLC, Acquisition Date - 04/09/24, Investment - Term Loan - 10.90% (SOFR + 6.50%, 4.00% Floor), % of Net Assets - 2.8% Maturity Date - 02/28/292025-01-012025-06-300001916608us-gaap:FairValueInputsLevel3Member2024-03-310001916608us-gaap:InvestmentUnaffiliatedIssuerMember2024-04-012024-06-300001916608Debt Investment, Transportation Infrastructure, CG Buyer, LLC., Acquisition Date - 07/19/23, Investment -Term Loan - 11.36%(SOFR + 7.00%, 1.50% Floor), % of Net Assets – 3.5%, Maturity Date - 07/19/282024-12-310001916608Debt Investment, Specialty Retail, D&D Buyer, LLC, Acquisition Date - 10/04/23, Investment - Revolver 10.90%(SOFR + 6.50%, 2.00% Floor), % of Net Assets – 0.3%, Maturity Date - 10/04/282025-01-012025-06-300001916608ck0001916608:DAndDBuyerLlcTwoMember2025-01-012025-06-300001916608Debt Investment, Software, CF Newco, Inc., Acquisition Date - 12/09/24, Investment - Term Loan 10.56%(SOFR + 6.25%, 1.50% Floor), % of Net Assets – 1.9%, Maturity Date - 12/10/292025-01-012025-06-300001916608Debt Investment, Leisure Facilities, All Day Acquisitionco LLC (24 Hour Fitness), Acquisition Date - 04/30/25, Investment - Term Loan - 10.78% (SOFR + 6.50%, 1.50% Floor), % of Net Assets - 4.9%, Maturity Date - 04/30/302025-01-012025-06-300001916608ck0001916608:HealthCareEquipmentAndSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-06-300001916608Debt Investment, Personal Care Products, Viva 5 Group, LLC, Acquisition Date - 05/21/25, Investment - Revolver 10.83%(SOFR + 6.50%, 2.25% Floor), % of Net Assets – 0.1%, Maturity Date - 05/21/302025-01-012025-06-300001916608ck0001916608:DAndDBuyerLlcTwoMember2024-12-310001916608Debt Investment, Hotels, Restaurants & Leisure, Five Star Buyer, Inc, Acquisition Date - 05/11/23, Investment - Delayed Draw Term Loan - 12.43% inc PIK (SOFR + 8.00%, 1.50% Floor, 1.00% PIK), % of Net Assets - 0.1%, Maturity Date - 02/23/282025-01-012025-06-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2024-12-310001916608Debt Investment, Commercial Services & Supplies CSAT Holdings LLC, Acquisition Date - 06/30/2023, Investment Revolver - 12.71% (SOFR + 8.25%, 2.00% Floor) % of Net Assets – 0.2%, Maturity Date - 06/30/20282024-01-012024-12-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMemberck0001916608:PaperAndForestProductsMember2024-12-310001916608us-gaap:RetainedEarningsMember2024-12-310001916608us-gaap:RetainedEarningsMember2025-03-310001916608us-gaap:SubsequentEventMember2025-08-122025-08-120001916608us-gaap:FairValueInputsLevel3Member2024-06-300001916608ck0001916608:TermLoansToCFNewcoIncMember2024-12-310001916608us-gaap:CashEquivalentsMember2024-12-310001916608Debt Investment, Containers & Packaging, Hoffmaster Group, Inc, Acquisition Date - 02/24/23, Investment - Term Loan - 10.57% (SOFR + 6.25%, 2.00% Floor) % of Net Assets - 3.1% Maturity Date - 02/24/282025-01-012025-06-300001916608Debt Investment, Hotels, Restaurants & Leisure, Five Star Buyer, Inc, Acquisition Date - 05/11/23, Investment - Delayed Draw Term Loan - 12.43% inc PIK (SOFR + 8.00%, 1.50% Floor, 1.00% PIK), % of Net Assets - 0.1%, Maturity Date - 02/23/282025-06-300001916608Debt Investment, Machinery, Mark Andy, Inc., Acquisition Date - 06/16/23, Investment - Term Loan - 13.23% inc PIK (SOFR + 8.75%, 1.50% Floor, 1.00% PIK), % of Net Assets – 4.1%, Maturity Date - 06/16/282024-12-310001916608Debt Investment, Personal Care Products, Milk Makeup LLC, Acquisition Date - 03/18/25, Investment - Revolver 12.02%(SOFR + 7.50%, 2.00% Floor), % of Net Assets – 0.4%, Maturity Date - 03/18/302025-06-300001916608us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-01-012025-06-300001916608us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberck0001916608:DebtSecuritiesOneMemberus-gaap:IncomeApproachValuationTechniqueMember2025-06-3000019166082023-12-3100019166082024-01-012024-12-310001916608Debt Investment, Personal Care Products, Viva 5 Group, LLC, Acquisition Date - 05/21/25, Investment - Term Loan 10.83%(SOFR + 6.50%, 2.25% Floor), % of Net Assets – 4.5%, Maturity Date - 05/21/302025-06-300001916608us-gaap:InvestmentUnaffiliatedIssuerMember2025-04-012025-06-300001916608Debt Investment, Transportation Infrastructure, CG Buyer, LLC., Acquisition Date - 07/19/23, Investment - Delayed Draw Term Loan - 11.36% (SOFR + 7.00%, 1.50% Floor), % of Net Assets – 0.1%, Maturity Date - 07/19/282024-12-310001916608us-gaap:RetainedEarningsMember2025-01-012025-03-310001916608Debt Investment, Ground Transportation, RPM Purchaser, Inc., Acquisition Date - 09/11/23, Investment - Term Loan B - 10.72% (SOFR + 6.25%, 2.00% Floor), % of Net Assets - 4.3%, Maturity Date - 09/11/282024-12-310001916608ck0001916608:ProfessionalServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2024-12-310001916608ck0001916608:ConstructionAndEngineeringMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-06-300001916608Debt Investment, Specialty Retail, D&D Buyer, LLC, Acquisition Date - 10/04/23, Investment - Term Loan 10.90%(SOFR + 6.50%, 2.00% Floor), % of Net Assets – 2.9%, Maturity Date - 10/04/282025-01-012025-06-300001916608Equity Investment, Energy Equipment & Services HydroSource Logistics, LLC Acquisition Date - 04/05/24 Investment Warrant, expires 4/4/34 % of Net Assets – 0.6%2025-01-012025-06-300001916608Debt Investment, Machinery, Mark Andy, Inc., Acquisition Date - 06/16/23, Investment - Term Loan - 13.20% inc PIK (SOFR + 8.75%, 1.50% Floor, 1.00% PIK), % of Net Assets – 3.2%, Maturity Date - 06/16/282025-01-012025-06-300001916608Debt Investment, Food Products, Baxters North America, Inc., Acquisition Date - 05/31/23, Investment - Term Loan - 11.76% (SOFR + 7.25%, 1.75% Floor), % of Net Assets - 5.2%, Maturity Date - 05/31/282024-12-310001916608ck0001916608:PalletLogisticsOfAmericaLLCMember2025-06-300001916608us-gaap:InvestmentUnaffiliatedIssuerMemberck0001916608:EnergyEquipmentAndServicesMemberus-gaap:DebtSecuritiesMember2024-12-310001916608Debt Investment, Containers & Packaging, PaperWorks Industries, Inc., Acquisition Date - 07/26/23, Investment - Term Loan - 12.99% (SOFR + 8.25%, 1.00% Floor), % of Net Assets - 2.1% Maturity Date - 06/30/272024-01-012024-12-310001916608ck0001916608:FirstAmericanGovernmentObligationFundYieldClassXMember2024-12-310001916608country:US2024-12-310001916608Debt Investment, Personal Care Products, Viva 5 Group, LLC, Acquisition Date - 05/21/25, Investment - Revolver 10.83%(SOFR + 6.50%, 2.25% Floor), % of Net Assets – 0.1%, Maturity Date - 05/21/302025-06-300001916608ck0001916608:InvestmentAdvisoryAndManagementAgreementMember2022-09-1500019166082022-07-012022-09-30xbrli:purexbrli:sharesck0001916608:Segmentiso4217:USDiso4217:USDxbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

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

☐For the quarterly period ended June 30, 2025

OR

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

For the transition period from to

Commission file number 814-01566

TCW STAR DIRECT LENDING LLC

(Exact Name of Registrant as Specified in Its Charter)


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


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

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

Not applicable

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

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

     Title of each class

     Trading
 Symbol(s)

     Name of each exchange 
on which registered

     None

     Not applicable

     Not applicable

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

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

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


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

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

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

As of June 30, 2025, there was no established public market for the Registrant’s common units. The number of the Registrant’s common units outstanding at August 12, 2025 was 3,753,190.

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

TCW STAR DIRECT LENDING LLC

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

Table of Contents


		PAGE
	INDEX	NO.
PART I.	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements
	Consolidated Schedule of Investments as of June 30, 2025 (unaudited) and December 31, 2024	2
	Consolidated Statements of Assets and Liabilities as of June 30, 2025 (unaudited) and December 31, 2024	10
	Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (unaudited)	11
	Consolidated Statements of Changes in Members' Capital for the three and six months ended June 30, 2025 and 2024 (unaudited)	12
	Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (unaudited)	14
	Notes to Consolidated Financial Statements (unaudited)	15
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	44
Item 4.	Controls and Procedures	45
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	46
Item 1A.	Risk Factors	46
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46
Item 3.	Defaults Upon Senior Securities	46
Item 4.	Mine Safety Disclosures	46
Item 5.	Other Information	46
Item 6.	Exhibits	47
SIGNATURES		48

TCW STAR DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited)

As of June 30, 2025


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1)
Automobile Components
	Fenix Intermediate LLC	03/28/24	Term Loan B - 11.05% (SOFR + 6.75%, 1.75% Floor)		2.9	%	$	6,110,047	03/28/29	$	5,971,577	$	5,847,315
	Fenix Intermediate LLC	03/28/24	Delayed Draw Term Loan B-1 - 11.05% (SOFR + 6.75%, 1.75% Floor)		0.2	%		366,420	03/28/29		366,420		350,664
	Superior Industries International, Inc.	08/14/24	Term Loan - 11.83% inc PIK (SOFR + 7.50%, 2.50% Floor, all PIK)		1.2	%		3,591,534	12/15/28		3,521,543		2,312,948
	Superior Industries International, Inc.	06/04/25	Delayed Draw Term Loan - 12.32% inc PIK (SOFR + 8.00%, 3.50% Floor, all PIK)		0.0	%		72,532	06/04/26		72,532		72,532
					4.3	%					9,932,072		8,583,459
Commercial Services & Supplies
	CSAT Holdings LLC	06/30/23	Term Loan - 15.06% inc PIK (SOFR + 10.50%, 2.00% Floor, 2.25% PIK)		3.7	%		7,662,568	06/30/28		7,506,448		7,386,716
	CSAT Holdings LLC	06/30/23	Revolver - 15.06% inc PIK (SOFR + 10.50%, 2.00% Floor, 2.25% PIK)		0.3	%		552,131	06/30/28		552,131		532,255
	Comprehensive Logistics Co., LLC	03/26/24	Revolver - 11.98% (SOFR + 7.50%, 2.00% Floor)		0.3	%		622,564	03/26/26		622,564		610,113
	Comprehensive Logistics Co., LLC	03/26/24	Term Loan - 11.98% (SOFR + 7.50%, 2.00% Floor)		3.3	%		6,740,630	03/26/26		6,684,885		6,605,817
	Power Acquisition LLC	01/22/25	Term Loan B - 10.02% (SOFR + 5.75%, 1.50% Floor)		3.0	%		6,212,247	01/22/30		6,064,288		6,050,729
					10.6	%					21,430,316		21,185,630
Construction & Engineering
	Sunland Asphalt & Construction, LLC	06/16/23	Delayed Draw Term Loan - 11.43% (SOFR + 7.00%, 1.75% Floor)		1.2	%		2,098,001	06/16/28		2,098,001		2,139,961
	Sunland Asphalt & Construction, LLC	06/16/23	Term Loan B - 11.43% (SOFR + 7.00%, 1.75% Floor)		2.6	%		5,018,231	06/16/28		4,908,157		5,118,595
					3.8	%					7,006,158		7,258,556
Containers & Packaging
	The HC Companies, Inc.	08/01/23	Term Loan - 11.78% (SOFR + 7.50%, 2.00% Floor)		4.3	%		9,324,042	08/01/28		9,180,251		8,531,498
	The HC Companies, Inc.	05/21/24	Incremental Term Loan - 11.78% (SOFR + 7.50%, 2.00% Floor)		0.7	%		1,592,215	08/01/28		1,562,952		1,456,877
	Hoffmaster Group, Inc.	02/24/23	Term Loan - 10.57% (SOFR + 6.25%, 2.00% Floor)		3.1	%		6,151,296	02/24/28		6,115,597		6,163,598
	Hoffmaster Group, Inc.	03/15/24	Incremental Term Loan - 10.57% (SOFR + 6.25%, 2.00% Floor)		0.4	%		776,524	02/24/28		766,091		778,077
	PaperWorks Industries, Inc.	07/26/23	Term Loan - 12.68% (SOFR + 8.25%, 1.00% Floor)		1.5	%		3,059,894	06/30/27		3,028,805		3,047,654
					10.0	%					20,653,696		19,977,704
Electrical Equipment
	VoltaGrid, LLC	04/09/24	Term Loan - 10.90% (SOFR + 6.50%, 4.00% Floor)		2.8	%		5,705,010	02/28/29		5,525,613		5,670,780
	VoltaGrid, LLC	04/09/24	Delayed Draw Term Loan - 10.90% (SOFR + 6.50%, 4.00% Floor)		0.3	%		576,296	02/28/29		576,296		572,839
	VoltaGrid, LLC	03/31/25	Delayed Draw Term Loan B - 10.65% (SOFR + 6.25%, 4.00% Floor)		1.1	%		2,305,186	02/28/29		2,305,186		2,272,913
					4.2	%					8,407,095		8,516,532
Energy Equipment & Services
	HydroSource Logistics, LLC	04/05/24	Revolver - 13.06% (SOFR + 8.50%, 2.00% Floor)		0.2	%		457,767	04/04/29		457,767		457,767
	HydroSource Logistics, LLC	04/05/24	Term Loan - 13.06% (SOFR + 8.50%, 2.00% Floor)		2.6	%		5,199,333	04/04/29		5,082,660		5,199,333
	HydroSource Logistics, LLC	04/14/25	3rd Amendment Term Loan - 13.06% (SOFR + 8.50%, 2.00% Floor)		3.4	%		6,800,495	04/04/29		6,545,333		6,800,495
					6.2	%					12,085,760		12,457,595

TCW STAR DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of June 30, 2025


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1) (continued)
Food Products
	Baxters North America, Inc.	05/31/23	Term Loan - 11.21% (SOFR + 6.88%, 1.75% Floor)		3.7	%	$	7,445,041	05/31/28	$	7,331,735	$	7,311,030
	Great Kitchens Food Company, Inc.	05/31/24	Term Loan - 10.33% (SOFR + 6.00%, 1.25% Floor)		3.2	%		6,451,450	05/31/29		6,333,784		6,425,644
	Signature Brands, LLC	02/29/24	Delayed Draw Term Loan A - 13.94% inc PIK (SOFR + 9.50%, 1.75% Floor, all PIK)		0.3	%		509,291	05/04/28		509,291		509,291
	Signature Brands, LLC	05/05/23	Term Loan - 13.94% inc PIK (SOFR + 9.50%, 1.75% Floor, all PIK)		2.9	%		9,019,064	05/04/28		8,909,276		5,871,411
	Signature Brands, LLC	05/05/25	9th Amendment Term Loan A - 22.03% inc PIK (SOFR + 17.50%, 1.75% Floor, all PIK)		0.9	%		1,803,910	05/04/28		1,738,094		1,803,910
					11.0	%					24,822,180		21,921,286
Ground Transportation
	RPM Purchaser, Inc.	09/11/23	Term Loan B - 10.69% (SOFR + 6.25%, 2.00% Floor)		3.2	%		6,309,673	09/11/28		6,183,617		6,372,769
	RPM Purchaser, Inc.	09/11/23	Delayed Draw Term Loan B - 10.69% (SOFR + 6.25%, 2.00% Floor)		0.4	%		893,615	09/11/28		893,615		893,615
					3.6	%					7,077,232		7,266,384
Health Care Equipment & Supplies
	Connect America.com, LLC	10/11/24	Last Out Term Loan - 9.80% (SOFR + 5.50%, 1.75% Floor)		4.5	%		9,061,413	10/11/29		8,933,015		8,880,185
					4.5	%					8,933,015		8,880,185
Hotels, Restaurants & Leisure
	Five Star Buyer, Inc.	05/11/23	Term Loan - 12.43% inc PIK (SOFR + 8.00%, 1.50% Floor, 1.00% PIK)		2.9	%		6,011,362	02/23/28		5,880,144		5,626,635
	Five Star Buyer, Inc.	05/11/23	Delayed Draw Term Loan - 12.43% inc PIK (SOFR + 8.00%, 1.50% Floor, 1.00% PIK)		0.1	%		214,020	02/23/28		214,020		200,323
					3.0	%					6,094,164		5,826,958
Leisure Facilities
	All Day Acquisitionco LLC (24 Hour Fitness)	04/30/25	Term Loan - 10.78% (SOFR + 6.50%, 1.50% Floor)		4.9	%		9,842,289	04/30/30		9,627,704		9,680,876
					4.9	%					9,627,704		9,680,876
Machinery
	Mark Andy, Inc.	06/16/23	Term Loan - 13.20% inc PIK (SOFR + 8.75%, 1.50% Floor, 1.00% PIK)		3.2	%		6,963,156	06/16/28		6,862,460		6,301,656
					3.2	%					6,862,460		6,301,656
Metals & Mining
	Material Sciences Corporation	03/14/25	Term Loan - 10.55% (SOFR + 6.25%, 2.00% Floor)		4.5	%		9,179,437	03/14/30		8,985,229		8,959,131
					4.5	%					8,985,229		8,959,131
Paper & Forest Products
	Pallet Logistics of America, LLC	11/22/24	Revolver - 10.81% (SOFR + 6.50%, 1.00% Floor)		0.1	%		131,098	11/29/29		131,098		126,640
	Pallet Logistics of America, LLC	11/22/24	Term Loan - 10.76% (SOFR + 6.50%, 1.00% Floor)		2.0	%		4,174,147	11/22/29		4,087,010		4,032,226
					2.1	%					4,218,108		4,158,866

TCW STAR DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of June 30, 2025


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount/Shares		Maturity Date	Amortized Cost		Fair Value
	DEBT(1) (continued)
Personal Care Products
	Milk Makeup LLC	03/18/25	Revolver - 12.02% (SOFR + 7.50%, 2.00% Floor)		0.4	%		788,781	03/18/30		788,781		765,906
	Milk Makeup LLC	03/18/25	Term Loan - 12.08% (SOFR + 7.50%, 2.00% Floor)		4.5	%		9,179,437	03/18/30		8,951,406		8,913,234
	Viva 5 Group, LLC	05/21/25	Term Loan - 10.83% (SOFR + 6.50%, 2.25% Floor)		4.5	%		9,100,777	05/21/30		8,875,586		8,918,762
	Viva 5 Group, LLC	05/21/25	Revolver - 10.83% (SOFR + 6.50%, 2.25% Floor)		0.1	%		199,080	05/21/30		199,080		195,098
					9.5	%					18,814,853		18,793,000
Professional Services
	Alorica Inc.	12/21/22	Term Loan - 11.20% (SOFR + 6.88%, 1.50% Floor)		4.6	%	$	9,379,390	12/21/27	$	9,309,815	$	9,248,079
					4.6	%					9,309,815		9,248,079
Software
	CF Newco, Inc.	12/09/24	Term Loan - 10.56% (SOFR + 6.25%, 1.50% Floor)		1.9	%		3,896,664	12/10/29		3,859,386		3,857,698
	CF Newco, Inc.	12/09/24	Revolver - 10.56% (SOFR + 6.25%, 1.50% Floor)		0.1	%		213,016	12/10/29		213,016		210,885
					2.0	%					4,072,402		4,068,583
Specialty Retail
	D&D Buyer, LLC	10/04/23	Revolver - 10.90% (SOFR + 6.50%, 2.00% Floor)		0.3	%		528,672	10/04/28		528,672		528,672
	D&D Buyer, LLC	10/04/23	Delayed Draw Term Loan - 10.90% (SOFR + 6.50%, 2.00% Floor)		0.7	%		1,470,720	10/04/28		1,470,720		1,482,486
	D&D Buyer, LLC	10/04/23	Term Loan - 10.90% (SOFR + 6.50%, 2.00% Floor)		2.9	%		5,809,019	10/04/28		5,683,257		5,855,492
					3.9	%					7,682,649		7,866,650
Transportation Infrastructure
	CG Buyer, LLC	07/19/23	Delayed Draw Term Loan - 11.33% (SOFR + 7.00%, 1.50% Floor)		0.1	%		115,668	07/19/28		115,668		114,742
	CG Buyer, LLC	07/19/23	Term Loan - 11.33% (SOFR + 7.00%, 1.50% Floor)		2.6	%		5,251,430	07/19/28		5,164,404		5,209,418
					2.7	%					5,280,072		5,324,160

	Total Debt Investments				98.6	%					201,294,980		196,275,290
	EQUITY
Commercial Services & Supplies
	CSAT Investment Holdings LLC(3)(4)	03/05/25	Warrant, expires 3/5/32		0.0	%		301,543			133,772		72,853
					0.0	%					133,772		72,853
Energy Equipment & Services
	HydroSource Logistics, LLC(3)(4)	04/05/24	Warrant, expires 4/4/34		0.6	%		44			56,923		1,283,674
					0.6	%					56,923		1,283,674
	Total Equity Investments				0.6	%					190,695		1,356,527
	Total Debt & Equity Investments(2)				99.2	%					201,485,675		197,631,817
	Cash Equivalents
	First American Government Obligation Fund, Yield 4.26%, Class X (FGXXX)				2.7	%		5,429,807			5,429,807		5,429,807
	Total Cash Equivalents				2.7	%		5,429,807			5,429,807		5,429,807
	Total Investments (101.9%)									$	206,915,482	$	203,061,624
	Net unrealized depreciation on unfunded commitments (-0.1%)												(248,610	)
	Liabilities in Excess of Other Assets (-1.8%)											$	(3,664,860	)
	Net Assets (100.0%)											$	199,148,154

(1)

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

TCW STAR DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of June 30, 2025

(2)

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.”

(3)

Non-income producing.

(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 June 30, 2025, the aggregate fair value of these securities was $1,356,527, or 0.7% of the Company’s total assets.

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

PIK - Payment-In-Kind

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $64,037,452 and $13,804,958, respectively, for the period ended June 30, 2025. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments.


Geographic Breakdown of Portfolio
United States	100	%

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

TCW STAR DIRECT LENDING LLC

Consolidated Schedule of Investments

As of December 31, 2024


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1)
Automobile Components
	Fenix Intermediate LLC	03/28/24	Term Loan B - 10.83% (SOFR + 6.50%, 1.75% Floor)		4.0	%	$	6,140,984	03/28/29	$	5,983,372	$	5,932,191
	Fenix Intermediate LLC	03/28/24	Delayed Draw Term Loan B-1 - 10.83% (SOFR + 6.50%, 1.75% Floor)		0.2	%		368,275	03/28/29		368,275		355,754
	Superior Industries International, Inc.	08/14/24	Term Loan - 11.88% (SOFR + 7.50%, 2.50% Floor)		2.3	%		3,534,860	12/15/28		3,454,300		3,471,233
					6.5	%					9,805,947		9,759,178
Commercial Services & Supplies
	CSAT Holdings LLC	06/30/23	Term Loan - 12.84% (SOFR + 8.25%, 2.00% Floor)		5.0	%		7,597,326	06/30/28		7,413,047		7,460,574
	CSAT Holdings LLC	06/30/23	Revolver - 12.71% (SOFR + 8.25%, 2.00% Floor)		0.2	%		276,066	06/30/28		276,066		271,097
	Jones Industrial Holdings, Inc.	07/31/23	Term Loan - 11.46% (SOFR + 7.00%, 2.00% Floor)		2.7	%		3,945,066	07/31/28		3,849,816		3,976,626
	Jones Industrial Holdings, Inc.	07/31/23	Delayed Draw Term Loan - 11.46% (SOFR + 7.00%, 2.00% Floor)		0.6	%		937,796	07/31/28		925,718		945,298
	Comprehensive Logistics Co., LLC	03/26/24	Revolver - 11.44% (SOFR + 7.00%, 2.00% Floor)		0.2	%		366,214	03/26/26		366,214		358,524
	Comprehensive Logistics Co., LLC	03/26/24	Term Loan - 11.46% (SOFR + 7.00%, 2.00% Floor)		4.5	%		6,827,606	03/26/26		6,733,008		6,684,226
					13.2	%					19,563,869		19,696,345
Construction & Engineering
	Sunland Asphalt & Construction, LLC	06/16/23	Delayed Draw Term Loan - 10.96% (SOFR + 6.50%, 1.75% Floor)		1.5	%		2,108,570	06/16/28		2,108,570		2,150,742
	Sunland Asphalt & Construction, LLC	06/16/23	Term Loan B - 10.96% (SOFR + 6.50%, 1.75% Floor)		3.4	%		5,018,231	06/16/28		4,889,726		5,118,595
					4.9	%					6,998,296		7,269,337
Containers & Packaging
	The HC Companies, Inc.	08/01/23	Term Loan - 11.86% (SOFR + 7.50%, 2.00% Floor)		6.0	%		9,449,099	08/01/28		9,279,978		9,014,441
	The HC Companies, Inc.	05/21/24	Incremental Term Loan - 11.84% (SOFR + 7.50%, 2.00% Floor)		1.0	%		1,613,570	08/01/28		1,579,152		1,539,346
	Hoffmaster Group, Inc.	02/24/23	Term Loan - 10.82% (SOFR + 6.25%, 2.00% Floor)		4.3	%		6,398,984	02/24/28		6,354,904		6,379,787
	Hoffmaster Group, Inc.	03/15/24	Incremental Term Loan - 10.82% (SOFR + 6.25%, 2.00% Floor)		0.5	%		807,665	02/24/28		794,785		805,242
	PaperWorks Industries, Inc.	07/26/23	Term Loan - 12.99% (SOFR + 8.25%, 1.00% Floor)		2.1	%		3,155,997	06/30/27		3,115,970		3,096,033
					13.9	%					21,124,789		20,834,849
Electrical Equipment
	VoltaGrid, LLC	04/09/24	Term Loan - 10.93% (SOFR + 6.50%, 4.00% Floor)		3.8	%		5,733,969	02/28/29		5,529,270		5,688,098
					3.8	%					5,529,270		5,688,098
Energy Equipment & Services
	HydroSource Logistics, LLC	04/05/24	Revolver - 13.12% (SOFR + 8.50%, 2.00% Floor)		0.1	%		109,864	04/04/29		109,864		109,864
	HydroSource Logistics, LLC	04/05/24	Term Loan - 13.09% (SOFR + 8.50%, 2.00% Floor)		3.5	%		5,276,238	04/04/29		5,142,091		5,276,238
					3.6	%					5,251,955		5,386,102

TCW STAR DIRECT LENDING LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2024


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1) (continued)
Food Products
	Baxters North America, Inc.	05/31/23	Term Loan - 11.76% (SOFR + 7.25%, 1.75% Floor)		5.2	%	$	7,902,430	05/31/28	$	7,761,722	$	7,783,893
	Great Kitchens Food Company, Inc.	05/31/24	Term Loan - 10.36% (SOFR + 6.00%, 1.25% Floor)		4.7	%		7,087,508	05/31/29		6,941,879		7,030,808
	Signature Brands, LLC	02/29/24	Delayed Draw Term Loan A - 10.97% (SOFR + 6.50%, 1.75% Floor)		0.3	%		481,928	02/14/25		481,928		477,591
	Signature Brands, LLC	05/05/23	Term Loan - 14.28% inc PIK (SOFR + 9.50%, 1.75% Floor, 3.00% PIK)		5.1	%		8,403,525	05/04/28		8,274,593		7,596,787
					15.3	%					23,460,122		22,889,079
Ground Transportation
	RPM Purchaser, Inc.	09/11/23	Term Loan B - 10.72% (SOFR + 6.25%, 2.00% Floor)		4.3	%		6,341,783	09/11/28		6,195,452		6,443,252
	RPM Purchaser, Inc.	09/11/23	Delayed Draw Term Loan B - 10.72% (SOFR + 6.25%, 2.00% Floor)		0.6	%		898,140	09/11/28		898,140		898,140

OR

For the transition period from to

Commission file number 814-01566

(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 STAR DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited)

As of June 30, 2025

TCW STAR DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of June 30, 2025

TCW STAR DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of June 30, 2025

TCW STAR DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of June 30, 2025

TCW STAR DIRECT LENDING LLC

Consolidated Schedule of Investments

As of December 31, 2024

TCW STAR DIRECT LENDING LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2024

TCW Star Direct Lending LLC 10-Q