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.”

[2]

The fair value of the Quantum Corporation Common Stock held by the Company is based on the quoted market price of the issuer’s stock as of December 31, 2024. Such common stock is considered to be a Level 1 security within the Fair Value Hierarchy. Otherwise, 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]

Investment is in default as of June 30, 2025.

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

PIK - Payment-In-Kind

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $11,075,063 and $8,856,135, 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	%

[4]

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

[5]

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

[6]

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

[7]

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

[8]

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

[9]

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

[10]

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

[11]

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

[12]

As defined in the Investment Company Act of 1940, as amended (the “1940 Act”), the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, between 5% and 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2023 and December 31, 2024 along with transactions during the year ended December 31, 2024 in these affiliated investments are as follows:


Name of Investment	Fair Value at December 31, 2023		Gross Addition(a)		Gross Reduction(b)			Realized Gains (Losses)		Net Change in Unrealized Appreciation/ (Depreciation)			Fair Value at December 31, 2024		Interest/Dividend/ Other income
Animal Supply Company, LLC First Out Term Loan - 13.09%	$	—	$	2,678,367	$	—		$	—	$	25,357		$	2,703,724	$	233,844
Animal Supply Company, LLC Term Loan - 13.28%		19,054,378		—		(52,086	)		—		(18,316,016	)		686,276		(29,212	)
Retail & Animal Intermediate, LLC Delayed Draw Priming Term Loan - 20.00%		—		—		—			—		—			—		—
Total Non-Controlled Affiliated Investments	$	19,054,378	$	2,678,367	$	(52,086	)	$	—	$	(18,290,659	)	$	3,390,000	$	204,632

[13]

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

[14]

Investment is in default as of December 31, 2024.

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 $26,994,359 and $20,960,322, respectively, for the period ended December 31, 2024. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments.


Country Breakdown Portfolio
United States	100	%

[15]

Non-income producing.

[16]

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


Name of Investment	Fair Value at December 31, 2024		Gross Addition (a)		Gross Reduction (b)			Realized Gains (Losses)		Net Change in Unrealized Appreciation/ (Depreciation)			Fair Value at June 30, 2025		Interest/Dividend/ Other income
Cedar Electronics Holdings, Corp Incremental Term Loan - 15.00%	$	5,844,291	$	457,427	$	—		$	—	$	—		$	6,301,718	$	460,519
Cedar Electronics Holdings, Corp Term Loan - 9.50%		14,018,452		—		(583	)		—		583			14,018,452		995,150
Cedar Ultimate Parent, LLC Class A Preferred Unit		16,403,979		—		—			—		(4,019,986	)		12,383,993		—
Cedar Ultimate Parent, LLC Class D Preferred Unit		—		—		—			—		—			—		—
Cedar Ultimate Parent, LLC Class E Preferred Unit		—		—		—			—		—			—		—
Overton Chicago Gear, LLC Revolver		5,829,929		1,897,084		—			—		—			7,727,013		197,396
Overton Chicago Gear, LLC Term Loan A		40,929,862		1,269,684		—			—		(2,257	)		42,197,289		1,272,789
Pace Industries, Inc. Common Stock		—		—		—			—		—			—		—
Pace Industries, Inc. Term Loan - 3.50%		—		—		—			—		—			—		—
Pace Industries, Inc. Term Loan - 9.75%		42,921,932		—		(6,143	)		—		(6,474,369	)		36,441,420		(6,143	)
Pace Industries, LLC Revolver Opco		11,240,860		2,336,380		—			—		(3,026,764	)		10,550,476		2,500
Pace Industries, Inc. 2025 Term Loan - 7.75%		—		4,235,424		—			—		—			4,235,424		101,169
Precision Products Machining Group, LLC Class A Units		33,351,000		—		—			—		13,940,000			47,291,000		—
RT Holdings Parent, LLC Class A Unit		15,197,224		—		—			—		5,208,662			20,405,886		—
RT Holdings Parent, LLC Warrant		2,532,687		—		—			—		868,201			3,400,888		—
Ruby Tuesday Operations, LLC Term Loan		9,389,540		553,628		(229,608	)		—		(9,734	)		9,703,826		748,477
Ruby Tuesday Operations, LLC Incremental Term Loan		2,928,001		234,347		—			—		(234,348	)		2,928,000		237,868
Ruby Tuesday P-1 Units		293,001		—		—			—		100,998			393,999		—
Ruby Tuesday P-2 Units		68,000		—		—			—		51,001			119,001		—
School Specialty, Inc. Common Stock		16,945,063		—		—			—		(3,452,354	)		13,492,709		—
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		3,379		(548,403	)		—		(5,488	)		7,515,440		493,028
TCW Direct Lending Strategic Ventures LLC Common Membership Interests		—		—		—			—		—			—		—
TCW Direct Lending Strategic Ventures LLC Preferred Membership Interests		51,230,479		—		(7,600,000	)		—		(5,387,351	)		38,243,128		2,560,000
Total Controlled Affiliated Investments	$	300,534,828	$	10,987,353	$	(8,384,737	)	$	—	$	(2,443,206	)	$	300,694,238	$	7,062,753

[17]

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

[18]

As defined in the 1940 Act, the investment is deemed to be a “controlled person” of the Company because the Company owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2023 and December 31, 2024 along with transactions during the year ended December 31, 2024 in these controlled investments are as follows:


Name of Investment	Fair Value at December 31, 2023		Gross Addition(a)		Gross Reduction(b)			Realized Gains (Losses)		Net Change in Unrealized Appreciation/ (Depreciation)			Fair Value at December 31, 2024		Interest/Dividend/ Other income
Cedar Electronics Holdings, Corp Incremental Term Loan - 15.00%	$	5,020,439	$	756,515	$	—		$	—	$	67,337		$	5,844,291	$	764,721
Cedar Electronics Holdings, Corp Term Loan - 12.65%		14,018,452		—		—			—		—			14,018,452		2,130,117
Cedar Ultimate Parent, LLC Class A Preferred Unit		19,981,009		—		—			—		(3,577,030	)		16,403,979		—
Cedar Ultimate Parent, LLC Class D Preferred Unit		—		—		—			—		—			—		—
Cedar Ultimate Parent, LLC Class E Preferred Unit		—		—		—			—		—			—		—
Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Revolver - 6.00%		—		5,829,929		—			—		—			5,829,929		123,222
Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Term Loan - 6.00%		—		40,915,831		—			—		14,031			40,929,862		938,236
Pace Industries, Inc. Common Stock		—		—		—			—		—			—		—
Pace Industries, Inc. HoldCo Term Loan - 6.58%		—		—		—			—		—			—		—
Pace Industries, Inc. Term Loan - 12.83%		62,986,086		2,294,114		—			—		(22,358,268	)		42,921,932		1,714,144
Pace Industries, LLC Revolver Opco - 12.73%		15,069,743		1,786,486		—			—		(5,615,369	)		11,240,860		134,785
Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company) Class A Units		—		62,647,925		—			—		(29,296,925	)		33,351,000		—
RT Holdings Parent, LLC Class A Unit		19,487,032		—		—			—		(4,289,808	)		15,197,224		—
RT Holdings Parent, LLC Warrant		3,247,928		—		—			—		(715,241	)		2,532,687		—
RT Holdings Parent, LLC P-1 Units		376,000		—		—			—		(82,999	)		293,001		—
RT Holdings Parent, LLC P-2 Units		110,000		—		—			—		(42,000	)		68,000		—
Ruby Tuesday Operations, LLC Term Loan - 16.65%		6,696,255		2,856,227		(193,406	)		—		30,464			9,389,540		1,482,899
Ruby Tuesday Operations, LLC Incremental Term Loan - 20.65%		2,940,257		417,510		—			—		(429,766	)		2,928,001		425,897
SSI Parent, LLC (fka School Specialty, Inc.) Common Stock		31,928,148		—		—			—		(14,983,085	)		16,945,063		795,969
SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock A		15,399,637		—		—			—		2,660,671			18,060,308		—
SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock B		4,888,847		—		—			—		395,421			5,284,268		—
SSI Parent, LLC (fka School Specialty, Inc.) Term Loan - 12.46%		8,808,264		8,240		(738,177	)		—		(12,375	)		8,065,952		1,173,155
TCW Direct Lending Strategic Ventures LLC Common Membership Interests		—		—		—			—		—			—		—
TCW Direct Lending Strategic Ventures LLC Preferred Membership Interests		69,780,704		—		(1,880,000	)		—		(16,670,225	)		51,230,479		5,160,000
Total Controlled Affiliated Investments	$	280,738,801	$	117,512,777	$	(2,811,583	)	$	—	$	(94,905,167	)	$	300,534,828	$	14,843,145

[19]

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


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

[20]

Non-income producing.

[21]

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 $120,832,051, or 16.7% of the Company’s total assets.

[22]

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.

[23]

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, 2024, the aggregate fair value of these securities was $108,135,530, or 14.0% of the Company’s total assets.

[24]

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.

[25]

The investment is not a qualifying asset as defined in Section 55(a) under the 1940 Act. A business development company may not acquire an asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets. As of June 30, 2025, $38,243,128 or 5.3% of the Company’s total assets were represented by “non-qualifying assets.”

[26]

The investment is not a qualifying asset as defined in Section 55(a) under the 1940 Act. A business development company may not acquire an asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets. As of December 31, 2024, $51,230,479 or 6.6% of the Company’s total assets were represented by “non-qualifying assets.”

TCW Direct Lending LLC 10-Q