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11.66% inc PIK (SOFR + 7.50%, 2.50% Floor, all PIK) Net Assets 1.4% Maturity 12/15/282025-01-012025-09-300001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2024-12-3100018252652025-11-120001825265Debt Investments, Specialty Retail, D&D Buyer, LLC, Acquisition Date 10/04/23 Revolver - 10.60% (SOFR + 6.50%, 2.00% Floor) Net Assets 0.2% Maturity 10/04/282025-01-012025-09-300001825265us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMember2024-12-310001825265ck0001825265:AssetBasedCreditFacilityMember2022-09-130001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2025-09-300001825265Debt Investments, Commercial Services & Supplies Comprehensive Logistics Co., LLC, Acquisition Date 03/26/24 Revolver - 11.44% (SOFR + 7.00%, 2.00% Floor) Net Assets 0.3% Maturity 03/26/262024-01-012024-12-310001825265Debt Investments, Information Technology Services, Corcentric, Inc., Acquisition Date 05/09/23 Term Loan - 11.26% (SOFR + 7.00%, 2.00% Floor) Net Assets 4.5% Maturity 05/09/272025-01-012025-09-300001825265Debt Investments, Trading Companies & Distributors, Cinelease, LLC, Acquisition Date 08/07/25 ABL Term Loan - 11.82% inc PIK (SOFR + 7.50%, 2.50% Floor, all PIK) Net Assets 1.9% Maturity 07/31/302025-09-300001825265us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2023-12-3100018252652025-09-300001825265Debt Investments, Containers & Packaging Hoffmaster Group, Inc., Acquisition Date 03/15/24 Incremental Term Loan - 10.53% (SOFR + 6.25%, 2.00% Floor) Net Assets 2.2% Maturity 02/24/282025-01-012025-09-300001825265Debt Investments, Automobile Components Superior Industries International, Inc., Acquisition Date 08/14/24 Term Loan - 11.88% (SOFR + 7.50%, 2.50% Floor) Net Assets 3.3% Maturity 12/15/282024-01-012024-12-3100018252652024-01-012024-03-310001825265us-gaap:DebtSecuritiesMember2025-09-300001825265Debt Investments, Personal Care Products, Viva 5 Group, LLC, Acquisition Date 05/21/25 Term Loan - 10.66% (SOFR + 6.50%, 2.25% Floor) Net Assets 6.0% Maturity 05/21/302025-01-012025-09-300001825265Debt Investments, Containers & Packaging Hoffmaster Group, Inc., Acquisition Date 03/15/24 Incremental Term Loan - 10.53% (SOFR + 6.25%, 2.00% Floor) Net Assets 2.2% Maturity 02/24/282025-09-300001825265us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-09-3000018252652024-01-012024-09-300001825265Equity Investments, Trading Companies & Distributors Cinelease, LLC, Acquisition Date 08/07/25 Warrant, expires 07/31/35 Net Assets 0.0%2025-01-012025-09-300001825265Debt Investments, Technology Hardware, Storage and Peripherals Sigmatron International, Inc., Acquisition Date 07/18/22 Term Loan - 12.97% inc PIK (SOFR + 8.50%, 1.00% Floor, 1.00% PIK) Net Assets 1.8% Maturity 07/18/272024-12-310001825265us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMember2025-09-300001825265us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:CashEquivalentsMember2024-12-310001825265Debt Investments, Transportation Infrastructure, CG Buyer, LLC, Acquisition Date 07/19/23 Delayed Draw Term Loan - 11.36% (SOFR + 7.00%, 1.50% Floor) Net Assets 0.1% Maturity 07/19/282024-12-310001825265Debt Investments, Containers & Packaging The HC Companies, Inc., Acquisition Date 08/01/23 Term Loan - 11.86% (SOFR + 7.50%, 2.00% Floor) Net Assets 6.3% Maturity 08/01/282024-12-310001825265ck0001825265:RevolvingCreditLinesMember2024-12-310001825265ck0001825265:TechnologyHardwareStorageAndPeripheralsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2024-12-310001825265us-gaap:MemberUnitsMember2025-07-012025-09-300001825265ck0001825265:ComprehensiveLogisticsCoLlcMember2025-09-300001825265us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMemberck0001825265:ConstructionAndEngineeringMember2024-12-310001825265ck0001825265:AllDayAcquisitioncoLLCMember2025-09-300001825265ck0001825265:CsatHoldingsLlcMember2025-09-300001825265Debt Investments, Food Products Signature Brands, LLC, Acquisition Date 02/29/24 Delayed Draw Term Loan A - 10.96% inc PIK (SOFR + 6.50%, 1.75% Floor, all PIK) Net Assets 0.2% Maturity 05/04/282025-01-012025-09-300001825265Debt Investments, Hotels, Restaurants & Leisure Five Star Buyer, Inc., Acquisition Date 05/11/23 Delayed Draw Term Loan - 13.35% inc PIK (SOFR + 9.00%, 1.50% Floor, 1.00% PIK) Net Assets 0.1% Maturity 02/23/282025-09-300001825265us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001825265:AssetBasedCreditFacilityMember2022-09-132022-09-130001825265ck0001825265:HarveyGulfHoldingsLLCMember2024-12-310001825265us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2024-12-310001825265us-gaap:RetainedEarningsMember2024-07-012024-09-300001825265ck0001825265:GreatKitchensFoodCompanyIncMember2024-12-310001825265Equity Investments, Technology Hardware, Storage and Peripherals Sigmatron International, Inc., Acquisition Date 12/01/24 Warrant, expires 12/1/35 Net Assets 0.0%2024-12-310001825265ck0001825265:AdviserMember2022-01-012022-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001825265:DebtSecuritiesTwoMember2025-09-300001825265Debt Investments, Machinery, Mark Andy, Inc., Acquisition Date 06/16/23 Term Loan - 12.90% inc PIK (SOFR + 8.75%, 1.50% Floor, 1.00% PIK) Net Assets 2.6% Maturity 06/16/282025-01-012025-09-300001825265ck0001825265:PalletLogisticsOfAmericaLLCMember2025-09-300001825265us-gaap:EquitySecuritiesMemberck0001825265:AutomobileComponentsMember2025-09-300001825265Debt Investments, Hotels, Restaurants & Leisure CEC Entertainment, LLC Acquisition Date 09/26/25 Term Loan - 10.00% (SOFR + 6.00%, 2.00% Floor) Net Assets 5.9% Maturity 09/26/302025-09-300001825265ck0001825265:AssetBasedCreditFacilityAmendmentTwoMember2025-08-220001825265us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2024-12-310001825265us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-09-300001825265us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2024-12-310001825265Debt Investments, Trading Companies & Distributors, Cinelease, LLC, Acquisition Date 08/07/25 ABL Term Loan - 11.82% inc PIK (SOFR + 7.50%, 2.50% Floor, all PIK) Net Assets 1.9% Maturity 07/31/302025-01-012025-09-300001825265us-gaap:MemberUnitsMember2024-07-012024-09-300001825265us-gaap:MemberUnitsMember2024-01-012024-03-310001825265us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2024-12-310001825265Debt Investments, Metals & Mining, Material Sciences Corporation, Acquisition Date 03/14/25 Term Loan - 10.25% (SOFR + 6.25%, 2.00% Floor) Net Assets 6.1% Maturity 03/14/302025-01-012025-09-300001825265us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001825265:SubscriptionBasedCreditFacilityMembersrt:MaximumMember2022-03-082022-03-080001825265us-gaap:FairValueInputsLevel3Member2024-07-012024-09-300001825265Debt Investments, Commercial Services & Supplies Comprehensive Logistics Co., LLC, Acquisition Date 03/26/24 Term Loan - 11.46% (SOFR + 7.00%, 2.00% Floor) Net Assets 5.7% Maturity 03/26/262024-01-012024-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2025-09-300001825265ck0001825265:CFNewcoIncMember2025-09-300001825265ck0001825265:TransportationInfrastructureMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2024-12-310001825265Debt Investments, Personal Care Products, Viva 5 Group, LLC, Acquisition Date 05/21/25 Revolver - 10.66% (SOFR + 6.50%, 2.25% Floor) Net Assets 0.1% Maturity 05/21/302025-01-012025-09-300001825265us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2025-09-300001825265Debt Investments, Personal Care Products, Viva 5 Group, LLC, Acquisition Date 05/21/25 Revolver - 10.66% (SOFR + 6.50%, 2.25% Floor) Net Assets 0.1% Maturity 05/21/302025-09-300001825265Debt Investments, Food Products Great Kitchens Food Company, Inc, Acquisition Date 05/31/24 Term Loan - 9.66% (SOFR + 5.50%, 1.25% Floor) Net Assets 4.3% Maturity 05/31/292025-09-300001825265Debt Investments, Specialty Retail, D&D Buyer, LLC, Acquisition Date 10/04/23 Term Loan - 10.60% (SOFR + 6.50%, 2.00% Floor) Net Assets 3.9% Maturity 10/04/282025-01-012025-09-300001825265ck0001825265:SignatureBrandsLlc1Member2024-12-310001825265us-gaap:CommonStockMember2022-01-212022-01-210001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2024-12-310001825265us-gaap:MemberUnitsMember2024-09-300001825265Debt Investments, Specialty Retail, Follett Higher Education Group, Inc., Acquisition Date 02/01/22 Term Loan - 11.26% (SOFR + 7.00%, 2.00% Floor) Net Assets 3.8% Maturity 02/01/282025-09-300001825265Debt Investments, Automobile Components, Superior Industries International, Inc., Acquisition Date 06/04/25 Delayed Draw Term Loan - 11.94%inc PIK (SOFR + 8.00%, 3.50% Floor, all PIK) Net Assets 0.3% Maturity 06/04/262025-09-300001825265ck0001825265:LeisureProductsMemberus-gaap:DebtSecuritiesMember2025-09-300001825265Debt Investments, Containers & Packaging The HC Companies, Inc., Acquisition Date 05/21/24 Incremental Term Loan - 12.50%inc PIK (SOFR + 8.50%, 2.00% Floor,1.00%PIK) Net Assets 2.5% Maturity 08/01/282025-01-012025-09-300001825265ck0001825265:AssetBasedCreditFacilityTermLoanMember2025-08-220001825265Debt Investments, Commercial Services & Supplies Jones Industrial Holdings, Inc., Acquisition Date 07/31/23 Term Loan – 11.46% (SOFR + 7.00%, 2.00% Floor) Net Assets 2.9% Maturity 07/31/282024-12-310001825265ck0001825265:EnergyEquipmentAndServicesMemberus-gaap:EquitySecuritiesMember2025-09-300001825265Debt Investments, Containers & Packaging Hoffmaster Group, Inc., Acquisition Date 03/15/24 Incremental Term Loan - 10.82% (SOFR + 6.25%, 2.00% Floor) Net Assets 3.2% Maturity 02/24/282024-12-310001825265us-gaap:FairValueInputsLevel1Memberus-gaap:DebtSecuritiesMember2025-09-300001825265us-gaap:MemberUnitsMember2025-04-012025-06-300001825265us-gaap:FairValueInputsLevel1Member2025-09-300001825265Debt Investments, Commercial Services & Supplies CSAT Holdings LLC, Acquisition Date 06/30/23 Term Loan - 12.84% (SOFR + 8.25%, 2.00% Floor) Net Assets 4.6% Maturity 06/30/282024-12-310001825265Debt Investments, Energy Equipment & Services Harvey Gulf Holdings, LLC, Acquisition Date 05/28/25 Term Loan B - 9.66% (SOFR + 5.50%, 2.00% Floor) Net Assets 6.9% Maturity 05/28/302025-09-300001825265us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001825265:DebtSecuritiesTwoMember2025-09-3000018252652025-06-300001825265Debt Investments, Health Care Equipment & Supplies ConnectAmerica.com, LLC, Acquisition Date 10/11/24 Last Out Term Loan - 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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 September 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 814-01420

TCW DIRECT LENDING VIII LLC

(Exact Name of Registrant as Specified in Its Charter)


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)

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

Not applicable

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

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

     Title of each class

     Trading
 Symbol(s)

     Name of each exchange 
on which registered

     None

     Not applicable

     Not applicable

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

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

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


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

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

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

As of September 30, 2025, there was no established public market for the Registrant’s common units. The number of the Registrant’s common units outstanding at November 12, 2025 was 12,745,660.

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

TCW DIRECT LENDING VIII LLC

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

Table of Contents


		PAGE
	INDEX	NO.
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Schedule of Investments as of September 30, 2025 (unaudited) and December 31, 2024	3
	Consolidated Statements of Assets and Liabilities as of September 30, 2025 (unaudited) and December 31, 2024	14
	Consolidated Statement of Operations for the three and nine months ended September 30, 2025 and 2024 (unaudited)	15
	Consolidated Statement of Changes in Members’ Capital for the three and nine months ended September 30, 2025 and 2024 (unaudited)	16
	Consolidated Statement of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited)	18
	Notes to Consolidated Financial Statements (unaudited)	19
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	41
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	57
Item 4.	Controls and Procedures	58
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	59
Item 1A.	Risk Factors	59
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	59
Item 3.	Defaults Upon Senior Securities	59
Item 4.	Mine Safety Disclosures	59
Item 5.	Other Information	59
Item 6.	Exhibits	60
SIGNATURES		62

TCW DIRECT LENDING VIII LLC

Consolidated Schedule of Investments (Unaudited)

As of September 30, 2025


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1)
Automobile Components
	Fenix Intermediate, LLC	03/28/24	Term Loan B - 10.76% (SOFR + 6.75%, 1.75% Floor)		3.4	%	$	29,562,653	03/28/29	$	28,937,806	$	28,468,835
	Fenix Intermediate, LLC	03/28/24	Delayed Draw Term Loan B-1 - 10.76% (SOFR + 6.75%, 1.75% Floor)		0.2	%		1,772,873	03/28/29		1,772,873		1,707,276
	Superior Industries International, Inc.(6)	06/04/25	Delayed Draw Term Loan - 11.94% inc PIK (SOFR + 8.00%, 3.50% Floor, all PIK)		0.3	%		2,931,138	06/04/26		2,931,138		2,931,138
	Superior Industries International, Inc.(2)(5)(6)	08/14/24	Term Loan - 11.66% inc PIK (SOFR + 7.50%, 2.50% Floor, all PIK)		1.4	%		21,367,666	12/15/28		20,376,019		12,115,467
					5.3	%					54,017,836		45,222,716
Commercial Services & Supplies
	CSAT Holdings LLC	06/30/23	Term Loan - 14.76% inc PIK (SOFR + 10.50%, 2.00% Floor, 2.25% PIK)		3.4	%		29,099,639	06/30/28		28,559,670		29,041,440
	CSAT Holdings LLC	06/30/23	Revolver - 14.78% inc PIK (SOFR + 10.50%, 2.00% Floor, 2.25% PIK)		0.3	%		2,885,102	06/30/28		2,885,102		2,879,332
	Comprehensive Logistics Co., LLC	03/26/24	Revolver - 11.76% (SOFR + 7.50%, 2.00% Floor)		0.2	%		1,328,725	03/26/26		1,328,725		1,305,871
	Comprehensive Logistics Co., LLC	03/26/24	Term Loan - 11.76% (SOFR + 7.50%, 2.00% Floor)		4.0	%		34,712,944	03/26/26		34,524,418		34,115,881
	Power Acquisition LLC	01/22/25	Term Loan B - 10.08% (SOFR + 5.75%, 1.50% Floor)		4.1	%		35,670,211	01/22/30		34,867,559		34,671,445
	Power Acquisition LLC	07/11/25	Incremental Term Loan B - 10.08% (SOFR + 5.75%, 1.50% Floor)		0.3	%		2,724,408	01/22/30		2,677,285		2,648,125
					12.3	%					104,842,759		104,662,094
Construction & Engineering
	Sunland Asphalt & Construction, LLC	06/16/23	Delayed Draw Term Loan - 11.26% (SOFR + 7.00%, 1.75% Floor)		0.9	%		7,952,916	06/16/28		7,952,916		8,032,446
	Sunland Asphalt & Construction, LLC	06/16/23	Term Loan B - 11.26% (SOFR + 7.00%, 1.75% Floor)		2.3	%		19,070,701	06/16/28		18,687,989		19,261,408
					3.2	%					26,640,905		27,293,854
Containers & Packaging
	The HC Companies, Inc.	08/01/23	Term Loan - 12.50% inc PIK (SOFR + 8.50%, 2.00% Floor, 1.00% PIK)		4.3	%		39,876,240	08/01/28		39,314,122		36,167,750
	The HC Companies, Inc.	05/21/24	Incremental Term Loan - 12.50% inc PIK (SOFR + 8.50%, 2.00% Floor, 1.00% PIK)		2.5	%		23,439,627	08/01/28		23,045,840		21,259,741
	Hoffmaster Group, Inc.	02/24/23	Term Loan - 10.53% (SOFR + 6.25%, 2.00% Floor)		2.4	%		20,465,828	02/24/28		20,358,344		20,424,896
	Hoffmaster Group, Inc.	03/15/24	Incremental Term Loan - 10.53% (SOFR + 6.25%, 2.00% Floor)		2.2	%		18,520,524	02/24/28		18,295,347		18,483,483
					11.4	%					101,013,653		96,335,870

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

TCW DIRECT LENDING VIII LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of September 30, 2025


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1) (continued)
Energy Equipment & Services
	Harvey Gulf Holdings, LLC	05/28/25	Term Loan B - 9.66% (SOFR + 5.50%, 2.00% Floor)		6.9	%	$	58,687,443	05/28/30	$	58,622,181	$	58,687,443
	HydroSource Logistics, LLC	04/14/25	3rd Amendment Term Loan - 12.76% (SOFR + 8.50%, 2.00% Floor)		4.8	%		40,374,333	04/04/29		38,951,026		40,374,333
	HydroSource Logistics, LLC	04/05/24	Term Loan - 12.76% (SOFR + 8.50%, 2.00% Floor)		3.0	%		25,487,296	04/04/29		24,953,608		25,487,296
					14.7	%					122,526,815		124,549,072
Food Products
	Baxters North America, Inc.	05/31/23	Term Loan - 11.07% (SOFR + 6.88%, 1.75% Floor)		4.0	%		33,467,590	05/31/28		33,002,246		33,567,993
	Great Kitchens Food Company, Inc.	05/31/24	Term Loan - 9.66% (SOFR + 5.50%, 1.25% Floor)		4.3	%		36,720,427	05/31/29		36,093,781		36,757,148
	Signature Brands, LLC	05/05/25	9th Amendment Term Loan A - 17.50% inc PIK (17.50%, Fixed Coupon, all PIK)		0.8	%		7,096,870	05/04/28		6,869,481		7,096,870
	Signature Brands, LLC	05/02/25	9th Amendment Delayed Draw Term Loan A - 11.08% (SOFR + 6.50%, 1.75% Floor)		0.2	%		1,319,626	05/04/28		1,319,626		1,319,626
	Signature Brands, LLC	05/05/23	Term Loan - 13.96% inc PIK (SOFR + 9.50%, 1.75% Floor, all PIK)		2.5	%		35,432,666	05/04/28		35,053,348		21,401,330
	Signature Brands, LLC	02/29/24	Delayed Draw Term Loan A - 10.96% inc PIK (SOFR + 6.50%, 1.75% Floor, all PIK)		0.2	%		1,985,418	05/04/28		1,985,418		1,985,418
					12.0	%					114,323,900		102,128,385
Ground Transportation
	RPM Purchaser, Inc.	09/11/23	Delayed Draw Term Loan B - 10.82% (SOFR + 6.25%, 2.00% Floor)		0.5	%		3,861,228	09/11/28		3,861,228		3,899,840
	RPM Purchaser, Inc.	09/11/23	Term Loan B - 10.82% (SOFR + 6.25%, 2.00% Floor)		3.3	%		27,263,164	09/11/28		26,761,399		27,535,796
					3.8	%					30,622,627		31,435,636
Health Care Equipment & Supplies
	ConnectAmerica.com, LLC	10/11/24	Last Out Term Loan - 9.75% (SOFR + 5.75%, 1.75% Floor)		6.0	%		52,247,000	10/11/29		51,550,249		51,149,813
					6.0	%					51,550,249		51,149,813
Hotels, Restaurants & Leisure
	All Day Acquisitionco LLC (24 Hour Fitness)	04/30/25	Term Loan - 10.66% (SOFR + 6.50%, 1.50% Floor)		6.6	%		56,431,197	04/30/30		55,265,028		56,115,182
	Five Star Buyer, Inc.	05/11/23	Term Loan - 13.35% inc PIK (SOFR + 9.00%, 1.50% Floor, 1.00% PIK)		2.2	%		19,963,337	02/23/28		19,570,396		18,665,721
	Five Star Buyer, Inc.	05/11/23	Delayed Draw Term Loan - 13.35% inc PIK (SOFR + 9.00%, 1.50% Floor, 1.00% PIK)		0.1	%		713,523	02/23/28		713,523		667,144
	Red Robin International, Inc.	04/11/22	Revolver - 11.77% (SOFR + 7.50%, 1.00% Floor)		0.1	%		845,538	03/04/27		845,538		845,538
	Red Robin International, Inc.	04/11/22	Term Loan - 11.89% (SOFR + 7.50%, 1.00% Floor)		1.2	%		10,440,904	03/04/27		10,339,560		10,440,904
	CEC Entertainment, LLC	09/26/25	Term Loan - 10.00% (SOFR + 6.00%, 2.00% Floor)		5.9	%		51,188,514	09/26/30		49,970,052		49,966,707
					16.1	%					136,704,097		136,701,196
Household Durables
	Lenox Holdings, Inc.	07/08/22	Term Loan - 13.33% (SOFR + 8.75%, 1.00% Floor)		3.9	%		33,414,935	12/31/26		33,178,871		33,414,935
					3.9	%					33,178,871		33,414,935

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

TCW DIRECT LENDING VIII LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of September 30, 2025


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 - 11.26% (SOFR + 7.00%, 2.00% Floor)		4.5	%	$	38,506,518	05/09/27	$	38,275,242	$	38,506,518
					4.5	%					38,275,242		38,506,518
Leisure Products
	Lumos Holdings US Acquisition Co. (Life Fitness)	08/05/25	Term Loan - 9.82% (SOFR + 5.50%, 1.50% Floor)		6.9	%		58,827,578	08/05/30		57,972,709		58,121,647
					6.9	%					57,972,709		58,121,647
Machinery
	Mark Andy, Inc.	06/16/23	Term Loan - 12.90% inc PIK (SOFR + 8.75%, 1.50% Floor, 1.00% PIK)		2.6	%		26,429,984	06/16/28		26,082,062		21,857,597
	Triarc Tanks Bidco, LLC	10/03/22	Term Loan - 11.26% (SOFR + 7.00%, 1.00% Floor)		1.7	%		14,781,898	10/03/26		14,670,503		14,175,840
					4.3	%					40,752,565		36,033,437
Metals & Mining
	Material Sciences Corporation	03/14/25	Term Loan - 10.25% (SOFR + 6.25%, 2.00% Floor)		6.1	%		52,861,191	03/14/30		51,802,737		51,328,216
					6.1	%					51,802,737		51,328,216
Oil, Gas & Consumable Fuels
	HOP Energy, LLC(2)(5)	02/29/24	Term Loan B - 14.28% inc PIK (SOFR + 10.00%, 2.00% Floor, all PIK)		0.0	%		6,410,667	12/09/27		5,345,831		—
	HOP Energy, LLC	04/27/25	Delayed Draw Term Loan B - 14.28% inc PIK (SOFR + 10.00%, 2.00% Floor, all PIK)		0.1	%		701,282	12/09/27		701,282		701,282
	HOP Energy, LLC	08/22/25	Protective Advance Term Loan - 15.25% inc PIK (PRIME + 8.00%, 2.00% Floor, all PIK)		0.1	%		1,259,913	12/09/27		1,259,913		1,259,913
	HOP Energy, LLC(2)(5)	06/17/22	Term Loan - 13.28% inc PIK (SOFR + 9.00%, 2.00% Floor, all PIK)		1.9	%		30,110,975	12/09/27		28,987,279		15,871,495
					2.1	%					36,294,305		17,832,690
Paper & Forest Products
	Pallet Logistics of America, LLC	11/22/24	Revolver - 10.67% (SOFR + 6.50%, 1.00% Floor)		0.2	%		1,438,000	11/29/29		1,438,000		1,387,670
	Pallet Logistics of America, LLC	11/22/24	Term Loan - 10.67% (SOFR + 6.50%, 1.00% Floor)		2.7	%		24,037,312	11/22/29		23,564,283		23,196,006
					2.9	%					25,002,283		24,583,676
Personal Care Products
	Viva 5 Group, LLC	05/21/25	Term Loan - 10.66% (SOFR + 6.50%, 2.25% Floor)		6.0	%		51,883,145	05/21/30		50,665,509		50,793,599
	Viva 5 Group, LLC	05/21/25	Revolver - 10.66% (SOFR + 6.50%, 2.25% Floor)		0.1	%		1,149,310	05/21/30		1,149,310		1,125,175
	Milk Makeup LLC	03/18/25	Revolver - 13.79% inc PIK (SOFR + 9.50%, 2.00% Floor, 3.00% PIK)		0.9	%		7,589,546	03/18/30		7,589,546		7,301,144
	Milk Makeup LLC	03/18/25	Term Loan - 13.79% inc PIK (SOFR + 9.50%, 2.00% Floor, 3.00% PIK)		6.0	%		52,994,008	03/18/30		51,747,929		50,980,236
					13.0	%					111,152,294		110,200,154
Professional Services
	Alorica Inc.	12/21/22	Term Loan - 11.04% (SOFR + 6.88%, 1.50% Floor)		3.7	%		31,115,550	12/21/27		30,908,255		31,084,434
					3.7	%					30,908,255		31,084,434

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

TCW DIRECT LENDING VIII LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of September 30, 2025


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 - 10.32% (SOFR + 6.25%, 1.50% Floor)		2.7	%	$	22,324,628	12/10/29	$	22,123,160	$	22,480,900
	CF Newco, Inc.	12/09/24	Revolver - 10.32% (SOFR + 6.25%, 1.50% Floor)		0.1	%		1,229,765	12/10/29		1,229,765		1,229,765
					2.8	%					23,352,925		23,710,665
Specialty Retail
	D&D Buyer, LLC	10/04/23	Term Loan - 10.60% (SOFR + 6.50%, 2.00% Floor)		3.9	%		32,800,110	10/04/28		32,173,376		32,996,910
	D&D Buyer, LLC	10/04/23	Revolver - 10.60% (SOFR + 6.50%, 2.00% Floor)		0.2	%		1,436,764	10/04/28		1,436,764		1,436,764
	D&D Buyer, LLC	10/04/23	Delayed Draw Term Loan - 10.91% (SOFR + 6.50%, 2.00% Floor)		0.9	%		7,926,862	10/04/28		7,926,862		7,974,423
	D&D Buyer, LLC	08/20/25	4th Amendment Delayed Draw Term Loan - 10.75% (SOFR + 6.50%, 2.00% Floor)		1.4	%		11,807,882	10/04/28		11,807,882		11,878,729
	Follett Higher Education Group, Inc.	07/28/25	Incremental Term Loan - 11.26% (SOFR + 7.00%, 2.00% Floor)		0.6	%		4,868,310	02/01/28		4,732,602		4,766,076
	Follett Higher Education Group, Inc.	02/01/22	Term Loan - 11.26% (SOFR + 7.00%, 2.00% Floor)		3.8	%		31,915,394	02/01/28		31,752,233		31,851,563
					10.8	%					89,829,719		90,904,465
Trading Companies & Distributors
	Cinelease, LLC	08/07/25	ABL Term Loan - 11.82% inc PIK (SOFR + 7.50%, 2.50% Floor, all PIK)		1.9	%		16,929,963	07/31/30		16,110,897		16,413,599
					1.9	%					16,110,897		16,413,599
Transportation Infrastructure
	CG Buyer, LLC	07/19/23	Delayed Draw Term Loan - 11.16% (SOFR + 7.00%, 1.50% Floor)		0.1	%		438,461	07/19/28		438,461		434,953
	CG Buyer, LLC	07/19/23	Term Loan - 11.16% (SOFR + 7.00%, 1.50% Floor)		2.3	%		19,956,923	07/19/28		19,653,515		19,797,268
					2.4	%					20,091,976		20,232,221
	Total Debt Investments				150.1	%					1,316,967,619		1,271,845,293

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

TCW DIRECT LENDING VIII LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of September 30, 2025


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Shares		Amortized Cost		Fair Value
	EQUITY
Automobile Components
	Superior Industries International, Inc.(2)(4)(6)	08/13/25	Common Stock		0.0	%		439,757	$	39,578	$	—
					0.0	%				39,578		—
Commercial Services & Supplies
	CSAT Investment Holdings LLC(2)(4)	03/05/25	Warrant, expires 03/05/32		0.1	%		1,145,950	$	508,373	$	870,922
					0.1	%				508,373		870,922
Energy Equipment & Services
	HydroSource Logistics, LLC (2)(4)	04/05/24	Warrant, expires 4/4/34		4.4	%		247		357,421		37,612,239
					4.4	%				357,421		37,612,239
Trading Companies & Distributors
	Cinelease, LLC(2)(4)	08/07/25	Warrant, expires 07/31/35		0.0	%		215,403		379,334		262,877
					0.0	%				379,334		262,877
	Total Equity Investments				4.5	%				1,284,706		38,746,038
	Total Debt & Equity Investments(3)				154.6	%				1,318,252,325		1,310,591,331
	Cash Equivalents
	First American Government Obligation Fund, Yield 4.04%, Class X (FGXXX)				6.4	%		54,292,898		54,292,898		54,292,898
	Total Cash Equivalents				6.4	%		54,292,898		54,292,898		54,292,898
	Total Investments (161.1%)								$	1,372,545,223	$	1,364,884,229
	Net unrealized depreciation on unfunded commitments (-0.1%)											(1,097,824	)
	Liabilities in Excess of Other Assets (-61.0%)										$	(516,767,028	)
	Net Assets (100.0%)										$	847,019,377

(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 September 30, 2025, the aggregate fair value of these securities was $38,746,038, or 2.8% of the Company’s total assets.

(5)

Investment is in default as of September 30, 2025.

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

TCW DIRECT LENDING VIII LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of September 30, 2025

(6)

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


Name of Investment	Fair Value at December 31, 2024		Gross Addition (a)		Gross Reduction (b)			Realized Gains (Losses)		Net Change in Unrealized Appreciation/ (Depreciation)			Fair Value at September 30, 2025		Interest/Dividend/ Other income
Superior Industries International, Inc. Delayed Draw Term Loan - 11.50%	$	—	$	2,931,138	$	—		$	—	$	—		$	2,931,138	$	140,918
Superior Industries International, Inc. Term Loan - 10.00%		20,039,850		463,891		(29,963	)		—		(8,358,311	)		12,115,467		1,304,914
Superior Industries International, Inc. Common Stock		—		39,578		—			—		(39,578	)		—		—
Total Non-Controlled Affiliated Investments	$	20,039,850	$	3,434,607	$	(29,963	)	$	—	$	(8,397,889	)	$	15,046,605	$	1,445,832

(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.

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

PRIME - Prime Rate

PIK - Payment-In-Kind

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $605,141,174 and $246,423,196, respectively, for the period ended September 30, 2025. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments.


Geographic Breakdown of Portfolio
United States	100	%

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

TCW DIRECT LENDING VIII 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)		4.7	%	$	29,787,749	03/28/29	$	29,023,229	$	28,774,966
	Fenix Intermediate, LLC	03/28/24	Delayed Draw Term Loan B-1 - 10.83% (SOFR + 6.50%, 1.75% Floor)		0.3	%		1,786,372	03/28/29		1,786,372		1,725,635
	Superior Industries International, Inc.	08/14/24	Term Loan - 11.88% (SOFR + 7.50%, 2.50% Floor)		3.3	%		20,407,179	12/15/28		19,942,091

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 September 30, 2025

TCW DIRECT LENDING VIII LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of September 30, 2025

TCW DIRECT LENDING VIII LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of September 30, 2025

TCW DIRECT LENDING VIII LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of September 30, 2025

TCW DIRECT LENDING VIII LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of September 30, 2025

TCW DIRECT LENDING VIII LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of September 30, 2025

TCW DIRECT LENDING VIII LLC

Consolidated Schedule of Investments

As of December 31, 2024

TCW Direct Lending VIII LLC 10-Q