Miller Richard T 4

What Happened
Richard T. Miller, President and a director, disposed of 50,000 limited liability company units of TCW Direct Lending VIII LLC on 2026-04-01. The filing reports a $100.00 per-unit value (total reported value $5,000,000). The units were tendered and accepted in the issuer’s exchange offer; upon settlement he received 250,000 units of TCW Specialty Lending LLC in exchange and the tendered TCW Direct Lending VIII units were canceled. This was an exchange disposition (transaction code J), not an open-market sale.

Key Details

• Transaction date: 2026-04-01; filing date: 2026-04-03 (reported within the typical 2-business-day Form 4 window).
• Reported price/value: $100.00 per unit; total reported value $5,000,000.
• Quantity disposed: 50,000 TCW Direct Lending VIII LLC units.
• Consideration received: 250,000 TCW Specialty Lending LLC units (per footnote).
• Shares/units owned after the transaction: not specified in the Form 4.
• Footnote: The 50,000 units were tendered and accepted in an exchange offer; upon settlement the reporting person received 250,000 units of TCW Specialty Lending LLC and the tendered units were canceled.
• Transaction code: J (other acquisition or disposition) — filing treats this as a disposition.

Context
This was a conversion-type transaction executed through an exchange offer, not a standard sale into the market. Such exchange dispositions often reflect corporate restructurings or fund reorganizations rather than a straightforward insider cash exit. As with all Form 4s, the filing is factual and does not explain the insider’s motives.