KELLY RALPH DAVID 4

What Happened
Kelly Ralph David (Director) acquired 10,000 limited liability company units of TCW Specialty Lending LLC at an effective price of $20.00 per unit, a total value of $200,000. The acquisition was reported on a Form 4 with a transaction date of 2026-04-01 and filed on 2026-04-03. This was an acquisition through an exchange offer settlement (transaction code J), not an open-market purchase.

Key Details

• Transaction date: 2026-04-01; Filing date: 2026-04-03 (appears within the standard Form 4 reporting window).
• Price and value: 10,000 units at $20.00 each = $200,000.
• Shares/units owned after transaction: Not specified in the Form 4 filing.
• Footnote: The 10,000 units were received upon settlement of an exchange offer by TCW Direct Lending VIII LLC; in connection with the exchange, the reporting person tendered and exchanged 2,000 limited liability company units of TCW Direct Lending VIII LLC.
• Transaction code J denotes “other acquisition or disposition” (here, an exchange-settlement acquisition).

Context
This was an acquisition via a corporate exchange offer (swap/settlement), which differs from an open-market buy and may reflect reorganization of holdings rather than a straightforward cash purchase. Purchases or acquisitions can be seen as a more informative signal than routine sales, but this filing is descriptive of a structured exchange—avoid inferring motivation.