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Acquisition Date 06/18/21 Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.3% Maturity Date 06/18/262025-01-012025-12-310001715933us-gaap:MemberUnitsMember2025-12-310001715933Debt Securities Software Tabhi Purchaser, LLC (fka Mondee Holdings LLC) Acquisition Date 04/03/25 Term Loan B - 9.67% inc PIK (SOFR + 6.00%, 1.75% Floor, all PIK) % of Net Assets 13.0% Maturity Date 10/03/282025-01-012025-12-310001715933Equity Securities Textiles, Apparel & Luxury Goods Live Comfortably Inc. (fka Hollander Intermediate LLC) Common Stock2025-12-310001715933Non-Controlled Affiliated Investments Slogic Holding Corp. 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Acquisition Date 06/23/25 Last Out Term Loan – 9.44% inc PIK (SOFR + 5.50%, 1.00% Floor, all PIK) % of Net Assets 8.4% Maturity Date 06/23/282025-01-012025-12-310001715933Controlled Affiliated Investments Navistar Defense, LLC Term Loan - 12.27% inc PIK2026-01-012026-03-310001715933srt:MaximumMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001715933Debt Securities Software Tabhi Purchaser, LLC (fka Mondee Holdings LLC) Acquisition Date 04/03/25 Delayed Draw Term Loan - 9.70% inc PIK (SOFR + 6.00%, 2.50% Floor, all PIK) % of Net Assets 3.2% Maturity Date 10/03/282026-03-310001715933Non-Controlled Affiliated Investments RL Investor Holdings LLC Term Loan - 11.20% inc PIK2026-01-012026-03-310001715933Equity Securities Hotels, Restaurants & Leisure RL Parent Holdings LLC (fka Red Lobster Management, LLC) Class A Units2026-03-310001715933Controlled Affiliated Investments The Legacy Companies LLC 1st Amendment First Out Term Loan - 9.44% inc PIK2024-12-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001715933us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2025-12-310001715933Controlled Affiliated Investments The Legacy Companies LLC First Out Term Loan - 9.46% inc PIK2025-12-310001715933us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001715933Controlled Affiliated Investments2026-01-012026-03-310001715933Controlled Affiliated Investments Navistar Defense, LLC Term Loan - 12.32% inc PIK2025-12-310001715933Non-Controlled Affiliated Investments Outform Holdings LLC Class A Common Units2026-01-012026-03-310001715933Debt Securities Energy Equipment & Services WDE TorcSill Holdings LLC Acquisition Date 10/22/19 Revolver - 23.35% inc PIK (SOFR + 18.75%, 4.60% Floor, all PIK) % of Net Assets 2.2% Maturity Date 04/30/282025-01-012025-12-310001715933Controlled Affiliated Investments The Legacy Companies LLC First Out Term Loan - 9.46% inc PIK2026-03-310001715933Non-Controlled Affiliated Investments RL Investor Holdings LLC Term Loan - 11.20% inc PIK2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:DebtSecuritiesMemberck0001715933:IndicativeBidMember2026-03-310001715933ck0001715933:TwinStarInternationalIncMember2026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001715933:DebtSecuritiesOneMember2026-03-310001715933Debt Securities Hotels, Restaurants & Leisure RL Investor Holdings LLC (fka Red Lobster Management, LLC), Acquisition Date 09/16/24, Term Loan - 11.20% inc PIK (SOFR + 7.50%, 2.00% Floor, all PIK) % of Net Assets 12.4% Maturity Date 09/16/292026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2026-03-310001715933Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Revolver - 11.42% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 0.3% Maturity Date 09/28/262025-12-310001715933Controlled Affiliated Investments The Legacy Companies LLC First Out Term Loan - 9.44% inc PIK2025-01-012025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001715933:DebtSecuritiesOneMember2025-12-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 03/31/2025, 15th Amendment Discretionary Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.2%, Maturity Date 06/18/262025-12-310001715933ck0001715933:LondonInterbankOfferedRateMemberck0001715933:PncCreditFacilityMember2019-01-292019-01-290001715933us-gaap:CommonStockMember2017-08-182017-08-180001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2025-12-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Term Loan - 23.35% inc PIK2024-12-310001715933Debt Securities Textiles, Apparel & Luxury Goods Centric Brands TopCo, LLC (fka Centric Brands Inc.) Acquisition Date 02/06/24 Term Loan A-2 - 11.89% inc PIK (SOFR + 8.00%, 1.00% Floor, all PIK) % of Net Assets 3.9% Maturity Date 02/06/312025-01-012025-12-310001715933ck0001715933:BendonIncMember2026-01-012026-03-310001715933ck0001715933:OtherLoanMemberck0001715933:EighthAmendedRevolvingCreditAgreementMembersrt:MaximumMember2024-05-092024-05-090001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2025-12-310001715933ck0001715933:BarclaysTransactionMemberus-gaap:SubsequentEventMember2026-04-010001715933us-gaap:BaseRateMembersrt:MaximumMemberck0001715933:SeventhAmendedRevolvingCreditAgreementMember2023-05-092023-05-090001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2026-03-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMemberck0001715933:IndicativeBidMember2026-03-310001715933Controlled Affiliated Investments Navistar Defense, LLC Term Loan - 12.27% inc PIK2026-03-310001715933ck0001715933:OutformGroupIncMember2026-03-310001715933ck0001715933:AgyHoldingsCorpMember2025-12-310001715933Debt Securities Textiles, Apparel & Luxury Goods Centric Brands Inc. Acquisition Date 02/06/24 Term Loan - 9.17% (SOFR + 5.50%, 1.00% Floor) % of Net Assets 3.6% Maturity Date 08/06/292026-01-012026-03-310001715933Non-Controlled Affiliated Investments Outform Group, Inc. (fka Rapid Displays, Inc.) Term Loan - 10.47% inc PIK2024-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2026-03-310001715933ck0001715933:LessThan50OfMaximumCommitmentMemberck0001715933:SeventhAmendedRevolvingCreditAgreementMember2023-05-092023-05-090001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001715933ck0001715933:CommercialAndProfessionalServicesMemberus-gaap:DebtSecuritiesMember2026-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/18/21 Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.0% Maturity Date 06/18/262026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:DebtSecuritiesMemberck0001715933:IndicativeBidMember2026-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/18/21 Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.0% Maturity Date 06/18/262026-03-310001715933ck0001715933:EnergyEquipmentAndServicesMemberus-gaap:EquitySecuritiesMember2025-12-310001715933Equity Securities Household Durables The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) Class A Units2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberck0001715933:EquitySecuritiesOneMember2025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/03/24 13th Amendment Delayed Draw Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/262026-03-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Class A Units2025-12-310001715933Non-Controlled Affiliated Investments2025-12-310001715933Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 05/27/22 Delayed Draw Term Loan - 4.18% inc PIK (SOFR + 0.25%, 1.50% Floor, all PIK) % of Net Assets 5.0% Maturity Date 09/21/292025-12-310001715933us-gaap:FairValueInputsLevel2Memberus-gaap:CashEquivalentsMember2025-12-310001715933Non-Controlled Affiliated Investments Outform Group, Inc. (fka Rapid Displays, Inc.) Term Loan - 10.47% inc PIK2025-01-012025-12-310001715933us-gaap:RetainedEarningsMember2025-01-012025-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001715933:EquitySecuritiesOneMembersrt:MaximumMember2026-03-310001715933ck0001715933:MediaMemberus-gaap:EquitySecuritiesMember2025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Delayed Draw Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/262026-03-310001715933Controlled Affiliated Investments Tabhi Holdings, LLC (Mondee) Class B Common Units2025-01-012025-12-310001715933Debt Securities Hotels, Restaurants & Leisure RL Investor Holdings LLC (fka Red Lobster Management, LLC), Acquisition Date 09/16/24, Term Loan - 11.20% inc PIK (SOFR + 7.50%, 2.00% Floor, all PIK) % of Net Assets 12.4% Maturity Date 09/16/292026-03-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Protective Advance Term Loan - 25.00% inc PIK2025-12-310001715933Equity Securities Chemicals AGY Equity LLC Class A Preferred Units2025-12-310001715933Debt Securities Publishing Bendon Inc. Acquisition Date 12/11/20 Term Loan - 11.57% (SOFR + 7.75%, 1.50% Floor)% of Net Assets 8.9% Maturity Date 01/31/262025-01-012025-12-310001715933us-gaap:BaseRateMembersrt:MaximumMemberck0001715933:EighthAmendedRevolvingCreditAgreementMember2024-05-092024-05-090001715933ck0001715933:PncRevolvingCreditAgreementMemberck0001715933:PncRevolvingCreditFacilityMember2025-12-310001715933Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 07/27/23 Super Senior Revolver - 14.32% inc PIK (SOFR + 10.50%, 1.50% Floor, all PIK) % of Net Assets 10.5% Maturity Date 02/01/272025-12-310001715933Debt Securities Textiles, Apparel & Luxury Goods Centric Brands TopCo, LLC (fka Centric Brands Inc.) Acquisition Date 02/06/24 Term Loan A-2 - 11.89% inc PIK (SOFR + 8.00%, 1.00% Floor, all PIK) % of Net Assets 3.9% Maturity Date 02/06/312025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2026-03-310001715933us-gaap:DebtSecuritiesMemberck0001715933:AerospaceAndDefenseMember2026-03-310001715933ck0001715933:EnergyEquipmentAndServicesMemberus-gaap:EquitySecuritiesMember2026-03-310001715933Debt Securities Consumer Durables & Apparel, Twin Star International, Inc., Acquisition Date 01/29/25, 14th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), of Net Assets 0.1% Maturity Date 06/18/262026-03-310001715933ck0001715933:PncRevolvingCreditAgreementMemberck0001715933:PncRevolvingCreditFacilityMember2025-11-062025-11-060001715933Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Revolver - 11.42% inc PIK2025-12-310001715933Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 09/21/20 Term Loan - 4.18% inc PIK (SOFR + 0.25%, 1.50% Floor, all PIK) % of Net Assets 4.8% Maturity Date 09/21/292026-01-012026-03-310001715933Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 09/21/20 Term Loan - 4.35% inc PIK (SOFR + 0.25%, 1.50% Floor, all PIK) % of Net Assets 4.8% Maturity Date 09/21/292025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/18/21 Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.3% Maturity Date 06/18/262025-12-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001715933:EquitySecuritiesOneMember2025-12-310001715933Equity Securities Software Tabhi Holdings, LLC (fka Mondee Holdings LLC) Class B Common Units2026-03-310001715933ck0001715933:EncompassDigitalMediaIncMember2026-03-310001715933Controlled Affiliated Investments Tabhi Purchaser, LLC (Mondee) Term Loan B - 9.67% inc PIK2024-12-310001715933Debt Securities Software Tabhi Purchaser, LLC (fka Mondee Holdings LLC) Acquisition Date 04/03/25 Delayed Draw Term Loan - 9.67% inc PIK (SOFR + 6.00%, 2.50% Floor, all PIK) % of Net Assets 3.2% Maturity Date 10/03/282025-12-310001715933Controlled Affiliated Investments The Legacy Companies LLC 1st Amendment First Out Term Loan - 9.44% inc PIK2025-12-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Protective Advance Term Loan - 25.00% inc PIK2024-12-310001715933Non-Controlled Affiliated Investments Encompass Digital Media Holdings, LLC Class A Units2024-12-310001715933us-gaap:DebtSecuritiesMember2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberck0001715933:DebtSecuritiesOneMember2025-12-310001715933Non-Controlled Affiliated Investments Slogic Holding Corp. Last Out Term Loan - 9.81% inc PIK2025-12-310001715933Equity Securities Media Encompass Digital Media, Inc. Class A Units2026-03-310001715933Debt Securities Commercial & Professional Services Outform Group, Inc. (fka Rapid Displays, Inc.) Acquisition Date 09/29/22 Incremental Term Loan - 10.27% inc PIK (SOFR + 6.50%, 1.00% Floor all PIK) % of Net Assets 0.1% Maturity Date 04/13/292026-01-012026-03-310001715933Debt Securities Textiles, Apparel & Luxury Goods Live Comfortably Borrower LLC (fka Hollander Intermediate LLC) Acquisition Date 09/19/22 Term Loan - 6.83% (SOFR + 3.00%, 3.00% Floor) % of Net Assets 12.4% Maturity Date 09/19/272025-12-310001715933ck0001715933:HotelsRestaurantsAndLeisureMemberus-gaap:DebtSecuritiesMember2025-12-310001715933Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Revolver - 11.45% inc PIK2025-12-310001715933Controlled Affiliated Investment The Legacy Companies LLC Last Out Term Loan - 9.44% inc PIK2024-12-310001715933Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 05/27/22 Delayed Draw Term Loan - 4.21% inc PIK (SOFR + 0.25%, 1.50% Floor, all PIK) % of Net Assets 5.4% Maturity Date 09/21/292026-01-012026-03-310001715933us-gaap:BaseRateMembersrt:MinimumMemberck0001715933:SeventhAmendedRevolvingCreditAgreementMember2023-05-092023-05-090001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/20/24 Protective Advance Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.5% Maturity Date 06/18/262025-01-012025-12-310001715933Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 09/21/20 Term Loan - 4.35% inc PIK (SOFR + 0.25%, 1.50% Floor, all PIK) % of Net Assets 4.8% Maturity Date 09/21/292025-01-012025-12-310001715933Equity Securities Chemicals AGY Equity LLC Class D Preferred Units2025-12-310001715933Controlled Affiliated Investments Tabhi Purchaser, LLC (Mondee) Delayed Draw Term Loan - 9.67% inc PIK2025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/03/24 13th Amendment Priority Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK) % of Net Assets 0.2% Maturity Date 06/18/262026-03-310001715933ck0001715933:PncRevolvingCreditAgreementMemberck0001715933:PncRevolvingCreditFacilityMember2024-11-082024-11-080001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001715933:EquitySecuritiesOneMember2025-12-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Protective Advance Term Loan - 25.00% inc PIK2026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:ShortTermInvestmentsMember2025-12-310001715933Controlled Affiliated Investments Tabhi Purchaser, LLC (Mondee) Term Loan B - 9.70% inc PIK2025-12-310001715933us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2026-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/262026-01-012026-03-310001715933Debt Securities Commercial & Professional Services Outform Group, Inc. (fka Rapid Displays, Inc.) Acquisition Date 04/16/21 Term Loan - 10.47% inc PIK (SOFR + 6.50%, 1.00% Floor all PIK) % of Net Assets 3.2% Maturity Date 04/13/292025-12-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001715933Controlled Affiliated Investment The Legacy Companies LLC Last Out Term Loan - 9.44% inc PIK2025-12-310001715933Equity Securities Household Durables The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) Class A Units2026-03-310001715933Non-Controlled Affiliated Investments Shelterlogic Group Holdings, Inc Common Stock2026-01-012026-03-310001715933Non-Controlled Affiliated Investments Shelterlogic Group Holdings, Inc Common Stock2026-03-310001715933us-gaap:RevolvingCreditFacilityMember2025-12-310001715933srt:MinimumMemberck0001715933:EighthAmendedRevolvingCreditAgreementMember2024-05-092024-05-090001715933us-gaap:EquitySecuritiesMemberck0001715933:SoftwareMember2026-03-310001715933us-gaap:EquitySecuritiesMember2025-12-310001715933Controlled Affiliated Investments Tabhi Purchaser, LLC (Mondee) Delayed Draw Term Loan - 9.67% inc PIK2025-01-012025-12-310001715933ck0001715933:PncRevolvingCreditFacilityMember2022-01-012022-01-310001715933Debt Securities Commercial & Professional Services Outform Group, Inc. (fka Rapid Displays, Inc.) Acquisition Date 04/16/21 Term Loan - 10.27% inc PIK (SOFR + 6.50%, 1.00% Floor all PIK) % of Net Assets 3.2% Maturity Date 04/13/292026-03-310001715933ck0001715933:EnergyEquipmentAndServicesMemberus-gaap:DebtSecuritiesMember2025-12-310001715933Debt Securities, Energy Equipment & Services WDE TorcSill Holdings LLC, Acquisition Date 10/22/19, Term Loan - 23.35% inc PIK (SOFR + 18.75%, 4.60% Floor, all PIK), % of Net Assets 4.3%, Maturity Date 04/30/282026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:ShortTermInvestmentsMember2026-03-310001715933Debt Securities Software Tabhi Purchaser, LLC (fka Mondee Holdings LLC) Acquisition Date 04/03/25 Term Loan B - 9.70% inc PIK (SOFR + 6.00%, 1.75% Floor, all PIK) % of Net Assets 13.0% Maturity Date 10/03/282026-01-012026-03-310001715933Controlled Affiliated Investments Live Comfortably Borrower LLC Term Loan - 6.83%2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001715933:EquitySecuritiesOneMember2026-03-310001715933Debt Securities Textiles, Apparel & Luxury Goods Live Comfortably Borrower LLC (fka Hollander Intermediate LLC) Acquisition Date 09/19/22 Term Loan - 13.78% inc PIK (SOFR + 10.00%, 3.00% Floor, 2.00% PIK) % of Net Assets 15.3% Maturity Date 03/31/292026-03-310001715933Debt Securities Commercial & Professional Services Outform Group, Inc. (fka Rapid Displays, Inc.) Acquisition Date 04/16/21 Revolver - 10.47% inc PIK (SOFR + 6.50%, 1.00% Floor all PIK) % of Net Assets 0.2% Maturity Date 04/13/292025-01-012025-12-310001715933ck0001715933:RLInvestorHoldingsLLCMember2026-01-012026-03-310001715933Non-Controlled Affiliated Investments2025-01-012025-12-310001715933Controlled Affiliated Investments The Legacy Companies LLC 1st Amendment First Out Term Loan - 9.46% inc PIK2025-12-310001715933ck0001715933:CommercialAndProfessionalServicesMemberus-gaap:EquitySecuritiesMember2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001715933us-gaap:FairValueInputsLevel1Member2025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/262026-03-310001715933srt:MinimumMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001715933ck0001715933:PncRevolvingCreditAgreementMemberck0001715933:OtherLoanMemberck0001715933:PncRevolvingCreditFacilityMember2024-11-082024-11-080001715933Non-Controlled Affiliated Investments2024-12-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Revolver - 23.35% inc PIK2026-03-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 03/31/2025, 15th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.2%, Maturity Date 06/18/262025-12-310001715933Controlled Affiliated Investments Navistar Defense, LLC Term Loan - 12.32% inc PIK2024-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-12-310001715933Debt Securities Hotels, Restaurants & Leisure KBP Brands, LLC Acquisition Date 05/26/21 Term Loan - 9.45% inc PIK (SOFR + 5.50%, 0.75% Floor) % of Net Assets 5.3% Maturity Date 05/26/272025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberck0001715933:DebtSecuritiesOneMember2025-12-310001715933us-gaap:BaseRateMemberck0001715933:PncRevolvingCreditAgreementMemberck0001715933:PncRevolvingCreditFacilityMember2024-11-082024-11-080001715933srt:MinimumMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001715933ck0001715933:CommonCommitmentMember2026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001715933:EquitySecuritiesOneMember2025-12-310001715933Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 08/01/22 Term Loan - 12.27% inc PIK (SOFR + 8.50%, 1.50% Floor, all PIK) % of Net Assets 2.5% Maturity Date 02/01/272026-03-310001715933Controlled Affiliated Investments Navistar Defense, LLC Term Loan - 12.27% inc PIK2025-12-310001715933ck0001715933:TwinStarInternationalIncMember2026-03-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Protective Advance Term Loan - 25.00% inc PIK2026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:CashEquivalentsMember2025-12-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2025-12-310001715933Debt Securities Textiles, Apparel & Luxury Goods Centric Brands TopCo, LLC (fka Centric Brands Inc.) Acquisition Date 02/06/24 Term Loan A-1 - 10.17% (SOFR + 6.50%, 1.00% Floor) % of Net Assets 2.4% Maturity Date 02/06/312026-01-012026-03-310001715933us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-03-310001715933ck0001715933:CommonCommitmentMember2025-12-310001715933Debt Securities Household Durables The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) Acquisition Date 06/23/25 Last Out Term Loan – 9.46% inc PIK (SOFR + 5.50%, 1.00% Floor, all PIK) % of Net Assets 8.2% Maturity Date 06/23/282026-03-310001715933Controlled Affiliated Investments Live Comfortably Borrower LLC Term Loan - 6.83%2025-01-012025-12-310001715933Non-Controlled Affiliated Investments Encompass Digital Media Holdings, LLC Class A Units2026-01-012026-03-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Term Loan - 23.35% inc PIK2025-01-012025-12-310001715933Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Term Loan - 11.45% inc PIK2026-01-012026-03-310001715933Non-Controlled Affiliated Investments RL Investor Holdings LLC (fka Red Lobster Management, LLC) Term Loan - 11.17% inc PIK2025-12-310001715933ck0001715933:ThirdAmendedAndRestatedCreditAndSecurityAgreementWithPNCMemberck0001715933:PncRevolvingCreditFacilityMember2023-12-062023-12-060001715933Equity Securities Chemicals AGY Equity LLC Class C Common Units2025-12-310001715933ck0001715933:PncRevolvingCreditAgreementMemberck0001715933:PncRevolvingCreditFacilityMember2026-01-012026-03-310001715933us-gaap:MemberUnitsMember2026-01-012026-03-3100017159332025-01-012025-03-310001715933Controlled Affiliated Investments Tabhi Purchaser, LLC (Mondee) Term Loan B - 9.67% inc PIK2025-01-012025-12-310001715933ck0001715933:NatixisCreditAgreementMemberck0001715933:NatixisRevolvingCreditFacilityMember2020-04-2100017159332025-12-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Term Loan - 23.35% inc PIK2026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2026-03-310001715933ck0001715933:CreditFacilitiesMember2025-01-012025-03-310001715933us-gaap:EquitySecuritiesMember2026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2026-01-012026-03-310001715933Controlled Affiliated Investments Tabhi Holdings, LLC (Mondee) Preferred Units2024-12-310001715933us-gaap:InvestmentAffiliatedIssuerControlledMember2026-01-012026-03-310001715933ck0001715933:OtherLoanMembersrt:MinimumMemberck0001715933:EighthAmendedRevolvingCreditAgreementMember2024-05-092024-05-090001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 03/31/2025, 15th Amendment Discretionary Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.2%, Maturity Date 06/18/262025-01-012025-12-310001715933Controlled Affiliated Investment The Legacy Companies LLC Last Out Term Loan - 9.44% inc PIK2025-01-012025-12-310001715933us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001715933ck0001715933:BarclaysTransactionMemberus-gaap:SubsequentEventMember2026-04-012026-04-010001715933Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 06/29/18 Last Out Term Loan – 19.81% inc PIK (SOFR + 5.87%, 1.00% Floor, all PIK) % of Net Assets 4.0% Maturity Date 10/29/262025-12-310001715933Non-Controlled Affiliated Investments Slogic Holding Corp. Last Out Term Loan - 9.69%2026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Member2026-01-012026-03-310001715933Controlled Affiliated Investments2025-01-012025-12-310001715933Debt Securities Textiles, Apparel & Luxury Goods Centric Brands Inc. Acquisition Date 02/06/24 Term Loan - 9.39% (SOFR + 5.50%, 1.00% Floor) % of Net Assets 3.7% Maturity Date 08/06/292025-12-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 01/29/25, 14th Amendment Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.2%, Maturity Date 06/18/262025-12-310001715933ck0001715933:NatixisCreditAgreementMemberck0001715933:NatixisRevolvingCreditFacilityMemberck0001715933:EighthAmendedRevolvingCreditAgreementMember2024-05-092024-05-090001715933Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 09/21/20 Term Loan - 4.18% inc PIK (SOFR + 0.25%, 1.50% Floor, all PIK) % of Net Assets 4.8% Maturity Date 09/21/292026-03-310001715933ck0001715933:CreditFacilitiesMember2026-01-012026-03-310001715933Non-Controlled Affiliated Investments Outform Holdings LLC (fka Rapid Displays, Inc.) Class A Common Units2024-12-310001715933us-gaap:BaseRateMemberck0001715933:PncCreditFacilityMember2019-01-292019-01-290001715933ck0001715933:TwinStarInternationalIncMember2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:DebtSecuritiesMember2026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001715933:DebtSecuritiesOneMember2025-12-310001715933ck0001715933:CreditFacilitiesMember2026-03-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 06/11/2025, 16th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.3%, Maturity Date 06/18/262026-01-012026-03-310001715933Debt Securities Textiles, Apparel & Luxury Goods Live Comfortably Borrower LLC (fka Hollander Intermediate LLC) Acquisition Date 09/19/22 Term Loan - 6.83% (SOFR + 3.00%, 3.00% Floor) % of Net Assets 12.4% Maturity Date 09/19/272025-01-012025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2026-03-310001715933ck0001715933:NatixisCreditAgreementMemberck0001715933:NatixisRevolvingCreditFacilityMemberck0001715933:EighthAmendedRevolvingCreditAgreementMembersrt:MaximumMember2024-05-092024-05-090001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberck0001715933:DebtSecuritiesOneMember2026-03-310001715933Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 07/27/23 Super Senior Revolver - 14.32% inc PIK (SOFR + 10.50%, 1.50% Floor, all PIK) % of Net Assets 10.5% Maturity Date 02/01/272025-01-012025-12-310001715933Debt Securities Consumer Durables & Apparel, Twin Star International, Inc., Acquisition Date 01/29/25, 14th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), of Net Assets 0.1% Maturity Date 06/18/262025-01-012025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/03/24 13th Amendment Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/262026-03-310001715933Debt Securities Household Durables The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) Acquisition Date 06/23/25 Last Out Term Loan – 9.46% inc PIK (SOFR + 5.50%, 1.00% Floor, all PIK) % of Net Assets 8.2% Maturity Date 06/23/282026-01-012026-03-310001715933us-gaap:EquitySecuritiesMemberck0001715933:SoftwareMember2025-12-310001715933us-gaap:MemberUnitsMember2026-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/262025-01-012025-12-310001715933ck0001715933:EncompassDigitalMediaIncMember2026-01-012026-03-310001715933Equity Securities Aerospace & Defense TCW ND Parent Holdings LLC. Class A Units2026-03-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001715933:DebtSecuritiesOneMember2026-03-310001715933Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 08/25/23 Revolver – 9.69% inc PIK (SOFR + 5.87%, 1.00% Floor all PIK) % of Net Assets 1.0% Maturity Date 06/30/262025-12-310001715933Debt Securities Household Durables The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) Acquisition Date 06/23/25 Last Out Term Loan – 9.44% inc PIK (SOFR + 5.50%, 1.00% Floor, all PIK) % of Net Assets 8.4% Maturity Date 06/23/282025-12-310001715933Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 07/27/23 Super Senior Revolver - 14.27% inc PIK (SOFR + 10.50%, 1.50% Floor, all PIK) % of Net Assets 10.3% Maturity Date 02/01/272026-01-012026-03-310001715933ck0001715933:AgyHoldingsCorpMember2026-03-310001715933ck0001715933:MediaMemberus-gaap:DebtSecuritiesMember2025-12-310001715933Debt Securities Consumer Durables & Apparel, Twin Star International, Inc., Acquisition Date 01/29/25, 14th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), of Net Assets 0.1% Maturity Date 06/18/262025-12-310001715933ck0001715933:EncompassDigitalMediaIncMember2025-12-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 08/22/25, 17th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 1.5%, Maturity Date 06/18/262025-12-310001715933Controlled Affiliated Investments Navistar Defense, LLC Super Senior Revolver - 14.27% inc PIK2026-01-012026-03-310001715933ck0001715933:TextilesApparelAndLuxuryGoodsMemberus-gaap:EquitySecuritiesMember2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:DebtSecuritiesMemberck0001715933:IndicativeBidMember2025-12-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Class A Units2025-01-012025-12-310001715933ck0001715933:PncRevolvingCreditFacilityMember2022-01-310001715933Debt Securities, Energy Equipment & Services WDE TorcSill Holdings LLC, Acquisition Date 10/22/19 Revolver - 23.35% inc PIK (SOFR + 18.75%, 4.60% Floor, all PIK) % of Net Assets 1.9%, Maturity Date 04/30/282026-03-310001715933Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 08/25/23 Revolver – 9.72% (SOFR + 5.87%, 1.00% Floor all PIK) % of Net Assets 1.1% Maturity Date 08/31/272026-03-310001715933Debt Securities Software Tabhi Purchaser, LLC (fka Mondee Holdings LLC) Acquisition Date 04/03/25 Term Loan B - 9.67% inc PIK (SOFR + 6.00%, 1.75% Floor, all PIK) % of Net Assets 13.0% Maturity Date 10/03/282025-12-310001715933Equity Securities Energy Equipment & Services WDE TorcSill Holdings LLC Class A Units2025-12-310001715933us-gaap:FairValueInputsLevel2Memberus-gaap:CashEquivalentsMember2026-03-310001715933Debt Securities Publishing Bendon Inc. Acquisition Date 12/11/20 Term Loan – 11.52% (SOFR + 7.75%, 1.50% Floor) % of Net Assets 8.7% Maturity Date 04/30/262026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2026-03-310001715933ck0001715933:NatixisCreditAgreementMemberck0001715933:NatixisRevolvingCreditFacilityMemberus-gaap:EurodollarMember2022-03-152022-03-150001715933Debt Securities Hotels, Restaurants & Leisure RL Investor Holdings LLC (fka Red Lobster Management, LLC) Acquisition Date 09/16/24 Term Loan - 11.17% inc PIK (SOFR + 7.50%, 2.00% Floor, all PIK) % of Net Assets 12.9% Maturity Date 09/16/292025-01-012025-12-310001715933ck0001715933:NatixisCreditAgreementMemberck0001715933:NatixisRevolvingCreditFacilityMember2018-05-100001715933us-gaap:BaseRateMemberck0001715933:ThirdAmendedPncCreditAgreementMemberck0001715933:PncRevolvingCreditFacilityMember2022-10-272022-10-270001715933Controlled Affiliated Investments Live Comfortably Inc. Common Stock2024-12-310001715933Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Term Loan - 11.42% inc PIK2024-12-310001715933Debt Securities Textiles, Apparel & Luxury Goods Centric Brands TopCo, LLC (fka Centric Brands Inc.) Acquisition Date 02/06/24 Term Loan A-2 - 11.67% inc PIK (SOFR + 8.00%, 1.00% Floor, all PIK) % of Net Assets 4.0% Maturity Date 02/06/312026-01-012026-03-310001715933ck0001715933:ChemicalsMemberus-gaap:EquitySecuritiesMember2025-12-310001715933Equity Securities Textiles, Apparel & Luxury Goods Centric Brands L.P. Class A LP Interests2025-12-310001715933srt:MaximumMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2025-12-310001715933Controlled Affiliated Investments TCW ND Parent Holdings LLC Class A Units2026-01-012026-03-310001715933Non-Controlled Affiliated Investments RL Investor Holdings LLC Super Senior Revolver - 6.67%2026-01-012026-03-310001715933Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Term Loan - 11.42% inc PIK2025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Delayed Draw Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.8% Maturity Date 06/18/262025-12-310001715933Equity Securities Commercial & Professional Services Outform Holdings LLC (fka Rapid Displays, Inc.) Class A Common Units2026-03-310001715933Debt Securities, Energy Equipment & Services WDE TorcSill Holdings LLC, Acquisition Date 10/22/19, Term Loan - 23.35% inc PIK (SOFR + 18.75%, 4.60% Floor, all PIK), % of Net Assets 4.3%, Maturity Date 04/30/282026-01-012026-03-310001715933Controlled Affiliated Investments The Legacy Companies LLC Class A Units2026-03-310001715933Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Term Loan - 11.45% inc PIK2026-03-310001715933Non-Controlled Affiliated Investments Slogic Holding Corp. Revolver - 9.72%2026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2026-03-310001715933ck0001715933:PublishingMemberus-gaap:DebtSecuritiesMember2025-12-310001715933ck0001715933:AmendedPncMaximumCommitmentMember2019-04-110001715933us-gaap:EquitySecuritiesMemberck0001715933:HouseholdDurablesMember2026-03-310001715933ck0001715933:NatixisCreditAgreementMemberck0001715933:NatixisRevolvingCreditFacilityMember2019-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001715933:EquitySecuritiesOneMember2026-03-310001715933Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Revolver - 11.42% inc PIK2025-01-012025-12-310001715933us-gaap:MemberUnitsMember2025-01-012025-03-310001715933Non-Controlled Affiliated Investments Outform Group, Inc. (fka Rapid Displays, Inc.) Term Loan - 10.47% inc PIK2025-12-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 03/31/2025, 15th Amendment Discretionary Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.2%, Maturity Date 06/18/262026-03-310001715933Controlled Affiliated Investments Navistar Defense, LLC Term Loan - 12.32% inc PIK2025-01-012025-12-310001715933Controlled Affiliated Investments The Legacy Companies LLC First Out Term Loan - 9.44% inc PIK2024-12-310001715933us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMember2025-12-310001715933Non-Controlled Affiliated Investments Outform Group, Inc. (fka Rapid Displays, Inc.) Incremental Term Loan - 10.47% inc PIK2025-01-012025-12-310001715933Debt Securities Commercial & Professional Services Outform Group, Inc. (fka Rapid Displays, Inc.) Acquisition Date 04/16/21 Term Loan - 10.47% inc PIK (SOFR + 6.50%, 1.00% Floor all PIK) % of Net Assets 3.2% Maturity Date 04/13/292025-01-012025-12-310001715933Debt Securities Hotels, Restaurants & Leisure RL Investor Holdings LLC (fka Red Lobster Management, LLC), Acquisition Date 01/28/26, Super Senior Revolver - 6.67% (SOFR + 3.00%, 2.50% Floor) % of Net Assets 0.5% Maturity Date 09/16/292026-01-012026-03-310001715933ck0001715933:PncCreditFacilityMembersrt:MaximumMember2019-01-290001715933Controlled Affiliated Investments The Legacy Companies LLC Class A Units2025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.3% Maturity Date 06/18/262025-01-012025-12-310001715933Non-Controlled Affiliated Investments Slogic Holding Corp. Last Out Term Loan - 9.69%2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2026-03-310001715933ck0001715933:TextilesApparelAndLuxuryGoodsMemberus-gaap:EquitySecuritiesMember2026-03-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:DebtSecuritiesMember2025-12-310001715933Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Term Loan - 11.42% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 2.9% Maturity Date 09/28/262025-01-012025-12-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Term Loan - 23.35% inc PIK2025-12-310001715933us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-03-310001715933us-gaap:RevolvingCreditFacilityMember2026-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/262026-01-012026-03-3100017159332026-05-130001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001715933:DebtSecuritiesOneMember2026-03-310001715933ck0001715933:DebtSecuritiesTwoMemberus-gaap:MarketApproachValuationTechniqueMember2025-12-310001715933Controlled Affiliated Investments2024-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.3% Maturity Date 06/18/262025-12-310001715933Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 08/01/22 Term Loan - 12.32% inc PIK (SOFR + 8.50%, 1.50% Floor, all PIK) % of Net Assets 3.0% Maturity Date 02/01/272025-12-310001715933ck0001715933:NavistarDefenseLlcMember2025-12-310001715933Controlled Affiliated Investments Tabhi Purchaser, LLC (Mondee) Delayed Draw Term Loan - 9.67% inc PIK2024-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001715933Controlled Affiliated Investments The Legacy Companies LLC First Out Term Loan - 9.46% inc PIK2026-01-012026-03-310001715933Non-Controlled Affiliated Investments Outform Group, Inc. Term Loan - 10.27% inc PIK2026-01-012026-03-310001715933Debt Securities Energy Equipment & Services WDE TorcSill Holdings LLC Acquisition Date 10/22/19 Term Loan - 23.35% inc PIK (SOFR + 18.75%, 4.60% Floor all PIK) % of Net Assets 4.9% Maturity Date 04/30/282025-01-012025-12-310001715933Non-Controlled Affiliated Investments Outform Holdings LLC Class A Common Units2025-12-310001715933Controlled Affiliated Investments Navistar Defense, LLC Super Senior Revolver - 14.32% inc PIK2025-12-310001715933us-gaap:RetainedEarningsMember2026-03-310001715933Equity Securities Textiles, Apparel & Luxury Goods Centric Brands GP LLC Membership Interests2025-12-310001715933Debt Securities Commercial & Professional Services Outform Group, Inc. (fka Rapid Displays, Inc.) Acquisition Date 04/16/21 Revolver - 10.47% inc PIK (SOFR + 6.50%, 1.00% Floor all PIK) % of Net Assets 0.2% Maturity Date 04/13/292025-12-310001715933us-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-03-310001715933Non-Controlled Affiliated Investments RL Investor Holdings LLC Super Senior Revolver - 6.67%2025-12-310001715933us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2026-03-310001715933ck0001715933:PncRevolvingCreditAgreementMemberck0001715933:PncRevolvingCreditFacilityMember2024-11-080001715933Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Term Loan - 11.42% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 2.9% Maturity Date 09/28/262025-12-310001715933us-gaap:FairValueInputsLevel1Memberus-gaap:CashEquivalentsMember2026-03-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 08/22/25, 17th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 1.7%, Maturity Date 06/18/262026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2025-12-310001715933Controlled Affiliated Investments Tabhi Holdings, LLC (Mondee) Preferred Units2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001715933:DebtSecuritiesOneMember2026-03-310001715933us-gaap:FairValueInputsLevel3Member2026-03-310001715933ck0001715933:FirstAmericanGovernmentObligationFundMember2025-12-310001715933ck0001715933:IncentiveFeeThereafterMember2026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001715933:DebtSecuritiesOneMember2025-12-310001715933Non-Controlled Affiliated Investments Shelterlogic Group Holdings, Inc Common Stock2025-01-012025-12-310001715933Equity Securities Textiles, Apparel & Luxury Goods Centric Brands GP LLC Membership Interests2026-03-310001715933us-gaap:USTreasuryBillSecuritiesMember2026-03-310001715933us-gaap:MarketApproachValuationTechniqueMemberck0001715933:DebtSecuritiesOneMember2026-03-310001715933Equity Securities Textiles, Apparel & Luxury Goods Centric Brands L.P. Class A LP Interests2026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001715933:DebtSecuritiesOneMember2026-03-310001715933ck0001715933:ConsumerDurablesAndApparelMemberus-gaap:DebtSecuritiesMember2026-03-3100017159332026-03-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001715933:EquitySecuritiesOneMember2026-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 02/15/23 Delayed Draw Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.3% Maturity Date 06/18/262025-12-310001715933Debt Securities Textiles, Apparel & Luxury Goods Centric Brands TopCo, LLC (fka Centric Brands Inc.) Acquisition Date 02/06/24 Term Loan A-1 - 10.39% (SOFR + 6.50%, 1.00% Floor) % of Net Assets 2.4% Maturity Date 02/06/312025-01-012025-12-310001715933ck0001715933:RLInvestorHoldingsLLCMember2026-03-310001715933us-gaap:BaseRateMembersrt:MinimumMemberck0001715933:EighthAmendedRevolvingCreditAgreementMember2024-05-092024-05-090001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/03/24 13th Amendment Delayed Draw Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/262026-01-012026-03-3100017159332017-12-292017-12-290001715933us-gaap:DebtSecuritiesMemberck0001715933:HouseholdDurablesMember2026-03-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2026-01-012026-03-310001715933Equity Securities Chemicals AGY Equity LLC Class A Preferred Units2026-03-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Revolver - 23.35% inc PIK2024-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001715933:EquitySecuritiesOneMembersrt:MaximumMember2026-03-310001715933country:US2026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-12-310001715933Controlled Affiliated Investments The Legacy Companies LLC First Out Term Loan - 9.44% inc PIK2025-12-310001715933Non-Controlled Affiliated Investments Outform Group, Inc. 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Acquisition Date 06/12/23 Incremental Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/262026-03-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 06/11/2025, 16th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.3%, Maturity Date 06/18/262026-03-310001715933us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2025-12-310001715933Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Term Loan - 11.45% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 2.8% Maturity Date 09/28/272026-01-012026-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 02/15/23 Delayed Draw Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.3% Maturity Date 06/18/262025-01-012025-12-310001715933Debt Securities Commercial & Professional Services Outform Group, Inc. (fka Rapid Displays, Inc.) Acquisition Date 09/29/22 Incremental Term Loan - 10.47% inc PIK (SOFR + 6.50%, 1.00% Floor all PIK) % of Net Assets 0.1% Maturity Date 04/13/292025-01-012025-12-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Revolver - 23.35% inc PIK2025-12-310001715933ck0001715933:PncRevolvingCreditAgreementMemberck0001715933:OtherLoanMemberck0001715933:PncRevolvingCreditFacilityMember2025-11-062025-11-060001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 03/31/2025, 15th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.2%, Maturity Date 06/18/262026-03-310001715933Debt Securities Commercial & Professional Services Outform Group, Inc. (fka Rapid Displays, Inc.) Acquisition Date 09/29/22 Incremental Term Loan - 10.27% inc PIK (SOFR + 6.50%, 1.00% Floor all PIK) % of Net Assets 0.1% Maturity Date 04/13/292026-03-310001715933Controlled Affiliated Investments Tabhi Purchaser, LLC (Mondee) Delayed Draw Term Loan - 9.70% inc PIK2026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001715933:DebtSecuritiesOneMember2026-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/03/24 13th Amendment Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/262025-01-012025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Delayed Draw Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.3% Maturity Date 06/18/262026-01-012026-03-310001715933Non-Controlled Affiliated Investments Slogic Holding Corp. Revolver - 9.72%2026-03-310001715933Debt Securities Textiles, Apparel & Luxury Goods Centric Brands Inc. Acquisition Date 02/06/24 Term Loan - 9.39% (SOFR + 5.50%, 1.00% Floor) % of Net Assets 3.7% Maturity Date 08/06/292025-01-012025-12-310001715933ck0001715933:PercentageOfUnusedCapacityBetween30And50Memberck0001715933:SeventhAmendedRevolvingCreditAgreementMember2023-05-092023-05-090001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2025-12-310001715933Debt Securities Household Durables The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) Acquisition Date 06/23/25 First Out Term Loan – 9.44% inc PIK (SOFR + 5.50%, 1.00% Floor, all PIK) % of Net Assets 1.3% Maturity Date 06/23/282025-01-012025-12-310001715933Non-Controlled Affiliated Investments Outform Group, Inc. (fka Rapid Displays, Inc.) Incremental Term Loan - 10.47% inc PIK2025-12-310001715933ck0001715933:MediaMemberus-gaap:DebtSecuritiesMember2026-03-310001715933Equity Securities Hotels, Restaurants & Leisure RL Parent Holdings LLC (fka Red Lobster Management, LLC) Class A Units2025-12-310001715933Non-Controlled Affiliated Investments Slogic Holding Corp. Last Out Term Loan - 9.81% inc PIK2024-12-310001715933Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 05/27/22 Delayed Draw Term Loan - 4.18% inc PIK (SOFR + 0.25%, 1.50% Floor, all PIK) % of Net Assets 5.0% Maturity Date 09/21/292025-01-012025-12-310001715933us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-01-012025-03-310001715933Controlled Affiliated Investments TCW ND Parent Holdings LLC Class A Units2025-01-012025-12-310001715933Controlled Affiliated Investments Tabhi Holdings, LLC (Mondee) Class B Common Units2025-12-310001715933us-gaap:FairValueInputsLevel3Member2025-12-310001715933Equity Securities Chemicals AGY Equity LLC Class D Preferred Units2026-03-310001715933Controlled Affiliated Investments2025-12-310001715933Debt Securities Household Durables The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) Acquisition Date 06/23/25 First Out Term Loan – 9.46% inc PIK (SOFR + 5.50%, 1.00% Floor, all PIK) % of Net Assets 1.2% Maturity Date 06/23/282026-03-310001715933ck0001715933:CommercialAndProfessionalServicesMemberus-gaap:EquitySecuritiesMember2026-03-310001715933ck0001715933:TextilesApparelAndLuxuryGoodsMemberus-gaap:DebtSecuritiesMember2025-12-310001715933ck0001715933:AerospaceAndDefenseMemberus-gaap:DebtSecuritiesMember2025-12-310001715933Non-Controlled Affiliated Investments RL Parent Holdings LLC (fka Red Lobster Management, LLC) Class A Units2025-12-310001715933ck0001715933:BendonIncMember2026-03-310001715933Non-Controlled Affiliated Investments RL Parent Holdings LLC Class A Units2026-03-310001715933Non-Controlled Affiliated Investments Encompass Digital Media Holdings, LLC Class A Units2025-01-012025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/03/24 13th Amendment Delayed Draw Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/262025-01-012025-12-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 03/31/2025, 15th Amendment Discretionary Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.2%, Maturity Date 06/18/262026-01-012026-03-310001715933ck0001715933:NatixisCreditAgreementMemberck0001715933:NatixisRevolvingCreditFacilityMembersrt:MaximumMember2018-05-102018-05-100001715933Controlled Affiliated Investments Tabhi Purchaser, LLC (Mondee) Delayed Draw Term Loan - 9.70% inc PIK2025-12-310001715933ck0001715933:PncCreditFacilityMember2019-01-290001715933ck0001715933:NatixisCreditAgreementMemberck0001715933:NatixisRevolvingCreditFacilityMember2018-05-102018-05-100001715933Non-Controlled Affiliated Investments Encompass Digital Media Holdings, LLC Class A Units2025-12-310001715933Non-Controlled Affiliated Investments RL Parent Holdings LLC (fka Red Lobster Management, LLC) Class A Units2024-12-310001715933Debt Securities Commercial & Professional Services Outform Group, Inc. (fka Rapid Displays, Inc.) Acquisition Date 04/16/21 Term Loan - 10.27% inc PIK (SOFR + 6.50%, 1.00% Floor all PIK) % of Net Assets 3.2% Maturity Date 04/13/292026-01-012026-03-310001715933us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001715933:ThirdAmendedPncCreditAgreementMemberck0001715933:PncRevolvingCreditFacilityMember2022-10-272022-10-270001715933us-gaap:MarketApproachValuationTechniqueMemberck0001715933:DebtSecuritiesOneMember2025-12-310001715933us-gaap:CashEquivalentsMember2026-03-310001715933Controlled Affiliated Investments The Legacy Companies LLC Class A Units2024-12-310001715933Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 07/27/23 Super Senior Revolver - 14.27% inc PIK (SOFR + 10.50%, 1.50% Floor, all PIK) % of Net Assets 10.3% Maturity Date 02/01/272026-03-310001715933ck0001715933:PncCreditFacilityMember2026-01-012026-03-310001715933Debt Securities Household Durables The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) Acquisition Date 10/27/25 1st Amendment First Out Term Loan – 9.44% inc PIK (SOFR + 5.50%, 1.00% Floor, all PIK) % of Net Assets 1.3% Maturity Date 06/23/282025-01-012025-12-310001715933ck0001715933:SecondAmendedPncCreditAgreementMemberck0001715933:PncCreditFacilityMember2020-03-170001715933Non-Controlled Affiliated Investments Shelterlogic Group Holdings, Inc Common Stock2024-12-310001715933us-gaap:FairValueInputsLevel1Memberus-gaap:CashEquivalentsMember2025-12-310001715933us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2025-12-310001715933us-gaap:MemberUnitsMember2025-03-310001715933Controlled Affiliated Investments2026-03-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 03/31/2025, 15th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.2%, Maturity Date 06/18/262026-01-012026-03-310001715933us-gaap:DebtSecuritiesMemberck0001715933:SoftwareMember2026-03-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 01/29/25, 14th Amendment Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.2%, Maturity Date 06/18/262026-03-310001715933Non-Controlled Affiliated Investments Outform Group, Inc. Term Loan - 10.27% inc PIK2026-03-310001715933ck0001715933:OutformGroupIncMember2026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Protective Advance Term Loan - 25.00% inc PIK2025-01-012025-12-310001715933Debt Securities Household Durables The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) Acquisition Date 06/23/25 First Out Term Loan – 9.46% inc PIK (SOFR + 5.50%, 1.00% Floor, all PIK) % of Net Assets 1.2% Maturity Date 06/23/282026-01-012026-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/03/24 13th Amendment Delayed Draw Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/262025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2025-12-310001715933Controlled Affiliated Investments The Legacy Companies LLC 1st Amendment First Out Term Loan - 9.44% inc PIK2025-01-012025-12-310001715933ck0001715933:PercentageOfUnusedCapacityGreaterThan50Memberck0001715933:SeventhAmendedRevolvingCreditAgreementMember2023-05-092023-05-090001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 02/15/23 Delayed Draw Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/262026-03-310001715933Non-Controlled Affiliated Investments Outform Holdings LLC (fka Rapid Displays, Inc.) Class A Common Units2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberck0001715933:DebtSecuritiesOneMember2026-03-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2026-03-310001715933Non-Controlled Affiliated Investments Outform Holdings LLC Class A Common Units2026-03-310001715933ck0001715933:NatixisCreditAgreementMemberck0001715933:NatixisRevolvingCreditFacilityMember2022-03-152022-03-150001715933Debt Securities Hotels, Restaurants & Leisure KBP Brands, LLC Acquisition Date 05/26/21 Term Loan - 9.45% inc PIK (SOFR + 5.50%, 0.75% Floor) % of Net Assets 5.3% Maturity Date 05/26/272025-01-012025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001715933:EquitySecuritiesOneMembersrt:MaximumMember2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001715933:DebtSecuritiesOneMember2025-12-310001715933us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMember2026-03-310001715933Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 08/01/22 Term Loan - 12.32% inc PIK (SOFR + 8.50%, 1.50% Floor, all PIK) % of Net Assets 3.0% Maturity Date 02/01/272025-01-012025-12-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 06/11/2025, 16th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.3%, Maturity Date 06/18/262025-12-310001715933ck0001715933:AerospaceAndDefenseMemberus-gaap:EquitySecuritiesMember2026-03-310001715933Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 06/29/18 Last Out Term Loan – 9.69% (SOFR + 5.87%, 1.00% Floor) % of Net Assets 4.0% Maturity Date 08/31/272026-01-012026-03-310001715933Debt Securities Hotels, Restaurants & Leisure RL Investor Holdings LLC (fka Red Lobster Management, LLC), Acquisition Date 01/28/26, Super Senior Revolver - 6.67% (SOFR + 3.00%, 2.50% Floor) % of Net Assets 0.5% Maturity Date 09/16/292026-03-310001715933ck0001715933:ChemicalsMemberus-gaap:EquitySecuritiesMember2026-03-310001715933Equity Securities Software Tabhi Holdings, LLC (fka Mondee Holdings LLC) Preferred Units2026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-01-012025-03-3100017159332017-08-182018-12-310001715933Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 05/27/22 Delayed Draw Term Loan - 4.21% inc PIK (SOFR + 0.25%, 1.50% Floor, all PIK) % of Net Assets 5.4% Maturity Date 09/21/292026-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/03/24 13th Amendment Priority Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK) % of Net Assets 0.2% Maturity Date 06/18/262025-01-012025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/03/24 13th Amendment Priority Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK) % of Net Assets 0.2% Maturity Date 06/18/262025-12-310001715933ck0001715933:NavistarDefenseLlcMember2026-03-310001715933Debt Securities Household Durables The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) Acquisition Date 10/27/25 1st Amendment First Out Term Loan – 9.46% inc PIK (SOFR + 5.50%, 1.00% Floor, all PIK) % of Net Assets 1.3% Maturity Date 06/23/282026-03-310001715933Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Term Loan - 11.42% inc PIK2025-01-012025-12-310001715933ck0001715933:NatixisRevolvingCreditFacilityAndPncRevolvingCreditFacilityMember2026-03-310001715933us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel2Member2026-03-310001715933us-gaap:CommonStockMember2019-01-142019-01-140001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001715933:EquitySecuritiesOneMember2026-03-310001715933Equity Securities Commercial & Professional Services Outform Holdings LLC (fka Rapid Displays, Inc.) Class A Common Units2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001715933:DebtSecuritiesOneMember2025-12-310001715933us-gaap:ShortTermInvestmentsMember2026-03-310001715933ck0001715933:MediaMemberus-gaap:EquitySecuritiesMember2026-03-310001715933ck0001715933:HotelsRestaurantsAndLeisureMemberus-gaap:DebtSecuritiesMember2026-03-310001715933Controlled Affiliated Investments The Legacy Companies LLC 1st Amendment First Out Term Loan - 9.46% inc PIK2026-03-310001715933us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2026-03-310001715933Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 08/25/23 Revolver – 9.72% (SOFR + 5.87%, 1.00% Floor all PIK) % of Net Assets 1.1% Maturity Date 08/31/272026-01-012026-03-310001715933Controlled Affiliated Investments TCW ND Parent Holdings LLC Class A Units2024-12-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Class A Units2026-01-012026-03-310001715933Controlled Affiliated Investments Navistar Defense, LLC Super Senior Revolver - 14.27% inc PIK2026-03-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 01/29/25, 14th Amendment Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.2%, Maturity Date 06/18/262026-01-012026-03-310001715933Non-Controlled Affiliated Investments Slogic Holding Corp. Last Out Term Loan - 9.81% inc PIK2025-01-012025-12-310001715933Debt Securities Consumer Durables & Apparel, Twin Star International, Inc., Acquisition Date 01/29/25, 14th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), of Net Assets 0.1% Maturity Date 06/18/262026-01-012026-03-310001715933ck0001715933:ChemicalsMemberus-gaap:DebtSecuritiesMember2025-12-310001715933ck0001715933:PublishingMemberus-gaap:DebtSecuritiesMember2026-03-310001715933srt:MaximumMember2026-01-012026-03-310001715933Debt Securities Textiles, Apparel & Luxury Goods Centric Brands TopCo, LLC (fka Centric Brands Inc.) Acquisition Date 02/06/24 Term Loan A-2 - 11.67% inc PIK (SOFR + 8.00%, 1.00% Floor, all PIK) % of Net Assets 4.0% Maturity Date 02/06/312026-03-310001715933Debt Securities Textiles, Apparel & Luxury Goods Live Comfortably Borrower LLC (fka Hollander Intermediate LLC) Acquisition Date 09/19/22 Term Loan - 13.78% inc PIK (SOFR + 10.00%, 3.00% Floor, 2.00% PIK) % of Net Assets 15.3% Maturity Date 03/31/292026-01-012026-03-310001715933ck0001715933:PncCreditFacilityMemberck0001715933:ThirdAmendedAndRestatedCreditAndSecurityAgreementWithPNCMember2023-12-062023-12-060001715933Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Revolver - 11.45% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 0.3% Maturity Date 09/28/272026-01-012026-03-310001715933Debt Securities Energy Equipment & Services WDE TorcSill Holdings LLC Acquisition Date 08/13/24 Protective Advance Term Loan - 25.00% inc PIK (Prime + 18.25%, 4.60% Floor all PIK) % of Net Assets 0.8% Maturity Date 04/30/282025-12-3100017159332025-08-122025-08-120001715933Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Revolver - 11.45% inc PIK2026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Member2024-12-310001715933ck0001715933:EnergyEquipmentAndServicesMemberus-gaap:DebtSecuritiesMember2026-03-310001715933Equity Securities Chemicals AGY Equity LLC Class C Common Units2026-03-310001715933Debt Securities Household Durables The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) Acquisition Date 06/23/25 First Out Term Loan – 9.44% inc PIK (SOFR + 5.50%, 1.00% Floor, all PIK) % of Net Assets 1.3% Maturity Date 06/23/282025-12-310001715933Debt Securities Household Durables The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) Acquisition Date 10/27/25 1st Amendment First Out Term Loan – 9.44% inc PIK (SOFR + 5.50%, 1.00% Floor, all PIK) % of Net Assets 1.3% Maturity Date 06/23/282025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2026-03-310001715933Controlled Affiliated Investments Tabhi Holdings, LLC (Mondee) Class B Common Units2024-12-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMemberck0001715933:IndicativeBidMember2025-12-310001715933ck0001715933:PncRevolvingCreditAgreementMemberck0001715933:PncRevolvingCreditFacilityMember2026-03-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 08/22/25, 17th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 1.5%, Maturity Date 06/18/262025-01-012025-12-310001715933us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-01-102023-01-100001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Delayed Draw Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/262026-01-012026-03-310001715933Equity Securities Software Tabhi Holdings, LLC (fka Mondee Holdings LLC) Preferred Units2025-12-310001715933Debt Securities, Energy Equipment & Services WDE TorcSill Holdings LLC, Acquisition Date 08/13/24 , Protective Advance Term Loan - 25.50% inc PIK (PRIME + 18.25%, 4.60% Floor, all PIK), % of Net Assets 0.8%, Maturity Date 04/30/282026-01-012026-03-310001715933us-gaap:RetainedEarningsMember2024-12-310001715933Non-Controlled Affiliated Investments RL Parent Holdings LLC (fka Red Lobster Management, LLC) Class A Units2025-01-012025-12-310001715933us-gaap:RetainedEarningsMember2025-12-310001715933Equity Securities Chemicals AGY Equity LLC Class E Preferred Units2026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001715933:EquitySecuritiesOneMember2025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/20/24 Protective Advance Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.5% Maturity Date 06/18/262025-12-310001715933us-gaap:DebtSecuritiesMember2026-03-310001715933Debt Securities Hotels, Restaurants & Leisure KBP Brands, LLC Acquisition Date 05/26/21 Term Loan - 9.47% inc PIK(SOFR + 5.50%, 0.75% Floor, 0.50% PIK) % of Net Assets 5.1% Maturity Date 05/26/272026-03-310001715933Non-Controlled Affiliated Investments Shelterlogic Group Holdings, Inc Common Stock2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberck0001715933:DebtSecuritiesOneMember2026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001715933:DebtSecuritiesOneMember2025-12-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001715933:DebtSecuritiesOneMember2026-03-310001715933Debt Securities Software Tabhi Purchaser, LLC (fka Mondee Holdings LLC) Acquisition Date 04/03/25 Delayed Draw Term Loan - 9.67% inc PIK (SOFR + 6.00%, 2.50% Floor, all PIK) % of Net Assets 3.2% Maturity Date 10/03/282025-01-012025-12-310001715933us-gaap:CashEquivalentsMember2025-12-310001715933Controlled Affiliated Investments Navistar Defense, LLC Super Senior Revolver - 14.32% inc PIK2025-01-012025-12-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Class A Units2026-03-310001715933Non-Controlled Affiliated Investments2026-03-310001715933Debt Securities Commercial & Professional Services Outform Group, Inc. (fka Rapid Displays, Inc.) Acquisition Date 09/29/22 Incremental Term Loan - 10.47% inc PIK (SOFR + 6.50%, 1.00% Floor all PIK) % of Net Assets 0.1% Maturity Date 04/13/292025-12-310001715933Debt Securities Household Durables The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) Acquisition Date 10/27/25 1st Amendment First Out Term Loan – 9.46% inc PIK (SOFR + 5.50%, 1.00% Floor, all PIK) % of Net Assets 1.3% Maturity Date 06/23/282026-01-012026-03-310001715933Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Revolver - 11.45% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 0.3% Maturity Date 09/28/272026-03-310001715933ck0001715933:IncentiveFeeThirdMember2026-01-012026-03-310001715933ck0001715933:PercentageOfUnusedCapacityBetween0And30Memberck0001715933:SeventhAmendedRevolvingCreditAgreementMember2023-05-092023-05-090001715933us-gaap:ShortTermInvestmentsMember2025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Delayed Draw Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.3% Maturity Date 06/18/262026-03-310001715933Controlled Affiliated Investments Live Comfortably Inc. Common Stock2025-12-310001715933Controlled Affiliated Investments The Legacy Companies LLC Class A Units2026-01-012026-03-310001715933us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-03-310001715933Controlled Affiliated Investments The Legacy Companies LLC Last Out Term Loan - 9.46% inc PIK2025-12-310001715933Non-Controlled Affiliated Investments Outform Group, Inc. Term Loan - 10.27% inc PIK2025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/20/24 Protective Advance Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.7% Maturity Date 06/18/262026-03-310001715933ck0001715933:ChemicalsMemberus-gaap:DebtSecuritiesMember2026-03-310001715933us-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001715933ck0001715933:NatixisCreditAgreementMemberck0001715933:NatixisRevolvingCreditFacilityMember2021-03-100001715933Non-Controlled Affiliated Investments2026-01-012026-03-310001715933ck0001715933:OtherThanGovernmentSecuritiesMember2026-01-012026-03-310001715933Non-Controlled Affiliated Investments Encompass Digital Media Holdings, LLC Class A Units2026-03-310001715933ck0001715933:SecondAmendedPncCreditAgreementMemberck0001715933:PncCreditFacilityMember2020-06-190001715933Controlled Affiliated Investments Navistar Defense, LLC Super Senior Revolver - 14.32% inc PIK2024-12-310001715933Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 06/29/18 Last Out Term Loan – 19.81% inc PIK (SOFR + 5.87%, 1.00% Floor, all PIK) % of Net Assets 4.0% Maturity Date 10/29/262025-01-012025-12-310001715933Controlled Affiliated Investments Tabhi Purchaser, LLC (Mondee) Delayed Draw Term Loan - 9.70% inc PIK2026-03-310001715933ck0001715933:NatixisCreditAgreementMemberck0001715933:NatixisRevolvingCreditFacilityMember2021-05-102021-05-100001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2025-12-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001715933:DebtSecuritiesOneMember2025-12-310001715933Equity Securities Household Durables Shelterlogic Group Holdings, Inc Common Stock2026-03-3100017159332024-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/262025-12-310001715933Non-Controlled Affiliated Investments Outform Group, Inc. Incremental Term Loan - 10.27% inc PIK2026-03-310001715933ck0001715933:HotelsRestaurantsAndLeisureMemberus-gaap:EquitySecuritiesMember2026-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Delayed Draw Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.3% Maturity Date 06/18/262025-12-310001715933ck0001715933:OtherThanGovernmentSecuritiesMember2025-01-012025-12-310001715933ck0001715933:OtherLoanMembersrt:MaximumMemberck0001715933:SeventhAmendedRevolvingCreditAgreementMember2023-05-092023-05-090001715933ck0001715933:OutformGroupIncMember2025-12-310001715933Debt Securities Publishing Bendon Inc. Acquisition Date 12/11/20 Term Loan - 11.57% (SOFR + 7.75%, 1.50% Floor)% of Net Assets 8.9% Maturity Date 01/31/262025-12-310001715933Debt Securities Textiles, Apparel & Luxury Goods Centric Brands TopCo, LLC (fka Centric Brands Inc.) Acquisition Date 02/06/24 Term Loan A-1 - 10.39% (SOFR + 6.50%, 1.00% Floor) % of Net Assets 2.4% Maturity Date 02/06/312025-12-310001715933Controlled Affiliated Investments Live Comfortably Borrower LLC Term Loan - 6.83%2024-12-310001715933Debt Securities Energy Equipment & Services WDE TorcSill Holdings LLC Acquisition Date 10/22/19 Revolver - 23.35% inc PIK (SOFR + 18.75%, 4.60% Floor, all PIK) % of Net Assets 2.2% Maturity Date 04/30/282025-12-310001715933us-gaap:CommonStockMember2026-03-310001715933ck0001715933:RLInvestorHoldingsLLCMember2025-12-310001715933Debt Securities Publishing Bendon Inc. Acquisition Date 12/11/20 Term Loan – 11.52% (SOFR + 7.75%, 1.50% Floor) % of Net Assets 8.7% Maturity Date 04/30/262026-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/03/24 13th Amendment Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/262026-01-012026-03-310001715933Controlled Affiliated Investments The Legacy Companies LLC 1st Amendment First Out Term Loan - 9.46% inc PIK2026-01-012026-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Delayed Draw Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.3% Maturity Date 06/18/262025-01-012025-12-310001715933Equity Securities Media Encompass Digital Media, Inc. Class A Units2025-12-310001715933Non-Controlled Affiliated Investments Slogic Holding Corp. Revolver - 9.69% inc PIK2024-12-310001715933us-gaap:BaseRateMemberck0001715933:PncRevolvingCreditAgreementMemberck0001715933:PncRevolvingCreditFacilityMember2025-11-062025-11-060001715933ck0001715933:BendonIncMember2025-12-310001715933us-gaap:StateAndLocalJurisdictionMember2026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:DebtSecuritiesMember2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001715933us-gaap:FairValueInputsLevel1Member2026-03-310001715933Non-Controlled Affiliated Investments Slogic Holding Corp. Revolver - 9.69% inc PIK2025-01-012025-12-310001715933country:US2025-12-310001715933ck0001715933:ThirdAmendedAndRestatedCreditAndSecurityAgreementWithPNCMemberck0001715933:PncTermLoanMember2023-12-060001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/03/24 13th Amendment Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/262025-12-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Class A Units2024-12-310001715933ck0001715933:FirstAmericanGovernmentObligationFundMember2026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001715933:DebtSecuritiesOneMember2025-12-31xbrli:pureck0001715933:Segmentxbrli:sharesiso4217:USDxbrli:sharesiso4217:USD

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 March 31, 2026

☐ 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 814-01246

TCW DIRECT LENDING VII LLC

(Exact Name of Registrant as Specified in Its Charter)



Delaware	82-2252672
(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 March 31, 2026, there was no established public market for the Registrant’s common units. The number of the Registrant’s common units outstanding at May 13, 2026 was 13,734,010.

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

TCW DIRECT LENDING VII LLC

FORM 10-Q FOR THE QUARTER ENDED March 31, 2026

Table of Contents


	INDEX	PAGE NO.
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Schedule of Investments as of March 31, 2026 (unaudited) and December 31, 2025	3
	Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and December 31, 2025	16
	Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (unaudited)	17
	Consolidated Statements of Changes in Members’ Capital for the three months ended March 31, 2026 and 2025 (unaudited)	18
	Consolidated Statement of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)	19
	Notes to Consolidated Financial Statements (unaudited)	20
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	57
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	58
Item 1A.	Risk Factors	58
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	58
Item 3.	Defaults Upon Senior Securities	58
Item 4.	Mine Safety Disclosures	58
Item 5.	Other Information	58
Item 6.	Exhibits	59
SIGNATURES		61

TCW Direct Lending VII LLC

Consolidated Schedule of Investments (Unaudited)

As of March 31, 2026


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1)
Aerospace & Defense
	Navistar Defense, LLC (2)(5)(8)	07/27/23	Super Senior Revolver - 14.27% inc PIK (SOFR + 10.50%, 1.50% Floor, all PIK)		10.3	%	$	45,818,273	02/01/27	$	45,806,158	$	45,818,273
	Navistar Defense, LLC (2)(5)(8)	08/01/22	Term Loan - 12.27% inc PIK (SOFR + 8.50%, 1.50% Floor, all PIK)		2.5	%		52,450,525	02/01/27		34,088,673		11,381,764
					12.8	%		98,268,798			79,894,831		57,200,037
Chemicals
	AGY Holdings Corp.	09/21/20	Term Loan - 4.18% inc PIK (SOFR + 0.25%, 1.50% Floor, all PIK)		4.8	%		21,303,252	09/21/29		21,303,252		21,303,252
	AGY Holdings Corp.	05/27/22	Delayed Draw Term Loan - 4.21% inc PIK (SOFR + 0.25%, 1.50% Floor, all PIK)		5.4	%		24,246,520	09/21/29		24,246,515		24,246,520
					10.2	%		45,549,772			45,549,767		45,549,772
Commercial & Professional Services
	Outform Group, Inc. (fka Rapid Displays, Inc.)(4)	04/16/21	Term Loan - 10.27% inc PIK (SOFR + 6.50%, 1.00% Floor, all PIK)		3.2	%		14,343,009	04/13/29		14,342,072		14,343,009
	Outform Group, Inc. (fka Rapid Displays, Inc.)(4)	09/29/22	Incremental Term Loan - 10.27% inc PIK (SOFR + 6.50%, 1.00% Floor, all PIK)		0.1	%		253,912	04/13/29		253,870		253,912
					3.3	%		14,596,921			14,595,942		14,596,921
Consumer Durables & Apparel
	Twin Star International, Inc.	06/12/23	Incremental Delayed Draw Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK)		0.1	%		1,213,630	06/18/26		1,213,630		537,638
	Twin Star International, Inc.(5)(8)	06/18/21	Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK)		0.0	%		62,530,440	06/18/26		44,197,191		—
	Twin Star International, Inc.	02/15/23	Delayed Draw Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK)		0.1	%		1,240,624	06/18/26		1,240,624		549,596
	Twin Star International, Inc.	06/12/23	Incremental Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK)		0.1	%		1,239,128	06/18/26		1,239,128		548,934
	Twin Star International, Inc.	10/19/23	7th Amendment Incremental Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK)		0.1	%		619,371	06/18/26		619,371		274,381
	Twin Star International, Inc.	10/19/23	7th Amendment Incremental Delayed Draw Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK)		0.3	%		3,515,944	06/18/26		3,400,738		1,557,563
	Twin Star International, Inc.	06/20/24	Protective Advance Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK)		0.7	%		3,284,503	06/18/26		3,284,503		3,284,503
	Twin Star International, Inc.	10/03/24	13th Amendment Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK)		0.1	%		368,547	06/18/26		368,547		368,547
	Twin Star International, Inc.	10/03/24	13th Amendment Delayed Draw Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK)		0.2	%		817,226	06/18/26		817,226		817,226

TCW Direct Lending VII LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of March 31, 2026


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT (continued)
Consumer Durables & Apparel (continued)
	Twin Star International, Inc.	10/03/24	13th Amendment Priority Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK)		0.2	%	$	741,783	06/18/26	$	741,783	$	741,783
	Twin Star International, Inc.	01/29/25	14th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK)		0.1	%		452,667	06/18/26		452,667		452,667
	Twin Star International, Inc.	01/29/25	14th Amendment Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK)		0.2	%		1,038,992	06/18/26		1,038,992		1,038,992
	Twin Star International, Inc.	03/31/25	15th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK)		0.2	%		719,276	06/18/26		719,276		719,276
	Twin Star International, Inc.	03/31/25	15th Amendment Discretionary Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK)		0.2	%		701,090	06/18/26		701,090		701,090
	Twin Star International, Inc.	06/11/25	16th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK)		0.3	%		1,353,626	06/18/26		1,353,626		1,353,626
	Twin Star International, Inc.	08/22/25	17th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK)		1.7	%		7,508,095	06/18/26		7,508,095		7,508,095
					4.6	%		87,344,942			68,896,487		20,453,917
Energy Equipment & Services
	WDE TorcSill Holdings LLC(2)	10/22/19	Revolver - 23.35% inc PIK (SOFR + 18.75%, 4.60% Floor, all PIK)		1.9	%		12,886,962	04/30/28		12,886,962		8,647,151
	WDE TorcSill Holdings LLC(2)	10/22/19	Term Loan - 23.35% inc PIK (SOFR + 18.75%, 4.60% Floor, all PIK)		4.3	%		28,782,924	04/30/28		28,782,924		19,313,342
	WDE TorcSill Holdings LLC(2)	08/13/24	Protective Advance Term Loan - 25.00% inc PIK (PRIME + 18.25%, 4.60% Floor, all PIK)		0.8	%		3,088,490	04/30/28		3,088,490		3,635,153
					7.0	%		44,758,376			44,758,376		31,595,646
Hotels, Restaurants & Leisure
	KBP Brands, LLC	05/26/21	Term Loan - 9.47% (SOFR + 5.50%, 0.75% Floor)		5.1	%		23,237,744	05/26/27		23,178,284		22,633,562
	RL Investor Holdings LLC (fka Red Lobster Management, LLC)(4)	09/16/24	Term Loan - 11.20% inc PIK (SOFR + 7.50%, 2.00% Floor, all PIK)		12.4	%		57,897,523	09/16/29		57,897,523		55,228,447
	RL Investor Holdings LLC (fka Red Lobster Management, LLC)(4)	01/28/26	Super Senior Revolver - 6.67% (SOFR + 3.00%, 2.50% Floor)		0.5	%		1,604,430	09/16/29		1,604,430		2,398,302
					18.0	%		82,739,697			82,680,237		80,260,311
Household Durables
	Slogic Holding Corp. (4)	08/25/23	Revolver - 9.72% (SOFR + 5.87%, 1.00% Floor)		1.1	%		4,945,534	08/31/27		4,945,534		4,945,534
	Slogic Holding Corp. (4)	06/29/18	Last Out Term Loan - 9.69% (SOFR + 5.87%, 1.00% Floor)		4.0	%		28,645,701	08/31/27		28,645,701		17,703,043
	The Legacy Companies, LLC (fka Greenfield World Trade, Inc.)(2)(5)(8)	06/23/25	First Out Term Loan - 9.46% inc PIK (SOFR + 5.50%, 1.00% Floor, all PIK)		1.2	%		5,460,101	06/23/28		5,460,101		5,460,101
	The Legacy Companies, LLC (fka Greenfield World Trade, Inc.)(2)(5)(8)	06/23/25	Last Out Term Loan - 9.46% inc PIK (SOFR + 5.50%, 1.00% Floor, all PIK)		8.2	%		36,553,925	06/23/28		36,553,925		36,553,925
	The Legacy Companies, LLC (fka Greenfield World Trade, Inc.)(2)(5)(8)	10/27/25	1st Amendment First Out Term Loan - 9.46% inc PIK (SOFR + 5.50%, 1.00% Floor, all PIK)		1.3	%		5,692,857	06/23/28		5,692,857		5,692,857
					15.8	%		81,298,118			81,298,118		70,355,460

TCW Direct Lending VII LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of March 31, 2026


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount/Shares		Maturity Date	Amortized Cost		Fair Value
	DEBT (continued)
Media
	Encompass Digital Media, Inc.(4)(5)(8)	10/01/18	Revolver - 11.45% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK)		0.3	%	$	4,145,688	09/28/27	$	3,267,678	$	1,193,958
	Encompass Digital Media, Inc.(4)(5)(8)	10/01/18	Term Loan - 11.45% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK)		2.8	%		44,117,032	09/28/27		35,633,236		12,705,705
					3.1	%		48,262,720			38,900,914		13,899,663
Publishing
	Bendon Inc.	12/11/20	Term Loan - 11.52% (SOFR + 7.75%, 1.50% Floor)		8.7	%		38,853,835	04/30/26		38,853,835		38,853,835
					8.7	%		38,853,835			38,853,835		38,853,835
Software
	Tabhi Purchaser, LLC (fka Mondee Holdings LLC)(2)	04/03/25	Delayed Draw Term Loan - 9.70% inc PIK (SOFR + 6.00%, 2.50% Floor, all PIK)		3.2	%		14,224,999	10/03/28		14,224,999		14,224,999
	Tabhi Purchaser, LLC (fka Mondee Holdings LLC)(2)	04/03/25	Term Loan B - 9.70% inc PIK (SOFR + 6.00%, 1.75% Floor, all PIK)		13.0	%		58,003,954	10/03/28		58,003,954		58,003,954
					16.2	%		72,228,953			72,228,953		72,228,953
Textiles, Apparel & Luxury Goods
	Centric Brands Inc. (3)	02/06/24	Term Loan - 9.17% (SOFR + 5.50%, 1.00% Floor)		3.6	%		16,206,598	08/06/29		15,931,404		16,206,598
	Centric Brands TopCo, LLC (fka Centric Brands Inc.) (3)	02/06/24	Term Loan A-1 - 10.17% (SOFR + 6.50%, 1.00% Floor)		2.4	%		10,647,978	02/06/31		10,442,460		10,647,978
	Centric Brands TopCo, LLC (fka Centric Brands Inc.) (3)	02/06/24	Term Loan A-2 - 11.67% inc PIK (SOFR + 8.00%, 1.00% Floor, all PIK)		4.0	%		17,733,224	02/06/31		17,467,338		17,733,224
	Live Comfortably Borrower LLC (fka Hollander Intermediate LLC)(2)	09/19/22	Term Loan - 13.78% inc PIK (SOFR + 10.00%, 3.00% Floor, 2.00% PIK)		15.3	%		74,200,062	03/31/29		69,947,954		68,264,057
					25.3	%		118,787,862			113,789,156		112,851,857
	Total Debt Investments				125.0	%		732,689,994			681,446,616		557,846,372
	EQUITY
Aerospace & Defense
	TCW ND Parent Holdings LLC. (2)(5)(6)		Class A Units		0.0	%		4,399			43,990		—
					0.0	%		4,399			43,990		—
Chemicals
	AGY Equity LLC (5)(6)		Class A Preferred Units		0.0	%		18,650,862			376		—
	AGY Equity LLC (5)(6)		Class B Preferred Units		0.0	%		17,707,052			263		—
	AGY Equity LLC (5)(6)		Class C Common Units		0.0	%		17,235,147			207		—
	AGY Equity LLC (5)(6)		Class D Preferred Units		2.1	%		3,997,226			3,997,226		9,173,674
	AGY Equity LLC (5)(6)		Class E Preferred Units		6.3	%		36,177,931			36,177,931		28,110,614
					8.4	%		93,768,218			40,176,003		37,284,288
Commercial & Professional Services
	Outform Holdings LLC (fka Rapid Displays, Inc.)(4)(5)(6)		Class A Common Units		0.1	%		7,872,225			39,361		447,142
					0.1	%		7,872,225			39,361		447,142

TCW Direct Lending VII LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of March 31, 2026


Industry	Issuer	Investment	% of Net Assets			Shares		Amortized Cost		Fair Value
	EQUITY (continued)
Energy Equipment & Services
	WDE TorcSill Holdings LLC(2)(5)(6)	Class A Units		0.0	%		2,016,746	$	—	$	—
				0.0	%		2,016,746		—		—
Hotels, Restaurants & Leisure
	RL Parent Holdings LLC (fka Red Lobster Management, LLC) (4)(5)(6)	Class A Units		0.0	%		40,276		40,276,460		—
				0.0	%		40,276		40,276,460		—
Household Durables
	Shelterlogic Group Holdings, Inc (4)(5)(6)	Common Stock		0.0	%		1,254,034		—		—
	The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) (2)(5)(6)	Class A Units		4.7	%		77,501,303		38,378,723		20,971,853
				4.7	%		78,755,337		38,378,723		20,971,853
Media
	Encompass Digital Media, Inc.(4)(5)(6)	Class A Units		0.0	%		722,097		—		—
				0.0	%		722,097		—		—
Software
	Tabhi Holdings, LLC (fka Mondee Holdings LLC) (2)(5)(6)	Preferred Units		3.8	%		25,910,051		25,910,051		16,996,993
	Tabhi Holdings, LLC (fka Mondee Holdings LLC) (2)(5)(6)	Class B Common Units		0.0	%		12,107,501		1,695,050		—
				3.8	%		38,017,552		27,605,101		16,996,993
Textiles, Apparel & Luxury Goods
	Centric Brands GP LLC (3)(5)(6)	Membership Interests		0.0	%		359,231		—		—
	Centric Brands L.P. (3)(5)(6)	Class A LP Interests		5.3	%		359,231		95,579		23,777,334
				5.3	%		718,462		95,579		23,777,334
	Total Equity Investments			22.3	%		221,915,312		146,615,217		99,477,610
	Total Debt & Equity Investments (7)			147.3	%				828,061,833		657,323,982
	Cash Equivalents
	First American Government Obligation Fund, Yield 3.58%, Class X (FGXXX)			3.1	%		13,933,721		13,933,721		13,933,721
	Total Cash Equivalents			3.1	%				13,933,721		13,933,721
	Short-term Investments
	U.S. Treasury Bill, Yield 3.60%, Maturity Date 07/28/26			127.2	%		575,000,000		568,224,424		568,224,424
	Total Short-term Investments			127.2	%				568,224,424		568,224,424
	Total Investments (277.4%)							$	1,410,219,978	$	1,239,482,127
	Net unrealized depreciation on unfunded commitments (0.0%)										(184,598	)
	Liabilities in Excess of Other Assets (-177.3%)										(792,442,193	)
	Net Assets (100.0%)									$	446,855,336

(1)

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

TCW Direct Lending VII LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of March 31, 2026

(2)

As defined in the Investment Company Act of 1940, as amended (the “1940 Act”), the investment is deemed to be a “controlled affiliated 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, 2025 and March 31, 2026 along with transactions during the period ended March 31, 2026 in these controlled investments are as follows:


Name of Investment	Fair Value at December 31, 2025		Gross Addition (a)		Gross Reduction (b)			Realized Gains (Losses)		Net Change in Unrealized Appreciation/ (Depreciation)			Fair Value at March 31, 2026		Interest/Dividend/ Other income
Navistar Defense, LLC Super Senior Revolver - 14.27% inc PIK	$	45,818,273	$	—	$	(2,324	)	$	—	$	2,324		$	45,818,273	$	(2,324	)
Navistar Defense, LLC Term Loan - 12.27% inc PIK		12,902,829		—		—			—		(1,521,065	)		11,381,764		5,880
Tabhi Holdings, LLC (Mondee) Class B Common Units		—		—		—			—		—			—		—
Tabhi Holdings, LLC (Mondee) Preferred Units		18,992,067		—		—			—		(1,995,074	)		16,996,993		—
Tabhi Purchaser, LLC (Mondee) Delayed Draw Term Loan - 9.70% inc PIK		13,889,161		335,838		—			—		—			14,224,999		335,939
Tabhi Purchaser, LLC (Mondee) Term Loan B - 9.70% inc PIK		56,634,539		1,369,415		—			—		—			58,003,954		1,391,466
TCW ND Parent Holdings LLC Class A Units		—		—		—			—		—			—		—
The Legacy Companies LLC 1st Amendment First Out Term Loan - 9.46% inc PIK		5,692,857		—		—			—		—			5,692,857		—
The Legacy Companies LLC Class A Units		24,795,767		—		—			—		(3,823,914	)		20,971,853		—
The Legacy Companies LLC First Out Term Loan - 9.46% inc PIK		5,460,101		—		—			—		—			5,460,101		—
The Legacy Companies LLC Last Out Term Loan - 9.46% inc PIK		36,553,925		—		—			—		—			36,553,925		—
WDE TorcSill Holdings LLC Class A Units		—		—		—			—		—			—		—
WDE TorcSill Holdings LLC Protective Advance Term Loan - 25.00% inc PIK		3,442,740		—		—			—		192,413			3,635,153		202,159
WDE TorcSill Holdings LLC Revolver - 23.35% inc PIK		9,497,820		—		—			—		(850,669	)		8,647,151		752,276
WDE TorcSill Holdings LLC Term Loan - 23.35% inc PIK		21,213,303		—		—			—		(1,899,961	)		19,313,342		1,680,203
Total Controlled Affiliated investments	$	254,893,382	$	1,705,253	$	(2,324	)	$	—	$	(9,895,946	)	$	246,700,365	$	4,365,599

(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.

(3)

The investment is not a qualifying asset as defined in Section 55(a) under the 1940 Act, as amended. 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 March 31, 2026, $68,365,134 or 5.5% of the Company’s total assets were represented by “non-qualifying assets.”

(4)

As defined in the Investment Company Act of 1940, 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, 2025 and March 31, 2026 along with transactions during the period ended March 31, 2026 in these affiliated investments are as follows:


Name of Investment	Fair Value at December 31, 2025		Gross Addition (a)		Gross Reduction (b)			Realized Gains (Losses)		Net Change in Unrealized Appreciation/ (Depreciation)			Fair Value at March 31, 2026		Interest/Dividend/ Other income
Encompass Digital Media Holdings, LLC Class A Units	$	—	$	—	$	—		$	—	$	—		$	—	$	—
Encompass Digital Media, Inc. Revolver - 11.45% inc PIK		1,180,158		—		—			—		13,800			1,193,958		—
Encompass Digital Media, Inc. Term Loan - 11.45% inc PIK		12,564,108		—		—			—		141,597			12,705,705		—
Outform Holdings LLC Class A Common Units		—		—		—			—		447,142			447,142		—
Outform Group, Inc. Incremental Term Loan - 10.27% inc PIK		247,340		7,398		(20,535	)		—		19,709			253,912		7,301
Outform Group, Inc. Term Loan - 10.27% inc PIK		13,971,827		406,359		(1,160,216	)		—		1,125,039			14,343,009		400,625
RL Parent Holdings LLC Class A Units		761,628		—		—			—		(761,628	)		—		—
RL Investor Holdings LLC Super Senior Revolver - 6.67%		—		1,604,430		—			—		793,872			2,398,302		2,808
RL Investor Holdings LLC Term Loan - 11.20% inc PIK		56,324,391		1,573,132		—			—		(2,669,076	)		55,228,447		1,573,665
Shelterlogic Group Holdings, Inc Common Stock		—		—		—			—		—

TCW Direct Lending VII LLC 10-Q