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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549





FORM 10-K





(Mark One)

|☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
|- | -------------------------------------------------------------------------------------

For the fiscal year ended December 31, 2019

OR



|☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
|- | -----------------------------------------------------------------------------------------

For the transition period from
 to

Commission file number 814-01246





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                           

Securities registered pursuant to Section 12(g) of the Act:

Common Limited Liability Company Units

(Title of Class)





Indicate by check mark if the
registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ☐    No  ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the
Act.    Yes  ☐    No  ☒

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 December 31, 2018, there was no
established public market for the Registrants common units.

The number of the Registrants common units outstanding at March 16, 2020 was
13,734,010.

Documents Incorporated by Reference

TCW Direct Lending VII LLC will file with the Securities and Exchange Commission, not later than 120 days after the close of its fiscal year ended
December 31, 2019, a definitive proxy statement containing the information required to be disclosed under Part III of Form 10-K.









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TCW DIRECT LENDING VII LLC

FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2019

Table of Contents



|          |  |                                                                                                               |  |         |    | 
|--------- |  | ------------------------------------------------------------------------------------------------------------- |  | ------- | -- | 
|          |  | INDEX                                                                                                         |  | PAGENO. |   
|          |  |                                                                                                              
|PART I.   |  |                                                                                                               |  |         |    | 
|          |  |                                                                                                              
|Item 1.   |  | Business                                                                                                      |  |         | 1  | 
|          |  |                                                                                                              
|Item 1A.  |  | Risk Factors                                                                                                  |  |         | 16 | 
|          |  |                                                                                                              
|Item 1B.  |  | Unresolved Staff Comments                                                                                     |  |         | 27 | 
|          |  |                                                                                                              
|Item 2.   |  | Properties                                                                                                    |  |         | 27 | 
|          |  |                                                                                                              
|Item 3.   |  | Legal Proceedings                                                                                             |  |         | 27 | 
|          |  |                                                                                                              
|Item 4.   |  | Mine Safety Disclosure                                                                                        |  |         | 27 | 
|          |  |                                                                                                              
|PART II.  |  |                                                                                                               |  |         |    | 
|          |  |                                                                                                              
|Item 5.   |  | Market for Registrants Common Equity, Related Stockholder Matters and Issuer
 Purchases of Equity Securities |  |         | 27 | 
|          |  |                                                                                                              
|Item 6.   |  | Selected Financial Data                                                                                       |  |         | 28 | 
|          |  |                                                                                                              
|Item 7.   |  | Managements Discussion and Analysis of Financial Condition and Results of
 Operations                        |  |         | 29 | 
|          |  |                                                                                                              
|Item 7A.  |  | Quantitative and Qualitative Disclosures About Risk                                                           |  |         | 39 | 
|          |  |                                                                                                              
|Item 8.   |  | Financial Statements and Supplementary Data                                                                   |  |         | 39 | 
|          |  |                                                                                                              
|Item 9.   |  | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                          |  |         | 39 | 
|          |  |                                                                                                              
|Item 9A.  |  | Controls and Procedures                                                                                       |  |         | 40 | 
|          |  |                                                                                                              
|Item 9B.  |  | Other Information                                                                                             |  |         | 40 | 
|          |  |                                                                                                              
|PART III. |  |                                                                                                               |  |         |    | 
|          |  |                                                                                                              
|Item 10.  |  | Directors, Executive Officers and Corporate Governance                                                        |  |         | 40 | 
|          |  |                                                                                                              
|Item 11.  |  | Executive Compensation                                                                                        |  |         | 41 | 
|          |  |                                                                                                              
|Item 12.  |  | Security Ownership of Certain Beneficial Owners and Management and Related Unitholder
 Matters                |  |         | 41 | 
|          |  |                                                                                                              
|Item 13.  |  | Certain Relationships and Related Transactions, and Director
Independence                                     |  |         | 41 | 
|          |  |                                                                                                              
|Item 14.  |  | Principal Accountant Fees and Services                                                                        |  |         | 41 | 
|          |  |                                                                                                              
|PART IV.  |  |                                                                                                               |  |         |    | 
|          |  |                                                                                                              
|Item 15.  |  | Exhibits, Financial Statement Schedules                                                                       |  |         | 42 | 
|          |  |                                                                                                              
|Item 16.  |  | Form 10-K Summary                                                                                             |  |         | 42 | 



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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts,
but rather are based on current expectations, estimates and projections about us, our prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as anticipates, expects, intends,
plans, believes, seeks, estimates, would, should, targets, projects, and variations of these words and similar expressions are intended to identify
forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict, that could cause actual results to
differ materially from those expressed or forecasted in the forward-looking statements including, without limitation:



| |  |  | an economic downturn could impair our portfolio companies ability to continue to operate, which could lead
to the loss of some or all of our investments in such portfolio companies;
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | a contraction of available credit could impair our lending and investment activities;
| | - |  | -------------------------------------------------------------------------------------



| |  |  | interest rate volatility could adversely affect our results, particularly if we elect to use leverage as part of
our investment strategy;
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------



| |  |  | our future operating results;
| | - |  | -----------------------------



| |  |  | our business prospects and the prospects of our portfolio companies;
| | - |  | --------------------------------------------------------------------



| |  |  | our contractual arrangements and relationships with third parties;
| | - |  | ------------------------------------------------------------------



| |  |  | the ability of our portfolio companies to achieve their financial and other business objectives;
| | - |  | ------------------------------------------------------------------------------------------------



| |  |  | competition with other entities and our affiliates for investment opportunities;
| | - |  | --------------------------------------------------------------------------------



| |  |  | the impact of changing market conditions and lending standards on our ability to compete with other industry
participants, including other business development companies, private and public funds, individual and institutional investors, and financial institutions for investment opportunities;
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | uncertainty surrounding the financial stability of the United States, Europe and China;
| | - |  | ---------------------------------------------------------------------------------------



| |  |  | the social, geopolitical, financial, trade and legal implications of Brexit;
| | - |  | ----------------------------------------------------------------------------



| |  |  | pandemics or other serious public health events, such as the recent global outbreak of COVID-19 (more commonly
known as the Coronavirus)
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------



| |  |  | an inability to replicate the historical success of any previously launched fund managed by the direct lending
team of our investment adviser, TCW Asset Management Company LLC (the Adviser);
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | the speculative and illiquid nature of our investments;
| | - |  | -------------------------------------------------------



| |  |  | the use of borrowed money to finance a portion of our investments;
| | - |  | ------------------------------------------------------------------



| |  |  | the adequacy of our financing sources and working capital;
| | - |  | ----------------------------------------------------------



| |  |  | the costs associated with being an entity registered with the Securities Exchange Commission (SEC);
| | - |  | -----------------------------------------------------------------------------------------------------



| |  |  | the loss of key personnel;
| | - |  | --------------------------



| |  |  | the timing of cash flows, if any, from the operations of our portfolio companies;
| | - |  | ---------------------------------------------------------------------------------



| |  |  | the ability of the Adviser to locate suitable investments for us and to monitor and administer our investments;
| | - |  | ---------------------------------------------------------------------------------------------------------------



| |  |  | the ability of The TCW Group, Inc. and its subsidiaries to attract and retain highly talented professionals that
can provide services to the Adviser in its capacity as our investment adviser and administrator;
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | our ability to qualify and maintain our qualification as a regulated investment company, or RIC,
under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended, or the Code, and as a business development company (BDC) under the Investment Company Act of 1940 and the related tax implications;
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | the effect of legal, tax and regulatory changes; and
| | - |  | ----------------------------------------------------



| |  |  | the other risks, uncertainties and other factors we identify under Part IItem 1A. Risk Factors
of this Annual Report on Form 10-K.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------

Although we believe that the assumptions on which these
forward-looking statements are based are reasonable, some of those assumptions are based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, the forward-looking statements based on those assumptions
also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved.
You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein,
except as required by applicable law. The safe harbor provisions of Section 21E of the 1934 Act, which preclude civil liability or certain forward-looking statements, do not apply to the forward-looking statements in this report because we are
an investment company.





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PART I

In this Annual Report on Form 10-K, except as otherwise indicated, the terms:

TCW Direct Lending VII LLC, Company, we, us, and our refers to TCW Direct
Lending VII LLC, a Delaware limited liability company.

The Adviser refers to TCW Asset Management Company LLC, a
Delaware limited liability company.

ITEM 1. BUSINESS

Our Company

We were formed on May 23, 2017 as
a limited liability company under the laws of the State of Delaware. We conducted a private offering of our common limited liability company units (the Units) to investors in reliance on exemptions from the registration requirements of
the U.S. Securities Act of 1933, as amended (the Securities Act).

On August 18, 2017 (Inception Date), we sold and issued 10
Units at an aggregate purchase price of $1,000 to TCW Asset Management Company LLC (TAMCO), an affiliate of the TCW Group, Inc.

On
December 29, 2017, we filed an election to be regulated as a BDC under the 1940 Act. We elected, and intend to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code. As a BDC and a RIC, we
are required to comply with certain regulatory requirements.

On April 13, 2018 (the Initial Closing Date), we began accepting
subscription agreements from investors for the private sale of our Units and on January 14, 2019, we completed our fourth and final closing sale of our Units.

As of December 31, 2019, we have sold 13,734,010 Units for an aggregate offering price of approximately $1.4 billion. Each Unitholder is obligated
to contribute capital equal to their Commitment and each Units Commitment obligation is $100.00 per Unit. The sale of the Units was made pursuant to subscription agreements entered into by us and each investor. Under the terms of the
subscription agreements, we may draw down all or any portion of the undrawn commitment with respect to each Unit generally upon at least ten business days prior written notice to the unitholders. The amount of capital that remains to be drawn
down and contributed is referred to as an Undrawn Commitment.

We commenced operations during the second quarter of fiscal year 2018.

We are a direct lending investment company that seeks to generate attractive risk-adjusted returns primarily through direct investments in senior secured
loans to middle market companies or other issuers. We are managed by the direct lending team of the Adviser (the Direct Lending Team), a group of investment professionals that uses the same investment strategy employed by the Direct
Lending Team over the past 19 years.

During 2018, we formed two Delaware limited liability companies which each have a single member interest owned by
the Company. We may make investments through additional wholly owned subsidiaries. Such subsidiaries are expected to be organized as corporations or limited liability companies and will not be registered under the 1940 Act. These subsidiaries may be
formed to obtain favorable tax benefits or to obtain financing on favorable terms due to their bankruptcy-remote characteristics. Our board of directors has oversight responsibility for our investment activities, including our investment in any
subsidiary, and our role as sole shareholder of any subsidiary. To the extent applicable to the investment activities of a subsidiary, the subsidiary will follow the same compliance policies and procedures as the Company. We would look
through any such subsidiary to determine compliance with our investment policies.

Although we are primarily focused on investing in senior secured
debt obligations, there may be occasions where our investments may be unsecured. We may also consider making an equity investment in combination with a debt investment. Our investments will mostly be made in portfolio companies formed as
corporations, partnerships and other business entities. Our typical investment commitment is expected to be between $25 million and $150 million. We currently expect to focus on portfolio companies in a variety of industries. While we
intend to focus on investments in middle market companies, we may invest in larger or smaller companies. We will consider financings for many different purposes, including corporate acquisitions, growth opportunities, liquidity needs, rescue
situations, recapitalizations, debtor-in-possession (DIP) loans, bridge loans and Chapter 11 exits.



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The issuers in which we intend to invest will typically be highly leveraged, and, in most cases, these
investments will not be rated by any rating agency. If these investments were rated, we believe that they would likely receive a rating from a nationally recognized statistical rating organization of below investment grade, which is often referred
to as junk. Exposure to below investment grade securities involves certain risks, and those securities are viewed as speculative with respect to the issuers capacity to pay interest and repay principal.

Because we intend to remain qualified as a RIC under the Code, our portfolio is subject to diversification and other requirements. In addition to those
diversification requirements, we will not invest more than 10% of investors aggregate capital commitments to us through the Units (the Commitments) in any single portfolio company.

We borrow money from time to time, but do not intend to exceed a 1:1
debt-to-equity ratio, or such other maximum amount as may be permitted by applicable law. In determining whether to borrow money, we analyze the maturity, covenant
package and rate structure of proposed borrowings as well as the risks of such borrowings compared to our investment outlook. The use of borrowed funds or the proceeds of preferred units issued by the Company (the Preferred Units) to
make investments would have its own specific set of benefits and risks, and all of the costs of borrowing funds or issuing Preferred Units would be borne by the holders of the Units (each, a Unitholder). See Item 1A. Risk
FactorsBorrowing Money.

The Adviser

Our investment activities are managed by the Adviser. Subject to the overall supervision of our board of directors, the Adviser manages our day-to-day operations and provides investment advisory and management services to us pursuant to the investment management and advisory agreement (the Advisory
Agreement) by and between the Adviser and us.

The Adviser is a Delaware limited liability company registered with the Securities and Exchange
Commission under the Investment Advisers Act of 1940, as amended (the Advisers Act), and has been since 1970. The Adviser is a wholly owned subsidiary of The TCW Group, Inc. (the TCW Group) and together with its affiliated
companies (collectively, TCW) manages or has committed to manage approximately $217 billion of assets as of December 31, 2019. Such assets are managed in various formats, including managed accounts, funds, structured products
and other investment vehicles, including Regiment Capital Special Situations Fund V, L.P. (together with its four predecessor funds, TCW Direct Lending LLC and the Company, the Direct Lending Funds).

The Adviser is responsible for sourcing investment opportunities, conducting industry research, performing diligence on potential investments, structuring our
investments and monitoring our portfolio companies on an ongoing basis.

Our assets are managed by the Advisers Direct Lending Team. The Direct
Lending Team joined the TCW Group in December 2012. The Direct Lending Team was previously with Regiment Capital Advisors, LP, an independent investment manager based in Boston, Massachusetts. The Direct Lending Team launched the Company as its
seventh Direct Lending Fund. The Direct Lending Team is led by Richard Miller and currently includes a dedicated group of investment professionals who have substantial investing, corporate finance, and merger and acquisition expertise and also
significant experience in leveraged transactions, high yield financings and restructurings. We employ the investment approach and strategy the Direct Lending Team developed and implemented over the past 19 years of investing in the middle market.
The investment approach of the Direct Lending Team is primarily to originate and invest in loans to middle market companies and generally focuses on the following:



| |  |  | Investing in adjustable-rate, senior secured investment opportunities;
| | - |  | ----------------------------------------------------------------------



| |  |  | Maintaining a principal preservation/absolute return focus;
| | - |  | -----------------------------------------------------------



| |  |  | Investing capital in a disciplined manner with an eye towards finding opportunities in both positive and negative
markets, without attempting to time markets; and
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Evaluating investment opportunities on a risk-adjusted return basis.
| | - |  | --------------------------------------------------------------------

The Direct Lending Team will apply its investment philosophy, strategy and approach to the management of our portfolio. The conditions of the economy or
capital markets will not be used as an absolute indicator of the relative attractiveness of an investment opportunity considered for us. Rather, the investment must provide for adequate return relative to the risk assumed, regardless of the economic
or capital market environment.

The Direct Lending Teams investment committee (the Investment Committee) evaluates and approves all
investments by the Adviser. The Investment Committee process is intended to bring the diverse experiences and perspectives of the committee members to the analysis and consideration of every investment. The Investment Committee determines
appropriate investment sizing, structure, pricing, and ongoing monitoring requirements for each investment, thus serving to provide investment consistency and adherence to the Advisers investment philosophies and policies. In addition to
reviewing investments, the Investment Committee meetings serve as a forum to discuss credit views and outlooks. Potential transactions and deal flow are also reviewed on a regular basis. The teams investment professionals are encouraged to
share information and views on credits with the Investment Committee early in their



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analysis. This process improves the quality of the analysis and enables the investment team members to work more efficiently. Each proposed transaction is presented to the Investment Committee
for consideration in a formal written report. Each of our new investments, and the disposition or sale of each existing investment, must be approved by the Investment Committee.

The Adviser keeps our board of directors well informed as to the identity and title of each member of its Investment Committee and provides to the
Companys board of directors such other information with respect to such persons and the functioning of the Investment Committee and the Direct Lending Team as the board of directors may from time to time request.

The Investment Committee is composed of four members of the Direct Lending Team, three of whom will be recurring members. The fourth member will be a rotating
member, who will be appointed on a transaction-by-transaction basis. The three recurring members of the Investment Committee are Richard T. Miller, Suzanne Grosso and
James S. Bold. The fourth member of the Investment Committee will be appointed by Mr. Miller (or his successor) at his sole discretion with respect to each proposed investment. All three recurring members of the Investment Committee, together
with Mark Gertzof, are referred to as Key Persons of the Company.

We expect to use the expertise of the members of the Investment
Committee/Key Persons (including Mr. Miller, Ms. Grosso, Mr. Bold and Mr. Gertzof), and the Direct Lending Team to assess investment risks and determine appropriate pricing for our investments. In addition, we expect that the
relationships developed by the Direct Lending Team will enable us to learn about, and compete effectively for, financing opportunities with attractive middle market companies. For additional information concerning the competitive risks we face, see
Item 1A. Risk FactorsCompetition for Investment Opportunities.

Investment Management and Advisory Agreement

On December 29, 2017, the Company entered into the Advisory Agreement with the Adviser, our registered investment adviser under the Investment Advisers
Act of 1940, as amended. Unless terminated earlier, the Advisory Agreement will remain in effect for a period of two years and will remain in effect from year to year thereafter if approved annually by (i) the vote of our board of directors, or
by the vote of a majority of our outstanding voting securities, and (ii) the vote of a majority of our directors who are not interested persons (as defined in Section 2(a)(19) of the 1940 Act) of the Company, the Adviser or any
of their respective affiliates (the Independent Directors). The Advisory Agreement will automatically terminate in the event of an assignment by the Adviser. The Advisory Agreement may be terminated by either party, or by a vote of the
majority of our outstanding voting units or, if less, such lower percentage as required by the 1940 Act, without penalty upon not less than 60 days prior written notice to the applicable party. If the Advisory Agreement is terminated according
to this paragraph, we will pay the Adviser a pro-rated portion of the Management Fee and Incentive Fee (each as defined below). See Item 1A. Risk FactorsDependence on Key Personnel and Other
Management. The Advisory agreement was reapproved by our directors on August 12, 2019.

Pursuant to the Advisory Agreement,
the Adviser will:



| |  |  | determine the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner
of implementing such changes;
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | identify, evaluate and negotiate the structure of the investments we make (including performing due diligence on
our prospective portfolio companies);
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | determine the assets we will originate, purchase, retain or sell;
| | - |  | -----------------------------------------------------------------



| |  |  | close, monitor and administer the investments we make, including the exercise of any rights in our capacity as a
lender; and
| | - |  | ----------------------------------------------------------------------------------------------------------------------------



| |  |  | provide us such other investment advice, research and related services as we may, from time to time, require.
| | - |  | -------------------------------------------------------------------------------------------------------------

The Company will pay to the Adviser, quarterly in arrears, a management fee in cash (the Management Fee) calculated as
follows: 0.375% (i.e., 1.50% per annum) of the average gross assets of the Company on a consolidated basis, with the average determined based on the gross assets of the Company as of the end of the three most recently completed calendar months.
Gross assets means the amortized cost of portfolio investments of the Company (including portfolio investments purchased with borrowed funds and other forms of leverage, such as Preferred Units, public and private debt issuances,
derivative instruments, repurchase agreements and other similar instruments or arrangements) that have not been sold, distributed to the members, or written off for tax purposes (but reduced by any portion of such cost basis that has been written
down to reflect a permanent impairment of value of any portfolio investment), and excluding cash and cash equivalents. The Management Fee payable for any partial month or quarter will be appropriately
pro-rated. The Commitment Period of the Company began on the Initial Closing Date of April 13, 2018 and will end three years from the later of (a) the Initial Closing Date and
(b) the date on which the Company first completes an investment. The Company completed its first investment on May 16, 2018. Accordingly, the Commitment Period will end on May 16, 2021. While the Management Fee will accrue from the
Initial Closing Date, the Adviser intends to defer payment of such fee to the extent that such fee is greater than the aggregate amount of interest and fee income earned by the Company. In addition, the Adviser will receive an incentive fee (the
Incentive Fee) as follows:



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| | (a) | First, no Incentive Fee will be owed until the Unitholders have collectively received cumulative distributions
pursuant to this clause equal to their aggregate contributions to the Company in respect of all Units;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Second, no Incentive Fee will be owed until the Unitholders have collectively received cumulative distributions
equal to a 9% internal rate of return on their aggregate contributions to the Company in respect of all Units (the Hurdle);
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Third, the Adviser will be entitled to an Incentive Fee out of 100% of additional amounts otherwise
distributable to Unitholders until such time as the Incentive Fee paid to the Adviser is equal to 20% of the sum of (i) the amount by which the Hurdle exceeds the aggregate capital contributions of the Unitholders in respect of all Units and
(ii) the amount of Incentive Fee being paid to the Adviser pursuant to this clause (c); and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Thereafter, the Adviser will be entitled to an Incentive Fee equal to 20% of additional amounts otherwise
distributable to Unitholders in respect of all Units, with the remaining 80% distributed to the Unitholders.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The Incentive Fee will be
calculated on a cumulative basis and the amount of the Incentive Fee payable in connection with any distribution (or deemed distribution) will be determined in accordance with the foregoing formula each time amounts are to be distributed to the
Unitholders.

For purposes of calculating the Incentive Fee, aggregate contributions shall not include Earnings Balancing Contributions (as defined below)
or Late-Closer Contributions (as defined below), and the distributions to Unitholders shall not include distributions attributable to Late-Closer Contributions. Earnings Balancing Contributions received by the Company will not be treated as amounts
distributed to Unitholders for purposes of calculating the Incentive Fee. In addition if distributions to which a defaulting member otherwise would have been entitled have been withheld pursuant to Section 6.2.4 of the TCW Direct Lending VII
LLC Agreement (the LLC Agreement), the amounts so withheld shall be treated for such purposes as having been distributed to such Defaulting Member. The amount of any distribution of securities made in kind shall be equal to the fair
market value of those securities at the time of distribution determined pursuant to Section 13.4 of the LLC Agreement.

As provided in
Section 10.5 of the LLC Agreement, in connection with a Reorganization as described below in The Private Offering  Investor Optionality; Potential Reorganization, in which Unitholders will be offered the opportunity to
hold interests in the Public Fund, the Extension Fund or the Liquidating Company, an Incentive Fee will be payable by the Company (the Reorganization Incentive Fee). The Reorganization Incentive Fee will be calculated as of the
Reorganization Date and will equal the amount of Incentive Fee that would be payable to the Adviser if (A) all of the Companys investments were liquidated for their current value (but without taking into account any unrealized
appreciation of any Portfolio Investment), and any unamortized deferred portfolio investment-related fees were deemed accelerated, (B) the proceeds from such liquidation were used to pay all of the Companys outstanding liabilities, and
(C) the remainder were distributed to Unitholders and paid as Incentive Fee in accordance with Section 6(a) of the Advisory Agreement. The Reorganization Incentive Fee will be paid pro rata by each Reorganized Entity (defined below) in
accordance with the respective advisory agreement of each Reorganized Entity and, if applicable, the distribution procedures described in the organizational documentation of the relevant Reorganized Entity.

After a Reorganization, all calculations relating to any incentive fee payable by any Reorganized Entity (including without limitation any Adviser Return
Obligation (defined below) or comparable amount) will be made without taking into account the interests in any other Reorganized Entity (or contributions, distributions or proceeds relating thereto), so that the timing and amount of any incentive
fee payable by a Reorganized Entity following the Reorganization will be determined under the respective advisory agreement of the Reorganized Entity and, if applicable, the organizational documentation of such Reorganized Entity, based solely on
the Units in such Reorganized Entity.

If the Advisory Agreement terminates early for any reason other than (i) the Adviser voluntarily terminating
the agreement or (ii) the Company terminating the agreement for cause (as set out in the Advisory Agreement), the Company will be required to pay the Adviser a final incentive fee payment (the Final Incentive Fee Payment). The Final
Incentive Fee Payment will be calculated as of the date the Advisory Agreement is so terminated and will equal the amount of Incentive Fee that would be payable to the Adviser if (A) all of the Companys investments were liquidated for
their current value (but without taking into account any unrealized appreciation of any portfolio investment), and any unamortized deferred portfolio investment-related fees were deemed accelerated, (B) the proceeds from such liquidation were
used to pay all of the Companys outstanding liabilities, and (C) the remainder were distributed to Unitholders and paid as Incentive Fee in accordance with the waterfall (i.e., clauses (a) through (d)) described above for
determining the amount of the Incentive Fee. The Company will make the Final Incentive Fee Payment in cash on or immediately following the date the Advisory Agreement is so terminated.



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In connection with a Reorganization, a Reorganization Incentive Fee is expected to be payable by us (the
Reorganization Incentive Fee). The Reorganization Incentive Fee will be calculated as of the Reorganization Date and will equal the amount of Incentive Fee that would be payable to the Adviser if (A) all our investments were
liquidated for their current value (but without taking into account any unrealized appreciation of any portfolio investment), and any unamortized deferred portfolio investment-related fees were deemed accelerated, (B) the proceeds from such
liquidation were used to pay all our outstanding liabilities, and (C) the remainder were distributed to Unitholders and paid as Incentive Fee in accordance with the waterfall (i.e., clauses (a) through (d)) described above for
determining the amount of the Incentive Fee.

Adviser Return Obligation

After we have made our final distribution of assets in connection with our dissolution, if the Adviser has received aggregate payments of Incentive Fees in
excess of the amount the Adviser was entitled to receive pursuant to Incentive Fee above, then the Adviser will return to us, on or before 90 days after such final distribution of assets, an amount equal to such excess (the
Adviser Return Obligation). Notwithstanding the preceding sentence, in no event will the Adviser be required to return to us an amount greater than the aggregate Incentive Fees paid to the Adviser, reduced by the excess of (a) the
aggregate federal, state and local income tax liability the Adviser incurred in connection with the payment of such Incentive Fees, over (b) an amount equal to the U.S. federal and state tax benefits available to the Adviser by virtue of the
payment made by the Adviser pursuant to its Adviser Return Obligation.

Administration Agreement

On December 29, 2017, the Company entered into the Administration Agreement (as subsequently amended and restated as of September 25, 2018, the
Administration Agreement) with TCW Asset Management Company LLC (the Administrator) under which the Administrator (or one or more delegated service providers) will oversee the maintenance of the Companys financial
records and otherwise assist with the Companys compliance with regulations applicable to a business development company under the Investment Company Act of 1940, as amended, and a regulated investment company under Subchapter M of the U.S.
Internal Revenue Code of 1986, as amended; monitor the payment of the Companys expenses; oversee the performance of administrative and professional services rendered to the Company by others; be responsible for the financial and other records
that the Company is required to maintain; prepare and disseminate reports to Unitholders and reports and other materials to be filed with the SEC or other regulators; assist the Company in determining and publishing (as necessary or appropriate) its
net asset value; oversee the preparation and filing of tax returns; generally oversee the payment of expenses; and provide such other services as the Administrator, subject to review of the Companys board of directors, shall from time to time
determine to be necessary or useful to perform its obligations under the Administration Agreement. Payments under the Administration Agreement will be equal to an amount that reimburses the Administrator for the costs and expenses incurred by the
Administrator in performing its obligations and providing personnel and facilities under the Administration Agreement. The Administrator shall seek such reimbursement from the Company no more than once during any calendar year and shall only seek
such reimbursement when all Company Expenses (as defined below) for such calendar year have been paid or accrued. Amounts paid pursuant to the Administration Agreement are subject to the annual cap on Company Expenses (as defined below), as
described more fully below.

The Company, and indirectly the Unitholders, will bear all costs, expenses and liabilities, other than Adviser Operating
Expenses (as defined below) (which shall be borne by the Adviser), in connection with the organization, operations, administration and transactions of the Company (Company Expenses). Company Expenses shall include, without limitation:
(a) organizational expenses and expenses associated with the issuance of the Units; (b) expenses of calculating the Companys net asset value (including the cost and expenses of any independent valuation firm); (c) fees payable
to third parties, including agents, consultants, attorneys or other advisors, relating to, or associated with, evaluating and making investments; (d) expenses incurred by the Adviser or the Administrator payable to third parties, including
agents, consultants, attorneys or other advisors, relating to or associated with monitoring the financial and legal affairs for the Company, providing administrative services, monitoring or administering the Companys investments and performing
due diligence reviews of prospective investments and the corresponding portfolio companies; (e) costs associated with the Companys reporting and compliance obligations under the Investment Company Act of 1940, the Securities Exchange Act
of 1934, as amended, and other applicable federal or state securities laws; (f) fees and expenses incurred in connection with debt incurred to finance the Companys investments or operations, and payment of interest and repayment of
principal on such debt; (g) expenses related to sales and purchases of Units and other securities; (h) Management Fees and Incentive Fees; (i) administrator fees, if any, payable under the Administration Agreement; (j) transfer agent, sub-administrator and custodial fees; (k) expenses relating to the issue, repurchase and transfer of Units to the extent not borne by the relevant transferring Unitholders and/or assignees;
(l) federal and state registration fees; (m) federal, state and local taxes and other governmental charges assessed against the Company; (n) independent directors fees and expenses and the costs associated with convening a
meeting of the Companys board of directors or any committee thereof; (o) fees and expenses and the costs associated with convening a meeting of the Unitholders or holders of any Preferred Units, as well as the compensation of an investor
relations professional responsible for the coordination and administration of the foregoing; (p) costs of any reports, proxy statements or other notices to Unitholders, including printing and mailing costs; (q) costs and expenses related
to the preparation of the Companys financial statements and tax returns; (r) the Companys allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other



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insurance premiums; (s) direct costs and expenses of administration, including printing, mailing, long distance telephone, and copying; (t) independent auditors and outside legal costs,
including legal costs associated with any requests for exemptive relief, no-action positions or other guidance sought from a regulator, pertaining to the Company; (u) compensation of
other personnel (including employees and secretarial and other staff of the Administrator) to the extent they are devoted to preparing the Companys consolidated financial statements or tax returns or providing similar back office
financial services to the Company; (v) Adviser costs and expenses (excluding travel) in connection with identifying and investigating investment opportunities for the Company, monitoring the investments of the Company and disposing of any such
investments; (w) portfolio risk management costs; (x) commissions or brokerage fees or similar charges incurred in connection with the purchase or sale of securities (including merger fees); (y) costs and expenses attributable to normal
and extraordinary investment banking, commercial banking, accounting, auditing, appraisal, valuation, administrative agent activities, custodial and registration services provided to the Company, including in each case services with respect to the
proposed purchase or sale of securities by the Company that are not reimbursed by the issuer of such securities or others (whether or not such purchase or sale is consummated); (z) costs of amending, restating or modifying the LLC Agreement or
Advisory Agreement or related documents of the Company or related entities; (aa) fees, costs, and expenses incurred in connection with the termination, liquidation or dissolution of the Company or related entities; and (bb) all other properly
and reasonably chargeable expenses incurred by the Company or the Administrator in connection with administering the Companys business. However, in the event of a Reorganization that results in a Public Fund or an Extension Fund, including a
Reorganization pursuant to which the Company becomes the Public Fund or the Extension Fund, the fees, costs and expenses associated with any such restructuring, initial public offering, listing of equity securities or reorganization will be borne
appropriately by the Public Fund and the Extension Fund (and indirectly only by Unitholders that elect to become investors in the Public Fund or the Extension Fund), as the case may be, and no others will directly or indirectly bear such fees, costs
or expenses.

However, the Company will not bear (a) more than an amount equal to 10 basis points of investors aggregate Commitments for
organizational expenses and offering expenses in connection with the offering of Units through the date that is six months after the Initial Closing Date, as it may be extended by the Adviser, and (b) more than an amount equal to 12.5 basis
points of aggregate Commitments computed annually for Company Expenses; provided, that, any amount by which actual annual expenses in (b) exceed the 12.5 basis point limit shall be carried over to the next year, without limitation, as
additional expense until the earlier of the Reorganization or the dissolution of the Company, with any partial year assessed on a pro rata basis; and provided, further, that in determining the Company Expenses subject to the 12.5 basis point limit
in (b), the following expenses shall be excluded and shall be borne by the Company as incurred without regard to the 12.5 basis point limit in (b): the Management Fee, the Incentive Fee, organizational and offering expenses (which are subject to the
separate cap), amounts incurred in connection with the Companys borrowings (including interest, bank fees, legal fees and other transactional expenses arising out of or related to any borrowing or borrowing facility and similar costs),
transfer agent fees, federal, state and local taxes and other governmental charges assessed against the Company, out-of-pocket expenses of calculating the
Companys net asset value (including the cost and expenses of any independent valuation firm engaged for that purpose and the costs and expenses of the valuation of the Companys portfolio investments performed by the Companys
independent auditors in order to comply with applicable Public Company Accounting Oversight Board standards), out-of-pocket costs and expenses incurred in
connection with arranging or structuring investments and their ongoing operations (including expenses and liabilities related to the formation and ongoing operations of any special purpose entity or entities in connection with an investment), out-of-pocket legal costs associated with any requests for exemptive
relief, no-action positions or other guidance sought from a regulator pertaining to the
Company, out-of-pocket costs and expenses relating to any Reorganization or liquidation of the Company, and any extraordinary expenses (such as litigation
expenses and indemnification payments). Notwithstanding the foregoing, in no event will the Company carryforward to future periods the amount by which actual annual Company Expenses for a year exceed the 12.5 basis point limit for more than three
years from the date on which such expenses were reimbursed.

Adviser Operating Expenses means overhead and operating and administrative
expenses incurred by or on behalf of the Adviser or any of its affiliates, including the Company, in connection with maintaining and operating the Advisers office, including salaries and other compensation (including compensation due to its
officers), rent, routine office equipment expense and liability and insurance premiums (other than those incurred in maintaining fidelity bonds and indemnitee insurance policies), in furtherance of providing supervisory investment management
services for the Company. Adviser Operating Expenses include any expenses incurred by the Adviser or its affiliates in connection with the Advisers registration as an investment adviser under the Investment Advisers Act of 1940, as amended, or
with its compliance as a registered investment adviser thereunder.

All Adviser Operating Expenses and all expenses of the Company that the Company will
not bear will, as set forth above, be borne by the Adviser or its affiliates.



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Employees

We do not currently have any employees and do not expect to have any employees. Services necessary for our business will be provided through the Administration
Agreement and the Advisory Agreement. Each of our executive officers are employees of the Adviser.

License Agreement

We entered into a license agreement (the License Agreement) with an affiliate of the Adviser on April 13, 2018, pursuant to which we were
granted a non-exclusive license to use the name TCW. Under the License Agreement, we have a right to use the TCW name and logo for so long as the Adviser or one of its affiliates
remains our investment adviser. Other than with respect to this limited license, we have no legal right to the TCW name or logo.

Competition

We compete for investments with a
number of business development companies and other investment funds (including private equity funds and venture capital funds), special purpose acquisition company sponsors, investment banks that underwrite initial public offerings, hedge funds that
invest in private investments in public equities, traditional financial services companies such as commercial banks, and other sources of financing. Many of these entities have greater financial and managerial resources than we do. Furthermore, many
of our competitors are not subject to the regulatory restrictions that the 1940 Act and the Code impose on us as a BDC and a RIC.

Derivatives

We do not expect derivatives to be a significant component of our investment strategy. We retain the flexibility, however, to utilize hedging
techniques, such as interest rate swaps, to mitigate potential interest rate risk on our indebtedness. Such interest rate swaps would principally be used to protect us against higher costs on our indebtedness resulting from increases in both
short-term and long-term interest rates.

We also may use various hedging and other risk management strategies to seek to manage additional risks,
including changes in currency exchange rates and market interest rates. Such hedging strategies would be utilized to seek to protect the value of our portfolio investments, for example, against foreign currency fluctuations vis-à-vis the U.S. Dollar or possible adverse changes in the market value of securities held in our portfolio.

Emerging Growth Company

We are an emerging growth
company as defined in the Jumpstart Our Business Startups Act and we are eligible to take advantage of certain specified reduced disclosure and other requirements that are otherwise generally applicable to public companies that are not
emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002. Although we have not made a determination whether
to take advantage of any or all of these exemptions, we expect to remain an emerging growth company for up to five years following the completion of any initial public offering by us or until the earliest of (i) the last day of the first fiscal
year in which our annual gross revenues exceed $1.07 billion, (ii) December 31 of the fiscal year that we become a large accelerated filer as defined in Rule 12b-2 under the 1934 Act
which would occur if the market value of our Units that is held by non-affiliates exceeds $700.0 million as of the last business day of our most recently completed second fiscal quarter and we have been
publicly reporting for at least 12 calendar months or (iii) the date on which we have issued more than $1.07 billion in non-convertible debt securities during the preceding three-year period. We will
not take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.

The Private Offering

In connection with its
subscription for Units, each of our investors made a Commitment to us and received one Unit for every one hundred dollars of such investors accepted Commitment (for example, an investor making a Commitment of $200 million was issued two
million Units). Each Unit was issued for a purchase price of $0.01 per Unit (the Original Issuance Price) and obligates the Unitholder to make additional future capital contributions of $99.99. The amount that remains to be drawn down
with respect to a Unit is referred to as that Units Undrawn Commitment.

Each investor entered into a subscription agreement in
connection with its Commitment (a Subscription Agreement). The Subscription Agreement sets forth, among other things, the terms and conditions upon which the investors purchased Units, the circumstances under which we may draw down
capital from investors, certain covenants that all investors agreed to, and the remedies available to us in the event that an investor defaults on its obligation to make capital contributions. In addition, the Subscription Agreement includes an
Investor Suitability Questionnaire designed to ensure that all investors are qualified purchasers as defined in the 1940 Act, and also are either (i) accredited investors, as defined in Rule 501 of Regulation D under the
Securities Act, or (ii) in the case of Units sold outside the United States, persons that are not U.S. persons in accordance with Regulation S under the Securities Act.



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Closing Period

On April 13, 2018, (the Initial Closing Date) we began accepting subscription agreements from investors for the private sale of our Units.
After the Initial Closing Date, we held a limited number of additional closings at which we issued Units. The additional closings occurred during the 180-day period following the Initial Closing Date and that
the period during which Units are being offered (the Closing Period) was set to terminate upon the six-month anniversary of the Initial Closing Date. However, the Adviser, in its sole discretion,
extended the Closing Period until January 14, 2019. Each investor who participated in a closing following the Initial Closing Date (a Later-Closing Investor) was issued Units in exchange for the Original Issuance Price and was
required to contribute to us in respect of each Unit issued to such investor:



| | (i) | an amount equal to the amount of any additional capital contributions we had previously drawn down with respect
to a Unit issued on the Initial Closing Date (a True-Up Contribution);
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | an amount equal to any increase in the net asset value (as reflected in our books and records) of a Unit issued
on the Initial Closing Date through the closing date for the newly issued Unit, excluding any increase in net asset value attributable to additional capital contributions made by the applicable Unitholder or decrease attributable to distributions of
True-Up Contributions as described in the paragraph below (an Earnings Balancing Contribution); and
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | an amount equivalent to interest at a rate of 2.0% per annum on the
True-Up Contribution for such newly issued Unit, calculated for the period from the Initial Closing Date to the closing date for such newly issued Unit (a Late-Closer Contribution).
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

True-Up Contributions will be retained by us and used for any purpose of the Company. If at any
time we determine that because of the True-Up Contributions we have excess cash on hand, we may distribute that excess cash among all the Unitholders pro rata based on the number of Units held by each. Any
distribution of True-Up Contributions will be treated as a return of previously made capital contributions in respect of the Units and, consequently, will correspondingly increase the Undrawn Commitment of the
Units.

Earnings Balancing Contributions will not reduce the Undrawn Commitment of the associated Units and will not be treated as capital contributions
for purposes of calculating the Incentive Fee. Earnings Balancing Contributions received by us will not be treated as amounts distributed to Unitholders for purposes of calculating the Incentive Fee.

Late-Closer Contributions will not reduce the Undrawn Commitment of the associated Units and will not be treated as capital contributions for purposes of
calculating the Incentive Fee. Late-Closer Contributions made with respect to Units that are issued on a particular closing date will be specially distributed to the Unitholders who were issued Units prior to such closing date pro rata based on the
number of Units held by such Unitholders immediately prior to such closing date. The special distribution of Late-Closer Contributions will not be treated as an amount distributed to the Unitholders for purposes of calculating the Incentive Fee.

As of December 31, 2019, we have sold 13,734,010 Units for an aggregate offering price of $1.4 billion.

Commitment Period

The Commitment Period of
the Company began on the Initial Closing Date and will end on May 16, 2021, which is the later of (a) April 13, 2021, three years from the Initial Closing Date and (b) May 16, 2021, three years from the date on which the Company
first completed an investment.

The Commitment Period is subject to termination upon the occurrence and continuance of a Key Person Event, defined as
follows: A Key Person Event will occur if, during the Commitment Period, (i) Mr. Miller and one or more of Ms. Grosso, Mr. Gertzof or Mr. Bold (each of such four persons, a Key Person) fail to devote
substantially all of their business time to the investment activities of the Company, the prior funds, any successor funds and any fund(s) managed by the Adviser or an affiliate of the Adviser that co-invest
or potentially co-invest with the Company, on a combined basis (together, the Related Entities); or (ii) Ms. Grosso, Mr. Gertzof and Mr. Bold all fail to devote substantially
all of their business time to the investment activities of the Company and the Related Entities, in each case other than as a result of a temporary disability; provided, that, if a replacement has been approved as described in the paragraphs below,
such replacement shall be specifically designated to take the place of one of the above-named individuals and the definition of Key Person Event will be amended to take into account such successor. Upon the occurrence of a Key Person
Event, and in the event that the Adviser fails to replace the above-referenced individuals in the manner contemplated by the last sentence of this paragraph, the Commitment Period shall be automatically terminated upon such Key Person Event. The
Commitment Period will be re-instated upon the vote or written consent of 66 2/3% in interest of the Unitholders. The Adviser is



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permitted at any time to replace any person designated above with a senior professional (including a Key Person) selected by the Adviser, provided, that, such replacement has been approved by a
majority of the Unitholders (in which case, the approved substitute will be a Key Person in lieu of the person replaced). If such replacement(s) end the occurrence of a Key Person Event, the Commitment Period will automatically be reinstated.

If, during the Commitment Period, any Key Person shall fail to devote substantially all of his or her business time to the investment activities of the
Company and the Related Entities other than as a result of a temporary disability (the occurrence of such event, a Key Person Departure), The Company shall provide written notice to Unitholders of such Key Person Departure within 30 days
of the date of such Key Person Departure.

If a Key Person Departure occurs during the Commitment Period and the Adviser determines to replace such Key
Person, the Company shall obtain the approval of such replacement by a majority in interest of the Unitholders no later than the date of the Companys next annual meeting; provided that the Company may, in its discretion, determine to obtain
the approval of such replacement no later than 90 days after the date that the Adviser informs the Company of its proposed replacement of the Key Person.

If the Company fails to obtain approval of a replacement of a Key Person following a Key Person Departure as provided the paragraph above, then
notwithstanding anything herein, the Key Person Departure shall be permanent and the Adviser shall not be permitted to replace such Key Person.

Investor Optionality; Potential Reorganization

At any
time after April 13, 2020 (or, if earlier, the date on which the Undrawn Commitment of each Unit has been reduced to zero), subject to applicable law and the discretion of our board of directors, we may seek to initiate a transaction (the
Reorganization, and the date upon which the Reorganization becomes effective, the Reorganization Date) intended to provide Unitholders different options with respect to their investment in the Company. The Reorganization may
include one or more of the following: (i) offering Unitholders the option to own an interest in an entity (the Liquidating Company) that would make no new investments but instead would generally distribute the proceeds of its
investments, as they are received, to its equity holders over time, such that it would likely substantially complete its liquidation within a reasonable period of time following the Reorganization Date; (ii) offering Unitholders the option to
own an interest in an entity (the Public Fund) that would be a permanent, non-liquidating investment vehicle and elect to be treated as a BDC under the 1940 Act and a RIC under Subchapter M of the
Code, and which may, among other things, seek to complete an initial public offering (IPO) of its common equity interests; and (iii) offering Unitholders the option to own an interest in an entity (the Extension Fund
and, together with the Liquidating Company and the Public Fund, the Reorganized Entities and each, a Reorganized Entity) that would elect to be treated as a BDC under the 1940 Act and a RIC under Subchapter M of the Code and
would generally operate as the Company is described to operate in this Annual Report on Form 10-K, but with an extended commitment period and term. Immediately following a Reorganization, each Reorganized
Entity would hold an appropriate share of the assets and liabilities held by the Company immediately prior to the Reorganization. The Reorganization will not be completed prior to the end of the Companys Commitment Period. If, in the sole
discretion of our board of directors, the number of Units represented by elections to receive interests in either the Public Fund or the Extension Fund is too small, then our board of directors may choose not to proceed with the Reorganization, or
the Reorganization may be effected without providing Unitholders the option to hold interests in either the Public Fund or the Extension Fund (as applicable). If either the Public Fund or the Extension Fund is not made available, any Unitholder that
initially elected to receive interests of such entity will be offered an opportunity to make a new election between the available Reorganized Entities.

The extended commitment period of the Extension Fund will begin on the Reorganization Date and end two years from such date and the extended term will end on
the sixth anniversary of the Reorganization Date. The Extension Fund may, among other things, seek to complete an IPO of its common equity interests, subject to shareholder and other necessary approvals, after the end of its commitment period.



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The Reorganization may be effected in a number of different ways, and any transaction(s), if any, ultimately
selected will depend upon applicable legal, tax and other relevant considerations at the time of the Reorganization. Among the possible structures that may be utilized to effect the Reorganization are the following: (A) Unitholders of the
Company are offered an opportunity to elect (i) to exchange their Units for interests in one or more wholly owned subsidiaries of the Company or interests in one or more newly formed entities, each of which will become a Reorganized Entity and
will hold an appropriate share of the assets and liabilities of the Company, or (ii) to retain their interests in the Company which will become a Reorganized Entity and will hold an appropriate share of the assets and liabilities of the
Company; (B) the Company or a subsidiary thereof merges with one or more entities in a transaction or transactions resulting in Unitholders having the option to receive interests in any Reorganized Entity offered as part of the Reorganization;
or (C) a structure yet to be determined that would be designed to result in Unitholders of the Company having the option to effectively exchange their interests in the Company for interests in any Reorganized Entity offered as part of the
Reorganization. In order to effect any of these or other transactions to offer Unitholders optionality, we expect that we would, among other things, transfer a portion of the assets and liabilities of the Company to one or more separate entities
(which may be wholly owned subsidiaries of the Company) that will become the Reorganized Entities, and thereafter provide Unitholders the opportunity to own interests in such new entities in exchange for all or some of their Units. The portion of
assets and liabilities so transferred will be determined based on the portion of Unitholders that have elected to invest in each Reorganized Entity. Because the Adviser intends to manage each of the Public Fund and the Extension Fund, and also
intends to manage any Liquidating Company, to the extent the 1940 Act continues to prohibit entities under common control from engaging in certain transactions at the time of the Reorganization, the Company will be required to obtain exemptive
and/or no-action relief from the SEC in order to transfer assets to the Public Fund and the Extension Fund, and may require such relief to transfer assets to the Liquidating Company. It is possible that our
board of directors may elect to pursue a Reorganization with only two investment options, the Liquidating Company and either the Public Fund or the Extension Fund. There can be no assurance that the Company will be able to obtain any required
exemptive and/or no-action relief from the SEC or that our board of directors will authorize the Reorganization. If the Company does not obtain any required exemptive and/or
no-action relief, or if our board of directors determines not to proceed with the Reorganization, then the Company will continue its operations in the manner otherwise set forth in this Annual Report on Form 10-K.

If we do obtain any required exemptive and/or no-action relief, or if it
is determined that no such relief is necessary, our board of directors will make the determination as to if and when it is appropriate for us to undertake the Reorganization. Details of any proposed Reorganization will be provided to Unitholders in
the event such a transaction is approved by our board of directors. We will not propose a Reorganization unless we have been advised by tax counsel or advisors to the effect that effecting the Reorganization will not have material adverse tax
consequences for us and those investors that do not make an election in connection with the proposed Reorganization (i.e., those investors who receive default consideration on the Reorganization Date).

Regulation as a Business Development Company

We have
elected to be regulated as a BDC under the 1940 Act. The 1940 Act contains prohibitions and restrictions relating to transactions between BDCs and their affiliates (including any investment advisers or
sub-advisers), principal underwriters and affiliates of those affiliates or underwriters. In addition, a BDC must be organized for the purpose of investing in or lending primarily to private companies
organized in the United States and making significant managerial assistance available to them.

As with other companies regulated by the 1940 Act, a BDC
must adhere to certain substantive regulatory requirements. A majority of our board of directors must be persons who are not interested persons, as that term is defined in the 1940 Act. Additionally, we are required to provide and
maintain a bond issued by a reputable fidelity insurance company to protect us against larceny and embezzlement. Furthermore, as a BDC, we are prohibited from protecting any director or officer against any liability to us or our Unitholders arising
from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of any such persons office. As a BDC, we are currently also required to meet a minimum coverage ratio of the value of total
assets to total senior securities, which include all of our borrowings and any Preferred Units.

As a BDC, we may not change the nature of our business so
as to cease to be, or withdraw our election as, a BDC unless authorized by vote of a majority of our outstanding voting securities, as required by the 1940 Act. A majority of the outstanding voting securities of a company is defined under the 1940
Act as the lesser of: (a) 67% or more of such companys voting securities present at a meeting if more than 50% of the outstanding voting securities of such company are present or represented by proxy, or (b) more than 50% of the
outstanding voting securities of such company.

We do not intend to acquire securities issued by any investment company that exceed the limits imposed by
the 1940 Act. Under these limits, except for registered money market funds, we generally cannot acquire more than 3% of the voting stock of any investment company, invest more than 5% of the value of our total assets in the securities of one
investment company, or invest more than 10% of the value of our total assets in the securities of investment companies in the aggregate. The portion of our portfolio invested in securities issued by investment companies ordinarily will subject the
Unitholders to additional expenses.



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We have no intention to, and are generally not able to, issue and sell our Units at a price below net asset value
per Unit. We may, however, issue and sell our Units at a price below the then-current net asset value of our Units if our board of directors determines that such sale is in our best interests and the best interests of the Unitholders, and the
Unitholders have approved our policy and practice of making such sales within the preceding 12 months. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our board
of directors, closely approximates the market value of such securities. In addition, we may generally issue new Units at a price below net asset value in rights offerings to existing Unitholders, in payment of distributions and in certain other
limited circumstances.

We may also be prohibited under the 1940 Act from knowingly participating in certain transactions with our affiliates without the
prior approval of the members of our board of directors who are not interested persons and, in some cases, prior approval by the SEC through an exemptive order (other than in certain limited situations pursuant to current regulatory guidance). The
Adviser has obtained exemptive relief from the SEC that, subject to certain conditions and limitations, permits us and other funds advised by the Adviser or certain affiliates of the Adviser (referred to herein as potential co-investment funds) to engage in certain co-investment transactions. Under the exemptive relief, in the case where the interest in a particular investment opportunity
exceeds the size of the opportunity, then the investment opportunity will be allocated among us and such potential co-investment funds based on capital available for investment, which generally will be
determined based on the amount of cash on hand, existing commitments and reserves, if any, the targeted leverage level, targeted asset mix and other investment policies and restrictions set from time to time by the board or other governing body of
the relevant fund or imposed by applicable laws, rules, regulations or interpretations. In situations where we cannot co-invest with other investment funds managed by the Adviser or an affiliate of the Adviser
due to the restrictions contained in the 1940 Act that are not addressed by the exemptive relief or SEC guidance, the investment policies and procedures of the Adviser generally require that such opportunities be offered to us and such other
investment funds on an alternating basis. There can be no assurance that we will be able to participate in all investment opportunities that are suitable for us.

We are subject to periodic examination by the SEC for compliance with the 1940 Act.

Qualifying Assets

Under the 1940 Act, a BDC may
not acquire any assets other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the
companys total assets. The principal categories of qualifying assets relevant to our business are the following:



| |  |  | Securities purchased in transactions not involving any public offering from the issuer of such securities, which
issuer (subject to certain limited exceptions) is an eligible portfolio company, or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such
rules as may be prescribed by the SEC. An eligible portfolio company is defined in the 1940 Act as any issuer which:
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | is organized under the laws of, and has its principal place of business in, the United States;
| | - |  | ----------------------------------------------------------------------------------------------



| |  |  | is not an investment company (other than a small business investment company wholly owned by us) or a company
that would be an investment company but for certain exclusions under the 1940 Act; and
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | satisfies either of the following:
| | - |  | ----------------------------------



| |  |  | has a market capitalization of less than $250 million or does not have any class of securities listed on a
national securities exchange; or
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | is controlled by a BDC or a group of companies including a BDC, the BDC actually exercises a controlling
influence over the management or policies of the eligible portfolio company, and, as a result thereof, the BDC has an affiliated person who is a director of the eligible portfolio company.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Securities of any eligible portfolio company that we control.
| | - |  | -------------------------------------------------------------



| |  |  | Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an
affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities, was unable to meet its obligations as they came
due without material assistance other than conventional lending or financing arrangements.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Securities of an eligible portfolio company purchased from any person in a private transaction if there is no
ready market for such securities and we already own 60% of the outstanding equity of the eligible portfolio company.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Securities received in exchange for or distributed in connection with securities described above, or pursuant to
the exercise of warrants or rights relating to such securities.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less
from the time of investment.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------



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Managerial Assistance to Portfolio Companies

A BDC must be operated for the purpose of making investments in the types of securities described under Qualifying Assets above. However, in
order to count portfolio securities as qualifying assets for the purpose of the 70% test, the BDC must either control the issuer of the securities or must offer to make available to the issuer of the securities significant managerial assistance;
except that, where the BDC purchases such securities in conjunction with one or more other persons acting together, the BDC will satisfy this test if one of the other persons in the group may make available such managerial assistance. Making
available managerial assistance means, among other things, any arrangement whereby the BDC, through its directors, officers or employees, offers to provide, and, if accepted, does in fact provide, significant guidance and counsel concerning the
management, operations or business objectives and policies of a portfolio company.

Temporary Investments

Pending investment in other types of qualifying assets, as described above, our investments may consist of cash, cash equivalents, U.S. government
securities or high-quality debt securities maturing in one year or less from the time of investment, which is referred to herein, collectively, as temporary investments, such that at least 70% of our assets are qualifying assets.

Senior Securities

We are permitted, under
specified conditions, to issue multiple classes of indebtedness and one class of Preferred Units senior to the Units, if our asset coverage, as defined in the 1940 Act, is at least equal to 200% immediately after each such issuance. While any
Preferred Units or, in certain limited circumstances, debt securities are outstanding, we may be prohibited from making distributions to Unitholders or repurchasing Units unless we meet the applicable asset coverage ratios at the time of the
distribution or repurchase. We may also borrow amounts up to 5% of the value of our total assets for generally up to 60 days without regard to the 200% asset coverage requirement described above. Finally, (i) Preferred Units must have the same
voting rights as the Units (one Unit, one vote), and (ii) holders of Preferred Units (the Preferred Unitholders) must have the right, as a class, to appoint two directors to the board of directors.

On March 23, 2018, an amendment to Section 61(a) of the 1940 Act was signed into law to permit BDCs to reduce the minimum asset coverage ratio from
200% to 150%, subject to certain approval requirements (including either stockholder approval or approval of the required majority, as such term is defined in Section 57(o) of the Investment Company Act), certain disclosure
requirements and, in the case of a BDC that is not an issuer of common equity securities that are listed on a national securities exchange, such as the Company, the requirement that the BDC must extend to each person that is a stockholder as of the
date of an approval described above the opportunity (which may include a tender offer) to sell the securities held by that stockholder as of that applicable approval date, with 25% of those securities to be repurchased in each of the four calendar
quarters following the calendar quarter in which that applicable approval date takes place. We have not sought or obtained Unitholders approval, and, as a result, remain subject to the 200% asset coverage requirement under Section 61(a)
of the 1940 Act. As of December 31, 2019, our asset coverage for borrowed amounts was 207.8%.

Code of Ethics

We and the Adviser have each adopted a code of ethics of the Adviser (the Code of Ethics) pursuant to Rule
17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, respectively, which establish procedures for personal investments and restricts certain transactions.
The Code of Ethics generally contains restrictions on investments by our personnel in securities that we may purchase or hold. You may obtain copies of the Code of Ethics by written request addressed to the following: Jeffrey Engelsman, Chief
Compliance Officer, 865 South Figueroa Street, Suite 1800, Los Angeles, California 90017.

Compliance Policies and Procedures

We and the Adviser have adopted and implemented written policies and procedures reasonably designed to detect and prevent violation of the federal securities
laws. We and the Adviser are required to review these compliance policies and procedures annually for their adequacy and the effectiveness of their implementation and to designate a chief compliance officer to be responsible for administering the
policies and procedures.

Proxy Voting Policies and Procedures

We delegate our proxy voting responsibility to the Adviser. The Proxy Voting Policies and Procedures of the Adviser are set forth below. The guidelines will be
reviewed periodically by the Adviser and our Independent Directors, and, accordingly, are subject to change.



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An investment adviser registered under the Advisers Act has a fiduciary duty to act solely in the best interests
of its clients. As part of this duty, the Adviser recognizes that it must vote client securities in a timely manner free of conflicts of interest and in the best interests of its clients. These policies and procedures for voting proxies for the
Advisers investment advisory clients are intended to comply with Section 206 of, and Rule 206(4)-6 under, the Advisers Act.

If the Adviser has responsibility for voting proxies in connection with its investment advisory duties, or has the responsibility to specify to an agent how
to vote the clients proxies, it exercises such voting responsibilities through the corporate proxy voting process. The Adviser believes that the right to vote proxies is a significant asset of its clients holdings. In order to provide a
basis for making decisions in the voting of proxies for its clients, the Adviser has established a proxy voting committee (the Proxy Committee) and adopted proxy voting guidelines (the Guidelines) and procedures.

The Proxy Committee generally meets quarterly (or at such other frequency as determined by the Proxy Committee), and its duties include establishing proxy
voting guidelines and procedures, overseeing the internal proxy voting process, and reviewing proxy voting issues. The members of the Proxy Committee include the Advisers personnel from the investment, compliance, legal and marketing
departments. The Adviser also uses outside proxy voting services (each, an Outside Service) to help manage the proxy voting process. Each Outside Service facilitates its voting according to the Guidelines (or according to guidelines
submitted by the Advisers clients) and helps maintain the Advisers proxy voting records. The Advisers proxy voting and record keeping is dependent on the timely provision of proxy ballots by custodians, clients and other third
parties. Under circumstances described below involving potential conflicts of interest, the Adviser may also request an Outside Service to help decide certain proxy votes. In those instances, the Proxy Committee shall review and evaluate the voting
recommendations of each Outside Service to ensure that recommendations are consistent with the Advisers clients best interest. In the event the Adviser inadvertently receives any proxy material on behalf of a client that has retained
proxy voting responsibility, and where it is reasonably feasible by the Adviser to determine the identity of the client, the Adviser will promptly forward such materials to the client. As a matter of firm policy, the Adviser does not disclose to
unaffiliated third parties how it expects to vote on upcoming proxies and does not disclose the way it voted proxies without a legitimate need to know such information.

The Guidelines provide a basis for the Advisers decisions in the voting of proxies for clients. When voting proxies, the Advisers utmost concern
is that all decisions be made solely in the interests of the client and with the goal of maximizing the value of the clients investments. Generally, proposals will be voted in accordance with the Guidelines and any applicable guidelines
provided by the Advisers clients. The Advisers underlying philosophy, however, is that the portfolio managers, who are primarily responsible for evaluating the individual holdings of the Advisers clients, are best able to determine
how best to further client interests and goals. The portfolio managers may, in their discretion, take into account the recommendations of the Advisers management, the Proxy Committee, and any Outside Service.

Individual portfolio managers, in the exercise of their best judgment and discretion, may from time to time override the Guidelines and vote proxies in a
manner that they believe will enhance the economic value of clients assets, keeping in mind the best interests of the beneficial owners. The Guidelines provide procedures for documenting and, as required, approving such overrides. In the event
a potential conflict arises in the context of voting proxies for the Advisers clients, the primary means by which the Adviser will avoid a conflict of interest is by casting votes with the assistance of an Outside Service according to the
Guidelines and any applicable guidelines provided by the Advisers clients. If a potential conflict of interest arises, and the proxy vote to be decided is predetermined under the Guidelines, then the Adviser will follow the Guidelines and vote
accordingly. On the other hand, if a potential conflict of interest arises and there is no predetermined vote, or the Guidelines themselves refer such vote to the portfolio manager for decision, or the portfolio manager would like to override a
predetermined vote, then the Guidelines provide procedures for determining whether a material conflict of interest exists and, if so, resolving such conflict.

The Adviser or an Outside Service will keep records of the following items for at least five years: (i) the Guidelines and any other proxy voting
procedures; (ii) proxy statements received regarding client securities (unless such statements are available on the SECs EDGAR system); (iii) records of votes cast on behalf of clients (if maintained by an Outside Service, that
Outside Service will provide copies of those records promptly upon request); (iv) records of written requests for proxy voting information and the Advisers response (whether a clients request was oral or in writing); and
(v) any documents the Adviser prepared that were material to making a decision on how to vote, or that memorialized the basis for the decision. Additionally, the Adviser or an Outside Service will maintain any documentation related to an
identified material conflict of interest.

Privacy Principles

We are committed to maintaining the confidentiality, integrity and security of nonpublic personal information relating to our investors. The following
information is provided to describe generally what personal information we collect, how we protect that information and why, in certain cases, we may share information with select other parties.



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We may collect nonpublic personal information regarding investors from sources such as subscription agreements,
investor questionnaires and other forms; individual investors account histories; and correspondence between individual investors and the Company. We may share information that we collect regarding an investor with our affiliates and the
employees of such affiliates for legitimate business purposes, for example, in order to service the investors accounts or provide the investor with information about other products and services offered by the Company or our affiliates that may
be of interest to the investor. In addition, we may disclose information that we collect regarding investors to third parties who are not affiliated with us (i) as required by law or in connection with regulatory or law enforcement inquiries,
or (ii) as otherwise permitted by law to the extent necessary to effect, administer or enforce investor or our transactions.

Any party that receives
nonpublic personal information relating to investors from the Company is permitted to use the information only for legitimate business purposes or as otherwise required or permitted by applicable law or regulation. In this regard, for our officers,
employees and agents and affiliates, access to such information is restricted to those who need such access in order to provide services to us and to our investors. We maintain physical, electronic and procedural safeguards to seek to guard investor
nonpublic personal information.

Reporting Obligations

In order to be regulated as a BDC under the 1940 Act, we were required to register a class of equity securities under the 1934 Act and filed a Registration
Statement for our Units with the SEC under the 1934 Act. We are required to file annual reports, quarterly reports and current reports with the SEC. This information is available on the SECs website at www.sec.gov.

Because we do not currently maintain a corporate website, we do not intend to make available on a website our annual reports on

Form 10-K, quarterly reports on Form 10-Q and our current reports on Form 8-K. We do intend, however, to provide electronic or paper copies of our filings free of charge upon request.

Certain U.S. Federal Income Tax Consequences

The
following is a summary of certain material U.S. federal income tax considerations related to an investment in the Units. This summary is based upon the provisions of the Code, as amended, the U.S. Treasury regulations promulgated thereunder,
published rulings of the Internal Revenue Service (the IRS) and judicial decisions in effect as of the date hereof, all of which are subject to change, possibly with retroactive effect. The discussion does not purport to describe all of
the U.S. federal income tax consequences that may be relevant to a particular investor in light of that investors particular circumstances and is not directed to investors subject to special treatment under the U.S. federal income tax laws,
such as banks, dealers in securities, tax-exempt entities and insurance companies. In addition, this summary does not discuss any aspect of state, local or non-U.S. tax
law and assumes that investors will hold their Units as capital assets (generally, assets held for investment).

For purposes of this discussion, a
U.S. Holder is a Unitholder that is, for U.S. federal income tax purposes: (a) an individual who is a citizen or resident of the United States; (b) a corporation created or organized in or under the laws of the United States,
any state thereof or the District of Columbia; (c) an estate, the income of which is subject to U.S. federal income taxation regardless of its source or (d) a trust if a court within the United States can exercise primary supervision over
its administration and certain other conditions are met. A Non-U.S. Holder is a Unitholder who is not a U.S. Holder. For tax purposes, our fiscal year is the calendar year.

If a partnership (including an entity treated as a partnership for U.S. federal income tax purposes) holds Units, the tax treatment of a partner in the
partnership will generally depend upon the status of the partner and the activities of the partnership. A prospective investor that will own Units through a partnership should consult its tax advisors with respect to the purchase, ownership and
disposition of those Units.

Tax matters are complicated and prospective investors in the Units are urged to consult their own tax advisors with
respect to the U.S. federal income tax and state, local and non-U.S. tax consequences of an investment in the Units, including the potential application of U.S. withholding taxes.

Classification of the Company as Corporation for Tax Purposes

As a limited liability company, the Company is an eligible entity that is entitled to elect its classification for U.S. federal tax purposes. The Company has
made an election to cause it to be classified as an association that is taxable as a corporation. If the Company is unable to qualify as a RIC (the requirements of which are discussed below) during the liquidation of its portfolio following the
Commitment Period, it may consider filing a new election to cause the Company to be classified as a partnership for U.S. federal tax purposes. The Company has no current intention of making such a new election and would only make such election if it
determines it is in the best interests of Unitholders to do so.



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Regulated Investment Company Classification

As a BDC, we elected, and intend to qualify annually, as a RIC under Subchapter M of the Code. As a RIC, we generally will not be required to pay
corporate-level federal income taxes on any ordinary income or capital gains that we distribute to our Unitholders as dividends. To continue to qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements (as described below). In addition, to qualify for RIC tax treatment, we must distribute to our Unitholders, for each taxable year, at least 90% of our
investment company taxable income for that year, which is generally our ordinary income plus the excess of our realized net short-term capital gains over our realized net long-term capital losses (the Annual Distribution
Requirement).

Taxation as a Regulated Investment Company

If we:



| |  |  | qualify as a RIC; and
| | - |  | ---------------------



| |  |  | satisfy the Annual Distribution Requirement;
| | - |  | --------------------------------------------

then we will not be subject to federal income tax on the portion of our investment company taxable income and net capital gain (i.e., realized net long-term
capital gains in excess of realized net short-term capital losses) that we distribute to Unitholders. We will be subject to U.S. federal income tax at the regular corporate rates on any income or capital gain not distributed (or deemed distributed)
to Unitholders.

We will be subject to a 4% nondeductible federal excise tax on certain undistributed income unless we distribute in a timely manner an
amount at least equal to the sum of (1) 98% of our ordinary income for each calendar year, (2) 98.2% of our capital gain net income for the one-year period ending October 31 in that calendar
year and (3) any income realized, but not distributed, and on which we paid no federal income tax, in preceding years.

In order to
maintain our qualification as a RIC for federal income tax purposes, we must, among other things:



| |  |  | at all times during each taxable year, have in effect an election to be treated as a BDC under the 1940 Act;
| | - |  | ------------------------------------------------------------------------------------------------------------



| |  |  | derive in each taxable year at least 90% of our gross income from (a) dividends, interest, payments with
respect to certain securities (including loans), gains from the sale of stock or other securities or currencies, or other income derived with respect to our business of investing in such stock, securities or currencies and (b) net income
derived from an interest in a qualified publicly traded partnership; and
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | diversify our holdings so that at the end of each quarter of the taxable year:
| | - |  | ------------------------------------------------------------------------------



| |  |  | at least 50% of the value of our assets consists of cash, cash equivalents, U.S. government securities,
securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | no more than 25% of the value of our assets is invested in (i) the securities, other than U.S. government
securities or securities of other RICs, of one issuer, (ii) the securities of two or more issuers that are controlled, as determined under applicable tax rules, by us and that are engaged in the same or similar or related trades or businesses
or (iii) the securities of one or more qualified publicly traded partnerships.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

We may be required to recognize taxable
income in circumstances in which we do not receive cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (such as debt instruments with increasing interest rates or debt
instruments issued with warrants), we must include in income each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable
year. Because any original issue discount accrued will be included in our investment company taxable income for the year of accrual, we may be required to make a distribution to Unitholders in order to satisfy the Annual Distribution Requirement,
even though we will not have received any corresponding cash amount.

We may have difficulty satisfying the diversification requirements as we liquidate
our portfolio following the Commitment Period, since we will not be making additional investments. While we generally will not lose our status as a RIC as long as we do not acquire any nonqualifying securities or other property, under certain
circumstances we may be deemed to have made an acquisition of nonqualifying securities or other property. Because we may use debt financing, we will be subject to certain asset coverage ratio



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requirements under the 1940 Act and financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to satisfy the
Annual Distribution Requirement. If we are unable to obtain cash from other sources or are otherwise limited in our ability to make distributions, we could fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax.

Certain of our investment practices may be subject to special and complex U.S. federal income tax provisions that may, among other things:
(i) disallow, suspend or otherwise limit the allowance of certain losses or deductions; (ii) convert lower taxed long-term capital gain into higher taxed short-term capital gain or ordinary income; (iii) convert an ordinary loss or a
deduction into a capital loss (the deductibility of which is more limited); (iv) cause us to recognize income or gain without a corresponding receipt of cash; (v) adversely affect the time as to when a purchase or sale of securities is
deemed to occur; (vi) adversely alter the characterization of certain complex financial transactions; and (vii) produce income that will not be qualifying income for purposes of the 90% gross income test described above. We will monitor
our transactions and may make certain tax elections in order to mitigate the potential adverse effect of these provisions.

If, in any particular taxable
year, we do not qualify as a RIC, all of our taxable income (including our net capital gains) will be subject to tax at regular corporate rates without any deduction for distributions to Unitholders, and distributions will be taxable to the
Unitholders as ordinary dividends to the extent of our current and accumulated earnings and profits.

In the event we invest in non-U.S. securities, we may be subject to withholding and other non-U.S. taxes with respect to those securities. We do not expect to satisfy the conditions necessary to pass
through to our Unitholders their share of the non-U.S. taxes paid by the Company.

ITEM 1A. RISK FACTORS.

An investment in our securities involves certain risks relating to our structure and investment objective. The risks set forth below are not the only risks
we face, and we face other risks which we have not yet identified, which we do not currently deem material or which are not yet predictable. If any of the following risks occur, our business, financial condition and results of operations could be
materially adversely affected. In such case, our net asset value could decline, and you may lose all or part of your investment.

Lack of Operating
History. We commenced operations in 2018 and have limited performance history. Past performance, including the past performance of the prior Direct Lending Funds or other investment entities and accounts managed by the Adviser, is not
necessarily indicative of our future results.

Experience Operating a BDC. The investment professionals of the Adviser have limited prior
experience managing a BDC, and the investment philosophy and techniques used by the Adviser to manage a BDC may differ from the investment philosophy and techniques it previously employed in identifying and managing past investments. Accordingly,
there can be no assurance that the Adviser will replicate the historical performance of other investment funds with which it has been affiliated. As a result, our investment returns could be substantially lower than the returns achieved by such
other investment funds.

Dependence on Key Personnel and Other Management. Unitholders have no right or power to participate in the management of
the Company and may not receive detailed financial information regarding investments that is available to the Adviser. An investor in the Company must rely upon the ability of the Adviser (including the Direct Lending Team and other investment
professionals of the Adviser) to identify, structure and implement investments consistent with our investment objectives and policies. Accordingly, our success is dependent on the Advisers ability to retain and motivate highly qualified
professionals. The loss of services of Mr. Richard Miller, Ms. Suzanne Grosso, Mr. Mark Gertzof and/or Mr. Jim Bold during the Commitment Period could have an adverse effect on our business, financial condition or results of
operations. Our future success also depends on the Advisers ability to identify, hire, train and retain other highly qualified and experienced investment and management professionals. Competition for such professionals is significant, and
there can be no assurance that the Adviser will be able to attract or retain other highly qualified professionals in the future. The inability of the Adviser to attract and retain such professionals could have a material adverse effect upon our
business, financial condition or results of operations.

Reliance on Portfolio Company Management. The day-to-day operations of each portfolio company in which we invest will be the responsibility of such entitys management team. In addition, we may make investments in portfolio companies where we have
limited influence and the other investors in such portfolio company have economic or business interests or goals that are inconsistent with our business interests and goals. Although the Adviser will be responsible for monitoring the performance of
each of our investments and we are required, pursuant to a specific 1940 Act provision applicable to BDCs, to offer to provide each of our portfolio companies managerial assistance, there can be no assurance that the existing management team of a
portfolio company or any successor will be able to operate any such entity in accordance with our expectations. In this situation, we may not be in a position to limit or otherwise protect the value of our investment.



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No Assurance of Profits. There is no assurance that we will be able to generate returns for our
investors or that the returns will be commensurate with the risks of investing in the types of companies and transactions described herein. The marketability and value of any of our investments will depend upon many factors beyond our control. We
will incur organizational expenses, Management Fees and other operating expenses which may exceed our income, and a Unitholder could lose the entire amount of its contributed capital. Therefore, a prospective investor should only invest in the
Company if such investor can withstand a total loss of his or her investment. The past investment performance of the entities and accounts with which the Adviser and its investment professionals have been associated cannot be taken to guarantee
future results of any investment in the Company.

Disruption and Instability in Capital Markets. The U.S. and global capital markets experienced
extreme volatility and disruption in recent years, leading to recessionary conditions and depressed levels of consumer and commercial spending. For instance, uncertainty related to the recent global outbreak of COVID-19 (more commonly known as the
Coronavirus), the partial U.S. government shutdown in December 2018 and January 2019, U.S. trade policies and the referendum by British voters to exit the European Union (Brexit) in June 2016 and the United Kingdoms subsequent
invocation of Article 50 of the Treaty on the European Union in March 2017 have led to disruption and instability in the global markets. Disruptions in the capital markets increased the spread between the yields realized on risk-free and higher risk
securities, resulting in illiquidity in parts of the capital markets. We cannot assure you that these conditions will not worsen. If conditions worsen, a prolonged period of market illiquidity could have a material adverse effect on our business,
financial condition and results of operations. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could limit our
investment originations, limit our ability to grow and negatively impact our operating results.

In addition, to the extent that recessionary conditions
return, the financial results of small to mid-sized companies, like those in which we invest, will likely experience deterioration, which could ultimately lead to difficulty in meeting debt service
requirements and an increase in defaults. Additionally, the end markets for certain of our portfolio companies products and services have experienced, and continue to experience, negative economic trends. The performances of certain of our
portfolio companies have been, and may continue to be, negatively impacted by these economic or other conditions, which may ultimately result in:



| |  |  | our receipt of a reduced level of interest income from our portfolio companies;
| | - |  | -------------------------------------------------------------------------------



| |  |  | decreases in the value of collateral securing some of our loans and the value of our equity investments; and
| | - |  | ------------------------------------------------------------------------------------------------------------



| |  |  | ultimately, losses or change-offs related to our investments.
| | - |  | -------------------------------------------------------------

Under current Prime Minister Boris Johnson, the House of Commons passed the Brexit deal on December 20, 2019 and the United Kingdom formally left the European
Union on January 31, 2020. The United Kingdom is currently in a transition period until December 31, 2020 and during this transition period, the United Kingdom is expected to renegotiate its political and economic relationships with the European
Union and other countries. As a result of the original referendum and other geopolitical developments leading to Brexit, the financial markets experienced increased levels of volatility and it is likely that, in the near term, Brexit will continue
to bring about higher levels of uncertainty and volatility.

Uncertainty About Financial Stability. The current worldwide financial market
situation, as well as various social and political tensions in the United States and around the world, have contributed and may continue to contribute to increased market volatility, may have long-term effects on the United States and worldwide
financial markets, and may cause economic uncertainties or deterioration in the United States and worldwide.

The recent global outbreak of COVID-19 has
disrupted economic markets and the prolonged economic impact is uncertain. Some economists and major investment banks have expressed concern that the continued spread of the virus globally could lead to a world-wide economic downturn. Many
manufacturers of goods in China and other countries in Asia have seen a downturn in production due to the suspension of business and temporary closure of factories in an attempt to curb the spread of the illness. As the impact of the Coronavirus
spreads to other parts of the world, similar impacts may occur with respect to affected countries.

Due to federal budget deficit concerns, S&P
downgraded the federal governments credit rating from AAA to AA+ for the first time in history on August 5, 2011. Further, Moodys and Fitch warned that they may downgrade the federal governments credit rating. Further
downgrades or warnings by S&P or other rating agencies, and the governments credit and deficit concerns in general, could cause interest rates and borrowing costs to rise, which may negatively impact both the perception of credit risk
associated with our debt portfolio and our ability to access the debt markets on favorable terms. In addition, a decreased credit rating could create broader financial turmoil and uncertainty, which may weigh heavily on our financial performance and
the value of our common stock. Also, to the extent uncertainty regarding any economic recovery in Europe and Brexit continue to negatively impact consumer confidence and consumer credit factors, our business and results of operations could be
significantly and adversely affected.

In October 2014, the Federal Reserve announced that it was concluding its bond-buying program, or quantitative
easing, which was designed to stimulate the economy and expand the Federal Reserves holdings of long-term securities, suggesting that key economic indicators, such as the unemployment rate, had showed signs of improvement since the inception
of the program. It is unclear what effect, if any, the conclusion of the Federal Reserves bond-buying program will have on the value of our investments. However, it is possible that, without quantitative easing by the Federal Reserve, these
developments, along with the United States governments credit and deficit concerns and the European sovereign debt crisis, could cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt
markets on favorable terms. Additionally, the Federal Reserve has raised its federal funds target rate five times since December 2016. If key economic indicators, such as the unemployment rate or inflation, continue to show signs of improvement, the
target range for the federal funds rate may further increase and cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms and increase costs to our borrowers.

Legislation may be adopted that could significantly affect the regulation of U.S. financial markets. Areas subject to potential change, amendment or repeal
include the Dodd-Frank Act and the authority of the Federal Reserve and the Financial Stability Oversight Council. These or other regulatory changes could result in greater competition from banks and other lenders with which we compete for lending
and other investment opportunities. The United States may also potentially withdraw from or renegotiate various trade agreements and take other actions that would change current trade policies of the United States. We cannot predict which, if any,
of these actions will be taken or, if taken, their effect on the financial stability of the United States. Such actions could have a material adverse effect on our business, financial condition and results of operations.



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Changes to or Discontinuation of LIBOR.

Our debt investments may be based on floating rates, such as LIBOR or the Prime Rate. General interest rate fluctuations may have a substantial negative impact
on our investments, the value of our securities and our rate of return on invested capital. Currently, most of our investments are currently linked to LIBOR and it is unclear how increased regulatory oversight the future of LIBOR may affect market
liquidity and the value of the financial obligations to be held by or issued to us that are linked to LIBOR, or how such changes could affect our investments and transactions and financial condition or results of operations. Central banks and
regulators in a number of major jurisdictions (for example, the United States, United Kingdom, European Union, Switzerland and Japan) have convened working groups to find, and implement the transition to, suitable replacements for interbank offered
rates (IBORs). The U.K. Financial Conduct Authority, which regulates LIBOR, has announced that it intends not to compel panel banks to contribute to LIBOR after 2021. The E.U. Benchmarks Regulation imposed conditions under which only
compliant benchmarks may be used in new contracts after 2021. To identify a successor rate for U.S. dollar LIBOR, the Alternative Reference Rates Committee (ARRC), a U.S.-based group convened by the Federal Reserve Board and the Federal
Reserve Bank of New York, was formed. The ARRC has identified the Secured Overnight Financing Rate (SOFR) as its preferred alternative rate for LIBOR. SOFR is a measure of the cost of borrowing cash overnight, collateralized by the U.S.
Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions. Although SOFR appears to be the preferred replacement rate for U.S. dollar LIBOR, at this time, it is not possible to predict the effect of any
such changes, any establishment of alternative reference rates or other reforms to LIBOR that may be enacted in the United States, United Kingdom or elsewhere. The elimination of LIBOR or any other changes or reforms to the determination or
supervision of LIBOR or alternative reference rates could have an adverse impact on the market for or value of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit held by or due to us.

If LIBOR ceases to exist, we may need to renegotiate some of our credit agreements extending beyond 2021 with our portfolio companies that utilize LIBOR as a
factor in determining the interest rate, in order to replace LIBOR with the new standard that is established, which may have an adverse effect on our ability to receive attractive returns. As such, some or all of these credit agreements may bear a
lower interest rate, which would adversely impact our financial condition or results of operations. Moreover, if LIBOR ceases to exist, we may need to renegotiate certain terms of our credit agreements. If we are unable to do so, amounts drawn under
our credit agreements may bear interest at a higher rate, which would increase the cost of our borrowings and, in turn, affect our results of operations.

Economic Recessions or Downturns. Many of the portfolio companies in which we make investments may be susceptible to economic slowdowns or recessions
and may be unable to repay the loans we made to them during these periods. Therefore, our non-performing assets may increase and the value of our portfolio may decrease during these periods as we are required
to record our investments at their current fair value. Adverse economic conditions also may decrease the value of collateral securing some of our loans and the value of our equity investments. Economic slowdowns or recessions could lead to financial
losses in our portfolio and a decrease in revenues, net investment income and assets. Unfavorable economic conditions also could increase our and our portfolio companies funding costs, limit our and our portfolio companies access to the
capital markets or result in a decision by lenders not to extend credit to us or our portfolio companies. These events could prevent us from increasing investments and harm our operating results.

The recent global outbreak of COVID-19 has disrupted economic markets and the prolonged economic impact is uncertain. Some economists and major investment
banks have expressed concern that the continued spread of the virus globally could lead to a world-wide economic downturn, which could have an adverse economic effect on the portfolio companies in which we make investments.

A portfolio companys failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially,
acceleration of the time when the loans are due and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize the portfolio companys ability to meet its obligations under the debt that we hold.
We may incur additional expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. In addition, if one of our portfolio companies were to go bankrupt, depending on the facts and
circumstances, including the extent to which we will actually provide significant managerial assistance to that portfolio company, a bankruptcy court might subordinate all or a portion of our claim to that of other creditors.

Changes to U.S. Tariff and Import/Export Regulations. There has been ongoing discussion and commentary regarding potential, significant changes to U.S.
trade policies, treaties and tariffs, resulting in significant uncertainty about the future relationship between the United States and other countries with respect to trade policies, treaties and tariffs. These developments, or the perception that
any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United
States. Any of these factors could depress economic activity and restrict our portfolio companies access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in
turn would negatively impact us.

Competition for Investment Opportunities. There can be no assurance that there will be a sufficient number of
suitable investment opportunities to enable us to invest all of the Commitments of the Unitholders in opportunities that satisfy our investment strategy, or that such investment opportunities will lead to completed investments by us. The activity of
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implementing and realizing attractive investment opportunities is highly competitive. We will compete for investment opportunities with many other industry participants, including other BDCs,
public and private funds, individual and institutional investors, and financial institutions. Many such entities have substantially greater economic and personnel resources than the Company and/or better relationships with borrowers and others
and/or the ability to accept more risk than we believe can be prudently managed. Accordingly, competition for investments may have the effect of reducing the number of suitable prospective investments available to us and increasing the bargaining
power of borrowers, thereby reducing our investment returns. Furthermore, the availability of investment opportunities generally will be subject to market conditions. It is possible that our capital will not be fully utilized if sufficient
attractive investments are not identified and consummated by the Adviser.

No Secondary Market for Securities. Our investments are generally
heavily negotiated and, accordingly, do not have the liquidity of conventional securities and will not have readily available market prices. We value such investments at fair value as determined in good faith by our board of directors in accordance
with our valuation policy. Because there is no single standard for determining fair value, determining fair value requires that judgment be applied to the specific facts and circumstances of each investment. In addition, due to their illiquid
nature, we may not be able to dispose of our investments in a timely manner, at a fair price and/or in the manner that was thought to be viable when the investment was initiated (due to economic, legal, political or other factors). There is no
assurance that we will be able to dispose of an investment in a particular security. The inability to dispose of a security could result in losses incurred by us, including the loss of our entire investment in such security. The debt of highly
leveraged companies or companies in default also may be less liquid than other debt. If we voluntarily or involuntarily sold those types of debt securities, we might not receive the full value we expect.

Illiquidity of Collateral. Collateral may consist of assets that may not be readily liquidated, and there is no assurance that the liquidation of those
assets will satisfy a companys obligations. If a company defaults on a secured investment, the Company may receive assets other than cash or securities in full or partial satisfaction of such companys obligations. The Company might not
be able to realize the benefit of the assets for legal, practical or other reasons. The Company might hold those assets until it is determined to be appropriate to dispose of them.

Portfolio Concentration. Although the regulatory restrictions applicable to RICs limit the amount that we may generally invest in any single portfolio
company, our investments may not be diversified.See Item 1. BusinessRegulation as a Business Development CompanyQualifying Assets and Item 1. BusinessCertain U.S. Federal Income Tax
ConsequencesTaxation as a Regulated Investment Company. Aside from the diversification requirements that we will have to comply with as a RIC and other contractual investment limitations to which we are subject pursuant to the LLC
Agreement, we do not have any specific portfolio diversification or concentration limits. As a result, our portfolio may include a relatively limited number of large positions. If our investments are concentrated in a few issuers or industries, any
adverse change in one or more of such issuers or industries could have a material adverse effect on our investments. To the extent the aggregate Commitments of the Unitholders turn out to be substantially less than the amounts targeted, our
portfolio may be even more concentrated than it would otherwise be.

Credit Risks. Debt investments are subject to credit risk. Credit risk relates
to the ability of the borrower to make interest and principal payments on the loan or security as they become due. If the borrower fails to pay interest, our income might be reduced. If the borrower fails to repay principal, the value of that
security and the value of the Company might be reduced. Our investments in debt securities are subject to risks of default. We may invest in debt securities made in connection with leveraged buy-out
transactions, recapitalizations and other highly leveraged transactions. While our investments in senior loans typically will be secured by collateral, we may have difficulty liquidating the collateral or enforcing our rights under the terms of the
senior loans in the event of the borrowers default. There is no guarantee that the collateral securing a senior loan will be sufficient to protect us against losses or a decline in income in the event of a borrowers non-payment of interest or principal. In the event that a borrower declares bankruptcy, a court could invalidate our security interest in the loan collateral or subordinate our rights under the senior loan to other
creditors of the borrower. Also, we may invest part of our assets in loans and other debt obligations that are not fully secured.

Interest Rate
Risk. In general, the value of a debt security changes as prevailing interest rates change. For fixed-rate debt securities, when prevailing interest rates fall, the values of outstanding debt securities generally rise. When interest rates rise,
the values of outstanding debt securities generally fall, and they may sell at a discount from their face amount. We expect that our debt investments will generally have adjustable interest rates. For that reason, the Adviser expects that when
interest rates change, the amount of interest we receive in respect of such debt investments will change in a corresponding manner. However, the interest rates of some debt investments adjust only periodically. Between the times that interest rates
on debt investments adjust, the interest rates on those investments may not correlate to prevailing interest rates.

Reliance Upon Unaffiliated Co-Lender. In certain circumstances we may co-invest with an unaffiliated lender, who will sometimes be responsible for performing some of the legal due diligence on the
borrower and for negotiating some of the terms of the loan agreement that establishes the terms and conditions of the debt investment and the rights of the borrower and the lenders. In such circumstances, although we will perform our own due
diligence, we may rely in part on the quality of the due diligence performed by the co-lender and will be bound by the negotiated terms of the loan documentation. There can be no assurance that the
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co-lender will perform the same level of due diligence as we would perform or that the co-lender will negotiate terms that are consistent with the
terms generally negotiated and obtained by us. If the unaffiliated co-lender is acting as collateral agent under the loan documentation and becomes insolvent, the assets securing the debt investment may be
determined by a court or regulatory authority to be subject to the claims of the co-lenders creditors. If that were to occur, we might incur delays and costs in realizing payment on the loan, or we might
suffer a loss of principal and/or interest.

Reliance upon Consultants. The Adviser may rely upon independent consultants in connection with its
evaluation of proposed investments; however, no assurance can be given that these consultants will accurately evaluate such investments and we may incur liability as a result of such consultants actions.

Use of Investment Vehicles. In general, the risks associated with indirect investments in portfolio companies through a joint venture, partnership or
other special purpose vehicle (each, an Investment Vehicle) are similar to those associated with a direct investment in a portfolio company. While we will analyze the credit and business of a potential portfolio company in determining
whether or not to make an investment in an Investment Vehicle, we will nonetheless be exposed to the creditworthiness of the Investment Vehicle. In the event of a bankruptcy proceeding against the Investment Vehicle, the risks outlined below under
Insolvency Considerations with Respect to Portfolio Companies will be applicable with equal effect. Additionally, in the case of a bankruptcy proceeding against the portfolio company, the assets of the portfolio company may be used
to satisfy its obligations prior to the satisfaction of our investment in the Investment Vehicle (i.e., our investment in the Investment Vehicle would be structurally subordinated to the other obligations of the portfolio company).

Insolvency Considerations with Respect to Portfolio Companies. Various laws enacted for the protection of creditors may apply to our debt investments.
A bankruptcy proceeding against a borrower could delay or limit our ability to collect the principal and interest payments on that borrowers debt obligations. In a lawsuit brought by creditors of a borrower, a court or a trustee in bankruptcy
could take certain actions that would be adverse to us. For example:



| |  |  | Other creditors might convince the court to set aside or subordinate a loan or the security interest in a loan as
a fraudulent conveyance, a preferential transfer or for other equitable considerations. In that event, the court could recover from us the interest and principal payments that the borrower made before becoming insolvent.
There can be no assurance that we would be able to prevent such recapture.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | A bankruptcy court may restructure the payment obligations under debt securities so as to reduce the amount to
which we would be entitled.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | The court might discharge the amount of a loan we make that exceeds the value of the collateral securing the
loan. The court could subordinate our rights to the rights of other creditors of the borrower under applicable law.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Although our senior secured position under a senior loan provides some assurance that we would be able to recover
some of our investment in the event of a borrowers default, the collateral might be insufficient to cover the borrowers debts. A bankruptcy court might find that the collateral securing the senior loan is invalid or require the borrower
to use the collateral to pay other outstanding obligations. If the collateral consists of stock of the borrower or its subsidiaries, the stock may lose all of its value in the event of a bankruptcy, which would leave us exposed to greater potential
loss.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | If a borrower defaults on a scheduled interest or principal payment on a debt obligation, we may experience a
reduction of our income. In addition, the value of the debt investment would decline, which may, in turn, cause our value to decline.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Lender Liability. In recent years, a number of judicial decisions in the United States have upheld the right of borrowers to sue lending institutions
on the basis of various evolving legal theories (collectively termed Lender Liability). Generally, Lender Liability is founded upon the premise that an institutional lender has violated a duty (whether implied or contractual) of good
faith and fair dealing owed to the borrower or has assumed a degree of control over the borrower resulting in the creation of a fiduciary duty owed to the borrower or its other creditors or shareholders. Lender Liability claims generally arise in
bankruptcy, but can also arise under state law claims. Lender Liability often involves claims of misconduct where a lender (a) intentionally takes an action that exacerbates the insolvency of a borrower or issuer or that results in the
undercapitalization of a borrower or issuer to the detriment of other creditors of such borrower or issuer, (b) engages in other inequitable conduct to the detriment of such other creditors, (c) engages in fraud with respect to, or makes
misrepresentations to, such other creditors or (d) uses its influence as a shareholder to dominate or control a borrower or issuer to the detriment of other creditors of such borrower or issuer. We could be subject to allegations of Lender
Liability because of the nature of certain of our investments. There is also a risk that where Lender Liability is alleged, a court may elect to subordinate the claim of the offending lender or bondholder to the claims of the disadvantaged creditor
or creditors (a remedy called Equitable Subordination). We do not intend to engage in conduct that would give rise to a claim of Lender Liability or Equitable Subordination. However, as a BDC, we are obligated to offer managerial
assistance to each of our portfolio companies. To the extent any of our portfolio companies elect to accept such offer to provide managerial assistance, that level of involvement with a portfolio company could strengthen a Lender Liability claim
against us. Therefore, claims for Lender Liability or Equitable Subordination affecting our investments could arise as a result of any managerial assistance that we provide in order to fulfill our



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obligations as a BDC. Moreover, because of the nature of our investments, we may not always be the lead creditor, and security or other agents may act on behalf of the investors in a security
owned by us. Therefore, claims for Lender Liability or Equitable Subordination affecting our investments could also arise without our direct managerial or other involvement.

Special Risks of Highly Leveraged or other Risky Portfolio Companies. We can invest up to 100% of our total assets in debt and equity securities of
portfolio companies that are highly leveraged and whose debt securities would be considered well below investment grade. We may also invest in obligations of portfolio companies in connection with a restructuring under Chapter 11 of the U.S.
Bankruptcy Code (i.e., a DIP Financing) if the obligations meet the credit standards of the Adviser. These debt obligations tend to offer higher yields than investment grade securities to compensate investors for the higher risk, and are
commonly referred to as high risk securities or, in the case of bonds, junk bonds. Lending to highly leveraged or other risky borrowers is highly speculative. These investments may expose us to financial market risks,
interest rate risks and credit risks that are significantly greater than the risks associated with other securities in which we may invest. An economic downturn or a period of rising interest rates, for example, could cause a decline in the prices
of such securities. The prices of securities structured as zero-coupon or pay-in-kind securities may be more volatile than
securities that pay interest periodically and in cash. In the event of a default by a portfolio company, we would experience a reduction of our income and could expect a decline in the fair value of the defaulted securities and may incur significant
additional expenses to seek recovery.

Risk of Bridge Financing. If we make or invest in a bridge loan or interim financing for a portfolio company
that intends to refinance all or a portion of that loan, there is a risk that the borrower will be unable to complete such refinancing successfully. Such failure could lead to the portfolio company having to pay interest at increasing rates along
with additional fees and expenses, the result of which may reduce the value of the portfolio company.



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Risk of Subordinated or Mezzanine Financing. Our investments in subordinated or mezzanine financing will
generally be unsecured or, if secured, will be subordinated to the interests of the senior lender in the borrowers capital structure. In the event of a bankruptcy or insolvency involving the borrower where there are insufficient assets to
satisfy the obligations of the borrower to its senior lender, there may be no assets available to meet its obligations to the holders of its subordinated or mezzanine debt, including the Company.

Risks of Investing in Unitranche Loans. Unitranche loans provide leverage levels comparable to a combination of first lien and second lien or
subordinated loans, and may rank junior to other debt instruments issued by the portfolio company. Unitranche loans generally allow the borrower to make a large lump sum payment of principal at the end of the loan term, and there is a heightened
risk of loss if the borrower is unable to pay the lump sum or refinance the amount owed at maturity. From the perspective of a lender, in addition to making a single loan, a unitranche loan may allow the lender to choose to participate in the
first out tranche, which will generally receive priority with respect to payments of principal, interest and any other amounts due, or to choose to participate only in the last out tranche, which is generally paid only after
the first out tranche is paid. We may participate in first out and last out tranches of unitranche loans and make single unitranche loans.

Non-U.S. Investment Risk. We may invest up to 30% of our gross assets in portfolio companies domiciled outside
of the United States (assuming that the remaining 70% of our gross assets constitute qualifying assets (as defined in the 1940 Act and as described under Item 1. BusinessRegulation as a Business Development
CompanyQualifying Assets)). Non-U.S. obligations have risks not typically involved in domestic investments. For example, non-U.S. obligations not
denominated in U.S. dollars will cause our investment performance to vary based on changes in the applicable currency exchange rate. Moreover, even if we attempt to hedge the currency exchange risk, these hedges may be expensive and may not
completely protect us in all circumstances. Non-U.S. investing can also result in higher transaction and operating costs for the Company. Non-U.S. issuers may not be
subject to the same accounting and disclosure requirements that U.S. issuers are subject to. The value of non-U.S. investments may be affected by exchange control regulations, expropriation or nationalization
of a companys assets, non-U.S. taxes, delays in settlement of transactions, changes in governmental economic or monetary policies in the United States or abroad, or other political and economic factors.
We may have greater difficulty taking appropriate legal actions in non-U.S. courts. Non-U.S. countries may impose withholding taxes on income paid on the debt securities
of issuers in those countries.

Risks of Using Derivative Instruments. We may use derivative financial instruments for hedging or managing the
risks associated with the assets we hold. The risks posed by such instruments can be extremely complex and difficult to evaluate, including (i) risks relating to our counterparties in such a transaction; (ii) imperfect correlation between
movements in the currency, interest rate or other reference on which the derivative is based and movements in the assets of the underlying portfolio; and (iii) reduced ability to meet short-term obligations because of the percentage of our
assets segregated to cover derivative obligations. In addition, by hedging a particular position, any potential gain from an increase in value of such position may be limited.

Economic Interest of the Adviser. Because the Adviser will be compensated in part on a basis tied to our performance, the Adviser may have an incentive
to make investments that are risky or speculative.

Effect of Fees and Expenses on Returns. We pay Management Fees and Incentive Fees to the
Adviser and generally bear our other Company Expenses. Generally, other than the Incentive Fee, fees and expenses will be paid regardless of whether we produce positive investment returns. The fees and expenses will reduce the actual returns to
Unitholders, the distributions we make to Unitholders, and the overall value of the Unitholders investment. In addition, because the Management Fees payable by us to the Adviser will be calculated based on average gross assets of the Company
on a consolidated basis, including the amortized cost of portfolio investments purchased with borrowed funds and other forms of leverage, the Adviser may be incentivized to use leverage, but will not utilize more than is permitted by applicable law
or regulation. Under certain circumstances, the use of leverage may increase the likelihood of default, which would impair the value of the Units.

Retention of Proceeds. The Company may retain, in whole or in part, any proceeds attributable to portfolio investments during the Commitment Period and
may use the amounts so retained to make new investments (up to the cost of portfolio investments attributable to such proceeds), pay Company fees and expenses, repay Company borrowings, or fund reasonable reserves for future Company expenses or
other obligations (including obligations to make indemnification advances and payments), provided, that, after the expiration of the Commitment Period, no part of such retained amounts will be used to make any investment for which the Adviser would
not be permitted to draw down Commitments. To the extent such retained amounts are reinvested in investments, a Unitholder will remain subject to investment and other risks associated with such investments.



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Effect of Varying Terms of Classes of Units. Although we have no current intention to do so, pursuant to
the LLC Agreement, we may issue Preferred Units. If we issue Preferred Units, there can be no assurance that such issuance would result in a higher yield or return to the holders of the Units. The issuance of Preferred Units would likely cause the
net asset value of the Units to become more volatile. If the dividend rate on the Preferred Units were to approach the net rate of return on our investment portfolio, the benefit of leverage to the holders of the Units would be reduced. If the
dividend rate on the Preferred Units were to exceed the net rate of return on our portfolio, the leverage would result in a lower rate of return to the holders of the Units than if we had not issued Preferred Units. Any decline in the net asset
value of our investments would be borne entirely by the holders of the Units. Therefore, if the fair value of our portfolio were to decline, the leverage would result in a greater decrease in net asset value to the holders of the Units than if we
were not leveraged through the issuance of Preferred Units.

Rights of Preferred Unitholders. Holders of any Preferred Units that we might issue
would have the right, voting separately as a single class, to elect two members of the board at all times. In addition, if dividends for Preferred Units become two full years in arrears, the holders of those Preferred Units would have the right to
elect a majority of the board until such arrearage is completely eliminated. Restrictions imposed on the declarations and payment of dividends or other distributions to the holders of the Units and Preferred Units, both by the 1940 Act and by the
terms of our debt financings (if any), might impair our ability to qualify as a RIC for federal income tax purposes. While we would intend to redeem the Preferred Units to the extent necessary to enable us to distribute our income as required to
qualify as a RIC, there can be no assurance that such actions could be effected in time to meet the tax requirements.

Regulations Governing our
Operation as a BDC. We may issue debt securities or Preferred Units and/or borrow money from banks or other financial institutions, which are collectively referred to herein as senior securities, up to the maximum amount permitted by
the 1940 Act. Under the provisions of the 1940 Act currently in force, we will be permitted, as a BDC, to issue senior securities in amounts such that our asset coverage ratio, as defined in the 1940 Act, equals at least 200% (or 150% as described
below under New Legislation Permitting Additional Leverage) of gross assets less all liabilities and indebtedness not represented by senior securities, after each issuance of senior securities. Also, any amounts that we use to
service our indebtedness would not be available for distributions to our Unitholders. Furthermore, as a result of issuing senior securities, we would also be exposed to typical risks associated with leverage, including an increased risk of loss.

If we issue Preferred Units, the Preferred Units would rank senior to the Units in our capital structure, the Preferred Unitholders would
have separate voting rights on certain matters and might have other rights, preferences, or privileges more favorable than those of the Unitholders.

Borrowing Money. The use of leverage magnifies the potential for gain or loss on amounts invested and, therefore, increases the risks associated with
investing in the Company. Subject to the borrowing limitation imposed on us by the 1940 Act, the Company and any wholly owned subsidiary of the Company has and may continue to borrow from or issue senior debt securities to banks, insurance companies
and other lenders. Our lenders will have fixed dollar claims on our assets that are superior to the claims of the Unitholders, and we would expect such lenders to seek recovery against our assets in the event of a default. If the value of our assets
decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had we not leveraged. Similarly, any decrease in our income would cause net investment income to decline more sharply than it would have had we
not borrowed. Leverage is generally considered a speculative investment technique. Our ability to service any debt that we incur will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive
pressures.

As a BDC, we generally are required to meet a coverage ratio of total assets to total borrowings and other senior securities, which will
include all of our borrowings and any Preferred Units that we may issue in the future, of at least 200% (or 150% as described below under New Legislation Permitting Additional Leverage). If this ratio declines below 200%, we may
not be able to incur additional debt, which could have a material adverse effect on our operations. The amount of leverage that we employ will depend on the Advisers assessment of market and other factors at the time of any proposed borrowing.
There can be no assurance that we will be able to obtain credit at all or on terms acceptable to us.

In addition, our existing credit facilities impose,
and future debt facilities into which we may enter would likely impose, financial and operating covenants that restrict our business activities, including limitations that could hinder our ability to finance additional loans and investments or to
make the distributions required to maintain our status as a RIC under Subchapter M of the Code. In particular, it is anticipated that the credit facility would contain certain financial covenants, which may include requiring us to maintain a minimum
amount of equity supporting the credit facility or comply with certain collateral quality and coverage tests.

New Legislation Permitting Additional
Leverage. As a BDC, under the Investment Company Act we generally are not permitted to incur borrowings, issue debt securities or issue preferred stock unless immediately after the borrowing or issuance the ratio of total assets (less total
liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 200% or, if certain requirements, which are described below, are met, 150%.



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On March 23, 2018, an amendment to Section 61(a) of the 1940 Act was signed into law to permit BDCs to
reduce the minimum asset coverage ratio from 200% to 150%, subject to certain approval requirements (including either stockholder approval or approval of the required majority, as such term is defined in Section 57(o) of the
Investment Company Act), certain disclosure requirements and, in the case of a BDC that is not an issuer of common equity securities that are listed on a national securities exchange, such as the Company, the requirement that the BDC must extend to
each person that is a stockholder as of the date of an approval described above the opportunity (which may include a tender offer) to sell the securities held by that stockholder as of that applicable approval date, with 25% of those securities to
be repurchased in each of the four calendar quarters following the calendar quarter in which that applicable approval date takes place. As a result, BDCs may be able to incur additional indebtedness in the future, and the risks associated with an
investment in BDCs may increase.

Obligations of Unitholders Relating to Credit Facilities. Under the Natixis Credit Agreement (as defined herein)
we have granted security over and may transfer our right to drawdowns of capital from investors to our lenders or other creditors. Unitholders are required to fund drawdowns up to the amount of their respective Undrawn Commitments if an event of
default under a credit facility or any other borrowing agreement occurs in order to repay any indebtedness of the Company or any of its subsidiaries, and the payment by a Unitholder of any such amounts that have become due and payable by the Company
out of such Unitholders Undrawn Commitment may be a condition to the effectiveness of (i) any transfer, withdrawal, termination or reduction of Commitments of such Unitholder or (ii) such Unitholders ability to cease funding
its Commitment.

Failure to Qualify as a RIC. We will be subject to corporate-level income tax if we are unable to qualify as a RIC under
Subchapter M of the Code. To qualify as a RIC under Subchapter M of the Code, we must meet certain source-of-income, asset diversification and distribution requirements.
The distribution requirement for a RIC is satisfied if we distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to the Unitholders on an annual basis. Because we have
incurred debt, we are subject to certain asset coverage ratio requirements under the 1940 Act and financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to
qualify as a RIC. If we are unable to obtain cash from other sources, we may fail to qualify as a RIC and, thus, may be subject to corporate-level income tax. To qualify as a RIC, we must also meet certain asset diversification requirements at the
end of each calendar quarter. Failure to meet these tests may result in the Company having to dispose of certain investments quickly in order to qualify as a RIC, or to prevent the loss of such qualification after becoming a RIC. Because most of our
investments will be in private or thinly traded public companies, any such dispositions may be made at disadvantageous prices and may result in substantial losses. In addition, we may have difficulty satisfying the diversification requirements after
the Commitment Period as we liquidate our portfolio since we will not be making additional investments. While we generally will not lose our status as a RIC as long as we do not acquire any non-qualifying
securities or other property, under certain circumstances we may be deemed to have made an acquisition of non-qualifying securities or other property. If we fail to qualify as a RIC for any reason and become
subject to corporate income tax, the resulting corporate income taxes could substantially reduce our net assets, the amount of income available for distributions to the Unitholders and the amount of funds available for new investments. Such a
failure would have a material adverse effect on us and the Unitholders.See Item 1. BusinessCertain U.S. Federal Income Tax ConsequencesTaxation as a Regulated Investment Company.

Recourse to Our Assets. Our assets, including any investments made by us and any capital held by us, are available to satisfy all our liabilities and
other obligations. If we become subject to a liability, parties seeking to have the liability satisfied may have recourse to our assets generally and not be limited to any particular asset, even in the circumstance where a specific investment gave
rise to the liability.

Need for Follow-On Investments. We may be called upon to provide follow-on funding or additional loans for, or have the opportunity to increase our investment in, our portfolio companies. There can be no assurance that we will be able to make or arrange for follow-on investments or loans or that we will have sufficient funds to do so. Any decision not to make follow-on investments or loans or the inability to make them may have a
substantial negative impact on a portfolio company in need of funds or may diminish our proportionate ownership in such entity and thus our ability to influence the entitys future conduct. The inability to make
follow-on investments or loans may also impede, diminish or reduce the number of attractive investments made available to us.

Litigation Risks. We will be subject to a variety of litigation risks, particularly if one or more of our portfolio companies face financial or other
difficulties. Legal disputes, involving any or all of the Company, the Adviser, or their affiliates, may arise from our activities and investments and could have a significant adverse effect on us.



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Consequences of Failure to Pay Commitment in Full. If a Unitholder fails to pay any installment of its
Commitment, other Unitholders who have an outstanding Commitment may be required to fund their respective Commitments sooner than they otherwise would have absent such a default. In addition, if funding of Commitments by other Unitholders and our
borrowings are inadequate to cover defaulted Commitments, we may be unable to pay our obligations when due or be subjected to penalties or may otherwise suffer adverse consequences that could materially adversely affect the returns to the
Unitholders (including non-defaulting Unitholders). If a Unitholder defaults, there is no guarantee that we will recover the full amount of the defaulted Commitment, and such defaulting Unitholder may lose all
or a portion of its economic interest in us.

Limited Liability of the Adviser. To the extent permissible by law, the Adviser will not be liable,
responsible or accountable in damages or otherwise to us or to any Unitholder for any breach of duty to us or the Unitholders or for any act or failure to act pursuant to the Advisory Agreement or otherwise, except in certain limited circumstances
provided by the 1940 Act and as set forth in the Advisory Agreement. In general, we will be required to indemnify the Adviser (and other related and/or affiliated parties) for certain losses arising out of its activities on behalf of us. Such
obligations could reduce significantly the returns to the Unitholders.

Conflicts of Interest. Conflicts of interest may exist from time to time
between the Adviser and certain of its affiliates involved with us.

Inability to Take Advantage of Investment Opportunities with Affiliated Funds or
Investors. The 1940 Act limits our ability to engage in transactions with affiliated funds and investors. For example, we are prohibited under the 1940 Act from participating in certain transactions with our affiliates without the prior approval
of our Independent Directors and, in some cases, of the SEC. Any person that owns, directly or indirectly, five percent or more of our outstanding voting securities will be our affiliate for purposes of the 1940 Act, and we are generally prohibited
from buying or selling any security from or to such affiliate, absent the prior approval of the Independent Directors. The 1940 Act also prohibits certain joint transactions with certain of our affiliates, which could include co-investments in the same portfolio company, without prior approval of the Independent Directors and, in some cases, of the SEC. Although the Company benefits from exemptive relief obtained from the SEC by the
Adviser and other funds advised by the Adviser to engage in certain joint transactions, the relief is limited and subject to certain conditions. We are prohibited from buying or selling any security from or to any person who owns more
than 25% of our voting securities or controls us (such as the Adviser) or certain of that persons affiliates (such as other investment funds managed by the Adviser), or entering into prohibited joint transactions with such persons, absent the
prior approval of the SEC. As a result of these restrictions, we may be prohibited from buying or selling any security (other than any security of which we are the issuer) from or to any portfolio company of a private equity fund managed by the
Adviser or its affiliates without the prior approval of the SEC, which may limit the scope of investment opportunities that would otherwise be available to us. In situations where we cannot co-invest with
other investment funds managed by the Adviser due to the restrictions contained in the 1940 Act, the investment policies and procedures of the Adviser generally require that such opportunities be offered to us and such other investment funds on an
alternating basis. Therefore, there can be no assurance that we will be able to participate in all investment opportunities identified by the Adviser that are suitable for us.

Effect of BDC and RIC Rules on Investment Strategy. Our having to comply with the various rules necessary to remain qualified as a BDC and a RIC could
adversely impact the implementation of our investment strategy and thus reduce returns to investors. For example, the diversification requirements imposed by the RIC rules could, in certain situations, preclude us from making certain investments.

No Registration; Limited Transferability of Units. The Units were offered without registration under the Securities Act or any other laws of
applicable jurisdictions. All dispositions and transfers of the Units shall be made pursuant to an effective registration statement or in accordance with an exemption from registration contained in the Securities Act. Unitholders will not be
permitted to transfer their Units unless (i) we and, if required by our lending arrangements, our lenders give consent and (ii) the Transfer is made in accordance with applicable securities laws. Furthermore, the transferability of the
Units may be subject to certain restrictions contained in the Subscription Agreement and the LLC Agreement and may be affected by restrictions on resale imposed under U.S. federal, U.S. state or another jurisdictions securities laws. A public
market does not currently exist for the Units and one is not expected to develop. Withdrawal from an investment in the Units will not generally be permitted. In light of the restrictions imposed on any such transfer and in light of the limitations
imposed on a Unitholders ability to withdraw all or part of its investment in Units, an investment in the Units should be viewed as illiquid and subject to high risk.

No Assurance of Reorganization. No assurances can be made that the Reorganization will occur and investors should not rely on a future Reorganization
as a liquidity option. If a Reorganization does occur, a Reorganization Incentive Fee is expected to be payable pro rata by each Reorganized Entity in accordance with the respective advisory agreement of each Reorganized Entity and, if applicable,
the distribution procedures described in the organizational documentation of the relevant Reorganized Entity. Although it is expected that such Reorganization Incentive Fee will be calculated using the methodology set forth in The Private
OfferingInvestor Optionality; Potential Reorganization, the final terms of the Reorganization will be determined at the time of the Reorganization and there is no guarantee that such terms will be favorable to investors.



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Changes in Applicable Law. We must comply with various legal requirements, including requirements imposed
by United States and non-U.S. anti-money laundering laws, securities laws, commodities laws, tax laws and pension laws. Should any of those laws change over the life of the Company, the legal requirements to
which we and the Adviser may be subject could differ materially from current requirements. In addition, if a Unitholder fails to comply with applicable anti-money laundering laws and similar laws, the Company may mandatorily repurchase such
Unitholders Units.

Terrorist Action. There is a risk of terrorist attacks on the United States and elsewhere causing significant loss of
life and property damage and disruptions in the global market. Economic and diplomatic sanctions may be in place or imposed on certain states and military action may be commenced. The impact of such events is unclear, but could have a material
effect on general economic conditions and market liquidity.

Dependence on Information Systems and Systems Failures. Our business is highly
dependent on the communications and information systems of the Adviser, its affiliates and third parties. Further, in the ordinary course of our business we or the Adviser may engage certain third party service providers to provide us with services
necessary for our business. Any failure or interruption of those systems or services, including as a result of the termination or suspension of an agreement with any third party service providers, could cause delays or other problems in our
activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially
beyond our control and adversely affect our business. There could be:



| |  |  | sudden electrical or telecommunications outages;
| | - |  | ------------------------------------------------



| |  |  | natural disasters such as earthquakes, tornadoes and hurricanes;
| | - |  | ----------------------------------------------------------------



| |  |  | disease pandemics or other serious public health events, such as the recent global outbreak of COVID-19;
| | - |  | --------------------------------------------------------------------------------------------------------



| |  |  | events arising from local or larger scale political or social matters, including terrorist acts; and
| | - |  | ----------------------------------------------------------------------------------------------------



| |  |  | cyber-attacks.
| | - |  | --------------

These events, in turn, could have a material adverse effect on our operating results.

Cybersecurity Risks and Cyber Incidents. A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity or
availability of our information resources. These incidents may be an intentional attack or an unintentional event and could involve gaining unauthorized access to, use, alteration or destruction of our information systems for purposes of
misappropriating assets, obtaining ransom payments, stealing confidential information, corrupting data or causing operational disruption, or may involve phishing. The result of these incidents may include disrupted operations, misstated or
unreliable financial data, liability for stolen information, misappropriation of assets, increased cybersecurity protection and insurance costs, litigation and damage to our business relationships.

This could result in significant losses, reputational damage, litigation, regulatory fines or penalties, or otherwise adversely affect our business, financial
condition or results of operations. In addition, we may be required to expend significant additional resources to modify our protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and
security risks. The costs related to cybersecurity incidents may not be fully insured or indemnified. As our and our portfolio companies reliance on technology has increased, so have the risks posed to our information systems, both internal
and those provided by our Adviser and third party service providers, and the information systems of our portfolio companies. We, our Adviser and its affiliates have implemented processes, procedures and internal controls to help mitigate
cybersecurity risks and cyber intrusions, but these measures, as well as our increased awareness of the nature and extent of a risk of a cyber incident, may be ineffective and do not guarantee that a cyber incident will not occur or that our
financial results, operations or confidential information will not be negatively impacted by such an incident.



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Third parties with which we do business (including, but not limited to, service providers, such as accountants,
custodians, transfer agents and administrators, and the issuers of securities in which we invest) may also be sources or targets of cybersecurity or other technological risks. We outsource certain functions and these relationships to allow for the
storage and processing of our information and assets, as well as certain investor, counterparty, employee and borrower information. While we engage in actions to reduce our exposure resulting from outsourcing, we cannot control the cybersecurity
plans and systems put in place by these third parties and ongoing threats may result in unauthorized access, loss, exposure or destruction of data, or other cybersecurity incidents, with increased costs and other consequences, including those
described above. Privacy and information security laws and regulation changes, and compliance with those changes, may also result in cost increases due to system changes and the development of new administrative processes.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 2. PROPERTIES

We maintain our principal executive office at 200 Clarendon Street, 51st Floor, Boston, MA 02116. We do not own any real estate.

ITEM 3. LEGAL PROCEEDINGS

We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to
time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies. While the outcome of these legal
proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

ITEM 4. MINE SAFETY DISCLOSURES

None.

PART II

ITEM 5. MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASE OF EQUITY SECURITIES

On April 13, 2018, the Company began accepting subscription agreements from investors for the private sale of its Units. The Company continued to
enter into subscription agreements since that date through the final closing date of January 14, 2019. Under the terms of the subscription agreements, the Company may generally draw down all or any portion of the Undrawn Commitment with respect
to each Unit upon at least ten business days prior written notice to the Unitholders. The issuance of the Units pursuant to these subscription agreements and any draw by the Company under the related Commitments is expected to be exempt from
the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof, and Rule 506(c) of Regulation D thereunder.



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ITEM 6. SELECTED FINANCIAL DATA

The table below sets forth our consolidated selected financial data for the years ended December 31, 2019 and 2018; and the period from August 18,
2017 (Inception) to December 31, 2017. The selected consolidated income statement data for the years ended December 31, 2019 and 2018; and the balance sheet and other data as of December 31, 2019, 2018 and 2017 have been
derived from our audited consolidated financial statements, which are included elsewhere in this Annual Report on Form 10-K and our SEC filings.

We commenced operations during the second quarter of fiscal 2018.

The selected financial information and other data presented below should be read in conjunction with the information contained in Item 7.
Managements Discussion and Analysis of Financial Condition and Results of Operations, the audited consolidated financial statements and the notes thereto included elsewhere in this Annual Report on Form
10-K (dollar amounts in thousands except unit data):



|                                                                                                |  |                         |        |  |      |   |        | 
|----------------------------------------------------------------------------------------------- |  | ----------------------- | ------ |  | ---- | - | ------ | 
|                                                                                                |  | Year Ended December 31, |       
|                                                                                                |  | 2019                    |        |  | 2018 |  
|Statement of Operations Data                                                                    |  |                         |        |  |      |   |        | 
|Income                                                                                          |  |                         |        |  |      |   |        | 
|Total investment income                                                                         |  | $                       | 87,748 |  |      | $ | 13,132 | 
|Expenses                                                                                        |  |                         |        |  |      |   |        | 
|Net expenses                                                                                    |  |                         | 52,390 |  |      |   | 8,409  | 
|                                                                                                |  |                         |        |  |      |   |        | 
|Net investment income                                                                           |  |                         | 35,358 |  |      |   | 4,723  | 
|Net realized gain on
non-controlled/non-affiliated investments                                  |  |                         | 758    |  |      |   | 1,239  | 
|Net change in unrealized appreciation/depreciation on non-controlled/non-affiliated investments |  |                         | 7,575  |  |      |   | 3,575  | 
|                                                                                                |  |                         |        |  |      |   |        | 
|Net increase in Members Capital from operations                                                |  | $                       | 43,691 |  |      | $ | 9,537  | 
|                                                                                                |  |                         |        |  |      |   |        | 
|Earnings per unit                                                                               |  | $                       | 3.17   |  |      | $ | 0.89   | 



|                                                                   |  |                         |           |   |      |   |         |      |  |   |        |  
|------------------------------------------------------------------ |  | ----------------------- | --------- | - | ---- | - | ------- | ---- |  | - | ------ | -
|                                                                   |  | Year Ended December 31, |          
|                                                                   |  | 2019                    |           |   | 2018 |   |         | 2017 | 
|Balance Sheet Data                                                 |  |                         |           |   |      |   |         |      |  |   |        |  
|Cash and cash equivalents                                          |  | $                       | 220,074   |   |      | $ | 160,995 |      |  | $ | 1      |  
|Non-controlled/non-affiliated
investments                          |  |                         | 1,365,553 |   |      |   | 540,533 |      |  |   |       |  
|Total assets                                                       |  |                         | 1,597,602 |   |      |   | 706,892 |      |  |   | 1,613  |  
|Total debt                                                         |  |                         | 755,387   |   |      |   | 300,000 |      |  |   |       |  
|Total liabilities                                                  |  |                         | 781,372   |   |      |   | 305,488 |      |  |   | 1,612  |  
|Total Members Capital                                             |  |                         | 816,230   |   |      |   | 401,404 |      |  |   | 1      |  
|Net asset value per unit, End of year/period                       |  | $                       | 99.36     |   |      | $ | 100.23  |      |  | $ | 100.00 |  
|Other Data                                                         |  |                         |           |   |      |   |         |      |  |   |        |  
|Number of portfolio companies at year-end                          |  |                         | 42        |   |      |   | 16      |      |  |   |       |  
|Common Unitholder Total Return (1)                                 |  |                         | 9.0       | % |      |   | 5.6     | %    |  |   |       | %
|Weighted-average yield of debt and income producing securities (2) |  |                         | 10.1      | % |      |   | 10.1    | %    |  |   |       | %
|Fair value of debt investments as a percentage of principal        |  |                         | 99.0      | % |      |   | 98.5    | %    |  |   |       | %



|(1) | Common Unitholder Total Return for the period ended December 31, 2019 and 2018 was calculated by taking
the net investment income of the Company for the period divided by the weighted average contributions from the members during the period. The return is net of management fees and expenses.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Weighted average yield is calculated using the par outstanding and excludes income collected from borrowers on
unfunded commitments.
|--- | ------------------------------------------------------------------------------------------------------------------------------------



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ITEM 7. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

The information contained in this section should be read in conjunction with the consolidated financial statements and notes
thereto appearing elsewhere in this report. This discussion also should be read in conjunction with the Cautionary Statement Regarding Forward Looking Statements set forth on page ii of this annual report. For simplicity, this report
uses the terms Company, we, us, and our to refer to TCW Direct Lending VII LLC.

Overview

We were formed on May 23, 2017 as a limited liability company under the laws of the State of Delaware. We conducted a private offering of our common
limited liability company units (the Units) to investors in reliance on exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended (the Securities Act).

On December 29, 2017, we filed an election to be regulated as a BDC under the 1940 Act. We are treated for U.S. federal income tax purposes as a RIC
under Subchapter M of the Code. We are required to meet the minimum distribution and other requirements for RIC qualification. As such, we are required to comply with various regulatory requirements, such as the requirement to invest at least 70% of
our assets in qualifying assets, source of income limitations, asset diversification requirements, and the requirement to distribute annually at least 90% of our taxable income
and tax-exempt interest.

On April 13, 2018, (the Initial Closing Date) we began
accepting subscription agreements from investors for the private sale of our Units and on January 14, 2019, we completed our fourth and final closing sale of our Units.

As of December 31, 2019, we have sold 13,734,010 Units for an aggregate offering price of approximately $1.4 billion. Each Unitholder is obligated
to contribute capital equal to their Commitment and each Units Commitment obligation is $100.00 per Unit. The sale of the Units was made pursuant to subscription agreements entered into by us and each investor. Under the terms of the
subscription agreements, we may draw down all or any portion of the undrawn commitment with respect to each Unit generally upon at least ten business days prior written notice to the unitholders. The amount of capital that remains to be drawn
down and contributed is referred to as an Undrawn Commitment.

We commenced operations during the second quarter of fiscal year 2018.

During 2018, we formed two Delaware limited liability companies which each have a single member interest owned by us.

Revenues

We generate revenues in the form of interest
income and capital appreciation by providing private capital to middle market companies operating in a broad range of industries primarily in the United States. The historical investment philosophy, strategy and approach of the direct lending team
of the Adviser (the Direct Lending Team) has generally not involved the use of payment-in-kind (PIK) interest, which represents
contractual interest accrued and added to the loan balance that generally becomes due at maturity, or similar arrangements. Although we do not currently expect the Direct Lending Team to originate a significant amount of investments for us with PIK
interest features, from time to time we may make, and currently have, investments that contain such features. We may have investments with PIK interest features in limited circumstances involving debt restructurings or work-outs of current
investments. Our highly negotiated private investments may include senior secured loans, unsecured senior loans, subordinated and mezzanine loans, convertible securities, notes and
other non-convertible debt securities, equity securities, and equity-linked securities such as options and warrants. However, our investment bias will be towards adjustable-rate, senior secured
loans. We do not anticipate a secondary market developing for our private investments.

We are primarily focused on investing in senior secured debt
obligations, although there may be occasions where the investment may be unsecured. We may also consider an equity investment as the primary security, in combination with a debt obligation, or as a part of total return strategy. Our investments will
mostly be in corporations, partnerships or other business entities. Additionally, in certain circumstances, we may co-invest with other investors and/or strategic partners indirectly in a company
through a joint venture partnership or other special purpose vehicle. While we intend to invest primarily in U.S. companies, there may be certain instances where we will invest in companies domiciled elsewhere.

Expenses

We do not currently have any employees and do
not expect to have any employees. Services necessary for our business are provided through the Amended and Restated Administration Agreement, dated as of September 25, 2018 (the Administration Agreement) and the Investment Advisory
Agreement, dated as of December 29, 2017, (the Advisory Agreement).



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We, and indirectly our Unitholders, will bear all costs, expenses and liabilities, other than Adviser Operating
Expenses (which shall be borne by the Adviser), in connection with our organization, operations, administration and transactions (Company Expenses). Company Expenses shall include, without limitation: (a) organizational expenses and
expenses associated with the issuance of the Units; (b) expenses of calculating our net asset value (including the cost and expenses of any independent valuation firm); (c) fees payable to third parties, including agents, consultants,
attorneys or other advisors, relating to, or associated with, evaluating and making investments; (d) expenses incurred by the Adviser or the Administrator payable to third parties, including agents, consultants, attorneys or other advisors,
relating to or associated with monitoring our financial and legal affairs, providing administrative services, monitoring or administering our investments and performing due diligence reviews of prospective investments and the corresponding portfolio
companies; (e) costs associated with our reporting and compliance obligations under the 1940 Act, the 1934 Act and other applicable federal or state securities laws; (f) fees and expenses incurred in connection with debt incurred to
finance our investments or operations, and payment of interest and repayment of principal on such debt; (g) expenses related to sales and purchases of Units and other securities; (h) Management Fees and Incentive Fees;
(i) administrator fees, if any, payable under the Administration Agreement; (j) transfer agent, sub-administrator and custodial fees; (k) expenses relating to the issue, repurchase and transfer
of Units to the extent not borne by the relevant transferring Unitholders and/or assignees; (l) federal and state registration fees; (m) federal, state and local taxes and other governmental charges assessed against us;
(n) independent directors fees and expenses and the costs associated with convening a meeting of our board of directors or any committee thereof; (o) fees and expenses and the costs associated with convening a meeting of the
Unitholders or holders of any Preferred Units, as well as the compensation of an investor relations professional responsible for the coordination and administration of the foregoing; (p) costs of any reports, proxy statements or other notices
to Unitholders, including printing and mailing costs; (q) costs and expenses related to the preparation of our consolidated financial statements and tax returns; (r) our allocable portion of the fidelity bond, directors and officers/errors
and omissions liability insurance, and any other insurance premiums; (s) direct costs and expenses of administration, including printing, mailing, long distance telephone, and copying; (t) independent auditors and outside legal costs,
including legal costs associated with any requests for exemptive relief, no-action positions or other guidance sought from a regulator, pertaining to us; (u) compensation of other personnel
(including employees and secretarial and other staff of the Administrator) to the extent they are devoted to preparing our consolidated financial statements or tax returns or providing similar back office financial services to us;
(v) Adviser costs and expenses (excluding travel) in connection with identifying and investigating investment opportunities for us, monitoring our investments and disposing of any such investments; (w) portfolio risk management costs;
(x) commissions or brokerage fees or similar charges incurred in connection with the purchase or sale of securities (including merger fees); (y) costs and expenses attributable to normal and extraordinary investment banking, commercial
banking, accounting, auditing, appraisal, valuation, administrative agent activities, custodial and registration services provided to us, including in each case services with respect to the proposed purchase or sale of securities by us that are not
reimbursed by the issuer of such securities or others (whether or not such purchase or sale is consummated); (z) costs of amending, restating or modifying the LLC Agreement or Advisory Agreement or related documents of us or related entities;
(aa) fees, costs, and expenses incurred in connection with the termination, liquidation or dissolution of the Company or related entities; and (bb) all other properly and reasonably chargeable expenses incurred by the Company or the
Administrator in connection with administering our business. However, in the event of a Reorganization (as defined in the LLC Agreement) that results in a Public Fund (as defined in the LLC Agreement) or an Extension Fund (as defined in the LLC
Agreement), including a Reorganization (as defined in the LLC Agreement) pursuant to which the Company becomes the Public Fund (as defined in the LLC Agreement) or the Extension Fund (as defined in the LLC Agreement), the fees, costs and expenses
associated with any such restructuring, initial public offering, listing of equity securities or reorganization will be borne appropriately by the Public Fund (as defined in the LLC Agreement) and the Extension Fund (as defined in the LLC Agreement)
(and indirectly only by Unitholders that elect to become investors in the Public Fund (as defined in the LLC Agreement) or the Extension Fund (as defined in the LLC Agreement)), as the case may be, and no others will directly or indirectly bear
such fees, costs or expenses.

However, we will not bear (a) more than an amount equal to 10 basis points of our aggregate Commitments for
organizational expenses and offering expenses in connection with the offering of Units through January 14, 2019 and (b) more than an amount equal to 12.5 basis points of our aggregate Commitments computed annually for Company Expenses;
provided, that, any amount by which actual annual expenses in (b) exceed the 12.5 basis point limit shall be carried over to the next year, without limitation, as additional expense until the earlier of the Reorganization (as defined in the LLC
Agreement) or the dissolution of the Company, with any partial year assessed on a pro rata basis; and provided, further, that in determining the Company Expenses subject to the 12.5 basis point limit in (b), the following expenses shall be excluded
and shall be borne by us as incurred without regard to the 12.5 basis point limit in (b): the Management Fee, the Incentive Fee, organizational and offering expenses (which are subject to the separate cap), amounts incurred in connection with our
borrowings (including interest, bank fees, legal fees and other transactional expenses arising out of or related to any borrowing or borrowing facility and similar costs), transfer agent fees, federal, state and local taxes and other governmental
charges assessed against us, expenses of calculating our net asset value (including the cost and expenses of any independent valuation firm engaged for that purpose and the costs and expenses of the valuation of our portfolio investments performed
by our independent auditors in order to comply with applicable Public Company Accounting Oversight Board standards), costs and expenses incurred in connection with arranging or structuring investments and their ongoing operations (including expenses
and liabilities related to the formation and ongoing operations of any special purpose entity or entities in connection with an investment), legal costs associated with any requests for exemptive relief,
no-action positions or other guidance sought from a regulator pertaining to us, costs and expenses relating to any Reorganization (as defined in the LLC Agreement) or liquidation of the



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Company, and any extraordinary expenses (such as litigation expenses and indemnification payments). Notwithstanding the foregoing, in no event will the Company carryforward to future periods the
amount by which actual annual Company Expenses for a year exceed the 12.5 basis point limit for more than three years from the date on which such expenses were reimbursed.

Adviser Operating Expenses means overhead and operating and administrative expenses incurred by or on behalf of the Adviser or any of its
affiliates, including us, in connection with maintaining and operating the Advisers office, including salaries and other compensation (including compensation due to its officers), rent, routine office equipment expense and liability and
insurance premiums (other than those incurred in maintaining fidelity bonds and Indemnitee insurance policies), in furtherance of providing supervisory investment management services for us. Adviser Operating Expenses include any expenses incurred
by the Adviser or its affiliates in connection with the Advisers registration as an investment adviser under the Investment Advisers Act of 1940, as amended, or with its compliance as a registered investment adviser thereunder.

All Adviser Operating Expenses and all our expenses that we will not bear, as set forth above, will be borne by the Adviser or its affiliates.

In connection with borrowings, our lenders require us to pledge assets, Commitments and/or the right to draw down on Commitments. In this regard, the
subscription agreement entered into with each of our investors contractually obligates each investor to fund its respective Commitments in order to pay amounts that may become due under any borrowings or other financings or similar obligations.

We expensed organization costs totaling $0.7 million (net of $0.4 million in Adviser reimbursement) since our inception through December 31,
2018. Offering costs totaling $0.6 million (net of $0.3 million in Adviser reimbursement) was charged directly to Members Capital on December 31, 2018. No additional organization and offering costs were incurred during the year
ended December 31, 2019. We did not bear more than an amount equal to 10 basis points of the aggregate capital commitments for organization and offering expenses.

Critical Accounting Policies

Investments at
Fair Value

Investments which we hold for which market quotes are not readily available or are not considered reliable are valued at fair value and
approved by the Board of Directors (the Board) based on similar instruments, internal assumptions and the weighting of the best available pricing inputs.

Fair Value Hierarchy:Assets and liabilities are classified by us into three levels based on valuation inputs used to determine fair value:

Level 1 values are based on unadjusted quoted market prices in active markets for identical assets.

Level 2 values are based on significant observable market inputs, such as quoted prices for similar assets and quoted prices in inactive markets or other
market observable inputs.

Level 3 values are based on significant unobservable inputs that reflect our determination of assumptions that market
participants might reasonably use in valuing the assets.

Categorization within the hierarchy is based upon the lowest level of input that is significant
to the fair value measurement. The valuation levels are not necessarily an indication of the risk associated with investing in those securities.

Level1 Assets (Investments): The valuation techniques and significant inputs used to determine fair value are as follows:

Equity, (Level 1), includes common stock valued at the closing price on the primary exchange in which the security trades.

Level 2 Assets (Investments): The valuation techniques and significant inputs used to determine fair value are as follows:

Equity, (Level 2), includes warrants valued using quotes for comparable investments.

Level3 Assets (Investments):The following valuation techniques and significant inputs are used to determine the fair value of
investments in private debt and equity for which reliable market quotations are not available. Some of the inputs are independently observable however, a significant portion of the inputs and the internal assumptions applied are unobservable.

Debt, (Level 3), includes investments in privately originated senior secured debt. Such securities are valued based on specific pricing models,
internal assumptions and the weighting of the best available pricing inputs. A discounted cash flow approach incorporating a weighted average cost of capital is generally used to determine fair value or, in some cases, an enterprise value waterfall
method. Valuation may also include a shadow rating method. Standard pricing inputs include but are not limited to the financial health of the issuer, place in the capital structure, value of other issuer debt, credit, industry, and market risk and
events.



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Equity, (Level 3), include common stock and warrants. Such securities are valued based on specific pricing
models, internal assumptions and the weighting of the best available pricing inputs. A market approach is generally used to determine fair value. Pricing inputs include, but are not limited to, financial health and relevant business developments of
the issuer; EBITDA; market multiples of comparable companies; comparable market transactions and recent trades or transactions; issuer, industry and market events; and contractual or legal restrictions on the sale of the security. When a
Black-Scholes pricing model is used it follows the income approach. The pricing model takes into account the contract terms as well as multiple inputs, including: time value, implied volatility, equity prices and interest rates. A liquidity discount
based on current market expectations, future events, minority ownership position and the period management reasonably expects to hold the investment may be applied.

Pricing inputs and weightings applied to determine value require subjective determination. Accordingly, valuations do not necessarily represent the amounts
that may eventually be realized from sales or other dispositions of investments.

Investment Activity

As of December 31, 2019, our non-controlled/non-affiliated portfolio
consisted of 50 debt investments and four equity investments. Based on fair values as of December 31, 2019, our non-controlled/non-affiliated portfolio was 99.6%
invested in debt investments which were mostly senior secured, term loans. The remaining 0.4% represented our equity investments.

As of December 31, 2018, our non-controlled/non-affiliated portfolio
consisted of 20 debt investments and one equity investment. Based on fair values as of December 31, 2018, our non-controlled/non-affiliated portfolio was 99.7%
invested in debt investments which were mostly senior secured, term loans. The remaining 0.3% represented our equity investment.

The table below describes our non-controlled/non-affiliated investments by
industry classification and enumerates the percentage, by fair value, of the total portfolio assets by industries as of December 31, 2019:



|                                              |  |                              |     |  
|--------------------------------------------- |  | ---------------------------- | --- | -
|Industry                                      |  | Percent of Total Investments |    
|Aerospace & Defense                           |  |                              | 16  | %
|Media                                         |  |                              | 7   | %
|Energy Equipment and Services                 |  |                              | 7   | %
|Textiles, Apparel & Luxury Goods              |  |                              | 7   | %
|Information Technology Services               |  |                              | 6   | %
|Chemicals                                     |  |                              | 6   | %
|Household Durables                            |  |                              | 5   | %
|Health Care Providers & Services              |  |                              | 4   | %
|Software                                      |  |                              | 4   | %
|Personal Products                             |  |                              | 4   | %
|Metals & Mining                               |  |                              | 3   | %
|Construction and Engineering                  |  |                              | 3   | %
|Household Products                            |  |                              | 3   | %
|Food Products                                 |  |                              | 3   | %
|Commercial Services and Supplies              |  |                              | 3   | %
|Multiline Retail                              |  |                              | 3   | %
|Construction Materials                        |  |                              | 2   | %
|Diversified Consumer Services                 |  |                              | 2   | %
|Communications Equipment                      |  |                              | 2   | %
|Auto Components                               |  |                              | 2   | %
|Electronic Equipment, Instrument & Components |  |                              | 2   | %
|Food Distributor                              |  |                              | 2   | %
|Hotels, Restaurants & Leisure                 |  |                              | 2   | %
|Air Freight & Logistics                       |  |                              | 1   | %
|Beverages                                     |  |                              | 1   | %
|                                              |  |                              |     |  
|Total                                         |  |                              | 100 | %
|                                              |  |                              |     |  

Interest income from
non-controlled/non-affiliated investments, including interest income paid-in-kind, was
$87.7 million and $13.1 million for the years ended December 31, 2019 and 2018, respectively. During the year ended December 31, 2019, we also earned $0.1 million in other fee income from our
non-controlled/non-affiliated investments.



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Our operating results for the years ended December 31, 2019 and 2018 were as follows (dollar amounts
in thousands):



|                                                                                                |  |                         |        |  |      |   |        | 
|----------------------------------------------------------------------------------------------- |  | ----------------------- | ------ |  | ---- | - | ------ | 
|                                                                                                |  | Year Ended December 31, |       
|                                                                                                |  | 2019                    |        |  | 2018 |  
|Total investment income                                                                         |  | $                       | 87,748 |  |      | $ | 13,132 | 
|Net expenses                                                                                    |  |                         | 52,390 |  |      |   | 8,409  | 
|                                                                                                |  |                         |        |  |      |   |        | 
|Net investment income                                                                           |  |                         | 35,358 |  |      |   | 4,723  | 
|Net realized gain on
non-controlled/non-affiliated investments                                  |  |                         | 758    |  |      |   | 1,239  | 
|Net change in unrealized appreciation/depreciation on non-controlled/non-affiliated investments |  |                         | 7,575  |  |      |   | 3,575  | 
|                                                                                                |  |                         |        |  |      |   |        | 
|Net increase in Members Capital from operations                                                |  | $                       | 43,691 |  |      | $ | 9,537  | 
|                                                                                                |  |                         |        |  |      |   |        | 

Total investment income

Total investment income for the years ended December 31, 2019 and 2018 was $87.7 million and $13.1 million, respectively. During the years ended
December 31, 2019 and 2018, our total investment income included $0.1 million and $0 of other fee income from our non-controlled/non-affiliated investments.

The increase in total investment income during the year ended December 31, 2019 compared to the year ended December 31, 2018 reflects our ramp
up of operations since the quarter ended June 30, 2018, which is when we commenced operations. Our portfolio of investments increased to 54 total debt and equity investments from 21, during the years ended December 31, 2019 and 2018,
respectively.

Net investment income

Net investment
income for the years ended December 31, 2019 and 2018 was $35.4 million and $4.7 million, respectively. The increase is primarily attributable to the increase in the size of our portfolio during the year ended December 31, 2019
compared to the year ended December 31, 2018.

Operating expenses for the years ended December 31, 2019 and 2018 were as follows (dollar amounts
in thousands):



|                                             |  |                         |        |  |      |   |       | 
|-------------------------------------------- |  | ----------------------- | ------ |  | ---- | - | ----- | 
|                                             |  | Year Ended December 31, |       
|                                             |  | 2019                    |        |  | 2018 |  
|Expenses                                     |  |                         |        |  |      |   |       | 
|Interest and credit facilities expenses      |  | $                       | 24,059 |  |      | $ | 3,582 | 
|Management fees                              |  |                         | 13,330 |  |      |   | 2,356 | 
|Incentive fees                               |  |                         | 12,148 |  |      |   |      | 
|Professional fees                            |  |                         | 1,241  |  |      |   | 726   | 
|Administrative fees                          |  |                         | 1,049  |  |      |   | 467   | 
|Directors fees                              |  |                         | 394    |  |      |   | 381   | 
|Organization costs                           |  |                         |       |  |      |   | 366   | 
|Other expenses                               |  |                         | 169    |  |      |   | 79    | 
|                                             |  |                         |        |  |      |   |       | 
|Total expenses                               |  | $                       | 52,390 |  |      | $ | 7,957 | 
|Expense recaptured by the Investment Adviser |  |                         |       |  |      |   | 452   | 
|                                             |  |                         |        |  |      |   |       | 
|Net expenses                                 |  | $                       | 52,390 |  |      | $ | 8,409 | 
|                                             |  |                         |        |  |      |   |       | 

Our total operating expenses were $52.4 million and $8.0 million, respectively, for the years ended
December 31, 2019 and 2018. Operating expenses included management fees attributed to the Adviser of $13.3 million and $2.4 million; and incentive fees attributed to the advisor of $12.1 million and $0, in the years ended December 31,
2019 and 2018, respectively.

Net expenses include an expense recapture of $0 and $0.5 million for the years ended December 31, 2019 and 2018,
respectively. The expense recapture during the prior year is primarily due to organizational and offering costs which were previously reimbursed by the Adviser.



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Net realized gain on
non-controlled/non-affiliated investments

Our net realized gain on non-controlled/non-affiliated investments for years ended December 31, 2019 and 2018 was $0.8 million and $1.2 million, respectively. Our net realized gain
during the year ended December 31, 2019 was primarily due to our term loans to SMTC Corporation and Heligear Acquisition Co., for which we recognized $0.4 million and $0.3 million in realized gains, respectively, during the year.

Our net realized gain on non-controlled/non-affiliated investments for the
year ended December 31, 2018 was primarily due to our term loans to VPI Aware Topco, LLC and Shipston Group U.S Inc. for which recognized realized gains of $0.7 million and $0.2 million, respectively.

Net change in unrealized appreciation/depreciation on
non-controlled/non-affiliated investments

Our net change in unrealized
appreciation/depreciation on non-controlled/non-affiliated investments for years ended December 31, 2019 and 2018 was $7.6 million and $3.6 million,
respectively. Our net change in unrealized appreciation/depreciation during the year ended December 31, 2019 was primarily due to the following investments (dollar amounts in thousands):



|                                                   |  |            |           |  |                                               |   |        |  
|-------------------------------------------------- |  | ---------- | --------- |  | --------------------------------------------- | - | ------ | -
|Issuer                                             |  | Investment |           |  | Change in UnrealizedAppreciation/Depreciation |  
|Innerworkings, Inc.                                |  |            | Term Loan |  |                                               | $ | 2,728  |  
|Columbia Helicopters, Inc.                         |  |            | Term Loan |  |                                               |   | 1,682  |  
|Heligear Acquisition Co.                           |  |            | Term Loan |  |                                               |   | 1,177  |  
|Mondee Holdings LLC                                |  |            | Term Loan |  |                                               |   | 1,149  |  
|Innerworkings, Inc.                                |  |            | Warrants  |  |                                               |   | 1,018  |  
|Torrid LLC                                         |  |            | Term Loan |  |                                               |   | 962    |  
|DynCorp International Inc.                         |  |            | Term Loan |  |                                               |   | 946    |  
|Sparton Corporation                                |  |            | Term Loan |  |                                               |   | 847    |  
|WDE TorcSill Holdings LLC                          |  |            | Term Loan |  |                                               |   | 770    |  
|SMTC Corporation                                   |  |            | Term Loan |  |                                               |   | 686    |  
|Production Resource Group, LLC                     |  |            | Term Loan |  |                                               |   | (2,459 | )
|Keeco Holdings, LLC                                |  |            | Term Loan |  |                                               |   | (1,926 | )
|All others                                         |  |            | Various   |  |                                               |   | (59    | )
|                                                   |  |            |           |  |                                               |   |        |  
|Net change in unrealized appreciation/depreciation |  |            |           |  |                                               | $ | 7,575  |  
|                                                   |  |            |           |  |                                               |   |        |  

Our net change in unrealized appreciation/depreciation on
non-controlled/non-affiliated investments during the year ended December 31, 2018, was primarily due to our term loans to VPI Aware Topco, LLC, Winsight, LLC and
Navistar Defense, LLC for which we collectively recognized $2.4 million in unrealized appreciation during the year.

Net increase in members
capital from operations

Our net increase in members capital from operations during the years ended December 31, 2019 and 2018 was
$43.7 million and $9.5 million, respectively. Our net increase in members capital during the year ended December 31, 2019 was primarily due to the increase in net investment income resulting from the significant increase in the
size of our portfolio during the year compared to prior year, during which our operations did not commence until the second quarter.

Our net increase in members capital during the year ended December 31, 2018 was primarily attributable to the commencement and ramp up of
operations which began during the second quarter of fiscal year 2018.

Financial Condition, Liquidity and Capital Resources

On April 13, 2018, we completed the first closing of the sale of our Units to persons not affiliated with the Adviser. We also commenced operations during
the second quarter of fiscal year 2018. On January 14, 2019, we completed our fourth and final closing sale of our Units. We generate cash from (1) drawing down capital in respect of Units, (2) cash flows from investments and
operations and (3) borrowings from banks or other lenders.

Our primary use of cash is for (1) investments in portfolio companies and other
investments to comply with certain portfolio diversification requirements, (2) the cost of operations (including expenses, the Management Fee, the Incentive Fee, and any indemnification obligations), (3) debt service of any borrowings and
(4) cash distributions to the Unitholders.



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As of December 31, 2019, aggregate Commitments, Undrawn Commitments and Unit subscriptions of the Company
were as follows (dollar amounts in thousands):



|                                 |  |                   |            |  
|-------------------------------- |  | ----------------- | ---------- | -
|                                 |  | December 31, 2019 |           
|Commitments                      |  | $                 | 1,373,401  |  
|Undrawn commitments              |  | $                 | 548,401    |  
|Percentage of commitments funded |  |                   | 60.1       | %
|Units                            |  |                   | 13,734,010 |  

Natixis Credit Agreement

On May 10, 2018, we entered into a Revolving Credit Agreement (the Natixis Credit Agreement) among the Company, as borrower, and Natixis, New
York Branch (Natixis), as administrative agent and the committed lenders, conduit lenders and funding agents. The Natixis Credit Agreement provides for a revolving credit line (the Natixis Revolving Credit Facility) of up to
$150 million (the Natixis Maximum Commitment), subject to the lesser of the Natixis Borrowing Base assets or the Natixis Maximum Commitment. The Natixis Borrowing Base assets equal the sum of a percentage of unfunded
commitments from certain classes of eligible investors in the Company (the Natixis Available Commitment). The Natixis Revolving Credit Facility is generally secured by the Natixis Borrowing Base assets.

The Natixis Maximum Commitment may be periodically increased in amounts designated by us, up to an aggregate amount of $1 billion. The maturity date of
the Natixis Credit Agreement is May 10, 2021, unless such date is extended at our option, no more than two times for a term of up to 364 days after the maturity date per such extension. Borrowings under the Natixis Credit Agreement bear
interest at a rate equal to either (a) a base rate calculated in a customary manner plus 0.55% or (b) an adjusted eurodollar rate calculated in a customary manner plus 1.55%. On September 21, 2018, the Natixis Maximum Commitment
increased from $150 million to $275 million. On November 5, 2018, the Natixis Maximum Commitment increased from $275 million to $400 million.

The Natixis Revolving Credit Facility is secured by a first priority security interest, subject to customary exceptions, in (i) all of the capital
commitments of the investors in the Company, (ii) our right to make capital calls, receive payment of capital contributions from the investors and enforce payment of the capital commitments and capital contributions under our operating
agreement and (iii) a cash collateral account into which the capital contributions from the investors are made. The Natixis Revolving Credit Facility may be terminated, and any outstanding amounts thereunder may become due and payable, should
we fail to satisfy certain covenants. As of December 31, 2019 we were in compliance with such covenants.

As of December 31, 2019 and 2018, the
Natixis Borrowing Base assets were less than the Natixis Maximum Commitment. A summary of amounts outstanding and available under the Natixis Revolving Credit Facility as of December 31, 2019 and 2018 is as follows (dollar amounts in
thousands):



|                                  |  |                   |         |  |                       |   |         |                    |  |   |        | 
|--------------------------------- |  | ----------------- | ------- |  | --------------------- | - | ------- | ------------------ |  | - | ------ | 
|Natixis Revolving Credit Facility |  | MaximumCommitment |         |  | BorrowingsOutstanding |   |         | AvailableAmount(1) | 
|As of December 31, 2019           |  | $                 | 400,000 |  |                       | $ | 252,000 |                    |  | $ | 30,866 | 
|As of December 31, 2018           |  | $                 | 400,000 |  |                       | $ | 300,000 |                    |  | $ | 55,000 | 



|(1) | The amount available considers any limitations related to the debt facility borrowing.
|--- | --------------------------------------------------------------------------------------

On January 29, 2019, TCW DL VII Financing LLC (the Borrower or TCW DL VII Financing), a newly-formed, wholly-owned, special
purpose financing subsidiary of the Company, entered into a senior secured credit facility (the PNC Credit Facility and together with the Natixis Revolving Credit Facility, the Credit Facilities) pursuant to a credit and
security agreement (the PNC Credit Agreement) with PNC Bank, National Association (PNC), as facility agent, the lenders from time to time party thereto, and State Street Bank and Trust Company, as collateral agent.

Under the PNC Credit Facility, the lenders have agreed to extend credit to the Borrower in an aggregate principal amount of up to $400,000 of revolving and
term loans (the PNC Maximum Commitment), subject to compliance with a borrowing base (the PNC Borrowing Base). The PNC Maximum Commitment may be periodically increased in amounts designated by the Borrower up to an aggregate
principal amount of $900,000, subject to lender consent and obtaining commitments for the increase. The Borrower may make borrowings of (i) a revolving loan (the PNC Revolving Credit Facility and together with the Natixis Revolving
Credit Facility, the Revolving Credit Facilities) under the PNC Facility during the period commencing January 29, 2019 and ending on January 29, 2022 and (ii) a term loan (the PNC Term Loan) under the PNC
Credit Facility during the period which commenced on January 29, 2019 and ended on January 29, 2020, unless, in the case of (i) and (ii), there is an earlier termination of the PNC Credit Facility or



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event of default thereunder. The PNC Credit Facility will mature on January 29, 2024. Loans under the PNC Credit Facility bear interest at a fluctuating rate of interest per annum equal to,
at the Borrowers option, either (i) three-month LIBOR plus the facility margin of 2.30% per annum or (ii) the Base Rate plus the facility margin of 2.30% per annum.

On April 11, 2019, the Borrower amended and restated the PNC Credit Agreement (as amended, the Amended PNC Credit Agreement) for the PNC
Credit Facility. The Amended PNC Credit Agreement, among other things, (a) increased the total commitments under the PNC Credit Facility from $400,000 to $600,000 (the Amended PNC Maximum Commitment) and (b) made certain
modifications to the calculation of the borrowing base under the prior facility, including the eligibility requirements of collateral obligations pledged under the PNC Credit Facility and loan portfolio concentration limits.

The Borrowers obligations under the PNC Credit Facility are secured by a first priority security interest in all of the assets of the Borrower,
including its portfolio of loans has been contributed by the Company to the Borrower in exchange for 100% of the membership interests of the Borrower and any payments received in respect of such loans. The Company may contribute or sell to the
Borrower additional loans from time to time after the closing date, which shall be pledged in favor of the lenders under the PNC Credit Facility.

Under
the PNC Credit Facility, the Borrower has made customary representations and warranties and is required to comply with various affirmative and negative covenants, reporting requirements and other customary requirements for similar credit facilities.
The PNC Credit Facility also includes events of default that are customary for similar credit facilities. As of December 31, 2019, the Borrower was in compliance with such covenants.

Borrowings of the Borrower are non-recourse to the Company but are considered borrowings of the
Company for purposes of complying with the asset coverage requirements under the Investment Company Act of 1940, as amended.

As of December 31,
2019, the PNC Borrowing Base assets were greater than the Amended PNC Maximum Commitment. A summary of amounts outstanding and available under the PNC Credit Facility as of December 31, 2019 is as follows (dollar amounts in thousands):



|                        |  |                   |         |  |                       |   |         |                    |  |   |        | 
|----------------------- |  | ----------------- | ------- |  | --------------------- | - | ------- | ------------------ |  | - | ------ | 
|PNC Credit Facility     |  | MaximumCommitment |         |  | BorrowingsOutstanding |   |         | AvailableAmount(1) | 
|As of December 31, 2019 |  | $                 | 600,000 |  |                       | $ | 505,000 |                    |  | $ | 95,000 | 



|(1) | The amount available considers any limitations related to the debt facility borrowing.
|--- | --------------------------------------------------------------------------------------

Borrowings under the PNC Credit Facility as of December 31, 2019 consisted of $325,000 from the PNC Revolving Credit Facility (i.e., revolving line of
credit) and $180,000 of PNC Term Loan.

We incurred financing costs of $3,463 and $4,433, in connection with the Natixis Credit Agreement and the PNC
Credit Agreement, respectively. In addition, the Company incurred an additional $2,070 in financing costs in connection with the Amended PNC Credit Agreement. We recorded the costs associated with the Revolving Credit Facilities as deferred
financing costs on our Consolidated Statements of Assets and Liabilities and are being amortized over the respective lives of the Natixis Revolving Credit Facility and PNC Revolving Credit Facility. As of December 31, 2019 and 2018, $5,574 and
$2,454, respectively, of such deferred financing costs had yet to be amortized. Costs associated with the PNC Term Loan are deferred and amortized over the term of the PNC Term Loan. Such deferred financing costs are netted against the carrying
value of the PNC Term Loan on our Consolidated Statements of Assets and Liabilities.

A reconciliation of amounts presented on our Consolidated Statements
of Assets and Liabilities versus amounts outstanding on the PNC Term Loan is as follows (dollar amounts in thousands):



|                                                                                     |  |                    |         |  
|------------------------------------------------------------------------------------ |  | ------------------ | ------- | -
|                                                                                     |  | As of December 31, |        
|                                                                                     |  | 2019               |        
|Principal amount outstanding on PNC Term Loan                                        |  | $                  | 180,000 |  
|Deferred financing costs                                                             |  |                    | (1,613  | )
|                                                                                     |  |                    |         |  
|PNC Term Loan(as presented on the Consolidated Statements of Assets and
Liabilities) |  | $                  | 178,387 |  
|                                                                                     |  |                    |         |  

The carrying amount of the Credit Facilities, which are categorized as Level 2 within the fair value hierarchy as of
December 31, 2019 and December 31, 2018, approximates their respective fair values. Valuation techniques and significant inputs used to determine fair value include Company details; credit, market and liquidity risk and events; financial
health of the Company; place in the capital structure; interest rate; and the Credit Facilities terms and conditions.



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The summary information regarding the Credit Facilities for the years ended December 31, 2019 and 2018 was
as follows:



|                                         |  |                         |         |   |      |   |         |  
|---------------------------------------- |  | ----------------------- | ------- | - | ---- | - | ------- | -
|                                         |  | Year Ended December 31, |        
|                                         |  | 2019                    |         |   | 2018 |  
|Credit Facilities interest expense       |  | $                       | 19,323  |   |      | $ | 2,821   |  
|Unused fees                              |  |                         | 2,372   |   |      |   | 201     |  
|Administrative fees                      |  |                         | 50      |   |      |   | 50      |  
|Amortization of deferred financing costs |  |                         | 2,314   |   |      |   | 510     |  
|                                         |  |                         |         |   |      |   |         |  
|Total                                    |  | $                       | 24,059  |   |      | $ | 3,582   |  
|                                         |  |                         |         |   |      |   |         |  
|Weighted average interest rate           |  |                         | 4.57    | % |      |   | 2.52    | %
|Average outstanding balance              |  | $                       | 416,797 |   |      | $ | 111,456 |  



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##### Table of Contents

We had the following unfunded commitments and unrealized depreciation by investment as of December 31, 2019
and 2018 (dollar amounts in thousands):



|                                             |  |                      |                |  |                   |   |        |                        |  |   |        |  |  |                        |        |  |  |   |     | 
|-------------------------------------------- |  | -------------------- | -------------- |  | ----------------- | - | ------ | ---------------------- |  | - | ------ |  |  | ---------------------- | ------ |  |  | - | --- | 
|                                             |  |                      |                |  | December 31, 2019 |   |        | December 31, 2018      | 
|Unfunded Commitments                         |  | Maturity /Expiration |                |  | Amount            |   |        | UnrealizedDepreciation |  |   | Amount |  |  | UnrealizedDepreciation |       
|AMCP Staffing Intermediate Holdings III, LLC |  |                      | September 2025 |  |                   | $ | 2,767  |                        |  | $ | 28     |  |  | $                      |       |  |  | $ |    | 
|Caiman Merger Sub LLC                        |  |                      | November 2024  |  |                   |   | 1,031  |                        |  |   | 8      |  |  |                        |       |  |  |   |    | 
|Dura-Supreme Holdings, Inc.                  |  |                      | October 2024   |  |                   |   | 1,514  |                        |  |   | 6      |  |  |                        |       |  |  |   |    | 
|GEON Performance Solutions, LLC              |  |                      | October 2024   |  |                   |   | 3,133  |                        |  |   | 19     |  |  |                        |       |  |  |   |    | 
|Encompass Digital Media, Inc.                |  |                      | September 2023 |  |                   |   | 794    |                        |  |   | 18     |  |  |                        | 2,167  |  |  |   | 30  | 
|FM Restaurants Holdco, LLC                   |  |                      | November 2024  |  |                   |   | 1,062  |                        |  |   | 6      |  |  |                        |       |  |  |   |    | 
|FM Restaurants Holdco, LLC                   |  |                      | November 2024  |  |                   |   | 4,827  |                        |  |   | 29     |  |  |                        |       |  |  |   |    | 
|Gold Star Foods Inc.                         |  |                      | April 2020     |  |                   |   | 2,754  |                        |  |   | 8      |  |  |                        |       |  |  |   |    | 
|Gold Star Foods Inc.                         |  |                      | October 2024   |  |                   |   | 4,589  |                        |  |   | 14     |  |  |                        |       |  |  |   |    | 
|Hometown Food Company                        |  |                      | August 2023    |  |                   |   | 5,881  |                        |  |   | 82     |  |  |                        | 5,881  |  |  |   | 77  | 
|Mondee Holdings LLC                          |  |                      | December 2024  |  |                   |   | 8,613  |                        |  |   | 146    |  |  |                        |       |  |  |   |    | 
|Need It Now Delivers, LLC                    |  |                      | December 2020  |  |                   |   | 6,025  |                        |  |   | 24     |  |  |                        |       |  |  |   |    | 
|Powerhouse Intermediate, LLC                 |  |                      | October 2024   |  |                   |   | 2,423  |                        |  |   | 10     |  |  |                        |       |  |  |   |    | 
|SMTC Corporation                             |  |                      | May 2019       |  |                   |   |       |                        |  |   |       |  |  |                        | 3,902  |  |  |   | 144 | 
|United Poly System Holding, Inc.             |  |                      | June 2024      |  |                   |   | 6,506  |                        |  |   | 215    |  |  |                        |       |  |  |   |    | 
|WDE TorcSill Holdings LLC                    |  |                      | October 2024   |  |                   |   | 7,302  |                        |  |   | 73     |  |  |                        |       |  |  |   |    | 
|Wellbore Integrity Solutions                 |  |                      | December 2020  |  |                   |   | 953    |                        |  |   | 4      |  |  |                        |       |  |  |   |    | 
|Winsight, LLC                                |  |                      | November 2023  |  |                   |   | 13,887 |                        |  |   | 83     |  |  |                        | 2,217  |  |  |   | 16  | 
|Winsight, LLC                                |  |                      | November 2021  |  |                   |   | 2,217  |                        |  |   | 13     |  |  |                        | 18,842 |  |  |   | 132 | 
|                                             |  |                      |                |  |                   |   |        |                        |  |   |        |  |  |                        |        |  |  |   |     | 
|Total                                        |  |                      |                |  |                   | $ | 76,278 |                        |  | $ | 786    |  |  | $                      | 33,009 |  |  | $ | 399 | 
|                                             |  |                      |                |  |                   |   |        |                        |  |   |        |  |  |                        |        |  |  |   |     | 



38



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##### Table of Contents

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to financial market risks, including changes in interest rates. As of December 31, 2019, 100.0% of our debt investments bore interest
based on floating rates, such as LIBOR, EURIBOR, the Federal Funds Rate or the Prime Rate. The interest rates on such investments generally reset by reference to the current market index after one to six months. As of December 31, 2019, the
percentage of our floating rate debt investments that bore interest based on an interest rate floor was 0.0%. Floating rate investments subject to a floor generally reset by reference to the current market index after one to six months only if the
index exceeds the floor.

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. Because
we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in
market interest rates will not have a material adverse effect on our net investment income. We assess our portfolio companies periodically to determine whether such companies will be able to continue making interest payments in the event that
interest rates increase. There can be no assurances that the portfolio companies will be able to meet their contractual obligations at any or all levels of increases in interest rates.

Based on our December 31, 2019 consolidated statement of assets and liabilities, the following table shows the annual impact on net investment income
(excluding the related incentive compensation impact) of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure (dollar amounts in
thousands):



|                      |  |                 |        |   |                  |   |         |                       |  |   |        | 
|--------------------- |  | --------------- | ------ | - | ---------------- | - | ------- | --------------------- |  | - | ------ | 
|Basis Point Change    |  | Interest Income |        |   | Interest Expense |   |         | Net Investment Income | 
|Up 300 basis points   |  | $               | 45,337 |   |                  | $ | 23,025  |                       |  | $ | 22,312 | 
|Up 200 basis points   |  |                 | 30,225 |   |                  |   | 15,350  |                       |  |   | 14,875 | 
|Up 100 basis points   |  |                 | 15,112 |   |                  |   | 7,675   |                       |  |   | 7,437  | 
|Down 100 basis points |  |                 | (1,786 | ) |                  |   | (7,981  | )                     |  |   | 6,195  | 
|Down 200 basis points |  |                 | (1,786 | ) |                  |   | (14,492 | )                     |  |   | 12,706 | 
|Down 300 basis points |  |                 | (1,786 | ) |                  |   | (14,492 | )                     |  |   | 12,706 | 

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA

See the audited consolidated financial statements set forth herein commencing on page F-1 of this Annual Report on Form
10-K.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE

None.



39



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##### Table of Contents

ITEM 9A. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

As of
the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our President and Chief Financial Officer, of the effectiveness of the design and operation of
our disclosure controls and procedures (as defined in Rule 13a-15 under the Securities Exchange Act of 1934, as amended (the Exchange Act). Based on that evaluation, our President and Chief
Financial Officer have concluded that our current disclosure controls and procedures are effective, at a reasonable assurance level, in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by us
in the reports that we file or submit under the Exchange Act and are effective in ensuring that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our
management, including our President and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Managements Annual Report on Internal Control Over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in

Rule 13a-15(f) under the Exchange Act. Our internal control over financial reporting includes policies and procedures
that pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and disposition of assets; provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with U.S. GAAP, and that receipts and expenditures are being made only in accordance with the authorization of our management and directors; and provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.

Because of its inherent
limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projection of any evaluation of effectiveness to future periods is subject to the risk that controls may become inadequate because of changes in

conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management conducted an assessment of the effectiveness of our internal control over financial reporting as of December 31, 2019,

based upon the Internal ControlIntegrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on
this assessment, management has concluded that, as of December 31, 2019, we maintained in all material respects, effective internal control over financial reporting. Pursuant to rules established by the SEC, this annual report does not include
an attestation report of our independent registered public accounting firm regarding internal control over financial reporting.

Changes in Internal
Control Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during our most recently
completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B. 
OTHER INFORMATION

None.

PART
 III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The information required by this Item has been omitted and will be incorporated herein by reference, when filed, to our Proxy Statement which is expected to be
filed not later than 120 days after the end of our fiscal year ended December 31, 2019.



40



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##### Table of Contents

ITEM 11. EXECUTIVE COMPENSATION

The information required by this Item has been omitted and will be incorporated herein by reference, when filed, to our Proxy Statement which is expected to be
filed not later than 120 days after the end of our fiscal year ended December 31, 2019.

ITEM 12. SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED UNITHOLDER MATTERS

The information required by this Item has been omitted and will
be incorporated herein by reference, when filed, to our Proxy Statement which is expected to be filed not later than 120 days after the end of our fiscal year ended December 31, 2019.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The information required by this Item has been omitted and will be incorporated herein by reference, when filed, to our Proxy Statement which is expected to be
filed not later than 120 days after the end of our fiscal year ended December 31, 2019.

ITEM 14. PRINCIPAL
ACCOUNTANT FEES AND SERVICES

The information required by this Item has been omitted and will be incorporated herein by reference, when filed, to our
Proxy Statement which is expected to be filed not later than 120 days after the end of our fiscal year ended December 31, 2019.



41



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##### Table of Contents

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

a) List separately all financial statements filed

The
consolidated financial statements included in this Annual Report on Form 10-K are listed on page F-1 and commence on page F-3.

(b) The following exhibits are filed as part of this report or incorporated herein by reference to exhibits previously filed with the SEC.



|         |  |                                                                                                                                                                                                                                                                                                                                                                                                                      
|-------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibits |  |                                                                                                                                                                                                                                                                                                                                                                                                                      
|         | 
|3.1      |  | Certificate of Formation (incorporated by reference to Exhibit 3.1 to a registration on Form 10 filed on September 
1, 2017)                                                                                                                                                                                                                                                                                         
|         | 
|3.2      |  | Limited Liability Company Agreement, dated June 
29, 2017 (incorporated by reference to Exhibit 3.2 to a registration on Form 10 filed on September 1, 2017)                                                                                                                                                                                                                                                         
|         | 
|3.3      |  | Amended and Restated Limited Liability Company Agreement, dated October 
2, 2017 (incorporated by reference to Exhibit 3.3 to a registration on Form 10 filed on October 16, 2017)                                                                                                                                                                                                                                   
|         | 
|3.4      |  | Third Amended and Restated Limited Liability Company Agreement, dated as of September 
10, 2018 (incorporated by reference to Exhibit 3.6 to the registrants Quarterly Report on Form 10-Q filed November 6, 2018).                                                                                                                                                                                                 
|         | 
|3.5      |  | Fourth Amended and Restated Limited Liability Company Agreement, dated as of January 
14, 2019 (incorporated by reference to Exhibit 3.1 to the registrants Current Report on Form 8-K filed on January 18, 2019).                                                                                                                                                                                                  
|         | 
|4.1*     |  | Description of securities                                                                                                                                                                                                                                                                                                                                                                                            
|         | 
|10.1     |  | Investment Advisory and Management Agreement dated December 
29, 2017 (incorporated by reference to Exhibit 10.1 to the registrants Current Report on Form 8-K filed on January 3, 2018).                                                                                                                                                                                                                           
|         | 
|10.2     |  | Administration Agreement dated December 
29, 2017, by and between TCW Direct Lending VII LLC and TCW Asset Management Company LLC (incorporated by reference to Exhibit 10.2 to the registrants Current Report on Form 8-K filed on January 3,
 2018).                                                                                                                                                              
|         | 
|10.3     |  | Amended and Restated Administration Agreement, dated as of September 
25, 2018, between TCW Direct Lending VII LLC and TCW Asset Management Company LLC (incorporated by reference to Exhibit 3.7 to the registrants Quarterly Report on Form 10-Q filed November 
6, 2018).                                                                                                                                        
|         | 
|10.4     |  | Revolving Credit Agreement, dated as of May 
10, 2018, among TCW Direct Lending VII LLC, as borrower, and Natixis, New York Branch, as Administrative Agent and Committed Lender (incorporated by reference to Exhibit 10.3 to the registrants Current Report on Form 8-K filed on May 14, 2018).                                                                                                                   
|         | 
|10.5     |  | Credit and Security Agreement, dated as of January 
29, 2019, among TCW DL VII Financing LLC, as borrower, PNC Bank, National Association, as facility agent, and State Street Bank and Trust Company, as collateral agent (incorporated by reference to Exhibit 10.1 to the registrants Current Report on
 Form 8-K filed on February 4, 2019).                                                                    
|         | 
|10.6     |  | First Amended and Restated Credit and Security Agreement, dated as of April 
11, 2019, among TCW DL VII Financing LLC, as borrower, PNC Bank, National Association, as facility agent, the lenders from time to time party thereto, and State Street Bank and Trust Company, as collateral agent (incorporated by reference to Exhibit 10.1
 to the registrants Current Report on Form 8-K filed on April 16, 2019).
|         | 
|21.1*    |  | Subsidiaries of TCW Direct Lending VII LLC                                                                                                                                                                                                                                                                                                                                                                           
|         | 
|31.1*    |  | Certification of President Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934                                                                                                                                                                                                                                                                                                                      
|         | 
|31.2*    |  | Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934                                                                                                                                                                                                                                                                                                        
|         | 
|32.1*    |  | Certification of President Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)                                                                                                                                                                                                                                                                                                                
|         | 
|32.2*    |  | Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)                                                                                                                                                                                                                                                                                                  



|* | Filed herewith
|- | --------------

ITEM 16. Form 10-K Summary

None.



42



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##### Table of Contents

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused
this report to be signed on its behalf by the undersigned thereunto duly authorized.



|                                                                                                                                                                                                                          |  |  |  |                            |  |                                                                            
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  |  |  | -------------------------- |  | ---------------------------------------------------------------------------
|                                                                                                                                                                                                                          |  |  |  | TCW DIRECT LENDING VII LLC
|                                                                                                                                                                                                                          |  |  | 
|Date: March 16, 2020                                                                                                                                                                                                      |  |  |  | By:                        |  | /s/ Richard T. Miller                                                      
|                                                                                                                                                                                                                          |  |  |  |                            |  | Richard T. Miller                                                          
|                                                                                                                                                                                                                          |  |  |  |                            |  | Chairman of the Board, President and Director                              
|                                                                                                                                                                                                                         
|Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates
indicated.
|                                                                                                                                                                                                                          |  |  | 
|Date: March 16, 2020                                                                                                                                                                                                      |  |  |  | By:                        |  | /s/ Richard T. Miller                                                      
|                                                                                                                                                                                                                          |  |  |  |                            |  | Richard T. Miller                                                          
|                                                                                                                                                                                                                          |  |  |  |                            |  | Chairman of the Board, President and Director
(Principal Executive Officer)
|                                                                                                                                                                                                                          |  |  | 
|Date: March 16, 2020                                                                                                                                                                                                      |  |  |  | By:                        |  | /s/ Laird R. Landmann                                                      
|                                                                                                                                                                                                                          |  |  |  |                            |  | Laird R. Landmann                                                          
|                                                                                                                                                                                                                          |  |  |  |                            |  | Director                                                                   
|                                                                                                                                                                                                                          |  |  | 
|Date: March 16, 2020                                                                                                                                                                                                      |  |  |  | By:                        |  | /s/ David R. Adler                                                         
|                                                                                                                                                                                                                          |  |  |  |                            |  | David R. Adler                                                             
|                                                                                                                                                                                                                          |  |  |  |                            |  | Director                                                                   
|                                                                                                                                                                                                                          |  |  | 
|Date: March 16, 2020                                                                                                                                                                                                      |  |  |  | By:                        |  | /s/ Saverio M. Flemma                                                      
|                                                                                                                                                                                                                          |  |  |  |                            |  | Saverio M. Flemma                                                          
|                                                                                                                                                                                                                          |  |  |  |                            |  | Director                                                                   
|                                                                                                                                                                                                                          |  |  | 
|Date: March 16, 2020                                                                                                                                                                                                      |  |  |  | By:                        |  | /s/ R. David Kelly                                                         
|                                                                                                                                                                                                                          |  |  |  |                            |  | R. David Kelly                                                             
|                                                                                                                                                                                                                          |  |  |  |                            |  | Director                                                                   
|                                                                                                                                                                                                                          |  |  | 
|Date: March 16, 2020                                                                                                                                                                                                      |  |  |  | By:                        |  | /s/ Andrew W. Tarica                                                       
|                                                                                                                                                                                                                          |  |  |  |                            |  | Andrew W. Tarica                                                           
|                                                                                                                                                                                                                          |  |  |  |                            |  | Director                                                                   
|                                                                                                                                                                                                                          |  |  | 
|Date: March 16, 2020                                                                                                                                                                                                      |  |  |  | By:                        |  | /s/ James G. Krause                                                        
|                                                                                                                                                                                                                          |  |  |  |                            |  | James G. Krause                                                            
|                                                                                                                                                                                                                          |  |  |  |                            |  | Chief Financial Officer                                                    
|                                                                                                                                                                                                                          |  |  |  |                            |  | (Principal Financial and Accounting Officer)                               





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##### Table of Contents

TCW Direct Lending VII LLC

Index to Consolidated Financial Statements



|                                                                                                                                                                          |  |  |      | 
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  |  | ---- | 
|                                                                                                                                                                          | 
|Report of Independent Registered Public Accounting Firm                                                                                                                   |  |  | F-2  | 
|                                                                                                                                                                          | 
|Consolidated Schedule of Investments as of December 
31, 2019 and 2018                                                                                                    |  |  | F-3  | 
|                                                                                                                                                                          | 
|Consolidated Statements of Assets and Liabilities as of December 
31, 2019 and 2018                                                                                       |  |  | F-12 | 
|                                                                                                                                                                          | 
|Consolidated Statements of Operations for the years ended December 
31, 2019 and 2018 and for the period August 18, 2017 (Inception) to December 31, 2017                 |  |  | F-13 | 
|                                                                                                                                                                          | 
|Consolidated Statements of Changes in Members Capital for the years ended
December 31, 2019 and 2018 and for the period August 18, 2017 (Inception) to December 31, 2017 |  |  | F-14 | 
|                                                                                                                                                                          | 
|Consolidated Statement of Cash Flows for the year ended December 
31, 2019 and 2018                                                                                       |  |  | F-15 | 
|                                                                                                                                                                          | 
|Notes to Consolidated Financial Statements                                                                                                                                |  |  | F-16 | 



F-1



---

##### Table of Contents

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Unitholders and the Board of Directors of TCW Direct Lending VII LLC

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying consolidated statements of assets and liabilities of TCW Direct Lending VII LLC (the Company), including the
consolidated schedule of investments, as of December 31, 2019 and 2018, the related consolidated statements of operations and changes in members capital, and cash flows for each of the two years in the period then ended, and for the period
from August 18, 2017 (inception) to December 31, 2017, the financial highlights for each of the two years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all
material respects, the financial position of the Company as of December 31, 2019 and 2018, and the results of its operations and changes in members capital and cash flows for each of the two years in the period then ended, and for the period
from August 18, 2017 (inception) to December 31, 2017, and the financial highlights for each of the two years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and
financial highlights are the responsibility of the Companys management. Our responsibility is to express an opinion on the Companys financial statements and financial highlights based on our audits. We are a public accounting firm
registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to
perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness
of the Companys internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to
assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall
presentation of the financial statements and financial highlights. Our procedures included confirmation of investments owned as of December 31, 2019 and December 31, 2018, by correspondence with the custodian, loan agents, and borrowers; when
replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte
& Touche LLP

Los Angeles, California

March 16, 2020

We have served as the Companys auditor since 2017.



F-2



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##### Table of Contents

TCW DIRECT LENDING VII LLC

Consolidated Schedule of Investments

As of December 31, 2019



|                               |  |                                               |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|------------------------------ |  | --------------------------------------------- |  | ---------------- |  | --------------------------------------------------------------- |  | -------------- | ---- | - | ---------- | ----------- | ------------- | -------- | -------------- | ----------- | ---------- | -----------
|Industry                       |  | Issuer                                        |  | Acquisition
Date |  | Investment                                                      |  | % of NetAssets |      |   | Par
Amount |             | Maturity
Date |          | Amortized
Cost |             | Fair Value
|                               |  | Non-Controlled/Non-AffiliatedInvestments Debt
|Aerospace & Defense            |  |                                               |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                               |  | Columbia Helicopters, Inc.                    |  | 08/20/19         |  | Term Loan - 9.52% (LIBOR + 7.50%, 1.50%
Floor)                  |  |                | 7.4  | % |            | 60,300,000  |               | 08/20/24 |                | 59,160,626  |            | 60,842,700 
|                               |  | DynCorp International Inc.                    |  | 08/16/19         |  | Term Loan B - 7.74% (LIBOR + 6.00%, 1.00%
Floor)                |  |                | 3.7  | % |            | 30,010,125  |               | 08/16/25 |                | 29,154,160  |            | 30,100,155 
|                               |  | Heligear Acquisition Co.                      |  | 07/30/19         |  | Term Loan - 8.95% (LIBOR + 7.00%, 1.50%
Floor)                  |  |                | 7.3  | % |            | 59,758,010  |               | 07/30/24 |                | 58,641,013  |            | 59,817,768 
|                               |  | Navistar Defense, LLC                         |  | 12/31/18         |  | Term Loan B - 8.05% (LIBOR + 6.25%, 1.50%
Floor)                |  |                | 2.7  | % |            | 21,775,648  |               | 12/29/23 |                | 21,280,522  |            | 21,840,975 
|                               |  | Sparton Corporation(1)                        |  | 03/04/19         |  | First Lien Term Loan - 9.16% (LIBOR + 7.25%,
1.50% Floor)       |  |                | 5.0  | % |            | 40,410,765  |               | 03/04/24 |                | 39,604,446  |            | 40,451,176 
|                               |  |                                               |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                               |  |                                               |  |                  |  |                                                                 |  |                | 26.1 | % |            | 212,254,548 |               |          |                | 207,840,767 |            | 213,052,774
|                               |  |                                               |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|Air Freight & Logistics        |  |                                               |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                               |  | Need It Now Delivers, LLC(1)(2)               |  | 12/23/19         |  | Last Out Term Loan - 7.79% (LIBOR + 6.00% ,
1.75% Floor)        |  |                | 1.8  | % |            | 14,611,314  |               | 12/23/24 |                | 14,288,305  |            | 14,698,982 
|                               |  |                                               |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                               |  |                                               |  |                  |  |                                                                 |  |                | 1.8  | % |            | 14,611,314  |               |          |                | 14,288,305  |            | 14,698,982 
|                               |  |                                               |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|Auto Components                |  |                                               |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                               |  | Shipston Group U.S. Inc.(1)                   |  | 09/28/18         |  | Term Loan - 9.85% (LIBOR + 7.75%, 1.25%
Floor)                  |  |                | 3.2  | % |            | 26,036,788  |               | 09/28/23 |                | 25,715,299  |            | 25,698,310 
|                               |  |                                               |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                               |  |                                               |  |                  |  |                                                                 |  |                | 3.2  | % |            | 26,036,788  |               |          |                | 25,715,299  |            | 25,698,310 
|                               |  |                                               |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|Beverages                      |  |                                               |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                               |  | Caiman Merger Sub LLC(2)                      |  | 11/01/19         |  | Term Loan - 7.44% (LIBOR + 5.75%, 1.00%
Floor)                  |  |                | 1.7  | % |            | 14,178,813  |               | 11/01/25 |                | 14,029,516  |            | 14,249,708 
|                               |  |                                               |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                               |  |                                               |  |                  |  |                                                                 |  |                | 1.7  | % |            | 14,178,813  |               |          |                | 14,029,516  |            | 14,249,708 
|                               |  |                                               |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|Chemicals                      |  |                                               |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                               |  | GEON Performance Solutions, LLC(2)            |  | 10/25/19         |  | Term Loan - 7.96% (LIBOR + 6.25%, 1.63%
Floor)                  |  |                | 3.3  | % |            | 27,156,552  |               | 10/25/24 |                | 27,043,542  |            | 27,346,648 
|                               |  | Verdesian Life Sciences, LLC                  |  | 07/22/19         |  | Term Loan - 9.30% (LIBOR + 7.50%, 1.75%
Floor)                  |  |                | 6.3  | % |            | 51,680,300  |               | 06/27/24 |                | 50,740,189  |            | 51,370,218 
|                               |  |                                               |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                               |  |                                               |  |                  |  |                                                                 |  |                | 9.6  | % |            | 78,836,852  |               |          |                | 77,783,731  |            | 78,716,866 
|                               |  |                                               |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|Commercial Services & Supplies |  |                                               |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                               |  | Clover Imaging Group, LLC                     |  | 12/16/19         |  | Term Loan - 9.24% (LIBOR + 7.50%, 1.50%
Floor)                  |  |                | 1.5  | % |            | 12,140,000  |               | 12/16/24 |                | 11,898,268  |            | 12,212,840 
|                               |  | Production Resource Group, LLC(1)             |  | 08/21/18         |  | Term Loan - 8.90% (LIBOR + 7.00%, 1.00%
Floor)                  |  |                | 3.2  | % |            | 29,989,286  |               | 08/21/24 |                | 29,294,347  |            | 26,480,539 
|                               |  |                                               |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                               |  |                                               |  |                  |  |                                                                 |  |                | 4.7  | % |            | 42,129,286  |               |          |                | 41,192,615  |            | 38,693,379 
|                               |  |                                               |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|Communications Equipment       |  |                                               |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                               |  | AVI-SPL, Inc.                                 |  | 05/16/18         |  | Third Additional Term Loan - 7.58% (LIBOR +
5.88%, 1.00% Floor) |  |                | 3.6  | % |            | 28,944,961  |               | 04/27/21 |                | 28,880,269  |            | 29,234,410 
|                               |  |                                               |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                               |  |                                               |  |                  |  |                                                                 |  |                | 3.6  | % |            | 28,944,961  |               |          |                | 28,880,269  |            | 29,234,410 
|                               |  |                                               |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            



F-3



---

##### Table of Contents

TCW DIRECT LENDING VII LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2019



|                                               |  |                                     |  |                  |  |                                                                                   |  |                |      |   |            |            |               |          |                |            |            |           
|---------------------------------------------- |  | ----------------------------------- |  | ---------------- |  | --------------------------------------------------------------------------------- |  | -------------- | ---- | - | ---------- | ---------- | ------------- | -------- | -------------- | ---------- | ---------- | ----------
|Industry                                       |  | Issuer                              |  | Acquisition
Date |  | Investment                                                                        |  | % of NetAssets |      |   | Par
Amount |            | Maturity
Date |          | Amortized
Cost |            | Fair Value
|Construction & Engineering                     |  |                                     |  |                  |  |                                                                                   |  |                |      |   |            |            |               |          |                |            |            |           
|                                               |  | Powerhouse Intermediate, LLC(2)     |  | 10/15/19         |  | Revolver - 8.12% (LIBOR + 6.38%, 1.50%
Floor)                                     |  |                | 0.1  | % |            | 330,436    |               | 10/07/24 |                | 330,436    |            | 331,428   
|                                               |  | Powerhouse Intermediate, LLC        |  | 10/15/19         |  | Term Loan - 8.41% (LIBOR + 6.38%, 1.50%
Floor)                                    |  |                | 3.4  | % |            | 27,536,364 |               | 10/07/24 |                | 27,310,013 |            | 27,618,973
|                                               |  |                                     |  |                  |  |                                                                                   |  |                |      |   |            |            |               |          |                |            |            |           
|                                               |  |                                     |  |                  |  |                                                                                   |  |                | 3.5  | % |            | 27,866,800 |               |          |                | 27,640,449 |            | 27,950,401
|                                               |  |                                     |  |                  |  |                                                                                   |  |                |      |   |            |            |               |          |                |            |            |           
|                                               |  | UniTek Acquisition, Inc.            |  | 08/20/18         |  | Delayed Draw Term Loan B - 8.41% inc. PIK
(LIBOR + 5.50%, 1.00% Floor, 1.00% PIK) |  |                | 0.4  | % |            | 3,647,967  |               | 08/20/24 |                | 3,647,967  |            | 3,301,410 
|                                               |  | UniTek Acquisition, Inc.            |  | 08/20/18         |  | Term Loan B - 8.41% inc. PIK (LIBOR + 5.50%,
1.00% Floor, 1.00% PIK)              |  |                | 2.0  | % |            | 18,239,837 |               | 08/20/24 |                | 17,893,291 |            | 16,507,052
|                                               |  |                                     |  |                  |  |                                                                                   |  |                |      |   |            |            |               |          |                |            |            |           
|                                               |  |                                     |  |                  |  |                                                                                   |  |                | 2.4  | % |            | 21,887,804 |               |          |                | 21,541,258 |            | 19,808,462
|                                               |  |                                     |  |                  |  |                                                                                   |  |                |      |   |            |            |               |          |                |            |            |           
|                                               |  |                                     |  |                  |  |                                                                                   |  |                | 5.9  | % |            | 49,754,604 |               |          |                | 49,181,707 |            | 47,758,863
|                                               |  |                                     |  |                  |  |                                                                                   |  |                |      |   |            |            |               |          |                |            |            |           
|Construction Materials                         |  |                                     |  |                  |  |                                                                                   |  |                |      |   |            |            |               |          |                |            |            |           
|                                               |  | United Poly System Holding, Inc.(2) |  | 07/24/19         |  | Revolver - 8.45% (LIBOR + 6.50%, 1.50%
Floor)                                     |  |                | 0.3  | % |            | 2,614,400  |               | 06/07/24 |                | 2,614,400  |            | 2,528,125 
|                                               |  | United Poly System Holding, Inc.    |  | 07/24/19         |  | Term Loan - 8.45% (LIBOR + 6.50%, 1.50%
Floor)                                    |  |                | 3.5  | % |            | 29,640,000 |               | 06/07/24 |                | 28,930,976 |            | 28,661,880
|                                               |  |                                     |  |                  |  |                                                                                   |  |                |      |   |            |            |               |          |                |            |            |           
|                                               |  |                                     |  |                  |  |                                                                                   |  |                | 3.8  | % |            | 32,254,400 |               |          |                | 31,545,376 |            | 31,190,005
|                                               |  |                                     |  |                  |  |                                                                                   |  |                |      |   |            |            |               |          |                |            |            |           
|Diversified Consumer Services                  |  |                                     |  |                  |  |                                                                                   |  |                |      |   |            |            |               |          |                |            |            |           
|                                               |  | American Academy Holdings, LLC      |  | 08/14/19         |  | Term Loan - 10.80% inc. PIK (LIBOR + 5.25%,
1.00% Floor, 3.75% PIK)               |  |                | 3.8  | % |            | 30,959,464 |               | 06/15/23 |                | 30,272,830 |            | 30,897,545
|                                               |  |                                     |  |                  |  |                                                                                   |  |                |      |   |            |            |               |          |                |            |            |           
|                                               |  |                                     |  |                  |  |                                                                                   |  |                | 3.8  | % |            | 30,959,464 |               |          |                | 30,272,830 |            | 30,897,545
|                                               |  |                                     |  |                  |  |                                                                                   |  |                |      |   |            |            |               |          |                |            |            |           
|Electronic Equipment, Instruments & Components |  |                                     |  |                  |  |                                                                                   |  |                |      |   |            |            |               |          |                |            |            |           
|                                               |  | SMTC Corporation(3)                 |  | 11/08/18         |  | Term Loan A - 10.70% (LIBOR + 8.75%, 1.75%
Floor)                                 |  |                | 2.9  | % |            | 23,470,654 |               | 11/08/23 |                | 22,536,934 |            | 23,423,712
|                                               |  |                                     |  |                  |  |                                                                                   |  |                |      |   |            |            |               |          |                |            |            |           
|                                               |  |                                     |  |                  |  |                                                                                   |  |                | 2.9  | % |            | 23,470,654 |               |          |                | 22,536,934 |            | 23,423,712
|                                               |  |                                     |  |                  |  |                                                                                   |  |                |      |   |            |            |               |          |                |            |            |           
|Energy Equipment & Services                    |  |                                     |  |                  |  |                                                                                   |  |                |      |   |            |            |               |          |                |            |            |           
|                                               |  | Profrac Services, LLC               |  | 09/07/18         |  | Term Loan B - 8.14% (LIBOR + 6.25%, 1.25%
Floor)                                  |  |                | 4.3  | % |            | 34,979,903 |               | 09/07/23 |                | 34,462,625 |            | 34,560,144
|                                               |  | PSS Industrial Group Corp.          |  | 04/12/19         |  | Term Loan - 7.94% (LIBOR + 6.00%, 1.50%
Floor)                                    |  |                | 2.2  | % |            | 18,402,902 |               | 04/10/25 |                | 17,998,290 |            | 18,200,470
|                                               |  | WDE TorcSill Holdings LLC(2)        |  | 10/22/19         |  | Revolver - 8.30% (LIBOR + 6.50%, 1.50%
Floor)                                     |  |                | 0.2  | % |            | 1,825,588  |               | 10/22/24 |                | 1,825,588  |            | 1,825,588 
|                                               |  | WDE TorcSill Holdings LLC           |  | 10/22/19         |  | Term Loan - 8.30% (LIBOR + 6.50%, 1.50%
Floor)                                    |  |                | 3.8  | % |            | 31,240,379 |               | 10/22/24 |                | 30,470,804 |            | 31,240,379
|                                               |  |                                     |  |                  |  |                                                                                   |  |                |      |   |            |            |               |          |                |            |            |           
|                                               |  |                                     |  |                  |  |                                                                                   |  |                | 4.0  | % |            | 33,065,967 |               |          |                | 32,296,392 |            | 33,065,967
|                                               |  |                                     |  |                  |  |                                                                                   |  |                |      |   |            |            |               |          |                |            |            |           
|                                               |  | Wellbore Integrity Solutions(2)     |  | 12/02/19         |  | First Out Term Loan - 8.94% (LIBOR + 7.00%,
1.50% Floor)                          |  |                | 1.2  | % |            | 9,367,418  |               | 12/02/24 |                | 9,273,797  |            | 9,423,623 
|                                               |  |                                     |  |                  |  |                                                                                   |  |                |      |   |            |            |               |          |                |            |            |           
|                                               |  |                                     |  |                  |  |                                                                                   |  |                | 11.7 | % |            | 95,816,190 |               |          |                | 94,031,104 |            | 95,250,204
|                                               |  |                                     |  |                  |  |                                                                                   |  |                |      |   |            |            |               |          |                |            |            |           
|Food Distributor                               |  |                                     |  |                  |  |                                                                                   |  |                |      |   |            |            |               |          |                |            |            |           
|                                               |  | Gold Star Foods Inc.(2)             |  | 10/15/19         |  | Term Loan - 7.56% (LIBOR + 5.75%, 1.00%
Floor)                                    |  |                | 2.8  | % |            | 22,946,970 |               | 10/02/24 |                | 22,796,301 |            | 23,107,598
|                                               |  |                                     |  |                  |  |                                                                                   |  |                |      |   |            |            |               |          |                |            |            |           
|                                               |  |                                     |  |                  |  |                                                                                   |  |                | 2.8  | % |            | 22,946,970 |               |          |                | 22,796,301 |            | 23,107,598
|                                               |  |                                     |  |                  |  |                                                                                   |  |                |      |   |            |            |               |          |                |            |            |           



F-4



---

##### Table of Contents

TCW DIRECT LENDING VII LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2019



|                                 |  |                                                 |  |                  |  |                                                             |  |                |      |   |            |            |               |          |                |            |            |           
|-------------------------------- |  | ----------------------------------------------- |  | ---------------- |  | ----------------------------------------------------------- |  | -------------- | ---- | - | ---------- | ---------- | ------------- | -------- | -------------- | ---------- | ---------- | ----------
|Industry                         |  | Issuer                                          |  | Acquisition
Date |  | Investment                                                  |  | % of NetAssets |      |   | Par
Amount |            | Maturity
Date |          | Amortized
Cost |            | Fair Value
|Food Products                    |  |                                                 |  |                  |  |                                                             |  |                |      |   |            |            |               |          |                |            |            |           
|                                 |  | Hometown Food Company(2)                        |  | 08/31/18         |  | Term Loan - 6.80% (LIBOR + 5.00%, 1.25%
Floor)              |  |                | 4.8  | % |            | 40,027,178 |               | 08/31/23 |                | 39,361,349 |            | 39,466,798
|                                 |  |                                                 |  |                  |  |                                                             |  |                |      |   |            |            |               |          |                |            |            |           
|                                 |  |                                                 |  |                  |  |                                                             |  |                | 4.8  | % |            | 40,027,178 |               |          |                | 39,361,349 |            | 39,466,798
|                                 |  |                                                 |  |                  |  |                                                             |  |                |      |   |            |            |               |          |                |            |            |           
|Health Care Providers & Services |  |                                                 |  |                  |  |                                                             |  |                |      |   |            |            |               |          |                |            |            |           
|                                 |  | Akumin, Inc.                                    |  | 07/22/19         |  | Term Loan B - 7.80% (LIBOR + 6.00%, 1.00%
Floor)            |  |                | 6.7  | % |            | 55,371,750 |               | 05/31/24 |                | 54,366,012 |            | 54,928,776
|                                 |  |                                                 |  |                  |  |                                                             |  |                |      |   |            |            |               |          |                |            |            |           
|                                 |  |                                                 |  |                  |  |                                                             |  |                | 6.7  | % |            | 55,371,750 |               |          |                | 54,366,012 |            | 54,928,776
|                                 |  |                                                 |  |                  |  |                                                             |  |                |      |   |            |            |               |          |                |            |            |           
|Hotels, Restaurants & Leisure    |  |                                                 |  |                  |  |                                                             |  |                |      |   |            |            |               |          |                |            |            |           
|                                 |  | FM Restaurants Holdco, LLC(2)                   |  | 11/25/19         |  | Term Loan - 8.05% (LIBOR + 6.25%, 1.75%
Floor)              |  |                | 2.7  | % |            | 21,722,727 |               | 11/22/24 |                | 21,194,388 |            | 21,701,005
|                                 |  |                                                 |  |                  |  |                                                             |  |                |      |   |            |            |               |          |                |            |            |           
|                                 |  |                                                 |  |                  |  |                                                             |  |                | 2.7  | % |            | 21,722,727 |               |          |                | 21,194,388 |            | 21,701,005
|                                 |  |                                                 |  |                  |  |                                                             |  |                |      |   |            |            |               |          |                |            |            |           
|Household Durables               |  |                                                 |  |                  |  |                                                             |  |                |      |   |            |            |               |          |                |            |            |           
|                                 |  | Dura-Supreme Holdings, Inc(2)                   |  | 10/15/19         |  | Term Loan - 7.96% (LIBOR + 6.25%, 1.50%
Floor)              |  |                | 1.6  | % |            | 13,626,000 |               | 10/10/24 |                | 13,513,033 |            | 13,639,626
|                                 |  | Hunter Fan Company                              |  | 11/05/19         |  | Additional Term Loan - 8.53% (LIBOR + 6.63%,
1.00% Floor)   |  |                | 3.7  | % |            | 30,290,000 |               | 12/20/21 |                | 30,065,659 |            | 30,199,130
|                                 |  | SLogic Holding Corp.(1)                         |  | 06/29/18         |  | Term Loan B - 11.25% (PRIME + 6.50%, 1.00%
Floor)           |  |                | 3.2  | % |            | 27,823,398 |               | 06/22/23 |                | 27,629,565 |            | 25,931,407
|                                 |  |                                                 |  |                  |  |                                                             |  |                |      |   |            |            |               |          |                |            |            |           
|                                 |  |                                                 |  |                  |  |                                                             |  |                | 8.5  | % |            | 71,739,398 |               |          |                | 71,208,257 |            | 69,770,163
|                                 |  |                                                 |  |                  |  |                                                             |  |                |      |   |            |            |               |          |                |            |            |           
|Household Products               |  |                                                 |  |                  |  |                                                             |  |                |      |   |            |            |               |          |                |            |            |           
|                                 |  | Greenfield World Trade, Inc.(1)                 |  | 03/04/19         |  | Last Out Term Loan - 11.30% (LIBOR + 9.50%,
1.50% Floor)    |  |                | 5.0  | % |            | 42,546,666 |               | 03/04/24 |                | 41,807,281 |            | 41,057,532
|                                 |  |                                                 |  |                  |  |                                                             |  |                |      |   |            |            |               |          |                |            |            |           
|                                 |  |                                                 |  |                  |  |                                                             |  |                | 5.0  | % |            | 42,546,666 |               |          |                | 41,807,281 |            | 41,057,532
|                                 |  |                                                 |  |                  |  |                                                             |  |                |      |   |            |            |               |          |                |            |            |           
|Information Technology Services  |  |                                                 |  |                  |  |                                                             |  |                |      |   |            |            |               |          |                |            |            |           
|                                 |  | AMCP Staffing Intermediate Holdings III, LLC    |  | 10/15/19         |  | Add on Term Loan - 8.84% (LIBOR + 6.75%, 1.50%
Floor)       |  |                | 1.4  | % |            | 11,427,418 |               | 09/24/25 |                | 11,342,079 |            | 11,427,418
|                                 |  | AMCP Staffing Intermediate Holdings III, LLC(2) |  | 10/15/19         |  | Revolver - 8.74% (LIBOR + 6.75%, 1.50%
Floor)               |  |                | 0.2  | % |            | 1,407,174  |               | 09/24/25 |                | 1,407,174  |            | 1,407,174 
|                                 |  | AMCP Staffing Intermediate Holdings III, LLC    |  | 10/15/19         |  | Term Loan - 8.68% (LIBOR + 6.75%, 1.50%
Floor)              |  |                | 1.8  | % |            | 14,688,763 |               | 09/24/25 |                | 14,547,899 |            | 14,688,763
|                                 |  |                                                 |  |                  |  |                                                             |  |                |      |   |            |            |               |          |                |            |            |           
|                                 |  |                                                 |  |                  |  |                                                             |  |                | 3.4  | % |            | 27,523,355 |               |          |                | 27,297,152 |            | 27,523,355
|                                 |  |                                                 |  |                  |  |                                                             |  |                |      |   |            |            |               |          |                |            |            |           
|                                 |  | Corcentric, Inc.                                |  | 11/15/18         |  | Delayed Draw Term Loan - 8.80% (LIBOR + 7.00%,
1.50% Floor) |  |                | 1.6  | % |            | 12,928,160 |               | 11/15/23 |                | 12,928,160 |            | 12,992,801
|                                 |  | Corcentric, Inc.                                |  | 11/15/18         |  | Term Loan - 8.80% (LIBOR + 7.00%, 1.50%
Floor)              |  |                | 2.4  | % |            | 19,392,240 |               | 11/15/23 |                | 19,017,035 |            | 19,489,201
|                                 |  |                                                 |  |                  |  |                                                             |  |                |      |   |            |            |               |          |                |            |            |           
|                                 |  |                                                 |  |                  |  |                                                             |  |                | 4.0  | % |            | 32,320,400 |               |          |                | 31,945,195 |            | 32,482,002
|                                 |  |                                                 |  |                  |  |                                                             |  |                |      |   |            |            |               |          |                |            |            |           
|                                 |  | Global Holdings, LLC                            |  | 09/17/19         |  | Term Loan - 8.16% (LIBOR + 6.25%, 1.00%
Floor)              |  |                | 3.6  | % |            | 29,270,605 |               | 09/17/23 |                | 28,863,489 |            | 29,475,500
|                                 |  |                                                 |  |                  |  |                                                             |  |                |      |   |            |            |               |          |                |            |            |           
|                                 |  |                                                 |  |                  |  |                                                             |  |                | 11.0 | % |            | 89,114,360 |               |          |                | 88,105,836 |            | 89,480,857
|                                 |  |                                                 |  |                  |  |                                                             |  |                |      |   |            |            |               |          |                |            |            |           



F-5



---

##### Table of Contents

TCW DIRECT LENDING VII LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2019



|                                 |  |                                  |  |                  |  |                                                                               |  |                |       |   |            |            |               |          |                |               |            |              
|-------------------------------- |  | -------------------------------- |  | ---------------- |  | ----------------------------------------------------------------------------- |  | -------------- | ----- | - | ---------- | ---------- | ------------- | -------- | -------------- | ------------- | ---------- | -------------
|Industry                         |  | Issuer                           |  | Acquisition
Date |  | Investment                                                                    |  | % of NetAssets |       |   | Par
Amount |            | Maturity
Date |          | Amortized
Cost |               | Fair Value
|Media                            |  |                                  |  |                  |  |                                                                               |  |                |       |   |            |            |               |          |                |               |            |              
|                                 |  | Encompass Digital Media, Inc.    |  | 10/01/18         |  | First Lien Term Loan - 9.43% inc. PIK (LIBOR +
6.38%, 1.25% Floor, 1.13% PIK) |  |                | 3.5   | % |            | 29,667,001 |               | 09/28/23 |                | 29,369,614    |            | 29,014,328   
|                                 |  | Encompass Digital Media, Inc.(2) |  | 10/01/18         |  | Revolver - 9.43% (LIBOR + 7.50%, 1.25%
Floor)                                 |  |                | 0.2   | % |            | 1,733,182  |               | 09/28/23 |                | 1,733,182     |            | 1,695,052    
|                                 |  |                                  |  |                  |  |                                                                               |  |                |       |   |            |            |               |          |                |               |            |              
|                                 |  |                                  |  |                  |  |                                                                               |  |                | 3.7   | % |            | 31,400,183 |               |          |                | 31,102,796    |            | 30,709,380   
|                                 |  |                                  |  |                  |  |                                                                               |  |                |       |   |            |            |               |          |                |               |            |              
|                                 |  | Innerworkings, Inc.(1)           |  | 07/23/19         |  | Term Loan - 11.50% (LIBOR + 9.75%, 1.75%
Floor)                               |  |                | 4.8   | % |            | 38,725,853 |               | 07/16/24 |                | 36,152,664    |            | 38,880,756   
|                                 |  | Winsight, LLC(2)                 |  | 11/15/18         |  | Term Loan - 7.80% (LIBOR + 6.00%, 1.00%
Floor)                                |  |                | 3.6   | % |            | 29,096,430 |               | 11/15/23 |                | 28,496,501    |            | 29,067,333   
|                                 |  |                                  |  |                  |  |                                                                               |  |                |       |   |            |            |               |          |                |               |            |              
|                                 |  |                                  |  |                  |  |                                                                               |  |                | 12.1  | % |            | 99,222,466 |               |          |                | 95,751,961    |            | 98,657,469   
|                                 |  |                                  |  |                  |  |                                                                               |  |                |       |   |            |            |               |          |                |               |            |              
|Metals & Mining                  |  |                                  |  |                  |  |                                                                               |  |                |       |   |            |            |               |          |                |               |            |              
|                                 |  | DBM Global, Inc.                 |  | 11/30/18         |  | Term Loan - 7.65% (LIBOR + 5.85%, 1.50%
Floor)                                |  |                | 5.9   | % |            | 48,193,817 |               | 11/30/23 |                | 47,439,928    |            | 48,338,398   
|                                 |  |                                  |  |                  |  |                                                                               |  |                |       |   |            |            |               |          |                |               |            |              
|                                 |  |                                  |  |                  |  |                                                                               |  |                | 5.9   | % |            | 48,193,817 |               |          |                | 47,439,928    |            | 48,338,398   
|                                 |  |                                  |  |                  |  |                                                                               |  |                |       |   |            |            |               |          |                |               |            |              
|Multiline Retail                 |  |                                  |  |                  |  |                                                                               |  |                |       |   |            |            |               |          |                |               |            |              
|                                 |  | Torrid LLC                       |  | 06/14/19         |  | Term Loan - 8.69% (LIBOR + 6.75%, 1.00%
Floor)                                |  |                | 4.4   | % |            | 35,293,300 |               | 12/16/24 |                | 34,578,532    |            | 35,540,353   
|                                 |  |                                  |  |                  |  |                                                                               |  |                |       |   |            |            |               |          |                |               |            |              
|                                 |  |                                  |  |                  |  |                                                                               |  |                | 4.4   | % |            | 35,293,300 |               |          |                | 34,578,532    |            | 35,540,353   
|                                 |  |                                  |  |                  |  |                                                                               |  |                |       |   |            |            |               |          |                |               |            |              
|Personal Products                |  |                                  |  |                  |  |                                                                               |  |                |       |   |            |            |               |          |                |               |            |              
|                                 |  | VPI Aware Topco, LLC(4)          |  | 11/13/18         |  | First Out Term Loan - 8.20% (LIBOR + 6.25%,
1.00% Floor)                      |  |                | 6.3   | % |            | 52,101,811 |               | 11/13/23 |                | 51,095,160    |            | 51,372,386   
|                                 |  |                                  |  |                  |  |                                                                               |  |                |       |   |            |            |               |          |                |               |            |              
|                                 |  |                                  |  |                  |  |                                                                               |  |                | 6.3   | % |            | 52,101,811 |               |          |                | 51,095,160    |            | 51,372,386   
|                                 |  |                                  |  |                  |  |                                                                               |  |                |       |   |            |            |               |          |                |               |            |              
|Software                         |  |                                  |  |                  |  |                                                                               |  |                |       |   |            |            |               |          |                |               |            |              
|                                 |  | Mondee Holdings LLC(2)           |  | 12/20/19         |  | Term Loan - 11.43% inc. PIK (LIBOR + 7.00%,
1.75% Floor, 2.50% PIK)           |  |                | 6.7   | % |            | 54,549,938 |               | 12/20/24 |                | 53,292,220    |            | 54,440,838   
|                                 |  |                                  |  |                  |  |                                                                               |  |                |       |   |            |            |               |          |                |               |            |              
|                                 |  |                                  |  |                  |  |                                                                               |  |                | 6.7   | % |            | 54,549,938 |               |          |                | 53,292,220    |            | 54,440,838   
|                                 |  |                                  |  |                  |  |                                                                               |  |                |       |   |            |            |               |          |                |               |            |              
|Textiles, Apparel & Luxury Goods |  |                                  |  |                  |  |                                                                               |  |                |       |   |            |            |               |          |                |               |            |              
|                                 |  | Centric Brands Inc.(3)           |  | 11/07/18         |  | Term Loan - 7.93% (LIBOR + 6.00%, 1.50%
Floor)                                |  |                | 4.1   | % |            | 33,725,753 |               | 10/29/23 |                | 33,207,452    |            | 33,455,948   
|                                 |  | Keeco Holdings, LLC              |  | 09/19/18         |  | Term Loan - 9.55% (LIBOR + 7.75%, 1.75%
Floor)                                |  |                | 6.9   | % |            | 58,730,405 |               | 03/15/24 |                | 57,772,101    |            | 56,322,458   
|                                 |  |                                  |  |                  |  |                                                                               |  |                |       |   |            |            |               |          |                |               |            |              
|                                 |  |                                  |  |                  |  |                                                                               |  |                | 11.0  | % |            | 92,456,158 |               |          |                | 90,979,553    |            | 89,778,406   
|                                 |  |                                  |  |                  |  |                                                                               |  |                |       |   |            |            |               |          |                |               |            |              
|                                 |  | Total Debt Investments           |  |                  |  |                                                                               |  |                | 166.7 | % |            |            |               |          |                | 1,349,275,231 |            | 1,360,505,337
|                                 |  |                                  |  |                  |  |                                                                               |  |                |       |   |            |            |               |          |                |               |            |              



F-6



---

##### Table of Contents

TCW DIRECT LENDING VII LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2019



|                                               |  |                                                              |  |                 |  |                           |  |                |       |   |        |  |             |              |  |  |                    |  |  |            |               |  |  |   |               |  
|---------------------------------------------- |  | ------------------------------------------------------------ |  | --------------- |  | ------------------------- |  | -------------- | ----- | - | ------ |  | ----------- | ------------ |  |  | ------------------ |  |  | ---------- | ------------- |  |  | - | ------------- | -
|Industry                                       |  | Issuer                                                       |  | AcquisitionDate |  | Investment                |  | % of NetAssets |       |   | Shares |  |             | MaturityDate |  |  | AmortizedCost/Cost |  |  | Fair Value |              
|Construction Materials                         |  |                                                              |  |                 |  |                           |  |                |       |   |        |  |             |              |  |  |                    |  |  |            |               |  |  |   |               |  
|                                               |  | United Poly System Holding, Inc.(5)                          |  |                 |  | Common Stock              |  |                | 0.1   | % |        |  | 7,550       |              |  |  |                    |  |  |            | 755,000       |  |  |   | 607,525       |  
|                                               |  |                                                              |  |                 |  |                           |  |                |       |   |        |  |             |              |  |  |                    |  |  |            |               |  |  |   |               |  
|                                               |  |                                                              |  |                 |  |                           |  |                | 0.1   | % |        |  | 7,550       |              |  |  |                    |  |  |            | 755,000       |  |  |   | 607,525       |  
|                                               |  |                                                              |  |                 |  |                           |  |                |       |   |        |  |             |              |  |  |                    |  |  |            |               |  |  |   |               |  
|Electronic Equipment, Instruments & Components |  |                                                              |  |                 |  |                           |  |                |       |   |        |  |             |              |  |  |                    |  |  |            |               |  |  |   |               |  
|                                               |  | SMTC Corporation(3),(5)                                      |  |                 |  | Common Stock              |  |                | 0.0   | % |        |  | 48,036      |              |  |  |                    |  |  |            | 150,833       |  |  |   | 162,842       |  
|                                               |  | SMTC Corporation(3),(5)                                      |  |                 |  | Warrant, expires 11/08/25 |  |                | 0.2   | % |        |  | 399,529     |              |  |  |                    |  |  |            | 1,532,279     |  |  |   | 1,354,403     |  
|                                               |  |                                                              |  |                 |  |                           |  |                |       |   |        |  |             |              |  |  |                    |  |  |            |               |  |  |   |               |  
|                                               |  |                                                              |  |                 |  |                           |  |                | 0.2   | % |        |  | 447,565     |              |  |  |                    |  |  |            | 1,683,112     |  |  |   | 1,517,245     |  
|                                               |  |                                                              |  |                 |  |                           |  |                |       |   |        |  |             |              |  |  |                    |  |  |            |               |  |  |   |               |  
|Media                                          |  |                                                              |  |                 |  |                           |  |                |       |   |        |  |             |              |  |  |                    |  |  |            |               |  |  |   |               |  
|                                               |  | Innerworkings, Inc.(5)                                       |  |                 |  | Warrant, expires 07/16/24 |  |                | 0.3   | % |        |  | 530,380     |              |  |  |                    |  |  |            | 1,904,067     |  |  |   | 2,922,394     |  
|                                               |  |                                                              |  |                 |  |                           |  |                |       |   |        |  |             |              |  |  |                    |  |  |            |               |  |  |   |               |  
|                                               |  |                                                              |  |                 |  |                           |  |                | 0.3   | % |        |  | 530,380     |              |  |  |                    |  |  |            | 1,904,067     |  |  |   | 2,922,394     |  
|                                               |  |                                                              |  |                 |  |                           |  |                |       |   |        |  |             |              |  |  |                    |  |  |            |               |  |  |   |               |  
|                                               |  | Total Equity Investments                                     |  |                 |  |                           |  |                | 0.6   | % |        |  |             |              |  |  |                    |  |  |            | 4,342,179     |  |  |   | 5,047,164     |  
|                                               |  |                                                              |  |                 |  |                           |  |                |       |   |        |  |             |              |  |  |                    |  |  |            |               |  |  |   |               |  
|                                               |  | Total Non-Controlled/Non-Affiliated Investments*             |  |                 |  |                           |  |                | 167.3 | % |        |  |             |              |  |  |                    |  |  | $          | 1,353,617,410 |  |  | $ | 1,365,552,501 |  
|                                               |  |                                                              |  |                 |  |                           |  |                |       |   |        |  |             |              |  |  |                    |  |  |            |               |  |  |   |               |  
|                                               |  | Cash Equivalents                                             |  |                 |  |                           |  |                |       |   |        |  |             |              |  |  |                    |  |  |            |               |  |  |   |               |  
|                                               |  | Blackrock Liquidity Funds, Yield 1.52%                       |  |                 |  |                           |  |                | 21.8  | % |        |  | 117,609,952 |              |  |  |                    |  |  | $          | 177,609,952   |  |  | $ | 177,609,952   |  
|                                               |  |                                                              |  |                 |  |                           |  |                |       |   |        |  |             |              |  |  |                    |  |  |            |               |  |  |   |               |  
|                                               |  | Total Investments 189.1%                                     |  |                 |  |                           |  |                |       |   |        |  |             |              |  |  |                    |  |  | $          | 1,531,227,362 |  |  | $ | 1,543,162,453 |  
|                                               |  |                                                              |  |                 |  |                           |  |                |       |   |        |  |             |              |  |  |                    |  |  |            |               |  |  |   |               |  
|                                               |  | Net unrealized depreciation on unfunded commitments ((0.1%)) |  |                 |  |                           |  |                |       |   |        |  |             |              |  |  |                    |  |  |            |               |  |  | $ | (786,304      | )
|                                               |  |                                                              |  |                 |  |                           |  |                |       |   |        |  |             |              |  |  |                    |  |  |            |               |  |  |   |               |  
|                                               |  | Liabilities in Excess of Other Assets (89.0%)                |  |                 |  |                           |  |                |       |   |        |  |             |              |  |  |                    |  |  |            |               |  |  | $ | (726,146,423  | )
|                                               |  |                                                              |  |                 |  |                           |  |                |       |   |        |  |             |              |  |  |                    |  |  |            |               |  |  |   |               |  
|                                               |  | Net Assets 100.0%                                            |  |                 |  |                           |  |                |       |   |        |  |             |              |  |  |                    |  |  |            |               |  |  | $ | 816,229,726   |  
|                                               |  |                                                              |  |                 |  |                           |  |                |       |   |        |  |             |              |  |  |                    |  |  |            |               |  |  |   |               |  



|* | The fair value of the SMTC Corporation common stock is based on the quoted market price of the issuers
common stock as of December 31, 2019. Such common stock is considered to be a Level 1 security within the Fair Value Hierarchy. The fair values of the SMTC Corporation warrants and Innerworkings, Inc. warrants are based on the quoted market price of
the issuers stock as of December 31, 2019. Such warrants are considered to be Level 2 securities within the Fair Value Hierarchy. The fair value of each
non-controlled/non-affiliated investment was determined using significant unobservable inputs and such investments are considered to be Level 3 within the Fair
Value Hierarchy. See Note 3 Investment Valuations and Fair Value Measurements.
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(1) | In addition to the interest earned based on the stated interest rate of this loan, the Company is entitled to
receive an additional interest amount on the first out tranche of the portfolio companys first lien senior secured loans.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Excluded from the investment above is an unfunded loan commitment for a delayed draw term loan or revolving
credit. The Company earns an unused fee on the unfunded commitment during the commitment period. The expiration date of the commitment period may be earlier than the maturity date of the investment stated above. See Note 5Commitments and
Contingencies.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | The investment is not a qualifying asset as defined in Section 55(a) under the Investment Company Act of
1940, 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 December 31,
2019, $58,396,905 or 3.7% of the Companys total assets were represented by non-qualifying assets.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(4) | The Company is required to disburse a portion of its interest income from this term loan to the first
out tranche holders of the portfolio companys first lien senior secured loans.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(5) | Non-income producing.
|--- | ---------------------

LIBOR - London Interbank Offered Rate, generally 1-Month or 3-Month

Prime - Prime Rate

Aggregate acquisitions and aggregate
dispositions of investments, other than government securities, totaled $922,656,646 and $111,490,592, respectively, for the year ended December 31, 2019. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate
dispositions includes principal paydowns on and maturities of debt investments.



|              |  |  |      |  
|------------- |  |  | ---- | -
|              |  |  |     
|United States |  |  | 96.4 | %
|Canada        |  |  | 3.6  | %

See Notes to Consolidated Financial Statements.





F-7



---

##### Table of Contents

TCW DIRECT LENDING VII LLC

Consolidated Schedule of Investments

As of December 31, 2018



|                                               |  |                                                |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|---------------------------------------------- |  | ---------------------------------------------- |  | ---------------- |  | --------------------------------------------------------------- |  | -------------- | ---- | - | ---------- | ----------- | ------------- | -------- | -------------- | ----------- | ---------- | -----------
|Industry                                       |  | Issuer                                         |  | Acquisition
Date |  | Investment                                                      |  | % of NetAssets |      |   | Par
Amount |             | Maturity
Date |          | Amortized
Cost |             | Fair Value
|                                               |  | Non-Controlled/Non-Affiliated
Investments Debt
|Aerospace & Defense                            |  |                                                |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                                               |  | Navistar Defense, LLC                          |  | 12/31/18         |  | Term Loan B - 8.78% (LIBOR + 6.25%, 1.50%
Floor)                |  |                | 7.1  | % |            | $28,594,286 |               | 12/29/23 |                | $27,792,057 |            | $28,594,286
|                                               |  |                                                |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                                               |  |                                                |  |                  |  |                                                                 |  |                | 7.1  | % |            | 28,594,286  |               |          |                | 27,792,057  |            | 28,594,286 
|                                               |  |                                                |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|Auto Components                                |  |                                                |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                                               |  | Shipston Group U.S. Inc.(1)                    |  | 09/28/18         |  | Term Loan - 8.64% (LIBOR + 6.25%, 1.25%
Floor)                  |  |                | 6.4  | % |            | 26,036,788  |               | 09/28/23 |                | 25,629,158  |            | 25,672,273 
|                                               |  |                                                |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                                               |  |                                                |  |                  |  |                                                                 |  |                | 6.4  | % |            | 26,036,788  |               |          |                | 25,629,158  |            | 25,672,273 
|                                               |  |                                                |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|Commercial Services & Supplies                 |  |                                                |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                                               |  | Production Resource Group, LLC(1)              |  | 08/21/18         |  | Term Loan - 9.65%
(LIBOR + 7.00%, 1.00% Floor)                  |  |                | 7.2  | % |            | 29,989,286  |               | 08/21/24 |                | 29,144,195  |            | 28,789,714 
|                                               |  |                                                |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                                               |  |                                                |  |                  |  |                                                                 |  |                | 7.2  | % |            | 29,989,286  |               |          |                | 29,144,195  |            | 28,789,714 
|                                               |  |                                                |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|Communications Equipment                       |  |                                                |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                                               |  | AVI-SPL, Inc.                                  |  | 05/27/18         |  | Third Additional Term Loan - 8.23% (LIBOR +
5.88%, 1.00% Floor) |  |                | 8.1  | % |            | 32,971,189  |               | 04/27/21 |                | 32,841,540  |            | 32,608,506 
|                                               |  |                                                |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                                               |  |                                                |  |                  |  |                                                                 |  |                | 8.1  | % |            | 32,971,189  |               |          |                | 32,841,540  |            | 32,608,506 
|                                               |  |                                                |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|Construction & Engineering                     |  |                                                |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                                               |  | UniTek Acquisition, Inc.                       |  | 08/20/18         |  | Delayed Draw Term Loan B - 8.02% (LIBOR +
5.50%, 1.00% Floor)   |  |                | 0.9  | % |            | 3,675,476   |               | 08/20/24 |                | 3,675,476   |            | 3,609,317  
|                                               |  | UniTek Acquisition, Inc.                       |  | 08/20/18         |  | Term Loan B - 8.02% (LIBOR + 5.50%, 1.00%
Floor)                |  |                | 4.5  | % |            | 18,377,379  |               | 08/20/24 |                | 17,950,141  |            | 18,046,586 
|                                               |  |                                                |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                                               |  |                                                |  |                  |  |                                                                 |  |                | 5.4  | % |            | 22,052,855  |               |          |                | 21,625,617  |            | 21,655,903 
|                                               |  |                                                |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|Electronic Equipment, Instruments & Components |  |                                                |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                                               |  | SMTC Corporation(2),(3)                        |  | 11/08/18         |  | Term Loan A - 10.50% (PRIME + 5.00%, 4.75%
Floor)               |  |                | 9.3  | % |            | 39,020,690  |               | 11/01/23 |                | 37,064,419  |            | 37,264,758 
|                                               |  | SMTC Corporation(2),(3)                        |  | 11/08/18         |  | Term Loan B - 14.00% (PRIME + 8.50%, 4.75%
Floor)               |  |                | 2.2  | % |            | 9,364,965   |               | 11/01/23 |                | 8,804,591   |            | 9,018,462  
|                                               |  |                                                |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                                               |  |                                                |  |                  |  |                                                                 |  |                | 11.5 | % |            | 48,385,655  |               |          |                | 45,869,010  |            | 46,283,220 
|                                               |  |                                                |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|Energy Equipment & Services                    |  |                                                |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                                               |  | Profrac Services, LLC                          |  | 09/07/18         |  | 2018 Term Loan B - 8.52% (LIBOR + 5.75%, 1.25%
Floor)           |  |                | 9.7  | % |            | 39,476,063  |               | 09/07/23 |                | 38,731,763  |            | 38,883,921 
|                                               |  |                                                |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                                               |  |                                                |  |                  |  |                                                                 |  |                | 9.7  | % |            | 39,476,063  |               |          |                | 38,731,763  |            | 38,883,921 
|                                               |  |                                                |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|Food Products                                  |  |                                                |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                                               |  | Hometown Food Company(2)                       |  | 08/31/18         |  | Term Loan - 7.78% (LIBOR + 5.25%, 1.25%
Floor)                  |  |                | 10.2 | % |            | 41,290,814  |               | 08/31/23 |                | 40,416,099  |            | 40,754,034 
|                                               |  |                                                |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            
|                                               |  |                                                |  |                  |  |                                                                 |  |                | 10.2 | % |            | 41,290,814  |               |          |                | 40,416,099  |            | 40,754,034 
|                                               |  |                                                |  |                  |  |                                                                 |  |                |      |   |            |             |               |          |                |             |            |            



F-8



---

##### Table of Contents

TCW DIRECT LENDING VII LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2018



|                                 |  |                                                           |  |                  |  |                                                                                |  |                |       |   |            |             |               |          |                |              |            |             
|-------------------------------- |  | --------------------------------------------------------- |  | ---------------- |  | ------------------------------------------------------------------------------ |  | -------------- | ----- | - | ---------- | ----------- | ------------- | -------- | -------------- | ------------ | ---------- | ------------
|Industry                         |  | Issuer                                                    |  | Acquisition
Date |  | Investment                                                                     |  | % of NetAssets |       |   | Par
Amount |             | Maturity
Date |          | Amortized
Cost |              | Fair Value
|                                 |  | Non-Controlled/Non-AffiliatedInvestments Debt (continued)
|Household Durables               |  |                                                           |  |                  |  |                                                                                |  |                |       |   |            |             |               |          |                |              |            |             
|                                 |  | ShelterLogic Group(1)                                     |  | 06/29/18         |  | Term Loan B - 8.38% (LIBOR + 5.87%, 1.00%
Floor)                               |  |                | 7.0   | % |            | $28,394,134 |               | 06/22/23 |                | $ 28,139,227 |            | $ 28,110,193
|                                 |  |                                                           |  |                  |  |                                                                                |  |                |       |   |            |             |               |          |                |              |            |             
|                                 |  |                                                           |  |                  |  |                                                                                |  |                | 7.0   | % |            | 28,394,134  |               |          |                | 28,139,227   |            | 28,110,193  
|                                 |  |                                                           |  |                  |  |                                                                                |  |                |       |   |            |             |               |          |                |              |            |             
|Information Technology Services  |  |                                                           |  |                  |  |                                                                                |  |                |       |   |            |             |               |          |                |              |            |             
|                                 |  | Corcentric, Inc.                                          |  | 11/15/18         |  | Term Loan - 8.86% (LIBOR + 6.00%, 1.50%
Floor)                                 |  |                | 4.9   | % |            | 19,788,000  |               | 11/15/23 |                | 19,306,033   |            | 19,570,332  
|                                 |  | Corcentric, Inc.                                          |  | 11/15/18         |  | Delayed Draw Term Loan - 8.89% (LIBOR + 6.00%, 1.50% Floor)                    |  |                | 3.2   | % |            | 13,192,000  |               | 11/15/23 |                | 13,192,000   |            | 13,046,888  
|                                 |  |                                                           |  |                  |  |                                                                                |  |                |       |   |            |             |               |          |                |              |            |             
|                                 |  |                                                           |  |                  |  |                                                                                |  |                | 8.1   | % |            | 32,980,000  |               |          |                | 32,498,033   |            | 32,617,220  
|                                 |  |                                                           |  |                  |  |                                                                                |  |                |       |   |            |             |               |          |                |              |            |             
|Media                            |  |                                                           |  |                  |  |                                                                                |  |                |       |   |            |             |               |          |                |              |            |             
|                                 |  | Encompass Digital Media, Inc.                             |  | 10/01/18         |  | First Lien Term Loan - 10.03% inc. PIK (LIBOR
+ 6.38%, 1.25% Floor, 1.13% PIK) |  |                | 7.2   | % |            | 29,330,694  |               | 09/28/23 |                | 28,953,607   |            | 29,096,049  
|                                 |  | Encompass Digital Media, Inc.(2)                          |  | 10/01/18         |  | Revolver - 10.01% (LIBOR + 7.50%, 1.25%
Floor)                                 |  |                | 0.1   | % |            | 361,080     |               | 09/28/23 |                | 361,080      |            | 358,191     
|                                 |  |                                                           |  |                  |  |                                                                                |  |                |       |   |            |             |               |          |                |              |            |             
|                                 |  |                                                           |  |                  |  |                                                                                |  |                | 7.3   | % |            | 29,691,774  |               |          |                | 29,314,687   |            | 29,454,240  
|                                 |  |                                                           |  |                  |  |                                                                                |  |                |       |   |            |             |               |          |                |              |            |             
|                                 |  | Winsight, LLC(2)                                          |  | 11/15/18         |  | Term Loan - 9.12% (LIBOR + 6.50%, 1.00%
Floor)                                 |  |                | 6.1   | % |            | 24,384,186  |               | 11/15/23 |                | 23,682,288   |            | 24,311,033  
|                                 |  |                                                           |  |                  |  |                                                                                |  |                |       |   |            |             |               |          |                |              |            |             
|                                 |  |                                                           |  |                  |  |                                                                                |  |                | 13.4  | % |            | 54,075,960  |               |          |                | 52,996,975   |            | 53,765,273  
|                                 |  |                                                           |  |                  |  |                                                                                |  |                |       |   |            |             |               |          |                |              |            |             
|Metals & Mining                  |  |                                                           |  |                  |  |                                                                                |  |                |       |   |            |             |               |          |                |              |            |             
|                                 |  | DBM Global, Inc.                                          |  | 11/30/18         |  | Term Loan - 8.66% (LIBOR + 5.85%, 1.50%
Floor)                                 |  |                | 12.5  | % |            | 50,730,333  |               | 11/30/23 |                | 49,734,020   |            | 50,020,109  
|                                 |  |                                                           |  |                  |  |                                                                                |  |                |       |   |            |             |               |          |                |              |            |             
|                                 |  |                                                           |  |                  |  |                                                                                |  |                | 12.5  | % |            | 50,730,333  |               |          |                | 49,734,020   |            | 50,020,109  
|                                 |  |                                                           |  |                  |  |                                                                                |  |                |       |   |            |             |               |          |                |              |            |             
|Personal Products                |  |                                                           |  |                  |  |                                                                                |  |                |       |   |            |             |               |          |                |              |            |             
|                                 |  | VPI Aware Topco, LLC(5)                                   |  | 11/01/18         |  | First Out Term Loan - 8.87% (LIBOR + 6.00%,
1.00% Floor)                       |  |                | 13.1  | % |            | 52,877,470  |               | 11/13/23 |                | 51,591,010   |            | 52,560,205  
|                                 |  |                                                           |  |                  |  |                                                                                |  |                |       |   |            |             |               |          |                |              |            |             
|                                 |  |                                                           |  |                  |  |                                                                                |  |                | 13.1  | % |            | 52,877,470  |               |          |                | 51,591,010   |            | 52,560,205  
|                                 |  |                                                           |  |                  |  |                                                                                |  |                |       |   |            |             |               |          |                |              |            |             
|Textiles, Apparel & Luxury Goods |  |                                                           |  |                  |  |                                                                                |  |                |       |   |            |             |               |          |                |              |            |             
|                                 |  | Centric Brands Inc.(3)                                    |  | 10/29/18         |  | Term Loan - 8.51% (LIBOR + 6.00%, 1.50%
Floor)                                 |  |                | 8.4   | % |            | 34,326,466  |               | 10/29/23 |                | 33,660,718   |            | 33,777,243  
|                                 |  | Keeco Holdings, LLC                                       |  | 09/19/18         |  | Term Loan - 9.47% (LIBOR + 7.00 %, 1.00%
Floor)                                |  |                | 6.2   | % |            | 24,833,813  |               | 09/19/23 |                | 24,357,394   |            | 24,833,813  
|                                 |  |                                                           |  |                  |  |                                                                                |  |                |       |   |            |             |               |          |                |              |            |             
|                                 |  |                                                           |  |                  |  |                                                                                |  |                | 14.6  | % |            | 59,160,279  |               |          |                | 58,018,112   |            | 58,611,056  
|                                 |  |                                                           |  |                  |  |                                                                                |  |                |       |   |            |             |               |          |                |              |            |             
|                                 |  | Total Debt Investments                                    |  |                  |  |                                                                                |  |                | 134.3 | % |            |             |               |          |                | 535,026,816  |            | 538,925,913 
|                                 |  |                                                           |  |                  |  |                                                                                |  |                |       |   |            |             |               |          |                |              |            |             



F-9



---

##### Table of Contents

TCW DIRECT LENDING VII LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2018



|                                               |  |                                                        |  |                  |  |                           |  |                |       |   |        |             |               |  |               |   |             |            |  |   |              |  
|---------------------------------------------- |  | ------------------------------------------------------ |  | ---------------- |  | ------------------------- |  | -------------- | ----- | - | ------ | ----------- | ------------- |  | ------------- | - | ----------- | ---------- |  | - | ------------ | -
|Industry                                       |  | Issuer                                                 |  | Acquisition
Date |  | Investment                |  | % of NetAssets |       |   | Shares |             | Maturity
Date |  | AmortizedCost |   |             | Fair Value | 
|                                               |  | Equity                                                 | 
|Electronic Equipment, Instruments & Components |  |                                                        |  |                  |  |                           |  |                |       |   |        |             |               |  |               |   |             |            |  |   |              |  
|                                               |  | SMTC Corporation(3)(4)                                 |  |                  |  | Warrant, expires 11/08/25 |  |                | 0.4   | % |        | 393,902     |               |  |               | $ | 1,532,279   |            |  | $ | 1,607,120    |  
|                                               |  |                                                        |  |                  |  |                           |  |                |       |   |        |             |               |  |               |   |             |            |  |   |              |  
|                                               |  | Total Equity Investments                               |  |                  |  |                           |  |                | 0.4   | % |        | 393,902     |               |  |               |   | 1,532,279   |            |  |   | 1,607,120    |  
|                                               |  |                                                        |  |                  |  |                           |  |                |       |   |        |             |               |  |               |   |             |            |  |   |              |  
|                                               |  | Total Non-Controlled/Non-Affiliated Investments*       |  |                  |  |                           |  |                | 134.7 | % |        |             |               |  |               | $ | 536,559,095 |            |  | $ | 540,533,033  |  
|                                               |  |                                                        |  |                  |  |                           |  |                |       |   |        |             |               |  |               |   |             |            |  |   |              |  
|                                               |  | Cash Equivalents                                       |  |                  |  |                           |  |                |       |   |        |             |               |  |               |   |             |            |  |   |              |  
|                                               |  | Blackrock Liquidity Funds, Yield 2.31%                 |  |                  |  |                           |  |                | 37.5  | % |        | 150,656,465 |               |  |               | $ | 150,656,465 |            |  | $ | 150,656,465  |  
|                                               |  |                                                        |  |                  |  |                           |  |                |       |   |        |             |               |  |               |   |             |            |  |   |              |  
|                                               |  | Total Investments 172.2%                               |  |                  |  |                           |  |                |       |   |        |             |               |  |               | $ | 687,215,560 |            |  | $ | 691,189,498  |  
|                                               |  |                                                        |  |                  |  |                           |  |                |       |   |        |             |               |  |               |   |             |            |  |   |              |  
|                                               |  | Unrealized depreciation on unfunded commitments (0.1%) |  |                  |  |                           |  |                |       |   |        |             |               |  |               |   |             |            |  | $ | (398,576     | )
|                                               |  |                                                        |  |                  |  |                           |  |                |       |   |        |             |               |  |               |   |             |            |  |   |              |  
|                                               |  | Liabilities in Excess of Other Assets (72.1%)          |  |                  |  |                           |  |                |       |   |        |             |               |  |               |   |             |            |  | $ | (289,386,856 | )
|                                               |  |                                                        |  |                  |  |                           |  |                |       |   |        |             |               |  |               |   |             |            |  |   |              |  
|                                               |  | Net Assets 100.0%                                      |  |                  |  |                           |  |                |       |   |        |             |               |  |               |   |             |            |  | $ | 401,404,066  |  
|                                               |  |                                                        |  |                  |  |                           |  |                |       |   |        |             |               |  |               |   |             |            |  |   |              |  



F-10



---

##### Table of Contents

TCW DIRECT LENDING VII LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2018



|* | The fair value of the SMTC Corporation warrants is based on the quoted market price of the issuers stock
as of December 31, 2018. Such warrants are considered to be a Level 1 security within the Fair Value Hierarchy. The fair value of each
non-controlled/non-affiliated investment was determined using significant unobservable inputs and such investments are considered to be Level 3 within the Fair
Value Hierarchy. See Note 3 Investment Valuations and Fair Value Measurements.
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(1) | In addition to the interest earned based on the stated interest rate of this loan, the Company is entitled to
receive an additional interest amount on the first out tranche of the portfolio companys first lien senior secured loans.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Excluded from the investment above is an unfunded loan commitment for a delayed draw term loan or revolving
credit. The Company earns an unused fee on the unfunded commitment during the commitment period. The expiration date of the commitment period may be earlier than the maturity date of the investment stated above. See Note 5Commitments and
Contingencies.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | The investment is not a qualifying asset as defined in Section 55(a) under the Investment Company Act of
1940, 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 December 31,
2018, $81,667,583 or 11.55% of the Companys total assets were represented by non-qualifying assets.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(4) | Non-income producing.
|--- | ---------------------

|(5) | The Company is required to disburse a portion of its interest income from this term loan to the first
out tranche holders of the portfolio companys first lien senior secured loans.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

LIBOR - London Interbank Offered Rate,
generally 1-Month or 3-Month

Prime - Prime Rate

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $699,789,640 and $165,062,154, respectively, for the
year ended December 31, 2018. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments.



|                               |  |  |       |  
|------------------------------ |  |  | ----- | -
|Country Breakdown of Portfolio |  |  |      
|United States                  |  |  | 100.0 | %

See Notes to Consolidated Financial Statements.





F-11



---

##### Table of Contents

TCW DIRECT LENDING VII LLC

Consolidated Statements of Assets and Liabilities

(Dollar amounts in thousands, except unit data)



|                                                                                                              |  |                    |           |   |      |   |           |  
|------------------------------------------------------------------------------------------------------------- |  | ------------------ | --------- | - | ---- | - | --------- | -
|                                                                                                              |  | As of December 31, |          
|                                                                                                              |  | 2019               |           |   | 2018 |  
|Assets                                                                                                        |  |                    |           |   |      |   |           |  
|Investments, at fair value                                                                                    |  |                    |           |   |      |   |           |  
|Non-controlled/non-affiliated
investments (amortized cost of $1,353,617 and $536,559, respectively)           |  | $                  | 1,365,553 |   |      | $ | 540,533   |  
|Cash and cash equivalents                                                                                     |  |                    | 220,074   |   |      |   | 160,995   |  
|Deferred financing costs                                                                                      |  |                    | 5,574     |   |      |   | 2,454     |  
|Interest receivable                                                                                           |  |                    | 6,344     |   |      |   | 2,106     |  
|Prepaid and other assets                                                                                      |  |                    | 57        |   |      |   | 804       |  
|                                                                                                              |  |                    |           |   |      |   |           |  
|Total Assets                                                                                                  |  | $                  | 1,597,602 |   |      | $ | 706,892   |  
|                                                                                                              |  |                    |           |   |      |   |           |  
|Liabilities                                                                                                   |  |                    |           |   |      |   |           |  
|Revolving credit facilities payable                                                                           |  | $                  | 577,000   |   |      | $ | 300,000   |  
|Term loan (net of $1,613 in deferred financing costs)                                                         |  |                    | 178,387   |   |      |   |          |  
|Incentive fee payable                                                                                         |  |                    | 12,148    |   |      |   |          |  
|Management fees payable                                                                                       |  |                    | 8,689     |   |      |   | 2,308     |  
|Interest and credit facilities expense payable                                                                |  |                    | 3,866     |   |      |   | 893       |  
|Unrealized depreciation on unfunded commitments                                                               |  |                    | 786       |   |      |   | 399       |  
|Organization costs payable to Adviser                                                                         |  |                    |          |   |      |   | 741       |  
|Offering costs payable to Adviser                                                                             |  |                    |          |   |      |   | 633       |  
|Directors fees reimbursable to Adviser                                                                       |  |                    |          |   |      |   | 92        |  
|Directors fees payable                                                                                       |  |                    |          |   |      |   | 15        |  
|Other accrued expenses and other liabilities                                                                  |  |                    | 496       |   |      |   | 407       |  
|                                                                                                              |  |                    |           |   |      |   |           |  
|Total Liabilities                                                                                             |  | $                  | 781,372   |   |      | $ | 305,488   |  
|                                                                                                              |  |                    |           |   |      |   |           |  
|Commitments and Contingencies (Note 5)                                                                        |  |                    |           |   |      |   |           |  
|Members Capital                                                                                              |  |                    |           |   |      |   |           |  
|Common Unitholders commitment (13,734,010 and 10,672,260 units issued and outstanding,
respectively)         |  | $                  | 1,373,401 |   |      | $ | 1,067,226 |  
|Common Unitholders undrawn commitment (13,734,010 and 10,672,260 units issued and
outstanding, respectively) |  |                    | (548,401  | ) |      |   | (668,226  | )
|Common Unitholders return of capital                                                                         |  |                    | (4,639    | ) |      |   |          |  
|Common Unitholders offering costs                                                                            |  |                    | (633      | ) |      |   | (633      | )
|Common Unitholders tax reclassification                                                                      |  |                    | (1,865    | ) |      |   |          |  
|                                                                                                              |  |                    |           |   |      |   |           |  
|Common Unitholders capital                                                                                   |  |                    | 817,863   |   |      |   | 398,367   |  
|Accumulated (Loss) Earnings                                                                                   |  |                    | (1,633    | ) |      |   | 3,037     |  
|                                                                                                              |  |                    |           |   |      |   |           |  
|Total Members Capital                                                                                        |  | $                  | 816,230   |   |      | $ | 401,404   |  
|                                                                                                              |  |                    |           |   |      |   |           |  
|Total Liabilities and Members Capital                                                                        |  | $                  | 1,597,602 |   |      | $ | 706,892   |  
|                                                                                                              |  |                    |           |   |      |   |           |  
|Net Asset Value Per Unit (Note 9)                                                                             |  | $                  | 99.36     |   |      | $ | 100.23    |  
|                                                                                                              |  |                    |           |   |      |   |           |  

See Notes to Consolidated Financial Statements.



F-12



---

##### Table of Contents

TCW DIRECT LENDING VII LLC

Consolidated Statements of Operations

(Dollar amounts in thousands, except unit data)



|                                                                                                |  |                            |        |  |                            |   |        |                                                             |  |   |      |  
|----------------------------------------------------------------------------------------------- |  | -------------------------- | ------ |  | -------------------------- | - | ------ | ----------------------------------------------------------- |  | - | ---- | -
|                                                                                                |  | Year endedDecember 31,2019 |        |  | Year endedDecember 31,2018 |   |        | For the periodAugust 18, 2017(Inception) toDecember 31,2017 | 
|Investment Income:                                                                              |  |                            |        |  |                            |   |        |                                                             |  |   |      |  
|Interest income from
non-controlled/non-affiliated investments                                  |  | $                          | 86,813 |  |                            | $ | 13,048 |                                                             |  | $ |     |  
|Interest income from
non-controlled/non-affiliated investments paid-in-kind                     |  |                            | 837    |  |                            |   | 84     |                                                             |  |   |     |  
|Other fee income from
non-controlled/non-affiliated investments                                 |  |                            | 98     |  |                            |   |       |                                                             |  |   |     |  
|                                                                                                |  |                            |        |  |                            |   |        |                                                             |  |   |      |  
|Total investment income                                                                         |  |                            | 87,748 |  |                            |   | 13,132 |                                                             |  |   |     |  
|                                                                                                |  |                            |        |  |                            |   |        |                                                             |  |   |      |  
|Expenses:                                                                                       |  |                            |        |  |                            |   |        |                                                             |  |   |      |  
|Interest and credit facilities expenses                                                         |  |                            | 24,059 |  |                            |   | 3,582  |                                                             |  |   |     |  
|Management fees                                                                                 |  |                            | 13,330 |  |                            |   | 2,356  |                                                             |  |   |     |  
|Incentive fees                                                                                  |  |                            | 12,148 |  |                            |   |       |                                                             |  |   |     |  
|Professional fees                                                                               |  |                            | 1,241  |  |                            |   | 726    |                                                             |  |   |     |  
|Administrative fees                                                                             |  |                            | 1,049  |  |                            |   | 467    |                                                             |  |   |     |  
|Directors fees                                                                                 |  |                            | 394    |  |                            |   | 381    |                                                             |  |   | 78   |  
|Organization costs                                                                              |  |                            |       |  |                            |   | 366    |                                                             |  |   | 754  |  
|Other expenses                                                                                  |  |                            | 169    |  |                            |   | 79     |                                                             |  |   |     |  
|                                                                                                |  |                            |        |  |                            |   |        |                                                             |  |   |      |  
|Total expenses                                                                                  |  |                            | 52,390 |  |                            |   | 7,957  |                                                             |  |   | 832  |  
|Expenses recaptured (reimbursed) by the Adviser                                                 |  |                            |       |  |                            |   | 452    |                                                             |  |   | (832 | )
|                                                                                                |  |                            |        |  |                            |   |        |                                                             |  |   |      |  
|Net expenses                                                                                    |  |                            | 52,390 |  |                            |   | 8,409  |                                                             |  |   |     |  
|                                                                                                |  |                            |        |  |                            |   |        |                                                             |  |   |      |  
|Net investment income                                                                           |  | $                          | 35,358 |  |                            | $ | 4,723  |                                                             |  | $ |     |  
|                                                                                                |  |                            |        |  |                            |   |        |                                                             |  |   |      |  
|Net realized and unrealized gain on investments                                                 |  |                            |        |  |                            |   |        |                                                             |  |   |      |  
|Net realized gain on
non-controlled/non-affiliated investments                                  |  |                            | 758    |  |                            |   | 1,239  |                                                             |  |   |     |  
|Net change in unrealized appreciation/depreciation on non-controlled/non-affiliated investments |  |                            | 7,575  |  |                            |   | 3,575  |                                                             |  |   |     |  
|                                                                                                |  |                            |        |  |                            |   |        |                                                             |  |   |      |  
|Net realized and unrealized gain on investments                                                 |  | $                          | 8,333  |  |                            | $ | 4,814  |                                                             |  | $ |     |  
|                                                                                                |  |                            |        |  |                            |   |        |                                                             |  |   |      |  
|Net increase in Members Capital from operations                                                |  | $                          | 43,691 |  |                            | $ | 9,537  |                                                             |  | $ |     |  
|                                                                                                |  |                            |        |  |                            |   |        |                                                             |  |   |      |  
|Basic and diluted:                                                                              |  |                            |        |  |                            |   |        |                                                             |  |   |      |  
|Income per unit                                                                                 |  | $                          | 3.17   |  |                            | $ | 0.89   |                                                             |  | $ |     |  

See Notes to Consolidated Financial Statements.



F-13



---

##### Table of Contents

TCW DIRECT LENDING VII LLC

Consolidated Statements of Changes in Members Capital

(Dollar amounts in thousands, except unit data)



|                                                                                   |  |                           |          |   |                           |   |         |       |  |   |          |  
|---------------------------------------------------------------------------------- |  | ------------------------- | -------- | - | ------------------------- | - | ------- | ----- |  | - | -------- | -
|                                                                                   |  | CommonUnitholdersCapital |          |   | AccumulatedEarnings(Loss) |   |         | Total | 
|Members Capital at December 31, 2016                                              |  | $                         |         |   |                           | $ |        |       |  | $ |         |  
|Increase (Decrease) in Members Capital Resulting from Capital Activity:           |  |                           |          |   |                           |   |         |       |  |   |          |  
|Contributions                                                                      |  |                           | 1        |   |                           |   |        |       |  |   | 1        |  
|                                                                                   |  |                           |          |   |                           |   |         |       |  |   |          |  
|Total Increase in Members Capital for the year ended December 31, 2017            |  |                           | 1        |   |                           |   |        |       |  |   | 1        |  
|                                                                                   |  |                           |          |   |                           |   |         |       |  |   |          |  
|Members Capital at December 31, 2017                                              |  | $                         | 1        |   |                           | $ |        |       |  | $ | 1        |  
|Net investment income                                                              |  |                           |         |   |                           |   | 4,723   |       |  |   | 4,723    |  
|Net realized gain on investments                                                   |  |                           |         |   |                           |   | 1,239   |       |  |   | 1,239    |  
|Net change in unrealized appreciation/depreciation on investments                  |  |                           |         |   |                           |   | 3,575   |       |  |   | 3,575    |  
|Distributions to Members from:                                                     |  |                           |          |   |                           |   |         |       |  |   |          |  
|Distributable earnings                                                             |  |                           |         |   |                           |   | (6,500  | )     |  |   | (6,500   | )
|Increase (Decrease) in Members Capital Resulting from Capital Activity:           |  |                           |          |   |                           |   |         |       |  |   |          |  
|Contributions                                                                      |  |                           | 398,999  |   |                           |   |        |       |  |   | 398,999  |  
|Offering costs, net of offering costs reimbursed                                   |  |                           | (633     | ) |                           |   |        |       |  |   | (633     | )
|                                                                                   |  |                           |          |   |                           |   |         |       |  |   |          |  
|Total Increase in Members Capital for the year ended December 31, 2018            |  |                           | 398,366  |   |                           |   | 3,037   |       |  |   | 401,403  |  
|                                                                                   |  |                           |          |   |                           |   |         |       |  |   |          |  
|Members Capital at December 31, 2018                                              |  | $                         | 398,367  |   |                           | $ | 3,037   |       |  | $ | 401,404  |  
|Net investment income                                                              |  |                           |         |   |                           |   | 35,358  |       |  |   | 35,358   |  
|Net realized gain on investments                                                   |  |                           |         |   |                           |   | 758     |       |  |   | 758      |  
|Net change in unrealized appreciation/depreciation on investments                  |  |                           |         |   |                           |   | 7,575   |       |  |   | 7,575    |  
|Distributions to Members from:                                                     |  |                           |          |   |                           |   |         |       |  |   |          |  
|Distributable earnings                                                             |  |                           |         |   |                           |   | (48,361 | )     |  |   | (48,361  | )
|Return of capital                                                                  |  |                           | (4,639   | ) |                           |   |        |       |  |   | (4,639   | )
|Return of unused capital                                                           |  |                           | (146,453 | ) |                           |   |        |       |  |   | (146,453 | )
|Increase in Members Capital Resulting from Capital Activity:                      |  |                           |          |   |                           |   |         |       |  |   |          |  
|Contributions                                                                      |  |                           | 570,588  |   |                           |   |        |       |  |   | 570,588  |  
|                                                                                   |  |                           |          |   |                           |   |         |       |  |   |          |  
|Total Increase (Decrease) in Members Capital for the year ended December 31,
2019 |  |                           | 419,496  |   |                           |   | (4,670  | )     |  |   | 414,826  |  
|                                                                                   |  |                           |          |   |                           |   |         |       |  |   |          |  
|Members Capital at December 31, 2019                                              |  | $                         | 817,863  |   |                           | $ | (1,633  | )     |  | $ | 816,230  |  
|                                                                                   |  |                           |          |   |                           |   |         |       |  |   |          |  

See Notes to Consolidated Financial Statements



F-14



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##### Table of Contents

TCW DIRECT LENDING VII LLC

Consolidated Statements of Cash Flows

(Dollar amounts in thousands, except unit data)



|                                                                                                                                          |  |                         |          |   |      |   |          |  
|----------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------- | -------- | - | ---- | - | -------- | -
|                                                                                                                                          |  | Year Ended December 31, |         
|                                                                                                                                          |  | 2019                    |          |   | 2018 |  
|Cash Flows from Operating Activities                                                                                                      |  |                         |          |   |      |   |          |  
|Net increase in net assets resulting from operations                                                                                      |  | $                       | 43,691   |   |      | $ | 9,537    |  
|Adjustments to reconcile the net increase in net assets resulting from operations to net cash
provided by (used in) operating activities: |  |                         |          |   |      |   |          |  
|Purchases of investments                                                                                                                  |  |                         | (921,820 | ) |      |   | (699,705 | )
|Interest income
paid-in-kind                                                                                                              |  |                         | (837     | ) |      |   | (84      | )
|Proceeds from sales and paydowns of investments                                                                                           |  |                         | 111,491  |   |      |   | 165,062  |  
|Net realized gain on investments                                                                                                          |  |                         | (758     | ) |      |   | (1,239   | )
|Net change in unrealized appreciation/depreciation on investments                                                                         |  |                         | (7,575   | ) |      |   | (3,575   | )
|Amortization of premium and accretion of discount, net                                                                                    |  |                         | (5,135   | ) |      |   | (593     | )
|Amortization of deferred financing costs                                                                                                  |  |                         | 2,314    |   |      |   | 510      |  
|Increase (decrease) in operating assets and liabilities:                                                                                  |  |                         |          |   |      |   |          |  
|(Increase) decrease in interest receivable                                                                                                |  |                         | (4,238   | ) |      |   | (2,106   | )
|(Increase) decrease in deferred offering costs                                                                                            |  |                         |         |   |      |   | 780      |  
|(Increase) decrease in organization costs due from Adviser                                                                                |  |                         |         |   |      |   | 754      |  
|(Increase) decrease in directors fees due from Adviser                                                                                   |  |                         |         |   |      |   | 78       |  
|(Increase) decrease in prepaid and other assets                                                                                           |  |                         | 747      |   |      |   | (804     | )
|Increase (decrease) in incentive fees payable                                                                                             |  |                         | 12,148   |   |      |   |         |  
|Increase (decrease) in management fees payable                                                                                            |  |                         | 6,381    |   |      |   | 2,308    |  
|Increase (decrease) in interest and credit facilities expense payable                                                                     |  |                         | 2,973    |   |      |   | 893      |  
|Increase (decrease) in organization costs payable to Adviser                                                                              |  |                         | (741     | ) |      |   | (13      | )
|Increase (decrease) in offering costs payable to Adviser                                                                                  |  |                         | (633     | ) |      |   | (147     | )
|Increase (decrease) in directors fees reimbursable to Adviser                                                                            |  |                         | (92      | ) |      |   | 14       |  
|Increase (decrease) in directors fees payable                                                                                            |  |                         | (15      | ) |      |   | 15       |  
|Increase (decrease) in other accrued expenses and liabilities                                                                             |  |                         | 89       |   |      |   | 407      |  
|                                                                                                                                          |  |                         |          |   |      |   |          |  
|Net cash used in operating activities                                                                                                     |  | $                       | (762,010 | ) |      | $ | (527,908 | )
|                                                                                                                                          |  |                         |          |   |      |   |          |  
|Cash Flows from Financing Activities                                                                                                      |  |                         |          |   |      |   |          |  
|Contributions                                                                                                                             |  | $                       | 570,588  |   |      | $ | 398,999  |  
|Distributions                                                                                                                             |  |                         | (48,361  | ) |      |   | (6,500   | )
|Return of capital                                                                                                                         |  |                         | (4,639   | ) |      |   |         |  
|Return of unused capital                                                                                                                  |  |                         | (146,453 | ) |      |   |         |  
|Offering costs, net of offering costs reimbursed                                                                                          |  |                         |         |   |      |   | (633     | )
|Deferred financing costs paid                                                                                                             |  |                         | (7,046   | ) |      |   | (2,964   | )
|Proceeds from credit facilities                                                                                                           |  |                         | 533,000  |   |      |   | 494,400  |  
|Repayments of credit facilities                                                                                                           |  |                         | (76,000  | ) |      |   | (194,400 | )
|                                                                                                                                          |  |                         |          |   |      |   |          |  
|Net cash provided by financing activities                                                                                                 |  | $                       | 821,089  |   |      | $ | 688,902  |  
|                                                                                                                                          |  |                         |          |   |      |   |          |  
|Net increase in cash and cash equivalents                                                                                                 |  | $                       | 59,079   |   |      | $ | 160,994  |  
|Cash and cash equivalents, beginning of year                                                                                              |  | $                       | 160,995  |   |      | $ | 1        |  
|                                                                                                                                          |  |                         |          |   |      |   |          |  
|Cash and cash equivalents, end of year                                                                                                    |  | $                       | 220,074  |   |      | $ | 160,995  |  
|                                                                                                                                          |  |                         |          |   |      |   |          |  
|Supplemental and non-cash financing
activities                                                                                            |  |                         |          |   |      |   |          |  
|Interest expense paid                                                                                                                     |  | $                       | 16,635   |   |      | $ | 2,022    |  

See Notes to Consolidated Financial Statements.



F-15



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##### Table of Contents

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements

(dollar amounts in thousands, except for unit data)

December 31, 2019

1. Organization
and Basis of Presentation

Organization: TCW Direct Lending VII LLC (the Company) was formed as a Delaware limited liability company
on May 23, 2017. The Company engaged in a private offering of its common limited liability company units (the Units) to investors in reliance on exemptions from the registration requirements of the U.S. Securities Act of 1933, as
amended (the Securities Act). In addition, the Company may issue preferred units (Preferred Units), though it currently has no intention to do so. On August 18, 2017, the Company sold and issued 10 Units at an aggregate
purchase price of $1 to TCW Asset Management Company LLC (the Adviser), an affiliate of the TCW Group, Inc. The Company commenced operations during the second quarter of fiscal year 2018.

The Company has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940, as amended (the
1940 Act). The Company has also elected to be treated for U.S. federal income tax purposes as a Regulated Investment Company (a RIC) under Subchapter M of the U.S Internal Revenue Code of 1986, as amended (the
Code), beginning fiscal year 2018. The Company will be required to meet the minimum distribution and other requirements for RIC qualification. As a BDC and a RIC, the Company will be required to comply with certain regulatory
requirements.

During fiscal year 2018, the Company formed two Delaware limited liability companies which each have a single member interest owned by the
Company.

These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant

intercompany transactions and balances have been eliminated in consolidation.

Term: The term of the Company will continue until the sixth anniversary of the Initial Closing Date (as defined below), April 13, 2024, unless
extended or sooner dissolved as provided in the Companys amended and restated limited liability agreement (the LLC Agreement) or by operation of law. The Company may extend the term for two additional
one-year periods upon written notice to the holders of the Units (the Unitholders) and holders of preferred units, if any, (together with the Unitholders, the Members) at least 90 days prior
to the expiration of the term or the end of the first one-year period. Thereafter, the term may be extended for successive one-year periods, with the vote or consent of
a supermajority in interest of the holders of the Units.

Commitment Period: The Commitment Period commenced on April 13, 2018 (the
Initial Closing Date), the day on which the Company completed the first closing of the sale of its Units to persons not affiliated with the Adviser and will end on May 16, 2021, which is the later of (a) April 13, 2021,
three years from the Initial Closing Date and (b) May 16, 2021, three years from the date in which the Company first completed an investment.

The Commitment Period is subject to termination upon the occurrence of a Key Person Event defined as follows: A Key Person Event will occur if,
during the Commitment Period, (i) Richard T. Miller and one or more of Suzanne Grosso, Mark Gertzof or James S. Bold (each of such four persons, a Key Person) fail to devote substantially all of their business time to
the investment activities of the Company, the prior funds, any successor funds and any fund(s) managed by the Adviser or an affiliate of the Adviser that co-invest or potentially
co-invest with the Company, on a combined basis (together, the Related Entities); or (ii) Ms. Grosso, Mr. Gertzof and Mr. Bold all fail to devote substantially all of their
business time to the investment activities of the Company and the Related Entities, in each case other than as a result of a temporary disability; provided, that, if a replacement has been approved as described in the paragraphs below, such
replacement shall be specifically designated to take the place of one of the above-named individuals and the definition of Key Person Event will be amended to take into account such successor. Upon the occurrence of a Key Person Event,
and in the event that the Adviser fails to replace the above-referenced individuals in the manner contemplated in this paragraph, the Commitment Period shall be automatically terminated upon such Key Person Event. The Commitment Period will be re-instated upon the vote or written consent of 66 2/3% in interest of the Unitholders. The Adviser is permitted at any time to replace any person designated above with a senior professional (including a Key Person)
selected by the Adviser, provided that such replacement has been approved by a majority of the Unitholders (in which case, the approved substitute will be a Key Person in lieu of the person replaced). If such replacement(s) end the occurrence of a
Key Person Event, the Commitment Period will automatically be reinstated.

If, during the Commitment Period, any Key Person shall fail to devote
substantially all of his or her business time to the investment activities of the Company and the Related Entities other than as a result of a temporary disability (the occurrence of such event, a Key Person Departure), the Company shall
provide written notice to Unitholders of such Key Person Departure within 30 days of the date of such Key Person Departure.



F-16



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##### Table of Contents

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Continued)

(dollar amounts in thousands, except for unit data)

December 31, 2019



1. Organization and Basis of Presentation (Continued)



If a Key Person Departure occurs during the Commitment Period and the Adviser determines to replace such Key
Person, the Company shall obtain the approval of such replacement by a majority in interest of the Unitholders no later than the date of the Companys next annual meeting; provided that the Company may, in its discretion, determine to obtain
the approval of such replacement no later than 90 days after the date that the Adviser informs the Company of its proposed replacement of the Key Person.

If the Company fails to obtain approval of a replacement of a Key Person following a Key Person Departure as provided in the paragraph above, then the Key
Person Departure shall be permanent and the Adviser shall not be permitted to replace such Key Person.

In accordance with the Companys LLC
Agreement, the Company may complete investment transactions that were significantly in process as of the end of the Commitment Period and which the Company reasonably expects to be consummated prior to 90 days subsequent to the expiration date of
the Commitment Period. The Company may also effect follow-on investments up to an aggregate maximum of 10% of Capital Commitments (as defined below).

Capital Commitments:On the Initial Closing Date, the Company began accepting subscription agreements from investors for the private sale of its Units.
On January 14, 2019, the Company completed its fourth and final closing sale of Units.

As of December 31, 2019, the Company had sold 13,734,010
Units for an aggregate offering price of $1,373,401. Each Unitholder is obligated to contribute capital equal to its respective capital commitment to the Company (the Commitment) and each Units Commitment obligation is $100.00 per
unit. The sale of the Units was made pursuant to subscription agreements entered into by the Company and each investor. Under the terms of the subscription agreements, the Company may draw down all or any portion of the undrawn commitment with
respect to each Unit generally upon at least ten business days prior written notice to the unitholders. The amount of capital that remains to be drawn down and contributed is referred to as an Undrawn Commitment.

The commitment amount funded does not include amounts contributed in anticipation of a potential investment that the Company did not consummate and therefore
returned to the Members as unused capital. As of December 31, 2019, aggregate Commitments, Undrawn Commitments, percentage of Commitments funded and the number of subscribed for Units of the Company were as follows:



|           |  |             |           |  |                    |   |         |                       |  |  |       |   |  |  |            | 
|---------- |  | ----------- | --------- |  | ------------------ | - | ------- | --------------------- |  |  | ----- | - |  |  | ---------- | 
|           |  | Commitments |           |  | UndrawnCommitments |   |         | % ofCommitmentsFunded |  |  | Units |  
|Unitholder |  | $           | 1,373,401 |  |                    | $ | 548,401 |                       |  |  | 60.1  | % |  |  | 13,734,010 | 

Recallable Amount: A Unitholder may be required to re-contribute amounts
distributed equal to (a) such Unitholders share of all portfolio investments that are repaid to the Company, or otherwise recouped by the Company, and distributed to the Unitholder, in whole or in part, during or after the Commitment
period, reduced by (b) all re-contributions made by such Unitholder. This amount, (the Recallable Amount) is excluded from the calculation of the accrual based net asset value.

The Recallable Amount as of December 31, 2019 was $4,639.

2. Significant Accounting Policies

Basis of
Presentation: The Companys consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (GAAP). The Company is an investment company following accounting and
reporting guidance in Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946, Financial ServicesInvestment Companies, (ASC 946). The Company has also
consolidated the results of its wholly-owned subsidiaries in its consolidated financial statements in accordance with ASC 946.



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##### Table of Contents

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Continued)

(dollar amounts in thousands, except for unit data)

December 31, 2019



|2. | Significant Accounting Policies (Continued)
|-- | -------------------------------------------



Use of Estimates: The preparation of the consolidated financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the consolidated financial statements, (ii) the reported amounts of income and expenses during the years
presented and (iii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates, and such differences could be material.

Investments: The Company measures the fair value of its investments in accordance with ASC Topic 820, Fair Value Measurements and Disclosure(ASC 820). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are defined as buyers and
sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Company considers the principal market of its
investments to be the market in which the investment trades with the greatest volume and level of activity.

Transactions: The Company records
investment transactions on the trade date. The Company considers the trade date for investments not traded on a recognizable exchange, or traded in the over-the-counter
markets, to be the date on which the Company receives legal or contractual title to the asset and bears the risk of loss.

Income Recognition:
Interest income is recorded on an accrual basis unless doubtful of collection or the related investment is in default. Realized gains and losses on investments are recorded on a specific identification basis. The Company typically receives a fee in
the form of a discount to the purchase price at the time it funds an investment in a loan. The discount is accreted to interest income over the life of the respective loan, using the effective-interest method assuming there are no questions as to
collectability, and reflected in the amortized cost basis of the investment. Discounts associated with a revolver as well as fees associated with a delayed draw that remains unfunded are treated as a discount to the issuers term loan. Ongoing
facility, commitment or other additional fees including prepayment fees, consent fees and forbearance fees are recognized immediately when earned as income.

Deferred Financing Costs: Deferred financing costs incurred by the Company in connection with the Credit Facilities (as defined in Note 7 to the
Consolidated Financial Statements), including arrangement fees, upfront fees and legal fees, are amortized on a straight-line basis over the term of the respective credit facility.

Organization and Offering Costs: The Company expensed organization costs totaling $740 (net of $380 in Adviser reimbursement) since its inception
through December 31, 2018. Offering costs totaling $633 (net of $324 in Adviser reimbursement) was charged directly to Members Capital on December 31, 2018. No additional organization and offering costs were incurred during the year
ended December 31, 2019. The Company did not bear more than an amount equal to 10 basis points of the aggregate capital commitments for organization and offering expenses.

Cash and Cash Equivalents: The Company considers all investments with a maturity of three months or less at the time of acquisition to be cash
equivalents. As of December 31, 2019, cash and cash equivalents are comprised of demand deposits and highly liquid investments with maturities of three months or less. Cash equivalents are carried at amortized costs which approximates fair
value, and are classified as Level 1 in the GAAP valuation hierarchy.

Income Taxes:The Company has elected to be regulated as a BDC under
the 1940 Act. The Company also elected to be treated as a RIC under the Code beginning with the taxable year ending December 31, 2018. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal
income taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. Rather, any tax liability related to income earned and distributed by the Company represents obligations of the
Companys investors and will not be reflected in the consolidated financial statements of the Company.



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##### Table of Contents

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Continued)

(dollar amounts in thousands, except for unit data)

December 31, 2019



2. Significant Accounting Policies (Continued)



Recent Accounting Pronouncements: On May 28, 2014, the FASB issued Accounting Standards Update
(ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The guidance in this update supersedes the revenue recognition requirements in Topic 605, Revenue
Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. Additionally, this Update supersedes some cost guidance included in Subtopic 605-35, Revenue
RecognitionConstruction-Type and Production-Type Contracts. This update is effective for fiscal years beginning after December 15, 2017. The Company adopted this ASU during the second quarter of fiscal 2018 and such adoption did not
have a material impact on the Companys consolidated financial statements.

In January 2016, the FASB issued ASU
2016-01, Financial Instruments (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities. The amendments in this update makes
improvements to the requirements for accounting for equity investments and simplify the impairment assessment of equity investments. For public entities this update is effective for fiscal years beginning after December 15, 2017. The Company
adopted this ASU during the second quarter of fiscal 2018 and such adoption did not have a material impact on the Companys consolidated financial statements.

In February 2018, the FASB issued ASU 2018-03, Technical Corrections and Improvements to Financial Instrument
Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this update provide a variety of technical corrections and improvements to how
entities should account for financial instruments and shorten the amortization period for certain callable debt securities held at premium. For public entities, this update is effective for fiscal years beginning after December 15, 2017, and
for interim periods within those fiscal years beginning after June 15, 2018. The Company adopted this ASU during the third quarter of fiscal 2018 and such adoption did not have a material impact on the Companys consolidated financial
statements.

On August 17, 2018, the SEC issued a final rule that reduces or eliminates certain disclosure requirements under Regulation S-X, and expands others. This final rule was effective for the Company beginning January 1, 2018. As a result of this final rule, the Company has presented in its Consolidated Statements of Assets and
Liabilities its total accumulated earnings (loss), rather than its components.

On August 28, 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework  Changes to the Disclosure Requirements for Fair Value Measurement. The updated guidance modifies the disclosure requirements on fair
value measurements by (1) removing certain disclosure requirements including policies related to valuation processes and the timing of transfers between levels of the fair value hierarchy, (2) amending disclosure requirements related to
measurement uncertainty from the use of significant unobservable inputs, and (3) adding certain new disclosure requirements including changes in unrealized gains and losses for the period included in other comprehensive income (loss) for
recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. This ASU is effective for fiscal
years beginning after December 15, 2019, including interim periods therein, with early adoption permitted. As permitted by the ASU, the Company early adopted the following applicable provisions of the ASU:



| |  |  | removed the Companys disclosure of policy for timing of transfers between levels;
| | - |  | ----------------------------------------------------------------------------------



| |  |  | removed the disclosure describing the Companys valuation process for Level 3 fair value measurements;
| | - |  | ------------------------------------------------------------------------------------------------------



| |  |  | for investments measured using net asset values, disclosed (1) the timing of liquidation of an
investees assets and (2) the date when redemption restrictions will lapse, to the extent that such information has been publicly announced by the investee; and
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | disclosed information about the uncertainty of Level 3 fair value measurements as of the reporting date,
rather than at a point in the future.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------

During the fourth quarter of 2019, the Company adopted the remaining provisions of the ASU which
included adding the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The adoption of the ASU did not have a material impact on the Companys consolidated financial statements.



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##### Table of Contents

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Continued)

(dollar amounts in thousands, except for unit data)

December 31, 2019



3. Investment Valuations and Fair Value Measurements

Investments at Fair Value:Investments held by the Company are valued at fair value. Fair value is generally determined on the basis of last reported
sales prices or official closing prices on the primary exchange in which each security trades, or if no sales are reported, based on the midpoint of the valuation range obtained for debt investments from a quotation reporting system, established
market makers or pricing service.

Investments for which market quotes are not readily available or are not considered reliable are valued at fair value
and approved by the Board of Directors (the Board) based on similar instruments, internal assumptions and the weighting of the best available pricing inputs.

Fair Value Hierarchy:Assets and liabilities are classified by the Company into three levels based on valuation inputs used to determine fair value:

Level 1 values are based on unadjusted quoted market prices in active markets for identical assets.

Level 2 values are based on significant observable market inputs, such as quoted prices for similar assets and quoted prices in inactive markets or other
market observable inputs.

Level 3 values are based on significant unobservable inputs that reflect the Companys determination of assumptions
that market participants might reasonably use in valuing the assets.

Categorization within the hierarchy is based upon the lowest level of input that is
significant to the fair value measurement. The valuation levels are not necessarily an indication of the risk associated with investing in those securities.

Level1 Assets (Investments): The valuation techniques and significant inputs used to determine fair value are as follows:

Equity, (Level 1), includes common stock valued at the closing price on the primary exchange in which the security trades.

Level 2 Assets (Investments): The valuation techniques and significant inputs used to determine fair value are as follows:

Equity, (Level 2), includes warrants valued using quotes for comparable investments.

Level3 Assets (Investments):The following valuation techniques and significant inputs are used to determine the fair value of
investments in private debt and equity for which reliable market quotations are not available. Some of the inputs are independently observable however, a significant portion of the inputs and the internal assumptions applied are unobservable.

Debt, (Level 3), includes investments in privately originated senior secured debt. Such securities are valued based on specific pricing models,
internal assumptions and the weighting of the best available pricing inputs. A discounted cash flow approach incorporating a weighted average cost of capital is generally used to determine fair value or, in some cases, an enterprise value waterfall
method. Valuation may also include a shadow rating method. Standard pricing inputs include but are not limited to the financial health of the issuer, place in the capital structure, value of other issuer debt, credit, industry, and market risk and
events.

Equity, (Level 3), include common stock and warrants. Such securities are valued based on specific pricing models, internal assumptions
and the weighting of the best available pricing inputs. A market approach is generally used to determine fair value. Pricing inputs include, but are not limited to, financial health and relevant business developments of the issuer; EBITDA; market
multiples of comparable companies; comparable market transactions and recent trades or transactions; issuer, industry and market events; and contractual or legal restrictions on the sale of the security. When a Black-Scholes pricing model is used it
follows the income approach. The pricing model takes into account the contract terms as well as multiple inputs, including: time value, implied volatility, equity prices and interest rates. A liquidity discount based on current market expectations,
future events, minority ownership position and the period management reasonably expects to hold the investment may be applied.

Pricing inputs and
weightings applied to determine value require subjective determination. Accordingly, valuations do not necessarily represent the amounts that may eventually be realized from sales or other dispositions of investments.



F-20



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##### Table of Contents

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Continued)

(dollar amounts in thousands, except for unit data)

December 31, 2019



3. Investment Valuations and Fair Value Measurements (Continued)



The following is a summary by major security type of the fair valuations according to inputs used in valuing
investments listed in the Consolidated Schedule of Investments as of December 31, 2019:



|                 |  |         |         |  |         |   |       |         |  |   |           |  |  |   |           | 
|---------------- |  | ------- | ------- |  | ------- | - | ----- | ------- |  | - | --------- |  |  | - | --------- | 
|Investments      |  | Level 1 |         |  | Level 2 |   |       | Level 3 |  |   | Total     | 
|Debt             |  | $       |        |  |         | $ |      |         |  | $ | 1,360,505 |  |  | $ | 1,360,505 | 
|Equity           |  |         | 163     |  |         |   | 4,277 |         |  |   | 608       |  |  |   | 5,048     | 
|Cash equivalents |  |         | 177,610 |  |         |   |      |         |  |   |          |  |  |   | 177,610   | 
|                 |  |         |         |  |         |   |       |         |  |   |           |  |  |   |           | 
|Total Assets     |  | $       | 177,773 |  |         | $ | 4,277 |         |  | $ | 1,361,113 |  |  | $ | 1,543,163 | 
|                 |  |         |         |  |         |   |       |         |  |   |           |  |  |   |           | 

The following is a summary by major security type of the fair valuations according to inputs used in valuing investments
listed in the Consolidated Schedule of Investments as of December 31, 2018:



|                 |  |         |         |  |         |   |   |         |  |   |         |  |  |   |         | 
|---------------- |  | ------- | ------- |  | ------- | - | - | ------- |  | - | ------- |  |  | - | ------- | 
|Investments      |  | Level 1 |         |  | Level 2 |   |   | Level 3 |  |   | Total   | 
|Debt             |  | $       |        |  |         | $ |  |         |  | $ | 538,926 |  |  | $ | 538,926 | 
|Equity           |  |         | 1,607   |  |         |   |  |         |  |   |        |  |  |   | 1,607   | 
|Cash equivalents |  |         | 150,656 |  |         |   |  |         |  |   |        |  |  |   | 150,656 | 
|                 |  |         |         |  |         |   |   |         |  |   |         |  |  |   |         | 
|Total Assets     |  | $       | 152,263 |  |         | $ |  |         |  | $ | 538,926 |  |  | $ | 691,189 | 
|                 |  |         |         |  |         |   |   |         |  |   |         |  |  |   |         | 

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3
inputs for the year ended December 31, 2019:



|                                                                                               |  |      |           |   |        |   |      |       |  |   |           |  
|---------------------------------------------------------------------------------------------- |  | ---- | --------- | - | ------ | - | ---- | ----- |  | - | --------- | -
|                                                                                               |  | Debt |           |   | Equity |   |      | Total | 
|Balance, January 1, 2019                                                                       |  | $    | 538,926   |   |        | $ |     |       |  | $ | 538,926   |  
|Purchases*                                                                                     |  |      | 919,407   |   |        |   | 755  |       |  |   | 920,162   |  
|Sales and paydowns of investments                                                              |  |      | (111,051  | ) |        |   |     |       |  |   | (111,051  | )
|Amortization of premium and accretion of discount, net                                         |  |      | 5,135     |   |        |   |     |       |  |   | 5,135     |  
|Net realized gains                                                                             |  |      | 758       |   |        |   |     |       |  |   | 758       |  
|Net change in unrealized appreciation/depreciation                                             |  |      | 7,330     |   |        |   | (147 | )     |  |   | 7,183     |  
|                                                                                               |  |      |           |   |        |   |      |       |  |   |           |  
|Balance, December 31, 2019                                                                     |  | $    | 1,360,505 |   |        | $ | 608  |       |  | $ | 1,361,113 |  
|                                                                                               |  |      |           |   |        |   |      |       |  |   |           |  
|Net change in unrealized appreciation/depreciation in investments held as of December 31,
2019 |  | $    | 7,013     |   |        | $ | (147 | )     |  | $ | 6,866     |  



|* | Includes payments received in-kind
|- | ----------------------------------

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the year ended
December 31, 2018:



|                                                                                               |  |      |          |   |       |   |          |  
|---------------------------------------------------------------------------------------------- |  | ---- | -------- | - | ----- | - | -------- | -
|                                                                                               |  | Debt |          |   | Total |  
|Balance, January 1, 2018                                                                       |  | $    |         |   |       | $ |         |  
|Purchases*                                                                                     |  |      | 698,257  |   |       |   | 698,257  |  
|Sales and paydowns of investments                                                              |  |      | (165,062 | ) |       |   | (165,062 | )
|Amortization of premium and accretion of discount, net                                         |  |      | 593      |   |       |   | 593      |  
|Net realized gains                                                                             |  |      | 1,239    |   |       |   | 1,239    |  
|Net change in unrealized appreciation/depreciation                                             |  |      | 3,899    |   |       |   | 3,899    |  
|                                                                                               |  |      |          |   |       |   |          |  
|Balance, December 31, 2018                                                                     |  | $    | 538,926  |   |       | $ | 538,926  |  
|                                                                                               |  |      |          |   |       |   |          |  
|Change in net unrealized appreciation/depreciation in investments held as of December 31,
2018 |  | $    | 3,501    |   |       | $ | 3,501    |  



|* | Includes payments received in-kind
|- | ----------------------------------

The Company did not have any transfers between levels during the years ended December 31, 2019 and 2018.



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##### Table of Contents

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Continued)

(dollar amounts in thousands, except for unit data)

December 31, 2019



3. Investment Valuations and Fair Value Measurements (Continued)



Level3 Valuation and Quantitative Information:The following table summarizes the
valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of December 31, 2019:



|                |  |            |           |  |                    |  |               |                   |  |                     |  |  |                  |  |  |                                     |       |   |  |         
|--------------- |  | ---------- | --------- |  | ------------------ |  | ------------- | ----------------- |  | ------------------- |  |  | ---------------- |  |  | ----------------------------------- | ----- | - |  | --------
|Investment
Type |  | Fair Value |           |  | ValuationTechnique |  |               | UnobservableInput |  | Range               |  |  | WeightedAverage* |  |  | Valuation from anIncrease in 
Input
|Debt            |  | $          | 1,331,271 |  |                    |  | Income Method |                   |  | Discount Rate       |  |  | 6.1% to 22.3%    |  |  |                                     | 9.5   | % |  | Decrease
|Debt            |  | $          | 29,234    |  |                    |  | Income Method |                   |  | Discount Rate       |  |  | 6.2% to 7.4%     |  |  |                                     | 7.0   | % |  | Decrease
|                |  |            |           |  |                    |  |               |                   |  | Take Out Indication |  |  | 101.1% to 101.1% |  |  |                                     | 101.1 | % |  | Increase
|Equity          |  | $          | 608       |  |                    |  | Market Method |                   |  | EBITDA Multiple     |  |  | 4.25x to 5.25x   |  |  |                                     | N/A   |   |  | Increase



|* | Weighted based on fair value
|- | ----------------------------

The following table summarizes the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as
of December 31, 2018:



|                |  |            |         |  |                    |  |               |                   |  |               |  |  |                  |  |  |                                    |     |   |  |         
|--------------- |  | ---------- | ------- |  | ------------------ |  | ------------- | ----------------- |  | ------------- |  |  | ---------------- |  |  | ---------------------------------- | --- | - |  | --------
|Investment
Type |  | Fair Value |         |  | ValuationTechnique |  |               | UnobservableInput |  | Range         |  |  | WeightedAverage* |  |  | Valuation from anIncrease in Input
|Debt            |  | $          | 538,926 |  |                    |  | Income Method |                   |  | Discount Rate |  |  | 7.7% to 20.0%    |  |  |                                    | 9.9 | % |  | Decrease



|* | Weighted based on fair value
|- | ----------------------------

The Company utilizes the midpoint of a valuation range provided by an external, independent valuation firm in determining fair value.

4. Agreements and Related Party Transactions

Advisory
Agreement: On December 29, 2017, the Company entered into the Investment Advisory and Management Agreement (the Advisory Agreement) with the Adviser, its registered investment adviser under the Investment Advisers Act of 1940,
as amended. The Advisory Agreement became effective upon its execution. Unless earlier terminated, the Advisory Agreement will remain in effect for a period of two years and will remain in effect from year to year thereafter if approved annually by
(i) the vote of the Board, or by the vote of a majority of the Companys outstanding voting securities, and (ii) the vote of a majority of the Board who are not interested persons (as defined in Section 2(a)(19) of
the 1940 Act) of the Company, the Adviser or any of their respective affiliates (the Independent Directors). The Advisory Agreement will automatically terminate in the event of an assignment by the Adviser.

The Advisory Agreement may be terminated by either party, by vote of the Companys Board, or by a vote of the majority of the Companys outstanding
voting units, without penalty upon not less than 60 days prior written notice to the applicable party. If the Advisory Agreement is terminated according to this paragraph, the Company will pay the Adviser a
pro-rated portion of the Management Fee and Incentive Fee (each as defined below). The Advisory Agreement was reapproved by the Companys Board on August 12, 2019.

Pursuant to the Advisory Agreement, the Adviser will:



| |  |  | determine the composition of the Companys portfolio, the nature and timing of the changes to the
Companys portfolio and the manner of implementing such changes;
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | identify, evaluate and negotiate the structure of the investments the Company makes (including performing due
diligence on the Companys prospective portfolio companies);
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | determine the assets the Company will originate, purchase, retain or sell;
| | - |  | --------------------------------------------------------------------------



| |  |  | close, monitor and administer the investments the Company makes, including the exercise of any rights in the
Companys capacity as a lender; and
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | provide the Company such other investment advice, research and related services as the Company may, from time to
time, require.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Continued)

(dollar amounts in thousands, except for unit data)

December 31, 2019



4. Agreements and Related Party Transactions (Continued)



The Company pays to the Adviser, quarterly in arrears, a management fee in cash (the Management
Fee) calculated as follows: 0.375% (i.e., 1.50% per annum) of the average gross assets of the Company on a consolidated basis, with the average determined based on the gross assets of the Company as of the end of the three most recently
completed calendar months. Gross assets means the amortized cost of portfolio investments of the Company (including portfolio investments purchased with borrowed funds and other forms of leverage, such as Preferred Units, public and
private debt issuances, derivative instruments, repurchase agreements and other similar instruments or arrangements) that have not been sold, distributed to the members, or written off for tax purposes (but reduced by any portion of such cost basis
that has been written down to reflect a permanent impairment of value of any portfolio investment), and excluding cash and cash equivalents. The Management Fee payable for any partial month or quarter will be appropriately pro-rated. The Adviser may defer its right to receive current payment of such fee until the Company is notified otherwise.

In addition, the Adviser will receive an incentive fee (the Incentive Fee) as follows:



| | (a) | First, no Incentive Fee will be owed until the Unitholders have collectively received cumulative distributions
pursuant to this clause equal to their aggregate contributions to the Company in respect of all Units;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Second, no Incentive Fee will be owed until the Unitholders have collectively received cumulative distributions
equal to a 9% internal rate of return on their aggregate contributions to the Company in respect of all Units (the Hurdle);
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Third, the Adviser will be entitled to an Incentive Fee out of 100% of additional amounts otherwise
distributable to Unitholders until such time as the Incentive Fee paid to the Adviser is equal to 20% of the sum of (i) the amount by which the Hurdle exceeds the aggregate capital contributions of the Unitholders in respect of all Units and
(ii) the amount of Incentive Fee being paid to the Adviser pursuant to this clause (c); and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Thereafter, the Adviser will be entitled to an Incentive Fee equal to 20% of additional amounts otherwise
distributable to Unitholders in respect of all Units, with the remaining 80% distributed to the Unitholders.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The Incentive Fee is
calculated on a cumulative basis and the amount of the Incentive Fee payable in connection with any distribution (or deemed distribution) will be determined in accordance with the foregoing formula each time amounts are to be distributed to the
Unitholders.

For purposes of calculating the Incentive Fee, aggregate contributions shall not include Earnings Balancing Contributions or Late-Closer
Contributions, and the distributions to Unitholders shall not include distributions attributable to Late-Closer Contributions. Earnings Balancing Contributions received by the Company will not be treated as amounts distributed to Unitholders for
purposes of calculating the Incentive Fee. In addition, if distributions to which a Defaulting Member otherwise would have been entitled have been withheld pursuant to 6.2.4 of the TCW Direct Lending VII LLC Agreement (the LLC
Agreement), the amounts so withheld shall be treated for such purposes as having been distributed to such Defaulting Member. The amount of any distribution of securities made in kind shall be equal to the fair market value of those securities
at the time of distribution determined pursuant to 13.4 of the LLC Agreement.

If the Advisory Agreement terminates early for any reason other than
(i) the Adviser voluntarily terminating the agreement or (ii) the Company terminating the agreement for cause (as set out in the Advisory Agreement), the Company will be required to pay the Adviser a final incentive fee payment (the
Final Incentive Fee Payment). The Final Incentive Fee Payment will be calculated as of the date the Advisory Agreement is so terminated and will equal the amount of Incentive Fee that would be payable to the Adviser if (A) all of
the Companys investments were liquidated for their current value (but without taking into account any unrealized appreciation of any portfolio investment), and any unamortized deferred portfolio investment-related fees were deemed accelerated,
(B) the proceeds from such liquidation were used to pay all of the Companys outstanding liabilities, and (C) the remainder were distributed to Unitholders and paid as Incentive Fee in accordance with the waterfall (i.e.,
clauses (a) through (d)) described above for determining the amount of the Incentive Fee. The Company will make the Final Incentive Fee Payment in cash on or immediately following the date the Advisory Agreement is so terminated.

Adviser Return Obligation: After the Company has made its final distribution of assets in connection with its dissolution, if the Adviser has received
aggregate payments of Incentive Fees in excess of the amount the Adviser was entitled to receive pursuant to Incentive Fee above, then the Adviser will return to the Company, on or before 90 days after such final distribution of assets,
an amount equal to such excess (the Adviser Return Obligation). Notwithstanding the preceding sentence, in no event will the Adviser be required to return to the Company an amount greater than the aggregate Incentive Fees paid to the
Adviser, reduced by the excess



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##### Table of Contents

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Continued)

(dollar amounts in thousands, except for unit data)

December 31, 2019



4. Agreements and Related Party Transactions (Continued)



of (a) the aggregate federal, state and local income tax liability the Adviser incurred in connection with the payment of such Incentive Fees, over (b) an amount equal to the U.S.
federal and state tax benefits available to the Adviser by virtue of the payment made by the Adviser pursuant to its Adviser Return Obligation.

Administration Agreement: On September 25, 2018, the Company entered into an Amended and Restated Administration Agreement (the
Administration Agreement) with TCW Asset Management Company LLC (the Administrator), which amended and restated the Admiration Agreement between the Company and the Administrator entered into on April 16, 2018. Under the
Administration Agreement, the Administrator (or one or more delegated service providers) will oversee the maintenance of the Companys financial records and otherwise assist with the Companys compliance with regulations applicable to a
business development company under the Investment Company Act of 1940, as amended, and a regulated investment company under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended; monitor the payment of the Companys expenses;
oversee the performance of administrative and professional services rendered to the Company by others; be responsible for the financial and other records that the Company is required to maintain; prepare and disseminate reports to Unitholders and
reports and other materials to be filed with the SEC or other regulators; assist the Company in determining and publishing (as necessary or appropriate) its net asset value; oversee the preparation and filing of tax returns; generally oversee the
payment of expenses; and provide such other services as the Administrator, subject to review of the Companys board of directors, shall from time to time determine to be necessary or useful to perform its obligations under the Administration
Agreement. Payments under the Administration Agreement will be equal to an amount that reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities under
the Administration Agreement. The Administrator shall seek such reimbursement from the Company no more than once during any calendar year and shall only seek such reimbursement when all Company Expenses (as defined below) for such calendar year have
been paid or accrued. Amounts paid pursuant to the Administration Agreement are subject to the annual cap on Company Expenses (as defined below), as described more fully below.

The Company, and indirectly the Unitholders, will bear all costs, expenses and liabilities, other than Adviser Operating Expenses (as defined below) (which
shall be borne by the Adviser), in connection with the organization, operations, administration and transactions of the Company (Company Expenses). Company Expenses shall include, without limitation: (a) organizational expenses and
expenses associated with the issuance of the Units; (b) expenses of calculating the Companys net asset value (including the cost and expenses of any independent valuation firm); (c) fees payable to third parties, including agents,
consultants, attorneys or other advisors, relating to, or associated with, evaluating and making investments; (d) expenses incurred by the Adviser or the Administrator payable to third parties, including agents, consultants, attorneys or other
advisors, relating to or associated with monitoring the financial and legal affairs for the Company, providing administrative services, monitoring or administering the Companys investments and performing due diligence reviews of prospective
investments and the corresponding portfolio companies; (e) costs associated with the Companys reporting and compliance obligations under the Investment Company Act of 1940, the Securities Exchange Act of 1934, as amended, and other
applicable federal or state securities laws; (f) fees and expenses incurred in connection with debt incurred to finance the Companys investments or operations, and payment of interest and repayment of principal on such debt;
(g) expenses related to sales and purchases of Units and other securities; (h) Management Fees and Incentive Fees; (i) administrator fees, if any, payable under the Administration Agreement; (j) transfer agent, sub-administrator and custodial fees; (k) expenses relating to the issue, repurchase and transfer of Units to the extent not borne by the relevant transferring Unitholders and/or assignees; (l) federal and
state registration fees; (m) federal, state and local taxes and other governmental charges assessed against the Company; (n) independent directors fees and expenses and the costs associated with convening a meeting of the
Companys board of directors or any committee thereof; (o) fees and expenses and the costs associated with convening a meeting of the Unitholders or holders of any Preferred Units of the Company, as well as the compensation of an investor
relations professional responsible for the coordination and administration of the foregoing; (p) costs of any reports, proxy statements or other notices to Unitholders, including printing and mailing costs; (q) costs and expenses related
to the preparation of the Companys consolidated financial statements and tax returns; (r) the Companys allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance
premiums; (s) direct costs and expenses of administration, including printing, mailing, long distance telephone, and copying; (t) independent auditors and outside legal costs, including legal costs associated with any requests for
exemptive relief, no-action positions or other guidance sought from a regulator, pertaining to the Company; (u) compensation of other third party professionals to the extent they are devoted
to preparing the Companys consolidated financial statements or tax returns or providing similar back office financial services to the Company; (v) Adviser costs and expenses (excluding travel) in connection with identifying
and investigating investment opportunities for the Company, monitoring the investments of the Company and disposing of any such investments; (w) portfolio risk management costs; (x) commissions or brokerage fees or similar charges incurred
in connection with the purchase or sale of securities (including merger fees); (y) costs and



F-24



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##### Table of Contents

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Continued)

(dollar amounts in thousands, except for unit data)

December 31, 2019



4. Agreements and Related Party Transactions (Continued)



expenses attributable to normal and extraordinary investment banking, commercial banking, accounting, auditing, appraisal, valuation, administrative agent activities, custodial and registration
services provided to the Company, including in each case services with respect to the proposed purchase or sale of securities by the Company that are not reimbursed by the issuer of such securities or others (whether or not such purchase or sale is
consummated); (z) costs of amending, restating or modifying the LLC Agreement or Advisory Agreement or related documents of the Company or related entities; (aa) fees, costs, and expenses incurred in connection with the termination, liquidation or
dissolution of the Company or related entities and (bb) all other properly and reasonably chargeable expenses incurred by the Company or the Administrator in connection with administering the Companys business. Notwithstanding the
foregoing, in the event of a Reorganization (as defined in the LLC Agreement) that results in a Public Company (as defined in the LLC Agreement) or an Extension Fund (as defined in the LLC Agreement), including a Reorganization (as defined in the
LLC Agreement) pursuant to which the Company becomes the Public Company (as defined in the LLC Agreement) or the Extension Fund (as defined in the LLC Agreement), the fees, costs and expenses associated with any such restructuring, initial public
offering, listing of equity securities or reorganization will be borne appropriately by the Public Company (as defined in the LLC Agreement) and the Extension Fund (as defined in the LLC Agreement) (and indirectly only by Unitholders that elect to
become investors in the Public Company (as defined in the LLC Agreement) or the Extension Fund (as defined in the LLC Agreement)), as the case may be, and no others will directly or indirectly bear such fees, costs or expenses.

However, the Company will not bear (a) more than an amount equal to 10 basis points of investors aggregate Commitments for organizational expenses
and offering expenses in connection with the offering of Units through the date that is six months after the Initial Closing Date, as it may be extended by the Adviser, and (b) more than an amount equal to 12.5 basis points of aggregate
Commitments computed annually for Company Expenses; provided, that, any amount by which actual annual expenses in (b) exceed the 12.5 basis point limit shall be carried over to the next year, without limitation, as additional expense until the
earlier of the Reorganization (as defined in the LLC Agreement) or the dissolution of the Company, with any partial year assessed on a pro rata basis; and provided, further, that in determining the Company Expenses subject to the 12.5 basis point
limit in (b), the following expenses shall be excluded and shall be borne by the Company as incurred without regard to the 12.5 basis point limit in (b): the Management Fee, the Incentive Fee, organizational and offering expenses (which are subject
to the separate cap), amounts incurred in connection with the Companys borrowings (including interest, bank fees, legal fees and other transactional expenses arising out of or related to any borrowing or borrowing facility and similar costs),
transfer agent fees, federal, state and local taxes and other governmental charges assessed against the Company, out-of-pocket expenses of calculating the Companys
net asset value (including the cost and expenses of any independent valuation firm engaged for that purpose and the costs and expenses of the valuation of the Companys portfolio investments performed by the Companys independent auditors
in order to comply with applicable Public Company Accounting Oversight Board standards), out-of-pocket costs and expenses incurred in connection with arranging or
structuring investments and their ongoing operations (including expenses and liabilities related to the formation and ongoing operations of any special purpose entity or entities in connection with an investment), out-of-pocket legal costs associated with any requests for exemptive relief, no-action positions or other guidance sought from a regulator pertaining to the
Company, out-of-pocket costs and expenses relating to any Reorganization (as defined in the LLC Agreement) or liquidation of the Company, and any extraordinary expenses
(such as litigation expenses and indemnification payments). Notwithstanding the foregoing, in no event will the Company carryforward to future periods the amount by which actual annual Company Expenses for a year exceed the 12.5 basis point limit
for more than three years from the date on which such expenses were reimbursed.

Adviser Operating Expenses means overhead and operating and
administrative expenses incurred by or on behalf of the Adviser or any of its affiliates, including the Company, in connection with maintaining and operating the Advisers office, including salaries and other compensation (including
compensation due to its officers), rent, routine office equipment expense and liability and insurance premiums (other than those incurred in maintaining fidelity bonds and indemnitee insurance policies), in furtherance of providing supervisory
investment management services for the Company. Adviser Operating Expenses also includes any expenses incurred by the Adviser or its Affiliates in connection with the Advisers registration as an investment adviser under the Investment Advisers
Act of 1940, as amended, or with its compliance as a registered investment adviser thereunder.

All Adviser Operating Expenses and all expenses of the
Company that the Company will not bear will, as set forth above, will be borne by the Adviser or its affiliates.





F-25



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##### Table of Contents

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Continued)

(dollar amounts in thousands, except for unit data)

December 31, 2019



5. Commitments and Contingencies

The Company had the following unfunded commitments and unrealized depreciation by investment as of December 31, 2019 and 2018:



|                                             |  |                      |                |  |                        |   |        |                   |  |   |                        |  |  |   |        |  |  |   |     | 
|-------------------------------------------- |  | -------------------- | -------------- |  | ---------------------- | - | ------ | ----------------- |  | - | ---------------------- |  |  | - | ------ |  |  | - | --- | 
|                                             |  | Maturity /Expiration |                |  | December 31, 2019      |   |        | December 31, 2018 | 
|Unfunded Commitments                         |  | Amount               |                |  | UnrealizedDepreciation |   |        | Amount            |  |   | UnrealizedDepreciation | 
|AMCP Staffing Intermediate Holdings III, LLC |  |                      | September 2025 |  |                        | $ | 2,767  |                   |  | $ | 28                     |  |  | $ |       |  |  | $ |    | 
|Caiman Merger Sub LLC                        |  |                      | November 2024  |  |                        |   | 1,031  |                   |  |   | 8                      |  |  |   |       |  |  |   |    | 
|Dura-Supreme Holdings, Inc.                  |  |                      | October 2024   |  |                        |   | 1,514  |                   |  |   | 6                      |  |  |   |       |  |  |   |    | 
|GEON Performance Solutions, LLC              |  |                      | October 2024   |  |                        |   | 3,133  |                   |  |   | 19                     |  |  |   |       |  |  |   |    | 
|Encompass Digital Media, Inc.                |  |                      | September 2023 |  |                        |   | 794    |                   |  |   | 18                     |  |  |   | 2,167  |  |  |   | 30  | 
|FM Restaurants Holdco, LLC                   |  |                      | November 2024  |  |                        |   | 1,062  |                   |  |   | 6                      |  |  |   |       |  |  |   |    | 
|FM Restaurants Holdco, LLC                   |  |                      | November 2024  |  |                        |   | 4,827  |                   |  |   | 29                     |  |  |   |       |  |  |   |    | 
|Gold Star Foods Inc.                         |  |                      | April 2020     |  |                        |   | 2,754  |                   |  |   | 8                      |  |  |   |       |  |  |   |    | 
|Gold Star Foods Inc.                         |  |                      | October 2024   |  |                        |   | 4,589  |                   |  |   | 14                     |  |  |   |       |  |  |   |    | 
|Hometown Food Company                        |  |                      | August 2023    |  |                        |   | 5,881  |                   |  |   | 82                     |  |  |   | 5,881  |  |  |   | 77  | 
|Mondee Holdings LLC                          |  |                      | December 2024  |  |                        |   | 8,613  |                   |  |   | 146                    |  |  |   |       |  |  |   |    | 
|Need It Now Delivers, LLC                    |  |                      | December 2020  |  |                        |   | 6,025  |                   |  |   | 24                     |  |  |   |       |  |  |   |    | 
|Powerhouse Intermediate, LLC                 |  |                      | October 2024   |  |                        |   | 2,423  |                   |  |   | 10                     |  |  |   |       |  |  |   |    | 
|SMTC Corporation                             |  |                      | May 2019       |  |                        |   |       |                   |  |   |                       |  |  |   | 3,902  |  |  |   | 144 | 
|United Poly System Holding, Inc.             |  |                      | June 2024      |  |                        |   | 6,506  |                   |  |   | 215                    |  |  |   |       |  |  |   |    | 
|WDE TorcSill Holdings LLC                    |  |                      | October 2024   |  |                        |   | 7,302  |                   |  |   | 73                     |  |  |   |       |  |  |   |    | 
|Wellbore Integrity Solutions                 |  |                      | December 2020  |  |                        |   | 953    |                   |  |   | 4                      |  |  |   |       |  |  |   |    | 
|Winsight, LLC                                |  |                      | November 2023  |  |                        |   | 13,887 |                   |  |   | 83                     |  |  |   | 2,217  |  |  |   | 16  | 
|Winsight, LLC                                |  |                      | November 2021  |  |                        |   | 2,217  |                   |  |   | 13                     |  |  |   | 18,842 |  |  |   | 132 | 
|                                             |  |                      |                |  |                        |   |        |                   |  |   |                        |  |  |   |        |  |  |   |     | 
|Total                                        |  |                      |                |  |                        | $ | 76,278 |                   |  | $ | 786                    |  |  | $ | 33,009 |  |  | $ | 399 | 
|                                             |  |                      |                |  |                        |   |        |                   |  |   |                        |  |  |   |        |  |  |   |     | 

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its
business. As of December 31, 2019, the Company is not aware of any pending or threatened litigation.

In the normal course of business, the Company
enters into contracts which provide a variety of representations and warranties, and that provide general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to the Company
under these arrangements is unknown as it would involve future claims that may be made against the Company; however, based on the Companys experience, the risk of loss is remote and no such claims are expected to occur. As such, the Company
has not accrued any liability in connection with such indemnifications.



F-26



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##### Table of Contents

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Continued)

(dollar amounts in thousands, except for unit data)

December 31, 2019



6. Members Capital

The Companys Unit activity for the years ended December 31, 2019 and 2018; and for the period from August 18, 2017 (Inception) to
December 31, 2017, was as follows:



|                                            |  |                         |            |  |                                                      |  |            |      |  |  |    | 
|------------------------------------------- |  | ----------------------- | ---------- |  | ---------------------------------------------------- |  | ---------- | ---- |  |  | -- | 
|                                            |  | Year Ended December 31, |            |  | Period fromAugust 18, 2017(Inception) toDecember 31, | 
|                                            |  | 2019                    |            |  | 2018                                                 |  |            | 2017 | 
|Units at beginning of period                |  |                         | 10,672,260 |  |                                                      |  | 10         |      |  |  |   | 
|Units issued and committed                  |  |                         | 3,061,750  |  |                                                      |  | 10,672,250 |      |  |  | 10 | 
|                                            |  |                         |            |  |                                                      |  |            |      |  |  |    | 
|Units issued and committed at end of period |  |                         | 13,734,010 |  |                                                      |  | 10,672,260 |      |  |  | 10 | 
|                                            |  |                         |            |  |                                                      |  |            |      |  |  |    | 

No deemed distributions and contributions were processed during the years ended December 31, 2019 and 2018, or for the
period from August 18, 2017 to December 31, 2017.

7. Credit Facilities

On May 10, 2018, the Company entered into a Revolving Credit Agreement (the Natixis Credit Agreement) among the Company, as borrower, and
Natixis, New York Branch (Natixis), as administrative agent and the committed lenders, conduit lenders and funding agents. The Natixis Credit Agreement provides for a revolving credit line (the Natixis Revolving Credit
Facility) of up to $150,000 (the Natixis Maximum Commitment), subject to the lesser of the Natixis Borrowing Base assets or the Natixis Maximum Commitment. The Natixis Borrowing Base assets equal the sum of a percentage
of unfunded commitments from certain classes of eligible investors in the Company (the Natixis Available Commitment). The Natixis Revolving Credit Facility is generally secured by the Natixis Borrowing Base assets.

The Natixis Maximum Commitment may be periodically increased in amounts designated by the Company, up to an aggregate amount of $1 billion. The maturity
date of the Natixis Credit Agreement is May 10, 2021, unless such date is extended at the Companys option no more than two times for a term of up to 364 days after the maturity date per such extension. Borrowings under the Natixis Credit
Agreement bear interest at a rate equal to either (a) a base rate calculated in a customary manner plus 0.55% or (b) an adjusted eurodollar rate calculated in a customary manner plus 1.55%. On September 21, 2018, the Natixis Maximum
Commitment increased from $150,000 to $275,000. On November 5, 2018, the Natixis Maximum Commitment increased from $275,000 to $400,000.

The Natixis
Revolving Credit Facility is secured by a first priority security interest, subject to customary exceptions, in (i) all of the capital commitments of the investors in the Company, (ii) the Companys right to make capital calls,
receive payment of capital contributions from the investors and enforce payment of the capital commitments and capital contributions under the Companys operating agreement and (iii) a cash collateral account into which the capital
contributions from the investors are made. The Natixis Revolving Credit Facility may be terminated, and any outstanding amounts thereunder may become due and payable, should the Company fail to satisfy certain covenants. As of December 31,
2019, the Company was in compliance with such covenants.

As of December 31, 2019 and 2018, the Natixis Borrowing Base assets were less than the
Natixis Maximum Commitment. A summary of amounts outstanding and available under the Natixis Revolving Credit Facility as of December 31, 2019 and 2018 was as follows:



|                                  |  |                   |         |  |                       |   |         |                    |  |   |        | 
|--------------------------------- |  | ----------------- | ------- |  | --------------------- | - | ------- | ------------------ |  | - | ------ | 
|Natixis Revolving Credit Facility |  | MaximumCommitment |         |  | BorrowingsOutstanding |   |         | AvailableAmount(1) | 
|As of December 31, 2019           |  | $                 | 400,000 |  |                       | $ | 252,000 |                    |  | $ | 30,866 | 
|As of December 31, 2018           |  | $                 | 400,000 |  |                       | $ | 300,000 |                    |  | $ | 55,000 | 



|(1) | The amount available considers any limitations related to the debt facility borrowing.
|--- | --------------------------------------------------------------------------------------



F-27



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##### Table of Contents

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Continued)

(dollar amounts in thousands, except for unit data)

December 31, 2019



7. Credit Facilities (Continued)



On January 29, 2019, TCW DL VII Financing LLC (the Borrower or TCW DL VII
Financing), a newly-formed, wholly-owned, special purpose financing subsidiary of the Company, entered into a senior secured credit facility (the PNC Credit Facility and together with the Natixis Revolving Credit Facility, the
Credit Facilities) pursuant to a credit and security agreement (the PNC Credit Agreement) with PNC Bank, National Association (PNC), as facility agent, the lenders from time to time party thereto, and State Street
Bank and Trust Company, as collateral agent.

Under the PNC Credit Facility, the lenders have agreed to extend credit to the Borrower in an aggregate
principal amount of up to $400,000 of revolving and term loans (the PNC Maximum Commitment), subject to compliance with a borrowing base (the PNC Borrowing Base). The PNC Maximum Commitment may be periodically increased in
amounts designated by the Borrower up to an aggregate principal amount of $900,000, subject to lender consent and obtaining commitments for the increase. The Borrower may make borrowings of (i) a revolving loan (the PNC Revolving Credit
Facility and together with the Natixis Revolving Credit Facility, the Revolving Credit Facilities) under the PNC Credit Facility during the period commencing January 29, 2019 and ending on January 29, 2022 and (ii) a
term loan (the PNC Term Loan) under the PNC Credit Facility during the period which commenced on January 29, 2019 and ended on January 29, 2020, unless, in the case of (i) and (ii), there is an earlier termination of the
PNC Credit Facility or event of default thereunder. The PNC Credit Facility will mature on January 29, 2024. Loans under the PNC Credit Facility bear interest at a fluctuating rate of interest per annum equal to, at the Borrowers option,
either (i) three-month LIBOR plus the facility margin of 2.30% per annum or (ii) the Base Rate plus the facility margin of 2.30% per annum.

On
April 11, 2019, the Borrower amended and restated the PNC Credit Agreement (as amended, the Amended PNC Credit Agreement) for the PNC Credit Facility. The Amended PNC Credit Agreement, among other things, (a) increased the
total commitments under the PNC Credit Facility from $400,000 to $600,000 (the Amended PNC Maximum Commitment) and (b) made certain modifications to the calculation of the borrowing base under the prior facility, including the
eligibility requirements of collateral obligations pledged under the PNC Credit Facility and loan portfolio concentration limits.

The Borrowers
obligations under the PNC Credit Facility are secured by a first priority security interest in all of the assets of the Borrower, including its portfolio of loans has been contributed by the Company to the Borrower in exchange for 100% of the
membership interests of the Borrower and any payments received in respect of such loans. The Company may contribute or sell to the Borrower additional loans from time to time after the closing date, which shall be pledged in favor of the lenders
under the PNC Credit Facility.

Under the PNC Credit Facility, the Borrower has made customary representations and warranties and is required to comply
with various affirmative and negative covenants, reporting requirements and other customary requirements for similar credit facilities. The PNC Credit Facility also includes events of default that are customary for similar credit facilities. As of
December 31, 2019, the Borrower was in compliance with such covenants.

Borrowings of the
Borrower are non-recourse to the Company but are considered borrowings of the Company for purposes of complying with the asset coverage requirements under the Investment Company Act of
1940, as amended.

As of December 31, 2019, the PNC Borrowing Base assets were greater than the Amended PNC Maximum Commitment. A summary of amounts
outstanding and available under the PNC Credit Facility as of December 31, 2019 is as follows:



|                        |  |                   |         |  |                       |   |         |                    |  |   |        | 
|----------------------- |  | ----------------- | ------- |  | --------------------- | - | ------- | ------------------ |  | - | ------ | 
|PNC Credit Facility     |  | MaximumCommitment |         |  | BorrowingsOutstanding |   |         | AvailableAmount(1) | 
|As of December 31, 2019 |  | $                 | 600,000 |  |                       | $ | 505,000 |                    |  | $ | 95,000 | 

(1) The amount available considers any limitations related to the facility borrowing.



F-28



---

##### Table of Contents

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Continued)

(dollar amounts in thousands, except for unit data)

December 31, 2019



7. Credit Facilities (Continued)



Borrowings under the PNC Credit Facility as of December 31, 2019 consisted of $325,000 from the PNC
Revolving Credit Facility (i.e., revolving line of credit) and $180,000 of PNC Term Loan.

The Company incurred financing costs of $3,463 and $4,433, in
connection with the Natixis Credit Agreement and the PNC Credit Agreement, respectively. In addition, the Company incurred an additional $2,070 in financing costs in connection with the Amended PNC Credit Agreement. Cost associated with the
Revolving Credit Facilities were recorded by the Company as deferred financing costs on its Consolidated Statements of Assets and Liabilities and are being amortized over the respective lives of the Natixis Revolving Credit Facility and PNC
Revolving Credit Facility. As of December 31, 2019 and 2018, $5,574 and $2,454, respectively, of such deferred financing costs had yet to be amortized. Costs associated with the PNC Term Loan are deferred and amortized over the term of the PNC
Term Loan. Such deferred financing costs are netted against the carrying value of the PNC Term Loan on the Companys Consolidated Statements of Assets and Liabilities.

A reconciliation of amounts presented on the Companys Consolidated Statements of Assets and Liabilities versus amounts outstanding on the PNC Term Loan
is as follows:



|                                                                                     |  |                    |         |  
|------------------------------------------------------------------------------------ |  | ------------------ | ------- | -
|                                                                                     |  | As of December 31, |        
|                                                                                     |  | 2019               |        
|Principal amount outstanding on PNC Term Loan                                        |  | $                  | 180,000 |  
|Deferred financing costs                                                             |  |                    | (1,613  | )
|                                                                                     |  |                    |         |  
|PNC Term Loan(as presented on the Consolidated Statements of Assets and
Liabilities) |  | $                  | 178,387 |  
|                                                                                     |  |                    |         |  

The carrying amounts of the Credit Facilities, which are categorized as Level 2 within the fair value hierarchy as of
December 31, 2019 and December 31, 2018, approximates their respective fair values. Valuation techniques and significant inputs used to determine fair value include Company details; credit, market and liquidity risk and events; financial
health of the Company; place in the capital structure; interest rate; and the Credit Facilities terms and conditions.

The summary information
regarding the Credit Facilities for the years ended December 31, 2019 and 2018 was as follows:



|                                         |  |                         |         |   |      |   |         |  
|---------------------------------------- |  | ----------------------- | ------- | - | ---- | - | ------- | -
|                                         |  | Year Ended December 31, |        
|                                         |  | 2019                    |         |   | 2018 |  
|Credit Facilities interest expense       |  | $                       | 19,323  |   |      | $ | 2,821   |  
|Unused fees                              |  |                         | 2,372   |   |      |   | 201     |  
|Administrative fees                      |  |                         | 50      |   |      |   | 50      |  
|Amortization of deferred financing costs |  |                         | 2,314   |   |      |   | 510     |  
|                                         |  |                         |         |   |      |   |         |  
|Total                                    |  | $                       | 24,059  |   |      | $ | 3,582   |  
|                                         |  |                         |         |   |      |   |         |  
|Weighted average interest rate           |  |                         | 4.57    | % |      |   | 2.52    | %
|Average outstanding balance              |  | $                       | 416,797 |   |      | $ | 111,456 |  

8. Income Taxes

The
Company has elected to be regulated as a BDC under the 1940 Act and has elected to be treated as a RIC under the Code. So long as the Company maintains its status as a RIC, it will generally not pay corporate-level U.S. Federal income or excise
taxes on any ordinary income or capital gains that it distributes at least annually to its Unitholders as dividends. The Company elected to be taxed as a RIC in 2018. The Company evaluates tax positions taken or expected to be taken in the course of
preparing its consolidated financial statements to determine whether the tax positions are more-likely-than-not to be sustained by the applicable tax authority. Tax positions not deemed to meet the
more-likely-than-not threshold are reversed and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense.
Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations
thereof.



F-29



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##### Table of Contents

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Continued)

(dollar amounts in thousands, except for unit data)

December 31, 2019



8. Income Taxes (Continued)



Federal Income Taxes: It is the policy of the Company to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and distribute all of its net taxable income and any net realized gains on investments to its shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2019 and 2018, the Companys aggregate investment unrealized appreciation and depreciation for federal income tax purposes were
as follows:



|                                                    |  |                    |           |  |      |   |         | 
|--------------------------------------------------- |  | ------------------ | --------- |  | ---- | - | ------- | 
|                                                    |  | As of December 31, |          
|                                                    |  | 2019               |           |  | 2018 |  
|Cost of investments for federal income tax purposes |  | $                  | 1,531,227 |  |      | $ | 687,614 | 
|Unrealized appreciation                             |  | $                  | 21,471    |  |      | $ | 4,804   | 
|Unrealized depreciation                             |  | $                  | 10,322    |  |      | $ | 1,229   | 
|Net unrealized appreciation on investments          |  | $                  | 11,149    |  |      | $ | 3,575   | 

The following reclassification has been made for the permanent difference between book and tax accounting as of
December 31, 2019. This difference result primarily from dividend re-designations. No reclassifications were made for the permanent differences between book and tax accounting as of December 31, 2018.



|                                                                                                          |  |              |     | 
|--------------------------------------------------------------------------------------------------------- |  | ------------ | --- | 
|                                                                                                          |  | December 31, |    
|                                                                                                          |  | 2019         |    
|Tax reclassification of distributions from net investment income to distributions from net
realized gains |  | $            | 758 | 

The tax character of shareholder distributions attributable to the years ended December 31, 2019 and 2018 was as follows:



|                                   |  |                         |        |  |      |   |       | 
|---------------------------------- |  | ----------------------- | ------ |  | ---- | - | ----- | 
|                                   |  | Year Ended December 31, |       
|                                   |  | 2019                    |        |  | 2018 |  
|Paid distribution attributable to: |  |                         |        |  |      |   |       | 
|Ordinary income                    |  | $                       | 48,361 |  |      | $ | 6,500 | 
|Return of capital                  |  | $                       | 4,639  |  |      | $ |      | 

The tax components of distributable earnings on a tax basis for the years ended December 31, 2019 and 2018 were as
follows:



|                                              |  |                         |        |  |      |   |       | 
|--------------------------------------------- |  | ----------------------- | ------ |  | ---- | - | ----- | 
|                                              |  | Year Ended December 31, |       
|                                              |  | 2019                    |        |  | 2018 |  
|Paid distribution attributable to:            |  |                         |        |  |      |   |       | 
|Net tax appreciation                          |  | $                       | 11,149 |  |      | $ | 3,575 | 
|Undistributed ordinary income                 |  | $                       |       |  |      | $ | 146   | 
|Other cumulative effect of timing differences |  | $                       | 12,783 |  |      | $ |      | 

Other cumulative effect of timing differences $12,783 (disclose under the 2019 column) and $ - for 2018.

The Company did not have any unrecognized tax benefits as of December 31, 2019 and 2018, nor were there any increases or decreases in unrecognized tax
benefits for the period then ended; therefore, no interest or penalties were accrued. The Company is subject to examination by the U.S federal and state tax authorities for returns filed for the prior two years.





F-30



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##### Table of Contents

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Continued)

(dollar amounts in thousands, except for unit data)

December 31, 2019



9. Financial Highlights

Selected data for a unit outstanding throughout the years ended December 31, 2019 and 2018 is presented below.



|                                                                              |  |                                 |            |   |         |   |            |  
|----------------------------------------------------------------------------- |  | ------------------------------- | ---------- | - | ------- | - | ---------- | -
|                                                                              |  | For the Year Ended December 31, |           
|                                                                              |  | 2019(1)                         |            |   | 2018(1) |  
|Net Asset Value Per Unit (accrual base), Beginning of Period                  |  | $                               | 100.23     |   |         | $ | 100.00     |  
|                                                                              |  |                                 |            |   |         |   |            |  
|Net Decrease in Common Unitholder NAV from Prior Period                       |  |                                 | (0.05      | ) |         |   |           |  
|                                                                              |  |                                 |            |   |         |   |            |  
|Income from Investment Operations:                                            | 
|Net investment income(1)                                                      |  |                                 | 2.57       |   |         |   | 0.44       |  
|Net realized and unrealized gain                                              |  |                                 | 0.60       |   |         |   | 0.45       |  
|                                                                              |  |                                 |            |   |         |   |            |  
|Total from investment operations                                              |  |                                 | 3.17       |   |         |   | 0.89       |  
|Less Distributions:                                                           | 
|From distributable earnings                                                   |  |                                 | (3.65      | ) |         |   | (0.61      | )
|From return of capital                                                        |  |                                 | (0.34      | ) |         |   |           |  
|                                                                              |  |                                 |            |   |         |   |            |  
|Total distributions(2)                                                        |  |                                 | (3.99      | ) |         |   | (0.61      | )
|                                                                              |  |                                 |            |   |         |   |            |  
|Offering costs, net of offering costs reimbursed                              |  |                                 |           |   |         |   | (0.05      | )
|Net Asset Value Per Unit (accrual base), End of Period                        |  | $                               | 99.36      |   |         | $ | 100.23     |  
|                                                                              |  |                                 |            |   |         |   |            |  
|Unitholder Total Return(3)                                                    |  |                                 | 9.0        | % |         |   | 5.6        | %
|                                                                              |  |                                 |            |   |         |   |            |  
|Unitholder IRR before incentive
fees(4)                                       |  |                                 | 11.1       | % |         |   | 8.5        | %
|                                                                              |  |                                 |            |   |         |   |            |  
|Unitholder IRR after all fees and
expenses(4)                                 |  |                                 | 9.0        | % |         |   | 8.5        | %
|                                                                              |  |                                 |            |   |         |   |            |  
|Ratios and Supplemental Data                                                  | 
|Members Capital, end of period                                               |  | $                               | 816,230    |   |         | $ | 401,404    |  
|Units outstanding, end of period                                              |  |                                 | 13,734,010 |   |         |   | 10,672,260 |  
|Ratios based on average net assets of Members Capital:                       | 
|Ratio of total expenses to average net assets                                 |  |                                 | 10.29      | % |         |   | 6.46       | %
|Expenses reimbursed by Adviser                                                |  |                                 |           | % |         |   | 0.37       | %
|Ratio of net expenses to average net assets                                   |  |                                 | 10.29      | % |         |   | 6.83       | %
|Ratio of financing cost to average net assets                                 |  |                                 | 4.72       | % |         |   | 2.91       | %
|Ratio of net investment income before expense recapture to average net assets |  |                                 | 6.94       | % |         |   | 4.20       | %
|Ratio of net investment income to average net assets                          |  |                                 | 6.94       | % |         |   | 3.84       | %
|Ratio of incentive fees to average net assets                                 |  |                                 | 2.39       | % |         |   |           | %
|Credit facilities payable                                                     |  |                                 | 755,387    |   |         |   | 300,000    |  
|Asset coverage ratio                                                          |  |                                 | 2.1        |   |         |   | 2.3        |  
|Portfolio turnover rate                                                       |  |                                 | 13.0       | % |         |   | 67.0       | %



|(1) | Per unit data was calculated using the number of Common Units issued and outstanding as of December 31,
2019 and 2018, respectively.
|--- | ------------------------------------------------------------------------------------------------------------------------------------

Excludes return of unused capital.

|(3) | The Total Return for the years ended December 31, 2019 and 2018 was calculated by taking the net
investment income of the Company for the period divided by the weighted average capital contributions from the Members during the period. The return is net of management fees and expenses.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(4) | The IRR since inception for the Common Unitholders, after management fees, financing costs and operating
expenses, but before incentive fees is 11.1%. The IRR since inception for the Common Unitholders, after management fees, financing costs, operating expenses and Advisor incentive fees is 9.0%. The IRR is computed based on cash flow due dates
contained in notices to Members (contributions from and distributions to the Unitholders) and the net assets (residual value) of the Members Capital account at period end. The IRR is calculated based on the fair value of investments using
principles and methods in accordance with GAAP and does not necessarily represent the amounts that may be realized from sales or other dispositions. Accordingly, the return may vary significantly upon realization.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Continued)

(dollar amounts in thousands, except for unit data)

December 31, 2019



10. Selected Quarterly Financial Data (unaudited)

The following are the quarterly results of operations for the years ended December 31, 2019 and 2018. The following information reflects all normal
recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period.





|                                                 |  |                  |        |   |                   |   |        |              |  |   |               |   |  |   |        | 
|------------------------------------------------ |  | ---------------- | ------ | - | ----------------- | - | ------ | ------------ |  | - | ------------- | - |  | - | ------ | 
|                                                 |  | Quarter Ended    |       
|                                                 |  | December 31,2019 |        |   | September 30,2019 |   |        | June 30,2019 |  |   | March 31,2019 |  
|Total investment income                          |  | $                | 31,043 |   |                   | $ | 24,893 |              |  | $ | 17,264        |   |  | $ | 14,548 | 
|Net investment income                            |  |                  | 14,787 |   |                   |   | 8,512  |              |  |   | 8,641         |   |  |   | 3,418  | 
|Net realized and unrealized (losses) gains       |  |                  | (1,220 | ) |                   |   | 4,780  |              |  |   | (556          | ) |  |   | 5,329  | 
|Net increase in Members Capital from operations |  |                  | 13,567 |   |                   |   | 13,292 |              |  |   | 8,085         |   |  |   | 8,747  | 
|Basic and diluted earnings (loss) per Unit       |  |                  | 0.99   |   |                   |   | 0.97   |              |  |   | (0.59         | ) |  |   | 0.65   | 
|Net asset value per unit at quarter end          |  |                  | 99.36  |   |                   |   | 102.23 |              |  |   | 101.26        |   |  |   | 100.68 | 



|                                                            |  |                  |        |   |                   |   |        |              |  |   |               |   |  |   |        | 
|----------------------------------------------------------- |  | ---------------- | ------ | - | ----------------- | - | ------ | ------------ |  | - | ------------- | - |  | - | ------ | 
|                                                            |  | Quarter Ended    |       
|                                                            |  | December 31,2018 |        |   | September 30,2018 |   |        | June 30,2018 |  |   | March 31,2018 |  
|Total investment income                                     |  | $                | 10,191 |   |                   | $ | 2,582  |              |  | $ | 359           |   |  | $ |       | 
|Net investment income (loss)                                |  |                  | 6,082  |   |                   |   | (434   | )            |  |   | (925          | ) |  |   |       | 
|Net realized and unrealized (losses) gains                  |  |                  | (344   | ) |                   |   | 4,751  |              |  |   | 407           |   |  |   |       | 
|Net increase (decrease) in Members Capital from operations |  |                  | 5,738  |   |                   |   | 4,317  |              |  |   | (518          | ) |  |   |       | 
|Basic and diluted earnings (loss) per Unit                  |  |                  | 0.54   |   |                   |   | 0.61   |              |  |   | (0.10         | ) |  |   |       | 
|Net asset value per unit at quarter end                     |  |                  | 100.23 |   |                   |   | 100.54 |              |  |   | 99.90         |   |  |   | 100.00 | 



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##### Table of Contents

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Continued)

(dollar amounts in thousands, except for unit data)

December 31, 2019



11. Subsequent Events

The Company has evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no subsequent events that
require recognition or disclosure in these consolidated financial statements other than those described below.

The recent global outbreak of COVID-19 has
disrupted economic markets and the prolonged economic impact is uncertain. The operational and financial performance of the portfolio companies in which we make investments in depends on future developments, including the duration and spread of the
outbreak, and such uncertainty may in turn impact the valuation of our investments.



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