# EDGAR Filing Document

**Accession Number:** 0001603480
**File Stem:** 0001193125-25-279849
**Filing Date:** 2025-11
**Character Count:** 257327
**Document Hash:** 40b0f1d1b8f76c58d6e0fa3a59489e02
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-279849.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001193125-25-279849

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 71

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TCW Direct Lending LLC
- **CENTRAL INDEX KEY:** 0001603480

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01069
- **FILM NUMBER:** 251477408

**BUSINESS ADDRESS:**
- **STREET 1:** 515 SOUTH FLOWER ST
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 213-244-0000

**MAIL ADDRESS:**
- **STREET 1:** 515 SOUTH FLOWER ST
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TCW Investment Corp.
- **DATE OF NAME CHANGE:** 20140324

?xml version='1.0' encoding='ASCII'? 10-Q

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, DC 20549** 

------

**FORM** 10-Q

------

**(Mark One)** 

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.** 

**For the quarterly period ended** **September 30,** 2025

**OR** 

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

**For the transition period from to** 

**Commission file number** 814-01069

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TCW DIRECT LENDING LLC

**(Exact Name of Registrant as Specified in Its Charter)** 

---

| | |
|:---|:---|
| Delaware | 46-5327366 |
| **(State or Other Jurisdiction of**<br>**Incorporation or Organization)** | **(I.R.S. Employer**<br>**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**<br>| &nbsp;&nbsp;&nbsp;**Trading Symbol(s)**<br>| &nbsp;&nbsp;&nbsp;**Name of each exchange on which registered**<br>|
| **None** | **Not applicable** | **Not applicable** |

---

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Large accelerated filer | &nbsp;&nbsp;&nbsp;&nbsp;☐ | &nbsp;&nbsp;&nbsp;&nbsp;Accelerated filer | &nbsp;&nbsp;&nbsp;&nbsp;☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Accelerated filer | &nbsp;&nbsp;&nbsp;&nbsp;☒ | &nbsp;&nbsp;&nbsp;&nbsp;Smaller reporting company | &nbsp;&nbsp;&nbsp;&nbsp;☐ |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company | &nbsp;&nbsp;&nbsp;&nbsp;☐ |

---

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

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

As of September 30, 2025, there was no established public market for the Registrant's common units. The number of the Registrant's common units outstanding at November 13, 2025 was 18,034,649.

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

------

**TCW DIRECT LENDING LLC** 

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

**Table of Contents** 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**INDEX**<br>| &nbsp;&nbsp;&nbsp;**PAGE**<br>**NO.** <br>|
| &nbsp;&nbsp;PART I. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL INFORMATION |  |
| &nbsp;&nbsp;Item 1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Schedules of Investments as of September 30, 2025 (unaudited) and December 31, 2024</u>](#soi_cq_py) | &nbsp;&nbsp;3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Assets and Liabilities as of September 30, 2025 (unaudited) and December 31, 2024</u>](#statements_of_assets_and_liabilities) | &nbsp;&nbsp;13 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (unaudited)</u>](#statements_of_operations) | &nbsp;&nbsp;14 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Changes in Members' Capital for the three and nine months ended September 30, 2025 and 2024 (unaudited)</u>](#consolidated_statement_of_changes_in_mc) | &nbsp;&nbsp;15 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited)</u>](#cash_flows) | &nbsp;&nbsp;17 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to Consolidated Financial Statements (unaudited)</u>](#notes_to_financial_statements) | &nbsp;&nbsp;18 |
| &nbsp;&nbsp;Item 2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#tx220563_7) | &nbsp;&nbsp;36 |
| &nbsp;&nbsp;Item 3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#tx220563_8) | &nbsp;&nbsp;48 |
| &nbsp;&nbsp;Item 4. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Controls and Procedures</u>](#tx220563_9) | &nbsp;&nbsp;48 |
| &nbsp;&nbsp;PART II. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>OTHER INFORMATION</u>](#tx220563_10) | &nbsp;&nbsp;48 |
| &nbsp;&nbsp;Item 1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Legal Proceedings</u>](#tx220563_11) | &nbsp;&nbsp;48 |
| &nbsp;&nbsp;Item 1A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Risk Factors</u>](#tx220563_12) | &nbsp;&nbsp;49 |
| &nbsp;&nbsp;Item 2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#tx220563_13) | &nbsp;&nbsp;49 |
| &nbsp;&nbsp;Item 3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Defaults Upon Senior Securities</u>](#tx220563_14) | &nbsp;&nbsp;49 |
| &nbsp;&nbsp;Item 4. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Mine Safety Disclosures</u>](#tx220563_15) | &nbsp;&nbsp;49 |
| &nbsp;&nbsp;Item 5. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Other Information</u>](#tx220563_16) | &nbsp;&nbsp;49 |
| &nbsp;&nbsp;Item 6. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Exhibits</u>](#tx220563_17) | &nbsp;&nbsp;50 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>SIGNATURES</u>](#tx220563_18) | &nbsp;&nbsp;52 |

---

------

**TCW DIRECT LENDING LLC**

**Consolidated Schedule of Investments (Unaudited)** 

**As of September 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Issuer** | **Acquisition<br>Date** | **Investment** | **% of Net Assets** | **Par<br>Amount** | **Maturity<br>Date** | **Amortized<br>Cost** | **Fair Value** |
|  | **DEBT**<sup>(1)</sup> |  |  |  |  |  |  |  |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |
|  | SSI Parent, LLC (fka School Specialty, Inc.)<sup>(4)</sup> | 09/15/20 | Term Loan - 12.26%<br>(SOFR + 8.00%, 1.25% Floor) | 3.0% | 7334188 | 12/29/26 | $7334188 | $7334188 |
|  |  |  |  | 3.0% |  |  | 7334188 | 7334188 |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |
|  | Ruby Tuesday Operations LLC<sup>(4)</sup> | 02/24/21 | Term Loan - 16.39% inc PIK<br>(SOFR + 12.00%, 1.25% Floor, all PIK) | 4.1% | 10011826 | 02/24/27 | 9991095 | 10011826 |
|  | Ruby Tuesday Operations LLC<sup>(4)</sup> | 02/01/23 | Incremental Term Loan - 20.39% inc PIK<br>(SOFR + 16.00%, 1.25% Floor, all PIK) | 1.2% | 2529062 | 02/24/27 | 2529062 | 2928001 |
|  |  |  |  | 5.3% |  |  | 12520157 | 12939827 |
| **Household Durables** |  |  |  |  |  |  |  |  |
|  | Cedar Electronics Holdings, Corp.<sup>(4)</sup> | 05/19/15 | Term Loan - 12.38%<br>(SOFR + 8.00%, 1.50% Floor) | 5.8% | 14018452 | 12/31/26 | 14017838 | 14018452 |
|  | Cedar Electronics Holdings, Corp. <sup>(4)</sup> | 01/30/19 | Incremental Term Loan - 15.00% inc PIK<br>(15.00%, Fixed Coupon, all PIK) | 2.7% | 6546381 | 12/31/26 | 6479044 | 6546381 |
|  |  |  |  | 8.5% |  |  | 20496882 | 20564833 |
| **Industrial Conglomerates** |  |  |  |  |  |  |  |  |
|  | Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company)<sup>(4)</sup> | 08/22/24 | Revolver - 6.00% inc PIK<br>(6.00%, Fixed Coupon, all PIK) | 7.1% | 17092378 | 01/31/28 | 17092378 | 17092378 |
|  | Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company)<sup>(4)</sup> | 08/22/24 | Term Loan A - 6.00% inc PIK<br>(6.00%, Fixed Coupon, all PIK) | 4.7% | 11499903 | 01/31/28 | 11497109 | 11499903 |
|  |  |  |  | 11.8% |  |  | 28589487 | 28592281 |
| **Metals & Mining** |  |  |  |  |  |  |  |  |
|  | Pace Industries, Inc.<sup>(2)(4)(9)</sup> | 06/01/20 | HoldCo Term Loan - 6.27% inc PIK<br>(SOFR + 2.00%, 1.50% Floor, all PIK) | 0.0% | 108418536 | 06/01/40 | 78137869 |  |
|  | Pace Industries, Inc.<sup>(2)(4)(9)</sup> | 06/01/20 | Term Loan - 12.57% inc PIK<br>(SOFR + 8.25%, 1.50% Floor, all PIK) | 12.5% | 82877442 | 10/14/26 | 68091752 | 30167389 |
|  | Pace Industries, Inc.<sup>(2)(4)(9)</sup> | 10/07/22 | Revolver - 12.60% inc PIK<br>(SOFR + 8.25%, 1.50% Floor, all PIK) | 3.6% | 23986403 | 10/14/26 | 19869725 | 8731051 |
|  | Pace Industries, Inc.<sup>(4)</sup> | 04/11/25 | 2025 Term Loan - 10.57% inc PIK<br>(SOFR + 6.25%, 1.50% Floor, all PIK) | 1.8% | 4352357 | 04/14/26 | 4352357 | 4352357 |
|  |  |  |  | 17.9% |  |  | 170451703 | 43250797 |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |
|  | Noramco, LLC | 07/01/16 | Term Loan - 12.82% inc PIK<br>(SOFR + 8.38%, 1.00% Floor, 0.38% PIK) | 11.1% | 27639532 | 05/01/26 | 27639532 | 27003822 |
|  |  |  |  | 11.1% |  |  | 27639532 | 27003822 |
|  | **Total Debt Investments** |  |  | 57.6% |  |  | 267031949 | 139685748 |

---

------

**TCW DIRECT LENDING LLC**

**Consolidated Schedule of Investments (Unaudited) (Continued)**

**As of September 30, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Issuer** | **Investment** | **% of Net<br>Assets** | **Shares** | **Amortized<br>Cost** | **Fair Value** |
|  | **EQUITY** |  |  |  |  |  |
| **Diversified Consumer Services** |  |  |  |  |  |  |
|  | SSI Parent, LLC (fka School Specialty, Inc.)<sup>(2)(4)(5)(7)</sup> | Class A Preferred Stock | 7.5% | 806264 | $8062637 | $18060308 |
|  | SSI Parent, LLC (fka School Specialty, Inc.)<sup>(2)(4)(5)(7)</sup> | Class B Preferred Stock | 2.2% | 359474 | 356635 | 5284268 |
|  | SSI Parent, LLC (fka School Specialty, Inc.)<sup>(2)(4)(5)(7)</sup> | Common Stock | 4.7% | 80700 | 53889 | 11481100 |
|  |  |  | 14.4% |  | 8473161 | 34825676 |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |
|  | RT Holdings Parent, LLC<sup>(2)(4)(7)</sup> | Class A Units | 8.4% | 5475885 | 5133708 | 20363721 |
|  | RT Holdings Parent, LLC<sup>(2)(4)(7)</sup> | Warrant, expires 2/24/27 | 1.4% | 912647 |  | 3393587 |
|  | RT Holdings Parent, LLC<sup>(2)(4)(7)</sup> | Class P-1 Units | 0.2% | 105624 | 133086 | 392995 |
|  | RT Holdings Parent, LLC<sup>(2)(4)(7)</sup> | Class P-2 Units | 0.0% | 53104 | 66914 | 119001 |
|  |  |  | 10.0% |  | 5333708 | 24269304 |
| **Household Durables** |  |  |  |  |  |  |
|  | Cedar Ultimate Parent, LLC<sup>(2)(4)(7)</sup> | Class A Preferred Units | 5.6% | 9297990 | 9187902 | 13560003 |
|  | Cedar Ultimate Parent, LLC<sup>(2)(4)(7)</sup> | Class E Common Units | 0.0% | 300000 |  |  |
|  | Cedar Ultimate Parent, LLC<sup>(2)(4)(7)</sup> | Class D Preferred Units | 0.0% | 2900000 |  |  |
|  |  |  | 5.6% |  | 9187902 | 13560003 |
| **Industrial Conglomerates** |  |  |  |  |  |  |
|  | Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company)<sup>(2)(4)(7)</sup> | Class A Units | 17.4% | 100000 | 62647925 | 42099000 |
|  |  |  | 17.4% |  | 62647925 | 42099000 |
| **Investment Funds & Vehicles** |  |  |  |  |  |  |
|  | TCW Direct Lending Strategic Ventures LLC<sup>(2)(4)(6)</sup> | Common membership Interests | 0.0% | 800 |  |  |
|  | TCW Direct Lending Strategic Ventures LLC<sup>(2)(4)(6)</sup> | Preferred membership Interests | 15.3% | 56760 | 56760000 | 37031795 |
|  |  |  | 15.3% |  | 56760000 | 37031795 |
| **Metals & Mining** |  |  |  |  |  |  |
|  | Pace Industries, Inc.<sup>(2)(4)(7)</sup> | Common Stock | 0.0% | 971418 | 2110522 |  |
|  |  |  | 0.0% |  | 2110522 |  |
|  | **Total Equity Investments** |  | 62.7% |  | 144513218 | 151785778 |
|  | **Total Debt & Equity Investments**<sup>(8)</sup> |  | 120.3% |  | 411545167 | 291471526 |
|  | **Cash Equivalents** |  |  |  |  |  |
|  | **First American Government Obligation Fund, Yield 4.04%, Class X (FGXXX)** | **First American Government Obligation Fund, Yield 4.04%, Class X (FGXXX)** | 0.9% | 2062648 | 2062648 | 2062648 |
|  | **Total Cash Equivalents** |  | 0.9% |  | 2062648 | 2062648 |
|  | **Short-term Investments** |  |  |  |  |  |
|  | **U.S. Treasury Bill, Yield 3.92%, Maturity Date** 01/27/26 |  | 163.1% | 400000000 | 394998111 | 394998111 |
|  | **Total Short-term Investments** |  | 163.1% |  | 394998111 | 394998111 |
|  | **Total Investments (284.2%)** |  |  |  | $**808605926** | $**688532285** |
|  | **Net unrealized depreciation on unfunded commitments (0.0%)** |  |  |  |  |  |
|  | **Liabilities in Excess of Other Assets (-184.2%)** |  |  |  |  | (446297111) |
|  | **Net Assets (100.0%)** |  |  |  |  | $**242235175** |

---

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

(2)Non-income producing.

------

**TCW DIRECT LENDING LLC**

**Consolidated Schedule of Investments (Unaudited) (Continued)**

**As of September 30, 2025**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Investment** | **Fair Value at December 31, 2024** | **Gross Addition** <sup>(a)</sup> | **Gross Reduction** <sup>(b)</sup> | **Realized Gains<br>(Losses)** | **Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)** | **Fair Value at September 30, 2025** | **Interest/Dividend/<br>Other income** |
| ASC Acquisition Holdings LLC Term Loan - 9.50% | $686276 | $— | $— | $(27362675) | $26676399 | $— | $— |
| Retail & Animal Intermediate, LLC Delayed Draw Priming Term Loan |  |  |  | (2816305) | 2816305 |  |  |
| Animal Supply Company, LLC First Out Term Loan | 2703724 | 6022 | 30767 | (2715155) | (25358) |  | 35805 |
| **Total Non-Controlled Affiliated Investments** | $3390000 | $6022 | $30767 | $(32894135) | $29467346 | $— | $35805 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Gross additions include new purchases, payment-in-kind ("PIK") income and amortization of original issue and market discounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Gross reductions include decreases in the cost basis from sales, paydown and the amortization of premium.

------

**TCW DIRECT LENDING LLC**

**Consolidated Schedule of Investments (Unaudited) (Continued)**

**As of September 30, 2025**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Investment** | **Fair Value at December 31, 2024** | **Gross Addition** <sup>(a)</sup> | **Gross Reduction** <sup>(b)</sup> | **Realized Gains<br>(Losses)** | **Net Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)** | **Fair Value at September 30, 2025** | **Interest/Dividend/<br>Other income** |
| Cedar Electronics Holdings, Corp Incremental Term Loan - 15.00% | $5844291 | $702090 | $— | $— | $— | $6546381 | $708139 |
| Cedar Electronics Holdings, Corp Term Loan - 9.50% | 14018452 |  | (583) |  | 583 | 14018452 | 1500172 |
| Cedar Ultimate Parent, LLC Class A Preferred Unit | 16403979 |  |  |  | (2843976) | 13560003 |  |
| Cedar Ultimate Parent, LLC Class D Preferred Unit |  |  |  |  |  |  |  |
| Cedar Ultimate Parent, LLC Class E Preferred Unit |  |  |  |  |  |  |  |
| Overton Chicago Gear, LLC Revolver | 5829929 | 11262449 |  |  |  | 17092378 | 435693 |
| Overton Chicago Gear, LLC Term Loan A | 40929862 | 1520898 | (30939620) |  | (11237) | 11499903 | 1625780 |
| Pace Industries, Inc. Common Stock |  |  |  |  |  |  |  |
| Pace Industries, Inc. Term Loan - 3.50% |  |  |  |  |  |  |  |
| Pace Industries, Inc. Revolver Opco | 11240860 | 2336380 |  |  | (4846189) | 8731051 | 2500 |
| Pace Industries, Inc. Term Loan - 9.75% | 42921932 |  | (6143) |  | (12748400) | 30167389 | (6143) |
| Pace Industries, Inc. 2025 Term Loan - 7.75% |  | 4352357 |  |  |  | 4352357 | 218593 |
| Precision Products Machining Group, LLC Class A Units | 33351000 |  |  |  | 8748000 | 42099000 |  |
| RT Holdings Parent, LLC Class A Unit | 15197224 |  |  |  | 5166498 | 20363722 |  |
| RT Holdings Parent, LLC Warrant | 2532687 |  |  |  | 860900 | 3393587 |  |
| Ruby Tuesday Operations, LLC Incremental Term Loan | 2928001 | 360670 |  |  | (360670) | 2928001 | 367549 |
| Ruby Tuesday Operations, LLC Term Loan | 9389540 | 861628 | (229608) |  | (9734) | 10011826 | 1084956 |
| Ruby Tuesday P-1 Units | 293001 |  |  |  | 99994 | 392995 |  |
| Ruby Tuesday P-2 Units | 68000 |  |  |  | 51001 | 119001 |  |
| School Specialty, Inc. Common Stock | 16945063 |  |  |  | (5463963) | 11481100 |  |
| School Specialty, Inc. Preferred Stock A | 18060308 |  |  |  |  | 18060308 |  |
| School Specialty, Inc. Preferred Stock B | 5284268 |  |  |  |  | 5284268 |  |
| School Specialty, Inc. Term Loan - 9.25% | 8065952 | 5405 | (729655) |  | (7513) | 7334189 | 733422 |
| TCW Direct Lending Strategic Ventures LLC Common Membership Interests |  |  |  |  |  |  |  |
| TCW Direct Lending Strategic Ventures LLC Preferred Membership Interests | 51230479 |  | (8240000) |  | (5958684) | 37031795 | 2560000 |
| **Total Controlled Affiliated Investments** | $300534828 | $21401877 | $(40145609) | $— | $(17323390) | $264467706 | $9230659 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Gross additions include new purchases, PIK income and amortization of original issue and market discounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Gross reductions include decreases in the cost basis from sales, paydown and the amortization of premium.

(5)Holdings of SSI Parent, LLC (fka School Specialty, Inc.) Class A & B preferred stock and common stock are held through TCW DL SSP LLC, a special purpose vehicle.

------

**TCW DIRECT LENDING LLC**

**Consolidated Schedule of Investments (Unaudited) (Continued)**

**As of September 30, 2025**

(6)The investment is not a qualifying asset as defined in Section 55(a) under the 1940 Act. 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 September 30, 2025, $37,031,795 or 5.4% of the Company's total assets were represented by "non-qualifying assets."

(7)All or a portion of such security was acquired in a transaction exempt from registration under the Securities Act of 1933, as amended (the "Securities Act") and may be deemed "restricted securities" under the Securities Act. As of September 30, 2025, the aggregate fair value of these securities was $114,753,983, or 16.6% of the Company's total assets.

(8)The fair value of each debt and equity investment was determined using significant unobservable inputs and such investments are considered to be Level 3 within the Fair Value Hierarchy. See Note 3 "Investment Valuations and Fair Value Measurements."

(9)Investment is in default as of September 30, 2025.

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

PIK - Payment-In-Kind

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $21,513,840 and $40,639,599, respectively, for the period ended September 30, 2025. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments.

---

| | |
|:---|:---|
| **Geographic Breakdown of Portfolio** |  |
| United States | 100% |

---

*See Notes to Consolidated Financial Statements.* 

------

**TCW DIRECT LENDING LLC**

**Consolidated Schedule of Investments** 

**As of December 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Issuer** | **Acquisition<br>Date** | **Investment** | **% of Net Assets** | **Par<br>Amount** | **Maturity<br>Date** | **Amortized<br>Cost** | **Fair Value** |
|  | **DEBT**<sup>(1)</sup> |  |  |  |  |  |  |  |
| **Distributors** |  |  |  |  |  |  |  |  |
|  | Animal Supply Company, LLC<sup>(2)(3)(9)</sup> | 08/14/20 | Term Loan - 13.28% inc PIK<br>(SOFR + 8.50%, 1.00% Floor, all PIK) | 0.3% | $32679831 | 08/14/25 | $27362675 | $686276 |
|  | Animal Supply Company, LLC<sup>(3)</sup> | 05/29/24 | First Out Term Loan - 13.09% inc PIK<br>(SOFR + 8.50%, 1.00% Floor, all PIK) | 1.1% | 2703724 | 08/14/25 | 2678367 | 2703724 |
|  | Retail & Animal Intermediate, LLC<sup>(2)(3)(9)</sup> | 07/29/22 | Delayed Draw Priming Term Loan - 20.00% inc PIK<br>(20.00%, Fixed Coupon, all PIK) | 0.0% | 3449204 | 11/14/25 | 2816305 |  |
|  |  |  |  | 1.4% |  |  | 32857347 | 3390000 |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |
|  | SSI Parent, LLC (fka School Specialty, Inc.)<sup>(4)</sup> | 09/15/20 | Term Loan - 12.46%<br>(SOFR + 8.00%, 1.25% Floor) | 3.2% | 8065952 | 12/29/26 | 8058439 | 8065952 |
|  |  |  |  | 3.2% |  |  | 8058439 | 8065952 |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |
|  | Ruby Tuesday Operations LLC<sup>(4)</sup> | 02/24/21 | Term Loan - 16.65% inc PIK<br>(SOFR + 12.00%, 1.25% Floor, all PIK) | 3.7% | 9389540 | 02/24/27 | 9359075 | 9389540 |
|  | Ruby Tuesday Operations LLC<sup>(4)</sup> | 02/01/23 | Incremental Term Loan - 20.65% inc PIK<br>(SOFR + 16.00%, 1.25% Floor, all PIK) | 1.1% | 2168392 | 02/24/27 | 2168392 | 2928001 |
|  |  |  |  | 4.8% |  |  | 11527467 | 12317541 |
| **Household Durables** |  |  |  |  |  |  |  |  |
|  | Cedar Electronics Holdings, Corp.<sup>(4)</sup> | 05/19/15 | Term Loan - 12.65%<br>(SOFR + 8.00%, 1.50% Floor) | 5.5% | 14018452 | 12/31/26 | 14018421 | 14018452 |
|  | Cedar Electronics Holdings, Corp. <sup>(4)</sup> | 01/30/19 | Incremental Term Loan - 15.00% inc PIK<br>(15.00%, Fixed Coupon, all PIK) | 2.3% | 5844291 | 12/31/26 | 5776954 | 5844291 |
|  |  |  |  | 7.8% |  |  | 19795375 | 19862743 |
| **Industrial Conglomerates** |  |  |  |  |  |  |  |  |
|  | Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company)<sup>(4)</sup> | 08/22/24 | Revolver - 6.00% inc PIK<br>(6.00%, Fixed Coupon, all PIK) | 2.3% | 5829929 | 01/31/28 | 5829929 | 5829929 |
|  | Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company)<sup>(4)</sup> | 08/22/24 | Term Loan A - 6.00% inc PIK<br>(6.00%, Fixed Coupon, all PIK) | 16.0% | 40929861 | 01/31/28 | 40915831 | 40929861 |
|  |  |  |  | 18.3% |  |  | 46745760 | 46759790 |
| **Metals & Mining** |  |  |  |  |  |  |  |  |
|  | Pace Industries, Inc.<sup>(2)(4)(9)</sup> | 06/01/20 | HoldCo Term Loan - 6.58% inc PIK<br>(SOFR + 2.00%, 1.50% Floor, all PIK) | 0.0% | 103197685 | 06/01/40 | 78137869 |  |
|  | Pace Industries, Inc.<sup>(2)(4)(9)</sup> | 06/01/20 | Term Loan - 12.83% inc PIK<br>(SOFR + 8.25%, 1.50% Floor, all PIK) | 16.8% | 75433976 | 06/01/25 | 68097904 | 42921932 |
|  | Pace Industries, Inc.<sup>(2)(4)(9)</sup> | 10/07/22 | Revolver - 12.73% inc PIK<br>(SOFR + 8.25%, 1.50% Floor, all PIK) | 4.4% | 19755465 | 06/01/25 | 17533344 | 11240860 |
|  |  |  |  | 21.2% |  |  | 163769117 | 54162792 |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |
|  | Noramco, LLC | 07/01/16 | Term Loan - 13.12% inc PIK<br>(SOFR + 8.38%, 1.00% Floor, 0.38% PIK) | 10.8% | 27993467 | 01/31/26 | 28041810 | 27657545 |
|  |  |  |  | 10.8% |  |  | 28041810 | 27657545 |
|  | **Total Debt Investments** |  |  | 67.5% |  |  | 310795315 | 172216363 |

---

------

**TCW DIRECT LENDING LLC**

**Consolidated Schedule of Investments (Continued)**

**As of December 31, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Issuer** | **Investment** | **% of Net<br>Assets** | **Shares** | **Amortized<br>Cost** | **Fair Value** |
|  | **EQUITY** |  |  |  |  |  |
| **Diversified Consumer Services** |  |  |  |  |  |  |
|  | SSI Parent, LLC (fka School Specialty, Inc.)<sup>(2)(4)(5)(7)</sup> | Class A Preferred Stock | 7.1% | 806264 | $8062637 | $18060308 |
|  | SSI Parent, LLC (fka School Specialty, Inc.)<sup>(2)(4)(5)(7)</sup> | Class B Preferred Stock | 2.1% | 359474 | 356635 | 5284268 |
|  | SSI Parent, LLC (fka School Specialty, Inc.)<sup>(2)(4)(5)(7)</sup> | Common Stock | 6.6% | 80700 | 53889 | 16945063 |
|  |  |  | 15.8% |  | 8473161 | 40289639 |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |
|  | RT Holdings Parent, LLC<sup>(2)(4)(7)</sup> | Class A Units | 5.9% | 5475885 | 5133708 | 15197224 |
|  | RT Holdings Parent, LLC<sup>(2)(4)(7)</sup> | Warrant, expires 2/24/27 | 1.0% | 912647 |  | 2532687 |
|  | RT Holdings Parent, LLC<sup>(2)(4)(7)</sup> | Class P-1 Units | 0.1% | 105624 | 133086 | 293001 |
|  | RT Holdings Parent, LLC<sup>(2)(4)(7)</sup> | Class P-2 Units | 0.0% | 53104 | 66914 | 68000 |
|  |  |  | 7.0% |  | 5333708 | 18090912 |
| **Household Durables** |  |  |  |  |  |  |
|  | Cedar Ultimate Parent, LLC<sup>(2)(4)(7)</sup> | Class A Preferred Units | 6.4% | 9297990 | 9187902 | 16403979 |
|  | Cedar Ultimate Parent, LLC<sup>(2)(4)(7)</sup> | Class E Common Units | 0.0% | 300000 |  |  |
|  | Cedar Ultimate Parent, LLC<sup>(2)(4)(7)</sup> | Class D Preferred Units | 0.0% | 2900000 |  |  |
|  |  |  | 6.4% |  | 9187902 | 16403979 |
| **Industrial Conglomerates** |  |  |  |  |  |  |
|  | Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company)<sup>(2)(4)(7)</sup> | Class A Units | 13.0% | 100000 | 62647925 | 33351000 |
|  |  |  | 13.0% |  | 62647925 | 33351000 |
| **Investment Funds & Vehicles** |  |  |  |  |  |  |
|  | TCW Direct Lending Strategic Ventures<sup>(2)(4)(6)</sup> | Common membership Interests | 0.0% | 800 |  |  |
|  | TCW Direct Lending Strategic Ventures<sup>(4)(6)</sup> | Preferred membership Interests | 20.0% | 65000 | 65000000 | 51230479 |
|  |  |  | 20.0% |  | 65000000 | 51230479 |
| **Metals & Mining** |  |  |  |  |  |  |
|  | Pace Industries, Inc.<sup>(2)(4)(7)</sup> | Common Stock | 0.0% | 971418 | 2110522 |  |
|  |  |  | 0.0% |  | 2110522 |  |
|  | **Total Equity Investments** |  | 62.2% |  | 152753218 | 159366009 |
|  | **Total Debt & Equity Investments**<sup>(8)</sup> |  | 129.7% |  | 463548533 | 331582372 |
|  | **Cash Equivalents** |  |  |  |  |  |
|  | **First American Government Obligation Fund, Yield 4.39%, Class X (FGXXX)** | **First American Government Obligation Fund, Yield 4.39%, Class X (FGXXX)** | 0.7% | 1765814 | 1765814 | 1765814 |
|  | **Total Cash Equivalents** |  | 0.7% |  | 1765814 | 1765814 |
|  | **Short-term Investments** |  |  |  |  |  |
|  | **U.S. Treasury Bill, Yield 4.46%, Maturity Date** 04/03/25 |  | 164.4% | 425000000 | 420466431 | 420466431 |
|  | **Total Short-term Investments** |  | 164.4% |  | 420466431 | 420466431 |
|  | **Total Investments (294.7%)** |  |  |  | $**885780778** | $**753814617** |
|  | **Net unrealized depreciation on unfunded commitments (-0.4%)** |  |  |  |  | (1006980) |
|  | **Liabilities in Excess of Other Assets (-194.3%)** |  |  |  |  | (497024896) |
|  | **Net Assets (100.0%)** |  |  |  |  | $**255782741** |

---

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

(2)Non-income producing.

------

**TCW DIRECT LENDING LLC**

**Consolidated Schedule of Investments (Continued)**

**As of December 31, 2024**

(3)As defined in the Investment Company Act of 1940, as amended (the "1940 Act"), the investment is deemed to be an "affiliated person" of the Company because the Company owns, either directly or indirectly, between 5% and 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2023 and December 31, 2024 along with transactions during the year ended December 31, 2024 in these affiliated investments are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Investment** | **Fair Value at December 31, 2023** | **Gross Addition**<sup>(a)</sup> | **Gross Reduction**<sup>(b)</sup> | **Realized Gains<br>(Losses)** | **Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)** | **Fair Value at December 31, 2024** | **Interest/Dividend/<br>Other income** |
| Animal Supply Company, LLC First Out Term Loan - 13.09% | $— | $2678367 | $— | $— | $25357 | $2703724 | $233844 |
| Animal Supply Company, LLC Term Loan - 13.28% | 19054378 |  | (52086) |  | (18316016) | 686276 | (29212) |
| Retail & Animal Intermediate, LLC Delayed Draw Priming Term Loan - 20.00% |  |  |  |  |  |  |  |
| **Total Non-Controlled Affiliated Investments** | $19054378 | $2678367 | $(52086) | $— | $(18290659) | $3390000 | $204632 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Gross additions include new purchases, PIK income and amortization of original issue and market discounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Gross reductions include decreases in the cost basis from sales, paydown and the amortization of premium.

------

**TCW DIRECT LENDING LLC**

**Consolidated Schedule of Investments (Continued)**

**As of December 31, 2024**

(4)As defined in the 1940 Act, the investment is deemed to be a "controlled person" of the Company because the Company owns, either directly or indirectly, 25% or more of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2023 and December 31, 2024 along with transactions during the year ended December 31, 2024 in these controlled investments are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Investment** | **Fair Value at December 31, 2023** | **Gross Addition**<sup>(a)</sup> | **Gross Reduction**<sup>(b)</sup> | **Realized Gains<br>(Losses)** | **Net Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)** | **Fair Value at December 31, 2024** | **Interest/Dividend/<br>Other income** |
| Cedar Electronics Holdings, Corp Incremental Term Loan - 15.00% | $5020439 | $756515 | $— | $— | $67337 | $5844291 | $764721 |
| Cedar Electronics Holdings, Corp Term Loan - 12.65% | 14018452 |  |  |  |  | 14018452 | 2130117 |
| Cedar Ultimate Parent, LLC Class A Preferred Unit | 19981009 |  |  |  | (3577030) | 16403979 |  |
| Cedar Ultimate Parent, LLC Class D Preferred Unit |  |  |  |  |  |  |  |
| Cedar Ultimate Parent, LLC Class E Preferred Unit |  |  |  |  |  |  |  |
| Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Revolver - 6.00% |  | 5829929 |  |  |  | 5829929 | 123222 |
| Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Term Loan - 6.00% |  | 40915831 |  |  | 14031 | 40929862 | 938236 |
| Pace Industries, Inc. Common Stock |  |  |  |  |  |  |  |
| Pace Industries, Inc. HoldCo Term Loan - 6.58% |  |  |  |  |  |  |  |
| Pace Industries, Inc. Term Loan - 12.83% | 62986086 | 2294114 |  |  | (22358268) | 42921932 | 1714144 |
| Pace Industries, LLC Revolver Opco - 12.73% | 15069743 | 1786486 |  |  | (5615369) | 11240860 | 134785 |
| Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company) Class A Units |  | 62647925 |  |  | (29296925) | 33351000 |  |
| RT Holdings Parent, LLC Class A Unit | 19487032 |  |  |  | (4289808) | 15197224 |  |
| RT Holdings Parent, LLC Warrant | 3247928 |  |  |  | (715241) | 2532687 |  |
| RT Holdings Parent, LLC P-1 Units | 376000 |  |  |  | (82999) | 293001 |  |
| RT Holdings Parent, LLC P-2 Units | 110000 |  |  |  | (42000) | 68000 |  |
| Ruby Tuesday Operations, LLC Term Loan - 16.65% | 6696255 | 2856227 | (193406) |  | 30464 | 9389540 | 1482899 |
| Ruby Tuesday Operations, LLC Incremental Term Loan - 20.65% | 2940257 | 417510 |  |  | (429766) | 2928001 | 425897 |
| SSI Parent, LLC (fka School Specialty, Inc.) Common Stock | 31928148 |  |  |  | (14983085) | 16945063 | 795969 |
| SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock A | 15399637 |  |  |  | 2660671 | 18060308 |  |
| SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock B | 4888847 |  |  |  | 395421 | 5284268 |  |
| SSI Parent, LLC (fka School Specialty, Inc.) Term Loan - 12.46% | 8808264 | 8240 | (738177) |  | (12375) | 8065952 | 1173155 |
| TCW Direct Lending Strategic Ventures LLC Common Membership Interests |  |  |  |  |  |  |  |
| TCW Direct Lending Strategic Ventures LLC Preferred Membership Interests | 69780704 |  | (1880000) |  | (16670225) | 51230479 | 5160000 |
| **Total Controlled Affiliated Investments** | $280738801 | $117512777 | $(2811583) | $— | $(94905167) | $300534828 | $14843145 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Gross additions include new purchases, PIK income and amortization of original issue and market discounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Gross reductions include decreases in the cost basis from sales, paydown and the amortization of premium.

(5)Holdings of SSI Parent, LLC (fka School Specialty, Inc.) Class A & B preferred stock and common stock are held through TCW DL SSP LLC, a special purpose vehicle.

------

**TCW DIRECT LENDING LLC**

**Consolidated Schedule of Investments (Continued)**

**As of December 31, 2024**

(6)The investment is not a qualifying asset as defined in Section 55(a) under the 1940 Act. 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, 2024, $51,230,479 or 6.6% of the Company's total assets were represented by "non-qualifying assets."

(7)All or a portion of such security was acquired in a transaction exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed "restricted securities" under the Securities Act. As of December 31, 2024, the aggregate fair value of these securities was $108,135,530, or 14.0% of the Company's total assets.

(8)The fair value of the Quantum Corporation Common Stock held by the Company is based on the quoted market price of the issuer's stock as of December 31, 2024. Such common stock is considered to be a Level 1 security within the Fair Value Hierarchy. Otherwise, the fair value of each debt and equity investment was determined using significant unobservable inputs and such investments are considered to be Level 3 within the Fair Value Hierarchy. See Note 3 "Investment Valuations and Fair Value Measurements."

(9)Investment is in default as of December 31, 2024.

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

PIK - Payment-In-Kind

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $26,994,359 and $20,960,322, respectively, for the period ended December 31, 2024. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments.

---

| | |
|:---|:---|
| **Country Breakdown Portfolio** |  |
| United States | 100% |

---

*See Notes to Consolidated Financial Statements.* 

------

**TCW DIRECT LENDING LLC** 

**Consolidated Statements of Assets and Liabilities** 

**(Dollar amounts in thousands, except unit data)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **As of September 30,** |  |
|  | **2025** | **As of December 31,** |
|  | **(unaudited)** | **2024** |
| **Assets** |  |  |
| **Investments, at fair value** |  |  |
| Non-controlled/non-affiliated investments (amortized cost of $27,640 and<br> $28,041, respectively) | $27004 | $27658 |
| Non-controlled affiliated investments (amortized cost of $0 and $32,857, respectively) |  | 3390 |
| Controlled affiliated investments (amortized cost of $383,906 and $402,649, respectively) | 264468 | 300535 |
| Cash and cash equivalents | 2063 | 17736 |
| Short-term investments | 394998 | 420466 |
| Interest income receivable | 1021 | 1059 |
| Deferred financing costs | 127 | 166 |
| Prepaid and other assets | 62 | 30 |
| **Total Assets** | $689743 | $771040 |
| **Liabilities** |  |  |
| Payable for short-term investments purchased | $394998 | $420466 |
| Credit facility payable | 51550 | 92650 |
| Interest and credit facility expense payable | 389 | 589 |
| Directors' fees payable | 203 |  |
| Unrealized depreciation on unfunded commitments |  | 1007 |
| Other accrued expenses and other liabilities | 368 | 545 |
| **Total Liabilities** | 447508 | 515257 |
| Commitments and Contingencies (Note 5) |  |  |
| **Members' Capital** |  |  |
| Common Unitholders' commitment: (18,034,649 units issued and outstanding) | 1803465 | 1803465 |
| Common Unitholders' undrawn commitment: (18,034,649 units issued and outstanding) | (199120) | (199120) |
| Common Unitholders' return of capital | (1117327) | (1117327) |
| Common Unitholders' offering costs | (853) | (853) |
| Accumulated Common Unitholders' tax reclassification | (13904) | (13904) |
| Common Unitholders' capital | 472261 | 472261 |
| Accumulated overdistributed earnings | (230026) | (216478) |
| **Total Members' Capital** | 242235 | 255783 |
| **Total Liabilities and Members' Capital** | $689743 | $771040 |
| **Net Asset Value Per Unit (accrual base) (Note 12)**<sup>(1)</sup> | $24.47 | $25.22 |

---

(1)Net Asset Value Per Unit (accrual base) equates to the aggregate of the Total Members' Capital and Common Unitholders' undrawn commitment divided by total Common units outstanding.

*See Notes to Consolidated Financial Statements.* 

------

**TCW DIRECT LENDING LLC** 

**Consolidated Statements of Operations (Unaudited)** 

**(Dollar amounts in thousands, except unit data)** 

**September 30, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Investment Income** |  |  |  |  |
| **Non-controlled/non-affiliated investments:** |  |  |  |  |
| Interest income | $904 | $1430 | $2737 | $5172 |
| Interest income paid-in-kind | 27 | 2157 | 99 | 9512 |
| Other fee income | 42 |  | 68 | 7 |
| **Non-controlled affiliated investments:** |  |  |  |  |
| Interest income |  | 8 | 6 | (42) |
| Interest income paid-in-kind |  | 94 | 30 | 123 |
| Other fee income |  |  |  | 13 |
| **Controlled affiliated investments:** |  |  |  |  |
| Interest income | 1056 | 770 | 2795 | 2256 |
| Interest income paid-in-kind | 1112 | 264 | 3876 | 4426 |
| Dividend income |  |  | 2560 | 4796 |
| Other fee income |  |  |  | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 3141 | 4723 | 12171 | 26323 |
| **Expenses** |  |  |  |  |
| Interest and credit facility expenses | 1182 | 1968 | 4324 | 5432 |
| Interest expense on repurchase transactions | 1176 | 1617 | 3354 | 5051 |
| Management fees | 818 | 911 | 2471 | 2673 |
| Professional fees | 223 | 188 | 444 | 520 |
| Administrative fees | 109 | 118 | 330 | 371 |
| Directors' fees | 88 | 87 | 246 | 244 |
| Other expenses | 26 | 28 | 106 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 3622 | 4917 | 11275 | 14392 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Expenses waived by the Adviser** | (818) | (911) | (2471) | (2673) |
| **Net expenses** | 2804 | 4006 | 8804 | 11719 |
| **Net investment income** | 337 | 717 | 3367 | 14604 |
| **Net realized and unrealized (loss) gain on investments** |  |  |  |  |
| **Net realized loss:** |  |  |  |  |
| Non-controlled/non-affiliated investments |  | (5000) |  | (5000) |
| Non-controlled affiliated investments |  |  | (32894) |  |
| **Net change in unrealized appreciation/(depreciation):** |  |  |  |  |
| Non-controlled/non-affiliated investments | (139) | 6370 | 755 | 875 |
| Non-controlled affiliated investments |  | (6637) | 29467 | (11895) |
| Controlled affiliated investments | (14880) | (41290) | (17323) | (78447) |
| **Net realized gain on short-term investments** | 1047 | 1490 | 3080 | 4553 |
| **Net realized and unrealized loss on investments** | (13972) | (45067) | (16915) | (89914) |
| **Net decrease in Members' Capital from operations** | $(13635) | $(44350) | $(13548) | $(75310) |
| Basic and diluted: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss per unit | $(0.76) | $(2.46) | $(0.75) | $(4.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Units outstanding | 18034649 | 18034649 | 18034649 | 18034649 |

---

*See Notes to Consolidated Financial Statements.* 

------

**TCW DIRECT LENDING LLC** 

**Consolidated Statements of Changes in Members' Capital (Unaudited)** 

**(Dollar amounts in thousands, except unit data)** 

**September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Common<br>Unitholders'<br>Capital** | **Accumulated Undistributed (Overdistributed) Earnings** | **Total** |
| **Members' Capital at January 1, 2025** | $472261 | $(216478) | $255783 |
| Net Increase (Decrease) in Members' Capital Resulting from Operations: |  |  |  |
| Net investment income |  | 195 | 195 |
| Net realized loss on investments |  | (31846) | (31846) |
| Net change in unrealized appreciation/(depreciation) on investments |  | 40435 | 40435 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Increase in Members' Capital for the three months ended March 31, 2025** |  | 8784 | 8784 |
| **Members' Capital at March 31, 2025** | 472261 | (207694) | 264567 |
| Net Increase (Decrease) in Members' Capital Resulting from Operations: |  |  |  |
| Net investment income |  | 2835 | 2835 |
| Net realized gain on investments |  | 985 | 985 |
| Net change in unrealized appreciation/(depreciation) on investments |  | (12517) | (12517) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Decrease in Members' Capital for the three months ended June 30, 2025** |  | (8697) | (8697) |
| **Members' Capital at June 30, 2025** | 472261 | (216391) | 255870 |
| Net Increase (Decrease) in Members' Capital Resulting from Operations: |  |  |  |
| Net investment income |  | 337 | 337 |
| Net realized gain on investments |  | 1047 | 1047 |
| Net change in unrealized appreciation/(depreciation) on investments |  | (15019) | (15019) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Decrease in Members' Capital for the three months ended September 30, 2025** |  | (13635) | (13635) |
| **Members' Capital at September 30, 2025** | $472261 | $(230026) | $242235 |

---

------

**TCW DIRECT LENDING LLC** 

**Consolidated Statements of Changes in Members' Capital (Unaudited)** 

**(Dollar amounts in thousands, except unit data)** 

**September 30, 2024**

---

| | | | |
|:---|:---|:---|:---|
|  | **Common<br>Unitholders'<br>Capital** | **Accumulated Undistributed (Overdistributed) Earnings** | **Total** |
| **Members' Capital at January 1, 2024** | $474543 | $(107804) | $366739 |
| Net Increase (Decrease) in Members' Capital Resulting from Operations: |  |  |  |
| Net investment income |  | 8886 | 8886 |
| Net realized gain on investments |  | 1607 | 1607 |
| Net change in unrealized appreciation/(depreciation) on investments |  | (11980) | (11980) |
| Distributions to Members from: |  |  |  |
| Distributable earnings |  | (2500) | (2500) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Decrease in Members' Capital for the three months ended March 31, 2024** |  | (3987) | (3987) |
| **Members' Capital at March 31, 2024** | 474543 | (111791) | 362752 |
| Net Increase (Decrease) in Members' Capital Resulting from Operations: |  |  |  |
| Net investment income |  | 5001 | 5001 |
| Net realized gain on investments |  | 1456 | 1456 |
| Net change in unrealized appreciation/(depreciation) on investments |  | (35930) | (35930) |
| Distributions to Members from: |  |  |  |
| Distributable earnings |  | (4000) | (4000) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Decrease in Members' Capital for the three months ended June 30, 2024** |  | (33473) | (33473) |
| **Members' Capital at June 30, 2024** | 474543 | (145264) | 329279 |
| Net Increase (Decrease) in Members' Capital Resulting from Operations: |  |  |  |
| Net investment income |  | 717 | 717 |
| Net realized loss on investments |  | (3510) | (3510) |
| Net change in unrealized appreciation/(depreciation) on investments |  | (41557) | (41557) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Decrease in Members' Capital for the three months ended September 30, 2024** |  | (44350) | (44350) |
| **Members' Capital at September 30, 2024** | $474543 | $(189614) | $284929 |

---

*See Notes to Consolidated Financial Statements.* 

------

**TCW DIRECT LENDING LLC** 

**Consolidated Statements of Cash Flows (Unaudited)** 

**(Dollar amounts in thousands, except unit data)** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** |
| **Cash Flows from Operating Activities** |  |  |
| **Net decrease in net assets resulting from operations** | $(13548) | $(75310) |
| **Adjustments to reconcile the net decrease in net assets resulting from operations to net cash provided by operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (17509) | (18132) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of short-term investments | (394998) | (418769) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income paid-in-kind | (4005) | (14061) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales and paydowns of investments | 40640 | 9180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of short-term investments | 423546 | 496519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain on short-term investments | (3080) | (4553) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments | 32894 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized (appreciation)/depreciation on investments | (12899) | 89467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of premium and accretion of discount, net | (23) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 465 | 455 |
| **Increase (decrease) in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in interest income receivable | 38 | 1423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in prepaid and other assets | (32) | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in payable for short-term investments purchased | (25468) | (73197) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in interest and credit facility expense payable | (200) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in directors' fees payable | 203 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in other accrued expenses and liabilities | (177) | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used in) operating activities** | 25847 | (1803) |
| **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to Members |  | (6500) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs paid | (420) | (659) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from credit facility | 13500 | 12900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of credit facility | (54600) | (3500) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash (used in) provided by financing activities** | (41520) | 2241 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net (decrease) increase in cash and cash equivalents** | (15673) | 438 |
| **Cash and cash equivalents, beginning of period** | 17736 | 2372 |
| **Cash and cash equivalents, end of period** | $2063 | $2810 |
| **Supplemental and non-cash financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense paid | $3724 | $4700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from secured borrowing | $394500 | $102632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment to secured borrowing | $(394500) | $(102632) |

---

*See Notes to Consolidated Financial Statements.* 

------

**TCW DIRECT LENDING LLC**

**Notes to Consolidated Financial Statements (Unaudited)** 

**(Dollar amounts in thousands, except unit data)**

**September 30, 2025**

**1. Organization and Basis of Presentation** 

*Organization*: TCW Direct Lending LLC (the "Company") was formed as a Delaware corporation on March 20, 2014 and converted to a Delaware limited liability company on April 1, 2014. The Company conducted a private offering of its limited liability company units (the "Common Units") to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). In addition, the Company may issue preferred units, though it currently has no intention to do so. The Company has engaged TCW Asset Management Company LLC ("TAMCO"), an affiliate of The TCW Group, Inc. ("TCW") to be its adviser (the "Adviser"). On May 13, 2014 ("Inception Date"), the Company sold and issued 10 Common Units at an aggregate purchase price of $1 to TAMCO.

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") for the taxable year ending December 31, 2015 and subsequent years. The Company is required to meet the minimum distribution and other requirements for RIC qualification and as a BDC and a RIC, the Company is required to comply with certain regulatory requirements.

As of September 30, 2025, the Company has three wholly-owned subsidiaries - TCW DL VI Funding I, LLC, TCW DL CTH, LLC and Precision Products Machining Group, LLC each a Delaware limited liability company. TCW DL VI Funding I, LLC and TCW DL CTH, LLC were designed to hold equity investments of the Company and Precision Products Machining Group, LLC was acquired through an investment restructuring

The consolidated financial statements in this quarterly report on Form 10-Q include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.

*Term:* The initial term of the Company continued until the sixth anniversary of the Initial Closing Date (as defined below), September 19, 2020. The Company may extend the term for two additional one-year periods upon written notice to the holders of the Common Units and holders of preferred units, if any, (collectively the "Unitholders" or "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 Common Units. On April 30, 2021, the Company's Board of Directors approved the second one year extension of the Company's term from September 19, 2021 to September 19, 2022. On July 11, 2022 the term of the Company was extended for a one-year period from September 19, 2022 to September 19, 2023 via a supermajority vote of the Unitholders. On May 11, 2023 the term of the Company was extended for an additional one-year period from September 19, 2023 to September 19, 2024 via a supermajority vote of the Unitholders. On July 11, 2024, the Company's term was extended for an additional one-year period from September 19, 2024 to September 19, 2025 via a supermajority vote of the Unitholders. On July 31, 2025, the Company's term was extended for an additional one-year period from September 19, 2025 to September 19, 2026 via a supermajority vote of the Unitholders. If we are unable to extend the Company's term beyond September 19, 2026, we may be required to dispose of our remaining investments at unfavorable prices.

*Commitment Period:* The Commitment Period commenced on September 19, 2014 (the "Initial Closing Date") and ended on September 19, 2017, the third anniversary of the Initial Closing Date. In accordance with the Company's Limited Liability Company 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), provided that any such follow-on investment to be made after the third anniversary of the expiration of the Commitment Period shall require the prior consent of a majority in interest of the Common Unitholders.

In October 2022, the Company's Members approved a proposal to allow the Company to make pre-identified follow-on investments in specific portfolio companies as well as their holding companies, subsidiaries, successors or other affiliates, up to an aggregate maximum of 10% of Capital Commitments. Such approval is valid throughout the remaining Company term.

In September 2024, the Company's Members approved a proposal to allow the Company to make follow-on investments in existing portfolio companies up to an aggregate amount not to exceed $226.3 million (which is approximately 11.2% of the original Commitments of all Common Unitholders as of the Final Closing Date); provided, however, that any such follow-on investment to be made after the third anniversary of the expiration of the Commitment Period shall require the prior consent of a majority in interest of the Common Unitholders. Such approval is valid throughout the remaining Company term.

------

**TCW DIRECT LENDING LLC**

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

**(Dollar amounts in thousands, except unit data)**

**September 30, 2025**

**1. Organization and Basis of Presentation (Continued)**

*Capital Commitments:* On September 19, 2014 ("the Initial Closing Date"), the Company began accepting subscription agreements from investors for the private sale of its Common Units. On March 19, 2015, the Company completed its final private placement of its Common Units. Subscription agreements with commitments ("Commitments") from investors (each a "Common Unitholder") totaling $2,013,470 for the purchase of Common Units were accepted. Each Common Unitholder is obligated to contribute capital equal to their Commitment and each Unit's Commitment obligation is $100.00 per unit. The amount of capital that remains to be drawn down and contributed is referred to as an "Undrawn Commitment". On July 11, 2022 the Company's Members approved a reduction in Undrawn Commitments by $10.43 per unit, resulting in an approximately 41.18% reduction of overall remaining available capital commitments. The Company effected this commitment reduction by reducing the number of outstanding undrawn units and thereby reducing total Units from 20,134,698 to 18,034,649. Such Unit reduction was proportionately affected for each Member and therefore has no impact on each Member's percentage in interest in the Company.

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 September 30, 2025, aggregate Commitments, Undrawn Commitments, the percentage of Commitments funded and the number of subscribed for Units of the Company were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Commitments** | **Undrawn<br>Commitments** | **% of<br>Commitments<br>Funded** | **Units** |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Unitholder | $1803465 | $199120 | 89.0% | 18034649 |

---

*Recallable Amount:* A Common Unitholder may be required to re-contribute amounts distributed equal to 75% of the principal amount or the cost portion of any Portfolio Investment that is fully repaid to or otherwise fully recouped by the Company within one year of the Company's investment. The Recallable Amount is excluded from the calculation of the accrual based net asset value.

The Recallable Amount as of September 30, 2025 was $100,875.

**2. Significant Accounting Policies** 

*Basis of Presentation:* The unaudited consolidated financial statements of the Company were prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6 and Article 10 of Regulation S-X. 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 consolidated the results of its wholly-owned subsidiaries in its consolidated financial statements in accordance with ASC 946. The unaudited consolidated financial statements reflect all adjustments, both normal and recurring which, in the opinion of management, are necessary for the fair presentation of the Company's results of operations and financial condition for the periods presented. The unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto appearing in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission ("SEC") on March 31, 2025.

*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 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 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 its principal market to be the market that has the greatest volume and level of activity.

------

**TCW DIRECT LENDING LLC**

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

**(Dollar amounts in thousands, except unit data)**

**September 30, 2025**

**2. Significant Accounting Policies (Continued)**

*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 and interest income paid-in-kind ("PIK") are recorded on an accrual basis unless doubtful of collection or the related investment is in default. The majority of the Company's current debt investments contain PIK due to certain circumstances involving debt restructurings or work-outs. However, a significant amount of PIK interest is not being recognized as income due to the collection being doubtful. PIK interest represents accrued interest that is added to the principal amount of the investment on the respective interest payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a liquidation event. To maintain the Company's tax status as a RIC, this non-cash source of income must be paid out to stockholders in the form of dividends for the year the income was earned, even though the Company has not yet collected the cash. The amortized cost of investments represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest. For the three and nine months ended September 30, 2025, PIK interest income earned was $1,139 and $4,005, respectively, representing 36.3% and 32.9%, respectively, of investment income. For the three and nine months ended September 30, 2024, PIK interest income earned was $2,515 and $14,061, respectively, representing 53.3% and 53.4%, respectively, of investment income.

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. Ongoing facility, commitment or other additional fees including prepayment fees, consent fees and forbearance fees are recognized as interest income in the period in which the fees were earned. Income received in exchange for the provision of services such as administration and managerial services is recognized as other fee income in the period in which it was earned.

The Company has entered into certain intercreditor agreements that entitle the Company to the "last out" tranche of first lien secured loans, whereby the "first out" tranche will receive priority as to the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder. In certain cases, the Company may receive a higher interest rate than the contractual stated interest rate as disclosed on the Company's Consolidated Schedule of Investments.

Certain investments have an unfunded loan commitment for a delayed draw term loan or revolving credit. The Company earns an unused commitment 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.

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment regarding collectability. If at any point the Company believes PIK interest is not expected to be realized, the investment generating PIK interest will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through interest income. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection.

*Deferred Financing Costs:* Deferred financing costs incurred by the Company in connection with the revolving credit facility, including arrangement fees, upfront fees and legal fees, are amortized on a straight-line basis over the term of the revolving credit facility.

*Organization and Offering Costs:* The Company did not bear more than an amount equal to 10 basis points of the aggregate capital commitments of the Company for organization and offering expenses.

*Cash and Cash Equivalents:* The Company generally considers investments with a maturity of three months or less at the time of acquisition to be cash equivalents. As of September 30, 2025, cash and cash equivalents is comprised of demand deposits and highly liquid investments with maturities of three months or less. Cash equivalents are valued at the net asset value of the mutual fund which approximates fair value and are classified as Level 1 in the GAAP valuation hierarchy.

------

**TCW DIRECT LENDING LLC**

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

**(Dollar amounts in thousands, except unit data)**

**September 30, 2025**

**2. Significant Accounting Policies (Continued)**

*Short-term investments:* The Company considers all investments with original maturities beyond three months at the date of purchase and one year or less from the balance sheet date to be short-term investments. As of September 30, 2025, short-term investments is comprised of U.S. Treasury bills, all of which are carried at fair value and are classified as Level 1 in the GAAP valuation hierarchy.

*Income Taxes:* 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 Members as dividends. Rather, any tax liability related to income earned and distributed by the Company represents obligations of the Company's Members and will not be reflected in the consolidated financial statements of the Company.

**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, generally 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 according to procedures approved by the Board based on similar instruments, internal assumptions and the weighting of the best available pricing inputs.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" with respect to the fair valuation of the Company's portfolio securities, subject to oversight by and periodic reporting to the Board.

*Fair Value Hierarchy:* Assets and liabilities are classified into three levels by the Company 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.

**Level 1 Assets (Investments):** The valuation techniques and significant inputs used to determine fair value are as follows:

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

**Level 3 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.

<u>Debt, (Level 3)</u>, include 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. An income method approach incorporating a weighted average cost of capital and discount rate or a market method approach using prices and other relevant information generated by market transactions involving identical or comparable assets is generally used to determine fair value, though some cases use 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.

------

**TCW DIRECT LENDING LLC**

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

**(Dollar amounts in thousands, except unit data)**

**September 30, 2025**

**3. Investment Valuations and Fair Value Measurements (Continued)** 

<u>Equity</u>, (Level 3), includes common stock, preferred 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 Black-Scholes 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.

**Net Asset Value ("NAV") (Investment Funds and Vehicles)**: Equity investments in affiliated investment fund (TCW Direct Lending Strategic Ventures LLC ("Strategic Ventures")) are valued based on the NAV reported by the investment fund. Investments held by the affiliated fund include debt investments in privately originated senior secured debt. Such investments held by the affiliated fund are valued using the same methods, approach and standards applied above to debt investments held by the Company. The Company's ability to withdraw from the fund is subject to restrictions. The initial term of the fund continued until June 5, 2021 and was able to be extended for two additional one-year periods by the Company, in its full discretion. The Company can further extend the term of the fund for additional one-year periods upon notice to and consent from the fund's management committee. On February 25, 2021, Company extended the fund's term one additional year, until June 5, 2022. On February 1, 2022, the Company further extended the fund's term one additional year, until June 5, 2023. On April 17, 2023, the Company further extended the fund's term one additional year, until June 5, 2024. On May 7, 2025, the Company further extended the fund's term one additional year, until June 5, 2026. The Company is entitled to income and principal distributed by the fund.

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 September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **NAV**<sup>(1)</sup> | **Total** |
| Debt | $— | $— | $139686 | $— | $139686 |
| Equity |  |  | 114754 |  | 114754 |
| Investment funds & vehicles<sup>(1)</sup> |  |  |  | 37032 | 37032 |
| Short- term investments | 394998 |  |  |  | 394998 |
| Cash equivalents | 2063 |  |  |  | 2063 |
| **Total** | $**397061** | $**—** | $**254440** | $**37032** | $**688533** |

---

<sup>(1)</sup> Includes equity investments in Strategic Ventures. In accordance with ASC Topic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

------

**TCW DIRECT LENDING LLC**

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

**(Dollar amounts in thousands, except unit data)**

**September 30, 2025**

**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, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **NAV**<sup>(1)</sup> | **Total** |
| Debt | $— | $— | $172216 | $— | $172216 |
| Equity |  |  | 108136 |  | 108136 |
| Investment Funds & Vehicles<sup>(1)</sup> |  |  |  | 51230 | 51230 |
| Short- term investments | 420466 |  |  |  | 420466 |
| Cash equivalents | 1766 |  |  |  | 1766 |
| **Total** | $**422232** | $**—** | $**280352** | $**51230** | $**753814** |

---

<sup>(1)</sup> Includes equity investments in Strategic Ventures. In accordance with ASC Topic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

The following tables provide a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three and nine months ended September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Debt** | **Equity** | **Total** |
| Balance, July 1, 2025 | $168757 | $120832 | $289589 |
| Purchases, including payments received in-kind | 10439 |  | 10439 |
| Sales and paydowns of investments | (31144) |  | (31144) |
| Amortization of premium and accretion of discount, net | 9 |  | 9 |
| Net change in unrealized appreciation/(depreciation) | (8375) | (6078) | (14453) |
| **Balance, September 30, 2025** | $**139686** | $**114754** | $**254440** |
| Change in net unrealized appreciation/(depreciation) in investments held as of September 30, 2025 | (8369) | (6079) | (14448) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Debt** | **Equity** | **Total** |
| Balance, January 1, 2025 | $172216 | $108136 | $280352 |
| Purchases, including payments received in-kind | 21514 |  | 21514 |
| Sales and paydowns of investments | (32400) |  | (32400) |
| Amortization of premium and accretion of discount, net | 23 |  | 23 |
| Net realized losses | (32894) |  | (32894) |
| Net change in unrealized appreciation/(depreciation) | 11227 | 6618 | 17845 |
| **Balance, September 30, 2025** | $**139686** | $**114754** | $**254440** |
| Change in net unrealized appreciation/(depreciation) in investments held as of September 30, 2025 | $(18235) | $6618 | $(11617) |

---

------

**TCW DIRECT LENDING LLC**

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

**(Dollar amounts in thousands, except unit data)**

**September 30, 2025**

**3. Investment Valuations and Fair Value Measurements (Continued)** 

The following tables provide a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three and nine months ended September 30, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **Debt** | **Equity** | **Total** |
| Balance, July 1, 2024 | $262196 | $83984 | $346180 |
| Purchases, including payments received in-kind | 48792 | 62647 | 111439 |
| Sales and paydowns of investments | (102840) |  | (102840) |
| Amortization of premium and accretion of discount, net | 33 |  | 33 |
| Net realized losses | (5000) |  | (5000) |
| Net change in unrealized appreciation/(depreciation) | 711 | (37739) | (37028) |
| **Balance, September 30, 2024** | $**203892** | $**108892** | $**312784** |
| Change in net unrealized appreciation/(depreciation) in investments held as of September 30, 2024 | $759 | $(37739) | $(36980) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Debt** | **Equity** | **Total** |
| Balance, January 1, 2024 | $276377 | $95419 | $371796 |
| Purchases, including payments received in-kind | 65696 | 62647 | 128343 |
| Sales and paydowns of investments | (103450) |  | (103450) |
| Amortization of premium and accretion of discount, net | 6 |  | 6 |
| Net realized losses | (5000) |  | (5000) |
| Net change in unrealized appreciation/(depreciation) | (29737) | (49174) | (78911) |
| **Balance, September 30, 2024** | $**203892** | $**108892** | $**312784** |
| Change in net unrealized appreciation/(depreciation) in investments held as of September 30, 2024 | $(29689) | $(49174) | $(78863) |

---

The Company did not have any transfers between levels during the three and nine months ended September 30, 2025 and 2024.

------

**TCW DIRECT LENDING LLC**

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

**(Dollar amounts in thousands, except unit data)**

**September 30, 2025**

**3. Investment Valuations and Fair Value Measurements (Continued)** 

*Level 3 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 September 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value** | **Valuation<br>Technique** | **Unobservable<br>Input** | **Range** | **Weighted<br>Average\*** | **Impact to<br>Valuation if<br>Input Increases** |
| Debt | $27004 | Income Method | Discount Rate | 15.3 to 17.6% | 16.4% | Decrease |
| Debt | $27899 | Market Method | EBITDA Multiple | 5.0x to 8.0x | 6.0x | Increase |
| Debt | $84783 | Market Method | Revenue Multiple | 0.2x to 1.4x | 0.7x | Increase |
| Equity | $48387 | Market Method | EBITDA Multiple | 5.0x to 8.0x | 6.9x | Increase |
| Equity | $66367 | Market Method | Revenue Multiple | 0.2x to 1.4x | 0.9x | 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, 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value** | **Valuation<br>Technique** | **Unobservable<br>Input** | **Range** | **Weighted<br>Average\*** | **Impact to<br>Valuation if<br>Input Increases** |
| Debt | $27658 | Income Method | Discount Rate | 13.3% to 16.6% | 15.0% | Decrease |
| Debt | $27929 | Market Method | EBITDA Multiple | 5.3x to 7.3x | 6.5x | Increase |
| Debt | $113239 | Market Method | Revenue Multiple | 0.1x to 1.4x | 0.8x | Increase |
| Debt | $3390 | Market Method | Indicative Bid | 0.0% to 100.0% | 48.7% | Increase |
| Equity | $56695 | Market Method | EBITDA Multiple | 5.3x to 7.3x | 6.0x | Increase |
| Equity | $51441 | Market Method | Revenue Multiple | 0.1x to 1.4x | 0.9x | Increase |

---

\* Weighted based on fair value

Unless noted, the Company generally 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 September 15, 2014, the Company entered into an Investment Advisory and Management Agreement (the "Advisory Agreement") with the Adviser, a registered investment adviser under the Investment Advisers Act of 1940, as amended. The Advisory Agreement was approved by the Board at an in-person meeting for an initial two-year term. Unless earlier terminated, the Advisory Agreement will remain in effect for additional one-year terms if approved annually by (i) the vote of the Board, or by the vote of a majority of our outstanding voting securities, and (ii) the vote of a majority of the independent directors of the Board. On August 13, 2025, the Company's Board renewed the Advisory Agreement for an additional one-year term until September 15, 2026.

------

**TCW DIRECT LENDING LLC**

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

**(Dollar amounts in thousands, except unit data)**

**September 30, 2025**

**4. Agreements and Related Party Transactions (Continued)** 

*Management Fee*: Pursuant to the Advisory Agreement, and subject to the overall supervision of the Board, the Adviser manages the Company's day-to-day operations and provides investment advisory services to the Company. The Company pays to the Adviser, quarterly in advance, a management fee (the "Management Fee") calculated as follows: (i) for the period starting on the initial closing date and ending on the earlier of (A) the last day of the calendar quarter during which the Commitment Period (as defined below) ends or (B) the last day of the calendar quarter during which the Adviser or an affiliate thereof begins to accrue a management fee with respect to a successor fund, 0.375% (i.e., 1.50% per annum) of the aggregate commitments determined as of the end of the period during which the Common Units are being offered (the "Closing Period"), and (ii) for each calendar quarter thereafter during the term of the Company (but not beyond the tenth anniversary of the initial closing date), 0.1875% (i.e., 0.75% per annum) of the aggregate cost basis (whether acquired by the Company with contributions from members, other Company funds or borrowings) of all portfolio investments 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), determined in each case as of the first day of such calendar quarter. The Management Fee in respect of the Closing Period is calculated as if all capital commitments of the Company were made on the initial closing date, regardless of when Common Units were actually issued. The actual payment of the Management Fee with respect to the Closing Period was not made prior to the first day of the first full calendar quarter following the end of the Closing Period. The "Commitment Period" of the Company began on the initial closing date and ended on September 19, 2017, the earlier of (a) three years from the initial closing date and (b) the date on which the undrawn Commitment of each Common Unit has been reduced to zero. While the Management Fee accrued from the initial closing date, the Adviser deferred payment of such fees to the extent that such fees cannot be paid from interest and fee income generated by the Company's investments.

During the three and nine months ended September 30, 2025, Management Fees incurred were $818 and $2,471, respectively. During the three and nine months ended September 30, 2024, Management Fees incurred were $911 and $2,673, respectively. In connection with the supermajority vote by the Unitholders to extend the Company's term from September 19, 2023 to September 19, 2024 as described in Note 1, the Adviser agreed to waive management fees earned from and after December 31, 2022.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Second, no Incentive Fee will be owed until the Common Unitholders have collectively received cumulative distributions equal to a 9% internal rate of return on their aggregate capital contributions in respect of all Common Units (the "Hurdle");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Third, the Adviser will be entitled to an Incentive Fee out of 100% of additional amounts otherwise distributable to Common Unitholders until such time as the cumulative 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 Common Unitholders in respect of all Common Units and (ii) the amount of Incentive Fee being paid to the Adviser pursuant to this clause (c); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Thereafter, the Adviser will be entitled to an Incentive Fee equal to 20% of additional amounts otherwise distributable to Unitholders, 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 and, if applicable, paid in accordance with the foregoing formula each time amounts are to be distributed to the Unitholders.

------

**TCW DIRECT LENDING LLC**

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

**(Dollar amounts in thousands, except unit data)**

**September 30, 2025**

**4. Agreements and Related Party Transactions (Continued)** 

If the Advisory Agreement terminates early for any reason other than (i) the Adviser voluntarily terminating the agreement or (ii) our terminating the agreement for cause (as set out in the Advisory Agreement), we 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 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 would be 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. We will make the Final Incentive Fee Payment in cash on or immediately following the date the Advisory Agreement is so terminated. The Adviser Return Obligation (defined below) will not apply in connection with a Final Incentive Fee Payment.

No Incentive Fees were incurred during the three and nine months ended September 30, 2025 and 2024.

*Administration Agreement:* On September 15, 2014, the Company entered into the Administration Agreement with the Adviser under which the Adviser (or one or more delegated service providers) oversees the maintenance of our financial records and otherwise assists with the Company's compliance with regulations applicable to a BDC under the 1940 Act, and a RIC under the Code, to prepare reports to our Members, monitor the payment of our expenses and the performance of other administrative or professional service providers, and generally provides us with administrative and back office support. The Company reimburses the Administrator for expenses incurred by it on behalf of the Company in performing its obligations under the Administration Agreement. Amounts paid pursuant to the Administration Agreement are subject to the annual cap on Company Expenses (as defined below), as described more fully below. On August 13, 2025, the Company's Board renewed the Administration Agreement for an additional one-year term until September 15, 2026.

The Company, and indirectly the Unitholders, will bear (including by reimbursing the Adviser or Administrator) all other costs and expenses of its operations, administration and transactions, including, without limitation, organizational and offering expenses, management fees, costs of reporting required under applicable securities laws, legal fees of the Company's counsel and accounting fees. However, the Company will not bear (a) more than an amount equal to 10 basis points of the aggregate capital commitments of the Company for organization and offering expenses in connection with the offering of Common Units through the Closing Period and (b) more than an amount equal to 12.5 basis points of the aggregate Commitments of the Company per annum (pro-rated for partial years) for its costs and expenses other than ordinary operating expenses ("Company Expenses"), including amounts paid to the Administrator under the Administration Agreement and reimbursement of expenses to the Adviser. All expenses that the Company will not bear will be borne by the Adviser or its affiliates. Notwithstanding the foregoing, the cap on Company Expenses does not apply to payments of the Management Fee, Incentive Fee, organizational and offering expenses (which are subject to the separate cap), amounts payable in connection with the Company's borrowings (including interest, bank fees, legal fees and other transactional expenses related to any borrowing or borrowing facility and similar costs), costs and expenses relating to the liquidation of the Company, taxes, or extraordinary expenses (such as litigation expenses and indemnification payments).

*TCW Direct Lending Strategic Ventures LLC:* On June 5, 2015, the Company, together with an affiliate of Security Benefit Corporation and accounts managed by Oak Hill Advisors, L.P., entered into an Amended and Restated Limited Liability Company Agreement (the "Agreement") to become members of TCW Direct Lending Strategic Ventures LLC ("Strategic Ventures"). Strategic Ventures focuses primarily on making senior secured floating rate loans to middle-market borrowers. The Agreement was effective June 5, 2015. The Company's investment in Strategic Ventures is restricted from redemption until the termination of Strategic Ventures.

The Company's capital commitment to Strategic Ventures is $481,600, representing approximately 80% of the preferred and common equity ownership of Strategic Ventures, with the third-party investors representing the remaining capital commitments and preferred and common equity ownership. A portion of the Company's capital commitment was satisfied by the contribution of two loans to Strategic Ventures. Strategic Ventures also entered into a revolving credit facility to finance a portion of certain eligible investments on June 5, 2015. On April 30, 2021, Strategic Ventures' revolving credit facility was terminated.

------

**TCW DIRECT LENDING LLC**

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

**(Dollar amounts in thousands, except unit data)**

**September 30, 2025**

**5. Commitments and Contingencies** 

The Company had the following unfunded commitments and unrealized depreciation by investment as of September 30, 2025 and December 31, 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Unfunded Commitments** | **Maturity/<br>Expiration** | **Amount** | **Unrealized<br>Depreciation** | **Amount** | **Unrealized<br>Depreciation** |
| Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) | January 2028 | $16816 | $— | $7268 | $— |
| Pace Industries, Inc. | October 2026 |  |  | 2336 | 1007 |
| Ruby Tuesday Operations LLC (fka Ruby Tuesday, Inc.) | February 2027 | 4921 |  | 4921 |  |
| **Total** |  | $**21737** | $**—** | $**14525** | $**1007** |

---

The Company's total capital commitment to its underlying investment in Strategic Ventures is $481,600. As of September 30, 2025 and December 31, 2024, the Company's unfunded commitment to Strategic Ventures is $219,646.

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of September 30, 2025, management 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.

**6. Members' Capital** 

During the three and nine months ended September 30, 2025 and 2024, the Company did not sell or issue any Common Units. As described in Note 1, on July 11, 2022 the Company's Members approved a reduction in Undrawn Commitments by $10.43 per unit, resulting in an approximately 41.18% reduction of overall remaining available capital commitments. The activity for the three and nine months ended September 30, 2025 and 2024 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Units at beginning of period | 18034649 | 18034649 | 18034649 | 18034649 |
| Units issued and committed at end of period | 18034649 | 18034649 | 18034649 | 18034649 |

---

The Company did not process any deemed distributions and re-contributions during the three and nine months ended September 30, 2025 and 2024.

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**TCW DIRECT LENDING LLC**

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

**(Dollar amounts in thousands, except unit data)**

**September 30, 2025**

**7. Credit Facility** 

The Company has a secured revolving credit agreement (the "Credit Agreement") with Natixis, New York Branch ("Natixis") as administrative agent and committed lender. The Credit Agreement provides for a revolving credit line of up to $750,000 (the "Maximum Commitment") (the "Credit Facility"), subject to the lesser of the "Borrowing Base" assets or the Maximum Commitment (the "Available Commitment"). The Borrowing Base assets generally equal the sum of (a) a percentage of certain eligible investments in a controlled account, (b) a percentage of unfunded commitments from certain eligible investors in the Company and (c) cash in a controlled account. The Credit Agreement is generally secured by the Borrowing Base assets.

On April 10, 2017, the Company and Natixis entered into a Third Amended and Restated Revolving Credit Agreement. Under the Third Amended and Restated Revolving Credit Agreement borrowings bear interest at a rate equal to either the (a) adjusted eurodollar rate calculated in a customary manner plus 2.35%, (b) commercial paper rate plus 2.35%, or (c) a base rate calculated in a customary manner (using the higher of the Federal Funds Rate plus 0.50%, the Prime Rate and the Floating LIBOR Rate plus 1.00%) plus 1.35%. Moreover, the Credit Agreement's stated maturity date was extended from November 10, 2017 to April 10, 2020.

On April 6, 2020, the Company entered into a First Amendment to the Third Amended and Restated Revolving Credit Agreement (the "Amended Credit Agreement"), by and among the Company, as borrower, and Natixis, New York Branch, as administrative agent and the lenders party thereto. The Amended Credit Agreement provides for a revolving credit line of up to $375,000 (with an option for the Company to increase this amount to $450,000 subject to consent of the lenders and satisfaction of certain other conditions), subject to the available borrowing base, which is generally the sum of (a) a percentage of certain eligible investments, (b) a percentage of remaining unfunded commitments from certain eligible investors in the Company and (c) cash in a controlled account. The Amended Credit Agreement is generally secured by the unfunded commitments (together with the recallable amounts) of the Company's investors, portfolio investments and substantially all other assets of the Company. The stated maturity date of the Amended Credit Agreement was April 9, 2021, which date (subject to the satisfaction of certain conditions) could have been extended by the Company for up to an additional 364 days. Borrowings under the Amended Credit Agreement bore interest at a rate equal to either (a) adjusted eurodollar rate calculated in a customary manner plus 2.50%, (b) commercial paper rate plus 2.50%, or (c) a base rate calculated in a customary manner (which will never be less than the adjusted eurodollar rate plus 1.00%) plus 1.50%, provided however in each case the commercial paper rate and the eurocurrency rate shall have a floor of 1.00%.

On May 27, 2020, the Company entered into a Lender Group Joinder Agreement pursuant to which Zions Bancorporation, N.A. d/b/a California Bank & Trust was added as a committed lender (with a commitment of $25,000) under the Amended Credit Agreement. Concurrently therewith, the Company elected to increase the size of its revolving credit line under the Amended Credit Agreement to $400,000. On December 29, 2020, the Company elected to permanently decrease the size of its revolving credit line under the Amended Credit Agreement to $177,000.

On April 6, 2021, the Company entered into a Third Amendment to the Amended Credit Agreement (the "Third Amended Credit Agreement"). The Third Amended Credit Agreement provides for a revolving credit line of up to $177,000, subject to the available borrowing base, which is generally a percentage of remaining unfunded commitments from certain eligible investors in the Company. The Third Amended Credit Agreement is generally secured by the unfunded commitments (together with the recallable amounts) of the Company's investors. The stated maturity date of the Third Amended Credit Agreement is April 8, 2022, which (subject to the satisfaction of certain conditions) may be extended by the Company for up to an additional 364 days. On March 23, 2022, the Company exercised its final extension option, and extended the maturity date of the Third Amended Credit Agreement to April 7, 2023. Borrowings under the Third Amended Credit Agreement bear interest at a rate equal to either (a) Eurocurrency Rate calculated in a customary manner plus 1.95%, (b) commercial paper rate ("CP Rate") plus 1.95%, or (c) a base rate calculated in a customary manner (which will never be less than the Eurocurrency Rate plus 1.00%) plus 0.95%, provided however in each case the CP Rate and the Eurocurrency Rate shall have a floor of 0.00%. The 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 September 30, 2025, the Company was in compliance with such covenants.

------

**TCW DIRECT LENDING LLC**

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

**(Dollar amounts in thousands, except unit data)**

**September 30, 2025**

**7. Credit Facility (Continued)**

On January 10, 2023, the Company entered into a Fourth Amendment to the Third Amended and Restated Revolving Credit Agreement (the "Fourth Amended Credit Agreement"). The Fourth Amended Credit Agreement replaces the Eurocurrency Rate with a Daily Simple SOFR Rate, Term SOFR Rate and Adjusted Term SOFR Rate (each as defined in the Fourth Amended Credit Agreement) for purposes of calculating interest on the loan. Each Term SOFR Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Adjusted Term SOFR Rate for such Interest Period plus the interest rate spread or "Applicable Margin." Each Daily SOFR Loan will bear interest on the outstanding principal amount thereof at a rate per annum equal to Daily Simple SOFR plus the Applicable Margin. The Term SOFR Loan and Daily SOFR Loan have an Applicable Margin of 1.95%.

On April 7, 2023, the Company entered into the Fifth Amendment to the Third Amended and Restated Revolving Credit Agreement (the "Fifth Amended Credit Agreement"). The Fifth Amended Credit Agreement removed the Adjusted Term SOFR Rate for purposes of calculating interest on the loan but kept the Daily Simple SOFR and Term SOFR rates as is. It also updated the Applicable Margin from 0.95% to 1.15% for Base Rate Loans and from 1.95% to 2.15% for all other loan types. The revolving credit line was also reduced from $177,000 to $152,000 and lastly, the maturity date of the loan was extended 364 days to April 5, 2024.

On April 5, 2024, the Company entered into the Sixth Amendment to the Third Amended and Restated Revolving Credit Agreement (the "Sixth Amended Credit Agreement"). The Sixth Amended Credit Agreement updated the Applicable Margin from 1.15% to 1.50% for Base Rate Loans and from 2.15% to 2.50% for all other loan types. The maturity date of the loan was also extended 364 days to April 4, 2025.

On March 24, 2025, the maturity date of the Credit Agreement was extended to July 3, 2025.

On July 3, 2025, the Company entered into the Seventh Amendment to the Third Amended and Restated Revolving Credit Agreement (the "Seventh Amended Credit Agreement"). The Seventh Amended Credit Agreement extended the maturity date of the loan until January 2, 2026. Additionally, the Applicable Margin was updated from 1.50% to 1.00% for Base Rate Loans and 2.50% to 2.00% for all other loan types.

As of September 30, 2025 and December 31, 2024, the Available Commitment under the Amended Credit Agreement was $100,450 and $59,350, respectively.

As of September 30, 2025 and December 31, 2024, the amounts outstanding under the Credit Facility were $51,550 and $92,650, respectively. The carrying amount of the Credit Facility, which is categorized as Level 2 within the fair value hierarchy as of September 30, 2025 and December 31, 2024, approximates its fair value. 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 terms and conditions of the Credit Facility.

Costs associated with the Credit Facility are recorded as deferred financing costs on our Consolidated Statements of Assets and Liabilities and the costs are being amortized over the life of the Credit Facility. The Company incurred financing costs of $247 in connection with the Seventh Amended Credit Agreement. As of September 30, 2025 and December 31, 2024, $127 and $166, respectively, of such prepaid deferred financing costs has yet to be amortized.

The summary information regarding the Credit Facility for the three and nine months ended September 30, 2025 and 2024 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Credit facility interest expense | $875 | $1692 | $3464 | $4721 |
| Undrawn commitment fees | 123 | 68 | 330 | 223 |
| Administrative fees | 32 | 17 | 65 | 33 |
| Amortization of deferred financing costs | 152 | 191 | 465 | 455 |
| **Total** | $**1182** | $**1968** | $**4324** | $**5432** |
| Weighted average interest rate | 6.37% | 7.83% | 6.74% | 7.75% |
| Average outstanding balance | $53768 | $84592 | $67818 | $80053 |

---

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**TCW DIRECT LENDING LLC**

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

**(Dollar amounts in thousands, except unit data)**

**September 30, 2025**

**8. Repurchase Transactions**

The Company may, from time to time, enter into repurchase agreements with Barclays Bank PLC ("Barclays"), whereby the Company sells to Barclays its short-term investments and concurrently enters into an agreement to repurchase the same investments at an agreed-upon price at a future date, generally within 30-days (each, a "Repurchase Transaction").

In accordance with ASC 860, Transfers and Servicing, these Repurchase Transactions meet the criteria for secured borrowings. Accordingly, the short-term investments remain on the Company's Consolidated Statements of Assets and Liabilities as an asset, and the Company records a liability to reflect its repurchase obligation to Barclays (the "Repurchase Obligation"). The Repurchase Obligation is secured by the short-term investments that are the subject of the repurchase agreement.

The Repurchase Transactions entered into during the nine months ended September 30, 2025 and 2024, had average principal balances of $392,036 and $467,336, respectively and weighted average interest rates of 4.54% and 5.57%, respectively.

The net proceeds received from Repurchase Transactions during the nine months ended September 30, 2025 and 2024 was a net loss of $274 (comprised of interest expense of $3,354 net of realized gains on short-term investments of $3,080) and $498 (comprised of interest expense of $5,051 net of realized gains on short-term investments of $4,553), respectively.

The Company had no outstanding Repurchase Obligations as of September 30, 2025 and December 31, 2024. Interest expense incurred under these Repurchase Transactions was $1,176 and $1,617 for the three months ended September 30, 2025 and 2024, respectively. Interest expense incurred under these Repurchase Transactions was $3,354 and $5,051 for the nine months ended September 30, 2025 and 2024, respectively.

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**TCW DIRECT LENDING LLC**

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

**(Dollar amounts in thousands, except unit data)**

**September 30, 2025**

**9. Income Taxes** 

The Company has elected to be treated 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 common unitholders as dividends. The Company elected to be taxed as a RIC in 2015. The Company evaluates tax positions taken or expected to be taken in the course of preparing its 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.

*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 September 30, 2025 and December 31, 2024, the Company's aggregate investment unrealized appreciation and depreciation for federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Cost of investments for federal income tax purposes | $808606 | $907676 |
| Unrealized appreciation | $50150 | $52694 |
| Unrealized depreciation | $(170224) | $(206556) |
| Net unrealized depreciation on investments | $(120074) | $(153862) |

---

The Company did not have any unrecognized tax benefits at December 31, 2024, nor were there any increases or decreases in unrecognized tax benefits for the period then ended; and therefore no interest or penalties were accrued. The Company is subject to examination by U.S. Federal and state tax authorities regarding returns filed for the prior three and four years, respectively.

------

**TCW DIRECT LENDING LLC**

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

**(Dollar amounts in thousands, except unit data)**

**September 30, 2025**

**10. Segment Reporting**

The Company represents a single operating segment as the operating results of the Company are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined investment objectives that is executed by the Company's portfolio management team. The Company's Chief Financial Officer, serves as the Company's chief operating decision maker ("CODM"), who acts in accordance with the Board's reviews and approvals. The CODM uses financial information, such as changes in members' capital from operations, changes in members' capital from Company share transactions, and income and expense ratios, consistent with that presented within the accompanying consolidated financial statements and financial highlights to assess the Company's profits and losses and to make resource allocation decisions, such as the need to obtain additional funding or make distributions. Segment assets are reflected in the Company's Consolidated Statements of Assets and Liabilities as members' capital, which consists primarily of investments at fair value, and significant segment expenses are listed in the accompanying Consolidated Statements of Operations.

**11. Unconsolidated Significant Subsidiaries**

In accordance with Rule 10-01(b)(1) of Regulation S-X, the Company must determine which of its unconsolidated controlled portfolio companies are considered "significant subsidiaries," if any. In evaluating these investments, Rule 1-02(w)(2) of Regulation S-X stipulates two tests to be utilized by a business development corporation to determine if any of our controlled investments are considered significant subsidiaries for financial reporting purposes: the investment test and the income test. For interim financial statements, Rule 10-01(b)(1) requires summarized income statement information if any of the thresholds in the tests are exceeded.

As of September 30, 2025, our investments in Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company) and RT Holdings Parent, LLC exceeded the threshold in at least one of the Rule 1-02(w)(2) tests during any quarter of the year. Accordingly, included below is the summarized income statement information for Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company) and RT Holdings Parent, LLC:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the three months<br>ended September 30,** | **For the nine months ended September 30,** | **For the period from August 23, 2024 to September 30,** |
|  | **2025** | **2025** | **2024**<sup>(1)</sup> |
| **Selected Income Statement Information - Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company)** |  |  |  |
| Total revenue | $14925 | $46756 | $7880 |
| Gross profit | 2325 | $6173 | $1885 |
| Net income (loss) | 24875 | 18730 | (1027) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company) was formed on August 23, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended September 2,** | **For the three months ended September 3,** | **For the nine months ended September 2,** | **For the nine months ended September 3,** |
|  | **2025**<sup>(2)</sup> | **2024**<sup>(2)</sup> | **2025**<sup>(2)</sup> | **2024**<sup>(2)</sup> |
| **Selected Income Statement Information - RT Holdings Parent, LLC** |  |  |  |  |
| Total revenue | $79668 | $82024 | $240583 | $256200 |
| Gross profit | 30613 | 31099 | 92005 | 97301 |
| Net loss | (2608) | (3045) | (5985) | (4638) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) RT Holdings Parent, LLC's fiscal period does not end on the last day of a given month. As such, the Company has presented the most recent comparable period available.

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**TCW DIRECT LENDING LLC**

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

**(Dollar amounts in thousands, except unit data)**

**September 30, 2025**

**12. Financial Highlights** 

Selected data for a unit outstanding throughout the nine months ended September 30, 2025 and 2024 is presented below. The accrual base Net Asset Value is calculated by subtracting the per unit loss from investment operations from the beginning Net Asset Value per unit and reflects all units issued and outstanding.

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025**<sup>(1)</sup> | **2024**<sup>(1)</sup> |
| Net Asset Value Per Unit (accrual base), Beginning of Period | $25.22 | $31.38 |
| Income from Investment Operations: |  |  |
| Net investment income | 0.19 | 0.81 |
| Net realized and unrealized loss | (0.94) | (4.99) |
| Total loss from investment operations | (0.75) | (4.18) |
| Less Distributions: |  |  |
| From net investment income |  | (0.36) |
| Total distributions |  | (0.36) |
| Net Asset Value Per Unit (accrual base), End of Period | $24.47 | $26.84 |
| Common Unitholder Total Return<sup>(2)(3)</sup> | (4.25)% | (23.63)% |
| Common Unitholder IRR<sup>(4)</sup> | 6.71% | 7.27% |
| Ratios and Supplemental Data: |  |  |
| Members' Capital, end of period | $242235 | $284929 |
| Units outstanding, end of period | 18034649 | 18034649 |
| Ratios based on average net assets of Members' Capital: |  |  |
| Ratio of total expenses to average net assets<sup>(5)</sup> | 5.82% | 5.51% |
| Expenses waived by Investment Adviser<sup>(5)</sup> | (1.28)% | (0.77)% |
| Ratio of net expenses to average net assets<sup>(5)</sup> | 4.54% | 4.74% |
| Ratio of financing cost to average net assets<sup>(3)</sup> | 1.67% | 1.56% |
| Ratio of net investment income before expenses reimbursed to average net assets<sup>(5)</sup> | 0.47% | 4.57% |
| Ratio of net investment income to average net assets<sup>(5)</sup> | 1.75% | 5.59% |
| Credit facility payable | $51550 | $86450 |
| Asset coverage ratio | 5.70 | 4.30 |
| Portfolio turnover rate<sup>(3)</sup> | 5.40% | 2.15% |

---

<sup>(1)</sup> Per unit data was calculated using the number of Common Units issued and outstanding as of September 30, 2025 and 2024.

<sup>(2)</sup> The Total Return for the nine months ended September 30, 2025 and 2024 was calculated by taking total income from investment operations for the period divided by the weighted average capital contributions from the Members during the period. The return does not reflect sales load and is net of management fees and expenses.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> The Internal Rate of Return ("IRR") since inception for the Common Unitholders, after management fees, financing costs and operating expenses, is 6.71% through September 30, 2025. The IRR is computed based on cash flow due dates contained in notices to Members (contributions from and distributions to the Common 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.

<sup>(5)</sup> Annualized.

------

**TCW DIRECT LENDING LLC**

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

**(Dollar amounts in thousands, except unit data)**

**September 30, 2025**

**13. 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.

On October 1, 2025, the Company entered into a Repurchase Transaction with Barclays which settled on October 24, 2025 with a principal amount of $395,000.

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**Item 2. 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 on Form 10-Q. Some of the statements in this report (including in the following discussion) constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or future performance or financial condition of TCW Direct Lending LLC. For simplicity, this report uses the terms "Company," "we," "us," and "our" to refer to TCW Direct Lending LLC and where appropriate in the context, its wholly-owned subsidiaries.* 

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a contraction of available credit could impair our ability to obtain leverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of current global economic conditions, including those caused by inflation, an elevated interest rate environment and geopolitical events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a decline in interest rates could adversely impact our results as majority of our investments bear interest based on floating rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the prospects of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our portfolio companies to achieve their financial and other business objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the increasing concentration of our investment portfolio as we continue to wind down may heighten the risk that an adverse change in one issuer or industry could have a material adverse impact on our performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the speculative and illiquid nature of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the use of borrowed money to finance a portion of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of our financing sources and working capital, including our ability to generate sufficient cash to pay our operating expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs associated with being an entity registered with the Securities and Exchange Commission ("SEC");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•uncertainty surrounding global political and financial stability, including the liquidity of the banking industry and the risk of recession or a shutdown of government services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes or potential disruptions in our operations and the operations of our portfolio companies, the economy, financial markets or political environment, including those caused by tariffs and trade disputes with other countries, supply chain issues, inflation and an elevated interest rate environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risks associated with possible disruption in our operations, the operations of our portfolio companies or the economy generally due to terrorism, war or other geopolitical conflict, natural disasters, pandemics or cybersecurity incidents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the loss of key personnel of the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing of cash flows, if any, from the operations of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Adviser to monitor and administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the TCW Group, Inc. to attract and retain highly talented professionals that can provide services to the Adviser and Administrator;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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 (the "Code") and as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"), and the related tax implications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of legal, tax and regulatory changes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the other risks, uncertainties and other factors we identify in this quarterly report on Form 10-Q and under "Part I—Item 1A. Risk Factors" in our Form 10-K filed with the SEC on March 31, 2025.

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 Securities Exchange Act of 1934, as amended (the "1934 Act"), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this report because we are regulated under the 1940 Act as an investment company.

*Overview* 

We were formed on April 1, 2014 as a limited liability company under the laws of the State of Delaware. We have filed an election to be regulated as a BDC under the 1940 Act. We have also elected to be treated for U.S. Federal income tax purposes as a RIC under the Code for the taxable year ending December 31, 2015 and subsequent years. We are required to continue 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.

Each investor was required to enter into a subscription agreement in connection with its Commitment (a "Subscription Agreement"). 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 Common Unit upon at least ten business days' prior written notice to the Common Unitholders. Investors have entered into subscription agreements for 20,134,698 Common Units of the Company issued and outstanding representing a total of $2.013 billion of committed capital. On July 11, 2022 our Members approved a reduction in Undrawn Commitments by $10.43 per unit, resulting in an approximately 41.18% reduction of overall remaining available capital commitments. We effected this commitment reduction by reducing the number of outstanding undrawn units and thereby reducing total Units from 20,134,698 to 18,034,649. Such Unit reduction was proportionately effected for each Member and therefore has no impact on each Member's percentage interest in us.

As of September 30, 2025, we have three wholly-owned subsidiaries - TCW DL VI Funding I, LLC, TCW DL CTH, LLC, and Precision Products Machining Group, LLC each a Delaware limited liability company. TCW DL VI Funding I, LLC and TCW DL CTH, LLC were designed to hold equity investments of ours and Precision Products Machining Group, LLC was acquired through an investment restructuring.

*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. As our investment period has ended, we will not originate new loans, but may increase credit facilities to existing borrowers or affiliates. Our highly negotiated private investments may include senior secured loans, unsecured senior loans, subordinated and mezzanine loans, convertible securities, equity securities, and equity-linked securities such as options and warrants. However, our investment bias has been towards adjustable-rate, senior secured loans. We do not anticipate a secondary market developing for our private investments. The investment philosophy, strategy and approach of the private credit team of the Adviser (the "Private Credit Team" fka 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 the Private Credit Team generally did not originate a significant amount of investments for us with PIK interest features, the majority of our current debt investments do contain PIK due to certain circumstances involving debt restructurings or work-outs. However, a significant amount of PIK interest is not being recognized as income due to the collection being doubtful.

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We are primarily focused on investing in senior secured debt obligations, although there may be occasions where the investment may be unsecured. We 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 are mostly in corporations, partnerships or other business entities. Additionally, in certain circumstances, we may co-invest with other investors and/or strategic partners through indirect investments in portfolio companies through a joint venture vehicle, partnership or other special purpose vehicle (each, an "Investment Vehicle"). While we invest primarily in U.S. companies, there are certain instances where we invested 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 Administration Agreement and the Advisory Agreement.

We bear (including by reimbursing the Adviser or Administrator) all costs and expenses of our operations, administration and transactions, including, without limitation, organizational and offering expenses, management fees, costs of reporting required under applicable securities laws, legal fees of our counsel and accounting fees. However, we do not bear (a) more than an amount equal to 10 basis points of the aggregate Commitments for organization and offering expenses in connection with the offering of Common Units through the Closing Period and (b) more than an amount equal to 12.5 basis points of the aggregate Commitments per annum (pro-rated for partial years) for our Operating Expenses, including amounts paid to the Administrator under the Administration Agreement and reimbursement of expenses to the Adviser and its affiliates. Notwithstanding the foregoing, the cap on Operating Expenses does not apply to payments of the Management Fee, Incentive Fee, organizational and offering expenses (which are subject to the separate cap described above), amounts payable in connection with our borrowings (including interest, bank fees, legal fees and other transactional expenses related to any borrowing or borrowing facility and similar costs), costs and expenses relating to our liquidation of the Company, taxes, or extraordinary expenses (such as litigation expenses and indemnification payments to either the Adviser or the Administrator). All expenses that we do not bear are borne by the Adviser or its affiliates.

**Critical Accounting Policies and Estimates** 

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting estimates, including those relating to the valuation of our investment portfolio, are described below. The critical accounting estimates should be read in conjunction with our risk factors as disclosed in "Item 1A. Risk Factors." See Note 3 to our consolidated financial statements for more information on our critical accounting policies.

Investments that we hold for which market quotes are not readily available or are not considered reliable are valued at fair value according to procedures approved by our Board of Directors based on similar instruments, internal assumptions and the weighting of the best available pricing inputs. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" with respect to the fair valuation of the Company's portfolio securities, subject to oversight by and periodic reporting to the Board.

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.

**Level 1 Assets (Investments):** The valuation techniques and significant inputs used to determine fair value are as follows:

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

**Level 3 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.

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<u>Debt, (Level 3),</u> include 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. An income method approach incorporating a weighted average cost of capital and discount rate, or a market method approach using prices and other relevant information generated by market transactions involving identical or comparable assets, is generally used to determine fair value, though some cases use 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.

<u>Equity, (Level 3),</u> includes common stock, preferred 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. 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.

**Income Recognition:** Interest income and interest income paid-in-kind are recorded on an accrual basis unless doubtful of collection or the related investment is in default.

The majority of our current debt investments contain PIK due to certain circumstances including debt restructurings or work-outs. However, a significant amount of PIK interest is not being recognized as income due to the collection being doubtful. PIK interest represents accrued interest that is added to the principal amount of the investment on the respective interest payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a liquidation event. To maintain our tax status as a RIC, this non-cash source of income must be paid out to stockholders in the form of dividends for the year the income was earned, even though we have not yet collected the cash. The amortized cost of investments represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest. For the three and nine months ended September 30, 2025, PIK interest income earned was $1.1 million and $4.0 million, respectively, representing 36.3% and 32.9%, respectively, of investment income. For the three and nine months ended September 30, 2024, PIK interest income earned was $2.5 million and $14.1 million, representing 53.3% and 53.4%, respectively, of investment income.

Realized gains and losses on investments are recorded on a specific identification basis. We typically receive 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. Ongoing facility, commitment or other additional fees including prepayment fees, consent fees and forbearance fees are recognized as interest income in the period in which the fees were earned. Income received in exchange for the provision of services such as administration and managerial services is recognized as other fee income in the period in which it was earned.

We have entered into certain intercreditor agreements that entitle us to the "last out" tranche of first lien secured loans, whereby the "first out" tranche will receive priority as to the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder. In certain cases, we may receive a higher interest rate than the contractual stated interest rate as disclosed on our Consolidated Schedule of Investments.

Certain investments have an unfunded loan commitment for a delayed draw term loan or revolving credit. We earn an unused commitment 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.

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment regarding collectability. If at any point we believe PIK interest is not expected to be realized, the investment generating PIK interest will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through interest income. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. We may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection.

**Net Asset Value ("NAV") (Investment Funds and Vehicles):** Equity investments in an affiliated investment fund TCW Direct Lending Strategic Ventures LLC ("Strategic Ventures") are valued based on the net asset value reported by the investment fund. Investments held by the affiliated fund include debt investments in privately originated senior secured debt. Such investments held by the affiliated fund are valued using the same methods, approach and standards applied above to debt investments held by the

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Company. The Company's ability to withdraw from the fund is subject to restrictions. The term of the fund will continue until June 5, 2021 unless dissolved earlier or extended for two additional one-year periods by the Company, in its full discretion. The Company can further extend the term of the fund for additional one-year periods, upon notice to and consent from the funds management committee. On February 25, 2021, Company extended the fund's term one additional year, until June 5, 2022. On February 1, 2022, the Company further extended the fund's term one additional year, until June 5, 2023. On April 17, 2023, the Company further extended the fund's term one additional year, until June 5, 2024. On May 1, 2024, the Company further extended the fund's term one additional year, until June 5, 2025. On May 7, 2025, the Company further extended the fund's term one additional year, until June 5, 2026. The Company is entitled to income and principal distributed by the fund.

**Investment Activity** 

As of September 30, 2025, our portfolio consisted of 12 debt and 14 equity investments six portfolio companies, including Strategic Ventures. Based on fair values as of September 30, 2025, our portfolio was comprised of 47.9% debt investments which were primarily senior secured, first lien term loans and 52.1% equity investments, which were primarily common and preferred stocks; warrants; and our common and preferred membership interests in Strategic Ventures. Debt investments in one portfolio company was on non-accrual status as of September 30, 2025, representing 13.3% and 40.4% of our portfolio's fair value and cost, respectively.

As of December 31, 2024, our portfolio consisted of 14 debt and 14 equity investments in seven and six portfolio companies, respectively, including Strategic Ventures. Based on fair values as of December 31, 2024, our portfolio was comprised of 51.9% debt investments which were primarily senior secured, first lien term loans and 48.1% equity investments, which were primarily common and preferred stocks; warrants; and our common and preferred membership interests in Strategic Ventures. Debt investments in three portfolio companies were on non-accrual status as of December 31, 2024, representing 16.5% and 41.8% of our portfolio's fair value and cost, respectively.

The table below describes our debt and equity investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets by industry as of September 30, 2025:

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| | |
|:---|:---|
| **Industry** | **Percent of Total Investments** |
| Industrial Conglomerates | 24% |
| Metals & Mining | 15% |
| Commercial Services & Supplies | 14% |
| Hotels, Restaurants & Leisure | 13% |
| Investment Funds & Vehicles | 13% |
| Household Durables | 12% |
| Pharmaceuticals | 9% |
| **Total** | **100%** |

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**Results of Operations** 

Our operating results for the three and nine months ended September 30, 2025 and 2024 were as follows (dollar amounts in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Total investment income** | $3141 | $4723 | $12171 | $26323 |
| **Net expenses** | 2804 | 4006 | 8804 | 11719 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net investment income** | 337 | 717 | 3367 | 14604 |
| Net realized loss on investments |  | (5000) | (32894) | (5000) |
| Net change in unrealized appreciation/(depreciation) on investments | (15019) | (41557) | 12899 | (89467) |
| Net realized gain on short-term investments | 1047 | 1490 | 3080 | 4553 |
| **Net decrease in Members' Capital from operations** | $(13635) | $(44350) | $(13548) | $(75310) |

---

------

*Total investment income* 

Total investment income for the three months ended September 30, 2025 and 2024 was $3.1 million and $4.7 million, respectively, and included interest income (including PIK interest income) of $3.1 million and $4.7 million, respectively. Interest income for the three months ended September 30, 2025 and 2024 included $1.1 million and $2.5 million, respectively, of PIK interest income.

Total investment income for the nine months ended September 30, 2025 and 2024 was $12.2 million and $26.3 million, respectively, and included interest income (including PIK interest income) of $9.5 million and $21.4 million, respectively. Interest income for the three months ended September 30, 2025 and 2024 included $4.0 million and $14.1 million, respectively, of PIK interest income. Total investment income for the nine months ended September 30, 2025 and 2024 also included $2.6 million and $4.8 million, respectively, of dividend income from our investment in Strategic Ventures.

Total investment income decreased during the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 due to the disposition of debt investments and decreased interest income which occurred due to the restructuring of debt investments into equity investments. Dividend income from Strategic Ventures also decreased during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 due to decreases in net investment income at Strategic Ventures during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

*Net Expenses*

Expenses for the three and nine months ended September 30, 2025 and 2024 were as follows (dollar amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Expenses** |  |  |  |  |
| Interest and credit facility expenses | $1182 | $1968 | $4324 | $5432 |
| Interest expense on repurchase transactions | 1176 | 1617 | 3354 | 5051 |
| Management fees | 818 | 911 | 2471 | 2673 |
| Professional fees | 223 | 188 | 444 | 520 |
| Administrative fees | 109 | 118 | 330 | 371 |
| Directors' fees | 88 | 87 | 246 | 244 |
| Other expenses | 26 | 28 | 106 | 101 |
| **Total expenses** | 3622 | 4917 | $11275 | $14392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses waived by the Adviser | (818) | (911) | (2471) | (2673) |
| **Net Expenses** | $2804 | $4006 | $8804 | $11719 |

---

Our net expenses for the three months ended September 30, 2025 and 2024 were $2.8 million and $4.0 million, respectively. Our net expenses included management fees attributed to the Adviser of $0.8 million and $0.9 million for the three months ended September 30, 2025 and 2024, respectively, which were waived by the Adviser subsequent to December 31, 2022.

Our net expenses for the nine months ended September 30, 2025 and 2024 were $8.8 million and $11.7 million, respectively. Our net expenses included management fees attributed to the Adviser of $2.5 million and $2.7 million for the nine months ended September 30, 2025 and 2024, respectively, which were waived by the Adviser subsequent to December 31, 2022.

The decrease in net operating expenses during the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, was primarily due to lower interest expense on repurchase transactions resulting from a lower average outstanding principal balance coupled with a lower weighted average interest rate. Interest and credit facility expenses also decreased during the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 due to a decrease in our weighted average outstanding credit facility balance and a decrease in our weighted average interest rate.

*Net investment income* 

Net investment income for the three months ended September 30, 2025 and 2024 was $0.3 million and $0.7 million, respectively. Net investment income for the nine months ended September 30, 2025 and 2024 was $3.4 million and $14.6 million, respectively.

------

The decrease in net investment income during the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 was due to the decrease in total investment income, partially offset by lower net expenses during the three and nine months ended September 30, 2025 versus the three and nine months ended September 30, 2024, as described above.

*Net realized loss on investments*

Our net realized loss on investments for the three months ended September 30, 2025 and 2024 was $0 and $5 million, respectively. Our realized loss on investments for the nine months ended September 30, 2025 was $32.9 million and $5.0 million, respectively. Our net realized loss on investments for the nine months ended September 30, 2025 was attributable to the following investments (dollar amounts in thousands):

---

| | | |
|:---|:---|:---|
| **Issuer** | **Investment** | **Realized Loss** |
| Animal Supply Company, LLC | Term Loan | $(27363) |
| Retail & Animal Intermediate, LLC | First Out Term Loan | (2816) |
| Animal Supply Company, LLC | Delayed Draw Priming Term Loan | (2715) |
| **Net realized loss** |  | $**(32894)** |

---

We did not recognize a realized loss on investments during the three months ended September 30, 2025 as none of our investments were disposed of during the period. Our net realized loss for the three and nine months ended September 30, 2024 was entirely due to our disposition of the H-D Advanced Manufacturing Company term loan.

*Net change in unrealized appreciation/(depreciation) on investments* 

Our net change in unrealized appreciation/(depreciation) on investments for the three months ended September 30, 2025 and 2024 was ($15.0) million and ($41.6) million, respectively. Our net change in unrealized appreciation/(depreciation) for the three months ended September 30, 2025 was primarily attributable to the following investments (dollar amounts in thousands):

---

| | | |
|:---|:---|:---|
| **Issuer** | **Investment** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
| Pace Industries, Inc. | Term Loan | $(6274) |
| Precision Products Machining Group, LLC | Class A Units | (5192) |
| SSI Parent, LLC (fka School Specialty, Inc.) | Common Stock | (2012) |
| Pace Industries, Inc. | Revolver | (1819) |
| Cedar Ultimate Parent, LLC | Class A Preferred Units | 1176 |
| All others | Various | (898) |
| **Net change in unrealized appreciation/(depreciation)** |  | $**(15019)** |

---

Our net change in unrealized appreciation/(depreciation) for the three months ended September 30, 2024 was primarily attributable to the following investments (dollar amounts in thousands):

---

| | | |
|:---|:---|:---|
| **Issuer** | **Investment** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
| Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company) | Class A Units | $(29886) |
| SSI Parent, LLC (fka School Specialty, Inc.) | Common Stock | (6692) |
| Animal Supply Company, LLC | Term Loan | (6627) |
| TCW DLSV LLC | Preferred membership Interests | (4903) |
| RT Holdings Parent, LLC | Class A Units | (3146) |
| Pace Industries, Inc. | Revolver | 824 |
| SSI Parent, LLC (fka School Specialty, Inc.) | Class A Preferred Stock | 2661 |
| H-D Advanced Manufacturing Company | Term Loan | 5762<br> \* |
| All others | Various | 450 |
| **Net change in unrealized appreciation/(depreciation)** |  | $**(41557)** |

---

\*Includes reversal of previously recognized unrealized (depreciation)/appreciation. Recognized during the three months ended September 30, 2024 as realized gains/(losses) and/or accelerated original issue discount.

------

Our net change in unrealized appreciation/(depreciation) on investments for the nine months ended September 30, 2025 and 2024 was $12.9 million and ($89.5) million, respectively. Our net change in unrealized appreciation/(depreciation) for the nine months ended September 30, 2025 was primarily attributable to the following investments (dollar amounts in thousands):

---

| | | |
|:---|:---|:---|
| **Issuer** | **Investment** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
| Pace Industries, Inc. | Term Loan | $(12748) |
| TCW Direct Lending Strategic Ventures LLC | Preferred membership Interests | (5959) |
| SSI Parent, LLC (fka School Specialty, Inc.) | Common Stock | (5464) |
| Pace Industries, Inc. | Revolver | (3839) |
| Cedar Ultimate Parent, LLC | Class A Preferred Units | (2844) |
| Retail & Animal Intermediate, LLC | Delayed Draw Priming Term Loan | 2816<br> \* |
| RT Holdings Parent, LLC | Class A Units | 5166 |
| Precision Products Machining Group, LLC | Class A Units | 8748 |
| Animal Supply Company, LLC | Term Loan | 26676<br> \* |
| All others | Various | 347 |
| **Net change in unrealized appreciation/(depreciation)** |  | $**12899** |

---

\*Includes reversal of previously recognized unrealized (depreciation)/appreciation. Recognized during the nine months ended September 30, 2025 as realized losses and/or accelerated original issue discount.

Our net change in unrealized appreciation/(depreciation) for the nine months ended September 30, 2024 was primarily attributable to the following investments (dollar amounts in thousands):

---

| | | |
|:---|:---|:---|
| **Issuer** | **Investment** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
| Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company) | Class A Units | $(29886) |
| Pace Industries, Inc. | Term Loan | (13616) |
| SSI Parent, LLC (fka School Specialty, Inc.) | Common Stock | (13430) |
| TCW DLSV LLC | Preferred membership Interests | (11963) |
| Animal Supply Company, LLC | Term Loan | (11931) |
| Cedar Ultimate Parent, LLC | Class A Preferred Units | (4661) |
| Pace Industries, Inc. | Revolver | (4055) |
| RT Holdings Parent, LLC | Class A Units | (3558) |
| Retail & Animal Intermediate, LLC | Delayed Draw Priming Term Loan | 2242 |
| SSI Parent, LLC (fka School Specialty, Inc.) | Class A Preferred Stock | 2661 |
| All others | Various | (1270) |
| **Net change in unrealized appreciation/(depreciation)** |  | $**(89467)** |

---

*Net realized gain on short-term investments* 

During the three months ended September 30, 2025 and 2024 we generated $1.0 million and $1.5 million, respectively, in realized gains from our short-term investments in government treasuries.

During the nine months ended September 30, 2025 and 2024 we generated $3.1 million and $4.6 million, respectively, in realized gains from our short-term investments in government treasuries.

*Net decrease in Members' Capital from operations* 

Our net decrease in Members' Capital from operations during the three months ended September 30, 2025 and 2024 was ($13.6) million and ($44.4) million, respectively.

Our net decrease in Members' Capital from operations during the nine months ended September 30, 2025 and 2024 was ($13.5) million and ($75.3) million, respectively.

------

The lower net decrease in Members' Capital from operations during the three months ended September 30, 2025 compared to the net decrease during the three months ended September 30, 2024 was primarily due to net realized and unrealized losses on our investments of $14.0 million during the three months ended September 30, 2025 compared to net realized and unrealized losses on our investments of $45.1 million during the three months ended September 30, 2024 and was partially offset by a decrease in net investment income, as described above.

The lower net decrease in Members' Capital from operations during the nine months ended September 30, 2025 compared to the net decrease during the nine months ended September 30, 2024 was primarily due to net realized and unrealized losses on our investments of $16.9 million during the nine months ended September 30, 2025 compared to net realized and unrealized losses on our investments of $89.9 million during the nine months ended September 30, 2024 and was partially offset by a decrease in net investment income, as described above.

*TCW Direct Lending Strategic Ventures LLC*

On June 5, 2015, the Company, together with an affiliate of Security Benefit Corporation and accounts managed by Oak Hill Advisors, L.P., entered into an Amended and Restated Limited Liability Company Agreement (the "Agreement") to become members of Strategic Ventures. Strategic Ventures focuses primarily on making senior secured floating rate loans to middle-market borrowers. The Agreement was effective June 5, 2015. The Company's capital commitment is $481.6 million, representing approximately 80% of the preferred and common equity ownership of Strategic Ventures, with the third-party investors representing the remaining capital commitments and preferred and common equity ownership. A portion of the Company's capital commitment was satisfied by the contribution of two loans to Strategic Ventures. Strategic Ventures also entered into a revolving credit facility to finance a portion of certain eligible investments on June 5, 2015. The revolving credit facility is for up to $600 million. Strategic Ventures is managed by a management committee comprised of two members, one appointed by the Company and one appointed by Oak Hill Advisors, L.P. All decisions of the management committee require unanimous approval of its members. Neither the Company, nor the Adviser will receive management fees from this entity. Although the Company owns more than 25% of the voting securities of Strategic Ventures, the Company does not believe that it has control over Strategic Ventures (other than for purposes of the 1940 Act). The Company's ability to withdraw from the fund is subject to restrictions.

On April 30, 2021, Strategic Ventures' revolving credit facility was terminated.

*Financial Condition, Liquidity and Capital Resources* 

On March 19, 2015 we completed the final private placement of Common Units. We generate cash from (1) drawing down capital in respect of Common 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, management fees, incentive fees, and any indemnification obligations), (3) debt service of any borrowings and (4) cash distributions to the Common Unitholders.

As of September 30, 2025 and December 31, 2024, aggregate Commitments, Undrawn Commitments and subscribed for Units of the Company are as follows (dollar amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Commitments | $1803465 | $1803465 |
| Undrawn commitments | $199120 | $199120 |
| Percentage of commitments funded | 89.0% | 89.0% |
| Units | 18034649 | 18034649 |

---

*Natixis Credit Agreement* 

We have a secured revolving credit agreement (the "Credit Agreement") with Natixis, New York Branch ("Natixis") as administrative agent and committed lender. The Credit Agreement provides for a revolving credit line of up to $750 million (the "Maximum Commitment") (the "Credit Facility"), subject to the lesser of the "Borrowing Base" assets or the Maximum Commitment (the "Available Commitment"). The Borrowing Base assets generally equal the sum of (a) a percentage of certain eligible investments in a controlled account, (b) a percentage of unfunded commitments from certain eligible investors in the Company and (c) cash in a controlled account. The Credit Agreement is generally secured by the Borrowing Base assets.

------

On April 10, 2017, we entered into a Third Amended and Restated Revolving Credit Agreement. Under the April 10, 2017 Credit Agreement borrowings bear interest at a rate equal to either the (a) adjusted eurodollar rate calculated in a customary manner plus 2.35%, (b) commercial paper rate plus 2.35%, or (c) a base rate calculated in a customary manner (using the higher of the Federal Funds Rate plus 0.50%, the Prime Rate and the Floating LIBOR Rate plus 1.00%) plus 1.35%. Moreover, the Credit Agreement's stated maturity date was extended from November 10, 2017 to April 10, 2020.

On April 6, 2020, we entered into a First Amendment to the Third Amended and Restated Revolving Credit Agreement (the "Amended Credit Agreement"), with Natixis, New York Branch, as administrative agent and the lenders party thereto. The Amended Credit Agreement provides for a revolving credit line of up to $375.0 million (with an option for us to increase this amount to $450.0 million subject to consent of the lenders and satisfaction of certain other conditions), subject to the available borrowing base, which is generally the sum of (a) a percentage of certain eligible investments, (b) a percentage of remaining unfunded commitments from certain eligible investors in the Company and (c) cash in a controlled account. The Amended Credit Agreement is generally secured by the unfunded commitments (together with the recallable amounts) of our investors, portfolio investments and substantially all other assets of the Company. The stated maturity date of the Amended Credit Agreement was April 9, 2021, which date (subject to the satisfaction of certain conditions) could have been extended by the Company for up to an additional 364 days. Borrowings under the Amended Credit Agreement bore interest at a rate equal to either (a) adjusted eurodollar rate calculated in a customary manner plus 2.50%, (b) commercial paper rate plus 2.50%, or (c) a base rate calculated in a customary manner (which will never be less than the adjusted eurodollar rate plus 1.00%) plus 1.50%, provided however in each case the commercial paper rate and the eurocurrency rate shall have a floor of 1.00%.

On May 27, 2020, we entered into a Lender Group Joinder Agreement pursuant to which Zions Bancorporation, N.A. d/b/a California Bank & Trust was added as a committed lender (with a commitment of $25.0 million) under the Amended Credit Agreement. Concurrently therewith, we elected to increase the size of our revolving credit line under the Credit Agreement to $400.0 million. On December 29, 2020, we elected to permanently decrease the size of our revolving credit line under the Credit Agreement to $177.0 million.

On April 6, 2021, we entered into a Third Amendment to the Amended Credit Agreement (the "Third Amended Credit Agreement"). The Third Amended Credit Agreement provides for a revolving credit line of up to $177.0 million subject to the available borrowing base, which is generally a percentage of remaining unfunded commitments from certain eligible investors in the Company. The Third Amended Credit Agreement is generally secured by the unfunded commitments (together with the recallable amounts) of the Company's investors. The stated maturity date of the Third Amended Credit Agreement is April 8, 2022, which (subject to the satisfaction of certain conditions) may be extended by us for up to an additional 364 days. On March 23, 2022, we exercised our final extension option, and extended the maturity date of the Third Amended Credit Agreement to April 7, 2023. Borrowings under the Third Amended Credit Agreement bear interest at a rate equal to either (a) Eurocurrency Rate calculated in a customary manner plus 1.95%, (b) commercial paper rate ("CP Rate") plus 1.95%, or (c) a base rate calculated in a customary manner (which will never be less than the adjusted Eurocurrency Rate plus 1.00%) plus 0.95%, provided however in each case the CP Rate and the Eurocurrency Rate shall have a floor of 0.00%. The 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 September 30, 2025, we were in compliance with such covenants.

On January 10, 2023, we entered into a Fourth Amendment to the Third Amended and Restated Revolving Credit Agreement (the "Fourth Amended Credit Agreement"). The Fourth Amended Credit Agreement replaced the Eurocurrency Rate with a Daily Simple SOFR Rate, Term SOFR Rate and Adjusted Term SOFR Rate (each as defined in the Fourth Amended Credit Agreement) for purposes of calculating interest on the loan. Each Term SOFR Loan bears interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Adjusted Term SOFR Rate for such Interest Period plus the interest rate spread or "Applicable Margin." Each Daily SOFR Loan bears interest on the outstanding principal amount thereof at a rate per annum equal to Daily Simple SOFR plus the Applicable Margin. The Term SOFR Loan and Daily SOFR Loan have an Applicable Margin of 1.95%.

On April 7, 2023, we entered into the Fifth Amendment to the Third Amended and Restated Revolving Credit Agreement (the "Fifth Amended Credit Agreement"). The Fifth Amended Credit Agreement removed the Adjusted Term SOFR Rate for purposes of calculating interest on the loan but kept the Daily Simple SOFR and Term SOFR rates as is. It also updated the Applicable Margin from 0.95% to 1.15% for Base Rate Loans and from 1.95% to 2.15% for all other loan types. The revolving credit line was also reduced from $177.0 million to $152.0 million and lastly, the maturity date of the loan was extended 364 days to April 5, 2024.

On April 5, 2024, we entered into the Sixth Amendment to the Third Amended and Restated Revolving Credit Agreement (the "Sixth Amended Credit Agreement"). The Sixth Amended Credit Agreement updated the Applicable Margin from 1.15% to 1.50% for Base Rate Loans and from 2.15% to 2.50% for all other loan types. The maturity date of the loan was also extended 364 days to April 4, 2025.

On March 24, 2025, the maturity date of the Credit Agreement was extended to July 3, 2025.

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On July 3, 2025, we entered into the Seventh Amendment to the Third Amended and Restated Revolving Credit Agreement (the "Seventh Amended Credit Agreement"). The Seventh Amended Credit Agreement extended the maturity date of the loan until January 2, 2026. Additionally, the Applicable Margin was updated from 1.50% to 1.00% for Base Rate Loans and 2.50% to 2.00% for all other loan types.

As of September 30, 2025 and December 31, 2024, the Available Commitment under the Credit Facility was $100.5 million and $59.4 million, respectively.

As of September 30, 2025 and December 31, 2024 the amounts outstanding under the Credit Facility were $51.6 million and $92.7 million, respectively. The carrying amount of the Credit Facility, which is categorized as Level 2 within the fair value hierarchy as of September 30, 2025 and December 31, 2024, approximates its fair value. 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 terms and conditions of the Credit Facility.

Costs associated with the Credit Facility are recorded as deferred financing costs on our Consolidated Statements of Assets and Liabilities and the costs are being amortized over the life of the Credit Facility. We incurred financing costs of $0.2 million in connection with the Seventh Amended Credit Agreement. As of September 30, 2025 and December 31, 2024, $0.1 million and $0.2 million, respectively, of such prepaid deferred financing costs had yet to be amortized.

The summary information regarding the Credit Facility for the three and nine months ended September 30, 2025 and 2024 was as follows (dollar amounts in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Credit facility interest expense | $875 | $1692 | $3464 | $4721 |
| Undrawn commitment fees | 123 | 68 | 330 | 223 |
| Administrative fees | 32 | 17 | 65 | 33 |
| Amortization of deferred financing costs | 152 | 191 | 465 | 455 |
| **Total** | $**1182** | $**1968** | $**4324** | $**5432** |
| Weighted average interest rate | 6.37% | 7.83% | 6.74% | 7.75% |
| Average outstanding balance | $53768 | $84592 | $67818 | $80053 |

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We may, from time to time, enter into repurchase agreements with Barclays Bank PLC ("Barclays"), whereby we sell to Barclays our short-term investments and concurrently enter into an agreement to repurchase the same investments at an agreed-upon price at a future date, generally within 30-days (the "Repurchase Transaction").

In accordance with ASC 860, *Transfers and Servicing*, these Repurchase Transactions meet the criteria for secured borrowings. Accordingly, the short-term investments remain on our Consolidated Statements of Assets and Liabilities as an asset, and we record a liability to reflect our repurchase obligation to Barclays (the "Repurchase Obligation"). The Repurchase Obligation is secured by the short-term investments that are the subject of the repurchase agreement.

The Repurchase Transactions entered into during the nine months ended September 30, 2025 and 2024, had average principal balances of $392.0 million and $467.3 million, respectively and weighted average interest rates of 4.54% and 5.57%, respectively.

The net proceeds received from Repurchase Transactions during the nine months ended September 30, 2025 and 2024 was a net loss of $0.3 million (comprised of interest expense of $3.4 million net of realized gains on short-term investments of $3.1 million) and $0.5 million (comprised of interest expense of $5.1 million net of realized gains on short-term investments of $4.6 million), respectively.

We had no outstanding Repurchase Obligations as of September 30, 2025 and 2024. Interest expense incurred under these Repurchase Transactions was $1.2 million and $1.6 million for the three months ended September 30, 2025 and 2024, respectively. Interest expense incurred under these Repurchase Transactions was $3.4 million and $5.1 million for the nine months ended September 30, 2025 and 2024, respectively.

A summary of our contractual payment obligations as of September 30, 2025 and December 31, 2024 is as follows (dollar amounts in thousands):

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| | | | |
|:---|:---|:---|:---|
| **Revolving Credit Agreement** | **Total Facility<br>Commitment** | **Borrowings<br>Outstanding** | **Available<br>Amount**<sup>(1)</sup> |
| Total Debt Obligations – September 30, 2025 | $152000 | $51550 | $100450 |
| Total Debt Obligations – December 31, 2024 | $152000 | $59350 | $59350 |

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

We had the following unfunded commitments and unrealized losses by investment as of September 30, 2025 and December 31, 2024 (dollar amounts in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Unfunded Commitments** | **Maturity/<br>Expiration** | **Amount** | **Unrealized<br>Depreciation** | **Amount** | **Unrealized<br>Depreciation** |
| Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) | January 2028 | $16816 | $— | $7268 | $— |
| Pace Industries, Inc. | October 2026 |  |  | 2336 | 1007 |
| Ruby Tuesday Operations LLC (fka Ruby Tuesday, Inc.) | February 2027 | 4921 |  | 4921 |  |
| **Total** |  | $**21737** | $**—** | $**14525** | $**1007** |

---

The Company's total capital commitment to its underlying investment in Strategic Ventures is $481,600. As of September 30, 2025 and December 31, 2024, the Company's unfunded commitment to Strategic Ventures was $219,646.

In accordance with our Second Amended and Restated Limited Liability Company Agreement, we were originally permitted to make follow-on investments up to an aggregate maximum of 10% of Capital Commitments (as defined in our Second Amended and Restated Limited Liability Company Agreement), provided that any such follow-on investment to be made after September 19, 2020, the third anniversary of the expiration of our commitment period, required the prior consent of a majority in interest of our Common Unitholders.

In October 2022, our Members approved a proposal to allow us to make pre-identified follow-on investments in specific portfolio companies as well as their holding companies, subsidiaries, successors or other affiliates, up to an aggregate maximum of 10% of Capital Commitments.

In September 2024, our Members approved a proposal to allow us to make follow-on investments in existing portfolio companies up to an aggregate amount not to exceed $226.3 million (which is approximately 11.2% of the original Commitments of all Common Unitholders as of the Final Closing Date); provided, however, that any such follow-on investment to be made after the third anniversary of the expiration of the Commitment Period shall require the prior consent of a majority in interest of the Common Unitholders. Such approval is valid throughout the remaining Company term.

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**Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK** 

We are subject to financial market risks, including valuation risk and changes in interest rates.

<u>Valuation Risk.</u> The majority of our investments are in instruments that do not have readily ascertainable market prices and the Adviser, as our valuation designee, will value these securities at fair value as determined in good faith under procedures approved by our Board of Directors. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

<u>Interest Rate Risk.</u> At September 30, 2025, 74.8% of our debt investments bore interest based on floating rates, such as SOFR. The interest rates on such investments generally reset by reference to the current market index after one to three months. At September 30, 2025, 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 three 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 September 30, 2025 consolidated balance sheet, 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):

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| | | | |
|:---|:---|:---|:---|
|  | **Interest Income** | **Interest Expense** | **Net Investment Income (Loss)** |
| Up 300 basis points | $2368 | $1625 | $743 |
| Up 200 basis points | 1579 | 1103 | 476 |
| Up 100 basis points | 789 | 580 | 209 |
| Down 100 basis points | (789) | (465) | (324) |
| Down 200 basis points | (1579) | (988) | (591) |
| Down 300 basis points | (2351) | (1510) | (841) |

---

**Item 4. 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). Based on that evaluation, our President and Chief Financial Officer have concluded that our current disclosure controls and procedures are effective in timely alerting them to material information relating to us that is required to be disclosed by us in the reports we file or submit under the Securities Exchange Act of 1934.

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.

**PART II. OTHER INFORMATION** 

**Item 1. 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 1A. Risk Factors** 

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed below and the risk factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which could materially affect our business, financial condition and/or operating results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

***Changes to U.S. tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, on our performance.***

There have been significant changes to United States trade policies, agreements and tariffs, and in the future there may be additional significant changes. These and any future developments, and continued uncertainty surrounding trade policies, agreements and tariffs, may have a material adverse effect on global economic conditions, inflation 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, increase their supply-chain costs and expenses and could have material adverse effects on our business, financial condition and results of operations.

***Restructured portfolio investments can create greater equity risks and reduce income.***

Certain of the Company's portfolio investments have been and will be restructured to address loan defaults or for other reasons considered by the Company to have the potential to better protect or preserve the value of the Company's investment. Often, a restructured investment will result in an equity holding rather than debt. Equity investments can increase volatility in the value of the investment, will not be secured by assets, create a greater risk of loss, and can produce reduced or no income for the Company. As a result of these restructured investments, the Company has generally experienced reduced interest income.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds** 

***Sales of unregistered securities*** 

On September 19, 2014, the Company began accepting subscription agreements from investors for the private sale of its Common Units. The Company continued to enter into subscription agreements through the final closing date of March 19, 2015. 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 Common Unit upon at least ten business days' prior written notice to the Unitholders. The issuance of the Common 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.

***Issuer purchases of equity securities*** 

None.

**Item 3. Defaults Upon Senior Securities** 

None.

**Item 4. Mine Safety Disclosures** 

None.

**Item 5. Other Information** 

None.

------

**Item 6. Exhibits.** 

**(a) Exhibits** 

---

| | |
|:---|:---|
| **Exhibits** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | [<u>Certificate of Formation (incorporated by reference to Exhibit 3.1 to a registration on Form 10 filed on April 18, 2014)</u>](https://www.sec.gov/Archives/edgar/data/1603480/000119312514149002/d713160dex31.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | [<u>Second Amended and Restated Limited Liability Company Agreement, dated September 19, 2014 (incorporated by reference to Exhibit 3.4 to a filing on Form 10-Q filed on November 7, 2014)</u>](https://www.sec.gov/Archives/edgar/data/1603480/000119312514403045/d818296dex34.htm) |
| 3.5<br>| [<u>Amendment to Second Amended and Restated Limited Liability Company Agreement, dated September 27, 2024 (incorporated by reference to Exhibit 3.5 to a filing on Form 10-Q filed on May 15, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1603480/000095017025071647/ck0001603480-ex3_5.htm) |
| &nbsp;&nbsp;10.1 | [<u>Investment Advisory and Management Agreement (incorporated by reference to Exhibit 10.1 to the registrant's Current Report on Form 8-K filed on September 25, 2014).</u>](https://www.sec.gov/Archives/edgar/data/1603480/000119312514352726/d794938dex101.htm) |
| &nbsp;&nbsp;10.2 | [<u>Administration Agreement dated September 15, 2014, by and between TCW Direct Lending LLC and TCW Asset Management Company (incorporated by reference to Exhibit 10.2 to the registrant's Quarterly Report on Form 10-Q filed on November 7, 2014).</u>](https://www.sec.gov/Archives/edgar/data/1603480/000119312514403045/d818296dex102.htm) |
| &nbsp;&nbsp;10.6 | [<u>Final form of the TCW Direct Lending Strategic Ventures LLC Amended and Restated Limited Liability Company Agreement, dated June 5, 2015 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on June 10, 2015).</u>](https://www.sec.gov/Archives/edgar/data/1603480/000119312515219246/d940422dex101.htm) |
| &nbsp;&nbsp;10.8 | [<u>Third Amended and Restated Revolving Credit Agreement, dated April 10, 2017, by and among TCW Direct Lending LLC, as borrower, Natixis, New York Branch, as administrative agent, sole lead arranger and sole book manager, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on April 14, 2017).</u>](https://www.sec.gov/Archives/edgar/data/1603480/000119312517124274/d240817dex101.htm) |
| &nbsp;&nbsp;10.10 | [<u>First Amendment to the Third Amended and Restated Revolving Credit Agreement, dated April 6, 2020, by and among TCW Direct Lending LLC, as borrower, Natixis, New York Branch, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on April 13, 2020).</u>](https://www.sec.gov/Archives/edgar/data/1715933/000119312520080342/d895516dex101.htm) |
| &nbsp;&nbsp;10.11 | [<u>Lender Group Joinder Agreement, dated May 27, 2020 by and among Zions Bancorporation, N.A. d/b/a California Bank & Trust, Natixis, New York Branch (as Administrative Agent) and TCW Direct Lending LLC (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on June 2, 2020).</u>](https://www.sec.gov/Archives/edgar/data/1603480/000119312520158146/d929469dex101.htm) |
| &nbsp;&nbsp;10.12 | [<u>Third Amendment to the Third Amended and Restated Revolving Credit Agreement, dated April 6, 2021, by and among TCW Direct Lending LLC, as borrower, Natixis, New York Branch, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on April 12, 2021).</u>](https://www.sec.gov/Archives/edgar/data/1603480/000119312521112889/d164207dex101.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.13 | [<u>Fifth Amendment to the Third Amended and Restated Revolving Credit Agreement, dated April 7, 2023, by and among TCW Direct Lending LLC, as borrower, Natixis, New York Branch, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.13 to the Quarterly Report on Form 10-Q filed on May 11, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1603480/000095017023020966/ck0001603480-ex10_13.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.14 | [<u>Sixth Amendment to the Third Amended and Restated Revolving Credit Agreement, dated April 5, 2024, by and among TCW Direct Lending LLC, as borrower, Natixis, New York Branch, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.14 to the Quarterly Report on Form 10-Q filed May 10, 2024).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001603480/000095017024057614/ck0001603480-20240331.htm) |
| <br>&nbsp;&nbsp;&nbsp;&nbsp;10.15<br>| [<u>Seventh Amendment to the Third Amended and Restated Revolving Credit Agreement, dated July 3, 2025, by and among TCW Direct Lending LLC, as borrower, Natixis, New York Branch, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.15 to the Quarterly Report on Form 10-Q filed August 13, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1603480/000095017025107759/ck0001603480-ex10_15.htm) |
| &nbsp;&nbsp;31.1\* | [<u>Certification of President Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934</u>](ck0001603480-ex31_1.htm) |
| &nbsp;&nbsp;31.2\* | [<u>Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934</u>](ck0001603480-ex31_2.htm) |
| &nbsp;&nbsp;32.1\* | [<u>Certification of President Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)</u>](ck0001603480-ex32_1.htm) |
| &nbsp;&nbsp;32.2\* | [<u>Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)</u>](ck0001603480-ex32_2.htm) |
| &nbsp;&nbsp;99.1\* | [<u>Financial Statements of TCW Direct Lending Strategic Ventures LLC for the nine months ended September 30, 2025.</u>](ck0001603480-ex99_1.htm) |
| &nbsp;&nbsp;101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
| &nbsp;&nbsp;101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| &nbsp;&nbsp;101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| &nbsp;&nbsp;101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| &nbsp;&nbsp;101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| &nbsp;&nbsp;101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| &nbsp;&nbsp;104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

\* Filed herewith

------

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.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;TCW DIRECT LENDING LLC | &nbsp;&nbsp;&nbsp;&nbsp;TCW DIRECT LENDING LLC |
| Date: November 13, 2025 | By: | /s/ **Richard T. Miller**<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Richard T. Miller** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**President** |
| Date: November 13, 2025 | By: | /s/ **Andrew J. Kim**<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Andrew J. Kim** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Chief Financial Officer** |

---

------

## Exhibit 31.1

**Exhibit 31.1** 

**<u>PRESIDENT CERTIFICATION</u>** 

I, Richard T. Miller, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)I have reviewed this quarterly report on Form 10-Q of TCW Direct Lending LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: November 13, 2025 | By: | /s/ Richard T. Miller<br>|
|  |  | Richard T. Miller |
|  |  | President |
|  |  | (Principal Executive Officer) |

---

------

## Exhibit 31.2

**Exhibit 31.2** 

**<u>CFO CERTIFICATION</u>** 

I, Andrew J. Kim, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)I have reviewed this quarterly report on Form 10-Q of TCW Direct Lending LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: November 13, 2025 | By: | /s/ Andrew J. Kim<br>|
|  |  | Andrew J. Kim |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

------

## Exhibit 32.1

**Exhibit 32.1** 

**Certification of President Pursuant to** 

**Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)** 

In connection with the quarterly report on Form 10-Q of TCW Direct Lending LLC (the "Company") for the quarterly period ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Richard T. Miller, as President of the Company certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| /s/ Richard T. Miller | /s/ Richard T. Miller |
| Name: | Richard T. Miller |
| Title: | President |
| Date: | November 13, 2025 |

---

The foregoing certification is being furnished solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Report or as a separate disclosure document.

------

## Exhibit 32.2

**Exhibit 32.2** 

**Certification of Chief Financial Officer Pursuant to** 

**Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)** 

In connection with the quarterly report on Form 10-Q of TCW Direct Lending LLC (the "Company") for the quarterly period ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Andrew J. Kim, as Chief Financial Officer of the Company certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| /s/ Andrew J. Kim | /s/ Andrew J. Kim |
| Name: | Andrew J. Kim |
| Title: | Chief Financial Officer |
| Date: | November 13, 2025 |

---

The foregoing certification is being furnished solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Report or as a separate disclosure document.

------

## Exhibit 99.1

**Exhibit 99.1**

**TCW Direct Lending Strategic Ventures LLC** 

**Financial Statements** 

**September 30, 2025** 

------

**TCW Direct Lending Strategic Ventures LLC**

(A Delaware Limited Liability Company)

**<u>CONTENTS</u>** 

---

| | |
|:---|:---|
|  | **Page(s)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;&nbsp;&nbsp;**Financial Statements** |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Schedules of Investments as of September 30, 2025 (unaudited) and December 31, 2024</u>](#schedule_of_investment_) | 2-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Statements of Assets and Liabilities as of September 30, 2025 (unaudited) and December 31, 2024</u>](#statement_of_asset_and_liabilitie_) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Statements of Operations for the nine months ended September 30, 2025 and 2024 (unaudited)</u>](#statements_of_operation_) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Statements of Changes in Members' Capital for the nine months ended September 30, 2025 and 2024 (unaudited)</u>](#statement_of_change_in_member_) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited)</u>](#statements_of_cash_flow_) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to Financial Statements (unaudited)</u>](#notes_to_financial_statements) | 10-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Administration</u>](#administration_) | 18 |

---

------

**TCW Direct Lending Strategic Ventures LLC**

(A Delaware Limited Liability Company)

**<u>SCHEDULE OF INVESTMENTS</u> <u>(Unaudited)</u> <u>September 30, 2025</u>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Issuer** | **Acquisition<br>Date** | **Investment** | **% of<br>Members'<br>Capital** | **Par<br>Amount** | **Maturity<br>Date** | **Amortized<br>Cost** | **Fair Value** |
| **DEBT** |  |  |  |  |  |  |  |  |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |
|  | School Specialty, LLC<sup>(1)</sup> | 09/15/20 | Term Loan - 12.26%<br>(SOFR + 8.00%, 1.25% Floor) | 10.0% | $4644220 | 12/29/26 | $4644220 | $4644219 |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |
|  | Noramco, LLC | 07/01/16 | Term Loan - 12.82% inc PIK<br>(SOFR + 8.38%, 1.00% Floor, 0.38% PIK) | 33.3% | 15762124 | 05/01/26 | 15762123 | 15399595 |
| **TOTAL DEBT (43.3%)** |  |  |  | 43.3% |  |  | 20406343 | 20043814 |
|  |  |  |  |  | **Shares/<br>Contracts** |  | **Cost** | **Fair Value** |
| **EQUITY** |  |  |  |  |  |  |  |  |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |
|  | SSI Parent, LLC<sup>(1)(2)</sup> |  | Common Stock | 15.7% | 51000 |  | 34124 | 7255714 |
|  | SSI Parent, LLC<sup>(1)(2)</sup> |  | Class A Preferred Stock | 24.7% | 510549 |  | 5105495 | 11436308 |
|  | SSI Parent, LLC<sup>(1)(2)</sup> |  | Class B Preferred Stock | 7.2% | 227629 |  | 225831 | 3346151 |
| **TOTAL EQUITY (47.6%)** |  |  |  | 47.6% |  |  | 5365450 | 22038173 |
|  | **Total Debt & Equity Investments (90.9%)**<sup>(3)</sup> | **Total Debt & Equity Investments (90.9%)**<sup>(3)</sup> |  | 90.9% |  |  | 25771793 | 42081987 |
|  | **Cash Equivalents** |  |  |  |  |  |  |  |
|  | **First American Government Obligation Fund, Yield 4.04%** | **First American Government Obligation Fund, Yield 4.04%** | **First American Government Obligation Fund, Yield 4.04%** | 8.9% | 4108166 |  | 4108166 | 4108166 |
|  | **Total Cash Equivalents** |  |  | 8.9% |  |  | 4108166 | 4108166 |
|  | **Total Investments (99.8%)** | **Total Investments (99.8%)** |  |  |  |  | $**29879959** | $**46190153** |
|  | **Other Assets in Excess of Other Liabilities (0.2%)** | **Other Assets in Excess of Other Liabilities (0.2%)** |  |  |  |  |  | 99591 |
|  | **Members' Capital (100.0%)** | **Members' Capital (100.0%)** |  |  |  |  |  | $**46289744** |

---

------

**TCW Direct Lending Strategic Ventures LLC**

(A Delaware Limited Liability Company)

**<u>SCHEDULE OF INVESTMENTS (Unaudited)(continued)</u> <u>September 30, 2025</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)As defined in the Investment Company Act of 1940, the investment is deemed to be an "affiliated person" of the Company because the Company owns, either directly or indirectly, between 5% and 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2024 and September 30, 2025 along with transactions during the period ended September 30, 2025 in these affiliated investments are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Investments** | **Fair<br>Value at<br>December 31,<br>2024** | **Gross<br>Additions**<sup>(a)</sup> | **Gross<br>Reductions**<sup>(b)</sup> | **Realized<br>Gain (Loss)** | **Net<br>Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Fair<br>Value at<br>September 30, 2025** | **Interest/<br>Dividend/<br>Other income** |
| Animal Supply Company, LLC Term Loan | $521811 | $— | $— | $(20805246) | $20283435 | $— | $(230) |
| Animal Supply Company, LLC First Out Term Loan | 2055780 | 27972 |  | (2064472) | (19280) |  | 26318 |
| Retail & Animal Intermediate, LLC Delayed Draw Priming Term Loan |  |  |  | (2141381) | 2141381 |  |  |
| SSI Parent, LLC Common Stock | 10708776 |  |  |  | (3453062) | 7255714 | 1822 |
| SSI Parent, LLC Class A Preferred Stock | 11436308 |  |  |  |  | 11436308 | 2318 |
| SSI Parent, LLC Class B Preferred Stock | 3346151 |  |  |  |  | 3346151 | 678 |
| School Specialty, LLC Term Loan - 12.26% | 5107594 | 4555 | (463171) |  | (4759) | 4644219 | 465391 |
| **Total non-controlled affiliated investments** | $33176420 | $32527 | $(463171) | $(25011099) | $18947715 | $26682392 | $496297 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Gross additions include new purchases, PIK income and amortization of original issue and market discounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Gross reductions include decreases in the cost basis from sales, paydown and the amortization of premium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Non-income producing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)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."

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

---

| | |
|:---|:---|
| **Geographic Breakdown of Portfolio** |  |
| United States | 100% |

---

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $79,466 and $758,122, respectively, for the period ended September 30, 2025. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments.

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

------

**TCW Direct Lending Strategic Ventures LLC**

(A Delaware Limited Liability Company)

**<u>SCHEDULE OF INVESTMENTS</u> <u>December 31, 2024</u>** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Issuer** | **Acquisition<br>Date** | **Investment** | **% of<br>Members'<br>Capital** | **Par<br>Amount** | **Maturity<br>Date** | **Amortized<br>Cost** | **Fair Value** |
| **DEBT** |  |  |  |  |  |  |  |  |
| **Distributors** |  |  |  |  |  |  |  |  |
|  | Animal Supply Company, LLC<sup>(1)(2)</sup> | 08/14/20 | Term Loan - 13.28% inc PIK<br>(SOFR + 8.50%, 1.00% Floor, all PIK) | 0.8% | $24848152 | 08/14/25 | $20805246 | $521811 |
|  | Animal Supply Company, LLC<sup>(1)</sup> | 05/29/24 | First Out Term Loan - 13.09% inc PIK<br>(SOFR + 8.50%, 1.00% Floor, all PIK) | 3.2% | 2055780 | 08/14/25 | 2036500 | 2055780 |
|  | Retail & Animal Intermediate, LLC<sup>(1)(2)</sup> | 07/29/22 | Delayed Draw Priming Term Loan - 20.00% inc PIK (20.00%, Fixed Coupon, all PIK) | 0.0% | 2622607 | 11/14/25 | 2141381 |  |
|  |  |  |  | 4.0% |  |  | 24983127 | 2577591 |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |
|  | School Specialty, LLC<sup>(1)</sup> | 09/15/20 | Term Loan - 12.46%<br>(SOFR + 8.00%, 1.25% Floor) | 8.0% | 5107593 | 12/29/26 | 5102835 | 5107594 |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |
|  | Noramco, LLC | 07/01/16 | Term Loan - 13.12% inc PIK<br>(SOFR + 8.38%, 1.00% Floor, 0.38% PIK) | 24.6% | 15963965 | 01/31/26 | 16000997 | 15772401 |
| **TOTAL DEBT (36.6%)** |  |  |  | 36.6% |  |  | 46086959 | 23457586 |
|  |  |  |  |  | **Shares/<br>Contracts** |  | **Cost** | **Fair Value** |
| **EQUITY** |  |  |  |  |  |  |  |  |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |
|  | SSI Parent, LLC<sup>(1)(2)</sup> |  | Common Stock | 16.7% | 51000 |  | 34124 | 10708776 |
|  | SSI Parent, LLC<sup>(1)(2)</sup> |  | Class A Preferred Stock | 17.9% | 510549 |  | 5105495 | 11436308 |
|  | SSI Parent, LLC<sup>(1)(2)</sup> |  | Class B Preferred Stock | 5.2% | 227629 |  | 225831 | 3346151 |
| **TOTAL EQUITY (39.8%)** |  |  |  | 39.8% |  |  | 5365450 | 25491235 |
|  | **Total Debt & Equity Investments (76.4%)** <sup>(3)</sup> | **Total Debt & Equity Investments (76.4%)** <sup>(3)</sup> |  | 76.4% |  |  | 51452409 | 48948821 |
|  | **Cash Equivalents** | **Cash Equivalents** | **Cash Equivalents** |  |  |  |  |  |
|  | **First American Government Obligation Fund, Yield 4.39%** | **First American Government Obligation Fund, Yield 4.39%** | **First American Government Obligation Fund, Yield 4.39%** | 9.0% | 5793547 |  | 5793547 | 5793547 |
|  | **Total Cash Equivalents** |  |  | 9.0% |  |  | 5793547 | 5793547 |
|  | **Total Investments (85.4%)** | **Total Investments (85.4%)** |  |  |  |  | $**57245956** | $**54742368** |
|  | **Other Assets in Excess of Other Liabilities (14.6%)** | **Other Assets in Excess of Other Liabilities (14.6%)** | **Other Assets in Excess of Other Liabilities (14.6%)** |  |  |  |  | 9295731 |
|  | **Members' Capital (100.0%)** | **Members' Capital (100.0%)** | **Members' Capital (100.0%)** |  |  |  |  | $**64038099** |

---

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

------

**TCW Direct Lending Strategic Ventures LLC**

(A Delaware Limited Liability Company)

**<u>SCHEDULE OF INVESTMENTS (continued)</u> <u>December 31, 2024</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)As defined in the Investment Company Act of 1940, the investment is deemed to be an "affiliated person" of the Company because the Company owns, either directly or indirectly, between 5% and 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2023 and December 31, 2024 along with transactions during the year ended December 31, 2024 in these affiliated investments are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Investments** | **Fair<br>Value at<br>December 31,<br>2023** | **Gross<br>Additions**<sup>(a)</sup> | **Gross<br>Reductions**<sup>(b)</sup> | **Realized<br>Gain (Loss)** | **Net<br>Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Fair<br>Value at<br>December 31,<br>2024** | **Interest/<br>Dividend/<br>Other income** |
| Animal Supply Company, LLC Term Loan - 13.28% | $14488021 | $— | $(39603) | $— | $(13926607) | $521811 | $(27304) |
| Animal Supply Company, LLC First Out Term Loan - 13.09% |  | 2036500 |  |  | 19280 | 2055780 | 187937 |
| Retail & Animal Intermediate, LLC Delayed Draw Priming Term Loan - 20.0% |  |  |  |  |  |  | (3569) |
| SSI Parent, LLC Common Stock | 20177640 |  |  |  | (9468864) | 10708776 | 507271 |
| SSI Parent, LLC Class A Preferred Stock | 9751495 |  |  |  | 1684813 | 11436308 | 2484 |
| SSI Parent, LLC Class B Preferred Stock | 3095759 |  |  |  | 250392 | 3346151 | 753 |
| School Specialty, LLC Term Loan - 12.46% | 5577647 | 7158 | (469374) |  | (7837) | 5107594 | 737316 |
| **Total non-controlled affiliated investments** | $53090562 | $2043658 | $(508977) | $— | $(21448823) | $33176420 | $1404888 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Gross additions include new purchases, PIK income and amortization of original issue and market discounts.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Gross reductions include decreases in the cost basis from sales, paydown and the amortization of premium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Non-income producing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)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."

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

---

| | |
|:---|:---|
| **Geographic Breakdown of Portfolio** |  |
| United States | 100% |

---

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $2,105,577 and $9,628,877, respectively, for the year ended December 31, 2024. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments.

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

------

**TCW Direct Lending Strategic Ventures LLC**

(A Delaware Limited Liability Company)

(Dollar amounts in thousands)

**<u>STATEMENTS OF ASSETS AND LIABILITIES</u> <u>September 30, 2025</u>**

---

| | | |
|:---|:---|:---|
|  | **As of** |  |
|  | **September 30,** | **As of** |
|  | **2025** | **December 31,** |
|  | **(unaudited)** | **2024** |
| **Assets** |  |  |
| **Investments, at fair value** |  |  |
| Non-controlled/non-affiliated investments (amortized cost of $15,762 and<br> $16,001, respectively) | $15400 | $15772 |
| Non-controlled affiliated investments (amortized cost of $10,010 and<br> $35,451, respectively) | 26682 | 33176 |
| Cash and cash equivalents | 4108 | 14901 |
| Interest receivable | 171 | 273 |
| Prepaid and other assets | 47 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $46408 | $64157 |
| **Liabilities** |  |  |
| Sub-administrator and custody fees payable | $95 | $112 |
| Audit fees payable | 23 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | $118 | $119 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Members' Capital** | $46290 | $64038 |
| **Commitments and Contingencies (Note 7)** |  |  |
| **Members' Capital** |  |  |
| Preferred members | $46290 | $64038 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Members' Capital** | $46290 | $64038 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Noncontrolling** |  |
|  |  |  | **interest in** |  |
| **Members' Capital Represented by:** | **Preferred<br>Members** | **Common<br>Members** | **consolidated<br>subsidiary<br>fund** | **Members'<br>Capital** |
| Net contributed capital | $454279 | $1000 | $3507 | $458786 |
| Net distributed capital | (620979) | (1000) | (4235) | (626214) |
| Cumulative net income, before organization costs | 212990 | 704 | 728 | 214422 |
| Organization costs |  | (704) |  | (704) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Members' Capital as of September 30, 2025 (Unaudited) | $46290 | $— | $— | $46290 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Noncontrolling** |  |
|  |  |  | **interest in** |  |
| **Members' Capital Represented by:** | **Preferred<br>Members** | **Common<br>Members** | **consolidated<br>subsidiary<br>fund** | **Members'<br>Capital** |
| Net contributed capital | $454279 | $1000 | $3507 | $458786 |
| Net distributed capital | (607479) | (1000) | (4235) | (612714) |
| Cumulative net income, before organization costs | 217238 | 704 | 728 | 218670 |
| Organization costs |  | (704) |  | (704) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Members' Capital as of December 31, 2024 | $64038 | $— | $— | $64038 |

---

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

------

**TCW Direct Lending Strategic Ventures LLC**

(A Delaware Limited Liability Company)

(Dollar amounts in thousands)

**<u>STATEMENTS OF OPERATIONS (Unaudited)</u> <u>September 30, 2025</u>**

---

| | | |
|:---|:---|:---|
|  | **For the Nine** | **For the Nine** |
|  | **Months Ended** | **Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** |
| **Investment Income:** |  |  |
| **Non-controlled/non-affiliated investments:** |  |  |
| Interest income | $1663 | $3258 |
| Interest income paid-in-kind | 57 | 73 |
| **Non-controlled affiliated investments:** |  |  |
| Interest income | 468 | 532 |
| Interest income paid-in-kind | 23 | 93 |
| Dividend income |  | 504 |
| Fee income | 5 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 2216 | 4473 |
| **Expenses:** |  |  |
| Sub-administrator and custody fees | 108 | 108 |
| Audit fees | 67 | 45 |
| Insurance fees | 50 | 54 |
| Tax service fee | 30 | 22 |
| Valuation fees | 12 | 21 |
| Other |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expense | 267 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 1949 | 4221 |
| **Net realized and unrealized gain/(loss) on investments** |  |  |
| **Net realized gain/(loss):** |  |  |
| Non-controlled affiliated investments | (25011) |  |
| **Net change in unrealized appreciation/(depreciation):** |  |  |
| Non-controlled/non-affiliated investments | (134) | (276) |
| Non-controlled affiliated investments | 18948 | (13899) |
| **Net realized and unrealized gain/(loss) on investments** | (6197) | (14175) |
| **Net increase (decrease) in Members' Capital from operations** | $(4248) | $(9954) |
| **Net increase (decrease) in Members' Capital from operations<br> attributable to the Preferred Members from operations** | $(4248) | $(9954) |

---

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

------

**TCW Direct Lending Strategic Ventures LLC**

(A Delaware Limited Liability Company)

(Dollar amounts in thousands)

**<u>STATEMENTS OF CHANGES IN MEMBERS' CAPITAL (Unaudited)</u> <u>September 30, 2025</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **For the Nine** | **For the Nine** |
|  |  |  | **Months Ended** | **Months Ended** |
|  |  |  | **September 30, 2025** | **September 30, 2025** |
|  |  |  | **Noncontrolling** |  |
|  |  |  | **interest in** |  |
|  |  |  | **consolidated** |  |
|  | **Preferred<br>Members** | **Common<br>Members** | **subsidiary<br>fund** | **Total** |
| **Members' Capital, beginning of period** | $64038 | $— | $— | $64038 |
| **Net increase (decrease) in Members' Capital resulting from operations:** |  |  |  |  |
| Net investment income | 1949 |  |  | 1949 |
| Net realized gain/(loss) on investments | (25011) |  |  | (25011) |
| Net change in unrealized appreciation/(depreciation) on investments | 18814 |  |  | 18814 |
| **Net decrease in Members' Capital resulting from capital activity:** |  |  |  |  |
| Distributions to Members | (13500) |  |  | (13500) |
| **Total decrease in Members' Capital** | (17748) |  |  | (17748) |
| **Members' Capital, end of period** | $46290 | $— | $— | $46290 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **For the Nine** | **For the Nine** |
|  |  |  | **Months Ended** | **Months Ended** |
|  |  |  | **September 30, 2024** | **September 30, 2024** |
|  |  |  | **Noncontrolling** |  |
|  |  |  | **interest in** |  |
|  |  |  | **consolidated** |  |
|  | **Preferred<br>Members** | **Common<br>Members** | **subsidiary<br>fund** | **Total** |
| **Members' Capital, beginning of period** | $87226 | $— | $— | $87226 |
| **Net increase (decrease) in Members' Capital resulting from operations:** |  |  |  |  |
| Net investment income | 4221 |  |  | 4221 |
| Net change in unrealized appreciation/(depreciation) on investments | (14175) |  |  | (14175) |
| **Net decrease in Members' Capital resulting from capital activity:** |  |  |  |  |
| Distributions to Members | (7350) |  |  | (7350) |
| **Total decrease in Members' Capital** | (17304) |  |  | (17304) |
| **Members' Capital, end of period** | $69922 | $— | $— | $69922 |

---

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

------

**TCW Direct Lending Strategic Ventures LLC**

(A Delaware Limited Liability Company)

(Dollar amounts in thousands)

**<u>STATEMENTS OF CASH FLOWS (Unaudited)</u> <u>September 30, 2025</u>** 

---

| | | |
|:---|:---|:---|
|  | **For the Nine** | **For the Nine** |
|  | **Months Ended** | **Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** |
| **Cash Flows from Operating Activities** |  |  |
| Net increase (decrease) in members' capital resulting from operations | $(4248) | $(9954) |
| Adjustments to reconcile the net increase (decrease) in members' capital resulting from <br> operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments |  | (1855) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales and paydowns of investments | 758 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain)/loss on investments | 25011 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation)/depreciation on investments | (18814) | 14175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid-in-kind | (80) | (166) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount | (9) | 23 |
| Increase (decrease) in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in interest receivable | 102 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in prepaid and other assets | (12) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in sub-administrator and custody fees payable | (17) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in audit fees payable | 16 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | 2707 | 2633 |
| **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to Members | (13500) | (7350) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash (used in) financing activities** | (13500) | (7350) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in cash** | (10793) | (4717) |
| **Cash and cash equivalents, beginning of period** | 14901 | 10782 |
| **Cash and cash equivalents, end of period** | $4108 | $6065 |

---

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

------

**TCW Direct Lending Strategic Ventures LLC**

(A Delaware Limited Liability Company)

**<u>NOTES TO FINANCIAL STATEMENTS (Unaudited)</u> September 30, 2025** 

**1.** **ORGANIZATION** 

**Investment Objective:** TCW Direct Lending Strategic Ventures LLC (the "Fund") is a closed-end investment company formed as a Delaware limited liability company for the purpose of investing in corporate senior secured middle-market floating rate loans. Investments may include other loans and securities received as a result of the restructuring, workout or bankruptcy of an existing loan.

**Limited Liability Company Agreement:** The Amended and Restated Limited Liability Company agreement (the "Agreement"), dated June 5, 2015, was entered into by and among TCW Direct Lending LLC, an affiliated fund (also known as the "BDC") and two third-party members (the "Third-Party Members"). The BDC and each Third-Party Member own a Preferred Membership Interest (collectively the "Preferred Members") and a Common Membership Interest (collectively the "Common Members") (together with the Preferred Members, the "Members"). The BDC owns 80% of the Preferred and Common Membership Interests and the Third-Party Members own the remaining 20% of Preferred and Common Membership Interests. The initial closing date of the Fund was June 5, 2015 ("Initial Closing Date").

The Agreement amends and restates the original agreement, dated May 26, 2015 that the BDC entered into as the sole member of the Fund.

**Term:** The Fund will continue until the sixth anniversary of the Initial Closing Date unless dissolved earlier or extended for two additional one-year periods by the BDC, in its sole discretion upon notice to the Management Committee (as described below). Thereafter, the term of the Fund may be extended by the BDC for additional one-year periods, in each case with the prior consent of the Management Committee. On February 25, 2021, the Management Committee approved a one year extension of the term of the Fund to June 5, 2022. On February 1, 2022, the Management Committee approved a one year extension of the term of the Fund to June 5, 2023. On April 17, 2023, the Management Committee approved a one year extension of the term of the Fund to June 5, 2024. On May 1, 2024, the Management Committee approved a one year extension of the term of the Fund to June 5, 2025. On May 7, 2025, the Management Committee approved a one year extension of the term of the Fund to June 5, 2026.

**Commitment Period:** The Commitment Period commenced on June 5, 2015, the Initial Closing Date, and ended June 5, 2019, the third anniversary of the Initial Closing Date. In accordance with the Fund's Limited Liability Company Agreement, the Fund may complete investment transactions that were significantly in process as of the end of the Commitment Period and which the Fund reasonably expects to be consummated prior to 90 days subsequent to the expiration date of the Commitment Period. The Fund may also affect follow-on investments in existing portfolio companies.

**Management Committee:** Pursuant to the Agreement, the Management Committee of the Fund has exclusive responsibility for the management, policies and control of the Fund. The BDC and one of the two Third-Party Members, collectively, each appointed one voting member of the Management Committee. The Management Committee can act on behalf and in the name of the Fund to implement the objectives of the Fund and exercise any rights and powers the Fund may possess. The Management Committee will authorize portfolio investment activity, transactions between the Fund and the BDC, and other Members and borrowings of the Fund.

**Administration Agreement:** The Fund entered into an Administration Agreement with TCW Asset Management Company LLC ("TAMCO"), dated June 5, 2015 to furnish, or arrange for others to furnish, administrative services necessary for the operation of the Fund. In connection therein, TAMCO, as Administrator retained the services of State Street Bank and Trust Company ("State Street") to assist in providing certain administrative, accounting, operational, investor and financial reporting services for the Fund. On June 13, 2022, the Fund approved the insourcing of administration services previously outsourced by TAMCO to State Street. In connection with TAMCO's insourcing of administration services, TAMCO terminated its agreement with State Street.

**Custody Services Agreement**: The Fund entered into a Custody Services Agreement dated June 3, 2015 with State Street to provide custodian services for the Fund. On June 13, 2022, the Fund approved the termination of the Custody Services Agreement effective July 29, 2022. On July 13, 2022, the Fund entered into a Custody Services Agreement with U.S. National Bank Association to provide custodian services for the Fund.

------

**TCW Direct Lending Strategic Ventures LLC**

(A Delaware Limited Liability Company)

**<u>NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)</u> September 30, 2025** 

**Capital Commitments:** Commitments from the Preferred Members and Preferred Members as Common Members are as follows. The commitment amount funded does not include amounts contributed in anticipation of a potential investment that the Fund did not consummate and therefore returned to the Members as unused capital. As of September 30, 2025, aggregate commitments and commitments funded were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Committed<br>Capital** | **Commitments<br>Funded** | **Percentage<br>Funded** |
| Preferred Membership Interests | $600000000 | $454279088 | 75.7% |
| Common Membership Interests | 2000000 | 1000000 | 50.0% |
| Total | $602000000 | $455279088 |  |

---

**Recallable Amounts:** Each Preferred Member may be required to re-contribute amounts previously distributed equal to 100% of distributions of proceeds during the Commitment Period representing a return of capital contributions made in respect of the Preferred Membership Interest. The recallable amounts as of September 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Recallable<br>Amounts** | **Recallable<br>Amounts<br>Funded** | **Percentage<br>Funded** |
| Preferred Membership Interests | $127837000 |  | n/a |

---

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The Fund is an investment company following the accounting and reporting guidance in Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) No. 946 Financial Services – Investment Companies.

**Basis of Presentation:** The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for investment companies.

**Use of Estimates:** The preparation of the accompanying financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting year. Actual results could differ from those estimates.

**Investments:** The Fund records investment transactions on the trade date. The Fund 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 Fund receives legal or contractual title to the asset and bears the risk of loss.

**Income Recognition:** Interest, interest paid-in-kind and unused commitment fee income are 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. Amendment, consent, waiver and forbearance fees received in exchange for a concession that result in a change in yield are recognized immediately when earned as interest income. The Fund 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, as reported in the Statement of Operations, 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 issuers' term loan. Fee income received from the Adviser that the Adviser received from a portfolio company for services rendered, are recognized immediately as income.

**Cash and Cash Equivalents:** The Fund considers cash equivalents to be liquid investments, including money market funds or individual securities purchased with an original maturity of three months or less. Cash and cash equivalents held by the Fund are generally comprised of money market funds and demand deposits, valued at cost, which approximates fair value and are classified as Level 1 in the GAAP valuation hierarchy.

**Income Taxes:** The Fund is exempt from federal and state income taxes and, consequently, no income tax provision has been made in the accompanying financial statements.

------

**TCW Direct Lending Strategic Ventures LLC**

(A Delaware Limited Liability Company)

**<u>NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)</u> September 30, 2025**

The Fund has invested in numerous jurisdictions and is therefore subject to varying policies and statutory time limitations with respect to examination of tax positions. The Fund reviews and evaluates tax positions in its major jurisdictions and determines whether or not there are uncertain tax positions that require financial statement recognition.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statement of Operations. As of and during the periods ended September 30, 2025 and 2024, the Fund did not have a liability for any unrecognized tax benefits, nor did it recognize any interest and penalties related to unrecognized tax benefits.

The Fund is subject to examination by U.S. federal tax authorities for returns filed for the prior three years and by state tax authorities for returns filed for the prior four years.

**Subsequent Events:** The Management Committee evaluated the activity of the Fund through November 13, 2025, the date that the financial statements are available to be issued, and have concluded that no other subsequent events have occurred that would require recognition or disclosure.

**3.** **INVESTMENT VALUATIONS AND FAIR VALUE MEASUREMENTS** 

**Investments at Fair Value:** Investments held by the Fund for which market quotes are readily available are valued at fair value. Fair value is generally determined on the basis of last reported sales price or official closing price 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 held by the Fund for which market quotes are not readily available or market quotations are not considered reliable are valued at fair value by the Management Committee 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 Fund based on valuation inputs used to determine fair value into three levels.

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 Fund'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 these securities.

The following is a summary by major security type of the fair valuations according to inputs used in valuing investments listed in the Schedule of Investments as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Debt | $— | $— | $20043814 | $20043814 |
| Equity |  |  | 22038173 | 22038173 |
| Cash equivalents | 4108166 |  |  | 4108166 |
| Total Assets | $4108166 | $— | $42081987 | $46190153 |

---

------

**TCW Direct Lending Strategic Ventures LLC**

(A Delaware Limited Liability Company)

**<u>NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)</u> September 30, 2025** 

The following is a summary by major security type of the fair valuations according to inputs used in valuing investments listed in the Schedule of Investments as of December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Debt | $— | $— | $23457586 | $23457586 |
| Equity |  |  | 25491235 | 25491235 |
| Cash equivalents | 5793547 |  |  | 5793547 |
| Total Assets | $5793547 | $— | $48948821 | $54742368 |

---

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the period ended September 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Debt** | **Equity** |
| Balance at December 31, 2024 | $23457586 | $25491235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accreted Discounts | 9139 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases<sup>1</sup> | 79466 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and paydowns | (758122) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain/(loss) | (25011099) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) | 22266844 | (3453062) |
| Balance at September 30, 2025 | $20043814 | $22038173 |
| Change in unrealized appreciation/(depreciation)<br> in investments still held as of September 30, 2025 | $(138684) | $(3453062) |

---

<sup>1</sup>Purchases of Debt include payment in-kind (PIK) interest of $79,466.

During the period ended September 30, 2025, the Fund did not have any transfers between levels.

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the period ended September 30, 2024:

---

| | | |
|:---|:---|:---|
|  | **Debt** | **Equity** |
| Balance at December 31, 2023 | $44875472 | $33024894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accreted Discounts | (22751) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases<sup>1</sup> | 2021525 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and paydowns | (391189) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) | (9326924) | (6552215) |
| Balance at September 30, 2024 | $37156133 | $26472679 |
| Change in unrealized appreciation/(depreciation)<br> in investments still held as of September 30, 2024 | $(9326924) | $(6552215) |

---

<sup>1</sup>Purchases of Debt include payment in-kind (PIK) interest of $165,650.

During the period ended September 30, 2024, the Fund did not have any transfers between levels.

**Level 3 Assets (Investments):** The following valuation techniques and significant inputs are used to determine fair value of investments in private debt 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.

------

**TCW Direct Lending Strategic Ventures LLC**

(A Delaware Limited Liability Company)

**<u>NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)</u> September 30, 2025** 

<u>Debt</u>, (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.

<u>Equity</u>, (Level 3), includes common stock, preferred 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; contractual or legal restrictions on the sale of the security. When a Black-Scholes pricing model is used, 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.

The following table summarizes by major security type the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of September 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment<br>Type** | **Fair Value at<br>September 30, 2025** | **Valuation<br>Technique** | **Unobservable<br>Input** | **Range** | **Weighted Average** | **Impact to Valuation<br>from an Increase in<br>Input** |
| Debt | $15399595 | Income Method | Discount Rate | 15.3% to 17.6% | 16.4% | Decrease |
| Debt | 4644219 | Market Method | EBITDA Multiple | 7.0x to 8.0x | 7.5x | Increase |
| Total Debt | $20043814 |  |  |  |  |  |
| Equity | $22038173 | Market Method | EBITDA Multiple | 7.0x to 8.0x | 7.5x | Increase |
| Total Equity | $22038173 |  |  |  |  |  |
| Total Investment | $42081987 |  |  |  |  |  |

---

The following table summarizes by major security type the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of December 31, 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment<br>Type** | **Fair Value at<br>December 31, 2024** | **Valuation<br>Technique** | **Unobservable Input** | **Range** | **Weighted Average** | **Impact to Valuation<br>from an Increase in<br>Input** |
| Debt | $15772401 | Income Method | Discount Rate | 13.3% to 16.6% | 15.0% | Decrease |
| Debt | 2577591 | Market Method | Indicative Bid | 0.0% to 100.0% | 48.7% | Increase |
| Debt | 5107594 | Market Method | EBITDA Multiple | 5.3x to 6.3x | 5.8x | Increase |
| Total Debt | $23457586 |  |  |  |  |  |
| Equity | $25491235 | Market Method | EBITDA Multiple | 5.3x to 6.3x | 5.8x | Increase |
| Total Equity | $25491235 |  |  |  |  |  |
| Total Investment | $48948821 |  |  |  |  |  |

---

------

**TCW Direct Lending Strategic Ventures LLC**

(A Delaware Limited Liability Company)

**<u>NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)</u> September 30, 2025** 

**4.** **ALLOCATIONS AND DISTRIBUTIONS** 

**Allocation of profit and loss**: Income, expenses, gains and losses of the Fund are allocated among the Members in such a manner that, at the end of each period, each Member's capital account is equal to the respective net amount, positive or negative, which would be distributed to such Member if the Fund were to liquidate the assets of the Fund for an amount equal to book value and distribute the proceeds in a manner consistent with the distribution priorities described in the Agreement.

**Distribution**: Interest, dividends, and other cash flow received by the Fund in respect of Portfolio Investments ("Interest Amounts") and proceeds attributable to the repayment or disposition of Portfolio Investments ("Proceeds") received by the Fund are distributed by the Fund to the Members to the extent that such Interest Amounts and Proceeds are available to the Fund after the application of the priority of payments stipulated in the Credit Agreement and after taking into account reserves and working capital needs.

<u>Interest Amounts</u> available to the Fund for distribution to the Members will be distributed in the following order and priorities:

*First*, one-hundred percent (100%) to the Preferred Members in an amount equal to any declared and unpaid dividends on Preferred Membership Interests, which amounts shall be distributed pro rata among the Preferred Members in accordance with their respective entitlements to such dividends.

*Second*, one-hundred percent (100%) to the payment of Fund expenses; and

*Thereafter*, one-hundred percent (100%) to the Common Members, which amounts shall be distributed among the Common Members pro rata based on their respective Unreturned Contributions or, if the Unreturned Contributions of the Common Members equal zero, pro rata based on the respective Commitments of such Common Members in their capacities as Preferred Members with respect to Preferred Membership Interest.

<u>Proceeds</u> available to the Fund for distribution to the Members will be distributed in the following order and priorities:

*First,* one-hundred percent (100%) to the Preferred Members in an amount equal to any declared and unpaid dividends on Preferred Membership Interests, which amounts shall be distributed pro rata among the Preferred Members in accordance with their respective entitlements to such dividends,

*Second*, one-hundred percent (100%) to the Preferred Members pro rata based on, and up to the amount of, their respective Unreturned Contributions; and

*Thereafter*, one-hundred percent (100%) to the Common Members, which amounts shall be distributed among the Common Members pro rata based on their respective Unreturned Contributions or, if the Unreturned Contributions of the Common Members equal zero, pro rata based on the respective Commitments of such Common Members in their capacities as Preferred Members with respect to Preferred Membership Interests.

***Preferred Member Dividends*:** Each Preferred Membership Interest is entitled to quarterly dividends at a rate equal to SOFR plus 6.50% per annum (subject to a SOFR floor of 1.5% per annum) of the Unreturned Contributions associated with their Preferred Membership Interest. Dividends are cumulative and paid when declared by the Management Committee.

***Unreturned Contributions:*** With respect to any Member in respect of each class such Member holds, an amount equal to the excess, if any, of (a) the aggregate contributions of such Member over (b) the aggregate amount distributed to such Member from Proceeds (other than amounts paid in respect of dividends to such Member).

------

**TCW Direct Lending Strategic Ventures LLC**

(A Delaware Limited Liability Company)

**<u>NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)</u> September 30, 2025**

**5.** **FUND EXPENSES** 

The Fund is responsible for all costs and expenses which include organizational expenses, operating expenses; investigative, travel, legal and other transactional expenses incurred with respect to the acquisition, formation, holding and disposition of the Fund's Portfolio Investments or incurred in connection with Portfolio Investments or transactions not consummated; costs and expenses relating to the liquidation of the Fund; taxes, or extraordinary expenses (such as litigation expenses and indemnification payments to either the Management Committee or the Administrative Agent); valuation-related costs and expenses; and all other costs and expenses of the Fund's operations, administration and transactions.

*Organizational Expenses*: Organization expenses will be paid from capital contributions called from the holders of Common Membership Interests. As of September 30, 2025 and December 31, 2024, organization expenses paid inception-to-date total $704,290.

*Portfolio Investment Expenses:* Expenses related to Portfolio Investments will be paid from capital contributions called from Preferred Membership Interests.

*Fund Expenses:* Other Fund expenses including those related to unconsummated investments will be paid first from Interest Amounts as provided for in the above Distribution footnote. To the extent that such Interest Amounts are insufficient or unavailable to pay expenses when due, such expenses will be paid from capital contributions called from the holders of Common Membership Interests provided that the aggregate amount called for Fund expenses (including organizational expenses) does not exceed $2 million. To the extent that the foregoing sources of payment are insufficient or unavailable to pay when due, such expenses will be paid from capital contributions called from the Preferred Members.

**6.** **ADVISER FEE INCOME** 

Any (i) transaction, advisory, consulting, management, monitoring, directors' or similar fees, (ii) closing, investment banking, finders', transaction or similar fees, (iii) commitment, breakup or topping fees or litigation proceeds and (iv) other fee or payment of services performed or to be performed with respect to an investment or proposed investment received from or with respect to Portfolio Companies or prospective Portfolio Companies in connection with the Fund's activities will be allocated pro rata among the Fund and any other funds or accounts advised by the Adviser participating in such investment and the Fund's share will be the property of the Fund. Notwithstanding the foregoing, for administrative or other reasons, certain fees described in clauses (i) through (iv) above (including any fees for administrative agent services provided by the Adviser or an affiliate with respect to a particular loan or portfolio of loans made by the Fund) may be paid to the Adviser or the affiliate (rather than directly to the Fund), in which case the amount of such fees (net of any related expenses associated with the generation of such fees borne by the Adviser or such affiliate that have not been and will not be reimbursed by the portfolio company) shall be paid to the Fund.

Since inception of the Fund through September 30, 2025 and December 31, 2024, the Adviser was paid directly $1,797,141 and $1,792,495, respectively, of which $4,646 and $26,572 were paid during the period ended September 30, 2025 and the year ended December 31, 2024, respectively. Since inception of the Fund through September 30, 2025 and December 31, 2024, the Fund has recognized $1,797,141 and $1,792,495, respectively, of these fees.

**7.** **COMMITMENTS AND CONTINGENCIES** 

As of September 30, 2025 and December 31, 2024, the Fund did not have any unfunded commitments.

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

------

**TCW Direct Lending Strategic Ventures LLC**

(A Delaware Limited Liability Company)

**<u>NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)</u> September 30, 2025** 

**8.** **FINANCIAL HIGHLIGHTS** 

The following summarizes the Fund's financial highlights for the period ended September 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended<br>September 30, 2025** | **Nine Months Ended<br>September 30, 2024** |
|  | **Members** | **Members** |
| **As a percentage of average members' capital** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income ratio (annualized) <sup>1</sup> | 5.00% | 6.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense ratios (annualized) <sup>1</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses | 0.69% | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expense ratio | 0.69% | 0.42% |

---

<sup>1</sup>The net investment income and expense ratio are calculated for the Members taken as a whole.

The Internal Rates of Return (IRR) since inception of the Members, after financing costs and other operating expenses are 11.4% and 11.8% through September 30, 2025 and 2024, respectively.

The IRR is computed based on cash flow due dates contained in notices to Members (contributions from and distributions to the Members) and the net assets (residual value) of the Members' capital account at period end and is calculated for the Members taken as a whole.

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 actual return may vary significantly upon realization.

------

**TCW Direct Lending Strategic Ventures LLC**

(A Delaware Limited Liability Company)

**<u>ADMINISTRATION</u>** 

**ADMINISTRATOR** 

TCW Asset Management Company

*1251 Avenue of the Americas, Suite 4700* 

*New York, NY 10020* 

*(212) 771-4000* 

**PORTFOLIO MANAGER** 

Richard T. Miller

*Group Managing Director* 

**INDEPENDENT AUDITORS** 

Deloitte & Touche LLP

*555 West 5*<sup>th</sup> *Street* 

*Los Angeles, CA 90013* 

**CUSTODIAN** 

U.S. Bank National Association

U.S. Bank Tower

*425 Walnut Street*

*Cincinnati,OH 45202*

------