# EDGAR Filing Document

**Accession Number:** 0001825265
**File Stem:** 0001193125-26-145527
**Filing Date:** 2026-4
**Character Count:** 28279
**Document Hash:** cac33b497cd2e49459cab62f680bea9b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-145527.hdr.sgml**: 20260407

**ACCESSION NUMBER**: 0001193125-26-145527

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260401

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Material Modifications to Rights of Security Holders

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260407

**DATE AS OF CHANGE**: 20260407

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TCW Direct Lending VIII LLC
- **CENTRAL INDEX KEY:** 0001825265

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

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01420
- **FILM NUMBER:** 26844757

**BUSINESS ADDRESS:**
- **STREET 1:** 515 SOUTH FLOWER ST
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 2132440000

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

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): April 7, 2026 (April 1, 2026)

## TCW Direct Lending VIII LLC

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **814-01420** | **86-3307898** |
| **(State or other jurisdiction**<br>**of incorporation)** | **(Commission**<br>**File Number)** | **(IRS Employer**<br>**Identification No.)** |

---

---

| | |
|:---|:---|
| **200 Clarendon Street, 51<sup>st</sup> Floor**<br>**Boston, Massachusetts** | **02116** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

#### Registrant's telephone number, including area code: (617) 936-2275

#### Not Applicable

#### (Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

☒ Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ 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.

------

#### Item 1.01. Entry into a Material Definitive Agreement.
On April 1, 2026, in connection with the completion of the Exchange Offer (as defined below), TCW Direct Lending VIII LLC (the "Company") entered into Amendment No. 5 to its Amended and Restated Limited Liability Company Agreement (the "LLCA Amendment"). The LLCA Amendment, among other things, revises Article 14 of the Company's limited liability company agreement with respect to the "publicly offered security" exception under the Plan Asset Regulation for purposes of ERISA and Section 4975 of the Code, and as an additional protective measure, monitoring benefit plan investor ownership; requires the Company to provide certain certifications and notices to ERISA Members; authorizes the Board to interpret Article 14 consistent with that reliance; and revises the circumstances in which an ERISA Member may elect, or be required, to withdraw from the Company. The foregoing description is qualified in its entirety by reference to the LLCA Amendment, which is filed as Exhibit 3.1 to this Current Report on Form 8-K and incorporated herein by reference. Capitalized terms used but not defined in this Item 1.01 have the meanings assigned to them in the LLCA Amendment.

#### Item 2.01. Completion of Acquisition or Disposition of Assets.
On April 1, 2026, the Company completed its previously announced exchange offer (the "Exchange Offer"), pursuant to which holders of the Company's outstanding limited liability company units (the "Units") were permitted to exchange all or a portion of their Units for an equivalent number of limited liability company units of TCW Specialty Lending LLC, a Delaware limited liability company and wholly owned subsidiary of the Company (the "Perpetual Fund").

The Exchange Offer was conducted pursuant to the Company's Offer to Exchange, dated January 14, 2026, as amended and supplemented on February 20, 2026, March 9, 2026, and March 24, 2026. In accordance with the terms of the Exchange Offer, 6,435,400 Units were validly tendered and accepted for exchange, representing approximately 50.49% of the Company's outstanding Units.

In connection with the completion of the Exchange Offer, the Company transferred to the Perpetual Fund a pro rata share of all of the assets, liabilities and related interests held by the Company immediately prior to the completion of the Exchange Offer, in proportion to the number of Units validly tendered and accepted for exchange, and tendering holders received an equivalent number of Perpetual Fund units in exchange for the accepted Units. Units accepted for exchange in the Exchange Offer were canceled upon settlement.

The unaudited pro forma financial information of the Company, together with the related notes thereto, is filed as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference. As reflected in the unaudited pro forma financial information, the assets, liabilities and related results of operations transferred to the Perpetual Fund represented approximately 50.49% of the Company's assets, liabilities and related results of operations. In addition, in connection with the Exchange Offer, the Company repaid approximately $40.5 million outstanding under its subscription-based credit facility.

#### Item 3.03. Material Modification to Rights of Security Holders.
The information set forth under Item 1.01 above is incorporated herein by reference. The amendment modifies certain provisions of the Company's limited liability company agreement applicable to holders of the Company's limited liability company units, including with respect to ERISA-related matters, notices to ERISA Members, Board interpretive authority under Article 14 and the circumstances in which an ERISA Member may elect, or be required, to withdraw from the Company. Capitalized terms used but not defined in this Item 3.03 have the meanings assigned to them in the LLCA Amendment.

#### Item 9.01. Financial Statements and Exhibits.
(b) Pro Forma Financial Information.

The following unaudited pro forma financial information is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference:

• Unaudited pro forma statement of assets and liabilities as of December 31, 2025; and

• Unaudited pro forma statement of operations for the year ended December 31, 2025.

(d) Exhibits

---

| | |
|:---|:---|
| 3.1 | [Amendment No. 5 to Amended and Restated Limited Liability Company Agreement of TCW Direct Lending VIII LLC, dated as of April 1, 2026](d123753dex31.htm) |
| 99.1 | [Unaudited Pro Forma Financial Information of TCW Direct Lending VIII LLC](d123753dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

#### SIGNATURE
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 hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **TCW DIRECT LENDING VIII LLC** | **TCW DIRECT LENDING VIII LLC** |
| Date: April 7, 2026 | By: | /s/ Andrew Kim |
|  |  | Name: Andrew Kim |
|  |  | Title: Chief Financial Officer |

---

## Exhibit 3.1

**Exhibit 3.1** 

**Amendment No. 5 to** 

**Amended and Restated Limited Liability Company Agreement of** 

**TCW Direct Lending VIII LLC** 

This Amendment No. 5 to Amended and Restated Limited Liability Company Agreement (as amended, restated, supplemented and otherwise modified from time to time, this "**Amendmen**t") of TCW Direct Lending VIII LLC, a Delaware limited liability company (the "**Company**") is made and entered into as of April 1, 2026.

**RECITALS** 

**WHEREAS**, the Company is currently governed by that certain Amended and Restated Limited Liability Company Agreement of the Company, dated as of January 21, 2022 ("**Agreement**");

**WHEREAS**, the Board and a majority-in-interest (as defined in the Agreement) of the Unitholders approved Amendment No. 1 to the Agreement effective as of May 24, 2022. Amendment No. 2 to the Agreement effective as of January 6, 2023, Amendment No. 3 to the Agreement effective as of July 14, 2023 and Amendment No. 4 to the Agreement effective as of February 16, 2024;

**WHEREAS**, the Board has adopted and a majority in interest of ERISA Members have consented to this Amendment No. 5 for purposes of amending the Agreement; and

**WHEREAS**, the undersigned desires to amend the Agreement as set forth herein.

**NOW, THEREFORE**, for and in consideration of the premises, the covenants and agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the undersigned, hereby agrees and hereby amends the Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendment to Section</u> <u>14.1.1</u>.

Section 14.1.1. of the Agreement is hereby deleted in its entirety and replaced with the following:

**ERISA Plan Assets** The Company shall use reasonable best efforts to structure and operate its affairs so that the assets of the Company will not constitute "plan assets" of any ERISA Member for purposes of ERISA or Section 4975 of the Code. The Company may satisfy such objective by relying on the exception under the Plan Assets Regulation for an equity interest that constitutes a "publicly-offered security," and the Company has determined, based on advice of counsel, that the Common Units qualify for such exception. The Company may also continue to monitor the percentage of "benefit plan investors" holding each class of equity interests in the Company and may seek to maintain such percentage below twenty-five percent (25%) of each such class, determined in accordance with the Plan Assets Regulation, as an additional protective measure. Article 14 shall be interpreted in a manner consistent with the Company's reliance on the "publicly-offered security" exception under the Plan Assets Regulation.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendment to Section</u> <u>14.1.3</u>.

Section 14.1.3. of the Agreement is hereby deleted in its entirety and replaced with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1.3 Plan Assets Notice** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Following the effectiveness of this Amendment, and upon reasonable request of each ERISA Member, the Company will provide to each ERISA Member a written certification confirming that the Company is relying on the "publicly-offered security" exception under the Plan Assets Regulation and that the Company has determined, based on advice of counsel, that the Common Units qualify for such exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time the Company determines that there is a material likelihood that all or any portion of the assets of the Company would constitute "plan assets" of any ERISA Member for purpose of ERISA or Section 4975 of the Code, including as a result of the Company not qualifying for the "publicly-offered security" exception under the Plan Asset Regulation, the Company shall promptly notify in writing the ERISA Members investing in the Company of such determination. The Company shall also deliver such notice if any ERISA Member delivers an opinion as described in Section 14.2.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At the request of an ERISA Member, the Company will use commercially reasonable efforts to provide publicly available information regarding the assets held by the Company as is reasonably necessary to enable the ERISA Member to complete required regulatory reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>New Section</u> <u>14.1.4</u>.

A new Section 14.1.4 is hereby added immediately following Section 14.1.3 to read as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1.4. Board Interpretation** The Board shall have authority to interpret and apply Article 14 in a manner consistent with the Company's reliance on the "publicly-offered security" exception under the Plan Assets Regulation; provided that nothing in this Section 14.1.4 shall, by itself, be deemed to modify any provision of the Agreement other than Article 14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Amendment to Section</u> <u>14.2.1</u>.

Section 14.2.1 of the Agreement is hereby deleted in its entirety and replaced with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2.1 General** Notwithstanding any provision in the Agreement to the contrary, any Member that is an ERISA Member may elect, upon written notice to the Company, to withdraw from the Company, or upon written demand by the Company shall withdraw from the Company, at the time and in manner otherwise provided in Section 14.2, if (i) the Company delivers the notice described in Section 14.1.3(b) stating that all or any portion of the assets of the Company constitute, or there is a material likelihood that all or any portion of the assets of the Company would constitute, "plan assets" of any ERISA Member for purposes of ERISA or Section 4975 of the Code, or (ii) either such ERISA Member or the Company obtains and delivers to the other an opinion of counsel reasonably acceptable to both parties to the effect that there is a material likelihood that (a) such ERISA Member, any employee benefit plan subject to ERISA any of the assets of which are held by such ERISA Member, the trustee or other fiduciary of such ERISA Member or of such plan, or the Company would be in material violation of ERISA if such ERISA Member were to continue as a Member of the Company, or (b) all or any portion of the assets of the Company would constitute "plan assets" of such ERISA Member or such plan for purposes of ERISA or Section 4975 of the Code.

------

For the avoidance of doubt, no withdrawal shall be granted at the request of an ERISA Member solely on the grounds that the ERISA Member's investment in the Company is not prudent, does not satisfy applicable diversification requirements, is inconsistent with the plan's governing documents or liquidity needs, or violates other requirements analogous to Section 404 of ERISA. The remaining provisions of Section 14.2 shall continue to apply to any withdrawal or partial withdrawal effected pursuant to this Section 14.2.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Agreement in Effect</u>.

Except as hereby amended, the Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Applicable Law</u>.

This Amendment shall be construed in accordance with and governed by the laws of the State of Delaware, without regard to principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Severability</u>.

Each provision of this Amendment shall be considered severable and if for any reason any provision or provisions herein are determined to be invalid, unenforceable or illegal under any existing or future law, such invalidity, unenforceability or illegality shall not impair the operation of or affect those portions of this Amendment that are valid, enforceable and legal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Counterparts</u>.

This Amendment may be executed in counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Binding Effect</u>.

This Amendment shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and assigns.

\* \* \* \* \* \* \*

------

**IN WITNESS WHEREOF,** the undersigned has executed this Amendment No. 5 to the Amended and Restated Limited Liability Company Agreement of TCW Direct Lending VIII LLC as of the day, month and year first above written.

---

| | |
|:---|:---|
| **The Company:** | **The Company:** |
| **TCW DIRECT LENDING VIII LLC,** | **TCW DIRECT LENDING VIII LLC,** |
| under power of attorney provided in Section 13.8.1 of the Agreement | under power of attorney provided in Section 13.8.1 of the Agreement |
| By: | ![LOGO](g123753g96z31.jpg) <br>|
| Name: | Andrew Kim |
| Title: | Chief Financial Officer |

---

***[Signature Page to Amendment No. 5 to the Amended and Restated***

***Limited Liability Company Agreement of TCW Direct Lending VIII LLC]***

## Exhibit 99.1

**Exhibit 99.1** 

**Exchange Offer and Related Transfer of Assets and Liabilities to TCW Specialty Lending LLC** 

On January 14, 2026, as amended on February 20, 2026 and March 8, 2026, TCW Direct Lending Fund VIII LLC (the "Company") filed a tender offer statement on Schedule TO and a related offer to exchange, subscription agreement and letter of transmittal with the Securities and Exchange Commission (the "SEC") relating to an offer to exchange (the "Exchange Offer") outstanding Company limited liability units ("Units") for an equivalent number of limited liability company units of TCW Specialty Lending LLC, a Delaware limited liability company and wholly owned subsidiary of the Company (the "Perpetual Fund"). The Perpetual Fund operates as a closed-end, non-diversified management investment company regulated as a business development corporation (a "BDC") under the 1940 Act. The Exchange Offer was completed on April 1, 2026.

We conducted the Exchange Offer in order to provide Company unitholders ("Unitholders") with the option to either (i) continue to hold Units for the duration of our remaining term with no material change to the existing economics of the Unitholder's investment or (ii) exchange all, or a portion, of their Units for an equivalent number of Perpetual Fund units. The Perpetual Fund is a perpetual-life BDC, allowing unitholders to remain invested in a direct lending vehicle over an indefinite investment horizon. The Exchange Offer provided Unitholders with the optionality that was negotiated for and that was disclosed at the time of their investment in the Company. The Exchange Offer resulted in the transfer to Perpetual Fund of the assets, liabilities and related interests attributable to the exchanged Units, with the remaining assets and liabilities continuing to be held by the Company.

**Unaudited Pro Forma Financial Information** 

The following unaudited pro forma financial information (the "pro forma financial information") presents the consolidated financial statements of TCW Direct Lending VIII LLC after giving effect to the consummation of the Exchange Offer and the related transfer of a portion of the Company's assets and liabilities to Perpetual Fund as if the Exchange Offer and transfer of assets had occurred on January 1, 2025.

The pro forma financial information should be read in conjunction with the accompanying notes to the pro forma financial information. In addition, the pro forma financial information is based on, and should be read in conjunction with, the audited consolidated financial statements of the Company and the accompanying notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 26, 2026.

The pro forma financial information, which was prepared in accordance with Article 11 of Regulation S-X, has been presented for informational purposes only and is not necessarily indicative of what the Company's financial position or results of operations would have been had the Exchange Offer been completed as of the date indicated above. In addition, the pro forma financial information does not purport to project the future financial position or results of operations of the Company.

Pro forma adjustments to historical financial information are subject to assumptions described in the accompanying notes. Management believes that these assumptions and adjustments are reasonable and appropriate under the circumstances and are factually supported based on information currently available.

------

**TCW DIRECT LENDING VIII LLC** 

**Unaudited Pro Forma Statement of Assets and Liabilities** 

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

**As of December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **As of**<br>**December 31,**<br>**2025**<br>**Historical** |<br>**Pro Forma**<br>**Adjustments<sup>(a)</sup>** | **As of**<br>**December 31,**<br>**2025**<br>**Pro Forma** |
|  **Assets** |  |  |  |
|  **Investments, at fair value** |  |  |  |
|  Non-controlled/non-affiliated investments | $1209788 | $(362936) | $846852 |
|  Cash and cash equivalents | 52311 | (15693) | 36618 |
|  Interest income receivable | 4870 | (1461) | 3409 |
|  Receivable for investment sold | 155 | (47) | 109 |
|  Due from adviser | 106 | (32) | 74 |
|  Deferred financing costs | 595 | (179) | 417 |
|  Prepaid and other assets | 75 | (23) | 53 |
|  **Total Assets** | $1267900 | $(380370) | $887530 |
|  **Liabilities** |  |  |  |
|  Term loan | $324437 | $(97331) | $227106 |
|  Revolving credit facilities payable | 76700 | (23010) | 53690 |
|  Incentive fee payable | 37358 | (11207) | 26151 |
|  Interest and credit facility expense payable | 4289 | (1287) | 3002 |
|  Management fees payable | 3859 | (1158) | 2701 |
|  Unrealized depreciation on unfunded commitments | 1006 | (302) | 704 |
|  Other accrued expenses and other liabilities | 1151 | (345) | 806 |
|  **Total Liabilities** | 448800 | (134640) | 314160 |
|  **Commitments and Contingencies** |  |  |  |
|  **Members' Capital** |  |  |  |
|  Common Unitholders' commitment | 1274566 | (382370) | 1274566 |
|  Common Unitholders' undrawn commitment | (384504) | 115351 | (623504) |
|  Common Unitholders' return of capital | (9729) | 2919 | (5941) |
|  Common Unitholders' offering costs | (347) | 104 | (347) |
|  Common Unitholders' capital | 879986 | (263996) | 644774 |
|  Accumulated overdistributed earnings | (60886) | 18266 | (33545) |
|  **Total Members' Capital** | 819100 | (245730) | 611229 |
|  **Total Liabilities and Members' Capital** | $1267900 | $(380370) | $1042765 |
|  **Net Asset Value Per Unit (accrual base)** | $94.43 |  | $94.43 |

---

------

**TCW DIRECT LENDING VIII LLC** 

**Pro Forma Statement of Operations** 

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

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year**<br> **ended<br>December 31,**<br>**2025**<br>**Historical** |<br>**Pro Forma**<br>**Adjustments<sup>(a)</sup>** | **For the year**<br> **ended<br>December 31,**<br>**2025**<br>**Pro Forma** |
|  **Investment Income** |  |  |  |
|  **Non-controlled/non-affiliated investments:** |  |  |  |
|  Interest income | $156295 | $(109407) | $46889 |
|  Interest income paid-in-kind | 13024 | (9117) | 3907 |
|  Other fee income | 321 | (225) | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total investment income** | 169640 | (118748) | 50892 |
|  **Expenses** |  |  |  |
|  Interest and credit facilities expenses | 36281 | (25397) | 10884 |
|  Incentive fees (Note 4) | 15683 | (10978) | 4705 |
|  Management fees (Note 4) | 15106 | (10574) | 4532 |
|  Administrative fees | 1079 | (755) | 324 |
|  Professional fees | 728 | (510) | 218 |
|  Directors' fees | 251 | (176) | 75 |
|  Organizational costs |  |  |  |
|  Interest expense on repurchase transactions |  |  |  |
|  Other expenses | 489 | (342) | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses before expenses reimbursed** | 69617 | (48732) | 20885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses reimbursed by Adviser | (106) | 74 | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 69511 | (48658) | 20853 |
|  **Net investment income** | 100129 | (70090) | 30039 |
|  **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |
|  **Net realized gain:** | **Net realized gain:** |  |  |
|  Non-controlled/non-affiliated investments | 449 | (314) | 135 |
|  **Net change in unrealized appreciation/(depreciation):** |  |  |  |
|  Non-controlled/non-affiliated investments | (11707) | 8195 | (3512) |
|  **Net realized and unrealized (loss) gain on investments** | (11258) | 7881 | (3377) |
|  **Net increase in Members' Capital from operations** | $88871 | $(62210) | $26661 |
|  Basic and diluted: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income per unit | $6.97 |  | $6.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units outstanding | 12745660 | (8921962) | 3823698 |

---

------

**TCW DIRECT LENDING VIII LLC** 

**Notes to Unaudited Pro Forma Financial** 

**Information (Dollar amounts in thousands,** 

**except unit data) December 31, 2025** 

**1. Basis of Pro Forma Presentation** 

The accompanying unaudited pro forma financial information for the Company was prepared in accordance with Article 11 of Regulation S-X and are based on the consolidated financial statements of the Company. The consolidated financial information has been adjusted in the accompanying pro forma financial information to give effect to pro forma events that are (i) directly attributable to the Exchange Offer, (ii) factually supportable, and (iii) with respect to the pro forma statements of income, expected to have a continuing impact on the consolidated results of the Company.

The pro forma financial information includes unaudited pro forma financial information that gives effect to the Exchange Offer as if it had been consummated on January 1, 2025, which has been voluntarily furnished in this filing. The Company's financial statements will reflect the consummation of the Exchange Offer and the related transfer of assets and liabilities beginning on April 1, 2026.

This presentation represents management's best estimate of the Company's unaudited pro forma financial information. Actual results could differ from these estimates.

**2. Adjustments to the Pro Forma Balance Sheet and Income Statement** 

(a) Reflects the transfer to Perpetual Fund of approximately 70% of the Company's assets, liabilities and related results of operations, corresponding to the exchanged Units.