# EDGAR Filing Document

**Accession Number:** 0002043133
**File Stem:** 0001193125-26-221963
**Filing Date:** 2026-5
**Character Count:** 165948
**Document Hash:** 6c74bfc626cd220749d067bc36e13985
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-221963.hdr.sgml**: 20260513

**ACCESSION NUMBER**: 0001193125-26-221963

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 64

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260513

**DATE AS OF CHANGE**: 20260513

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TCW Steel City Senior Lending BDC
- **CENTRAL INDEX KEY:** 0002043133

**ORGANIZATION NAME:**
- **EIN:** 331515587
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56771
- **FILM NUMBER:** 26974637

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TCW Steel City Perpetual Levered Fund LP
- **DATE OF NAME CHANGE:** 20241030

?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** **March 31,** 2026

## 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 000-56771
TCW Steel City Senior Lending BDC

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

---

| | |
|:---|:---|
| Delaware | 33-1515587 |
| **(State or Other Jurisdiction of Incorporation or Organization)** | **(I.R.S. Employer Identification No.)** |

---

---

| | |
|:---|:---|
| 200 Clarendon Street, Boston, MA | 02116 |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

## Registrant's Telephone Number, Including Area Code: (617) 936-2275

## Not applicable
**Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report.**

------

## Securities registered pursuant to Section 12(b) of the Act.

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | &nbsp;&nbsp;**Trading**<br> **<u>Symbol(s)</u>** | **Name of each exchange** <br>**<u>on which registered</u>** |
| **None** | **Not applicable** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable |

---

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

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

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

---

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

---

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

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

As of March 31, 2026, there was no established public market for the Registrant's common shares. The number of the Registrant's common shares outstanding at May 13, 2026 was 12,093,674.

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

------

**TCW STEEL CITY SENIOR LENDING BDC**

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

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **PAGE** |
|  | **INDEX** | **NO.** |
| **PART I.** | FINANCIAL INFORMATION |  |
| Item 1. | &nbsp;&nbsp;&nbsp;Financial Statements |  |
|  | &nbsp;&nbsp;&nbsp;[<u>Consolidated Schedule of Investments as of March 31, 2026 (unaudited) and December 31, 2025</u>](#soi_cq_unaudited) | 3 |
|  | &nbsp;&nbsp;&nbsp;<u>Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and December 31, 2025</u>  | 7 |
|  | &nbsp;&nbsp;&nbsp;<u>Consolidated Statement of Operations for the three months ended March 31, 2026 (unaudited) and for the period from February 5, 2025 (Inception) to March 31, 2025 (unaudited)</u> | 8 |
|  | &nbsp;&nbsp;&nbsp;[<u>Consolidated Statement of Changes in Members' Capital for the three months ended March 31, 2026 (unaudited) and for the period from February 5, 2025 (Inception) to March 31, 2025 (unaudited)</u>](#stmt_of_change_in_mem_capital_unaudited) | 9 |
|  | &nbsp;&nbsp;&nbsp;[<u>Consolidated Statement of Cash Flows for the three months ended March 31, 2026 (unaudited)</u>](#statement_of_cashflows_cq) | 11 |
|  | &nbsp;&nbsp;&nbsp;[<u>Notes to Consolidated Financial Statements (unaudited)</u>](#notes_to_financial_statements) | 12 |
| Item 2. | &nbsp;&nbsp;&nbsp;[<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_mda) | 29 |
| Item 3. | &nbsp;&nbsp;&nbsp;[<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_3_quantitative_and_qualitative_dis) | 41 |
| Item 4. | &nbsp;&nbsp;&nbsp;[<u>Controls and Procedures</u>](#item_4_controls_and_procedures) | 42 |
| **PART II**. | &nbsp;&nbsp;&nbsp;[<u>OTHER INFORMATION</u>](#part_ii) |  |
| Item 1. | &nbsp;&nbsp;&nbsp;[<u>Legal Proceedings</u>](#item_1_legal_proceedings) | 43 |
| Item 1A. | &nbsp;&nbsp;&nbsp;[<u>Risk Factors</u>](#item_1a_risk_factors) | 43 |
| Item 2. | &nbsp;&nbsp;&nbsp;[<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item2_unregistered_sales_of_equity_sec) | 43 |
| Item 3. | &nbsp;&nbsp;&nbsp;[<u>Defaults Upon Senior Securities</u>](#item_3_defaults_upon_senior_securitie) | 43 |
| Item 4. | &nbsp;&nbsp;&nbsp;[<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | 43 |
| Item 5. | &nbsp;&nbsp;&nbsp;[<u>Other Information</u>](#item_5_other_information) | 43 |
| Item 6. | &nbsp;&nbsp;&nbsp;[<u>Exhibits</u>](#exhibits) | 44 |
| [<u>SIGNATURES</u>](#signatures) | [<u>SIGNATURES</u>](#signatures) | 46 |

---

------

**TCW Steel City Senior Lending BDC**

## Consolidated Schedule of Investments (Unaudited)

## As of March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Issuer** | **Acquisition<br>Date** | **Investment** | **% of Net Assets** | **Par<br>Amount** | **Maturity<br>Date** | **Amortized<br>Cost** | **Fair Value** |
|  | **DEBT**<sup>(1)</sup> |  |  |  |  |  |  |  |
| **Building Products** |  |  |  |  |  |  |  |  |
|  | Patriot MCN Buyer Corp., (McNichols) | 10/01/25 | Term Loan - 8.33%<br>(SOFR + 4.75%, 1.75% Floor) | 16.1% | $39700704 | 10/01/31 | $39307165 | $39303697 |
|  |  |  |  | 16.1% |  |  | 39307165 | 39303697 |
| **Capital Markets** |  |  |  |  |  |  |  |  |
|  | Tidal Investments LLC | 08/29/25 | Term Loan - 8.70%<br>(SOFR + 5.00%, 1.50% Floor) | 18.7% | 45423913 | 08/29/30 | 44878003 | 45605609 |
|  |  |  |  | 18.7% |  |  | 44878003 | 45605609 |
| **Construction Materials** |  |  |  |  |  |  |  |  |
|  | Charter Industries Holdings LLC | 10/01/25 | Term Loan - 8.41%<br>(SOFR + 4.75%, 0.75% Floor) | 15.3% | 37556818 | 10/01/32 | 37291045 | 37444148 |
|  |  |  |  | 15.3% |  |  | 37291045 | 37444148 |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |
|  | Centaur Holdings III LLC (Copperweld) | 09/05/25 | Revolver - 8.20%<br>(SOFR + 4.50%, 0.75% Floor) | 0.6% | 1375000 | 09/05/31 | 1375000 | 1373625 |
|  | Centaur Holdings III LLC (Copperweld) | 09/05/25 | Term Loan - 8.20%<br>(SOFR + 4.50%, 0.75% Floor) | 16.6% | 40523438 | 09/05/31 | 40073960 | 40482914 |
|  | Centaur Holdings III LLC (Copperweld) | 09/05/25 | Delayed Draw Term Loan - 8.20%<br>(SOFR + 4.50%, 0.75% Floor) | 1.0% | 2500000 | 09/05/31 | 2500000 | 2497500 |
|  |  |  |  | 18.2% |  |  | 43948960 | 44354039 |
| **Food Products** |  |  |  |  |  |  |  |  |
|  | Frost Buyer, LLC (CraftMark) | 05/06/25 | Delayed Draw Term Loan - 8.92%<br>(SOFR + 5.25%, 1.00% Floor) | 0.4% | 1045773 | 05/06/31 | 1045773 | 1039498 |
|  | Frost Buyer, LLC (CraftMark) | 05/06/25 | Revolver - 8.92%<br>(SOFR + 5.25%, 1.00% Floor) | 1.0% | 2564103 | 05/06/31 | 2564103 | 2548718 |
|  | Frost Buyer, LLC (CraftMark) | 05/06/25 | Term Loan - 8.92%<br>(SOFR + 5.25%, 1.00% Floor) | 14.6% | 35717949 | 05/06/31 | 35059922 | 35503641 |
|  |  |  |  | 16.0% |  |  | 38669798 | 39091857 |
| **IT Services** |  |  |  |  |  |  |  |  |
|  | CloudOne Digital Corp. | 08/05/25 | Term Loan - 8.66%<br>(SOFR + 5.00%, 1.00% Floor) | 17.5% | 42576220 | 08/05/31 | 42120220 | 42661372 |
|  |  |  |  | 17.5% |  |  | 42120220 | 42661372 |
| **Machinery** |  |  |  |  |  |  |  |  |
|  | Leg Purchaser Inc., (Labrie) | 01/12/26 | Term Loan - 9.15%<br>(SOFR + 5.50%, 0.75% Floor) | 16.7% | 41086957 | 01/12/32 | 40544738 | 40676087 |
|  |  |  |  | 16.7% |  |  | 40544738 | 40676087 |
| **Personal Care Products** |  |  |  |  |  |  |  |  |
|  | Designs for Health, Inc. | 10/16/25 | Term Loan B - 8.17%<br>(SOFR + 4.50%, 0.75% Floor) | 16.1% | 39473684 | 10/16/30 | 39267152 | 39315789 |
|  |  |  |  | 16.1% |  |  | 39267152 | 39315789 |
| **Professional Services** |  |  |  |  |  |  |  |  |
|  | TechServ Operations, LLC | 05/15/25 | Term Loan - 8.44%<br>(SOFR + 4.75%, 1.00% Floor) | 15.3% | 36968050 | 05/15/32 | 36620482 | 37337731 |
|  |  |  |  | 15.3% |  |  | 36620482 | 37337731 |
| **Software** |  |  |  |  |  |  |  |  |
|  | Three Rivers Buyer, Inc. (Grant Street) | 11/03/25 | Term Loan B - 8.42%<br>(SOFR + 4.75%, 0.75% Floor) | 5.9% | 14578846 | 11/03/31 | 14453585 | 14345585 |
|  |  |  |  | 5.9% |  |  | 14453585 | 14345585 |
|  | **Total Debt Investments** |  |  | 155.8% |  |  | 377101148 | 380135914 |

---

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

------

**TCW Steel City Senior Lending BDC**

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

## As of March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Issuer** | **Acquisition<br>Date** | **Investment** | **% of Net Assets** | **Shares** | **Amortized<br>Cost** | **Fair Value** |
|  | **EQUITY** |  |  |  |  |  |  |
| **Capital Markets** | **Capital Markets** |  |  |  |  |  |  |
|  | TFG Parent Holdings, LLC (Tidal)<sup>(2)(4)</sup> | 08/29/25 | Class A Common Units | 0.2% | 125000 | $125000 | $602571 |
|  | TFG Parent Holdings, LLC (Tidal)<sup>(2)(4)</sup> | 08/29/25 | Class A Preferred Units | 0.5% | 1125 | 1125000 | 1178720 |
|  |  |  |  | 0.7% |  | 1250000 | 1781291 |
|  | **Total Equity Investments** |  |  | 0.7% |  | 1250000 | 1781291 |
|  | **Total Debt & Equity Investments**<sup>(3)</sup> |  |  | 156.5% |  | 378351148 | 381917205 |
|  | **Cash Equivalents** |  |  |  |  |  |  |
|  | **First American Government Obligation Fund, Yield 3.58%, Class X (FGXXX)** | **First American Government Obligation Fund, Yield 3.58%, Class X (FGXXX)** | **First American Government Obligation Fund, Yield 3.58%, Class X (FGXXX)** | 2.9% | 6992329 | 6992329 | 6992329 |
|  | **Total Cash Equivalents** |  |  | 2.9% | 6992329 | 6992329 | 6992329 |
|  | **Short-term Investments** |  |  |  |  |  |  |
|  | **U.S. Treasury Bill, Yield 3.60%, Maturity Date** 07/28/26 |  |  | 155.9% | 385000000 | 380463310 | 380463310 |
|  | **Total Short-term Investments** |  |  | 155.9% | 385000000 | 380463310 | 380463310 |
|  | **Total Investments (315.3%)** |  |  |  |  | $**765806787** | $**769372844** |
|  | **Net unrealized depreciation on unfunded commitments (0.2%)** | **Net unrealized depreciation on unfunded commitments (0.2%)** |  |  |  |  | (371273) |
|  | **Liabilities in Excess of Other Assets (215.2%)** | **Liabilities in Excess of Other Assets (215.2%)** |  |  |  |  | $**(524998946)** |
|  | **Net Assets (100.0%)** |  |  |  |  |  | $**244002625** |

---

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

(2)Non-income producing.

(3)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."

(4)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 March 31, 2026, the aggregate fair value of these securities was $1,781,291, or 0.2% of the Company's total assets.

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

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $42,431,508 and $2,748,955, respectively, for the period ended March 31, 2026. 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** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | 100% |

---

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

------

**TCW Steel City Senior Lending BDC**

## Consolidated Schedule of Investments

## As of December 31, 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> |  |  |  |  |  |  |  |
| **Building Products** |  |  |  |  |  |  |  |  |
|  | Patriot MCN Buyer Corp., (McNichols) | 10/01/25 | Term Loan - 8.74%<br>(SOFR + 4.75%, 1.75% Floor) | 33.0% | $39700704 | 10/01/31 | $39289535 | $39144894 |
|  |  |  |  | 65.2% |  |  | 39289535 | 39144894 |
| **Capital Markets** |  |  |  |  |  |  |  |  |
|  | Tidal Investments LLC | 08/29/25 | Term Loan - 9.67%<br>(SOFR + 6.00%, 1.50% Floor) | 38.2% | 45538043 | 08/29/30 | 44968958 | 45310353 |
|  |  |  |  | 38.2% |  |  | 44968958 | 45310353 |
| **Construction Materials** |  |  |  |  |  |  |  |  |
|  | Charter Industries Holdings LLC | 10/01/25 | Term Loan - 8.74%<br>(SOFR + 4.75%, 0.75% Floor) | 32.2% | 38636364 | 10/01/32 | 38352591 | 38250000 |
|  |  |  |  | 32.2% |  |  | 38352591 | 38250000 |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |
|  | Centaur Holdings III LLC (Copperweld) | 09/05/25 | Revolver - 8.42%<br>(SOFR + 4.75%, 0.75% Floor) | 1.6% | 1875000 | 09/05/31 | 1875000 | 1875000 |
|  | Centaur Holdings III LLC (Copperweld) | 09/05/25 | Term Loan - 8.42%<br>(SOFR + 4.75%, 0.75% Floor) | 34.3% | 40625000 | 09/05/31 | 40166052 | 40665625 |
|  | Centaur Holdings III LLC (Copperweld) | 09/05/25 | Delayed Draw Term Loan - 8.42%<br>(SOFR + 4.75%, 0.75% Floor) | 2.1% | 2500000 | 09/05/31 | 2500000 | 2500000 |
|  |  |  |  | 38.0% |  |  | 44541052 | 45040625 |
| **Food Products** |  |  |  |  |  |  |  |  |
|  | Frost Buyer, LLC (CraftMark) | 05/06/25 | Delayed Draw Term Loan - 9.09%<br>(SOFR + 5.25%, 1.00% Floor) | 0.9% | 1048400 | 05/06/31 | 1048400 | 1040013 |
|  | Frost Buyer, LLC (CraftMark) | 05/06/25 | Revolver - 9.09%<br>(SOFR + 5.25%, 1.00% Floor) | 1.1% | 1282051 | 05/06/31 | 1282051 | 1271795 |
|  | Frost Buyer, LLC (CraftMark) | 05/06/25 | Term Loan - 9.09%<br>(SOFR + 5.25%, 1.00% Floor) | 29.9% | 35807692 | 05/06/31 | 35116109 | 35521231 |
|  |  |  |  | 31.9% |  |  | 37446560 | 37833039 |
| **IT Services** |  |  |  |  |  |  |  |  |
|  | CloudOne Digital Corp. | 08/05/25 | Term Loan - 8.90%<br>(SOFR + 5.00%, 1.00% Floor) | 35.9% | 42682927 | 08/05/31 | 42219667 | 42597561 |
|  |  |  |  | 35.9% |  |  | 42219667 | 42597561 |
| **Personal Care Products** |  |  |  |  |  |  |  |  |
|  | Designs for Health, Inc. | 10/16/25 | Term Loan B - 8.39%<br>(SOFR + 4.50%, 0.75% Floor) | 32.9% | 39473684 | 10/16/30 | 39255948 | 39078947 |
|  |  |  |  | 32.9% |  |  | 39255948 | 39078947 |
| **Professional Services** |  |  |  |  |  |  |  |  |
|  | TechServ Operations, LLC | 05/15/25 | Term Loan - 8.63%<br>(SOFR + 4.75%, 1.00% Floor) | 31.8% | 37061150 | 05/15/32 | 36698937 | 37802373 |
|  |  |  |  | 31.8% |  |  | 36698937 | 37802373 |
| **Software** |  |  |  |  |  |  |  |  |
|  | Three Rivers Buyer, Inc. (Grant Street) | 11/03/25 | Term Loan B - 8.60%<br>(SOFR + 4.75%, 0.75% Floor) | 12.2% | 14615385 | 11/03/31 | 14484275 | 14440000 |
|  |  |  |  | 12.2% |  |  | 14484275 | 14440000 |
|  | **Total Debt Investments** |  |  | 286.1% |  |  | 337257523 | 339497792 |

---

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

------

**TCW Steel City Senior Lending BDC**

## Consolidated Schedule of Investments (Continued)

## As of December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Issuer** | **Acquisition<br>Date** | **Investment** | **% of Net Assets** | **Shares** | **Amortized<br>Cost** | **Fair Value** |
|  | **EQUITY** |  |  |  |  |  |  |
| **Capital Markets** | **Capital Markets** |  |  |  |  |  |  |
|  | TFG Parent Holdings, LLC (Tidal)<sup>(2)(4)</sup> | 08/29/25 | Class A Common Units | 0.2% | 125000 | $125000 | $197500 |
|  | TFG Parent Holdings, LLC (Tidal)<sup>(2)(4)</sup> | 08/29/25 | Class A Preferred Units | 1.0% | 1125 | 1125000 | 1155611 |
|  |  |  |  | 1.2% |  | 1250000 | 1353111 |
|  | **Total Equity Investments** |  |  | 1.2% |  | 1250000 | 1353111 |
|  | **Total Debt & Equity Investments**<sup>(3)</sup> |  |  | 287.3% |  | 338507523 | 340850903 |
|  | **Cash Equivalents** |  |  |  |  |  |  |
|  | **First American Government Obligation Fund, Yield 3.68%, Class X (FGXXX)** | **First American Government Obligation Fund, Yield 3.68%, Class X (FGXXX)** | **First American Government Obligation Fund, Yield 3.68%, Class X (FGXXX)** | 2.2% | 2651209 | 2651209 | 2651209 |
|  | **Total Cash Equivalents** |  |  | 2.2% | 2651209 | 2651209 | 2651209 |
|  | **Short-term Investments** |  |  |  |  |  |  |
|  | **U.S. Treasury Bill, Yield 3.62%, Maturity Date** 04/28/26 |  |  | 320.6% | 385000000 | 380627042 | 380627042 |
|  | **Total Short-term Investments** |  |  | 320.6% | 385000000 | 380627042 | 380627042 |
|  | **Total Investments (609.9%)** |  |  |  |  | $**721785774** | $**724129154** |
|  | **Net unrealized depreciation on unfunded commitments (0.5%)** | **Net unrealized depreciation on unfunded commitments (0.5%)** |  |  |  |  | (563734) |
|  | **Liabilities in Excess of Other Assets (509.5%)** | **Liabilities in Excess of Other Assets (509.5%)** |  |  |  |  | $**(604841446)** |
|  | **Net Assets (100.0%)** |  |  |  |  |  | $**118723974** |

---

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

(2)Non-income producing.

(3)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."

(4)All or a portion of such security was acquired in a transaction exempt from registration under the Securities Act, and may be deemed "restricted securities" under the Securities Act. As of December 31, 2025, the aggregate fair value of these securities was $1,353,111, or 0.2% of the Company's total assets.

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

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $353,551,758 and $15,281,161, respectively, for the period ended December 31, 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** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | 100% |

---

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

------

**TCW Steel City Senior Lending BDC**

## Consolidated Statements of Assets and Liabilities

## (Dollar amounts in thousands, except share data)

## March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** |  |
|  | **2026** | **As of December 31,** |
|  | **(unaudited)** | **2025** |
| **Assets** |  |  |
| **Investments, at fair value** |  |  |
| Non-controlled/non-affiliated investments (amortized cost of $378,351 and<br> $338,508, respectively) | $381917 | $340851 |
| Cash and cash equivalents | 7374 | 3299 |
| Short-term investments | 380463 | 380627 |
| Trades receivable | 42881 |  |
| Interest income receivable | 4807 | 1981 |
| Receivable for investment sold | 696 |  |
| Deferred financing costs | 1208 | 1166 |
| Prepaid and other assets | 38 | 63 |
| **Total Assets** | $819384 | $727987 |
| **Liabilities** |  |  |
| Payable for short-term investments purchased | $380463 | $380627 |
| Term loan (net of $4,922 and $0 of deferred financing costs, respectively) | 100078 |  |
| Revolving credit facilities payable | 88085 | 223785 |
| Due to advisor | 2237 | 2029 |
| Interest and credit facility expense payable | 1891 | 1033 |
| Organizational costs payable | 558 | 766 |
| Incentive fee payable | 552 |  |
| Management fees payable | 498 | 123 |
| Administration fees payable | 406 | 264 |
| Unrealized depreciation on unfunded commitments | 371 | 564 |
| Other accrued expenses and other liabilities | 242 | 72 |
| **Total Liabilities** | 575381 | 609263 |
| Commitments and Contingencies (Note 5) |  |  |
| **Net Assets** |  |  |
| Common shares, $0.01 par value, unlimited shares authorized, 12,093,674 and 6,014,515 shares issued and outstanding, respectively | 121 | 60 |
| Additional paid in capital | 239532 | 119593 |
| Accumulated underdistributed/(overdistributed) earnings | 4350 | (929) |
| **Total Net Assets** | 244003 | 118724 |
| **Total Liabilities and Net Assets** | $819384 | $727987 |
| **Net Asset Value Per Common Share (Note 10)** | $20.18 | $19.74 |

---

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

------

# TCW Steel City Se nior Lending BDC

# Consolidated Statement of Operations (Unaudited)

## (Dollar amounts in thousands, except share data)

## March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the period from February 5, 2025 (Inception)<br>to March 31,** |
|  | **2026** | **2025** |
| **Investment Income** |  |  |
| Non-controlled/non-affiliated investments**:** |  |  |
| Interest income | $8618 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 8618 |  |
| **Expenses** |  |  |
| Interest and credit facility expenses | 3289 |  |
| Incentive fees | 552 |  |
| Management fees | 375 |  |
| Administrative fees | 142 |  |
| Organizational costs | 142 | 839 |
| Trustees' fees | 85 |  |
| Professional fees | 82 |  |
| Other expenses | 75 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 4742 | 839 |
| **Net investment income (loss)** | 3876 | (839) |
| **Net realized and unrealized gain (loss) on investments** |  |  |
| **Net change in unrealized appreciation/(depreciation):** |  |  |
| Non-controlled/non-affiliated investments | 1415 |  |
| **Net realized loss on short-term investments** | (12) |  |
| **Net realized and unrealized gain on investments** | 1403 |  |
| **Net increase (decrease) in Net Assets from operations** | $5279 | $(839) |
| Basic and diluted: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings per common share | $0.45 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding | 11823489 | N/A |

---

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

------

# TCW Steel City Lending BDC

## Consolidated Statement of Changes in Memb ers' Capital (Unaudited)

## (Dollar amounts in thousands, except share data)

## March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Shares** | **Common Shares Par Value** | **Additional paid-in capital** | **Accumulated Undistributed (Overdistributed) Earnings** | **Total Net Assets** |
| **Members' Capital at January 1, 2026** | 6014515 | $60 | $119593 | $(929) | $118724 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations:** |  |  |  |  |  |
| Net investment income |  |  |  | 3876 | 3876 |
| Net realized loss on investments |  |  |  | (12) | (12) |
| Net change in unrealized appreciation/(depreciation) on investments |  |  |  | 1415 | 1415 |
| **Net Increase in Net Assets Resulting from Common Share Transactions** |  |  |  |  |  |
| Issuance of common shares | 6079159 | 61 | 119939 |  | 120000 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Increase in Members' Capital for the three months ended March 31, 2026** | 6079159 | 61 | 119939 | 5279 | 125279 |
| **Members' Capital at March 31, 2026** | 12093674 | $121 | $239532 | $4350 | $244003 |

---

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

------

# TCW Steel City Senior Lending BDC

## Consolidated Statement of Changes in Members' Capital (Unaudited)

## (Dollar amounts in thousands, except share data)

## March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Common<br>Unitholders'<br>Capital** | **Accumulated Undistributed (Overdistributed) Earnings** | **Total Net Assets** |
| **Members' Capital at February 5, 2025 (Inception)** | $— | $— | $— |
| **Net Decrease in Net Assets Resulting from Operations:** |  |  |  |
| Net investment loss |  | (839) | (839) |
| **Net Decrease in Net Assets Resulting from Capital Activity:** |  |  |  |
| Offering costs | (20) |  | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets from Inception to March 31, 2025** | (20) | (839) | (859) |
| **Members' Capital at March 31, 2025** | $(20) | $(839) | $(859) |

---

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

------

# TCW Steel City Senior Lending BDC

# Consolidated Statement of Cash Flows (Unaudited)

## (Dollar amounts in thousands, except share data)

## March 31, 2026

---

| | |
|:---|:---|
|  | **For the three months ended March 31,** |
|  | **2026** |
| **Cash Flows from Operating Activities** |  |
| **Net increase in net assets resulting from operations** | $5279 |
| **Adjustments to reconcile the net increase in net assets resulting from operations to net cash used in operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (42432) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of short-term investments | (380463) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales and paydowns of investments | 2749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of short-term investments | 380627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized (appreciation)/depreciation on investments | (1415) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of premium and accretion of discount, net | (161) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 354 |
| **Increase (decrease) in operating assets and liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease trades receivable | (42881) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease interest income receivable | (2826) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease receivable for investment sold | (696) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease prepaid and other assets | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) payable for short-term investments purchased | (164) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) due to Advisor | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) interest and credit facility expense payable | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) organizational costs payable | (208) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) incentive fee payable | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) management fees payable | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) administration fees payable | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) other accrued expenses and other liabilities | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | (79907) |
| **Cash Flows from Financing Activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contribution from Shareholders | 120000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs paid | (5318) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from credit facilities | 149400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of credit facilities | (180100) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | 83982 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase in cash and cash equivalents** | 4075 |
| **Cash and cash equivalents, beginning of period** | 3299 |
| **Cash and cash equivalents, end of period** | $7374 |
| **Supplemental and non-cash financing activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense paid | $1784 |

---

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

------

**TCW Steel City Senior Lending BDC**

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

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

**1.** **Organization and Basis of Presentation**

*Organization:* TCW Steel City Perpetual Levered Fund LP (the "Company") was formed as a Delaware limited partnership on October 14, 2024. The Company has conducted private offerings of its common limited partnership interests (the "Units") to investors in reliance on exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended (the "Securities Act"). On February 5, 2025 ("Inception" or "Inception Date"), the Company obtained capital commitments from the limited partners totaling $105,152. On April 8, 2025, the Company obtained additional capital commitments from the limited partners totaling $21,030. On August 22, 2025, the Company obtained additional commitments from the limited partners totaling $315,458.

On September 9, 2025, the Company filed an election to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). The Company also intends to file an election 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"). The Company is required to meet the minimum distribution and other requirements for RIC qualification. As a BDC and a RIC, the Company is required to comply with certain regulatory requirements.

On November 3, 2025, the Company consummated a conversion from a Delaware limited partnership to a Delaware statutory trust (the "Conversion"). Upon commencement of the Conversion, the name of the Company was changed from TCW Steel City Perpetual Levered Fund LP to TCW Steel City Senior Lending BDC. Additionally, the partners' capital totaling $120,290 was converted into 6,014,515 of Class I Shares of beneficial interest, par value $0.01 (the "Common Shares"). Following the Conversion, the Company expects to conduct one or more private offerings of the Common Shares from time to time. At the closing of any private offering, each investor has and will make a capital commitment to purchase Common Shares (the "Capital Commitments") pursuant to a subscription agreement entered into with the Company. Investors will be required to fund drawdowns to purchase Common Shares up to the amount of their respective Capital Commitments each time the Company delivers a notice to the investors. In addition, the Company may issue preferred shares, though it currently has no intention to do so.

The Company commenced operations during the first quarter of fiscal year 2025.

As of March 31, 2026, the Company has one wholly-owned subsidiary, TSC BDC Financing 1 LLC , a single member Delaware limited liability company designed to hold special purpose financing of the Company.

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

*Investment Objective:* The Company seeks to generate attractive risk-adjusted returns primarily through direct investments in senior secured loans to middle market companies or other issuer that generate current income while preserving capital.

*Term:* The term of the Company commenced on October 14, 2024 and shall continue until the Company is dissolved and terminated pursuant to Article IX.1 of the Amended and Restated Declaration of Trust entered into on January 23, 2026 (the "Declaration of Trust").

*Capital Commitments:* On the Inception Date, the Company began accepting subscription agreements from investors for the private sale of its Units. Upon conversion, the Units were converted into Common Shares and the Company began accepting subscription agreements from investors for the private sale of its Common Shares. As of March 31, 2026, the Company has sold 12,093,674 Common Shares for an aggregate offering price of $240,290. Each Shareholder is obligated to contribute capital equal to their respective Capital Commitment to the Company. The sale of the Common Shares was made pursuant to subscription agreements entered into by the Company and each investor. Under the terms of the subscription agreements, the Company may draw down all or any portion of the undrawn commitment with respect to each Common Share generally upon at least ten business days' prior written notice to the Shareholders. The amount of capital that remains to be drawn down and contributed is referred to as an "Undrawn Commitment".

On January 5, 2026, the Company received $120,000 from capital call proceeds, relating to the issuance of 6,079,158 Common Shares.

------

**TCW Steel City Senior Lending BDC**

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

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

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

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 Shareholders as unused capital. As of March 31, 2026, aggregate Commitments, Undrawn Commitments, percentage of Commitments funded and the number of subscribed for Common Shares of the Company were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Commitments** | **Undrawn<br>Commitments** | **% of<br>Commitments<br>Funded** | **Common Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder | $574583 | $334897 | 41.7% | 12093674 |

---

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

The Recallable Amount as of March 31, 2026 was $314.

The statement of cash flows for the period from Inception to March 31, 2025 has not been included as there was no cash or income activity during the period from Inception to March 31, 2025.

**2.** **Significant Accounting Policies**

*Basis of Presentation:* The Company's unaudited consolidated financial statements 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 Topic 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, 2025, filed with the U.S. Securities and Exchange Commission ("SEC") on March 26, 2026.

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

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

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

------

**TCW Steel City Senior Lending BDC**

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

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

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

*Income Recognition*: Interest income is recorded on an accrual basis unless doubtful of collection or the related investment is in default. Although the Company does not currently expect the Advisor to originate a significant amount of investments for the Company with the use of interest income paid-in-kind ("PIK") interest features, from time to time the Company may make investments that contain such features or that subsequently incorporate such features after origination. 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 months ended March 31, 2026 and for the period from Inception Date to March 31, 2025, the Company did not earn any PIK interest 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 immediately when earned as income.

The Company may enter 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. 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 Credit Facilities (as described in Note 7 to the Consolidated Financial Statements), including arrangement fees, upfront fees and legal fees, are amortized on a straight-line basis over the term of the respective credit facility.

*Organizational and Offering Costs*: Costs incurred to organize the Company are expensed as incurred. Offering costs are capitalized as deferred offering costs on the Company's Consolidated Statement of Assets and Liabilities and are amortized over a 12-month period from incurrence on the Company's Consolidated Statement of Operations. The Company will not bear more than an amount equal to 10 basis points of the aggregate capital commitments to the Company through the Common Shares (in aggregate, the "Commitments") of the Company for organizational and offering costs in connection with the offering of the Common Shares. Organizational costs are expensed as incurred and since inception, the Company has incurred $4,502 in organizational costs, of which $142 was expensed during the three months ended March 31, 2026. Prior to Conversion, we incurred $33 in offering costs which were charged to partners' capital. During the three months ended March 31, 2026, the Company has incurred $0 in offering costs of which $0 are deferred offering costs and $0 have been amortized as an expense for the three months ended March 31, 2026.

------

**TCW Steel City Senior Lending BDC**

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

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

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

*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 March 31, 2026, cash and cash equivalents are 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.

*Income Taxes:* The Company has elected to be regulated as a BDC under the 1940 Act. The Company also intends to be treated as a RIC under the Code and will make such an election beginning with the taxable year ending December 31, 2025. 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 Shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company represents obligations of the Company's investors and will not be reflected in the consolidated financial statements of the Company.

**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 of trustees (the "Board" or the "Board of Trustees") 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 Advisor 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 the Company into three levels based on valuation inputs used to determine fair value:

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

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

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

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

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

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

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

<u>Equity, (Level 2)</u>, generally includes warrants valued using quotes for comparable investments.

**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.

------

**TCW Steel City Senior Lending BDC**

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

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

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

<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</u>, (Level 3), may include 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.

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Debt | $— | $— | $380136 | $380136 |
| Equity |  |  | 1781 | 1781 |
| Short- term investments | 380463 |  |  | 380463 |
| Cash equivalents | 6992 |  |  | 6992 |
| **Total** | $**387455** | $**—** | $**381917** | $**769372** |

---

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, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Debt | $— | $— | $339498 | $339498 |
| Equity |  |  | 1353 | 1353 |
| Short- term investments | 380627 |  |  | 380627 |
| Cash equivalents | 2651 |  |  | 2651 |
| **Total** | $**383278** | $**—** | $**340851** | $**724129** |

---

------

**TCW Steel City Senior Lending BDC**

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

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

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

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three months ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  | **Debt** | **Equity** | **Total** |
| Balance, January 1, 2026 | $339498 | $1353 | $340851 |
| Purchases, including payments received in-kind | 42432 |  | 42432 |
| Sales and paydowns of investments | (2749) |  | (2749) |
| Amortization of premium and accretion of discount, net | 161 |  | 161 |
| Net change in unrealized appreciation/(depreciation) | 794 | 428 | 1222 |
| **Balance, March 31, 2026** | $**380136** | $**1781** | $**381917** |
| Change in net unrealized appreciation/(depreciation) in investments held as of March 31, 2026 | $794 | $428 | $1222 |

---

The Company did not have any transfers between levels during the three months ended March 31, 2026.

The Company did not hold any investments during the period from Inception to March 31, 2025.

*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 March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value** | **Valuation<br>Technique** | **Unobservable<br>Input** | **Range** | **Weighted<br>Average\*** | **Impact to<br>Valuation if<br>Input Increases** |
| Debt | $380136 | Income Method | Discount Rate | 7.9% to 10.2% | 9.0% | Decrease |
| Equity | $1781 | Market Method | EBITDA Multiple | 7.5x to 8.5x | 8.0x | 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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value** | **Valuation<br>Technique** | **Unobservable<br>Input** | **Range** | **Weighted<br>Average\*** | **Impact to<br>Valuation if<br>Input Increases** |
| Debt | $339498 | Income Method | Discount Rate | 7.8% to 10.5% | 8.9% | Decrease |
| Equity | $1353 | Market Method | EBITDA Multiple | 7.8x to 8.8x | 8.3x | Increase |

---

\* Weighted based on fair value

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

------

**TCW Steel City Senior Lending BDC**

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

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

**4.** **Agreements and Related Party Transactions** 

*Advisory Agreement*: On November 3, 2025, the Company entered into the Investment Advisory and Management Agreement (the "Advisory Agreement") with TCW PT Management Company LLC (the "Advisor"), a registered investment adviser under the Investment Advisers Act of 1940, as amended. The Advisory Agreement became effective upon its execution. Unless earlier terminated, the Advisory Agreement will remain in effect for a period of two years and will remain in effect from year to year thereafter if approved annually by (i) the vote of the Board, or by the vote of a majority of the Company's outstanding voting securities and (ii) the vote of a majority of the Board who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Company, the Advisor or any of their respective affiliates (the "Independent Trustees"). The Advisory Agreement will automatically terminate in the event of an assignment by the Advisor.

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

Pursuant to the Advisory Agreement, the Advisor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•determines the composition of the Company's portfolio, the nature and timing of the changes to the Company's portfolio and the manner of implementing such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•identifies, evaluates and negotiates the structure of the investments the Company makes (including performing due diligence on the Company's prospective portfolio companies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•determines the assets the Company will originate, purchase, retain or sell;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•closes, monitors and administers the investments the Company makes, including the exercise of any rights in the Company's capacity as a lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provides the Company such other investment advice, research and related services as the Company may, from time to time, require.

The Company pays to the Advisor, quarterly in arrears, a management fee in cash (the "Management Fee") calculated as follows: 0.3125% (i.e., 1.25% per annum) of the average gross assets of the Company on a consolidated basis, with the average determined based on the gross assets of the Company as of the end of the three most recently completed calendar months. "Gross assets" means the amortized cost of the Company's portfolio investments (including portfolio investments purchased with borrowed funds and other forms of leverage, such as preferred shares, public and private debt issuances, derivative instruments, repurchase agreements and other similar instruments or arrangements) that have not been sold, distributed to members, or written off for tax purposes (but reduced by any portion of such cost basis that has been written down to reflect a permanent impairment of value of any portfolio investment), and excluding cash and cash equivalents. The Management Fee for any partial month or quarter will be appropriately pro-rated.

For the three months ended March 31, 2026, Management Fees incurred were $375 and $498 remained payable as of March 31, 2026. For the period from Inception Date to March 31, 2025, the Company did not incur any management fees.

In addition, the Advisor receives an incentive fee (the "Incentive Fee") that consists of two parts, as follows:

*Incentive Fee Based on Income*

The portion of the Incentive Fee based on the Company's income (the "Investment Income Incentive Fee") is based on Pre-Incentive Fee Net Investment Income Returns. "Pre-Incentive Fee Net Investment Income Returns" means, as the context requires, either the dollar value of, or percentage rate of return on, the value of the Company's net assets in accordance with GAAP at the end of the immediately preceding quarter from interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating expenses accrued for the quarter.

------

**TCW Steel City Senior Lending BDC**

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

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

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

We pay the Advisor an Incentive Fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.5% per quarter (6.0% annualized);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.71% (6.86% annualized). We refer to this portion of our Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.71%) as the "catch-up." The "catch-up" is meant to provide the Advisor with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.71% in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)12.5% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.71% (6.86% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are payable to the Advisor.

*Incentive Fee Based on Capital Gains*

The second component of the Incentive Fee is based on the Company's capital gains (the "Capital Gains Incentive Fee") and is payable at the end of each calendar year in arrears.

The amount payable equals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, as calculated in accordance with GAAP, less the aggregate amount of any previously paid capital gains incentive fees.

For the three months ended March 31, 2026 the Company incurred incentive fees of $552 and for the period from Inception Date to March 31, 2025, the Company did not incur any Incentive Fees. The Company has not made any incentive fee payments to the Advisor and as of March 31, 2026, the Company's incentive fee payable to the Advisor was $552.

*Sub-Advisory Agreement*: On November 3, 2025, the Company entered into the Investment Sub-Advisory Agreement (the "Sub-Advisory Agreement") with PNC Steel City Advisors, LLC (the "Sub-Advisor"), a registered investment adviser under the Investment Advisers Act of 1940, as amended. The Sub-Advisory Agreement became effective upon its execution. Unless earlier terminated, the Sub-Advisory Agreement will remain in effect for a period of two years and will remain in effect from year to year thereafter if approved annually by (i) the vote of the Board, or by the vote of a majority of the Company's outstanding voting securities and (ii) the vote of a majority of the Board who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Company, the Advisor or any of their respective affiliates (the "Independent Trustees"). The Sub-Advisory Agreement will automatically terminate in the event of a termination of the Advisory Agreement.

The Sub-Advisor is responsible for, among other things: originating loan opportunities sourced through PNC Capital Markets LLC ("PNCCM"), an affiliate of PNC, relying on PNC's network; coordinating with the Advisor's Investment Committee on investment recommendations; and providing such support as necessary in connection with the ongoing monitoring, evaluation and valuation of portfolio investments. The Sub-Advisor will also participate in loan and portfolio reviews.

Under the Sub-Advisory Agreement, while the Advisor will collaborate with the Sub-Advisor in performing several services and functions, the Advisor retains responsibility for making the final investment and divestment decisions for the Company.

The Sub-Advisor's services under the Sub-Advisory Agreement are not exclusive, and subject to the limitations set forth in the Declaration of Trust and the Sub-Advisory Agreement, the Sub-Advisor may also engage in any other business or render similar or different services to others. Pursuant to the Sub-Advisory Agreement, the Advisor will pay, out of the Management Fees and Incentive Fees it receives from the Company, the Sub-Advisor a sub-advisory fee in exchange for the services provided thereunder.

------

**TCW Steel City Senior Lending BDC**

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

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

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

*Administration Agreement*: On November 3, 2025, the Company entered into an Administration Agreement (the "Administration Agreement") with TCW Asset Management Company LLC (in such capacity, the "Administrator"). Under the Administration Agreement, the Administrator will furnish us with office facilities and equipment, and clerical, bookkeeping and record keeping services. Pursuant to the Administration Agreement, the Administrator furnishes us with office facilities and equipment, and clerical, bookkeeping and record keeping services. Pursuant to the Administration Agreement, the Administrator oversees the maintenance of the Company's financial records and otherwise assists with the Company's compliance with BDC and RIC rules, monitors the payment of expenses, oversees the performance of administrative and professional services rendered to the Company by others, is responsible for the financial and other records that the Company is required to maintain, prepares and disseminates reports to the Shareholders and reports and other materials to be filed with the SEC or other regulators, assists the Company in determining and publishing (as necessary or appropriate) its net asset value, oversees the preparation and filing of tax returns, generally oversees the payment of expenses and provides such other services as the Administrator, subject to review of the Company's Board, shall from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement. The Administrator may perform these services directly, may delegate some or all of them through the retention of a sub-administrator and may remove or replace any sub-administrator.

Payments under the Administration Agreement are equal to an amount that reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities under the Administration Agreement. The Administrator agrees that it would not charge total fees under the Administration Agreement that would exceed its reasonable estimate of what a qualified third party would charge to perform substantially similar services. The costs and expenses paid by the Company and the applicable caps on certain costs and expenses are described below under "*Expenses*".

The Administration Agreement provides that neither the Administrator, nor any director, officer, agent or employee of the Administrator, shall be liable or responsible to the Company or any of the Shareholders for any error of judgment, mistake of law or any loss arising out of any investment, or for any other act or omission in the performance by such person or persons of their respective duties, except for liability resulting from willful misfeasance, bad faith, gross negligence, or reckless disregard of their respective duties. The Company will also indemnify the Administrator and its members, managers, officers, employees, agents, controlling persons and any other person or entity affiliated with it.

------

**TCW Steel City Senior Lending BDC**

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

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

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

*Expenses:* The Company, and indirectly its Shareholders, bear all costs, expenses and liabilities, other than Advisor Expenses or Sub-Advisor Expenses (each as defined below) (which are borne by the Advisor and Sub-Advisor, respectively), in connection with our operations, administration and transactions or prospective transactions ("Company Expenses"), including, without limitation: (a) organizational expenses and expenses associated with the issuance of the Common Shares; (b) expenses of calculating our net asset value (including the cost and expenses of any independent valuation firm); (c) fees payable to third parties, including agents, consultants, attorneys or other advisors, relating to, or associated with, evaluating and making investments; (d) expenses incurred by the Advisor or the Administrator payable to third parties, including agents, consultants, attorneys or other advisors, relating to or associated with monitoring our financial and legal affairs, providing administrative services, monitoring or administering our investments and performing due diligence reviews of prospective investments and the corresponding portfolio companies (including expenses of senior advisors, industry experts, operating partners, and other similar professionals; provided, that only the allocable portion of the total fees, costs and expenses associated with such personnel attributable to their work relating to us will be treated as a Company Expense); (e) costs associated with our reporting and compliance obligations under the 1940 Act, the 1934 Act and other applicable federal or state securities laws; (f) fees and expenses incurred in connection with debt incurred to finance our investments or operations, and payment of interest and repayment of principal on such debt; (g)expenses related to sales and purchases of Common Shares and other securities; (h) Management Fees, Incentive Fees and sourcing fees; (i) administrator fees and expenses payable under the Administration Agreement including payments based upon our allocable portion of the Administrator's overhead in performing its obligations, including the allocable portion of the cost of our chief compliance officer, chief legal officer and chief financial officer and their respective staff; (j) transfer agent, sub-administrator and custodial fees; (k) expenses relating to the issue, repurchase and transfer of Common Shares to the extent not borne by the relevant transferring Shareholders and/or assignees; (l) federal and state registration fees; (m) federal, state and local taxes or other governmental charges assessed against us; (n) Independent Trustees' fees and expenses and the costs associated with convening a meeting of our Board of Trustees or any committee thereof; (o) fees and expenses and the costs associated with convening a meeting of the Shareholders or holders of any preferred shares, as well as the compensation of an investor relations professional responsible for the coordination and administration of the foregoing; (p) costs of any reports, proxy statements or other notices to Shareholders, including printing and mailing costs; (q) costs and expenses related to the preparation of our financial statements and tax returns; (r) our allocable portion of the fidelity bond, trustees and officers/errors and omissions liability insurance, and any other insurance premiums; (s) direct costs and expenses of administration, including printing, mailing, long distance telephone, and copying; (t) independent auditors and outside legal costs, including legal costs associated with any requests for exemptive relief, "no-action" positions or other guidance sought from a regulator, pertaining to us; (u) compensation of other third party professionals to the extent they are devoted to preparing our financial statements or tax returns or providing similar "back office" financial services to us; (v) Advisor costs and expenses (excluding travel) in connection with identifying and investigating investment opportunities for us, monitoring our investments and disposing of any such investments; (w) portfolio risk management costs; (x) commissions or brokerage fees or similar charges incurred in connection with the purchase or sale of securities (including merger fees); (y) costs and expenses attributable to normal and extraordinary investment banking, commercial banking, accounting, auditing, appraisal, valuation, administrative agent activities, custodial and registration services provided to us, including in each case services with respect to the proposed purchase or sale of securities by us that are not reimbursed by the issuer of such securities or others (whether or not such purchase or sale is consummated); (z) costs of amending, restating or modifying the Declaration of Trust or Investment Advisory Agreement or related documents of us or related entities; (aa) fees, costs, and expenses incurred in connection with our termination, liquidation or dissolution or related entities; and (bb) all other properly and reasonably chargeable expenses incurred by the Company or the Administrator in connection with administering our business.

------

**TCW Steel City Senior Lending BDC**

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

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

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

"Advisor Expenses" means overhead and operating and administrative expenses incurred by or on behalf of the Advisor or any of its affiliates, including us, in connection with maintaining and operating the Advisor's office, including salaries and other compensation(including compensation due to its officers), rent, routine office equipment expense and liability and insurance premiums (other than (i) those incurred in maintaining fidelity bonds and Indemnitee insurance policies and (ii) the allocable portion of the Administrator's overhead in performing its obligations), in furtherance of providing investment management services for us. Advisor Expenses shall also include any expenses incurred by the Advisor or its affiliates in connection with the Advisor's registration as an investment adviser under the Advisers Act, or with its compliance as a registered investment adviser thereunder.

"Sub-Advisor Expenses" means overhead and operating and administrative expenses incurred by or on behalf of the Sub-Advisor in furtherance of providing investment advisory services to us other than organizational expenses or the Company Expenses set forth above.

All Advisor Expenses and all expenses of the Company that the Company will not bear, as set forth above, are borne by the Advisor or its affiliates. All Sub-Advisor Expenses and all expenses of the Company that the Company will not bear, as set forth above, are borne by the Sub-Advisor or its affiliates.

**5.** **Commitments and Contingencies** 

The Company had the following unfunded commitments and unrealized depreciation by investment as of March 31, 2026 and December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| **Unfunded Commitments** | **Investment** | **Maturity/<br>Expiration** | **Amount** | **Unrealized<br>Depreciation** | **Amount** | **Unrealized<br>Depreciation** |
| Centaur Holdings III LLC (Copperweld) | Delayed Draw Term Loan | September 2027 | $3750 | $4 | $3750 | $— |
| Centaur Holdings III LLC (Copperweld) | Revolver | September 2031 | 3625 | 4 | 3125 |  |
| Charter Industries Holdings LLC | Revolver | October 2032 | 6818 | 20 | 6818 | 68 |
| Charter Industries Holdings LLC | Delayed Draw Term Loan | October 2027 | 4545 | 14 | 4545 | 45 |
| CloudOne Digital Corp. | Revolver | August 2031 | 7317 |  | 7317 | 15 |
| Designs for Health, Inc. | Revolver | October 2030 | 10526 | 42 | 10526 | 105 |
| Frost Buyer, LLC (CraftMark) | Delayed Draw Term Loan | May 2027 | 7923 | 48 | 7923 | 63 |
| Frost Buyer, LLC (CraftMark) | Revolver | May 2031 | 2564 | 15 | 3846 | 31 |
| Leg Purchaser Inc., (Labrie) | Revolver | January 2032 | 3913 | 39 |  |  |
| Patriot MCN Buyer Corp., (McNichols) | Revolver | October 2031 | 4331 | 43 | 4331 | 61 |
| Patriot MCN Buyer Corp., (McNichols) | Delayed Draw Term Loan | October 2027 | 7218 | 72 | 7218 | 101 |
| TechServ Operations, LLC | Delayed Draw Term Loan | May 2027 | 6860 |  | 6860 |  |
| TechServ Operations, LLC | Revolver | May 2030 | 5880 |  | 5880 |  |
| Three Rivers Buyer, Inc. (Grant Street) | Revolver | November 2031 | 4385 | 70 | 4385 | 53 |
| Tidal Investments LLC | Revolver | August 2030 | 4348 |  | 4348 | 22 |
| **Total** |  |  | $**84003** | $**371** | $**80872** | $**564** |

---

------

**TCW Steel City Senior Lending BDC**

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

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

**5.** **Commitments and Contingencies (Continued)**

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2026, the Company is not aware of any pending or threatened litigation.

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

**6.** **Net Assets**

The Company's Common Share activity for the three months ended March 31, 2026 and 2025, was as follows (See Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2026** | **2025** | **2025** |
| Common Shares at beginning of period |  | 6,014,515 |  |  |
| Common Shares issued and committed during the period |  | 6,079,159 |  |  |
| Common Shares issued and committed at end of period |  | 12,093,674 |  |  |

---

No deemed distributions and contributions were processed during the three months ended March 31, 2026.

**7.** **Credit Facilities**

On April 21, 2025, the Company entered into a secured revolving credit agreement (the "Subscription Based Credit Agreement") with Natixis, New York Branch ("Natixis") as administrative agent and Versailles Assets LLC as committed lender. The Subscription Based Credit Agreement provides for a revolving credit line of up to $90,000 (the "Maximum Commitment") (the "Subscription Based 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) 90% of certain eligible contributions of Included Investors (based on credit ratings as defined in the Subscription Based Credit Agreement), (b) 65% of certain eligible contributions of Designated Investors (based on credit ratings as defined in the Subscription Based Credit Agreement), and (c) 65% of certain eligible contributions of Special Included Investors (based on credit ratings as defined in the Subscription Based Credit Agreement). The Subscription Based Credit Agreement is generally secured by the Borrowing Base assets.

The Subscription Based Credit Facility has an initial commitment of $90,000 and may be periodically increased in amounts designated by the Company, up to an aggregate amount of $500,000. The maturity date of the Subscription Based Credit Facility is April 21, 2027, unless such date is extended at the Company's option for a term of up to 12 months per such extension. Borrowings under the Subscription Based Credit Facility bear interest at a rate equal to either (a) a base rate calculated in a customary manner plus 1.10% or (b) adjusted SOFR rate calculated in a customary manner plus 2.10%.

On August 28, 2025, the Maximum Commitment increased to $200,000.

The Subscription Based Credit Facility is secured by a first priority security interest, subject to customary exceptions, in (i) all of the capital commitments of the investors in the Company, (ii) the Company's right to make capital calls, receive payment of capital contributions from the investors and enforce payment of the capital commitments and capital contributions under the Company's operating agreement and (iii) a cash collateral account into which the capital contributions from the investors are made. The Subscription Based Credit Facility may be terminated, and any outstanding amounts thereunder may become due and payable, should the Company fail to satisfy certain covenants. As of December 31, 2025, the Company was in compliance with such covenants.

On October 24, 2025, the Company entered into the First Amendment to the Subscription Based Credit Facility ("Amendment No. 1"). Amendment No. 1 allows for the Company to draw on the credit facility on the same date as the request to draw.

------

**TCW Steel City Senior Lending BDC**

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

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

**7.** **Credit Facilities (Continued)**

On December 16, 2025, the Company entered into the Second Amendment to the Subscription Based Credit Facility ("Amendment No. 2"). Amendment No. 2 temporarily increased the Maximum Commitment to $250,000 until January 30, 2026 (the "Scheduled Reduction Date") at which time the Maximum Commitment will be reduced to $200,000. If, on the Scheduled Reduction Date, the outstanding principal balance exceeds the Maximum Commitment, the Company shall pay such excess to the administrative agent for the benefit of the lenders.

On January 23, 2026, TSC BDC Financing 1 LLC (the "Borrower" or "TSC BDC Financing"), a newly-formed, wholly-owned, special purpose financing subsidiary of the Company entered into a senior secured credit facility (the "Asset Based Credit Facility" fka the "January 2026 Credit Facility" and together with the Subscription Based Credit Facility, the "Credit Facilities") pursuant to a credit and security agreement with Barings Direct Investments LLC, as facility agent, the lenders from time to time party thereto, U.S. Bank National Association, as custodian, and Barings Direct Investment Inc., as collateral agent and collateral administrator. The Asset Based Credit Facility includes a delayed draw term loan with a maximum commitment of $450,000 (the "Term Loan") and a revolving loan with a maximum commitment of $25,000. Borrowings under the Asset Based Credit Facility bear interest at a rate equal to either (a) a base rate calculated in a customary manner plus 1.35% or (b) adjusted SOFR rate calculated in a customary manner plus 2.35%. The delayed draw term loan matures on January 23, 2036 and the revolving loan matures on January 23, 2029. The Company paid a total of $5,293 in financing costs in connection with the Asset Based Credit Facility.

A summary of amounts outstanding and available under the Credit Facilities as of March 31, 2026 and December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Credit Facilities** | **Total Facility<br>Commitment** | **Borrowings<br>Outstanding** | **Available<br>Amount**<sup>(1)</sup> |
| Asset Based Credit Facility – March 31, 2026 | $475000 | $105000 | $102042 |
| Subscription Based Credit Facility – March 31, 2026 | $200000 | $88085 | $84499 |
| Asset Based Credit Facility – December 31, 2025 | $— | $— | $— |
| Subscription Based Credit Facility – December 31, 2025 | $250000 | $223785 | $26215 |

---

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

As of March 31, 2026 and December 31, 2025 borrowings under the Asset Based Credit Facility consisted of $105,000 and $0, respectively, of Term Loan and $0 and $0, respectively of revolving credit lines.

Costs associated with the revolving credit lines are recorded as deferred financing costs on the Company's Consolidated Statements of Assets and Liabilities and such costs are being amortized over the lives of the respective Credit Facilities. Costs associated with the Term Loan are recorded as a reduction of the Term Loan on the Company's Consolidated Statements of Assets and Liabilities and such costs are being amortized over the life of the Term Loan.

As of March 31, 2026 and December 31, 2025, $1,208 and $1,166, respectively of deferred financing costs related to the revolving credit lines had yet to be amortized and $4,922 and $0, respectively of deferred financing costs related to the Term Loan have yet to be amortized.

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

---

| | | |
|:---|:---|:---|
|  | **As of March 31, 2026** | **As of December 31, 2025** |
| Principal amount outstanding on Term Loan | $105000 | $— |
| Deferred financing costs | (4922) |  |
| Term Loan (as presented on the Consolidated Statements of Assets and Liabilities) | $100078 | $— |

---

------

**TCW Steel City Senior Lending BDC**

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

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

**7.** **Credit Facilities (Continued)**

The carrying amount of the Credit Facilities, which is categorized as Level 2 within the fair value hierarchy as of March 31, 2026 approximates its fair value. Valuation techniques and significant inputs used to determine fair value include Company performance; credit, market and liquidity risk and events; financial health of the Company; place in the capital structure; interest rate; and the respective credit agreement's terms and conditions.

The summary information regarding the Credit Facilities for the three months ended March 31, 2026 was as follows:

---

| | |
|:---|:---|
|  | **Three months ended March 31,** |
|  | **2026** |
| Credit Facilities interest expense | $2472 |
| Undrawn commitment fees | 458 |
| Administrative fees | 4 |
| Amortization of deferred financing costs | 355 |
| **Total** | $**3289** |
| Weighted average interest rate | 6.02% |
| Average outstanding balance | $164311 |

---

**8.** **Income Taxes** 

The Company has elected to be regulated as a BDC under the 1940 Act and has also elected to be treated as a RIC under the Code and has made such an election beginning with the taxable year ending December 31, 2025. 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 Shareholders as dividends. The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reversed and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

*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 March 31, 2026 and December 31, 2025, the Company's aggregate investment unrealized appreciation and depreciation for federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Cost of investments for federal income tax purposes | $765807 | $721786 |
| Unrealized appreciation | $3703 | $2831 |
| Unrealized depreciation | $(137) | $(487) |
| Net unrealized depreciation on investments | $3566 | $2344 |

---

The Company did not have any unrecognized tax benefits as of December 31, 2025, nor were there any increases or decreases in unrecognized tax benefits for the period then ended; therefore, no interest or penalties were accrued. The Company files U.S. federal, state, local and non-U.S. tax returns, as applicable. The Company is subject to examination by U.S. federal and state tax authorities regarding returns filed.

------

**TCW Steel City Senior Lending BDC**

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

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

**9.** **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 net assets from operations, changes in net assets 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 net assets, which consists primarily of investments at fair value, and significant segment expenses are listed in the accompanying Consolidated Statements of Operations.

------

**TCW Steel City Senior Lending BDC**

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

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

**10.** **Financial Highlights** 

Selected data for a Common Share outstanding throughout the three months ended March 31, 2026 is presented below. The Company did not commence any investment or borrowing activity during the period from Inception to March 31, 2025 and as such the financial highlights have been excluded for that period as they are determined to be not meaningful.

---

| | |
|:---|:---|
|  | **For the three months ended March 31,** |
|  | **2026**<sup>(1)</sup> |
| Net Asset Value Per Share, Beginning of Period | $19.74 |
| Income from Investment Operations: |  |
| Net investment income | 0.32 |
| Net realized and unrealized gain (loss) | 0.12 |
| Total income from investment operations | 0.44 |
| Net Asset Value Per Share, End of Period | $20.18 |
| Shareholder Total Return<sup>(2)(3)</sup> | 2.23% |
| Shareholder IRR before incentive fee<sup>(4)</sup> | 6.92% |
| Shareholder IRR<sup>(4)</sup> | 6.33% |
| Ratios and Supplemental Data: |  |
| Net Assets, end of period | $244003 |
| Common Shares outstanding, end of period | 12093674 |
| Ratios based on average net assets: |  |
| Ratio of total expenses to average net assets<sup>(5)</sup> | 8.91% |
| Ratio of financing cost to average net assets<sup>(3)</sup> | 1.56% |
| Ratio of net investment income to average net assets<sup>(5)</sup> | 7.65% |
| Ratio of incentive fees to average net assets<sup>(6)</sup> | 1.06% |
| Credit facilities payable | 193085 |
| Asset coverage ratio | 2.26 |
| Portfolio turnover rate<sup>(3)</sup> | 0.74% |

---

<sup>(1)</sup> Per share data was calculated using the number of Common Shares issued and outstanding as of March 31, 2026.

<sup>(2)</sup> The Total Return for the three months ended March 31, 2026 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 Shareholders, after management fees, financing costs and operating expenses, but before incentive fees is 6.92%. The IRR since inception for the Shareholders, after management fees, financing costs and operating expenses, is 6.33% through March 31, 2026. The IRR is computed based on cash flow due dates contained in notices to Members (contributions from and distributions to the Shareholders) 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 except for organizational costs.

<sup>(6)</sup> Annualized.

------

**TCW Steel City Senior Lending BDC**

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

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

**11.** **Subsequent Events** 

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

On April 1, 2026, the Company received $38,586 from capital call proceeds, relating to the issuance of 1,912,451 Common Shares.

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## Item 2. M anagement'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 Steel City Senior Lending BDC. For simplicity, this report uses the terms "Company," "we," "us," and "our" to refer to TCW Steel City Senior Lending BDC 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;•uncertainty surrounding global political and financial stability, including the liquidity of the banking industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our limited operating history;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential illiquidity and lack of a viable trading market for our Common Shares (as defined herein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Advisor (as defined herein) and the Sub-Advisor (as defined herein) to attract and retain highly talented professionals, and the allocation of such professionals' time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our reliance on management of the portfolio companies in which we invest;

&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;•we may be unable to generate returns for our investors and any losses of the Company will be borne solely by Shareholders (as defined herein) and not by the Advisors (as defined herein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Advisors to locate suitable investments for us and to monitor and administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•defaults by a substantial number of Shareholders or by one or more Shareholders who have made substantial Capital Commitments (as defined herein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of prepayment on the value of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the allocation of expenses in co-investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our reliance on the skill and expertise of the Advisor and Sub-Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our dependence on PNC Capital Markets, LLC as a sourcing agent for our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•investments at different levels of a capital structure may expose us to additional risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•conflicts of interest may arise between the Advisors, certain clients, investment funds, client accounts and proprietary accounts advised or managed by the Advisor or the Sub-Advisor or their respective affiliates, and in which we will not have an interest and certain of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we may be limited in our ability to engage in certain transactions with affiliates under the Investment Company Act of 1940 (the "1940 Act");

&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 speculative and illiquid nature of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•operational risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•uncertainty surrounding market and geopolitical risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•disruptions and instability in the capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•uncertainty with respect to trade policies, treaties and tariffs;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our status as a non-diversified investment company may cause our NAV to fluctuate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•collateral may consist of assets that may not be readily liquidated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our investments may not be diversified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a contraction of available credit could impair our lending and investment activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•interest rate volatility could adversely affect our results, particularly if we elect to use leverage as part of our investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our reliance upon un-affiliated co-lenders, consultants, service providers and other counterparties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•valuation risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the risks associated with indirect investments in portfolio companies through joint ventures, partnerships or other special purpose vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•insolvencies of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential lender liability proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•additional risks associated with the highly levered portfolio companies in which we may invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the risks associated with the bridge financings, subordinated or mezzanine financings, unitranche loans, trade receivables securitizations, technology financings, delayed draw facilities which we may make to portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•loans to middle-market portfolio companies present a greater risk than loans to larger companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risks associated payment-in-kind ("PIK") interest and private credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•investments in portfolio companies located outside of the US may present additional risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we may be subject to risks in connection with the derivative instruments we use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we will pay fees and expenses which will reduce the actual returns to Shareholders, the distributions we make to Shareholders, and the overall value of the Shareholders' investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we may retain, in whole or in part, any proceeds attributable to portfolio investments and may use the amounts retained to make investments, pay Company fees and expenses, repay Company borrowings, or fund reasonable reserves for future Company expenses or other obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we may issue preferred shares with separate rights and privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•compliance with current legal, tax and regulatory framework and changes thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs associated with being a public entity;

&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");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•information systems failures and other cybersecurity risks significantly disrupting our business, financial condition or operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the risks artificial intelligence pose to us and our portfolio companies; 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 the Annual Report on Form 10-K that we filed with the U.S. Securities and Exchange Commission ("SEC") on March 26, 2026.

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.

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*Overview*

We were formed on October 14, 2024 as a limited partnership under the laws of the State of Delaware.

We are an externally managed, non-diversified, closed-end management investment company. On September 9, 2025, we filed an election to be regulated as a BDC under the 1940 Act. We also intend to elect 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") and will make such an election beginning with the taxable year ending December 31, 2025. As a BDC and a RIC, we are, and will be required to comply with certain regulatory requirements, such as the requirement to invest at least 70% of our assets in "qualifying assets," source of income limitations, asset diversification requirements, and the requirement to distribute annually at least 90% of our taxable income and tax-exempt interest.

On November 3, 2025, we completed our conversion to a Delaware statutory trust (the "Conversion"). In connection with the Conversion, we also changed our name to TCW Steel City Senior Lending BDC.

Prior to the Conversion, we conducted private offerings of our limited partnership interests to investors on February 5, 2025 (the "Inception", or "Inception Date"), April 8, 2025, and August 22, 2025 in reliance on exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended (the "Securities Act"), and following the Conversion, we expect to conduct private offerings of our Class I Shares of beneficial interest, par value $0.01 (the "Common Shares"). At the closing of any private offering, each investor has and will make a capital commitment to purchase Common Shares (the "Capital Commitments" or "Commitments") pursuant to a subscription agreement entered into with us. Investors will be required to fund drawdowns to purchase Common Shares up to the amount of their respective Capital Commitments each time we deliver a notice to the investors. We commenced our investment activities in May 2025.

On February 5, 2025, we began accepting subscription agreements from investors for the private sale of our limited partnership interests and we completed the first closing of the sale of our limited partnership interests pursuant to which we received Capital Commitments of $105.2 million. On April 8, 2025, we completed the second closing of the sale of our limited partnership interests pursuant to which we received Capital Commitments of $21.0 million. On August 22, 2025, we completed the third closing of the sale of our limited partnership interests pursuant to which we received capital commitments of $315.5 million. On November 3, 2025, in connection with the Conversion, our total funded Capital Commitments were $120.3 million which were converted into 6,014,515 Common Shares.

As of December 31, 2025, we have sold 6,014,515 Common Shares for an aggregate offering price of $120.3 million. Each Shareholder is obligated to contribute capital equal to their Commitment and each Common Share's Commitment obligation is $20.00 per share. The sale of the Common Shares was made pursuant to subscription agreements entered into by us and each investor. Under the terms of the subscription agreements, we may draw down all or any portion of the undrawn commitment with respect to each Common Share generally upon at least ten business days' prior written notice to the Shareholders. The amount of capital that remains to be drawn down and contributed is referred to as an "Undrawn Commitment."

On January 5, 2026, we received $120.0 million from capital call proceeds, relating to the issuance of 6,079,158 Common Shares.

We commenced operations during the first quarter of fiscal year 2025.

As of March 31, 2026, we have one wholly-owned subsidiary, TSC BDC Financing 1 LLC , a single member Delaware limited liability company designed to hold special purpose financing of ours.

***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. Our highly negotiated private investments include senior secured loans and in limited circumstances may include unsecured senior loans, subordinated and mezzanine loans, convertible securities, notes and other non-convertible debt securities, equity securities, and equity-linked securities such as options and warrants. Our investment bias is towards adjustable-rate, senior secured loans. We do not anticipate a secondary market developing for our private investments. Although we do not currently expect to originate a significant amount of investments with the use of PIK interest features, which represents contractual interest accrued and added to the loan balance that generally becomes due at maturity, from time to time we may make investments that subsequently incorporate such features after origination.

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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 indirectly in a company through an investment vehicle. While we will invest primarily in U.S. companies, there may be certain instances where we will invest in companies domiciled elsewhere.

***Expenses***

We do not currently have any employees and do not expect to have any employees. Services necessary for our business are provided through the Administration Agreement and the Investment Advisory Agreement.

We, and indirectly our Shareholders, bear all costs, expenses and liabilities, other than Advisor Expenses or Sub-Advisor Expenses (each as defined below) (which are borne by the Advisor and Sub-Advisor, respectively), in connection with our operations, administration and transactions or prospective transactions ("Company Expenses"), including, without limitation: (a) organizational expenses and expenses associated with the issuance of the Common Shares; (b) expenses of calculating our net asset value (including the cost and expenses of any independent valuation firm); (c) fees payable to third parties, including agents, consultants, attorneys or other advisors, relating to, or associated with, evaluating and making investments; (d) expenses incurred by the Advisor or the Administrator payable to third parties, including agents, consultants, attorneys or other advisors, relating to or associated with monitoring our financial and legal affairs, providing administrative services, monitoring or administering our investments and performing due diligence reviews of prospective investments and the corresponding portfolio companies (including expenses of senior advisors, industry experts, operating partners, and other similar professionals; provided, that only the allocable portion of the total fees, costs and expenses associated with such personnel attributable to their work relating to us will be treated as a Company Expense); (e) costs associated with our reporting and compliance obligations under the 1940 Act, the 1934 Act and other applicable federal or state securities laws; (f) fees and expenses incurred in connection with debt incurred to finance our investments or operations, and payment of interest and repayment of principal on such debt; (g) expenses related to sales and purchases of Common Shares and other securities; (h) Management Fees, Incentive Fees and sourcing fees; (i) administrator fees and expenses payable under the Administration Agreement including payments based upon our allocable portion of the Administrator's overhead in performing its obligations, including the allocable portion of the cost of our chief compliance officer, chief legal officer and chief financial officer and their respective staff; (j) transfer agent, sub-administrator and custodial fees; (k) expenses relating to the issue, repurchase and transfer of Common Shares to the extent not borne by the relevant transferring Shareholders and/or assignees; (l) federal and state registration fees; (m) federal, state and local taxes or other governmental charges assessed against us; (n) Independent Trustees' fees and expenses and the costs associated with convening a meeting of our Board of Trustees or any committee thereof; (o) fees and expenses and the costs associated with convening a meeting of the Shareholders or holders of any preferred shares, as well as the compensation of an investor relations professional responsible for the coordination and administration of the foregoing; (p) costs of any reports, proxy statements or other notices to Shareholders, including printing and mailing costs; (q) costs and expenses related to the preparation of our financial statements and tax returns; (r) our allocable portion of the fidelity bond, trustees and officers/errors and omissions liability insurance, and any other insurance premiums; (s) direct costs and expenses of administration, including printing, mailing, long distance telephone, and copying; (t) independent auditors and outside legal costs, including legal costs associated with any requests for exemptive relief, "no-action" positions or other guidance sought from a regulator, pertaining to us; (u) compensation of other third party professionals to the extent they are devoted to preparing our financial statements or tax returns or providing similar "back office" financial services to us; (v) Advisor costs and expenses (excluding travel) in connection with identifying and investigating investment opportunities for us, monitoring our investments and disposing of any such investments; (w) portfolio risk management costs; (x) commissions or brokerage fees or similar charges incurred in connection with the purchase or sale of securities (including merger fees); (y) costs and expenses attributable to normal and extraordinary investment banking, commercial banking, accounting, auditing, appraisal, valuation, administrative agent activities, custodial and registration services provided to us, including in each case services with respect to the proposed purchase or sale of securities by us that are not reimbursed by the issuer of such securities or others (whether or not such purchase or sale is consummated); (z) costs of amending, restating or modifying the Declaration of Trust or Investment Advisory Agreement or related documents of us or related entities; (aa) fees, costs, and expenses incurred in connection with our termination, liquidation or dissolution or related entities; and (bb) all other properly and reasonably chargeable expenses incurred by the Company or the Administrator in connection with administering our business.

"Advisor Expenses" means overhead and operating and administrative expenses incurred by or on behalf of the Advisor or any of its affiliates, including us, in connection with maintaining and operating the Advisor's office, including salaries and other compensation (including compensation due to its officers), rent, routine office equipment expense and liability and insurance premiums (other than (i) those incurred in maintaining fidelity bonds and Indemnitee insurance policies and (ii) the allocable portion of the Administrator's overhead in performing its obligations), in furtherance of providing investment management services for us. Advisor Expenses shall also include any expenses incurred by the Advisor or its affiliates in connection with the Advisor's registration as an investment adviser under the Advisers Act, or with its compliance as a registered investment adviser thereunder.

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"Sub-Advisor Expenses" means overhead and operating and administrative expenses incurred by or on behalf of the Sub-Advisor in furtherance of providing investment advisory services to us other than organizational expenses or the Company Expenses set forth above.

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

Costs incurred to organize the Company are expensed as incurred. Offering costs are capitalized and deferred and are amortized over a 12-month period from incurrence. Since inception, we have expensed $4.5 million in organizational costs, of which $0.1 million was expensed during the three months ended March 31, 2026. Prior to Conversion, we incurred $33.0 thousand of offering costs which were charged directly to partners' capital. During the three months ended March 31, 2026, we have incurred $0 of offering costs, of which $0 are capitalized on our Consolidated Statement of Assets and Liabilities and $0 have been amortized as an expense on our Consolidated Statement of Operations.

***Critical Accounting Policies and Estimates*** 

*Investments at Fair Value* 

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 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 Advisor as the "valuation designee" with respect to the fair valuation of our 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>, generally includes common stock valued at the closing price on the primary exchange in which the security trades.

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

<u>Equity, (Level 2)</u>, generally includes warrants valued using quotes for comparable investments.

**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>, 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. 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</u>, (Level 3), generally 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.

*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.

Although we do not currently expect the Advisor to originate a significant amount of investments for us with the use of PIK interest features, from time to time we may make investments that contain such features or that subsequently incorporate such features after origination. 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 months ended March 31, 2026 and the period from February 5, 2025 to March 31, 2025 we did not earn any PIK interest 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 immediately when earned as income.

We may enter into certain intercreditor agreements or loan 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.

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***Investment Activity*** 

As of March 31, 2026, our portfolio consisted of 14 debt investments and two equity investments. Based on fair values as of March 31, 2026, our portfolio was 99.5% invested in debt investments which were all senior secured term loans and revolving loans and 0.5% invested in equity investments which were common units and preferred units.

As of December 31, 2025, our portfolio consisted of 13 debt investments and two equity investments. Based on fair values as of December 31, 2025, our portfolio was 99.6% invested in debt investments which were all senior secured term loans and revolving loans and 0.4% invested in equity investments which were common units and preferred units.

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 March 31, 2026:

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| | |
|:---|:---|
| **Industry** | **Percent of Total Investments** |
| Capital Markets | 12% |
| Electrical Equipment | 12% |
| IT Services | 11% |
| Machinery | 11% |
| Personal Care Products | 10% |
| Building Products | 10% |
| Food Products | 10% |
| Construction Materials | 10% |
| Professional Services | 10% |
| Software | 4% |
| **Total** | **100%** |

---

Interest income including interest income paid-in-kind, was $8.6 million and $0 for the three months ended March 31, 2026 and the period from February 5, 2025 to March 31, 2025, respectively.

***Results of Operations*** 

Our operating results for the three months ended March 31, 2026 and the period from February 5, 2025 to March 31, 2025, were as follows (dollar amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the period from February 5, 2025 (Inception)<br>to March 31,** |
|  | **2026** | **2025** |
| **Total investment income** | $8618 | $— |
| **Total expenses** | 4742 | 839 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 3876 | (839) |
| Net change in unrealized appreciation/(depreciation) on investments | 1415 |  |
| Net realized loss on short-term investments | (12) |  |
| **Net increase (decrease) in Members' Capital from operations** | $5279 | $(839) |

---

*Total investment income* 

Total investment income for the three months ended March 31, 2026 was $8.6 million and was attributable to our portfolio of debt investments, which was composed of 14 debt investments as of March 31, 2026.

------

*Total Expenses*

Expenses for the three months ended March 31, 2026 and the period from February 5, 2025 to March 31, 2025, were as follows (dollar amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the period from February 5, 2025 (Inception)<br>to March 31,** |
|  | **2026** | **2025** |
| **Expenses** |  |  |
| Interest and credit facility expenses | $3289 | $— |
| Incentive fees | 552 |  |
| Management fees | 375 |  |
| Administrative fees | 142 |  |
| Organizational costs | 142 | 839 |
| Trustees' fees | 85 |  |
| Professional fees | 82 |  |
| Other expenses | 75 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | $4742 | $839 |

---

Our total expenses for the three months ended March 31, 2026 and the period from February 5, 2025 to March 31, 2025 were $4.7 million and $0.8 million, respectively.

Our total expenses for the three months ended March 31, 2026 were $4.7 million and were primarily due our commencement of investment and borrowing activity during the fourth quarter of fiscal year 2025. Our total expenses for the three months ended March 31, 2026 include interest and credit facility expenses of $3.3 million, incentive fees of $0.6 million and management fees of $0.4 million.

*Net investment income (loss)*

Net investment income (loss) for the three months ended March 31, 2026 and the period from February 5, 2025 to March 31, 2025 was $3.9 million and $(0.8) million, respectively. Our net investment income for the three months ended March 31, 2026 was primarily due to the commencement of investment activity during the fourth quarter of fiscal year 2025.

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

Our net change in unrealized appreciation/(depreciation) on non-controlled/non-affiliated investments for the three months ended March 31, 2026 and the period from February 5, 2025 to March 31, 2025 was $1.4 million and $0, respectively. Our net change in unrealized appreciation/(depreciation) for the three months ended March 31, 2026 was primarily attributable to the following investments (dollar amounts in thousands):

---

| | | |
|:---|:---|:---|
| **Issuer** | **Investment** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
| TFG Parent Holdings, LLC (Tidal) | Class A Common Units | $454 |
| Tidal Investments LLC | Term Loan | 386 |
| Charter Industries Holdings LLC | Term Loan | 256 |
| Designs for Health, Inc. | Term Loan B | 226 |
| CloudOne Digital Corp. | Term Loan | 163 |
| Patriot MCN Buyer Corp., (McNichols) | Term Loan | 141 |
| Leg Purchaser Inc., (Labrie) | Term Loan | 131 |
| TechServ Operations, LLC | Term Loan | (386) |
| All others | Various | 44 |
| **Net change in unrealized appreciation/(depreciation)** |  | $**1415** |

---

*Net realized loss on short-term investments*

During the three months ended March 31, 2026 and the period from February 5, 2025 to March 31, 2025 we recognized $12.0 thousand and $0, respectively, in realized losses from our short-term investments in government treasuries.

*Net increase (decrease) in Net Assets from operations* 

Our net increase (decrease) in Net Assets from operations during the three months ended March 31, 2026 and the period from February 5, 2025 to March 31, 2025 was $5.3 million and $(0.8) million, respectively.

Our net increase in Net Assets from operations during the three months ended March 31, 2026 is primarily attributable to the commencement of investment activity which took place during the fourth quarter of fiscal year 2025.

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***Financial Condition, Liquidity and Capital Resources***

On February 5, 2025, we began accepting subscription agreements from investors for the private sale of our limited partnership interests and we completed the first closing of the sale of our limited partnership interests pursuant to obtained Capital Commitments with an aggregate purchase price of $105.2 million. On April 8, 2025, we completed the second closing of the sale of our limited partnership interests pursuant to which we obtained Capital Commitments with an aggregate offering price of $21.0 million. On August 22, 2025, we completed the third closing of the sale of our limited partnership interests pursuant to which we obtained Capital Commitments with an aggregate offering price of $315.5 million. We also commenced operations during the three months ended March 31, 2025. We generate cash from (1) drawing down capital in respect of Common Shares, (2) cash flows from investments and operations and (3) borrowings from banks or other lenders.

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

As of March 31, 2026 and December 31, 2025, aggregate Commitments, Undrawn Commitments and subscribed for Common Shares of the Company were as follows (dollar amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Commitments | $574583 | $441640 |
| Undrawn commitments | $334897 | $321640 |
| Percentage of commitments funded | 41.7% | 27.2% |
| Common Shares | 12093674 | 6014515 |

---

On April 21, 2025, we entered into a secured revolving credit agreement (the "Subscription Based Credit Agreement") with Natixis, New York Branch ("Natixis") as administrative agent and Versailles Assets LLC as committed lender. The Subscription Based Credit Agreement provides for a revolving credit line of up to $90.0 million (the "Maximum Commitment") (the "Subscription Based 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) 90% of certain eligible contributions of Included Investors (based on credit ratings as defined in the Subscription Based Credit Agreement), (b) 65% of certain eligible contributions of Designated Investors (based on credit ratings as defined in the Subscription Based Credit Agreement), and (c) 65% of certain eligible contributions of Special Included Investors (based on credit ratings as defined in the Subscription Based Credit Agreement). The Subscription Based Credit Agreement is generally secured by the Borrowing Base assets.

The Subscription Based Credit Facility has an initial commitment of $90.0 million and may be periodically increased in amounts designated by us, up to an aggregate amount of $500.0 million. The maturity date of the Subscription Based Credit Facility is April 21, 2027, unless such date is extended at our option for a term of up to 12 months per such extension. Borrowings under the Subscription Based Credit Facility bear interest at a rate equal to either (a) a base rate calculated in a customary manner plus 1.10% or (b) adjusted SOFR rate calculated in a customary manner plus 2.10%.

On August 28, 2025, the Subscription Based Credit Facility Maximum Commitment was increased to $200.0 million.

The Subscription Based Credit Facility is secured by a first priority security interest, subject to customary exceptions, in (i) all of the capital commitments of the investors in the Company, (ii) our right to make capital calls, receive payment of capital contributions from the investors and enforce payment of the capital commitments and capital contributions under our operating agreement and (iii) a cash collateral account into which the capital contributions from the investors are made. The Subscription Based Credit Facility may be terminated, and any outstanding amounts thereunder may become due and payable, should we fail to satisfy certain covenants. As of March 31, 2026, we were in compliance with such covenants.

On October 24, 2025 we entered into the First Amendment to the Subscription Based Credit Facility ("Amendment No. 1"). Amendment No. 1 allows for us to draw on the credit facility on the same date as the request to draw.

On December 16, 2025, we entered into the Second Amendment to the Subscription Based Credit Facility ("Amendment No. 2"). Amendment No. 2 temporarily increased the Maximum Commitment to $250.0 million until January 30, 2026 (the "Scheduled Reduction Date") at which time the Maximum Commitment will be reduced to $200.0 million. If, on the Scheduled Reduction Date, the outstanding principal balance exceeds the Maximum Commitment, we shall pay such excess to the administrative agent for the benefit of the lenders.

On January 23, 2026, TSC BDC Financing 1 LLC (the "Borrower" or "TSC BDC Financing"), a newly-formed, wholly-owned, special purpose financing subsidiary of ours entered into a senior secured credit facility (the "Asset Based Credit Facility" fka the "January 2026 Credit Facility" and together with the Subscription Based Credit Facility, the "Credit Facilities") pursuant to a credit

------

and security agreement with Barings Direct Investments LLC, as facility agent, the lenders from time to time party thereto, U.S. Bank National Association, as custodian, and Barings Direct Investment Inc., as collateral agent and collateral administrator. The Asset Based Credit Facility includes a delayed draw term loan with a maximum commitment of $450.0 million (the "Term Loan") and a revolving loan with a maximum commitment of $25.0 million. Borrowings under the Asset Based Credit Facility bear interest at a rate equal to either (a) a base rate calculated in a customary manner plus 1.35% or (b) adjusted SOFR rate calculated in a customary manner plus 2.35%. The delayed draw term loan matures on January 23, 2036 and the revolving loan matures on January 23, 2029. We paid a total of $5.3 million in financing costs in connection with the Asset Based Credit Facility.

A summary of amounts outstanding and available under the Credit Facilities as of March 31, 2026 and December 31, 2025 was as follows (dollar amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Credit Facilities** | **Total Facility<br>Commitment** | **Borrowings<br>Outstanding** | **Available<br>Amount**<sup>(1)</sup> |
| Asset Based Credit Facility – March 31, 2026 | $475000 | $105000 | $102042 |
| Subscription Based Credit Facility – March 31, 2026 | $200000 | $88085 | $84499 |
| Asset Based Credit Facility – December 31, 2025 | $— | $— | $— |
| Subscription Based Credit Facility – December 31, 2025 | $250000 | $223785 | $26215 |

---

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

As of March 31, 2026 and December 31, 2025 borrowings under the Asset Based Credit Facility consisted of $105.0 million and $0, respectively, of Term Loans and $0 and $0, respectively of revolving credit lines.

Costs associated with the the revolving credit lines are recorded as deferred financing costs on our Consolidated Statements of Assets and Liabilities and such costs are being amortized over the lives of the respective Credit Facilities. Costs associated with the Term Loan are recorded as a reduction of the Term Loan on the our Consolidated Statements of Assets and Liabilities and such costs are being amortized over the life of the Term Loan.

As of March 31, 2026 and December 31, 2025, $1.2 million and $1.2 million, respectively of deferred financing costs related to the revolving credit lines had yet to be amortized and $4.9 million and $0, respectively of deferred financing costs related to the Term Loan have yet to be amortized.

The carrying amount of the Credit Facilities, which is categorized as Level 2 within the fair value hierarchy as of March 31, 2026 approximates its fair value. Valuation techniques and significant inputs used to determine fair value include our performance; credit, market and liquidity risk and events; our financial health; place in the capital structure; interest rate; and the respective credit agreement's terms and conditions.

The summary information regarding the Credit Facilities for the three months ended March 31, 2026 was as follows (dollar amounts in thousands):

---

| | |
|:---|:---|
|  | **Three months ended March 31,** |
|  | **2026** |
| Credit Facilities interest expense | $2472 |
| Undrawn commitment fees | 458 |
| Administrative fees | 4 |
| Amortization of deferred financing costs | 355 |
| **Total** | $**3289** |
| Weighted average interest rate | 6.02% |
| Average outstanding balance | $164311 |

---

------

We had the following unfunded commitments and unrealized depreciation by investment as of March 31, 2026 and December 31, 2025 (dollar amounts in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| **Unfunded Commitments** | **Investment** | **Maturity/<br>Expiration** | **Amount** | **Unrealized<br>Depreciation** | **Amount** | **Unrealized<br>Depreciation** |
| Centaur Holdings III LLC (Copperweld) | Delayed Draw Term Loan | September 2027 | $3750 | $4 | $3750 | $— |
| Centaur Holdings III LLC (Copperweld) | Revolver | September 2031 | 3625 | 4 | 3125 |  |
| Charter Industries Holdings LLC | Revolver | October 2032 | 6818 | 20 | 6818 | 68 |
| Charter Industries Holdings LLC | Delayed Draw Term Loan | October 2027 | 4545 | 14 | 4545 | 45 |
| CloudOne Digital Corp. | Revolver | August 2031 | 7317 |  | 7317 | 15 |
| Designs for Health, Inc. | Revolver | October 2030 | 10526 | 42 | 10526 | 105 |
| Frost Buyer, LLC (CraftMark) | Delayed Draw Term Loan | May 2027 | 7923 | 48 | 7923 | 63 |
| Frost Buyer, LLC (CraftMark) | Revolver | May 2031 | 2564 | 15 | 3846 | 31 |
| Leg Purchaser Inc., (Labrie) | Revolver | January 2032 | 3913 | 39 |  |  |
| Patriot MCN Buyer Corp., (McNichols) | Revolver | October 2031 | 4331 | 43 | 4331 | 61 |
| Patriot MCN Buyer Corp., (McNichols) | Delayed Draw Term Loan | October 2027 | 7218 | 72 | 7218 | 101 |
| TechServ Operations, LLC | Delayed Draw Term Loan | May 2027 | 6860 |  | 6860 |  |
| TechServ Operations, LLC | Revolver | May 2030 | 5880 |  | 5880 |  |
| Three Rivers Buyer, Inc. (Grant Street) | Revolver | November 2031 | 4385 | 70 | 4385 | 53 |
| Tidal Investments LLC | Revolver | August 2030 | 4348 |  | 4348 | 22 |
| **Total** |  |  | $**84003** | $**371** | $**80872** | $**564** |

---

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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 Advisor, as our valuation designee, will value these securities at fair value as determined in good faith under procedures approved by our Board of Trustees. 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> As of March 31, 2026, 100% 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. As of March 31, 2026, 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 March 31, 2026 consolidated statement of assets and liabilities, the following table shows the annual impact on net investment income (excluding the related incentive compensation impact) of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure (dollar amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Interest Income** | **Interest Expense** | **Net Investment Income (Loss)** |
| Up 300 basis points | $11592 | $5873 | $5719 |
| Up 200 basis points | 7728 | 3915 | 3813 |
| Up 100 basis points | 3864 | 1958 | 1906 |
| Down 100 basis points | (3864) | (1958) | (1906) |
| Down 200 basis points | (7661) | (3915) | (3746) |
| Down 300 basis points | (10216) | (5873) | (4343) |

---

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# 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.

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# PA RT II. OTHER INFORMATION

## Item 1. Leg al 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
There have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K that we filed with the SEC on March 26, 2026.

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

Other than sales of the Company's Units previously reported on Form 8-K, there have been no sales by the Company of unregistered securities.

On November 3, 2025, we consummated the Conversion at which time partners' capital totaling $120.3 million was converted into 6,014,515 Common Shares. On January 5, 2026, we received $120.0 million from capital call proceeds related to the issuance of 6,079,159 Common Shares. It is expected that all Common Shares will be issued and sold in reliance upon the available exemptions from registration requirements of Section 4(a)(2) of the Securities Act.

***Issuer purchases of equity securities***

None.

## Item 3. Defaults Upon Senior Securities
None.

## Item 4. Mine Safety Disclosures
None.

## Item 5. Other Information
None.

------

## It em 6. Exhibits.
**Exhibit Index**

---

| | |
|:---|:---|
| 3.1 | [<u>Certificate of Formation (incorporated by reference to Exhibit 3.1 to the Company's registration statement on Form 10, as filed with the Securities and Exchange Commission on October 10, 2025)</u>](https://www.sec.gov/Archives/edgar/data/2043133/000119312525172682/d942088dex9931.htm) |
| 3.2 | [<u>Certificate of Conversion (incorporated by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K, as filed with the Securities and Exchange Commission on November 5, 2025)</u>](https://www.sec.gov/Archives/edgar/data/2043133/000119312525266294/d99368dex31.htm) |
| 3.3 | [<u>Certificate of Trust (incorporated by reference to Exhibit 3.2 of the Company's Current Report on Form8-K, as filed with the Securities and Exchange Commission on November 5, 2025)</u>](https://www.sec.gov/Archives/edgar/data/2043133/000119312525266294/d99368dex32.htm) |
| 3.4 | [<u>Amended and Restated Declaration andAgreement of Trust, dated as of January 23, 2026 (incorporated by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K, as filed with the Securities and Exchange Commission on January 29, 2026)</u>](https://www.sec.gov/Archives/edgar/data/2043133/000119312526028063/d46147dex31.htm) |
| 3.5 | [<u>Bylaws (incorporated by reference to Exhibit 3.3 of the Company's Current Report on Form 8-K, as filed with the Securities and Exchange Commission on November 5, 2025)</u>](https://www.sec.gov/Archives/edgar/data/2043133/000119312525266294/d99368dex33.htm) |
| 10.1 | [<u>Investment Advisory and Management Agreement, dated November 3, 2025, by and between the Company and TCW PT Management Company LLC (incorporated by reference to Exhibit 10.1 to the Company's Annual Report on form 10-K filed on March 26, 2026)</u>](https://www.sec.gov/Archives/edgar/data/2043133/000119312526126670/ck0002043133-ex10_1.htm) |
| 10.2 | <u>I</u>[<u>nvestment Sub-Advisory Agreement, dated November 3, 2025, by and between the Company and PNC Steel City Advisors, LLC (incorporated by reference to Exhibit 10.1 to the Company's Annual Report on form 10-K filed on March 26, 2026)</u>](https://www.sec.gov/Archives/edgar/data/2043133/000119312526126670/ck0002043133-ex10_2.htm) |
| 10.3 | [<u>Administration Agreement, dated November 3, 2025, by and between the Company and TCW Asset Management Company, LLC (incorporated by reference to Exhibit 10.1 to the Company's Annual Report on form 10-K filed on March 26, 2026)</u>](https://www.sec.gov/Archives/edgar/data/2043133/000119312526126670/ck0002043133-ex10_3.htm)<br>|
| 10.4 | [<u>Revolving Credit Agreement dated as of April 21, 2025, by and among the Company, as Borrower, Natixis, New York Branch, as administrative agent for the Lenders (in such capacity, the Administrative Agent), and the Committed Lenders, Conduit Lenders, and Funding Agents (incorporated by reference to Exhibit 10.1 to the Company's Annual Report on form 10-K filed on March 26, 2026)</u>](https://www.sec.gov/Archives/edgar/data/2043133/000119312526126670/ck0002043133-ex10_4.htm)<br>|
| 10.5 | [<u>First Amendment to Revolving Credit Agreement dated as of October 24, 2025, by and among the Company, as Borrower, Natixis, New York Branch, as administrative agent for the Lenders (in such capacity, the Administrative Agent), and the Committed Lenders, Conduit Lenders, and Funding Agents (incorporated by reference to Exhibit 10.1 to the Company's Annual Report on form 10-K filed on March 26, 2026)</u>](https://www.sec.gov/Archives/edgar/data/2043133/000119312526126670/ck0002043133-ex10_5.htm)<br>|
| 10.6 | [<u>Second Amendment to Revolving Credit Agreement dated as of December 16, 2025, by and among the Company, as Borrower, Natixis, New York Branch, as administrative agent for the Lenders (in such capacity, the Administrative Agent), and the Committed Lenders, Conduit Lenders, and Funding Agents (incorporated by reference to Exhibit 10.1 to the Company's Annual Report on form 10-K filed on March 26, 2026)</u>](https://www.sec.gov/Archives/edgar/data/2043133/000119312526126670/ck0002043133-ex10_6.htm) |
| 10.7 | [<u>Loan and Servicing Agreement dated as of January 23, 2026, by and amount Barings Direct Investments LLC, as administrative agent for the lenders, (in such capacity, the Administrative Agent), and City National Bank, as Revolving Administrative Agent, and the Facility Servicer, Portfolio Asset Servicer, and Collateral Custodian (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K, as filed with the Securities and Exchange Commission on January 29, 2026).</u>](https://www.sec.gov/Archives/edgar/data/2043133/000119312526028063/d46147dex101.htm) |
| 31.1\* | [<u>Certification of President Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934</u>](ck0002043133-ex31_1.htm) |
| 31.2\* | [<u>Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934</u>](ck0002043133-ex31_2.htm) |
| 32.1\* | [<u>Certification of President Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)</u>](ck0002043133-ex32_1.htm) |
| 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>](ck0002043133-ex32_2.htm) |

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\* Filed herewith

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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.

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| | | |
|:---|:---|:---|
|  | TCW STEEL CITY SENIOR LENDING BDC | TCW STEEL CITY SENIOR LENDING BDC |
| Date: May 13, 2026 | By: | /s/ **Richard T. Miller** |
|  |  | **Richard T. Miller** |
|  |  | President |

---

---

| | | |
|:---|:---|:---|
| Date: May 13, 2026 | By: | **/s/ Andrew J. Kim** |
|  |  | **Andrew J. Kim** |
|  |  | Chief Financial Officer |

---

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## Exhibit 31.1

## Exhibit 31.1
**<u>PRESIDENT CERTIFICATION</u>**

I, Richard T. Miller, certify that:

(1)I have reviewed this quarterly report on Form 10-Q of TCW Steel City Senior Lending BDC;

(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;

(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;

(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;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;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;

&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;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

(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;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;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: May 13, 2026 | By: | /s/ Richard T. Miller |
|  |  | Richard T. Miller |
|  |  | President |
|  |  | (Principal Executive Officer) |

---

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## Exhibit 31.2

## Exhibit 31.2
**<u>CFO CERTIFICATION</u>**

I, Andrew J. Kim, certify that:

(1)I have reviewed this quarterly report on Form 10-Q of TCW Steel City Senior Lending BDC;

(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;

(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;

(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;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;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;

&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;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

(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;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;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: May 13, 2026 | By: | /s/ Andrew J. Kim |
|  |  | 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 Steel City Senior Lending BDC (the "Company") for the quarterly period ended March 31, 2026, 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: | May 13, 2026 |

---

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 Steel City Senior Lending BDC (the "Company") for the quarterly period ended March 31, 2026, 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:  | May 13, 2026 |

---

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.

------