# EDGAR Filing Document

**Accession Number:** 0001916608
**File Stem:** 0001193125-26-221949
**Filing Date:** 2026-5
**Character Count:** 183457
**Document Hash:** 050eb7d738dbb4b80f09cc8cd5e8f40a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-221949.hdr.sgml**: 20260513

**ACCESSION NUMBER**: 0001193125-26-221949

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 59

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260513

**DATE AS OF CHANGE**: 20260513

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TCW Star Direct Lending LLC
- **CENTRAL INDEX KEY:** 0001916608

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

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01566
- **FILM NUMBER:** 26974572

**BUSINESS ADDRESS:**
- **STREET 1:** 200 CLARENDON STREET
- **STREET 2:** 51ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116
- **BUSINESS PHONE:** 617-936-2275

**MAIL ADDRESS:**
- **STREET 1:** 200 CLARENDON STREET
- **STREET 2:** 51ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** N Middle Market Lending, LLC
- **DATE OF NAME CHANGE:** 20220311

?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 814-01566
TCW STAR DIRECT LENDING LLC

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

---

| | |
|:---|:---|
| Delaware | 88-1126955 |
| **(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 units. The number of the Registrant's common units outstanding at May 13, 2026 was 3,753,190.

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

------

**TCW STAR DIRECT LENDING LLC**

**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;Consolidated Financial Statements |  |
|  | &nbsp;&nbsp;&nbsp;[<u>Consolidated Schedule of Investments as of March 31, 2026 (unaudited) and December 31, 2025</u>](#soi_cq) | 2 |
|  | &nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and December 31, 2025</u>](#statement_of_assets_and_liabilities) | 12 |
|  | &nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (unaudited)</u>](#statement_of_operations_cq) | 13 |
|  | &nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Changes in Members' Capital for the three months ended March 31, 2026 and 2025</u>](#statement_changes_mc)[<u>(unaudited)</u>](#statement_of_operations_cq) | 14 |
|  | &nbsp;&nbsp;&nbsp;<u>Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)</u> | 16 |
|  | &nbsp;&nbsp;&nbsp;[<u>Notes to Consolidated Financial Statements (unaudited)</u>](#notes_to_financial_statements) | 17 |
| Item 2. | &nbsp;&nbsp;&nbsp;[<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_mda) | 34 |
| Item 3. | &nbsp;&nbsp;&nbsp;[<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_3_quantitative_and_qualitative_dis) | 45 |
| Item 4. | &nbsp;&nbsp;&nbsp;[<u>Controls and Procedures</u>](#item_4_controls_and_procedures) | 46 |
| **PART II**. | &nbsp;&nbsp;&nbsp;[<u>OTHER INFORMATION</u>](#part_ii) |  |
| Item 1. | &nbsp;&nbsp;&nbsp;[<u>Legal Proceedings</u>](#item_1_legal_proceedings) | 47 |
| Item 1A. | &nbsp;&nbsp;&nbsp;[<u>Risk Factors</u>](#item_1a_risk_factors) | 47 |
| Item 2. | &nbsp;&nbsp;&nbsp;[<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item2_unregistered_sales_of_equity_sec) | 47 |
| Item 3. | &nbsp;&nbsp;&nbsp;[<u>Defaults Upon Senior Securities</u>](#item_3_defaults_upon_senior_securitie) | 47 |
| Item 4. | &nbsp;&nbsp;&nbsp;[<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | 47 |
| Item 5. | &nbsp;&nbsp;&nbsp;[<u>Other Information</u>](#item_5_other_information) | 47 |
| Item 6. | &nbsp;&nbsp;&nbsp;[<u>Exhibits</u>](#exhibits) | 48 |
| [<u>SIGNATURES</u>](#signatures) | [<u>SIGNATURES</u>](#signatures) | 49 |

---

------

# TCW STAR DIRECT LENDING LLC

## 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> |  |  |  |  |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;Automobile Components** |  |  |  |  |  |  |  |  |
|  | Fenix Intermediate LLC | 03/28/24 | Term Loan B - 10.70%<br>(SOFR + 7.00%, 1.75% Floor) | 2.7% | $6063642 | 03/28/29 | $5953787 | $5754396 |
|  | Fenix Intermediate LLC | 03/28/24 | Delayed Draw Term Loan B-1 - 10.70%<br>(SOFR + 7.00%, 1.75% Floor) | 0.2% | 363637 | 03/28/29 | 363637 | 345091 |
|  | Superior Industries International, Inc. | 12/08/25 | Take Back Term Loan - 13.67% inc PIK<br>(SOFR + 10.00%, 3.50% Floor, all PIK) | 0.7% | 1411349 | 12/08/30 | 1391528 | 1391308 |
|  |  |  |  | 3.6% |  |  | 7708952 | 7490795 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Building Products** | **&nbsp;&nbsp;&nbsp;&nbsp;Building Products** |  |  |  |  |  |  |  |
|  | Eastern Metal Supply Borrower, LLC | 01/06/26 | Term Loan - 9.45%<br>(SOFR + 5.75%, 1.00% Floor) | 5.2% | 11259570 | 01/06/31 | 11098538 | 11090676 |
|  |  |  |  | 5.2% |  |  | 11098538 | 11090676 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Commercial Services & Supplies** |  |  |  |  |  |  |  |  |
|  | Axvor Intermediate, LLC (DQS) | 03/24/26 | Term Loan - 9.93%<br>(SOFR + 6.25%, 2.00% Floor) | 4.2% | 9040531 | 03/24/31 | 8883611 | 8910347 |
|  | CSAT Holdings LLC | 06/30/23 | Term Loan - 14.46% inc PIK<br>(SOFR + 10.50%, 2.00% Floor, 2.25% PIK) | 3.6% | 7564273 | 06/30/28 | 7450689 | 7624787 |
|  | CSAT Holdings LLC | 06/30/23 | Revolver - 14.28%<br>(SOFR + 10.50%, 2.00% Floor) | 0.3% | 621148 | 06/30/28 | 621148 | 621148 |
|  | Power Acquisition LLC | 01/22/25 | Term Loan B - 10.67%<br>(SOFR + 7.00%, 1.50% Floor) | 2.7% | 6128058 | 01/22/30 | 6006436 | 5864551 |
|  | Power Acquisition LLC | 07/11/25 | Incremental Term Loan B - 10.67%<br>(SOFR + 7.00%, 1.50% Floor) | 0.2% | 471913 | 01/22/30 | 464694 | 451620 |
|  |  |  |  | 11.0% |  |  | 23426578 | 23472453 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Construction & Engineering** |  |  |  |  |  |  |  |  |
|  | Sunland Asphalt & Construction, LLC | 06/16/23 | Delayed Draw Term Loan - 10.77%<br>(SOFR + 7.00%, 1.75% Floor) | 1.0% | 2082147 | 06/16/28 | 2082147 | 2100054 |
|  | Sunland Asphalt & Construction, LLC | 06/16/23 | Term Loan B - 10.77%<br>(SOFR + 7.00%, 1.75% Floor) | 2.4% | 5018231 | 06/16/28 | 4936057 | 5061388 |
|  |  |  |  | 3.4% |  |  | 7018204 | 7161442 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary Textiles, Apparel & Luxury Goods** | **&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary Textiles, Apparel & Luxury Goods** |  |  |  |  |  |  |  |
|  | Helix Sleep, Inc. | 11/07/25 | Term Loan - 9.16%<br>(SOFR + 5.50%, 1.00% Floor) | 1.3% | 2870716 | 11/07/30 | 2826523 | 2830526 |
|  |  |  |  | 1.3% |  |  | 2826523 | 2830526 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Containers & Packaging** |  |  |  |  |  |  |  |  |
|  | The HC Companies, Inc. | 08/01/23 | Term Loan - 12.17% inc PIK<br>(SOFR + 8.50%, 2.00% Floor, 1.00% PIK) | 4.0% | 9391626 | 08/01/28 | 9282794 | 8546379 |
|  | The HC Companies, Inc. | 05/21/24 | Incremental Term Loan - 12.17% inc PIK<br>(SOFR + 8.50%, 2.00% Floor, 1.00% PIK) | 0.7% | 1603756 | 08/01/28 | 1581607 | 1459418 |
|  | Hoffmaster Group, Inc. | 02/24/23 | Term Loan - 8.67%<br>(SOFR + 5.00%, 2.00% Floor) | 2.8% | 6103239 | 05/24/28 | 6077845 | 6057464 |
|  | Hoffmaster Group, Inc. | 03/15/24 | Incremental Term Loan - 8.67%<br>(SOFR + 5.00%, 2.00% Floor) | 0.4% | 770641 | 05/24/28 | 763218 | 764861 |
|  |  |  |  | 7.9% |  |  | 17705464 | 16828122 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Energy Equipment & Services** |  |  |  |  |  |  |  |  |
|  | HydroSource Logistics, LLC | 04/05/24 | Term Loan - 12.46%<br>(SOFR + 8.50%, 2.00% Floor) | 2.3% | 4857674 | 04/04/29 | 4770421 | 4857674 |
|  | HydroSource Logistics, LLC | 04/05/24 | Revolver - 12.43%<br>(SOFR + 8.50%, 2.00% Floor) | 0.2% | 512700 | 04/04/29 | 512700 | 512700 |
|  | HydroSource Logistics, LLC | 04/14/25 | 3rd Amendment Term Loan - 12.46%<br>(SOFR + 8.50%, 2.00% Floor) | 3.0% | 6354327 | 04/04/29 | 6163486 | 6354327 |
|  |  |  |  | 5.5% |  |  | 11446607 | 11724701 |

---

------

# TCW STAR DIRECT LENDING LLC

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

## 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> **(continued)** |  |  |  |  |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;Food Products** |  |  |  |  |  |  |  |  |
|  | Baxters North America, Inc. | 05/31/23 | Term Loan - 10.59%<br>(SOFR + 6.88%, 1.75% Floor) | 3.4% | $7276428 | 05/31/28 | $7194179 | $7284383 |
|  | Signature Brands, LLC | 02/29/24 | Delayed Draw Term Loan A - 10.43% inc PIK<br>(SOFR + 6.50%, 1.75% Floor, all PIK) | 0.3% | 552651 | 05/04/28 | 547863 | 552651 |
|  | Signature Brands, LLC | 05/05/23 | Term Loan - 13.43% inc PIK<br>(SOFR + 9.50%, 1.75% Floor, all PIK) | 2.9% | 10012043 | 05/04/28 | 9931236 | 6097334 |
|  | Signature Brands, LLC | 05/05/25 | 9th Amendment Term Loan A - 17.50% inc PIK<br>(17.50%, Fixed Coupon, all PIK) | 1.0% | 2043922 | 05/04/28 | 1995479 | 2043922 |
|  |  |  |  | 7.6% |  |  | 19668757 | 15978290 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Ground Transportation** |  |  |  |  |  |  |  |  |
|  | RPM Purchaser, Inc. | 09/11/23 | Term Loan B - 10.03%<br>(SOFR + 6.25%, 2.00% Floor) | 2.9% | 6233411 | 09/11/28 | 6138093 | 6295745 |
|  | RPM Purchaser, Inc. | 09/11/23 | Delayed Draw Term Loan B - 10.03%<br>(SOFR + 6.25%, 2.00% Floor) | 0.9% | 1923899 | 09/11/28 | 1923899 | 1923899 |
|  |  |  |  | 3.8% |  |  | 8061992 | 8219644 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies** | **&nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies** |  |  |  |  |  |  |  |
|  | Connect America.com, LLC | 10/11/24 | Last Out Term Loan - 9.45%<br>(SOFR + 5.75%, 1.75% Floor) | 3.9% | 9027305 | 10/11/29 | 8921814 | 8431503 |
|  |  |  |  | 3.9% |  |  | 8921814 | 8431503 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |
|  | ADAN-B LLC (24 Hour Fitness) | 4/30/2025 & 12/31/25 | Term Loan - 9.45%<br>(SOFR + 5.75%, 1.50% Floor) | 4.5% | 9731871 | 12/31/30 | 9552650 | 9654016 |
|  | ADAN-B LLC (24 Hour Fitness) | 4/30/2025 & 12/31/25 | Revolver - 9.46%<br>(SOFR + 5.75%, 1.50% Floor) | 0.1% | 322111 | 12/31/30 | 322111 | 319534 |
|  | CEC Entertainment, LLC | 09/26/25 | Term Loan - 9.70%<br>(SOFR + 6.00%, 2.00% Floor) | 3.7% | 8018188 | 09/26/30 | 7846403 | 7809715 |
|  | Five Star Buyer, Inc. | 05/11/23 | Term Loan - 12.98% inc PIK<br>(SOFR + 9.00%, 1.50% Floor, 2.00% PIK) | 2.6% | 5950192 | 02/23/28 | 5858365 | 5581280 |
|  | Five Star Buyer, Inc. | 05/11/23 | Delayed Draw Term Loan - 12.98% inc PIK<br>(SOFR + 9.00%, 1.50% Floor, 2.00% PIK) | 0.1% | 212654 | 02/23/28 | 212654 | 199469 |
|  |  |  |  | 11.0% |  |  | 23792183 | 23564014 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Leisure Products** |  |  |  |  |  |  |  |  |
|  | Lumos Holdings US Acquisition Co. (Life Fitness) | 08/05/25 | Term Loan - 9.16%<br>(SOFR + 5.50%, 1.50% Floor) | 4.7% | 10138959 | 08/05/30 | 10006780 | 10118681 |
|  |  |  |  | 4.7% |  |  | 10006780 | 10118681 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Machinery** |  |  |  |  |  |  |  |  |
|  | Mark Andy, Inc. | 06/16/23 | Term Loan - 12.60% inc PIK<br>(SOFR + 8.75%, 1.50% Floor, 5.75% PIK) | 2.3% | 7073238 | 06/16/28 | 6998535 | 4915901 |
|  |  |  |  | 2.3% |  |  | 6998535 | 4915901 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining** |  |  |  |  |  |  |  |  |
|  | Material Sciences Corporation | 03/14/25 | Term Loan - 10.20%<br>(SOFR + 6.50%, 2.00% Floor) | 4.1% | 9110419 | 03/14/30 | 8948430 | 8846217 |
|  |  |  |  | 4.1% |  |  | 8948430 | 8846217 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Paper & Forest Products** |  |  |  |  |  |  |  |  |
|  | Pallet Logistics of America, LLC | 11/22/24 | Revolver - 10.67%<br>(SOFR + 7.00%, 1.00% Floor) | 0.1% | 275305 | 11/29/29 | 275305 | 264017 |
|  | Pallet Logistics of America, LLC | 11/22/24 | Term Loan - 10.67% inc PIK<br>(SOFR + 7.00%, 1.00% Floor, 0.50% PIK) | 1.9% | 4148502 | 11/22/29 | 4076785 | 3978413 |
|  |  |  |  | 2.0% |  |  | 4352090 | 4242430 |

---

------

# TCW STAR DIRECT LENDING LLC

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

## 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> **(continued)** |  |  |  |  |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;Personal Care Products** |  |  |  |  |  |  |  |  |
|  | The Vitamin Shoppe, LLC<sup>(3)</sup> | 03/23/26 | Term Loan - 9.92%<br>(SOFR + 6.25%, 2.00% Floor) | 4.0% | $8624271 | 03/23/31 | $8452635 | $8451785 |
|  | Viva 5 Group, LLC | 05/21/25 | Term Loan - 10.17%<br>(SOFR + 6.50%, 2.25% Floor) | 4.0% | 8759498 | 05/21/30 | 8576023 | 8601827 |
|  | Viva 5 Group, LLC | 05/21/25 | Revolver - 10.17%<br>(SOFR + 6.50%, 2.25% Floor) | 0.1% | 199080 | 05/21/30 | 199080 | 195496 |
|  |  |  |  | 8.1% |  |  | 17227738 | 17249108 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Professional Services** |  |  |  |  |  |  |  |  |
|  | Alorica Inc. | 12/21/22 | Term Loan - 10.54%<br>(SOFR + 6.88%, 1.50% Floor) | 4.3% | 9224818 | 12/21/27 | 9177153 | 9224818 |
|  |  |  |  | 4.3% |  |  | 9177153 | 9224818 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Software** |  |  |  |  |  |  |  |  |
|  | CF Newco, Inc. | 12/09/24 | Term Loan - 9.66%<br>(SOFR + 6.00%, 1.50% Floor) | 1.8% | 3807654 | 12/10/29 | 3777377 | 3800039 |
|  | CF Newco, Inc. | 12/09/24 | Revolver - 9.66%<br>(SOFR + 6.00%, 1.50% Floor) | 0.1% | 262577 | 12/10/29 | 262577 | 262052 |
|  | CF Newco, Inc. | 12/11/25 | Amendment No. 1 Term Loan - 9.91%<br>(SOFR + 6.25%, 1.50% Floor) | 0.8% | 1742084 | 12/10/29 | 1716852 | 1752537 |
|  |  |  |  | 2.7% |  |  | 5756806 | 5814628 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Specialty Retail** |  |  |  |  |  |  |  |  |
|  | D&D Buyer, LLC | 10/04/23 | Term Loan - 9.55%<br>(SOFR + 5.75%, 2.00% Floor) | 5.1% | 10701384 | 10/04/29 | 10606401 | 10808398 |
|  |  |  |  | 5.1% |  |  | 10606401 | 10808398 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Trading Companies & Distributors** | **&nbsp;&nbsp;&nbsp;&nbsp;Trading Companies & Distributors** |  |  |  |  |  |  |  |
|  | Cinelease, LLC | 08/07/25 | ABL Term Loan - 11.17%<br>(SOFR + 7.50%, 2.50% Floor) | 1.5% | 3129868 | 07/31/30 | 3002630 | 3164297 |
|  |  |  |  | 1.5% |  |  | 3002630 | 3164297 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Transportation Infrastructure** |  |  |  |  |  |  |  |  |
|  | CG Buyer, LLC | 07/19/23 | Delayed Draw Term Loan - 9.67%<br>(SOFR + 6.00%, 1.50% Floor) | 0.1% | 114792 | 07/19/28 | 114792 | 114792 |
|  | CG Buyer, LLC | 07/19/23 | Term Loan - 9.67%<br>(SOFR + 6.00%, 1.50% Floor) | 2.5% | 5251430 | 07/19/28 | 5185809 | 5251430 |
|  |  |  |  | 2.6% |  |  | 5300601 | 5366222 |
|  | **Total Debt Investments** |  |  | 101.6% |  |  | 223052776 | 216542866 |

---

------

# TCW STAR DIRECT LENDING LLC

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

## As of March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Issuer** | **Acquisition<br>Date** | **Investment** | **% of Net Assets** | **Shares** | **Maturity<br>Date** | **Amortized<br>Cost** | **Fair Value** |
|  | **EQUITY** |  |  |  |  |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;Automobile Components** |  |  |  |  |  |  |  |  |
|  | SUP Parent Holdings, LLC<sup>(4)(5)</sup> | 08/13/25 | Common Units | 0.8% | 6602 |  | $2937109 | $1649268 |
|  |  |  |  | 0.8% |  |  | 2937109 | 1649268 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Commercial Services & Supplies** |  |  |  |  |  |  |  |  |
|  | CSAT Investment Holdings LLC<sup>(4)(5)</sup> | 03/05/25 | Warrant, expires 3/5/32 | 0.1% | 301543 |  | 133772 | 301643 |
|  |  |  |  | 0.1% |  |  | 133772 | 301643 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Energy Equipment & Services** |  |  |  |  |  |  |  |  |
|  | HydroSource Logistics, LLC<sup>(4)(5)</sup> | 04/05/24 | Warrant, expires 4/4/34 | 2.9% | 45 |  | 56923 | 6208316 |
|  |  |  |  | 2.9% |  |  | 56923 | 6208316 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors** | **&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors** |  |  |  |  |  |  |  |
|  | Cinelease, LLC<sup>(4)(5)</sup> | 08/07/25 | Warrant, expires 7/31/35 | 0.1% | 37311 |  | 65707 | 254240 |
|  |  |  |  | 0.1% |  |  | 65707 | 254240 |
|  | **Total Equity Investments** |  |  | 3.9% |  |  | 3193511 | 8413467 |
|  | **Total Debt & Equity Investments**<sup>(2)</sup> |  |  | 105.5% |  |  | 226246287 | 224956333 |
|  | **Cash Equivalents** |  |  |  |  |  |  |  |
|  | **First American Government Obligation Fund, Yield 3.58%, Class X (FGXXX)** | **First American Government Obligation Fund, Yield 3.58%, Class X (FGXXX)** |  | 2.5% | 5325046 |  | 5325046 | 5325046 |
|  | **Total Cash Equivalents** |  |  | 2.5% | 5325046 |  | 5325046 | 5325046 |
|  | **Total Investments (108.0%)** |  |  |  |  |  | $**231571333** | $**230281379** |
|  | **Net unrealized depreciation on unfunded commitments (-0.0%)** | **Net unrealized depreciation on unfunded commitments (-0.0%)** |  |  |  |  |  | (93693) |
|  | **Liabilities in Excess of Other Assets (-8.0%)** | **Liabilities in Excess of Other Assets (-8.0%)** |  |  |  |  |  | $(16657195) |
|  | **Net Assets (100.0%)** |  |  |  |  |  |  | $213530491 |

---

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

(2)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."

(3)A portion of such investment is used as collateral for the Company's secured borrowing. See Note 7.

(4)Non-income producing.

(5)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 $8,413,467, or 3.6% of the Company's total assets.

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

PIK - Payment-In-Kind

------

# TCW STAR DIRECT LENDING LLC

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

## As of March 31, 2026
Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $30,409,845 and $14,082,330, 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** |  |
| United States | 100% |

---

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

------

# TCW STAR DIRECT LENDING LLC

## 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> |  |  |  |  |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;Automobile Components** |  |  |  |  |  |  |  |  |
|  | Fenix Intermediate LLC | 03/28/24 | Term Loan B - 10.43%<br>(SOFR + 6.75%, 1.75% Floor) | 2.8% | $6079110 | 03/28/29 | $5959899 | $5854183 |
|  | Fenix Intermediate LLC | 03/28/24 | Delayed Draw Term Loan B-1 - 10.43%<br>(SOFR + 6.75%, 1.75% Floor) | 0.2% | 364564 | 03/28/29 | 364564 | 351075 |
|  | Superior Industries International, Inc. | 12/08/25 | Take Back Term Loan - 13.78% inc PIK<br>(SOFR + 10.00%, 3.50% Floor, all PIK) | 0.7% | 1363548 | 12/08/30 | 1327202 | 1364093 |
|  |  |  |  | 3.7% |  |  | 7651665 | 7569351 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Commercial Services & Supplies** |  |  |  |  |  |  |  |  |
|  | CSAT Holdings LLC | 06/30/23 | Term Loan - 14.43% inc PIK<br>(SOFR + 10.50%, 2.00% Floor, 2.25% PIK) | 3.7% | 7570562 | 06/30/28 | 7443708 | 7562991 |
|  | CSAT Holdings LLC | 06/30/23 | Revolver - 14.33% inc PIK<br>(SOFR + 10.50%, 2.00% Floor, 2.25% PIK) | 0.3% | 690164 | 06/30/28 | 690164 | 689474 |
|  | Comprehensive Logistics Co., LLC | 03/26/24 | Term Loan - 11.32%<br>(SOFR + 7.50%, 2.00% Floor) | 3.2% | 6653654 | 03/26/26 | 6636407 | 6567157 |
|  | Power Acquisition LLC | 01/22/25 | Term Loan B - 9.86%<br>(SOFR + 6.00%, 1.50% Floor) | 2.8% | 6145092 | 01/22/30 | 6014898 | 5837838 |
|  | Power Acquisition LLC | 07/11/25 | Incremental Term Loan B - 9.86%<br>(SOFR + 6.00%, 1.50% Floor) | 0.2% | 471913 | 01/22/30 | 464227 | 451148 |
|  |  |  |  | 10.2% |  |  | 21249404 | 21108608 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Construction & Engineering** |  |  |  |  |  |  |  |  |
|  | Sunland Asphalt & Construction, LLC | 06/16/23 | Delayed Draw Term Loan - 10.32%<br>(SOFR + 6.50%, 1.75% Floor) | 1.0% | 2087432 | 06/16/28 | 2087432 | 2107262 |
|  | Sunland Asphalt & Construction, LLC | 06/16/23 | Term Loan B - 10.32%<br>(SOFR + 6.50%, 1.75% Floor) | 2.4% | 5018231 | 06/16/28 | 4926893 | 5065904 |
|  |  |  |  | 3.4% |  |  | 7014325 | 7173166 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary Textiles, Apparel & Luxury Goods** | **&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary Textiles, Apparel & Luxury Goods** |  |  |  |  |  |  |  |
|  | Helix Sleep, Inc. | 11/07/25 | Term Loan - 9.37%<br>(SOFR + 5.50%, 1.00% Floor) | 1.4% | 2877911 | 11/07/30 | 2831235 | 2843376 |
|  |  |  |  | 1.4% |  |  | 2831235 | 2843376 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Containers & Packaging** |  |  |  |  |  |  |  |  |
|  | The HC Companies, Inc. | 08/01/23 | Term Loan - 12.17% inc PIK<br>(SOFR + 8.50%, 2.00% Floor, 1.00% PIK) | 4.2% | 9391626 | 08/01/28 | 9271311 | 8693828 |
|  | The HC Companies, Inc. | 05/21/24 | Incremental Term Loan - 12.17% inc PIK<br>(SOFR + 8.50%, 2.00% Floor, 1.00% PIK) | 0.7% | 1603756 | 08/01/28 | 1579270 | 1484597 |
|  | Hoffmaster Group, Inc. | 02/24/23 | Term Loan - 10.10%<br>(SOFR + 6.25%, 2.00% Floor) | 2.9% | 6119258 | 02/24/28 | 6090495 | 6073975 |
|  | Hoffmaster Group, Inc. | 03/15/24 | Incremental Term Loan - 10.10%<br>(SOFR + 6.25%, 2.00% Floor) | 0.4% | 772602 | 02/24/28 | 764195 | 766885 |
|  |  |  |  | 8.2% |  |  | 17705271 | 17019285 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Energy Equipment & Services** |  |  |  |  |  |  |  |  |
|  | HydroSource Logistics, LLC | 04/05/24 | Term Loan - 12.43%<br>(SOFR + 8.50%, 2.00% Floor) | 2.4% | 4900765 | 04/04/29 | 4805530 | 4900765 |
|  | HydroSource Logistics, LLC | 04/05/24 | Revolver - 12.46%<br>(SOFR + 8.50%, 2.00% Floor) | 0.2% | 512700 | 04/04/29 | 512700 | 512700 |
|  | HydroSource Logistics, LLC | 04/14/25 | 3rd Amendment Term Loan - 12.43%<br>(SOFR + 8.50%, 2.00% Floor) | 3.1% | 6410455 | 04/04/29 | 6202161 | 6410455 |
|  |  |  |  | 5.7% |  |  | 11520391 | 11823920 |

---

------

# TCW STAR DIRECT LENDING LLC

## Consolidated Schedule of Investments (Continued)

## 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> **(continued)** |  |  |  |  |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;Food Products** |  |  |  |  |  |  |  |  |
|  | Baxters North America, Inc. | 05/31/23 | Term Loan - 10.70%<br>(SOFR + 6.88%, 1.75% Floor) | 3.5% | $7332633 | 05/31/28 | $7240317 | $7341560 |
|  | Great Kitchens Food Company, Inc. | 05/31/24 | Term Loan - 9.72%<br>(SOFR + 6.00%, 1.25% Floor) | 3.1% | 6360585 | 05/31/29 | 6259503 | 6360585 |
|  | Signature Brands, LLC | 02/29/24 | Delayed Draw Term Loan A - 10.58% inc PIK<br>(SOFR + 6.50%, 1.75% Floor, all PIK) | 0.3% | 538353 | 05/04/28 | 533001 | 538353 |
|  | Signature Brands, LLC | 05/05/23 | Term Loan - 13.58% inc PIK<br>(SOFR + 9.50%, 1.75% Floor, all PIK) | 2.8% | 9680867 | 05/04/28 | 9590541 | 5876287 |
|  | Signature Brands, LLC | 05/05/25 | 9th Amendment Term Loan A - 17.50% inc PIK<br>(17.50%, Fixed Coupon, all PIK) | 0.9% | 1957048 | 05/04/28 | 1902899 | 1957048 |
|  |  |  |  | 10.6% |  |  | 25526261 | 22073833 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Ground Transportation** |  |  |  |  |  |  |  |  |
|  | RPM Purchaser, Inc. | 09/11/23 | Term Loan B - 10.08%<br>(SOFR + 6.25%, 2.00% Floor) | 3.1% | 6277562 | 09/11/28 | 6171906 | 6340338 |
|  | RPM Purchaser, Inc. | 09/11/23 | Delayed Draw Term Loan B - 10.08%<br>(SOFR + 6.25%, 2.00% Floor) | 0.9% | 1937345 | 09/11/28 | 1937345 | 1937345 |
|  |  |  |  | 4.0% |  |  | 8109251 | 8277683 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies** | **&nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies** |  |  |  |  |  |  |  |
|  | Connect America.com, LLC | 10/11/24 | Last Out Term Loan - 9.42%<br>(SOFR + 5.75%, 1.75% Floor) | 4.2% | 9027305 | 10/11/29 | 8914448 | 8702322 |
|  |  |  |  | 4.2% |  |  | 8914448 | 8702322 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |
|  | ADAN-B LLC (24 Hour Fitness) | 4/30/2025 & 12/31/25 | Term Loan - 9.42%<br>(SOFR + 5.75%, 1.50% Floor) | 4.7% | 9780775 | 12/31/30 | 9589774 | 9707419 |
|  | CEC Entertainment, LLC | 09/26/25 | Term Loan - 9.67%<br>(SOFR + 6.00%, 2.00% Floor) | 3.8% | 8068617 | 09/26/30 | 7886259 | 7891107 |
|  | Five Star Buyer, Inc. | 05/11/23 | Term Loan - 12.98% inc PIK<br>(SOFR + 9.00%, 1.50% Floor, 2.00% PIK) | 2.7% | 5967460 | 02/23/28 | 5862881 | 5573607 |
|  | Five Star Buyer, Inc. | 05/11/23 | Delayed Draw Term Loan - 12.98% inc PIK<br>(SOFR + 9.00%, 1.50% Floor, 2.00% PIK) | 0.1% | 213278 | 02/23/28 | 213278 | 199202 |
|  |  |  |  | 11.3% |  |  | 23552192 | 23371335 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Leisure Products** |  |  |  |  |  |  |  |  |
|  | Lumos Holdings US Acquisition Co. (Life Fitness) | 08/05/25 | Term Loan - 9.40%<br>(SOFR + 5.50%, 1.50% Floor) | 4.9% | 10164433 | 08/05/30 | 10024408 | 10042460 |
|  |  |  |  | 4.9% |  |  | 10024408 | 10042460 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Machinery** |  |  |  |  |  |  |  |  |
|  | Mark Andy, Inc. | 06/16/23 | Term Loan - 12.57% inc PIK<br>(SOFR + 8.75%, 1.50% Floor, 5.75% PIK) | 2.7% | 6972528 | 06/16/28 | 6889493 | 5578022 |
|  |  |  |  | 2.7% |  |  | 6889493 | 5578022 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining** |  |  |  |  |  |  |  |  |
|  | Material Sciences Corporation | 03/14/25 | Term Loan - 10.17%<br>(SOFR + 6.50%, 2.00% Floor) | 4.3% | 9133425 | 03/14/30 | 8960898 | 8877689 |
|  |  |  |  | 4.3% |  |  | 8960898 | 8877689 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Paper & Forest Products** |  |  |  |  |  |  |  |  |
|  | Pallet Logistics of America, LLC | 11/22/24 | Revolver - 10.79%<br>(SOFR + 7.00%, 1.00% Floor) | 0.1% | 249085 | 11/29/29 | 249085 | 241115 |
|  | Pallet Logistics of America, LLC | 11/22/24 | Term Loan - 10.79% inc PIK<br>(SOFR + 7.00%, 1.00% Floor, 0.50% PIK) | 1.9% | 4153748 | 11/22/29 | 4076988 | 4020829 |
|  |  |  |  | 2.0% |  |  | 4326073 | 4261944 |

---

------

# TCW STAR DIRECT LENDING LLC

## Consolidated Schedule of Investments (Continued)

## 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> **(continued)** |  |  |  |  |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;Personal Care Products** |  |  |  |  |  |  |  |  |
|  | Viva 5 Group, LLC | 05/21/25 | Term Loan - 10.22%<br>(SOFR + 6.50%, 2.25% Floor) | 4.2% | 8873258 | 05/21/30 | $8676329 | $8731286 |
|  | Viva 5 Group, LLC | 05/21/25 | Revolver - 10.22%<br>(SOFR + 6.50%, 2.25% Floor) | 0.1% | 199080 | 05/21/30 | 199080 | 195894 |
|  |  |  |  | 4.3% |  |  | 8875409 | 8927180 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Professional Services** |  |  |  |  |  |  |  |  |
|  | Alorica Inc. | 12/21/22 | Term Loan - 10.59%<br>(SOFR + 6.88%, 1.50% Floor) | 4.5% | 9276342 | 12/21/27 | 9221553 | 9276342 |
|  |  |  |  | 4.5% |  |  | 9221553 | 9276342 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Software** |  |  |  |  |  |  |  |  |
|  | CF Newco, Inc. | 12/09/24 | Term Loan - 9.74%<br>(SOFR + 6.00%, 1.50% Floor) | 1.9% | 3837324 | 12/10/29 | 3804775 | 3856511 |
|  | CF Newco, Inc. | 12/09/24 | Revolver - 9.74%<br>(SOFR + 6.00%, 1.50% Floor) | 0.1% | 262577 | 12/10/29 | 262577 | 262577 |
|  | CF Newco, Inc. | 12/11/25 | Amendment No. 1 Term Loan - 9.99%<br>(SOFR + 6.25%, 1.50% Floor) | 0.9% | 1755249 | 12/10/29 | 1728130 | 1778067 |
|  |  |  |  | 2.9% |  |  | 5795482 | 5897155 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Specialty Retail** |  |  |  |  |  |  |  |  |
|  | D&D Buyer, LLC | 10/04/23 | Revolver - 10.27%<br>(SOFR + 6.50%, 2.00% Floor) | 0.3% | 528672 | 10/04/28 | 528672 | 528672 |
|  | D&D Buyer, LLC | 10/04/23 | Delayed Draw Term Loan - 10.42%<br>(SOFR + 6.50%, 2.00% Floor) | 0.7% | 1449098 | 10/04/28 | 1449098 | 1461560 |
|  | D&D Buyer, LLC | 10/04/23 | Term Loan - 10.27%<br>(SOFR + 6.50%, 2.00% Floor) | 2.9% | 5995767 | 10/04/28 | 5890792 | 6047330 |
|  | D&D Buyer, LLC | 08/20/25 | 4th Amendment Delayed Draw Term Loan - 10.49%<br>(SOFR + 6.50%, 2.00% Floor) | 1.1% | 2158750 | 10/04/28 | 2158750 | 2177315 |
|  |  |  |  | 5.0% |  |  | 10027312 | 10214877 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Trading Companies & Distributors** | **&nbsp;&nbsp;&nbsp;&nbsp;Trading Companies & Distributors** |  |  |  |  |  |  |  |
|  | Cinelease, LLC | 08/07/25 | ABL Term Loan - 11.82%<br>(SOFR + 7.50%, 2.50% Floor) | 1.4% | 2964019 | 07/31/30 | 2829543 | 2875099 |
|  |  |  |  | 1.4% |  |  | 2829543 | 2875099 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Transportation Infrastructure** |  |  |  |  |  |  |  |  |
|  | CG Buyer, LLC | 07/19/23 | Delayed Draw Term Loan - 10.22%<br>(SOFR + 6.50%, 1.50% Floor) | 0.1% | 115084 | 07/19/28 | 115084 | 114509 |
|  | CG Buyer, LLC | 07/19/23 | Term Loan - 10.22%<br>(SOFR + 6.50%, 1.50% Floor) | 2.5% | 5251430 | 07/19/28 | 5178778 | 5225173 |
|  |  |  |  | 2.6% |  |  | 5293862 | 5339682 |
|  | **Total Debt Investments** |  |  | 97.3% |  |  | 206318476 | 201253329 |

---

------

# TCW STAR DIRECT LENDING LLC

## Consolidated Schedule of Investments (Continued)

## As of December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Issuer** | **Acquisition<br>Date** | **Investment** | **% of Net Assets** | **Shares** | **Maturity<br>Date** | **Amortized<br>Cost** | **Fair Value** |
|  | **EQUITY** |  |  |  |  |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;Automobile Components** |  |  |  |  |  |  |  |  |
|  | SUP Parent Holdings, LLC<sup>(3)(4)</sup> | 08/13/25 | Common Units | 0.8% | 6602 |  | $2937109 | $1658228 |
|  |  |  |  | 0.8% |  |  | 2937109 | 1658228 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Commercial Services & Supplies** |  |  |  |  |  |  |  |  |
|  | CSAT Investment Holdings LLC<sup>(3)(4)</sup> | 03/05/25 | Warrant, expires 3/5/32 | 0.2% | 301543 |  | 133772 | 350212 |
|  |  |  |  | 0.2% |  |  | 133772 | 350212 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Energy Equipment & Services** |  |  |  |  |  |  |  |  |
|  | HydroSource Logistics, LLC<sup>(3)(4)</sup> | 04/05/24 | Warrant, expires 4/4/34 | 2.5% | 44 |  | 56923 | 5209988 |
|  |  |  |  | 2.5% |  |  | 56923 | 5209988 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors** | **&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors** |  |  |  |  |  |  |  |
|  | Cinelease, LLC<sup>(3)(4)</sup> | 08/07/25 | Warrant, expires 7/31/35 | 0.0% | 37311 |  | 65707 | 43281 |
|  |  |  |  | 0.0% |  |  | 65707 | 43281 |
|  | **Total Equity Investments** |  |  | 3.5% |  |  | 3193511 | 7261709 |
|  | **Total Debt & Equity Investments**<sup>(2)</sup> |  |  | 100.8% |  |  | 209511987 | 208515038 |
|  | **Cash Equivalents** |  |  |  |  |  |  |  |
|  | **First American Government Obligation Fund, Yield 3.68%, Class X (FGXXX)** | **First American Government Obligation Fund, Yield 3.68%, Class X (FGXXX)** |  | 2.1% | 4426311 |  | 4426311 | 4426311 |
|  | **Total Cash Equivalents** |  |  | 2.1% | 4426311 |  | 4426311 | 4426311 |
|  | **Total Investments (102.9%)** |  |  |  |  |  | $**213938298** | $**212941349** |
|  | **Net unrealized depreciation on unfunded commitments (-0.1%)** | **Net unrealized depreciation on unfunded commitments (-0.1%)** |  |  |  |  |  | (202793) |
|  | **Liabilities in Excess of Other Assets (-2.8%)** | **Liabilities in Excess of Other Assets (-2.8%)** |  |  |  |  |  | $(5719400) |
|  | **Net Assets (100.0%)** |  |  |  |  |  |  | $207019156 |

---

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

(2)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."

(3)Non-income producing.

(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 $7,261,709, or 3.4% of the Company's total assets.

SOFR - Secured Overnight Financing Rate, generally 6-Month

PIK - Payment-In-Kind

------

# TCW STAR DIRECT LENDING LLC

## Consolidated Schedule of Investments (Continued)

## As of December 31, 2025
Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $99,062,045 and $41,812,791, 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** |  |
| United States | 100% |

---

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

------

# TCW STAR DIRECT LENDING LLC

## Consolidated Statements of Assets and Liabilities
**(Dollar amounts in thousands, except unit 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 $226,246 and<br> $209,512, respectively,) | $224956 | $208515 |
| Cash and cash equivalents | 5818 | 6127 |
| Interest income receivable | 1163 | 736 |
| Receivable for investments sold | 49 | 27 |
| Prepaid expenses and other assets | 16 | 33 |
| **Total Assets** | $232002 | $215438 |
| **Liabilities** |  |  |
| Repurchase obligations | $8452 | $— |
| Incentive fee payable | 7839 | 7043 |
| Management fee payable | 1339 | 656 |
| Administration fee payable | 556 | 444 |
| Unrealized depreciation on unfunded commitments | 94 | 203 |
| Other accrued expenses and other liabilities | 192 | 73 |
| **Total Liabilities** | 18472 | 8419 |
| Commitments and Contingencies (Note 5) |  |  |
| **Members' Capital** |  |  |
| Common Unitholders' commitment: (3,753,190 units issued and outstanding) | 375319 | 375319 |
| Common Unitholders' undrawn commitment: (3,753,190 units issued and outstanding) | (130319) | (137319) |
| Common Unitholders' return of capital | (22331) | (22331) |
| Common Unitholders' offering costs | (5) | (5) |
| Accumulated Common Unitholders' tax reclassification | (287) | (287) |
| Common Unitholders' capital | 222377 | 215377 |
| Accumulated undistributed (overdistributed) earnings | (8847) | (8358) |
| **Total Members' Capital** | 213530 | 207019 |
| **Total Liabilities and Members' Capital** | $232002 | $215438 |
| **Net Asset Value Per Unit (accrual base) (Note 10)**<sup>(1)</sup> | $91.62 | $91.75 |

---

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

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

------

# TCW STAR DIRECT LENDING LLC

# Consolidated Statements of Operations (Unaudited)
**(Dollar amounts in thousands, except unit data)**

## March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2026** | **2025** |
| **Investment Income** |  |  |
| **Non-controlled/non-affiliated investments:** |  |  |
| Interest income | $5906 | $4931 |
| Interest income paid-in-kind | 661 | 468 |
| Other fee income | 20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 6587 | 5399 |
| **Expenses** |  |  |
| Incentive fees | 796 | 455 |
| Management fees | 684 | 513 |
| Administrative fees | 124 | 120 |
| Interest expense on repurchase transactions | 115 | 210 |
| Professional fees | 62 | 69 |
| Directors' fees | 54 | 50 |
| Insurance expense | 16 | 13 |
| Other expenses | 41 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 1892 | 1460 |
| **Net investment income** | 4695 | 3939 |
| **Net realized and unrealized loss on investments** |  |  |
| **Net change in unrealized appreciation/(depreciation):** |  |  |
| Non-controlled/non-affiliated investments | (184) | (1361) |
| **Net realized and unrealized loss on investments** | (184) | (1361) |
| **Net increase in Members' Capital from operations** | $4511 | $2578 |
| Basic and diluted: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income per unit | $1.20 | $0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Units Outstanding | 3753190 | 3753190 |

---

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

------

**TCW STAR DIRECT LENDING LLC** 

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

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

**March 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Common<br>Unitholders'<br>Capital** | **Accumulated Undistributed (Overdistributed) Earnings** | **Total** |
| **Members' Capital at January 1, 2025** | $153666 | $(4428) | $149238 |
| **Net Increase (Decrease) in Members' Capital Resulting from Operations:** |  |  |  |
| Net investment income |  | 3939 | 3939 |
| Net change in unrealized appreciation/(depreciation) on investments |  | (1361) | (1361) |
| **Net Increase (Decrease) in Members' Capital Resulting from Capital Activity:** |  |  |  |
| Contributions | 13000 |  | 13000 |
| Distributions to Members from: |  |  |  |
| Distributable earnings |  | (5000) | (5000) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Members' Capital for the three months ended March 31, 2025** | 13000 | (2422) | 10578 |
| **Members' Capital at March 31, 2025** | $166666 | $(6850) | $159816 |

---

------

**TCW STAR DIRECT LENDING LLC** 

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

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

## March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **Common<br>Unitholders'<br>Capital** | **Accumulated Undistributed (Overdistributed) Earnings** | **Total** |
| **Members' Capital at January 1, 2026** | $215377 | $(8358) | $207019 |
| **Net Increase (Decrease) in Members' Capital Resulting from Operations:** |  |  |  |
| Net investment income |  | 4695 | 4695 |
| Net change in unrealized appreciation/(depreciation) on investments |  | (184) | (184) |
| **Net Increase (Decrease) in Members' Capital Resulting from Capital Activity:** |  |  |  |
| Contributions | 7000 |  | 7000 |
| Distributions to Members from: |  |  |  |
| Distributable earnings |  | (5000) | (5000) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Members' Capital for the three months ended March 31, 2026** | 7000 | (489) | 6511 |
| **Members' Capital at March 31, 2026** | $222377 | $(8847) | $213530 |

---

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

------

**TCW STAR DIRECT LENDING LLC** 

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

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

## March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2026** | **2025** |
| **Cash Flows from Operating Activities** |  |  |
| **Net increase in net assets resulting from operations** | $4511 | $2578 |
| **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 | (29749) | (29207) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income paid in-kind | (661) | (468) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales and paydowns of investments | 14082 | 2180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized (appreciation)/depreciation on investments | 184 | 1361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of premium and accretion of discount, net | (406) | (240) |
| **Increase (decrease) in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in interest income receivable | (427) | (122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in receivable for investments sold | (22) | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in prepaid expenses and other assets | 17 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in payable for investments purchased |  | 2311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in incentive fees payable | 796 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in management fees payable | 683 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in administration fee payable | 112 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in other accrued expenses and other liabilities | 119 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | (10761) | (20506) |
| **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions from Members | 7000 | 13000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to Members | (5000) | (5000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from repurchase obligation | 26175 | 20913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of repurchase obligation | (17723) | (9513) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | 10452 | 19400 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net decrease in cash and cash equivalents** | (309) | (1106) |
| **Cash and cash equivalents, beginning of period** | 6127 | 9643 |
| **Cash and cash equivalents, end of period** | $5818 | $8537 |
| **Supplemental and non-cash financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash purchases of investments due to reorganization | $4137 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash sales of investments due to reorganization | $(4137) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense paid | $101 | $193 |

---

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

------

**TCW STAR DIRECT LENDING LLC**

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

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

## March 31, 2026
**1.** **Organization and Basis of Presentation**

Organization: TCW Star Direct Lending LLC (the "Company"), was formed as a Delaware limited liability company on March 7, 2022. The Company has conducted a private offering of its common limited liability company units (the "Units") to investors in reliance on exemptions from the registration requirements of the Securities Act. In addition, the Company may issue preferred units, though it currently has no intention to do so. On July 21, 2022 ("Inception Date"), the Company sold and issued 10 Units at an aggregate purchase price of $1 to TCW Asset Management Company LLC ("TAMCO"), an affiliate of the TCW Group, Inc. During the fourth quarter of 2022, TAMCO transferred its 10 units back to the Company.

On September 1, 2022, 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 filed 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") and has made such an election beginning with the taxable year ending December 31, 2022. As a BDC and a RIC, the Company is required to meet the minimum distribution and other requirements for RIC qualification and as a BDC and a RIC, the Company is required to comply with certain regulatory requirements.

On September 15, 2022, the Company entered into the Investment Advisory and Management Agreement with TAMCO, its registered investment adviser (the "Adviser"). On the same date, the Company also completed the closing of the sale of its Common Units (the "Closing Date") pursuant to which the Company sold 3,753,190 Common Units at an aggregate purchase price of $375,319.

The Company commenced operations during the third quarter of fiscal year 2022 and commenced investment activity during the last two weeks of December 2022.

As of March 31, 2026, the Company has five wholly-owned subsidiaries, each a Delaware limited liability company.

These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.

*Term:* The term of the Company will continue until the eighth anniversary of the date of the Company's amended and restated limited liability company agreement (the "LLC Agreement"), unless extended or the Company is sooner dissolved as provided in the LLC Agreement or by operation of law. Thereafter, the Company may extend the term for successive one-year periods upon written notice to the holders of the Units (the "Unitholders") and holders of preferred units, if any, (together with the Unitholders, the "Members") at least 90 days prior to the expiration of the term or the end of the first one-year period.

*Commitment Period:* The Commitment Period commenced on the Closing Date, the day on which the Company completed the first closing of the sale of its Units to persons not affiliated with the Adviser, and will end on December 21, 2026, which is the later of (a) September 15, 2026, four years from the Closing Date and (b) four years from December 21, 2022, which is the date on which the Company first completed an investment. The Commitment Period automatically extends for successive one-year periods beginning December 21, 2025, so that immediately following such extension, the Commitment Period will expire two years from the extension date. However, the Commitment Period is subject to termination upon the occurrence of a Key Person Event defined as follows: A "Key Person Event" will occur if, during the Commitment Period, (i) Richard T. Miller and one or more of Suzanne Grosso, Mark Gertzof and David Wang (each of such four Persons, a "Key Person" and collectively, the "Key Persons") fail to devote substantially all (i.e., more than 85%) of their business time to the investment activities of the Company and the Related Entities; or (ii) Ms. Grosso, Mr. Gertzof and Mr. Wang all fail to devote substantially all of their business time to the investment activities of the Company and the Related Entities, in each case other than as a result of a temporary disability (the occurrence of such an event, a "Key Person Departure"); provided that if a replacement has been approved as described in the paragraphs below, such replacement shall be specifically designated to take the place of one of the above-named individuals and the definition "Key Person Event" will be amended to take into account such successor.

------

**TCW STAR DIRECT LENDING LLC**

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

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

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

Upon the occurrence of a Key Person Event, and in the event that the Adviser fails to replace the above-referenced individuals in the manner contemplated by this paragraph, the Commitment Period shall be automatically terminated upon such Key Person Event. The Commitment Period will be re-instated upon the vote or written consent of 66 2/3% in interest of the Unitholders. The Adviser is permitted at any time to replace any person designated above with a senior professional (including a Key Person) selected by the Adviser, provided that such replacement has been approved by a majority of the Unitholders (in which case, the approved substitute will be a Key Person in lieu of the person replaced). The determination of whether a Key Person Event has occurred will be made by the Company in accordance with the criteria set out above. The Company shall provide written notice to Unitholders of such Key Person Event within 30 days of the date of such Key Person Departure. If the Company fails to obtain approval of a replacement of a Key Person following a Key Person Departure as provided herein, then notwithstanding anything herein, the Key Person Departure shall be permanent and the Adviser shall not be permitted to replace such Key Person. Notwithstanding the foregoing, the Adviser is permitted at any time to replace any Person designated above with a senior professional (including a Key Person) selected by the Adviser, with the approval of the majority of the Unitholders (in which case, the approved substitute shall be a Key Person in lieu of the Person replaced) no later than 90 days after the date that the Adviser informs the Company of its proposed replacement of the Key Person. If such replacement(s) end the occurrence of a Key Person Event, the Commitment Period will automatically be re-instated.

In accordance with the Company's LLC Agreement, the Company may complete investment transactions that were significantly in process as of the end of the Commitment Period and which the Company reasonably expects to be consummated prior to 90 days subsequent to the expiration date of the Commitment Period. The Company may also effect follow-on investments in existing portfolio companies up to an aggregate maximum of 10% of aggregate cumulative invested amounts.

*Capital Commitments:* As of March 31, 2026, the Company has sold 3,753,190 Units for an aggregate offering price of $375,319. Each Unitholder is obligated to contribute capital equal to their Commitment and each Unit's Commitment obligation is $100.00 per unit. The sale of the Units was made pursuant to subscription agreements entered into by the Company and each investor. Under the terms of the subscription agreements, the Company may draw down all or any portion of the undrawn commitment with respect to each Unit generally upon at least ten business days' prior written notice to the unitholders. The amount of capital that remains to be drawn down and contributed is referred to as an "Undrawn Commitment".

The commitment amount funded does not include amounts contributed in anticipation of a potential investment that the Company did not consummate and therefore returned to the Members as unused capital. As of March 31, 2026, aggregate Commitments, Undrawn Commitments, percentage of Commitments funded and the number of subscribed for Units of the Company were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Commitments** | **Undrawn<br>Commitments** | **% of<br>Commitments<br>Funded** | **Units** |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Unitholder | $375319 | $130319 | 65.3% | 3753190 |

---

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

The Recallable Amount as of March 31, 2026 was $22,331.

------

**TCW STAR DIRECT LENDING LLC**

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

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

**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.

*Income Recognition*: Interest income and interest income paid-in-kind ("PIK") are recorded on an accrual basis unless doubtful of collection or the related investment is in default. Although the Company does not currently expect the Private Credit Group to originate a significant amount of investments for the Company with the use of 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 Unitholders 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, PIK interest income earned was $661, representing 10.0% of investment income. For the three months ended March 31, 2025, PIK interest income earned was $468, representing 8.7% of investment income.

Realized gains and losses on investments are recorded on a specific identification basis. The Company typically receives a fee in the form of a discount to the purchase price at the time it funds an investment in a loan. The discount is accreted to interest income over the life of the respective loan, using the effective-interest method assuming there are no questions as to collectability, and reflected in the amortized cost basis of the investment. Ongoing facility, commitment or other additional fees including prepayment fees, consent fees and forbearance fees are recognized immediately when earned as income.

The Company may enter into certain intercreditor agreements or loan 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.

------

**TCW STAR DIRECT LENDING LLC**

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

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

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

Certain investments have an unfunded loan commitment for a delayed draw term loan or revolving credit. The Company earns an unused commitment fee on the unfunded commitment during the commitment period. The expiration date of the commitment period may be earlier than the maturity date of the investment stated above. See Note 5—Commitments and Contingencies.

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment regarding collectability. If at any point 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. The Company may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection.

*Organizational and Offering Costs*: Costs incurred to organize the Company are expensed as incurred. Offering costs are accumulated and will be charged directly to Members' Capital during the same period in which an initial capital call is made. The Company will not bear more than an amount equal to 10 basis points of the aggregate capital commitments to the Company through the Units (the "Commitments") of the Company for organizational and offering costs in connection with the offering of the Units through the end of the period during which the Units will be offered (the "Closing Period"). Organizational costs are expensed as incurred, and since inception the Company has incurred $148 in organizational costs, of which $0 was expensed during the three months ended March 31, 2026. Since inception, the Company has incurred $5 in offering costs, all of which was charged to Members' Capital during the fourth quarter of the period ended December 31, 2022.

*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 is comprised of demand deposits and highly liquid investments with maturities of three months or less. Cash equivalents are valued at the net asset value of the mutual fund which approximates fair value and are classified as Level 1 in the GAAP valuation hierarchy.

*Repurchase Obligations:* Transactions whereby the Company sells an investment it currently holds with a concurrent agreement to repurchase the same investment at an agreed upon price at a future date are accounted for as secured borrowings in accordance with ASC 860, *Transfers and Servicing.* The investment subject to the repurchase agreement remains on the Company's Consolidated Statements of Assets and Liabilities and a secured borrowing is recorded for the future repurchase obligation. The secured borrowing is collateralized by the investment subject to the repurchase agreement. Interest expense associated with the repurchase obligation is reported on the Company's Consolidated Statements of Operations within Interest expense on repurchase transactions.

*Income Taxes:* The Company has elected to be regulated as a BDC under the 1940 Act. The Company also elected to be treated as a RIC under the Code beginning with the taxable year ending December 31, 2022. 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 Unitholders 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 Directors (the "Board") based on similar instruments, internal assumptions and the weighting of the best available pricing inputs.

------

**TCW STAR DIRECT LENDING LLC**

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

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

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

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

*Fair Value Hierarchy:* Assets and liabilities are classified by 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.

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

------

**TCW STAR DIRECT LENDING LLC**

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

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

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

The following is a summary by major security type of the fair valuations according to inputs used in valuing investments listed in the Consolidated Schedule of Investments as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Debt | $— | $— | $216543 | $216543 |
| Equity |  |  | 8413 | 8413 |
| Cash equivalents | 5325 |  |  | 5325 |
| **Total** | $**5325** | $**—** | $**224956** | $**230281** |

---

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 | $— | $— | $201253 | $201253 |
| Equity |  |  | 7262 | 7262 |
| Cash equivalents | 4426 |  |  | 4426 |
| **Total** | $**4426** | $**—** | $**208515** | $**212941** |

---

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 | $201253 | $7262 | $208515 |
| Purchases, including payments received in-kind | 34547 |  | 34547 |
| Sales and paydowns of investments | (18219) |  | (18219) |
| Amortization of premium and accretion of discount, net | 406 |  | 406 |
| Net change in unrealized appreciation/(depreciation) | (1444) | 1151 | (293) |
| **Balance, March 31, 2026** | $**216543** | $**8413** | $**224956** |
| Change in net unrealized appreciation/(depreciation) in investments held as of March 31, 2026 | $(1374) | $1151 | $(223) |

---

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, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Debt** | **Equity** | **Total** |
| Balance, January 1, 2025 | $150147 | $35 | $150182 |
| Purchases, including payments received in-kind | 29541 | 134 | 29675 |
| Sales and paydowns of investments | (2180) |  | (2180) |
| Amortization of premium and accretion of discount, net | 240 |  | 240 |
| Net change in unrealized appreciation/(depreciation) | (1626) | 188 | (1438) |
| **Balance, March 31, 2025** | $**176122** | $**357** | $**176479** |
| Change in net unrealized appreciation/(depreciation) in investments held as of March 31, 2025 | $(1626) | $188 | $(1438) |

---

The Company did not have any transfers between levels during the three months ended March 31, 2026 and 2025.

------

**TCW STAR DIRECT LENDING LLC**

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

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

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

*Level 3 Valuation and Quantitative Information:* The following table summarizes the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of 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 | $152430 | Income Method | Discount Rate | 8.9% to 19.6% | 11.4% | Decrease |
| Debt | $35340 | Market Method | EBITDA Multiple | 4.4x to 11.0x | 7.2x | Increase |
| Debt | $17362 | Market Method | Indicative Bid | 98.0% to 98.6% | 98.3% | Increase |
| Debt | $11411 | Income Method | Discount Rate | 12.8% to 17.0% | 15.0% | Decrease |
|  |  | Market Method | Indicative Bid | 101.0% to 105.0% | 102.1% | Increase |
| Equity | $254 | Market Method | Revenue Multiple | 1.3x to 1.5x | 1.4x | Increase |
|  |  | Market Method | Indicative Bid | $10.46 to $15.73 | $13.10 | Increase |
| Equity | $8159 | Market Method | EBITDA Multiple | 4.5x to 11.5x | 9.4x | Increase |

---

\* Weighted based on fair value

During the three months ended March 31, 2026, one debt investment with a fair value of $9,654 transitioned from a market approach valuation model to a yield analysis valuation model, one debt investment with a fair value of $3,164 transitioned from a yield analysis valuation model to a yield analysis and market approach valuation model, and one debt investment with a fair value of $4,916 transitioned from a yield analysis and market approach valuation model to a yield analysis valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.

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 | $147341 | Income Method | Discount Rate | 8.8 to 19.1% | 11.1% | Decrease |
| Debt | $30374 | Market Method | EBITDA Multiple | 4.5x to 9.5x | 6.8x | Increase |
| Debt | $9707 | Market Method | Indicative Bid | 99.3% to 99.3% | 99.3% | Increase |
| Debt | $8252 | Income Method | Discount Rate | 15.4% to 18.1% | 16.8% | Decrease |
|  |  | Market Method | Indicative Bid | 101.0% to 101.0% | 101.0% | Increase |
| Debt | $5579 | Income Method | Discount Rate | 22.0% to 27.0% | 24.5% | Decrease |
|  |  | Market Method | EBITDA Multiple | 6.5x to 7.5x | 7.0x | Increase |
| Equity | $43 | Market Method | Revenue Multiple | 1.3x to 1.5x | 1.4x | Increase |
| Equity | $7219 | Market Method | EBITDA Multiple | 4.8x to 10.8x | 8.2x | Increase |

---

\* Weighted based on fair value

During the year ended December 31, 2025, three debt investments with an aggregate fair value of $13,830 transitioned from a yield analysis valuation model to a yield analysis and market approach valuation model and four debt investments with an aggregate fair value of $16,593 transitioned from a yield analysis valuation model to a market approach valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.

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

------

**TCW STAR DIRECT LENDING LLC**

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

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

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

*Advisory Agreement*: On September 15, 2022, the Company entered into the Investment Advisory and Management Agreement (the "Advisory Agreement") with the Adviser, a registered investment adviser under the Investment Advisers Act of 1940, as amended. The Advisory Agreement became effective upon its execution for an initial two-year term. Unless earlier terminated, the Advisory Agreement will continue in effect for additional one-year terms thereafter if approved annually by (i) the vote of the Board, or by the vote of a majority of the Company's outstanding voting securities and (ii) the vote of a majority of the Board who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Company, the Adviser or any of their respective affiliates (the "Independent Directors"). The Advisory Agreement will automatically terminate in the event of an assignment by the Adviser. On August 12, 2025, the Company's Board renewed the Advisory Agreement for an additional one-year term until September 15, 2026.

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

Pursuant to the Advisory Agreement, the Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•formulates and implements the Company's investment program;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•identifies/sources, researches, evaluates and negotiates the structure of the investments made by the Company (including due diligence on prospective portfolio companies);

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•determines the securities and other assets that the Company will originate, purchase, retain, or sell;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•places orders for the purchase or sale of portfolio securities for the Company's account with broker-dealers selected by the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pays such expenses as are incurred by it in connection with providing the foregoing services, subject to the reimbursement of certain expenses incurred on behalf of the Company to the extent described in the Administration Agreement (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•coordinates with the Administrator (as defined below) and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provides the Company with such other investment advisory, research, and related services as the Company may, from time to time, reasonably require for the investment of its funds, including providing operating and managerial assistance to the Company and its portfolio companies as required.

The Company pays to the Adviser, 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 units, 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. Installments of the Management Fee payable for any partial month or quarter shall be pro rated for the actual number of days in such period.

For the three months ended March 31, 2026, Management Fees incurred were $684 and $1,339 remained payable as of March 31, 2026.

For the three months ended March 31, 2025, Management Fees incurred were $513 and $978 remained payable as of March 31, 2025.

------

**TCW STAR DIRECT LENDING LLC**

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)First, no Incentive Fee is owed until the Common Unitholders have collectively received cumulative distributions pursuant to this clause (a) equal to their Aggregate Contributions (as defined in the LLC Agreement) to the Company in respect of all the Common Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Second, no Incentive Fee is owed until the Common Unitholders have collectively received cumulative distributions equal to a 6.5% internal rate of return on their Aggregate Contributions to the Company in respect of all Common Units (the "Hurdle");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Third, the Adviser is entitled to an Incentive Fee out of 100% of additional amounts otherwise distributable to Common Unitholders until such time as the Incentive Fee paid to the Adviser is equal to 15% of the sum of (A) the amount by which the Hurdle exceeds the Aggregate Contributions of the Common Unitholders in respect of all Common Units and (B) the amount of Incentive Fee being paid to the Adviser pursuant to this component (c); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Thereafter, the Adviser is entitled to an Incentive Fee equal to 15% of additional amounts otherwise distributable to Common Unitholders in respect of all Common Units, with the remaining 85% distributed to the Common Unitholders.

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

For purposes of calculating the Incentive Fee, as provided in Section 3.3.2 of the LLC Agreement, Aggregate Contributions shall not include NAV Balancing Contributions or Late-Closer Contributions, and the distributions to Common Unitholders shall not include distributions attributable to Late-Closer Contributions (each capitalized term as defined in the LLC agreement). NAV Balancing Contributions received by the Company will not be treated as amounts distributed to Common Unitholders for purposes of calculating the Incentive Fee. In addition, if distributions to which a Defaulting Member (as defined in the LLC Agreement) otherwise would have been entitled have been withheld pursuant to Section 6.2.4 of the LLC Agreement, the amounts so withheld shall be treated for such purposes as having been distributed to such Defaulting Member. The amount of any distribution of securities made in kind shall be equal to the fair market value of those securities at the time of distribution determined pursuant to Section 13.4 of the LLC Agreement.

If the Advisory Agreement terminates early for any reason other than (i) the Adviser voluntarily terminating the Advisory Agreement or (ii) the Company terminating the Advisory Agreement for cause, the Company will be required to pay the Adviser a final incentive fee payment (the "Final Incentive Fee Payment"). The Final Incentive Fee Payment will be calculated as of the date the Advisory Agreement is so terminated and will equal the amount of Incentive Fee that would be payable to the Adviser if (A) all of the Company's investments were liquidated for their current value (but without taking into account any unrealized appreciation of any Portfolio Investment (as defined in the LLC Agreement)), and any unamortized deferred Portfolio Investment-related fees were deemed accelerated, (B) the proceeds from such liquidation were used to pay all of the Company's outstanding liabilities, and (C) the remainder were distributed to Common Unitholders and paid as Incentive Fee in accordance with Section 6(a) of the Advisory Agreement. The Company will make the Final Incentive Fee Payment in cash on or immediately following the date the Advisory Agreement is so terminated. In the case of an early termination, the Adviser Return Obligation under Section 6(c) of the Advisory Agreement will not apply in connection with a Final Incentive Fee Payment.

For the three months ended March 31, 2026, Incentive Fees incurred were $796. For the three months ended March 31, 2025, Incentive Fees incurred were $455. The Company has not made any incentive fee payments to the Adviser, and as of March 31, 2026 and December 31, 2025, the Company's incentive fee payable to the Adviser was $7,839 and $7,043, respectively.

------

**TCW STAR DIRECT LENDING LLC**

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

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

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

Adviser Return Obligation: On each fiscal year-end from and after December 31, 2024 (each, an "Interim Incentive Fee Date"), and after the Company has made its final distribution of assets pursuant to Section 9.2 of the LLC Agreement (the "Final Incentive Fee Date"), if the Adviser has received aggregate payments of Final Incentive Fee, or with respect to the Interim Incentive Fee only, an amount equal to or greater than $1,000 in excess of the Adviser Target Amount (as defined in the Advisory Agreement) as of such time (an "Adviser Return Event"), then the Adviser shall return to the Company in cash on or before the 90th day after such Interim Incentive Fee Date or Final Incentive Fee Date, as the case may be, an amount equal to such excess (the "Adviser Return Obligation"). Notwithstanding the preceding sentence, in no event shall the Adviser Return Obligation exceed an amount greater than the aggregate amount of Incentive Fee payments previously received by (or allocated to) the Adviser from the Company with respect to the two Interim Incentive Fee Dates immediately preceding such Adviser Return Event, reduced by the excess (if any) of (a) the aggregate federal, state and local income tax liability the Adviser incurred in connection with the payment of such Incentive Fees (assuming the highest marginal applicable federal and New York City and State income tax rates applied to such payments), over (b) an amount equal to the U.S. federal and state tax benefits available to the Adviser by virtue of the payment made by the Adviser pursuant to its Adviser Return Obligation (assuming that, to the extent such payments are deductible by the Adviser, the benefit of such deductions will be computed using the then highest marginal applicable federal and New York City and State income tax rates), as reasonably determined by the Adviser.

The Adviser Return Obligation shall be recomputed to take into account any post liquidation returns of distributions made by Members pursuant to Section 11.4 of the LLC Agreement, and any additional Adviser Return Obligation triggered by such post- liquidation returns shall be made by the Adviser contemporaneously with such post- liquidation returns by the Members.

*Administration Agreement*: On September 15, 2022, 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 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 Unitholders 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 amounts paid pursuant to the Administration Agreement are subject to the Company Expenses Limitation (as defined below). The Administrator agrees that it will 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 Unitholders for any mistake in judgment, any act performed or omission made by such person or losses due to the mistake, action, inaction, or negligence of other agents of the Company. 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. On August 12, 2025, the Company's Board renewed the Administration Agreement for an additional one-year term through September 15, 2026.

------

**TCW STAR DIRECT LENDING LLC**

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

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

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

*Expenses:* The Company, and indirectly the Unitholders, bears all costs, expenses and liabilities, other than Adviser Operating Expenses (as defined below, and which shall be borne by the Adviser), in connection with the Company's organization, operations, administration and transactions ("Company Expenses"). Company Expenses include, without limitation: (a) organizational expenses and expenses associated with the issuance of the Units and organizational expenses of a related entity organized and managed by the Adviser or an affiliate of the Adviser as a feeder fund for the Company and issuance of interests therein; (b) expenses of calculating net asset value (including the cost and expenses of any independent valuation firm); (c) fees payable to third parties, including agents, consultants, attorneys or other advisors, relating to, or associated with, evaluating and making investments; (d) expenses incurred by the Adviser or the Administrator payable to third parties, including agents, consultants, attorneys or other advisors, relating to or associated with monitoring the Company's financial and legal affairs, providing administrative services, monitoring or administering the Company's investments and performing due diligence reviews of prospective investments and the corresponding portfolio companies; (e) costs associated with the Company's reporting and compliance obligations under the 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 the Company's investments or operations, and payment of interest and repayment of principal on such debt; (g) expenses related to sales and purchases of Units and other securities; (h) Management Fees and Incentive Fees; (i) administrator fees and expenses payable under the Administration Agreement, provided that any such fees payable to the Administrator shall be limited to what a qualified third party would charge to perform substantially similar services; (j) transfer agent, sub-administrator and custodial fees; (k) expenses relating to the issue, repurchase and transfer of Units to the extent not borne by the relevant transferring Unitholders and/or assignees; (l) federal and state registration fees; (m) federal, state and local taxes and other governmental charges assessed against the Company; (n) independent directors' fees and expenses and the costs associated with convening a meeting of the Company's board of directors or any committee thereof; (o) fees and expenses and the costs associated with convening a meeting of the Unitholders or holders of any preferred units; (p) costs of any reports, proxy statements or other notices to Unitholders, including printing and mailing costs; (q) costs and expenses related to the preparation of the Company's financial statements and tax returns; (r) the Company's allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums; (s) direct costs and expenses of administration, including printing, mailing, long distance telephone, and copying; (t) independent auditors and outside legal costs, including legal costs associated with any requests for exemptive relief, "no-action" positions or other guidance sought from a regulator, pertaining to the Company; (u) compensation of other third party professionals to the extent they are devoted to preparing the Company's financial statements or tax returns or providing similar "back office" financial services to the Company; (v) Adviser costs and expenses (excluding travel) in connection with identifying and investigating investment opportunities for the Company, monitoring the Company's 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 the Company, 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 Company's LLC Agreement or Advisory Agreement or related documents of the Company or related entities; (aa) fees, costs, and expenses incurred in connection with the termination, liquidation or dissolution of the Company or related entities; and (bb) all other properly and reasonably chargeable expenses incurred by the Company or the Administrator in connection with administering the Company's business.

------

**TCW STAR DIRECT LENDING LLC**

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

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

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

However, the Company will not bear more than (a) an amount equal to 10 basis points of its aggregate Commitments for organizational expenses and offering expenses in connection with the offering of Units (the "Company Expenses Limitation").

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

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

------

**TCW STAR DIRECT LENDING LLC**

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

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

**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>(Appreciation)/<br>Depreciation** | **Amount** | **Unrealized<br>Depreciation** |
| ADAN-B LLC (24 Hour Fitness) | Revolver | December 2030 | $752 | $6 | $1074 | $8 |
| Axvor Intermediate, LLC (DQS) | Delayed Draw Term Loan | December 2026 | 1123 | 16 |  |  |
| Axvor Intermediate, LLC (DQS) | Revolver | March 2031 | 1096 | 16 |  |  |
| CF Newco, Inc. | Revolver | December 2029 | 488 | 1 | 488 |  |
| Cinelease, LLC | ABL Term Loan | July 2030 | 900 | (10) | 1066 | 32 |
| Comprehensive Logistics Co., LLC | Revolver | March 2026 |  |  | 879 | 11 |
| CSAT Holdings LLC | Revolver | June 2028 | 414 |  | 345 |  |
| D&D Buyer, LLC | Revolver | October 2029 | 881 |  | 352 |  |
| D&D Buyer, LLC | 5th Amendment Delayed Draw Term Loan | February 2028 | 2547 |  |  |  |
| Fenix Intermediate LLC | Delayed Draw Term Loan B-2 | March 2027 |  |  | 2393 | 89 |
| Five Star Buyer, Inc. | Revolver | February 2028 | 455 | 28 | 455 | 30 |
| Great Kitchens Food Company, Inc. | Revolver | May 2029 |  |  | 1196 |  |
| Helix Sleep, Inc. | Revolver | November 2030 | 330 | 5 | 330 | 4 |
| Hoffmaster Group, Inc. | Revolver | May 2028 | 628 | 5 | 628 | 5 |
| HydroSource Logistics, LLC | Revolver | April 2029 | 37 |  | 37 |  |
| Pallet Logistics of America, LLC | Revolver | November 2029 | 249 | 10 | 275 | 9 |
| RPM Purchaser, Inc. | Delayed Draw Term Loan B | November 2026 | 701 |  | 701 |  |
| Signature Brands, LLC | 9th Amendment Delayed Draw Term Loan A | November 2026 | 696 |  | 1044 |  |
| Viva 5 Group, LLC | Revolver | May 2030 | 939 | 17 | 939 | 15 |
| **Total** |  |  | $**12236** | $**94** | $**12202** | $**203** |

---

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.

------

**TCW STAR DIRECT LENDING LLC**

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

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

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

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

**6.** **Members' Capital**

The Company's Unit activity for the three months ended March 31, 2026 and 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2026** | **2025** | **2025** |
| Units at beginning of period |  | 3,753,190 |  | 3,753,190 |
| Units issued and committed at end of period |  | 3,753,190 |  | 3,753,190 |

---

No deemed distributions and contributions were processed during the three months ended March 31, 2026 and 2025.

**7.** **Repurchase Obligations**

In order to finance certain investment transactions, the Company may, from time to time, enter into repurchase agreements with Macquarie US Trading LLC ("Macquarie"), whereby the Company sells to Macquarie an investment that it holds and concurrently enters into an agreement to repurchase the same investment at an agreed-upon price at a future date, not to exceed 90-days from the date it was sold (each, a "Macquarie Transaction").

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

In accordance with ASC 860, *Transfers and Servicing*, these Repurchase Transactions meet the criteria for secured borrowings. Accordingly, the investments financed by these Repurchase Transactions remain on the Company's Consolidated Statements of Assets and Liabilities as an asset, and the Company records a liability to reflect its repurchase obligation to Macquarie and Barclays (the "Repurchase Obligations"). Outstanding Repurchase Obligations are presented on the Company's Consolidated Statements of Assets and Liabilities as Repurchase Obligations. Repurchase Obligations are secured by the respective investment or short-term investment that is the subject of the repurchase agreement. Interest expense associated with the Repurchase Obligations is reported on the Company's Consolidated Statements of Operations within Interest expense on repurchase transactions.

The Company did not enter into any Barclays Transactions during the three months ended March 31, 2026 and 2025.

The Macquarie Transactions entered into by the Company during the three months ended March 31, 2026 and 2025 had an average principal balance of $9,284 and $11,394, respectively, and a weighted average annual interest rate of 6.66% and 7.49%, respectively. Interest expense under these Repurchase Obligations is calculated as the product of (i) the difference in days between the trade date and the settlement date of the respective Macquarie Transaction and (ii) the interest rates as stipulated in the respective repurchase agreements.

As of March 31, 2026 and December 31, 2025, the Company had $8,452 and $0, respectively in outstanding Repurchase Obligations with Macquarie. The Repurchase Obligation outstanding as of March 31, 2026 is associated with a repurchase agreement that was entered into on March 23, 2026. Such Repurchase Obligation was collateralized by the Company's term loan to The Vitamin Shoppe, LLC. Interest under these Repurchase Obligation is calculated as "the product of (i) the difference in days between the trade date and the settlement date of the Macquarie Transaction and (ii) 0.000183344" as stipulated in the repurchase agreement. As of March 31, 2026, the remaining contractual maturity of the repurchase agreement was between 31-90 days. As of March 31, 2026 and December 31, 2025, the Company's outstanding Repurchase Obligation is categorized as Level 2 within the fair value hierarchy.

------

**TCW STAR DIRECT LENDING LLC**

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

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

**7.** **Repurchase Obligations (Continued)**

The net proceeds the Company received from Macquarie Transactions during the three months ended March 31, 2026 and 2025 was a net loss of $115 and $210, respectively, comprised entirely of interest expense.

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

The Company has elected to be regulated as a BDC under the 1940 Act and to be treated as a RIC under the Code and has made such an election beginning with the taxable year ending December 31, 2022. So long as the Company maintains its status as a RIC, it will generally not pay corporate-level U.S. Federal income or excise taxes on any ordinary income or capital gains that it distributes at least annually to its Unitholders as dividends. The Company 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 | $231571 | $213938 |
| Unrealized appreciation | $8211 | $7065 |
| Unrealized depreciation | $(9501) | $(8062) |
| Net unrealized appreciation (depreciation) on investments | $(1290) | $(997) |

---

The Company's investment in HydroSource Logistics, LLC warrant is held through TCW DL HDR-S LLC, a wholly-owned subsidiary of the Company. The fair value of such equity investment as of March 31, 2026 is net of a $2,154 deferred tax liability recorded by TCW DL HDR-S LLC. TCW DL HDR-S LLC accounts for income taxes under the liability method prescribed by FASB ASC 740, Accounting for Income Taxes ("ASC 740"). Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to the temporary differences between the financial statement carrying amount of existing assets and liabilities and their respective tax basis.

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 the U.S federal and state tax authorities for returns filed for the prior three and four years, respectively.

------

**TCW STAR DIRECT LENDING LLC**

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

**(Dollar amounts in thousands, except unit 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 Members' capital from operations, changes in Members' capital from Company share transactions, and income and expense ratios, consistent with that presented within the accompanying consolidated financial statements and financial highlights to assess the Company's profits and losses and to make resource allocation decisions, such as the need to obtain additional funding or make distributions. Segment assets are reflected in the Company's Consolidated Statements of Assets and Liabilities as Members' capital, which consists primarily of investments at fair value, and significant segment expenses are listed in the accompanying Consolidated Statements of Operations.

------

**TCW STAR DIRECT LENDING LLC**

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

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

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

Selected data for a unit outstanding throughout the three months ended March 31, 2026 and 2025 is presented below.

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2026**<sup>(1)</sup> | **2025**<sup>(1)</sup> |
| Net Asset Value Per Unit (accrual base), Beginning of Period | $91.75 | $95.13 |
| Income from Investment Operations: |  |  |
| Net investment income | 1.25 | 1.05 |
| Net realized and unrealized (loss) gain | (0.05) | (0.36) |
| Total income from investment operations | 1.20 | 0.69 |
| Less Distributions: |  |  |
| From distributable earnings | (1.33) | (1.33) |
| Total distributions | (1.33) | (1.33) |
| Net Asset Value Per Unit (accrual base), End of Period | $91.62 | $94.49 |
| Unitholder Total Return<sup>(2)(3)</sup> | 2.07% | 1.67% |
| Unitholder IRR before incentive fee<sup>(4)</sup> | 12.17% | 11.62% |
| Unitholder IRR after all fees and expenses<sup>(4)</sup> | 10.48% | 9.95% |
| Ratios and Supplemental Data: |  |  |
| Members' Capital, end of period | $213530 | $159816 |
| Units outstanding, end of period | 3753190 | 3753190 |
| Ratios based on average net assets of Members' Capital: |  |  |
| Ratio of total expenses to average net assets<sup>(5)</sup> | 3.68% | 3.91% |
| Ratio of net investment income to average net assets<sup>(5)</sup> | 9.14% | 10.55% |
| Ratio of incentive fees to average net assets<sup>(5)</sup> | 1.55% | 1.22% |
| Portfolio turnover rate<sup>(3)</sup> | 6.54% | 1.36% |

---

<sup>(1)</sup> Per unit data was calculated using the number of Units issued and outstanding as of March 31, 2026 and 2025.

<sup>(2)</sup> The Total Return for the three months ended March 31, 2026 and 2025 was calculated by taking total income from investment operations for the period divided by the weighted average capital contributions from the Members during the period. The return does not reflect sales load and is net of management fees and expenses.

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

<sup>(4)</sup> The Internal Rate of Return ("IRR") since inception for the Common Unitholders, after management fees, financing costs and operating expenses, but before incentive fees is 12.17% through March 31, 2026. The IRR since inception for the Common Unitholders, after management fees, financing costs and operating expenses is 10.48% 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 Common Unitholders) and the net assets (residual value) of the Members' Capital account at period end. The IRR is calculated based on the fair value of investments using principles and methods in accordance with GAAP and does not necessarily represent the amounts that may be realized from sales or other dispositions. Accordingly, the actual return may vary significantly upon realization.

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

**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.

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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 Star Direct Lending LLC. For simplicity, this report uses the terms "Company," "we," "us," and "our" to refer to TCW Star Direct Lending LLC and where appropriate in the context, its wholly-owned subsidiaries.*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an economic downturn could impair our portfolio companies' ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an economic downturn could disproportionately impact the companies which we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•interest rate volatility could adversely affect our results;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an inability to replicate the historical success of any previously launched fund managed by the private credit team of our investment adviser, TCW Asset Management Company LLC (the "Adviser", also the "Administrator");

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Adviser 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;•we may be unable to generate returns for our investors and any losses of the Company will be borne solely by holders of our Units ("Unitholders") and not by the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Adviser 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 Unitholders or by one or more Unitholders 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 Adviser;

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•conflicts of interest may arise between the Advisers, Other Clients (as defined herein) 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 1940 Act;

&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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our status as a non-diversified investment company may cause our net asset value 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;•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, 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 will pay fees and expenses which will reduce the actual returns to Unitholders, the distributions we make to Unitholders, and the overall value of the Unitholders' 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 units 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;•uncertainty surrounding global political and financial stability, including the liquidity of the banking industry;

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

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

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

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

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

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

&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 our Form 10-K filed with the 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.

*Overview*

We were formed on March 7, 2022 as a limited liability company under the laws of the State of Delaware. We have conducted private offerings of our common limited liability company units (the "Units") to investors in reliance on exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended (the "Securities Act").

We are an externally managed, closed-end, non-diversified management investment company. On September 1, 2022, we filed an election to be regulated as a BDC under the 1940 Act. We also elected to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code and made such an election beginning with the taxable year ending December 31, 2022. As a BDC and a RIC, we are 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 September 15, 2022, (the "Closing Date") we began accepting subscription agreements from investors for the private sale of our Units. As of March 31, 2026, we have sold 3,753,190 Units for an aggregate offering price of $375.3 million. Each Unitholder is obligated to contribute capital equal to their Commitment and each Unit's Commitment obligation is $100.00 per unit. The sale of the Units was made pursuant to subscription agreements entered into by us and each investor. Under the terms of the subscription agreements, we may draw down all or any portion of the undrawn commitment with respect to each Unit generally upon at least ten business days' prior written notice to the unitholders. The amount of capital that remains to be drawn down and contributed is referred to as an "Undrawn Commitment."

Our Commitment Period commenced on the Closing Date and will end on December 21, 2026, which is the later of (a) September 15, 2026, four years from the Closing Date and (b) December 21, 2022, which is four years from the date on which the Company first completed an investment. The Commitment Period automatically extends for successive one-year periods beginning December 21, 2025, so that immediately following such extension, the Commitment Period will expire two years from the extension date. However, the Commitment Period is subject to termination upon the occurrence of a Key Person Event defined as follows: A "Key Person Event" will occur if, during the Commitment Period, (i) Richard T. Miller and one or more of Suzanne Grosso, Mark Gertzof and David Wang (each of such four Persons, a "Key Person" and collectively, the "Key Persons") fail to devote substantially all (i.e. more than 85%) of his or her business time to the investment activities of the Company, the prior funds, any successor funds and any fund(s) managed by the Adviser or an affiliate of the Adviser that are managed within the Private Credit Group (together, the "Related Entities"); or (ii) Ms. Grosso, Mr. Gertzof and Mr. Wang all fail to devote substantially all of their business time to the investment activities of the Company and the Related Entities, in each case other than as a result of a temporary disability; provided that if a replacement has been approved as described in the paragraphs below, such replacement shall be specifically designated to take the place of one of the above-named individuals and the definition "Key Person Event" will be amended to take into account such successor.

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Upon the occurrence of a Key Person Event, and in the event that the Adviser fails to replace the above-referenced individuals in the manner contemplated by the last sentence of this paragraph, the Commitment Period shall be automatically terminated. The Commitment Period will be re-instated upon the vote or written consent of 66 2/3% in interest of the Unitholders. The Adviser is permitted at any time to replace any person designated above with a senior professional (including a Key Person) selected by the Adviser, provided that such replacement has been approved by a majority of the Unitholders (in which case, the approved substitute will be a Key Person in lieu of the person replaced). The determination of whether a Key Person Event has occurred will be made by the Company in accordance with the criteria set out above. The Company shall provide written notice to Unitholders of such Key Person Event within 30 days of the date of such Key Person Departure. If the Company fails to obtain approval of a replacement of a Key Person following a Key Person Departure as provided herein, then notwithstanding anything herein, the Key Person Departure shall be permanent and the Adviser shall not be permitted to replace such Key Person. Notwithstanding the foregoing, the Adviser is permitted at any time to replace any Person designated above with a senior professional (including a Key Person) selected by the Adviser, with the approval of the majority of the Unitholders (in which case, the approved substitute shall be a Key Person in lieu of the Person replaced) no later than 90 days after the date that the Adviser informs the Company of its proposed replacement of the Key Person. If such replacement(s) end the occurrence of a Key Person Event, the Commitment Period will automatically be re-instated.

In accordance with the Company's LLC Agreement, the Company may complete investment transactions that were significantly in process as of the end of the Commitment Period and which the Company reasonably expects to be consummated prior to 90 days subsequent to the expiration date of the Commitment Period. The Company may also effect follow-on investments in existing portfolio companies up to an aggregate maximum of 10% of aggregate cumulative invested amounts.

We commenced operations during the third quarter of fiscal year 2022.

As of March 31, 2026, we have five wholly-owned subsidiaries, each a Delaware limited liability company.

***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, unsecured senior loans, subordinated and mezzanine loans, convertible securities, notes and other non-convertible debt securities, equity securities, and equity-linked securities such as options and warrants. However, our investment bias 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 the Private Credit Group to originate a significant amount of investments for us 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 contain such features or that subsequently incorporate such features after origination.

We are primarily focused on investing in senior secured debt obligations, although there may be occasions where the investment may be unsecured. We also consider an equity investment as the primary security, in combination with a debt obligation, or as a part of total return strategy. Our investments are mostly in corporations, partnerships or other business entities. Additionally, in certain circumstances, we may co-invest with other investors and/or strategic partners indirectly in a company through an Investment Vehicle. While we 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 Advisory Agreement.

We, and indirectly our Unitholders, bear all costs, expenses and liabilities in connection with our operations, administration and transactions, including, without limitation: (a) organizational expenses and expenses associated with the issuance of the Units and issuance of interests in a Related Entity organized and managed by TCW as a feeder fund for the Company; (b) expenses of calculating our net asset value (including the cost and expenses of any independent valuation firm); (c) fees payable to third parties, including agents, consultants, attorneys or other advisors, relating to, or associated with, evaluating and making investments; (d) expenses incurred by the Adviser or the Administrator payable to third parties, including agents, consultants, attorneys or other advisors, relating to or associated with monitoring our financial and legal affairs, providing administrative services, monitoring or administering our investments and performing due diligence reviews of prospective investments and the corresponding portfolio companies; (e) costs associated with our reporting and compliance obligations under the 1940 Act, the 1934 Act and other applicable federal or state securities laws; (f) fees and expenses incurred in connection with debt incurred to finance our investments or operations, and payment of interest and repayment of principal on such debt; (g) expenses related to sales and purchases of Units and other securities; (h) Management Fees and Incentive Fees; (i) administrator fees and expenses payable under the Administration

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Agreement, provided that any such fees payable to the Administrator shall be limited to what a qualified third party would charge to perform substantially similar services; (j) transfer agent, sub-administration and custodial fees; (k) expenses relating to the issue, repurchase and transfer of Units to the extent not borne by the relevant transferring Unitholders and/or assignees; (l) federal and state registration fees; (m) federal, state and local taxes or other governmental charges assessed against us; (n) independent directors' fees and expenses and the costs associated with convening a meeting of our board of directors or any committee thereof; (o) fees and expenses and the costs associated with convening a meeting of the Unitholders or holders of any preferred units; (p) costs of any reports, proxy statements or other notices to Unitholders, including printing and mailing costs; (q) costs and expenses related to the preparation of our financial statements and tax returns; (r) our allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums; (s) direct costs and expenses of administration, including printing, mailing, long distance telephone, and copying; (t) independent auditors and outside legal costs, including legal costs associated with any requests for exemptive relief, "no-action" positions or other guidance sought from a regulator, pertaining to us; (u) compensation of other personnel (including employees and secretarial and other staff of the Administrator) to the extent they are devoted to preparing our financial statements or tax returns or providing similar "back office" financial services to us; (v) Adviser costs and expenses (excluding travel) in connection with identifying and investigating investment opportunities for us, monitoring our investments and disposing of any such investments; (w) portfolio risk management costs; (x) commissions or brokerage fees or similar charges incurred in connection with the purchase or sale of securities (including merger fees); (y) costs and expenses attributable to normal and extraordinary investment banking, commercial banking, accounting, auditing, appraisal, valuation, administrative agent activities, custodial and registration services provided to us, including in each case services with respect to the proposed purchase or sale of securities by us that are not reimbursed by the issuer of such securities or others (whether or not such purchase or sale is consummated); (z) costs of amending, restating or modifying the LLC Agreement or Advisory Agreement or related documents of us or related entities; (aa) fees, costs, and expenses incurred in connection with 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.

However, we will not bear more than (a) an amount equal to 10 basis points of our aggregate Commitments for organizational expenses and offering expenses in connection with the offering of Units.

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

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

Costs incurred to organize the Company are expensed as incurred. Offering costs are accumulated and will be charged directly to Members' Capital during the same period in which an initial capital call is made. We will not bear more than an amount equal to 10 basis points of the aggregate capital commitments to the Company through the Units (the "Commitments") of the Company for organization and offering costs in connection with the offering of the Units through the Closing Period. As of March 31, 2026, we have incurred $0.1 million in organizational costs since inception, of which $0 was expensed during three months ended March 31, 2026. Since inception, we have incurred $5.2 thousand in offering costs, all of which are charged to Members' Capital during the fourth quarter of the period ended December 31, 2022.

***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 the other risks, uncertainties and other factors we identify in this quarterly report on Form 10-Q and under Part I - Item 1A. "Risk Factors" in our Form 10-K filed with the SEC on March 26, 2026. 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 Adviser as the "valuation designee" with respect to the fair valuation of our portfolio securities, subject to oversight by and periodic reporting to the Board. Prior to this date, fair valuations were approved by the Board in accordance with our valuation policy.

*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.

<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 Private Credit Group 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 Unitholders 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, PIK interest income earned was $0.7 million, representing 10.0% of investment income. For the three months ended March 31, 2025, PIK interest income earned was $0.5 million, representing 8.7% of investment income.

Realized gains and losses on investments are recorded on a specific identification basis. We typically receive a fee in the form of a discount to the purchase price at the time it funds an investment in a loan. The discount is accreted to interest income over the life of the respective loan, using the effective-interest method assuming there are no questions as to collectability, and reflected in the amortized cost basis of the investment. Ongoing facility, commitment or other additional fees including prepayment fees, consent fees and forbearance fees are recognized 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.

***Investment Activity*** 

As of March 31, 2026, our portfolio consisted of 47 debt investments and four equity investments. Based on fair values as of March 31, 2026, our portfolio was 96.3% invested in debt investments which were all senior secured term loans and revolving loans and 3.7% invested in an equity investment which were warrants and common units.

As of December 31, 2025, our portfolio consisted of 48 debt investments and four equity investments. Based on fair values as of December 31, 2025, our portfolio was 96.5% invested in debt investments which were all senior secured term loans and revolving loans and 3.5% invested in an equity investment which were warrants and common 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:

---

| | |
|:---|:---|
| **Industry** | **Percent of Total Investments** |
| Commercial Services & Supplies | 11% |
| Hotels, Restaurants & Leisure | 10% |
| Energy Equipment & Services | 8% |
| Personal Care Products | 8% |
| Containers & Packaging | 7% |
| Food Products | 7% |
| Building Products | 5% |
| Specialty Retail | 5% |
| Leisure Products | 4% |
| Professional Services | 4% |
| Automobile Components | 4% |
| Metals & Mining | 4% |
| Health Care Equipment & Supplies | 4% |
| Ground Transportation | 4% |
| Construction & Engineering | 3% |
| Software | 3% |
| Transportation Infrastructure | 2% |
| Machinery | 2% |
| Paper & Forest Products | 2% |
| Trading Companies & Distributors | 2% |
| Consumer Discretionary Textiles, Apparel & Luxury Goods | 1% |
| **Total** | **100%** |

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***Results of Operations*** 

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

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2026** | **2025** |
| **Total investment income** | $6587 | $5399 |
| **Total expenses** | 1892 | 1460 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net investment income** | 4695 | 3939 |
| Net change in unrealized appreciation/(depreciation) on investments | (184) | (1361) |
| **Net increase in Members' Capital from operations** | $4511 | $2578 |

---

*Total investment income* 

Total investment income for the three months ended March 31, 2026 and 2025 was $6.6 million and $5.4 million, respectively. Total investment income for the three months ended March 31, 2026 and 2025 included interest income (including interest income paid-in-kind) of $6.6 million and $5.4 million, respectively.

The increase in total investment income during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 is primarily attributable to the increase in the par value of our debt investments which increased from $181.5 million as of March 31, 2025 to $226.4 million as of March 31, 2026 coupled with an increase in our portfolio of debt investments which increased from 46 as of March 31, 2025 to 47 as of March 31, 2026.

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*Total Expenses*

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

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2026** | **2025** |
| **Expenses** |  |  |
| Incentive fees | $796 | $455 |
| Management fees | 684 | 513 |
| Administrative fees | 124 | 120 |
| Interest expense on repurchase transactions | 115 | 210 |
| Professional fees | 62 | 69 |
| Directors' fees | 54 | 50 |
| Insurance expense | 16 | 13 |
| Other expenses | 41 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | $1892 | $1460 |

---

Our total operating expenses for the three months ended March 31, 2026 and 2025 were $1.9 million and $1.5 million, respectively. Our operating expenses for the three months ended March 31, 2026 and 2025 include management fees attributed to the Adviser of $0.7 million and $0.5 million, respectively, and incentive fees attributed to the Adviser of $0.8 million and $0.5, respectively. Our expenses for the three months ended March 31, 2026 and 2025 also include interest expense incurred on repurchase transactions of $0.1 million and $0.2 million, respectively.

The increase in our total expenses for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 is primarily due to an increase in incentive fees which increased due to net realized and unrealized losses on investments of $0.2 million during the three months ended March 31, 2026 compared to net realized and unrealized losses on investments of $1.4 million during the three months ended March 31, 2025 coupled with higher net investment income during the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Management fees also increased due to increases in the investment cost basis for which management fees are based.

*Net investment income*

Net investment income for the three months ended March 31, 2026 and 2025 was $4.7 million and $3.9 million, respectively. The increase in net income for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 is primarily attributable to the increase in total investment income partially offset by an increase in expenses, as described above.

*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 2025 was ($0.2) million and ($1.4) million, 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)** |
| Mark Andy, Inc. | Term Loan | $(771) |
| Connect America.com, LLC | Last Out Term Loan | (278) |
| Cinelease, LLC | ABL Term Loan | 116 |
| Cinelease, LLC | Warrant, expires 7/31/35 | 211 |
| HydroSource Logistics, LLC | Warrant, expires 4/4/34 | 998 |
| All others | Various | (460) |
| **Net change in unrealized appreciation/(depreciation)** |  | $**(184)** |

---

------

Our net change in unrealized appreciation/(depreciation) for the three months ended March 31, 2025 was primarily attributable to the following investments (dollar amounts in thousands):

---

| | | |
|:---|:---|:---|
| **Issuer** | **Investment** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
| Signature Brands, LLC | Term Loan | $(1135) |
| The HC Companies, Inc. | Term Loan | (235) |
| Mark Andy, Inc. | Term Loan | 124 |
| HydroSource Logistics, LLC | Warrant, expires 4/4/34 | 160 |
| All others | Various | (275) |
| **Net change in unrealized appreciation/(depreciation)** |  | $**(1361)** |

---

*Net realized gain/(loss) on non-controlled/non-affiliated investments* 

During the three months ended March 31, 2026 and 2025 we did not recognize a realized gain or loss on investments as none of our investments were disposed of during the period.

*Net increase in Members' Capital from operations*

Our Net increase in Members' Capital from operations during the three months ended March 31, 2026 and 2025 was $4.5 million and $2.6 million, respectively.

The Net increase in Members' Capital from operations during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 increased due to net realized and unrealized losses of $0.2 million during the three months ended March 31, 2026 compared to net realized and unrealized losses of $1.4 million during the three months ended March 31, 2025 which was coupled with the increase in net investment income described above.

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

On September 15, 2022, we completed the first closing of the sale of our Common Units pursuant to which we sold 3,753,190 Common Units at an aggregate purchase price of $375.3 million. We also commenced operations during the three months ended September 30, 2022. We generate cash from (1) drawing down capital in respect of Units and (2) cash flows from investments and operations.

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), and (3) cash distributions to the Unitholders.

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

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Commitments | $375319 | $375319 |
| Undrawn commitments | $130319 | $137319 |
| Percentage of commitments funded | 65.3% | 63.4% |
| Units | 3753190 | 3753190 |

---

In order to finance certain investment transactions, we may, from time to time, enter into repurchase agreements with Macquarie US Trading LLC ("Macquarie"), whereby we sell to Macquarie an investment that we hold and concurrently enter into an agreement to repurchase the same investment at an agreed-upon price at a future date, not to exceed 90-days from the date it was sold (each, a "Macquarie Transaction").

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

These Repurchase Transactions are accounted for as secured borrowings. Accordingly, the investments financed by these Repurchase Transactions remain on our Consolidated Statements of Assets and Liabilities as an asset, and we record a liability to reflect our repurchase obligation to Macquarie and Barclays (the "Repurchase Obligations"). The Repurchase Obligations are presented on our Consolidated Statements of Assets and Liabilities as Repurchase Obligations. The Repurchase Obligations are secured by the respective investment or short-term investment that is the subject of the repurchase agreement. Interest expense associated with the Repurchase Obligations is reported on our Consolidated Statements of Operations within Interest expense on repurchase transactions.

We did not enter into any Barclays Transactions during the three months ended March 31, 2026 and 2025.

The Macquarie Transactions entered into by us during the three months ended March 31, 2026 and 2025 had an average principal balance of $9.3 million and $11.4 million, respectively, and a weighted average annual interest rate of 6.66% and 7.49%, respectively. Interest expense under these Repurchase Obligations is calculated as the product of (i) the difference in days between the trade date and the settlement date of the respective Macquarie Transaction and (ii) the interest rates as stipulated in the respective repurchase agreements.

As of March 31, 2026 and December 31, 2025, we had $8.5 million and $0, respectively in outstanding Repurchase Obligations with Macquarie. The Repurchase Obligation outstanding as of March 31, 2026 is associated with a repurchase agreement that was entered into on March 23, 2026. Such Repurchase Obligation was collateralized by our term loan to The Vitamin Shoppe, LLC. Interest under these Repurchase Obligation is calculated as "the product of (i) the difference in days between the trade date and the settlement date of the Macquarie Transaction and (ii) 0.000183344" as stipulated in the repurchase agreement. As of March 31, 2026, the remaining contractual maturity of the repurchase agreement was between 31-90 days. Our outstanding Repurchase Obligation is categorized as Level 2 within the fair value hierarchy.

The net proceeds we received from Macquarie Transactions during the three months ended March 31, 2026 and 2025 was a net loss of $0.1 million and $0.2 million, respectively, comprised entirely of interest expense.

Interest expense incurred on Macquarie Transactions for the three months ended March 31, 2026 and 2025 was $0.1 million and $0.2 million, respectively.

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# ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are subject to financial market risks, including valuation risk and changes in interest rates.

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

<u>Interest Rate Risk.</u> As of March 31, 2026, 99% 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 six 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%. Floating rate investments subject to a floor generally reset by reference to the current market index after one to six months only if the index exceeds the floor.

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. Because our debt investments bear interest based on floating rates, such as SOFR, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our 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 interest income (excluding the related incentive compensation impact) of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure (dollar amounts in thousands):

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| | |
|:---|:---|
|  | **Interest Income (Loss)** |
| Up 300 basis points | $6823 |
| Up 200 basis points | 4549 |
| Up 100 basis points | 2274 |
| Down 100 basis points | (2262) |
| Down 200 basis points | (4213) |
| Down 300 basis points | (4501) |

---

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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.

## 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 September 15, 2022, the Company began accepting subscription agreements from investors for the private sale of its Units. Under the terms of the subscription agreements, the Company may generally draw down all or any portion of the undrawn commitment with respect to each Unit upon at least ten business days' prior written notice to the Unitholders. The issuance of the Units pursuant to these subscription agreements and any draw by the Company under the related Commitments is expected to be exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof, and Rule 506(c) of Regulation D thereunder.

***Issuer purchases of equity securities***

None.

## Item 3. Defaults Upon Senior Securities
None.

## Item 4. Mine Safety Disclosures
None.

## Item 5. Other Information
None.

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

---

| | |
|:---|:---|
| 3.1 | [<u>Certificate of Formation (incorporated by reference to Exhibit 3.1 to the Company's amended registration statement on Form 10, as filed with the Securities and Exchange Commission on August 16, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1916608/000119312522076943/d333117dex31.htm) |
| 3.2 | [<u>Certificate of Amendment to Certificate of Formation (incorporated by reference to Exhibit 3.2 to the Company's amended registration statement on Form 10, as filed with the Securities and Exchange Commission on August 16, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1916608/000119312522222414/d364956dex32.htm) |
| 3.3 | [<u>Limited Liability Company Agreement, dated May 17, 2022 (incorporated by reference to Exhibit 3.3 to the Company's amended registration statement on Form 10, as filed with the Securities and Exchange Commission on August 16, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1916608/000119312522222414/d364956dex33.htm) |
| 3.4 | [<u>Amended and Restated Limited Liability Company Agreement, dated September 15, 2022 (incorporated by reference to Exhibit 3.4 to the Company's amended registration statement on Form 10, as filed with the Securities and Exchange Commission on August 16, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1916608/000119312522222414/d364956dex34.htm) |
| 10.1 | [<u>Investment Advisory and Management Agreement, dated September 15, 2022, by and between the Company and TCW Asset Management Company LLC (incorporated by reference to Exhibit 10.1 to the Company's amended registration statement on Form 10, as filed with the Securities and Exchange Commission on August 16, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1916608/000119312522222414/d364956dex101.htm) |
| 10.2 | [<u>Administration Agreement, dated September 15, 2022, by and between the Company and TCW Asset Management Company LLC (incorporated by reference to Exhibit 10.2 to the Company's amended registration statement on Form 10, as filed with the Securities and Exchange Commission on August 16, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1916608/000119312522222414/d364956dex102.htm) |
| 31.1\* | [<u>Certification of President Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934</u>](ck0001916608-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>](ck0001916608-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>](ck0001916608-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>](ck0001916608-ex32_2.htm) |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

\* Filed herewith

------

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

---

| | | |
|:---|:---|:---|
|  | TCW STAR DIRECT LENDING LLC | TCW STAR DIRECT LENDING LLC |
| 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 |

---

------

## 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 Star Direct Lending LLC;

(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 Star Direct Lending LLC;

(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 Star Direct Lending LLC (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 Star Direct Lending LLC (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.

------