# EDGAR Filing Document

**Accession Number:** 0001715933
**File Stem:** 0000950170-25-107431
**Filing Date:** 2025-8
**Character Count:** 254864
**Document Hash:** b9d26cfa9035452e323c3961449dad37
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-107431.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0000950170-25-107431

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 66

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TCW Direct Lending VII LLC
- **CENTRAL INDEX KEY:** 0001715933

**ORGANIZATION NAME:**
- **EIN:** 822252672
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01246
- **FILM NUMBER:** 251207636

**BUSINESS ADDRESS:**
- **STREET 1:** 200 CLARENDON STREET
- **STREET 2:** 51ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116
- **BUSINESS PHONE:** 2132440000

**MAIL ADDRESS:**
- **STREET 1:** 865 SOUTH FIGUEROA STREET
- **STREET 2:** SUITE 1800
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90017

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

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, DC 20549** 

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**FORM** 10-Q

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**(Mark One)** 

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

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

**OR** 

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

**For the transition period from to** 

**Commission file number** 814-01246

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TCW DIRECT LENDING VII LLC

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

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| | |
|:---|:---|
| Delaware | 82-2252672 |
| **(State or Other Jurisdiction of**<br>**Incorporation or Organization)** | **(I.R.S. Employer**<br>**Identification No.)** |
| 200 Clarendon Street**,** Boston**,** MA | 02116 |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

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

**Not applicable** 

**Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report.** 

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

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

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

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

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

---

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

---

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

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

As of June 30, 2025, there was no established public market for the Registrant's common units. The number of the Registrant's common units outstanding at August 12, 2025 was 13,734,010.

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

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**TCW DIRECT LENDING VII LLC** 

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

**Table of Contents** 

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**INDEX**<br>| &nbsp;&nbsp;&nbsp;**PAGE<br>NO.** <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;PART I. | &nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL INFORMATION |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 1. | &nbsp;&nbsp;&nbsp;&nbsp;Financial Statements |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Schedule of Investments as of June 30, 2025 (unaudited) and December 31, 2024</u>](#soi_cq_unaudited) | &nbsp;&nbsp;3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Assets and Liabilities as of June 30, 2025 (unaudited) and December 31, 2024</u>](#assets_and_liabilities) | &nbsp;&nbsp;15 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (unaudited)</u>](#statements_of_operations) | &nbsp;&nbsp;16 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Changes in Members' Capital for the three and six months ended June 30, 2025 and 2024 (unaudited)</u>](#changes_in_members_capital) | &nbsp;&nbsp;17 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statement of Cash Flows for the six months ended June 30, 2025 and 2024 (unaudited)</u>](#cash_flows) | &nbsp;&nbsp;18 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to Consolidated Financial Statements (unaudited)</u>](#notes_to_financial_statements) | &nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 2. | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#tx212052_7) | &nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 3. | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#tx212052_8) | &nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 4. | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Controls and Procedures</u>](#tx212052_9) | &nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;PART II.  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>OTHER INFORMATION</u>](#tx212052_10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 1. | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Legal Proceedings</u>](#tx212052_11) | &nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 1A. | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Risk Factors</u>](#tx212052_12) | &nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 2. | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#tx212052_13) | &nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 3. | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Defaults Upon Senior Securities</u>](#defaults_upon_senior_securities) | &nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 4. | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Mine Safety Disclosures</u>](#tx212052_15) | &nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 5. | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Other Information</u>](#tx212052_16) | &nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 6. | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Exhibits</u>](#tx212052_17) | &nbsp;&nbsp;59 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>SIGNATURES</u>](#signature_1) | &nbsp;&nbsp;&nbsp;&nbsp;[<u>SIGNATURES</u>](#signature_1) | &nbsp;&nbsp;61 |

---

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**TCW Direct Lending VII LLC**

**Consolidated Schedule of Investments (Unaudited)**

**As of June 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Issuer** | **Acquisition <br>Date** | **Investment** | **% of Net <br>Assets** | **Par<br>&nbsp;&nbsp;&nbsp;&nbsp;Amount** | **Maturity <br>Date** | **Amortized <br>Cost** | **Fair Value** |
|  | **DEBT**<sup>(1)</sup> |  |  |  |  |  |  |  |
| **Aerospace & Defense** | **Aerospace & Defense** |  |  |  |  |  |  |  |
|  | Navistar Defense, LLC <sup>(2)</sup> | 07/27/23 | Super Senior Revolver - 14.93% inc PIK<br>(SOFR + 10.50%, 1.50% Floor, all PIK) | 9.2% | $44698286 | 02/01/26 | $44690778 | $44698286 |
|  | Navistar Defense, LLC <sup>(2)(5)(8)</sup> | 08/01/22 | Term Loan - 12.93% inc PIK<br>(SOFR + 8.50%, 1.50% Floor, all PIK) | 2.7% | 51151201 | 02/01/26 | 33902510 | 13043556 |
|  |  |  |  | 11.9% | 95849487 |  | 78593288 | 57741842 |
| **Capital Goods** |  |  |  |  |  |  |  |  |
|  | Carolina Atlantic Roofing Supply LLC | 05/28/21 | Term Loan - 13.60% inc PIK<br>(SOFR + 9.00%, 2.00% Floor, 3.00% PIK) | 7.1% | 34266358 | 05/28/28 | 34146548 | 34300625 |
|  |  |  |  | 7.1% | 34266358 |  | 34146548 | 34300625 |
| **Chemicals** |  |  |  |  |  |  |  |  |
|  | AGY Holdings Corp. | 09/21/20 | Term Loan - 14.54% inc PIK<br>(SOFR + 10.00%, 1.50% Floor, all PIK) | 4.1% | 19840153 | 09/21/29 | 19840153 | 19840153 |
|  | AGY Holdings Corp. | 05/27/22 | Delayed Draw Term Loan - 14.56% inc PIK<br>(SOFR + 10.00%, 1.50% Floor, all PIK) | 4.3% | 20582867 | 09/21/29 | 20582862 | 20582867 |
|  |  |  |  | 8.4% | 40423020 |  | 40423015 | 40423020 |
| **Commercial & Professional Services** | **Commercial & Professional Services** |  |  |  |  |  |  |  |
|  | Outform Group, Inc. (fka Rapid Displays, Inc.)<sup>(4)</sup> | 04/16/21 | Term Loan - 10.92% inc PIK<br>(SOFR + 6.50%, 1.00% Floor, all PIK) | 2.7% | 14303012 | 04/13/29 | 14278482 | 13273195 |
|  | Outform Group, Inc. (fka Rapid Displays, Inc.)<sup>(4)</sup> | 04/16/21 | Revolver - 10.92% inc PIK<br>(SOFR + 6.50%, 1.00% Floor, all PIK) | 0.2% | 1000281 | 04/13/29 | 1000281 | 928261 |
|  | Outform Group, Inc. (fka Rapid Displays, Inc.)<sup>(4)</sup> | 09/29/22 | Incremental Term Loan - 10.92% inc PIK<br>(SOFR + 6.50%, 1.00% Floor, all PIK) | 0.0% | 253203 | 04/13/29 | 252114 | 234973 |
|  |  |  |  | 2.9% | 15556496 |  | 15530877 | 14436429 |
| **Consumer Durables & Apparel** | **Consumer Durables & Apparel** |  |  |  |  |  |  |  |
|  | Twin Star International, Inc. | 06/12/23 | Incremental Delayed Draw Term Loan - 11.95% inc PIK<br>(SOFR + 7.50%, 1.50% Floor, all PIK) | 0.2% | 1112147 | 06/18/26 | 1112147 | 1112147 |
|  | Twin Star International, Inc.<sup>(5)(8)</sup> | 06/18/21 | Term Loan - 11.95% inc PIK<br>(SOFR + 7.50%, 1.50% Floor, all PIK) | 1.5% | 57301653 | 06/18/26 | 44197191 | 7391913 |
|  | Twin Star International, Inc. | 02/15/23 | Delayed Draw Term Loan - 11.95% inc PIK<br>(SOFR + 7.50%, 1.50% Floor, all PIK) | 0.2% | 1136883 | 06/18/26 | 1136883 | 1136883 |
|  | Twin Star International, Inc. | 06/12/23 | Incremental Term Loan - 11.95% inc PIK<br>(SOFR + 7.50%, 1.50% Floor, all PIK) | 0.2% | 1135512 | 06/18/26 | 1135512 | 1135512 |
|  | Twin Star International, Inc. | 10/19/23 | 7th Amendment Incremental Term Loan - 11.95% inc PIK<br>(SOFR + 7.50%, 1.50% Floor, all PIK) | 0.1% | 567579 | 06/18/26 | 567579 | 567579 |
|  | Twin Star International, Inc. | 10/19/23 | 7th Amendment Incremental Delayed Draw Term Loan - 11.95% inc PIK<br>(SOFR + 7.50%, 1.50% Floor, all PIK) | 0.7% | 3221941 | 06/18/26 | 3203514 | 3221941 |
|  | Twin Star International, Inc. | 06/20/24 | Protective Advance Term Loan - 11.95% inc PIK<br>(SOFR + 7.50%, 1.50% Floor, all PIK) | 0.5% | 2232820 | 06/18/26 | 2232820 | 2232820 |
|  | Twin Star International, Inc. | 10/03/24 | 13th Amendment Term Loan - 11.95% inc PIK<br>(SOFR + 7.50%, 1.50% Floor, all PIK) | 0.1% | 337729 | 06/18/26 | 337729 | 337729 |
|  | Twin Star International, Inc. | 10/03/24 | 13th Amendment Delayed Draw Term Loan - 11.95% inc PIK<br>(SOFR + 7.50%, 1.50% Floor, all PIK) | 0.2% | 748889 | 06/18/26 | 748889 | 748889 |

---

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**TCW Direct Lending VII LLC**

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

**June 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Issuer** | **Acquisition <br>Date** | **Investment** | **% of Net<br>Assets** | **Par<br>&nbsp;&nbsp;&nbsp;&nbsp;Amount** | **Maturity <br>Date** | **Amortized <br>Cost** | **Fair Value** |
|  | **DEBT (continued)** |  |  |  |  |  |  |  |
| **Consumer Durables & Apparel (continued)** | **Consumer Durables & Apparel (continued)** |  |  |  |  |  |  |  |
|  | Twin Star International, Inc. | 10/03/24 | 13th Amendment Priority Delayed Draw Term Loan - 25.00% inc PIK<br>(25.00%, Fixed Coupon, all PIK) | 0.1% | $610144 | 06/18/26 | $610144 | $610144 |
|  | Twin Star International, Inc. | 01/29/25 | 14th Amendment Delayed Draw Term Loan - 25.00% inc PIK<br>(25.00%, Fixed Coupon, all PIK) | 0.1% | 376407 | 06/18/26 | 376407 | 376407 |
|  | Twin Star International, Inc. | 01/29/25 | 14th Amendment Term Loan - 25.00% inc PIK<br>(25.00%, Fixed Coupon, all PIK) | 0.2% | 863954 | 06/18/26 | 863954 | 863954 |
|  | Twin Star International, Inc. | 03/31/25 | 15th Amendment Delayed Draw Term Loan - 25.00% inc PIK<br>(25.00%, Fixed Coupon, all PIK) | 0.1% | 598100 | 06/18/26 | 598100 | 598100 |
|  | Twin Star International, Inc. | 03/31/25 | 15th Amendment Discretionary Delayed Draw Term Loan - 25.00% inc PIK<br>(25.00%, Fixed Coupon, all PIK) | 0.1% | 582978 | 06/18/26 | 582978 | 582978 |
|  | Twin Star International, Inc. | 06/11/25 | 16th Amendment Delayed Draw Term Loan - 25.00% inc PIK<br>(25.00%, Fixed Coupon, all PIK) | 0.1% | 437008 | 06/18/26 | 437008 | 437008 |
|  |  |  |  | 4.4% | 71263744 |  | 58140855 | 21354004 |
| **Consumer Services** | **Consumer Services** |  |  |  |  |  |  |  |
|  | Grand Circle Corporation | 02/26/21 | Term Loan - 13.29%<br>(SOFR + 8.75%, 1.25% Floor) | 7.7% | 37030026 | 02/26/26 | 36933170 | 37030026 |
|  |  |  |  | 7.7% | 37030026 |  | 36933170 | 37030026 |
| **Energy Equipment & Services** | **Energy Equipment & Services** |  |  |  |  |  |  |  |
|  | WDE TorcSill Holdings LLC<sup>(2)</sup> | 10/22/19 | Revolver - 23.35% inc PIK<br>(SOFR + 18.75%, 4.60% Floor, all PIK) | 1.8% | 12391743 | 04/30/28 | 12391743 | 8711395 |
|  | WDE TorcSill Holdings LLC<sup>(2)</sup> | 10/22/19 | Term Loan - 23.35% inc PIK<br>(SOFR + 18.75%, 4.60% Floor, all PIK) | 4.0% | 27538497 | 04/30/28 | 27538497 | 19359563 |
|  | WDE TorcSill Holdings LLC<sup>(2)</sup> | 08/13/24 | Protective Advance Term Loan - 25.75% inc PIK<br>(PRIME + 18.25%, 4.60% Floor, all PIK) | 0.6% | 2960091 | 04/30/28 | 2960091 | 3048894 |
|  |  |  |  | 6.4% | 42890331 |  | 42890331 | 31119852 |
| **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |
|  | KBP Brands, LLC | 05/26/21 | Term Loan - 9.93%<br>(SOFR + 5.50%, 0.75% Floor) | 4.8% | 23900948 | 05/26/27 | 23800415 | 23183920 |
|  | RL Investor Holdings LLC (fka Red Lobster Management, LLC)<sup>(4)</sup> | 09/16/24 | Term Loan - 11.80% inc PIK<br>(SOFR + 7.50%, 2.00% Floor, all PIK) | 11.0% | 53115018 | 09/16/29 | 53115018 | 53115018 |
|  |  |  |  | 15.8% | 77015966 |  | 76915433 | 76298938 |
| **Household Durables** | **Household Durables** |  |  |  |  |  |  |  |
|  | Slogic Holding Corp. <sup>(4)</sup> | 08/25/23 | Revolver - 10.32% inc PIK<br>(SOFR + 5.87%, 1.00% Floor, all PIK) | 0.8% | 3658289 | 06/30/26 | 3658289 | 3658289 |
|  | Slogic Holding Corp. <sup>(4)</sup> | 06/29/18 | Last Out Term Loan - 10.35% inc PIK<br>(SOFR + 5.87%, 1.00% Floor, all PIK) | 4.0% | 27379216 | 10/29/26 | 27379216 | 19165451 |
|  | The Legacy Companies, LLC (fka Greenfield World Trade, Inc.)<sup>(2)</sup> | 06/23/25 | First Out Term Loan - 9.94% inc PIK<br>(SOFR + 5.50%, 1.50% Floor, all PIK) | 1.1% | 5314678 | 06/23/28 | 5314678 | 5314678 |
|  | The Legacy Companies, LLC (fka Greenfield World Trade, Inc.)<sup>(2)</sup> | 06/23/25 | Last Out Term Loan - 9.94% inc PIK<br>(SOFR + 5.50%, 1.00% Floor, all PIK) | 7.4% | 35580354 | 06/23/28 | 35580354 | 35580354 |
|  |  |  |  | 13.3% | 71932537 |  | 71932537 | 63718772 |

---

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**TCW Direct Lending VII LLC**

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

**June 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Issuer** | **Acquisition <br>Date** | **Investment** | **% of Net<br>Assets** | **Par<br>&nbsp;&nbsp;&nbsp;&nbsp;Amount/Shares** | **Maturity <br>Date** | **Amortized <br>Cost** | **Fair Value** |
|  | **DEBT (continued)** |  |  |  |  |  |  |  |
| **Media** |  |  |  |  |  |  |  |  |
|  | Encompass Digital Media, Inc.<sup>(4)(5)(8)</sup> | 10/01/18 | Revolver - 12.05% inc PIK<br>(SOFR + 7.75%, 1.50% Floor, all PIK) | 0.3% | $3787700 | 09/28/25 | $3267678 | $1443114 |
|  | Encompass Digital Media, Inc.<sup>(4)(5)(8)</sup> | 10/01/18 | Term Loan - 12.05% inc PIK<br>(SOFR + 7.75%, 1.50% Floor, all PIK) | 3.2% | 40360392 | 09/28/25 | 35633236 | 15377309 |
|  |  |  |  | 3.5% | 44148092 |  | 38900914 | 16820423 |
| **Publishing** |  |  |  |  |  |  |  |  |
|  | Bendon Inc. | 12/11/20 | Revolver - 12.18%<br>(SOFR + 7.75%, 1.50% Floor) | 0.2% | 968422 | 12/11/25 | 968422 | 943243 |
|  | Bendon Inc. | 12/11/20 | Term Loan - 12.18%<br>(SOFR + 7.75%, 1.50% Floor) | 7.9% | 39116240 | 12/11/25 | 39037103 | 38099218 |
|  |  |  |  | 8.1% | 40084662 |  | 40005525 | 39042461 |
| **Software** |  |  |  |  |  |  |  |  |
|  | Tabhi Purchaser, LLC (fka Mondee Holdings LLC)<sup>(2)</sup> | 04/03/35 | Delayed Draw Term Loan - 10.30%<br>(SOFR + 6.00%, 2.50% Floor) | 1.0% | 4843000 | 10/03/28 | 4843000 | 4843000 |
|  | Tabhi Purchaser, LLC (fka Mondee Holdings LLC)<sup>(2)</sup> | 04/03/25 | Term Loan B - 10.30% inc PIK<br>(SOFR + 6.00%, 1.75% Floor, all PIK) | 11.1% | 53807346 | 10/03/28 | 53807346 | 53807346 |
|  |  |  |  | 12.1% | 58650346 |  | 58650346 | 58650346 |
| **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** |  |  |  |  |  |  |  |
|  | Centric Brands Inc. <sup>(3)</sup> | 02/06/24 | Term Loan - 9.76%<br>(SOFR + 5.50%, 1.00% Floor) | 3.4% | 16206598 | 08/06/29 | 15869750 | 16206598 |
|  | Centric Brands TopCo, LLC (fka Centric Brands Inc.) <sup>(3)</sup> | 02/06/24 | Term Loan A-1 - 10.76%<br>(SOFR + 6.50%, 1.00% Floor) | 2.8% | 13686715 | 02/06/31 | 13381697 | 13686715 |
|  | Centric Brands TopCo, LLC (fka Centric Brands Inc.) <sup>(3)</sup> | 02/06/24 | Term Loan A-2 - 12.26% inc PIK<br>(SOFR + 8.00%, 1.00% Floor, all PIK) | 3.3% | 16180822 | 02/06/31 | 15873823 | 16180822 |
|  | Live Comfortably Borrower LLC (fka Hollander Intermediate LLC)<sup>(2)</sup> | 09/19/22 | Term Loan - 7.44%<br>(SOFR + 3.00%, 3.00% Floor) | 11.2% | 64000723 | 09/19/27 | 59748615 | 54080611 |
|  |  |  |  | 20.7% | 110074858 |  | 104873885 | 100154746 |
|  | **Total Debt Investments** |  |  | 122.3% | 739185923 |  | 697936724 | 591091484 |
|  | **EQUITY** |  |  |  |  |  |  |  |
| **Aerospace & Defense** | **Aerospace & Defense** |  |  |  |  |  |  |  |
|  | TCW ND Parent Holdings LLC. <sup>(2)(5)(6)</sup> |  | Class A Units | 0.0% | 4399 |  | 43990 |  |
|  |  |  |  | 0.0% | 4399 |  | 43990 |  |
| **Chemicals** |  |  |  |  |  |  |  |  |
|  | AGY Equity LLC <sup>(5)(6)</sup> |  | Class A Preferred Units | 0.0% | 7752414 |  |  |  |
|  | AGY Equity LLC <sup>(5)(6)</sup> |  | Class B Preferred Units | 0.0% | 10078138 |  |  |  |
|  | AGY Equity LLC <sup>(5)(6)</sup> |  | Class C Common Units | 0.0% | 11241000 |  |  |  |
|  | AGY Equity LLC <sup>(5)(6)</sup> |  | Class D Preferred Units | 1.8% | 3997226 |  | 3997226 | 8590838 |
|  | AGY Equity LLC <sup>(5)(6)</sup> |  | Class E Preferred Units | 5.2% | 36177931 |  | 36177931 | 24944684 |
|  |  |  |  | 7.0% | 69246709 |  | 40175157 | 33535522 |
| **Commercial & Professional Services** | **Commercial & Professional Services** |  |  |  |  |  |  |  |
|  | Outform Holdings LLC (fka Rapid Displays, Inc.)<sup>(4)(5)(6)</sup> |  | Class A Common Units | 0.0% | 7872225 |  | 39361 |  |
|  |  |  |  | 0.0% | 7872225 |  | 39361 |  |

---

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**TCW Direct Lending VII LLC**

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

**June 30, 2025**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Industry** | **Investment** | **% of Net<br>Assets** | **Shares** | **Amortized <br>Cost** | **Fair Value** |
| **Energy Equipment & Services** |  |  |  |  |  |
| WDE TorcSill Holdings LLC<sup>(2)(5)(6)</sup> | Class A Units | 0.0% | 756280 | $— | $— |
|  |  | 0.0% | 756280 |  |  |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |
| RL Parent Holdings LLC (fka Red Lobster Management, LLC) <sup>(4)(5)(6)</sup> | Class A Units | 0.9% | 40276 | 40276460 | 4249763 |
|  |  | 0.9% | 40276 | 40276460 | 4249763 |
| **Household Durables** |  |  |  |  |  |
| Shelterlogic Group Holdings, Inc <sup>(4)(5)(6)</sup> | Common Stock | 0.0% | 1254034 |  |  |
| The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) <sup>(2)(5)(6)</sup> | Class A Units | 6.5% | 77501303 | 38378723 | 31202025 |
|  |  | 6.5% | 78755337 | 38378723 | 31202025 |
| **Media** |  |  |  |  |  |
| Encompass Digital Media, Inc.<sup>(4)(5)(6)</sup> | Class A Units | 0.0% | 722097 |  |  |
|  |  | 0.0% | 722097 |  |  |
| **Software** |  |  |  |  |  |
| Tabhi Holdings, LLC (fka Mondee Holdings LLC) <sup>(2)(5)(6)</sup> | Preferred Units | 3.5% | 25910051 | 25910051 | 16996993 |
| Tabhi Holdings, LLC (fka Mondee Holdings LLC) <sup>(2)(5)(6)</sup> | Class B Common Units | 0.0% | 12107501 | 1695050 |  |
|  |  | 3.5% | 38017552 | 27605101 | 16996993 |
| **Textiles, Apparel & Luxury Goods** |  |  |  |  |  |
| Live Comfortably Inc. (fka Hollander Intermediate LLC)<sup>(2)(5)(6)</sup> | Common Stock | 0.0% | 29460 |  |  |
| Centric Brands GP LLC <sup>(3)(5)(6)</sup> | Membership Interests | 0.0% | 359231 |  |  |
| Centric Brands L.P. <sup>(3)(5)(6)</sup> | Class A LP Interests | 3.1% | 359231 | 95579 | 14880405 |
|  |  | 3.1% | 747922 | 95579 | 14880405 |
|  | **Total Equity Investments** | 21.0% | 196162797 | 146614371 | 100864708 |
|  | **Total Debt & Equity Investments** <sup>(7)</sup> | 143.3% |  | 844551095 | 691956192 |
|  | **Cash Equivalents** |  |  |  |  |
|  | **First American Government Obligation Fund, Yield 4.26%, Class X (FGXXX)** | 1.5% | 7095586 | 7095586 | 7095586 |
|  | **Total Cash Equivalents** | 1.5% |  | 7095586 | 7095586 |
|  | **Short-term Investments** |  |  |  |  |
|  | **U.S. Treasury Bill, Yield 4.30%, Maturity Date** 10/28/25 | 81.5% | 400000000 | 394466500 | 394466500 |
|  | **Total Short-term Investments** | 81.5% |  | 394466500 | 394466500 |
|  | **Total Investments (226.1%)** |  |  | $**1246113181** | $**1093518278** |
|  | **Net unrealized depreciation on unfunded commitments (-0.2%)** |  |  |  | (1103912) |
|  | **Liabilities in Excess of Other Assets (-125.8%)** |  |  |  | (608676299) |
|  | **Net Assets (100.0%)** |  |  |  | $**483738067** |

---

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

------

**TCW Direct Lending VII LLC**

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

**June 30, 2025**

<sup>(2)</sup> As defined in the Investment Company Act of 1940, as amended (the "1940 Act"), the investment is deemed to be a "controlled affiliated person" of the Company because the Company owns, either directly or indirectly, 25% or more of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2024 and June 30, 2025 along with transactions during the period ended June 30, 2025 in these controlled investments are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Investment** | **Fair Value at December 31, 2024** | **Gross Addition** <sup>(a)</sup> | **Gross Reduction** <sup>(b)</sup> | **Realized Gains <br>(Losses)** | **Net Change in<br>Unrealized<br> Appreciation/<br> (Depreciation)** | **Fair Value at June 30, 2025** | **Interest/Dividend/ <br>Other income** |
| &nbsp;&nbsp;&nbsp;Live Comfortably Borrower LLC Term Loan - 7.44% | $57009438 | $2935862 | $— | $(4252108) | $(1612581) | $54080611 | $3656962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Live Comfortably Inc. Common Stock |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Navistar Defense, LLC Super Senior Revolver - 14.93% inc PIK | 41485621 | 3218985 |  |  | (6320) | 44698286 | 3220282 |
| &nbsp;&nbsp;&nbsp;Navistar Defense, LLC Term Loan - 12.93% inc PIK | 5226437 | 544990 |  |  | 7272129 | 13043556 | 556747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tabhi Holdings, LLC (Mondee) Class B Common Units |  | 1695050 |  |  | (1695050) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tabhi Holdings, LLC (Mondee) Preferred Units |  | 25910051 |  |  | (8913058) | 16996993 |  |
| &nbsp;&nbsp;&nbsp;Tabhi Purchaser, LLC (Mondee) Delayed Draw Term Loan - 10.30% |  | 4843000 |  |  |  | 4843000 | 123589 |
| &nbsp;&nbsp;&nbsp;Tabhi Purchaser, LLC (Mondee) Term Loan B - 10.30% inc PIK |  | 53807346 |  |  |  | 53807346 | 1367650 |
| &nbsp;&nbsp;&nbsp;&nbsp;TCW ND Parent Holdings LLC Class A Units |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Legacy Companies LLC Class A Units |  | 38378723 |  |  | (7176698) | 31202025 |  |
| &nbsp;&nbsp;&nbsp;The Legacy Companies LLC First Out Term Loan - 9.94% inc PIK |  | 5314678 |  |  |  | 5314678 | 11919 |
| &nbsp;&nbsp;&nbsp;The Legacy Companies LLC Last Out Term Loan - 9.94% inc PIK |  | 35580354 |  |  |  | 35580354 | 79792 |
| &nbsp;&nbsp;&nbsp;&nbsp;WDE TorcSill Holdings LLC Class A Units |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;WDE TorcSill Holdings LLC Protective Advance Term Loan | 2683278 | 354968 |  |  | 10648 | 3048894 | 374401 |
| &nbsp;&nbsp;&nbsp;&nbsp;WDE TorcSill Holdings LLC Revolver | 10184750 | 1357345 |  |  | (2830700) | 8711395 | 1362119 |
| &nbsp;&nbsp;&nbsp;&nbsp;WDE TorcSill Holdings LLC Term Loan | 22770365 | 3029806 | (161260) |  | (6279348) | 19359563 | 3040325 |
| **Total Controlled Affiliated investments** | $139359889 | $176971158 | $(161260) | $(4252108) | $(21230978) | $290686701 | $13793786 |

---

<sup>(a)</sup>Gross additions include new purchases, payment-in-kind ("PIK") income and amortization of original issue and market discounts.

<sup>(b)</sup>Gross reductions include decreases in the cost basis from sales, paydown and the amortization of premium.

<sup>(3)</sup> The investment is not a qualifying asset as defined in Section 55(a) under the 1940 Act, as amended. A business development company may not acquire an asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company's total assets. As of June 30, 2025, $60,954,540 or 5.6% of the Company's total assets were represented by "non-qualifying assets."

<sup>(4)</sup> As defined in the Investment Company Act of 1940, the investment is deemed to be an "affiliated person" of the Company because the Company owns, either directly or indirectly, between 5% and 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2024 and June 30, 2025 along with transactions during the period ended June 30, 2025 in these affiliated investments are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Investment** | **Fair Value at December 31, 2024** | **Gross Addition** <sup>(a)</sup> | **Gross Reduction** <sup>(b)</sup> | **Realized Gains <br>(Losses)** | **Net Change in <br>Unrealized<br>Appreciation/<br>(Depreciation)** | **Fair Value at June 30, 2025** | **Interest/Dividend/ <br>Other income** |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Digital Media Holdings, LLC Class A Units | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Encompass Digital Media, Inc. Revolver - 12.05% inc PIK | 1992532 |  | (866557) |  | 317139 | 1443114 |  |
| &nbsp;&nbsp;&nbsp;Encompass Digital Media, Inc. Term Loan - 12.05% inc PIK | 17174507 |  |  |  | (1797198) | 15377309 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Outform Holdings LLC Class A Common Units |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Outform Group, Inc. Incremental Term Loan - 10.92% inc PIK | 239613 | 14279 |  |  | (18919) | 234973 | 14281 |
| &nbsp;&nbsp;&nbsp;Outform Group, Inc. Revolver - 10.92% inc PIK | 1650789 | 85025 | (735532) |  | (72021) | 928261 | 80020 |
| &nbsp;&nbsp;&nbsp;Outform Group, Inc. Term Loan - 10.92% inc PIK | 13535325 | 783210 |  |  | (1045340) | 13273195 | 783281 |
| &nbsp;&nbsp;&nbsp;&nbsp;RL Parent Holdings LLC Class A Units | 21295977 |  |  |  | (17046214) | 4249763 |  |
| &nbsp;&nbsp;&nbsp;RL Investor Holdings LLC Term Loan - 11.80% inc PIK | 46026991 | 7088027 |  |  |  | 53115018 | 2811828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shelterlogic Group Holdings, Inc Common Stock |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Slogic Holding Corp. Last Out Term Loan - 10.35% inc PIK | 26468470 | 697291 |  |  | (8000310) | 19165451 | 1401153 |
| &nbsp;&nbsp;&nbsp;Slogic Holding Corp. Revolver - 10.32% inc PIK | 3877285 | 401370 | (620366) |  |  | 3658289 | 196336 |
| **Total Non-Controlled Affiliated Investments** | $132261489 | $9069202 | $(2222455) | $— | $(27662863) | $111445373 | $5286899 |

---

<sup>(a)</sup>Gross additions include new purchases, PIK income and amortization of original issue and market discounts.

<sup>(b)</sup>Gross reductions include decreases in the cost basis from sales, paydown and the amortization of premium.

<sup>(5)</sup> Non-income producing.

------

**TCW Direct Lending VII LLC**

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

**June 30, 2025**

<sup>(6)</sup> 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 June 30, 2025, the aggregate fair value of these securities was $100,864,708, or 9.2% of the Company's total assets.

<sup>(7)</sup> 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."

<sup>(8)</sup> Investment is in default as of June 30, 2025.

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

PRIME - Prime Rate

PIK - Payment-In-Kind

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $91,049,532 and $132,013,239, respectively, for the period ended June 30, 2025. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments.

---

| | |
|:---|:---|
| **Country Breakdown of Portfolio** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | 100% |

---

See Notes to Consolidated Financial Statements

------

**TCW DIRECT LENDING VII LLC**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Issuer** | **Acquisition <br>Date** | **Investment** | **% of Net <br>Assets** | **Par<br>&nbsp;&nbsp;&nbsp;&nbsp;Amount** | **Maturity <br>Date** | **Amortized <br>Cost** | **Fair Value** |
|  | **DEBT**<sup>(1)</sup> |  |  |  |  |  |  |  |
| **Aerospace & Defense** | **Aerospace & Defense** |  |  |  |  |  |  |  |
|  | Columbia Helicopters Inc. | 08/20/19 | Last Out Term Loan - 15.84% inc PIK<br>(SOFR + 11.25%, 1.50% Floor, 3.75% PIK) | 2.9% | $16068695 | 09/04/25 | $16068695 | $15474153 |
|  | Heligear Acquisition Co. | 07/30/19 | Term Loan - 12.08%<br>(SOFR + 7.50%, 2.00% Floor) | 8.5% | 44822810 | 06/30/25 | 44822810 | 44822810 |
|  | Karman Holdings LLC | 12/21/20 | Revolver - 10.73%<br>(SOFR + 6.25%, 2.00% Floor) | 1.2% | 6554864 | 12/21/25 | 6554864 | 6554864 |
|  | Karman Holdings LLC | 12/21/20 | Term Loan - 10.73%<br>(SOFR + 6.25%, 2.00% Floor) | 11.0% | 57830258 | 12/21/25 | 57581565 | 57830258 |
|  | Navistar Defense, LLC <sup>(2)</sup> | 07/27/23 | Super Senior Revolver - 14.96% inc PIK<br>(SOFR + 10.50%, 1.50% Floor, all PIK) | 7.9% | 41485621 | 02/01/26 | 41471793 | 41485621 |
|  | Navistar Defense, LLC <sup>(2)(5)(8)</sup> | 08/01/22 | Term Loan - 12.96% inc PIK<br>(SOFR + 8.50%, 1.50% Floor, all PIK) | 1.0% | 47948961 | 02/01/26 | 33357512 | 5226437 |
|  |  |  |  | 32.5% | 214711209 |  | 199857239 | 171394143 |
| **Capital Goods** |  |  |  |  |  |  |  |  |
|  | Carolina Atlantic Roofing Supply LLC | 05/28/21 | Term Loan - 13.78% inc PIK<br>(SOFR + 9.00%, 2.00% Floor, 3.00% PIK) | 6.3% | 33842351 | 05/28/28 | 33656530 | 33131662 |
|  |  |  |  | 6.3% | 33842351 |  | 33656530 | 33131662 |
| **Chemicals** |  |  |  |  |  |  |  |  |
|  | AGY Holdings Corp. | 09/21/20 | Term Loan - 14.85% inc PIK<br>(SOFR + 10.00%, 1.50% Floor, 6.00% PIK) | 3.5% | 18444254 | 09/21/27 | 18444254 | 18444254 |
|  | AGY Holdings Corp. | 05/27/22 | Delayed Draw Term Loan - 14.59% inc PIK<br>(SOFR + 10.00%, 1.50% Floor, 6.00% PIK) | 3.6% | 19136952 | 09/21/27 | 19136944 | 19136952 |
|  |  |  |  | 7.1% | 37581206 |  | 37581198 | 37581206 |
| **Commercial & Professional Services** | **Commercial & Professional Services** |  |  |  |  |  |  |  |
|  | Outform Group, Inc. (fka Rapid Displays, Inc.)<sup>(4)</sup> | 04/16/21 | Term Loan - 11.15% inc PIK<br>(SOFR + 6.50%, 1.00% Floor, all PIK) | 2.6% | 13535325 | 04/13/29 | 13495272 | 13535325 |
|  | Outform Group, Inc. (fka Rapid Displays, Inc.)<sup>(4)</sup> | 04/16/21 | Revolver - 11.15% inc PIK<br>(SOFR + 6.50%, 1.00% Floor, all PIK) | 0.3% | 1650789 | 04/13/29 | 1650789 | 1650789 |
|  | Outform Group, Inc. (fka Rapid Displays, Inc.)<sup>(4)</sup> | 09/29/22 | Incremental Term Loan - 11.15% inc PIK<br>(SOFR + 6.50%, 1.00% Floor, all PIK) | 0.0% | 239613 | 04/13/29 | 237835 | 239613 |
|  |  |  |  | 2.9% | 15425727 |  | 15383896 | 15425727 |
| **Consumer Durables & Apparel** | **Consumer Durables & Apparel** |  |  |  |  |  |  |  |
|  | Twin Star International, Inc. | 06/12/23 | Incremental Delayed Draw Term Loan - 11.98% inc PIK<br>(SOFR + 7.50%, 1.50% Floor, all PIK) | 0.2% | 1048151 | 06/18/26 | 1048151 | 1048151 |
|  | Twin Star International, Inc.<sup>(5)(8)</sup> | 06/18/21 | Term Loan - 11.98% inc PIK<br>(SOFR + 7.50%, 1.50% Floor, all PIK) | 0.3% | 54004347 | 06/18/26 | 44197185 | 1566126 |
|  | Twin Star International, Inc. | 02/15/23 | Delayed Draw Term Loan - 11.98% inc PIK<br>(SOFR + 7.50%, 1.50% Floor, all PIK) | 0.2% | 1071463 | 06/18/26 | 1071463 | 1071463 |
|  | Twin Star International, Inc. | 06/12/23 | Incremental Term Loan - 11.98% inc PIK<br>(SOFR + 7.50%, 1.50% Floor, all PIK) | 0.2% | 1070171 | 06/18/26 | 1070171 | 1070171 |
|  | Twin Star International, Inc. | 10/19/23 | 7th Amendment Incremental Term Loan - 11.98% inc PIK<br>(SOFR + 7.50%, 1.50% Floor, all PIK) | 0.1% | 534919 | 06/18/26 | 534919 | 534919 |
|  | Twin Star International, Inc. | 10/19/23 | 7th Amendment Incremental Delayed Draw Term Loan - 11.98% inc PIK<br>(SOFR + 7.50%, 1.50% Floor, all PIK) | 0.6% | 3036541 | 06/18/26 | 3018088 | 3036541 |
|  | Twin Star International, Inc. | 06/20/24 | Protective Advance Term Loan - 11.98% inc PIK<br>(SOFR + 7.50%, 1.50% Floor, all PIK) | 0.4% | 2142232 | 06/18/26 | 2142232 | 2142232 |
|  | Twin Star International, Inc. | 10/03/24 | 13th Amendment Term Loan - 11.98% inc PIK<br>(SOFR + 7.50%, 1.50% Floor, all PIK) | 0.1% | 318295 | 06/18/26 | 318295 | 318295 |
|  | Twin Star International, Inc. | 10/03/24 | 13th Amendment Delayed Draw Term Loan - 11.98% inc PIK<br>(SOFR + 7.50%, 1.50% Floor, all PIK) | 0.1% | 705796 | 06/18/26 | 705796 | 705796 |
|  | Twin Star International, Inc. | 10/03/24 | 13th Amendment Priority Delayed Draw Term Loan - 25.00% inc PIK<br>(25.00%, Fixed Coupon, all PIK) | 0.1% | 273819 | 06/18/26 | 273819 | 273819 |
|  |  |  |  | 2.3% | 64205734 |  | 54380119 | 11767513 |

---

------

**TCW DIRECT LENDING VII LLC**

**Consolidated Schedule of Investments (Continued)**

**As of December 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Issuer** | **Acquisition <br>Date** | **Investment** | **% of Net<br>Assets** | **Par<br>&nbsp;&nbsp;&nbsp;&nbsp;Amount** | **Maturity <br>Date** | **Amortized <br>Cost** | **Fair Value** |
|  | **DEBT (continued)** |  |  |  |  |  |  |  |
| **Consumer Services** | **Consumer Services** |  |  |  |  |  |  |  |
|  | Grand Circle Corporation | 02/26/21 | Term Loan - 13.60%<br>(SOFR + 8.75%, 1.25% Floor) | 7.1% | $37534574 | 02/26/26 | $37362357 | $37534574 |
|  |  |  |  | 7.1% | 37534574 |  | 37362357 | 37534574 |
| **Energy Equipment & Services** | **Energy Equipment & Services** |  |  |  |  |  |  |  |
|  | WDE TorcSill Holdings LLC<sup>(2)</sup> | 10/22/19 | Revolver - 10.71% inc PIK<br>(SOFR + 6.00%, 4.60% Floor, all PIK) | 1.9% | 11034398 | 04/30/28 | 11034398 | 10184750 |
|  | WDE TorcSill Holdings LLC<sup>(2)</sup> | 10/22/19 | Term Loan - 10.71% inc PIK<br>(SOFR + 6.00%, 4.60% Floor, all PIK) | 4.3% | 24669951 | 04/30/28 | 24669951 | 22770365 |
|  | WDE TorcSill Holdings LLC<sup>(2)</sup> | 08/13/24 | Protective Advance Term Loan - 13.00% inc PIK<br>(PRIME + 5.50%, 4.60% Floor, all PIK) | 0.5% | 2605124 | 04/30/28 | 2605124 | 2683278 |
|  |  |  |  | 6.7% | 38309473 |  | 38309473 | 35638393 |
| **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |
|  | KBP Brands, LLC | 05/26/21 | Term Loan - 10.10%<br>(SOFR + 5.50%, 0.75% Floor) | 4.4% | 23995124 | 05/26/27 | 23867994 | 23395246 |
|  | RL Investor Holdings LLC (fka Red Lobster Management, LLC)<sup>(4)</sup> | 09/16/24 | Term Loan - 11.83% inc PIK<br>(SOFR + 7.50%, 2.00% Floor, all PIK) | 8.7% | 46026991 | 09/16/29 | 46026991 | 46026991 |
|  |  |  |  | 13.1% | 70022115 |  | 69894985 | 69422237 |
| **Household Durables** | **Household Durables** |  |  |  |  |  |  |  |
|  | Slogic Holding Corp. <sup>(4)</sup> | 08/25/23 | Revolver - 10.35%<br>(SOFR + 5.87%, 1.00% Floor) | 0.7% | 3877285 | 04/30/25 | 3877285 | 3877285 |
|  | Slogic Holding Corp. <sup>(4)</sup> | 06/29/18 | Last Out Term Loan - 10.52%<br>(SOFR + 5.87%, 1.00% Floor) | 5.0% | 26681925 | 10/29/26 | 26681925 | 26468470 |
|  | Greenfield World Trade, Inc. | 03/04/19 | Last Out Term Loan - 17.79% inc PIK<br>(SOFR + 13.33%, 1.50% Floor, 7.00% PIK) | 15.3% | 95664402 | 03/31/25 | 95277303 | 80932084 |
|  |  |  |  | 21.0% | 126223612 |  | 125836513 | 111277839 |
| **Media** |  |  |  |  |  |  |  |  |
|  | Encompass Digital Media, Inc.<sup>(4)(5)(8)</sup> | 10/01/18 | Revolver - 12.08% inc PIK<br>(SOFR + 7.75%, 1.50% Floor, all PIK) | 0.4% | 4408256 | 09/28/25 | 4134235 | 1992532 |
|  | Encompass Digital Media, Inc.<sup>(4)(5)(8)</sup> | 10/01/18 | Term Loan - 12.08% inc PIK<br>(SOFR + 7.75%, 1.50% Floor, all PIK) | 3.3% | 37996697 | 09/28/25 | 35633236 | 17174507 |
|  |  |  |  | 3.7% | 42404953 |  | 39767471 | 19167039 |
| **Publishing** |  |  |  |  |  |  |  |  |
|  | Bendon Inc. | 12/11/20 | Revolver - 12.21%<br>(SOFR + 7.75%, 1.50% Floor) | 0.2% | 968422 | 12/11/25 | 968422 | 959707 |
|  | Bendon Inc. | 12/11/20 | Term Loan - 12.21%<br>(SOFR + 7.75%, 1.50% Floor) | 7.4% | 39547057 | 12/11/25 | 39377767 | 39191133 |
|  |  |  |  | 7.6% | 40515479 |  | 40346189 | 40150840 |
| **Software** |  |  |  |  |  |  |  |  |
|  | Mondee Holdings LLC | 12/20/19 | Term Loan - 13.09% inc PIK<br>(SOFR + 8.50%, 1.75% Floor, 2.50% PIK) | 16.6% | 99738798 | 06/30/28 | 99738798 | 87670403 |
|  |  |  |  | 16.6% | 99738798 |  | 99738798 | 87670403 |
| **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** |  |  |  |  |  |  |  |
|  | Centric Brands Inc. <sup>(3)</sup> | 02/06/24 | Term Loan - 10.03%<br>(SOFR + 5.50%, 1.00% Floor) | 3.1% | 16206598 | 08/06/29 | 15829204 | 16206598 |
|  | Centric Brands TopCo, LLC (fka Centric Brands Inc.) <sup>(3)</sup> | 02/06/24 | Term Loan A-1 - 11.03%<br>(SOFR + 6.50%, 1.00% Floor) | 3.2% | 16725454 | 02/06/31 | 16319532 | 16725454 |
|  | Centric Brands TopCo, LLC (fka Centric Brands Inc.) <sup>(3)</sup> | 02/06/24 | Term Loan A-2 - 12.53% inc PIK<br>(SOFR + 8.00%, 1.00% Floor, all PIK) | 2.9% | 15215944 | 02/06/31 | 14881614 | 15215944 |
|  | Hollander Intermediate LLC | 09/19/22 | Term Loan - 13.22% inc PIK<br>(SOFR + 8.75%, 3.00% Floor, 10.58% PIK) | 10.8% | 65302908 | 09/21/26 | 61064861 | 57009438 |
|  |  |  |  | 20.0% | 113450904 |  | 108095211 | 105157434 |
|  | **Total Debt Investments** |  |  | 146.9% | 933966135 |  | 900209979 | 775319010 |

---

------

**TCW DIRECT LENDING VII LLC**

**Consolidated Schedule of Investments (Continued)**

**As of December 31, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Industry** | **Investment** | **% of Net<br>Assets** | **Shares** | **Amortized <br>Cost** | **Fair Value** |
| **Aerospace & Defense** |  |  |  |  |  |
| TCW ND Parent Holdings LLC. <sup>(2)(5)(6)</sup> | Class A Units | 0.0% | 4399 | $43990 | $— |
|  |  | 0.0% | 4399 | 43990 |  |
| **Chemicals** |  |  |  |  |  |
| AGY Equity LLC <sup>(5)(6)</sup> | Class A Preferred Units | 0.0% | 7752414 |  |  |
| AGY Equity LLC <sup>(5)(6)</sup> | Class B Preferred Units | 0.0% | 10078138 |  |  |
| AGY Equity LLC <sup>(5)(6)</sup> | Class C Common Units | 0.0% | 11241000 |  |  |
| AGY Equity LLC <sup>(5)(6)</sup> | Class D Preferred Units | 1.7% | 3997226 | 3997226 | 8914613 |
| AGY Equity LLC <sup>(5)(6)</sup> | Class E Preferred Units | 5.1% | 36177931 | 36177931 | 26702931 |
|  |  | 6.8% | 69246709 | 40175157 | 35617544 |
| **Commercial & Professional Services** |  |  |  |  |  |
| Outform Holdings LLC (fka Rapid Displays, Inc.)<sup>(4)(5)(6)</sup> | Class A Common Units | 0.0% | 7872225 | 39361 |  |
|  |  | 0.0% | 7872225 | 39361 |  |
| **Energy Equipment & Services** |  |  |  |  |  |
| WDE TorcSill Holdings LLC<sup>(2)(5)(6)</sup> | Class A Units | 0.0% | 756280 |  |  |
|  |  | 0.0% | 756280 |  |  |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |
| RL Parent Holdings LLC (fka Red Lobster Management, LLC) <sup>(4)(5)(6)</sup> | Class A Units | 4.0% | 40276 | 40276460 | 21295977 |
|  |  | 4.0% | 40276 | 40276460 | 21295977 |
| **Household Durables** |  |  |  |  |  |
| Shelterlogic Group Holdings, Inc <sup>(4)(5)(6)</sup> | Common Stock | 0.0% | 1254034 |  |  |
| Greenfield World Trade, Inc. <sup>(5)(6)</sup> | Class A-1 Warrant, expires 03/25/27 | 0.3% | 4975 | 3178520 | 1741586 |
| Greenfield World Trade, Inc. <sup>(5)(6)</sup> | Class A-2 Warrant, expires 03/25/27 | 0.1% | 1730 | 1189508 | 292306 |
| Greenfield World Trade, Inc. <sup>(5)(6)</sup> | Class A-3 Warrant, expires 03/25/27 | 0.0% | 145 | 113932 | 24448 |
| Greenfield World Trade, Inc. <sup>(5)(6)</sup> | Class A-4 Warrant, expires 03/25/27 | 0.1% | 2401 |  | 406041 |
|  |  | 0.5% | 1263285 | 4481960 | 2464381 |
| **Media** |  |  |  |  |  |
| Encompass Digital Media, Inc.<sup>(4)(5)(6)</sup> | Class A Units | 0.0% | 722097 |  |  |
|  |  | 0.0% | 722097 |  |  |
| **Software** |  |  |  |  |  |
| Mondee Holdings LLC <sup>(5)(6)</sup> | Common Stock | 0.0% | 570627 | 764071 | 30643 |
|  |  | 0.0% | 570627 | 764071 | 30643 |

---

------

**TCW DIRECT LENDING VII LLC**

**Consolidated Schedule of Investments (Continued)**

**As of December 31, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Industry** | **Investment** | **% of Net<br>Assets** | **Shares** | **Amortized <br>Cost** | **Fair Value** |
| **Textiles, Apparel & Luxury Goods** |  |  |  |  |  |
| Centric Brands GP LLC <sup>(3)(5)(6)</sup> | Membership Interests | 0.0% | 359231 | $— | $— |
| Centric Brands L.P. <sup>(3)(5)(6)</sup> | Class A LP Interests | 2.4% | 359231 | 95579 | 12469537 |
|  |  | 2.4% | 718462 | 95579 | 12469537 |
|  | **Total Equity Investments** | 13.7% | 81194360 | 85876578 | 71878082 |
|  | **Total Debt & Equity Investments** <sup>(7)</sup> | 160.6% |  | 986086557 | 847197092 |
|  | **Cash Equivalents** |  |  |  |  |
|  | **First American Government Obligation Fund, Yield 4.39%, Class X (FGXXX)** | 2.2% | 11869775 | 11869775 | 11869775 |
|  | **Total Cash Equivalents** | 2.2% |  | 11869775 | 11869775 |
|  | **Short-term Investments** |  |  |  |  |
|  | **U.S. Treasury Bill, Yield 4.46%, Maturity Date** 04/03/25 | 56.2% | 300000000 | 296799833 | 296799833 |
|  | **Total Short-term Investments** | 56.2% |  | 296799833 | 296799833 |
|  | **Total Investments (218.9%)** |  |  | $**1294756165** | $**1155866700** |
|  | **Net unrealized depreciation on unfunded commitments (-0.1%)** |  |  |  | (331912) |
|  | **Liabilities in Excess of Other Assets (-118.8%)** |  |  |  | (627527222) |
|  | **Net Assets (100.0%)** |  |  |  | $**528007566** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)As defined in the Investment Company Act of 1940, the investment is deemed to be a "controlled affiliated person" of the Company because the Company owns, either directly or indirectly, 25% or more of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2023 and December 31, 2024 along with transactions during the year ended December 31, 2024 in these controlled investments are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Investment** | **Fair Value at <br>December 31,<br>2023** | **Gross Addition (a)** | **Gross Reduction (b)** | **Realized Gains <br>(Losses)** | **Net Change in<br>Unrealized<br> Appreciation/<br> (Depreciation)** | **Fair Value at<br> December 31, <br>2024** | **Interest/Dividend/ <br>Other income** |
| &nbsp;&nbsp;&nbsp;&nbsp;Navistar Defense, LLC Super Senior Revolver - 14.96% inc PIK | $10326607 | $31171795 | $— | $— | $(12781) | $41485621 | $4864058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Navistar Defense, LLC Term Loan - 12.96% inc PIK | 33940881 | 248217 |  |  | (28962661) | 5226437 | 271614 |
| &nbsp;&nbsp;&nbsp;&nbsp;TCW ND Parent Holdings LLC Class A Units |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;WDE TorcSill Holdings LLC Class A Units |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;WDE TorcSill Holdings LLC Protective Advance Term Loan - 13.00% inc PIK |  | 2605125 |  |  | 78153 | 2683278 | 171947 |
| &nbsp;&nbsp;&nbsp;&nbsp;WDE TorcSill Holdings LLC Revolver - 10.71% inc PIK | 9602702 | 1786961 | (591397) |  | (613516) | 10184750 | 1587354 |
| &nbsp;&nbsp;&nbsp;&nbsp;WDE TorcSill Holdings LLC Term Loan - 10.71% inc PIK | 21861053 | 2752106 | (396977) |  | (1445817) | 22770365 | 3708057 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Controlled Affiliated investments** | $75731243 | $38564204 | $(988374) | $— | $(30956622) | $82350451 | $10603030 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The investment is not a qualifying asset as defined in Section 55(a) under the Investment Company Act of 1940, as amended. A business development company may not acquire an asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company's total assets. As of December 31, 2024, $60,617,533 or 5.2% of the Company's total assets were represented by "non-qualifying assets."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)As defined in the Investment Company Act of 1940, the investment is deemed to be an "affiliated person" of the Company because the Company owns, either directly or indirectly, between 5% and 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2023 and December 31, 2024 along with transactions during the year ended December 31, 2024 in these affiliated investments are as follows:

------

**TCW DIRECT LENDING VII LLC**

**Consolidated Schedule of Investments (Continued)**

**As of December 31, 2024**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Investment** | **Fair Value at <br>December 31,<br>2023** | **Gross Addition (a)** | **Gross Reduction (b)** | **Realized Gains <br>(Losses)** | **Net Change in <br>Unrealized<br>Appreciation/<br>(Depreciation)** | **Fair Value at <br>December 31,<br>2024** | **Interest/Dividend/ <br>Other income** |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Digital Media Holdings, LLC Class A Units | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Digital Media, Inc. Revolver - 12.08% inc PIK | 2515804 | 491358 | (180533) |  | (834097) | 1992532 | 266556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Digital Media, Inc. Term Loan - 12.08% inc PIK | 21696936 | 2659170 |  |  | (7181599) | 17174507 | 2272142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Outform Holdings LLC (fka Rapid Displays, Inc.) Class A Common Units |  | 39361 |  |  | (39361) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Outform Group, Inc. (fka Rapid Displays, Inc.) Incremental Term Loan - 11.15% inc PIK | 199053 | 22325 | (2451) |  | 20686 | 239613 | 29199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Outform Group, Inc. (fka Rapid Displays, Inc.) Revolver - 11.15% inc PIK | 354000 | 3263456 | (2006000) |  | 39333 | 1650789 | 119086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Outform Group, Inc. (fka Rapid Displays, Inc.) Term Loan - 11.15% inc PIK | 11244614 | 1213964 | (140453) |  | 1217200 | 13535325 | 1600867 |
| &nbsp;&nbsp;&nbsp;&nbsp;RL Parent Holdings LLC (fka Red Lobster Management, LLC) Class A Units |  | 40276460 |  |  | (18980483) | 21295977 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;RL Investor Holdings LLC (fka Red Lobster Management, LLC) Term Loan - 11.83% inc PIK |  | 46026991 |  |  |  | 46026991 | 2187701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shelterlogic Group Holdings, Inc Common Stock |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Slogic Holding Corp. Last Out Term Loan - 10.52% | 21879179 |  |  |  | 4589291 | 26468470 | 3045731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Slogic Holding Corp. Revolver - 10.35% | 3877285 | 3256919 | (3256919) |  |  | 3877285 | 357502 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Non-Controlled Affiliated Investments** | $61766871 | $97250004 | $(5586356) | $— | $(21169030) | $132261489 | $9878784 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Non-income producing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)All or a portion of such security was acquired in a transaction exempt from registration under the Securities Act of 1933, as amended (the "Securities Act") and may be deemed "restricted securities" under the Securities Act. As of December 31, 2024, the aggregate fair value of these securities was $71,878,082, or 6.2% of the Company's total assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)The fair value of each debt and equity 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."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)Investment is in default as of December 31, 2024.

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

PRIME - Prime Rate

PIK - Payment-In-Kind

------

**TCW DIRECT LENDING VII LLC**

**Consolidated Schedule of Investments (Continued)**

**As of December 31, 2024**

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $200,689,830 and $105,688,206, respectively, for the year ended December 31, 2024. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments.

---

| | |
|:---|:---|
| **Country Breakdown of Portfolio** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | 100% |

---

See Notes to Consolidated Financial Statements

------

**TCW DIRECT LENDING VII LLC** 

**Consolidated Statements of Assets and Liabilities** 

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** |  |
|  | **2025** | **As of December 31,** |
|  | **(unaudited)** | **2024** |
| **Assets** |  |  |
| **Investments, at fair value** |  |  |
| Non-controlled/non-affiliated investments (amortized cost of $318,846 and<br> $700,850, respectively) | $289824 | $632586 |
| Non-controlled affiliated investments (amortized cost of $178,900 and<br> $172,053, respectively) | 111445 | 132261 |
| Controlled affiliated investments (amortized cost of $346,805 and<br> $113,183, respectively) | 290687 | 82350 |
| Cash and cash equivalents | 7775 | 14501 |
| Short-term investments | 394467 | 296800 |
| Interest income receivable | 3363 | 6873 |
| Receivable for investments sold | 81 | 217 |
| Deferred financing costs | 465 | 1112 |
| Due from Adviser |  | 105 |
| Prepaid and other assets |  | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $1098107 | $1166866 |
| **Liabilities** |  |  |
| Payable for short-term investments purchased | $394467 | $296800 |
| Revolving credit facilities payable | 213500 | 300000 |
| Management fees payable | 3375 | 3630 |
| Interest and credit facilities expense payable | 1310 | 1601 |
| Unrealized depreciation on unfunded commitments | 1104 | 332 |
| Incentive fee payable |  | 35680 |
| Other accrued expenses and other liabilities | 613 | 815 |
| **Total Liabilities** | 614369 | 638858 |
| Commitments and Contingencies (Note 5) |  |  |
| **Members' Capital** |  |  |
| Common Unitholders' commitment (13,734,010 units issued and outstanding) | 1373401 | 1373401 |
| Common Unitholders' undrawn commitment (13,734,010 units issued and outstanding) | (165401) | (165401) |
| Common Unitholders' return of capital | (489114) | (489114) |
| Common Unitholders' offering costs | (633) | (633) |
| Accumulated Common Unitholders' tax reclassification | (1865) | (1865) |
| Common Unitholders' capital | 716388 | 716388 |
| Accumulated overdistributed earnings | (232650) | (188380) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Members' Capital** | 483738 | 528008 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Members' Capital** | $1098107 | $1166866 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Asset Value Per Unit (Note 11)**<sup>(1)</sup> | $47.27 | $50.49 |

---

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

See Notes to Consolidated Financial Statements.

------

**TCW DIRECT LENDING VII LLC** 

**Consolidated Statements of Operations (Unaudited)** 

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

**June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Investment Income** |  |  |  |  |
| **Non-controlled/non-affiliated investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $2111 | $16650 | $15938 | $37378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income paid-in-kind | 13068 | 11797 | 19346 | 20515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other fee income | 74 | 174 | 74 | 174 |
| **Non-controlled affiliated investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 21 | 826 | 823 | 1715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income paid-in-kind | 2668 | 1287 | 4464 | 2526 |
| **Controlled affiliated investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 1513 | 735 | 2079 | 2295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income paid-in-kind | 5436 | 3193 | 11644 | 5231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other fee income | 71 | 12 | 71 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 24962 | 34674 | 54439 | 69846 |
| **Expenses** |  |  |  |  |
| Incentive fees |  | (33616) | (35680) | (36365) |
| Interest and credit facilities expenses | 4540 | 6056 | 9876 | 12430 |
| Management fees | 3375 | 3507 | 7149 | 6978 |
| Interest expense on repurchase transactions | 876 | 339 | 1651 | 617 |
| Administrative fees | 198 | 264 | 432 | 525 |
| Professional fees | 267 | 292 | 407 | 513 |
| Directors' fees | 98 | 98 | 196 | 198 |
| Other expenses | 29 | 41 | 95 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 9383 | (23019) | (15874) | (15029) |
| **Net investment income** | 15579 | 57693 | 70313 | 84875 |
| **Net realized and unrealized (loss) gain on investments** |  |  |  |  |
| **Net realized loss:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | (97391) |  | (97391) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Controlled affiliated investments |  |  | (4252) |  |
| **Net change in unrealized appreciation/(depreciation):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 89375 | (27431) | 34416 | (32499) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliated investments | (13683) | (3116) | (27663) | (5683) |
| &nbsp;&nbsp;&nbsp;&nbsp;Controlled affiliated investments | (23744) | (14911) | (21231) | (22726) |
| **Net realized gain on short-term investments** | 798 | 291 | 1538 | 548 |
| **Net realized and unrealized loss on investments** | (44645) | (45167) | (114583) | (60360) |
| **Net (decrease) increase in Members' Capital from operations** | $(29066) | $12526 | $(44270) | $24515 |
| Basic and diluted: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) income per unit | $(2.12) | $0.91 | $(3.22) | $1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Outstanding | 13734010 | 13734010 | 13734010 | 13734010 |

---

See Notes to Consolidated Financial Statements.

------

**TCW DIRECT LENDING VII LLC** 

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

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

**June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Common<br>Unitholders'<br>Capital** | **Accumulated Undistributed (Overdistributed) Earnings** | **Total** |
| **Members' Capital at January 1, 2025** | $716388 | $(188380) | $528008 |
| Net Increase (Decrease) in Members' Capital Resulting from Operations: |  |  |  |
| Net investment income |  | 54734 | 54734 |
| Net realized loss on investments |  | (3512) | (3512) |
| Net change in unrealized appreciation/(depreciation) on investments |  | (66426) | (66426) |
| **Total Decrease in Members' Capital for the three months ended March 31, 2025** |  | (15204) | (15204) |
| **Members' Capital at March 31, 2025** | 716388 | (203584) | 512804 |
| Net Increase (Decrease) in Members' Capital Resulting from Operations: |  |  |  |
| Net investment income |  | 15579 | 15579 |
| Net realized loss on investments |  | (96593) | (96593) |
| Net change in unrealized appreciation/(depreciation) on investments |  | 51948 | 51948 |
| **Total Decrease in Members' Capital for the three months ended June 30, 2025** |  | (29066) | (29066) |
| **Members' Capital at June 30, 2025** | $716388 | $(232650) | $483738 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Common<br>Unitholders'<br>Capital** | **Accumulated Undistributed (Overdistributed) Earnings** | **Total** |
| **Members' Capital at January 1, 2024** | $721083 | $(151316) | $569767 |
| Net Increase (Decrease) in Members' Capital Resulting from Operations: |  |  |  |
| Net investment income |  | 27182 | 27182 |
| Net realized gain on investments |  | 257 | 257 |
| Net change in unrealized appreciation/(depreciation) on investments |  | (15450) | (15450) |
| Distributions to Members from: |  |  |  |
| Distributable earnings |  | (5000) | (5000) |
| **Total Increase in Members' Capital for the three months ended March 31, 2024** |  | 6989 | 6989 |
| **Members' Capital at March 31, 2024** | 721083 | (144327) | 576756 |
| Net Increase (Decrease) in Members' Capital Resulting from Operations: |  |  |  |
| Net investment income |  | 57693 | 57693 |
| Net realized gain on investments |  | 291 | 291 |
| Net change in unrealized appreciation/(depreciation) on investments |  | (45458) | (45458) |
| **Total Increase in Members' Capital for the three months ended June 30, 2024** |  | 12526 | 12526 |
| **Members' Capital at June 30, 2024** | $721083 | $(131801) | $589282 |

---

See Notes to Consolidated Financial Statements.

------

**TCW DIRECT LENDING VII LLC** 

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

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2024** |
| **Cash Flows from Operating Activities** |  |  |
| Net (decrease) increase in net assets resulting from operations | $(44270) | $24515 |
| Adjustments to reconcile the net (decrease) increase in net assets resulting from operations to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (55596) | (67069) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of short-term investments | (394467) | (196776) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income paid-in-kind | (35454) | (28272) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales and paydowns of investments | 132149 | 52062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of short-term investments | 298338 | 79262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain on short-term investments | (1538) | (548) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments | 101643 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation)/depreciation on investments | 14478 | 60908 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of premium and accretion of discount, net | (1071) | (2466) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 647 | 930 |
| **Increase (decrease) in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in interest income receivable | 3510 | 6476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in due from Adviser | 105 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in prepaid and other assets | 61 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in payable for short-term investments purchased | 97667 | 118062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in incentive fees payable | (35680) | (36365) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in management fees payable | (255) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in interest and credit facilities expense payable | (291) | (1006) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in other accrued expenses and liabilities | (202) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | 79774 | 9856 |
| **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to Members from distributable earnings |  | (4980) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs paid |  | (523) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from credit facilities | 35500 | 63000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of credit facilities | (122000) | (105000) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in financing activities** | (86500) | (47503) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net decrease in cash and cash equivalents** | (6726) | (37647) |
| **Cash and cash equivalents, beginning of period** | 14501 | 65036 |
| **Cash and cash equivalents, end of period** | $7775 | $27389 |
| **Supplemental and non-cash operating and financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense paid | $9462 | $9658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash purchases of investments due to reorganization | $(200755) | $(75317) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash sales of investments due to reorganization | $200755 | $75317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from secured borrowing | $296751 | $93694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment to secured borrowing | $(296751) | $(93694) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions payable | $— | $20 |

---

See Notes to Consolidated Financial Statements.

------

**TCW DIRECT LENDING VII LLC**

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

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

**As of June 30, 2025**

**1. Organization and Basis of Presentation** 

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

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

As of June 30, 2025, the Company has six wholly-owned subsidiaries, each of which is a single member Delaware limited liability company.

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

*Term:* The term of the Company will continue until the sixth anniversary of the Initial Closing Date (as defined below), April 13, 2024, unless extended or sooner dissolved as provided in the Company's amended and restated limited liability agreement (the "LLC Agreement") or by operation of law. The Company may extend the term for two additional one-year periods upon written notice to the holders of the Units (the "Unitholders) and holders of preferred units, if any, (together with the Unitholders, the "Members") at least 90 days prior to the expiration of the term or the end of the first one-year period. Thereafter, the term may be extended for successive one-year periods, with the vote or consent of a supermajority in interest of the holders of the Units. On December 20, 2023, the Company's Board of Directors approved a one year extension of the Company's term from April 13, 2024 to April 13, 2025. On January 3, 2025, the Company's Board of Directors approved a one year extension of the Company's term from April 13, 2025 to April 13, 2026.

*Commitment Period:* The Commitment Period commenced on April 13, 2018 (the "Initial Closing Date"), the day on which the Company completed the first closing of the sale of its Units to persons not affiliated with the Adviser and ended on May 16, 2021, which is the later of (a) April 13, 2021, three years from the Initial Closing Date and (b) May 16, 2021, three years from the date in which the Company first completed an investment. In accordance with the Company's LLC Agreement, the Company completed investment transactions that were significantly in process as of the end of the Commitment Period and which the Company reasonably expected 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 Capital Commitments (as defined below). On December 11, 2024, the Company's Members approved a proposal to allow the Company to increase the maximum aggregate of permissible follow-on investments and allow for follow-on investments in existing portfolio companies up to an aggregate amount not to exceed an amount equal to 10% of the aggregate cumulative amounts invested or committed for investment by the Company during the Commitment Period.

*Capital Commitments:* On the Initial Closing Date, the Company began accepting subscription agreements from investors for the private sale of its Units. On January 14, 2019, the Company completed its fourth and final closing sale of Units. The Company sold 13,734,010 Units for an aggregate offering price of $1,373,401. Each Unitholder is obligated to contribute capital equal to its respective capital commitment to the Company (the "Commitment") and each Unit's Commitment obligation is $100.00 per unit. The sale of the Units was made pursuant to subscription agreements entered into by the Company and each investor. Under the terms of the subscription agreements, the Company may draw down all or any portion of the undrawn commitment with respect to each Unit generally upon at least ten business days' prior written notice to the unitholders. The amount of capital that remains to be drawn down and contributed is referred to as an "Undrawn Commitment".

------

**TCW DIRECT LENDING VII LLC**

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

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

**As of June 30, 2025**

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

The commitment amount funded does not include amounts contributed in anticipation of a potential investment that the Company did not consummate and therefore returned to the Members as unused capital. As of June 30, 2025, 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;Unitholder | $1373401 | $165401 | 88.0% | 13734010 |

---

*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 June 30, 2025 was $489,114.

**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 946"). The Company has also consolidated the results of its wholly-owned subsidiaries in its consolidated financial statements in accordance with ASC 946. The unaudited consolidated financial statements reflect all adjustments, both normal and recurring which, in the opinion of management, are necessary for the fair presentation of the Company's results of operations and financial condition for the periods presented. The unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto appearing in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission ("SEC") on March 26, 2025.

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

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

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

------

**TCW DIRECT LENDING VII LLC**

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

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

**As of June 30, 2025**

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

*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. A number of the Company's current investments contain PIK due to certain circumstances involving debt restructurings or work-outs. The high concentration of PIK in the Company's current portfolio is primarily a result of the continued wind down of the portfolio. PIK interest represents accrued interest that is added to the principal amount of the investment on the respective interest payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a liquidation event. To maintain the Company's tax status as a RIC, this non-cash source of income must be paid out to stockholders in the form of dividends for the year the income was earned, even though the Company has not yet collected the cash. The amortized cost of investments represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest. For the three and six months ended June 30, 2025, PIK interest income earned was $21,172 and $35,454, respectively, representing 84.8% and 65.1%, respectively, of investment income. For the three and six months ended June 30, 2024, PIK interest income earned was $16,277 and $28,272, respectively, representing 46.9% and 40.5%, respectively, of investment income.

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

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

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

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

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

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

------

**TCW DIRECT LENDING VII LLC**

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

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

**As of June 30, 2025**

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

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

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

*Income Taxes:* The Company has elected to be regulated as a BDC under the 1940 Act. The Company also elected to be treated as a RIC under the Code beginning with the taxable year ending December 31, 2018. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. Federal income taxes on any ordinary income or capital gains that it distributes at least annually to its 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.

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.

------

**TCW DIRECT LENDING VII LLC**

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

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

**As of June 30, 2025**

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

**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), 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.

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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Debt | $— | $— | $591091 | $591091 |
| Equity |  |  | 100865 | 100865 |
| Cash equivalents | 7096 |  |  | 7096 |
| Short-term investments | 394467 |  |  | 394467 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $**401563** | $**—** | $**691956** | $**1093519** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Debt | $— | $— | $775319 | $775319 |
| Equity |  |  | 71878 | 71878 |
| Cash equivalents | 11870 |  |  | 11870 |
| Short- term investments | 296800 |  |  | 296800 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $**308670** | $**—** | $**847197** | $**1155867** |

---

------

**TCW DIRECT LENDING VII LLC**

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

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

**As of June 30, 2025**

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Debt** | **Equity** | **Total** |
| Balance, April 1, 2025 | $741544 | $61778 | $803322 |
| Purchases, including payments received in-kind and reorganizations | 141135 | 65984 | 207119 |
| Sales and paydowns of investments and reorganizations | (273571) |  | (273571) |
| Amortization of premium and accretion of discount, net | 495 |  | 495 |
| Net realized losses | (92145) | (5246) | (97391) |
| Net change in unrealized appreciation/(depreciation) | 73633 | (21651) | 51982 |
| **Balance, June 30, 2025** | $**591091** | $**100865** | $**691956** |
| Net change in unrealized appreciation/(depreciation) in investments held as of June 30, 2025 | $(6437) | $(26898) | $(33335) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Debt** | **Equity** | **Total** |
| Balance, January 1, 2025 | $775319 | $71878 | $847197 |
| Purchases, including payments received in-kind and reorganizations | 225821 | 65984 | 291805 |
| Sales and paydowns of investments and reorganizations | (332768) |  | (332768) |
| Amortization of premium and accretion of discount, net | 1071 |  | 1071 |
| Net realized losses | (96397) | (5246) | (101643) |
| Net change in unrealized appreciation/(depreciation) | 18045 | (31751) | (13706) |
| **Balance, June 30, 2025** | $**591091** | $**100865** | $**691956** |
| Net change in unrealized appreciation/(depreciation) in investments held as of June 30, 2025 | $(8714) | $(34502) | $(43216) |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Debt** | **Equity** | **Total** |
| Balance, April 1, 2024 | $850492 | $8353 | $858845 |
| Purchases, including payments received in-kind and reorganizations | 84696 |  | 84696 |
| Sales and paydowns of investments and reorganizations | (71828) |  | (71828) |
| Amortization of premium and accretion of discount, net | 1391 |  | 1391 |
| Net change in unrealized appreciation/(depreciation) | (48760) | 3343 | (45417) |
| **Balance, June 30, 2024** | $**815991** | $**11696** | $**827687** |
| Net change in unrealized appreciation/(depreciation) in investments held as of June 30, 2024 | $(48993) | $3343 | $(45650) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Debt** | **Equity** | **Total** |
| Balance, January 1, 2024 | $835989 | $5775 | $841764 |
| Purchases, including payments received in-kind and reorganizations | 170563 | 96 | 170659 |
| Sales and paydowns of investments and reorganizations | (126625) |  | (126625) |
| Amortization of premium and accretion of discount, net | 2466 |  | 2466 |
| Net change in unrealized appreciation/(depreciation) | (66402) | 5825 | (60577) |
| **Balance, June 30, 2024** | $**815991** | $**11696** | $**827687** |
| Net change in unrealized appreciation/(depreciation) in investments held as of June 30, 2024 | $(67485) | $5825 | $(61660) |

---

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

------

**TCW DIRECT LENDING VII LLC**

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

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

**As of June 30, 2025**

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

*Level 3 Valuation and Quantitative Information:* The following table summarizes the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Range** | **Weighted<br>Average\*** | **Impact to<br>Valuation from an<br>Increase in Input** |
| Debt | $133557 | Income Method | Discount Rate | 11.2% to 18.4% | 14.6% | Decrease |
| Debt | $14436 | Market Method | EBITDA Multiple | 5.5x to 6.5x | 6.0x | Increase |
|  |  |  | Revenue Multiple | 0.5x to 0.7x | 0.6x | Increase |
| Debt | $154098 | Market Method | EBITDA Multiple | 5.6x to 9.0x | 7.4x | Increase |
| Debt | $289000 | Market Method | Revenue Multiple | 0.1x to 1.4x | 0.9x | Increase |
| Equity | $14881 | Market Method | EBITDA Multiple | 5.6x to 9.0x | 6.5x | Increase |
| Equity | $85984 | Market Method | Revenue Multiple | 0.1x to 1.4x | 1.1x | Increase |
| Equity | $— | Market Method | EBITDA Multiple | 5.5x to 6.5x | 6.0x | Increase |
|  |  |  | Revenue Multiple | 0.5x to 0.7x | 0.6x | Increase |

---

\* Weighted based on fair value

------

**TCW DIRECT LENDING VII LLC**

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

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

**As of June 30, 2025**

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value** | **Valuation<br>Technique** | **Unobservable Input** | **Range** | **Weighted<br>Average\*** | **Impact to<br>Valuation from an<br>Increase in Input** |
| Debt | $230930 | Income Method | Discount Rate | 9.4% to 27.0% | 16.0% | Decrease |
| Debt | $142385 | Market Method | EBITDA Multiple | 4.8x to 8.0x | 6.9x | Increase |
|  |  |  | Revenue Multiple | 0.2x to 1.1x | 0.7x | Increase |
| Debt | $84974 | Income Method | Discount Rate | 10.8% to 15.9% | 13.1% | Decrease |
|  |  | Income Method | Take Out Indication | 100.0% to 100.0% | 100.0% | Increase |
| Debt | $87670 | Income Method | Discount Rate | 17.6% to 17.6% | 17.6% | Decrease |
|  |  | Market Method | EBITDA Multiple | 4.5x to 5.5x | 5.0x | Increase |
| Debt | $133299 | Market Method | EBITDA Multiple | 5.0x to 7.8x | 6.4x | Increase |
| Debt | $96061 | Market Method | Revenue Multiple | 0.6x to 1.4x | 1.0x | Increase |
| Equity | $12469 | Market Method | EBITDA Multiple | 5.0x to 7.8x | 6.1x | Increase |
| Equity | $35618 | Market Method | Revenue Multiple | 0.8x to 1.4x | 1.3x | Increase |
| Equity | $21296 | Market Method | EBITDA Multiple | 4.8x to 8.0x | 7.0x | Increase |
|  |  |  | Revenue Multiple | 0.2x to 0.8x | 0.2x | Increase |
| Equity | $2464 | Market Method | EBITDA Multiple | 7.0x to 7.3x | 7.1x | Increase |
|  |  |  | Revenue Multiple | 1.0x to 1.1x | 1.1x | Increase |
|  |  | Income Method | Implied Volatility | 20.0% to 30.0% | 25.0% | Increase |
|  |  |  | Expected Term (in years) | 2.0x to 2.5x | 2.3x | Increase |
| Equity | $31 | Market Method | EBITDA Multiple | 4.5x to 5.5x | 5.0x | Increase |
|  |  | Income Method | Implied Volatility | 35.0% to 45.0% | 40.0% | Increase |
|  |  |  | Expected Term (in years) | 0.5x to 1.0x | 0.8x | Increase |

---

\* Weighted based on fair value

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

------

**TCW DIRECT LENDING VII LLC**

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

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

**As of June 30, 2025**

**4. Agreements and Related Party Transactions** 

*Advisory Agreement*: On December 29, 2017, the Company entered into the Investment Advisory and Management Agreement (the "Advisory Agreement") with the Adviser, 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 remain 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"). On August 12, 2024, the Company's Board renewed the Advisory Agreement for an additional one-year term until September 15, 2025. The Advisory Agreement will automatically terminate in the event of an assignment by the Adviser.

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

Pursuant to the Advisory Agreement, the Adviser:

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

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

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

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

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

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

For the three and six months ended June 30, 2025, Management Fees incurred were $3,375 and $7,149, respectively, and $3,375 remained payable as of June 30, 2025. For the three and six months ended June 30, 2024, Management Fees incurred amounted to $3,507 and $6,978, respectively, and $3,507 remained payable at June 30, 2024.

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 Unitholders have collectively received cumulative distributions pursuant to this clause equal to their aggregate contributions to the Company in respect of all Units;

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

------

**TCW DIRECT LENDING VII LLC**

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

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

**As of June 30, 2025**

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

&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 Unitholders until such time as the Incentive Fee paid to the Adviser is equal to 20% of the sum of (i) the amount by which the Hurdle exceeds the aggregate capital contributions of the Unitholders in respect of all Units and (ii) the amount of Incentive Fee being paid to the Adviser pursuant to this clause (c); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Thereafter, the Adviser is entitled to an Incentive Fee equal to 20% of additional amounts otherwise distributable to Unitholders in respect of all Units, with the remaining 80% distributed to the Unitholders.

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

During the three and six months ended June 30, 2025, the Company reversed $0 and $35,680, respectively, of Incentive Fees. During the three and six months ended June 30, 2024, the Company reversed $33,616 and $36,365, respectively, of Incentive Fees. The Company has not made any incentive fee payments to the Adviser, and as of June 30, 2025 and December 31, 2024, the Company's incentive fee payable to the Advisor was $0 and $35,680, respectively.

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

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

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

------

**TCW DIRECT LENDING VII LLC**

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

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

**As of June 30, 2025**

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

A*dministration Agreement*: On September 25, 2018, the Company entered into an Amended and Restated Administration Agreement (the "Administration Agreement") with TCW Asset Management Company LLC (in such capacity, the "Administrator"), which amended and restated the Administration Agreement between the Company and the Administrator entered into on April 16, 2018. Under the Administration Agreement, the Administrator (or one or more delegated service providers) will oversee the maintenance of the Company's financial records and otherwise assist with the Company's compliance with regulations applicable to a business development company under the Investment Company Act of 1940, as amended, and a regulated investment company under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended; monitor the payment of the Company's expenses; oversee the performance of administrative and professional services rendered to the Company by others; be responsible for the financial and other records that the Company is required to maintain; prepare and disseminate reports to Unitholders and reports and other materials to be filed with the SEC or other regulators; assist the Company in determining and publishing (as necessary or appropriate) its net asset value; oversee the preparation and filing of tax returns; generally oversee the payment of expenses; and provide such other services as the Administrator, subject to review of the Company's Board, shall from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement. Payments under the Administration Agreement will be equal to an amount that reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities under the Administration Agreement. The Administrator shall seek such reimbursement from the Company no more than once during any calendar year and shall only seek such reimbursement when all Company Expenses (as defined below) for such calendar year have been paid or accrued. Amounts paid pursuant to the Administration Agreement are subject to the annual cap on Company Expenses (as defined below), as described more fully below. On August 12, 2024, the Company's Board renewed the Administration Agreement for an additional one-year term until September 15, 2025.

------

**TCW DIRECT LENDING VII LLC**

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

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

**As of June 30, 2025**

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

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

------

**TCW DIRECT LENDING VII LLC**

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

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

**As of June 30, 2025**

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

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

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

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

------

**TCW DIRECT LENDING VII LLC**

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

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

**As of June 30, 2025**

**5. Commitments and Contingencies** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Unfunded Commitments** | **Maturity/<br>Expiration** | **Amount** | **Unrealized<br> Depreciation** | **Amount** | **Unrealized<br> Depreciation** |
| AGY Holdings Corp. | September 2029 | $2067 | $— | $2067 | $— |
| Bendon Inc. | December 2025 | 4842 | 126 | 4842 | 44 |
| Encompass Digital Media, Inc. | September 2025 | 1374 | 851 | 508 | 278 |
| Greenfield World Trade, Inc. | January 2025 |  |  | 62 | 9 |
| Navistar Defense, LLC | February 2026 | 993 |  | 993 |  |
| Outform Group, Inc. | April 2026 | 1735 | 125 | 999 |  |
| Slogic Holding Corp. | June 2026 | 310 |  |  |  |
| Twin Star International, Inc. | June 2026 |  |  | 271 |  |
| Twin Star International, Inc. | June 2026 | 693 |  |  |  |
| WDE TorcSill Holdings LLC | April 2028 | 8 | 2 | 8 | 1 |
| **Total** |  | $**12022** | $**1104** | $**9750** | $**332** |

---

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of June 30, 2025, the Company is not aware of any pending or threatened litigation.

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

**6. Members' Capital**

The Company's Unit activity for the three and six months ended June 30, 2025 and 2024, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Units at beginning of period | 13734010 | 13734010 | 13734010 | 13734010 |
| Units issued and committed at end of period | 13734010 | 13734010 | 13734010 | 13734010 |

---

No deemed distributions and contributions were processed during the three and six months ended June 30, 2025 and 2024.

**7. Credit Facilities** 

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

------

**TCW DIRECT LENDING VII LLC**

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

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

**As of June 30, 2025**

**7. Credit Facilities (Continued)**

The Natixis Maximum Commitment may be periodically increased in amounts designated by the Company, up to an aggregate amount of $1 billion. The maturity date of the Natixis Credit Agreement is May 10, 2021. On May 10, 2021, the Company exercised its option to extend the maturity date of the Natixis Credit Agreement to May 9, 2022. On March 15, 2022, the Company exercised its last available option to extend the Natixis Credit Agreement maturity date from May 9, 2022 to May 9, 2023. Borrowings under the Natixis Credit Agreement bear interest at a rate equal to either (a) a base rate calculated in a customary manner plus 0.75% or (b) an adjusted eurodollar rate calculated in a customary manner plus 1.75%. As of December 31, 2019, the Natixis Maximum Commitment was $400,000. The Natixis Maximum Commitment was reduced to $340,000 on April 21, 2020 and was further reduced to $280,000 on July 1, 2020. On March 10, 2021, the Natixis Maximum Commitment was reduced to $250,000.

On January 10, 2023, the Company entered into the Sixth Amendment to the Revolving Credit Agreement with Natixis (the "Sixth Amended Revolving Credit Agreement"). The Sixth Amended Revolving Credit Agreement replaces the Eurocurrency Rate with a Daily Simple SOFR Rate, Term SOFR Rate and Adjusted Term SOFR Rate (each as defined in the Sixth Amended Revolving Credit Agreement) for purposes of calculating interest on the loan. Each Term SOFR Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Adjusted Term SOFR Rate for such Interest Period plus the interest rate spread or "Applicable Margin." Each Daily SOFR Loan will bear interest on the outstanding principal amount thereof at a rate per annum equal to Daily Simple SOFR plus the Applicable Margin. The Term SOFR Loan and Daily SOFR Loan have an Applicable Margin of 1.75%.

On May 9, 2023, the Company entered into the Seventh Amendment to the Revolving Credit Agreement with Natixis (the "Seventh Amended Revolving Credit Agreement"). The Seventh Amended Revolving Credit Agreement (1) removed the Adjusted Term SOFR Rate for purposes of calculating interest on the loan but kept the Daily Simple SOFR and Term SOFR rates as is; (2) updated the Applicable Margin from 0.75% to 1.15% for Base Rate Loans and from 1.75% to 2.15% for all other loan types; (3) added a minimum usage fee whereby the Company is charged 2.15% on undrawn amounts that are less than 50% of the Maximum Commitment; (4) modified the unused fees such that if usage is between 0% and 30%, the Company is charged 0.75%, 0.55% if usage is between 30% and 50%, and 0.40% if usage is greater than 50%; and (5) extended the maturity date of the Natixis Revolving Credit Facility 364 days to May 9, 2024.

On May 9, 2024, the Company entered into the Eighth Amendment to the Revolving Credit Agreement with Natixis (the "Eighth Amended Revolving Credit Agreement"). The Eighth Amended Revolving Credit Agreement: (1) updated the Applicable Margin from 1.15% to 1.50% for Base Rate Loans and from 2.15% to 2.50% for all other loan types; (2) extended the Stated Maturity Date (previously defined as May 9, 2024) of the Natixis Revolving Credit Facility 183 days to November 8, 2024; (3) updated the definition of Maturity Date to be the earlier of the Stated Maturity Date or 45 days after a Maturity Event, which is defined as one or more of the following occurring: (a) Special Member (NLGI US Private Debt Fund I) elects to "opt-out" and have its membership interest redeemed during the next scheduled redemption date; (b) Rated Included Investors (as defined in the Natixis Credit Agreement) representing 8% or more of Unfunded Commitments elect to "opt-out"and have their membership interest redeemed during the next scheduled redemption date; or (c) Included Investors (as defined in the Natixis Credit Agreement) representing 8% or more of Unfunded Commitments elect to "opt-out"and have their membership interest redeemed during the next scheduled redemption date; and (4) allowed the Company to extend the Stated Maturity Date up to 3 months after the then effective Stated Maturity Date no more than 2 times.

On July 30, 2024, the Company entered into the Ninth Amendment to the Revolving Credit Agreement with Natixis (the "Ninth Amended Revolving Credit Agreement"). The Ninth Amended Revolving Credit Agreement: (1) added the definition of Exchange Offer which means any exchange offer with respect to any membership interests in connection with a Reorganization (2) updated to the definition of Maturity Event to Maturity Event Date which is defined as when the Borrower proceeds with a Reorganization, the date 45 days prior to the date of the delivery of an Exchange Offer to any investor, unless extended by the lenders in their sole discretion and (3) requires consent of all lenders for the Borrower to deliver any Exchange Offer to investors or permit any Reorganization to be deemed effective.

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

------

**TCW DIRECT LENDING VII LLC**

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

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

**As of June 30, 2025**

**7. Credit Facilities (Continued)**

On November 4, 2024, the Natixis Revolving Credit Agreement matured and as of that date, the Company can no longer borrow amounts under the Natixis Revolving Credit Facility.

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

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

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

On March 17, 2020, the Borrower amended and restated the Amended PNC Credit Agreement (as further amended the "Second Amended PNC Credit Agreement"). The Second Amended PNC Credit Agreement, among other things, increased the total commitments under the PNC Credit Facility from $600,000 to $795,000 (the "Second Amended PNC Maximum Commitment"). The Second Amended PNC Maximum Commitment may be periodically increased in amounts designated by the Borrower up to an aggregate principal amount of $900,000, subject to lender consent and obtaining commitments for the increase. The Borrower may make borrowings of (i) revolving loans under the PNC Credit Facility during the period commencing January 29, 2019 and ending on January 29, 2022 and (ii) term loans under the PNC Credit Facility during the period commencing January 29, 2019 and ending on March 17, 2020, unless, in the case of (i) and (ii), there is an earlier termination of the PNC Credit Facility or event of default thereunder. On June 19, 2020, the Second Amended PNC Maximum Commitment was increased from $795,000 to $825,000. On November 15, 2021, the Second Amended PNC Maximum Commitment was decreased from $825,000 to $700,000.

On January 31, 2022 (the first business day after January 29, 2022), the Borrower's ability to make borrowings under the PNC Revolving Credit Facility expired and the then outstanding PNC Revolving Credit Facility borrowings of $295,500 converted into outstanding borrowings under the PNC Term Loan. In connection with such conversion, repayments on outstanding borrowings under the PNC Term Loan will correspondingly reduce the PNC Maximum Commitment. The PNC Credit Facility will mature on January 29, 2024.

On October 27, 2022, the Borrower amended and restated the Amended PNC Credit Agreement (as further amended the "Third Amended PNC Credit Agreement"). The Third Amended PNC Credit Agreement, among other things, removed reference to LIBOR rates and the related definitions and added reference to SOFR rates and the related definitions in which the Borrower may now elect a fluctuating rate of interest that is based on SOFR rather than LIBOR. Loans under the PNC Credit Facility will bear interest at a fluctuating rate of interest per annum equal to, at the Borrower's option, either (i) SOFR rate plus the sum of the facility margin of 2.30% and SOFR adjustment per annum or (ii) the Base Rate plus the facility margin of 2.30% per annum.

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**TCW DIRECT LENDING VII LLC**

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

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

**As of June 30, 2025**

**7. Credit Facilities (Continued)**

On December 6, 2023, the Borrower entered into Amendment No. 1 to the Third Amended and Restated Credit and Security Agreement with PNC ("Amendment No.1 to Third Amended PNC Credit Agreement"). The Amendment No.1 to Third Amended PNC Credit Agreement (1) updated the Facility Margin Level from 2.30% to 2.75% and removed the SOFR adjustment from the calculation of interest on borrowings; (2) extended the Final Maturity Date 366 days from January 29, 2024 to January 29, 2025; (3) changed the total commitments under the PNC Term Loan to $265,000 (the total outstanding balance as of the date of the amendment).

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

Under the PNC Credit Facility, the Borrower has made customary representations and warranties and is required to comply with various affirmative and negative covenants, reporting requirements and other customary requirements for similar credit facilities. The PNC Credit Facility also includes events of default that are customary for similar credit facilities. As of June 30, 2025, the Borrower was in compliance with such covenants.

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

On November 8, 2024, the Company fully paid all outstanding balances under the PNC Credit Facility and terminated the agreement.

On November 8, 2024, the Company entered into a revolving credit agreement ("PNC Revolving Credit Agreement" and together with the Natixis Revolving Credit Facility and the PNC Revolving Credit Facility, the "Revolving Credit Facilities") with PNC as administrative agent and PNC Capital Markets LLC as structuring agent. Under the PNC Revolving Credit Agreement, the lenders have agreed to extend credit to the Company in an aggregate principal amount of up to $350,000 of revolving loans (the "PNC Revolving Credit Agreement Maximum Commitment"), subject to compliance with a borrowing base (the "PNC Revolving Credit Agreement Borrowing Base"). The PNC Revolving Credit Agreement will mature on November 8, 2025. Loans under the PNC Revolving Credit Agreement bear interest at a fluctuating rate of interest per annum equal to, at the Company's option, either (i) one-month SOFR plus the facility margin of 2.15% per annum or (ii) the Base Rate plus the facility margin of 1.15% per annum.

A summary of amounts outstanding and available under the PNC Revolving Credit Agreement as of June 30, 2025 and December 31, 2024 was as follows:

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| | | | |
|:---|:---|:---|:---|
| **PNC Revolving Credit Facility** | **Maximum<br>Commitment** | **Borrowings<br>Outstanding** | **Available<br>Amount**<sup>(1)</sup> |
| As of June 30, 2025 | $350000 | $213500 | $136322 |
| As of December 31, 2024 | $350000 | $300000 | $49822 |

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

Costs associated with the Revolving Credit Facilities are recorded as deferred financing costs on the Company's Consolidated Statements of Assets and Liabilities and the costs are being amortized over the respective lives of the Natixis Revolving Credit Facility and PNC Revolving Credit Facility. Costs associated with the PNC Term Loan are deferred and amortized over the term of the PNC Term Loan. Such deferred financing costs are netted against the carrying value of the PNC Term Loan on our Consolidated Statements of Assets and Liabilities.

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**TCW DIRECT LENDING VII LLC**

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

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

**As of June 30, 2025**

**7. Credit Facilities (Continued)**

As of June 30, 2025 and December 31, 2024, $465 and $1,112, respectively, of deferred financing costs from the Revolving Credit Facility had yet to be amortized.

The carrying amounts of the Credit Facilities, which are categorized as Level 2 within the fair value hierarchy as of June 30, 2025 and 2024, approximates their respective fair values. Valuation techniques and significant inputs used to determine fair value include Company performance; credit, market and liquidity risk and events; financial health of the Company; place in the capital structure; interest rate; and the Credit Facilities' terms and conditions.

The summary information regarding the Credit Facilities for the three and six months ended June 30, 2025 and 2024 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Credit Facilities interest expense | $4134 | $4620 | $9122 | $9292 |
| Unused commitment fees | 81 | 963 | 107 | 2108 |
| Administrative fees |  | 50 |  | 100 |
| Amortization of deferred financing costs | 325 | 423 | 647 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**4540** | $**6056** | $**9876** | $**12430** |
| Weighted average interest rate | 6.47% | 8.04% | 6.47% | 8.04% |
| Average outstanding balance | $252742 | $227363 | $280240 | $228516 |

---

P[

**8. Repurchase Transactions**

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

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

The Repurchase Transactions entered into during the six months ended June 30, 2025 and 2024 had an average principal balance of $296,225 and $86,356, respectively and a weighted average interest rate of 4.52% and 5.57%, respectively.

The net proceeds received from Repurchase Transactions during the six months ended June 30, 2025 and 2024 was a net loss of $113 (comprised of interest expense of $1,651 net of realized gains on short-term investments of $1,538) and a net loss of $69 (comprised of interest expense of $617 net of realized gains on short-term investments of $548), respectively.

The Company had no outstanding Repurchase Obligations as of June 30, 2025 and December 31, 2024.

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**TCW DIRECT LENDING VII LLC**

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

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

**As of June 30, 2025**

**9. Income Taxes** 

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

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

---

| | | |
|:---|:---|:---|
|  | **As of June 30, 2025** | **As of December 31, 2024** |
| Cost of investments for federal income tax purposes | $1246113 | $1306549 |
| Unrealized appreciation | $20693 | $19388 |
| Unrealized depreciation | $(173288) | $(170071) |
| Net unrealized depreciation on investments | $(152595) | $(150683) |

---

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

**10. Segment Reporting** 

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

------

**TCW DIRECT LENDING VII LLC**

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

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

**As of June 30, 2025**

**11. Financial Highlights** 

Selected data for a unit outstanding throughout the six months ended June 30, 2025 and 2024 is presented below.

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025**<sup>(1)</sup> | **2024**<sup>(1)</sup> |
| Net Asset Value Per Unit (accrual base), Beginning of Period | $50.49 | $53.53 |
| Income from Investment Operations: |  |  |
| Net investment income | 5.12 | 6.18 |
| Net realized and unrealized loss | (8.34) | (4.40) |
| Total (loss) income from investment operations | (3.22) | 1.78 |
| Less Distributions: |  |  |
| From distributable earnings |  | (0.36) |
| Total distributions |  | (0.36) |
| Net Asset Value Per Unit (accrual base), End of Period | $47.27 | $54.95 |
| Unitholder Total Return<sup>(2)(3)</sup> | (6.16)% | 3.39% |
| Unitholder IRR before incentive fees<sup>(4)</sup> | 7.80% | 9.94% |
| Unitholder IRR after all fees and expenses<sup>(4)</sup> | 7.80% | 9.00% |
| Ratios and Supplemental Data: |  |  |
| Members' Capital, end of period | $483738 | $589282 |
| Units outstanding, end of period | 13734010 | 13734010 |
| Ratios based on average net assets of Members' Capital: |  |  |
| Ratio of total expenses before incentive fees to average net assets<sup>(5)</sup> | 7.69% | 7.41% |
| Ratio of financing cost to average net assets<sup>(3)</sup> | 1.90% | 2.15% |
| Ratio of net investment income to average net assets<sup>(5)</sup> | 27.29% | 29.46% |
| Ratio of incentive fees to average net assets<sup>(5)</sup> | (13.85)% | (12.62)% |
| Credit facilities payable | $213500 | $222628 |
| Asset coverage ratio | 3.27 | 3.65 |
| Portfolio turnover rate<sup>(3)</sup> | 6.42% | 6.04% |

---

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

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

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

<sup>(4)</sup> The Internal Rate of Return ("IRR") since inception for the Common Unitholders, after management fees, financing costs and operating expenses, but before incentive fees is 7.80%. The IRR since inception for the Common Unitholders, after management fees, financing costs, operating expenses and Advisor incentive fees is 7.80%. The IRR is computed based on cash flow due dates contained in notices to Members (contributions from and distributions to the Unitholders) and the net assets (residual value) of the Members' Capital account at period end. The IRR is calculated based on the fair value of investments using principles and methods in accordance with GAAP and does not necessarily represent the amounts that may be realized from sales or other dispositions. Accordingly, the actual return may vary significantly upon realization.

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

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**TCW DIRECT LENDING VII LLC**

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

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

**As of June 30, 2025**

**12. Subsequent Events** 

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

On July 1, 2025, the Company entered into a Repurchase Transaction with Barclays which settled on July 25, 2025 with a principal amount of $394,500.

On August 12, 2025, the Company's Board renewed the Advisory Agreement for an additional one-year term until September 15, 2026.

On August 12, 2025, the Company's Board renewed the Administration Agreement for an additional one-year term until September 15, 2026.

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**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** 

*The information contained in this section should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this report on Form 10-Q. Some of the statements in this report (including in the following discussion) constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or future performance or financial condition of TCW Direct Lending VII LLC. For simplicity, this report uses the terms "Company," "we," "us," and "our" to refer to TCW Direct Lending VII LLC and where appropriate in the context, its wholly owned subsidiaries.* 

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS** 

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of our financing sources and working capital;

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the other risks, uncertainties and other factors we identify in this quarterly report on Form 10-Q and under "Part I—Item 1A. Risk Factors" in our Form 10-K filed with the SEC on March 26, 2025.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, some of those assumptions are based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, the forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the "1934 Act"), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this report because we are regulated under the 1940 Act as an investment company.

***Overview*** 

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

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

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

On April 13, 2018 (the "Initial Closing Date"), we began accepting subscription agreements from investors for the private sale of our Units and on January 14, 2019, we completed our fourth and final closing sale of our Units. We have sold 13,734,010 Units for an aggregate offering price of approximately $1.4 billion. Each Unitholder is obligated to contribute capital equal to their Commitment and each Unit's Commitment obligation is $100.00 per Unit. The sale of the Units was made pursuant to subscription agreements entered into by us and each investor. Under the terms of the subscription agreements, we may draw down all or any portion of the undrawn commitment with respect to each Unit generally upon at least ten business days' prior written notice to the unitholders. The amount of capital that remains to be drawn down and contributed is referred to as an "Undrawn Commitment."

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

As of June 30, 2025, we have six wholly-owned subsidiaries, each of which is a single member Delaware limited liability company.

Our commitment period commenced on the Initial Closing Date and ended on May 16, 2021, which is the later of (a) April 13, 2021, three years from the Initial Closing Date and (b) May 16, 2021, three years from the date in which we first completed an investment. We completed investment transactions that were significantly in process as of the end of the commitment period and which we reasonably expected to be consummated prior to 90 days subsequent to the expiration date of the commitment period. We may also effect follow-on investments up to an aggregate maximum of 10% of Commitments. On December 11, 2024, our Members approved a proposal to allow us to increase the maximum aggregate of permissible follow-on investments and allow for follow-on investments in existing portfolio companies up to an aggregate amount not to exceed an amount equal to 10% of the aggregate cumulative amounts invested or committed for investment by us during the commitment period.

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***Revenues*** 

We generate revenues in the form of interest income and capital appreciation by providing private capital to middle market companies operating in a broad range of industries primarily in the United States. As our investment period has ended, we will not originate new loans, but may increase credit facilities to existing borrowers or affiliates. Our highly negotiated private investments may include senior secured loans, unsecured senior loans, subordinated and mezzanine loans, convertible securities, notes and other non-convertible debt securities, equity securities, and equity-linked securities such as options and warrants. However, historically, our investment bias has been towards adjustable-rate, senior secured loans. We do not anticipate a secondary market developing for our private investments. The investment philosophy, strategy and approach of the private credit team of the Adviser (the "Private Credit Team" fka the "Direct Lending Team") has generally not involved the use of payment-in-kind ("PIK") interest, which represents contractual interest accrued and added to the loan balance that generally becomes due at maturity, or similar arrangements. Although the Private Credit Team generally did not originate a significant amount of investments for us with PIK interest features, a number of our current investments do contain PIK due to certain circumstances involving debt restructurings or work-outs. The high concentration of PIK in our current portfolio is primarily a result of the continued wind down of our portfolio.

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 a joint venture partnership or other special purpose vehicle. While we invest primarily in U.S. companies, there are certain instances where we invested in companies domiciled elsewhere.

***Expenses*** 

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

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

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consummated); (z) costs of amending, restating or modifying the LLC Agreement or Advisory Agreement or related documents of us or related entities; (aa) fees, costs, and expenses incurred in connection with the termination, liquidation or dissolution of the Company or related entities; and (bb) all other properly and reasonably chargeable expenses incurred by the Company or the Administrator in connection with administering our business. However, in the event of a Reorganization (as defined in the LLC Agreement) that results in a Public Company (as defined in the LLC Agreement) or an Extension Fund (as defined in the LLC Agreement), including a Reorganization pursuant to which the Company becomes the Public Company or the Extension Fund, the fees, costs and expenses associated with any such restructuring, initial public offering, listing of equity securities or reorganization will be borne appropriately by the Public Company and the Extension Fund (and indirectly only by Unitholders that elect to become investors in the Public Company or the Extension Fund), as the case may be, and no others will directly or indirectly bear such fees, costs or expenses.

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

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

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

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

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

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**Critical Accounting Policies and Estimates** 

*Investments at Fair Value* 

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

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

*Fair Value Hierarchy:* Assets and liabilities are classified 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), 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.

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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.

A number of our current investments contain PIK due to certain circumstances including debt restructurings or work-outs. The high concentration of PIK in our current portfolio is primarily a result of the continued wind down of the portfolio. PIK interest represents accrued interest that is added to the principal amount of the investment on the respective interest payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a liquidation event. To maintain our tax status as a RIC, this non-cash source of income must be paid out to stockholders in the form of dividends for the year the income was earned, even though we have not yet collected the cash. The amortized cost of investments represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest. For the three and six months ended June 30, 2025, PIK interest income earned was $21.2 million and $35.5 million, respectively, representing 84.8% and 65.1%, respectively, of investment income. For the three and six months ended June 30, 2024, PIK interest income earned was $16.3 million and $28.3 million, representing 46.9% and 40.5%, respectively, of investment income.

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

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

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

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

***Investment Activity*** 

As of June 30, 2025, our portfolio consisted of 43 debt investments and 17 equity investments. Based on fair values as of June 30, 2025, our portfolio was 85.4% invested in debt investments which were mostly senior secured term loans. The remaining 14.6% represented our equity investments, which were comprised of common stock, preferred stock, membership interests and warrants. Debt investments in three portfolio companies were on non-accrual status as of June 30, 2025, representing 5.4% and 13.9% of our portfolio's fair value and cost, respectively.

As of December 31, 2024, our portfolio consisted of 40 debt investments and 18 equity investments. Based on fair values as of December 31, 2024, our portfolio was 91.5% invested in debt investments which were mostly senior secured term loans. The remaining 8.5% represented our equity investments, which were comprised of common stock, preferred stock and warrants. Debt investments in three portfolio companies were on non-accrual status as of December 31, 2024, representing 3.1% and 11.9% of our portfolio's fair value and cost, respectively.

Our total investment portfolio increased to 60 investments as of June 30, 2025 from 58 investments as of December 31, 2024 due to follow-on investments in Mondee, Inc., Greenfield World Trade, Inc, and Twin Star International, Inc.

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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 June 30, 2025:

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| | |
|:---|:---|
| **Industry** | **Percent<br>of Total<br>Investments** |
| Textiles, Apparel & Luxury Goods | 17% |
| Household Durables | 14% |
| Hotels, Restaurants & Leisure | 12% |
| Software | 11% |
| Chemicals | 11% |
| Aerospace & Defense | 8% |
| Publishing | 6% |
| Consumer Services | 5% |
| Capital Goods | 5% |
| Energy Equipment & Services | 4% |
| Consumer Durables & Apparel | 3% |
| Media | 2% |
| Commercial & Professional Services | 2% |
| **Total** | 100% |

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Interest income, including PIK interest income, was $24.8 million and $34.5 million for the three months ended June 30, 2025 and 2024, respectively. Interest income for the three months ended June 30, 2025 and 2024 included $21.2 million and $16.3 million, respectively, of PIK interest income.

Interest income, including PIK interest income, was $54.3 million and $69.7 million for the six months ended June 30, 2025 and 2024, respectively. Interest income for the six months ended June 30, 2025 and 2024 included $35.5 million and $28.3 million, respectively, of PIK interest income.

**Results of Operations** 

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Total investment income | $24962 | $34674 | $54439 | $69846 |
| Total expenses | 9383 | (23019) | (15874) | (15029) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net investment income** | **15579** | **57693** | **70313** | **84875** |
| Net realized loss on investments | (97391) |  | (101643) |  |
| Net change in unrealized appreciation/(depreciation) on investments | 51948 | (45458) | (14478) | (60908) |
| Net realized gain on short-term investments | 798 | 291 | 1538 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net (decrease) increase in Members' Capital from operations** | $**(29066)** | $**12526** | $**(44270)** | $**24515** |

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*Total investment income* 

Total investment income for the three months ended June 30, 2025 and 2024 was $25.0 million and $34.7 million, respectively. Total investment income for the six months ended June 30, 2025 and 2024 was $54.4 million and $69.8 million, respectively. The decrease in total investment income during the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 was primarily due to a decrease in interest rates during the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024.

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*Total expenses*

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Expenses** |  |  |  |  |
| Incentive fees | $— | $(33616) | $(35680) | $(36365) |
| Interest and credit facilities expenses | 4540 | 6056 | 9876 | 12430 |
| Management fees | 3375 | 3507 | 7149 | 6978 |
| Interest expense on repurchase transactions | 876 | 339 | 1651 | 617 |
| Administrative fees | 198 | 264 | 432 | 525 |
| Professional fees | 267 | 292 | 407 | 513 |
| Directors' fees | 98 | 98 | 196 | 198 |
| Other expenses | 29 | 41 | 95 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | $**9383** | $**(23019)** | $**(15874)** | $**(15029)** |

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Our total expenses were $9.4 million and ($23.0) million for the three months ended June 30, 2025 and 2024, respectively. Our total expenses included management fees attributed to the Adviser of $3.4 million and $3.5 million; and incentive fees of $0 and $(33.6) million, for the three months ended June 30, 2025 and 2024, respectively.

Our total expenses were $(15.9) million and $(15.0) million for the six months ended June 30, 2025 and 2024, respectively. Our total expenses included management fees attributed to the Adviser of $7.1 million and $7.0 million; and incentive fees of $(35.7) million and $(36.4) million, for the six months ended June 30, 2025 and 2024, respectively.

The increase in total expenses during the three months ended June 30, 2025 compared to the three months ended June 30, 2024 was primarily due to the increase in incentive fees and interest expense on repurchase transactions partially offset by a decrease to interest and credit facilities expenses. Incentive fees increased during the three months ended June 30, 2025 compared to the three months ended June 30, 2024 due to the reversal of previously accrued incentive fees during the three months ended June 30, 2024 with no additional reversals recognized during the three months ended June 30, 2025. Interest expense on repurchase transactions increased during the three months ended June 30, 2025 compared to the three months ended June 30, 2024 due to an increase in the average principal balance. Interest and credit facility expenses decreased during the three months ended June 30, 2025 compared to the three months ended June 30, 2024 due to a decrease in the weighted average interest rate.

The decrease in total expenses during the six months ended June 30, 2025 compared to the six months ended June 30, 2024 was primarily due to the decrease in interest and credit facilities expenses partially offset by an increase to interest expense on repurchase transactions. Interest and credit facilities expenses decreased during the six months ended June 30, 2025 compared to the six months ended June 30, 2024 due to a decrease in the weighted average interest rate. Interest expense on repurchase transactions increased during the six months ended June 30, 2025 compared to the six months ended June 30, 2024 due to an increase in the average principal balance.

*Net investment income* 

Net investment income for the three months ended June 30, 2025 and 2024 was $15.6 million and $57.7 million, respectively. Net investment income for the six months ended June 30, 2025 and 2024 was $70.3 million and $84.9 million, respectively. Our net investment income decreased during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, due to the increase in total expenses coupled with the decrease in investment income during the three months ended June 30, 2025, as described above. Our net investment income decreased during the six months ended June 30, 2025 compared to the six months ended June 30, 2024, due to the decrease in investment income which was partially offset by the decrease to expenses during the six months ended June 30, 2025, as described above.

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*Net realized loss on investments* 

Our net realized loss on investments for the three months ended June 30, 2025 and 2024 was $97.4 million and $0, respectively. Our net realized loss on investments for the six months ended June 30, 2025 and 2024 was $101.6 million and $0, respectively. Our net realized loss during the three months ended June 30, 2025 was due to the following investments (dollar amounts in thousands):

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| | | |
|:---|:---|:---|
| **Issuer** | **Investment** | **Realized Gain <br>(Loss)** |
| Mondee Holdings LLC | Term Loan | $(45755) |
| Greenfield World Trade, Inc. | Last Out Term Loan | (28099) |
| Greenfield World Trade, Inc. | 21st Amendment Last Out Term Loan | (9216) |
| Greenfield World Trade, Inc. | Last Out Term Loan | (7965) |
| Greenfield World Trade, Inc. | Class A-2 Warrant, expires 03/25/27 | (3179) |
| Greenfield World Trade, Inc. | Class A-1 Warrant, expires 03/25/27 | (1190) |
| Greenfield World Trade, Inc. | 18th Amendment Last Out Term Loan | (1109) |
| Mondee Holdings LLC | Common Stock | (764) |
| Mondee Holdings LLC | Class A-3 Warrant, expires 03/25/27 | (114) |
| **Net realized loss** |  | $**(97391)** |

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Our net realized loss during the six months ended June 30, 2025 was due to the following investments (dollar amounts in thousands):

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| | | |
|:---|:---|:---|
| **Issuer** | **Investment** | **Realized Gain <br>(Loss)** |
| Mondee Holdings LLC | Term Loan | $(45755) |
| Greenfield World Trade, Inc. | Last Out Term Loan | (28099) |
| Greenfield World Trade, Inc. | 21st Amendment Last Out Term Loan | (9216) |
| Greenfield World Trade, Inc. | Last Out Term Loan | (7965) |
| Hollander Intermediate LLC | Term Loan | (4252) |
| Greenfield World Trade, Inc. | Class A-2 Warrant, expires 03/25/27 | (3179) |
| Greenfield World Trade, Inc. | Class A-1 Warrant, expires 03/25/27 | (1190) |
| Greenfield World Trade, Inc. | 18th Amendment Last Out Term Loan | (1109) |
| Mondee Holdings LLC | Common Stock | (764) |
| Mondee Holdings LLC | Class A-3 Warrant, expires 03/25/27 | (114) |
| **Net realized loss** |  | $**(101643)** |

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We did not have a realized loss during the three and six months ended June 30, 2024 as none of our investments were disposed of during the period.

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

Our net change in unrealized appreciation/(depreciation) on investments for the three months ended June 30, 2025 and 2024 was $51.9 million and ($45.5) million, respectively. Our net change in unrealized appreciation/(depreciation) for the three months ended June 30, 2025 was primarily due to the following investments (dollar amounts in thousands):

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| | | |
|:---|:---|:---|
| **Issuer** | **Investment** | **Change in Unrealized<br>Appreciation/<br>(Depreciation)** |
| Tabhi Holdings, LLC (fka Mondee Holdings LLC) | Preferred Units | $(8913) |
| The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) | Class A Units | (7177) |
| RL Parent Holdings LLC (fka Red Lobster Management, LLC) | Class A Units | (6557) |
| Slogic Holding Corp. | Last Out Term Loan | (6426) |
| Centric Brands L.P. | Class A LP Interests | (2899) |
| WDE TorcSill Holdings LLC | Term Loan | (2717) |
| Live Comfortably Borrower LLC (fka Hollander Intermediate LLC) | Term Loan | (2176) \* |
| Tabhi Holdings, LLC (fka Mondee Holdings LLC) | Class B Common Units | (1695) |
| WDE TorcSill Holdings LLC | Revolver | (1238) |
| Greenfield World Trade, Inc. | Last Out Term Loan | 1048<br> \* |
| Greenfield World Trade, Inc. | Class A-1 Warrant, expires 03/25/27 | 1190<br> \* |
| Greenfield World Trade, Inc. | Class A-2 Warrant, expires 03/25/27 | 3179<br> \* |
| Twin Star International, Inc. | Term Loan | 6224 |
| Greenfield World Trade, Inc. | Last Out Term Loan | 7472<br> \* |
| Greenfield World Trade, Inc. | Last Out Term Loan | 26494<br> \* |
| Mondee Holdings LLC | Term Loan | 45079<br> \* |
| All others | Various | 1060 |
| **Net change in unrealized appreciation/(depreciation)** |  | $**51948** |

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

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

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| | | |
|:---|:---|:---|
| **Issuer** | **Investment** | **Change in Unrealized<br>Appreciation/ (Depreciation)** |
| Red Lobster Management, LLC | Term Loan | $(15403) |
| Navistar Defense, LLC | Term Loan | (13501) |
| Twin Star International, Inc. | Term Loan | (6326) |
| Encompass Digital Media, Inc. | Term Loan | (4155) |
| Greenfield World Trade, Inc. | Last Out Term Loan | (3854) |
| Red Lobster Management, LLC | Incremental Term Loan | (1494) |
| Greenfield World Trade, Inc. | Last Out Delayed Draw Term Loan | (1293) |
| Mondee Holdings LLC | Term Loan | (1040) |
| Slogic Holding Corp. | Last Out Term Loan | 1521 |
| Centric Brands L.P. | Class A LP Interests | 2759 |
| All others | Various | (2672) |
| **Net change in unrealized appreciation/(depreciation)** |  | $**(45458)** |

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Our net change in unrealized appreciation/(depreciation) on investments for the six months ended June 30, 2025 and 2024 was $(14.5) million and $(60.9) million, respectively. Our net change in unrealized appreciation/(depreciation) for the six months ended June 30, 2025 was primarily due to the following investments (dollar amounts in thousands):

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| | | |
|:---|:---|:---|
| **Issuer** | **Investment** | **Change in Unrealized Appreciation/<br>(Depreciation)** |
| RL Parent Holdings LLC (fka Red Lobster Management, LLC) | Class A Units | $(17046) |
| Tabhi Holdings, LLC (fka Mondee Holdings LLC) | Preferred Units | (8913) |
| Slogic Holding Corp. | Last Out Term Loan | (8000) |
| The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) | Class A Units | (7177) |
| WDE TorcSill Holdings LLC | Term Loan | (6279) |
| WDE TorcSill Holdings LLC | Revolver | (2833) |
| Encompass Digital Media, Inc. | Term Loan | (1797) |
| AGY Equity LLC | Class E Preferred Units | (1758) |
| Tabhi Holdings, LLC (fka Mondee Holdings LLC) | Class B Common Units | (1695) |
| Live Comfortably Borrower LLC (fka Hollander Intermediate LLC) | Term Loan | (1613) \* |
| Centric Brands L.P. | Class A LP Interests | 2411 |
| Greenfield World Trade, Inc. | Last Out Term Loan | 3072<br> \* |
| Twin Star International, Inc. | Term Loan | 5826 |
| Navistar Defense, LLC | Term Loan | 7272 |
| Greenfield World Trade, Inc. | Last Out Term Loan | 11274<br> \* |
| Mondee Holdings LLC | Term Loan | 12068<br> \* |
| All others | Various | 710 |
| **Net change in unrealized appreciation/(depreciation)** |  | $**(14478)** |

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

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

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| | | |
|:---|:---|:---|
| **Issuer** | **Investment** | **Change in Unrealized<br>Appreciation/<br>(Depreciation)** |
| Navistar Defense, LLC | Term Loan | $(21545) |
| Red Lobster Management, LLC | Term Loan | (18551) |
| Twin Star International, Inc. | Term Loan | (9789) |
| Encompass Digital Media, Inc. | Term Loan | (7363) |
| Greenfield World Trade, Inc. | Last Out Term Loan | (4033) |
| Rapid Displays, Inc. | Term Loan | (2596) |
| Red Lobster Management, LLC | Incremental Term Loan | (2129) |
| Greenfield World Trade, Inc. | Class A-1 Warrant, expires 03/25/27 | (1590) |
| Hollander Intermediate LLC | Term Loan | (1536) |
| Greenfield World Trade, Inc. | Last Out Delayed Draw Term Loan | (1162) |
| Rocky Brands, Inc. | Term Loan | 1230 |
| Slogic Holding Corp. | Last Out Term Loan | 2535 |
| Centric Brands L.P. | Class A LP Interests | 7358 |
| All others | Various | (1737) |
| **Net change in unrealized appreciation/(depreciation)** |  | $**(60908)** |

---

*Net realized gain on short-term investments* 

During the three months ended June 30, 2025 and 2024 we incurred $0.8 million and $0.3 million, respectively, in realized gains from our short-term investments in government treasuries.

During the six months ended June 30, 2025 and 2024 we incurred $1.5 million and $0.5 million, respectively, in realized gains from our short-term investments in government treasuries.

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*Net (decrease) increase in Members' Capital from operations* 

Our net (decrease) increase in Members' Capital from operations during the three months ended June 30, 2025 and 2024 was ($29.1) million and $12.5 million, respectively. The relative Net decrease in Members' Capital from operations during the three months ended June 30, 2025 compared to the Net increase in Members' Capital from operations three months ended June 30, 2024 was primarily due to the decrease in net investment income described above which was partially offset by a decrease in net realized and unrealized losses during the current quarter which was a net loss of $44.6 million, compared to a net realized and unrealized losses of $45.2 million during the three months ended June 30, 2024.

Our net (decrease) increase in Members' Capital from operations during the six months ended June 30, 2025 and 2024 was $(44.3) million and $24.5 million, respectively. The relative Net decrease in Members' Capital from operations during the six months ended June 30, 2025 compared to the Net increase in Members' Capital from operations six months ended June 30, 2024 was primarily due to net realized and unrealized losses during the current period which was a net loss of $114.6 million, compared to a net realized and unrealized loss of $60.4 million during the six months ended June 30, 2024, coupled with lower net investment income during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.

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

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

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

As of June 30, 2025, aggregate Commitments, Undrawn Commitments, percentage of Commitments funded and the number of subscribed for Units of the Company were as follows (dollar amounts in thousands):

---

| | |
|:---|:---|
|  | **June 30, 2025** |
| Commitments | $1373401 |
| Undrawn commitments | $165401 |
| Percentage of commitments funded | 88.0% |
| Units | 13734010 |

---

On May 10, 2018, we entered into a Revolving Credit Agreement (the "Natixis Credit Agreement") among the Company, as borrower, and Natixis, New York Branch ("Natixis"), as administrative agent and the committed lenders, conduit lenders and funding agents. The Natixis Credit Agreement provided for a revolving credit line (the "Natixis Revolving Credit Facility") of up to $150.0 million (the "Natixis Maximum Commitment"), subject to the lesser of the "Natixis Borrowing Base" assets or the Natixis Maximum Commitment. The Natixis Borrowing Base assets equal the sum of a percentage of unfunded commitments from certain classes of eligible investors in the Company (the "Natixis Available Commitment").

The Natixis Maximum Commitment may be periodically increased in amounts designated by the Company, up to an aggregate amount of $1 billion. The maturity date of the Natixis Credit Agreement was May 10, 2021. On May 10, 2021, the Company exercised its option to extend the maturity date of the Natixis Credit Agreement to May 9, 2022. On March 15, 2022, the Company exercised its last available option to extend the Natixis Credit Agreement maturity date from May 9, 2022 to May 9, 2023. Borrowings under the Natixis Credit Agreement bear interest at a rate equal to either (a) a base rate calculated in a customary manner plus 0.75% or (b) an adjusted eurodollar rate calculated in a customary manner plus 1.75%. As of December 31, 2020, the Natixis Maximum Commitment was $280.0 million. On March 10, 2021, we further reduced the Natixis Maximum Commitment to $250.0 million.

On January 10, 2023, we entered into a Sixth Amendment to the Revolving Credit Agreement with Natixis (the "Sixth Amended Revolving Credit Agreement"). The Sixth Amended Revolving Credit Agreement replaces the Eurocurrency Rate with a Daily Simple SOFR Rate, Term SOFR Rate and Adjusted Term SOFR Rate (each as defined in the Sixth Amended Revolving Credit Agreement) for purposes of calculating interest on the loan. Each Term SOFR Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Adjusted Term SOFR Rate for such Interest Period plus the interest rate spread or "Applicable Margin." Each Daily SOFR Loan will bear interest on the outstanding principal amount thereof at a rate per annum equal to Daily Simple SOFR plus the Applicable Margin. The Term SOFR Loan and Daily SOFR Loan have an Applicable Margin of 1.75%.

On May 9, 2023, we entered into the Seventh Amendment to the Revolving Credit Agreement with Natixis (the "Seventh Amended Revolving Credit Agreement"). The Seventh Amended Revolving Credit Agreement (1) removed the Adjusted Term SOFR Rate for purposes of calculating interest on the loan but kept the Daily Simple SOFR and Term SOFR rates as is; (2) updated the Applicable Margin from 0.75% to 1.15% for Base Rate Loans and from 1.75% to 2.15% for all other loan types; (3) added a minimum usage fee whereby the Company is charged 2.15% on undrawn amounts that are less than 50% of the Maximum Commitment; (4) modified the unused fees such that if usage is between 0% and 30%, the Company is charged 0.75%, 0.55% if usage is between 30% and 50%, and 0.40% if usage is greater than 50%; and (5) extended the maturity date of the Natixis Revolving Credit Facility 364 days to May 9, 2024.

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On May 9, 2024, we entered into the Eighth Amendment to the Revolving Credit Agreement with Natixis (the "Eighth Amended Revolving Credit Agreement"). The Eighth Amended Revolving Credit Agreement: (1) updated the Applicable Margin from 1.15% to 1.50% for Base Rate Loans and from 2.15% to 2.50% for all other loan types; (2) extended the Stated Maturity Date (previously defined as May 9, 2024) of the Natixis Revolving Credit Facility 183 days to November 8, 2024; (3) updated the definition of Maturity Date to be the earlier of the Stated Maturity Date or 45 days after a Maturity Event, which is defined as one or more of the following occurring: (a) Special Member (NLGI US Private Debt Fund I) elects to "opt-out" and have its membership interest redeemed during the next scheduled redemption date; (b) Rated Included Investors (as defined in the Natixis Credit Agreement) representing 8% or more of Unfunded Commitments elect to "opt-out"and have their membership interest redeemed during the next scheduled redemption date; or (c) Included Investors (as defined in the Natixis Credit Agreement) representing 8% or more of Unfunded Commitments elect to "opt-out"and have their membership interest redeemed during the next scheduled redemption date; and (4) allowed the Company to extend the Stated Maturity Date up to 3 months after the then effective Stated Maturity Date no more than 2 times.

On July 30, 2024, we entered into the Ninth Amendment to the Revolving Credit Agreement with Natixis (the "Ninth Amended Revolving Credit Agreement"). The Ninth Amended Revolving Credit Agreement: (1) added the definition of Exchange Offer which means any exchange offer with respect to any membership interests in connection with a Reorganization (2) updated to the definition of Maturity Event to Maturity Event Date which is defined as when the Borrower proceeds with a Reorganization, the date 45 days prior to the date of the delivery of an Exchange Offer to any investor, unless extended by the lenders in their sole discretion and (3) requires consent of all lenders for the Borrower to deliver any Exchange Offer to investors or permit any Reorganization to be deemed effective.

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

On November 4, 2024, the Natixis Revolving Credit Agreement matured and as of that date, we can no longer borrow amounts under the Natixis Revolving Credit Facility.

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

Under the PNC Credit Facility, the lenders have agreed to extend credit to the Borrower in an aggregate principal amount of up to $400.0 million of revolving and term loans (the "PNC Maximum Commitment"), subject to compliance with a borrowing base (the "PNC Borrowing Base"). The PNC Maximum Commitment may be periodically increased in amounts designated by the Borrower up to an aggregate principal amount of $900.0 million, subject to lender consent and obtaining commitments for the increase. The Borrower may make borrowings of (i) a revolving loan (the "PNC Revolving Credit Facility" and together with the Natixis Revolving Credit Facility, the "Revolving Credit Facilities") under the PNC Credit Facility during the period commencing January 29, 2019 and ending on January 29, 2022 and (ii) a term loan (the "PNC Term Loan") under the PNC Credit Facility during the period which commenced on January 29, 2019 and ended on January 29, 2020, unless, in the case of (i) and (ii), there is an earlier termination of the PNC Credit Facility or event of default thereunder. The PNC Credit Facility will mature on January 29, 2024. Loans under the PNC Credit Facility bear interest at a fluctuating rate of interest per annum equal to, at the Borrower's option, either (i) three-month LIBOR plus the facility margin of 2.30% per annum or (ii) the Base Rate plus the facility margin of 2.30% per annum.

On April 11, 2019, the Borrower amended and restated the PNC Credit Agreement (as amended, the "Amended PNC Credit Agreement") for the PNC Credit Facility. The Amended PNC Credit Agreement, among other things, (a) increased the total commitments under the PNC Credit Facility from $400.0 million to $600.0 million (the "Amended PNC Maximum Commitment") and (b) made certain modifications to the calculation of the borrowing base under the prior facility, including the eligibility requirements of collateral obligations pledged under the PNC Credit Facility and loan portfolio concentration limits.

On March 17, 2020, the Borrower further amended and restated the Amended PNC Credit Agreement (as further amended the "Second Amended PNC Credit Agreement"). The Second Amended PNC Credit Agreement, among other things, increased the total commitments under the PNC Credit Facility from $600.0 million to $795.0 million (the "Second Amended PNC Maximum Commitment"). The Second Amended PNC Maximum Commitment may be periodically increased in amounts designated by the Borrower up to an aggregate principal amount of $900.0 million, subject to lender consent and obtaining commitments for the

------

increase. The Borrower may make borrowings of (i) revolving loans under the PNC Credit Facility during the period commencing January 29, 2019 and ending on January 29, 2022 and (ii) term loans under the PNC Credit Facility during the period commencing January 29, 2019 and ended on March 17, 2020, unless, there is an earlier termination of the PNC Credit Facility or event of default thereunder. On June 19, 2020, the Second Amended PNC Maximum Commitment was increased from $795.0 million to $825.0 million. On November 15, 2021, the Second Amended PNC Maximum Commitment was decreased from $825.0 million to $700.0 million.

On January 31, 2022 (the first business day after January 29, 2022), the Borrower's ability to make borrowings under the PNC Revolving Credit Facility expired and the then outstanding PNC Revolving Credit Facility borrowings of $295.5 million converted into outstanding borrowings under the PNC Term Loan. In connection with such conversion, repayments on outstanding borrowings under the PNC Term Loan will correspondingly reduce the PNC Maximum Commitment. The PNC Credit Facility will mature on January 29, 2024.

On October 27, 2022, the Borrower amended and restated the Amended PNC Credit Agreement (as further amended the "Third Amended PNC Credit Agreement"). The Third Amended PNC Credit Agreement, among other things, removed reference to LIBOR rates and the related definitions and added reference to SOFR rates and the related definitions in which the Borrower may now elect a fluctuating rate of interest that is based on SOFR rather than LIBOR. Loans under the PNC Credit Facility will bear interest at a fluctuating rate of interest per annum equal to, at the Borrower's option, either (i) SOFR rate plus the sum of the facility margin of 2.3% and SOFR adjustment per annum or (ii) the Base Rate plus the facility margin of 2.30% per annum.

On December 6, 2023, the Borrower entered into Amendment No. 1 to the Third Amended and Restated Credit and Security Agreement with PNC ("Amendment No.1 to Third Amended PNC Credit Agreement"). The Amendment No.1 to Third Amended PNC Credit Agreement (1) updated the Facility Margin Level from 2.30% to 2.75% and removed the SOFR adjustment from the calculation of interest on borrowings; (2) extended the Final Maturity Date 366 days from January 29, 2024 to January 29, 2025; (3) changed the total commitments under the PNC Term Loan to $265.0 million (the total outstanding balance as of the date of the amendment).

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

Under the PNC Credit Facility, the Borrower has made customary representations and warranties and is required to comply with various affirmative and negative covenants, reporting requirements and other customary requirements for similar credit facilities. The PNC Credit Facility also includes events of default that are customary for similar credit facilities. As of June 30, 2025, the Borrower was in compliance with such covenants.

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

On November 8, 2024, the Company fully paid all outstanding balances under the PNC Credit Facility and terminated the agreement.

On November 8, 2024, the Company entered into a revolving credit agreement ("PNC Revolving Credit Agreement" and together with the Natixis Revolving Credit Facility and the PNC Revolving Credit Facility, the "Revolving Credit Facilities") with PNC as administrative agent and PNC Capital Markets LLC as structuring agent. Under the PNC Revolving Credit Agreement, the lenders have agreed to extend credit to the Company in an aggregate principal amount of up to $350,000 of revolving loans (the "PNC Revolving Credit Agreement Maximum Commitment"), subject to compliance with a borrowing base (the "PNC Revolving Credit Agreement Borrowing Base"). The PNC Revolving Credit Agreement will mature on November 8, 2025. Loans under the PNC Revolving Credit Agreement bear interest at a fluctuating rate of interest per annum equal to, at the Company's option, either (i) one-month SOFR plus the facility margin of 2.15% per annum or (ii) the Base Rate plus the facility margin of 1.15% per annum.

------

A summary of amounts outstanding and available under the PNC Revolving Credit Agreement as of June 30, 2025 and December 31, 2024 was as follows (dollar amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **PNC Revolving Credit Facility** | **Maximum<br>Commitment** | **Borrowings<br>Outstanding** | **Available<br>Amount**<sup>(1)</sup> |
| As of June 30, 2025 | $350000 | $213500 | $136322 |
| As of December 31, 2024 | $350000 | $300000 | $49822 |

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

Costs associated with the Revolving Credit Facilities are recorded as deferred financing costs on our Consolidated Statements of Assets and Liabilities and the costs are being amortized over the respective lives of the Natixis Revolving Credit Facility and PNC Revolving Credit Facility. Costs associated with the PNC Term Loan are deferred and amortized over the term of the PNC Term Loan. Such deferred financing costs are netted against the carrying value of the PNC Term Loan on our Consolidated Statements of Assets and Liabilities.

As of June 30, 2025 and December 31, 2024, $0.5 million and $1.1 million, respectively, of deferred financing costs from the Revolving Credit Facility had yet to be amortized.

The carrying amounts of the Credit Facilities, which are categorized as Level 2 within the fair value hierarchy as of June 30, 2025 and 2024, approximates their respective fair values. Valuation techniques and significant inputs used to determine fair value include Company performance; credit, market and liquidity risk and events; financial health of the Company; place in the capital structure; interest rate; and the Credit Facilities' terms and conditions.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Credit Facilities interest expense | $4134 | $4620 | $9122 | $9292 |
| Unused commitment fees | 81 | 963 | 107 | 2108 |
| Administrative fees |  | 50 |  | 100 |
| Amortization of deferred financing costs | 325 | 423 | 647 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**4540** | $**6056** | $**9876** | $**12430** |
| Weighted average interest rate | 6.47% | 8.04% | 6.47% | 8.04% |
| Average outstanding balance | $252742 | $227363 | $280240 | $228516 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Unfunded Commitments** | **Maturity/<br>Expiration** | **Amount** | **Unrealized<br> Depreciation** | **Amount** | **Unrealized<br> Depreciation** |
| AGY Holdings Corp. | September 2029 | $2067 | $— | $2067 | $— |
| Bendon Inc. | December 2025 | 4842 | 126 | 4842 | 44 |
| Encompass Digital Media, Inc. | September 2025 | 1374 | 851 | 508 | 278 |
| Greenfield World Trade, Inc. | January 2025 |  |  | 62 | 9 |
| Navistar Defense, LLC | February 2026 | 993 |  | 993 |  |
| Outform Group, Inc. | April 2026 | 1735 | 125 | 999 |  |
| Slogic Holding Corp. | June 2026 | 310 |  |  |  |
| Twin Star International, Inc. | June 2026 |  |  | 271 |  |
| Twin Star International, Inc. | June 2026 | 693 |  |  |  |
| WDE TorcSill Holdings LLC | April 2028 | 8 | 2 | 8 | 1 |
| **Total** |  | $**12022** | $**1104** | $**9750** | $**332** |

---

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We may, from time to time, enter into repurchase agreements with Barclays Bank PLC ("Barclays"), whereby the 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 "Repurchase Transaction").

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

The Repurchase Transactions entered into by us during the six months ended June 30, 2025 and 2024 had an average principal balance of $296.2 million and $86.4 million, respectively and a weighted average interest rate of 4.52% and 5.57%, respectively.

The net proceeds received by us from Repurchase Transactions during the six months ended June 30, 2025 and 2024 was a net loss of $0.1 million (comprised of interest expense of $1.7 million net of realized gains on short-term investments of $1.5 million) and a net loss of $0.1 million (comprised of interest expense of $0.6 million net of realized gains on short-term investments of $0.5 million), respectively.

We had no outstanding Repurchase Obligations as of June 30, 2025 and December 31, 2024.

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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 June 30, 2025, 99.4% of our debt investments bore interest based on floating rates, such as SOFR. The interest rates on such investments generally reset by reference to the current market index after one to three months. As of June 30, 2025, the percentage of our floating rate debt investments that bore interest based on an interest rate floor was 4.7%. Floating rate investments subject to a floor generally reset by reference to the current market index after one to three months only if the index exceeds the floor.

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

Based on our June 30, 2025 consolidated statement of assets and liabilities, the following table shows the annual impact on net investment income (excluding the related incentive compensation impact) of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure (dollar amounts in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **Interest Income** | **Interest Expense** | **Net Investment <br>&nbsp;&nbsp;&nbsp;&nbsp;Income (Loss)** |
| Up 300 basis points | $17736 | $6494 | $11242 |
| Up 200 basis points | 11824 | 4329 | 7495 |
| Up 100 basis points | 5912 | 2165 | 3747 |
| Down 100 basis points | (5507) | (2165) | (3342) |
| Down 200 basis points | (10642) | (4329) | (6313) |
| Down 300 basis points | (14611) | (6494) | (8117) |

---

**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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**PART II. OTHER INFORMATION** 

**Item 1. Legal Proceedings** 

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

**Item 1A. Risk Factors** 

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

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

There have been significant changes to United States trade policies, agreements and tariffs, and in the future there may be additional significant changes. These and any future developments, and continued uncertainty surrounding trade policies, agreements and tariffs, may have a material adverse effect on global economic conditions, inflation and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict our portfolio companies' access to suppliers or customers, increase their supply-chain costs and expenses and could have material adverse effects on our business, financial condition and results of operations.

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

***Sales of unregistered securities*** 

None.

***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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**Item 6. Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Exhibits** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;3.1 | &nbsp;&nbsp;[<u>Certificate of Formation (incorporated by reference to Exhibit 3.1 to a registration on Form 10 filed on September 1, 2017)</u>](https://www.sec.gov/Archives/edgar/data/1715933/000119312517275150/d642260dex31.htm) |
| &nbsp;&nbsp;3.2 | &nbsp;&nbsp;[<u>Limited Liability Company Agreement, dated June 29, 2017 (incorporated by reference to Exhibit 3.2 to a registration on Form 10 filed on September 1, 2017)</u>](https://www.sec.gov/Archives/edgar/data/1715933/000119312517275150/d642260dex32.htm) |
| &nbsp;&nbsp;3.3 | &nbsp;&nbsp;[<u>Amended and Restated Limited Liability Company Agreement, dated October 2, 2017 (incorporated by reference to Exhibit 3.3 to a registration on Form 10 filed on October 16, 2017)</u>](https://www.sec.gov/Archives/edgar/data/1715933/000119312517310955/d642260dex33.htm) |
| &nbsp;&nbsp;3.4 | &nbsp;&nbsp;[<u>Third Amended and Restated Limited Liability Company Agreement, dated as of September 10, 2018 (incorporated by reference to Exhibit 3.6 to the registrant's Quarterly Report on Form 10-Q filed November 6, 2018).</u>](https://www.sec.gov/Archives/edgar/data/1715933/000119312518319666/d608996dex36.htm) |
| &nbsp;&nbsp;3.5 | &nbsp;&nbsp;[<u>Fourth Amended and Restated Limited Liability Company Agreement, dated as of January 14, 2019 (incorporated by reference to Exhibit 3.1 to the registrant's Current Report on Form 8-K filed on January 18, 2019).</u>](https://www.sec.gov/Archives/edgar/data/1715933/000119312519012315/d548043dex31.htm) |
| 3.6<br>| &nbsp;&nbsp; [<u>Amendment to Fourth Amended and Restated Limited Liability Company Agreement, dated December 11, 2024 (incorporated by reference to Exhibit 3.6 to the registrant's Quarterly Report on Form 10-Q filed on May 14, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1715933/000095017025070648/ck0001715933-ex3_6.htm) |
| &nbsp;&nbsp;10.1 | &nbsp;&nbsp;[<u>Investment Advisory and Management Agreement dated December 29, 2017 (incorporated by reference to Exhibit 10.1 to the registrant's Current Report on Form 8-K filed on January 3, 2018).</u>](https://www.sec.gov/Archives/edgar/data/1715933/000119312518001749/d516158dex99101.htm) |
| &nbsp;&nbsp;10.2 | &nbsp;&nbsp;[<u>Administration Agreement dated December 29, 2017, by and between TCW Direct Lending VII LLC and TCW Asset Management Company LLC (incorporated by reference to Exhibit 10.2 to the registrant's Current Report on Form 8-K filed on January 3, 2018).</u>](https://www.sec.gov/Archives/edgar/data/1715933/000119312518001749/d516158dex99102.htm) |
| &nbsp;&nbsp;10.3 | &nbsp;&nbsp;[<u>Amended and Restated Administration Agreement, dated as of September 25, 2018, between TCW Direct Lending VII LLC and TCW Asset Management Company LLC (incorporated by reference to Exhibit 3.7 to the registrant's Quarterly Report on Form 10-Q filed November 6, 2018).</u>](https://www.sec.gov/Archives/edgar/data/1715933/000119312518319666/d608996dex37.htm) |
| &nbsp;&nbsp;10.4 | &nbsp;&nbsp;[<u>Revolving Credit Agreement, dated as of May 10, 2018, among TCW Direct Lending VII LLC, as borrower, and Natixis, New York Branch, as Administrative Agent and Committed Lender (incorporated by reference to Exhibit 10.3 to the registrant's Current Report on Form 8-K filed on May 14, 2018).</u>](https://www.sec.gov/Archives/edgar/data/1715933/000119312518162182/d588284dex103.htm) |
| &nbsp;&nbsp;10.5 | &nbsp;&nbsp;[<u>Credit and Security Agreement, dated as of January 29, 2019, among TCW DL VII Financing LLC, as borrower, PNC Bank, National Association, as facility agent, and State Street Bank and Trust Company, as collateral agent (incorporated by reference to Exhibit 10.1 to the registrant's Current Report on Form 8-K filed on February 4, 2019).</u>](https://www.sec.gov/Archives/edgar/data/1715933/000119312519026769/d671099dex101.htm) |
| &nbsp;&nbsp;10.6 | &nbsp;&nbsp;[<u>First Amended and Restated Credit and Security Agreement, dated as of April 11, 2019, among TCW DL VII Financing LLC, as borrower, PNC Bank, National Association, as facility agent, the lenders from time to time party thereto, and State Street Bank and Trust Company, as collateral agent (incorporated by reference to Exhibit 10.1 to the registrant's Current Report on Form 8-K filed on April 16, 2019).</u>](https://www.sec.gov/Archives/edgar/data/1715933/000119312519107677/d735045dex101.htm) |
| &nbsp;&nbsp;10.7 | &nbsp;&nbsp;[<u>Second Amended and Restated Credit and Security Agreement, dated as of March 17, 2020, among TCW DL VII Financing LLC, as borrower, PNC Bank, National Association, as facility agent, the lenders from time to time party thereto, and State Street Bank and Trust Company, as collateral agent (incorporated by reference to Exhibit 10.1 to the registrant's Current Report on Form 8-K filed on March 20, 2020).</u>](https://www.sec.gov/Archives/edgar/data/1715933/000119312520080342/d895516d8k.htm) |
| &nbsp;&nbsp;10.8 | &nbsp;&nbsp;[<u>Fourth Amendment to Revolving Credit Agreement, dated as of May 10, 2021, among TCW Direct Lending VII LLC, as borrower, and Natixis, New York Branch, as Administrative Agent and Committed Lender (incorporated by reference to Exhibit 10.1 to the registrant's Current Report on Form 8-K filed on May 10, 2021).</u>](https://www.sec.gov/Archives/edgar/data/1715933/000119312521162201/d486186dex101.htm) |
| &nbsp;&nbsp;10.9 | &nbsp;&nbsp;[<u>Fifth Amendment to Revolving Credit Agreement, dated as of May 13, 2021, among TCW Direct Lending VII LLC, as borrower, and Natixis, New York Branch, as Administrative Agent and Committed Lender (incorporated by reference to Exhibit 10.2 to the registrant's Current Report on Form 8-K filed on May 10, 2021)</u>](https://www.sec.gov/Archives/edgar/data/1715933/000119312521162201/d486186dex102.htm) |
| &nbsp;&nbsp;10.10 | &nbsp;&nbsp;[<u>Third Amended and Restated Credit and Security Agreement, dated as of October 27, 2022, among TCW DL VII Financing LLC, as borrower, PNC Bank, National Association, as facility agent, and Alter Domus (US) LLC, as collateral agent (incorporated by reference to Exhibit 10.10 to the registrant's Quarterly Report on Form 10-Q filed on November 12, 2024).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1715933/000095017024124902/ck0001715933-20240930.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.11 | &nbsp;&nbsp;[<u>Sixth Amendment to Revolving Credit Agreement, dated as of January 10, 2023, among TCW Direct Lending VII LLC, as borrower, and Natixis, New York Branch, as Administrative Agent and Committed Lender (incorporated by reference to Exhibit 10.10 to the Quarterly Report on Form 10-Q filed on May 10, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1715933/000095017023020312/ck0001715933-ex10_10.htm) |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;10.12 | &nbsp;&nbsp;[<u>Seventh Amendment to Revolving Credit Agreement, dated as of May 9, 2023, among TCW Direct Lending VII LLC, as borrower, and Natixis, New York Branch, as Administrative Agent and Committed Lender (incorporated by reference to Exhibit 10.11 to the Quarterly Report on Form 10-Q filed on August 9, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1715933/000095017023040370/ck0001715933-ex10_11.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.13 | &nbsp;&nbsp;[<u>Amendment No. 1 to Third Amended and Restated Credit and Security Agreement, dated as of December 6, 2023 among TCW DL VII Financing LLC, as borrower, PNC Bank, National Association, as facility agent, and Alter Domus (US) LLC, as collateral agent (incorporated by reference to Exhibit 10.12 the the Annual Report on Form 10-K filed on April 1, 2024).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1715933/000095017024039058/ck0001715933-20231231.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.14 | &nbsp;&nbsp;[<u>Eighth Amendment to Revolving Credit Agreement, dated as of May 9, 2024, among TCW Direct Lending VII LLC, as borrower, and Natixis, New York Branch, as Administrative Agent and the Lenders (incorporated by reference to Exhibit 10.13 to the Quarterly Report on Form 10-Q filed on August 12, 2024.)</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1715933/000095017024124902/ck0001715933-20240930.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.15 | &nbsp;&nbsp;[<u>Ninth Amendment to Revolving Credit Agreement, dated as of July 30, 2024, among TCW Direct Lending VII LLC, as borrower, and Natixis, New York Branch, as Administrative Agent and the Lenders (incorporated by reference to Exhibit 10.10 to the registrant's Quarterly Report on Form 10-Q filed on November 12, 2024).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1715933/000095017024124902/ck0001715933-20240930.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.16 | &nbsp;&nbsp;[<u>Revolving Credit Agreement, dated as of November 8, 2024, among TCW Direct Lending VII LLC, as borrower, and PNC Bank, National Association as Administrative Agent and the Lenders (incorporated by reference to Exhibit 10.10 to the registrant's Quarterly Report on Form 10-Q filed on November 12, 2024).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1715933/000095017024124902/ck0001715933-20240930.htm) |
| &nbsp;&nbsp;31.1<sup>\*</sup> | &nbsp;&nbsp;[<u>Certification of President Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934</u>](ck0001715933-ex31_1.htm) |
| &nbsp;&nbsp;31.2<sup>\*</sup> | &nbsp;&nbsp;[<u>Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934</u>](ck0001715933-ex31_2.htm) |
| &nbsp;&nbsp;32.1<sup>\*</sup> | &nbsp;&nbsp;[<u>Certification of President Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)</u>](ck0001715933-ex32_1.htm) |
| &nbsp;&nbsp;32.2<sup>\*</sup> | &nbsp;&nbsp;[<u>Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)</u>](ck0001715933-ex32_2.htm) |
| &nbsp;&nbsp;101.INS | &nbsp;&nbsp;Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
| &nbsp;&nbsp;101.SCH | &nbsp;&nbsp;Inline XBRL Taxonomy Extension Schema Document |
| &nbsp;&nbsp;101.CAL | &nbsp;&nbsp;Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| &nbsp;&nbsp;101.DEF | &nbsp;&nbsp;Inline XBRL Taxonomy Extension Definition Linkbase Document |
| &nbsp;&nbsp;101.LAB | &nbsp;&nbsp;Inline XBRL Taxonomy Extension Label Linkbase Document |
| &nbsp;&nbsp;101.PRE | &nbsp;&nbsp;Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| &nbsp;&nbsp;104 | &nbsp;&nbsp;Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

<sup>\*</sup>Filed herewith

------

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Date: August 12, 2025 | TCW DIRECT LENDING VII LLC | TCW DIRECT LENDING VII LLC |
|  | By: | /s/ **Richard T. Miller**<br>|
|  |  | **Richard T. Miller** |
|  |  | **President** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Date: August 12, 2025 |  |  |
|  | By: | /s/ **Andrew J. Kim**<br>|
|  |  | **Andrew J. Kim** |
|  |  | **Chief Financial Officer** |

---

------

## Exhibit 31.1

**Exhibit 31.1** 

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

I, Richard T. Miller, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Date: August 12, 2025 | By: | /s/ Richard T. Miller<br>|
|  |  | Richard T. Miller |
|  |  | President |
|  |  | (Principal Executive Officer) |

---

------

## Exhibit 31.2

**Exhibit 31.2** 

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

I, Andrew J. Kim, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: August 12, 2025 | By: | /s/ Andrew J. Kim<br>|
|  |  | Andrew J. Kim |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

------

## Exhibit 32.1

**Exhibit 32.1** 

**Certification of President Pursuant to** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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<br>|
| Name: Richard T. Miller |
| Title: President |
| Date: August 12, 2025 |

---

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

------

## Exhibit 32.2

**Exhibit 32.2** 

**Certification of Chief Financial Officer Pursuant to** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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<br>|
| Name: Andrew J. Kim |
| Title: Chief Financial Officer |
| Date: August 12, 2025 |

---

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

------