# EDGAR Filing Document

**Accession Number:** 0002036272
**File Stem:** 0001410368-25-030810
**Filing Date:** 2025-11
**Character Count:** 40248
**Document Hash:** a32f47bb42740635e8edcbd0a4014f43
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-030810.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001410368-25-030810

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TCW Private Asset Income Fund
- **CENTRAL INDEX KEY:** 0002036272

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24002
- **FILM NUMBER:** 251518971

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

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

## Nport-Ex

TCW Private Asset Income Fund

Schedule of Investments (Unaudited)

(amounts in thousands)

September 30, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments<sup>(1)</sup>** | **Description** | **Footnotes** | **Industry** | **Interest<br>Rate** | **Reference<br>Rate &<br>Spread<sup>(2)</sup>** | **Maturity<br>Date** | **Principal** | **Amortized<br>Cost<sup>(3)</sup>** | **Fair<br>Value** |
|  **Asset Backed Loans** |  |  |  |  |  |  |  |  |  |
|  **Mezzanine Debt** |  |  |  |  |  |  |  |  |  |
|  Cardless Asset Receivable Trust | Revolver | (4)(5) | Credit Cards - Prime | 13.28% | 90-day<br>SOFR+900 | 04/15/2028 | $11458 | $11126 | $11164 |
|  Imprint Payments, Inc. | Revolver | (4)(5) | Credit Cards - Prime | 11.00% | 30-day<br>SOFR+675 | 07/01/2027 | 23684 | 23477 | 23482 |
|  Mercury Financial Credit Card Master Trust | Revolver | (4)(5) | Credit Cards - Near<br>Prime | 12.08% | 30-day<br> SOFR+780 | 04/20/2029 | 50481 | 50388 | 50588 |
|  Sothebys Art Loan Trust LLC | Revolver | (4)(5) | Other - Secured | 9.42% | 90-day<br> SOFR+525 | 12/20/2029 | 37239 | 37239 | 37239 |
|  |  |  |  |  |  |  |  | **122230** | **122473** |
|  **Senior Debt** |  |  |  |  |  |  |  |  |  |
|  Nomura Corporate Funding Americas LLC | Participation<br>Agreement | (4) | Fund Finance | 7.50% | 30-day<br> SOFR+350 | 04/11/2030 | 10000 | 10000 | 10000 |
|  |  |  |  |  |  |  |  | **10000** | **10000** |
|  **Asset Backed Loans Total – 41.2%** |  |  |  |  |  |  |  | $**132230** | $**132473** |
|  **Asset Backed Securities** |  |  |  |  |  |  |  |  |  |
|  **Mezzanine Debt** |  |  |  |  |  |  |  |  |  |
|  Affirm Master Trust | Series 2025-2A,<br>Class E | (6) | Unsecured<br>Installment Loans -<br>Prime | 7.65% |  | 07/15/2033 | $7000 | $7000 | $7067 |
|  Aqua Finance Trust | Series 2025-A,<br>Class C | (6) | Home<br>Improvement - Prime | 5.81% |  | 12/19/2050 | 1500 | 1500 | 1522 |
|  Avis Budget Rental Car Funding | Series 2021-2A,<br>Class D | (6) | Other - Secured | 4.08% |  | 02/20/2028 | 6500 | 6248 | 6364 |
|  Avis Budget Rental Car Funding | Series 2023-7A,<br>Class D | (6) | Other - Secured | 7.31% |  | 08/21/2028 | 6460 | 6460 | 6592 |
|  Bankers Healthcare Group Securitization Trust | Series 2023-A,<br>Class D | (6) | Unsecured<br>Installment Loans -<br>Prime | 8.55% |  | 04/17/2036 | 2500 | 2619 | 2681 |
|  Cherry Securitization Trust | Series 2024-1A,<br>Class D | (6) | Unsecured<br>Installment Loans -<br>Prime | 12.28% |  | 04/15/2032 | 1000 | 1026 | 1024 |
|  Continental Finance Card | Series 2022-A,<br>Class C | (6) | Credit Cards - Non<br>Prime | 9.33% |  | 10/15/2030 | 6920 | 7171 | 7114 |
|  Fora Financial Asset Securitization | Series 2024-1A,<br>Class C | (6) | Small Business<br>Lending - Prime | 8.03% |  | 08/15/2029 | 3900 | 3930 | 3935 |

---

*The accompanying notes are an integral part of this Schedule of Investments.*

------

TCW Private Asset Income Fund

Schedule of Investments (Unaudited) (Continued)

(amounts in thousands)

September 30, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments<sup>(1)</sup>** | **Description** | **Footnotes** | **Industry** | **Interest<br>Rate** | **Reference<br>Rate &<br>Spread<sup>(2)</sup>** | **Maturity<br>Date** | **Principal** | **Amortized<br>Cost<sup>(3)</sup>** | **Fair<br>Value** |
|  **Mezzanine Debt (continued)** |  |  |  |  |  |  |  |  |  |
|  Mission Lane Credit Card Master Trust | Series 2024-B,<br>Class D | (6) | Credit Cards - Near Prime | 9.16% |  | 01/15/2030 | $4000 | $4013 | $4033 |
|  Mission Lane Credit Card Master Trust | Series 2024-B,<br>Class E | (6) | Credit Cards - Near<br>Prime | 12.19% |  | 01/15/2030 | 3000 | 3014 | 3026 |
|  NFAS, LLC | Series 2025-1,<br>Class C | (6) | Small Business<br>Lending - Near<br>Prime | 8.19% |  | 05/15/2031 | 7602 | 7600 | 7739 |
|  NFAS, LLC | Series 2025-1,<br>Class D | (6) | Small Business<br>Lending - Near<br>Prime | 11.93% |  | 05/15/2031 | 4669 | 4669 | 4727 |
|  Octane Receivables Trust | Series 2023-2A,<br>Class E | (6) | Other - Secured | 10.50% |  | 06/20/2031 | 4000 | 4375 | 4377 |
|  Ondeck Asset Securitization Trust | Series 2024-2A,<br>Class B | (6) | Small Business<br>Lending - Prime | 5.42% |  | 10/17/2031 | 1375 | 1353 | 1379 |
|  Ondeck Asset Securitization Trust | Series 2024-1A,<br>Class C | (6) | Small Business<br>Lending - Prime | 8.99% |  | 06/17/2031 | 12000 | 12250 | 12389 |
|  Perimeter Master Note Business Trust | Series 2025-1A,<br>Class C | (6) | Credit Cards - Non<br>Prime | 8.49% |  | 12/16/2030 | 5000 | 4999 | 5059 |
|  Perimeter Master Note Business Trust | Series 2025-1A,<br>Class D | (6) | Credit Cards - Non<br>Prime | 12.80% |  | 12/16/2030 | 5000 | 4999 | 5083 |
|  Reach Financial, LLC | Series 2025-2A,<br>Class D | (6) | Unsecured<br> InstallmentLoans - Non Prime | 7.31% |  | 08/18/2032 | 1900 | 1905 | 1931 |
|  Reach Financial, LLC | Series 2023-1A,<br>Class D | (6) | Unsecured<br>Installment Loans -<br>Non Prime | 12.27% |  | 02/18/2031 | 5427 | 5824 | 5829 |
|  RFS Asset Securitization II LLC | Series 2024-1,<br>Class C | (6) | Small Business<br>Lending - Near<br>Prime | 8.35% |  | 07/15/2031 | 1750 | 1758 | 1791 |
|  RFS Asset Securitization LLC | Series 2025-1,<br>Class C | (6) | Small Business<br>Lending - Near<br>Prime | 7.65% |  | 05/15/2032 | 3000 | 3000 | 3020 |

---

*The accompanying notes are an integral part of this Schedule of Investments.*

------

TCW Private Asset Income Fund

Schedule of Investments (Unaudited) (Continued)

(amounts in thousands)

September 30, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments<sup>(1)</sup>** | **Description** | **Footnotes** | **Industry** | **Interest<br>Rate** | **Reference<br>Rate &<br>Spread<sup>(2)</sup>** | **Maturity<br>Date** | **Principal** | **Amortized<br>Cost<sup>(3)</sup>** | **Fair<br>Value** |
|  **Mezzanine Debt (continued)** |  |  |  |  |  |  |  |  |  |
|  RFS Asset Securitization LLC | Series 2025-1,<br>Class D | (6) | Small Business<br>Lending - Near Prime | 11.11% |  | 05/15/2032 | $2000 | $2000 | $2025 |
|  RFS Asset Securitization LLC | Series 2025-1,<br>Class E | (6) | Small Business<br>Lending - Near Prime | 13.11% |  | 05/15/2032 | 6576 | 6576 | 6643 |
|  Santander Bank Auto Credit Linked Notes | Credit Linked<br>Notes Series<br>2022-C, Class G | (6) | Prime and Non-<br>Prime Auto - Prime | 18.06% |  | 12/15/2032 | 21150 | 24244 | 23463 |
|  Sunbit Asset Securitization Trust | Series 2025-1,<br>Class D | (6) | Unsecured Installment<br>Loans - Near Prime | 7.92% |  | 07/15/2030 | 1000 | 1000 | 1019 |
|  Upstart Securitization Trust | Series 2025-3,<br>Class D | (6) | Unsecured Installment<br>Loans - Near Prime | 7.41% |  | 09/20/2035 | 7500 | 7512 | 7480 |
|  |  |  |  |  |  |  |  | **137045** | **137312** |
|  **Senior Debt** |  |  |  |  |  |  |  |  |  |
|  PK ALIFT Loan Funding | Series 2025-2,<br>Class A | (6) | Aircraft | 4.75% |  | 03/15/2043 | 6745 | 6745 | 6745 |
|  |  |  |  |  |  |  |  | **6745** | **6745** |
|  **Asset Backed Securities Total – 44.8%** |  |  |  |  |  |  |  | $**143790** | $**144057** |
|  **Residential Mortgage Backed Securities** |  |  |  |  |  |  |  |  |  |
|  **Mezzanine Debt** |  |  |  |  |  |  |  |  |  |
|  PRPM 2025-RPL3, LLC | Series 2025-RPL3 | (6) | Agency & Non-Agency<br>Residential<br>Mortgages - Near Prime | 3.25% |  | 04/25/2055 | $3000 | $2645 | $2754 |
|  |  |  |  |  |  |  |  | **2645** | **2754** |
|  **Senior Debt** |  |  |  |  |  |  |  |  |  |
|  Angel Oak Mortgage Trust | Series 2025-HB1,<br>Class A-1 | (6) | Agency & Non-Agency<br>Residential Mortgages<br>- Near Prime | 6.16% | 30-day<br> SOFR+180 | 02/25/2055 | 2438 | 2438 | 2456 |

---

*The accompanying notes are an integral part of this Schedule of Investments.*

------

TCW Private Asset Income Fund

Schedule of Investments (Unaudited) (Continued)

(amounts in thousands)

September 30, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments<sup>(1)</sup>** | **Description** | **Footnotes** | **Industry** | **Interest<br>Rate** | **Reference<br>Rate &<br>Spread(2)** | **Maturity<br>Date** | **Principal** | **Amortized<br>Cost<sup>(3)</sup>** | **Fair<br>Value** |
|  **Senior Debt (continued)** |  |  |  |  |  |  |  |  |  |
|  Pretium Mortgage Credit Partner | Series 2025-NPL4,<br>Class A-1 | (6) | Agency & Non-Agency<br>Residential Mortgages<br>- Non Prime | 6.37% |  | 04/25/2055 | $2311 | $2311 | $2329 |
|  PRPM 2025-2, LLC | Series 2025-2,<br>Class A-1 | (6) | Agency & Non-Agency<br>Residential Mortgages<br>- Near Prime | 6.47% |  | 05/25/2030 | 9318 | 9315 | 9358 |
|  PRPM 2025-RPL3, LLC | Series 2025-RPL3 | (6) | Agency & Non-Agency<br>Residential Mortgages<br>- Near Prime | 3.25% |  | 04/25/2055 | 4706 | 4446 | 4541 |
|  |  |  |  |  |  |  |  | **18510** | **18684** |
|  **Residential Mortgage Backed Securities<br>Total – 6.7%** |  |  |  |  |  |  |  | $**21155** | $**21438** |
|  **Money Market Fund** |  |  |  |  |  |  |  |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund |  |  |  | 4.07% |  | 01/05/2050 | $30461 | $30461 | $30461 |
|  **Money Market Fund Total – 9.5%** |  |  |  |  |  |  |  | $**30461** | $**30461** |
|  **Total Investments — 102.2%** |  |  |  |  |  |  |  | $**327636** | $**328429** |

---

(1) Unless otherwise indicated, issuers of debt investments held by the Fund are denominated in dollars. All debt
investments are income producing unless otherwise indicated.

(2) Represents the interest rate for a variable or floating rate security, determined as Reference Rate + Basis
Point spread. Stated interest rate represents the "all-in" rate as of September 30, 2025. Reference Rates are defined as follows: As of September 30, 2025, the reference rates for the Fund's variable rate securities were the 30-day
Secured Overnight Financing ("SOFR") at 4.31% and the 90-day SOFR at 4.35%.

(3) The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable,
on loan investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

(4) The value of this security was determined using significant unobservable inputs. See Note 2. Fair Value
Measurement.

(5) The Fund has unfunded commitment to fund revolvers.

(6) Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of
1933, as amended. These securities have been determined to be liquid under the guidelines established by the Board of Trustees. These securities amount to $165,495 or 51.5% of the Fund's net assets at period end.

*The accompanying notes are an integral part of this Schedule of Investments.*

------

TCW Private Asset Income Fund

Notes to Schedule of Investments (Unaudited)

(amounts in thousands, except share and per share amounts)

September 30, 2025

**Note 1. Organization** 

TCW Private Asset Income Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company that is operated as an interval fund. The Fund was organized as a Delaware statutory trust on September 3, 2024, and commenced investment operations on April 1, 2025. In addition, the Fund has elected to be treated, and intends to continue to comply with the requirements to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the "Code"). The Fund engages in a continuous offering of shares and will offer to make quarterly repurchases of shares at net asset value ("NAV").

The Fund's investment objective is to seek to provide attractive risk-adjusted returns and produce current income. The Fund seeks to achieve its investment objective primarily by allocating its assets across a wide range of private credit strategies, with a focus on asset-backed credit strategies.

TCW Asset Backed Finance Management Company LLC (the "Adviser") serves as the Fund's investment adviser and is registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended.

The Board of Trustees of the Fund (the "Board") is responsible for the overall management of the Fund, including supervision of the duties performed by the Adviser. As is the case with virtually all investment companies (as distinguished from operating companies), service providers to the Fund, primarily the Adviser, have responsibility for the day-to-day management and operation of the Fund.

**Note 2. Fair Value Measurements** 

**Fund Valuation:** The NAV per Share for the Fund is determined following the close of regular trading on the New York Stock Exchange ("NYSE"), generally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. Each of the Fund's share classes will be offered at NAV plus the applicable sales load, if any. The Fund's NAV per Share is calculated, on a class-specific basis, by dividing the value of the Fund's total assets (the value of the securities the Fund holds plus cash or other assets, including interest accrued but not yet received), less accrued expenses and other liabilities of the Fund, by the total number of shares outstanding.

**Security Valuation:** The Fund's Board has adopted procedures pursuant to which the Fund will value its investments (the "Valuation Policy and Procedures"). In accordance with the Valuation Policy and Procedures, the Fund's portfolio investments for which market quotations are readily available are valued at market value. Investments for which market quotations are not readily available or are deemed to be unreliable are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act. As permitted by Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Fund's valuation designee ("Valuation Designee") to perform fair value determinations relating to all portfolio investments. The Adviser carries out its designated responsibilities as Valuation Designee through various teams pursuant to the Valuation Policy and Procedures which govern the Valuation Designee's selection and application of methodologies and independent pricing services for determining and calculating the fair value of portfolio investments. The Valuation Designee will fair value portfolio investments utilizing inputs from various external and internal sources including, but not limited to, independent pricing services, dealer quotation reporting systems, independent third-party valuation firms and proprietary models and information. When determining the fair value of an investment, one or more fair value methodologies may be used. Fair value determinations will be based upon all available factors that the Valuation Designee deems relevant at the time of the determination. Fair valuation involves subjective judgments, and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security.

**Fair Value Measurements:** In accordance with ASC Topic 820 – Fair Value Measurement and Disclosures, a three-tier hierarchy has been established to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available. In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Fund discloses fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value, as follows:

Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;

Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability at the measurement date; and

Level 3 – Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

------

TCW Private Asset Income Fund

Notes to Schedule of Investments (Unaudited) (Continued)

(amounts in thousands, except share and per share amounts)

September 30, 2025

An investment level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to fair value measurement. The valuation techniques used by the Fund to measure fair value during the period ended September 30, 2025, maximized the use of observable inputs and minimized the use of unobservable inputs.

The fair value of asset backed loans is generally valued by third-party pricing services that use valuation estimates from their internal pricing models, broker-dealer quotations or reported trades. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. These securities are classified as Level 3.

The fair value of asset-backed securities and residential mortgage-backed securities is estimated based on pricing models that consider the estimated cash flows of each debt tranche of the issuer, establish a benchmark yield, and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, the prepayment speed assumptions and attributes of the collateral. To the extent the inputs are observable and timely, the values would be categorized as Level 2 of the fair value hierarchy; otherwise, they would be categorized as Level 3.

Money market funds are open-end mutual funds that invest in short-term debt securities. To the extent that these funds are valued based upon the reported NAV, they are categorized as Level 1 of the fair value hierarchy.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. The following is a summary of the fair values according to the inputs used in valuing the Fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Asset Backed Loans | $— | $— | $132473 | $132473 |
|  Asset Backed Securities |  | 144057 |  | 144057 |
|  Residential Mortgage Backed Securities |  | 21438 |  | 21438 |
|  Money Market Fund | 30461 |  |  | 30461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments, at Fair Value** | $**30461** | $**165495** | $**132473** | $**328429** |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** TCW Private Asset Income Fund

- **b. Investment Company Act file number:** 811-24002

- **c. CIK number of Registrant:** 0002036272

- **d. LEI of Registrant:** 254900JOZ7KOHWZ5ZD02

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 515 SOUTH FLOWER STREET

  - **City:** LOS ANGELES

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 90071

  - **Telephone number:** 214-244-0000

**Item A.2. Information about the Series.**

- **a. Name of Series:** TCW Private Asset Income Fund

- **c. LEI of Series:** 254900JOZ7KOHWZ5ZD02

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $331586350.33

**Total Liabilities:** $10082496.87

**Net Assets:** $321503853.46

**Delayed Delivery Securities:** $6744860.38

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -1097.36000000 | **1-Year:** -38749.26000000 | **5-Year:** -38060.69000000 | **10-Year:** -517.55000000 | **30-Year:** -61.06000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.49%                | 0.86%                | 0.65%                |
| Class ID N/A | 0.43%                | 0.78%                | 0.56%                |
| Class ID N/A |  | 0.22%                | 0.54%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $33959.33                | $-364150.46                                |
| Month 2  | $0.00                    | $833865.51                                 |
| Month 3  | $41220.89                | $-210931.05                                |

### Schedule of Portfolio Investments

| Name                                                    | Title                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Avis Budget Rental Car Funding AESOP LLC                | Avis Budget Rental Car Funding AESOP LLC 2021                  | CUSIP: 05377REU4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   6500000 | PA      | $6364024.55   | 1.98%             | 2028-02-20      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                | Avis Budget Rental Car Funding AESOP LLC 2023                  | CUSIP: 05377RJW5<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   6460000 | PA      | $6591880.90   | 2.05%             | 2028-08-21      | Fixed         | 7.31%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                | Octane Receivables Trust 2023-2                                | CUSIP: 67571QAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4377234.40   | 1.36%             | 2031-06-20      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Perimeter Master Note Business Trust                    | Perimeter Master Note Business Trust                           | CUSIP: 71384PBE0<br>LEI: 5493005H6EB040833X54 | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5059445.00   | 1.57%             | 2030-12-16      | Fixed         | 8.49%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2025-2 LLC                                                | CUSIP: 69382HAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9318108 | PA      | $9358922.48   | 2.91%             | 2030-05-25      | Variable      | 6.47%                 | No            |                  2 | On Loan: No      |
| IMPRINT PAYMENTS INC                                    | Imprint Payments Inc Revolver Class B                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  23684205 | PA      | $23481953.20  | 7.30%             | 2027-07-01      | Floating      | 11.03%                | No            |                  3 | On Loan: No      |
| Perimeter Master Note Business Trust                    | Perimeter Master Note Business Trust                           | CUSIP: 71384PBF7<br>LEI: 5493005H6EB040833X54 | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5082969.00   | 1.58%             | 2030-12-16      | Fixed         | 12.80%                | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                     | Reach ABS Trust 2023-1                                         | CUSIP: 75525AAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5427000 | PA      | $5829311.65   | 1.81%             | 2031-02-18      | Fixed         | 12.27%                | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                      | Aqua Finance Issuer Trust 2025-A                               | CUSIP: 038394AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1522194.75   | 0.47%             | 2050-12-19      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| Mission Lane Credit Card Master Trust                   | Mission Lane Credit Card Master Trust                          | CUSIP: 60510MBH0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4033328.80   | 1.25%             | 2030-01-15      | Fixed         | 9.16%                 | No            |                  2 | On Loan: No      |
| The Dreyfus Corporation                                 | Dreyfus Treasury & Agency Cash Management Institutional Shares | CUSIP: 261908107<br>LEI: 549300MKKM9KT7BF6329 | Long             | STIV             | RF                | US        |  30461242 | NS      | $30461242.36  | 9.47%             |  |  |  | No            |                  1 | On Loan: No      |
| RFS Asset Securitization II LLC                         | RFS Asset Securitization II LLC                                | CUSIP: 74969DAN5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1791281.80   | 0.56%             | 2031-07-15      | Fixed         | 8.35%                 | No            |                  2 | On Loan: No      |
| RFS Asset Securitization LLC                            | RFS Asset Securitization V LLC                                 | CUSIP: 74970DAJ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2024582.80   | 0.63%             | 2032-05-15      | Fixed         | 11.11%                | No            |                  2 | On Loan: No      |
| Ondeck Asset Securitization Trust LLC                   | OnDeck Asset Securitization Trust IV LLC                       | CUSIP: 67118NAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12000000 | PA      | $12389944.80  | 3.85%             | 2031-06-17      | Fixed         | 8.99%                 | No            |                  2 | On Loan: No      |
| NOMURA CORP FUND AMERICAS, LLC                          | NOMURA CORP FUND AMERICAS, LLC Term Loan                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |  10000000 | PA      | $10000000.00  | 3.11%             | 2030-04-11      | Floating      | 7.50%                 | No            |                  3 | On Loan: No      |
| Santander Bank Auto Credit-Linked Notes                 | Santander Bank Auto Credit-Linked Notes Series 2022-C          | CUSIP: 80290CBL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  21150000 | PA      | $23464120.91  | 7.30%             | 2032-12-15      | Fixed         | 18.06%                | No            |                  2 | On Loan: No      |
| Sunbit Asset Securitization Trust                       | Sunbit Asset Securitization Trust 2025-1                       | CUSIP: 86709SAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1018639.90   | 0.32%             | 2030-07-15      | Fixed         | 7.92%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                     | Reach ABS Trust 2025-2                                         | CUSIP: 75525QAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1900000 | PA      | $1930673.22   | 0.60%             | 2032-08-18      | Fixed         | 7.31%                 | No            |                  2 | On Loan: No      |
| Mission Lane Credit Card Master Trust                   | Mission Lane Credit Card Master Trust                          | CUSIP: 60510MBJ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3025841.40   | 0.94%             | 2030-01-15      | Fixed         | 12.19%                | No            |                  2 | On Loan: No      |
| RFS Asset Securitization LLC                            | RFS Asset Securitization V LLC                                 | CUSIP: 74970DAH5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3019521.30   | 0.94%             | 2032-05-15      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2025-RPL3 LLC                                             | CUSIP: 69392NAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2753863.50   | 0.86%             | 2055-04-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card Master Trust              | Mercury Financial Credit Card Master Trust 2025 Revolver       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  50481283 | PA      | $50587743.70  | 15.73%            | 2029-04-20      | Floating      | 12.08%                | No            |                  3 | On Loan: No      |
| FORA Financial Asset Securitization                     | Fora Financial Asset Securitization 2024 LLC                   | CUSIP: 34512PAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3900000 | PA      | $3934545.42   | 1.22%             | 2029-08-15      | Fixed         | 8.03%                 | No            |                  2 | On Loan: No      |
| Cardless Asset Receivable Trust                         | Cardless Asset Receivable Trust Class B Revolver               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  11457598 | PA      | $11164437.20  | 3.47%             | 2028-04-15      | Floating      | 13.28%                | No            |                  3 | On Loan: No      |
| Affirm Master Trust                                     | Affirm Master Trust                                            | CUSIP: 00833BAL2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7000000 | PA      | $7066954.30   | 2.20%             | 2033-07-15      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                            | Upstart Securitization Trust 2025-3                            | CUSIP: 91684FAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7500000 | PA      | $7479513.00   | 2.33%             | 2035-09-20      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2025-NPL4 LLC                                             | CUSIP: 74136UAA3<br>LEI: 2549006327OOFEDCTX76 | Long             | ABS-O            | CORP              | US        |   2310507 | PA      | $2328517.22   | 0.72%             | 2055-04-25      | Variable      | 6.37%                 | No            |                  2 | On Loan: No      |
| Continental Finance Credit Credit Card ABS Master Trust | Continental Finance Credit Card ABS Master Trust               | CUSIP: 66981PAK4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6920000 | PA      | $7113673.50   | 2.21%             | 2030-10-15      | Fixed         | 9.33%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2025-HB1                              | CUSIP: 034936AA2<br>LEI: 254900ZFKOWCY24MSQ94 | Long             | ABS-O            | CORP              | US        |   2437594 | PA      | $2455603.23   | 0.76%             | 2055-02-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| NFAS, Llc                                               | NFAS3 LLC                                                      | CUSIP: 62909DAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4669000 | PA      | $4727263.52   | 1.47%             | 2031-05-15      | Fixed         | 11.93%                | No            |                  2 | On Loan: No      |
| Sotheby's Art Loan Trust LLC                            | SAFMT 2023-VFS-A (2025-B)                                      | CUSIP: 000000000<br>LEI: 549300P5BAAMQQ7VL735 | Long             | LON              | CORP              | US        |  37238707 | PA      | $37238707.04  | 11.58%            | 2029-12-20      | Floating      | 9.42%                 | No            |                  3 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2025-RPL3 LLC                                             | CUSIP: 69392NAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4705817 | PA      | $4540560.76   | 1.41%             | 2055-04-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Cherry Securitization Trust                             | Cherry Securitization Trust 2024-1                             | CUSIP: 164737AD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1023599.70   | 0.32%             | 2032-04-15      | Fixed         | 12.28%                | No            |                  2 | On Loan: No      |
| NFAS, Llc                                               | NFAS3 LLC                                                      | CUSIP: 62909DAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7602000 | PA      | $7739105.11   | 2.41%             | 2031-05-15      | Fixed         | 8.19%                 | No            |                  2 | On Loan: No      |
| PK ALIFT LOAN FUNDING                                   | PK Alift Loan Funding 7 LP                                     | CUSIP: 69291NAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6745000 | PA      | $6744778.09   | 2.10%             | 2043-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Securitization Trust           | BHG Securitization Trust 2023-A                                | CUSIP: 08860FAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2680783.50   | 0.83%             | 2036-04-17      | Fixed         | 8.55%                 | No            |                  2 | On Loan: No      |
| RFS Asset Securitization LLC                            | RFS Asset Securitization V LLC                                 | CUSIP: 74970DAK8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6576000 | PA      | $6643188.96   | 2.07%             | 2032-05-15      | Fixed         | 13.11%                | No            |                  2 | On Loan: No      |
| Ondeck Asset Securitization Trust LLC                   | OnDeck Asset Securitization Trust IV LLC                       | CUSIP: 67108SAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1375000 | PA      | $1379051.85   | 0.43%             | 2031-10-17      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-29

**Name of Applicant:** TCW Private Asset Income Fund

**Signature:** Cielo Ordonez

**Name of Signer:** Cielo Ordonez

**Title:** Senior Vice President