10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended June 30, 2023

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 814-01069

TCW DIRECT LENDING LLC

(Exact Name of Registrant as Specified in Its Charter)

Delaware	46-5327366
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)
200 Clarendon Street, Boston, MA	02116
(Address of Principal Executive Offices)	(Zip Code)

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

Not applicable

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

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	Not applicable	Not applicable

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

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

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

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

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

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

As of June 30, 2023, there was no established public market for the Registrant’s common units. The number of the Registrant’s common units outstanding at August 10, 2023 was 18,034,649.

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

TCW DIRECT LENDING LLC

FORM 10-Q FOR THE QUARTER ENDED June 30, 2023

Table of Contents

	INDEX	PAGE NO.
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Schedules of Investments as of June 30, 2023 (unaudited) and December 31, 2022	3
	Consolidated Statements of Assets and Liabilities as of June 30, 2023 (unaudited) and December 31, 2022	13
	Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022 (unaudited)	14
	Consolidated Statements of Changes in Members' Capital for the three and six months ended June 30, 2023 and 2022 (unaudited)	15
	Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022 (unaudited)	16
	Notes to Consolidated Financial Statements (unaudited)	17
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	41
Item 4.	Controls and Procedures	41
PART II.	OTHER INFORMATION	41
Item 1.	Legal Proceedings	41
Item 1A.	Risk Factors	41
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	41
Item 3.	Defaults Upon Senior Securities	42
Item 4.	Mine Safety Disclosures	42
Item 5.	Other Information	42
Item 6.	Exhibits	43
	SIGNATURES	44

TCW DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited)

As of June 30, 2023

Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1)
Distributors
	Animal Supply Company, LLC(3)	08/14/20	Term Loan - 14.03% inc PIK (SOFR + 8.50%, 1.00% Floor, all PIK)		5.0	%	$	26,411,738	08/14/25	$	26,411,738	$	19,729,568
	Retail & Animal Intermediate, LLC(2)(3)	08/14/20	Subordinated Loan - 7.00% inc PIK (7.00%, Fixed Coupon, all PIK)		0.0	%		29,885,129	11/14/25		23,151,201		-
					5.0	%					49,562,939		19,729,568
Diversified Consumer Services
	SSI Parent, LLC (fka School Specialty, Inc.)(4)	09/15/20	Term Loan - 13.21% (SOFR + 8.00%, 1.25% Floor)		2.3	%		9,179,420	12/29/26		9,152,572		9,179,420
					2.3	%					9,152,572		9,179,420
Hotels, Restaurants & Leisure
	Ruby Tuesday Operations LLC(4)	02/24/21	Term Loan - 17.26% inc PIK (SOFR + 12.00%, 1.25% Floor, 6.00% PIK)		1.8	%		6,868,746	02/24/25		6,868,746		6,868,746
	Ruby Tuesday Operations LLC(4)	02/01/23	Incremental Term Loan - 21.26% inc PIK (SOFR + 16.00%, 1.25% Floor, all PIK)		0.7	%		1,573,019	02/24/25		1,573,019		2,928,332
					2.5	%					8,441,765		9,797,078
Household Durables
	Cedar Electronics Holdings, Corp.(4)	05/19/15	Term Loan - 13.18% (SOFR + 8.00%, 1.50% Floor)		3.6	%		14,018,452	12/31/26		14,018,142		14,018,452
	Cedar Electronics Holdings, Corp. (4)	01/30/19	Incremental Term Loan - 15.00% inc PIK (15.00%, Fixed Coupon, all PIK)		1.2	%		4,654,099	12/31/26		4,654,099		4,654,099
					4.8	%					18,672,241		18,672,551
Industrial Conglomerates
	H-D Advanced Manufacturing Company	06/30/15	Term Loan - 13.70% inc PIK (SOFR + 8.50%, 1.50% Floor, all PIK)		33.2	%		130,270,359	11/12/25		130,187,755		130,270,359
					33.2	%					130,187,755		130,270,359
Metals & Mining
	Pace Industries, Inc.(2) (4)	06/01/20	HoldCo Term Loan - 7.40% inc PIK (SOFR + 2.00%, 1.50% Floor, all PIK)		4.6	%		92,251,331	06/01/40		78,137,869		18,173,512
	Pace Industries, Inc.(4)	06/01/20	Term Loan - 13.65% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK)		15.7	%		61,454,812	06/01/25		61,438,009		61,454,812
	Pace Industries, Inc.(4)	10/07/22	Revolver - 13.64% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK)		3.4	%		13,464,695	06/01/25		13,464,695		13,464,695
					23.7	%					153,040,573		93,093,019
Pharmaceuticals
	Noramco, LLC	07/01/16	Term Loan - 13.42% inc PIK (SOFR + 8.38%, 1.00% Floor, 0.38% PIK)		10.9	%		44,146,213	01/31/25		44,119,786		42,865,973
					10.9	%					44,119,786		42,865,973
	Total Debt Investments				82.4	%					413,177,631		323,607,968

3

TCW DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of June 30, 2023

Industry	Issuer	Investment	% of Net Assets			Shares		Amortized Cost		Fair Value
	EQUITY
Distributors
	Retail & Animal Supply Holdings, LLC(2)(3)(5)(8)	Class A Common		0.0	%		224,156	$	1,572,727	$	—
				0.0	%				1,572,727		—
Diversified Consumer Services
	SSI Parent, LLC (fka School Specialty, Inc.)(2)(4)(6)(8)	Class A Preferred Stock		3.3	%		806,264		8,062,637		13,061,472
	SSI Parent, LLC (fka School Specialty, Inc.)(2)(4)(6)(8)	Class B Preferred Stock		1.2	%		359,474		356,635		4,529,373
	SSI Parent, LLC (fka School Specialty, Inc.)(2)(4)(6)(8)	Common Stock		6.1	%		80,700		53,889		23,934,006
				10.6	%				8,473,161		41,524,851
Hotels, Restaurants & Leisure
	RT Holdings Parent, LLC(2)(4)(8)	Class A Units		4.7	%		5,475,885		5,133,708		18,554,489
	RT Holdings Parent, LLC(2)(4)(8)	Warrant, expires 12/21/27		0.8	%		912,647		—		3,092,687
	RT Holdings Parent, LLC(2)(4)(8)	Equity Units		0.1	%		105,624		133,086		358,002
	RT Holdings Parent, LLC(2)(4)(8)	Equity Units		0.0	%		53,104		66,914		100,998
				5.6	%				5,333,708		22,106,176
Household Durables
	Cedar Ultimate Parent, LLC(2)(4)(8)	Class A Preferred Units		4.2	%		9,297,990		9,187,902		16,554,513
	Cedar Ultimate Parent, LLC(2)(4)(8)	Class E Common Units		0.0	%		300,000		—		—
	Cedar Ultimate Parent, LLC(2)(4)(8)	Class D Preferred Units		0.0	%		2,900,000		—		—
				4.2	%				9,187,902		16,554,513
Investment Funds & Vehicles
	TCW Direct Lending Strategic Ventures(2)(4)(7)	Common membership Interests		0.0	%		800		—		—
	TCW Direct Lending Strategic Ventures(4)(7)	Preferred membership Interests		17.3	%		66,880		66,880,000		67,789,210
				17.3	%				66,880,000		67,789,210
Metals & Mining
	Pace Industries, Inc.(2)(4)(8)	Common Stock		0.0	%		971,418		2,110,522		—
				0.0	%				2,110,522		—
Technologies Hardware, Storage and Peripherals
	Quantum Corporation(2)	Common Stock		0.5	%		1,766,327		6,481,788		1,907,633
				0.5	%				6,481,788		1,907,633
	Total Equity Investments			38.2	%				100,039,808		149,882,383
	Total Debt & Equity Investments(9)			120.7	%				513,217,439		473,490,351
	Cash Equivalents
	First American Government Obligation Fund, Yield 5.10%			1.7	%		6,572,878		6,572,878		6,572,878
	Total Cash Equivalents			1.7	%				6,572,878		6,572,878
	Short-term Investments
	U.S. Treasury Bill, Yield 5.05%			118.9	%		475,000,000		466,504,229		466,504,229
	Total Short-term Investments			118.9	%				466,504,229		466,504,229
	Total Investments (241.4%)							$	986,294,546	$	946,567,458
	Net unrealized depreciation on unfunded commitments (0.0%)										—
	Liabilities in Excess of Other Assets (-141.4%)										(554,374,213	)
	Net Assets (100.0%)									$	392,193,245

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

(2)Non-income producing.

4

TCW DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of June 30, 2023

(3)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, 2022 and June 30, 2023 along with transactions during the period ended June 30, 2023 in these affiliated investments are as follows:

Name of Investment	Fair Value at December 31, 2022		Gross Addition (a)		Gross Reduction (b)		Realized Gains (Losses)			Net Change in Unrealized Appreciation/ (Depreciation)			Fair Value at June 30, 2023		Interest/Dividend/ Other income
Retail & Animal Supply Holdings, LLC Class A Common	$	—	$	—	$	—	$	—		$	—		$	—	$	—
Animal Supply Company, LLC Term Loan - 9.50%		22,624,644		1,739,280		—		—			(4,634,356	)		19,729,568		1,743,863
Guardia, LLC Revolver - 8.75%		2,604,562		1,072		—		(1,928,556	)		(677,078	)		—		—
PNI Litigation Trust (Guardia, LLC) Preferred Equity		—		—		—		(115,715	)		115,715			—		—
Retail & Animal Intermediate, LLC Subordinated Loan - 7.00%		—		—		—		—			—			—		—
Total Non-Controlled Affiliated Investments	$	25,229,206	$	1,740,352	$	—	$	(2,044,271	)	$	(5,195,719	)	$	19,729,568	$	1,743,863

(a)Gross additions include new purchases, payment-in-kind (“PIK”) income and amortization of original issue and market discounts.

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

5

TCW DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of June 30, 2023

(4)As defined in the Investment Company Act of 1940, the investment is deemed to be a “controlled 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, 2022 and June 30, 2023 along with transactions during the period ended June 30, 2023 in these controlled investments are as follows:

Name of Investment	Fair Value at December 31, 2022		Gross Addition (a)			Gross Reduction (b)			Realized Gains (Losses)		Net Change in Unrealized Appreciation/ (Depreciation)			Fair Value at June 30, 2023		Interest/Dividend/ Other income
Cedar Electronics Holdings, Corp Incremental Term Loan - 15.00%	$	4,316,274	$	337,825		$	—		$	—	$	—		$	4,654,099	$	340,249
Cedar Electronics Holdings, Corp Term Loan - 9.50%		15,126,452		252			(1,107,870	)		—		(382	)		14,018,452		1,063,995
Cedar Ultimate Parent, LLC Class A Preferred Unit		11,753,031		—			—			—		4,801,482			16,554,513		—
Cedar Ultimate Parent, LLC Class D Preferred Unit		—		—			—			—		—			—		—
Cedar Ultimate Parent, LLC Class E Preferred Unit		—		—			—			—		—			—		—
Pace Industries, Inc. Common Stock		—		—			—			—		—			—		—
Pace Industries, Inc. Term Loan - 3.50%		31,455,178		—			—			—		(13,281,666	)		18,173,512		13,887
Pace Industries, Inc. Term Loan - 9.75%		57,579,326		3,879,826			—			—		(4,339	)		61,454,813		3,968,779
Pace Industries, LLC Revolver Opco		8,616,757		4,847,937			—			—		—			13,464,694		814,314
RT Holdings Parent, LLC Class A Unit		19,103,720		—			—			—		(549,231	)		18,554,489		—
RT Holdings Parent, LLC Warrant		3,184,225		—			—			—		(91,539	)		3,092,686		—
Ruby Tuesday Operations, LLC Term Loan		6,715,899		467,729			(314,882	)		—		—			6,868,746		710,195
Ruby Tuesday Operations, LLC Incremental Term Loan		—		1,573,019			—					1,355,313			2,928,332		135,174
Ruby Tuesday Operations, LLC Revolver - 2.78%		—		—			—			—		—			—		50,637
Ruby Tuesday P-1 Units		368,005		—			—			—		(10,003	)		358,002		—
Ruby Tuesday P-2 Units		106,999		—			—			—		(6,001	)		100,998		—
School Specialty, Inc. Common Stock		27,419,241		—			—			—		(3,485,235	)		23,934,006		6,196,400
School Specialty, Inc. Preferred Stock A		13,061,335		—			—			—		137			13,061,472		—
School Specialty, Inc. Preferred Stock B		4,529,373		—			—			—		—			4,529,373		—
School Specialty, Inc. Term Loan - 9.25%		35,383,037		(46,116	)		(26,057,649	)		—		(99,851	)		9,179,421		1,721,406
TCW Direct Lending Strategic Ventures LLC Common Membership Interests		—		—			—			—		—			—		—
TCW Direct Lending Strategic Ventures LLC Preferred Membership Interests		84,141,713		—			(18,000,000	)		—		1,647,497			67,789,210		—
Total Controlled Affiliated Investments	$	322,860,565	$	11,060,472		$	(45,480,401	)	$	—	$	(9,723,818	)	$	278,716,818	$	15,015,036

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

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

6

TCW DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of June 30, 2023

(5)Holding of Animal Supply Holdings, LLC Class A units are held through TCW DL ASH LLC, a special purpose vehicle.

(6)Holdings of School Specialty, Inc. Class A & B preferred stock and common stock are held through TCW DL SSP LLC, a special purpose vehicle.

(7)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 June 30, 2023, $67,789,210 or 7.1% of the Company’s total assets were represented by “non-qualifying assets.”

(8)All or a portion of such security was acquired in a transaction exempt from registration under the Securities Act of 1933, and may be deemed “restricted securities” under the Securities Act. As of June 30, 2023, the aggregate fair value of these securities was $80,185,540, or 8.5% of the Company’s total assets.

(9)The fair value of the Quantum Corporation Common Stock held by the Company is based on the quoted market price of the issuer’s stock as of June 30, 2023. Such common stock is considered to be a Level 1 security within the Fair Value Hierarchy. Otherwise, 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.”

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

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $12,912,201 and $45,671,681, respectively, for the period ended June 30, 2023. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments.

Geographic Breakdown of Portfolio
United States	100	%

See Notes to Consolidated Financial Statements.

7

TCW DIRECT LENDING LLC

Consolidated Schedule of Investments

As of December 31, 2022

Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1)
Distributors
	Animal Supply Company, LLC(3)	08/14/20	Term Loan - 13.16% inc PIK (SOFR + 8.50%, 1.00% Floor, all PIK)		5.8	%	$	24,672,459	08/14/25	$	24,672,459	$	22,624,644
	Retail & Animal Intermediate, LLC(2)(3)	08/14/20	Subordinated Loan - 7.00% inc PIK (7.00%, Fixed Coupon, all PIK)		0.0	%		28,849,033	11/14/25		23,151,201		-
					5.8	%					47,823,660		22,624,644
Diversified Consumer Services
	SSI Parent, LLC (fka School Specialty, Inc.)(4)	09/15/20	Term Loan - 12.43% (SOFR + 8.00%, 1.25% Floor)		9.0	%		35,383,037	12/29/26		35,256,338		35,383,037
					9.0	%					35,256,338		35,383,037
Diversified Financial Services
	Guardia LLC (2) (3)	07/02/18	Revolver - 11.38% inc PIK (LIBOR + 7.25%, 1.50% Floor, all PIK)		0.7	%		11,679,652	07/02/23		1,927,484		2,604,562
					0.7	%					1,927,484		2,604,562
Hotels, Restaurants & Leisure
	Ruby Tuesday Operations LLC(4)	02/24/21	Term Loan - 16.06% inc PIK (LIBOR + 12.00%, 1.25% Floor, 6.00% PIK)		1.7	%		6,715,899	02/24/25		6,715,899		6,715,899
					1.7	%					6,715,899		6,715,899
Household Durables
	Cedar Electronics Holdings, Corp.(4)	05/19/15	Term Loan - 12.07% (LIBOR + 8.00%, 1.50% Floor)		3.8	%		15,126,452	12/18/23		15,125,760		15,126,452
	Cedar Electronics Holdings, Corp. (4)	01/30/19	Incremental Term Loan - 15.00% inc PIK (15.00%, Fixed Coupon, all PIK)		1.1	%		4,316,274	12/18/23		4,316,274		4,316,274
					4.9	%					19,442,034		19,442,726
Industrial Conglomerates
	H-D Advanced Manufacturing Company	06/30/15	Term Loan - 12.92% inc PIK (SOFR + 8.50%, 1.50% Floor, all PIK)		31.0	%		130,270,359	11/12/25		130,170,471		121,802,785
					31.0	%					130,170,471		121,802,785
Metals & Mining
	Pace Industries, Inc.(2) (4)	06/01/20	HoldCo Term Loan - 6.74% inc PIK (LIBOR + 2.00%, 1.50% Floor, all PIK)		8.0	%		89,108,152	06/01/40		78,137,869		31,455,178
	Pace Industries, Inc.(4)	06/01/20	Term Loan - 12.85% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK)		14.6	%		57,579,326	06/01/25		57,558,184		57,579,326
	Pace Industries, Inc.(4)	10/07/22	Revolver - 12.96% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK)		2.2	%		8,616,757	06/01/25		8,616,757		8,616,757
					24.8	%					144,312,810		97,651,261
Pharmaceuticals
	Noramco, LLC	07/01/16	Term Loan - 12.13% inc PIK (LIBOR + 8.38%, 1.00% Floor, 0.38% PIK)		11.1	%		44,121,541	12/31/23		44,068,922		43,636,205
					11.1	%					44,068,922		43,636,205
	Total Debt Investments				89.0	%					429,717,618		349,861,119

8

TCW DIRECT LENDING LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2022

Industry	Issuer	Investment	% of Net Assets			Shares		Amortized Cost		Fair Value
	EQUITY
Distributors
	Retail & Animal Supply Holdings, LLC(2)(3)(5)(8)	Class A Common		0.0	%		224,156	$	1,572,727	$	—
				0.0	%				1,572,727		—
Diversified Consumer Services
	SSI Parent, LLC (fka School Specialty, Inc.)(2)(4)(6)(8)	Class A Preferred Stock		3.3	%		806,264		8,062,637		13,061,335
	SSI Parent, LLC (fka School Specialty, Inc.)(2)(4)(6)(8)	Class B Preferred Stock		1.2	%		359,474		356,635		4,529,373
	SSI Parent, LLC (fka School Specialty, Inc.)(2)(4)(6)(8)	Common Stock		7.0	%		80,700		53,889		27,419,241
	PNI Litigation Trust (Guardia LLC) (2)(3)	Preferred Equity		0.0	%		115,715		115,715		—
				11.5	%				8,588,876		45,009,949
Hotels, Restaurants & Leisure
	RT Holdings Parent, LLC(2)(4)(8)	Class A Units		4.9	%		5,475,885		5,133,708		19,103,720
	RT Holdings Parent, LLC(2)(4)(8)	Warrant, expires 12/21/27		0.8	%		912,647		—		3,184,225
	RT Holdings Parent, LLC(2)(4)(8)	Class P-1 Units		0.1	%		105,624		133,086		368,005
	RT Holdings Parent, LLC(2)(4)(8)	Class P-2 Units		0.0	%		53,104		66,914		106,999
				5.8	%				5,333,708		22,762,949
Household Durables
	Cedar Ultimate Parent, LLC(2)(4)(8)	Class A Preferred Units		3.0	%		9,297,990		9,187,902		11,753,031
	Cedar Ultimate Parent, LLC(2)(4)(8)	Class E Common Units		0.0	%		300,000		—		—
	Cedar Ultimate Parent, LLC(2)(4)(8)	Class D Preferred Units		0.0	%		2,900,000		—		—
				3.0	%				9,187,902		11,753,031
Investment Funds & Vehicles
	TCW Direct Lending Strategic Ventures(2)(4)(7)	Common membership Interests		0.0	%		800		—		—
	TCW Direct Lending Strategic Ventures(4)(7)	Preferred membership Interests		21.4	%		84,880		84,880,000		84,141,713
				21.4	%				84,880,000		84,141,713
Metals & Mining
	Pace Industries, Inc.(2)(4)(8)	Common Stock		0.0	%		971,418		2,110,522		—
				0.0	%				2,110,522		—
Technologies Hardware, Storage and Peripherals
	Quantum Corporation(2)	Common Stock		0.5	%		1,766,327		6,481,788		1,925,296
				0.5	%				6,481,788		1,925,296
	Total Equity Investments			42.2	%				118,155,523		165,592,938
	Total Debt & Equity Investments(9)			131.2	%				547,873,141		515,454,057
	Cash Equivalents
	First American Government Obligation Fund, Yield 4.06%			1.1	%		4,223,290		4,223,290		4,223,290
	Total Cash Equivalents			1.1	%				4,223,290		4,223,290
	Short-term Investments
	U.S. Treasury Bill, Yield 4.53%			127.4	%		510,000,000		501,075,000		501,075,000
	Total Short-term Investments			127.4	%				501,075,000		501,075,000
	Total Investments (259.6%)							$	1,053,171,431	$	1,020,752,347
	Net unrealized depreciation on unfunded commitments (0.0%)										—
	Liabilities in Excess of Other Assets (-159.6%)										(627,537,291	)
	Net Assets (100.0%)									$	393,215,056

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

(2)Non-income producing.

9

TCW DIRECT LENDING LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2022

(3)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, 2021 and December 31, 2022 along with transactions during the year ended December 31, 2022 in these affiliated investments are as follows:

Name of Investment	Fair Value at December 31, 2021		Gross Addition(a)		Gross Reduction(b)			Realized Gains (Losses)		Net Change in Unrealized Appreciation/ (Depreciation)			Fair Value at December 31, 2022		Interest/Dividend/ Other income
Retail & Animal Supply Holdings, LLC Class A Common	$	—	$	—	$	—		$	—	$	—		$	—	$	—
Animal Supply Company, LLC Term Loan - 9.50%		22,248,202		2,473,422		(49,166	)		—		(2,047,814	)		22,624,644		2,508,518
Guardia LLC (fka Carrier & Technology, LLC) Revolver - 8.75%		2,807,357		—		(514,460	)		—		311,665			2,604,562		—
PNI Litigation Trust (fka Guardia) Preferred Equity		—		115,715		—			—		(115,715	)		—		—
Retail and Animal Intermediate Subordinated Loan - 7.00%		4,247,569		—		—			—		(4,247,569	)		—		1,338
Total Non-Controlled Affiliated Investments	$	29,303,128	$	2,589,137	$	(563,626	)	$	—	$	(6,099,433	)	$	25,229,206	$	2,509,855

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

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

10

TCW DIRECT LENDING LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2022

(4)As defined in the Investment Company Act of 1940, the investment is deemed to be a “controlled 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, 2021 and December 31, 2022 along with transactions during the year ended December 31, 2022 in these controlled investments are as follows:

Name of Investment	Fair Value at December 31, 2021		Gross Addition(a)		Gross Reduction(b)			Realized Gains (Losses)		Net Change in Unrealized Appreciation/ (Depreciation)			Fair Value at December 31, 2022		Interest/Dividend/ Other income
Cedar Electronics Holdings, Corp Incremental Term Loan - 15.00%	$	3,710,871	$	605,403	$	—		$	—	$	—		$	4,316,274	$	613,223
Cedar Electronics Holdings, Corp Term Loan - 9.50%		15,126,452		696		—			—		(696	)		15,126,452		1,806,572
Cedar Ultimate Parent, LLC Class A Preferred Unit		16,255,955		—		—			—		(4,502,924	)		11,753,031		—
Cedar Ultimate Parent, LLC Class D Preferred Unit		2,262,000		—		—			—		(2,262,000	)		—		—
Cedar Ultimate Parent, LLC Class E Preferred Unit		—		—		—			—		—			—		—
Pace Industries, Inc. Common Stock		—		—		—			—		—			—		—
Pace Industries, Inc. Term Loan - 3.50%		73,617,540		—		—			—		(42,162,362	)		31,455,178		55,064
Pace Industries, Inc. Term Loan - 9.75%		53,963,182		3,624,893		—			—		(8,749	)		57,579,326		5,867,755
Pace Industries, LLC Revolver Opco				8,616,757		—			—		—			8,616,757		38,972
RT Holdings Parent, LLC Class A Unit		20,859,289		—		—			—		(1,755,569	)		19,103,720		—
RT Holdings Parent, LLC Warrant		3,476,546		—		—			—		(292,321	)		3,184,225		—
Ruby Tuesday Operations, LLC Term Loan - 13.25%		8,635,037		469,635		(2,388,773	)		—		—			6,715,899		1,623,615
RT Holdings Parent, LLC Equity Units		—		133,087		—			—		234,918			368,005		—
RT Holdings Parent, LLC Equity Units		—		66,914		—			—		40,085			106,999		—
SSI Parent, LLC (fka School Specialty, Inc.) Common Stock		—		—		—			—		27,419,241			27,419,241		—
SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock A		12,093,956		—		—			—		967,379			13,061,335		—
SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock B		690,190		—		—			—		3,839,183			4,529,373		—
SSI Parent, LLC (fka School Specialty, Inc.) Term Loan - 9.25%		35,532,773		46,673		(148,903	)		—		(47,506	)		35,383,037		3,692,955
TCW Direct Lending Strategic Ventures LLC Common Membership Interests		—		—		—			—		—			—		—
TCW Direct Lending Strategic Ventures LLC Preferred Membership Interests		88,334,811		—		(16,640,000	)		—		12,446,902			84,141,713		5,200,000
Total Controlled Affiliated Investments	$	334,558,602	$	13,564,058	$	(19,177,676	)	$	—	$	(6,084,419	)	$	322,860,565	$	18,898,156

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

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

(5)Holding of Animal Supply Holdings, LLC Class A units are held through TCW DL ASH LLC, a special purpose vehicle.

11

TCW DIRECT LENDING LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2022

(6)Holdings of School Specialty, Inc. Class A & B preferred stock and common stock are held through TCW DL SSP LLC, a special purpose vehicle.

(7)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, 2022, $84,141,713 or 8.2% of the Company’s total assets were represented by “non-qualifying assets.”

(8)All or a portion of such security was acquired in a transaction exempt from registration under the Securities Act of 1933 and may be deemed “restricted securities” under the Securities Act. As of December 31, 2022, the aggregate fair value of these securities was $79,525,929, or 7.8% of the Company’s total assets.

(9)The fair value of the Quantum Corporation Common Stock held by the Company is based on the quoted market price of the issuer’s stock as of December 31, 2022. Such common stock is considered to be a Level 1 security within the Fair Value Hierarchy. Otherwise, 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.”

LIBOR - London Interbank Offered Rate, generally 1-Month or 3-Month

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

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $33,038,685 and $26,229,218, respectively, for the period ended December 31, 2022. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments.

Country Breakdown Portfolio
United States	100.0	%

See Notes to Consolidated Financial Statements.

12

TCW DIRECT LENDING LLC

Consolidated Statements of Assets and Liabilities

(Dollar amounts in thousands, except unit data)

June 30, 2023

	As of June 30,
	2023			As of December 31,
	(unaudited)			2022
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (amortized cost of $180,789 and    $180,721, respectively)	$	175,044		$	167,364
Non-controlled affiliated investments (amortized cost of $51,136 and    $51,440, respectively)		19,730			25,229
Controlled affiliated investments (amortized cost of $281,292 and $315,712, respectively)		278,717			322,861
Cash and cash equivalents		6,575			4,223
Short-term investments		466,504			501,075
Interest receivable		1,911			1,665
Deferred financing costs		352			120
Prepaid and other assets		—			52
Total Assets	$	948,833		$	1,022,589
Liabilities
Payable for short-term investments purchased	$	466,504		$	501,075
Credit facility payable		89,250			126,250
Interest and credit facility expense payable		547			721
Directors' fees payable		135			—
Management fees payable		—			999
Other accrued expenses and other liabilities		204			329
Total Liabilities		556,640			629,374
Commitments and Contingencies (Note 5)
Members’ Capital
Common Unitholders’ commitment: (18,034,649 units issued and outstanding)		1,803,465			1,803,465
Common Unitholders’ undrawn commitment: (18,034,649 units issued and outstanding)		(199,120	)		(199,120	)
Common Unitholders’ return of capital		(1,116,130	)		(1,112,130	)
Common Unitholders’ offering costs		(853	)		(853	)
Accumulated Common Unitholders’ tax reclassification		(13,904	)		(13,904	)
Common Unitholders’ capital		473,458			477,458
Accumulated loss		(81,265	)		(84,243	)
Total Members’ Capital		392,193			393,215
Total Liabilities and Members’ Capital	$	948,833		$	1,022,589
Net Asset Value Per Unit (accrual base) (Note 10)	$	32.79		$	32.84

See Notes to Consolidated Financial Statements.

13

TCW DIRECT LENDING LLC

Consolidated Statements of Operations (Unaudited)

(Dollar amounts in thousands, except unit data)

June 30, 2023

	Three months ended June 30,						For the six months ended June 30,
	2023			2022			2023			2022
Investment Income
Non-controlled/non-affiliated investments:
Interest income	$	5,949		$	1,290		$	11,864		$	2,209
Interest income paid-in-kind		42			6,583			69			9,507
Other fee income		81			3			189			6
Non-controlled affiliated investments:
Interest income		—			21			—			144
Interest income paid-in-kind		900			561			1,732			1,094
Other fee income		6			6			12			12
Controlled affiliated investments:
Interest income		1,234			2,460			3,282			5,109
Interest income paid-in-kind		2,884			597			5,466			1,178
Dividend income		6,196			2,400			6,196			2,400
Other fee income		30			27			71			62
Total investment income		17,322			13,948			28,881			21,721
Expenses
Interest and credit facility expenses		2,111			1,039		$	4,417		$	2,192
Interest expense on repurchase transactions		1,531			95			2,878			127
Professional fees		185			205			382			341
Administrative fees		137			176			279			348
Directors’ fees		88			78			156			156
Management fees		—			997			—			2,011
Other expenses		47			41			101			108
Total expenses		4,099			2,631			8,213			5,283
Net investment income		13,223			11,317		$	20,668		$	16,438
Net realized and unrealized (loss) gain on investments
Net realized loss:
Non-controlled affiliated investments		(2,044	)		—			(2,044	)		—
Net change in unrealized appreciation/(depreciation):
Non-controlled/non-affiliated investments		(322	)		3,775			7,612			1,591
Non-controlled affiliated investments		(666	)		(904	)		(5,196	)		(2,106	)
Controlled affiliated investments		5,868			28,458			(9,724	)		38,198
Net realized gain (loss) on short-term investments		708			(99	)		1,662			(310	)
Net realized and unrealized gain (loss) on investments		3,544			31,230		$	(7,690	)	$	37,373
Net increase in Members’ Capital from operations	$	16,767		$	42,547		$	12,978		$	53,811
Basic and diluted:
Income per unit	$	0.93		$	2.11		$	0.72		$	2.68

See Notes to Consolidated Financial Statements.

14

TCW DIRECT LENDING LLC

Consolidated Statements of Changes in Members' Capital (Unaudited)

(Dollar amounts in thousands, except unit data)

June 30, 2023

	Common Unitholders’ Capital			Accumulated Earnings (Loss)			Total
Members’ Capital at January 1, 2022	$	490,088		$	(100,784	)	$	389,304
Net Increase (Decrease) in Members’ Capital Resulting from Operations:
Net investment income		—			5,121			5,121
Net realized loss on investments		—			(211	)		(211	)
Net change in unrealized appreciation/(depreciation) on investments		—			6,354			6,354
Distributions to Members from:
Return of capital		(18,000	)		—			(18,000	)
Total (Decrease) Increase in Members’ Capital for the three months ended March 31, 2022		(18,000	)		11,264			(6,736	)
Members’ Capital at March 31, 2022		472,088			(89,520	)		382,568
Net Increase (Decrease) in Members’ Capital Resulting from Operations:
Net investment income		—			11,317			11,317
Net realized loss on investments		—			(99	)		(99	)
Net change in unrealized appreciation/(depreciation) on investments		—			31,329			31,329
Distributions to Members from:
Distributable earnings		—			(10,500	)		(10,500	)
Total Increase in Members’ Capital for the three months ended June 30, 2022		—			32,047			32,047
Members’ Capital at June 30, 2022	$	472,088		$	(57,473	)	$	414,615

	Common Unitholders’ Capital			Accumulated Earnings (Loss)			Total
Members’ Capital at January 1, 2023	$	477,458		$	(84,243	)	$	393,215
Net Increase (Decrease) in Members’ Capital Resulting from Operations:
Net investment income		—			7,445			7,445
Net realized gain on investments		—			954			954
Net change in unrealized appreciation/(depreciation) on investments		—			(12,188	)		(12,188	)
Total Decrease in Members’ Capital for the three months ended March 31, 2023		—			(3,789	)		(3,789	)
Members’ Capital at March 31, 2023		477,458			(88,032	)		389,426
Net Increase (Decrease) in Members’ Capital Resulting from Operations:
Net investment income		—			13,223			13,223
Net realized loss on investments		—			(1,336	)		(1,336	)
Net change in unrealized appreciation/(depreciation) on investments		—			4,880			4,880
Distributions to Members from:
Distributable earnings		—			(10,000	)		(10,000	)
Return of capital		(4,000	)		—			(4,000	)
Total (Decrease) Increase in Members’ Capital for the three months ended June 30, 2023		(4,000	)		6,767			2,767
Members’ Capital at June 30, 2023	$	473,458		$	(81,265	)	$	392,193

See Notes to Consolidated Financial Statements.

15

TCW DIRECT LENDING LLC

Consolidated Statements of Cash Flows (Unaudited)

(Dollar amounts in thousands, except unit data)

June 30, 2023

	For the six months ended June 30,
	2023			2022
Cash Flows from Operating Activities
Net increase in net assets resulting from operations	$	12,978		$	53,811
Adjustments to reconcile the net increase in net assets resulting from operations to net cash provided by operating activities:
Purchases of investments		(5,645	)		—
Purchases of short-term investments		(466,504	)		(467,001	)
Interest income paid in-kind		(7,267	)		(11,779	)
Proceeds from sales and paydowns of investments		45,672			16,963
Proceeds from sales of short-term investments		501,075			549,930
Net realized loss on investments		2,044			—
Change in net unrealized (appreciation)/depreciation on investments		7,308			(37,683	)
Amortization of premium and accretion of discount, net		(148	)		(111	)
Amortization of deferred financing costs		310			609
Increase (decrease) in operating assets and liabilities:
(Increase) decrease in interest receivable		(246	)		170
(Increase) decrease in prepaid and other assets		52			73
Increase (decrease) in payable for short-term investments purchased		(34,571	)		(82,929	)
Increase (decrease) in management fees payable		(999	)		(58	)
Increase (decrease) in interest and credit facility expense payable		(174	)		88
Increase (decrease) in directors’ fees payable		135			135
Increase (decrease) in other accrued expenses and liabilities		(125	)		913
Net cash provided by operating activities		53,895			23,131
Cash Flows from Financing Activities
Return of capital		(4,000	)		(18,000	)
Distributions to Members		(10,000	)		(10,500	)
Deferred financing costs paid		(543	)		(451	)
Proceeds from credit facility		2,000			—
Repayments of credit facility		(39,000	)		—
Net cash used in financing activities		(51,543	)		(28,951	)
Net increase (decrease) in cash and cash equivalents		2,352			(5,820	)
Cash and cash equivalents, beginning of period		4,223			8,532
Cash and cash equivalents, end of period	$	6,575		$	2,712
Supplemental and non-cash financing activities
Interest expense paid	$	4,097		$	1,337

See Notes to Consolidated Financial Statements.

16

TCW DIRECT LENDING LLC

Notes to Consolidated Financial Statements (Unaudited)

(Dollar amounts in thousands, except unit data)

June 30, 2023

1. Organization and Basis of Presentation

Organization: TCW Direct Lending LLC (“Company”) was formed as a Delaware corporation on March 20, 2014 and converted to a Delaware limited liability company on April 1, 2014. The Company conducted a private offering of its limited liability company units (the “Common 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, though it currently has no intention to do so. The Company has engaged TCW Asset Management Company LLC (“TAMCO”), an affiliate of The TCW Group, Inc. (“TCW”) to be its adviser (the “Adviser”). On May 13, 2014 (“Inception Date”), the Company sold and issued 10 Common Units at an aggregate purchase price of $1 to TAMCO.

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”) for the taxable year ending December 31, 2015 and subsequent years. The Company is required to meet the minimum distribution and other requirements for RIC qualification and as a BDC and a RIC, the Company is required to comply with certain regulatory requirements.

The Company has two wholly-owned subsidiaries, each of which is a Delaware limited liability company designed to hold an equity investment of the Company.

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

Term: The initial term of the Company continued until the sixth anniversary of the Initial Closing Date (as defined below), September 19, 2020. The Company may extend the term for two additional one-year periods upon written notice to the holders of the Common Units and holders of preferred units, if any, (collectively the “Unitholders” or “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 Common Units. On April 30, 2021, the Company’s Board of Directors approved the second one year extension of the Company’s term from September 19, 2021 to September 19, 2022. On July 11, 2022 the term of the Company was extended for a one-year period from September 19, 2022 to September 19, 2023 via a supermajority vote of the Unitholders. On May 11, 2023 the term of the Company was extended for an additional one-year period from September 19, 2023 to September 19, 2024 via a supermajority vote of the Unitholders.

Commitment Period: The Commitment Period commenced on September 19, 2014 (the “Initial Closing Date”) and ended on September 19, 2017, the third anniversary of the Initial Closing Date. In accordance with the Company’s Limited Liability Company Agreement, the Company may complete investment transactions that were significantly in process as of the end of the Commitment Period and which the Company reasonably expects to be consummated prior to 90 days subsequent to the expiration date of the Commitment Period. The Company may also effect follow-on investments up to an aggregate maximum of 10% of Capital Commitments (as defined below), provided that any such follow-on investment to be made after the third anniversary of the expiration of the Commitment Period shall require the prior consent of a majority in interest of the Common Unitholders.

In October 2022, the Company’s Members approved a proposal to allow the Company to make pre-identified follow-on investments in specific portfolio companies as well as their holding companies, subsidiaries, successors or other affiliates, up to an aggregate maximum of 10% of Capital Commitments.

Capital Commitments: On September 19, 2014 (“the Initial Closing Date”), the Company began accepting subscription agreements from investors for the private sale of its Common Units. On March 19, 2015, the Company completed its final private placement of its Common Units. Subscription agreements with commitments (“Commitments”) from investors (each a “Common Unitholder”) totaling $2,013,470 for the purchase of Common Units were accepted. Each Common Unitholder is obligated to contribute capital equal to their Commitment and each Unit’s Commitment obligation is $100.00 per unit. The amount of capital that remains to be drawn down and contributed is referred to as an “Undrawn Commitment”. On July 11, 2022 the Company’s Members approved a reduction in Undrawn Commitments by $10.43 per unit, resulting in an approximately 41.18% reduction of overall remaining available capital commitments.

17

TCW DIRECT LENDING LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except unit data)

June 30, 2023

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, 2023, aggregate Commitments, Undrawn Commitments, the percentage of Commitments funded and the number of subscribed for Units of the Company were as follows:

	Commitments		Undrawn Commitments		% of Commitments Funded			Units
Common Unitholder	$	1,803,465	$	199,120		89.0	%		18,034,649

Recallable Amount: A Common Unitholder may be required to re-contribute amounts distributed equal to 75% of the principal amount or the cost portion of any Portfolio Investment that is fully repaid to or otherwise fully recouped by the Company within one year of the Company’s investment. The Recallable Amount is excluded from the calculation of the accrual based net asset value.

The Recallable Amount as of June 30, 2023 was $100,875.

2. Significant Accounting Policies

Basis of Presentation: The consolidated financial statements of the Company were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). 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 consolidated the results of its wholly owned subsidiary in its consolidated financial statements in accordance with ASC 946.

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 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 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 its principal market to be the market that has the greatest volume and level of activity.

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

Income Recognition: Interest income and interest income paid-in-kind are recorded on an accrual basis unless doubtful of collection or the related investment is in default. 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.

18

TCW DIRECT LENDING LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except unit data)

June 30, 2023

2. Significant Accounting Policies (Continued)

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

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. 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 revolving credit facility, including arrangement fees, upfront fees and legal fees, are amortized on a straight-line basis over the term of the revolving credit facility.

Organization and Offering Costs: Costs incurred to organize the Company totaling $665 were expensed as incurred. Offering costs totaling $853 were accumulated and charged directly to Members’ Capital on March 19, 2015, the end of the period during which Common Units were offered (the “Closing Period”). The Company did not bear more than an amount equal to 10 basis points of the aggregate capital commitments of the Company for organization and offering expenses.

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, 2023, cash and cash equivalents is comprised of demand deposits and highly liquid investments with maturities of three months or less. Cash equivalents are carried at amortized costs which approximates fair value and are classified as Level 1 in the GAAP valuation hierarchy.

Income Taxes: 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 Members as dividends. Rather, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s Members and will not be reflected in the consolidated financial statements of the Company.

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, 2023, 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.

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

Recent Accounting Pronouncements: In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 (1) clarifies the guidance in ASC 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and (2) requires specific disclosures related to such an equity security. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and interim periods within that fiscal year, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU 2022-03 on the consolidated financial statements.

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.

19

TCW DIRECT LENDING LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except unit data)

June 30, 2023

3. Investment Valuations and Fair Value Measurements (Continued)

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 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 into three levels by the Company 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:

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

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.

Debt, (Level 3), include investments in privately originated senior secured debt. Such securities are valued based on specific pricing models, internal assumptions and the weighting of the best available pricing inputs. An income method approach incorporating a weighted average cost of capital and discount rate or a market method approach using prices and other relevant information generated by market transactions involving identical or comparable assets are 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.

Equity, (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 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.

20

TCW DIRECT LENDING LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except unit data)

June 30, 2023

3. Investment Valuations and Fair Value Measurements (Continued)

Net Asset Value (“NAV”) (Investment Funds and Vehicles): Equity investments in affiliated investment fund (Strategic Ventures) are valued based on the NAV reported by the investment fund. Investments held by the affiliated fund include debt investments in privately originated senior secured debt. Such investments held by the affiliated fund are valued using the same methods, approach and standards applied above to debt investments held by the Company. The Company’s ability to withdraw from the fund is subject to restrictions. The term of the fund will continue until June 5, 2021 unless dissolved earlier or extended for two additional one-year periods by the Company, in its full discretion. The Company can further extend the term of the fund for additional one-year periods upon notice to and consent from the fund’s management committee. On February 25, 2021, Company extended the fund’s term one additional year, until June 5, 2022. On February 1, 2022, the Company further extended the fund's term one additional year, until June 5, 2023. On April 17, 2023, the Company further extended the fund's term one additional year, until June 5, 2024. The Company is entitled to income and principal distributed by the fund.

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, 2023:

Investments	Level 1		Level 2		Level 3		NAV		Total
Debt	$	—	$	—	$	323,608	$	—	$	323,608
Equity		1,908		—		80,185		—		82,093
Investment funds & vehicles(1)				—		—		67,789		67,789
Short- term investments		466,504		—		—		—		466,504
Cash equivalents		6,573		—		—		—		6,573
Total	$	474,985	$	—	$	403,793	$	67,789	$	946,567

(1)Includes equity investments in Strategic Ventures. In accordance with ASC Topic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

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, 2022:

Investments	Level 1		Level 2		Level 3		NAV		Total
Debt	$	—	$	—	$	349,861	$	—	$	349,861
Equity		1,925		—		79,526		—		81,451
Investment funds & vehicles(1)		—		—		—		84,142		84,142
Short- term investments		501,075		—		—		—		501,075
Cash equivalents		4,223		—		—		—		4,223
Total	$	507,223	$	—	$	429,387	$	84,142	$	1,020,752

(1)Includes equity investments in Strategic Ventures. In accordance with ASC Topic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

21

TCW DIRECT LENDING LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except unit data)

June 30, 2023

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, 2023:

	Debt			Equity			Total
Balance, April 1, 2023	$	354,972		$	73,225		$	428,197
Purchases, including payments received in-kind		4,346			—			4,346
Sales and paydowns of investments		(27,612	)		—			(27,612	)
Amortization of premium and accretion of discount, net		112			—			112
Net realized gains		(1,928	)		(116	)		(2,044	)
Net change in unrealized appreciation/(depreciation)		(6,282	)		7,076			794
Balance, June 30, 2023	$	323,608		$	80,185		$	403,793
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2023		(5,606	)		6,960			1,354

	Debt			Equity			Total
Balance, January 1, 2023	$	349,861		$	79,526		$	429,387
Purchases, including payments received in-kind		12,912			—			12,912
Sales and paydowns of investments		(27,672	)		—			(27,672	)
Amortization of premium and accretion of discount, net		148			—			148
Net realized losses		(1,928	)		(116	)		(2,044	)
Net change in unrealized appreciation/(depreciation)		(9,713	)		775			(8,938	)
Balance, June 30, 2023	$	323,608		$	80,185		$	403,793
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2023		(9,036	)		660			(8,376	)

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, 2022:

	Debt			Equity		Total
Balance, April 1, 2022	$	347,901		$	62,481	$	410,382
Purchases, including payments received in-kind		7,741			—		7,741
Sales and paydowns of investments		(3,295	)		—		(3,295	)
Amortization of premium and accretion of discount, net		57			—		57
Net change in unrealized appreciation/(depreciation)		1,304			20,204		21,508
Balance, June 30, 2022	$	353,708		$	82,685	$	436,393
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2022	$	1,302		$	20,204	$	21,506

	Debt			Equity		Total
Balance, January 1, 2022	$	341,742		$	55,638	$	397,380
Purchases, including payments received in-kind		11,779			—		11,779
Sales and paydowns of investments		(4,005	)		—		(4,005	)
Amortization of premium and accretion of discount, net		111			—		111
Net change in unrealized appreciation/(depreciation)		4,081			27,047		31,128
Balance, June 30, 2022	$	353,708		$	82,685	$	436,393
Change in net unrealized appreciation/depreciation in investments held as of June 30, 2022	$	4,079		$	27,047	$	31,126

The Company did not have any transfers between levels during the three and six months ended June 30, 2023 and 2022.

22

TCW DIRECT LENDING LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except unit data)

June 30, 2023

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, 2023.

Investment Type	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average*	Impact to Valuation if Input Increases
Debt	$	42,866	Income Method	Discount Rate	16.0 to 18.7%	17.4%	Decrease
Debt	$	158,122	Market Method	EBITDA Multiple	5.5x to 7.9x	N/A	Increase
Debt	$	29,527	Market Method	Revenue Multiple	0.1x to 0.2x	N/A	Increase
Debt	$	93,093	Market Method	EBITDA Multiple	7.3x to 8.3x	N/A	Increase
				Revenue Multiple	0.5x to 0.7x	N/A	Increase
Equity	$	58,079	Market Method	EBITDA Multiple	5.5x to 7.5x	N/A	Increase
Equity	$	22,106	Market Method	Revenue Multiple	0.1x to 0.2x	N/A	Increase
Equity	$	—	Market Method	EBITDA Multiple	7.3x to 8.3x	N/A	Increase
				Revenue Multiple	0.5x to 0.7x	N/A	Increase

* Weighted based on fair value

The following table summarizes the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of December 31, 2022.

Investment Type	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average*	Impact to Valuation if Input Increases
Debt	$	43,636	Income Method	Discount Rate	14.6% to 17.6%	16.1%	Decrease
Debt	$	141,246	Market Method	EBITDA Multiple	6.0x to 9.0x	N/A	Increase
Debt	$	29,341	Market Method	Revenue Multiple	0.1x to 0.2x	N/A	Increase
Debt	$	2,605	Market Method	Indicative Bid	17.8% to 29.7%	N/A	Increase
Debt	$	133,033	Market Method	EBITDA Multiple	7.0x to 11.0x	N/A	Increase
				Revenue Multiple	0.3x to 0.7x	N/A	Increase
Equity	$	11,753	Market Method	EBITDA Multiple	6.0x to 6.5x	N/A	Increase
Equity	$	22,763	Market Method	Revenue Multiple	0.1x to 0.2x	N/A	Increase
Equity	$	—	Market Method	Indicative Bid	0.0% to 0.0%	N/A	Increase
Equity	$	45,010	Market Method	EBITDA Multiple	7.0x to 11.0x	N/A	Increase
				Revenue Multiple	0.3x to 0.7x	N/A	Increase

* Weighted based on fair value

Unless noted, the Company generally utilizes the midpoint of a valuation range provided by an external, independent valuation firm.

4. Agreements and Related Party Transactions

Advisory Agreement: On September 15, 2014, the Company entered into an 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 was approved by the Board at an in-person meeting. Unless earlier terminated, the Advisory Agreement will remain in effect for a period of two years and will remain in effect from year to year thereafter if approved annually by (i) the vote of the Board, or by the vote of a majority of our outstanding voting securities, and (ii) the vote of a majority of the independent directors of the Board. On August 11, 2022, the Company’s Board reapproved the Advisory Agreement.

23

TCW DIRECT LENDING LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except unit data)

June 30, 2023

4. Agreements and Related Party Transactions (Continued)

Management Fee: Pursuant to the Advisory Agreement, and subject to the overall supervision of the Board, the Adviser will manage the Company’s day-to-day operations and provide investment advisory services to the Company. The Company will pay to the Adviser, quarterly in advance, a management fee (the “Management Fee”) calculated as follows: (i) for the period starting on the initial closing date and ending on the earlier of (A) the last day of the calendar quarter during which the Commitment Period (as defined below) ends or (B) the last day of the calendar quarter during which the Adviser or an affiliate thereof begins to accrue a management fee with respect to a successor fund, 0.375% (i.e., 1.50% per annum) of the aggregate commitments determined as of the end of the Closing Period, and (ii) for each calendar quarter thereafter during the term of the Company (but not beyond the tenth anniversary of the initial closing date), 0.1875% (i.e., 0.75% per annum) of the aggregate cost basis (whether acquired by the Company with contributions from members, other Company funds or borrowings) of all portfolio investments 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), determined in each case as of the first day of such calendar quarter. The Management Fee in respect of the Closing Period will be calculated as if all capital commitments of the Company were made on the initial closing date, regardless of when Common Units were actually funded. The actual payment of the Management Fee with respect to the Closing Period will not be made prior to the first day of the first full calendar quarter following the end of the Closing Period. The “Commitment Period” of the Company will begin on the initial closing date and end on the earlier of (a) three years from the initial closing date and (b) the date on which the undrawn Commitment of each Common Unit has been reduced to zero. While the Management Fee will accrue from the initial closing date, the Adviser intends to defer payment of such fees to the extent that such fees cannot be paid from interest and fee income generated by the Company’s investments.

No management fees were expensed during the three and six months ended June 30, 2023 as the Adviser agreed to waive all management fees earned subsequent to December 31, 2022.

For the three and six months ended June 30, 2022, Management Fees incurred amounted to $997 and $2,011, respectively, of which $997 remained payable at June 30, 2022.

Transaction and Other Fees: Any (i) transaction, advisory, consulting, management, monitoring, directors’ or similar fees, (ii) closing, investment banking, finders’, transaction or similar fees, (iii) commitment, breakup or topping fees or litigation proceeds and (iv) other fee or payment of services performed or to be performed with respect to an investment or proposed investment received from or with respect to Portfolio Companies or prospective Portfolio Companies in connection with the Company’s activities will be will be the property of the Company. Since inception, the Company received $2,615 in such fees, none of which were during the three and six months ended June 30, 2023 and 2022.

Incentive Fee: In addition, the Adviser will receive an incentive fee (the “Incentive Fee”) as follows:

(a) First, no Incentive Fee will be owed until the Common Unitholders have collectively received cumulative distributions pursuant to this clause (a) equal to their aggregate capital contributions in respect of all Common Units;

(b) Second, no Incentive Fee will be owed until the Common Unitholders have collectively received cumulative distributions equal to a 9% internal rate of return on their aggregate capital contributions in respect of all Common Units (the “Hurdle”);

(c) Third, the Adviser will be entitled to an Incentive Fee out of 100% of additional amounts otherwise distributable to Common Unitholders until such time as the cumulative 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 Common Unitholders in respect of all Common Units and (ii) the amount of Incentive Fee being paid to the Adviser pursuant to this clause (c); and

(d) Thereafter, the Adviser will be entitled to an Incentive Fee equal to 20% of additional amounts otherwise distributable to Unitholders, with the remaining 80% distributed to the Unitholders.

24

TCW DIRECT LENDING LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except unit data)

June 30, 2023

4. Agreements and Related Party Transactions (Continued)

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

If the Advisory Agreement terminates early for any reason other than (i) the Adviser voluntarily terminating the agreement or (ii) our terminating the agreement for cause (as set out in the Advisory Agreement), we 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 our 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 would be deemed accelerated, (B) the proceeds from such liquidation were used to pay all our 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. We will make the Final Incentive Fee Payment in cash on or immediately following the date the Advisory Agreement is so terminated. The Adviser Return Obligation (defined below) will not apply in connection with a Final Incentive Fee Payment.

No Incentive Fees were incurred during the three and six months ended June 30, 2023 and 2022.

Administration Agreement: On September 15, 2014, the Company entered into the Administration Agreement with the Adviser under which the Adviser (or one or more delegated service providers) will oversee the maintenance of our financial records and otherwise assist on the Company’s compliance with regulations applicable to a BDC under the 1940 Act, and a RIC under the Code, to prepare reports to our Members, monitor the payment of our expenses and the performance of other administrative or professional service providers, and generally provide us with administrative and back office support. The Company will reimburse the Administrator for expenses incurred by it on behalf of the Company in performing its obligations under the Administration Agreement. Amounts paid pursuant to the Administration Agreement are subject to the annual cap on Company Expenses (as defined below), as described more fully below.

The Company, and indirectly the Unitholders, will bear (including by reimbursing the Adviser or Administrator) all other costs and expenses of its operations, administration and transactions, including, without limitation, organizational and offering expenses, management fees, costs of reporting required under applicable securities laws, legal fees of the Company’s counsel and accounting fees. However, the Company will not bear (a) more than an amount equal to 10 basis points of the aggregate capital commitments of the Company for organization and offering expenses in connection with the offering of Common Units through the Closing Period and (b) more than an amount equal to 12.5 basis points of the aggregate Commitments of the Company per annum (pro-rated for partial years) for its costs and expenses other than ordinary operating expenses (“Company Expenses”), including amounts paid to the Administrator under the Administration Agreement and reimbursement of expenses to the Adviser. All expenses that the Company will not bear will be borne by the Adviser or its affiliates. Notwithstanding the foregoing, the cap on Company Expenses does not apply to payments of the Management Fee, Incentive Fee, organizational and offering expenses (which are subject to the separate cap), amounts payable in connection with the Company’s borrowings (including interest, bank fees, legal fees and other transactional expenses related to any borrowing or borrowing facility and similar costs), costs and expenses relating to the liquidation of the Company, taxes, or extraordinary expenses (such as litigation expenses and indemnification payments).

TCW Direct Lending Strategic Ventures LLC: On June 5, 2015, the Company, together with an affiliate of Security Benefit Corporation and accounts managed by Oak Hill Advisors, L.P., entered into an Amended and Restated Limited Liability Company Agreement (the “Agreement”) to become members of TCW Direct Lending Strategic Ventures LLC (“Strategic Ventures”). Strategic Ventures focuses primarily on making senior secured floating rate loans to middle-market borrowers. The Agreement was effective June 5, 2015. The Company’s investment in Strategic Ventures is restricted from redemption until the termination of Strategic Ventures.

The Company’s capital commitment is $481,600, representing approximately 80% of the preferred and common equity ownership of Strategic Ventures, with the third-party investors representing the remaining capital commitments and preferred and common equity ownership. A portion of the Company’s capital commitment was satisfied by the contribution of two loans to Strategic Ventures. Strategic Ventures also entered into a revolving credit facility to finance a portion of certain eligible investments on June 5, 2015. On April 30, 2021, Strategic Ventures’ revolving credit facility was terminated.

25

TCW DIRECT LENDING LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except unit data)

June 30, 2023

5. Commitments and Contingencies

The Company had the following unfunded commitments and unrealized depreciation by investment as of June 30, 2023 and December 31, 2022:

		June 30, 2023				December 31, 2022
Unfunded Commitments	Maturity/ Expiration	Amount		Unrealized Depreciation		Amount		Unrealized Depreciation
Retail & Animal Intermediate, LLC	November 2025	$	4,981	$	—	$	4,981	$	—
Ruby Tuesday Operations LLC	February 2025		4,921		—		4,921		—
Pace Industries, Inc.	June 2025		5,007		—		2,086		—
Total		$	14,909	$	—	$	11,988	$	—

The Company’s total capital commitment to its underlying investment in Strategic Ventures is $481,600. As of June 30, 2023 and December 31, 2022, the Company’s unfunded commitment to Strategic Ventures is $219,646.

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, 2023, management 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

During the three and six months ended June 30, 2023 and 2022, the Company did not sell or issue any Common Units. As described in Note 1, on July 11, 2022 the Company’s Members approved a reduction in Undrawn Commitments by $10.43 per unit, resulting in an approximately 41.18% reduction of overall remaining available capital commitments. The activity for the three and six months ended June 30, 2023 and 2022 was as follows:

	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Units at beginning of period		18,034,649		20,134,698		18,034,649		20,134,698
Units issued and committed at end of period		18,034,649		20,134,698		18,034,649		20,134,698

The Company did not process any deemed distributions and re-contributions during the three and six months ended June 30, 2023 and 2022.

7. Credit Facility

The Company has a secured revolving credit agreement (the “Credit Agreement”) with Natixis, New York Branch (“Natixis”) as administrative agent and committed lender. The Credit Agreement provides for a revolving credit line of up to $750,000 (the “Maximum Commitment”) (the “Credit Facility”), subject to the lesser of the “Borrowing Base” assets or the Maximum Commitment (the “Available Commitment”). The Borrowing Base assets generally equal the sum of (a) a percentage of certain eligible investments in a controlled account, (b) a percentage of unfunded commitments from certain eligible investors in the Company and (c) cash in a controlled account. The Credit Agreement is generally secured by the Borrowing Base assets.

26

TCW DIRECT LENDING LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except unit data)

June 30, 2023

7. Credit Facility (Continued)

On April 10, 2017, the Company and Natixis entered into a Third Amended and Restated Revolving Credit Agreement. Under the Third Amended and Restated Revolving Credit Agreement borrowings bear interest at a rate equal to either the (a) adjusted eurodollar rate calculated in a customary manner plus 2.35%, (b) commercial paper rate plus 2.35%, or (c) a base rate calculated in a customary manner (using the higher of the Federal Funds Rate plus 0.50%, the Prime Rate and the Floating LIBOR Rate plus 1.00%) plus 1.35%. Moreover, the Credit Agreement’s stated maturity date was extended from November 10, 2017 to April 10, 2020.

On April 6, 2020, the Company entered into a First Amendment to the Third Amended and Restated Revolving Credit Agreement (the “Amended Credit Agreement”), by and among the Company, as borrower, and Natixis, New York Branch, as administrative agent and the lenders party thereto. The Amended Credit Agreement provides for a revolving credit line of up to $375,000 (with an option for the Company to increase this amount to $450,000 subject to consent of the lenders and satisfaction of certain other conditions), subject to the available borrowing base, which is generally the sum of (a) a percentage of certain eligible investments, (b) a percentage of remaining unfunded commitments from certain eligible investors in the Company and (c) cash in a controlled account. The Amended Credit Agreement is generally secured by the unfunded commitments (together with the recallable amounts) of the Company’s investors, portfolio investments and substantially all other assets of the Company. The stated maturity date of the Amended Credit Agreement was April 9, 2021, which date (subject to the satisfaction of certain conditions) could have been extended by the Company for up to an additional 364 days. Borrowings under the Amended Credit Agreement bore interest at a rate equal to either (a) adjusted eurodollar rate calculated in a customary manner plus 2.50%, (b) commercial paper rate plus 2.50%, or (c) a base rate calculated in a customary manner (which will never be less than the adjusted eurodollar rate plus 1.00%) plus 1.50%, provided however in each case the commercial paper rate and the eurocurrency rate shall have a floor of 1.00%.

On May 27, 2020, the Company entered into a Lender Group Joinder Agreement pursuant to which Zions Bancorporation, N.A. d/b/a California Bank & Trust was added as a committed lender (with a commitment of $25,000) under the Amended Credit Agreement. Concurrently therewith, the Company elected to increase the size of its revolving credit line under the Amended Credit Agreement to $400,000. On December 29, 2020, the Company elected to permanently decrease the size of its revolving credit line under the Amended Credit Agreement to $177,000.

On April 6, 2021, the Company entered into a Third Amendment to the Amended Credit Agreement (the “Third Amended Credit Agreement”). The Third Amended Credit Agreement provides for a revolving credit line of up to $177,000, subject to the available borrowing base, which is generally a percentage of remaining unfunded commitments from certain eligible investors in the Company. The Third Amended Credit Agreement is generally secured by the unfunded commitments (together with the recallable amounts) of the Company’s investors. The stated maturity date of the Third Amended Credit Agreement is April 8, 2022, which (subject to the satisfaction of certain conditions) may be extended by the Company for up to an additional 364 days. On March 23, 2022, the Company exercised its final extension option, and extended the maturity date of the Third Amended Credit Agreement to April 7, 2023. Borrowings under the Third Amended Credit Agreement bear interest at a rate equal to either (a) Eurocurrency Rate calculated in a customary manner plus 1.95%, (b) commercial paper (“CP”) rate plus 1.95%, or (c) a base rate calculated in a customary manner (which will never be less than the Eurocurrency Rate plus 1.00%) plus 0.95%, provided however in each case the CP Rate and the Eurocurrency Rate shall have a floor of 0.00%. The Credit Facility may be terminated, and any outstanding amounts thereunder may become due and payable, should the Company fail to satisfy certain covenants. As of June 30, 2023, the Company was in compliance with such covenants.

27

TCW DIRECT LENDING LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except unit data)

June 30, 2023

7. Credit Facility (Continued)

On January 10, 2023, the Company entered into a Fourth Amendment to the Third Amended and Restated Revolving Credit Agreement (the "Fourth Amended Credit Agreement"). The Fourth Amended 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 Fourth Amended 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 1.95%.

On April 7, 2023, the Company entered into the Fifth Amendment to the Third Amended and Restated Revolving Credit Agreement (the "Fifth Amended Credit Agreement"). The Fifth Amended Credit Agreement 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. It also updated the Applicable Margin from 0.95% to 1.15% for Base Rate Loans and from 1.95% to 2.15% for all other loan types. The revolving credit line was also reduced from $177,000 to $152,000 and lastly, the maturity date of the loan was extended 364 days to April 5, 2024.

As of June 30, 2023 and December 31, 2022, the Available Commitment under the Amended Credit Agreement was $62,750 and $50,750, respectively.

As of June 30, 2023 and December 31, 2022, the amounts outstanding under the Credit Facility were $89,250 and $126,250, respectively. The carrying amount of the Credit Facility, which is categorized as Level 2 within the fair value hierarchy as of June 30, 2023 and December 31, 2022, approximates its fair value. Valuation techniques and significant inputs used to determine fair value include Company details; credit, market and liquidity risk and events; financial health of the Company; place in the capital structure; interest rate; and terms and conditions of the Credit Facility. The Company incurred financing costs of $10,123 in connection with the April 10, 2017 Third Amended and Restated Revolving Credit Agreement. The Company also incurred additional financing costs of $1,848 in connection with the Amended Credit Agreement on April 6, 2020 and May 27, 2020 as well as an additional $883 and $456 in connection with the April 6, 2021 Third Amended Credit Agreement and the April 7, 2023 Fifth Amended Credit Agreement, respectively. The Company recorded these costs as deferred financing costs on its Consolidated Statements of Asset and Liabilities and the costs are being amortized over the life of the Credit Facility. As of June 30, 2023 and December 31, 2022, $352 and $120, respectively, of such prepaid deferred financing costs has yet to be amortized.

The summary information regarding the Credit Facility for the three and six months ended June 30, 2023 and 2022 was as follows:

	Three months ended June 30,						Six months ended June 30,
	2023			2022			2023			2022
Credit facility interest expense	$	1,869		$	808		$	3,973		$	1,426
Undrawn commitment fees		52			62			101			124
Administrative fees		17			17			33			33
Amortization of deferred financing costs		173			152			310			609
Total	$	2,111		$	1,039		$	4,417		$	2,192
Weighted average interest rate		7.17	%		2.78	%		6.86	%		2.46	%
Average outstanding balance	$	102,975		$	115,250		$	115,211		$	115,250

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TCW DIRECT LENDING LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except unit data)

June 30, 2023

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 Company had no outstanding Repurchase Obligations as of June 30, 2023 and December 31, 2022. Interest expense incurred under these Repurchase Transactions was $1,531 and $95 for the three months ended June 30, 2023 and 2022, respectively. Interest expense incurred under these Repurchase Transactions was $2,878 and $127 for the six months ended June 30, 2023 and 2022, respectively.

9. Income Taxes

The Company has elected to be treated 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 common unitholders as dividends. The Company elected to be taxed as a RIC in 2015. The Company evaluates tax positions taken or expected to be taken in the course of preparing its 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, 2023 and December 31, 2022, the Company’s aggregate investment unrealized appreciation and depreciation for federal income tax purposes were as follows:

	June 30, 2023			December 31, 2022
Cost of investments for federal income tax purposes	$	986,295		$	1,051,514
Unrealized appreciation	$	59,582		$	57,357
Unrealized depreciation	$	(99,309	)	$	(88,118	)
Net unrealized depreciation on investments	$	(39,727	)	$	(30,761	)

The Company did not have any unrecognized tax benefits at December 31, 2022, nor were there any increases or decreases in unrecognized tax benefits for the period then ended; and therefore no interest or penalties were accrued. The Company is subject to examination by U.S. federal and state tax authorities regarding returns filed for the prior three and four years, respectively.

The Company's investment in School Specialty, Inc.'s common stock is held through TCW DL SSP LLC, an unconsolidated special purpose vehicle. The fair value of such equity investment as of June 30, 2023 is net of a $9,640 deferred tax liability recorded by TCW DL SSP LLC. TCW DL SSP LLC accounts for income taxes under the liability method prescribed by FASB ASC 740, Accounting for Income Taxes ("ASC 740"). Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to the temporary differences between the financial statement carrying amount of existing assets and liabilities and their respective tax basis.

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TCW DIRECT LENDING LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except unit data)

June 30, 2023

10. Financial Highlights

Selected data for a unit outstanding throughout the six months ended June 30, 2023 and 2022 is presented below. The accrual base Net Asset Value is calculated by subtracting the per unit loss from investment operations from the beginning Net Asset Value per unit and reflects all units issued and outstanding.

	For the six months ended June 30,
	2023(1)			2022(1)
Net Asset Value Per Unit (accrual base), Beginning of Period	$	32.84		$	39.65
Income from Investment Operations:
Net investment income		1.15			0.82
Net realized and unrealized (loss) gain		(0.43	)		1.86
Total income from investment operations		0.72			2.68
Less Distributions:
From net investment income		(0.55	)		(0.53	)
Return of capital		(0.22	)		(0.89	)
Total distributions(2)		(0.77	)		(1.42	)
Net Asset Value Per Unit (accrual base), End of Period	$	32.79		$	40.91
Common Unitholder Total Return(3)(4)		4.04	%		16.47	%
Common Unitholder IRR(5)		8.43	%		8.81	%
Ratios and Supplemental Data:
Members’ Capital, end of period	$	392,193		$	414,615
Units outstanding, end of period		18,034,649			20,134,698
Ratios based on average net assets of Members’ Capital:
Ratio of total expenses to average net assets(6)		4.21	%		2.75	%
Ratio of financing cost to average net assets(4)		1.12	%		0.57	%
Ratio of net investment income to average net assets(6)		10.60	%		8.55	%
Credit facility payable		89,250			115,250
Asset coverage ratio		5.39			4.60
Portfolio turnover rate(4)		1.13	%		—

(1)Per unit data was calculated using the number of Common Units issued and outstanding as of June 30, 2023 and 2022.

(2)Includes distributions which have an offsetting capital re-contribution (“deemed distributions”). Excludes return of unused capital.

(3)The Total Return for the six months ended June 30, 2023 and 2022 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.

(4)Not annualized.

(5)The Internal Rate of Return (“IRR”) since inception for the Common Unitholders, after management fees, financing costs and operating expenses, is 8.43% through June 30, 2023. The IRR is computed based on cash flow due dates contained in notices to Members (contributions from and distributions to the Common Unitholders) and the net assets (residual value) of the Members’ Capital account at period end. The IRR is calculated based on the fair value of investments using principles and methods in accordance with GAAP and does not necessarily represent the amounts that may be realized from sales or other dispositions. Accordingly, the return may vary significantly upon realization.

(6)Annualized.

11. Subsequent Events

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

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

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

•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;

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

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

•our future operating results;

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

•our contractual arrangements and relationships with third parties;

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

•the impact of changing market conditions and lending standards on our ability to compete with other industry participants, including other business development companies, private and public funds, individual and institutional investors, and financial institutions for investment opportunities;

•the social, geopolitical, financial, trade and legal implications of the trade and cooperation agreement arising from Brexit, as well as future agreements between the United Kingdom and various countries in the European Union;

•pandemics or other serious public health events;

•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”);

•the speculative and illiquid nature of our investments;

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

•the adequacy of our financing sources and working capital, including our ability to generate sufficient cash to pay our operating expenses;

•the costs associated with being an entity registered with the Securities and Exchange Commission (“SEC”);

•uncertainty surrounding political and global financial stability, including the liquidity of certain banks;

•the loss of key personnel of the Adviser;

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

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

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

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

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

•the other risks, uncertainties and other factors we identify under “Part I—Item 1A. Risk Factors” in our Form 10-K filed with the SEC on April 6, 2023.

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 an investment company.

Overview

We were formed on April 1, 2014 as a limited liability company under the laws of the State of Delaware. We have filed an election to be regulated as a BDC under the 1940 Act. We have also elected to be treated for U.S. federal income tax purposes as a RIC under the Code for the taxable year ending December 31, 2015 and subsequent years. We are required to continue to meet the minimum distribution and other requirements for RIC qualification. As such, we are required to comply with various regulatory requirements, such as the requirement to invest at least 70% of our assets in “qualifying assets,” source of income limitations, asset diversification requirements, and the requirement to distribute annually at least 90% of our taxable income and tax-exempt interest.

Each investor was required to enter into a subscription agreement in connection with its Commitment (a “Subscription Agreement”). Under the terms of the subscription agreements, the Company may generally draw down all or any portion of the undrawn commitment with respect to each Common Unit upon at least ten business days’ prior written notice to the Common Unitholders. Investors have entered into subscription agreements for 20,134,698 Common Units of the Company issued and outstanding representing a total of $2.013 billion of committed capital. On July 11, 2022, our Members approved a reduction in Undrawn Commitments by $10.43 per unit, resulting in an approximately 41.18% reduction of overall remaining available capital commitments.

We have several wholly-owned subsidiaries, each of which is a Delaware limited liability company designed to hold an equity investment of ours.

Revenues

We generate revenues in the form of interest income and capital appreciation by providing private capital to middle market companies operating in a broad range of industries primarily in the United States. 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, equity securities, and equity-linked securities such as options and warrants. However, 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, from time to time we made, and currently have, investments that contain such features, usually due to certain circumstances involving debt restructurings or work-outs of current investments.

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 through indirect investments in portfolio companies through a joint venture vehicle, partnership or other special purpose vehicle (each, an “Investment Vehicle”). While we invest primarily in U.S. companies, there are certain instances where we invested in companies domiciled elsewhere.

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Expenses

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

We will bear (including by reimbursing the Adviser or Administrator) all costs and expenses of our operations, administration and transactions, including, without limitation, organizational and offering expenses, management fees, costs of reporting required under applicable securities laws, legal fees of our counsel and accounting fees. However, we will not bear (a) more than an amount equal to 10 basis points of the aggregate Commitments for organization and offering expenses in connection with the offering of Common Units through the Closing Period and (b) more than an amount equal to 12.5 basis points of the aggregate Commitments per annum (pro-rated for partial years) for our Operating Expenses, including amounts paid to the Administrator under the Administration Agreement and reimbursement of expenses to the Adviser and its affiliates. Notwithstanding the foregoing, the cap on Operating Expenses does not apply to payments of the Management Fee, Incentive Fee, organizational and offering expenses (which are subject to the separate cap described above), amounts payable in connection with our borrowings (including interest, bank fees, legal fees and other transactional expenses related to any borrowing or borrowing facility and similar costs), costs and expenses relating to our liquidation of the Company, taxes, or extraordinary expenses (such as litigation expenses and indemnification payments to either the Adviser or the Administrator). All expenses that we will not bear will be borne by the Adviser or its affiliates.

Critical Accounting Policies and Estimates

Investments which 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 our Board of Directors 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:

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

Level 3 Assets (Investments): The following valuation techniques and significant inputs are used to determine the fair value of investments in private debt 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.

Debt, (Level 3), include investments in privately originated senior secured debt. Such securities are valued based on specific pricing models, internal assumptions and the weighting of the best available pricing inputs. An income method approach incorporating a weighted average cost of capital and discount rate or a market method approach using prices and other relevant information generated by market transactions involving identical or comparable assets are 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.

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Equity, (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. 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.

Net Asset Value (“NAV”) (Investment Funds and Vehicles): Equity investments in affiliated investment fund (TCW Strategic Ventures) are valued based on the net asset value reported by the investment fund. Investments held by the affiliated fund include debt investments in privately originated senior secured debt. Such investments held by the affiliated fund are valued using the same methods, approach and standards applied above to debt investments held by the Company. The Company’s ability to withdraw from the fund is subject to restrictions. The term of the fund will continue until June 5, 2021 unless dissolved earlier or extended for two additional one-year periods by the Company, in its full discretion. The Company can further extend the term of the fund for additional one-year periods, upon notice to and consent from the funds management committee. On February 25, 2021, Company extended the fund’s term one additional year, until June 5, 2022. On February 1, 2022, the Company further extended the fund's term one additional year, until June 5, 2023. On April 17, 2023, the Company further extended the fund's term one additional year, until June 5, 2024. The Company is entitled to income and principal distributed by the fund.

Investment Activity

As of June 30, 2023, our portfolio consisted of debt and equity investments in seven and seven portfolio companies, respectively, including TCW Strategic Ventures. Based on fair values as of June 30, 2023, our portfolio was comprised of 68.3% debt investments which were primarily senior secured, first lien term loans and 31.7% equity investments, which were primarily common and preferred stocks; warrants; and our common and preferred membership interests in TCW Strategic Ventures. Debt investments in two portfolio companies were on non-accrual status as of June 30, 2023, representing 3.8% and 19.7% of our portfolio’s fair value and cost, respectively.

As of December 31, 2022, our portfolio consisted of debt and equity investments in eight and eight portfolio companies, respectively, including TCW Strategic Ventures. Based on fair values as of December 31, 2022, our portfolio was comprised of 67.9% debt investments which were primarily senior secured, first lien term loans and 32.1% equity investments, which were primarily common and preferred stocks; warrants; and our common and preferred membership interests in TCW Strategic Ventures. Debt investments in three portfolio companies were on non-accrual status as of December 31, 2022, representing 6.6% and 18.8% of our portfolio’s fair value and cost, respectively.

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, 2023:

Industry	Percent of Total Investments
Industrial Conglomerates		28	%
Metals & Mining		20	%
Investment Funds & Vehicles		14	%
Diversified Consumer Services		11	%
Pharmaceuticals		9	%
Household Durables		7	%
Hotels, Restaurants & Leisure		7	%
Distributors		4	%
Technologies Hardware, Storage and Peripherals		0	%
Total		100	%

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Results of Operations

Our operating results for the three and six months ended June 30, 2023 and 2022 were as follows (dollar amounts in thousands):

	For the three months ended June 30,						For the six months ended June 30,
	2023			2022			2023			2022
Total investment income	$	17,322		$	13,948		$	28,881		$	21,721
Total expenses		4,099			2,631			8,213			5,283
Net investment income		13,223			11,317			20,668			16,438
Net realized loss on investments		(2,044	)		—			(2,044	)		—
Net change in unrealized appreciation/(depreciation) on investments		4,880			31,329			(7,308	)		37,683
Net realized gain (loss) on short-term investments		708			(99	)		1,662			(310	)
Net (decrease) increase in Members’ Capital from operations	$	16,767		$	42,547		$	12,978		$	53,811

Total investment income

Total investment income for the three months ended June 30, 2023 and 2022 was $17.3 million and $13.9 million, respectively, and included interest income (including interest income paid-in-kind) of $11.0 million and $11.5 million, respectively. Total investment income for the three months ended June 30, 2023 and 2022 also included $0.1 million and $36 thousand, respectively, of other income.

Total investment income for the six months ended June 30, 2023 and 2022 was $28.9 million and $21.7 million, respectively, and included interest income (including interest income paid-in-kind) of $22.4 million and $19.2 million, respectively. Total investment income for the six months ended June 30, 2023 and 2022 also included $0.3 million and $0.1 million, respectively, of other income.

Total investment income increased during the three and six months ended June 30, 2023 compared to the three and six months ended June 30, 2022. The increase in our total investment income was due to the increase in interest rates during the three and six months ended June 30, 2023 compared to the three and six months ended June 30, 2022. During the three and six months ended June 30, 2022, most of our debt investments earned interest income based on their respective interest rate floors, whereas during the three and six months ended June 30, 2023, all of our debt investments earned interest above their respective interest rate floors.

Net investment income

Net investment income for the three months ended June 30, 2023 and 2022 was $13.2 million and $11.3 million, respectively. Net investment income for the six months ended June 30, 2023 and 2022 was $20.7 million and $16.4 million, respectively.

The increase in net investment income during the three and six months ended June 30, 2023 compared to the three and six months ended June 30, 2022 was due to the increase in total investment income as described above, partially offset by higher total expenses during the three and six months ended June 30, 2023 versus the three and six months ended June 30, 2022.

Expenses for the three and six months ended June 30, 2023 and 2022 were as follows (dollar amounts in thousands):

	For the three months ended June 30,				For the six months ended June 30,
	2023		2022		2023		2022
Expenses
Interest and credit facility expenses	$	2,111	$	1,039	$	4,417	$	2,192
Interest expense on repurchase transactions		1,531		95		2,878		127
Professional fees		185		205		382		341
Administrative fees		137		176		279		348
Directors’ fees		88		78		156		156
Management fees		—		997		—		2,011
Other expenses		47		41		101		108
Total expenses	$	4,099	$	2,631	$	8,213	$	5,283

Our total expenses for the three months ended June 30, 2023 and 2022 were $4.1 million and $2.6 million, respectively. Our total expenses included management fees attributed to the Adviser of $0 and $1.0 million for the three months ended June 30, 2023 and 2022, respectively.

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Our total expenses for the six months ended June 30, 2023 and 2022 were $8.2 million and $5.3 million, respectively. Our total expenses included management fees attributed to the Adviser of $0 and $2.0 million for the six months ended June 30, 2023 and 2022, respectively.

The increase in total operating expenses during the three and six months ended June 30, 2023 compared to the three and six months ended June 30, 2022, was primarily due to higher interest rates during the three and six months ended June 30, 2023 compared to the three and six months ended June 30, 2022 which caused increases in our credit facility borrowing costs as well as our interest expense on repurchase transactions. These increases were partially offset by a decrease in management fees. No management fees were expensed during the three and six months ended June 30, 2023 as the Adviser agreed to waive all management fees earned subsequent to December 31, 2022.

Net realized loss on investments

Our net realized loss on investments for the three and six months ended June 30, 2023 was $2.0 million. Our net loss on investments for the three and six months ended June 30, 2023 was entirely due to our disposition of our revolver and preferred equity with Guardia LLC.

We did not have a net realized gain or loss on investments during the three and six months ended June 30, 2022 as no investments were disposed of during the period.

Net change in unrealized appreciation/(depreciation) on investments

Our net change in unrealized appreciation/(depreciation) on investments for the three months ended June 30, 2023 and 2022 was $4.9 million and $31.3 million, respectively. Our net change in unrealized appreciation/(depreciation) for the three months ended June 30, 2023 was primarily attributable to the following investments (dollar amounts in thousands):

Issuer	Investment	Change in Unrealized Appreciation/ (Depreciation)
Pace Industries, Inc.	HoldCo Term Loan	$	(5,113	)
Animal Supply Company, LLC	Term Loan		(1,171	)
SSI Parent, LLC (fka School Specialty, Inc.)	Common Stock		611
RT Holdings Parent, LLC	Class A Units		1,534
TCW Direct Lending Strategic Ventures	Preferred membership Interests		4,210
Cedar Ultimate Parent, LLC	Class A Preferred Units		4,515
All others	Various		294
Net change in unrealized appreciation/(depreciation)		$	4,880

Our net change in unrealized appreciation/(depreciation) for the three months ended June 30, 2022 was primarily attributable to the following investments (dollar amounts in thousands):

Issuer	Investment	Change in Unrealized Appreciation/ (Depreciation)
SSI Parent, LLC (fka School Specialty, Inc.)	Common Stock	$	26,648
TCW Direct Lending Strategic Ventures	Preferred Membership Interests		11,323
H-D Advanced Manufacturing Company	Term Loan		5,543
Retail & Animal Intermediate, LLC	Subordinated Loan		(1,426	)
Quantum Corporation	Common Stock		(1,501	)
Cedar Ultimate Parent, LLC	Class A Preferred Units		(1,891	)
Cedar Ultimate Parent, LLC	Class D Preferred Units		(1,914	)
RT Holdings Parent, LLC	Class A Units		(2,262	)
Pace Industries, Inc.	HoldCo Term Loan		(3,055	)
All others	Various		(136	)
Net change in unrealized appreciation/(depreciation)		$	31,329

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Our net change in unrealized appreciation/(depreciation) on investments for the six months ended June 30, 2023 and 2022 was ($7.3) million and $37.7 million, respectively. Our net change in unrealized appreciation/(depreciation) for the six months ended June 30, 2023 was primarily attributable to the following investments (dollar amounts in thousands):

Issuer	Investment	Change in Unrealized Appreciation/ (Depreciation)
Pace Industries, Inc.	HoldCo Term Loan	$	(13,282	)
Animal Supply Company, LLC	Term Loan		(4,634	)
SSI Parent, LLC (fka School Specialty, Inc.)	Common Stock		(3,485	)
Noramco, LLC	Term Loan		(821	)
Guardia, LLC	Revolver		(677	)	*
Ruby Tuesday Operations LLC	Incremental Term Loan		1,355
TCW Direct Lending Strategic Ventures	Preferred membership Interests		1,647
Cedar Ultimate Parent, LLC	Class A Preferred Units		4,801
H-D Advanced Manufacturing Company	Term Loan		8,450
All others	Various		(662	)
Net change in unrealized appreciation/(depreciation)		$	(7,308	)

*Includes reversal of previously recognized unrealized (depreciation)/appreciation. Recognized during the six months ended June 30, 2023 as realized gains/(losses) and/or accelerated original issue discount.

Our net change in unrealized appreciation/(depreciation) for the six months ended June 30, 2022 was primarily attributable to the following investments (dollar amounts in thousands):

Issuer	Investment	Change in Unrealized Appreciation/ (Depreciation)
SSI Parent, LLC (fka School Specialty, Inc.)	Common Stock	$	27,112
TCW Direct Lending Strategic Ventures	Preferred Membership Interests		13,676
H-D Advanced Manufacturing Company	Term Loan		8,993
School Specialty, Inc.	Preferred Stock		3,516
Cedar Ultimate Parent, LLC	Class A Preferred Units		(1,282	)
Cedar Ultimate Parent, LLC	Class D Preferred Units		(2,262	)
Pace Industries, Inc.	HoldCo Term Loan		(2,498	)
Retail & Animal Intermediate, LLC	Subordinated Term Loan		(2,855	)
Quantum Corporation	Common Stock		(7,242	)
All others	Various		525
Net change in unrealized appreciation/(depreciation)		$	37,683

Net realized gain (loss) on short-term investments

During the three months ended June 30, 2023 and 2022 we incurred $0.7 million and ($0.1) million, respectively, in realized gains (losses) from our short-term investments in government treasuries.

During the six months ended June 30, 2023 and 2022 we incurred $1.7 million and ($0.3) million , respectively, in realized gains (losses) from our short-term investments in government treasuries.

Net increase in Members’ Capital from operations

Our net increase in Members’ Capital from operations during the three months ended June 30, 2023 and 2022 was $16.8 million and $42.5 million, respectively.

Our net increase in Members’ Capital from operations during the six months ended June 30, 2023 and 2022 was $13.0 million and $53.8 million, respectively.

The relative decrease in our net increase in Members’ Capital from operations during the three months ended June 30, 2023 compared to the three months ended June 30, 2022 was primarily due to net realized and unrealized gains on our investments of $3.5

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million during the three months ended June 30, 2023 compared to net realized and unrealized gains on our investments of $31.2 million during the three months ended June 30, 2022. This decrease was partially offset by an increase in net investment income of $13.2 million during the three months ended June 30, 2023 compared to net investment income of $11.3 million during the three months ended June 30, 2022, as described above.

The relative decrease in our net increase in Members’ Capital from operations during the six months ended June 30, 2023 compared to the six months ended June 30, 2022 was primarily due to net realized and unrealized losses on our investments of $7.7 million during the six months ended June 30, 2023 compared to net realized and unrealized gains on our investments of $37.4 million during the six months ended June 30, 2022. This decrease was partially offset by an increase in net investment income of $20.7 million during the six months ended June 30, 2023 compared to net investment income of $16.4 million during the six months ended June 30, 2022, as described above.

Direct Lending Strategic Ventures LLC

On June 5, 2015, the Company, together with an affiliate of Security Benefit Corporation and accounts managed by Oak Hill Advisors, L.P., entered into an Amended and Restated Limited Liability Company Agreement (the “Agreement”) to become members of TCW Strategic Ventures. TCW Strategic Ventures focuses primarily on making senior secured floating rate loans to middle-market borrowers. The Agreement was effective June 5, 2015. The Company’s capital commitment is $481.6 million, representing approximately 80% of the preferred and common equity ownership of TCW Strategic Ventures, with the third-party investors representing the remaining capital commitments and preferred and common equity ownership. A portion of the Company’s capital commitment was satisfied by the contribution of two loans to TCW Strategic Ventures. TCW Strategic Ventures also entered into a revolving credit facility to finance a portion of certain eligible investments on June 5, 2015. The revolving credit facility is for up to $600 million. TCW Strategic Ventures is managed by a management committee comprised of two members, one appointed by the Company and one appointed by Oak Hill Advisors, L.P. All decisions of the management committee require unanimous approval of its members. Neither the Company, nor the Adviser will receive management fees from this entity. Although the Company owns more than 25% of the voting securities of TCW Strategic Ventures, the Company does not believe that it has control over TCW Strategic Ventures (other than for purposes of the 1940 Act). The Company’s ability to withdraw from the fund is subject to restrictions.

On April 30, 2021, TCW Strategic Ventures’ revolving credit facility was terminated.

Financial Condition, Liquidity and Capital Resources

On March 19, 2015 we completed the final private placement of Common Units. We generate cash from (1) drawing down capital in respect of Common 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, management fees, incentive fees, and any indemnification obligations), (3) debt service of any borrowings and (4) cash distributions to the Common Unitholders.

As of June 30, 2023 and December 31, 2022, aggregate Commitments, Undrawn Commitments and subscribed for Units of the Company are as follows (dollar amounts in thousands):

	June 30, 2023			December 31, 2022
Commitments	$	1,803,465		$	1,803,465
Undrawn commitments	$	199,120		$	199,120
Percentage of commitments funded		89.0	%		89.0	%
Units		18,034,649			18,034,649

Natixis Credit Agreement

We have a secured revolving credit agreement (the “Credit Agreement”) with Natixis, New York Branch (“Natixis”) as administrative agent and committed lender. The Credit Agreement provides for a revolving credit line of up to $750 million (the “Maximum Commitment”) (the “Credit Facility”), subject to the lesser of the “Borrowing Base” assets or the Maximum Commitment (the “Available Commitment”). The Borrowing Base assets generally equal the sum of (a) a percentage of certain eligible investments in a controlled account, (b) a percentage of unfunded commitments from certain eligible investors in the Company and (c) cash in a controlled account. The Credit Agreement is generally secured by the Borrowing Base assets.

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On April 10, 2017, we entered into a Third Amended and Restated Revolving Credit Agreement. Under the April 10, 2017 Credit Agreement borrowings bear interest at a rate equal to either the (a) adjusted eurodollar rate calculated in a customary manner plus 2.35%, (b) commercial paper rate plus 2.35%, or (c) a base rate calculated in a customary manner (using the higher of the Federal Funds Rate plus 0.50%, the Prime Rate and the Floating LIBOR Rate plus 1.00%) plus 1.35%. Moreover, the Credit Agreement’s stated maturity date was extended from November 10, 2017 to April 10, 2020.

On April 6, 2020, we entered into a First Amendment to the Third Amended and Restated Revolving Credit Agreement (the “Amended Credit Agreement”), with Natixis, New York Branch, as administrative agent and the lenders party thereto. The Amended Credit Agreement provides for a revolving credit line of up to $375.0 million (with an option for us to increase this amount to $450.0 million subject to consent of the lenders and satisfaction of certain other conditions), subject to the available borrowing base, which is generally the sum of (a) a percentage of certain eligible investments, (b) a percentage of remaining unfunded commitments from certain eligible investors in the Company and (c) cash in a controlled account. The Amended Credit Agreement is generally secured by the unfunded commitments (together with the recallable amounts) of our investors, portfolio investments and substantially all other assets of the Company. The stated maturity date of the Amended Credit Agreement was April 9, 2021, which date (subject to the satisfaction of certain conditions) could have been extended by the Company for up to an additional 364 days. Borrowings under the Amended Credit Agreement bore interest at a rate equal to either (a) adjusted eurodollar rate calculated in a customary manner plus 2.50%, (b) commercial paper rate plus 2.50%, or (c) a base rate calculated in a customary manner (which will never be less than the adjusted eurodollar rate plus 1.00%) plus 1.50%, provided however in each case the commercial paper rate and the eurocurrency rate shall have a floor of 1.00%.

On May 27, 2020, we entered into a Lender Group Joinder Agreement pursuant to which Zions Bancorporation, N.A. d/b/a California Bank & Trust was added as a committed lender (with a commitment of $25.0 million) under the Amended Credit Agreement. Concurrently therewith, we elected to increase the size of our revolving credit line under the Credit Agreement to $400.0 million. On December 29, 2020, we elected to permanently decrease the size of our revolving credit line under the Credit Agreement to $177.0 million.

On April 6, 2021, we entered into a Third Amendment to the Amended Credit Agreement (the “Third Amended Credit Agreement”). The Third Amended Credit Agreement provides for a revolving credit line of up to $177,000, subject to the available borrowing base, which is generally a percentage of remaining unfunded commitments from certain eligible investors in the Company. The Third Amended Credit Agreement is generally secured by the unfunded commitments (together with the recallable amounts) of the Company’s investors. The stated maturity date of the Third Amended Credit Agreement is April 8, 2022, which (subject to the satisfaction of certain conditions) may be extended by us for up to an additional 364 days. On March 23, 2022, we exercised our final extension option, and extended the maturity date of the Third Amended Credit Agreement to April 7, 2023. Borrowings under the Third Amended Credit Agreement bear interest at a rate equal to either (a) Eurocurrency Rate calculated in a customary manner plus 1.95%, (b) commercial paper (“CP”) rate plus 1.95%, or (c) a base rate calculated in a customary manner (which will never be less than the adjusted Eurocurrency Rate plus 1.00%) plus 0.95%, provided however in each case the CP Rate and the Eurocurrency Rate shall have a floor of 0.00%. The Credit Facility may be terminated, and any outstanding amounts thereunder may become due and payable, should the Company fail to satisfy certain covenants. As of June 30, 2023, we were in compliance with such covenants.

On January 10, 2023, we entered into a Fourth Amendment to the Third Amended and Restated Revolving Credit Agreement (the "Fourth Amended Credit Agreement"). The Fourth Amended 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 Fourth Amended 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 1.95%.

On April 7, 2023, we entered into the Fifth Amendment to the Third Amended and Restated Revolving Credit Agreement (the "Fifth Amended Credit Agreement"). The Fifth Amended Credit Agreement 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. It also updated the Applicable Margin from 0.95% to 1.15% for Base Rate Loans and from 1.95% to 2.15% for all other loan types. The revolving credit line was also reduced from $177,000 to $152,000 and lastly, the maturity date of the loan was extended 364 days to April 5, 2024.

As of June 30, 2023 and December 31, 2022, the Available Commitment under the Credit Facility was $62.8 million and $50.8 million, respectively.

As of June 30, 2023 and December 31, 2022 the amounts outstanding under the Credit Facility were $89.3 million and $126.3 million, respectively. The carrying amount of the Credit Facility, which is categorized as Level 2 within the fair value hierarchy as of June 30, 2023 and December 31, 2022, approximates its fair value. Valuation techniques and significant inputs used to determine fair value include Company details, credit, market and liquidity risk and events, financial health of the Company, place in the capital

39

structure, interest rate and terms and conditions of the Credit Facility. We incurred financing costs of $10.1 million in connection with the April 10, 2017 Third Amended and Restated Revolving Credit Agreement. We also incurred additional financing costs totaling $1.8 million in connection with the Amended Credit Agreement on April 6, 2020 and May 27, 2020 as well as an additional $0.9 million in connection with the April 6, 2021 Third Amended Credit Agreement. We recorded these costs as deferred financing costs on its Consolidated Statements of Asset and Liabilities and the costs are being amortized over the life of the Credit Facility. As of June 30, 2023 and December 31, 2022, $0.4 million and $0.1 million, respectively, of such prepaid deferred financing costs had yet to be amortized.

The summary information regarding the Credit Facility for the three and six months ended June 30, 2023 and 2022 was as follows (dollar amounts in thousands):

	Three months ended June 30,						Six months ended June 30,
	2023			2022			2023			2022
Credit facility interest expense	$	1,869		$	808		$	3,973		$	1,426
Undrawn commitment fees		52			62			101			124
Administrative fees		17			17			33			33
Amortization of deferred financing costs		173			152			310			609
Total	$	2,111		$	1,039		$	4,417		$	2,192
Weighted average interest rate		7.17	%		2.78	%		6.86	%		2.46	%
Average outstanding balance	$	102,975		$	115,250		$	115,211		$	115,250

A summary of our contractual payment obligations as of June 30, 2023 and December 31, 2022 is as follows (dollar amounts in thousands):

Revolving Credit Agreement	Total Facility Commitment		Borrowings Outstanding		Available Amount(1)
Total Debt Obligations – June 30, 2023	$	152,000	$	89,250	$	62,750
Total Debt Obligations – December 31, 2022	$	177,000	$	126,250	$	50,750

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

We had the following unfunded commitments and unrealized losses by investment as of June 30, 2023 and December 31, 2022 (dollar amounts in thousands):

		June 30, 2023				December 31, 2022
Unfunded Commitments	Maturity/ Expiration	Amount		Unrealized Depreciation		Amount		Unrealized Depreciation
Retail & Animal Intermediate, LLC	November 2025	$	4,981	$	—	$	4,981	$	—
Ruby Tuesday Operations LLC	February 2025		4,921		—		4,921		—
Pace Industries, Inc.	June 2025		5,007		—		2,086		—
Total		$	14,909	$	—	$	11,988	$	—

The Company’s total capital commitment to its underlying investment in Strategic Ventures is $481,600. As of June 30, 2023 and December 31, 2022, the Company’s unfunded commitment to Strategic Ventures was $219,646.

In accordance with our Second Amended and Restated Limited Liability Company Agreement, we may make follow-on investments up to an aggregate maximum of 10% of Capital Commitments (as defined in our Second Amended and Restated Limited Liability Company Agreement), provided that any such follow-on investment to be made after September 19, 2020, the third anniversary of the expiration of our commitment period, shall require the prior consent of a majority in interest of our Common Unitholders.

In October 2022, our Members approved a proposal to allow us to make pre-identified follow-on investments in specific portfolio companies as well as their holding companies, subsidiaries, successors or other affiliates, up to an aggregate maximum of 10% of Capital Commitments.

40

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to financial market risks, including changes in interest rates. At June 30, 2023, 98.6% of our debt investments bore interest based on floating rates, such as LIBOR and SOFR. The interest rates on such investments generally reset by reference to the current market index after one to three months. At June 30, 2023, the percentage of our floating rate debt investments that bore interest based on an interest rate floor was 0.0%. Floating rate investments subject to a floor generally reset by reference to the current market index after one to three months only if the index exceeds the floor.

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. We assess our portfolio companies periodically to determine whether such companies will be able to continue making interest payments in the event that interest rates increase. There can be no assurances that the portfolio companies will be able to meet their contractual obligations at any or all levels of increases in interest rates. Based on our June 30, 2023 consolidated balance sheet, the following table shows the annual impact on net investment income (excluding the related incentive compensation impact) of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure (dollar amounts in thousands):

	Interest Income			Interest Expense			Net Investment Income (Loss)
Up 300 basis points	$	10,545		$	2,715		$	7,830
Up 200 basis points		7,030			1,810			5,220
Up 100 basis points		3,515			905			2,610
Down 100 basis points		(3,515	)		(905	)		(2,610	)
Down 200 basis points		(7,030	)		(1,810	)		(5,220	)
Down 300 basis points		(10,545	)		(2,715	)		(7,830	)

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.

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.

Item 1A. Risk Factors

There have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K.

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

Sales of unregistered securities

On September 19, 2014, the Company began accepting subscription agreements from investors for the private sale of its Common Units. The Company continued to enter into subscription agreements through the final closing date of March 19, 2015. Under the terms of the subscription agreements, the Company may generally draw down all or any portion of the undrawn commitment with respect to each Common Unit upon at least ten business days’ prior written notice to the Unitholders. The issuance of the Common Units pursuant to these subscription agreements and any draw by the Company under the related Commitments is expected to be exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof, and Rule 506(c) of Regulation D thereunder.

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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.

(a) Exhibits

Exhibits
3.1	Certificate of Formation (incorporated by reference to Exhibit 3.1 to a registration on Form 10 filed on April 18, 2014)
3.4	Second Amended and Restated Limited Liability Company Agreement, dated September 19, 2014 (incorporated by reference to Exhibit 3.4 to a filing on Form 10-Q filed on November 7, 2014)
10.1	Investment Advisory and Management Agreement (incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed on September 25, 2014).
10.2	Administration Agreement dated September 15, 2014, by and between TCW Direct Lending LLC and TCW Asset Management Company (incorporated by reference to Exhibit 10.2 to the registrant’s Quarterly Report on Form 10-Q filed on November 7, 2014).
10.6	Final form of the TCW Direct Lending Strategic Ventures LLC Amended and Restated Limited Liability Company Agreement, dated June 5, 2015 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on June 10, 2015).
10.8	Third Amended and Restated Revolving Credit Agreement, dated April 10, 2017, by and among TCW Direct Lending LLC, as borrower, Natixis, New York Branch, as administrative agent, sole lead arranger and sole book manager, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on April 14, 2017).
10.10	First Amendment to the Third Amended and Restated Revolving Credit Agreement, dated April 6, 2020, by and among TCW Direct Lending LLC, as borrower, Natixis, New York Branch, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on April 13, 2020).
10.11	Lender Group Joinder Agreement, dated May 27, 2020 by and among Zions Bancorporation, N.A. d/b/a California Bank & Trust, Natixis, New York Branch (as Administrative Agent) and TCW Direct Lending LLC (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on June 2, 2020).
10.12	Third Amendment to the Third Amended and Restated Revolving Credit Agreement, dated April 6, 2021, by and among TCW Direct Lending LLC, as borrower, Natixis, New York Branch, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on April 12, 2021).
10.13	Fifth Amendment to the Third Amended and Restated Revolving Credit Agreement, dated April 7, 2023, by and among TCW Direct Lending LLC, as borrower, Natixis, New York Branch, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.13 to the Quarterly Report on Form 10-Q filed on May 11, 2023).
31.1*	Certification of President Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934
31.2*	Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934
32.1*	Certification of President Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)
32.2*	Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)
99.1*	Financial Statements of TCW Direct Lending Strategic Ventures LLC for the six months ended June 30, 2023
101.INS	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith

43

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

	TCW DIRECT LENDING LLC
Date: August 10, 2023	By:	/s/ Richard T. Miller
		Richard T. Miller
		President
Date: August 10, 2023	By:	/s/ Andrew J. Kim
		Andrew J. Kim
		Chief Financial Officer

44

EX-31.1

Exhibit 31.1

PRESIDENT CERTIFICATION

I, Richard T. Miller, certify that:

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

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

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

(4)The registrant’s other certifying officers 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:

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;

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; and

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

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

(5)The registrant’s other certifying officers 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):

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

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 10, 2023	By:	/s/ Richard T. Miller
		Richard T. Miller
		President
		(Principal Executive Officer)

1

EX-31.2

Exhibit 31.2

CFO CERTIFICATION

I, Andrew J. Kim, certify that:

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

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

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

(4)The registrant’s other certifying officers 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:

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;

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; and

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

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

(5)The registrant’s other certifying officers 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):

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

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 10, 2023	By:	/s/ Andrew J. Kim
		Andrew J. Kim
		Chief Financial Officer
		(Principal Financial Officer)

1

EX-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 LLC (the “Company”) for the quarterly period ended June 30, 2023, 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:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(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
Name:	Richard T. Miller
Title:	President
Date:	August 10, 2023

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.

1

EX-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 LLC (the “Company”) for the quarterly period ended June 30, 2023, 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:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(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
Name:	Andrew J. Kim
Title:	Chief Financial Officer
Date:	August 10, 2023

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.

1

EX-99.1

Exhibit 99.1

TCW Direct Lending Strategic Ventures LLC

Financial Statements

June 30, 2023

TCW Direct Lending Strategic Ventures LLC

(A Delaware Limited Liability Company)

CONTENTS

	Page(s)
Financial Statements
Schedules of Investments as of June 30, 2023 (unaudited) and December 31, 2022	2-5
Statements of Assets and Liabilities as of June 30, 2023 (unaudited) and December 31, 2022	6
Statements of Operations for the six months ended June 30, 2023 and 2022 (unaudited)	7
Statements of Changes in Members’ Capital for the six months ended June 30, 2023 and 2022 (unaudited)	8
Statements of Cash Flows for the six months ended June 30, 2023 and 2022 (unaudited)	9
Notes to Financial Statements (unaudited)	10-17
Administration	18

1

TCW Direct Lending Strategic Ventures LLC

(A Delaware Limited Liability Company)

As ofJune 30, 2023

SCHEDULE OF INVESTMENTS

Industry	Issuer	Acquisition Date	Investment	% of Members’ Capital			Par Amount		Maturity Date	Amortized Cost		Fair Value
DEBT
Distributors
	Animal Supply Company, LLC(1)	08/14/20	Term Loan - 14.03% inc PIK (SOFR + 8.50%, 1.00% Floor, all PIK)		17.7	%	$	20,082,199	08/14/25	$	20,082,199	$	15,001,403
	Retail & Animal Intermediate, LLC(1)(2)	08/14/20	Subordinated Loan - 7.00% inc PIK (7.00%, Fixed Coupon, all PIK)		0.0	%		22,723,197	11/14/25		17,603,046		—
					17.7	%					37,685,245		15,001,403
Diversified Consumer Services
	School Specialty, Inc.(1)	09/15/20	Term Loan - 13.21% (LIBOR + 8.00%, 1.25% Floor)		6.9	%		5,812,674	12/29/26		5,795,671		5,812,674
Pharmaceuticals
	Noramco, LLC	07/01/16	Term Loan - 13.42% inc PIK (LIBOR + 8.38%, 1.00% Floor, 0.38% PIK)		28.8	%		25,175,464	01/31/25		25,155,225		24,445,375
TOTAL DEBT (53.4%)					53.4	%					68,636,141		45,259,452
							Shares/ Contracts			Cost		Fair Value
EQUITY
Distributors
	Retail & Animal Intermediate, LLC(1)(2)		Class A Common		0.0	%		170,438			1,195,825		—
Diversified Consumer Services
	SSI Parent, LLC (f.k.a School Specialty, Inc.)(1)(2)		Common Stock		17.8	%		51,000			34,124		15,125,580
	SSI Parent, LLC (f.k.a School Specialty, Inc.)(1)(2)		Class A Preferred Stock		9.8	%		510,549			5,105,495		8,270,901
	SSI Parent, LLC (f.k.a School Specialty, Inc.)(1)(2)		Class B Preferred Stock		3.4	%		227,629			225,831		2,868,129
					31.0	%					5,365,450		26,264,610
TOTAL EQUITY (31.0%)					31.0	%					6,561,275		26,264,610
	Total Debt & Equity Investments (84.4%)(3)				84.4	%					75,197,416		71,524,062
	Cash Equivalents
	First American Government Obligation Fund, Yield 5.10%				15.3	%		12,965,664			12,965,664		12,965,664
	Total Cash Equivalents				15.3	%					12,965,664		12,965,664
	Total Investments (99.7%)									$	88,163,080	$	84,489,726
	Net unrealized depreciation on unfunded commitments (0.0%)												-
	Other Assets in Excess of Other Liabilities (0.3%)												246,786
	Members’ Capital (100.0%)											$	84,736,512

2

TCW Direct Lending Strategic Ventures LLC

(A Delaware Limited Liability Company)

As ofJune 30, 2023

SCHEDULE OF INVESTMENTS (continued)

(1)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, 2022 and June 30, 2023 along with transactions during the period ended June 30, 2023 in these affiliated investments are as follows:

Name of Investments	Fair Value at December 31, 2022		Gross Additions(a)		Gross Reductions(b)			Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)			Fair Value at June 30, 2023		Interest/ Dividend/ Other income
Animal Supply Holdings, LLC Class A Common	$	—	$	—	$	—		$	—	$	—		$	—	$	—
Retail & Animal Intermediate, LLC Subordinated Loan - 7.00%		—		—		—			—		—			—		—
Animal Supply Company, LLC Term Loan - 14.03%		17,202,678		1,322,463		—			—		(3,523,738	)		15,001,403		1,325,947
School Specialty, Inc. Common Stock		17,328,145		—		—			—		(2,202,565	)		15,125,580		3,915,188
School Specialty, Inc. Class A Preferred Stock		8,270,814		—		—			—		87			8,270,901		878
School Specialty, Inc. Class B Preferred Stock		2,868,130		—		—			—		—			2,868,130		305
School Specialty, Inc. Term Loan - 13.21%		22,405,559		10,457		(16,540,108	)		—		(63,234	)		5,812,674		1,087,278
Total non-controlled affiliated investments	$	68,075,326	$	1,332,920	$	(16,540,108	)	$	—	$	(5,789,450	)	$	47,078,688	$	6,329,596

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

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

(2)Non-income producing

(3)The fair value of each non-controlled/non-affiliated investment was determined using significant unobservable inputs and such investment are considered to be Level 3 within the Fair Value Hierarchy. See Note 3 “Investment Valuations and Fair Value Measurements.”

LIBOR - London Interbank Offered Rate, generally 1-Month or 3-Month

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

Geographic Breakdown of Portfolio
United States	100	%

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $1,362,299 and $16,618,651, respectively, for the period ended June 30, 2023. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments.

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

3

TCW Direct Lending Strategic Ventures LLC

(A Delaware Limited Liability Company)

As ofDecember 31, 2022

SCHEDULE OF INVESTMENTS

Industry	Issuer	Acquisition Date	Investment	% of Members’ Capital			Par Amount		Maturity Date	Amortized Cost		Fair Value
DEBT
Distributors
	Animal Supply Company, LLC(1)	08/14/20	Term Loan - 13.16% inc PIK (SOFR + 8.50%, 1.00% Floor, all PIK)		16.3	%	$	18,759,736	08/14/25	$	18,759,737	$	17,202,678
	Retail & Animal Intermediate, LLC(1)(2)	08/14/20	Subordinated Loan - 7.00% inc PIK (7.00%, Fixed Coupon, all PIK)		—			21,935,400	11/14/25		17,603,046		—
					16.3	%					36,362,783		17,202,678
Diversified Consumer Services
	School Specialty, Inc.(1)	09/15/20	Term Loan - 12.43% (SOFR + 8.00%, 1.25% Floor)		21.3	%		22,405,559	09/15/25		22,325,322		22,405,559
Pharmaceuticals
	Noramco, LLC	07/01/16	Term Loan - 12.13% inc PIK (LIBOR + 8.38%, 1.00% Floor, 0.38% PIK)		23.7	%		25,161,394	12/31/23		25,121,093		24,884,619
TOTAL DEBT (61.3%)					61.3	%					83,809,198		64,492,856
							Shares/ Contracts			Cost		Fair Value
EQUITY
Distributors
	Animal Supply Holdings, LLC (1) (2)		Class A Common		0.0	%		170,438			1,195,825		—
Diversified Consumer Services
	School Specialty, Inc. (1) (2)		Common Stock		16.5	%		51,000			34,124		17,328,145
	School Specialty, Inc. (1) (2)		Class A Preferred Stock		7.9	%		510,549			5,105,495		8,270,814
	School Specialty, Inc. (1) (2)		Class B Preferred Stock		2.7	%		227,629			225,831		2,868,130
					27.1	%					5,365,450		28,467,089
TOTAL EQUITY (27.1%)					27.1	%					6,561,275		28,467,089
	Total Portfolio Investments (88.4%) (3)				88.4	%					90,370,473		92,959,945
										$	90,370,473	$	92,959,945
	Net unrealized depreciation on unfunded commitments (0.0%)												—
	Other Assets in Excess of Other Liabilities (11.6%)												12,217,197
	Members’ Capital (100.0%)											$	105,177,142

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

4

TCW Direct Lending Strategic Ventures LLC

(A Delaware Limited Liability Company)

As ofDecember 31, 2022

SCHEDULE OF INVESTMENTS (continued)

(1)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, 2021 and December 31, 2022 along with transactions during the year ended December 31, 2022 in these affiliated investments are as follows:

Name of Investments	Fair Value at December 31, 2021		Gross Additions(a)		Gross Reductions(b)			Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)			Fair Value at December 31, 2022		Interest/ Dividend/ Other income
Animal Supply Holdings, LLC Class A Common Stock	$	—	$	—	$	—		$	—	$	—		$	—	$	—
ASC Acquisition Holdings, LLC Subordinated Loan - 7.00%		3,229,645		—		—			—		(3,229,645	)		—		778
ASC Acquisition Holdings, LLC Term Loan - 13.16%		16,916,451		1,880,670		(37,384	)		—		(1,557,059	)		17,202,678		1,907,447
School Specialty, Inc. Common Stock		—		—		—			—		17,328,145			17,328,145		1,977
School Specialty, Inc. Preferred Stock A		7,658,242		—		—			—		612,572			8,270,814		1,245
School Specialty, Inc. Preferred Stock B		437,048		—		—			—		2,431,082			2,868,130		432
School Specialty, Inc. Term Loan - 12.43%		22,500,377		29,718		(94,313	)		—		(30,223	)		22,405,559		2,334,795
Total non-controlled affiliated investments	$	50,741,763	$	1,910,388	$	(131,697	)	$	—	$	15,554,872		$	68,075,326	$	4,246,674

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

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

(2)Non-income producing

(3)The fair value of each non-controlled/non-affiliated investment was determined using significant unobservable inputs and such investment are considered to be Level 3 within the Fair Value Hierarchy. See Note 3 “Investment Valuations and Fair Value Measurements.”

LIBOR - London Interbank Offered Rate, generally 1-Month or 3-Month

Geographic Breakdown of Portfolio
United States	100	%

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $2,055,798 and $3,824,379, respectively, for the period ended December 31, 2022. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments.

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

5

TCW Direct Lending Strategic Ventures LLC

(A Delaware Limited Liability Company)

(Dollar amounts in thousands)

June 30, 2023

STATEMENTS OF ASSETS AND LIABILITIES

	As of
	June 30,		As of
	2023		December 31,
	(unaudited)		2022
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (amortized cost of $25,155 and    $25,121, respectively)	$	24,445	$	24,885
Non-controlled affiliated investments (amortized cost of $50,042 and    $65,249, respectively)		47,079		68,075
Cash and cash equivalents		12,966		11,963
Interest receivable		291		292
Prepaid and other assets		—		42
Total Assets	$	84,781	$	105,257
Liabilities
Sub-administrator and custody fees payable		31		75
Audit fees payable		8		5
Transfer agent fee payable		5		—
Total Liabilities		44		80
Members’ Capital	$	84,737	$	105,177
Commitments and Contingencies (Note 7)
Members’ Capital
Preferred members		84,737		105,177
Members’ Capital	$	84,737	$	105,177

							Noncontrolling
							interest in
Members’ Capital Represented by:	Preferred Members			Common Members			consolidated subsidiary fund			Members’ Capital
Net contributed capital	$	454,279		$	1,000		$	3,507		$	458,786
Net distributed capital		(595,679	)		(1,000	)		(4,235	)		(600,914	)
Cumulative net income, before organization costs		226,137			704			728			227,569
Organization costs		—			(704	)		—			(704	)
Total Members’ Capital as of June 30, 2023 (Unaudited)	$	84,737		$	—		$	—		$	84,737

							Noncontrolling
							interest in
Members’ Capital Represented by:	Preferred Members			Common Members			consolidated subsidiary fund			Members’ Capital
Net contributed capital	$	454,279		$	1,000		$	3,507		$	458,786
Net distributed capital		(573,179	)		(1,000	)		(4,235	)		(578,414	)
Cumulative net income, before organization costs		224,077			704			728			225,509
Organization costs		—			(704	)		—			(704	)
Total Members’ Capital as of December 31, 2022	$	105,177		$	—		$	—		$	105,177

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

6

TCW Direct Lending Strategic Ventures LLC

(A Delaware Limited Liability Company)

(Dollar amounts in thousands)

June 30, 2023

STATEMENTS OF OPERATIONS (Unaudited)

	For the Six			For the Six
	Months Ended			Months Ended
	June 30, 2023			June 30, 2022
Investment Income:
Non-controlled/non-affiliated investments:
Interest income	$	2,093		$	1,195
Interest income paid-in-kind		40			63
Fee income		59			—
Non-controlled affiliated investments:
Interest income		1,080			1,170
Interest income paid-in-kind		1,322			832
Dividend income		3,914			—
Fee income		14			10
Total investment income		8,522			3,270
Expenses:
Audit fees		45			43
Sub-administrator and custody fees		80			38
Insurance fees		42			52
Tax service fee		22			25
Valuation fees		10			10
Other		1			1
Total expense		200			169
Net investment income		8,322			3,101
Net realized and unrealized gain/(loss) on investments
Net change in unrealized appreciation/(depreciation):
Non-controlled/non-affiliated investments		(473	)		(168	)
Non-controlled affiliated investments		(5,789	)		17,163
Net realized and unrealized gain/(loss) on investments		(6,262	)		16,995
Net increase (decrease) in Members’ Capital from operations		2,060			20,096
Net increase (decrease) in Members’ Capital from operations attributable to the Preferred
Members from operations	$	2,060		$	20,096

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

7

TCW Direct Lending Strategic Ventures LLC

(A Delaware Limited Liability Company)

(Dollar amounts in thousands)

June 30, 2023

STATEMENTS OF CHANGES IN MEMBERS’ CAPITAL (Unaudited)

						For the Six
						Months Ended
						June 30, 2023
						Noncontrolling
						interest in
						consolidated
	Preferred Members			Common Members		subsidiary fund		Total
Members’ Capital, beginning of period	$	105,177		$	—	$	—	$	105,177
Net increase (decrease) in Members’ Capital resulting from operations:
Net investment income		8,322			—		—		8,322
Net change in unrealized appreciation/(depreciation) on investments		(6,262	)		—		—		(6,262	)
Net decrease in Members’ Capital resulting from capital activity:
Distributions to Members		(22,500	)		—		—		(22,500	)
Total decrease in Members’ Capital		(20,440	)		—		—		(20,440	)
Members’ Capital, end of period	$	84,737		$	—	$	—	$	84,737

						For the Six
						Months Ended
						June 30, 2022
						Noncontrolling
						interest in
						consolidated
	Preferred Members			Common Members		subsidiary fund		Total
Members’ Capital, beginning of period	$	110,418		$	—	$	—	$	110,418
Net increase (decrease) in Members’ Capital resulting from operations:
Net investment income		3,101			—		—		3,101
Net change in unrealized appreciation/(depreciation) on investments		16,995			—		—		16,995
Net decrease in Members’ Capital resulting from capital activity:
Distributions to Members		(19,200	)		—		—		(19,200	)
Total increase in Members’ Capital		896			—		—		896
Members’ Capital, end of period	$	111,314		$	—	$	—	$	111,314

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

8

TCW Direct Lending Strategic Ventures LLC

(A Delaware Limited Liability Company)

(Dollar amounts in thousands)

June 30, 2023

STATEMENTS OF CASH FLOWS (Unaudited)

	For the Six			For the Six
	Months Ended			Months Ended
	June 30, 2023			June 30, 2022
Cash Flows from Operating Activities
Net increase (decrease) in members’ capital resulting from operations	$	2,060		$	20,096
Adjustments to reconcile the net increase (decrease) in members’ capital resulting from operations    to net cash provided by operating activities:
Proceeds from sales and paydowns of investments		16,619			894
Net change in unrealized (appreciation)/depreciation on investments		6,262			(16,995	)
Interest paid-in-kind		(1,362	)		(895	)
Accretion of discount		(83	)		(40	)
Increase (decrease) in operating assets and liabilities:
(Increase) decrease in interest receivable		1			(17	)
(Increase) decrease in prepaid and other assets		42			92
Increase (decrease) in sub-administrator and custody fees payable		(44	)		(1	)
Increase (decrease) in audit fees payable		3			4
Increase (decrease) in transfer agent fees payable		5			—
Net cash provided by operating activities		23,503			3,138
Cash Flows from Financing Activities
Distributions to Members		(22,500	)		(19,200	)
Net cash used in financing activities		(22,500	)		(19,200	)
Net increase (decrease) in cash		1,003			(16,062	)
Cash and cash equivalents, beginning of period		11,963			30,554
Cash and cash equivalents, end of period	$	12,966		$	14,492

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

9

TCW Direct Lending Strategic Ventures LLC

(A Delaware Limited Liability Company)

June 30, 2023

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1.ORGANIZATION

Investment Objective: TCW Direct Lending Strategic Ventures LLC (the “Fund”) is a closed-end investment company formed as a Delaware limited liability company for the purpose of investing in corporate senior secured middle-market floating rate loans. Investments may include other loans and securities received as a result of the restructuring, workout or bankruptcy of an existing loan.

Limited Liability Company Agreement: The Amended and Restated Limited Liability Company agreement (the “Agreement”), dated June 5, 2015, was entered into by and among TCW Direct Lending LLC, an affiliated fund (also known as the “BDC”) and two third-party members (the “Third-Party Members”). The BDC and each Third-Party Member own a Preferred Membership Interest (collectively the “Preferred Members”) and a Common Membership Interest (collectively the “Common Members”) (together, the “Members”). The BDC owns 80% of the Preferred and Common Membership Interests and the Third-Party Members own the remaining 20% of Preferred and Common Membership Interests. The initial closing date of the Fund was June 5, 2015 (“Initial Closing Date”).

The Agreement amends and restates the original agreement, dated May 26, 2015 that the BDC entered into as the sole member of the Fund.

Term: The Fund will continue until the sixth anniversary of the Initial Closing Date unless dissolved earlier or extended for two additional one-year periods by the BDC, in its sole discretion upon notice to the Management Committee. Thereafter, the term of the Fund may be extended by the BDC for additional one-year periods, in each case with the prior consent of the Management Committee. On February 25, 2021, the Management Committee approved a one year extension of the term of the Fund to June 5, 2022. On February 1, 2022, the Management Committee approved a one year extension of the term of the Fund to June 5, 2023. On April 17, 2023, the Management Committee approved a one year extension of the term of the Fund to June 5, 2024.

Commitment Period: The Commitment Period commenced on June 5, 2015, the Initial Closing Date, and ended June 5, 2019, the third anniversary of the Initial Closing Date. In accordance with the Fund’s Limited Liability Company Agreement, the Fund may complete investment transactions that were significantly in process as of the end of the Commitment Period and which the Fund reasonably expects to be consummated prior to 90 days subsequent to the expiration date of the Commitment Period. The Fund may also affect follow-on investments in existing portfolio companies.

Management Committee: Pursuant to the Agreement, the Management Committee of the Fund has exclusive responsibility for the management, policies and control of the Fund. The BDC and one of the two Third-Party Members, collectively, each appointed one voting member of the Management Committee. The Management Committee can act on behalf and in the name of the Fund to implement the objectives of the Fund and exercise any rights and powers the Fund may possess. The Management Committee will authorize portfolio investment activity, transactions between the Fund and the BDC, and other Members and borrowings of the Fund.

Administration Agreement: The Fund entered into an Administration Agreement with TCW Asset Management Company LLC (“TAMCO”), dated June 5, 2015 to furnish, or arrange for others to furnish, administrative services necessary for the operation of the Fund. In connection therein, TAMCO, as Administrator retained the services of State Street Bank and Trust Company (“State Street”) to assist in providing certain administrative, accounting, operational, investor and financial reporting services for the Fund. On June 13, 2022, the Fund approved the insourcing of administration services previously outsourced by TAMCO to State Street. In connection with TAMCO’s insourcing of administration services, TAMCO terminated its agreement with State Street.

Custody Services Agreement: The Fund entered into a Custody Services Agreement dated June 3, 2015 with State Street to provide custodian services for the Fund. On June 13, 2022, the Fund approved the termination of the Custody Services Agreement effective July 29, 2022. On July 13, 2022, the Fund entered into a Custody Services Agreement with U.S. National Bank Association to provide custodian services for the Fund.

10

TCW Direct Lending Strategic Ventures LLC

(A Delaware Limited Liability Company)

June 30, 2023

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Capital Commitments: Commitments from the Preferred Members and Preferred Members as Common Members are as follows. The commitment amount funded does not include amounts contributed in anticipation of a potential investment that the Fund did not consummate and therefore returned to the Members as unused capital. As of June 30, 2023, aggregate commitments and commitments funded were as follows:

	Committed Capital		Commitments Funded		Percentage Funded
Preferred Membership Interests	$	600,000,000	$	454,279,088		75.7	%
Common Membership Interests		2,000,000		1,000,000		50.0	%
Total	$	602,000,000	$	455,279,088

Recallable Amounts: Each Preferred Member may be required to re-contribute amounts previously distributed equal to 100% of distributions of proceeds during the Commitment Period representing a return of capital contributions made in respect of the Preferred Membership Interest. The recallable amounts as of June 30, 2023 were as follows:

	Recallable Amounts		Recallable Amounts Funded	Percentage Funded
Preferred Membership Interests	$	127,837,000	none	n/a

2.SIGNIFICANT ACCOUNTING POLICIES

The Fund is an investment company following the accounting and reporting guidance in Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) No. 946 Financial Services – Investment Companies.

Basis of Presentation: The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for investment companies.

Use of Estimates: The preparation of the accompanying financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting year. Actual results could differ from those estimates.

Investments: The Fund records investment transactions on the trade date. The Fund considers 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 Fund receives legal or contractual title to the asset and bears the risk of loss.

Income Recognition: Interest, interest paid-in-kind and unused commitment fee income are recorded on an accrual basis unless doubtful of collection or the related investment is in default. Realized gains and losses on investments are recorded on a specific identification basis. Amendment, consent, waiver and forbearance fees received in exchange for a concession that result in a change in yield are recognized immediately when earned as interest income. The Fund 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, as reported in the Statement of Operations, and reflected in the amortized cost basis of the investment. Discounts associated with a revolver as well as fees associated with a delayed draw that remains unfunded are treated as a discount to the issuers’ term loan. Fee income received from the Adviser that the Adviser received from a portfolio company for services rendered, are recognized immediately as income.

Cash and Cash Equivalents: The Fund considers cash equivalents to be liquid investments, including money market funds or individual securities purchased with an original maturity of three months or less. Cash and cash equivalents held by the Fund are generally comprised of money market funds and demand deposits, valued at cost, which approximates fair value.

Income Taxes: The Fund is exempt from federal and state income taxes and, consequently, no income tax provision has been made in the accompanying financial statements.

11

TCW Direct Lending Strategic Ventures LLC

(A Delaware Limited Liability Company)

June 30, 2023

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The Fund has invested in numerous jurisdictions and is therefore subject to varying policies and statutory time limitations with respect to examination of tax positions. The Fund reviews and evaluates tax positions in its major jurisdictions and determines whether or not there are uncertain tax positions that require financial statement recognition.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statement of Operations. As of and during the periods ended June 30, 2023 and 2022, the Fund did not have a liability for any unrecognized tax benefits, nor did it recognize any interest and penalties related to unrecognized tax benefits.

The Fund is subject to examination by U.S. federal tax authorities for returns filed for the prior three years and by state tax authorities for returns filed for the prior four years.

The Fund's investment in School Specialty, Inc.'s common stock is held through TCW DL SSP LLC, an unconsolidated special purpose vehicle. The fair value of such equity investment as of June 30, 2023 is net of a $6,104,105 deferred tax liability recorded by TCW DL SSP LLC. TCW DL SSP LLC accounts for income taxes under the liability method prescribed by FASB ASC 740, Accounting for Income Taxes ("ASC 740"). Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to the temporary differences between the financial statement carrying amount of existing assets and liabilities and their respective tax basis.

Recent Accounting Pronouncements: In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 (1) clarifies the guidance in ASC 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and (2) requires specific disclosures related to such an equity security. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and interim periods within that fiscal year, with early adoption permitted. Management is currently evaluating the impact of the adoption of ASU 2022-03 on the Fund's financial statements.

Subsequent Events: The Management Committee evaluated the activity of the Fund through August 10, 2023, the date that the financial statements are available to be issued, and have concluded that no other subsequent events have occurred that would require recognition or disclosure.

3.INVESTMENT VALUATIONS AND FAIR VALUE MEASUREMENTS

Investments at Fair Value: Investments held by the Fund for which market quotes are readily available are valued at fair value. Fair value is generally determined on the basis of last reported sales price or official closing price on the primary exchange in which each security trades, or if no sales are reported, based on the midpoint of the valuation range obtained for debt investments from a quotation reporting system, established market makers or pricing service. Investments held by the Fund for which market quotes are not readily available or market quotations are not considered reliable are valued at fair value by the Management Committee based on similar instruments, internal assumptions and the weighting of the best available pricing inputs.

Fair Value Hierarchy: Assets and liabilities are classified by the Fund based on valuation inputs used to determine fair value into three levels.

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 Fund’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 these securities.

12

TCW Direct Lending Strategic Ventures LLC

(A Delaware Limited Liability Company)

June 30, 2023

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following is a summary by major security type of the fair valuations according to inputs used in valuing investments listed in the Schedule of Investments as of June 30, 2023.

Investments	Level 1		Level 2		Level 3		Total
Debt	$	—	$	—	$	45,259,452	$	45,259,452
Equity		—		—		26,264,610		26,264,610
Cash equivalents		12,965,664		—		—		12,965,664
Total Assets	$	12,965,664	$	—	$	71,524,062	$	84,489,726

The following is a summary by major security type of the fair valuations according to inputs used in valuing investments listed in the Schedule of Investments as of December 31, 2022.

Investments	Level 1		Level 2		Level 3		Total
Debt	$	—	$	—	$	64,492,856	$	64,492,856
Equity		—		—		28,467,089		28,467,089
Total Assets	$	—	$	—	$	92,959,945	$	92,959,945

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the period ended June 30, 2023:

	Debt			Equity
Balance at December 31, 2022	$	64,492,856		$	28,467,089
Accreted Discounts		83,297			—
Purchases1		1,362,299			—
Sales and paydowns		(16,618,651	)		—
Change in unrealized appreciation/(depreciation)		(4,060,349	)		(2,202,479	)
Balance at June 30, 2023	$	45,259,452		$	26,264,610
Change in unrealized appreciation/(depreciation)  in investments still held as of June 30, 2023	$	(4,060,349	)	$	(2,202,479	)

1 Purchases of Debt include payment in-kind (PIK) interest of $1,362,299.

During the period ended June 30, 2023, the Fund did not have any transfers between levels.

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the period ended June 30, 2022:

	Debt			Equity
Balance at December 31, 2021	$	71,475,125		$	8,095,290
Accreted Discounts		39,766			—
Purchases1		894,595			—
Sales and paydowns		(894,264	)		—
Change in unrealized appreciation/(depreciation)		(2,353,089	)		19,348,445
Balance at June 30, 2022	$	69,162,133		$	27,443,735
Change in unrealized appreciation/(depreciation)  in investments still held as of June 30, 2022	$	(2,353,089	)	$	19,348,445

1 Purchases of Debt include payment in-kind (PIK) $894,595.

During the period ended June 30, 2022, the Fund did not have any transfers between levels.

13

TCW Direct Lending Strategic Ventures LLC

(A Delaware Limited Liability Company)

June 30, 2023

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Level 3 Assets (Investments): The following valuation techniques and significant inputs are used to determine fair value of investments in private debt 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.

Debt, (Level 3), 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. A discounted cash flow approach incorporating a weighted average cost of capital is generally used to determine fair value or, in some cases, 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.

Equity, (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; contractual or legal restrictions on the sale of the security. When a Black-Scholes pricing model is used, the 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 table summarizes by major security type the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of June 30, 2023.

Investment Type	Fair Value at June 30, 2023		Valuation Technique	Unobservable Input	Range	Weighted Average	Impact to Valuation from an Increase in Input
Debt	$	24,445,375	Income Method	Discount Rate	16.0% to 18.7%	17.4%	Decrease
Debt		15,001,403	Market Method	Revenue Multiple	0.1x to 0.2x	N/A	Increase
Debt		5,812,674	Market Method	EBITDA Multiple	6.5x to 7.5x	N/A	Increase
Total Debt		45,259,452
Equity		—	Market Method	Revenue Multiple	0.1x to 0.2x	N/A	Increase
Equity		26,264,610	Market Method	EBITDA Multiple	6.5x to 7.5x	N/A	Increase
Total Equity		26,264,610
Total Investment	$	71,524,062

The following table summarizes by major security type the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of December 31, 2022.

Investment Type	Fair Value at December 31, 2022		Valuation Technique	Unobservable Input	Range	Weighted Average	Impact to Valuation from an Increase in Input
Debt	$	24,884,619	Income Method	Discount Rate	14.6% to 17.6%	16.1%	Decrease
Debt		17,202,678	Market Method	Revenue Multiple	0.1x to 0.2x	N/A	Increase
Debt		22,405,559	Market Method	EBITDA Multiple	7.0x to 8.0x	N/A	Increase
				Revenue Multiple	0.3x to 0.4x	N/A	Increase
Total Debt		64,492,856
Equity		—	Market Method	Revenue Multiple	0.1x to 0.2x	N/A	Increase
Equity		28,467,089	Market Method	EBITDA Multiple	7.0x to 8.0x	N/A	Increase
				Revenue Multiple	0.3x to 0.4x	N/A	Increase
Total Equity		28,467,089
Total Investment	$	92,959,945

14

TCW Direct Lending Strategic Ventures LLC

(A Delaware Limited Liability Company)

June 30, 2023

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

4.ALLOCATIONS AND DISTRIBUTIONS

Allocation of profit and loss: Income, expenses, gains and losses of the Fund are allocated among the Members in such a manner that, at the end of each period, each Member’s capital account is equal to the respective net amount, positive or negative, which would be distributed to such Member if the Fund were to liquidate the assets of the Fund for an amount equal to book value and distribute the proceeds in a manner consistent with the distribution priorities described in the Agreement.

Distribution: Interest, dividends, and other cash flow received by the Fund in respect of Portfolio Investments (“Interest Amounts”) and proceeds attributable to the repayment or disposition of Portfolio Investments (“Proceeds”) received by the Fund are distributed by the Fund to the Members to the extent that such Interest Amounts and Proceeds are available to the Fund after the application of the priority of payments stipulated in the Credit Agreement and after taking into account reserves and working capital needs.

Interest Amounts available to the Fund for distribution to the Members will be distributed in the following order and priorities:

First, one-hundred percent (100%) to the Preferred Members in an amount equal to any declared and unpaid dividends on Preferred Membership Interests, which amounts shall be distributed pro rata among the Preferred Members in accordance with their respective entitlements to such dividends.

Second, one-hundred percent (100%) to the payment of Fund expenses; and

Thereafter, one-hundred percent (100%) to the Common Members, which amounts shall be distributed among the Common Members pro rata based on their respective Unreturned Contributions or, if the Unreturned Contributions of the Common Members equal zero, pro rata based on the respective Commitments of such Common Members in their capacities as Preferred Members with respect to Preferred Membership Interest.

Proceeds available to the Fund for distribution to the Members will be distributed in the following order and priorities:

First, one-hundred percent (100%) to the Preferred Members in an amount equal to any declared and unpaid dividends on Preferred Membership Interests, which amounts shall be distributed pro rata among the Preferred Members in accordance with their respective entitlements to such dividends,

Second, one-hundred percent (100%) to the Preferred Members pro rata based on, and up to the amount of, their respective Unreturned Contributions; and

Thereafter, one-hundred percent (100%) to the Common Members, which amounts shall be distributed among the Common Members pro rata based on their respective Unreturned Contributions or, if the Unreturned Contributions of the Common Members equal zero, pro rata based on the respective Commitments of such Common Members in their capacities as Preferred Members with respect to Preferred Membership Interests.

Preferred Member Dividends: Each Preferred Membership Interest is entitled to quarterly dividends at a rate equal to LIBOR plus 6.50% per annum (subject to a LIBOR floor of 1.5% per annum) of the Unreturned Contributions associated with their Preferred Membership Interest. Dividends are cumulative and paid when declared by the Management Committee.

Unreturned Contributions: With respect to any Member in respect of each class such Member holds, an amount equal to the excess, if any, of (a) the aggregate contributions of such Member over (b) the aggregate amount distributed to such Member from Proceeds (other than amounts paid in respect of dividends to such Member).

15

TCW Direct Lending Strategic Ventures LLC

(A Delaware Limited Liability Company)

June 30, 2023

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

5.FUND EXPENSES

The Fund is responsible for all costs and expenses which include organizational expenses, operating expenses; investigative, travel, legal and other transactional expenses incurred with respect to the acquisition, formation, holding and disposition of the Fund’s Portfolio Investments or incurred in connection with Portfolio Investments or transactions not consummated; costs and expenses relating to the liquidation of the Fund; taxes, or extraordinary expenses (such as litigation expenses and indemnification payments to either the Management Committee or the Administrative Agent); valuation-related costs and expenses; and all other costs and expenses of the Fund’s operations, administration and transactions.

Organizational Expenses: Organization expenses will be paid from capital contributions called from the holders of Common Membership Interests. As of June 30, 2023 and December 31, 2022, organization expenses paid inception-to-date total $704,290.

Portfolio Investment Expenses: Expenses related to Portfolio Investments will be paid from capital contributions called from Preferred Membership Interests.

Fund Expenses: Other Fund expenses including those related to unconsummated investments will be paid first from Interest Amounts as provided for in the above Distribution footnote. To the extent that such Interest Amounts are insufficient or unavailable to pay expenses when due, such expenses will be paid from capital contributions called from the holders of Common Membership Interests provided that the aggregate amount called for Fund expenses (including organizational expenses) does not exceed $2 million. To the extent that the foregoing sources of payment are insufficient or unavailable to pay when due, such expenses will be paid from capital contributions called from the Preferred Members.

6.ADVISER FEE INCOME

Any (i) transaction, advisory, consulting, management, monitoring, directors’ or similar fees, (ii) closing, investment banking, finders’, transaction or similar fees, (iii) commitment, breakup or topping fees or litigation proceeds and (iv) other fee or payment of services performed or to be performed with respect to an investment or proposed investment received from or with respect to Portfolio Companies or prospective Portfolio Companies in connection with the Fund’s activities will be allocated pro rata among the Fund and any other funds or accounts advised by the Adviser participating in such investment and the Fund’s share will be the property of the Fund. Notwithstanding the foregoing, for administrative or other reasons, certain fees described in clauses (i) through (iv) above (including any fees for administrative agent services provided by the Adviser or an affiliate with respect to a particular loan or portfolio of loans made by the Fund) may be paid to the Adviser or the affiliate (rather than directly to the Fund), in which case the amount of such fees (net of any related expenses associated with the generation of such fees borne by the Adviser or such affiliate that have not been and will not be reimbursed by the Portfolio Company) shall be paid to the Fund.

Since inception of the Fund through June 30, 2023 and December 31, 2022, the Adviser was paid directly $1,755,411 and $1,741,881, respectively, of which $13,530 and $25,366 were paid during the period ended June 30, 2023 and the year ended December 31, 2022, respectively. Since inception of the Fund through June 30, 2023 and December 31, 2022, the Fund has recognized $1,755,411 and $1,741,881, respectively, of these fees.

16

TCW Direct Lending Strategic Ventures LLC

(A Delaware Limited Liability Company)

June 30, 2023

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

7.COMMITMENTS AND CONTINGENCIES

The Fund had the following unfunded commitments and unrealized depreciation by investment as of June 30, 2023 and December 31, 2022:

		June 30, 2023				December 31, 2022
Unfunded Commitments	Maturity/ Expiration	Amount		Unrealized Depreciation		Amount		Unrealized Depreciation
Retail & Animal Intermediate, LLC	November 2025	$	3,787,500	$	—	$	3,787,500	$	—
Total		$	3,787,500	$	—	$	3,787,500	$	—

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

8.FINANCIAL HIGHLIGHTS

The following summarizes the Fund’s financial highlights for the period ended June 30, 2023 and 2022:

	Six Months Ended June 30, 2023			Six Months Ended June 30, 2022
	Members			Members
As a percentage of average members’ capital
Net investment income ratio (annualized) 1		12.70	%		6.22	%
Expense ratios (annualized) 1
Operating expenses		0.41	%		0.34	%
Total expense ratio		0.41	%		0.34	%

1 The net investment income and expense ratio are calculated for the Members taken as a whole.

The Internal Rates of Return (IRR) since inception of the Members, after financing costs and other operating expenses are 12.3% and 12.6% through June 30, 2023 and 2022, respectively.

The IRR is computed based on cash flow due dates contained in notices to Members (contributions from and distributions to the Members) and the net assets (residual value) of the Members’ capital account at period end and is calculated for the Members taken as a whole.

The IRR is calculated based on the fair value of investments using principles and methods in accordance with GAAP and does not necessarily represent the amounts that may be realized from sales or other dispositions. Accordingly, the return may vary significantly upon realization.

17

TCW Direct Lending Strategic Ventures LLC

(A Delaware Limited Liability Company)

ADMINISTRATION

ADMINISTRATOR

TCW Asset Management Company

1251 Avenue of the Americas, Suite 4700

New York, NY 10020

(212) 771-4000

PORTFOLIO MANAGER

Richard T. Miller

Group Managing Director

INDEPENDENT AUDITORS

Deloitte & Touche LLP

555 West 5th Street

Los Angeles, CA 90013

CUSTODIAN

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

SUB-ADMINISTRATOR

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

18

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Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 10, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Registrant Name	TCW DIRECT LENDING LLC
Entity Central Index Key	0001603480
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		18,034,649
Entity File Number	814-01069
Entity Tax Identification Number	46-5327366
Entity Address, Address Line One	200 Clarendon Street
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02116
City Area Code	617
Local Phone Number	936-2275
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

XML

Consolidated Schedule of Investments - USD ($)		6 Months Ended		12 Months Ended
		Jun. 30, 2023		Dec. 31, 2022
Investment, Identifier [Axis]: Cash Equivalents First American Government Obligation Fund, Yield 4.06% Net Assets 1.1%
% of Net Assets				1.10%
Shares				4,223,290
Amortized Cost				$ 4,223,290
Fair Value				$ 4,223,290
Investment, Identifier [Axis]: Cash Equivalents First American Government Obligation Fund, Yield 5.10% Net Assets 1.7%
% of Net Assets		1.70%
Shares		6,572,878
Amortized Cost		$ 6,572,878
Fair Value		$ 6,572,878
Investment, Identifier [Axis]: Cash Equivalents Net Assets 1.1%
% of Net Assets				1.10%
Amortized Cost				$ 4,223,290
Fair Value				$ 4,223,290
Investment, Identifier [Axis]: Cash Equivalents Net Assets 1.7%
% of Net Assets		1.70%
Amortized Cost		$ 6,572,878
Fair Value		$ 6,572,878
Investment, Identifier [Axis]: Debt Investments and Equity Investments- United States Net Assets 120.6%
% of Net Assets	[1]	120.70%
Amortized Cost	[1]	$ 513,217,439
Fair Value	[1]	$ 473,490,351
Investment, Identifier [Axis]: Debt Investments and Equity Investments- United States Net Assets 131.2%
% of Net Assets	[2]			131.20%
Amortized Cost	[2]			$ 547,873,141
Fair Value	[2]			$ 515,454,057
Investment, Identifier [Axis]: Debt Investments- United States Distributors Animal Supply Company, LLC Date 08/14/20 Term Loan - 13.16% inc PIK (SOFR + 8.50%, 1.00% Floor, all PIK) Net Assets 5.8% Maturity 08/14/25
Acquisition Date	[3],[4]			Aug. 14, 2020
Investment interest rate	[3],[4]			13.16%
Investment interest, basis spread variable rate	[3],[4]			8.50%
Investment interest, floor	[3],[4]			1.00%
% of Net Assets	[3],[4]			5.80%
Par Amount	[3],[4]			$ 24,672,459
Maturity Date	[3],[4]			Aug. 14, 2025
Amortized Cost	[3],[4]			$ 24,672,459
Fair Value	[3],[4]			$ 22,624,644
Investment, Identifier [Axis]: Debt Investments- United States Distributors Animal Supply Company, LLC Date 08/14/20 Term Loan – 14.03% inc PIK (SOFR + 8.50%, 1.00% Floor, all PIK) Net Assets 5.0% Maturity 08/14/25
Acquisition Date	[5],[6]	Aug. 14, 2020
Investment interest rate	[5],[6]	14.03%
Investment interest, basis spread variable rate	[5],[6]	8.50%
Investment interest, floor	[5],[6]	1.00%
% of Net Assets	[5],[6]	5.00%
Par Amount	[5],[6]	$ 26,411,738
Maturity Date	[5],[6]	Aug. 14, 2025
Amortized Cost	[5],[6]	$ 26,411,738
Fair Value	[5],[6]	$ 19,729,568
Investment, Identifier [Axis]: Debt Investments- United States Distributors Net Assets 5.0%
% of Net Assets	[6]	5.00%
Amortized Cost	[6]	$ 49,562,939
Fair Value	[6]	$ 19,729,568
Investment, Identifier [Axis]: Debt Investments- United States Distributors Net Assets 5.8%
% of Net Assets	[4]			5.80%
Amortized Cost	[4]			$ 47,823,660
Fair Value	[4]			$ 22,624,644
Investment, Identifier [Axis]: Debt Investments- United States Distributors Retail & Animal Intermediate, LLC Date 08/14/20 Subordinated Loan - 7.00% inc PIK (7.00%, Fixed Coupon, all PIK) Net Assets 0.0% Maturity 11/14/25
Acquisition Date		Aug. 14, 2020	[5],[6],[7]	Aug. 14, 2020	[3],[4],[8]
Investment interest rate		7.00%	[5],[6],[7]	7.00%	[3],[4],[8]
% of Net Assets		0.00%	[5],[6],[7]	0.00%	[3],[4],[8]
Par Amount		$ 29,885,129	[5],[6],[7]	$ 28,849,033	[3],[4],[8]
Maturity Date		Nov. 14, 2025	[5],[6],[7]	Nov. 14, 2025	[3],[4],[8]
Amortized Cost		$ 23,151,201	[5],[6],[7]	$ 23,151,201	[3],[4],[8]
Fair Value		$ 0	[5],[6],[7]	$ 0	[3],[4],[8]
Investment, Identifier [Axis]: Debt Investments- United States Diversified Consumer Services Net Assets 2.3%
% of Net Assets	[6]	2.30%
Amortized Cost	[6]	$ 9,152,572
Fair Value	[6]	$ 9,179,420
Investment, Identifier [Axis]: Debt Investments- United States Diversified Consumer Services Net Assets 9.0%
% of Net Assets	[4]			9.00%
Amortized Cost	[4]			$ 35,256,338
Fair Value	[4]			$ 35,383,037
Investment, Identifier [Axis]: Debt Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc. Date 09/15/20 Term Loan – 13.21% (SOFR + 8.00%, 1.25% Floor) Net Assets 2.3% Maturity 12/29/26
Acquisition Date	[6],[9]	Sep. 15, 2020
Investment interest rate	[6],[9]	13.21%
Investment interest, basis spread variable rate	[6],[9]	8.00%
Investment interest, floor	[6],[9]	1.25%
% of Net Assets	[6],[9]	2.30%
Par Amount	[6],[9]	$ 9,179,420
Maturity Date	[6],[9]	Dec. 29, 2026
Amortized Cost	[6],[9]	$ 9,152,572
Fair Value	[6],[9]	$ 9,179,420
Investment, Identifier [Axis]: Debt Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc.) Date 09/15/20 Term Loan - 12.43% (SOFR + 8.00%, 1.25% Floor) Net Assets 9.0% Maturity 12/29/26
Acquisition Date	[4],[10]			Sep. 15, 2020
Investment interest rate	[4],[10]			12.43%
Investment interest, basis spread variable rate	[4],[10]			8.00%
Investment interest, floor	[4],[10]			1.25%
% of Net Assets	[4],[10]			9.00%
Par Amount	[4],[10]			$ 35,383,037
Maturity Date	[4],[10]			Dec. 29, 2026
Amortized Cost	[4],[10]			$ 35,256,338
Fair Value	[4],[10]			$ 35,383,037
Investment, Identifier [Axis]: Debt Investments- United States Diversified Financial Services Guardia LLC Date 07/02/18 Revolver - 11.38% inc PIK (LIBOR + 7.25%, 1.50% Floor, all PIK) Net Assets 0.7% Maturity 07/02/23
Acquisition Date	[3],[4],[8]			Jul. 02, 2018
Investment interest rate	[3],[4],[8]			11.38%
Investment interest, basis spread variable rate	[3],[4],[8]			7.25%
Investment interest, floor	[3],[4],[8]			1.50%
% of Net Assets	[3],[4],[8]			0.70%
Par Amount	[3],[4],[8]			$ 11,679,652
Maturity Date	[3],[4],[8]			Jul. 02, 2023
Amortized Cost	[3],[4],[8]			$ 1,927,484
Fair Value	[3],[4],[8]			$ 2,604,562
Investment, Identifier [Axis]: Debt Investments- United States Diversified Financial Services Net Assets 0.7%
% of Net Assets	[4]			0.70%
Amortized Cost	[4]			$ 1,927,484
Fair Value	[4]			$ 2,604,562
Investment, Identifier [Axis]: Debt Investments- United States Hotels, Restaurants & Leisure Net Assets 1.7%
% of Net Assets	[4]			1.70%
Amortized Cost	[4]			$ 6,715,899
Fair Value	[4]			$ 6,715,899
Investment, Identifier [Axis]: Debt Investments- United States Hotels, Restaurants & Leisure Net Assets 2.5%
% of Net Assets	[6]	2.50%
Amortized Cost	[6]	$ 8,441,765
Fair Value	[6]	$ 9,797,078
Investment, Identifier [Axis]: Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/01/23 Incremental Term Loan – 21.26% inc PIK (SOFR + 16.00%, 1.25% Floor, all PIK) Net Assets 0.7% Maturity 02/24/25
Acquisition Date	[6],[9]	Feb. 01, 2023
Investment interest rate	[6],[9]	21.26%
Investment interest, basis spread variable rate	[6],[9]	16.00%
Investment interest, floor	[6],[9]	1.25%
% of Net Assets	[6],[9]	0.70%
Par Amount	[6],[9]	$ 1,573,019
Maturity Date	[6],[9]	Feb. 24, 2025
Amortized Cost	[6],[9]	$ 1,573,019
Fair Value	[6],[9]	$ 2,928,332
Investment, Identifier [Axis]: Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/24/21 Term Loan - 16.06% inc PIK (LIBOR + 12.00%, 1.25% Floor, 6.00% PIK) Net Assets 1.7% Maturity 02/24/25
Acquisition Date	[4],[10]			Feb. 24, 2021
Investment interest rate	[4],[10]			16.06%
Investment interest, basis spread variable rate	[4],[10]			12.00%
Investment interest, floor	[4],[10]			1.25%
Investment interest, PIK	[4],[10]			6.00%
% of Net Assets	[4],[10]			1.70%
Par Amount	[4],[10]			$ 6,715,899
Maturity Date	[4],[10]			Feb. 24, 2025
Amortized Cost	[4],[10]			$ 6,715,899
Fair Value	[4],[10]			$ 6,715,899
Investment, Identifier [Axis]: Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/24/21 Term Loan – 17.26% inc PIK (SOFR + 12.00%, 1.25% Floor, 6.00% PIK) Net Assets 1.8% Maturity 02/24/25
Acquisition Date	[6],[9]	Feb. 24, 2021
Investment interest rate	[6],[9]	17.26%
Investment interest, basis spread variable rate	[6],[9]	12.00%
Investment interest, floor	[6],[9]	1.25%
Investment interest, PIK	[6],[9]	6.00%
% of Net Assets	[6],[9]	1.80%
Par Amount	[6],[9]	$ 6,868,746
Maturity Date	[6],[9]	Feb. 24, 2025
Amortized Cost	[6],[9]	$ 6,868,746
Fair Value	[6],[9]	$ 6,868,746
Investment, Identifier [Axis]: Debt Investments- United States Household Durables Cedar Electronics Holdings, Corp. Date 01/30/19 Incremental Term Loan - 15.00% inc PIK (15.00%, Fixed Coupon, all PIK) Net Assets 1.1% Maturity 12/18/23
Acquisition Date	[4],[10]			Jan. 30, 2019
Investment interest rate	[4],[10]			15.00%
% of Net Assets	[4],[10]			1.10%
Par Amount	[4],[10]			$ 4,316,274
Maturity Date	[4],[10]			Dec. 18, 2023
Amortized Cost	[4],[10]			$ 4,316,274
Fair Value	[4],[10]			$ 4,316,274
Investment, Identifier [Axis]: Debt Investments- United States Household Durables Cedar Electronics Holdings, Corp. Date 01/30/19 Incremental Term Loan - 15.00% inc PIK (15.00%, Fixed Coupon, all PIK) Net Assets 1.2% Maturity 12/31/26
Acquisition Date	[6],[9]	Jan. 30, 2019
Investment interest rate	[6],[9]	15.00%
% of Net Assets	[6],[9]	1.20%
Par Amount	[6],[9]	$ 4,654,099
Maturity Date	[6],[9]	Dec. 31, 2026
Amortized Cost	[6],[9]	$ 4,654,099
Fair Value	[6],[9]	$ 4,654,099
Investment, Identifier [Axis]: Debt Investments- United States Household Durables Cedar Electronics Holdings, Corp. Date 05/19/15 Term Loan - 12.07% (LIBOR + 8.00%, 1.50% Floor) Net Assets 3.8% Maturity 12/18/23
Acquisition Date	[4],[10]			May 19, 2015
Investment interest rate	[4],[10]			12.07%
Investment interest, basis spread variable rate	[4],[10]			8.00%
Investment interest, floor	[4],[10]			1.50%
% of Net Assets	[4],[10]			3.80%
Par Amount	[4],[10]			$ 15,126,452
Maturity Date	[4],[10]			Dec. 18, 2023
Amortized Cost	[4],[10]			$ 15,125,760
Fair Value	[4],[10]			$ 15,126,452
Investment, Identifier [Axis]: Debt Investments- United States Household Durables Cedar Electronics Holdings, Corp. Date 05/19/15 Term Loan – 13.18% (SOFR + 8.00%, 1.50% Floor) Net Assets 3.6% Maturity 12/31/26
Acquisition Date	[6],[9]	May 19, 2015
Investment interest rate	[6],[9]	13.18%
Investment interest, basis spread variable rate	[6],[9]	8.00%
Investment interest, floor	[6],[9]	1.50%
% of Net Assets	[6],[9]	3.60%
Par Amount	[6],[9]	$ 14,018,452
Maturity Date	[6],[9]	Dec. 31, 2026
Amortized Cost	[6],[9]	$ 14,018,142
Fair Value	[6],[9]	$ 14,018,452
Investment, Identifier [Axis]: Debt Investments- United States Household Durables Cedar Electronics Holdings, Corp. Net Assets 4.8%
% of Net Assets	[6]	4.80%
Amortized Cost	[6]	$ 18,672,241
Fair Value	[6]	$ 18,672,551
Investment, Identifier [Axis]: Debt Investments- United States Household Durables Cedar Electronics Holdings, Corp. Net Assets 4.9%
% of Net Assets	[4]			4.90%
Amortized Cost	[4]			$ 19,442,034
Fair Value	[4]			$ 19,442,726
Investment, Identifier [Axis]: Debt Investments- United States Industrial Conglomerates H-D Advanced Manufacturing Company Date 06/30/15 Term Loan - 12.92% inc PIK (SOFR + 8.50%, 1.50% Floor, all PIK) Net Assets 31.0% Maturity 11/12/25
Acquisition Date	[4]			Jun. 30, 2015
Investment interest rate	[4]			12.92%
Investment interest, basis spread variable rate	[4]			8.50%
Investment interest, floor	[4]			1.50%
% of Net Assets	[4]			31.00%
Par Amount	[4]			$ 130,270,359
Maturity Date	[4]			Nov. 12, 2025
Amortized Cost	[4]			$ 130,170,471
Fair Value	[4]			$ 121,802,785
Investment, Identifier [Axis]: Debt Investments- United States Industrial Conglomerates H-D Advanced Manufacturing Company Date 06/30/15 Term Loan – 13.70% inc PIK (SOFR + 8.50%, 1.50% Floor, all PIK) Net Assets 33.2% Maturity 11/12/25
Acquisition Date	[6]	Jun. 30, 2015
Investment interest rate	[6]	13.70%
Investment interest, basis spread variable rate	[6]	8.50%
Investment interest, floor	[6]	1.50%
% of Net Assets	[6]	33.20%
Par Amount	[6]	$ 130,270,359
Maturity Date	[6]	Nov. 12, 2025
Amortized Cost	[6]	$ 130,187,755
Fair Value	[6]	$ 130,270,359
Investment, Identifier [Axis]: Debt Investments- United States Industrial Conglomerates H-D Advanced Manufacturing Company Net Assets 33.2%
% of Net Assets	[6]	33.20%
Amortized Cost	[6]	$ 130,187,755
Fair Value	[6]	$ 130,270,359
Investment, Identifier [Axis]: Debt Investments- United States Industrial Conglomerates Net Assets 31.0%
% of Net Assets	[4]			31.00%
Amortized Cost	[4]			$ 130,170,471
Fair Value	[4]			$ 121,802,785
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Net Assets 23.7%
% of Net Assets	[6]	23.70%
Amortized Cost	[6]	$ 153,040,573
Fair Value	[6]	$ 93,093,019
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 06/01/20 HoldCo Term Loan - 6.74% inc PIK (LIBOR + 2.00%, 1.50% Floor, all PIK) Net Assets 8.0% Maturity 06/01/40
Acquisition Date	[4],[8],[10]			Jun. 01, 2020
Investment interest rate	[4],[8],[10]			6.74%
Investment interest, basis spread variable rate	[4],[8],[10]			2.00%
Investment interest, floor	[4],[8],[10]			1.50%
% of Net Assets	[4],[8],[10]			8.00%
Par Amount	[4],[8],[10]			$ 89,108,152
Maturity Date	[4],[8],[10]			Jun. 01, 2040
Amortized Cost	[4],[8],[10]			$ 78,137,869
Fair Value	[4],[8],[10]			$ 31,455,178
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 06/01/20 HoldCo Term Loan – 7.40% inc PIK (SOFR + 2.00%, 1.50% Floor, all PIK) Net Assets 4.6% Maturity 06/01/40
Acquisition Date	[6],[7],[9]	Jun. 01, 2020
Investment interest rate	[6],[7],[9]	7.40%
Investment interest, basis spread variable rate	[6],[7],[9]	2.00%
Investment interest, floor	[6],[7],[9]	1.50%
% of Net Assets	[6],[7],[9]	4.60%
Par Amount	[6],[7],[9]	$ 92,251,331
Maturity Date	[6],[7],[9]	Jun. 01, 2040
Amortized Cost	[6],[7],[9]	$ 78,137,869
Fair Value	[6],[7],[9]	$ 18,173,512
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 06/01/20 Term Loan - 12.85% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK) Net Assets 14.6% Maturity 06/01/25
Acquisition Date	[4],[10]			Jun. 01, 2020
Investment interest rate	[4],[10]			12.85%
Investment interest, basis spread variable rate	[4],[10]			8.25%
Investment interest, floor	[4],[10]			1.50%
% of Net Assets	[4],[10]			14.60%
Par Amount	[4],[10]			$ 57,579,326
Maturity Date	[4],[10]			Jun. 01, 2025
Amortized Cost	[4],[10]			$ 57,558,184
Fair Value	[4],[10]			$ 57,579,326
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 06/01/20 Term Loan – 13.65% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK) Net Assets 15.7% Maturity 06/01/25
Acquisition Date	[6],[9]	Jun. 01, 2020
Investment interest rate	[6],[9]	13.65%
Investment interest, basis spread variable rate	[6],[9]	8.25%
Investment interest, floor	[6],[9]	1.50%
% of Net Assets	[6],[9]	15.70%
Par Amount	[6],[9]	$ 61,454,812
Maturity Date	[6],[9]	Jun. 01, 2025
Amortized Cost	[6],[9]	$ 61,438,009
Fair Value	[6],[9]	$ 61,454,812
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 10/07/22 Revolver - 12.96% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK) Net Assets 2.2% Maturity 06/01/25
Acquisition Date	[4],[10]			Oct. 07, 2022
Investment interest rate	[4],[10]			12.96%
Investment interest, basis spread variable rate	[4],[10]			8.25%
Investment interest, floor	[4],[10]			1.50%
% of Net Assets	[4],[10]			2.20%
Par Amount	[4],[10]			$ 8,616,757
Maturity Date	[4],[10]			Jun. 01, 2025
Amortized Cost	[4],[10]			$ 8,616,757
Fair Value	[4],[10]			$ 8,616,757
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 10/07/22 Revolver - 13.64% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK) Net Assets 3.4% Maturity 06/01/25
Acquisition Date	[6],[9]	Oct. 07, 2022
Investment interest rate	[6],[9]	13.64%
Investment interest, basis spread variable rate	[6],[9]	8.25%
Investment interest, floor	[6],[9]	1.50%
% of Net Assets	[6],[9]	3.40%
Par Amount	[6],[9]	$ 13,464,695
Maturity Date	[6],[9]	Jun. 01, 2025
Amortized Cost	[6],[9]	$ 13,464,695
Fair Value	[6],[9]	$ 13,464,695
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Pace Industries, Inc. Net Assets 24.8%
% of Net Assets	[4]			24.80%
Amortized Cost	[4]			$ 144,312,810
Fair Value	[4]			$ 97,651,261
Investment, Identifier [Axis]: Debt Investments- United States Net Assets 82.4%
% of Net Assets	[6]	82.40%
Amortized Cost	[6]	$ 413,177,631
Fair Value	[6]	$ 323,607,968
Investment, Identifier [Axis]: Debt Investments- United States Net Assets 89.0%
% of Net Assets	[4]			89.00%
Amortized Cost	[4]			$ 429,717,618
Fair Value	[4]			$ 349,861,119
Investment, Identifier [Axis]: Debt Investments- United States Pharmaceuticals Net Assets 10.9%
% of Net Assets	[6]	10.90%
Amortized Cost	[6]	$ 44,119,786
Fair Value	[6]	$ 42,865,973
Investment, Identifier [Axis]: Debt Investments- United States Pharmaceuticals Net Assets 11.1%
% of Net Assets	[4]			11.10%
Amortized Cost	[4]			$ 44,068,922
Fair Value	[4]			$ 43,636,205
Investment, Identifier [Axis]: Debt Investments- United States Pharmaceuticals Noramco, LLC Date 07/01/16 Term Loan - 12.13% inc PIK (LIBOR + 8.38%, 1.00% Floor, 0.38% PIK) Net Assets 11.1% Maturity 12/31/23
Acquisition Date	[4]			Jul. 01, 2016
Investment interest rate	[4]			12.13%
Investment interest, basis spread variable rate	[4]			8.38%
Investment interest, floor	[4]			1.00%
Investment interest, PIK	[4]			0.38%
% of Net Assets	[4]			11.10%
Par Amount	[4]			$ 44,121,541
Maturity Date	[4]			Dec. 31, 2023
Amortized Cost	[4]			$ 44,068,922
Fair Value	[4]			$ 43,636,205
Investment, Identifier [Axis]: Debt Investments- United States Pharmaceuticals Noramco, LLC Date 07/01/16 Term Loan – 13.42% inc PIK (SOFR + 8.38%, 1.00% Floor, 0.38% PIK) Net Assets 10.9% Maturity 01/31/25
Acquisition Date	[6]	Jul. 01, 2016
Investment interest rate	[6]	13.42%
Investment interest, basis spread variable rate	[6]	8.38%
Investment interest, floor	[6]	1.00%
Investment interest, PIK	[6]	0.38%
% of Net Assets	[6]	10.90%
Par Amount	[6]	$ 44,146,213
Maturity Date	[6]	Jan. 31, 2025
Amortized Cost	[6]	$ 44,119,786
Fair Value	[6]	$ 42,865,973
Investment, Identifier [Axis]: Equity Investments- United States Distributors Net Assets 0.0%
% of Net Assets		0.00%		0.00%
Amortized Cost		$ 1,572,727		$ 1,572,727
Fair Value		$ 0		$ 0
Investment, Identifier [Axis]: Equity Investments- United States Distributors Retail & Animal Supply Holdings, LLC Class A Common Net Assets 0.0%
% of Net Assets		0.00%	[5],[7],[11],[12]	0.00%	[3],[8],[13],[14]
Shares		224,156	[5],[7],[11],[12]	224,156	[3],[8],[13],[14]
Amortized Cost		$ 1,572,727	[5],[7],[11],[12]	$ 1,572,727	[3],[8],[13],[14]
Fair Value		$ 0	[5],[7],[11],[12]	$ 0	[3],[8],[13],[14]
Investment, Identifier [Axis]: Equity Investments- United States Diversified Consumer Services Net Assets 10.6%
% of Net Assets		10.60%
Amortized Cost		$ 8,473,161
Fair Value		$ 41,524,851
Investment, Identifier [Axis]: Equity Investments- United States Diversified Consumer Services Net Assets 11.5%
% of Net Assets				11.50%
Amortized Cost				$ 8,588,876
Fair Value				$ 45,009,949
Investment, Identifier [Axis]: Equity Investments- United States Diversified Consumer Services PNI Litigation Trust (Guardia LLC) Preferred Equity Net Assets 0.0%
% of Net Assets	[3],[8]			0.00%
Shares	[3],[8]			115,715
Amortized Cost	[3],[8]			$ 115,715
Fair Value	[3],[8]			$ 0
Investment, Identifier [Axis]: Equity Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc.) Class A Preferred Stock Net Assets 3.3%
% of Net Assets	[8],[10],[13],[15]			3.30%
Shares	[8],[10],[13],[15]			806,264
Amortized Cost	[8],[10],[13],[15]			$ 8,062,637
Fair Value	[8],[10],[13],[15]			$ 13,061,335
Investment, Identifier [Axis]: Equity Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc.) Class B Preferred Stock Net Assets 1.2%
% of Net Assets	[8],[10],[13],[15]			1.20%
Shares	[8],[10],[13],[15]			359,474
Amortized Cost	[8],[10],[13],[15]			$ 356,635
Fair Value	[8],[10],[13],[15]			$ 4,529,373
Investment, Identifier [Axis]: Equity Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc.) Common Stock Net Assets 7.0%
% of Net Assets	[8],[10],[13],[15]			7.00%
Shares	[8],[10],[13],[15]			80,700
Amortized Cost	[8],[10],[13],[15]			$ 53,889
Fair Value	[8],[10],[13],[15]			$ 27,419,241
Investment, Identifier [Axis]: Equity Investments- United States Diversified Consumer Services SSI Parent, LLC (fks School Specialty, Inc.) Class A Preferred Stock Net Assets 3.3%
% of Net Assets	[7],[9],[11],[16]	3.30%
Shares	[7],[9],[11],[16]	806,264
Amortized Cost	[7],[9],[11],[16]	$ 8,062,637
Fair Value	[7],[9],[11],[16]	$ 13,061,472
Investment, Identifier [Axis]: Equity Investments- United States Diversified Consumer Services SSI Parent, LLC (fks School Specialty, Inc.) Class B Preferred Stock Net Assets 1.2%
% of Net Assets	[7],[9],[11],[16]	1.20%
Shares	[7],[9],[11],[16]	359,474
Amortized Cost	[7],[9],[11],[16]	$ 356,635
Fair Value	[7],[9],[11],[16]	$ 4,529,373
Investment, Identifier [Axis]: Equity Investments- United States Diversified Consumer Services SSI Parent, LLC (fks School Specialty, Inc.) Common Stock Net Assets 6.1%
% of Net Assets	[7],[9],[11],[16]	6.10%
Shares	[7],[9],[11],[16]	80,700
Amortized Cost	[7],[9],[11],[16]	$ 53,889
Fair Value	[7],[9],[11],[16]	$ 23,934,006
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Household Durables RT Cedar Ultimate Parent, LLC Net Assets 4.2%
% of Net Assets		4.20%
Amortized Cost		$ 9,187,902
Fair Value		$ 16,554,513
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Class A Units Net Assets 4.7%
% of Net Assets	[7],[9],[11]	4.70%
Shares	[7],[9],[11]	5,475,885
Amortized Cost	[7],[9],[11]	$ 5,133,708
Fair Value	[7],[9],[11]	$ 18,554,489
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Class A Units Net Assets 4.9%
% of Net Assets	[8],[10],[13]			4.90%
Shares	[8],[10],[13]			5,475,885
Amortized Cost	[8],[10],[13]			$ 5,133,708
Fair Value	[8],[10],[13]			$ 19,103,720
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Class P-1 Units Net Assets 0.1%
% of Net Assets	[8],[10],[13]			0.10%
Shares	[8],[10],[13]			105,624
Amortized Cost	[8],[10],[13]			$ 133,086
Fair Value	[8],[10],[13]			$ 368,005
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Class P-2 Units Net Assets 0.0%
% of Net Assets	[8],[10],[13]			0.00%
Shares	[8],[10],[13]			53,104
Amortized Cost	[8],[10],[13]			$ 66,914
Fair Value	[8],[10],[13]			$ 106,999
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Equity Units Net Assets 0.0%
% of Net Assets	[7],[9],[11]	0.00%
Shares	[7],[9],[11]	53,104
Amortized Cost	[7],[9],[11]	$ 66,914
Fair Value	[7],[9],[11]	$ 100,998
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Equity Units Net Assets 0.1%
% of Net Assets	[7],[9],[11]	0.10%
Shares	[7],[9],[11]	105,624
Amortized Cost	[7],[9],[11]	$ 133,086
Fair Value	[7],[9],[11]	$ 358,002
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Net Assets 5.6%
% of Net Assets		5.60%
Amortized Cost		$ 5,333,708
Fair Value		$ 22,106,176
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Net Assets 5.8%
% of Net Assets				5.80%
Amortized Cost				$ 5,333,708
Fair Value				$ 22,762,949
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Warrant, expires 12/21/27 Net Assets 0.8%
% of Net Assets		0.80%	[7],[9],[11]	0.80%	[8],[10],[13]
Shares		912,647	[7],[9],[11]	912,647	[8],[10],[13]
Amortized Cost		$ 0	[7],[9],[11]	$ 0	[8],[10],[13]
Fair Value		$ 3,092,687	[7],[9],[11]	$ 3,184,225	[8],[10],[13]
Maturity Date		Dec. 21, 2027	[7],[9],[11]	Dec. 21, 2027	[8],[10],[13]
Investment, Identifier [Axis]: Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class A Preferred Units Net Assets 3.0%
% of Net Assets	[8],[10],[13]			3.00%
Shares	[8],[10],[13]			9,297,990
Amortized Cost	[8],[10],[13]			$ 9,187,902
Fair Value	[8],[10],[13]			$ 11,753,031
Investment, Identifier [Axis]: Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class A Preferred Units Net Assets 4.2%
% of Net Assets	[7],[9],[11]	4.20%
Shares	[7],[9],[11]	9,297,990
Amortized Cost	[7],[9],[11]	$ 9,187,902
Fair Value	[7],[9],[11]	$ 16,554,513
Investment, Identifier [Axis]: Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class D Preferred Units Net Assets 0.0%
% of Net Assets		0.00%	[7],[9],[11]	0.00%	[8],[10],[13]
Shares		2,900,000	[7],[9],[11]	2,900,000	[8],[10],[13]
Amortized Cost		$ 0	[7],[9],[11]	$ 0	[8],[10],[13]
Fair Value		$ 0	[7],[9],[11]	$ 0	[8],[10],[13]
Investment, Identifier [Axis]: Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class E Common Units Net Assets 0.0%
% of Net Assets	[7],[9],[11]	0.00%
Shares	[7],[9],[11]	300,000
Amortized Cost	[7],[9],[11]	$ 0
Fair Value	[7],[9],[11]	$ 0
Investment, Identifier [Axis]: Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class E Common Units Net Assets 3.0%
% of Net Assets	[8],[10],[13]			0.00%
Shares	[8],[10],[13]			300,000
Amortized Cost	[8],[10],[13]			$ 0
Fair Value	[8],[10],[13]			$ 0
Investment, Identifier [Axis]: Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Net Assets 3.0%
% of Net Assets				3.00%
Amortized Cost				$ 9,187,902
Fair Value				$ 11,753,031
Investment, Identifier [Axis]: Equity Investments- United States Investment Funds & Vehicles TCW Direct Lending Strategic Ventures Common membership Interests Net Assets 0.0%
% of Net Assets		0.00%	[7],[9],[17]	0.00%	[8],[10],[18]
Shares		800	[7],[9],[17]	800	[8],[10],[18]
Amortized Cost		$ 0	[7],[9],[17]	$ 0	[8],[10],[18]
Fair Value		$ 0	[7],[9],[17]	$ 0	[8],[10],[18]
Investment, Identifier [Axis]: Equity Investments- United States Investment Funds & Vehicles TCW Direct Lending Strategic Ventures Net Assets 17.3%
% of Net Assets		17.30%
Amortized Cost		$ 66,880,000
Fair Value		$ 67,789,210
Investment, Identifier [Axis]: Equity Investments- United States Investment Funds & Vehicles TCW Direct Lending Strategic Ventures Net Assets 21.4%
% of Net Assets				21.40%
Amortized Cost	[10],[18]			$ 84,880,000
Fair Value	[10],[18]			$ 84,141,713
Investment, Identifier [Axis]: Equity Investments- United States Investment Funds & Vehicles TCW Direct Lending Strategic Ventures Preferred membership Interests Net Assets 17.3%
% of Net Assets	[9],[17]	17.30%
Shares	[9],[17]	66,880
Amortized Cost	[9],[17]	$ 66,880,000
Fair Value	[9],[17]	$ 67,789,210
Investment, Identifier [Axis]: Equity Investments- United States Investment Funds & Vehicles TCW Direct Lending Strategic Ventures Preferred membership Interests Net Assets 21.4%
% of Net Assets	[10],[18]			21.40%
Shares	[10],[18]			84,880
Amortized Cost	[10],[18]			$ 84,880,000
Fair Value	[10],[18]			$ 84,141,713
Investment, Identifier [Axis]: Equity Investments- United States Metals & Mining Net Assets 0.0%
% of Net Assets				0.00%
Amortized Cost				$ 2,110,522
Fair Value				$ 0
Investment, Identifier [Axis]: Equity Investments- United States Metals & Mining Pace Industries, Inc Net Assets 0.0%
% of Net Assets		0.00%
Amortized Cost		$ 2,110,522
Fair Value		$ 0
Investment, Identifier [Axis]: Equity Investments- United States Metals & Mining Pace Industries, Inc. Common Stock Net Assets 0.0%
% of Net Assets		0.00%	[7],[9],[11]	0.00%	[8],[10],[13]
Shares		971,418	[7],[9],[11]	971,418	[8],[10],[13]
Amortized Cost		$ 2,110,522	[7],[9],[11]	$ 2,110,522	[8],[10],[13]
Fair Value		$ 0	[7],[9],[11]	$ 0	[8],[10],[13]
Investment, Identifier [Axis]: Equity Investments- United States Net Assets 38.2%
% of Net Assets		38.20%
Amortized Cost		$ 100,039,808
Fair Value		$ 149,882,383
Investment, Identifier [Axis]: Equity Investments- United States Net Assets 42.2%
% of Net Assets				42.20%
Amortized Cost				$ 118,155,523
Fair Value				$ 165,592,938
Investment, Identifier [Axis]: Equity Investments- United States Technologies Hardware, Storage and Peripherals Net Assets 0.5%
% of Net Assets				0.50%
Amortized Cost				$ 6,481,788
Fair Value				$ 1,925,296
Investment, Identifier [Axis]: Equity Investments- United States Technologies Hardware, Storage and Peripherals Quantum Corporation Common Stock Net Assets 0.5%
% of Net Assets		0.50%	[7]	0.50%	[8]
Shares		1,766,327	[7]	1,766,327	[8]
Amortized Cost		$ 6,481,788	[7]	$ 6,481,788	[8]
Fair Value		$ 1,907,633	[7]	1,925,296	[8]
Investment, Identifier [Axis]: Equity Investments- United States Technologies Hardware, Storage and Peripherals Quantum Corporation Net Assets 0.5%
% of Net Assets		0.50%
Amortized Cost		$ 6,481,788
Fair Value		1,907,633
Investment, Identifier [Axis]: Liabilities in Excess of Other Assets -141.4%
Liabilities in Excess of Other Assets		(554,374,213)
Investment, Identifier [Axis]: Liabilities in Excess of Other Assets -159.6%
Liabilities in Excess of Other Assets				(627,537,291)
Investment, Identifier [Axis]: Net Assets 100.0%
Net Assets		392,193,245		393,215,056
Investment, Identifier [Axis]: Net unrealized depreciation on unfunded commitments 0.0%
Net unrealized depreciation on unfunded commitments		$ 0		$ 0
Investment, Identifier [Axis]: Short-term Investments Net Assets 118.9
% of Net Assets		118.90%
Amortized Cost		$ 466,504,229
Fair Value		$ 466,504,229
Investment, Identifier [Axis]: Short-term Investments Net Assets 127.4%
% of Net Assets				127.40%
Amortized Cost				$ 501,075,000
Fair Value				$ 501,075,000
Investment, Identifier [Axis]: Short-term Investments U.S. Treasury Bill, Yield 4.53% Net Assets 127.4%
% of Net Assets				127.40%
Shares				510,000,000
Amortized Cost				$ 501,075,000
Fair Value				501,075,000
Investment, Identifier [Axis]: Short-term Investments U.S. Treasury Bill, Yield 5.05% Net Assets 118.9
% of Net Assets		118.90%
Shares		475,000,000
Amortized Cost		$ 466,504,229
Fair Value		466,504,229
Investment, Identifier [Axis]: Total Investments (241.4%)
Amortized Cost		986,294,546
Fair Value		$ 946,567,458
Investment, Identifier [Axis]: Total Investments (259.6%)
Amortized Cost				1,053,171,431
Fair Value				$ 1,020,752,347

[1] The fair value of the Quantum Corporation Common Stock held by the Company is based on the quoted market price of the issuer’s stock as of June 30, 2023. Such common stock is considered to be a Level 1 security within the Fair Value Hierarchy. Otherwise, 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.”

[2] The fair value of the Quantum Corporation Common Stock held by the Company is based on the quoted market price of the issuer’s stock as of December 31, 2022. Such common stock is considered to be a Level 1 security within the Fair Value Hierarchy. Otherwise, the fair value of each debt and equity investment was determined using significant unobservable inputs and such investments are considered to be Level 3 within the Fair Value Hierarchy. See Note 3 “Investment Valuations and Fair Value Measurements.”

[3] 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, 2021 and December 31, 2022 along with transactions during the year ended December 31, 2022 in these affiliated investments are as follows: Name of Investment   Fair Value at December 31, 2021     Gross Addition(a)     Gross Reduction(b)     Realized Gains
(Losses)     Net Change in
Unrealized
Appreciation/
(Depreciation)     Fair Value at December 31, 2022     Interest/Dividend/
Other income   Retail & Animal Supply Holdings, LLC Class A Common   $ —     $ —     $ —     $ —     $ —     $ —     $ —   Animal Supply Company, LLC Term Loan - 9.50%     22,248,202       2,473,422       (49,166 )     —       (2,047,814 )     22,624,644       2,508,518   Guardia LLC (fka Carrier & Technology, LLC) Revolver - 8.75%     2,807,357       —       (514,460 )     —       311,665       2,604,562       —   PNI Litigation Trust (fka Guardia) Preferred Equity     —       115,715       —       —       (115,715 )     —       —   Retail and Animal Intermediate Subordinated Loan - 7.00%     4,247,569       —       —       —       (4,247,569 )     —       1,338   Total Non-Controlled Affiliated Investments   $ 29,303,128     $ 2,589,137     $ (563,626 )   $ —     $ (6,099,433 )   $ 25,229,206     $ 2,509,855     (a) Gross additions include new purchases, PIK income and amortization of original issue and market discounts. (b) Gross reductions include decreases in the cost basis from sales, paydown and the amortization of premium.

[4] Certain debt investments are subject to contractual restrictions on resale, such as approval of the agent or borrower.

[5] 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, 2022 and June 30, 2023 along with transactions during the period ended June 30, 2023 in these affiliated investments are as follows:   Name of Investment   Fair Value at December 31, 2022     Gross Addition (a)     Gross Reduction (b)     Realized Gains
(Losses)     Net Change in
Unrealized
Appreciation/
(Depreciation)     Fair Value at June 30, 2023     Interest/Dividend/
Other income   Retail & Animal Supply Holdings, LLC Class A Common   $ —     $ —     $ —     $ —     $ —     $ —     $ —   Animal Supply Company, LLC Term Loan - 9.50%     22,624,644       1,739,280       —       —       (4,634,356 )     19,729,568       1,743,863   Guardia, LLC Revolver - 8.75%     2,604,562       1,072       —       (1,928,556 )     (677,078 )     —       —   PNI Litigation Trust (Guardia, LLC) Preferred Equity     —       —       —       (115,715 )     115,715       —       —   Retail & Animal Intermediate, LLC Subordinated Loan - 7.00%     —       —       —       —       —       —       —   Total Non-Controlled Affiliated Investments   $ 25,229,206     $ 1,740,352     $ —     $ (2,044,271 )   $ (5,195,719 )   $ 19,729,568     $ 1,743,863  

[6] Certain debt investments are subject to contractual restrictions on resale, such as approval of the agent or borrower.

[7] Non-income producing.

[8] Non-income producing.

[9] As defined in the Investment Company Act of 1940, the investment is deemed to be a “controlled 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, 2022 and June 30, 2023 along with transactions during the period ended June 30, 2023 in these controlled investments are as follows:   Name of Investment   Fair Value at December 31, 2022     Gross Addition (a)     Gross Reduction (b)     Realized Gains
(Losses)     Net Change
in Unrealized
Appreciation/
(Depreciation)     Fair Value at June 30, 2023     Interest/Dividend/
Other income   Cedar Electronics Holdings, Corp Incremental Term Loan - 15.00%   $ 4,316,274     $ 337,825     $ —     $ —     $ —     $ 4,654,099     $ 340,249   Cedar Electronics Holdings, Corp Term Loan - 9.50%     15,126,452       252       (1,107,870 )     —       (382 )     14,018,452       1,063,995   Cedar Ultimate Parent, LLC Class A Preferred Unit     11,753,031       —       —       —       4,801,482       16,554,513       —   Cedar Ultimate Parent, LLC Class D Preferred Unit     —       —       —       —       —       —       —   Cedar Ultimate Parent, LLC Class E Preferred Unit     —       —       —       —       —       —       —   Pace Industries, Inc. Common Stock     —       —       —       —       —       —       —   Pace Industries, Inc. Term Loan - 3.50%     31,455,178       —       —       —       (13,281,666 )     18,173,512       13,887   Pace Industries, Inc. Term Loan - 9.75%     57,579,326       3,879,826       —       —       (4,339 )     61,454,813       3,968,779   Pace Industries, LLC Revolver Opco     8,616,757       4,847,937       —       —       —       13,464,694       814,314   RT Holdings Parent, LLC Class A Unit     19,103,720       —       —       —       (549,231 )     18,554,489       —   RT Holdings Parent, LLC Warrant     3,184,225       —       —       —       (91,539 )     3,092,686       —   Ruby Tuesday Operations, LLC Term Loan     6,715,899       467,729       (314,882 )     —       —       6,868,746       710,195   Ruby Tuesday Operations, LLC Incremental Term Loan     —       1,573,019       —             1,355,313       2,928,332       135,174   Ruby Tuesday Operations, LLC Revolver - 2.78%     —       —       —       —       —       —       50,637   Ruby Tuesday P-1 Units     368,005       —       —       —       (10,003 )     358,002       —   Ruby Tuesday P-2 Units     106,999       —       —       —       (6,001 )     100,998       —   School Specialty, Inc. Common Stock     27,419,241       —       —       —       (3,485,235 )     23,934,006       6,196,400   School Specialty, Inc. Preferred Stock A     13,061,335       —       —       —       137       13,061,472       —   School Specialty, Inc. Preferred Stock B     4,529,373       —       —       —       —       4,529,373       —   School Specialty, Inc. Term Loan - 9.25%     35,383,037       (46,116 )     (26,057,649 )     —       (99,851 )     9,179,421       1,721,406   TCW Direct Lending Strategic Ventures LLC Common Membership Interests     —       —       —       —       —       —       —   TCW Direct Lending Strategic Ventures LLC Preferred Membership Interests     84,141,713       —       (18,000,000 )     —       1,647,497       67,789,210       —   Total Controlled Affiliated Investments   $ 322,860,565     $ 11,060,472     $ (45,480,401 )   $ —     $ (9,723,818 )   $ 278,716,818     $ 15,015,036  

[10] As defined in the Investment Company Act of 1940, the investment is deemed to be a “controlled 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, 2021 and December 31, 2022 along with transactions during the year ended December 31, 2022 in these controlled investments are as follows:   Name of Investment   Fair Value at December 31, 2021     Gross Addition(a)     Gross Reduction(b)     Realized Gains
(Losses)     Net Change
in Unrealized
Appreciation/
(Depreciation)     Fair Value at December 31, 2022     Interest/Dividend/
Other income   Cedar Electronics Holdings, Corp Incremental Term Loan - 15.00%   $ 3,710,871     $ 605,403     $ —     $ —     $ —     $ 4,316,274     $ 613,223   Cedar Electronics Holdings, Corp Term Loan - 9.50%     15,126,452       696       —       —       (696 )     15,126,452       1,806,572   Cedar Ultimate Parent, LLC Class A Preferred Unit     16,255,955       —       —       —       (4,502,924 )     11,753,031       —   Cedar Ultimate Parent, LLC Class D Preferred Unit     2,262,000       —       —       —       (2,262,000 )     —       —   Cedar Ultimate Parent, LLC Class E Preferred Unit     —       —       —       —       —       —       —   Pace Industries, Inc. Common Stock     —       —       —       —       —       —       —   Pace Industries, Inc. Term Loan - 3.50%     73,617,540       —       —       —       (42,162,362 )     31,455,178       55,064   Pace Industries, Inc. Term Loan - 9.75%     53,963,182       3,624,893       —       —       (8,749 )     57,579,326       5,867,755   Pace Industries, LLC Revolver Opco           8,616,757       —       —       —       8,616,757       38,972   RT Holdings Parent, LLC Class A Unit     20,859,289       —       —       —       (1,755,569 )     19,103,720       —   RT Holdings Parent, LLC Warrant     3,476,546       —       —       —       (292,321 )     3,184,225       —   Ruby Tuesday Operations, LLC Term Loan - 13.25%     8,635,037       469,635       (2,388,773 )     —       —       6,715,899       1,623,615   RT Holdings Parent, LLC Equity Units     —       133,087       —       —       234,918       368,005       —   RT Holdings Parent, LLC Equity Units     —       66,914       —       —       40,085       106,999       —   SSI Parent, LLC (fka School Specialty, Inc.) Common Stock     —       —       —       —       27,419,241       27,419,241       —   SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock A     12,093,956       —       —       —       967,379       13,061,335       —   SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock B     690,190       —       —       —       3,839,183       4,529,373       —   SSI Parent, LLC (fka School Specialty, Inc.) Term Loan - 9.25%     35,532,773       46,673       (148,903 )     —       (47,506 )     35,383,037       3,692,955   TCW Direct Lending Strategic Ventures LLC Common Membership Interests     —       —       —       —       —       —       —   TCW Direct Lending Strategic Ventures LLC Preferred Membership Interests     88,334,811       —       (16,640,000 )     —       12,446,902       84,141,713       5,200,000   Total Controlled Affiliated Investments   $ 334,558,602     $ 13,564,058     $ (19,177,676 )   $ —     $ (6,084,419 )   $ 322,860,565     $ 18,898,156  

[11] All or a portion of such security was acquired in a transaction exempt from registration under the Securities Act of 1933, and may be deemed “restricted securities” under the Securities Act. As of June 30, 2023, the aggregate fair value of these securities was $80,185,540, or 8.5% of the Company’s total assets.

[12] Holding of Animal Supply Holdings, LLC Class A units are held through TCW DL ASH LLC, a special purpose vehicle.

[13] All or a portion of such security was acquired in a transaction exempt from registration under the Securities Act of 1933 and may be deemed “restricted securities” under the Securities Act. As of December 31, 2022, the aggregate fair value of these securities was $79,525,929, or 7.8% of the Company’s total assets.

[14] Holding of Animal Supply Holdings, LLC Class A units are held through TCW DL ASH LLC, a special purpose vehicle.

[15] Holdings of School Specialty, Inc. Class A & B preferred stock and common stock are held through TCW DL SSP LLC, a special purpose vehicle.

[16] Holdings of School Specialty, Inc. Class A & B preferred stock and common stock are held through TCW DL SSP LLC, a special purpose vehicle.

[17] 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 June 30, 2023, $67,789,210 or 7.1% of the Company’s total assets were represented by “non-qualifying assets.”

[18] 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, 2022, $84,141,713 or 8.2% of the Company’s total assets were represented by “non-qualifying assets.”

XML

Consolidated Schedule of Investments (Parenthetical) - USD ($)		6 Months Ended		12 Months Ended
		Jun. 30, 2023		Dec. 31, 2022
% of Net Assets		100.00%		100.00%
Percentage of net unrealized depreciation on unfunded commitments		0.00%		0.00%
Percentage of liabilities in excess of other assets		(141.40%)		(159.60%)
Percentage of minimum qualifying assets		70.00%		70.00%
Non-qualifying assets		$ 67,789,210		$ 84,141,713
Percentage of non-qualifying assets		7.10%		8.20%
Aggregate fair value on restricted securities		$ 80,185,540		$ 79,525,929
Percentage of restricted securities on net assets		8.50%		7.80%
Other Than Government Securities
Aggregate acquisitions of investments		$ 12,912,201		$ 33,038,685
Aggregate dispositions of investments		$ 45,671,681		$ 26,229,218
United States
Percentage of portfolio breakdown on investment		100.00%		100.00%
U.S. Treasury Bill
Percentage of yield on investment		5.05%		4.53%
Investments
% of Net Assets		241.40%		259.60%
Non-Controlled Affiliated Investments
Fair Value		$ 25,229,206		$ 29,303,128
Gross Addition		1,740,352	[1]	2,589,137	[2]
Gross Reduction		0	[3]	(563,626)	[4]
Realized Gains (Losses)		(2,044,271)		0
Net Change in Unrealized Appreciation/ (Depreciation)		(5,195,719)		6,099,433
Fair Value		19,729,568		25,229,206
Interest/Dividend/ Other income		$ 1,743,863		$ 2,509,855
Non-Controlled Affiliated Investments | Minimum
Percentage of voting interests on investment securities owned		5.00%		5.00%
Non-Controlled Affiliated Investments | Maximum
Percentage of voting interests on investment securities owned		25.00%		25.00%
Controlled Affiliated Investments
Fair Value		$ 322,860,565		$ 334,558,602
Gross Addition		11,060,472	[5]	13,564,058	[2]
Gross Reduction		(45,480,401)	[6]	(19,177,676)	[4]
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/ (Depreciation)		(9,723,818)		(6,084,419)
Fair Value		278,716,818		322,860,565
Interest/Dividend/ Other income		$ 15,015,036		$ 18,898,156
Controlled Affiliated Investments | Minimum
Percentage of voting interests on investment securities owned		25.00%		25.00%
First American Government Obligation Fund | Cash Equivalents
Percentage of yield on investment		5.10%		4.06%
Animal Supply Company, LLC | Non-Controlled Affiliated Investments | Class A Common
Fair Value		$ 22,624,644		$ 22,248,202
Gross Addition	[2]			2,473,422
Gross Reduction	[4]			(49,166)
Realized Gains (Losses)				0
Net Change in Unrealized Appreciation/ (Depreciation)				(2,047,814)
Fair Value				22,624,644
Interest/Dividend/ Other income				2,508,518
Animal Supply Company, LLC | Non-Controlled Affiliated Investments | Term Loan
Fair Value		22,624,644
Gross Addition	[1]	1,739,280
Gross Reduction	[3]	0
Realized Gains (Losses)		0
Net Change in Unrealized Appreciation/ (Depreciation)		(4,634,356)
Fair Value		19,729,568		22,624,644
Interest/Dividend/ Other income		$ 1,743,863
Investment interest rate		9.50%
Retail & Animal Supply Holdings LLC | Non-Controlled Affiliated Investments | Class A Common
Fair Value		$ 0		0
Gross Addition		0		0
Gross Reduction		0		0
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/ (Depreciation)		0		0
Fair Value		0		0
Interest/Dividend/ Other income		0		0
Cedar Electronics Holdings, Corp. | Controlled Affiliated Investments | Incremental Term Loan - 15.00%
Fair Value		4,316,274		3,710,871
Gross Addition		337,825	[5]	605,403	[2]
Gross Reduction		0	[6]	0	[4]
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/ (Depreciation)		0		0
Fair Value		4,654,099		4,316,274
Interest/Dividend/ Other income		$ 340,249		$ 613,223
Investment interest rate		15.00%		15.00%
Cedar Electronics Holdings, Corp. | Controlled Affiliated Investments | Term Loan - 9.50%
Fair Value		$ 15,126,452		$ 15,126,452
Gross Addition		252	[5]	696	[2]
Gross Reduction		(1,107,870)	[6]	0	[4]
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/ (Depreciation)		(382)		(696)
Fair Value		14,018,452		15,126,452
Interest/Dividend/ Other income		$ 1,063,995		$ 1,806,572
Investment interest rate		9.50%		9.50%
Guardia LLC (fka Carrier & Technology, LLC) | Non-Controlled Affiliated Investments | Revolver
Fair Value		$ 2,604,562		$ 2,807,357
Gross Addition		1,072	[1]	0	[2]
Gross Reduction		0	[3]	(514,460)	[4]
Realized Gains (Losses)		(1,928,556)		0
Net Change in Unrealized Appreciation/ (Depreciation)		(677,078)		311,665
Fair Value		0		2,604,562
Interest/Dividend/ Other income		$ 0		$ 0
Investment interest rate		8.75%		8.75%
PNI Litigation Trust (Guardia, LLC) | Non-Controlled Affiliated Investments | Preferred Equity
Fair Value		$ 0
Gross Addition	[1]	0
Gross Reduction	[3]	0
Realized Gains (Losses)		(115,715)
Net Change in Unrealized Appreciation/ (Depreciation)		115,715
Fair Value		0		$ 0
Interest/Dividend/ Other income		0
Guardia LLC | Non-Controlled Affiliated Investments | Preferred Equity
Fair Value		0		0
Gross Addition	[2]			115,715
Gross Reduction	[4]			0
Realized Gains (Losses)				0
Net Change in Unrealized Appreciation/ (Depreciation)				(115,715)
Fair Value				0
Interest/Dividend/ Other income				0
Retail & Animal Intermediate, LLC | Non-Controlled Affiliated Investments | Subordinated Loan
Fair Value		0		4,247,569
Gross Addition		0	[1]	0	[2]
Gross Reduction		0	[3]	0	[2]
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/ (Depreciation)		0		(4,247,569)
Fair Value		0		0
Interest/Dividend/ Other income		$ 0		$ (1,338)
Investment interest rate		7.00%		7.00%
Cedar Ultimate Parent, LLC | Controlled Affiliated Investments | Class A Preferred Units
Fair Value		$ 11,753,031		$ 16,255,955
Gross Addition		0	[5]	0	[2]
Gross Reduction		0	[6]	0	[4]
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/ (Depreciation)		(4,801,482)		(4,502,924)
Fair Value		16,554,513		11,753,031
Interest/Dividend/ Other income		0		0
Cedar Ultimate Parent, LLC | Controlled Affiliated Investments | Class D Preferred Units
Fair Value		0		2,262,000
Gross Addition		0	[5]	0	[2]
Gross Reduction		0	[6]	0	[4]
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/ (Depreciation)		0		(2,262,000)
Fair Value		0		0
Interest/Dividend/ Other income		0		0
Cedar Ultimate Parent, LLC | Controlled Affiliated Investments | Class E Preferred Units
Fair Value		0		0
Gross Addition		0	[5]	0	[2]
Gross Reduction		0	[6]	0	[4]
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/ (Depreciation)		0		0
Fair Value		0		0
Interest/Dividend/ Other income		0		0
Pace Industries, Inc. | Controlled Affiliated Investments | Common Stock
Fair Value		0		0
Gross Addition		0	[5]	0	[2]
Gross Reduction		0	[6]	0	[4]
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/ (Depreciation)		0		0
Fair Value		0		0
Interest/Dividend/ Other income		0		0
Pace Industries, Inc. | Controlled Affiliated Investments | Term Loan - 3.50%
Fair Value		31,455,178		73,617,540
Gross Addition		0	[5]	0	[2]
Gross Reduction		0	[6]	0	[4]
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/ (Depreciation)		(13,281,666)		(42,162,362)
Fair Value		18,173,512		31,455,178
Interest/Dividend/ Other income		$ 13,887		$ 55,064
Investment interest rate		3.50%		3.50%
Pace Industries, Inc. | Controlled Affiliated Investments | Term Loan - 9.75%
Fair Value		$ 57,579,326		$ 53,963,182
Gross Addition		3,879,826	[5]	3,624,893	[2]
Gross Reduction		0	[6]	0	[4]
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/ (Depreciation)		(4,339)		(8,749)
Fair Value		61,454,813		57,579,326
Interest/Dividend/ Other income		$ 3,968,779		$ 5,867,755
Investment interest rate		9.75%		9.75%
Pace Industries, LLC | Controlled Affiliated Investments | Revolver
Fair Value		$ 8,616,757
Gross Addition	[2]			$ 8,616,757
Gross Reduction	[4]			0
Realized Gains (Losses)				0
Net Change in Unrealized Appreciation/ (Depreciation)				0
Fair Value				8,616,757
Interest/Dividend/ Other income				38,972
Pace Industries, LLC | Controlled Affiliated Investments | Revolver Opco
Fair Value		8,616,757
Gross Addition	[5]	4,847,937
Gross Reduction	[6]	0
Realized Gains (Losses)		0
Net Change in Unrealized Appreciation/ (Depreciation)		0
Fair Value		13,464,694		8,616,757
Interest/Dividend/ Other income		814,314
RT Holdings Parent, LLC | Controlled Affiliated Investments | Class A Units
Fair Value		19,103,720		20,859,289
Gross Addition		0	[5]	0	[2]
Gross Reduction		0	[6]	0	[4]
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/ (Depreciation)		(549,231)		(1,755,569)
Fair Value		18,554,489		19,103,720
Interest/Dividend/ Other income		0		0
RT Holdings Parent, LLC | Controlled Affiliated Investments | Warrant
Fair Value		3,184,225		3,476,546
Gross Addition		0	[5]	0	[2]
Gross Reduction		0	[6]	0	[4]
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/ (Depreciation)		(91,539)		(292,321)
Fair Value		3,092,686		3,184,225
Interest/Dividend/ Other income		0		0
RT Holdings Parent, LLC Equity Units One | Controlled Affiliated Investments
Fair Value		368,005		0
Gross Addition	[2]			133,087
Gross Reduction	[4]			0
Realized Gains (Losses)				0
Net Change in Unrealized Appreciation/ (Depreciation)				234,918
Fair Value				368,005
Interest/Dividend/ Other income				0
RT Holdings Parent, LLC Equity Units Two | Controlled Affiliated Investments
Fair Value		106,999		0
Gross Addition	[2]			66,914
Gross Reduction	[4]			0
Realized Gains (Losses)				0
Net Change in Unrealized Appreciation/ (Depreciation)				40,085
Fair Value				106,999
Interest/Dividend/ Other income				0
Ruby Tuesday Operations LLC | Controlled Affiliated Investments | P-1 Units
Fair Value		368,005
Gross Addition	[5]	0
Gross Reduction	[6]	0
Realized Gains (Losses)		0
Net Change in Unrealized Appreciation/ (Depreciation)		(10,003)
Fair Value		358,002		368,005
Interest/Dividend/ Other income		0
Ruby Tuesday Operations LLC | Controlled Affiliated Investments | P-2 Units
Fair Value		106,999
Gross Addition	[5]	0
Gross Reduction	[6]	0
Realized Gains (Losses)		0
Net Change in Unrealized Appreciation/ (Depreciation)		(6,001)
Fair Value		100,998		106,999
Interest/Dividend/ Other income		0
Ruby Tuesday Operations LLC | Controlled Affiliated Investments | Revolver - 2.78%
Fair Value		0
Gross Addition	[5]	0
Gross Reduction	[6]	0
Realized Gains (Losses)		0
Net Change in Unrealized Appreciation/ (Depreciation)		0
Fair Value		0		0
Interest/Dividend/ Other income		$ 50,637
Investment interest rate		2.78%
Ruby Tuesday Operations LLC | Controlled Affiliated Investments | Term Loan
Fair Value		$ 6,715,899
Gross Addition	[5]	467,729
Gross Reduction	[6]	(314,882)
Realized Gains (Losses)		0
Net Change in Unrealized Appreciation/ (Depreciation)		0
Fair Value		6,868,746		6,715,899
Interest/Dividend/ Other income		710,195
Ruby Tuesday Operations LLC | Controlled Affiliated Investments | Incremental Term Loan
Fair Value		0
Gross Addition	[5]	1,573,019
Gross Reduction	[6]	0
Net Change in Unrealized Appreciation/ (Depreciation)		1,355,313
Fair Value		2,928,332		0
Interest/Dividend/ Other income		135,174
Ruby Tuesday Operations LLC | Controlled Affiliated Investments | Term Loan - 13.25%
Fair Value		6,715,899		8,635,037
Gross Addition	[2]			469,635
Gross Reduction	[4]			(2,388,773)
Realized Gains (Losses)				0
Net Change in Unrealized Appreciation/ (Depreciation)				0
Fair Value				6,715,899
Interest/Dividend/ Other income				$ 1,623,615
Investment interest rate				13.25%
School Specialty, Inc. | Controlled Affiliated Investments | Class A Preferred Stock
Fair Value		13,061,335		$ 12,093,956
Gross Addition		0	[5]	0	[2]
Gross Reduction		0	[6]	0	[4]
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/ (Depreciation)		137		967,379
Fair Value		13,061,472		13,061,335
Interest/Dividend/ Other income		0		0
School Specialty, Inc. | Controlled Affiliated Investments | Class B Preferred Stock
Fair Value		4,529,373		690,190
Gross Addition		0	[5]	0	[2]
Gross Reduction		0	[6]	0	[4]
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/ (Depreciation)		0		3,839,183
Fair Value		4,529,373		4,529,373
Interest/Dividend/ Other income		0		0
School Specialty, Inc. | Controlled Affiliated Investments | Common Stock
Fair Value		27,419,241		0
Gross Addition		0	[5]	0	[2]
Gross Reduction		0	[6]	0	[4]
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/ (Depreciation)		(3,485,235)		27,419,241
Fair Value		23,934,006		27,419,241
Interest/Dividend/ Other income		6,196,400		0
School Specialty, Inc. | Controlled Affiliated Investments | Term Loan - 9.25%
Fair Value		35,383,037		35,532,773
Gross Addition		46,116	[5]	46,673	[2]
Gross Reduction		(26,057,649)	[6]	(148,903)	[4]
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/ (Depreciation)		(99,851)		(47,506)
Fair Value		9,179,421		35,383,037
Interest/Dividend/ Other income		$ 1,721,406		$ 3,692,955
Investment interest rate		9.25%		9.25%
TCW Direct Lending Strategic Ventures | Controlled Affiliated Investments | Common Membership Interests
Fair Value		$ 0		$ 0
Gross Addition		0	[5]	0	[2]
Gross Reduction		0	[6]	0	[4]
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/ (Depreciation)		0		0
Fair Value		0		0
Interest/Dividend/ Other income		0		0
TCW Direct Lending Strategic Ventures | Controlled Affiliated Investments | Preferred Membership Interests
Fair Value		84,141,713		88,334,811
Gross Addition		0	[5]	0	[2]
Gross Reduction		(18,000,000)	[6]	(16,640,000)	[4]
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/ (Depreciation)		1,647,497		12,446,902
Fair Value		67,789,210		84,141,713
Interest/Dividend/ Other income		$ 0		$ 5,200,000

[1] Gross additions include new purchases, payment-in-kind (“PIK”) income and amortization of original issue and market discounts.

[2] Gross additions include new purchases, PIK income and amortization of original issue and market discounts

[3] Gross reductions include decreases in the cost basis from sales, paydown and the amortization of premium.

[4] Gross reductions include decreases in the cost basis from sales, paydown and the amortization of premium

[5] Gross additions include new purchases, PIK income and amortization of original issue and market discounts.

[6] Gross reductions include decreases in the cost basis from sales, paydown and the amortization of premium.

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Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investments, at fair value
Cash and cash equivalents	$ 6,575	$ 4,223
Short-term investments	466,504	501,075
Interest receivable	1,911	1,665
Deferred financing costs	352	120
Prepaid and other assets	0	52
Total Assets	948,833	1,022,589
Liabilities
Payable for short-term investments purchased	466,504	501,075
Credit facility payable	89,250	126,250
Interest and credit facility expense payable	547	721
Directors' fees payable	135	0
Management fees payable	0	999
Other accrued expenses and other liabilities	204	329
Total Liabilities	556,640	629,374
Members’ Capital
Common Unitholders' commitment: (18,034,649 units issued and outstanding)	1,803,465	1,803,465
Common Unitholders' undrawn commitment: (18,034,649 units and 18,034,649 units issued and outstanding, respectively)	(199,120)	(199,120)
Common Unitholders' return of capital	(1,116,130)	(1,112,130)
Common Unitholders' offering costs	(853)	(853)
Accumulated Common Unitholders' tax reclassification	(13,904)	(13,904)
Common Unitholders’ capital	473,458	477,458
Accumulated loss	(81,265)	(84,243)
Total Members’ Capital	392,193	393,215
Total Liabilities and Members’ Capital	$ 948,833	$ 1,022,589
Net Asset Value Per Unit (accrual base) (Note 10)	$ 32.79	$ 32.84
Non-controlled/non-affiliated investments
Investments, at fair value
Fair Value	$ 175,044	$ 167,364
Non-Controlled Affiliated Investments
Investments, at fair value
Fair Value	19,730	25,229
Controlled Affiliated Investments
Investments, at fair value
Fair Value	$ 278,717	$ 322,861

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Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Common unitholder's commitment units issued	18,034,649	18,034,649
Common unitholder's commitment units outstanding	18,034,649	18,034,649
Common unitholder's undrawn commitment units issued	18,034,649	18,034,649
Common unitholder's undrawn commitment units outstanding	18,034,649	18,034,649
Non-controlled/non-affiliated investments
Amortized Cost	$ 180,789	$ 180,721
Non-Controlled Affiliated Investments
Amortized Cost	51,136	51,440
Controlled Affiliated Investments
Amortized Cost	$ 281,292	$ 315,712

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Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest income paid-in-kind			$ 7,267	$ 11,779
Total investment income	$ 17,322	$ 13,948	28,881	21,721
Interest and credit facility expenses	2,111	1,039	4,417	2,192
Interest expense on repurchase transactions	1,531	95	2,878	127
Professional fees	185	205	382	341
Administrative fees	137	176	279	348
Directors’ fees	88	78	156	156
Management fees	0	997	0	2,011
Other expenses	47	41	101	108
Total expenses	4,099	2,631	8,213	5,283
Net investment income	13,223	11,317	20,668	16,438
Net realized loss	(1,336)	(99)
Net realized gain (loss) on short-term investments	708	(99)	1,662	(310)
Net realized and unrealized gain (loss) on investments	3,544	31,230	(7,690)	37,373
Net increase in Members' Capital from operations	$ 16,767	$ 42,547	$ 12,978	$ 53,811
Income per unit, basic	$ 0.93	$ 2.11	$ 0.72	$ 2.68
Income per unit, diluted	$ 0.93	$ 2.11	$ 0.72	$ 2.68
Non-controlled/non-affiliated investments
Interest income	$ 5,949	$ 1,290	$ 11,864	$ 2,209
Interest income paid-in-kind	42	6,583	69	9,507
Other fee income	81	3	189	6
Net change in unrealized appreciation/(depreciation)	(322)	3,775	7,612	1,591
Non-Controlled Affiliated Investments
Interest income	0	21	0	144
Interest income paid-in-kind	900	561	1,732	1,094
Other fee income	6	6	12	12
Net realized loss	(2,044)	0	(2,044)	0
Net change in unrealized appreciation/(depreciation)	(666)	(904)	(5,196)	(2,106)
Controlled affiliated investments
Interest income	1,234	2,460	3,282	5,109
Interest income paid-in-kind	2,884	597	5,466	1,178
Dividend income	6,196	2,400	6,196	2,400
Other fee income	30	27	71	62
Net change in unrealized appreciation/(depreciation)	$ 5,868	$ 28,458	$ (9,724)	$ 38,198

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Consolidated Statements of Changes in Members' Capital - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Members’ Capital Beginning Balance	$ 389,426	$ 393,215	$ 382,568	$ 389,304	$ 393,215	$ 389,304
Net Increase (Decrease) in Members’ Capital Resulting from Operations:
Net investment income	13,223	7,445	11,317	5,121	20,668	16,438
Net realized gain (loss) on investments	(1,336)	954	(99)	(211)
Net change in unrealized appreciation/(depreciation) on investments	4,880	(12,188)	31,329	6,354
Distributions to Members from:
Distributable earnings	(10,000)		(10,500)
Return of capital	(4,000)			(18,000)
Total (Decrease) Increase in Members' Capital for the period end	2,767	(3,789)	32,047	(6,736)
Members’ Capital Ending Balance	392,193	389,426	414,615	382,568	392,193	414,615
Common Unitholders' Capital
Members’ Capital Beginning Balance	477,458	477,458	472,088	490,088	477,458	490,088
Net Increase (Decrease) in Members’ Capital Resulting from Operations:
Net investment income	0	0	0	0
Net realized gain (loss) on investments	0	0	0	0
Net change in unrealized appreciation/(depreciation) on investments	0	0	0	0
Distributions to Members from:
Distributable earnings	0		0
Return of capital	(4,000)			(18,000)
Total (Decrease) Increase in Members' Capital for the period end	(4,000)	0	0	(18,000)
Members’ Capital Ending Balance	473,458	477,458	472,088	472,088	473,458	472,088
Accumulated Earnings (Loss)
Members’ Capital Beginning Balance	(88,032)	(84,243)	(89,520)	(100,784)	(84,243)	(100,784)
Net Increase (Decrease) in Members’ Capital Resulting from Operations:
Net investment income	13,223	7,445	11,317	5,121
Net realized gain (loss) on investments	(1,336)	954	(99)	(211)
Net change in unrealized appreciation/(depreciation) on investments	4,880	(12,188)	31,329	6,354
Distributions to Members from:
Distributable earnings	(10,000)		(10,500)
Return of capital	0			0
Total (Decrease) Increase in Members' Capital for the period end	6,767	(3,789)	32,047	11,264
Members’ Capital Ending Balance	$ (81,265)	$ (88,032)	$ (57,473)	$ (89,520)	$ (81,265)	$ (57,473)

XML

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities
Net increase in net assets resulting from operations	$ 12,978	$ 53,811
Adjustments to reconcile the net increase in net assets resulting from operations to net cash provided by operating activities:
Purchases of investments	(5,645)	0
Purchases of short-term investments	(466,504)	(467,001)
Interest income paid in-kind	(7,267)	(11,779)
Proceeds from sales and paydowns of investments	45,672	16,963
Proceeds from sales of short-term investments	501,075	549,930
Net realized loss on investments	2,044	0
Change in net unrealized (appreciation)/depreciation on investments	7,308	(37,683)
Amortization of premium and accretion of discount, net	(148)	(111)
Amortization of deferred financing costs	310	609
Increase (decrease) in operating assets and liabilities:
(Increase) decrease in interest receivable	(246)	170
(Increase) decrease in prepaid and other assets	52	73
Increase (decrease) in payable for short-term investments purchased	(34,571)	(82,929)
Increase (decrease) in management fees payable	(999)	(58)
Increase (decrease) in interest and credit facility expense payable	(174)	88
Increase (decrease) in directors' fees payable	135	135
Increase (decrease) in other accrued expenses and liabilities	(125)	913
Net cash provided by operating activities	53,895	23,131
Cash Flows from Financing Activities
Return of capital	(4,000)	(18,000)
Distributions to Members	(10,000)	(10,500)
Deferred financing costs paid	(543)	(451)
Proceeds from credit facility	2,000	0
Repayments of credit facility	(39,000)	0
Net cash used in financing activities	(51,543)	(28,951)
Net increase (decrease) in cash and cash equivalents	2,352	(5,820)
Cash and cash equivalents, beginning of period	4,223	8,532
Cash and cash equivalents, end of period	6,575	2,712
Supplemental and non-cash financing activities
Interest expense paid	$ 4,097	$ 1,337

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N-2

6 Months Ended

Jun. 30, 2023

Cover [Abstract]

Entity Central Index Key

0001603480

Amendment Flag

false

Securities Act File Number

814-01069

Document Type

10-Q

Entity Registrant Name

TCW DIRECT LENDING LLC

Entity Address, Address Line One

200 Clarendon Street

Entity Address, City or Town

Boston

Entity Address, State or Province

MA

Entity Address, Postal Zip Code

02116

City Area Code

617

Local Phone Number

936-2275

Entity Emerging Growth Company

false

General Description of Registrant [Abstract]

Risk Factors [Table Text Block]

Item 1A. Risk Factors

There have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K.

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Organization and Basis of Presentation

6 Months Ended

Jun. 30, 2023

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Basis of Presentation

1. Organization and Basis of Presentation

Organization: TCW Direct Lending LLC (“Company”) was formed as a Delaware corporation on March 20, 2014 and converted to a Delaware limited liability company on April 1, 2014. The Company conducted a private offering of its limited liability company units (the “Common 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, though it currently has no intention to do so. The Company has engaged TCW Asset Management Company LLC (“TAMCO”), an affiliate of The TCW Group, Inc. (“TCW”) to be its adviser (the “Adviser”). On May 13, 2014 (“Inception Date”), the Company sold and issued 10 Common Units at an aggregate purchase price of $1 to TAMCO.

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”) for the taxable year ending December 31, 2015 and subsequent years. The Company is required to meet the minimum distribution and other requirements for RIC qualification and as a BDC and a RIC, the Company is required to comply with certain regulatory requirements.

The Company has two wholly-owned subsidiaries, each of which is a Delaware limited liability company designed to hold an equity investment of the Company.

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

Term: The initial term of the Company continued until the sixth anniversary of the Initial Closing Date (as defined below), September 19, 2020. The Company may extend the term for two additional one-year periods upon written notice to the holders of the Common Units and holders of preferred units, if any, (collectively the “Unitholders” or “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 Common Units. On April 30, 2021, the Company’s Board of Directors approved the second one year extension of the Company’s term from September 19, 2021 to September 19, 2022. On July 11, 2022 the term of the Company was extended for a one-year period from September 19, 2022 to September 19, 2023 via a supermajority vote of the Unitholders. On May 11, 2023 the term of the Company was extended for an additional one-year period from September 19, 2023 to September 19, 2024 via a supermajority vote of the Unitholders.

Commitment Period: The Commitment Period commenced on September 19, 2014 (the “Initial Closing Date”) and ended on September 19, 2017, the third anniversary of the Initial Closing Date. In accordance with the Company’s Limited Liability Company Agreement, the Company may complete investment transactions that were significantly in process as of the end of the Commitment Period and which the Company reasonably expects to be consummated prior to 90 days subsequent to the expiration date of the Commitment Period. The Company may also effect follow-on investments up to an aggregate maximum of 10% of Capital Commitments (as defined below), provided that any such follow-on investment to be made after the third anniversary of the expiration of the Commitment Period shall require the prior consent of a majority in interest of the Common Unitholders.

In October 2022, the Company’s Members approved a proposal to allow the Company to make pre-identified follow-on investments in specific portfolio companies as well as their holding companies, subsidiaries, successors or other affiliates, up to an aggregate maximum of 10% of Capital Commitments.

Capital Commitments: On September 19, 2014 (“the Initial Closing Date”), the Company began accepting subscription agreements from investors for the private sale of its Common Units. On March 19, 2015, the Company completed its final private placement of its Common Units. Subscription agreements with commitments (“Commitments”) from investors (each a “Common Unitholder”) totaling $2,013,470 for the purchase of Common Units were accepted. Each Common Unitholder is obligated to contribute capital equal to their Commitment and each Unit’s Commitment obligation is $100.00 per unit. The amount of capital that remains to be drawn down and contributed is referred to as an “Undrawn Commitment”. On July 11, 2022 the Company’s Members approved a reduction in Undrawn Commitments by $10.43 per unit, resulting in an approximately 41.18% reduction of overall remaining available capital commitments.

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, 2023, aggregate Commitments, Undrawn Commitments, the percentage of Commitments funded and the number of subscribed for Units of the Company were as follows:

	Commitments		Undrawn Commitments		% of Commitments Funded			Units
Common Unitholder	$	1,803,465	$	199,120		89.0	%		18,034,649

Recallable Amount: A Common Unitholder may be required to re-contribute amounts distributed equal to 75% of the principal amount or the cost portion of any Portfolio Investment that is fully repaid to or otherwise fully recouped by the Company within one year of the Company’s investment. The Recallable Amount is excluded from the calculation of the accrual based net asset value.

The Recallable Amount as of June 30, 2023 was $100,875.

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Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

Basis of Presentation: The consolidated financial statements of the Company were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). 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 consolidated the results of its wholly owned subsidiary in its consolidated financial statements in accordance with ASC 946.

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 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 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 its principal market to be the market that has the greatest volume and level of activity.

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

Income Recognition: Interest income and interest income paid-in-kind are recorded on an accrual basis unless doubtful of collection or the related investment is in default. 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.

2. Significant Accounting Policies (Continued)

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

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. 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 revolving credit facility, including arrangement fees, upfront fees and legal fees, are amortized on a straight-line basis over the term of the revolving credit facility.

Organization and Offering Costs: Costs incurred to organize the Company totaling $665 were expensed as incurred. Offering costs totaling $853 were accumulated and charged directly to Members’ Capital on March 19, 2015, the end of the period during which Common Units were offered (the “Closing Period”). The Company did not bear more than an amount equal to 10 basis points of the aggregate capital commitments of the Company for organization and offering expenses.

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, 2023, cash and cash equivalents is comprised of demand deposits and highly liquid investments with maturities of three months or less. Cash equivalents are carried at amortized costs which approximates fair value and are classified as Level 1 in the GAAP valuation hierarchy.

Income Taxes: 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 Members as dividends. Rather, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s Members and will not be reflected in the consolidated financial statements of the Company.

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, 2023, 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.

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

Recent Accounting Pronouncements: In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 (1) clarifies the guidance in ASC 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and (2) requires specific disclosures related to such an equity security. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and interim periods within that fiscal year, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU 2022-03 on the consolidated financial statements.

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Investment Valuations and Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Investment Valuations And Fair Value Measurements [Abstract]

Investment Valuations and Fair Value Measurements

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.

3. Investment Valuations and Fair Value Measurements (Continued)

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 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 into three levels by the Company 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:

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

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.

Debt, (Level 3), include investments in privately originated senior secured debt. Such securities are valued based on specific pricing models, internal assumptions and the weighting of the best available pricing inputs. An income method approach incorporating a weighted average cost of capital and discount rate or a market method approach using prices and other relevant information generated by market transactions involving identical or comparable assets are 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.

Equity, (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 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.

3. Investment Valuations and Fair Value Measurements (Continued)

Net Asset Value (“NAV”) (Investment Funds and Vehicles): Equity investments in affiliated investment fund (Strategic Ventures) are valued based on the NAV reported by the investment fund. Investments held by the affiliated fund include debt investments in privately originated senior secured debt. Such investments held by the affiliated fund are valued using the same methods, approach and standards applied above to debt investments held by the Company. The Company’s ability to withdraw from the fund is subject to restrictions. The term of the fund will continue until June 5, 2021 unless dissolved earlier or extended for two additional one-year periods by the Company, in its full discretion. The Company can further extend the term of the fund for additional one-year periods upon notice to and consent from the fund’s management committee. On February 25, 2021, Company extended the fund’s term one additional year, until June 5, 2022. On February 1, 2022, the Company further extended the fund's term one additional year, until June 5, 2023. On April 17, 2023, the Company further extended the fund's term one additional year, until June 5, 2024. The Company is entitled to income and principal distributed by the fund.

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, 2023:

Investments	Level 1		Level 2		Level 3		NAV		Total
Debt	$	—	$	—	$	323,608	$	—	$	323,608
Equity		1,908		—		80,185		—		82,093
Investment funds & vehicles(1)				—		—		67,789		67,789
Short- term investments		466,504		—		—		—		466,504
Cash equivalents		6,573		—		—		—		6,573
Total	$	474,985	$	—	$	403,793	$	67,789	$	946,567

(1)Includes equity investments in Strategic Ventures. In accordance with ASC Topic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

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, 2022:

Investments	Level 1		Level 2		Level 3		NAV		Total
Debt	$	—	$	—	$	349,861	$	—	$	349,861
Equity		1,925		—		79,526		—		81,451
Investment funds & vehicles(1)		—		—		—		84,142		84,142
Short- term investments		501,075		—		—		—		501,075
Cash equivalents		4,223		—		—		—		4,223
Total	$	507,223	$	—	$	429,387	$	84,142	$	1,020,752

(1)Includes equity investments in Strategic Ventures. In accordance with ASC Topic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

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, 2023:

	Debt			Equity			Total
Balance, April 1, 2023	$	354,972		$	73,225		$	428,197
Purchases, including payments received in-kind		4,346			—			4,346
Sales and paydowns of investments		(27,612	)		—			(27,612	)
Amortization of premium and accretion of discount, net		112			—			112
Net realized gains		(1,928	)		(116	)		(2,044	)
Net change in unrealized appreciation/(depreciation)		(6,282	)		7,076			794
Balance, June 30, 2023	$	323,608		$	80,185		$	403,793
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2023		(5,606	)		6,960			1,354

	Debt			Equity			Total
Balance, January 1, 2023	$	349,861		$	79,526		$	429,387
Purchases, including payments received in-kind		12,912			—			12,912
Sales and paydowns of investments		(27,672	)		—			(27,672	)
Amortization of premium and accretion of discount, net		148			—			148
Net realized losses		(1,928	)		(116	)		(2,044	)
Net change in unrealized appreciation/(depreciation)		(9,713	)		775			(8,938	)
Balance, June 30, 2023	$	323,608		$	80,185		$	403,793
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2023		(9,036	)		660			(8,376	)

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, 2022:

	Debt			Equity		Total
Balance, April 1, 2022	$	347,901		$	62,481	$	410,382
Purchases, including payments received in-kind		7,741			—		7,741
Sales and paydowns of investments		(3,295	)		—		(3,295	)
Amortization of premium and accretion of discount, net		57			—		57
Net change in unrealized appreciation/(depreciation)		1,304			20,204		21,508
Balance, June 30, 2022	$	353,708		$	82,685	$	436,393
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2022	$	1,302		$	20,204	$	21,506

	Debt			Equity		Total
Balance, January 1, 2022	$	341,742		$	55,638	$	397,380
Purchases, including payments received in-kind		11,779			—		11,779
Sales and paydowns of investments		(4,005	)		—		(4,005	)
Amortization of premium and accretion of discount, net		111			—		111
Net change in unrealized appreciation/(depreciation)		4,081			27,047		31,128
Balance, June 30, 2022	$	353,708		$	82,685	$	436,393
Change in net unrealized appreciation/depreciation in investments held as of June 30, 2022	$	4,079		$	27,047	$	31,126

The Company did not have any transfers between levels during the three and six months ended June 30, 2023 and 2022.

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, 2023.

Investment Type	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average*	Impact to Valuation if Input Increases
Debt	$	42,866	Income Method	Discount Rate	16.0 to 18.7%	17.4%	Decrease
Debt	$	158,122	Market Method	EBITDA Multiple	5.5x to 7.9x	N/A	Increase
Debt	$	29,527	Market Method	Revenue Multiple	0.1x to 0.2x	N/A	Increase
Debt	$	93,093	Market Method	EBITDA Multiple	7.3x to 8.3x	N/A	Increase
				Revenue Multiple	0.5x to 0.7x	N/A	Increase
Equity	$	58,079	Market Method	EBITDA Multiple	5.5x to 7.5x	N/A	Increase
Equity	$	22,106	Market Method	Revenue Multiple	0.1x to 0.2x	N/A	Increase
Equity	$	—	Market Method	EBITDA Multiple	7.3x to 8.3x	N/A	Increase
				Revenue Multiple	0.5x to 0.7x	N/A	Increase

* Weighted based on fair value

The following table summarizes the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of December 31, 2022.

Investment Type	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average*	Impact to Valuation if Input Increases
Debt	$	43,636	Income Method	Discount Rate	14.6% to 17.6%	16.1%	Decrease
Debt	$	141,246	Market Method	EBITDA Multiple	6.0x to 9.0x	N/A	Increase
Debt	$	29,341	Market Method	Revenue Multiple	0.1x to 0.2x	N/A	Increase
Debt	$	2,605	Market Method	Indicative Bid	17.8% to 29.7%	N/A	Increase
Debt	$	133,033	Market Method	EBITDA Multiple	7.0x to 11.0x	N/A	Increase
				Revenue Multiple	0.3x to 0.7x	N/A	Increase
Equity	$	11,753	Market Method	EBITDA Multiple	6.0x to 6.5x	N/A	Increase
Equity	$	22,763	Market Method	Revenue Multiple	0.1x to 0.2x	N/A	Increase
Equity	$	—	Market Method	Indicative Bid	0.0% to 0.0%	N/A	Increase
Equity	$	45,010	Market Method	EBITDA Multiple	7.0x to 11.0x	N/A	Increase
				Revenue Multiple	0.3x to 0.7x	N/A	Increase

* Weighted based on fair value

Unless noted, the Company generally utilizes the midpoint of a valuation range provided by an external, independent valuation firm.

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Agreements and Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Agreements and Related Party Transactions

4. Agreements and Related Party Transactions

Advisory Agreement: On September 15, 2014, the Company entered into an 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 was approved by the Board at an in-person meeting. Unless earlier terminated, the Advisory Agreement will remain in effect for a period of two years and will remain in effect from year to year thereafter if approved annually by (i) the vote of the Board, or by the vote of a majority of our outstanding voting securities, and (ii) the vote of a majority of the independent directors of the Board. On August 11, 2022, the Company’s Board reapproved the Advisory Agreement.

4. Agreements and Related Party Transactions (Continued)

Management Fee: Pursuant to the Advisory Agreement, and subject to the overall supervision of the Board, the Adviser will manage the Company’s day-to-day operations and provide investment advisory services to the Company. The Company will pay to the Adviser, quarterly in advance, a management fee (the “Management Fee”) calculated as follows: (i) for the period starting on the initial closing date and ending on the earlier of (A) the last day of the calendar quarter during which the Commitment Period (as defined below) ends or (B) the last day of the calendar quarter during which the Adviser or an affiliate thereof begins to accrue a management fee with respect to a successor fund, 0.375% (i.e., 1.50% per annum) of the aggregate commitments determined as of the end of the Closing Period, and (ii) for each calendar quarter thereafter during the term of the Company (but not beyond the tenth anniversary of the initial closing date), 0.1875% (i.e., 0.75% per annum) of the aggregate cost basis (whether acquired by the Company with contributions from members, other Company funds or borrowings) of all portfolio investments 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), determined in each case as of the first day of such calendar quarter. The Management Fee in respect of the Closing Period will be calculated as if all capital commitments of the Company were made on the initial closing date, regardless of when Common Units were actually funded. The actual payment of the Management Fee with respect to the Closing Period will not be made prior to the first day of the first full calendar quarter following the end of the Closing Period. The “Commitment Period” of the Company will begin on the initial closing date and end on the earlier of (a) three years from the initial closing date and (b) the date on which the undrawn Commitment of each Common Unit has been reduced to zero. While the Management Fee will accrue from the initial closing date, the Adviser intends to defer payment of such fees to the extent that such fees cannot be paid from interest and fee income generated by the Company’s investments.

No management fees were expensed during the three and six months ended June 30, 2023 as the Adviser agreed to waive all management fees earned subsequent to December 31, 2022.

For the three and six months ended June 30, 2022, Management Fees incurred amounted to $997 and $2,011, respectively, of which $997 remained payable at June 30, 2022.

Transaction and Other Fees: Any (i) transaction, advisory, consulting, management, monitoring, directors’ or similar fees, (ii) closing, investment banking, finders’, transaction or similar fees, (iii) commitment, breakup or topping fees or litigation proceeds and (iv) other fee or payment of services performed or to be performed with respect to an investment or proposed investment received from or with respect to Portfolio Companies or prospective Portfolio Companies in connection with the Company’s activities will be will be the property of the Company. Since inception, the Company received $2,615 in such fees, none of which were during the three and six months ended June 30, 2023 and 2022.

Incentive Fee: In addition, the Adviser will receive an incentive fee (the “Incentive Fee”) as follows:

(a) First, no Incentive Fee will be owed until the Common Unitholders have collectively received cumulative distributions pursuant to this clause (a) equal to their aggregate capital contributions in respect of all Common Units;

(b) Second, no Incentive Fee will be owed until the Common Unitholders have collectively received cumulative distributions equal to a 9% internal rate of return on their aggregate capital contributions in respect of all Common Units (the “Hurdle”);

(c) Third, the Adviser will be entitled to an Incentive Fee out of 100% of additional amounts otherwise distributable to Common Unitholders until such time as the cumulative 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 Common Unitholders in respect of all Common Units and (ii) the amount of Incentive Fee being paid to the Adviser pursuant to this clause (c); and

(d) Thereafter, the Adviser will be entitled to an Incentive Fee equal to 20% of additional amounts otherwise distributable to Unitholders, with the remaining 80% distributed to the Unitholders.

4. Agreements and Related Party Transactions (Continued)

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

If the Advisory Agreement terminates early for any reason other than (i) the Adviser voluntarily terminating the agreement or (ii) our terminating the agreement for cause (as set out in the Advisory Agreement), we 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 our 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 would be deemed accelerated, (B) the proceeds from such liquidation were used to pay all our 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. We will make the Final Incentive Fee Payment in cash on or immediately following the date the Advisory Agreement is so terminated. The Adviser Return Obligation (defined below) will not apply in connection with a Final Incentive Fee Payment.

No Incentive Fees were incurred during the three and six months ended June 30, 2023 and 2022.

Administration Agreement: On September 15, 2014, the Company entered into the Administration Agreement with the Adviser under which the Adviser (or one or more delegated service providers) will oversee the maintenance of our financial records and otherwise assist on the Company’s compliance with regulations applicable to a BDC under the 1940 Act, and a RIC under the Code, to prepare reports to our Members, monitor the payment of our expenses and the performance of other administrative or professional service providers, and generally provide us with administrative and back office support. The Company will reimburse the Administrator for expenses incurred by it on behalf of the Company in performing its obligations under the Administration Agreement. Amounts paid pursuant to the Administration Agreement are subject to the annual cap on Company Expenses (as defined below), as described more fully below.

The Company, and indirectly the Unitholders, will bear (including by reimbursing the Adviser or Administrator) all other costs and expenses of its operations, administration and transactions, including, without limitation, organizational and offering expenses, management fees, costs of reporting required under applicable securities laws, legal fees of the Company’s counsel and accounting fees. However, the Company will not bear (a) more than an amount equal to 10 basis points of the aggregate capital commitments of the Company for organization and offering expenses in connection with the offering of Common Units through the Closing Period and (b) more than an amount equal to 12.5 basis points of the aggregate Commitments of the Company per annum (pro-rated for partial years) for its costs and expenses other than ordinary operating expenses (“Company Expenses”), including amounts paid to the Administrator under the Administration Agreement and reimbursement of expenses to the Adviser. All expenses that the Company will not bear will be borne by the Adviser or its affiliates. Notwithstanding the foregoing, the cap on Company Expenses does not apply to payments of the Management Fee, Incentive Fee, organizational and offering expenses (which are subject to the separate cap), amounts payable in connection with the Company’s borrowings (including interest, bank fees, legal fees and other transactional expenses related to any borrowing or borrowing facility and similar costs), costs and expenses relating to the liquidation of the Company, taxes, or extraordinary expenses (such as litigation expenses and indemnification payments).

TCW Direct Lending Strategic Ventures LLC: On June 5, 2015, the Company, together with an affiliate of Security Benefit Corporation and accounts managed by Oak Hill Advisors, L.P., entered into an Amended and Restated Limited Liability Company Agreement (the “Agreement”) to become members of TCW Direct Lending Strategic Ventures LLC (“Strategic Ventures”). Strategic Ventures focuses primarily on making senior secured floating rate loans to middle-market borrowers. The Agreement was effective June 5, 2015. The Company’s investment in Strategic Ventures is restricted from redemption until the termination of Strategic Ventures.

The Company’s capital commitment is $481,600, representing approximately 80% of the preferred and common equity ownership of Strategic Ventures, with the third-party investors representing the remaining capital commitments and preferred and common equity ownership. A portion of the Company’s capital commitment was satisfied by the contribution of two loans to Strategic Ventures. Strategic Ventures also entered into a revolving credit facility to finance a portion of certain eligible investments on June 5, 2015. On April 30, 2021, Strategic Ventures’ revolving credit facility was terminated.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

5. Commitments and Contingencies

The Company had the following unfunded commitments and unrealized depreciation by investment as of June 30, 2023 and December 31, 2022:

		June 30, 2023				December 31, 2022
Unfunded Commitments	Maturity/ Expiration	Amount		Unrealized Depreciation		Amount		Unrealized Depreciation
Retail & Animal Intermediate, LLC	November 2025	$	4,981	$	—	$	4,981	$	—
Ruby Tuesday Operations LLC	February 2025		4,921		—		4,921		—
Pace Industries, Inc.	June 2025		5,007		—		2,086		—
Total		$	14,909	$	—	$	11,988	$	—

The Company’s total capital commitment to its underlying investment in Strategic Ventures is $481,600. As of June 30, 2023 and December 31, 2022, the Company’s unfunded commitment to Strategic Ventures is $219,646.

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, 2023, management 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.

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Members Capital

6 Months Ended

Jun. 30, 2023

Statement Of Stockholders Equity [Abstract]

Members Capital

6. Members’ Capital

During the three and six months ended June 30, 2023 and 2022, the Company did not sell or issue any Common Units. As described in Note 1, on July 11, 2022 the Company’s Members approved a reduction in Undrawn Commitments by $10.43 per unit, resulting in an approximately 41.18% reduction of overall remaining available capital commitments. The activity for the three and six months ended June 30, 2023 and 2022 was as follows:

	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Units at beginning of period		18,034,649		20,134,698		18,034,649		20,134,698
Units issued and committed at end of period		18,034,649		20,134,698		18,034,649		20,134,698

The Company did not process any deemed distributions and re-contributions during the three and six months ended June 30, 2023 and 2022.

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Credit Facility

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Credit Facility

7. Credit Facility

The Company has a secured revolving credit agreement (the “Credit Agreement”) with Natixis, New York Branch (“Natixis”) as administrative agent and committed lender. The Credit Agreement provides for a revolving credit line of up to $750,000 (the “Maximum Commitment”) (the “Credit Facility”), subject to the lesser of the “Borrowing Base” assets or the Maximum Commitment (the “Available Commitment”). The Borrowing Base assets generally equal the sum of (a) a percentage of certain eligible investments in a controlled account, (b) a percentage of unfunded commitments from certain eligible investors in the Company and (c) cash in a controlled account. The Credit Agreement is generally secured by the Borrowing Base assets.

7. Credit Facility (Continued)

On April 10, 2017, the Company and Natixis entered into a Third Amended and Restated Revolving Credit Agreement. Under the Third Amended and Restated Revolving Credit Agreement borrowings bear interest at a rate equal to either the (a) adjusted eurodollar rate calculated in a customary manner plus 2.35%, (b) commercial paper rate plus 2.35%, or (c) a base rate calculated in a customary manner (using the higher of the Federal Funds Rate plus 0.50%, the Prime Rate and the Floating LIBOR Rate plus 1.00%) plus 1.35%. Moreover, the Credit Agreement’s stated maturity date was extended from November 10, 2017 to April 10, 2020.

On April 6, 2020, the Company entered into a First Amendment to the Third Amended and Restated Revolving Credit Agreement (the “Amended Credit Agreement”), by and among the Company, as borrower, and Natixis, New York Branch, as administrative agent and the lenders party thereto. The Amended Credit Agreement provides for a revolving credit line of up to $375,000 (with an option for the Company to increase this amount to $450,000 subject to consent of the lenders and satisfaction of certain other conditions), subject to the available borrowing base, which is generally the sum of (a) a percentage of certain eligible investments, (b) a percentage of remaining unfunded commitments from certain eligible investors in the Company and (c) cash in a controlled account. The Amended Credit Agreement is generally secured by the unfunded commitments (together with the recallable amounts) of the Company’s investors, portfolio investments and substantially all other assets of the Company. The stated maturity date of the Amended Credit Agreement was April 9, 2021, which date (subject to the satisfaction of certain conditions) could have been extended by the Company for up to an additional 364 days. Borrowings under the Amended Credit Agreement bore interest at a rate equal to either (a) adjusted eurodollar rate calculated in a customary manner plus 2.50%, (b) commercial paper rate plus 2.50%, or (c) a base rate calculated in a customary manner (which will never be less than the adjusted eurodollar rate plus 1.00%) plus 1.50%, provided however in each case the commercial paper rate and the eurocurrency rate shall have a floor of 1.00%.

On May 27, 2020, the Company entered into a Lender Group Joinder Agreement pursuant to which Zions Bancorporation, N.A. d/b/a California Bank & Trust was added as a committed lender (with a commitment of $25,000) under the Amended Credit Agreement. Concurrently therewith, the Company elected to increase the size of its revolving credit line under the Amended Credit Agreement to $400,000. On December 29, 2020, the Company elected to permanently decrease the size of its revolving credit line under the Amended Credit Agreement to $177,000.

On April 6, 2021, the Company entered into a Third Amendment to the Amended Credit Agreement (the “Third Amended Credit Agreement”). The Third Amended Credit Agreement provides for a revolving credit line of up to $177,000, subject to the available borrowing base, which is generally a percentage of remaining unfunded commitments from certain eligible investors in the Company. The Third Amended Credit Agreement is generally secured by the unfunded commitments (together with the recallable amounts) of the Company’s investors. The stated maturity date of the Third Amended Credit Agreement is April 8, 2022, which (subject to the satisfaction of certain conditions) may be extended by the Company for up to an additional 364 days. On March 23, 2022, the Company exercised its final extension option, and extended the maturity date of the Third Amended Credit Agreement to April 7, 2023. Borrowings under the Third Amended Credit Agreement bear interest at a rate equal to either (a) Eurocurrency Rate calculated in a customary manner plus 1.95%, (b) commercial paper (“CP”) rate plus 1.95%, or (c) a base rate calculated in a customary manner (which will never be less than the Eurocurrency Rate plus 1.00%) plus 0.95%, provided however in each case the CP Rate and the Eurocurrency Rate shall have a floor of 0.00%. The Credit Facility may be terminated, and any outstanding amounts thereunder may become due and payable, should the Company fail to satisfy certain covenants. As of June 30, 2023, the Company was in compliance with such covenants.

7. Credit Facility (Continued)

On January 10, 2023, the Company entered into a Fourth Amendment to the Third Amended and Restated Revolving Credit Agreement (the "Fourth Amended Credit Agreement"). The Fourth Amended 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 Fourth Amended 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 1.95%.

On April 7, 2023, the Company entered into the Fifth Amendment to the Third Amended and Restated Revolving Credit Agreement (the "Fifth Amended Credit Agreement"). The Fifth Amended Credit Agreement 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. It also updated the Applicable Margin from 0.95% to 1.15% for Base Rate Loans and from 1.95% to 2.15% for all other loan types. The revolving credit line was also reduced from $177,000 to $152,000 and lastly, the maturity date of the loan was extended 364 days to April 5, 2024.

As of June 30, 2023 and December 31, 2022, the Available Commitment under the Amended Credit Agreement was $62,750 and $50,750, respectively.

As of June 30, 2023 and December 31, 2022, the amounts outstanding under the Credit Facility were $89,250 and $126,250, respectively. The carrying amount of the Credit Facility, which is categorized as Level 2 within the fair value hierarchy as of June 30, 2023 and December 31, 2022, approximates its fair value. Valuation techniques and significant inputs used to determine fair value include Company details; credit, market and liquidity risk and events; financial health of the Company; place in the capital structure; interest rate; and terms and conditions of the Credit Facility. The Company incurred financing costs of $10,123 in connection with the April 10, 2017 Third Amended and Restated Revolving Credit Agreement. The Company also incurred additional financing costs of $1,848 in connection with the Amended Credit Agreement on April 6, 2020 and May 27, 2020 as well as an additional $883 and $456 in connection with the April 6, 2021 Third Amended Credit Agreement and the April 7, 2023 Fifth Amended Credit Agreement, respectively. The Company recorded these costs as deferred financing costs on its Consolidated Statements of Asset and Liabilities and the costs are being amortized over the life of the Credit Facility. As of June 30, 2023 and December 31, 2022, $352 and $120, respectively, of such prepaid deferred financing costs has yet to be amortized.

The summary information regarding the Credit Facility for the three and six months ended June 30, 2023 and 2022 was as follows:

	Three months ended June 30,						Six months ended June 30,
	2023			2022			2023			2022
Credit facility interest expense	$	1,869		$	808		$	3,973		$	1,426
Undrawn commitment fees		52			62			101			124
Administrative fees		17			17			33			33
Amortization of deferred financing costs		173			152			310			609
Total	$	2,111		$	1,039		$	4,417		$	2,192
Weighted average interest rate		7.17	%		2.78	%		6.86	%		2.46	%
Average outstanding balance	$	102,975		$	115,250		$	115,211		$	115,250

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Repurchase Transactions

6 Months Ended

Jun. 30, 2023

Disclosure of Repurchase Agreements [Abstract]

Repurchase Transactions

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 Company had no outstanding Repurchase Obligations as of June 30, 2023 and December 31, 2022. Interest expense incurred under these Repurchase Transactions was $1,531 and $95 for the three months ended June 30, 2023 and 2022, respectively. Interest expense incurred under these Repurchase Transactions was $2,878 and $127 for the six months ended June 30, 2023 and 2022, respectively.

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Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes

The Company has elected to be treated 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 common unitholders as dividends. The Company elected to be taxed as a RIC in 2015. The Company evaluates tax positions taken or expected to be taken in the course of preparing its 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, 2023 and December 31, 2022, the Company’s aggregate investment unrealized appreciation and depreciation for federal income tax purposes were as follows:

	June 30, 2023			December 31, 2022
Cost of investments for federal income tax purposes	$	986,295		$	1,051,514
Unrealized appreciation	$	59,582		$	57,357
Unrealized depreciation	$	(99,309	)	$	(88,118	)
Net unrealized depreciation on investments	$	(39,727	)	$	(30,761	)

The Company did not have any unrecognized tax benefits at December 31, 2022, nor were there any increases or decreases in unrecognized tax benefits for the period then ended; and therefore no interest or penalties were accrued. The Company is subject to examination by U.S. federal and state tax authorities regarding returns filed for the prior three and four years, respectively.

The Company's investment in School Specialty, Inc.'s common stock is held through TCW DL SSP LLC, an unconsolidated special purpose vehicle. The fair value of such equity investment as of June 30, 2023 is net of a $9,640 deferred tax liability recorded by TCW DL SSP LLC. TCW DL SSP LLC accounts for income taxes under the liability method prescribed by FASB ASC 740, Accounting for Income Taxes ("ASC 740"). Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to the temporary differences between the financial statement carrying amount of existing assets and liabilities and their respective tax basis.

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Financial Highlights

6 Months Ended

Jun. 30, 2023

Investment Company Financial Highlights [Abstract]

Financial Highlights

10. Financial Highlights

Selected data for a unit outstanding throughout the six months ended June 30, 2023 and 2022 is presented below. The accrual base Net Asset Value is calculated by subtracting the per unit loss from investment operations from the beginning Net Asset Value per unit and reflects all units issued and outstanding.

	For the six months ended June 30,
	2023(1)			2022(1)
Net Asset Value Per Unit (accrual base), Beginning of Period	$	32.84		$	39.65
Income from Investment Operations:
Net investment income		1.15			0.82
Net realized and unrealized (loss) gain		(0.43	)		1.86
Total income from investment operations		0.72			2.68
Less Distributions:
From net investment income		(0.55	)		(0.53	)
Return of capital		(0.22	)		(0.89	)
Total distributions(2)		(0.77	)		(1.42	)
Net Asset Value Per Unit (accrual base), End of Period	$	32.79		$	40.91
Common Unitholder Total Return(3)(4)		4.04	%		16.47	%
Common Unitholder IRR(5)		8.43	%		8.81	%
Ratios and Supplemental Data:
Members’ Capital, end of period	$	392,193		$	414,615
Units outstanding, end of period		18,034,649			20,134,698
Ratios based on average net assets of Members’ Capital:
Ratio of total expenses to average net assets(6)		4.21	%		2.75	%
Ratio of financing cost to average net assets(4)		1.12	%		0.57	%
Ratio of net investment income to average net assets(6)		10.60	%		8.55	%
Credit facility payable		89,250			115,250
Asset coverage ratio		5.39			4.60
Portfolio turnover rate(4)		1.13	%		—

(1)Per unit data was calculated using the number of Common Units issued and outstanding as of June 30, 2023 and 2022.

(2)Includes distributions which have an offsetting capital re-contribution (“deemed distributions”). Excludes return of unused capital.

(3)The Total Return for the six months ended June 30, 2023 and 2022 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.

(4)Not annualized.

(5)The Internal Rate of Return (“IRR”) since inception for the Common Unitholders, after management fees, financing costs and operating expenses, is 8.43% through June 30, 2023. The IRR is computed based on cash flow due dates contained in notices to Members (contributions from and distributions to the Common Unitholders) and the net assets (residual value) of the Members’ Capital account at period end. The IRR is calculated based on the fair value of investments using principles and methods in accordance with GAAP and does not necessarily represent the amounts that may be realized from sales or other dispositions. Accordingly, the return may vary significantly upon realization.

(6)Annualized.

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Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

11. Subsequent Events

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

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Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation: The consolidated financial statements of the Company were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). 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 consolidated the results of its wholly owned subsidiary in its consolidated financial statements in accordance with ASC 946.

Use of Estimates

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 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

Investments: The Company measures the 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 its principal market to be the market that has the greatest volume and level of activity.

Transactions

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

Income Recognition

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. 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.

2. Significant Accounting Policies (Continued)

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

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. 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: Deferred financing costs incurred by the Company in connection with the revolving credit facility, including arrangement fees, upfront fees and legal fees, are amortized on a straight-line basis over the term of the revolving credit facility.

Organizational and Offering Costs

Organization and Offering Costs: Costs incurred to organize the Company totaling $665 were expensed as incurred. Offering costs totaling $853 were accumulated and charged directly to Members’ Capital on March 19, 2015, the end of the period during which Common Units were offered (the “Closing Period”). The Company did not bear more than an amount equal to 10 basis points of the aggregate capital commitments of the Company for organization and offering expenses.

Cash and Cash Equivalents

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, 2023, cash and cash equivalents is comprised of demand deposits and highly liquid investments with maturities of three months or less. Cash equivalents are carried at amortized costs which approximates fair value and are classified as Level 1 in the GAAP valuation hierarchy.

Income Taxes

Income Taxes: 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 Members as dividends. Rather, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s Members and will not be reflected in the consolidated financial statements of the Company.

Short-term Investments

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, 2023, 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.

Repurchase Obligations

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

Recent Accounting Pronouncements

Recent Accounting Pronouncements: In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 (1) clarifies the guidance in ASC 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and (2) requires specific disclosures related to such an equity security. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and interim periods within that fiscal year, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU 2022-03 on the consolidated financial statements.

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Organization and Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2023

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Schedule of Aggregate Commitments, Undrawn Commitments, Percentage of Commitments Funded and Number of Subscribed for Units

As of June 30, 2023, aggregate Commitments, Undrawn Commitments, the percentage of Commitments funded and the number of subscribed for Units of the Company were as follows:

	Commitments		Undrawn Commitments		% of Commitments Funded			Units
Common Unitholder	$	1,803,465	$	199,120		89.0	%		18,034,649

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Investment Valuations and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Investment Valuations And Fair Value Measurements [Abstract]

Summary by Major Security Type of Fair Valuation According to Inputs Used in Valuing 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, 2023:

Investments	Level 1		Level 2		Level 3		NAV		Total
Debt	$	—	$	—	$	323,608	$	—	$	323,608
Equity		1,908		—		80,185		—		82,093
Investment funds & vehicles(1)				—		—		67,789		67,789
Short- term investments		466,504		—		—		—		466,504
Cash equivalents		6,573		—		—		—		6,573
Total	$	474,985	$	—	$	403,793	$	67,789	$	946,567

(1)Includes equity investments in Strategic Ventures. In accordance with ASC Topic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

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, 2022:

Investments	Level 1		Level 2		Level 3		NAV		Total
Debt	$	—	$	—	$	349,861	$	—	$	349,861
Equity		1,925		—		79,526		—		81,451
Investment funds & vehicles(1)		—		—		—		84,142		84,142
Short- term investments		501,075		—		—		—		501,075
Cash equivalents		4,223		—		—		—		4,223
Total	$	507,223	$	—	$	429,387	$	84,142	$	1,020,752

(1)Includes equity investments in Strategic Ventures. In accordance with ASC Topic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

Summary of Reconciliation of Balances for Total Investments

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, 2023:

	Debt			Equity			Total
Balance, April 1, 2023	$	354,972		$	73,225		$	428,197
Purchases, including payments received in-kind		4,346			—			4,346
Sales and paydowns of investments		(27,612	)		—			(27,612	)
Amortization of premium and accretion of discount, net		112			—			112
Net realized gains		(1,928	)		(116	)		(2,044	)
Net change in unrealized appreciation/(depreciation)		(6,282	)		7,076			794
Balance, June 30, 2023	$	323,608		$	80,185		$	403,793
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2023		(5,606	)		6,960			1,354

	Debt			Equity			Total
Balance, January 1, 2023	$	349,861		$	79,526		$	429,387
Purchases, including payments received in-kind		12,912			—			12,912
Sales and paydowns of investments		(27,672	)		—			(27,672	)
Amortization of premium and accretion of discount, net		148			—			148
Net realized losses		(1,928	)		(116	)		(2,044	)
Net change in unrealized appreciation/(depreciation)		(9,713	)		775			(8,938	)
Balance, June 30, 2023	$	323,608		$	80,185		$	403,793
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2023		(9,036	)		660			(8,376	)

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, 2022:

	Debt			Equity		Total
Balance, April 1, 2022	$	347,901		$	62,481	$	410,382
Purchases, including payments received in-kind		7,741			—		7,741
Sales and paydowns of investments		(3,295	)		—		(3,295	)
Amortization of premium and accretion of discount, net		57			—		57
Net change in unrealized appreciation/(depreciation)		1,304			20,204		21,508
Balance, June 30, 2022	$	353,708		$	82,685	$	436,393
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2022	$	1,302		$	20,204	$	21,506

	Debt			Equity		Total
Balance, January 1, 2022	$	341,742		$	55,638	$	397,380
Purchases, including payments received in-kind		11,779			—		11,779
Sales and paydowns of investments		(4,005	)		—		(4,005	)
Amortization of premium and accretion of discount, net		111			—		111
Net change in unrealized appreciation/(depreciation)		4,081			27,047		31,128
Balance, June 30, 2022	$	353,708		$	82,685	$	436,393
Change in net unrealized appreciation/depreciation in investments held as of June 30, 2022	$	4,079		$	27,047	$	31,126

Summary of Valuation Techniques 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, 2023.

Investment Type	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average*	Impact to Valuation if Input Increases
Debt	$	42,866	Income Method	Discount Rate	16.0 to 18.7%	17.4%	Decrease
Debt	$	158,122	Market Method	EBITDA Multiple	5.5x to 7.9x	N/A	Increase
Debt	$	29,527	Market Method	Revenue Multiple	0.1x to 0.2x	N/A	Increase
Debt	$	93,093	Market Method	EBITDA Multiple	7.3x to 8.3x	N/A	Increase
				Revenue Multiple	0.5x to 0.7x	N/A	Increase
Equity	$	58,079	Market Method	EBITDA Multiple	5.5x to 7.5x	N/A	Increase
Equity	$	22,106	Market Method	Revenue Multiple	0.1x to 0.2x	N/A	Increase
Equity	$	—	Market Method	EBITDA Multiple	7.3x to 8.3x	N/A	Increase
				Revenue Multiple	0.5x to 0.7x	N/A	Increase

* Weighted based on fair value

The following table summarizes the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of December 31, 2022.

Investment Type	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average*	Impact to Valuation if Input Increases
Debt	$	43,636	Income Method	Discount Rate	14.6% to 17.6%	16.1%	Decrease
Debt	$	141,246	Market Method	EBITDA Multiple	6.0x to 9.0x	N/A	Increase
Debt	$	29,341	Market Method	Revenue Multiple	0.1x to 0.2x	N/A	Increase
Debt	$	2,605	Market Method	Indicative Bid	17.8% to 29.7%	N/A	Increase
Debt	$	133,033	Market Method	EBITDA Multiple	7.0x to 11.0x	N/A	Increase
				Revenue Multiple	0.3x to 0.7x	N/A	Increase
Equity	$	11,753	Market Method	EBITDA Multiple	6.0x to 6.5x	N/A	Increase
Equity	$	22,763	Market Method	Revenue Multiple	0.1x to 0.2x	N/A	Increase
Equity	$	—	Market Method	Indicative Bid	0.0% to 0.0%	N/A	Increase
Equity	$	45,010	Market Method	EBITDA Multiple	7.0x to 11.0x	N/A	Increase
				Revenue Multiple	0.3x to 0.7x	N/A	Increase

* Weighted based on fair value

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Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2023

Commitments And Contingencies Disclosure [Abstract]

Schedule of Unfunded Commitments and Unrealized Depreciation by Investment

The Company had the following unfunded commitments and unrealized depreciation by investment as of June 30, 2023 and December 31, 2022:

		June 30, 2023				December 31, 2022
Unfunded Commitments	Maturity/ Expiration	Amount		Unrealized Depreciation		Amount		Unrealized Depreciation
Retail & Animal Intermediate, LLC	November 2025	$	4,981	$	—	$	4,981	$	—
Ruby Tuesday Operations LLC	February 2025		4,921		—		4,921		—
Pace Industries, Inc.	June 2025		5,007		—		2,086		—
Total		$	14,909	$	—	$	11,988	$	—

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Members Capital (Table)

6 Months Ended

Jun. 30, 2023

Statement Of Stockholders Equity [Abstract]

Summary of Company Unit Activity

During the three and six months ended June 30, 2023 and 2022, the Company did not sell or issue any Common Units. As described in Note 1, on July 11, 2022 the Company’s Members approved a reduction in Undrawn Commitments by $10.43 per unit, resulting in an approximately 41.18% reduction of overall remaining available capital commitments. The activity for the three and six months ended June 30, 2023 and 2022 was as follows:

	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Units at beginning of period		18,034,649		20,134,698		18,034,649		20,134,698
Units issued and committed at end of period		18,034,649		20,134,698		18,034,649		20,134,698

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Credit Facility (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Summary Information Regarding Credit Facility

The summary information regarding the Credit Facility for the three and six months ended June 30, 2023 and 2022 was as follows:

	Three months ended June 30,						Six months ended June 30,
	2023			2022			2023			2022
Credit facility interest expense	$	1,869		$	808		$	3,973		$	1,426
Undrawn commitment fees		52			62			101			124
Administrative fees		17			17			33			33
Amortization of deferred financing costs		173			152			310			609
Total	$	2,111		$	1,039		$	4,417		$	2,192
Weighted average interest rate		7.17	%		2.78	%		6.86	%		2.46	%
Average outstanding balance	$	102,975		$	115,250		$	115,211		$	115,250

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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Aggregate Investment Unrealized Appreciation and Depreciation for Federal Income Tax Purposes

As of June 30, 2023 and December 31, 2022, the Company’s aggregate investment unrealized appreciation and depreciation for federal income tax purposes were as follows:

	June 30, 2023			December 31, 2022
Cost of investments for federal income tax purposes	$	986,295		$	1,051,514
Unrealized appreciation	$	59,582		$	57,357
Unrealized depreciation	$	(99,309	)	$	(88,118	)
Net unrealized depreciation on investments	$	(39,727	)	$	(30,761	)

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Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2023

Investment Company Financial Highlights [Abstract]

Schedule of Net Asset Value Per Unit and Reflects all Units Issued and Outstanding

Selected data for a unit outstanding throughout the six months ended June 30, 2023 and 2022 is presented below. The accrual base Net Asset Value is calculated by subtracting the per unit loss from investment operations from the beginning Net Asset Value per unit and reflects all units issued and outstanding.

	For the six months ended June 30,
	2023(1)			2022(1)
Net Asset Value Per Unit (accrual base), Beginning of Period	$	32.84		$	39.65
Income from Investment Operations:
Net investment income		1.15			0.82
Net realized and unrealized (loss) gain		(0.43	)		1.86
Total income from investment operations		0.72			2.68
Less Distributions:
From net investment income		(0.55	)		(0.53	)
Return of capital		(0.22	)		(0.89	)
Total distributions(2)		(0.77	)		(1.42	)
Net Asset Value Per Unit (accrual base), End of Period	$	32.79		$	40.91
Common Unitholder Total Return(3)(4)		4.04	%		16.47	%
Common Unitholder IRR(5)		8.43	%		8.81	%
Ratios and Supplemental Data:
Members’ Capital, end of period	$	392,193		$	414,615
Units outstanding, end of period		18,034,649			20,134,698
Ratios based on average net assets of Members’ Capital:
Ratio of total expenses to average net assets(6)		4.21	%		2.75	%
Ratio of financing cost to average net assets(4)		1.12	%		0.57	%
Ratio of net investment income to average net assets(6)		10.60	%		8.55	%
Credit facility payable		89,250			115,250
Asset coverage ratio		5.39			4.60
Portfolio turnover rate(4)		1.13	%		—

(1)Per unit data was calculated using the number of Common Units issued and outstanding as of June 30, 2023 and 2022.

(2)Includes distributions which have an offsetting capital re-contribution (“deemed distributions”). Excludes return of unused capital.

(3)The Total Return for the six months ended June 30, 2023 and 2022 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.

(4)Not annualized.

(5)The Internal Rate of Return (“IRR”) since inception for the Common Unitholders, after management fees, financing costs and operating expenses, is 8.43% through June 30, 2023. The IRR is computed based on cash flow due dates contained in notices to Members (contributions from and distributions to the Common Unitholders) and the net assets (residual value) of the Members’ Capital account at period end. The IRR is calculated based on the fair value of investments using principles and methods in accordance with GAAP and does not necessarily represent the amounts that may be realized from sales or other dispositions. Accordingly, the return may vary significantly upon realization.

(6)Annualized.

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Organization and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Thousands					1 Months Ended	6 Months Ended
	Jul. 11, 2022 $ / shares	Sep. 19, 2020	Mar. 19, 2015 USD ($) $ / shares	May 13, 2014 USD ($) shares	Oct. 31, 2022	Jun. 30, 2023 USD ($) Agreement	Dec. 31, 2022 USD ($)
Inception date						Mar. 20, 2014
Number of wholly-owned subsidiaries						2
Number of additional subscription agreements | Agreement						2
Term of subscription agreements		1 year
Extended term for successive periods of subscription agreements						1 year
Commitment period description						The Commitment Period commenced on September 19, 2014 (the “Initial Closing Date”) and ended on September 19, 2017, the third anniversary of the Initial Closing Date. In accordance with the Company’s Limited Liability Company Agreement, the Company may complete investment transactions that were significantly in process as of the end of the Commitment Period and which the Company reasonably expects to be consummated prior to 90 days subsequent to the expiration date of the Commitment Period.
Significantly investment completion period upon expiration of commitment period						90 days
Commitments from investors						$ 1,803,465	$ 1,803,465
Reduction in undrawn commitments | $ / shares	$ 10.43
Percentage of reduction of overall remaining available capital commitments	41.18%
Recontribute amount distribution percentage						75.00%
Recallable amount						$ 100,875
Maximum
Percentage of aggregate cumulative invested amount in existing portfolio companies					10.00%
Common Stock
Number of units sold and issued | shares				10
Aggregate purchase price				$ 1
Commitments from investors			$ 2,013,470
Commitment obligation per unit | $ / shares			$ 100.00
Reduction in undrawn commitments | $ / shares	$ 10.43
Percentage of reduction of overall remaining available capital commitments	41.18%

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Organization and Basis of Presentation - Schedule of Aggregate Commitments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Common Unitholder, Commitments	$ 1,803,465	$ 1,803,465
Common Unitholder, Undrawn Commitments	$ 199,120
Common Unitholder, % of Commitments Funded	89.00%
Common Unitholder, Units	18,034,649	18,034,649

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Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Mar. 19, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Organizational costs and expense incurred	$ 665
Deferred offering costs		$ 853
Basis points of aggregate capital commitments	10.00%

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Investment Valuations and Fair Value Measurements - Summary of Major Security Type of Fair Valuations (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	$ 946,567	$ 1,020,752
Debt
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	323,608	349,861
Equity
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	82,093	81,451
Investment Funds & Vehicles
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	67,789	84,142
Short-Term Investments
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	466,504	501,075
Cash equivalents
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	6,573	4,223
Fair Value, Inputs, Level 1
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	474,985	507,223
Fair Value, Inputs, Level 1 | Debt
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	0	0
Fair Value, Inputs, Level 1 | Equity
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	1,908	1,925
Fair Value, Inputs, Level 1 | Investment Funds & Vehicles
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total		0
Fair Value, Inputs, Level 1 | Short-Term Investments
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	466,504	501,075
Fair Value, Inputs, Level 1 | Cash equivalents
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	6,573	4,223
Fair Value, Inputs, Level 2
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	0	0
Fair Value, Inputs, Level 2 | Debt
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	0	0
Fair Value, Inputs, Level 2 | Equity
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	0	0
Fair Value, Inputs, Level 2 | Investment Funds & Vehicles
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	0	0
Fair Value, Inputs, Level 2 | Short-Term Investments
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	0	0
Fair Value, Inputs, Level 2 | Cash equivalents
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	0	0
Fair Value, Inputs, Level 3
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	403,793	429,387
Fair Value, Inputs, Level 3 | Debt
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	323,608	349,861
Fair Value, Inputs, Level 3 | Equity
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	80,185	79,526
Fair Value, Inputs, Level 3 | Investment Funds & Vehicles
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	0	0
Fair Value, Inputs, Level 3 | Short-Term Investments
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	0	0
Fair Value, Inputs, Level 3 | Cash equivalents
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	0	0
Fair Value Measured at Net Asset Value Per Share
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	67,789	84,142
Fair Value Measured at Net Asset Value Per Share | Debt
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	0	0
Fair Value Measured at Net Asset Value Per Share | Equity
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	0	0
Fair Value Measured at Net Asset Value Per Share | Investment Funds & Vehicles
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	67,789	84,142
Fair Value Measured at Net Asset Value Per Share | Short-Term Investments
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	0	0
Fair Value Measured at Net Asset Value Per Share | Cash equivalents
Investment Valuations And Fair Value Measurements [Line Items]
Investments Fair Value , Total	$ 0	$ 0

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Investment Valuations and Fair Value Measurements - Summary of Reconciliation of Balances for Total Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investment Valuations And Fair Value Measurements [Line Items]
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Unrealized Gain Loss On Investments	Unrealized Gain Loss On Investments	Unrealized Gain Loss On Investments	Unrealized Gain Loss On Investments
Fair Value, Inputs, Level 3
Investment Valuations And Fair Value Measurements [Line Items]
Beginning Balance	$ 428,197	$ 410,382	$ 429,387	$ 397,380
Purchases, including payments received in-kind	4,346	7,741	12,912	11,779
Sales and paydowns of investments	(27,612)	(3,295)	(27,672)	(4,005)
Amortization of premium and accretion of discount, net	(112)	57	(148)	111
Net realized gains (losses)	(2,044)		(2,044)
Net change in unrealized appreciation/(depreciation)	794	21,508	8,938	31,128
Ending Balance	403,793	436,393	403,793	436,393
Change in Net Unrealized Depreciation Appreciation for Investment Held	1,354	21,506	(8,376)	31,126
Debt | Fair Value, Inputs, Level 3
Investment Valuations And Fair Value Measurements [Line Items]
Beginning Balance	354,972	347,901	349,861	341,742
Purchases, including payments received in-kind	4,346	7,741	12,912	11,779
Sales and paydowns of investments	(27,612)	(3,295)	(27,672)	(4,005)
Amortization of premium and accretion of discount, net	(112)	57	(148)	111
Net realized gains (losses)	(1,928)		(1,928)
Net change in unrealized appreciation/(depreciation)	(6,282)	1,304	(9,713)	4,081
Ending Balance	323,608	353,708	323,608	353,708
Change in Net Unrealized Depreciation Appreciation for Investment Held	(5,606)	1,302	(9,036)	4,079
Equity | Fair Value, Inputs, Level 3
Investment Valuations And Fair Value Measurements [Line Items]
Beginning Balance	73,225	62,481	79,526	55,638
Purchases, including payments received in-kind	0	0	0	0
Sales and paydowns of investments	0	0	0	0
Amortization of premium and accretion of discount, net	0	0	0	0
Net realized gains (losses)	(116)		(116)
Net change in unrealized appreciation/(depreciation)	7,076	20,204	775	27,047
Ending Balance	80,185	82,685	80,185	82,685
Change in Net Unrealized Depreciation Appreciation for Investment Held	$ 6,960	$ 20,204	$ 660	$ 27,047

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Investment Valuations and Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investment Valuations And Fair Value Measurements [Abstract]
Fair value assets liabilities transfer between levels	$ 0	$ 0	$ 0	$ 0

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Investment Valuations and Fair Value Measurements - Summary of Valuation Techniques and Quantitative Information (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Market Method | Minimum | Revenue Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Range	0.5	0.3
Market Method | Maximum | Revenue Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Range	0.7	0.7
Fair Value, Inputs, Level 3 | Minimum | Revenue Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Range	0.5	0.3
Fair Value, Inputs, Level 3 | Maximum | Revenue Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Range	0.7	0.7
Debt | Fair Value, Inputs, Level 3 | Income Method | Discount Rate
Investment Valuations And Fair Value Measurements [Line Items]
Fair Value	$ 42,866	$ 43,636
Debt | Fair Value, Inputs, Level 3 | Income Method | Minimum | Discount Rate
Investment Valuations And Fair Value Measurements [Line Items]
Range	16.0	14.6
Debt | Fair Value, Inputs, Level 3 | Income Method | Maximum | Discount Rate
Investment Valuations And Fair Value Measurements [Line Items]
Range	18.7	17.6
Debt | Fair Value, Inputs, Level 3 | Income Method | Weighted Average | Discount Rate
Investment Valuations And Fair Value Measurements [Line Items]
Range	17.4	16.1
Debt | Fair Value, Inputs, Level 3 | Market Method | EBITDA Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Fair Value	$ 93,093	$ 141,246
Debt | Fair Value, Inputs, Level 3 | Market Method | Revenue Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Fair Value	$ 29,527	29,341
Debt | Fair Value, Inputs, Level 3 | Market Method | Indicative Bid
Investment Valuations And Fair Value Measurements [Line Items]
Fair Value		$ 2,605
Debt | Fair Value, Inputs, Level 3 | Market Method | Minimum | EBITDA Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Range	7.3	6.0
Debt | Fair Value, Inputs, Level 3 | Market Method | Minimum | Revenue Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Range	0.1	0.1
Debt | Fair Value, Inputs, Level 3 | Market Method | Minimum | Indicative Bid
Investment Valuations And Fair Value Measurements [Line Items]
Range		17.8
Debt | Fair Value, Inputs, Level 3 | Market Method | Maximum | EBITDA Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Range	8.3	9.0
Debt | Fair Value, Inputs, Level 3 | Market Method | Maximum | Revenue Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Range	0.2	0.2
Debt | Fair Value, Inputs, Level 3 | Market Method | Maximum | Indicative Bid
Investment Valuations And Fair Value Measurements [Line Items]
Range		29.7
Debt | Fair Value, Inputs, Level 3 | Market Method | EBITDA Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Fair Value	$ 158,122	$ 133,033
Debt | Fair Value, Inputs, Level 3 | Market Method | Minimum | EBITDA Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Range	5.5	7.0
Debt | Fair Value, Inputs, Level 3 | Market Method | Maximum | EBITDA Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Range	7.9	11.0
Equity | Fair Value, Inputs, Level 3 | Market Method | EBITDA Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Fair Value	$ 58,079	$ 11,753
Equity | Fair Value, Inputs, Level 3 | Market Method | Revenue Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Fair Value	$ 22,106	$ 22,763
Equity | Fair Value, Inputs, Level 3 | Market Method | Minimum | EBITDA Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Range	5.5	6.0
Equity | Fair Value, Inputs, Level 3 | Market Method | Minimum | Revenue Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Range	0.1	0.1
Equity | Fair Value, Inputs, Level 3 | Market Method | Minimum | Indicative Bid
Investment Valuations And Fair Value Measurements [Line Items]
Range		0.0
Equity | Fair Value, Inputs, Level 3 | Market Method | Maximum | EBITDA Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Range	7.5	6.5
Equity | Fair Value, Inputs, Level 3 | Market Method | Maximum | Revenue Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Range	0.2	0.2
Equity | Fair Value, Inputs, Level 3 | Market Method | Maximum | Indicative Bid
Investment Valuations And Fair Value Measurements [Line Items]
Range		0.0
Equity | Fair Value, Inputs, Level 3 | Market Method | EBITDA Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Fair Value	$ 0	$ 45,010
Equity | Fair Value, Inputs, Level 3 | Market Method | Minimum | EBITDA Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Range	7.3	7.0
Equity | Fair Value, Inputs, Level 3 | Market Method | Maximum | EBITDA Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Range	8.3	11.0

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Agreements and Related Party Transactions - Additional Information (Details)		3 Months Ended		6 Months Ended		12 Months Ended	110 Months Ended
	Sep. 15, 2014	Jun. 30, 2023 USD ($) Loan	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Loan	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2023 USD ($) Loan
Related Party Transaction [Line Items]
Management fees		$ 0	$ 997,000	$ 0	$ 2,011,000
Management fees payable		0		$ 0		$ 999,000	$ 0
Investment Advisory and Management Agreement With Adviser
Related Party Transaction [Line Items]
Advisory agreement effective period	2 years
Percentage of management fee				0.375%		1.50%
Percentage of management fee on aggregate cost basis				0.1875%		0.75%
Management fees		0	997,000	$ 0	2,011,000
Proceeds from transaction and Other fees received		0	0	0	0		$ 2,615,000
Management fees payable			997,000		997,000
Incentive fee		$ 0	$ 0	$ 0	$ 0
Maximum percentage of aggregate commitment for organizational expenses and offering expenses				10.00%
Maximum percentage of commitment or assets computed annually for company expenses				12.50%
Capital commitment				$ 481,600,000
Percentage of preferred and common equity ownership				80.00%
Number of loans contribution | Loan		2		2			2
Second | Investment Advisory and Management Agreement With Adviser
Related Party Transaction [Line Items]
Percentage of internal rate of return on aggregate capital contribution				9.00%
Third | Investment Advisory and Management Agreement With Adviser
Related Party Transaction [Line Items]
Percentage of advisor incentive fee entitled				100.00%
Percentage of additional distributable paid to advisor incentive fee				20.00%
Thereafter | Investment Advisory and Management Agreement With Adviser
Related Party Transaction [Line Items]
Percentage of additional distributable paid to advisor incentive fee				20.00%
Percentage of remaining incentive fee				80.00%

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Commitments and Contingencies - Schedule of Unfunded Commitments and Unrealized Depreciation by Investment (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Unfunded Commitments Amount	$ 14,909	$ 11,988
Unrealized Depreciation	$ 0	0
Retail & Animal Intermediate, LLC
Loss Contingencies [Line Items]
Maturity/Expiration	2025-11
Unfunded Commitments Amount	$ 4,981	4,981
Unrealized Depreciation	$ 0	0
Ruby Tuesday Operations LLC
Loss Contingencies [Line Items]
Maturity/Expiration	2025-02
Unfunded Commitments Amount	$ 4,921	4,921
Unrealized Depreciation	$ 0	0
Pace Industries, Inc.
Loss Contingencies [Line Items]
Maturity/Expiration	2025-06
Unfunded Commitments Amount	$ 5,007	2,086
Unrealized Depreciation	$ 0	$ 0

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Commitments and Contingencies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Jun. 30, 2023
Loss Contingencies [Line Items]
Unfunded Commitments Amount	$ 11,988	$ 14,909
Strategic Venture
Loss Contingencies [Line Items]
Total capital commitment investment	481,600,000
Unfunded Commitments Amount	$ 219,646,000	$ 219,646,000

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Members Capital - Additional Information (Detail) - USD ($)		3 Months Ended		6 Months Ended
	Jul. 11, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement Of Stockholders Equity [Abstract]
Deemed distributions		$ 0	$ 0	$ 0	$ 0
Deemed re-contributions		$ 0	$ 0	$ 0	$ 0
Reduction in Undrawn Commitments Per Share	$ 10.43
Percentage of Reduction of Overall Remaining Available Capital Commitments	41.18%

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Members Capital - Summary of Company Unit Activity (Details) - shares	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Statement Of Stockholders Equity [Abstract]
Units at beginning of period	18,034,649	18,034,649	20,134,698	20,134,698
Units issued and committed at end of period	18,034,649		20,134,698

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Credit Facility - Additional Information (Details) - USD ($)	Apr. 07, 2023	Jan. 10, 2023	Apr. 06, 2021	Apr. 06, 2020	Apr. 10, 2017	Apr. 09, 2017	Jun. 30, 2023	Dec. 31, 2022	Dec. 29, 2020	May 27, 2020
Line Of Credit Facility [Line Items]
Amounts outstanding under Credit Facility							$ 89,250,000	$ 126,250,000
Prepaid deferred financing costs had yet to be amortized							352,000	120,000
Interest Rate Floor
Line Of Credit Facility [Line Items]
Interest rate			0.00%
SOFR
Line Of Credit Facility [Line Items]
Basis spread on variable rate		1.95%
Third Amended and Restated Revolving Credit Agreement
Line Of Credit Facility [Line Items]
Deferred financing costs					$ 10,123,000
Amended Credit Agreement
Line Of Credit Facility [Line Items]
Maximum commitment									$ 177,000,000	$ 400,000,000
Available Commitment							$ 62,750,000	$ 50,750,000
Deferred financing costs				$ 1,848,000						1,848,000
Third Amended Credit Agreement
Line Of Credit Facility [Line Items]
Maximum commitment	$ 152,000,000		$ 177,000,000
Maturity date			Apr. 08, 2022
Extended maturity date	Apr. 05, 2024
Maturity date to be extended upon satisfaction of certain conditions			364 days
Deferred financing costs	$ 456,000		$ 883,000
Third Amended Credit Agreement | Eurodollar
Line Of Credit Facility [Line Items]
Basis spread on variable rate			1.95%
Third Amended Credit Agreement | Commercial Paper Rate
Line Of Credit Facility [Line Items]
Basis spread on variable rate			1.95%
Third Amended Credit Agreement | Base Rate
Line Of Credit Facility [Line Items]
Basis spread on variable rate			0.95%
Third Amended Credit Agreement | Base Rate | Minimum
Line Of Credit Facility [Line Items]
Basis spread on variable rate	0.95%
Third Amended Credit Agreement | Base Rate | Maximum
Line Of Credit Facility [Line Items]
Basis spread on variable rate	1.15%
Third Amended Credit Agreement | Adjusted Eurodollar Rate
Line Of Credit Facility [Line Items]
Basis spread on variable rate			1.00%
Third Amended Credit Agreement | Other Loan | Minimum
Line Of Credit Facility [Line Items]
Basis spread on variable rate	1.95%
Third Amended Credit Agreement | Other Loan | Maximum
Line Of Credit Facility [Line Items]
Basis spread on variable rate	2.15%
Natixis | Credit Agreement
Line Of Credit Facility [Line Items]
Maximum commitment						$ 750,000,000
Maturity date						Nov. 10, 2017
Natixis | Third Amended and Restated Revolving Credit Agreement
Line Of Credit Facility [Line Items]
Extended maturity date					Apr. 10, 2020
Natixis | Third Amended and Restated Revolving Credit Agreement | Eurodollar
Line Of Credit Facility [Line Items]
Basis spread on variable rate					2.35%
Natixis | Third Amended and Restated Revolving Credit Agreement | Commercial Paper Rate
Line Of Credit Facility [Line Items]
Basis spread on variable rate					2.35%
Natixis | Third Amended and Restated Revolving Credit Agreement | Federal Funds Rate
Line Of Credit Facility [Line Items]
Basis spread on variable rate					0.50%
Natixis | Third Amended and Restated Revolving Credit Agreement | Prime Rate and Floating LIBOR Rate
Line Of Credit Facility [Line Items]
Basis spread on variable rate					1.00%
Natixis | Third Amended and Restated Revolving Credit Agreement | Base Rate
Line Of Credit Facility [Line Items]
Basis spread on variable rate					1.35%
Natixis | Amended Credit Agreement
Line Of Credit Facility [Line Items]
Maximum commitment				$ 375,000,000
Maturity date				Apr. 09, 2021
Option to increase maximum borrowing capacity				$ 450,000,000
Maturity date to be extended upon satisfaction of certain conditions				364 days
Natixis | Amended Credit Agreement | Eurodollar
Line Of Credit Facility [Line Items]
Basis spread on variable rate				2.50%
Natixis | Amended Credit Agreement | Commercial Paper Rate
Line Of Credit Facility [Line Items]
Basis spread on variable rate				2.50%
Natixis | Amended Credit Agreement | Base Rate
Line Of Credit Facility [Line Items]
Basis spread on variable rate				1.50%
Natixis | Amended Credit Agreement | Adjusted Eurodollar Rate
Line Of Credit Facility [Line Items]
Basis spread on variable rate				1.00%
Natixis | Amended Credit Agreement | Commercial Paper Rate And Euro Currency Rate | Interest Rate Floor
Line Of Credit Facility [Line Items]
Interest rate				1.00%
Zions Bancorporation, N.A. | Amended Credit Agreement
Line Of Credit Facility [Line Items]
Maximum commitment										$ 25,000,000

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Credit Facility - Summary Information Regarding Credit Facility (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Disclosure [Abstract]
Credit Facilities interest expense	$ 1,869	$ 808	$ 3,973	$ 1,426
Undrawn commitment fees	52	62	101	124
Administrative fees	17	17	33	33
Amortization of deferred financing costs	173	152	310	609
Total	$ 2,111	$ 1,039	$ 4,417	$ 2,192
Weighted average interest rate	7.17%	2.78%	6.86%	2.46%
Average outstanding balance	$ 102,975	$ 115,250	$ 115,211	$ 115,250

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Repurchase Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disclosure of Repurchase Agreements [Abstract]
Repurchase obligation outstanding	0		0		0
Interest expense on repurchase transactions	$ 1,531	$ 95	$ 2,878	$ 127

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Income Taxes - Schedule of Aggregate Investment Unrealized Appreciation and Depreciation for Federal Income Tax Purposes (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Cost of investments for federal income tax purposes	$ 986,295	$ 1,051,514
Unrealized appreciation	59,582	57,357
Unrealized depreciation	(99,309)	(88,118)
Net unrealized depreciation on investments	$ (39,727)	$ (30,761)

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Income Taxes - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Income Tax [Line Items]
Unrecognized tax benefits		$ 0
Accrued interest or penalties		$ 0
TCW Direct Lending SSP LLC
Income Tax [Line Items]
Deferred tax liability	$ 9,640
U.S. federal
Income Tax [Line Items]
Examination regarding return filed	3 years
State
Income Tax [Line Items]
Examination regarding return filed	4 years

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Financial Highlights - Schedule of Net Asset Value Per Unit and Reflects all Units Issued and Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Investment Company [Abstract]
Net Asset Value Per Unit (accrual base), Beginning of Period	$ 32.84	$ 39.65
Income from Investment Operations:
Net investment income	1.15	0.82
Net realized and unrealized (loss) gain	(0.43)	1.86
Total income from investment operations	0.72	2.68
Less Distributions:
From net investment income	(0.55)	(0.53)
Return of capital	(0.22)	(0.89)
Total distributions	(0.77)	(1.42)
Net Asset Value Per Unit (accrual base), End of Period	$ 32.79	$ 40.91
Common Unitholder Total Return	4.04%	16.47%
Common Unitholder IRR	8.43%	8.81%
Ratios and Supplemental Data
Members' Capital, end of period	$ 392,193	$ 414,615	$ 393,215
Units outstanding, end of period	18,034,649	20,134,698
Ratios based on average net assets of Members’ Capital:
Ratio of total expenses to average net assets	4.21%	2.75%
Ratio of financing cost to average net assets	1.12%	0.57%
Ratio of net investment income to average net assets	10.60%	8.55%
Credit facility payable	$ 89,250	$ 115,250	$ 126,250
Asset coverage ratio	5.39%	4.60%
Portfolio turnover rate	1.13%	0.00%

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Financial Highlights - Schedule of Net Asset Value Per Unit and Reflects all Units Issued and Outstanding (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2023
Investment Company [Abstract]
Ratio of internal rate of return for common unitholders	8.43%

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Subsequent Events - Additional Information (Details) - Third Amended Credit Agreement - USD ($)	Apr. 07, 2023	Apr. 06, 2021
Subsequent Event [Line Items]
Maximum commitment	$ 152,000,000	$ 177,000,000
Maturity date to be extended upon satisfaction of certain conditions		364 days
Extended maturity date	Apr. 05, 2024
Base Rate
Subsequent Event [Line Items]
Basis spread on variable rate		0.95%