10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2024

OR

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

For the transition period from to

Commission file number 814-01246

TCW DIRECT LENDING VII LLC

(Exact Name of Registrant as Specified in Its Charter)

Delaware	82-2252672
(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 March 31, 2024, there was no established public market for the Registrant’s common units. The number of the Registrant’s common units outstanding at May 9, 2024 was 13,734,010.

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

TCW DIRECT LENDING VII LLC

FORM 10-Q FOR THE QUARTER ENDED March 31, 2024

Table of Contents

	INDEX	PAGE NO.
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Schedule of Investments as of March 31, 2024 (unaudited) and December 31, 2023	3
	Consolidated Statements of Assets and Liabilities as of March 31, 2024 (unaudited) and December 31, 2023	13
	Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (unaudited)	14
	Consolidated Statements of Changes in Members’ Capital for the three months ended March 31, 2024 and 2023 (unaudited)	15
	Consolidated Statement of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited)	16
	Notes to Consolidated Financial Statements (unaudited)	17
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	48
Item 4.	Controls and Procedures	48
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	49
Item 1A.	Risk Factors	49
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	49
Item 3.	Defaults Upon Senior Securities	49
Item 4.	Mine Safety Disclosures	49
Item 5.	Other Information	49
Item 6.	Exhibits	50
SIGNATURES		52

TCW Direct Lending VII LLC

Consolidated Schedule of Investments (Unaudited)

As of March 31, 2024

Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par     Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1)
Aerospace & Defense
	Columbia Helicopters Inc.	08/20/19	Last Out Term Loan - 15.86% inc PIK (SOFR + 10.25%, 1.50% Floor, 2.75% PIK)		3.0	%	$	18,079,769	08/20/24	$	18,053,336	$	17,193,861
	Heligear Acquisition Co.	07/30/19	Term Loan - 13.06% (SOFR + 7.50%, 2.00% Floor)		8.2	%		47,027,211	07/30/24		46,964,122		47,027,211
	Karman Holdings LLC	12/21/20	Revolver - 12.21% (SOFR + 6.75%, 2.00% Floor)		1.1	%		6,554,864	12/21/25		6,554,864		6,554,864
	Karman Holdings LLC	12/21/20	Term Loan - 12.21% (SOFR + 6.75%, 2.00% Floor)		10.3	%		59,041,835	12/21/25		58,590,691		59,632,253
	Navistar Defense, LLC (2)	07/27/23	Super Senior Revolver - 15.98% inc PIK (SOFR + 10.50%, 1.50% Floor, all PIK)		4.6	%		26,570,265	02/01/26		26,546,834		26,570,265
	Navistar Defense, LLC (2) (5)	08/01/22	Term Loan - 13.98% inc PIK (SOFR + 8.50%, 1.50% Floor, all PIK)		4.5	%		42,720,012	02/01/26		33,357,512		26,144,647
					31.7	%		199,993,956			190,067,359		183,123,101
Capital Goods
	Carolina Atlantic Roofing Supply LLC	05/28/21	Term Loan - 14.61% inc PIK (SOFR + 9.00%, 2.00% Floor, 0.75% PIK)		5.6	%		33,514,657	05/28/26		33,227,030		32,475,703
					5.6	%		33,514,657			33,227,030		32,475,703
Chemicals
	AGY Holdings Corp. (2)	09/21/20	Term Loan - 15.57% inc PIK (SOFR + 10.00%, 1.50% Floor, 6.00% PIK)		4.9	%		30,903,338	09/21/27		30,903,338		28,338,361
	AGY Holdings Corp. (2)	05/27/22	Delayed Draw Term Loan - 15.57% inc PIK (SOFR + 10.00%, 1.50% Floor, 6.00% PIK)		5.1	%		32,080,811	09/21/27		32,080,796		29,418,104
					10.0	%		62,984,149			62,984,134		57,756,465
Commercial & Professional Services
	Rapid Displays, Inc.	04/16/21	Term Loan - 12.48% (SOFR + 7.00%, 1.00% Floor)		1.6	%		12,390,541	04/13/26		12,326,712		9,218,562
	Rapid Displays, Inc.	04/16/21	Revolver - 12.49% (SOFR + 7.00%, 1.00% Floor)		0.1	%		786,667	04/13/26		786,667		585,280
	Rapid Displays, Inc.	09/29/22	Incremental Term Loan - 12.48% (SOFR + 7.00%, 1.00% Floor)		0.0	%		219,347	04/13/26		216,513		163,194
					1.7	%		13,396,555			13,329,892		9,967,036
Commercial Services & Supplies
	Retail Services WIS Corporation	05/20/21	Term Loan - 13.81% (SOFR + 8.35%, 1.00% Floor)		7.5	%		42,991,226	05/20/25		42,700,335		42,991,226
					7.5	%		42,991,226			42,700,335		42,991,226
Consumer Durables & Apparel
	Rocky Brands, Inc. (3)	03/15/21	Term Loan - 13.20% (SOFR + 7.50%, 2.00% Floor)		4.9	%		28,471,542	03/15/26		28,249,196		28,015,998
	Twin Star International, Inc.	06/12/23	Incremental Delayed Draw Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK)		0.2	%		951,834	06/18/26		951,834		951,834
	Twin Star International, Inc.(5)	06/18/21	Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK)		2.8	%		49,041,789	06/18/26		44,197,185		15,889,540
	Twin Star International, Inc.	02/15/23	Delayed Draw Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK)		0.2	%		973,005	06/18/26		973,005		973,005
	Twin Star International, Inc.	06/12/23	Incremental Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK)		0.2	%		971,831	06/18/26		971,831		971,831
	Twin Star International, Inc.	10/19/23	7th Amendment Incremental Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK)		0.1	%		485,764	06/18/26		485,764		485,764
	Twin Star International, Inc.	10/19/23	7th Amendment Incremental Delayed Draw Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK)		0.4	%		2,089,076	06/18/26		2,075,536		2,089,076
					8.8	%		82,984,841			77,904,351		49,377,048

3

TCW Direct Lending VII LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2024

Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par     Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT (continued)
Consumer Services
	Grand Circle Corporation	02/26/21	Term Loan - 14.36% (SOFR + 8.75%, 1.25% Floor)		6.6	%	$	38,291,396	02/26/26	$	38,000,944	$	38,291,396
					6.6	%		38,291,396			38,000,944		38,291,396
Energy Equipment & Services
	WDE TorcSill Holdings LLC	10/22/19	Revolver - 12.94% inc PIK (SOFR + 7.50%, 1.75% Floor, 0.75% PIK)		1.7	%		9,856,474	10/22/24		9,856,474		9,748,053
	WDE TorcSill Holdings LLC	10/22/19	Term Loan - 12.94% inc PIK (SOFR + 7.50%, 1.75% Floor, 0.75% PIK)		3.8	%		22,037,493	10/22/24		21,980,587		21,795,080
					5.5	%		31,893,967			31,837,061		31,543,133
Hotels, Restaurants & Leisure
	KBP Brands, LLC	05/26/21	Term Loan - 11.09% (SOFR + 5.50%, 0.75% Floor)		4.0	%		24,139,787	05/26/27		23,971,959		23,270,754
	Red Lobster Management, LLC	02/29/24	Incremental Term Loan - 21.10% inc PIK (SOFR + 15.50%, 3.00% Floor, all PIK)		0.7	%		4,406,834	01/22/26		4,406,834		3,772,250
	Red Lobster Management, LLC	01/22/21	Term Loan - 21.07% inc PIK (SOFR + 15.50%, 3.00% Floor, 13.50% PIK)		7.5	%		50,449,339	01/22/26		50,103,110		43,184,634
					12.2	%		78,995,960			78,481,903		70,227,638
Household Durables
	Slogic Holding Corp. (4)	08/25/23	Revolver - 11.33% (SOFR + 5.87%, 1.00% Floor)		0.5	%		2,791,645	04/30/25		2,791,645		2,791,645
	Slogic Holding Corp. (4)	06/29/18	Last Out Term Loan - 11.36% (SOFR + 5.87%, 1.00% Floor)		4.0	%		26,681,925	10/29/26		26,681,925		22,893,092
	Greenfield World Trade, Inc.	03/04/19	Last Out Term Loan - 18.78% inc PIK (SOFR + 13.33%, 1.50% Floor, 7.00% PIK)		12.8	%		75,715,260	03/31/25		74,132,067		73,595,233
					17.3	%		105,188,830			103,605,637		99,279,970
Media
	Encompass Digital Media, Inc.(4)	10/01/18	Revolver - 13.09% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK)		0.4	%		3,953,491	09/28/25		3,953,491		2,273,257
	Encompass Digital Media, Inc.(4)	10/01/18	Term Loan - 13.09% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK)		3.4	%		34,082,664	09/28/25		34,082,664		19,597,532
					3.8	%		38,036,155			38,036,155		21,870,789
Publishing
	Bendon Inc.	12/11/20	Term Loan - 12.46% (SOFR + 7.00%, 1.50% Floor)		7.0	%		40,748,385	12/11/25		40,434,509		40,259,404
	Bendon Inc.	12/11/20	Revolver - 12.46% (SOFR + 7.00%, 1.50% Floor)		0.4	%		2,421,056	12/11/25		2,421,056		2,392,003
					7.4	%		43,169,441			42,855,565		42,651,407
Software
	Mondee Holdings LLC	12/20/19	Term Loan - 14.07% inc PIK (SOFR + 8.50%, 1.75% Floor, all PIK)		12.7	%		72,634,124	03/31/25		72,359,702		73,360,466
					12.7	%		72,634,124			72,359,702		73,360,466
Textiles, Apparel & Luxury Goods
	Centric Brands Inc. (3)	02/06/24	Term Loan - 10.79% (SOFR + 5.50%, 1.00% Floor)		2.8	%		16,206,598	08/06/29		15,767,354		16,206,598
	Centric Brands Inc. (3)	02/06/24	Term Loan A-1 - 13.29% inc PIK (SOFR + 8.00%, 1.00% Floor, all PIK)		2.9	%		16,725,454	02/06/31		16,269,407		16,725,454
	Centric Brands Inc. (3)	02/06/24	Term Loan A-2 - 13.29% inc PIK (SOFR + 8.00%, 1.00% Floor, all PIK)		2.4	%		13,775,609	02/06/31		13,399,994		13,775,609
	Hollander Intermediate LLC	09/19/22	Term Loan - 14.19% (SOFR + 8.75%, 3.00% Floor)		8.8	%		57,348,979	09/21/26		57,348,979		50,868,544
					16.9	%		104,056,640			102,785,734		97,576,205
	Total Debt Investments				147.7	%		948,131,897			928,175,802		850,491,583

4

TCW Direct Lending VII LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2024

Industry	Issuer	Investment	% of Net Assets			Shares		Maturity Date	Amortized Cost		Fair Value
	EQUITY
Aerospace & Defense
	TCW ND Parent Holdings LLC. (2) (5) (6)	Class A Units		0.0	%	$	4,399		$	43,990	$	—
				0.0	%		4,399			43,990		—
Chemicals
	AGY Equity LLC (2) (5) (6)	Class A Preferred Units		0.0	%		7,752,414			—		—
	AGY Equity LLC (2) (5) (6)	Class B Preferred Units		0.0	%		10,078,138			—		—
	AGY Equity LLC (2) (5) (6)	Class C Common Units		0.0	%		11,241,000			—		—
	AGY Equity LLC (2) (5) (6)	Class D Preferred Units		0.0	%		3,997,226			3,997,226		—
				0.0	%		33,068,778			3,997,226		—
Household Durables
	Shelterlogic Group Holdings, Inc (4) (5) (6)	Common Stock		0.0	%		1,254,034			—		—
	Greenfield World Trade, Inc. (5) (6)	Class A-1 Warrant, expires 03/25/27		0.4	%		3,959			3,178,520		2,039,606
	Greenfield World Trade, Inc. (5) (6)	Class A-2 Warrant, expires 03/25/27		0.1	%		1,376			1,189,508		342,895
	Greenfield World Trade, Inc. (5) (6)	Class A-3 Warrant, expires 03/25/27		0.0	%		116			113,932		28,702
				0.5	%		1,259,485			4,481,960		2,411,203
Media
	Encompass Digital Media, Inc.(4) (5)	Class A Units		0.0	%		722,097			—		—
				0.0	%		722,097			—		—
Software
	Mondee Holdings LLC (5) (6) (7)	Common Stock		0.2	%		570,627			764,071		1,318,148
				0.2	%		570,627			764,071		1,318,148
Textiles, Apparel & Luxury Goods
	Centric Brands GP LLC (3) (5) (6)	Membership Interests		0.0	%		359,231			—		—
	Centric Brands L.P. (3) (5) (6)	Class A LP Interests		1.0	%		359,231			95,579		5,941,672
				1.0	%		718,462			95,579		5,941,672
	Total Equity Investments			1.7	%		36,343,848			9,382,826		9,671,023
	Total Debt & Equity Investments (8)			149.4	%					937,558,628		860,162,606
	Cash Equivalents
	First American Government Obligation Fund, Yield 5.24%			4.5	%		25,944,259			25,944,259		25,944,259
	Total Cash Equivalents			4.5	%					25,944,259		25,944,259
	Short-term Investments
	U.S. Treasury Bill, Yield 5.24%			16.2	%		95,000,000			93,659,788		93,659,788
	Total Short-term Investments			16.2	%					93,659,788		93,659,788
	Total Investments (169.9%)								$	1,057,162,675	$	979,766,653
	Net unrealized depreciation on unfunded commitments (-0.1%)											(778,683	)
	Liabilities in Excess of Other Assets (-69.7%)											(402,231,718	)
	Net Assets (100.0%)										$	576,756,252

5

TCW Direct Lending VII LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2024

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

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

Name of Investment	Fair Value at December 31, 2023		Gross Addition (a)		Gross Reduction (b)		Realized Gains (Losses)		Net Change in Unrealized   Appreciation/    (Depreciation)			Fair Value at March 31, 2024		Interest/Dividend/ Other income
AGY Equity LLC Class A Preferred Units	$	—	$	—	$	—	$	—	$	—		$	—	$	—
AGY Equity LLC Class B Preferred Units		—		—		—		—		—			—		—
AGY Equity LLC Class C Common Units		—		—		—		—		—			—		—
AGY Equity LLC Class D Preferred Units		—		—		—		—		—			—		—
AGY Holdings Corp. Delayed Draw Term Loan - 15.57% inc PIK		28,823,179		476,433		—		—		118,492			29,418,104		1,252,205
AGY Holdings Corp. Term Loan - 15.57% inc PIK		27,765,285		458,947		—		—		114,129			28,338,361		1,207,049
Navistar Defense, LLC Super Senior Revolver - 15.98% inc PIK		10,326,607		16,246,835		—		—		(3,177	)		26,570,265		890,816
Navistar Defense, LLC Term Loan - 13.98% inc PIK		33,940,881		248,218		—		—		(8,044,452	)		26,144,647		248,217
TCW ND Parent Holdings LLC Class A Units		—		—		—		—		—			—		—
Total Controlled Affiliated investments	$	100,855,952	$	17,430,433	$	—	$	—	$	(7,815,008	)	$	110,471,377	$	3,598,287

(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.

(3)The investment is not a qualifying asset as defined in Section 55(a) under the Investment Company Act of 1940, as amended. A business development company may not acquire an asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets. As of March 31, 2024, $80,665,331 or 8.0% of the Company’s total assets were represented by “non-qualifying assets.”

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

Name of Investment	Fair Value at December 31, 2023		Gross Addition (a)		Gross Reduction (b)			Realized Gains (Losses)		Net Change in Unrealized Appreciation/ (Depreciation)			Fair Value at March 31, 2024		Interest/Dividend/ Other income
Encompass Digital Media Holdings, LLC Class A Units	$	—	$	—	$	—		$	—	$	—		$	—	$	—
Encompass Digital Media, Inc. Revolver - 13.09% inc PIK		2,515,804		130,081		—			—		(372,628	)		2,273,257		132,050
Encompass Digital Media, Inc. Term Loan - 13.09% inc PIK		21,696,936		1,108,598		—			—		(3,208,002	)		19,597,532		1,118,237
Shelterlogic Group Holdings, Inc Common Stock		—		—		—			—		—			—		—
Slogic Holding Corp. Last Out Term Loan - 11.36%		21,879,179		—		—			—		1,013,913			22,893,092		769,854
Slogic Holding Corp. Revolver - 11.33%		3,877,285		—		(1,085,640	)		—		—			2,791,645		108,046
Total Non-Controlled Affiliated Investments	$	49,969,204	$	1,238,679	$	(1,085,640	)	$	—	$	(2,566,717	)	$	47,555,526	$	2,128,187

(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)Non-income producing.

(6)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 March 31, 2024, the aggregate fair value of these securities was $9,671,023, or 1.0% of the Company’s total assets.

(7)Fair value of the Mondee Holdings, Inc. common stock held by the Company is based on the adjusted market price of the issuer's stock as of March 31, 2024. Such common stock is considered to be a Level 1 security within the Fair Value Hierarchy.

(8)Except for the Level 1 investment, 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.”

6

TCW Direct Lending VII LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2024

SOFR - Secured Overnight Financing Rate, generally 1-Month, 3-Month, or 6-Month

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $40,557,278 and $9,391,185, respectively, for the period ended March 31, 2024. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments.

Country Breakdown Portfolio
United States	100.0	%

See Notes to Consolidated Financial Statements

7

TCW DIRECT LENDING VII LLC

Consolidated Schedule of Investments

As of December 31, 2023

Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par     Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1)
Aerospace & Defense
	Columbia Helicopters Inc.	08/20/19	Last Out Term Loan - 15.86% inc PIK (SOFR + 10.25%, 1.50% Floor, 2.75% PIK)		3.0	%	$	18,120,526	08/20/24	$	18,076,306	$	17,051,415
	Heligear Acquisition Co.	07/30/19	Term Loan - 13.10% (SOFR + 7.50%, 2.00% Floor)		8.3	%		47,762,011	07/30/24		47,649,347		47,570,963
	Karman Holdings LLC	12/21/20	Revolver - 12.50% (SOFR + 7.00%, 2.00% Floor)		1.2	%		6,554,864	12/21/25		6,554,864		6,554,864
	Karman Holdings LLC	12/21/20	Term Loan - 12.50% (SOFR + 7.00%, 2.00% Floor)		10.5	%		59,449,481	12/21/25		58,929,503		59,687,279
	Navistar Defense, LLC (2)	07/27/23	Super Senior Revolver - 16.21% inc PIK (SOFR + 10.50%, 1.50% Floor, all PIK)		1.8	%		10,326,607	02/01/26		10,299,999		10,326,607
	Navistar Defense, LLC (2) (5)	08/01/22	Term Loan - 14.22% inc PIK (SOFR + 8.50%, 1.50% Floor, all PIK)		6.0	%		40,991,402	02/01/26		33,109,294		33,940,881
					30.8	%		183,204,891			174,619,313		175,132,009
Capital Goods
	Carolina Atlantic Roofing Supply LLC	05/28/21	Term Loan - 14.65% inc PIK (SOFR + 9.00%, 2.00% Floor, 0.75% PIK)		5.7	%		33,678,160	05/28/26		33,355,097		32,634,137
					5.7	%		33,678,160			33,355,097		32,634,137
Chemicals
	AGY Holdings Corp. (2)	09/21/20	Delayed Draw Term Loan - 15.61% inc PIK (SOFR + 10.00%, 1.50% Floor, 6.00% PIK)		4.5	%		27,977,036	09/21/25		27,977,036		25,515,057
	AGY Holdings Corp. (2)	09/21/20	Term Loan - 15.64% inc PIK (SOFR + 10.00%, 1.50% Floor, 6.00% PIK)		4.9	%		30,444,391	09/21/25		30,444,391		27,765,285
	AGY Holdings Corp. (2)	05/27/22	Delayed Draw Term Loan - 15.61% inc PIK (SOFR + 10.00%, 1.50% Floor, 6.00% PIK)		0.6	%		3,627,327	09/21/25		3,627,327		3,308,122
					10.0	%		62,048,754			62,048,754		56,588,464
Commercial & Professional Services
	Rapid Displays, Inc.	04/16/21	Term Loan - 12.55% (SOFR + 7.00%, 1.00% Floor)		2.0	%		12,494,015	04/13/26		12,421,761		11,244,614
	Rapid Displays, Inc.	04/16/21	Revolver - 12.54% (SOFR + 7.00%, 1.00% Floor)		0.1	%		393,333	04/13/26		393,333		354,000
	Rapid Displays, Inc.	09/29/22	Incremental Term Loan - 12.54% (SOFR + 7.00%, 1.00% Floor)		0.0	%		221,169	04/13/26		217,961		199,053
					2.1	%		13,108,517			13,033,055		11,797,667
Commercial Services & Supplies
	Retail Services WIS Corporation	05/20/21	Term Loan - 13.85% (SOFR + 8.35%, 1.00% Floor)		7.7	%		43,595,738	05/20/25		43,235,918		44,031,696
					7.7	%		43,595,738			43,235,918		44,031,696
Consumer Durables & Apparel
	Rocky Brands, Inc. (3)	03/15/21	Term Loan - 13.20% (SOFR + 7.50%, 2.00% Floor)		5.0	%		29,867,493	03/15/26		29,604,476		28,374,118
	Twin Star International, Inc.	06/12/23	Incremental Delayed Draw Term Loan - 13.00% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK)		0.2	%		921,555	06/18/26		921,555		921,555
	Twin Star International, Inc.(5)	06/18/21	Term Loan - 13.00% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK)		3.4	%		47,314,794	06/18/26		44,197,185		19,351,751
	Twin Star International, Inc.	02/15/23	Delayed Draw Term Loan - 13.00% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK)		0.2	%		942,052	06/18/26		942,052		942,052
	Twin Star International, Inc.	06/12/23	Incremental Term Loan - 13.00% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK)		0.2	%		940,916	06/18/26		940,916		940,916
	Twin Star International, Inc.	10/19/23	7th Amendment Incremental Term Loan - 13.00% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK)		0.1	%		470,312	06/18/26		470,312		470,312
	Twin Star International, Inc.	10/19/23	7th Amendment Incremental Delayed Draw Term Loan - 13.02% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK)		0.1	%		681,027	06/18/26		681,027		681,027
					9.2	%		81,138,149			77,757,523		51,681,731

8

TCW DIRECT LENDING VII LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2023

Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par     Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT (continued)
Consumer Services
	Grand Circle Corporation	02/26/21	Term Loan - 14.22% (SOFR + 8.75%, 1.25% Floor)		6.8	%	$	38,543,670	02/26/26	$	38,213,079	$	38,543,670
					6.8	%		38,543,670			38,213,079		38,543,670
Energy Equipment & Services
	WDE TorcSill Holdings LLC	10/22/19	Revolver - 12.97% inc PIK (SOFR + 7.50%, 1.75% Floor, 0.75% PIK)		1.7	%		9,838,834	10/22/24		9,838,834		9,602,702
	WDE TorcSill Holdings LLC	10/22/19	Term Loan - 12.97% inc PIK (SOFR + 7.50%, 1.75% Floor, 0.75% PIK)		3.8	%		22,398,620	10/22/24		22,314,823		21,861,053
					5.5	%		32,237,454			32,153,657		31,463,755
Hotels, Restaurants & Leisure
	KBP Brands, LLC	05/26/21	Delayed Draw Term Loan - 12.17% inc PIK (SOFR + 6.50%, 0.75% Floor, 1.00% PIK)		3.1	%		18,478,536	05/26/27		18,400,117		17,591,566
	KBP Brands, LLC	05/26/21	Term Loan - 12.17% inc PIK (SOFR + 6.50%, 0.75% Floor, 1.00% PIK)		0.9	%		5,666,451	05/26/27		5,563,493		5,394,461
	Red Lobster Management, LLC	01/22/21	Term Loan - 16.61% (SOFR + 11.00%, 1.50% Floor)		7.7	%		47,866,465	01/22/26		47,472,497		43,702,082
					11.7	%		72,011,452			71,436,107		66,688,109
Household Durables
	Slogic Holding Corp. (4)	08/25/23	Revolver - 11.37% (SOFR + 5.87%, 1.00% Floor)		0.7	%		3,877,285	04/30/24		3,877,285		3,877,285
	Slogic Holding Corp. (4)	06/29/18	Last Out Term Loan - 11.40% (SOFR + 5.87%, 1.00% Floor)		3.8	%		26,681,925	10/29/26		26,681,925		21,879,179
	Greenfield World Trade, Inc.	03/04/19	Last Out Term Loan - 18.80% inc PIK (SOFR + 13.33%, 1.50% Floor, 7.00% PIK)		11.8	%		68,977,149	03/31/25		67,522,875		66,976,812
	Greenfield World Trade, Inc.	08/12/21	Last Out Delayed Draw Term Loan - 18.80% inc PIK (SOFR + 13.33%, 1.50% Floor, 7.00% PIK)		0.6	%		3,652,110	03/31/25		3,488,628		3,546,199
					16.9	%		103,188,469			101,570,713		96,279,475
Media
	Encompass Digital Media, Inc.(4)	10/01/18	Revolver - 13.13% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK)		0.4	%		3,823,410	09/28/25		3,823,410		2,515,804
	Encompass Digital Media, Inc.(4)	10/01/18	Term Loan - 13.13% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK)		3.8	%		32,974,066	09/28/25		32,974,066		21,696,936
					4.2	%		36,797,476			36,797,476		24,212,740
Publishing
	Bendon Inc.	12/11/20	Term Loan - 13.00% (SOFR + 7.50%, 1.50% Floor)		7.1	%		40,977,276	12/11/25		40,615,234		40,321,640
					7.1	%		40,977,276			40,615,234		40,321,640
Software
	Mondee Holdings LLC	12/20/19	Term Loan - 14.11% inc PIK (SOFR + 8.50%, 1.75% Floor, all PIK)		12.4	%		69,880,068	12/23/24		69,511,764		70,369,228
					12.4	%		69,880,068			69,511,764		70,369,228

9

TCW DIRECT LENDING VII LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2023

Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par     Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT (continued)
Textiles, Apparel & Luxury Goods
	Centric Brands Inc. (3)	10/09/20	Term Loan - 14.37% inc PIK (SOFR + 9.00%, 1.00% Floor, 6.50% PIK)		7.9	%	$	46,070,354	10/09/25	$	44,679,173	$	44,826,454
	Hollander Intermediate LLC	09/19/22	Term Loan - 16.22% (SOFR + 10.75%, 3.00% Floor)		9.0	%		57,004,200	09/21/26		57,004,200		51,417,788
					16.9	%		103,074,554			101,683,373		96,244,242
	Total Debt Investments				147.0	%		913,484,628			896,031,063		835,988,563
	EQUITY						Shares
Aerospace & Defense
	TCW ND Parent Holdings LLC. (2) (5) (6)		Class A Units		0.0	%		4,399			43,990		—
					0.0	%		4,399			43,990		—
Chemicals
	AGY Equity LLC (2) (5) (6)		Class A Preferred Units		0.0	%		7,752,414			—		—
	AGY Equity LLC (2) (5) (6)		Class B Preferred Units		0.0	%		10,078,138			—		—
	AGY Equity LLC (2) (5) (6)		Class C Common Units		0.0	%		11,241,000			—		—
	AGY Equity LLC (2) (5) (6)		Class D Preferred Units		0.0	%		3,997,226			3,997,226		—
					0.0	%		33,068,778			3,997,226		—
Household Durables
	Shelterlogic Group Holdings, Inc (4) (5) (6)		Common Stock		0.0	%		1,254,034			—		—
	Greenfield World Trade, Inc. (5) (6)		Class A-1 Warrant, expires 03/25/27		0.6	%		3,959			3,178,520		3,641,653
	Greenfield World Trade, Inc. (5) (6)		Class A-2 Warrant, expires 03/25/27		0.1	%		1,376			1,189,508		817,631
	Greenfield World Trade, Inc. (5) (6)		Class A-3 Warrant, expires 03/25/27		0.0	%		116			113,932		68,566
					0.7	%		1,259,485			4,481,960		4,527,850
Media
	Encompass Digital Media, Inc.(4) (5)		Class A Units		0.0	%		722,097			—		—
					0.0	%		722,097			—		—
Software
	Mondee Holdings LLC (5) (6) (7)		Common Stock		0.3	%		570,627			764,071		1,574,931
					0.3	%		570,627			764,071		1,574,931
Textiles, Apparel & Luxury Goods
	Centric Brands GP LLC (3) (5) (6)		Membership Interests		0.0	%		159,658			—		—
	Centric Brands L.P. (3) (5) (6)		Class A LP Interests		0.2	%		159,658			—		1,246,929
					0.2	%		319,316			—		1,246,929
	Total Equity Investments				1.2	%		35,944,702			9,287,247		7,349,710
	Total Debt & Equity Investments (8)				148.2	%					905,318,310		843,338,273
	Cash Equivalents
	First American Government Obligation Fund, Yield 5.30%				9.8	%		55,776,653			55,776,653		55,776,653
	Total Cash Equivalents				9.8	%					55,776,653		55,776,653
	Short-term Investments
	U.S. Treasury Bill, Yield 5.26%				13.8	%		80,000,000			78,714,489		78,714,489
	Total Short-term Investments				13.8	%					78,714,489		78,714,489
	Total Investments (171.6%)									$	1,039,809,452	$	977,829,415
	Net unrealized depreciation on unfunded commitments (-0.1%)												(745,514	)
	Liabilities in Excess of Other Assets (-71.5%)												(407,316,785	)
	Net Assets (100.0%)											$	569,767,116

10

TCW DIRECT LENDING VII LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2023

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

(2)As defined in the Investment Company Act of 1940, the investment is deemed to be a “controlled affiliated person” of the Company because the Company owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2022 and December 31, 2023 along with transactions during the year ended December 31, 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   December 31, 2023		Interest/Dividend/ Other income
AGY Equity LLC Class A Preferred Units	$	—	$	—	$	—	$	—	$	—		$	—	$	—
AGY Equity LLC Class B Preferred Units		—		—		—		—		—			—		—
AGY Equity LLC Class C Common Units		—		—		—		—		—			—		—
AGY Equity LLC Class D Preferred Units		—		—		—		—		—			—		—
AGY Holdings Corp. Delayed Draw Term Loan - 15.61% inc PIK		25,420,236		4,874,358		—		—		(1,471,415	)		28,823,179		4,816,598
AGY Holdings Corp. Term Loan - 15.64% inc PIK		26,315,189		2,773,320		—		—		(1,323,224	)		27,765,285		4,574,950
Navistar Defense, LLC Super Senior Revolver - 16.21% inc PIK		—		10,299,999		—		—		26,608			10,326,607		385,233
Navistar Defense, LLC Term Loan - 14.22% inc PIK		34,632,469		1		—		—		(691,589	)		33,940,881		18,127
TCW ND Parent Holdings LLC Class A Units		—		—		—		—		—			—		—
Total Controlled Affiliated investments	$	86,367,894	$	17,947,678	$	—	$	—	$	(3,459,620	)	$	100,855,952	$	9,794,908

(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.

(3)The investment is not a qualifying asset as defined in Section 55(a) under the Investment Company Act of 1940, as amended. A business development company may not acquire an asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets. As of December 31, 2023, $74,447,501 or 7.4% of the Company’s total assets were represented by “non-qualifying assets.”

(4)As defined in the Investment Company Act of 1940, the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, between 5% and 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2022 and December 31, 2023 along with transactions during the year ended December 31, 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 December 31, 2023		Interest/Dividend/ Other income
Encompass Digital Media Holdings, LLC Class A Units	$	—	$	—	$	—		$	—	$	—		$	—	$	—
Encompass Digital Media, Inc. Revolver - 13.13% inc PIK		1,560,195		2,056,485		—			—		(1,100,876	)		2,515,804		276,526
Encompass Digital Media, Inc. Term Loan - 13.13% inc PIK		26,892,285		4,381,065		(1,805,229	)		—		(7,771,185	)		21,696,936		4,445,399
Shelterlogic Group Holdings, Inc Common Stock		29,432,178		—		—			—		(29,432,178	)		—		—
Slogic Holding Corp. Last Out Term Loan - 11.40%		26,681,925		25,214		—			—		(4,827,960	)		21,879,179		3,036,611
Slogic Holding Corp. Revolver - 11.37%		—		3,877,285		—			—		—			3,877,285		233,530
Total Non-Controlled Affiliated Investments	$	84,566,583	$	10,340,049	$	(1,805,229	)	$	—	$	(43,132,199	)	$	49,969,204	$	7,992,066

(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)Non-income producing.

(6)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, 2023, the aggregate fair value of these securities was $7,349,710, or 0.7% of the Company’s total assets.

11

TCW DIRECT LENDING VII LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2023

(7)Fair value of the Mondee Holdings, Inc. common stock held by the Company is based on the market price of the issuer's stock as of December 31, 2023. Such common stock is considered to be a Level 1 security within the Fair Value Hierarchy.

(8)The fair value of each debt and equity was determined using significant unobservable inputs and such investments are considered to be Level 3 within the Fair Value Hierarchy. See Note 3 “Investment Valuations and Fair Value Measurements.”

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

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $69,936,152 and $268,468,240, respectively, for the year ended December 31, 2023. 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 VII LLC

Consolidated Statements of Assets and Liabilities

(Dollar amounts in thousands, except unit data)

March 31, 2024

	As of March 31,
	2024			As of December 31,
	(unaudited)			2023
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (amortized cost of $743,119 and    $728,462, respectively)	$	702,136		$	692,514
Non-controlled affiliated investments (amortized cost of $67,510 and    $67,357, respectively)		47,556			49,969
Controlled affiliated investments (amortized cost of $126,930 and    $109,499, respectively)		110,471			100,856
Cash and cash equivalents		29,691			65,036
Short-term investments		93,660			78,714
Interest receivable		18,684			16,331
Receivable for investments sold		527			813
Deferred financing costs		99			331
Due from Adviser		46			46
Prepaid and other assets		25			48
Total Assets	$	1,002,895		$	1,004,658
Liabilities
Term loan (net of $531 and $806 of deferred financing costs, respectively)	$	224,469		$	264,194
Payable for short-term investments purchased		93,660			78,714
Incentive fee payable		79,993			82,742
Revolving credit facilities payable		15,000			—
Management fees payable		6,949			3,478
Interest and credit facilities expense payable		4,264			4,403
Unrealized depreciation on unfunded commitments		779			746
Other accrued expenses and other liabilities		1,025			614
Total Liabilities		426,139			434,891
Commitments and Contingencies (Note 5)
Members’ Capital
Common Unitholders’ commitment (13,734,010 units issued and outstanding)		1,373,401			1,373,401
Common Unitholders’ undrawn commitment (13,734,010 units issued and outstanding)		(165,401	)		(165,401	)
Common Unitholders’ return of capital		(484,419	)		(484,419	)
Common Unitholders’ offering costs		(633	)		(633	)
Accumulated Common Unitholders’ tax reclassification		(1,865	)		(1,865	)
Common Unitholders’ capital		721,083			721,083
Accumulated overdistributed earnings		(144,327	)		(151,316	)
Total Members’ Capital		576,756			569,767
Total Liabilities and Members’ Capital	$	1,002,895		$	1,004,658
Net Asset Value Per Unit (Note 10)	$	54.04		$	53.53

See Notes to Consolidated Financial Statements.

13

TCW DIRECT LENDING VII LLC

Consolidated Statements of Operations (Unaudited)

(Dollar amounts in thousands, except unit data)

March 31, 2024

	For the Three Months Ended March 31,
	2024			2023
Investment Income
Non-controlled/non-affiliated investments:
Interest income	$	20,728		$	26,631
Interest income paid-in-kind		8,718			8,898
Other fee income		—			85
Non-controlled affiliated investments:
Interest income		889			708
Interest income paid-in-kind		1,239			—
Controlled affiliated investments:
Interest income		1,560			2,231
Interest income paid-in-kind		2,038			2,827
Other fee income		—			1
Total investment income		35,172			41,381
Expenses
Interest and credit facilities expenses		6,374			6,277
Management fees		3,471			4,055
Incentive fees		(2,749	)		2,069
Interest expense on repurchase transactions		278			—
Administrative fees		261			319
Professional fees		221			326
Directors’ fees		100			100
Other expenses		34			71
Total expenses		7,990			13,217
Net investment income		27,182			28,164
Net realized and unrealized gain (loss) on investments
Net realized gain:
Non-controlled/non-affiliated investments		—			19
Net change in unrealized appreciation/(depreciation):
Non-controlled/non-affiliated investments		(5,068	)		(10,269	)
Non-controlled affiliated investments		(2,567	)		(8,778	)
Controlled affiliated investments		(7,815	)		(861	)
Net realized gain on short-term investments		257			—
Net realized and unrealized loss on investments		(15,193	)		(19,889	)
Net increase in Members’ Capital from operations	$	11,989		$	8,275
Basic and diluted:
Income per unit	$	0.87		$	0.60

See Notes to Consolidated Financial Statements.

14

TCW DIRECT LENDING VII LLC

Consolidated Statements of Changes in Members’ Capital (Unaudited)

(Dollar amounts in thousands, except unit data)

March 31, 2024

	Common Unitholders’ Capital		Accumulated Undistributed (Overdistributed) Earnings			Total
Members’ Capital at January 1, 2024	$	721,083	$	(151,316	)	$	569,767
Net Increase (Decrease) in Members’ Capital Resulting from Operations:
Net investment income		—		27,182			27,182
Net realized gain on investments		—		257			257
Net change in unrealized appreciation/(depreciation) on investments		—		(15,450	)		(15,450	)
Distributions to Members from:							—
Distributable earnings		—		(5,000	)		(5,000	)
Total Increase in Members’ Capital for the three months ended March 31, 2024		—		6,989			6,989
Members’ Capital at March 31, 2024	$	721,083	$	(144,327	)	$	576,756

	Common Unitholders’ Capital		Accumulated Undistributed (Overdistributed) Earnings			Total
Members’ Capital at January 1, 2023	$	818,068	$	(76,403	)	$	741,665
Net Increase (Decrease) in Members’ Capital Resulting from Operations:
Net investment income		—		28,164			28,164
Net realized gain on investments		—		19			19
Net change in unrealized appreciation/(depreciation) on investments		—		(19,908	)		(19,908	)
Total Increase in Members’ Capital for the three months ended March 31, 2023		—		8,275			8,275
Members’ Capital at March 31, 2023	$	818,068	$	(68,128	)	$	749,940

See Notes to Consolidated Financial Statements.

15

TCW DIRECT LENDING VII LLC

Consolidated Statements of Cash Flows (Unaudited)

(Dollar amounts in thousands, except unit data)

March 31, 2024

	For the Three Months Ended March 31,
	2024			2023
Cash Flows from Operating Activities
Net increase in net assets resulting from operations	$	11,989		$	8,275
Adjustments to reconcile the net increase in net assets resulting from operations to net    cash provided by operating activities:
Purchases of investments		(28,562	)		(13,167	)
Purchases of short-term investments		(93,660	)		—
Interest income paid-in-kind		(11,995	)		(11,725	)
Proceeds from sales and paydowns of investments		9,677			60,978
Proceeds from sales of short-term investments		78,714			—
Net realized gain on investments		—			(19	)
Net change in unrealized (appreciation)/depreciation on investments		15,450			19,908
Amortization of premium and accretion of discount, net		(1,075	)		(4,624	)
Amortization of deferred financing costs		507			516
Increase (decrease) in operating assets and liabilities:
(Increase) decrease in interest receivable		(2,353	)		1,265
(Increase) decrease in prepaid and other assets		23			51
Increase (decrease) in payable for short-term investments purchased		14,946			—
Increase (decrease) in incentive fees payable		(2,749	)		2,069
Increase (decrease) in management fees payable		3,471			(122	)
Increase (decrease) in interest and credit facilities expense payable		(139	)		(288	)
Increase (decrease) in directors’ fees payable		—			98
Increase (decrease) in other accrued expenses and liabilities		391			324
Net cash (used in) provided by operating activities		(5,365	)		63,539
Cash Flows from Financing Activities
Distributions to Members from distributable earnings		(4,980	)		—
Proceeds from credit facilities		15,000			—
Repayments of credit facilities		(40,000	)		(37,000	)
Net cash used in financing activities		(29,980	)		(37,000	)
Net (decrease) increase in cash and cash equivalents		(35,345	)		26,539
Cash and cash equivalents, beginning of period		65,036			47,657
Cash and cash equivalents, end of period	$	29,691		$	74,196
Supplemental and non-cash operating and financing activities
Interest expense paid	$	4,791		$	5,840
Non-cash purchases of investments due to reorganization	$	(45,406	)	$	(1,227	)
Non-cash sales of investments due to reorganization	$	45,406		$	1,227
Distributions payable	$	20		$	—

See Notes to Consolidated Financial Statements.

16

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Unaudited)

(Dollar amounts in thousands, except for unit data)

As of March 31, 2024

1. Organization and Basis of Presentation

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

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

On February 12, 2020, the Company formed its third wholly-owned subsidiary, TCW DLG Funding VII 2020-1 LLC, a single member Delaware limited liability company. On March 21, 2022, the Company formed its fourth wholly-owned subsidiary, TCW DL NAV LLC, also a single member Delaware limited liability company. On March 31, 2023, the Company formed its fifth wholly-owned subsidiary, TCW DL EDM LLC, also a single member Delaware limited liability company

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

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

Commitment Period: The Commitment Period commenced on April 13, 2018 (the “Initial Closing Date”), the day on which the Company completed the first closing of the sale of its Units to persons not affiliated with the Adviser and ended on May 16, 2021, which is the later of (a) April 13, 2021, three years from the Initial Closing Date and (b) May 16, 2021, three years from the date in which the Company first completed an investment. In accordance with the Company’s LLC Agreement, the Company may complete investment transactions that were significantly in process as of the end of the Commitment Period and which the Company reasonably expects to be consummated prior to 90 days subsequent to the expiration date of the Commitment Period. The Company may also effect follow-on investments in existing portfolio companies up to an aggregate maximum of 10% of Capital Commitments (as defined below).

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

17

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except for unit data)

As of March 31, 2024

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 March 31, 2024, aggregate Commitments, Undrawn Commitments, percentage of Commitments funded and the number of subscribed for Units of the Company were as follows:

	Commitments		Undrawn Commitments		% of Commitments Funded			Units
Unitholder	$	1,373,401	$	165,401		88.0	%		13,734,010

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

The Recallable Amount as of March 31, 2024 was $484,419.

2. Significant Accounting Policies

Basis of Presentation: The Company’s consolidated financial statements 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 also consolidated the results of its wholly-owned subsidiaries 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 consolidated financial statements, (ii) the reported amounts of income and expenses during the years presented and (iii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates, and such differences could be material.

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

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

Income Recognition: Interest income and interest income paid-in-kind 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.

18

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except for unit data)

As of March 31, 2024

2. Significant Accounting Policies (Continued)

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

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

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

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

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

Cash and Cash Equivalents: The Company generally considers investments with a maturity of three months or less at the time of acquisition to be cash equivalents. As of March 31, 2024, 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.

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 March 31, 2024, short-term investments is comprised of U.S. Treasury bills, all of which are carried at fair value and are classified as Level 1 in the GAAP valuation hierarchy.

Income Taxes: The Company has elected to be regulated as a BDC under the 1940 Act. The Company also elected to be treated as a RIC under the Code beginning with the taxable year ending December 31, 2018. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its Unitholders as dividends. Rather, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company.

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. On January 1, 2024, the Company adopted ASU 2022-03 and the adoption did not have a material impact on the consolidated financial statements.

19

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except for unit data)

As of March 31, 2024

3. Investment Valuations and Fair Value Measurements

Investments at Fair Value: Investments held by the Company are valued at fair value. Fair value is generally determined on the basis of last reported sales prices or official closing prices on the primary exchange in which each security trades, or if no sales are reported, generally based on the midpoint of the valuation range obtained for debt investments from a quotation reporting system, established market makers or pricing service.

Investments for which market quotes are not readily available or are not considered reliable are valued at fair value according to procedures approved by the Board of Directors (the “Board”) based on similar instruments, internal assumptions and the weighting of the best available pricing inputs.

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

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

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

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

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

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

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

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

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

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

Level 3 Assets (Investments): The following valuation techniques and significant inputs are used to determine the fair value of investments in private debt and equity for which reliable market quotations are not available. Some of the inputs are independently observable however, a significant portion of the inputs and the internal assumptions applied are unobservable.

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. 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.

20

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except for unit data)

As of March 31, 2024

3. Investment Valuations and Fair Value Measurements (Continued)

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.

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

Investments	Level 1		Level 2		Level 3		Total
Debt	$	—	$	—	$	850,492	$	850,492
Equity		1,318		—		8,353		9,671
Cash equivalents		25,944		—		—		25,944
Short-term investments		93,660		—		—		93,660
Total Assets	$	120,922	$	—	$	858,845	$	979,767

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, 2023:

Investments	Level 1		Level 2		Level 3		Total
Debt	$	—	$	—	$	835,989	$	835,989
Equity		1,575		—		5,775		7,350
Cash equivalents		55,777		—		—		55,777
Short- term investments		78,714		—		—		78,714
Total Assets	$	136,066	$	—	$	841,764	$	977,830

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three months ended March 31, 2024:

	Debt			Equity		Total
Balance, January 1, 2024	$	835,989		$	5,775	$	841,764
Purchases, including payments received in-kind		85,867			96		85,963
Sales and paydowns of investments		(54,797	)		—		(54,797	)
Amortization of premium and accretion of discount, net		1,075			—		1,075
Net change in unrealized appreciation/(depreciation)		(17,642	)		2,482		(15,160	)
Balance, March 31, 2024	$	850,492		$	8,353	$	858,845
Net change in unrealized appreciation/(depreciation) in investments held as of March 31, 2024	$	(17,494	)	$	2,483	$	(15,011	)

21

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except for unit data)

As of March 31, 2024

3. Investment Valuations and Fair Value Measurements (Continued)

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three months ended March 31, 2023:

	Debt			Equity			Total
Balance, January 1, 2023	$	1,054,945		$	47,591		$	1,102,536
Purchases, including payments received in-kind		24,892			—			24,892
Sales and paydowns of investments		(67,715	)		(1,227	)		(68,942	)
Amortization of premium and accretion of discount, net		4,624			—			4,624
Net realized gains		19			—			19
Net change in unrealized appreciation/(depreciation)		(9,977	)		(18,685	)		(28,662	)
Balance, March 31, 2023	$	1,006,788		$	27,679		$	1,034,467
Net change in unrealized appreciation/(depreciation) in investments held as of March 31, 2023	$	(8,278	)	$	(10,692	)	$	(18,970	)

The Company did not have any transfers between levels during the three months ended March 31, 2024 and 2023.

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

Investment Type	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average*	Impact to Valuation from an Increase in Input
Debt	$	494,113	Income Method	Discount Rate	10.9% to 27.0%	16.6%	Decrease
Debt	$	73,360	Income Method	Discount Rate	16.8% to 17.7%	17.3%	Decrease
			Income Method	Take Out Indication	102.0% to 102.0%	N/A	Increase
Debt	$	141,220	Market Method	EBITDA Multiple	6.0x to 8.0x	N/A	Increase
Debt	$	141,799	Market Method	Revenue Multiple	0.4x to 1.1x	N/A	Increase
Equity	$	5,942	Market Method	EBITDA Multiple	6.0x to 8.0x	N/A	Increase
Equity	$	—	Market Method	Revenue Multiple	0.6x to 1.1x	N/A	Increase
Equity	$	2,411	Market Method	EBITDA Multiple	7.3x to 8.3x	N/A	Increase
			Income Method	Implied Volatility	55.0% to 65.0%	N/A	Increase
				Expected Term (in years)	1.3 to 2.3	N/A	Increase

* Weighted based on fair value

22

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except for unit data)

As of March 31, 2024

3. Investment Valuations and Fair Value Measurements (Continued)

The following table summarizes the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of December 31, 2023:

Investment Type	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average*	Impact to Valuation from an Increase in Input
Debt	$	650,058	Income Method	Discount Rate	10.9% to 27.0%	16.6%	Decrease
Debt	$	11,798	Market Method	EBITDA Multiple	6.0x to 7.0x	N/A	Increase
			Market Method	Revenue Multiple	0.5x to 0.7x	N/A	Increase
Debt	$	49,969	Market Method	EBITDA Multiple	6.3x to 9.1x	N/A	Increase
Debt	$	124,164	Market Method	Revenue Multiple	0.8x to 1.1x	N/A	Increase
Equity	$	1,247	Market Method	EBITDA Multiple	6.3x to 9.1x	N/A	Increase
Equity	$	—	Market Method	Revenue Multiple	0.8x to 1.1x	N/A	Increase
Equity	$	4,528	Market Method	EBITDA Multiple	7.8x to 8.8x	N/A	Increase
			Income Method	Implied Volatility	60.0% to 60.0%	N/A	Increase
				Expected Term (in years)	1.8 to 1.8	N/A	Increase

* Weighted based on fair value

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

23

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except for unit data)

As of March 31, 2024

4. Agreements and Related Party Transactions

Advisory Agreement: On December 29, 2017, the Company entered into the Investment Advisory and Management Agreement (the “Advisory Agreement”) with the Adviser, a registered investment adviser under the Investment Advisers Act of 1940, as amended. The Advisory Agreement became effective upon its execution. Unless earlier terminated, the Advisory Agreement will remain in effect for a period of two years and will remain in effect from year to year thereafter if approved annually by (i) the vote of the Board, or by the vote of a majority of the Company’s outstanding voting securities and (ii) the vote of a majority of the Board who are not “interested persons” (as defined in Section 2(a)(19) of the 1940 Act) of the Company, the Adviser or any of their respective affiliates (the “Independent Directors”). The Advisory Agreement was most recently reapproved to remain in effect on August 9, 2023. The Advisory Agreement will automatically terminate in the event of an assignment by the Adviser.

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

Pursuant to the Advisory Agreement, the Adviser will:

•determine the composition of the Company’s portfolio, the nature and timing of the changes to the Company’s portfolio and the manner of implementing such changes;

•identify, evaluate and negotiate the structure of the investments the Company makes (including performing due diligence on the Company’s prospective portfolio companies);

•determine the assets the Company will originate, purchase, retain or sell;

•close, monitor and administer the investments the Company makes, including the exercise of any rights in the Company’s capacity as a lender; and

•provide the Company such other investment advice, research and related services as the Company may, from time to time, require.

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

For the three months ended March 31, 2024, Management Fees incurred were $3,471, of which $6,949 remained payable as of March 31, 2024. For the three months ended March 31, 2023, Management Fees incurred amounted to $4,055, of which $4,055 remained payable at March 31, 2023.

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

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

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

(c)Third, the Adviser will be entitled to an Incentive Fee out of 100% of additional amounts otherwise distributable to Unitholders until such time as the Incentive Fee paid to the Adviser is equal to 20% of the sum of (i) the amount by which the Hurdle exceeds the aggregate capital contributions of the Unitholders in respect of all Units and (ii) the amount of Incentive Fee being paid to the Adviser pursuant to this clause (c); and

24

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except for unit data)

As of March 31, 2024

4. Agreements and Related Party Transactions (Continued)

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

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

For the three months ended March 31, 2024, Incentive Fees incurred were ($2,749), and $79,993 was payable as of March 31, 2024. For the three months ended March 31, 2023, Incentive Fees incurred were $2,069, and $78,335 was payable as of March 31, 2023.

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

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

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

25

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except for unit data)

As of March 31, 2024

4. Agreements and Related Party Transactions (Continued)

Administration Agreement: On September 25, 2018, the Company entered into an Amended and Restated Administration Agreement (the “Administration Agreement”) with TCW Asset Management Company LLC (in such capacity, the “Administrator”), which amended and restated the Administration Agreement between the Company and the Administrator entered into on April 16, 2018. Under the Administration Agreement, the Administrator (or one or more delegated service providers) will oversee the maintenance of the Company’s financial records and otherwise assist with the Company’s compliance with regulations applicable to a business development company under the Investment Company Act of 1940, as amended, and a regulated investment company under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended; monitor the payment of the Company’s expenses; oversee the performance of administrative and professional services rendered to the Company by others; be responsible for the financial and other records that the Company is required to maintain; prepare and disseminate reports to Unitholders and reports and other materials to be filed with the SEC or other regulators; assist the Company in determining and publishing (as necessary or appropriate) its net asset value; oversee the preparation and filing of tax returns; generally oversee the payment of expenses; and provide such other services as the Administrator, subject to review of the Company’s Board, shall from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement. Payments under the Administration Agreement will be equal to an amount that reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities under the Administration Agreement. The Administrator shall seek such reimbursement from the Company no more than once during any calendar year and shall only seek such reimbursement when all Company Expenses (as defined below) for such calendar year have been paid or accrued. Amounts paid pursuant to the Administration Agreement are subject to the annual cap on Company Expenses (as defined below), as described more fully below. On August 9, 2023, the Administrative Agreement was reapproved by the Company's Board.

26

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except for unit data)

As of March 31, 2024

4. Agreements and Related Party Transactions (Continued)

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

27

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except for unit data)

As of March 31, 2024

4. Agreements and Related Party Transactions (Continued)

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

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

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

28

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except for unit data)

As of March 31, 2024

5. Commitments and Contingencies

The Company had the following unfunded commitments and unrealized depreciation by investment as of March 31, 2024 and December 31, 2023:

		March 31, 2024				December 31, 2023
Unfunded Commitments	Maturity/ Expiration	Amount		Unrealized   Depreciation		Amount		Unrealized   Depreciation
AGY Holdings Corp.	September 2027	$	2,067	$	172	$	2,067	$	182
Bendon Inc.	December 2025		4,842		58		7,263		116
Centric Brands Inc.	October 2024		—		—		5,295		—
Encompass Digital Media, Inc.	September 2025		508		216		508		174
Greenfield World Trade, Inc.	June 2024		2,907		81		4,685		136
Rapid Displays, Inc.	April 2026		983		252		1,377		138
Twin Star International, Inc.	September 2024		674		—		2,023		—
Slogic Holding Corp.	April 2026		1,086		—		—		—
WDE TorcSill Holdings LLC	October 2024		8		—		8		—
Total		$	13,075	$	779	$	23,226	$	746

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2024, the Company is not aware of any pending or threatened litigation.

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

29

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except for unit data)

As of March 31, 2024

6. Members' Capital

The Company’s Unit activity for the three months ended March 31, 2024 and 2023, was as follows:

	Three Months Ended March 31,
	2024		2023
Units at beginning of period		13,734,010		13,734,010
Units issued and committed at end of period		13,734,010		13,734,010

No deemed distributions and contributions were processed during the three months ended March 31, 2024 and 2023.

7. Credit Facilities

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

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

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

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

The Natixis Revolving Credit Facility is secured by a first priority security interest, subject to customary exceptions, in (i) all of the capital commitments of the investors in the Company, (ii) the Company’s right to make capital calls, receive payment of capital contributions from the investors and enforce payment of the capital commitments and capital contributions under the Company’s operating agreement and (iii) a cash collateral account into which the capital contributions from the investors are made. The Natixis Revolving Credit Facility may be terminated, and any outstanding amounts thereunder may become due and payable, should the Company fail to satisfy certain covenants. As of March 31, 2024, the Company was in compliance with such covenants.

30

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except for unit data)

As of March 31, 2024

7. Credit Facilities (Continued)

As of March 31, 2024 and December 31, 2023, the Natixis Borrowing Base assets were more than the Natixis Maximum Commitment. A summary of amounts outstanding and available under the Natixis Revolving Credit Facility as of March 31, 2024 and December 31, 2023 was as follows:

Natixis Revolving Credit Facility	Maximum  Commitment		Borrowings Outstanding		Available Amount(1)
As of March 31, 2024	$	250,000	$	15,000	$	235,000
As of December 31, 2023	$	250,000	$	—	$	250,000

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

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

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

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

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

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

31

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except for unit data)

As of March 31, 2024

7. Credit Facilities (Continued)

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

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

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

Under the PNC Credit Facility, the Borrower has made customary representations and warranties and is required to comply with various affirmative and negative covenants, reporting requirements and other customary requirements for similar credit facilities. The PNC Credit Facility also includes events of default that are customary for similar credit facilities. As of March 31, 2024, the Borrower was in compliance with such covenants.

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

As of March 31, 2024 and December 31, 2023, the PNC Borrowing Base assets were more than the Second Amended and Amended PNC Maximum Commitment. A summary of amounts outstanding and available under the PNC Credit Facility as of March 31, 2024 and December 31, 2023 is as follows:

PNC Credit Facility	Maximum Commitment		Borrowings Outstanding		Available Amount(1)
As of March 31, 2024	$	225,000	$	225,000	N/A
As of December 31, 2023	$	265,000	$	265,000	N/A

(1)No available amount as of March 31, 2024 and December 31, 2023 as the Borrower's ability to make additional borrowings under the PNC Revolving Credit Facility expired on January 31, 2022.

Borrowings under the PNC Credit Facility as of March 31, 2024 and December 31, 2023 of $225,000 and $265,000, respectively, consisted entirely of Term Loan borrowings.

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

32

TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except for unit data)

As of March 31, 2024

7. Credit Facilities (Continued)

As of March 31, 2024 and December 31, 2023, $99 and $331, respectively, of deferred financing costs from the Revolving Credit Facility had yet to be amortized. As of March 31, 2024 and December 31, 2023, $531 and $806, respectively, of deferred financing costs from the PNC Term Loan have yet to be amortized.

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

	As of March 31, 2024			As of December 31, 2023
Principal amount outstanding on PNC Term Loan	$	225,000		$	265,000
Deferred financing costs		(531	)		(806	)
PNC Term Loan (as presented on the Consolidated Statements of Assets and Liabilities)	$	224,469		$	264,194

The carrying amounts of the Credit Facilities, which are categorized as Level 2 within the fair value hierarchy as of March 31, 2024 and 2023, approximates their respective fair values. Valuation techniques and significant inputs used to determine fair value include Company performance; credit, market and liquidity risk and events; financial health of the Company; place in the capital structure; interest rate; and the Credit Facilities’ terms and conditions.

The summary information regarding the Credit Facilities for the three months ended March 31, 2024 and 2023 was as follows:

	Three Months Ended March 31,
	2024			2023
Credit Facilities interest expense	$	4,672		$	5,555
Unused commitment fees		1,145			156
Administrative fees		50			50
Amortization of deferred financing costs		507			516
Total	$	6,374		$	6,277
Weighted average interest rate		8.05	%		7.03	%
Average outstanding balance	$	229,670		$	316,033

P[

8. Repurchase Transactions

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

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

During the three months ended March 31, 2024, the Company entered into a Repurchase Transaction with Barclays on January 2, 2024 which settled on January 25, 2024. During the three months ended March 31, 2023, the Company did not enter into any Repurchase Transactions.

The Company had no outstanding Repurchase Obligations as of March 31, 2024 and December 31, 2023. Interest expense incurred under these Repurchase Transactions was $278 and $0 for the three months ended March 31, 2024 and 2023, respectively.

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TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except for unit data)

As of March 31, 2024

9. Income Taxes

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

Federal Income Taxes: It is the policy of the Company to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and distribute all of its net taxable income and any net realized gains on investments to its shareholders. Therefore, no federal income tax provision is required.

As of March 31, 2024 and December 31, 2023, the Company’s aggregate investment unrealized appreciation and depreciation for federal income tax purposes were as follows:

	As of March 31, 2024			As of December 31, 2023
Cost of investments for federal income tax purposes	$	1,057,163		$	1,045,225
Unrealized appreciation	$	10,727		$	6,469
Unrealized depreciation	$	(88,123	)	$	(73,865	)
Net unrealized depreciation on investments	$	(77,396	)	$	(67,396	)

The Company did not have any unrecognized tax benefits as of December 31, 2023, nor were there any increases or decreases in unrecognized tax benefits for the period then ended; therefore, no interest or penalties were accrued. The Company is subject to examination by the U.S federal and state tax authorities for returns filed for the prior two years.

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TCW DIRECT LENDING VII LLC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except for unit data)

As of March 31, 2024

10. Financial Highlights

Selected data for a unit outstanding throughout the three months ended March 31, 2024 and 2023 is presented below.

	For the Three Months Ended March 31,
	2024(1)			2023(1)
Net Asset Value Per Unit (accrual base), Beginning of Period	$	53.53		$	66.04
Income from Investment Operations:
Net investment income		1.98			2.05
Net realized and unrealized loss		(1.11	)		(1.45	)
Total income from investment operations		0.87			0.60
Less Distributions:
From distributable earnings		(0.36	)		—
Total distributions		(0.36	)		—
Net Asset Value Per Unit (accrual base), End of Period	$	54.04		$	66.64
Unitholder Total Return(2)(3)		1.66	%		1.01	%
Unitholder IRR before incentive fees(4)		10.67	%		11.64	%
Unitholder IRR after all fees and expenses(4)		9.00	%		9.63	%
Ratios and Supplemental Data:
Members’ Capital, end of period	$	576,756		$	749,940
Units outstanding, end of period		13,734,010			13,734,010
Ratios based on average net assets of Members’ Capital:
Ratio of total expenses to average net assets(5)		5.58	%		7.14	%
Ratio of financing cost to average net assets(3)		1.11	%		0.84	%
Ratio of net investment income to average net assets(5)		18.96	%		15.21	%
Ratio of incentive fees to average net assets(5)		(1.92	)%		1.12	%
Credit facilities payable		239,469			298,786
Asset coverage ratio		3.40			3.50
Portfolio turnover rate(3)		1.10	%		1.21	%

(1)Per unit data was calculated using the number of Common Units issued and outstanding as of March 31, 2024 and 2023, respectively.

(2)The Total Return for the three months ended March 31, 2024 and 2023 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.

(3)Not annualized.

(4)The Internal Rate of Return (“IRR”) since inception for the Common Unitholders, after management fees, financing costs and operating expenses, but before incentive fees is 10.67%. The IRR since inception for the Common Unitholders, after management fees, financing costs, operating expenses and Advisor incentive fees is 9.00%. The IRR is computed based on cash flow due dates contained in notices to Members (contributions from and distributions to the Unitholders) and the net assets (residual value) of the Members’ Capital account at period end. The IRR is calculated based on the fair value of investments using principles and methods in accordance with GAAP and does not necessarily represent the amounts that may be realized from sales or other dispositions. Accordingly, the actual return may vary significantly upon realization.

(5)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.

On April 1, 2024, the Company entered into a Repurchase Transaction with Barclays which settled on April 25, 2024 in the amount of $93,694.

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

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

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

•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;

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

•our future operating results;

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

•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 global political and financial stability, including the liquidity of the banking industry;

•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;

•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

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•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 1, 2024.

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

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

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

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

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

We have several wholly-owned subsidiaries, each a single member Delaware limited liability company. On March 21, 2022, we formed our fourth wholly-owned subsidiary, TCW DL NAV LLC, also a single member Delaware limited liability company. On March 31, 2023, we formed our fifth wholly-owned subsidiary, TCW DL EDM LLC, also a single member Delaware limited liability company.

Our commitment period commenced on the Initial Closing Date and ended on May 16, 2021, which is the later of (a) April 13, 2021, three years from the Initial Closing Date and (b) May 16, 2021, three years from the date in which we first completed an investment. We may complete investment transactions that were significantly in process as of the end of the commitment period and which we reasonably expect to be consummated prior to 90 days subsequent to the expiration date of the commitment period. We may also effect follow-on investments up to an aggregate maximum of 10% of Commitments.

Revenues

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

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

Expenses

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

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

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

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

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

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

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

Critical Accounting Policies and Estimates

Investments at Fair Value

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 the Board of Directors (the “Board”) based on similar instruments, internal assumptions and the weighting of the best available pricing inputs. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" with respect to the fair valuation of the Company's portfolio securities, subject to oversight by and periodic reporting to the Board.

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

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

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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), generally includes common stock valued at the closing price on the primary exchange in which the security trades.

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

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

Level 3 Assets (Investments): The following valuation techniques and significant inputs are used to determine the fair value of investments in private debt and equity for which reliable market quotations are not available. Some of the inputs are independently observable however, a significant portion of the inputs and the internal assumptions applied are unobservable.

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. 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.

Investment Activity

As of March 31, 2024, our portfolio consisted of 39 debt investments and 13 equity investments. Based on fair values as of March 31, 2024, our portfolio was 98.9% invested in debt investments which were mostly senior secured term loans. The remaining 1.1% represented our equity investments, which were comprised of common stock, preferred stock, membership interests and warrants. Debt investments in two portfolio companies were on non-accrual status as of March 31, 2024, representing 4.9% and 8.3% of our portfolio's fair value and cost, respectively.

As of December 31, 2023, our portfolio consisted of 37 debt investments and 13 equity investments. Based on fair values as of December 31, 2023, our portfolio was 99.1% invested in debt investments which were mostly senior secured term loans. The remaining 0.9% represented our equity investments, which were comprised of common stock, preferred stock and warrants. A debt investment in two portfolio company was on non-accrual status as of December 31, 2023, representing 6.3% and 8.5% of our portfolio's fair value and cost, respectively.

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Our total investment portfolio increased to $860.2 million as of March 31, 2024 from $843.3 million from December 31, 2023 due to $12.0 million of interest income paid-in-kind earned during the three months ended March 31, 2024 and 2023 in addition to follow-on investments in Navistar Defense, LLC and Red Lobster Management, LLC.

The table below describes our debt and equity investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets by industry as of March 31, 2024:

Industry	Percent of Total Investments
Aerospace & Defense		21	%
Textiles, Apparel & Luxury Goods		12	%
Household Durables		12	%
Software		8	%
Hotels, Restaurants & Leisure		8	%
Chemicals		7	%
Consumer Durables & Apparel		6	%
Publishing		5	%
Commercial Services & Supplies		5	%
Capital Goods		4	%
Consumer Services		4	%
Energy Equipment & Services		4	%
Media		3	%
Commercial & Professional Services		1	%
Total		100	%

Interest income, including interest income paid-in-kind, was $35.2 million and $41.3 million for the three months ended March 31, 2024 and 2023, respectively. We also earned $0 and $0.1 million in other fee income during the three months ended March 31, 2024 and 2023, respectively.

Results of Operations

Our operating results for the three months ended March 31, 2024 and 2023 were as follows (dollar amounts in thousands):

	For the Three Months Ended March 31,
	2024			2023
Total investment income	$	35,172		$	41,381
Total expenses		7,990			13,217
Net investment income		27,182			28,164
Net realized gain on investments		—			19
Net change in unrealized appreciation/(depreciation) on investments		(15,450	)		(19,908	)
Net realized gain on short-term investments		257			—
Net increase in Members’ Capital from operations	$	11,989		$	8,275

Total investment income

Total investment income for the three months ended March 31, 2024 and 2023 was $35.2 million and $41.4 million, respectively. The decrease in total investment income during the three months ended March 31, 2024 compared to the three months ended March 31, 2023 was due to a decrease in the number of debt investments in our portfolio, which decreased to 39 as of March 31, 2024, as compared to 41 as of March 31, 2023. This decrease in the number of our investments was partially offset by an increase in interest rates during the three months ended March 31, 2024 compared to the three months ended March 31, 2023.

Net investment income

Net investment income for the three months ended March 31, 2024 and 2023 was $27.2 million and $28.2 million, respectively. Our net investment income decreased during the three months ended March 31, 2024 compared the three months ended March 31, 2023, due to the decrease in total investment income described above which was partially offset by a decrease in total expenses during

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the three months ended March 31, 2024. The decrease in total expenses was primarily attributable to the decrease in incentive fees and management fees during the three months ended March 31, 2024 compared to the three months ended March 31, 2023 and was partially offset by an increase in interest and credit facilities expenses.

Expenses for the three months ended March 31, 2024 and 2023 were as follows (dollar amounts in thousands):

	For the Three Months Ended March 31,
	2024			2023
Expenses
Interest and credit facilities expenses	$	6,374		$	6,277
Management fees		3,471			4,055
Incentive fees		(2,749	)		2,069
Interest expense on repurchase transactions		278			—
Administrative fees		261			319
Professional fees		221			326
Directors’ fees		100			100
Other expenses		34			71
Total expenses	$	7,990		$	13,217

Our total expenses were $8.0 million and $13.2 million for the three months ended March 31, 2024 and 2023, respectively. Our total expenses included management fees attributed to the Adviser of $3.5 million and $4.1 million; and incentive fees of ($2.7) million and $2.1 million, for the three months ended March 31, 2024 and 2023, respectively.

The decrease in total expenses during the three months ended March 31, 2024 compared to the three months ended March 31, 2023 was primarily due to the decrease in incentive fees during the current period combined with a decrease in management fees caused by the decrease in the size of our portfolio of investments. Incentive fees decreased during the three months ended March 31, 2024 compared to the three months ended March 31, 2023 due to a decrease in the fair value of our investments as of March 31, 2024 compared to the fair value of our investments as of March 31, 2023. The decreases in incentive fees and management fees were partially offset by the increase in interest and credit facilities expenses due to a higher weighted average interest rate (partially offset by a lower average outstanding balance) during the three months ended March 31, 2024 compared to the three months ended March 31, 2023.

Net realized gain on investments

Our net realized gain on investments for the three months ended March 31, 2024 and 2023 was $0 and $19 thousand, respectively. We did not have a realized gain during the three months ended March 31, 2024 as none of our investments were disposed of during the period. Our net realized gain during the three months ended March 31, 2023 is fully attributable to our partial sale of the Mondee Holdings, LLC term loan.

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Net change in unrealized appreciation/(depreciation) on investments

Our net change in unrealized appreciation/(depreciation) investments for the three months ended March 31, 2024 and 2023 was ($15.5) million and ($19.9) million, respectively. Our net change in unrealized appreciation/(depreciation) for the three months ended March 31, 2024 was primarily due to the following investments (dollar amounts in thousands):

Issuer	Investment	Change in Unrealized Appreciation/ (Depreciation)
Centric Brands L.P.	Class A LP Interests	$	4,599
Slogic Holding Corp.	Last Out Term Loan		1,014
Greenfield World Trade, Inc.	Class A-1 Warrant, expires 03/25/27		(1,602	)
Rapid Displays, Inc.	Term Loan		(1,931	)
Red Lobster Management, LLC	Term Loan		(3,148	)
Encompass Digital Media, Inc.	Term Loan		(3,208	)
Twin Star International, Inc.	Term Loan		(3,462	)
Navistar Defense, LLC	Term Loan		(8,044	)
All others	Various		332
Net change in unrealized appreciation/(depreciation)		$	(15,450	)

Our net change in unrealized appreciation/(depreciation) for the three months ended March 31, 2023 was primarily due to the following investments (dollar amounts in thousands):

Issuer	Investment	Change in Unrealized Appreciation/ (Depreciation)
Mondee Holdings Inc.	Common Stock	$	8,741		**
Twin Star International, Inc.	Term Loan		1,278
Hollander Intermediate LLC	Term Loan		(1,032	)
Greenfield World Trade, Inc.	Last Out Term Loan		(1,066	)
Greenfield World Trade, Inc.	Class A-1 Warrant		(1,399	)
UniTek Acquisition, Inc.	Term Loan		(2,325	)	*
Shipston Group U.S. Inc.	Last Out Term Loan		(2,472	)
Mondee Holdings Inc.	Preferred Stock		(7,993	)	**
Shelterlogic Group Holdings, Inc	Common Stock		(8,766	)
All others	Various		(4,874	)
Net change in unrealized appreciation/(depreciation)		$	(19,908	)

*Includes reversal of previously recognized unrealized (depreciation)/appreciation. Recognized during the three months ended March 31, 2023 as realized gains/(losses) and/or accelerated original issue discount.

**Our investment in Mondee Holdings, Inc. preferred stock converted into an investment in Mondee Holdings, Inc. common stock during the three months ended March 31, 2023.

Net realized gain on short-term investments

During the three months ended March 31, 2024 and 2023 we incurred $0.3 million and $0, respectively, in realized gains 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 March 31, 2024 and 2023 was $12.0 million and $8.3 million, respectively. The relative increase in Net increase in Members’ Capital from operations during the three months ended March 31, 2024 compared to the three months ended March 31, 2023 was primarily due to net unrealized depreciation during the current quarter which, as previously described, was a net depreciation of $15.5 million, compared to a net unrealized depreciation of $19.9 million during the three months ended March 31, 2023, partially offset by slightly lower net investment income during the three months ended March 31, 2024 as compared to the three months ended March 31, 2023.

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Financial Condition, Liquidity and Capital Resources

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

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

As of March 31, 2024, aggregate Commitments, Undrawn Commitments, percentage of Commitments funded and the number of subscribed for Units of the Company were as follows (dollar amounts in thousands):

	March 31, 2024
Commitments	$	1,373,401
Undrawn commitments	$	165,401
Percentage of commitments funded		88.0	%
Units		13,734,010

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

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

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

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

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The Natixis Revolving Credit Facility is secured by a first priority security interest, subject to customary exceptions, in (i) all of the capital commitments of the investors in the Company, (ii) our right to make capital calls, receive payment of capital contributions from the investors and enforce payment of the capital commitments and capital contributions under our operating agreement and (iii) a cash collateral account into which the capital contributions from the investors are made. The Natixis Revolving Credit Facility may be terminated, and any outstanding amounts thereunder may become due and payable, should we fail to satisfy certain covenants. As of March 31, 2024, we were in compliance with such covenants.

As of March 31, 2024 and December 31, 2023, the Natixis Borrowing Base assets were more than the Natixis Maximum Commitment. A summary of amounts outstanding and available under the Natixis Revolving Credit Facility as of March 31, 2024 and December 31, 2023 was as follows (dollar amounts in thousands):

Natixis Revolving Credit Facility	Maximum  Commitment		Borrowings Outstanding		Available Amount(1)
As of March 31, 2024	$	250,000	$	15,000	$	235,000
As of December 31, 2023	$	250,000	$	—	$	250,000

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

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

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

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

On March 17, 2020, the Borrower further amended and restated the Amended PNC Credit Agreement (as further amended the “Second Amended PNC Credit Agreement”). The Second Amended PNC Credit Agreement, among other things, increased the total commitments under the PNC Credit Facility from $600.0 million to $795.0 million (the “Second Amended PNC Maximum Commitment”). The Second Amended PNC Maximum Commitment may be periodically increased in amounts designated by the Borrower up to an aggregate principal amount of $900.0 million, subject to lender consent and obtaining commitments for the increase. The Borrower may make borrowings of (i) revolving loans under the PNC Credit Facility during the period commencing January 29, 2019 and ending on January 29, 2022 and (ii) term loans under the PNC Credit Facility during the period commencing January 29, 2019 and ended on March 17, 2020, unless, there is an earlier termination of the PNC Credit Facility or event of default thereunder. On June 19, 2020, the Second Amended PNC Maximum Commitment was increased from $795.0 million to $825.0 million. On November 15, 2021, the Second Amended PNC Maximum Commitment was decreased from $825.0 million to $700.0 million.

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

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

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

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

Under the PNC Credit Facility, the Borrower has made customary representations and warranties and is required to comply with various affirmative and negative covenants, reporting requirements and other customary requirements for similar credit facilities. The PNC Credit Facility also includes events of default that are customary for similar credit facilities. As of March 31, 2024, the Borrower was in compliance with such covenants.

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

As of March 31, 2024 and December 31, 2023 the PNC Borrowing Base assets were more than the Second Amended and Amended PNC Maximum Commitment. A summary of amounts outstanding and available under the PNC Credit Facility as of March 31, 2024 and December 31, 2023 (dollar amounts in thousands):

PNC Credit Facility	Maximum Commitment		Borrowings Outstanding		Available Amount(1)
As of March 31, 2024	$	225,000	$	225,000	N/A
As of December 31, 2023	$	265,000	$	265,000	N/A

(1)No available amount as of March 31, 2024 and December 31, 2023 as the Borrower's ability to make additional borrowings under the PNC Revolving Credit Facility expired on January 31, 2022.

Borrowings under the PNC Credit Facility as of March 31, 2024 and December 31, 2023 consisted of - and -, respectively, from the PNC Revolving Credit Facility (i.e. revolving line of credit) and $225.0 million and $265.0 million, respectively, of PNC Term Loan.

As of March 31, 2024 and December 31, 2023, $0.1 million and $0.3 million, respectively, of deferred financing costs from the Revolving Credit Facilities had yet to be amortized. As of March 31, 2024 and December 31, 2023, $0.5 million and $0.8 million, respectively, of deferred financing costs from the PNC Term Loan have yet to be amortized.

46

The summary information regarding the Credit Facilities for the three months ended March 31, 2024 and 2023 was as follows (dollar amounts in thousands):

	Three Months Ended March 31,
	2024			2023
Credit Facilities interest expense	$	4,672		$	5,555
Unused commitment fees		1,145			156
Administrative fees		50			50
Amortization of deferred financing costs		507			516
Total	$	6,374		$	6,277
Weighted average interest rate		8.05	%		7.03	%
Average outstanding balance	$	229,670		$	316,033

We had the following unfunded commitments and unrealized depreciation by investment as of March 31, 2024 and December 31, 2023 (dollar amounts in thousands):

		March 31, 2024				December 31, 2023
Unfunded Commitments	Maturity/ Expiration	Amount		Unrealized   Depreciation		Amount		Unrealized   Depreciation
AGY Holdings Corp.	September 2027	$	2,067	$	172	$	2,067	$	182
Bendon Inc.	December 2025		4,842		58		7,263		116
Centric Brands Inc.	October 2024		—		—		5,295		—
Encompass Digital Media, Inc.	September 2025		508		216		508		174
Greenfield World Trade, Inc.	June 2024		2,907		81		4,685		136
Rapid Displays, Inc.	April 2026		983		252		1,377		138
Twin Star International, Inc.	September 2024		674		—		2,023		—
Slogic Holding Corp.	April 2026		1,086		—		—		—
WDE TorcSill Holdings LLC	October 2024		8		—		8		—
Total		$	13,075	$	779	$	23,226	$	746

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

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

During the three months ended March 31, 2024, we entered into a Repurchase Transaction with Barclays on January 2, 2024 which settled on January 25, 2024. During the three months ended March 31, 2023, we did not enter into any Repurchase Transactions.

We had no outstanding Repurchase Obligations as of March 31, 2024 and December 31, 2023. Interest expense incurred under these Repurchase Transactions was $0.3 million and $0 for the three months ended March 31, 2024 and 2023, respectively.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to financial market risks, including changes in interest rates. As of March 31, 2024, 100% of our debt investments bore interest based on floating rates, such as SOFR. The interest rates on such investments generally reset by reference to the current market index after one to three months. As of March 31, 2024, the percentage of our floating rate debt investments that bore interest based on an interest rate floor was 0.0%. Floating rate investments subject to a floor generally reset by reference to the current market index after one to three months only if the index exceeds the floor.

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

Based on our March 31, 2024 consolidated statement of assets and liabilities, the following table shows the annual impact on net investment income (excluding the related incentive compensation impact) of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure (dollar amounts in thousands):

	Interest Income			Interest Expense			Net Investment     Income (Loss)
Up 300 basis points	$	28,839		$	6,844		$	21,995
Up 200 basis points		19,226			4,563			14,663
Up 100 basis points		9,613			2,281			7,332
Down 100 basis points		(9,613	)		(2,281	)		(7,332	)
Down 200 basis points		(19,226	)		(4,563	)		(14,663	)
Down 300 basis points		(28,279	)		(6,844	)		(21,435	)

ITEM 4. CONTROLS AND PROCEDURES

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our President and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 under the Securities Exchange Act of 1934). Based on that evaluation, our President and Chief Financial Officer have concluded that our current disclosure controls and procedures are effective in timely alerting them to material information relating to us that is required to be disclosed by us in the reports we file or submit under the Securities Exchange Act of 1934.

There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

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

Item 1A. Risk Factors

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

None.

Issuer purchases of equity securities

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

None.

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Item 6. Exhibits.

(a) Exhibits

3.1	Certificate of Formation (incorporated by reference to Exhibit 3.1 to a registration on Form 10 filed on September 1, 2017)
3.2	Limited Liability Company Agreement, dated June 29, 2017 (incorporated by reference to Exhibit 3.2 to a registration on Form 10 filed on September 1, 2017)
3.3	Amended and Restated Limited Liability Company Agreement, dated October 2, 2017 (incorporated by reference to Exhibit 3.3 to a registration on Form 10 filed on October 16, 2017)
3.4	Third Amended and Restated Limited Liability Company Agreement, dated as of September 10, 2018 (incorporated by reference to Exhibit 3.6 to the registrant’s Quarterly Report on Form 10-Q filed November 6, 2018).
3.5	Fourth Amended and Restated Limited Liability Company Agreement, dated as of January 14, 2019 (incorporated by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K filed on January 18, 2019).
10.1	Investment Advisory and Management Agreement dated December 29, 2017 (incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed on January 3, 2018).
10.2	Administration Agreement dated December 29, 2017, by and between TCW Direct Lending VII LLC and TCW Asset Management Company LLC (incorporated by reference to Exhibit 10.2 to the registrant’s Current Report on Form 8-K filed on January 3, 2018).
10.3	Amended and Restated Administration Agreement, dated as of September 25, 2018, between TCW Direct Lending VII LLC and TCW Asset Management Company LLC (incorporated by reference to Exhibit 3.7 to the registrant’s Quarterly Report on Form 10-Q filed November 6, 2018).
10.4	Revolving Credit Agreement, dated as of May 10, 2018, among TCW Direct Lending VII LLC, as borrower, and Natixis, New York Branch, as Administrative Agent and Committed Lender (incorporated by reference to Exhibit 10.3 to the registrant’s Current Report on Form 8-K filed on May 14, 2018).
10.5	Credit and Security Agreement, dated as of January 29, 2019, among TCW DL VII Financing LLC, as borrower, PNC Bank, National Association, as facility agent, and State Street Bank and Trust Company, as collateral agent (incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed on February 4, 2019).
10.6	First Amended and Restated Credit and Security Agreement, dated as of April 11, 2019, among TCW DL VII Financing LLC, as borrower, PNC Bank, National Association, as facility agent, the lenders from time to time party thereto, and State Street Bank and Trust Company, as collateral agent (incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed on April 16, 2019).
10.7	Second Amended and Restated Credit and Security Agreement, dated as of March 17, 2020, among TCW DL VII Financing LLC, as borrower, PNC Bank, National Association, as facility agent, the lenders from time to time party thereto, and State Street Bank and Trust Company, as collateral agent (incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed on March 20, 2020).
10.8	Fourth Amendment to Revolving Credit Agreement, dated as of May 10, 2021, among TCW Direct Lending VII LLC, as borrower, and Natixis, New York Branch, as Administrative Agent and Committed Lender (incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed on May 10, 2021).
10.9	Fifth Amendment to Revolving Credit Agreement, dated as of May 13, 2021, among TCW Direct Lending VII LLC, as borrower, and Natixis, New York Branch, as Administrative Agent and Committed Lender (incorporated by reference to Exhibit 10.2 to the registrant’s Current Report on Form 8-K filed on May 10, 2021)
10.10	Sixth Amendment to Revolving Credit Agreement, dated as of January 10, 2023, among TCW Direct Lending VII LLC, as borrower, and Natixis, New York Branch, as Administrative Agent and Committed Lender (incorporated by reference to Exhibit 10.10 to the Quarterly Report on Form 10-Q filed on May 10, 2023).
10.11	Seventh Amendment to Revolving Credit Agreement, dated as of May 9, 2023, among TCW Direct Lending VII LLC, as borrower, and Natixis, New York Branch, as Administrative Agent and Committed Lender (incorporated by reference to Exhibit 10.11 to the Quarterly Report on Form 10-Q filed on August 9, 2023).
10.12	Amendment No. 1 to Third Amended and Restated Credit and Security Agreement, dated as of December 6, 2023 among TCW DL VII Financing LLC, as borrower, PNC Bank, National Association, as facility agent, and Alter Domus (US) LLC, as collateral agent (incorporated by reference to Exhibit 10.12 the the Annual Report on Form 10-K filed on April 1, 2024).

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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)
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

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

Date: May 9, 2024	TCW DIRECT LENDING VII LLC
	By:	/s/ Richard T. Miller
		Richard T. Miller
		President

Date: May 9, 2024
	By:	/s/ Andrew J. Kim
		Andrew J. Kim
		Chief Financial Officer

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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 VII LLC;

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

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

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

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;

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 officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

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: May 9, 2024	By:	/s/ Richard T. Miller
		Richard T. Miller
		President
		(Principal Executive Officer)

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 VII LLC;

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

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

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

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;

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 officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

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: May 9, 2024	By:	/s/ Andrew J. Kim
		Andrew J. Kim
		Chief Financial Officer
		(Principal Financial Officer)

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 VII LLC (the “Company”) for the quarterly period ended March 31, 2024, 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: May 9, 2024

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.

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 VII LLC (the “Company”) for the quarterly period ended March 31, 2024, 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: May 9, 2024

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.

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 09, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Registrant Name	TCW DIRECT LENDING VII LLC
Entity Central Index Key	0001715933
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,734,010
Entity File Number	814-01246
Entity Tax Identification Number	82-2252672
Entity Address Address Line1	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 Interactive Data Current	Yes
Entity Incorporation State Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

XML

Consolidated Schedule of Investments - USD ($)		3 Months Ended		12 Months Ended
		Mar. 31, 2024		Dec. 31, 2023		Dec. 31, 2022
Investment, Identifier [Axis]: Cash Equivalents
Schedule Of Investments [Line Items]
Percentage of Investments		4.50%		9.80%
Amortized Cost		$ 25,944,259		$ 55,776,653
Fair Value		$ 25,944,259		$ 55,776,653
Investment, Identifier [Axis]: Cash Equivalents First American Government Obligation Fund, Yield 5.24%
Schedule Of Investments [Line Items]
Percentage of Investments		4.50%
Shares		25,944,259
Amortized Cost		$ 25,944,259
Fair Value		$ 25,944,259
Percentage yield on cash equivalents		5.24%
Investment, Identifier [Axis]: Cash Equivalents First American Government Obligation Fund, Yield 5.30%
Schedule Of Investments [Line Items]
Percentage of Investments				9.80%
Shares				55,776,653
Amortized Cost				$ 55,776,653
Fair Value				$ 55,776,653
Percentage yield on cash equivalents				5.30%
Investment, Identifier [Axis]: Controlled Affiliated Investments
Schedule Of Investments [Line Items]
Fair Value		$ 110,471,377		$ 100,855,952		$ 86,367,894
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Equity LLC Class A Preferred Units
Schedule Of Investments [Line Items]
Fair Value		0		0		0
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Equity LLC Class B Preferred Units
Schedule Of Investments [Line Items]
Fair Value		0		0		0
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Equity LLC Class C Common Units
Schedule Of Investments [Line Items]
Fair Value		0		0		0
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Equity LLC Class D Preferred Units
Schedule Of Investments [Line Items]
Fair Value		0		0		0
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Holdings Corp. Delayed Draw Term Loan - 15.57% inc PIK
Schedule Of Investments [Line Items]
Fair Value		$ 29,418,104		28,823,179
Investment interest rate		15.57%
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Holdings Corp. Delayed Draw Term Loan - 15.61% inc PIK
Schedule Of Investments [Line Items]
Fair Value				$ 28,823,179		25,420,236
Investment interest rate				15.61%
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Holdings Corp. Term Loan - 15.57% inc PIK
Schedule Of Investments [Line Items]
Fair Value		$ 28,338,361		$ 27,765,285
Investment interest rate		15.57%
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Holdings Corp. Term Loan - 15.64% inc PIK
Schedule Of Investments [Line Items]
Fair Value				$ 27,765,285		26,315,189
Investment interest rate				15.64%
Investment, Identifier [Axis]: Controlled Affiliated Investments Navistar Defense, LLC Revolver - 15.98% inc PIK
Schedule Of Investments [Line Items]
Fair Value		$ 26,570,265		$ 10,326,607
Investment interest rate		15.98%
Investment, Identifier [Axis]: Controlled Affiliated Investments Navistar Defense, LLC Revolver - 16.21% inc PIK
Schedule Of Investments [Line Items]
Fair Value				$ 10,326,607		0
Investment interest rate				16.21%
Investment, Identifier [Axis]: Controlled Affiliated Investments Navistar Defense, LLC Term Loan - 13.98% inc PIK
Schedule Of Investments [Line Items]
Fair Value		$ 26,144,647		$ 33,940,881
Investment interest rate		13.98%
Investment, Identifier [Axis]: Controlled Affiliated Investments Navistar Defense, LLC Term Loan - 14.22% inc PIK
Schedule Of Investments [Line Items]
Fair Value				$ 33,940,881		34,632,469
Investment interest rate				14.22%
Investment, Identifier [Axis]: Controlled Affiliated Investments TCW ND Parent Holdings LLC Class A Units
Schedule Of Investments [Line Items]
Fair Value		$ 0		$ 0		0
Investment, Identifier [Axis]: Debt & Equity Securities
Schedule Of Investments [Line Items]
Percentage of Investments		149.40%	[1]	148.20%	[2]
Amortized Cost		$ 937,558,628	[1]	$ 905,318,310	[2]
Fair Value		$ 860,162,606	[1]	$ 843,338,273	[2]
Investment, Identifier [Axis]: Debt Securities
Schedule Of Investments [Line Items]
Percentage of Investments		147.70%	[3]	147.00%	[4]
Par Amount		$ 948,131,897	[3]	$ 913,484,628	[4]
Amortized Cost		928,175,802	[3]	896,031,063	[4]
Fair Value		$ 850,491,583	[3]	$ 835,988,563	[4]
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense
Schedule Of Investments [Line Items]
Percentage of Investments		31.70%	[3]	30.80%	[4]
Par Amount		$ 199,993,956	[3]	$ 183,204,891	[4]
Amortized Cost		190,067,359	[3]	174,619,313	[4]
Fair Value		$ 183,123,101	[3]	$ 175,132,009	[4]
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Columbia Helicopters Inc. Acquisition Date 08/20/19 Last Out Term Loan - 15.86% inc PIK (SOFR + 10.25%, 1.50% Floor, 2.75% PIK) % of Net Assets 3.0% Maturity Date 08/20/24
Schedule Of Investments [Line Items]
Acquisition Date		Aug. 20, 2019	[3]	Aug. 20, 2019	[4]
Percentage of Investments		3.00%	[3]	3.00%	[4]
Par Amount		$ 18,079,769	[3]	$ 18,120,526	[4]
Maturity Date		Aug. 20, 2024	[3]	Aug. 20, 2024	[4]
Amortized Cost		$ 18,053,336	[3]	$ 18,076,306	[4]
Fair Value		$ 17,193,861	[3]	$ 17,051,415	[4]
Investment interest rate		15.86%	[3]	15.86%	[4]
Interest rate, basis spread variable rate		10.25%	[3]	10.25%	[4]
Interest rate, floor		1.50%	[3]	1.50%	[4]
Interest rate, PIK		2.75%	[3]	2.75%	[4]
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Heligear Acquisition Co. Acquisition Date 07/30/19 Term Loan - 13.06% (SOFR + 7.50%, 2.00% Floor) % of Net Assets 8.2% Maturity Date 07/30/24
Schedule Of Investments [Line Items]
Acquisition Date	[3]	Jul. 30, 2019
Percentage of Investments	[3]	8.20%
Par Amount	[3]	$ 47,027,211
Maturity Date	[3]	Jul. 30, 2024
Amortized Cost	[3]	$ 46,964,122
Fair Value	[3]	$ 47,027,211
Investment interest rate	[3]	13.06%
Interest rate, basis spread variable rate	[3]	7.50%
Interest rate, floor	[3]	2.00%
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Heligear Acquisition Co. Acquisition Date 07/30/19 Term Loan - 13.10% (SOFR + 7.50%, 2.00% Floor) % of Net Assets 8.3% Maturity Date 07/30/24
Schedule Of Investments [Line Items]
Acquisition Date	[4]			Jul. 30, 2019
Percentage of Investments	[4]			8.30%
Par Amount	[4]			$ 47,762,011
Maturity Date	[4]			Jul. 30, 2024
Amortized Cost	[4]			$ 47,649,347
Fair Value	[4]			$ 47,570,963
Investment interest rate	[4]			13.10%
Interest rate, basis spread variable rate	[4]			7.50%
Interest rate, floor	[4]			2.00%
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Karman Holdings LLC Acquisition Date 12/21/20 Revolver - 12.21% (SOFR + 6.75%, 2.00% Floor) % of Net Assets 1.1% Maturity Date 12/21/25
Schedule Of Investments [Line Items]
Acquisition Date	[3]	Dec. 21, 2020
Percentage of Investments	[3]	1.10%
Par Amount	[3]	$ 6,554,864
Maturity Date	[3]	Dec. 21, 2025
Amortized Cost	[3]	$ 6,554,864
Fair Value	[3]	$ 6,554,864
Investment interest rate	[3]	12.21%
Interest rate, basis spread variable rate	[3]	6.75%
Interest rate, floor	[3]	2.00%
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Karman Holdings LLC Acquisition Date 12/21/20 Revolver - 12.50% (SOFR + 7.00%, 2.00% Floor) % of Net Assets 1.2% Maturity Date 12/21/25
Schedule Of Investments [Line Items]
Acquisition Date	[4]			Dec. 21, 2020
Percentage of Investments	[4]			1.20%
Par Amount	[4]			$ 6,554,864
Maturity Date	[4]			Dec. 21, 2025
Amortized Cost	[4]			$ 6,554,864
Fair Value	[4]			$ 6,554,864
Investment interest rate	[4]			12.50%
Interest rate, basis spread variable rate	[4]			7.00%
Interest rate, floor	[4]			2.00%
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Karman Holdings LLC Acquisition Date 12/21/20 Term Loan - 12.21% (SOFR + 6.75%, 2.00% Floor) % of Net Assets 10.3% Maturity Date 12/21/25
Schedule Of Investments [Line Items]
Acquisition Date	[3]	Dec. 21, 2020
Percentage of Investments	[3]	10.30%
Par Amount	[3]	$ 59,041,835
Maturity Date	[3]	Dec. 21, 2025
Amortized Cost	[3]	$ 58,590,691
Fair Value	[3]	$ 59,632,253
Investment interest rate	[3]	12.21%
Interest rate, basis spread variable rate	[3]	6.75%
Interest rate, floor	[3]	2.00%
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Karman Holdings LLC Acquisition Date 12/21/20 Term Loan - 12.50% (SOFR + 7.00%, 2.00% Floor) % of Net Assets 10.5% Maturity Date 12/21/25
Schedule Of Investments [Line Items]
Acquisition Date	[4]			Dec. 21, 2020
Percentage of Investments	[4]			10.50%
Par Amount	[4]			$ 59,449,481
Maturity Date	[4]			Dec. 21, 2025
Amortized Cost	[4]			$ 58,929,503
Fair Value	[4]			$ 59,687,279
Investment interest rate	[4]			12.50%
Interest rate, basis spread variable rate	[4]			7.00%
Interest rate, floor	[4]			2.00%
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 07/27/23 Super Senior Revolver - 15.98% inc PIK (SOFR + 10.50%, 1.50% Floor, all PIK) % of Net Assets 4.6% Maturity Date 02/01/26
Schedule Of Investments [Line Items]
Acquisition Date	[3],[5]	Jul. 27, 2023
Percentage of Investments	[3],[5]	4.60%
Par Amount	[3],[5]	$ 26,570,265
Maturity Date	[3],[5]	Feb. 01, 2026
Amortized Cost	[3],[5]	$ 26,546,834
Fair Value	[3],[5]	$ 26,570,265
Investment interest rate	[3],[5]	15.98%
Interest rate, basis spread variable rate	[3],[5]	10.50%
Interest rate, floor	[3],[5]	1.50%
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 07/27/23 Super Senior Revolver - 16.21% inc PIK (SOFR + 10.50%, 1.50% Floor, all PIK) % of Net Assets 1.8% Maturity Date 02/01/26
Schedule Of Investments [Line Items]
Acquisition Date	[4],[6]			Jul. 27, 2023
Percentage of Investments	[4],[6]			1.80%
Par Amount	[4],[6]			$ 10,326,607
Maturity Date	[4],[6]			Feb. 01, 2026
Amortized Cost	[4],[6]			$ 10,299,999
Fair Value	[4],[6]			$ 10,326,607
Investment interest rate	[4],[6]			16.21%
Interest rate, basis spread variable rate	[4],[6]			10.50%
Interest rate, floor	[4],[6]			1.50%
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 08/01/22 Term Loan - 13.98% inc PIK (SOFR + 8.50%, 1.50% Floor, all PIK) % of Net Assets 4.5% Maturity Date 02/01/26
Schedule Of Investments [Line Items]
Acquisition Date	[3],[5],[7]	Aug. 01, 2022
Percentage of Investments	[3],[5],[7]	4.50%
Par Amount	[3],[5],[7]	$ 42,720,012
Maturity Date	[3],[5],[7]	Feb. 01, 2026
Amortized Cost	[3],[5],[7]	$ 33,357,512
Fair Value	[3],[5],[7]	$ 26,144,647
Investment interest rate	[3],[5],[7]	13.98%
Interest rate, basis spread variable rate	[3],[5],[7]	8.50%
Interest rate, floor	[3],[5],[7]	1.50%
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 08/01/22 Term Loan - 14.22% inc PIK (SOFR + 8.50%, 1.50% Floor, all PIK) % of Net Assets 6.0% Maturity Date 02/01/26
Schedule Of Investments [Line Items]
Acquisition Date	[4],[6],[8]			Aug. 01, 2022
Percentage of Investments	[4],[6],[8]			6.00%
Par Amount	[4],[6],[8]			$ 40,991,402
Maturity Date	[4],[6],[8]			Feb. 01, 2026
Amortized Cost	[4],[6],[8]			$ 33,109,294
Fair Value	[4],[6],[8]			$ 33,940,881
Investment interest rate	[4],[6],[8]			14.22%
Interest rate, basis spread variable rate	[4],[6],[8]			8.50%
Interest rate, floor	[4],[6],[8]			1.50%
Investment, Identifier [Axis]: Debt Securities Capital Goods Carolina Atlantic Roofing Supply LLC
Schedule Of Investments [Line Items]
Percentage of Investments		5.60%	[3]	5.70%	[4]
Par Amount		$ 33,514,657	[3]	$ 33,678,160	[4]
Amortized Cost		33,227,030	[3]	33,355,097	[4]
Fair Value		$ 32,475,703	[3]	$ 32,634,137	[4]
Investment, Identifier [Axis]: Debt Securities Capital Goods Carolina Atlantic Roofing Suppy LLC Acquisition Date 05/28/21 Term Loan - 14.61% inc PIK (SOFR + 9.00%, 2.00% Floor, 0.75%PIK) % of Net Assets 5.6% Maturity Date 05/28/26
Schedule Of Investments [Line Items]
Acquisition Date	[3]	May 28, 2021
Percentage of Investments	[3]	5.60%
Par Amount	[3]	$ 33,514,657
Maturity Date	[3]	May 28, 2026
Amortized Cost	[3]	$ 33,227,030
Fair Value	[3]	$ 32,475,703
Investment interest rate	[3]	14.61%
Interest rate, basis spread variable rate	[3]	9.00%
Interest rate, floor	[3]	2.00%
Interest rate, PIK	[3]	0.75%
Investment, Identifier [Axis]: Debt Securities Capital Goods Carolina Atlantic Roofing Suppy LLC Acquisition Date 05/28/21 Term Loan - 14.65% inc PIK (SOFR + 9.00%, 2.00% Floor, 0.75%PIK) % of Net Assets 5.7% Maturity Date 05/28/26
Schedule Of Investments [Line Items]
Acquisition Date	[4]			May 28, 2021
Percentage of Investments	[4]			5.70%
Par Amount	[4]			$ 33,678,160
Maturity Date	[4]			May 28, 2026
Amortized Cost	[4]			$ 33,355,097
Fair Value	[4]			$ 32,634,137
Investment interest rate	[4]			14.65%
Interest rate, basis spread variable rate	[4]			9.00%
Interest rate, floor	[4]			2.00%
Interest rate, PIK	[4]			0.75%
Investment, Identifier [Axis]: Debt Securities Chemicals AGY Holdings Corp.
Schedule Of Investments [Line Items]
Percentage of Investments		10.00%	[3]	10.00%	[4]
Par Amount		$ 62,984,149	[3]	$ 62,048,754	[4]
Amortized Cost		62,984,134	[3]	62,048,754	[4]
Fair Value		$ 57,756,465	[3]	$ 56,588,464	[4]
Investment, Identifier [Axis]: Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 05/27/22 Delayed Draw Term Loan - 15.57% inc PIK (SOFR + 10.00%, 1.50% Floor, 6.00% PIK) % of Net Assets 5.1% Maturity Date 09/21/27
Schedule Of Investments [Line Items]
Acquisition Date	[3],[5]	May 27, 2022
Percentage of Investments	[3],[5]	5.10%
Par Amount	[3],[5]	$ 32,080,811
Maturity Date	[3],[5]	Sep. 21, 2027
Amortized Cost	[3],[5]	$ 32,080,796
Fair Value	[3],[5]	$ 29,418,104
Investment interest rate	[3],[5]	15.57%
Interest rate, basis spread variable rate	[3],[5]	10.00%
Interest rate, floor	[3],[5]	1.50%
Interest rate, PIK	[3],[5]	6.00%
Investment, Identifier [Axis]: Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 05/27/22 Delayed Draw Term Loan - 15.61% inc PIK (SOFR + 10.00%, 1.50% Floor, 6.00% PIK) % of Net Assets 0.6% Maturity Date 09/21/25
Schedule Of Investments [Line Items]
Acquisition Date	[4],[6]			May 27, 2022
Percentage of Investments	[4],[6]			0.60%
Par Amount	[4],[6]			$ 3,627,327
Maturity Date	[4],[6]			Sep. 21, 2025
Amortized Cost	[4],[6]			$ 3,627,327
Fair Value	[4],[6]			$ 3,308,122
Investment interest rate	[4],[6]			15.61%
Interest rate, basis spread variable rate	[4],[6]			10.00%
Interest rate, floor	[4],[6]			1.50%
Interest rate, PIK	[4],[6]			6.00%
Investment, Identifier [Axis]: Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 09/21/20 Delayed Draw Term Loan - 15.61% inc PIK (SOFR + 10.00%, 1.50% Floor, 6.00% PIK) % of Net Assets 4.5% Maturity Date 09/21/25
Schedule Of Investments [Line Items]
Acquisition Date	[4],[6]			Sep. 21, 2020
Percentage of Investments	[4],[6]			4.50%
Par Amount	[4],[6]			$ 27,977,036
Maturity Date	[4],[6]			Sep. 21, 2025
Amortized Cost	[4],[6]			$ 27,977,036
Fair Value	[4],[6]			$ 25,515,057
Investment interest rate	[4],[6]			15.61%
Interest rate, basis spread variable rate	[4],[6]			10.00%
Interest rate, floor	[4],[6]			1.50%
Interest rate, PIK	[4],[6]			6.00%
Investment, Identifier [Axis]: Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 09/21/20 Term Loan - 15.57% inc PIK (SOFR + 10.00%, 1.50% Floor, 6.00% PIK) % of Net Assets 4.9% Maturity Date 09/21/27
Schedule Of Investments [Line Items]
Acquisition Date	[3],[5]	Sep. 21, 2020
Percentage of Investments	[3],[5]	4.90%
Par Amount	[3],[5]	$ 30,903,338
Maturity Date	[3],[5]	Sep. 21, 2027
Amortized Cost	[3],[5]	$ 30,903,338
Fair Value	[3],[5]	$ 28,338,361
Investment interest rate	[3],[5]	15.57%
Interest rate, basis spread variable rate	[3],[5]	10.00%
Interest rate, floor	[3],[5]	1.50%
Interest rate, PIK	[3],[5]	6.00%
Investment, Identifier [Axis]: Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 09/21/20 Term Loan - 15.64% inc PIK (SOFR + 10.00%, 1.50% Floor, 6.00% PIK) % of Net Assets 4.9% Maturity Date 09/21/25
Schedule Of Investments [Line Items]
Acquisition Date	[4],[6]			Sep. 21, 2020
Percentage of Investments	[4],[6]			4.90%
Par Amount	[4],[6]			$ 30,444,391
Maturity Date	[4],[6]			Sep. 21, 2025
Amortized Cost	[4],[6]			$ 30,444,391
Fair Value	[4],[6]			$ 27,765,285
Investment interest rate	[4],[6]			15.64%
Interest rate, basis spread variable rate	[4],[6]			10.00%
Interest rate, floor	[4],[6]			1.50%
Interest rate, PIK	[4],[6]			6.00%
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc.
Schedule Of Investments [Line Items]
Percentage of Investments		1.70%	[3]	2.10%	[4]
Par Amount		$ 13,396,555	[3]	$ 13,108,517	[4]
Amortized Cost		13,329,892	[3]	13,033,055	[4]
Fair Value		$ 9,967,036	[3]	$ 11,797,667	[4]
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc. Acquisition Date 04/16/21 Revolver - 12.49% (SOFR + 7.00%, 1.00% Floor) % of Net Assets 0.1% Maturity Date 04/13/26
Schedule Of Investments [Line Items]
Acquisition Date	[3]	Apr. 16, 2021
Percentage of Investments	[3]	0.10%
Par Amount	[3]	$ 786,667
Maturity Date	[3]	Apr. 13, 2026
Amortized Cost	[3]	$ 786,667
Fair Value	[3]	$ 585,280
Investment interest rate	[3]	12.49%
Interest rate, basis spread variable rate	[3]	7.00%
Interest rate, floor	[3]	1.00%
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc. Acquisition Date 04/16/21 Revolver - 12.54% (SOFR + 7.00%, 1.00% Floor) % of Net Assets 0.1% Maturity Date 04/13/26
Schedule Of Investments [Line Items]
Acquisition Date	[4]			Apr. 16, 2021
Percentage of Investments	[4]			0.10%
Par Amount	[4]			$ 393,333
Maturity Date	[4]			Apr. 13, 2026
Amortized Cost	[4]			$ 393,333
Fair Value	[4]			$ 354,000
Investment interest rate	[4]			12.54%
Interest rate, basis spread variable rate	[4]			7.00%
Interest rate, floor	[4]			1.00%
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc. Acquisition Date 04/16/21 Term Loan - 12.48% (SOFR + 7.00%, 1.00% Floor) % of Net Assets 1.6% Maturity Date 04/13/26
Schedule Of Investments [Line Items]
Acquisition Date	[3]	Apr. 16, 2021
Percentage of Investments	[3]	1.60%
Par Amount	[3]	$ 12,390,541
Maturity Date	[3]	Apr. 13, 2026
Amortized Cost	[3]	$ 12,326,712
Fair Value	[3]	$ 9,218,562
Investment interest rate	[3]	12.48%
Interest rate, basis spread variable rate	[3]	7.00%
Interest rate, floor	[3]	1.00%
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc. Acquisition Date 04/16/21 Term Loan - 12.55% (SOFR + 7.00%, 1.00% Floor) % of Net Assets 2.0% Maturity Date 04/13/26
Schedule Of Investments [Line Items]
Acquisition Date	[4]			Apr. 16, 2021
Percentage of Investments	[4]			2.00%
Par Amount	[4]			$ 12,494,015
Maturity Date	[4]			Apr. 13, 2026
Amortized Cost	[4]			$ 12,421,761
Fair Value	[4]			$ 11,244,614
Investment interest rate	[4]			12.55%
Interest rate, basis spread variable rate	[4]			7.00%
Interest rate, floor	[4]			1.00%
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc. Acquisition Date 09/29/22 Incremental Term Loan - 12.48% (SOFR + 7.00%, 1.00% Floor) % of Net Assets 0.0% Maturity Date 04/13/26
Schedule Of Investments [Line Items]
Acquisition Date	[3]	Sep. 29, 2022
Percentage of Investments	[3]	0.00%
Par Amount	[3]	$ 219,347
Maturity Date	[3]	Apr. 13, 2026
Amortized Cost	[3]	$ 216,513
Fair Value	[3]	$ 163,194
Investment interest rate	[3]	12.48%
Interest rate, basis spread variable rate	[3]	7.00%
Interest rate, floor	[3]	1.00%
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc. Acquisition Date 09/29/22 Incremental Term Loan - 12.54% (SOFR + 7.00%, 1.00% Floor) % of Net Assets 0.0% Maturity Date 04/13/26
Schedule Of Investments [Line Items]
Acquisition Date	[4]			Sep. 29, 2022
Percentage of Investments	[4]			0.00%
Par Amount	[4]			$ 221,169
Maturity Date	[4]			Apr. 13, 2026
Amortized Cost	[4]			$ 217,961
Fair Value	[4]			$ 199,053
Investment interest rate	[4]			12.54%
Interest rate, basis spread variable rate	[4]			7.00%
Interest rate, floor	[4]			1.00%
Investment, Identifier [Axis]: Debt Securities Commercial Services & Supplies Retail Services WIS Corporation
Schedule Of Investments [Line Items]
Percentage of Investments		7.50%	[3]	7.70%	[4]
Par Amount		$ 42,991,226	[3]	$ 43,595,738	[4]
Amortized Cost		42,700,335	[3]	43,235,918	[4]
Fair Value		$ 42,991,226	[3]	$ 44,031,696	[4]
Investment, Identifier [Axis]: Debt Securities Commercial Services & Supplies Retail Services WIS Corporation Acquisition Date 05/20/21 Term Loan - 13.81% (SOFR + 8.35%, 1.00% Floor) % of Net Assets 7.5% Maturity Date 05/20/25
Schedule Of Investments [Line Items]
Acquisition Date	[3]	May 20, 2021
Percentage of Investments	[3]	7.50%
Par Amount	[3]	$ 42,991,226
Maturity Date	[3]	May 20, 2025
Amortized Cost	[3]	$ 42,700,335
Fair Value	[3]	$ 42,991,226
Investment interest rate	[3]	13.81%
Interest rate, basis spread variable rate	[3]	8.35%
Interest rate, floor	[3]	1.00%
Investment, Identifier [Axis]: Debt Securities Commercial Services & Supplies Retail Services WIS Corporation Acquisition Date 05/20/21 Term Loan - 13.85% (SOFR + 8.35%, 1.00% Floor) % of Net Assets 7.7% Maturity Date 05/20/25
Schedule Of Investments [Line Items]
Acquisition Date	[4]			May 20, 2021
Percentage of Investments	[4]			7.70%
Par Amount	[4]			$ 43,595,738
Maturity Date	[4]			May 20, 2025
Amortized Cost	[4]			$ 43,235,918
Fair Value	[4]			$ 44,031,696
Investment interest rate	[4]			13.85%
Interest rate, basis spread variable rate	[4]			8.35%
Interest rate, floor	[4]			1.00%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel
Schedule Of Investments [Line Items]
Percentage of Investments		8.80%	[3]	9.20%	[4]
Par Amount		$ 82,984,841	[3]	$ 81,138,149	[4]
Amortized Cost		77,904,351	[3]	77,757,523	[4]
Fair Value		$ 49,377,048	[3]	$ 51,681,731	[4]
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Rocky Brands, Inc. Acquisition Date 03/15/21 Term Loan - 13.20% (SOFR + 7.50%, 2.00% Floor) % of Net Assets 4.9% Maturity Date 03/15/26
Schedule Of Investments [Line Items]
Acquisition Date	[3],[9]	Mar. 15, 2021
Percentage of Investments	[3],[9]	4.90%
Par Amount	[3],[9]	$ 28,471,542
Maturity Date	[3],[9]	Mar. 15, 2026
Amortized Cost	[3],[9]	$ 28,249,196
Fair Value	[3],[9]	$ 28,015,998
Investment interest rate	[3],[9]	13.20%
Interest rate, basis spread variable rate	[3],[9]	7.50%
Interest rate, floor	[3],[9]	2.00%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Rocky Brands, Inc. Acquisition Date 03/15/21 Term Loan - 13.20% (SOFR + 7.50%, 2.00% Floor) % of Net Assets 5.0% Maturity Date 03/15/26
Schedule Of Investments [Line Items]
Acquisition Date	[4],[10]			Mar. 15, 2021
Percentage of Investments	[4],[10]			5.00%
Par Amount	[4],[10]			$ 29,867,493
Maturity Date	[4],[10]			Mar. 15, 2026
Amortized Cost	[4],[10]			$ 29,604,476
Fair Value	[4],[10]			$ 28,374,118
Investment interest rate	[4],[10]			13.20%
Interest rate, basis spread variable rate	[4],[10]			7.50%
Interest rate, floor	[4],[10]			2.00%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 02/15/23 Delayed Draw Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/26
Schedule Of Investments [Line Items]
Acquisition Date	[3]	Feb. 15, 2023
Percentage of Investments	[3]	0.20%
Par Amount	[3]	$ 973,005
Maturity Date	[3]	Jun. 18, 2026
Amortized Cost	[3]	$ 973,005
Fair Value	[3]	$ 973,005
Investment interest rate	[3]	12.95%
Interest rate, basis spread variable rate	[3]	7.50%
Interest rate, floor	[3]	1.50%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 02/15/23 Delayed Draw Term Loan - 13.00% inc PIK(SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/26
Schedule Of Investments [Line Items]
Acquisition Date	[4]			Feb. 15, 2023
Percentage of Investments	[4]			0.20%
Par Amount	[4]			$ 942,052
Maturity Date	[4]			Jun. 18, 2026
Amortized Cost	[4]			$ 942,052
Fair Value	[4]			$ 942,052
Investment interest rate	[4]			13.00%
Interest rate, basis spread variable rate	[4]			7.50%
Interest rate, floor	[4]			1.50%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Delayed Draw Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/26
Schedule Of Investments [Line Items]
Acquisition Date	[3]	Jun. 12, 2023
Percentage of Investments	[3]	0.20%
Par Amount	[3]	$ 951,834
Maturity Date	[3]	Jun. 18, 2026
Amortized Cost	[3]	$ 951,834
Fair Value	[3]	$ 951,834
Investment interest rate	[3]	12.95%
Interest rate, basis spread variable rate	[3]	7.50%
Interest rate, floor	[3]	1.50%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Delayed Draw Term Loan - 13.00% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/26
Schedule Of Investments [Line Items]
Acquisition Date	[4]			Jun. 12, 2023
Percentage of Investments	[4]			0.20%
Par Amount	[4]			$ 921,555
Maturity Date	[4]			Jun. 18, 2026
Amortized Cost	[4]			$ 921,555
Fair Value	[4]			$ 921,555
Investment interest rate	[4]			13.00%
Interest rate, basis spread variable rate	[4]			7.50%
Interest rate, floor	[4]			1.50%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/26
Schedule Of Investments [Line Items]
Acquisition Date	[3]	Jun. 12, 2023
Percentage of Investments	[3]	0.20%
Par Amount	[3]	$ 971,831
Maturity Date	[3]	Jun. 18, 2026
Amortized Cost	[3]	$ 971,831
Fair Value	[3]	$ 971,831
Investment interest rate	[3]	12.95%
Interest rate, basis spread variable rate	[3]	7.50%
Interest rate, floor	[3]	1.50%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Term Loan - 13.00% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/26
Schedule Of Investments [Line Items]
Acquisition Date	[4]			Jun. 12, 2023
Percentage of Investments	[4]			0.20%
Par Amount	[4]			$ 940,916
Maturity Date	[4]			Jun. 18, 2026
Amortized Cost	[4]			$ 940,916
Fair Value	[4]			$ 940,916
Investment interest rate	[4]			13.00%
Interest rate, basis spread variable rate	[4]			7.50%
Interest rate, floor	[4]			1.50%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/18/21 Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 2.8% Maturity Date 06/18/26
Schedule Of Investments [Line Items]
Acquisition Date	[3],[7]	Jun. 18, 2021
Percentage of Investments	[3],[7]	2.80%
Par Amount	[3],[7]	$ 49,041,789
Maturity Date	[3],[7]	Jun. 18, 2026
Amortized Cost	[3],[7]	$ 44,197,185
Fair Value	[3],[7]	$ 15,889,540
Investment interest rate	[3],[7]	12.95%
Interest rate, basis spread variable rate	[3],[7]	7.50%
Interest rate, floor	[3],[7]	1.50%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/18/21 Term Loan - 13.00% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 3.4% Maturity Date 06/18/26
Schedule Of Investments [Line Items]
Acquisition Date	[4],[8]			Jun. 18, 2021
Percentage of Investments	[4],[8]			3.40%
Par Amount	[4],[8]			$ 47,314,794
Maturity Date	[4],[8]			Jun. 18, 2026
Amortized Cost	[4],[8]			$ 44,197,185
Fair Value	[4],[8]			$ 19,351,751
Investment interest rate	[4],[8]			13.00%
Interest rate, basis spread variable rate	[4],[8]			7.50%
Interest rate, floor	[4],[8]			1.50%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Delayed Draw Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.4% Maturity Date 06/18/26
Schedule Of Investments [Line Items]
Acquisition Date	[3]	Oct. 19, 2023
Percentage of Investments	[3]	0.40%
Par Amount	[3]	$ 2,089,076
Maturity Date	[3]	Jun. 18, 2026
Amortized Cost	[3]	$ 2,075,536
Fair Value	[3]	$ 2,089,076
Investment interest rate	[3]	12.95%
Interest rate, basis spread variable rate	[3]	7.50%
Interest rate, floor	[3]	1.50%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Delayed Draw Term Loan - 13.02% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/26
Schedule Of Investments [Line Items]
Acquisition Date	[4]			Oct. 19, 2023
Percentage of Investments	[4]			0.10%
Par Amount	[4]			$ 681,027
Maturity Date	[4]			Jun. 18, 2026
Amortized Cost	[4]			$ 681,027
Fair Value	[4]			$ 681,027
Investment interest rate	[4]			13.02%
Interest rate, basis spread variable rate	[4]			7.50%
Interest rate, floor	[4]			1.50%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/26
Schedule Of Investments [Line Items]
Acquisition Date	[3]	Oct. 19, 2023
Percentage of Investments	[3]	0.10%
Par Amount	[3]	$ 485,764
Maturity Date	[3]	Jun. 18, 2026
Amortized Cost	[3]	$ 485,764
Fair Value	[3]	$ 485,764
Investment interest rate	[3]	12.95%
Interest rate, basis spread variable rate	[3]	7.50%
Interest rate, floor	[3]	1.50%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Term Loan - 13.00% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/26
Schedule Of Investments [Line Items]
Acquisition Date	[4]			Oct. 19, 2023
Percentage of Investments	[4]			0.10%
Par Amount	[4]			$ 470,312
Maturity Date	[4]			Jun. 18, 2026
Amortized Cost	[4]			$ 470,312
Fair Value	[4]			$ 470,312
Investment interest rate	[4]			13.00%
Interest rate, basis spread variable rate	[4]			7.50%
Interest rate, floor	[4]			1.50%
Investment, Identifier [Axis]: Debt Securities Consumer Services
Schedule Of Investments [Line Items]
Percentage of Investments		6.60%	[3]	6.80%	[4]
Par Amount		$ 38,291,396	[3]	$ 38,543,670	[4]
Amortized Cost		38,000,944	[3]	38,213,079	[4]
Fair Value		$ 38,291,396	[3]	$ 38,543,670	[4]
Investment, Identifier [Axis]: Debt Securities Consumer Services Grand Circle Corporation Acquisition Date 02/26/21 Term Loan - 14.22% (SOFR + 8.75%, 1.25% Floor) % of Net Assets 6.8% Maturity Date 02/26/26
Schedule Of Investments [Line Items]
Acquisition Date	[4]			Feb. 26, 2021
Percentage of Investments	[4]			6.80%
Par Amount	[4]			$ 38,543,670
Maturity Date	[4]			Feb. 26, 2026
Amortized Cost	[4]			$ 38,213,079
Fair Value	[4]			$ 38,543,670
Investment interest rate	[4]			14.22%
Interest rate, basis spread variable rate	[4]			8.75%
Interest rate, floor	[4]			1.25%
Investment, Identifier [Axis]: Debt Securities Consumer Services Grand Circle Corporation Acquisition Date 02/26/21 Term Loan - 14.36% (SOFR + 8.75%, 1.25% Floor) % of Net Assets 6.6% Maturity Date 02/26/26
Schedule Of Investments [Line Items]
Acquisition Date	[3]	Feb. 26, 2021
Percentage of Investments	[3]	6.60%
Par Amount	[3]	$ 38,291,396
Maturity Date	[3]	Feb. 26, 2026
Amortized Cost	[3]	$ 38,000,944
Fair Value	[3]	$ 38,291,396
Investment interest rate	[3]	14.36%
Interest rate, basis spread variable rate	[3]	8.75%
Interest rate, floor	[3]	1.25%
Investment, Identifier [Axis]: Debt Securities Energy Equipment & Services
Schedule Of Investments [Line Items]
Percentage of Investments		5.50%	[3]	5.50%	[4]
Par Amount		$ 31,893,967	[3]	$ 32,237,454	[4]
Amortized Cost		31,837,061	[3]	32,153,657	[4]
Fair Value		$ 31,543,133	[3]	$ 31,463,755	[4]
Investment, Identifier [Axis]: Debt Securities Energy Equipment & Services WDE TorcSill Holdings LLC Acquisition Date 10/22/19 Revolver - 12.94% inc PIK (SOFR + 7.50%, 1.75% Floor, 0.75% PIK) % of Net Assets 1.7% Maturity Date 10/22/24
Schedule Of Investments [Line Items]
Acquisition Date	[3]	Oct. 22, 2019
Percentage of Investments	[3]	1.70%
Par Amount	[3]	$ 9,856,474
Maturity Date	[3]	Oct. 22, 2024
Amortized Cost	[3]	$ 9,856,474
Fair Value	[3]	$ 9,748,053
Investment interest rate	[3]	12.94%
Interest rate, basis spread variable rate	[3]	7.50%
Interest rate, floor	[3]	1.75%
Interest rate, PIK	[3]	0.75%
Investment, Identifier [Axis]: Debt Securities Energy Equipment & Services WDE TorcSill Holdings LLC Acquisition Date 10/22/19 Revolver - 12.97% inc PIK (SOFR + 7.50%, 1.75% Floor, 0.75% PIK) % of Net Assets 1.7% Maturity Date 10/22/24
Schedule Of Investments [Line Items]
Acquisition Date	[4]			Oct. 22, 2019
Percentage of Investments	[4]			1.70%
Par Amount	[4]			$ 9,838,834
Maturity Date	[4]			Oct. 22, 2024
Amortized Cost	[4]			$ 9,838,834
Fair Value	[4]			$ 9,602,702
Investment interest rate	[4]			12.97%
Interest rate, basis spread variable rate	[4]			7.50%
Interest rate, floor	[4]			1.75%
Interest rate, PIK	[4]			0.75%
Investment, Identifier [Axis]: Debt Securities Energy Equipment & Services WDE TorcSill Holdings LLC Acquisition Date 10/22/19 Term Loan - 12.94% inc PIK (SOFR + 7.50%, 1.75% Floor, 0.75% PIK) % of Net Assets 3.8% Maturity Date 10/22/24
Schedule Of Investments [Line Items]
Acquisition Date	[3]	Oct. 22, 2019
Percentage of Investments	[3]	3.80%
Par Amount	[3]	$ 22,037,493
Maturity Date	[3]	Oct. 22, 2024
Amortized Cost	[3]	$ 21,980,587
Fair Value	[3]	$ 21,795,080
Investment interest rate	[3]	12.94%
Interest rate, basis spread variable rate	[3]	7.50%
Interest rate, floor	[3]	1.75%
Interest rate, PIK	[3]	0.75%
Investment, Identifier [Axis]: Debt Securities Energy Equipment & Services WDE TorcSill Holdings LLC Acquisition Date 10/22/19 Term Loan - 12.97% inc PIK (SOFR + 7.50%, 1.75% Floor, 0.75% PIK) % of Net Assets 3.8% Maturity Date 10/22/24
Schedule Of Investments [Line Items]
Acquisition Date	[4]			Oct. 22, 2019
Percentage of Investments	[4]			3.80%
Par Amount	[4]			$ 22,398,620
Maturity Date	[4]			Oct. 22, 2024
Amortized Cost	[4]			$ 22,314,823
Fair Value	[4]			$ 21,861,053
Investment interest rate	[4]			12.97%
Interest rate, basis spread variable rate	[4]			7.50%
Interest rate, floor	[4]			1.75%
Interest rate, PIK	[4]			0.75%
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure
Schedule Of Investments [Line Items]
Percentage of Investments		12.20%	[3]	11.70%	[4]
Par Amount		$ 78,995,960	[3]	$ 72,011,452	[4]
Amortized Cost		78,481,903	[3]	71,436,107	[4]
Fair Value		$ 70,227,638	[3]	$ 66,688,109	[4]
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure KBP Brands, LLC Acquisition Date 05/26/21 Delayed Draw Term Loan - 12.17% inc PIK(SOFR + 6.50%, 0.75% Floor, 1.00% PIK) % of Net Assets 2.4% Maturity Date 05/26/27
Schedule Of Investments [Line Items]
Acquisition Date	[4]			May 26, 2021
Percentage of Investments	[4]			3.10%
Par Amount	[4]			$ 18,478,536
Maturity Date	[4]			May 26, 2027
Amortized Cost	[4]			$ 18,400,117
Fair Value	[4]			$ 17,591,566
Investment interest rate	[4]			12.17%
Interest rate, basis spread variable rate	[4]			6.50%
Interest rate, floor	[4]			0.75%
Interest rate, PIK	[4]			1.00%
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure KBP Brands, LLC Acquisition Date 05/26/21 Term Loan - 11.09% inc PIK (SOFR + 5.50%, 0.75% Floor) % of Net Assets 4.0% Maturity Date 05/26/27
Schedule Of Investments [Line Items]
Acquisition Date	[3]	May 26, 2021
Percentage of Investments	[3]	4.00%
Par Amount	[3]	$ 24,139,787
Maturity Date	[3]	May 26, 2027
Amortized Cost	[3]	$ 23,971,959
Fair Value	[3]	$ 23,270,754
Investment interest rate	[3]	11.09%
Interest rate, basis spread variable rate	[3]	5.50%
Interest rate, floor	[3]	0.75%
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure KBP Brands, LLC Acquisition Date 05/26/21 Term Loan - 12.17% inc PIK(SOFR + 6.50%, 0.75% Floor, 1.00% PIK) % of Net Assets 1.7% Maturity Date 05/26/27
Schedule Of Investments [Line Items]
Acquisition Date	[4]			May 26, 2021
Percentage of Investments	[4]			0.90%
Par Amount	[4]			$ 5,666,451
Maturity Date	[4]			May 26, 2027
Amortized Cost	[4]			$ 5,563,493
Fair Value	[4]			$ 5,394,461
Investment interest rate	[4]			12.17%
Interest rate, basis spread variable rate	[4]			6.50%
Interest rate, floor	[4]			0.75%
Interest rate, PIK	[4]			1.00%
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure Red Lobster Management, LLC Acquisition Date 01/22/21 Term Loan – 16.61% (SOFR + 11.00%, 1.50% Floor) % of Net Assets 7.7% Maturity Date 01/22/26
Schedule Of Investments [Line Items]
Acquisition Date	[4]			Jan. 22, 2021
Percentage of Investments	[4]			7.70%
Par Amount	[4]			$ 47,866,465
Maturity Date	[4]			Jan. 22, 2026
Amortized Cost	[4]			$ 47,472,497
Fair Value	[4]			$ 43,702,082
Investment interest rate	[4]			16.61%
Interest rate, basis spread variable rate	[4]			11.00%
Interest rate, floor	[4]			1.50%
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure Red Lobster Management, LLC Acquisition Date 01/22/21 Term Loan – 21.07% inc PIK (SOFR + 15.50%, 3.00% Floor, 13.50% PIK)) % of Net Assets 7.5% Maturity Date 01/22/26
Schedule Of Investments [Line Items]
Acquisition Date	[3]	Jan. 22, 2021
Percentage of Investments	[3]	7.50%
Par Amount	[3]	$ 50,449,339
Maturity Date	[3]	Jan. 22, 2026
Amortized Cost	[3]	$ 50,103,110
Fair Value	[3]	$ 43,184,634
Investment interest rate	[3]	21.07%
Interest rate, basis spread variable rate	[3]	15.50%
Interest rate, floor	[3]	3.00%
Interest rate, PIK	[3]	13.50%
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure Red Lobster Management, LLC Acquisition Date 02/29/24 Incremental Term Loan – 21.10% inc PIK (SOFR + 15.50%, 3.00% Floor, all PIK)) % of Net Assets 0.7% Maturity Date 01/22/26
Schedule Of Investments [Line Items]
Acquisition Date	[3]	Feb. 29, 2024
Percentage of Investments	[3]	0.70%
Par Amount	[3]	$ 4,406,834
Maturity Date	[3]	Jan. 22, 2026
Amortized Cost	[3]	$ 4,406,834
Fair Value	[3]	$ 3,772,250
Investment interest rate	[3]	21.10%
Interest rate, basis spread variable rate	[3]	15.50%
Interest rate, floor	[3]	3.00%
Investment, Identifier [Axis]: Debt Securities Household Durables
Schedule Of Investments [Line Items]
Percentage of Investments		17.30%	[3]	16.90%	[4]
Par Amount		$ 105,188,830	[3]	$ 103,188,469	[4]
Amortized Cost		103,605,637	[3]	101,570,713	[4]
Fair Value		$ 99,279,970	[3]	$ 96,279,475	[4]
Investment, Identifier [Axis]: Debt Securities Household Durables Greenfield World Trade, Inc. Acquisition Date 03/04/19 Last Out Term Loan – 18.78% inc PIK (SOFR + 13.33%, 1.50% Floor, 7.00 PIK) % of Net Assets 12.8% Maturity Date 03/31/25
Schedule Of Investments [Line Items]
Acquisition Date	[3]	Mar. 04, 2019
Percentage of Investments	[3]	12.80%
Par Amount	[3]	$ 75,715,260
Maturity Date	[3]	Mar. 31, 2025
Amortized Cost	[3]	$ 74,132,067
Fair Value	[3]	$ 73,595,233
Investment interest rate	[3]	18.78%
Interest rate, basis spread variable rate	[3]	13.33%
Interest rate, floor	[3]	1.50%
Interest rate, PIK	[3]	7.00%
Investment, Identifier [Axis]: Debt Securities Household Durables Greenfield World Trade, Inc. Acquisition Date 03/04/19 Last Out Term Loan – 18.80% inc PIK (SOFR + 13.33%, 1.50% Floor, 7.00 PIK) % of Net Assets 10.2% Maturity Date 03/31/25
Schedule Of Investments [Line Items]
Acquisition Date	[4]			Mar. 04, 2019
Percentage of Investments	[4]			11.80%
Par Amount	[4]			$ 68,977,149
Maturity Date	[4]			Mar. 31, 2025
Amortized Cost	[4]			$ 67,522,875
Fair Value	[4]			$ 66,976,812
Investment interest rate	[4]			18.80%
Interest rate, basis spread variable rate	[4]			13.33%
Interest rate, floor	[4]			1.50%
Interest rate, PIK	[4]			7.00%
Investment, Identifier [Axis]: Debt Securities Household Durables Greenfield World Trade, Inc. Acquisition Date 08/12/21 Last Out Delayed Draw Term Loan – 18.80% inc PIK (SOFR + 13.33%, 1.50% Floor, 7.00 PIK) % of Net Assets 2.2% Maturity Date 03/31/25
Schedule Of Investments [Line Items]
Acquisition Date	[4]			Aug. 12, 2021
Percentage of Investments	[4]			0.60%
Par Amount	[4]			$ 3,652,110
Maturity Date	[4]			Mar. 31, 2025
Amortized Cost	[4]			$ 3,488,628
Fair Value	[4]			$ 3,546,199
Investment interest rate	[4]			18.80%
Interest rate, basis spread variable rate	[4]			13.33%
Interest rate, floor	[4]			1.50%
Interest rate, PIK	[4]			7.00%
Investment, Identifier [Axis]: Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 06/29/18 Last Out Term Loan – 11.36% (SOFR + 5.87%, 1.00% Floor) % of Net Assets 4.0% Maturity Date 10/29/26
Schedule Of Investments [Line Items]
Acquisition Date	[3],[11]	Jun. 29, 2018
Percentage of Investments	[3],[11]	4.00%
Par Amount	[3],[11]	$ 26,681,925
Maturity Date	[3],[11]	Oct. 29, 2026
Amortized Cost	[3],[11]	$ 26,681,925
Fair Value	[3],[11]	$ 22,893,092
Investment interest rate	[3],[11]	11.36%
Interest rate, basis spread variable rate	[3],[11]	5.87%
Interest rate, floor	[3],[11]	1.00%
Investment, Identifier [Axis]: Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 06/29/18 Last Out Term Loan – 11.40% (SOFR + 5.87%, 1.00% Floor) % of Net Assets 3.8% Maturity Date 10/29/26
Schedule Of Investments [Line Items]
Acquisition Date	[4],[12]			Jun. 29, 2018
Percentage of Investments	[4],[12]			3.80%
Par Amount	[4],[12]			$ 26,681,925
Maturity Date	[4],[12]			Oct. 29, 2026
Amortized Cost	[4],[12]			$ 26,681,925
Fair Value	[4],[12]			$ 21,879,179
Investment interest rate	[4],[12]			11.40%
Interest rate, basis spread variable rate	[4],[12]			5.87%
Interest rate, floor	[4],[12]			1.00%
Investment, Identifier [Axis]: Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 08/25/23 Revolver – 11.33% (SOFR + 5.87%, 1.00% Floor) % of Net Assets 0.5% Maturity Date 04/30/25
Schedule Of Investments [Line Items]
Acquisition Date	[3],[11]	Aug. 25, 2023
Percentage of Investments	[3],[11]	0.50%
Par Amount	[3],[11]	$ 2,791,645
Maturity Date	[3],[11]	Apr. 30, 2025
Amortized Cost	[3],[11]	$ 2,791,645
Fair Value	[3],[11]	$ 2,791,645
Investment interest rate	[3],[11]	11.33%
Interest rate, basis spread variable rate	[3],[11]	5.87%
Interest rate, floor	[3],[11]	1.00%
Investment, Identifier [Axis]: Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 08/25/23 Revolver – 11.37% (SOFR + 5.87%, 1.00% Floor) % of Net Assets 0.7% Maturity Date 04/30/24
Schedule Of Investments [Line Items]
Acquisition Date	[4],[12]			Aug. 25, 2023
Percentage of Investments	[4],[12]			0.70%
Par Amount	[4],[12]			$ 3,877,285
Maturity Date	[4],[12]			Apr. 30, 2024
Amortized Cost	[4],[12]			$ 3,877,285
Fair Value	[4],[12]			$ 3,877,285
Investment interest rate	[4],[12]			11.37%
Interest rate, basis spread variable rate	[4],[12]			5.87%
Interest rate, floor	[4],[12]			1.00%
Investment, Identifier [Axis]: Debt Securities Media
Schedule Of Investments [Line Items]
Percentage of Investments		3.80%	[3]	4.20%	[4]
Par Amount		$ 38,036,155	[3]	$ 36,797,476	[4]
Amortized Cost		38,036,155	[3]	36,797,476	[4]
Fair Value		$ 21,870,789	[3]	$ 24,212,740	[4]
Investment, Identifier [Axis]: Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Revolver - 13.09% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 0.4% Maturity Date 09/28/25
Schedule Of Investments [Line Items]
Acquisition Date	[3]	Oct. 01, 2018
Percentage of Investments	[3]	0.40%
Par Amount	[3]	$ 3,953,491
Maturity Date	[3]	Sep. 28, 2025
Amortized Cost	[3]	$ 3,953,491
Fair Value	[3]	$ 2,273,257
Investment interest rate	[3]	13.09%
Interest rate, basis spread variable rate	[3]	7.75%
Interest rate, floor	[3]	1.50%
Investment, Identifier [Axis]: Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Revolver - 13.13% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 0.4% Maturity Date 09/28/25
Schedule Of Investments [Line Items]
Acquisition Date	[4]			Oct. 01, 2018
Percentage of Investments	[4]			0.40%
Par Amount	[4]			$ 3,823,410
Maturity Date	[4]			Sep. 28, 2025
Amortized Cost	[4]			$ 3,823,410
Fair Value	[4]			$ 2,515,804
Investment interest rate	[4]			13.13%
Interest rate, basis spread variable rate	[4]			7.75%
Interest rate, floor	[4]			1.50%
Investment, Identifier [Axis]: Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Term Loan - 13.09% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 3.4% Maturity Date 09/28/25
Schedule Of Investments [Line Items]
Acquisition Date	[3]	Oct. 01, 2018
Percentage of Investments	[3]	3.40%
Par Amount	[3]	$ 34,082,664
Maturity Date	[3]	Sep. 28, 2025
Amortized Cost	[3]	$ 34,082,664
Fair Value	[3]	$ 19,597,532
Investment interest rate	[3]	13.09%
Interest rate, basis spread variable rate	[3]	7.75%
Interest rate, floor	[3]	1.50%
Investment, Identifier [Axis]: Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Term Loan - 13.13% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 3.8% Maturity Date 09/28/25
Schedule Of Investments [Line Items]
Acquisition Date	[4]			Oct. 01, 2018
Percentage of Investments	[4]			3.80%
Par Amount	[4]			$ 32,974,066
Maturity Date	[4]			Sep. 28, 2025
Amortized Cost	[4]			$ 32,974,066
Fair Value	[4]			$ 21,696,936
Investment interest rate	[4]			13.13%
Interest rate, basis spread variable rate	[4]			7.75%
Interest rate, floor	[4]			1.50%
Investment, Identifier [Axis]: Debt Securities Publishing
Schedule Of Investments [Line Items]
Percentage of Investments		7.40%	[3]	7.10%	[4]
Par Amount		$ 43,169,441	[3]	$ 40,977,276	[4]
Amortized Cost		42,855,565	[3]	40,615,234	[4]
Fair Value		$ 42,651,407	[3]	$ 40,321,640	[4]
Investment, Identifier [Axis]: Debt Securities Publishing Bendon Inc. Acquisition Date 12/11/20 Revolver – 12.46% (SOFR + 7.00%, 1.50% Floor) % of Net Assets 0.4% Maturity Date 12/11/25
Schedule Of Investments [Line Items]
Acquisition Date	[3]	Dec. 11, 2020
Percentage of Investments	[3]	0.40%
Par Amount	[3]	$ 2,421,056
Maturity Date	[3]	Dec. 11, 2025
Amortized Cost	[3]	$ 2,421,056
Fair Value	[3]	$ 2,392,003
Investment interest rate	[3]	12.46%
Interest rate, basis spread variable rate	[3]	7.00%
Interest rate, floor	[3]	1.50%
Investment, Identifier [Axis]: Debt Securities Publishing Bendon Inc. Acquisition Date 12/11/20 Term Loan – 12.46% (SOFR + 7.00%, 1.50% Floor) % of Net Assets 7.0% Maturity Date 12/11/25
Schedule Of Investments [Line Items]
Acquisition Date	[3]	Dec. 11, 2020
Percentage of Investments	[3]	7.00%
Par Amount	[3]	$ 40,748,385
Maturity Date	[3]	Dec. 11, 2025
Amortized Cost	[3]	$ 40,434,509
Fair Value	[3]	$ 40,259,404
Investment interest rate	[3]	12.46%
Interest rate, basis spread variable rate	[3]	7.00%
Interest rate, floor	[3]	1.50%
Investment, Identifier [Axis]: Debt Securities Publishing Bendon Inc. Acquisition Date 12/11/20 Term Loan – 13.00% (SOFR + 7.50%, 1.50% Floor) % of Net Assets 7.1% Maturity Date 12/11/25
Schedule Of Investments [Line Items]
Acquisition Date	[4]			Dec. 11, 2020
Percentage of Investments	[4]			7.10%
Par Amount	[4]			$ 40,977,276
Maturity Date	[4]			Dec. 11, 2025
Amortized Cost	[4]			$ 40,615,234
Fair Value	[4]			$ 40,321,640
Investment interest rate	[4]			13.00%
Interest rate, basis spread variable rate	[4]			7.50%
Interest rate, floor	[4]			1.50%
Investment, Identifier [Axis]: Debt Securities Software
Schedule Of Investments [Line Items]
Percentage of Investments		12.70%	[3]	12.40%	[4]
Par Amount		$ 72,634,124	[3]	$ 69,880,068	[4]
Amortized Cost		72,359,702	[3]	69,511,764	[4]
Fair Value		$ 73,360,466	[3]	$ 70,369,228	[4]
Investment, Identifier [Axis]: Debt Securities Software Mondee Holdings LLC Acquisition Date 12/20/19 Term Loan - 14.07% inc PIK (SOFR + 8.50%, 1.75% Floor, all PIK) % of Net Assets 12.7% Maturity Date 03/31/25
Schedule Of Investments [Line Items]
Acquisition Date	[3]	Dec. 20, 2019
Percentage of Investments	[3]	12.70%
Par Amount	[3]	$ 72,634,124
Maturity Date	[3]	Mar. 31, 2025
Amortized Cost	[3]	$ 72,359,702
Fair Value	[3]	$ 73,360,466
Investment interest rate	[3]	14.07%
Interest rate, basis spread variable rate	[3]	8.50%
Interest rate, floor	[3]	1.75%
Investment, Identifier [Axis]: Debt Securities Software Mondee Holdings LLC Acquisition Date 12/20/19 Term Loan - 14.11% inc PIK (SOFR + 8.50%, 1.75% Floor, all PIK) % of Net Assets 12.4% Maturity Date 12/23/24
Schedule Of Investments [Line Items]
Acquisition Date	[4]			Dec. 20, 2019
Percentage of Investments	[4]			12.40%
Par Amount	[4]			$ 69,880,068
Maturity Date	[4]			Dec. 23, 2024
Amortized Cost	[4]			$ 69,511,764
Fair Value	[4]			$ 70,369,228
Investment interest rate	[4]			14.11%
Interest rate, basis spread variable rate	[4]			8.50%
Interest rate, floor	[4]			1.75%
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods
Schedule Of Investments [Line Items]
Percentage of Investments		16.90%	[3]	16.90%	[4]
Par Amount		$ 104,056,640	[3]	$ 103,074,554	[4]
Amortized Cost		102,785,734	[3]	101,683,373	[4]
Fair Value		$ 97,576,205	[3]	$ 96,244,242	[4]
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods Centric Brands Inc. Acquisition Date 02/06/24 Term Loan - 10.79% (SOFR + 5.50%, 1.00% Floor) % of Net Assets 2.8% Maturity Date 08/06/29
Schedule Of Investments [Line Items]
Acquisition Date	[3],[9]	Feb. 06, 2024
Percentage of Investments	[3],[9]	2.80%
Par Amount	[3],[9]	$ 16,206,598
Maturity Date	[3],[9]	Aug. 06, 2029
Amortized Cost	[3],[9]	$ 15,767,354
Fair Value	[3],[9]	$ 16,206,598
Investment interest rate	[3],[9]	10.79%
Interest rate, basis spread variable rate	[3],[9]	5.50%
Interest rate, floor	[3],[9]	1.00%
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods Centric Brands Inc. Acquisition Date 02/06/24 Term Loan A-1 - 13.29% inc PIK (SOFR + 8.00%, 1.00% Floor, all PIK) % of Net Assets 2.9% Maturity Date 02/06/31
Schedule Of Investments [Line Items]
Acquisition Date	[3],[9]	Feb. 06, 2024
Percentage of Investments	[3],[9]	2.90%
Par Amount	[3],[9]	$ 16,725,454
Maturity Date	[3],[9]	Feb. 06, 2031
Amortized Cost	[3],[9]	$ 16,269,407
Fair Value	[3],[9]	$ 16,725,454
Investment interest rate	[3],[9]	13.29%
Interest rate, basis spread variable rate	[3],[9]	8.00%
Interest rate, floor	[3],[9]	1.00%
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods Centric Brands Inc. Acquisition Date 02/06/24 Term Loan A-2 - 13.29% inc PIK (SOFR + 8.00%, 1.00% Floor, all PIK) % of Net Assets 2.4% Maturity Date 02/06/31
Schedule Of Investments [Line Items]
Acquisition Date	[3],[9]	Feb. 06, 2024
Percentage of Investments	[3],[9]	2.40%
Par Amount	[3],[9]	$ 13,775,609
Maturity Date	[3],[9]	Feb. 06, 2031
Amortized Cost	[3],[9]	$ 13,399,994
Fair Value	[3],[9]	$ 13,775,609
Investment interest rate	[3],[9]	13.29%
Interest rate, basis spread variable rate	[3],[9]	8.00%
Interest rate, floor	[3],[9]	1.00%
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods Centric Brands Inc. Acquisition Date 10/09/20 Term Loan - 13.30% inc PIK (SOFR + 9.00%, 1.00% Floor, 6.50% PIK) % of Net Assets 5.2% Maturity Date 10/09/25
Schedule Of Investments [Line Items]
Acquisition Date	[4],[10]			Oct. 09, 2020
Percentage of Investments	[4],[10]			7.90%
Par Amount	[4],[10]			$ 46,070,354
Maturity Date	[4],[10]			Oct. 09, 2025
Amortized Cost	[4],[10]			$ 44,679,173
Fair Value	[4],[10]			$ 44,826,454
Investment interest rate	[4],[10]			14.37%
Interest rate, basis spread variable rate	[4],[10]			9.00%
Interest rate, floor	[4],[10]			1.00%
Interest rate, PIK	[4],[10]			6.50%
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods Hollander Intermediate LLC Acquisition Date 09/19/22 Term Loan - 14.19% (SOFR + 8.75%, 3.00% Floor) % of Net Assets 8.8% Maturity Date 09/21/26
Schedule Of Investments [Line Items]
Acquisition Date	[3]	Sep. 19, 2022
Percentage of Investments	[3]	8.80%
Par Amount	[3]	$ 57,348,979
Maturity Date	[3]	Sep. 21, 2026
Amortized Cost	[3]	$ 57,348,979
Fair Value	[3]	$ 50,868,544
Investment interest rate	[3]	14.19%
Interest rate, basis spread variable rate	[3]	8.75%
Interest rate, floor	[3]	3.00%
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods Hollander Intermediate LLC Acquisition Date 09/19/22 Term Loan - 16.22% (SOFR + 10.75%, 3.00% Floor) % of Net Assets 9.0% Maturity Date 09/21/26
Schedule Of Investments [Line Items]
Acquisition Date	[4]			Sep. 19, 2022
Percentage of Investments	[4]			9.00%
Par Amount	[4]			$ 57,004,200
Maturity Date	[4]			Sep. 21, 2026
Amortized Cost	[4]			$ 57,004,200
Fair Value	[4]			$ 51,417,788
Investment interest rate	[4]			16.22%
Interest rate, basis spread variable rate	[4]			10.75%
Interest rate, floor	[4]			3.00%
Investment, Identifier [Axis]: Equity Investments
Schedule Of Investments [Line Items]
Percentage of Investments		1.70%		1.20%
Shares		36,343,848		35,944,702
Amortized Cost		$ 9,382,826		$ 9,287,247
Fair Value		$ 9,671,023		$ 7,349,710
Investment, Identifier [Axis]: Equity Securities Aerospace & Defense
Schedule Of Investments [Line Items]
Percentage of Investments		0.00%		0.00%
Shares		4,399		4,399
Amortized Cost		$ 43,990		$ 43,990
Fair Value		$ 0		$ 0
Investment, Identifier [Axis]: Equity Securities Aerospace & Defense TCW ND Parent Holdings LLC. Class A Units
Schedule Of Investments [Line Items]
Percentage of Investments		0.00%	[5],[7],[13]	0.00%	[6],[8],[14]
Shares		4,399	[5],[7],[13]	4,399	[6],[8],[14]
Amortized Cost		$ 43,990	[5],[7],[13]	$ 43,990	[6],[8],[14]
Fair Value		$ 0	[5],[7],[13]	$ 0	[6],[8],[14]
Investment, Identifier [Axis]: Equity Securities Chemicals
Schedule Of Investments [Line Items]
Percentage of Investments		0.00%		0.00%
Shares		33,068,778		33,068,778
Amortized Cost		$ 3,997,226		$ 3,997,226
Fair Value		$ 0		$ 0
Investment, Identifier [Axis]: Equity Securities Chemicals AGY Equity LLC Class A Preferred Units
Schedule Of Investments [Line Items]
Percentage of Investments		0.00%	[5],[7],[13]	0.00%	[6],[8],[14]
Shares		7,752,414	[5],[7],[13]	7,752,414	[6],[8],[14]
Amortized Cost		$ 0	[5],[7],[13]	$ 0	[6],[8],[14]
Fair Value		$ 0	[5],[7],[13]	$ 0	[6],[8],[14]
Investment, Identifier [Axis]: Equity Securities Chemicals AGY Equity LLC Class B Preferred Units
Schedule Of Investments [Line Items]
Percentage of Investments		0.00%	[5],[7],[13]	0.00%	[6],[8],[14]
Shares		10,078,138	[5],[7],[13]	10,078,138	[6],[8],[14]
Amortized Cost		$ 0	[5],[7],[13]	$ 0	[6],[8],[14]
Fair Value		$ 0	[5],[7],[13]	$ 0	[6],[8],[14]
Investment, Identifier [Axis]: Equity Securities Chemicals AGY Equity LLC Class C Common Units
Schedule Of Investments [Line Items]
Percentage of Investments		0.00%	[5],[7],[13]	0.00%	[6],[8],[14]
Shares		11,241,000	[5],[7],[13]	11,241,000	[6],[8],[14]
Amortized Cost		$ 0	[5],[7],[13]	$ 0	[6],[8],[14]
Fair Value		$ 0	[5],[7],[13]	$ 0	[6],[8],[14]
Investment, Identifier [Axis]: Equity Securities Chemicals AGY Equity LLC Class D Preferred Units
Schedule Of Investments [Line Items]
Percentage of Investments		0.00%	[5],[7],[13]	0.00%	[6],[8],[14]
Shares		3,997,226	[5],[7],[13]	3,997,226	[6],[8],[14]
Amortized Cost		$ 3,997,226	[5],[7],[13]	$ 3,997,226	[6],[8],[14]
Fair Value		$ 0	[5],[7],[13]	$ 0	[6],[8],[14]
Investment, Identifier [Axis]: Equity Securities Household Durables
Schedule Of Investments [Line Items]
Percentage of Investments		0.50%		0.70%
Shares		1,259,485		1,259,485
Amortized Cost		$ 4,481,960		$ 4,481,960
Fair Value		$ 2,411,203		$ 4,527,850
Investment, Identifier [Axis]: Equity Securities Household Durables Greenfield World Trade, Inc. Class A-1 Warrant, Expires 03/25/27
Schedule Of Investments [Line Items]
Percentage of Investments		0.40%	[7],[13]	0.60%	[8],[14]
Shares		3,959	[7],[13]	3,959	[8],[14]
Amortized Cost		$ 3,178,520	[7],[13]	$ 3,178,520	[8],[14]
Fair Value		$ 2,039,606	[7],[13]	$ 3,641,653	[8],[14]
Warrants expiration date		Mar. 25, 2027	[7],[13]	Mar. 25, 2027	[8],[14]
Investment, Identifier [Axis]: Equity Securities Household Durables Greenfield World Trade, Inc. Class A-2 Warrant, Expires 03/25/27
Schedule Of Investments [Line Items]
Percentage of Investments		0.10%	[7],[13]	0.10%	[8],[14]
Shares		1,376	[7],[13]	1,376	[8],[14]
Amortized Cost		$ 1,189,508	[7],[13]	$ 1,189,508	[8],[14]
Fair Value		$ 342,895	[7],[13]	$ 817,631	[8],[14]
Warrants expiration date		Mar. 25, 2027	[7],[13]	Mar. 25, 2027	[8],[14]
Investment, Identifier [Axis]: Equity Securities Household Durables Greenfield World Trade, Inc. Class A-3 Warrant, Expires 03/25/27
Schedule Of Investments [Line Items]
Percentage of Investments		0.00%	[7],[13]	0.00%	[8],[14]
Shares		116	[7],[13]	116	[8],[14]
Amortized Cost		$ 113,932	[7],[13]	$ 113,932	[8],[14]
Fair Value		$ 28,702	[7],[13]	$ 68,566	[8],[14]
Warrants expiration date		Mar. 25, 2027	[7],[13]	Mar. 25, 2027	[8],[14]
Investment, Identifier [Axis]: Equity Securities Household Durables Shelterlogic Group Holdings, Inc Common Stock
Schedule Of Investments [Line Items]
Percentage of Investments		0.00%	[7],[11],[13]	0.00%	[8],[12],[14]
Shares		1,254,034	[7],[11],[13]	1,254,034	[8],[12],[14]
Amortized Cost		$ 0	[7],[11],[13]	$ 0	[8],[12],[14]
Fair Value		$ 0	[7],[11],[13]	$ 0	[8],[12],[14]
Investment, Identifier [Axis]: Equity Securities Media Encompass Digital Media, Inc.
Schedule Of Investments [Line Items]
Percentage of Investments		0.00%		0.00%
Shares		722,097		722,097
Amortized Cost		$ 0		$ 0
Fair Value		$ 0		$ 0
Investment, Identifier [Axis]: Equity Securities Media Encompass Digital Media, Inc. Class A Units
Schedule Of Investments [Line Items]
Percentage of Investments		0.00%	[7],[11]	0.00%	[8],[12]
Shares		722,097	[7],[11]	722,097	[8],[12]
Amortized Cost		$ 0	[7],[11]	$ 0	[8],[12]
Fair Value		$ 0	[7],[11]	$ 0	[8],[12]
Investment, Identifier [Axis]: Equity Securities Software
Schedule Of Investments [Line Items]
Percentage of Investments		0.20%		0.30%
Shares		570,627		570,627
Amortized Cost		$ 764,071		$ 764,071
Fair Value		$ 1,318,148		$ 1,574,931
Investment, Identifier [Axis]: Equity Securities Software Mondee Holdings LLC
Schedule Of Investments [Line Items]
Percentage of Investments		0.20%	[7],[13],[15]	0.30%	[8],[14],[16]
Shares		570,627	[7],[13],[15]	570,627	[8],[14],[16]
Amortized Cost		$ 764,071	[7],[13],[15]	$ 764,071	[8],[14],[16]
Fair Value		$ 1,318,148	[7],[13],[15]	$ 1,574,931	[8],[14],[16]
Investment, Identifier [Axis]: Equity Securities Textiles, Apparel & Luxury Goods
Schedule Of Investments [Line Items]
Percentage of Investments		1.00%		0.20%
Shares		718,462		319,316
Amortized Cost		$ 95,579		$ 0
Fair Value		$ 5,941,672		$ 1,246,929
Investment, Identifier [Axis]: Equity Securities Textiles, Apparel & Luxury Goods Centric Brands GP LLC Membership Interests
Schedule Of Investments [Line Items]
Percentage of Investments		0.00%	[7],[9],[13]	0.00%	[8],[10],[14]
Shares		359,231	[7],[9],[13]	159,658	[8],[10],[14]
Amortized Cost		$ 0	[7],[9],[13]	$ 0	[8],[10],[14]
Fair Value		$ 0	[7],[9],[13]	$ 0	[8],[10],[14]
Investment, Identifier [Axis]: Equity Securities Textiles, Apparel & Luxury Goods Centric Brands L.P. Class A LP Interests
Schedule Of Investments [Line Items]
Percentage of Investments		1.00%	[7],[9],[13]	0.20%	[8],[10],[14]
Shares		359,231	[7],[9],[13]	159,658	[8],[10],[14]
Amortized Cost		$ 95,579	[7],[9],[13]	$ 0	[8],[10],[14]
Fair Value		5,941,672	[7],[9],[13]	1,246,929	[8],[10],[14]
Investment, Identifier [Axis]: Liabilities in Excess of Other Assets (-69.7%)
Schedule Of Investments [Line Items]
Liabilities in Excess of Other Assets		$ (402,231,718)
Percentage of liabilities in excess of other assets		(69.70%)
Investment, Identifier [Axis]: Liabilities in Excess of Other Assets (-71.5%)
Schedule Of Investments [Line Items]
Liabilities in Excess of Other Assets				$ (407,316,785)
Percentage of liabilities in excess of other assets				(71.50%)
Investment, Identifier [Axis]: Net Assets (100.0%)
Schedule Of Investments [Line Items]
Net Assets		$ 576,756,252		$ 569,767,116
Net Assets		100.00%		100.00%
Investment, Identifier [Axis]: Net unrealized depreciation on unfunded commitments (-0.1%)
Schedule Of Investments [Line Items]
Net unrealized depreciation on unfunded commitments		$ (778,683)		$ (745,514)
Percentage of net unrealized depreciation on unfunded commitments		(0.10%)		(0.10%)
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments
Schedule Of Investments [Line Items]
Fair Value		$ 47,555,526		$ 49,969,204		84,566,583
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Encompass Digital Media Holdings, LLC Class A Units
Schedule Of Investments [Line Items]
Fair Value		0		0		0
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Revolver - 13.09% inc PIK
Schedule Of Investments [Line Items]
Fair Value		$ 2,273,257		2,515,804
Investment interest rate		13.09%
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Revolver - 13.13% inc PIK
Schedule Of Investments [Line Items]
Fair Value				$ 2,515,804		1,560,195
Investment interest rate				13.13%
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Term Loan - 13.09% inc PIK
Schedule Of Investments [Line Items]
Fair Value		$ 19,597,532		$ 21,696,936
Investment interest rate		13.09%
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Term Loan - 13.13% inc PIK
Schedule Of Investments [Line Items]
Fair Value				$ 21,696,936		26,892,285
Investment interest rate				13.13%
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Shelterlogic Group Holdings, Inc Common Stock
Schedule Of Investments [Line Items]
Fair Value		$ 0		$ 0		29,432,178
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Slogic Holding Corp. Last Out Term Loan - 11.36%
Schedule Of Investments [Line Items]
Fair Value		$ 22,893,092		21,879,179
Investment interest rate		11.36%
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Slogic Holding Corp. Last Out Term Loan - 11.40%
Schedule Of Investments [Line Items]
Fair Value				$ 21,879,179		26,681,925
Investment interest rate				11.40%
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Slogic Holding Corp. Revolver - 11.33%
Schedule Of Investments [Line Items]
Fair Value		$ 2,791,645		$ 3,877,285
Investment interest rate		11.33%
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Slogic Holding Corp. Revolver - 11.37%
Schedule Of Investments [Line Items]
Fair Value				$ 3,877,285		$ 0
Investment interest rate				11.37%
Investment, Identifier [Axis]: Short-term Investments
Schedule Of Investments [Line Items]
Percentage of Investments		16.20%		13.80%
Amortized Cost		$ 93,659,788		$ 78,714,489
Fair Value		$ 93,659,788		$ 78,714,489
Investment, Identifier [Axis]: Short-term Investments U.S. Treasury Bill, Yield 5.24%
Schedule Of Investments [Line Items]
Percentage of Investments		16.20%
Shares		95,000,000
Amortized Cost		$ 93,659,788
Fair Value		$ 93,659,788
Investment, Identifier [Axis]: Short-term Investments U.S. Treasury Bill, Yield 5.26%
Schedule Of Investments [Line Items]
Percentage of Investments				13.80%
Shares				80,000,000
Amortized Cost				$ 78,714,489
Fair Value				$ 78,714,489
Investment, Identifier [Axis]: Total Investments (169.9%)
Schedule Of Investments [Line Items]
Percentage of Investments		169.90%
Amortized Cost		$ 1,057,162,675
Fair Value		$ 979,766,653
Investment, Identifier [Axis]: Total Investments (171.6%)
Schedule Of Investments [Line Items]
Percentage of Investments				171.60%
Amortized Cost				$ 1,039,809,452
Fair Value				$ 977,829,415
Investment, Identifier [Axis]: U.S. Treasury Bill, Yield 5.24%
Schedule Of Investments [Line Items]
Percentage of yield on short term investments		5.24%
Investment, Identifier [Axis]: U.S. Treasury Bill, Yield 5.26%
Schedule Of Investments [Line Items]
Percentage of yield on short term investments				5.26%

[1] Except for the Level 1 investment, 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.”   6 SOFR - Secured Overnight Financing Rate, generally 1-Month, 3-Month, or 6-Month Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $40,557,278 and $9,391,185, respectively, for the period ended March 31, 2024. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments. Country Breakdown Portfolio       United States     100.0 %

[2] The fair value of each debt and equity was determined using significant unobservable inputs and such investments are considered to be Level 3 within the Fair Value Hierarchy. See Note 3 “Investment Valuations and Fair Value Measurements.”

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

[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 a “controlled affiliated person” of the Company because the Company owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2023 and March 31, 2024 along with transactions during the period ended March 31, 2024 in these controlled investments are as follows:   Name of Investment   Fair Value at December 31, 2023     Gross Addition (a)     Gross Reduction (b)     Realized Gains
(Losses)     Net Change in
Unrealized
  Appreciation/
   (Depreciation)     Fair Value at March 31, 2024     Interest/Dividend/
Other income   AGY Equity LLC Class A Preferred Units   $ —     $ —     $ —     $ —     $ —     $ —     $ —   AGY Equity LLC Class B Preferred Units     —       —       —       —       —       —       —   AGY Equity LLC Class C Common Units     —       —       —       —       —       —       —   AGY Equity LLC Class D Preferred Units     —       —       —       —       —       —       —   AGY Holdings Corp. Delayed Draw Term Loan - 15.57% inc PIK     28,823,179       476,433       —       —       118,492       29,418,104       1,252,205   AGY Holdings Corp. Term Loan - 15.57% inc PIK     27,765,285       458,947       —       —       114,129       28,338,361       1,207,049   Navistar Defense, LLC Super Senior Revolver - 15.98% inc PIK     10,326,607       16,246,835       —       —       (3,177 )     26,570,265       890,816   Navistar Defense, LLC Term Loan - 13.98% inc PIK     33,940,881       248,218       —       —       (8,044,452 )     26,144,647       248,217   TCW ND Parent Holdings LLC Class A Units     —       —       —       —       —       —       —   Total Controlled Affiliated investments   $ 100,855,952     $ 17,430,433     $ —     $ —     $ (7,815,008 )   $ 110,471,377     $ 3,598,287  

[6] As defined in the Investment Company Act of 1940, the investment is deemed to be a “controlled affiliated person” of the Company because the Company owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2022 and December 31, 2023 along with transactions during the year ended December 31, 2023 in these controlled investments are as follows:

[7] Non-income producing.

[8] Non-income producing.

[9] 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 March 31, 2024, $80,665,331 or 8.0% of the Company’s total assets were represented by “non-qualifying assets.”

[10] 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, 2023, $74,447,501 or 7.4% of the Company’s total assets were represented by “non-qualifying assets.”

[11] As defined in the Investment Company Act of 1940, the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, between 5% and 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2023 and March 31, 2024 along with transactions during the period ended March 31, 2024 in these affiliated investments are as follows:   Name of Investment   Fair Value at December 31, 2023     Gross Addition (a)     Gross Reduction (b)     Realized Gains
(Losses)     Net Change in
Unrealized
Appreciation/
(Depreciation)     Fair Value at March 31, 2024     Interest/Dividend/
Other income   Encompass Digital Media Holdings, LLC Class A Units   $ —     $ —     $ —     $ —     $ —     $ —     $ —   Encompass Digital Media, Inc. Revolver - 13.09% inc PIK     2,515,804       130,081       —       —       (372,628 )     2,273,257       132,050   Encompass Digital Media, Inc. Term Loan - 13.09% inc PIK     21,696,936       1,108,598       —       —       (3,208,002 )     19,597,532       1,118,237   Shelterlogic Group Holdings, Inc Common Stock     —       —       —       —       —       —       —   Slogic Holding Corp. Last Out Term Loan - 11.36%     21,879,179       —       —       —       1,013,913       22,893,092       769,854   Slogic Holding Corp. Revolver - 11.33%     3,877,285       —       (1,085,640 )     —       —       2,791,645       108,046   Total Non-Controlled Affiliated Investments   $ 49,969,204     $ 1,238,679     $ (1,085,640 )   $ —     $ (2,566,717 )   $ 47,555,526     $ 2,128,187  

[12] 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 December 31, 2023 along with transactions during the year ended December 31, 2023 in these affiliated investments are as follows:

[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 March 31, 2024, the aggregate fair value of these securities was $9,671,023, or 1.0% of the Company’s total assets.

[14] 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, 2023, the aggregate fair value of these securities was $7,349,710, or 0.7% of the Company’s total assets.

[15] Fair value of the Mondee Holdings, Inc. common stock held by the Company is based on the adjusted market price of the issuer's stock as of March 31, 2024. Such common stock is considered to be a Level 1 security within the Fair Value Hierarchy.

[16] Fair value of the Mondee Holdings, Inc. common stock held by the Company is based on the market price of the issuer's stock as of December 31, 2023. Such common stock is considered to be a Level 1 security within the Fair Value Hierarchy.

XML

Consolidated Schedule of Investments (Parenthetical) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Investments [Line Items]
Percentage of minimum qualifying assets	70.00%	70.00%
Percentage of voting interests on investment securities owned	25.00%	25.00%
Non qualifying assets	$ 80,665,331	$ 74,447,501
Percentage of non qualifying assets	8.00%	7.40%
Aggregate fair value	$ 9,671,023	$ 7,349,710
Percentage of restricted securities	1.00%	0.70%
United States
Schedule Of Investments [Line Items]
Percentage of portfolio breakdown on investment	100.00%	100.00%
Other Than Government Securities
Schedule Of Investments [Line Items]
Aggregate acquisitions of investments	$ 40,557,278	$ 69,936,152
Aggregate dispositions of investments	$ 9,391,185	$ 268,468,240
Minimum | Non-Controlled Affiliated Investments
Schedule Of Investments [Line Items]
Percentage of voting interests on investment securities owned	5.00%	5.00%
Maximum | Non-Controlled Affiliated Investments
Schedule Of Investments [Line Items]
Percentage of voting interests on investment securities owned	25.00%	25.00%

XML

Consolidated Schedule of Investments - Controlled Affiliated Investments And Non-Controlled Affiliated Investments - USD ($)		3 Months Ended		12 Months Ended
		Mar. 31, 2024		Dec. 31, 2023
Investment, Identifier [Axis]: Cash Equivalents
Fair Value, begining value		$ 55,776,653
Fair Value, end value		25,944,259		$ 55,776,653
Investment, Identifier [Axis]: Cash Equivalents First American Government Obligation Fund, Yield 5.24%
Fair Value, end value		25,944,259
Investment, Identifier [Axis]: Cash Equivalents First American Government Obligation Fund, Yield 5.30%
Fair Value, begining value		55,776,653
Fair Value, end value				55,776,653
Investment, Identifier [Axis]: Controlled Affiliated Investments
Fair Value, begining value		100,855,952		86,367,894
Gross Addition		17,430,433	[1]	17,947,678	[2]
Gross Reduction		0	[3]	0	[4]
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/(Depreciation)		(7,815,008)		(3,459,620)
Fair Value, end value		110,471,377		100,855,952
Interest/Dividend/Other income		3,598,287		9,794,908
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Equity LLC Class A Preferred Units
Fair Value, begining value		0		0
Gross Addition		0	[1]	0	[2]
Gross Reduction		0	[3]	0	[4]
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/(Depreciation)		0		0
Fair Value, end value		0		0
Interest/Dividend/Other income		0		0
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Equity LLC Class B Preferred Units
Fair Value, begining value		0		0
Gross Addition		0	[1]	0	[2]
Gross Reduction		0	[3]	0	[4]
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/(Depreciation)		0		0
Fair Value, end value		0		0
Interest/Dividend/Other income		0		0
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Equity LLC Class C Common Units
Fair Value, begining value		0		0
Gross Addition		0	[1]	0	[2]
Gross Reduction		0	[3]	0	[4]
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/(Depreciation)		0		0
Fair Value, end value		0		0
Interest/Dividend/Other income		0		0
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Equity LLC Class D Preferred Units
Fair Value, begining value		0		0
Gross Addition		0	[1]	0	[2]
Gross Reduction		0	[3]	0	[4]
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/(Depreciation)		0		0
Fair Value, end value		0		0
Interest/Dividend/Other income		0		0
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Holdings Corp. Delayed Draw Term Loan - 15.57% inc PIK
Fair Value, begining value		28,823,179
Gross Addition	[1]	476,433
Gross Reduction	[3]	0
Realized Gains (Losses)		0
Net Change in Unrealized Appreciation/(Depreciation)		118,492
Fair Value, end value		29,418,104		28,823,179
Interest/Dividend/Other income		$ 1,252,205
Investment interest rate		15.57%
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Holdings Corp. Delayed Draw Term Loan - 15.61% inc PIK
Fair Value, begining value		$ 28,823,179		25,420,236
Gross Addition	[2]			4,874,358
Gross Reduction	[4]			0
Realized Gains (Losses)				0
Net Change in Unrealized Appreciation/(Depreciation)				(1,471,415)
Fair Value, end value				28,823,179
Interest/Dividend/Other income				$ 4,816,598
Investment interest rate				15.61%
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Holdings Corp. Term Loan - 15.57% inc PIK
Fair Value, begining value		27,765,285
Gross Addition	[1]	458,947
Gross Reduction	[3]	0
Realized Gains (Losses)		0
Net Change in Unrealized Appreciation/(Depreciation)		114,129
Fair Value, end value		28,338,361		$ 27,765,285
Interest/Dividend/Other income		$ 1,207,049
Investment interest rate		15.57%
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Holdings Corp. Term Loan - 15.64% inc PIK
Fair Value, begining value		$ 27,765,285		26,315,189
Gross Addition	[2]			2,773,320
Gross Reduction	[4]			0
Realized Gains (Losses)				0
Net Change in Unrealized Appreciation/(Depreciation)				(1,323,224)
Fair Value, end value				27,765,285
Interest/Dividend/Other income				$ 4,574,950
Investment interest rate				15.64%
Investment, Identifier [Axis]: Controlled Affiliated Investments Navistar Defense, LLC Revolver - 15.98% inc PIK
Fair Value, begining value		10,326,607
Gross Addition	[1]	16,246,835
Gross Reduction	[3]	0
Realized Gains (Losses)		0
Net Change in Unrealized Appreciation/(Depreciation)		(3,177)
Fair Value, end value		26,570,265		$ 10,326,607
Interest/Dividend/Other income		$ 890,816
Investment interest rate		15.98%
Investment, Identifier [Axis]: Controlled Affiliated Investments Navistar Defense, LLC Revolver - 16.21% inc PIK
Fair Value, begining value		$ 10,326,607		0
Gross Addition	[2]			10,299,999
Gross Reduction	[4]			0
Realized Gains (Losses)				0
Net Change in Unrealized Appreciation/(Depreciation)				26,608
Fair Value, end value				10,326,607
Interest/Dividend/Other income				$ 385,233
Investment interest rate				16.21%
Investment, Identifier [Axis]: Controlled Affiliated Investments Navistar Defense, LLC Term Loan - 13.98% inc PIK
Fair Value, begining value		33,940,881
Gross Addition	[1]	248,218
Gross Reduction	[3]	0
Realized Gains (Losses)		0
Net Change in Unrealized Appreciation/(Depreciation)		(8,044,452)
Fair Value, end value		26,144,647		$ 33,940,881
Interest/Dividend/Other income		$ 248,217
Investment interest rate		13.98%
Investment, Identifier [Axis]: Controlled Affiliated Investments Navistar Defense, LLC Term Loan - 14.22% inc PIK
Fair Value, begining value		$ 33,940,881		34,632,469
Gross Addition	[2]			1
Gross Reduction	[4]			0
Realized Gains (Losses)				0
Net Change in Unrealized Appreciation/(Depreciation)				(691,589)
Fair Value, end value				33,940,881
Interest/Dividend/Other income				$ 18,127
Investment interest rate				14.22%
Investment, Identifier [Axis]: Controlled Affiliated Investments TCW ND Parent Holdings LLC Class A Units
Fair Value, begining value		0		$ 0
Gross Addition		0	[1]	0	[2]
Gross Reduction		0	[3]	0	[4]
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/(Depreciation)		0		0
Fair Value, end value		0		0
Interest/Dividend/Other income		0		0
Investment, Identifier [Axis]: Debt & Equity Securities
Fair Value, begining value	[5]	843,338,273
Fair Value, end value		860,162,606	[6]	843,338,273	[5]
Investment, Identifier [Axis]: Debt Securities
Fair Value, begining value	[7]	835,988,563
Fair Value, end value		850,491,583	[8]	835,988,563	[7]
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense
Fair Value, begining value	[7]	175,132,009
Fair Value, end value		183,123,101	[8]	175,132,009	[7]
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Columbia Helicopters Inc. Acquisition Date 08/20/19 Last Out Term Loan - 15.86% inc PIK (SOFR + 10.25%, 1.50% Floor, 2.75% PIK) % of Net Assets 3.0% Maturity Date 08/20/24
Fair Value, begining value	[7]	17,051,415
Fair Value, end value		$ 17,193,861	[8]	$ 17,051,415	[7]
Investment interest rate		15.86%	[8]	15.86%	[7]
Percentage of fair value interest investments		2.75%	[8]	2.75%	[7]
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Heligear Acquisition Co. Acquisition Date 07/30/19 Term Loan - 13.06% (SOFR + 7.50%, 2.00% Floor) % of Net Assets 8.2% Maturity Date 07/30/24
Fair Value, end value	[8]	$ 47,027,211
Investment interest rate	[8]	13.06%
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Heligear Acquisition Co. Acquisition Date 07/30/19 Term Loan - 13.10% (SOFR + 7.50%, 2.00% Floor) % of Net Assets 8.3% Maturity Date 07/30/24
Fair Value, begining value	[7]	$ 47,570,963
Fair Value, end value	[7]			$ 47,570,963
Investment interest rate	[7]			13.10%
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Karman Holdings LLC Acquisition Date 12/21/20 Revolver - 12.21% (SOFR + 6.75%, 2.00% Floor) % of Net Assets 1.1% Maturity Date 12/21/25
Fair Value, end value	[8]	$ 6,554,864
Investment interest rate	[8]	12.21%
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Karman Holdings LLC Acquisition Date 12/21/20 Revolver - 12.50% (SOFR + 7.00%, 2.00% Floor) % of Net Assets 1.2% Maturity Date 12/21/25
Fair Value, begining value	[7]	$ 6,554,864
Fair Value, end value	[7]			$ 6,554,864
Investment interest rate	[7]			12.50%
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Karman Holdings LLC Acquisition Date 12/21/20 Term Loan - 12.21% (SOFR + 6.75%, 2.00% Floor) % of Net Assets 10.3% Maturity Date 12/21/25
Fair Value, end value	[8]	$ 59,632,253
Investment interest rate	[8]	12.21%
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Karman Holdings LLC Acquisition Date 12/21/20 Term Loan - 12.50% (SOFR + 7.00%, 2.00% Floor) % of Net Assets 10.5% Maturity Date 12/21/25
Fair Value, begining value	[7]	$ 59,687,279
Fair Value, end value	[7]			$ 59,687,279
Investment interest rate	[7]			12.50%
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 07/27/23 Super Senior Revolver - 15.98% inc PIK (SOFR + 10.50%, 1.50% Floor, all PIK) % of Net Assets 4.6% Maturity Date 02/01/26
Fair Value, end value	[8],[9]	$ 26,570,265
Investment interest rate	[8],[9]	15.98%
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 07/27/23 Super Senior Revolver - 16.21% inc PIK (SOFR + 10.50%, 1.50% Floor, all PIK) % of Net Assets 1.8% Maturity Date 02/01/26
Fair Value, begining value	[7],[10]	$ 10,326,607
Fair Value, end value	[7],[10]			$ 10,326,607
Investment interest rate	[7],[10]			16.21%
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 08/01/22 Term Loan - 13.98% inc PIK (SOFR + 8.50%, 1.50% Floor, all PIK) % of Net Assets 4.5% Maturity Date 02/01/26
Fair Value, end value	[8],[9],[11]	$ 26,144,647
Investment interest rate	[8],[9],[11]	13.98%
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 08/01/22 Term Loan - 14.22% inc PIK (SOFR + 8.50%, 1.50% Floor, all PIK) % of Net Assets 6.0% Maturity Date 02/01/26
Fair Value, begining value	[7],[10],[12]	$ 33,940,881
Fair Value, end value	[7],[10],[12]			$ 33,940,881
Investment interest rate	[7],[10],[12]			14.22%
Investment, Identifier [Axis]: Debt Securities Capital Goods Carolina Atlantic Roofing Supply LLC
Fair Value, begining value	[7]	32,634,137
Fair Value, end value		32,475,703	[8]	$ 32,634,137	[7]
Investment, Identifier [Axis]: Debt Securities Capital Goods Carolina Atlantic Roofing Suppy LLC Acquisition Date 05/28/21 Term Loan - 14.61% inc PIK (SOFR + 9.00%, 2.00% Floor, 0.75%PIK) % of Net Assets 5.6% Maturity Date 05/28/26
Fair Value, end value	[8]	$ 32,475,703
Investment interest rate	[8]	14.61%
Percentage of fair value interest investments	[8]	0.75%
Investment, Identifier [Axis]: Debt Securities Capital Goods Carolina Atlantic Roofing Suppy LLC Acquisition Date 05/28/21 Term Loan - 14.65% inc PIK (SOFR + 9.00%, 2.00% Floor, 0.75%PIK) % of Net Assets 5.7% Maturity Date 05/28/26
Fair Value, begining value	[7]	$ 32,634,137
Fair Value, end value	[7]			$ 32,634,137
Investment interest rate	[7]			14.65%
Percentage of fair value interest investments	[7]			0.75%
Investment, Identifier [Axis]: Debt Securities Chemicals AGY Holdings Corp.
Fair Value, begining value	[7]	56,588,464
Fair Value, end value		57,756,465	[8]	$ 56,588,464	[7]
Investment, Identifier [Axis]: Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 05/27/22 Delayed Draw Term Loan - 15.57% inc PIK (SOFR + 10.00%, 1.50% Floor, 6.00% PIK) % of Net Assets 5.1% Maturity Date 09/21/27
Fair Value, end value	[8],[9]	$ 29,418,104
Investment interest rate	[8],[9]	15.57%
Percentage of fair value interest investments	[8],[9]	6.00%
Investment, Identifier [Axis]: Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 05/27/22 Delayed Draw Term Loan - 15.61% inc PIK (SOFR + 10.00%, 1.50% Floor, 6.00% PIK) % of Net Assets 0.6% Maturity Date 09/21/25
Fair Value, begining value	[7],[10]	$ 3,308,122
Fair Value, end value	[7],[10]			$ 3,308,122
Investment interest rate	[7],[10]			15.61%
Percentage of fair value interest investments	[7],[10]			6.00%
Investment, Identifier [Axis]: Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 09/21/20 Delayed Draw Term Loan - 15.61% inc PIK (SOFR + 10.00%, 1.50% Floor, 6.00% PIK) % of Net Assets 4.5% Maturity Date 09/21/25
Fair Value, begining value	[7],[10]	25,515,057
Fair Value, end value	[7],[10]			$ 25,515,057
Investment interest rate	[7],[10]			15.61%
Percentage of fair value interest investments	[7],[10]			6.00%
Investment, Identifier [Axis]: Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 09/21/20 Term Loan - 15.57% inc PIK (SOFR + 10.00%, 1.50% Floor, 6.00% PIK) % of Net Assets 4.9% Maturity Date 09/21/27
Fair Value, end value	[8],[9]	$ 28,338,361
Investment interest rate	[8],[9]	15.57%
Percentage of fair value interest investments	[8],[9]	6.00%
Investment, Identifier [Axis]: Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 09/21/20 Term Loan - 15.64% inc PIK (SOFR + 10.00%, 1.50% Floor, 6.00% PIK) % of Net Assets 4.9% Maturity Date 09/21/25
Fair Value, begining value	[7],[10]	$ 27,765,285
Fair Value, end value	[7],[10]			$ 27,765,285
Investment interest rate	[7],[10]			15.64%
Percentage of fair value interest investments	[7],[10]			6.00%
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc.
Fair Value, begining value	[7]	11,797,667
Fair Value, end value		9,967,036	[8]	$ 11,797,667	[7]
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc. Acquisition Date 04/16/21 Revolver - 12.49% (SOFR + 7.00%, 1.00% Floor) % of Net Assets 0.1% Maturity Date 04/13/26
Fair Value, end value	[8]	$ 585,280
Investment interest rate	[8]	12.49%
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc. Acquisition Date 04/16/21 Revolver - 12.54% (SOFR + 7.00%, 1.00% Floor) % of Net Assets 0.1% Maturity Date 04/13/26
Fair Value, begining value	[7]	$ 354,000
Fair Value, end value	[7]			$ 354,000
Investment interest rate	[7]			12.54%
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc. Acquisition Date 04/16/21 Term Loan - 12.48% (SOFR + 7.00%, 1.00% Floor) % of Net Assets 1.6% Maturity Date 04/13/26
Fair Value, end value	[8]	$ 9,218,562
Investment interest rate	[8]	12.48%
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc. Acquisition Date 04/16/21 Term Loan - 12.55% (SOFR + 7.00%, 1.00% Floor) % of Net Assets 2.0% Maturity Date 04/13/26
Fair Value, begining value	[7]	$ 11,244,614
Fair Value, end value	[7]			$ 11,244,614
Investment interest rate	[7]			12.55%
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc. Acquisition Date 09/29/22 Incremental Term Loan - 12.48% (SOFR + 7.00%, 1.00% Floor) % of Net Assets 0.0% Maturity Date 04/13/26
Fair Value, end value	[8]	$ 163,194
Investment interest rate	[8]	12.48%
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc. Acquisition Date 09/29/22 Incremental Term Loan - 12.54% (SOFR + 7.00%, 1.00% Floor) % of Net Assets 0.0% Maturity Date 04/13/26
Fair Value, begining value	[7]	$ 199,053
Fair Value, end value	[7]			$ 199,053
Investment interest rate	[7]			12.54%
Investment, Identifier [Axis]: Debt Securities Commercial Services & Supplies Retail Services WIS Corporation
Fair Value, begining value	[7]	44,031,696
Fair Value, end value		42,991,226	[8]	$ 44,031,696	[7]
Investment, Identifier [Axis]: Debt Securities Commercial Services & Supplies Retail Services WIS Corporation Acquisition Date 05/20/21 Term Loan - 13.81% (SOFR + 8.35%, 1.00% Floor) % of Net Assets 7.5% Maturity Date 05/20/25
Fair Value, end value	[8]	$ 42,991,226
Investment interest rate	[8]	13.81%
Investment, Identifier [Axis]: Debt Securities Commercial Services & Supplies Retail Services WIS Corporation Acquisition Date 05/20/21 Term Loan - 13.85% (SOFR + 8.35%, 1.00% Floor) % of Net Assets 7.7% Maturity Date 05/20/25
Fair Value, begining value	[7]	$ 44,031,696
Fair Value, end value	[7]			$ 44,031,696
Investment interest rate	[7]			13.85%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel
Fair Value, begining value	[7]	51,681,731
Fair Value, end value		49,377,048	[8]	$ 51,681,731	[7]
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Rocky Brands, Inc. Acquisition Date 03/15/21 Term Loan - 13.20% (SOFR + 7.50%, 2.00% Floor) % of Net Assets 4.9% Maturity Date 03/15/26
Fair Value, end value	[8],[13]	$ 28,015,998
Investment interest rate	[8],[13]	13.20%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Rocky Brands, Inc. Acquisition Date 03/15/21 Term Loan - 13.20% (SOFR + 7.50%, 2.00% Floor) % of Net Assets 5.0% Maturity Date 03/15/26
Fair Value, begining value	[7],[14]	$ 28,374,118
Fair Value, end value	[7],[14]			$ 28,374,118
Investment interest rate	[7],[14]			13.20%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 02/15/23 Delayed Draw Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/26
Fair Value, end value	[8]	$ 973,005
Investment interest rate	[8]	12.95%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 02/15/23 Delayed Draw Term Loan - 13.00% inc PIK(SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/26
Fair Value, begining value	[7]	$ 942,052
Fair Value, end value	[7]			$ 942,052
Investment interest rate	[7]			13.00%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Delayed Draw Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/26
Fair Value, end value	[8]	$ 951,834
Investment interest rate	[8]	12.95%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Delayed Draw Term Loan - 13.00% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/26
Fair Value, begining value	[7]	$ 921,555
Fair Value, end value	[7]			$ 921,555
Investment interest rate	[7]			13.00%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/26
Fair Value, end value	[8]	$ 971,831
Investment interest rate	[8]	12.95%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Term Loan - 13.00% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/26
Fair Value, begining value	[7]	$ 940,916
Fair Value, end value	[7]			$ 940,916
Investment interest rate	[7]			13.00%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/18/21 Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 2.8% Maturity Date 06/18/26
Fair Value, end value	[8],[11]	$ 15,889,540
Investment interest rate	[8],[11]	12.95%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/18/21 Term Loan - 13.00% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 3.4% Maturity Date 06/18/26
Fair Value, begining value	[7],[12]	$ 19,351,751
Fair Value, end value	[7],[12]			$ 19,351,751
Investment interest rate	[7],[12]			13.00%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Delayed Draw Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.4% Maturity Date 06/18/26
Fair Value, end value	[8]	$ 2,089,076
Investment interest rate	[8]	12.95%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Delayed Draw Term Loan - 13.02% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/26
Fair Value, begining value	[7]	$ 681,027
Fair Value, end value	[7]			$ 681,027
Investment interest rate	[7]			13.02%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/26
Fair Value, end value	[8]	$ 485,764
Investment interest rate	[8]	12.95%
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Term Loan - 13.00% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/26
Fair Value, begining value	[7]	$ 470,312
Fair Value, end value	[7]			$ 470,312
Investment interest rate	[7]			13.00%
Investment, Identifier [Axis]: Debt Securities Consumer Services
Fair Value, begining value	[7]	38,543,670
Fair Value, end value		38,291,396	[8]	$ 38,543,670	[7]
Investment, Identifier [Axis]: Debt Securities Consumer Services Grand Circle Corporation Acquisition Date 02/26/21 Term Loan - 14.22% (SOFR + 8.75%, 1.25% Floor) % of Net Assets 6.8% Maturity Date 02/26/26
Fair Value, begining value	[7]	38,543,670
Fair Value, end value	[7]			$ 38,543,670
Investment interest rate	[7]			14.22%
Investment, Identifier [Axis]: Debt Securities Consumer Services Grand Circle Corporation Acquisition Date 02/26/21 Term Loan - 14.36% (SOFR + 8.75%, 1.25% Floor) % of Net Assets 6.6% Maturity Date 02/26/26
Fair Value, end value	[8]	$ 38,291,396
Investment interest rate	[8]	14.36%
Investment, Identifier [Axis]: Debt Securities Energy Equipment & Services
Fair Value, begining value	[7]	$ 31,463,755
Fair Value, end value		31,543,133	[8]	$ 31,463,755	[7]
Investment, Identifier [Axis]: Debt Securities Energy Equipment & Services WDE TorcSill Holdings LLC Acquisition Date 10/22/19 Revolver - 12.94% inc PIK (SOFR + 7.50%, 1.75% Floor, 0.75% PIK) % of Net Assets 1.7% Maturity Date 10/22/24
Fair Value, end value	[8]	$ 9,748,053
Investment interest rate	[8]	12.94%
Percentage of fair value interest investments	[8]	0.75%
Investment, Identifier [Axis]: Debt Securities Energy Equipment & Services WDE TorcSill Holdings LLC Acquisition Date 10/22/19 Revolver - 12.97% inc PIK (SOFR + 7.50%, 1.75% Floor, 0.75% PIK) % of Net Assets 1.7% Maturity Date 10/22/24
Fair Value, begining value	[7]	$ 9,602,702
Fair Value, end value	[7]			$ 9,602,702
Investment interest rate	[7]			12.97%
Percentage of fair value interest investments	[7]			0.75%
Investment, Identifier [Axis]: Debt Securities Energy Equipment & Services WDE TorcSill Holdings LLC Acquisition Date 10/22/19 Term Loan - 12.94% inc PIK (SOFR + 7.50%, 1.75% Floor, 0.75% PIK) % of Net Assets 3.8% Maturity Date 10/22/24
Fair Value, end value	[8]	$ 21,795,080
Investment interest rate	[8]	12.94%
Percentage of fair value interest investments	[8]	0.75%
Investment, Identifier [Axis]: Debt Securities Energy Equipment & Services WDE TorcSill Holdings LLC Acquisition Date 10/22/19 Term Loan - 12.97% inc PIK (SOFR + 7.50%, 1.75% Floor, 0.75% PIK) % of Net Assets 3.8% Maturity Date 10/22/24
Fair Value, begining value	[7]	$ 21,861,053
Fair Value, end value	[7]			$ 21,861,053
Investment interest rate	[7]			12.97%
Percentage of fair value interest investments	[7]			0.75%
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure
Fair Value, begining value	[7]	66,688,109
Fair Value, end value		70,227,638	[8]	$ 66,688,109	[7]
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure KBP Brands, LLC Acquisition Date 05/26/21 Delayed Draw Term Loan - 12.17% inc PIK(SOFR + 6.50%, 0.75% Floor, 1.00% PIK) % of Net Assets 2.4% Maturity Date 05/26/27
Fair Value, begining value	[7]	17,591,566
Fair Value, end value	[7]			$ 17,591,566
Investment interest rate	[7]			12.17%
Percentage of fair value interest investments	[7]			1.00%
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure KBP Brands, LLC Acquisition Date 05/26/21 Term Loan - 11.09% inc PIK (SOFR + 5.50%, 0.75% Floor) % of Net Assets 4.0% Maturity Date 05/26/27
Fair Value, end value	[8]	$ 23,270,754
Investment interest rate	[8]	11.09%
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure KBP Brands, LLC Acquisition Date 05/26/21 Term Loan - 12.17% inc PIK(SOFR + 6.50%, 0.75% Floor, 1.00% PIK) % of Net Assets 1.7% Maturity Date 05/26/27
Fair Value, begining value	[7]	$ 5,394,461
Fair Value, end value	[7]			$ 5,394,461
Investment interest rate	[7]			12.17%
Percentage of fair value interest investments	[7]			1.00%
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure Red Lobster Management, LLC Acquisition Date 01/22/21 Term Loan – 16.61% (SOFR + 11.00%, 1.50% Floor) % of Net Assets 7.7% Maturity Date 01/22/26
Fair Value, begining value	[7]	43,702,082
Fair Value, end value	[7]			$ 43,702,082
Investment interest rate	[7]			16.61%
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure Red Lobster Management, LLC Acquisition Date 01/22/21 Term Loan – 21.07% inc PIK (SOFR + 15.50%, 3.00% Floor, 13.50% PIK)) % of Net Assets 7.5% Maturity Date 01/22/26
Fair Value, end value	[8]	$ 43,184,634
Investment interest rate	[8]	21.07%
Percentage of fair value interest investments	[8]	13.50%
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure Red Lobster Management, LLC Acquisition Date 02/29/24 Incremental Term Loan – 21.10% inc PIK (SOFR + 15.50%, 3.00% Floor, all PIK)) % of Net Assets 0.7% Maturity Date 01/22/26
Fair Value, end value	[8]	$ 3,772,250
Investment interest rate	[8]	21.10%
Investment, Identifier [Axis]: Debt Securities Household Durables
Fair Value, begining value	[7]	$ 96,279,475
Fair Value, end value		99,279,970	[8]	$ 96,279,475	[7]
Investment, Identifier [Axis]: Debt Securities Household Durables Greenfield World Trade, Inc. Acquisition Date 03/04/19 Last Out Term Loan – 18.78% inc PIK (SOFR + 13.33%, 1.50% Floor, 7.00 PIK) % of Net Assets 12.8% Maturity Date 03/31/25
Fair Value, end value	[8]	$ 73,595,233
Investment interest rate	[8]	18.78%
Percentage of fair value interest investments	[8]	7.00%
Investment, Identifier [Axis]: Debt Securities Household Durables Greenfield World Trade, Inc. Acquisition Date 03/04/19 Last Out Term Loan – 18.80% inc PIK (SOFR + 13.33%, 1.50% Floor, 7.00 PIK) % of Net Assets 10.2% Maturity Date 03/31/25
Fair Value, begining value	[7]	$ 66,976,812
Fair Value, end value	[7]			$ 66,976,812
Investment interest rate	[7]			18.80%
Percentage of fair value interest investments	[7]			7.00%
Investment, Identifier [Axis]: Debt Securities Household Durables Greenfield World Trade, Inc. Acquisition Date 08/12/21 Last Out Delayed Draw Term Loan – 18.80% inc PIK (SOFR + 13.33%, 1.50% Floor, 7.00 PIK) % of Net Assets 2.2% Maturity Date 03/31/25
Fair Value, begining value	[7]	3,546,199
Fair Value, end value	[7]			$ 3,546,199
Investment interest rate	[7]			18.80%
Percentage of fair value interest investments	[7]			7.00%
Investment, Identifier [Axis]: Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 06/29/18 Last Out Term Loan – 11.36% (SOFR + 5.87%, 1.00% Floor) % of Net Assets 4.0% Maturity Date 10/29/26
Fair Value, end value	[8],[15]	$ 22,893,092
Investment interest rate	[8],[15]	11.36%
Investment, Identifier [Axis]: Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 06/29/18 Last Out Term Loan – 11.40% (SOFR + 5.87%, 1.00% Floor) % of Net Assets 3.8% Maturity Date 10/29/26
Fair Value, begining value	[7],[16]	$ 21,879,179
Fair Value, end value	[7],[16]			$ 21,879,179
Investment interest rate	[7],[16]			11.40%
Investment, Identifier [Axis]: Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 08/25/23 Revolver – 11.33% (SOFR + 5.87%, 1.00% Floor) % of Net Assets 0.5% Maturity Date 04/30/25
Fair Value, end value	[8],[15]	$ 2,791,645
Investment interest rate	[8],[15]	11.33%
Investment, Identifier [Axis]: Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 08/25/23 Revolver – 11.37% (SOFR + 5.87%, 1.00% Floor) % of Net Assets 0.7% Maturity Date 04/30/24
Fair Value, begining value	[7],[16]	$ 3,877,285
Fair Value, end value	[7],[16]			$ 3,877,285
Investment interest rate	[7],[16]			11.37%
Investment, Identifier [Axis]: Debt Securities Media
Fair Value, begining value	[7]	24,212,740
Fair Value, end value		21,870,789	[8]	$ 24,212,740	[7]
Investment, Identifier [Axis]: Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Revolver - 13.09% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 0.4% Maturity Date 09/28/25
Fair Value, end value	[8]	$ 2,273,257
Investment interest rate	[8]	13.09%
Investment, Identifier [Axis]: Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Revolver - 13.13% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 0.4% Maturity Date 09/28/25
Fair Value, begining value	[7]	$ 2,515,804
Fair Value, end value	[7]			$ 2,515,804
Investment interest rate	[7]			13.13%
Investment, Identifier [Axis]: Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Term Loan - 13.09% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 3.4% Maturity Date 09/28/25
Fair Value, end value	[8]	$ 19,597,532
Investment interest rate	[8]	13.09%
Investment, Identifier [Axis]: Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Term Loan - 13.13% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 3.8% Maturity Date 09/28/25
Fair Value, begining value	[7]	$ 21,696,936
Fair Value, end value	[7]			$ 21,696,936
Investment interest rate	[7]			13.13%
Investment, Identifier [Axis]: Debt Securities Publishing
Fair Value, begining value	[7]	40,321,640
Fair Value, end value		42,651,407	[8]	$ 40,321,640	[7]
Investment, Identifier [Axis]: Debt Securities Publishing Bendon Inc. Acquisition Date 12/11/20 Revolver – 12.46% (SOFR + 7.00%, 1.50% Floor) % of Net Assets 0.4% Maturity Date 12/11/25
Fair Value, end value	[8]	$ 2,392,003
Investment interest rate	[8]	12.46%
Investment, Identifier [Axis]: Debt Securities Publishing Bendon Inc. Acquisition Date 12/11/20 Term Loan – 12.46% (SOFR + 7.00%, 1.50% Floor) % of Net Assets 7.0% Maturity Date 12/11/25
Fair Value, end value	[8]	$ 40,259,404
Investment interest rate	[8]	12.46%
Investment, Identifier [Axis]: Debt Securities Publishing Bendon Inc. Acquisition Date 12/11/20 Term Loan – 13.00% (SOFR + 7.50%, 1.50% Floor) % of Net Assets 7.1% Maturity Date 12/11/25
Fair Value, begining value	[7]	$ 40,321,640
Fair Value, end value	[7]			$ 40,321,640
Investment interest rate	[7]			13.00%
Investment, Identifier [Axis]: Debt Securities Software
Fair Value, begining value	[7]	70,369,228
Fair Value, end value		73,360,466	[8]	$ 70,369,228	[7]
Investment, Identifier [Axis]: Debt Securities Software Mondee Holdings LLC Acquisition Date 12/20/19 Term Loan - 14.07% inc PIK (SOFR + 8.50%, 1.75% Floor, all PIK) % of Net Assets 12.7% Maturity Date 03/31/25
Fair Value, end value	[8]	$ 73,360,466
Investment interest rate	[8]	14.07%
Investment, Identifier [Axis]: Debt Securities Software Mondee Holdings LLC Acquisition Date 12/20/19 Term Loan - 14.11% inc PIK (SOFR + 8.50%, 1.75% Floor, all PIK) % of Net Assets 12.4% Maturity Date 12/23/24
Fair Value, begining value	[7]	$ 70,369,228
Fair Value, end value	[7]			$ 70,369,228
Investment interest rate	[7]			14.11%
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods
Fair Value, begining value	[7]	96,244,242
Fair Value, end value		97,576,205	[8]	$ 96,244,242	[7]
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods Centric Brands Inc. Acquisition Date 02/06/24 Term Loan - 10.79% (SOFR + 5.50%, 1.00% Floor) % of Net Assets 2.8% Maturity Date 08/06/29
Fair Value, end value	[8],[13]	$ 16,206,598
Investment interest rate	[8],[13]	10.79%
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods Centric Brands Inc. Acquisition Date 02/06/24 Term Loan A-1 - 13.29% inc PIK (SOFR + 8.00%, 1.00% Floor, all PIK) % of Net Assets 2.9% Maturity Date 02/06/31
Fair Value, end value	[8],[13]	$ 16,725,454
Investment interest rate	[8],[13]	13.29%
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods Centric Brands Inc. Acquisition Date 02/06/24 Term Loan A-2 - 13.29% inc PIK (SOFR + 8.00%, 1.00% Floor, all PIK) % of Net Assets 2.4% Maturity Date 02/06/31
Fair Value, end value	[8],[13]	$ 13,775,609
Investment interest rate	[8],[13]	13.29%
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods Centric Brands Inc. Acquisition Date 10/09/20 Term Loan - 13.30% inc PIK (SOFR + 9.00%, 1.00% Floor, 6.50% PIK) % of Net Assets 5.2% Maturity Date 10/09/25
Fair Value, begining value	[7],[14]	$ 44,826,454
Fair Value, end value	[7],[14]			$ 44,826,454
Investment interest rate	[7],[14]			14.37%
Percentage of fair value interest investments	[7],[14]			6.50%
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods Hollander Intermediate LLC Acquisition Date 09/19/22 Term Loan - 14.19% (SOFR + 8.75%, 3.00% Floor) % of Net Assets 8.8% Maturity Date 09/21/26
Fair Value, end value	[8]	$ 50,868,544
Investment interest rate	[8]	14.19%
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods Hollander Intermediate LLC Acquisition Date 09/19/22 Term Loan - 16.22% (SOFR + 10.75%, 3.00% Floor) % of Net Assets 9.0% Maturity Date 09/21/26
Fair Value, begining value	[7]	$ 51,417,788
Fair Value, end value	[7]			$ 51,417,788
Investment interest rate	[7]			16.22%
Investment, Identifier [Axis]: Equity Investments
Fair Value, begining value		7,349,710
Fair Value, end value		9,671,023		$ 7,349,710
Investment, Identifier [Axis]: Equity Securities Aerospace & Defense
Fair Value, begining value		0
Fair Value, end value		0		0
Investment, Identifier [Axis]: Equity Securities Aerospace & Defense TCW ND Parent Holdings LLC. Class A Units
Fair Value, begining value	[10],[12],[17]	0
Fair Value, end value		0	[9],[11],[18]	0	[10],[12],[17]
Investment, Identifier [Axis]: Equity Securities Chemicals
Fair Value, begining value		0
Fair Value, end value		0		0
Investment, Identifier [Axis]: Equity Securities Chemicals AGY Equity LLC Class A Preferred Units
Fair Value, begining value	[10],[12],[17]	0
Fair Value, end value		0	[9],[11],[18]	0	[10],[12],[17]
Investment, Identifier [Axis]: Equity Securities Chemicals AGY Equity LLC Class B Preferred Units
Fair Value, begining value	[10],[12],[17]	0
Fair Value, end value		0	[9],[11],[18]	0	[10],[12],[17]
Investment, Identifier [Axis]: Equity Securities Chemicals AGY Equity LLC Class C Common Units
Fair Value, begining value	[10],[12],[17]	0
Fair Value, end value		0	[9],[11],[18]	0	[10],[12],[17]
Investment, Identifier [Axis]: Equity Securities Chemicals AGY Equity LLC Class D Preferred Units
Fair Value, begining value	[10],[12],[17]	0
Fair Value, end value		0	[9],[11],[18]	0	[10],[12],[17]
Investment, Identifier [Axis]: Equity Securities Household Durables
Fair Value, begining value		4,527,850
Fair Value, end value		2,411,203		4,527,850
Investment, Identifier [Axis]: Equity Securities Household Durables Greenfield World Trade, Inc. Class A-1 Warrant, Expires 03/25/27
Fair Value, begining value	[12],[17]	3,641,653
Fair Value, end value		2,039,606	[11],[18]	3,641,653	[12],[17]
Investment, Identifier [Axis]: Equity Securities Household Durables Greenfield World Trade, Inc. Class A-2 Warrant, Expires 03/25/27
Fair Value, begining value	[12],[17]	817,631
Fair Value, end value		342,895	[11],[18]	817,631	[12],[17]
Investment, Identifier [Axis]: Equity Securities Household Durables Greenfield World Trade, Inc. Class A-3 Warrant, Expires 03/25/27
Fair Value, begining value	[12],[17]	68,566
Fair Value, end value		28,702	[11],[18]	68,566	[12],[17]
Investment, Identifier [Axis]: Equity Securities Household Durables Shelterlogic Group Holdings, Inc Common Stock
Fair Value, begining value	[12],[16],[17]	0
Fair Value, end value		0	[11],[15],[18]	0	[12],[16],[17]
Investment, Identifier [Axis]: Equity Securities Media Encompass Digital Media, Inc.
Fair Value, begining value		0
Fair Value, end value		0		0
Investment, Identifier [Axis]: Equity Securities Media Encompass Digital Media, Inc. Class A Units
Fair Value, begining value	[12],[16]	0
Fair Value, end value		0	[11],[15]	0	[12],[16]
Investment, Identifier [Axis]: Equity Securities Software
Fair Value, begining value		1,574,931
Fair Value, end value		1,318,148		1,574,931
Investment, Identifier [Axis]: Equity Securities Software Mondee Holdings LLC
Fair Value, begining value	[12],[17],[19]	1,574,931
Fair Value, end value		1,318,148	[11],[18],[20]	1,574,931	[12],[17],[19]
Investment, Identifier [Axis]: Equity Securities Textiles, Apparel & Luxury Goods
Fair Value, begining value		1,246,929
Fair Value, end value		5,941,672		1,246,929
Investment, Identifier [Axis]: Equity Securities Textiles, Apparel & Luxury Goods Centric Brands GP LLC Membership Interests
Fair Value, begining value	[12],[14],[17]	0
Fair Value, end value		0	[11],[13],[18]	0	[12],[14],[17]
Investment, Identifier [Axis]: Equity Securities Textiles, Apparel & Luxury Goods Centric Brands L.P. Class A LP Interests
Fair Value, begining value	[12],[14],[17]	1,246,929
Fair Value, end value		5,941,672	[11],[13],[18]	1,246,929	[12],[14],[17]
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments
Fair Value, begining value		49,969,204		84,566,583
Gross Addition		1,238,679	[21]	10,340,049	[22]
Gross Reduction		(1,085,640)	[23]	(1,805,229)	[24]
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/(Depreciation)		(2,566,717)		(43,132,199)
Fair Value, end value		47,555,526		49,969,204
Interest/Dividend/Other income		2,128,187		7,992,066
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Encompass Digital Media Holdings, LLC Class A Units
Fair Value, begining value		0		0
Gross Addition		0	[21]	0	[22]
Gross Reduction		0	[23]	0	[24]
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/(Depreciation)		0		0
Fair Value, end value		0		0
Interest/Dividend/Other income		0		0
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Revolver - 13.09% inc PIK
Fair Value, begining value		2,515,804
Gross Addition	[21]	130,081
Gross Reduction	[23]	0
Realized Gains (Losses)		0
Net Change in Unrealized Appreciation/(Depreciation)		(372,628)
Fair Value, end value		2,273,257		2,515,804
Interest/Dividend/Other income		$ 132,050
Investment interest rate		13.09%
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Revolver - 13.13% inc PIK
Fair Value, begining value		$ 2,515,804		1,560,195
Gross Addition	[22]			2,056,485
Gross Reduction	[24]			0
Realized Gains (Losses)				0
Net Change in Unrealized Appreciation/(Depreciation)				(1,100,876)
Fair Value, end value				2,515,804
Interest/Dividend/Other income				$ 276,526
Investment interest rate				13.13%
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Term Loan - 13.09% inc PIK
Fair Value, begining value		21,696,936
Gross Addition	[21]	1,108,598
Gross Reduction	[23]	0
Realized Gains (Losses)		0
Net Change in Unrealized Appreciation/(Depreciation)		(3,208,002)
Fair Value, end value		19,597,532		$ 21,696,936
Interest/Dividend/Other income		$ 1,118,237
Investment interest rate		13.09%
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Term Loan - 13.13% inc PIK
Fair Value, begining value		$ 21,696,936		26,892,285
Gross Addition	[22]			4,381,065
Gross Reduction	[24]			(1,805,229)
Realized Gains (Losses)				0
Net Change in Unrealized Appreciation/(Depreciation)				(7,771,185)
Fair Value, end value				21,696,936
Interest/Dividend/Other income				$ 4,445,399
Investment interest rate				13.13%
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Shelterlogic Group Holdings, Inc Common Stock
Fair Value, begining value		0		$ 29,432,178
Gross Addition		0	[21]	0	[22]
Gross Reduction		0	[23]	0	[24]
Realized Gains (Losses)		0		0
Net Change in Unrealized Appreciation/(Depreciation)		0		(29,432,178)
Fair Value, end value		0		0
Interest/Dividend/Other income		0
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Slogic Holding Corp. Last Out Term Loan - 11.36%
Fair Value, begining value		21,879,179
Gross Addition	[21]	0
Gross Reduction	[23]	0
Realized Gains (Losses)		0
Net Change in Unrealized Appreciation/(Depreciation)		1,013,913
Fair Value, end value		22,893,092		21,879,179
Interest/Dividend/Other income		$ 769,854
Investment interest rate		11.36%
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Slogic Holding Corp. Last Out Term Loan - 11.40%
Fair Value, begining value		$ 21,879,179		26,681,925
Gross Addition	[22]			25,214
Gross Reduction	[24]			0
Realized Gains (Losses)				0
Net Change in Unrealized Appreciation/(Depreciation)				(4,827,960)
Fair Value, end value				21,879,179
Interest/Dividend/Other income				$ 3,036,611
Investment interest rate				11.40%
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Slogic Holding Corp. Revolver - 11.33%
Fair Value, begining value		3,877,285
Gross Addition	[21]	0
Gross Reduction	[23]	(1,085,640)
Realized Gains (Losses)		0
Net Change in Unrealized Appreciation/(Depreciation)		0
Fair Value, end value		2,791,645		$ 3,877,285
Interest/Dividend/Other income		$ 108,046
Investment interest rate		11.33%
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Slogic Holding Corp. Revolver - 11.37%
Fair Value, begining value		$ 3,877,285		0
Gross Addition	[22]			3,877,285
Gross Reduction	[24]			0
Realized Gains (Losses)				0
Net Change in Unrealized Appreciation/(Depreciation)				0
Fair Value, end value				3,877,285
Interest/Dividend/Other income				$ 233,530
Investment interest rate				11.37%
Investment, Identifier [Axis]: Short-term Investments
Fair Value, begining value		78,714,489
Fair Value, end value		93,659,788		$ 78,714,489
Investment, Identifier [Axis]: Short-term Investments U.S. Treasury Bill, Yield 5.24%
Fair Value, end value		93,659,788
Investment, Identifier [Axis]: Short-term Investments U.S. Treasury Bill, Yield 5.26%
Fair Value, begining value		78,714,489
Fair Value, end value				78,714,489
Investment, Identifier [Axis]: Total Investments (169.9%)
Fair Value, end value		979,766,653
Investment, Identifier [Axis]: Total Investments (171.6%)
Fair Value, begining value		$ 977,829,415
Fair Value, end value				$ 977,829,415

[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] The fair value of each debt and equity was determined using significant unobservable inputs and such investments are considered to be Level 3 within the Fair Value Hierarchy. See Note 3 “Investment Valuations and Fair Value Measurements.”

[6] Except for the Level 1 investment, 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.”   6 SOFR - Secured Overnight Financing Rate, generally 1-Month, 3-Month, or 6-Month Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $40,557,278 and $9,391,185, respectively, for the period ended March 31, 2024. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments. Country Breakdown Portfolio       United States     100.0 %

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

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

[9] As defined in the Investment Company Act of 1940, the investment is deemed to be a “controlled affiliated person” of the Company because the Company owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2023 and March 31, 2024 along with transactions during the period ended March 31, 2024 in these controlled investments are as follows:   Name of Investment   Fair Value at December 31, 2023     Gross Addition (a)     Gross Reduction (b)     Realized Gains
(Losses)     Net Change in
Unrealized
  Appreciation/
   (Depreciation)     Fair Value at March 31, 2024     Interest/Dividend/
Other income   AGY Equity LLC Class A Preferred Units   $ —     $ —     $ —     $ —     $ —     $ —     $ —   AGY Equity LLC Class B Preferred Units     —       —       —       —       —       —       —   AGY Equity LLC Class C Common Units     —       —       —       —       —       —       —   AGY Equity LLC Class D Preferred Units     —       —       —       —       —       —       —   AGY Holdings Corp. Delayed Draw Term Loan - 15.57% inc PIK     28,823,179       476,433       —       —       118,492       29,418,104       1,252,205   AGY Holdings Corp. Term Loan - 15.57% inc PIK     27,765,285       458,947       —       —       114,129       28,338,361       1,207,049   Navistar Defense, LLC Super Senior Revolver - 15.98% inc PIK     10,326,607       16,246,835       —       —       (3,177 )     26,570,265       890,816   Navistar Defense, LLC Term Loan - 13.98% inc PIK     33,940,881       248,218       —       —       (8,044,452 )     26,144,647       248,217   TCW ND Parent Holdings LLC Class A Units     —       —       —       —       —       —       —   Total Controlled Affiliated investments   $ 100,855,952     $ 17,430,433     $ —     $ —     $ (7,815,008 )   $ 110,471,377     $ 3,598,287  

[10] As defined in the Investment Company Act of 1940, the investment is deemed to be a “controlled affiliated person” of the Company because the Company owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2022 and December 31, 2023 along with transactions during the year ended December 31, 2023 in these controlled investments are as follows:

[11] Non-income producing.

[12] Non-income producing.

[13] 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 March 31, 2024, $80,665,331 or 8.0% of the Company’s total assets were represented by “non-qualifying assets.”

[14] 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, 2023, $74,447,501 or 7.4% of the Company’s total assets were represented by “non-qualifying assets.”

[15] As defined in the Investment Company Act of 1940, the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, between 5% and 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2023 and March 31, 2024 along with transactions during the period ended March 31, 2024 in these affiliated investments are as follows:   Name of Investment   Fair Value at December 31, 2023     Gross Addition (a)     Gross Reduction (b)     Realized Gains
(Losses)     Net Change in
Unrealized
Appreciation/
(Depreciation)     Fair Value at March 31, 2024     Interest/Dividend/
Other income   Encompass Digital Media Holdings, LLC Class A Units   $ —     $ —     $ —     $ —     $ —     $ —     $ —   Encompass Digital Media, Inc. Revolver - 13.09% inc PIK     2,515,804       130,081       —       —       (372,628 )     2,273,257       132,050   Encompass Digital Media, Inc. Term Loan - 13.09% inc PIK     21,696,936       1,108,598       —       —       (3,208,002 )     19,597,532       1,118,237   Shelterlogic Group Holdings, Inc Common Stock     —       —       —       —       —       —       —   Slogic Holding Corp. Last Out Term Loan - 11.36%     21,879,179       —       —       —       1,013,913       22,893,092       769,854   Slogic Holding Corp. Revolver - 11.33%     3,877,285       —       (1,085,640 )     —       —       2,791,645       108,046   Total Non-Controlled Affiliated Investments   $ 49,969,204     $ 1,238,679     $ (1,085,640 )   $ —     $ (2,566,717 )   $ 47,555,526     $ 2,128,187  

[16] 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 December 31, 2023 along with transactions during the year ended December 31, 2023 in these affiliated investments are as follows:

[17] 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, 2023, the aggregate fair value of these securities was $7,349,710, or 0.7% of the Company’s total assets.

[18] 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 March 31, 2024, the aggregate fair value of these securities was $9,671,023, or 1.0% of the Company’s total assets.

[19] Fair value of the Mondee Holdings, Inc. common stock held by the Company is based on the market price of the issuer's stock as of December 31, 2023. Such common stock is considered to be a Level 1 security within the Fair Value Hierarchy.

[20] Fair value of the Mondee Holdings, Inc. common stock held by the Company is based on the adjusted market price of the issuer's stock as of March 31, 2024. Such common stock is considered to be a Level 1 security within the Fair Value Hierarchy.

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

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

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

[24] 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 (unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investments, Fair Value Disclosure [Abstract]
Cash and cash equivalents	$ 29,691	$ 65,036
Short-term investments	93,660	78,714
Interest receivable	18,684	16,331
Receivable for investments sold	527	813
Deferred financing costs	99	331
Due from Adviser	46	46
Prepaid and other assets	25	48
Total Assets	1,002,895	1,004,658
Liabilities
Payable for short-term investments purchased	93,660	78,714
Incentive fee payable	79,993	82,742
Management fees payable	6,949	3,478
Interest and credit facilities expense payable	4,264	4,403
Unrealized depreciation on unfunded commitments	779	746
Other accrued expenses and other liabilities	1,025	614
Total Liabilities	426,139	434,891
Commitments and Contingencies (Note 5)
Members’ Capital
Common Unitholders' commitment (13,734,010 units issued and outstanding)	1,373,401	1,373,401
Common Unitholders' undrawn commitment (13,734,010 units issued and outstanding)	(165,401)	(165,401)
Common Unitholders' return of capital	(484,419)	(484,419)
Common Unitholders’ offering costs	(633)	(633)
Accumulated Common Unitholders' tax reclassification	(1,865)	(1,865)
Common Unitholders’ capital	721,083	721,083
Accumulated overdistributed earnings	(144,327)	(151,316)
Total Members’ Capital	576,756	569,767
Total Liabilities and Members’ Capital	$ 1,002,895	$ 1,004,658
Net Asset Value Per Unit (Note 10)	$ 54.04	$ 53.53
Term Loan
Investments, Fair Value Disclosure [Abstract]
Deferred financing costs	$ 531	$ 806
Liabilities
Term loan and Revolving credit facilities payable	224,469	264,194
Revolving Credit Facility
Liabilities
Term loan and Revolving credit facilities payable	15,000	0
Non-controlled/non-affiliated
Investments, Fair Value Disclosure [Abstract]
Fair Value	702,136	692,514
Non-Controlled Affiliated Investments
Investments, Fair Value Disclosure [Abstract]
Fair Value	47,556	49,969
Controlled Affiliated investments
Investments, Fair Value Disclosure [Abstract]
Fair Value	$ 110,471	$ 100,856

XML

Consolidated Statements of Assets and Liabilities (unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Deferred financing costs	$ 99	$ 331
Common unitholder's commitment units issued	13,734,010	13,734,010
Common Unitholders' commitment and undrawn commitment, outstanding	13,734,010	13,734,010
Common Unitholders’ commitment and undrawn commitment, issued	13,734,010	13,734,010
Common Unitholders’ commitment and undrawn commitment, outstanding	13,734,010	13,734,010
Term Loan
Deferred financing costs	$ 531	$ 806
Non-controlled/non-affiliated
Amortized Cost	743,119	728,462
Non-Controlled Affiliated Investments
Amortized Cost	67,510	67,357
Controlled Affiliated investments
Amortized Cost	$ 126,930	$ 109,499

XML

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Investment Income [Line Items]
Interest income paid-in-kind	$ 11,995	$ 11,725
Investment Income, Net, Total	35,172	41,381
Expenses
Interest and credit facility expenses	6,374	6,277
Management fees	3,471	4,055
Incentive fees	(2,749)	2,069
Interest expense on repurchase transactions	278
Administrative fees	261	319
Professional fees	221	326
Directors' fees	100	100
Other expenses	34	71
Total expenses	7,990	13,217
Net investment income	27,182	28,164
Net realized gain:
Non-controlled/non-affiliated investments	0	19
Net change in unrealized appreciation/(depreciation):
Non-controlled/non-affiliated investments	(5,068)	(10,269)
Non-controlled affiliated investments	(2,567)	(8,778)
Controlled affiliated investments	(7,815)	(861)
Net realized gain on short-term investments	257	0
Net realized and unrealized loss on investments	(15,193)	(19,889)
Net increase in Members' Capital from operations	$ 11,989	$ 8,275
Basic and diluted:
Income per unit, Basic	$ 0.87	$ 0.6
Income per unit, Diluted	$ 0.87	$ 0.6
Non-controlled/non-affiliated investments
Net Investment Income [Line Items]
Interest income	$ 20,728	$ 26,631
Interest income paid-in-kind	8,718	8,898
Other fee income	0	85
Non-Controlled Affiliated Investments
Net Investment Income [Line Items]
Interest income	889	708
Interest income paid-in-kind	1,239	0
Controlled Affiliated Investments
Net Investment Income [Line Items]
Interest income	1,560	2,231
Interest income paid-in-kind	2,038	2,827
Other fee income	$ 0	$ 1

XML

Consolidated Statements of Changes in Members' Capital (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Members' Capital, Beginning Balance	$ 569,767	$ 741,665
Net Increase (Decrease) in Members' Capital Resulting from Operations:
Net investment income	27,182	28,164
Net realized gain on investments	257	19
Net change in unrealized appreciation/(depreciation) on investments	(15,450)	(19,908)
Distributions to Members from:
Distributable earnings	(5,000)
Total Increase in Members' Capital	6,989	8,275
Members' Capital, Ending Balance	576,756	749,940
Common Unitholders’ Capital
Members' Capital, Beginning Balance	721,083	818,068
Net Increase (Decrease) in Members' Capital Resulting from Operations:
Net investment income	0	0
Net realized gain on investments	0	0
Net change in unrealized appreciation/(depreciation) on investments	0	0
Distributions to Members from:
Distributable earnings	0
Total Increase in Members' Capital	0	0
Members' Capital, Ending Balance	721,083	818,068
Accumulated Undistributed (Overdistributed) Earnings
Members' Capital, Beginning Balance	(151,316)	(76,403)
Net Increase (Decrease) in Members' Capital Resulting from Operations:
Net investment income	27,182	28,164
Net realized gain on investments	257	19
Net change in unrealized appreciation/(depreciation) on investments	(15,450)	(19,908)
Distributions to Members from:
Distributable earnings	(5,000)
Total Increase in Members' Capital	6,989	8,275
Members' Capital, Ending Balance	$ (144,327)	$ (68,128)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities
Net increase in net assets resulting from operations	$ 11,989	$ 8,275
Adjustments to reconcile the net increase in net assets resulting from operations to net cash provided by operating activities:
Purchases of investments	(28,562)	(13,167)
Purchases of short-term investments	(93,660)	0
Interest income paid-in-kind	(11,995)	(11,725)
Proceeds from sales and paydowns of investments	9,677	60,978
Proceeds from sales of short-term investments	78,714	0
Net realized gain on investments	0	(19)
Net change in unrealized (appreciation)/depreciation on investments	15,450	19,908
Amortization of premium and accretion of discount, net	(1,075)	(4,624)
Amortization of deferred financing costs	507	516
Increase (decrease) in operating assets and liabilities:
(Increase) decrease in interest receivable	(2,353)	1,265
(Increase) decrease in prepaid and other assets	23	51
Increase (decrease) in payable for short-term investments purchased	14,946	0
Increase (decrease) in incentive fees payable	(2,749)	2,069
Increase (decrease) in management fees payable	3,471	(122)
Increase (decrease) in interest and credit facilities expense payable	(139)	(288)
Increase (decrease) in directors' fees payable	0	98
Increase (decrease) in other accrued expenses and liabilities	391	324
Net cash (used in) provided by operating activities	(5,365)	63,539
Cash Flows from Financing Activities
Distributions to Members from distributable earnings	(4,980)	0
Proceeds from credit facilities	15,000	0
Repayments of credit facilities	(40,000)	(37,000)
Net cash used in financing activities	(29,980)	(37,000)
Net (decrease) increase in cash and cash equivalents	(35,345)	26,539
Cash and cash equivalents, beginning of period	65,036	47,657
Cash and cash equivalents, end of period	29,691	74,196
Supplemental and non-cash operating and financing activities
Interest expense paid	4,791	5,840
Non-cash purchases of investments due to reorganization	(45,406)	(1,227)
Non-cash sales of investments due to reorganization	45,406	1,227
Distributions payable	$ 20	$ 0

XML

N-2 - $ / shares

3 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Mar. 31, 2023

Dec. 31, 2022

Cover [Abstract]

Entity Central Index Key

0001715933

Amendment Flag

false

Securities Act File Number

814-01246

Document Type

10-Q

Entity Registrant Name

TCW DIRECT LENDING VII 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.

NAV Per Share

$ 54.04

$ 53.53

$ 66.64

$ 66.04

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Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Basis of Presentation

1. Organization and Basis of Presentation

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

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

On February 12, 2020, the Company formed its third wholly-owned subsidiary, TCW DLG Funding VII 2020-1 LLC, a single member Delaware limited liability company. On March 21, 2022, the Company formed its fourth wholly-owned subsidiary, TCW DL NAV LLC, also a single member Delaware limited liability company. On March 31, 2023, the Company formed its fifth wholly-owned subsidiary, TCW DL EDM LLC, also a single member Delaware limited liability company

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

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

Commitment Period: The Commitment Period commenced on April 13, 2018 (the “Initial Closing Date”), the day on which the Company completed the first closing of the sale of its Units to persons not affiliated with the Adviser and ended on May 16, 2021, which is the later of (a) April 13, 2021, three years from the Initial Closing Date and (b) May 16, 2021, three years from the date in which the Company first completed an investment. In accordance with the Company’s LLC Agreement, the Company may complete investment transactions that were significantly in process as of the end of the Commitment Period and which the Company reasonably expects to be consummated prior to 90 days subsequent to the expiration date of the Commitment Period. The Company may also effect follow-on investments in existing portfolio companies up to an aggregate maximum of 10% of Capital Commitments (as defined below).

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

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 March 31, 2024, aggregate Commitments, Undrawn Commitments, percentage of Commitments funded and the number of subscribed for Units of the Company were as follows:

	Commitments		Undrawn Commitments		% of Commitments Funded			Units
Unitholder	$	1,373,401	$	165,401		88.0	%		13,734,010

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

The Recallable Amount as of March 31, 2024 was $484,419.

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Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

Basis of Presentation: The Company’s consolidated financial statements 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 also consolidated the results of its wholly-owned subsidiaries 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 consolidated financial statements, (ii) the reported amounts of income and expenses during the years presented and (iii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates, and such differences could be material.

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

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

Income Recognition: Interest income and interest income paid-in-kind 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.

2. Significant Accounting Policies (Continued)

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

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

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

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

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

Cash and Cash Equivalents: The Company generally considers investments with a maturity of three months or less at the time of acquisition to be cash equivalents. As of March 31, 2024, 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.

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 March 31, 2024, short-term investments is comprised of U.S. Treasury bills, all of which are carried at fair value and are classified as Level 1 in the GAAP valuation hierarchy.

Income Taxes: The Company has elected to be regulated as a BDC under the 1940 Act. The Company also elected to be treated as a RIC under the Code beginning with the taxable year ending December 31, 2018. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its Unitholders as dividends. Rather, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company.

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. On January 1, 2024, the Company adopted ASU 2022-03 and the adoption did not have a material impact on the consolidated financial statements.

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Investment Valuations and Fair Value Measurements

3 Months Ended

Mar. 31, 2024

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.

Investments for which market quotes are not readily available or are not considered reliable are valued at fair value according to procedures approved by the Board of Directors (the “Board”) based on similar instruments, internal assumptions and the weighting of the best available pricing inputs.

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

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

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

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

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

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

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

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

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

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

Level 3 Assets (Investments): The following valuation techniques and significant inputs are used to determine the fair value of investments in private debt and equity for which reliable market quotations are not available. Some of the inputs are independently observable however, a significant portion of the inputs and the internal assumptions applied are unobservable.

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. 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.

3. Investment Valuations and Fair Value Measurements (Continued)

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.

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

Investments	Level 1		Level 2		Level 3		Total
Debt	$	—	$	—	$	850,492	$	850,492
Equity		1,318		—		8,353		9,671
Cash equivalents		25,944		—		—		25,944
Short-term investments		93,660		—		—		93,660
Total Assets	$	120,922	$	—	$	858,845	$	979,767

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, 2023:

Investments	Level 1		Level 2		Level 3		Total
Debt	$	—	$	—	$	835,989	$	835,989
Equity		1,575		—		5,775		7,350
Cash equivalents		55,777		—		—		55,777
Short- term investments		78,714		—		—		78,714
Total Assets	$	136,066	$	—	$	841,764	$	977,830

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three months ended March 31, 2024:

	Debt			Equity		Total
Balance, January 1, 2024	$	835,989		$	5,775	$	841,764
Purchases, including payments received in-kind		85,867			96		85,963
Sales and paydowns of investments		(54,797	)		—		(54,797	)
Amortization of premium and accretion of discount, net		1,075			—		1,075
Net change in unrealized appreciation/(depreciation)		(17,642	)		2,482		(15,160	)
Balance, March 31, 2024	$	850,492		$	8,353	$	858,845
Net change in unrealized appreciation/(depreciation) in investments held as of March 31, 2024	$	(17,494	)	$	2,483	$	(15,011	)

3. Investment Valuations and Fair Value Measurements (Continued)

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three months ended March 31, 2023:

	Debt			Equity			Total
Balance, January 1, 2023	$	1,054,945		$	47,591		$	1,102,536
Purchases, including payments received in-kind		24,892			—			24,892
Sales and paydowns of investments		(67,715	)		(1,227	)		(68,942	)
Amortization of premium and accretion of discount, net		4,624			—			4,624
Net realized gains		19			—			19
Net change in unrealized appreciation/(depreciation)		(9,977	)		(18,685	)		(28,662	)
Balance, March 31, 2023	$	1,006,788		$	27,679		$	1,034,467
Net change in unrealized appreciation/(depreciation) in investments held as of March 31, 2023	$	(8,278	)	$	(10,692	)	$	(18,970	)

The Company did not have any transfers between levels during the three months ended March 31, 2024 and 2023.

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

Investment Type	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average*	Impact to Valuation from an Increase in Input
Debt	$	494,113	Income Method	Discount Rate	10.9% to 27.0%	16.6%	Decrease
Debt	$	73,360	Income Method	Discount Rate	16.8% to 17.7%	17.3%	Decrease
			Income Method	Take Out Indication	102.0% to 102.0%	N/A	Increase
Debt	$	141,220	Market Method	EBITDA Multiple	6.0x to 8.0x	N/A	Increase
Debt	$	141,799	Market Method	Revenue Multiple	0.4x to 1.1x	N/A	Increase
Equity	$	5,942	Market Method	EBITDA Multiple	6.0x to 8.0x	N/A	Increase
Equity	$	—	Market Method	Revenue Multiple	0.6x to 1.1x	N/A	Increase
Equity	$	2,411	Market Method	EBITDA Multiple	7.3x to 8.3x	N/A	Increase
			Income Method	Implied Volatility	55.0% to 65.0%	N/A	Increase
				Expected Term (in years)	1.3 to 2.3	N/A	Increase

* Weighted based on fair value

3. Investment Valuations and Fair Value Measurements (Continued)

The following table summarizes the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of December 31, 2023:

Investment Type	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average*	Impact to Valuation from an Increase in Input
Debt	$	650,058	Income Method	Discount Rate	10.9% to 27.0%	16.6%	Decrease
Debt	$	11,798	Market Method	EBITDA Multiple	6.0x to 7.0x	N/A	Increase
			Market Method	Revenue Multiple	0.5x to 0.7x	N/A	Increase
Debt	$	49,969	Market Method	EBITDA Multiple	6.3x to 9.1x	N/A	Increase
Debt	$	124,164	Market Method	Revenue Multiple	0.8x to 1.1x	N/A	Increase
Equity	$	1,247	Market Method	EBITDA Multiple	6.3x to 9.1x	N/A	Increase
Equity	$	—	Market Method	Revenue Multiple	0.8x to 1.1x	N/A	Increase
Equity	$	4,528	Market Method	EBITDA Multiple	7.8x to 8.8x	N/A	Increase
			Income Method	Implied Volatility	60.0% to 60.0%	N/A	Increase
				Expected Term (in years)	1.8 to 1.8	N/A	Increase

* Weighted based on fair value

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

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Agreements and Related Party Transactions

3 Months Ended

Mar. 31, 2024

Related Party Transactions [Abstract]

Agreements and Related Party Transactions

4. Agreements and Related Party Transactions

Advisory Agreement: On December 29, 2017, the Company entered into the Investment Advisory and Management Agreement (the “Advisory Agreement”) with the Adviser, a registered investment adviser under the Investment Advisers Act of 1940, as amended. The Advisory Agreement became effective upon its execution. Unless earlier terminated, the Advisory Agreement will remain in effect for a period of two years and will remain in effect from year to year thereafter if approved annually by (i) the vote of the Board, or by the vote of a majority of the Company’s outstanding voting securities and (ii) the vote of a majority of the Board who are not “interested persons” (as defined in Section 2(a)(19) of the 1940 Act) of the Company, the Adviser or any of their respective affiliates (the “Independent Directors”). The Advisory Agreement was most recently reapproved to remain in effect on August 9, 2023. The Advisory Agreement will automatically terminate in the event of an assignment by the Adviser.

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

Pursuant to the Advisory Agreement, the Adviser will:

•determine the composition of the Company’s portfolio, the nature and timing of the changes to the Company’s portfolio and the manner of implementing such changes;

•identify, evaluate and negotiate the structure of the investments the Company makes (including performing due diligence on the Company’s prospective portfolio companies);

•determine the assets the Company will originate, purchase, retain or sell;

•close, monitor and administer the investments the Company makes, including the exercise of any rights in the Company’s capacity as a lender; and

•provide the Company such other investment advice, research and related services as the Company may, from time to time, require.

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

For the three months ended March 31, 2024, Management Fees incurred were $3,471, of which $6,949 remained payable as of March 31, 2024. For the three months ended March 31, 2023, Management Fees incurred amounted to $4,055, of which $4,055 remained payable at March 31, 2023.

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

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

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

(c)Third, the Adviser will be entitled to an Incentive Fee out of 100% of additional amounts otherwise distributable to Unitholders until such time as the Incentive Fee paid to the Adviser is equal to 20% of the sum of (i) the amount by which the Hurdle exceeds the aggregate capital contributions of the Unitholders in respect of all Units and (ii) the amount of Incentive Fee being paid to the Adviser pursuant to this clause (c); and

4. Agreements and Related Party Transactions (Continued)

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

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

For the three months ended March 31, 2024, Incentive Fees incurred were ($2,749), and $79,993 was payable as of March 31, 2024. For the three months ended March 31, 2023, Incentive Fees incurred were $2,069, and $78,335 was payable as of March 31, 2023.

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

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

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

4. Agreements and Related Party Transactions (Continued)

Administration Agreement: On September 25, 2018, the Company entered into an Amended and Restated Administration Agreement (the “Administration Agreement”) with TCW Asset Management Company LLC (in such capacity, the “Administrator”), which amended and restated the Administration Agreement between the Company and the Administrator entered into on April 16, 2018. Under the Administration Agreement, the Administrator (or one or more delegated service providers) will oversee the maintenance of the Company’s financial records and otherwise assist with the Company’s compliance with regulations applicable to a business development company under the Investment Company Act of 1940, as amended, and a regulated investment company under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended; monitor the payment of the Company’s expenses; oversee the performance of administrative and professional services rendered to the Company by others; be responsible for the financial and other records that the Company is required to maintain; prepare and disseminate reports to Unitholders and reports and other materials to be filed with the SEC or other regulators; assist the Company in determining and publishing (as necessary or appropriate) its net asset value; oversee the preparation and filing of tax returns; generally oversee the payment of expenses; and provide such other services as the Administrator, subject to review of the Company’s Board, shall from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement. Payments under the Administration Agreement will be equal to an amount that reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities under the Administration Agreement. The Administrator shall seek such reimbursement from the Company no more than once during any calendar year and shall only seek such reimbursement when all Company Expenses (as defined below) for such calendar year have been paid or accrued. Amounts paid pursuant to the Administration Agreement are subject to the annual cap on Company Expenses (as defined below), as described more fully below. On August 9, 2023, the Administrative Agreement was reapproved by the Company's Board.

4. Agreements and Related Party Transactions (Continued)

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

4. Agreements and Related Party Transactions (Continued)

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

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

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

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023:

		March 31, 2024				December 31, 2023
Unfunded Commitments	Maturity/ Expiration	Amount		Unrealized   Depreciation		Amount		Unrealized   Depreciation
AGY Holdings Corp.	September 2027	$	2,067	$	172	$	2,067	$	182
Bendon Inc.	December 2025		4,842		58		7,263		116
Centric Brands Inc.	October 2024		—		—		5,295		—
Encompass Digital Media, Inc.	September 2025		508		216		508		174
Greenfield World Trade, Inc.	June 2024		2,907		81		4,685		136
Rapid Displays, Inc.	April 2026		983		252		1,377		138
Twin Star International, Inc.	September 2024		674		—		2,023		—
Slogic Holding Corp.	April 2026		1,086		—		—		—
WDE TorcSill Holdings LLC	October 2024		8		—		8		—
Total		$	13,075	$	779	$	23,226	$	746

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2024, the Company is not aware of any pending or threatened litigation.

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

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Members' Capital

3 Months Ended

Mar. 31, 2024

Statement of Stockholders' Equity [Abstract]

Members' Capital

6. Members' Capital

The Company’s Unit activity for the three months ended March 31, 2024 and 2023, was as follows:

	Three Months Ended March 31,
	2024		2023
Units at beginning of period		13,734,010		13,734,010
Units issued and committed at end of period		13,734,010		13,734,010

No deemed distributions and contributions were processed during the three months ended March 31, 2024 and 2023.

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Credit Facilities

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Credit Facilities

7. Credit Facilities

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

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

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

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

The Natixis Revolving Credit Facility is secured by a first priority security interest, subject to customary exceptions, in (i) all of the capital commitments of the investors in the Company, (ii) the Company’s right to make capital calls, receive payment of capital contributions from the investors and enforce payment of the capital commitments and capital contributions under the Company’s operating agreement and (iii) a cash collateral account into which the capital contributions from the investors are made. The Natixis Revolving Credit Facility may be terminated, and any outstanding amounts thereunder may become due and payable, should the Company fail to satisfy certain covenants. As of March 31, 2024, the Company was in compliance with such covenants.

7. Credit Facilities (Continued)

As of March 31, 2024 and December 31, 2023, the Natixis Borrowing Base assets were more than the Natixis Maximum Commitment. A summary of amounts outstanding and available under the Natixis Revolving Credit Facility as of March 31, 2024 and December 31, 2023 was as follows:

Natixis Revolving Credit Facility	Maximum  Commitment		Borrowings Outstanding		Available Amount(1)
As of March 31, 2024	$	250,000	$	15,000	$	235,000
As of December 31, 2023	$	250,000	$	—	$	250,000

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

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

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

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

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

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

7. Credit Facilities (Continued)

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

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

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

Under the PNC Credit Facility, the Borrower has made customary representations and warranties and is required to comply with various affirmative and negative covenants, reporting requirements and other customary requirements for similar credit facilities. The PNC Credit Facility also includes events of default that are customary for similar credit facilities. As of March 31, 2024, the Borrower was in compliance with such covenants.

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

As of March 31, 2024 and December 31, 2023, the PNC Borrowing Base assets were more than the Second Amended and Amended PNC Maximum Commitment. A summary of amounts outstanding and available under the PNC Credit Facility as of March 31, 2024 and December 31, 2023 is as follows:

PNC Credit Facility	Maximum Commitment		Borrowings Outstanding		Available Amount(1)
As of March 31, 2024	$	225,000	$	225,000	N/A
As of December 31, 2023	$	265,000	$	265,000	N/A

(1)No available amount as of March 31, 2024 and December 31, 2023 as the Borrower's ability to make additional borrowings under the PNC Revolving Credit Facility expired on January 31, 2022.

Borrowings under the PNC Credit Facility as of March 31, 2024 and December 31, 2023 of $225,000 and $265,000, respectively, consisted entirely of Term Loan borrowings.

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

7. Credit Facilities (Continued)

As of March 31, 2024 and December 31, 2023, $99 and $331, respectively, of deferred financing costs from the Revolving Credit Facility had yet to be amortized. As of March 31, 2024 and December 31, 2023, $531 and $806, respectively, of deferred financing costs from the PNC Term Loan have yet to be amortized.

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

	As of March 31, 2024			As of December 31, 2023
Principal amount outstanding on PNC Term Loan	$	225,000		$	265,000
Deferred financing costs		(531	)		(806	)
PNC Term Loan (as presented on the Consolidated Statements of Assets and Liabilities)	$	224,469		$	264,194

The carrying amounts of the Credit Facilities, which are categorized as Level 2 within the fair value hierarchy as of March 31, 2024 and 2023, approximates their respective fair values. Valuation techniques and significant inputs used to determine fair value include Company performance; credit, market and liquidity risk and events; financial health of the Company; place in the capital structure; interest rate; and the Credit Facilities’ terms and conditions.

The summary information regarding the Credit Facilities for the three months ended March 31, 2024 and 2023 was as follows:

	Three Months Ended March 31,
	2024			2023
Credit Facilities interest expense	$	4,672		$	5,555
Unused commitment fees		1,145			156
Administrative fees		50			50
Amortization of deferred financing costs		507			516
Total	$	6,374		$	6,277
Weighted average interest rate		8.05	%		7.03	%
Average outstanding balance	$	229,670		$	316,033

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Repurchase Transactions

3 Months Ended

Mar. 31, 2024

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.

During the three months ended March 31, 2024, the Company entered into a Repurchase Transaction with Barclays on January 2, 2024 which settled on January 25, 2024. During the three months ended March 31, 2023, the Company did not enter into any Repurchase Transactions.

The Company had no outstanding Repurchase Obligations as of March 31, 2024 and December 31, 2023. Interest expense incurred under these Repurchase Transactions was $278 and $0 for the three months ended March 31, 2024 and 2023, respectively.

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Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes

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

Federal Income Taxes: It is the policy of the Company to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and distribute all of its net taxable income and any net realized gains on investments to its shareholders. Therefore, no federal income tax provision is required.

As of March 31, 2024 and December 31, 2023, the Company’s aggregate investment unrealized appreciation and depreciation for federal income tax purposes were as follows:

	As of March 31, 2024			As of December 31, 2023
Cost of investments for federal income tax purposes	$	1,057,163		$	1,045,225
Unrealized appreciation	$	10,727		$	6,469
Unrealized depreciation	$	(88,123	)	$	(73,865	)
Net unrealized depreciation on investments	$	(77,396	)	$	(67,396	)

The Company did not have any unrecognized tax benefits as of December 31, 2023, nor were there any increases or decreases in unrecognized tax benefits for the period then ended; therefore, no interest or penalties were accrued. The Company is subject to examination by the U.S federal and state tax authorities for returns filed for the prior two years.

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Financial Highlights

3 Months Ended

Mar. 31, 2024

Investment Company, Financial Highlights [Abstract]

Financial Highlights

. Financial Highlights

Selected data for a unit outstanding throughout the three months ended March 31, 2024 and 2023 is presented below.

	For the Three Months Ended March 31,
	2024(1)			2023(1)
Net Asset Value Per Unit (accrual base), Beginning of Period	$	53.53		$	66.04
Income from Investment Operations:
Net investment income		1.98			2.05
Net realized and unrealized loss		(1.11	)		(1.45	)
Total income from investment operations		0.87			0.60
Less Distributions:
From distributable earnings		(0.36	)		—
Total distributions		(0.36	)		—
Net Asset Value Per Unit (accrual base), End of Period	$	54.04		$	66.64
Unitholder Total Return(2)(3)		1.66	%		1.01	%
Unitholder IRR before incentive fees(4)		10.67	%		11.64	%
Unitholder IRR after all fees and expenses(4)		9.00	%		9.63	%
Ratios and Supplemental Data:
Members’ Capital, end of period	$	576,756		$	749,940
Units outstanding, end of period		13,734,010			13,734,010
Ratios based on average net assets of Members’ Capital:
Ratio of total expenses to average net assets(5)		5.58	%		7.14	%
Ratio of financing cost to average net assets(3)		1.11	%		0.84	%
Ratio of net investment income to average net assets(5)		18.96	%		15.21	%
Ratio of incentive fees to average net assets(5)		(1.92	)%		1.12	%
Credit facilities payable		239,469			298,786
Asset coverage ratio		3.40			3.50
Portfolio turnover rate(3)		1.10	%		1.21	%

(1)Per unit data was calculated using the number of Common Units issued and outstanding as of March 31, 2024 and 2023, respectively.

(2)The Total Return for the three months ended March 31, 2024 and 2023 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.

(3)Not annualized.

(4)The Internal Rate of Return (“IRR”) since inception for the Common Unitholders, after management fees, financing costs and operating expenses, but before incentive fees is 10.67%. The IRR since inception for the Common Unitholders, after management fees, financing costs, operating expenses and Advisor incentive fees is 9.00%. The IRR is computed based on cash flow due dates contained in notices to Members (contributions from and distributions to the Unitholders) and the net assets (residual value) of the Members’ Capital account at period end. The IRR is calculated based on the fair value of investments using principles and methods in accordance with GAAP and does not necessarily represent the amounts that may be realized from sales or other dispositions. Accordingly, the actual return may vary significantly upon realization.

(5)Annualized.

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Subsequent Events

3 Months Ended

Mar. 31, 2024

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.

On April 1, 2024, the Company entered into a Repurchase Transaction with Barclays which settled on April 25, 2024 in the amount of $93,694.

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Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation: The Company’s consolidated financial statements 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 also consolidated the results of its wholly-owned subsidiaries 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 consolidated financial statements, (ii) the reported amounts of income and expenses during the years presented and (iii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates, and such differences could be material.

Investments

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

Transactions

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

Income Recognition

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.

2. Significant Accounting Policies (Continued)

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

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

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. 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 Credit Facilities (as defined in Note 7 to the Consolidated Financial Statements), including arrangement fees, upfront fees and legal fees, are amortized on a straight-line basis over the term of the respective credit facility.

Organization and Offering Costs

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

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 March 31, 2024, 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.

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 March 31, 2024, short-term investments is comprised of U.S. Treasury bills, all of which are carried at fair value and are classified as Level 1 in the GAAP valuation hierarchy

Income Taxes

Income Taxes: The Company has elected to be regulated as a BDC under the 1940 Act. The Company also elected to be treated as a RIC under the Code beginning with the taxable year ending December 31, 2018. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its Unitholders as dividends. Rather, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company.

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. On January 1, 2024, the Company adopted ASU 2022-03 and the adoption did not have a material impact on the consolidated financial statements.

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Organization and Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024, aggregate Commitments, Undrawn Commitments, percentage of Commitments funded and the number of subscribed for Units of the Company were as follows:

	Commitments		Undrawn Commitments		% of Commitments Funded			Units
Unitholder	$	1,373,401	$	165,401		88.0	%		13,734,010

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Investment Valuations and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Investment Valuations And Fair Value Measurements [Abstract]

Summary by Major Security Type of Fair Valuations 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 March 31, 2024:

Investments	Level 1		Level 2		Level 3		Total
Debt	$	—	$	—	$	850,492	$	850,492
Equity		1,318		—		8,353		9,671
Cash equivalents		25,944		—		—		25,944
Short-term investments		93,660		—		—		93,660
Total Assets	$	120,922	$	—	$	858,845	$	979,767

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, 2023:

Investments	Level 1		Level 2		Level 3		Total
Debt	$	—	$	—	$	835,989	$	835,989
Equity		1,575		—		5,775		7,350
Cash equivalents		55,777		—		—		55,777
Short- term investments		78,714		—		—		78,714
Total Assets	$	136,066	$	—	$	841,764	$	977,830

Reconciliation of Beginning and Ending Balances for Total Investments

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three months ended March 31, 2024:

	Debt			Equity		Total
Balance, January 1, 2024	$	835,989		$	5,775	$	841,764
Purchases, including payments received in-kind		85,867			96		85,963
Sales and paydowns of investments		(54,797	)		—		(54,797	)
Amortization of premium and accretion of discount, net		1,075			—		1,075
Net change in unrealized appreciation/(depreciation)		(17,642	)		2,482		(15,160	)
Balance, March 31, 2024	$	850,492		$	8,353	$	858,845
Net change in unrealized appreciation/(depreciation) in investments held as of March 31, 2024	$	(17,494	)	$	2,483	$	(15,011	)

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three months ended March 31, 2023:

	Debt			Equity			Total
Balance, January 1, 2023	$	1,054,945		$	47,591		$	1,102,536
Purchases, including payments received in-kind		24,892			—			24,892
Sales and paydowns of investments		(67,715	)		(1,227	)		(68,942	)
Amortization of premium and accretion of discount, net		4,624			—			4,624
Net realized gains		19			—			19
Net change in unrealized appreciation/(depreciation)		(9,977	)		(18,685	)		(28,662	)
Balance, March 31, 2023	$	1,006,788		$	27,679		$	1,034,467
Net change in unrealized appreciation/(depreciation) in investments held as of March 31, 2023	$	(8,278	)	$	(10,692	)	$	(18,970	)

Summary of Valuation Techniques and Quantitative Information in Determining Fair value of Level 3 Investments

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

Investment Type	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average*	Impact to Valuation from an Increase in Input
Debt	$	494,113	Income Method	Discount Rate	10.9% to 27.0%	16.6%	Decrease
Debt	$	73,360	Income Method	Discount Rate	16.8% to 17.7%	17.3%	Decrease
			Income Method	Take Out Indication	102.0% to 102.0%	N/A	Increase
Debt	$	141,220	Market Method	EBITDA Multiple	6.0x to 8.0x	N/A	Increase
Debt	$	141,799	Market Method	Revenue Multiple	0.4x to 1.1x	N/A	Increase
Equity	$	5,942	Market Method	EBITDA Multiple	6.0x to 8.0x	N/A	Increase
Equity	$	—	Market Method	Revenue Multiple	0.6x to 1.1x	N/A	Increase
Equity	$	2,411	Market Method	EBITDA Multiple	7.3x to 8.3x	N/A	Increase
			Income Method	Implied Volatility	55.0% to 65.0%	N/A	Increase
				Expected Term (in years)	1.3 to 2.3	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, 2023:

Investment Type	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average*	Impact to Valuation from an Increase in Input
Debt	$	650,058	Income Method	Discount Rate	10.9% to 27.0%	16.6%	Decrease
Debt	$	11,798	Market Method	EBITDA Multiple	6.0x to 7.0x	N/A	Increase
			Market Method	Revenue Multiple	0.5x to 0.7x	N/A	Increase
Debt	$	49,969	Market Method	EBITDA Multiple	6.3x to 9.1x	N/A	Increase
Debt	$	124,164	Market Method	Revenue Multiple	0.8x to 1.1x	N/A	Increase
Equity	$	1,247	Market Method	EBITDA Multiple	6.3x to 9.1x	N/A	Increase
Equity	$	—	Market Method	Revenue Multiple	0.8x to 1.1x	N/A	Increase
Equity	$	4,528	Market Method	EBITDA Multiple	7.8x to 8.8x	N/A	Increase
			Income Method	Implied Volatility	60.0% to 60.0%	N/A	Increase
				Expected Term (in years)	1.8 to 1.8	N/A	Increase

* Weighted based on fair value

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023:

		March 31, 2024				December 31, 2023
Unfunded Commitments	Maturity/ Expiration	Amount		Unrealized   Depreciation		Amount		Unrealized   Depreciation
AGY Holdings Corp.	September 2027	$	2,067	$	172	$	2,067	$	182
Bendon Inc.	December 2025		4,842		58		7,263		116
Centric Brands Inc.	October 2024		—		—		5,295		—
Encompass Digital Media, Inc.	September 2025		508		216		508		174
Greenfield World Trade, Inc.	June 2024		2,907		81		4,685		136
Rapid Displays, Inc.	April 2026		983		252		1,377		138
Twin Star International, Inc.	September 2024		674		—		2,023		—
Slogic Holding Corp.	April 2026		1,086		—		—		—
WDE TorcSill Holdings LLC	October 2024		8		—		8		—
Total		$	13,075	$	779	$	23,226	$	746

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Members' Capital (Tables)

3 Months Ended

Mar. 31, 2024

Statement of Stockholders' Equity [Abstract]

Schedule of Capital Units

The Company’s Unit activity for the three months ended March 31, 2024 and 2023, was as follows:

	Three Months Ended March 31,
	2024		2023
Units at beginning of period		13,734,010		13,734,010
Units issued and committed at end of period		13,734,010		13,734,010

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Credit Facilities (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Summary of Amounts Outstanding and Available under Credit Facilities

A summary of amounts outstanding and available under the Natixis Revolving Credit Facility as of March 31, 2024 and December 31, 2023 was as follows:

Natixis Revolving Credit Facility	Maximum  Commitment		Borrowings Outstanding		Available Amount(1)
As of March 31, 2024	$	250,000	$	15,000	$	235,000
As of December 31, 2023	$	250,000	$	—	$	250,000

The amount available considers any limitations related to the debt facility borrowing. A summary of amounts outstanding and available under the PNC Credit Facility as of March 31, 2024 and December 31, 2023 is as follows:

PNC Credit Facility	Maximum Commitment		Borrowings Outstanding		Available Amount(1)
As of March 31, 2024	$	225,000	$	225,000	N/A
As of December 31, 2023	$	265,000	$	265,000	N/A

(1)No available amount as of March 31, 2024 and December 31, 2023 as the Borrower's ability to make additional borrowings under the PNC Revolving Credit Facility expired on January 31, 2022.

Reconciliation of Term Loan Amounts Presented on Consolidated Statements of Assets and Liabilities versus Outstanding

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

	As of March 31, 2024			As of December 31, 2023
Principal amount outstanding on PNC Term Loan	$	225,000		$	265,000
Deferred financing costs		(531	)		(806	)
PNC Term Loan (as presented on the Consolidated Statements of Assets and Liabilities)	$	224,469		$	264,194

Summary Information Regarding Credit Facilities

The summary information regarding the Credit Facilities for the three months ended March 31, 2024 and 2023 was as follows:

	Three Months Ended March 31,
	2024			2023
Credit Facilities interest expense	$	4,672		$	5,555
Unused commitment fees		1,145			156
Administrative fees		50			50
Amortization of deferred financing costs		507			516
Total	$	6,374		$	6,277
Weighted average interest rate		8.05	%		7.03	%
Average outstanding balance	$	229,670		$	316,033

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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Schedule Of Aggregate Investment Unrealized Appreciation And Depreciation For Federal Income Tax Purposes

As of March 31, 2024 and December 31, 2023, the Company’s aggregate investment unrealized appreciation and depreciation for federal income tax purposes were as follows:

	As of March 31, 2024			As of December 31, 2023
Cost of investments for federal income tax purposes	$	1,057,163		$	1,045,225
Unrealized appreciation	$	10,727		$	6,469
Unrealized depreciation	$	(88,123	)	$	(73,865	)
Net unrealized depreciation on investments	$	(77,396	)	$	(67,396	)

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Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2024

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 three months ended March 31, 2024 and 2023 is presented below.

	For the Three Months Ended March 31,
	2024(1)			2023(1)
Net Asset Value Per Unit (accrual base), Beginning of Period	$	53.53		$	66.04
Income from Investment Operations:
Net investment income		1.98			2.05
Net realized and unrealized loss		(1.11	)		(1.45	)
Total income from investment operations		0.87			0.60
Less Distributions:
From distributable earnings		(0.36	)		—
Total distributions		(0.36	)		—
Net Asset Value Per Unit (accrual base), End of Period	$	54.04		$	66.64
Unitholder Total Return(2)(3)		1.66	%		1.01	%
Unitholder IRR before incentive fees(4)		10.67	%		11.64	%
Unitholder IRR after all fees and expenses(4)		9.00	%		9.63	%
Ratios and Supplemental Data:
Members’ Capital, end of period	$	576,756		$	749,940
Units outstanding, end of period		13,734,010			13,734,010
Ratios based on average net assets of Members’ Capital:
Ratio of total expenses to average net assets(5)		5.58	%		7.14	%
Ratio of financing cost to average net assets(3)		1.11	%		0.84	%
Ratio of net investment income to average net assets(5)		18.96	%		15.21	%
Ratio of incentive fees to average net assets(5)		(1.92	)%		1.12	%
Credit facilities payable		239,469			298,786
Asset coverage ratio		3.40			3.50
Portfolio turnover rate(3)		1.10	%		1.21	%

(1)Per unit data was calculated using the number of Common Units issued and outstanding as of March 31, 2024 and 2023, respectively.

(2)The Total Return for the three months ended March 31, 2024 and 2023 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.

(3)Not annualized.

(4)The Internal Rate of Return (“IRR”) since inception for the Common Unitholders, after management fees, financing costs and operating expenses, but before incentive fees is 10.67%. The IRR since inception for the Common Unitholders, after management fees, financing costs, operating expenses and Advisor incentive fees is 9.00%. The IRR is computed based on cash flow due dates contained in notices to Members (contributions from and distributions to the Unitholders) and the net assets (residual value) of the Members’ Capital account at period end. The IRR is calculated based on the fair value of investments using principles and methods in accordance with GAAP and does not necessarily represent the amounts that may be realized from sales or other dispositions. Accordingly, the actual return may vary significantly upon realization.

(5)Annualized.

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Organization and Basis of Presentation - Additional Information (Details) - USD ($)			3 Months Ended
	Jan. 14, 2019	Aug. 18, 2017	Mar. 31, 2024
Organization and Basis of Presentation Disclosure [Line Items]
Extended term for successive periods of subscription agreements			1 year
Commitment period description			The Commitment Period commenced on April 13, 2018 (the “Initial Closing Date”), the day on which the Company completed the first closing of the sale of its Units to persons not affiliated with the Adviser and ended on May 16, 2021, which is the later of (a) April 13, 2021, three years from the Initial Closing Date and (b) May 16, 2021, three years from the date in which the Company first completed an investment.
Significantly investment completion period upon expiration of commitment period			90 days
Recallable amount			$ 484,419,000
Maximum
Organization and Basis of Presentation Disclosure [Line Items]
Percentage of aggregate cumulative invested amount in existing portfolio companies			10.00%
Common Units
Organization and Basis of Presentation Disclosure [Line Items]
Number of units sold and issued	13,734,010	10
Aggregate purchase price	$ 1,373,401,000		$ 1,000
Shares issued price per unit			$ 100
Common Units | Minimum
Organization and Basis of Presentation Disclosure [Line Items]
Number of business days			10 days

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Organization and Basis of Presentation - Schedule of Aggregate Commitments, Undrawn Commitments, Percentage of Commitments Funded and Number of Subscribed for Units (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Organization and Basis of Presentation Disclosure [Line Items]
Common Unitholder, Commitments	$ 1,373,401	$ 1,373,401
Common Unitholder, Undrawn Commitments	$ 165,401	$ 165,401
Common Unitholder, % of Commitments Funded	88.00%
Common Unitholder, Units	13,734,010	13,734,010	13,734,010

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Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	16 Months Ended
	Mar. 31, 2024	Dec. 31, 2018
Significant Accounting Policies [Line Items]
Organizational costs		$ 740
Organization costs for adviser reimbursement		380
Deferred offering costs		633
Offering costs for adviser reimbursement		$ 324
Basis points of aggregate capital commitments for organization and offering expenses	1.00%
ASU 2022-03
Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2024
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, immaterial effect	true

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Investment Valuations and Fair Value Measurements - Summary by Major Security Type of Fair Valuations According to Inputs Used in Valuing Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investment Valuations And Fair Value Measurements [Line Items]
Total Assets	$ 979,767	$ 977,830
Debt
Investment Valuations And Fair Value Measurements [Line Items]
Total Assets	850,492	835,989
Equity
Investment Valuations And Fair Value Measurements [Line Items]
Total Assets	9,671	7,350
Cash Equivalents
Investment Valuations And Fair Value Measurements [Line Items]
Total Assets	25,944	55,777
Short-Term Investments
Investment Valuations And Fair Value Measurements [Line Items]
Total Assets	93,660	78,714
Level 1
Investment Valuations And Fair Value Measurements [Line Items]
Total Assets	120,922	136,066
Level 1 | Debt
Investment Valuations And Fair Value Measurements [Line Items]
Total Assets	0	0
Level 1 | Equity
Investment Valuations And Fair Value Measurements [Line Items]
Total Assets	1,318	1,575
Level 1 | Cash Equivalents
Investment Valuations And Fair Value Measurements [Line Items]
Total Assets	25,944	55,777
Level 1 | Short-Term Investments
Investment Valuations And Fair Value Measurements [Line Items]
Total Assets	93,660	78,714
Level 2
Investment Valuations And Fair Value Measurements [Line Items]
Total Assets	0	0
Level 2 | Debt
Investment Valuations And Fair Value Measurements [Line Items]
Total Assets	0	0
Level 2 | Equity
Investment Valuations And Fair Value Measurements [Line Items]
Total Assets	0	0
Level 2 | Cash Equivalents
Investment Valuations And Fair Value Measurements [Line Items]
Total Assets	0	0
Level 2 | Short-Term Investments
Investment Valuations And Fair Value Measurements [Line Items]
Total Assets	0	0
Level 3
Investment Valuations And Fair Value Measurements [Line Items]
Total Assets	858,845	841,764
Level 3 | Debt
Investment Valuations And Fair Value Measurements [Line Items]
Total Assets	850,492	835,989
Level 3 | Equity
Investment Valuations And Fair Value Measurements [Line Items]
Total Assets	8,353	5,775
Level 3 | Cash Equivalents
Investment Valuations And Fair Value Measurements [Line Items]
Total Assets	0	0
Level 3 | Short-Term Investments
Investment Valuations And Fair Value Measurements [Line Items]
Total Assets	$ 0	$ 0

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Investment Valuations and Fair Value Measurements - Reconciliation of Beginning and Ending Balances for Total Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investment Valuations And Fair Value Measurements [Line Items]
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net Realized Gain Loss From Non Controlled Non Affiliated Investments	Net Realized Gain Loss From Non Controlled Non Affiliated Investments
Level 3
Investment Valuations And Fair Value Measurements [Line Items]
Beginning Balance	$ 841,764	$ 1,102,536
Purchases, including payments received in-kind	85,963	24,892
Sales and paydowns of investments	(54,797)	(68,942)
Amortization of premium and accretion of discount, net	1,075	4,624
Net realized (losses) gains		19
Net change in unrealized appreciation/(depreciation)	(15,160)	(28,662)
Ending Balance	858,845	1,034,467
Net change in unrealized appreciation/(depreciation) in investments held	(15,011)	(18,970)
Level 3 | Debt
Investment Valuations And Fair Value Measurements [Line Items]
Beginning Balance	835,989	1,054,945
Purchases, including payments received in-kind	85,867	24,892
Sales and paydowns of investments	(54,797)	(67,715)
Amortization of premium and accretion of discount, net	1,075	4,624
Net realized (losses) gains		19
Net change in unrealized appreciation/(depreciation)	(17,642)	(9,977)
Ending Balance	850,492	1,006,788
Net change in unrealized appreciation/(depreciation) in investments held	(17,494)	(8,278)
Level 3 | Equity
Investment Valuations And Fair Value Measurements [Line Items]
Beginning Balance	5,775	47,591
Purchases, including payments received in-kind	96	0
Sales and paydowns of investments	0	(1,227)
Amortization of premium and accretion of discount, net	0	0
Net realized (losses) gains		0
Net change in unrealized appreciation/(depreciation)	2,482	(18,685)
Ending Balance	8,353	27,679
Net change in unrealized appreciation/(depreciation) in investments held	$ 2,483	$ (10,692)

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Investment Valuations and Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investment Valuations And Fair Value Measurements [Abstract]
Fair value assets (liabilities) transfer between level amount	$ 0	$ 0

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Investment Valuations and Fair Value Measurements - Summary of Valuation Techniques and Quantitative Information in Determining Fair value of Level 3 Investments (Details) - Level 3 $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt | Income Method | Discount Rate
Investment Valuations And Fair Value Measurements [Line Items]
Fair Value	$ 494,113	$ 650,058
Debt | Income Method | Discount Rate | Minimum
Investment Valuations And Fair Value Measurements [Line Items]
Unobservable input, range	0.109	0.109
Debt | Income Method | Discount Rate | Maximum
Investment Valuations And Fair Value Measurements [Line Items]
Unobservable input, range	0.27	0.27
Debt | Income Method | Discount Rate | Weighted Average
Investment Valuations And Fair Value Measurements [Line Items]
Unobservable input, range	16.6	16.6
Debt | Income Method | Take Out Indication | Minimum
Investment Valuations And Fair Value Measurements [Line Items]
Unobservable input, range	1.02
Debt | Income Method | Take Out Indication | Maximum
Investment Valuations And Fair Value Measurements [Line Items]
Unobservable input, range	1.02
Debt | Market Method | EBITDA Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Fair Value	$ 141,220	$ 11,798
Debt | Market Method | EBITDA Multiple | Minimum
Investment Valuations And Fair Value Measurements [Line Items]
Unobservable input, range	6	6
Debt | Market Method | EBITDA Multiple | Maximum
Investment Valuations And Fair Value Measurements [Line Items]
Unobservable input, range	8	7
Debt | Market Method | Revenue Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Fair Value	$ 141,799
Debt | Market Method | Revenue Multiple | Minimum
Investment Valuations And Fair Value Measurements [Line Items]
Unobservable input, range	0.4	0.5
Debt | Market Method | Revenue Multiple | Maximum
Investment Valuations And Fair Value Measurements [Line Items]
Unobservable input, range	1.1	0.7
Debt | Income Method | Discount Rate
Investment Valuations And Fair Value Measurements [Line Items]
Fair Value	$ 73,360
Debt | Income Method | Discount Rate | Minimum
Investment Valuations And Fair Value Measurements [Line Items]
Unobservable input, range	0.168
Debt | Income Method | Discount Rate | Maximum
Investment Valuations And Fair Value Measurements [Line Items]
Unobservable input, range	0.177
Debt | Income Method | Discount Rate | Weighted Average
Investment Valuations And Fair Value Measurements [Line Items]
Unobservable input, range	17.3
Debt | Market Method | EBITDA Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Fair Value		$ 49,969
Debt | Market Method | EBITDA Multiple | Minimum
Investment Valuations And Fair Value Measurements [Line Items]
Unobservable input, range		6.3
Debt | Market Method | EBITDA Multiple | Maximum
Investment Valuations And Fair Value Measurements [Line Items]
Unobservable input, range		9.1
Debt | Market Method | Revenue Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Fair Value		$ 124,164
Debt | Market Method | Revenue Multiple | Minimum
Investment Valuations And Fair Value Measurements [Line Items]
Unobservable input, range		0.8
Debt | Market Method | Revenue Multiple | Maximum
Investment Valuations And Fair Value Measurements [Line Items]
Unobservable input, range		1.1
Equity | Expected Term | Minimum
Investment Valuations And Fair Value Measurements [Line Items]
Unobservable Input, Expected Term (in years)	1 year 3 months 18 days	1 year 9 months 18 days
Equity | Expected Term | Maximum
Investment Valuations And Fair Value Measurements [Line Items]
Unobservable Input, Expected Term (in years)	2 years 3 months 18 days	1 year 9 months 18 days
Equity | Income Method | Implied Volatility | Minimum
Investment Valuations And Fair Value Measurements [Line Items]
Unobservable input, range	0.55	0.60
Equity | Income Method | Implied Volatility | Maximum
Investment Valuations And Fair Value Measurements [Line Items]
Unobservable input, range	0.65	0.60
Equity | Market Method | EBITDA Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Fair Value	$ 5,942	$ 1,247
Equity | Market Method | EBITDA Multiple | Minimum
Investment Valuations And Fair Value Measurements [Line Items]
Unobservable input, range	6	6.3
Equity | Market Method | EBITDA Multiple | Maximum
Investment Valuations And Fair Value Measurements [Line Items]
Unobservable input, range	8	9.1
Equity | Market Method | Revenue Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Fair Value	$ 0	$ 0
Equity | Market Method | Revenue Multiple | Minimum
Investment Valuations And Fair Value Measurements [Line Items]
Unobservable input, range	0.6	0.8
Equity | Market Method | Revenue Multiple | Maximum
Investment Valuations And Fair Value Measurements [Line Items]
Unobservable input, range	1.1	1.1
Equity | Market Method | EBITDA Multiple
Investment Valuations And Fair Value Measurements [Line Items]
Fair Value	$ 2,411	$ 4,528
Equity | Market Method | EBITDA Multiple | Minimum
Investment Valuations And Fair Value Measurements [Line Items]
Unobservable input, range	7.3	7.8
Equity | Market Method | EBITDA Multiple | Maximum
Investment Valuations And Fair Value Measurements [Line Items]
Unobservable input, range	8.3	8.8

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Agreements and Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended				12 Months Ended
	Dec. 29, 2017	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Mar. 31, 2023	Dec. 31, 2024
Related Party Transaction [Line Items]
Advisory agreement effective period	2 years
Percentage of management fee		0.375%	0.375%	0.375%
Management fees		$ 3,471			$ 4,055
Management fees payable		6,949	$ 3,478		4,055
Incentive fees		(2,749)			2,069
Incentive fees payable		$ 79,993	$ 82,742		$ 78,335
Incentive fee, description		The Incentive Fee is calculated on a cumulative basis and the amount of the Incentive Fee payable in connection with any distribution (or deemed distribution) will be determined in accordance with the foregoing formula each time amounts are to be distributed to the Unitholders.
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%
Company expenses limitation maximum reimbursed period		3 years
Forecast
Related Party Transaction [Line Items]
Percentage of management fee						1.50%
Second
Related Party Transaction [Line Items]
Percentage of internal rate of return on aggregate capital contribution		9.00%
Third
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
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 ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Unfunded Commitments Amount	$ 13,075	$ 23,226
Unrealized Depreciation	$ 779	746
AGY Holdings Corp
Loss Contingencies [Line Items]
Maturity/Expiration	2027-09
Unfunded Commitments Amount	$ 2,067	2,067
Unrealized Depreciation	$ 172	182
Bendon Inc
Loss Contingencies [Line Items]
Maturity/Expiration	2025-12
Unfunded Commitments Amount	$ 4,842	7,263
Unrealized Depreciation	$ 58	116
Centric Brands Inc
Loss Contingencies [Line Items]
Maturity/Expiration	2024-10
Unfunded Commitments Amount	$ 0	5,295
Unrealized Depreciation	$ 0	0
Encompass Digital Media, Inc.
Loss Contingencies [Line Items]
Maturity/Expiration	2025-09
Unfunded Commitments Amount	$ 508	508
Unrealized Depreciation	$ 216	174
Greenfield World Trade, Inc
Loss Contingencies [Line Items]
Maturity/Expiration	2024-06
Unfunded Commitments Amount	$ 2,907	4,685
Unrealized Depreciation	$ 81	136
Rapid Displays, Inc
Loss Contingencies [Line Items]
Maturity/Expiration	2026-04
Unfunded Commitments Amount	$ 983	1,377
Unrealized Depreciation	$ 252	138
Twin Star International, Inc.
Loss Contingencies [Line Items]
Maturity/Expiration	2024-09
Unfunded Commitments Amount	$ 674	2,023
Unrealized Depreciation	$ 0	0
Slogic Holding Corp
Loss Contingencies [Line Items]
Maturity/Expiration	2026-04
Unfunded Commitments Amount	$ 1,086	0
Unrealized Depreciation	$ 0	0
WDE TorcSill Holdings LLC
Loss Contingencies [Line Items]
Maturity/Expiration	2024-10
Unfunded Commitments Amount	$ 8	8
Unrealized Depreciation	$ 0	$ 0

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Members' Capital - Summary of Company Unit Activity (Details) - shares	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Units at beginning of period	13,734,010	13,734,010	13,734,010
Units issued and committed at end of period	13,734,010		13,734,010

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Members' Capital - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Deemed distributions	$ 0	$ 0
Deemed contributions	$ 0	$ 0

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Credit Facilities - Additional Information (Details) - USD ($)								1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 06, 2023	May 09, 2023	Jan. 10, 2023	Oct. 27, 2022	Mar. 15, 2022	Jan. 29, 2019	May 10, 2018	Jan. 31, 2022	Mar. 31, 2024	Dec. 31, 2023	Nov. 15, 2021	Mar. 10, 2021	Jul. 01, 2020	Jun. 19, 2020	Apr. 21, 2020	Mar. 17, 2020	Dec. 31, 2019	Apr. 11, 2019
Line of Credit Facility [Line Items]
Deferred financing costs, net									$ 99,000	$ 331,000
PNC Maximum Commitment
Line of Credit Facility [Line Items]
Maximum commitment									$ 225,000,000	265,000,000
Maximum commitment periodically increased in amount						$ 900,000,000
Description of variable rate basis									three-month LIBOR
Maturity date						Jan. 29, 2024
Borrowings									$ 225,000,000	265,000,000
PNC Maximum Commitment | Maximum
Line of Credit Facility [Line Items]
Maximum commitment						$ 400,000,000
PNC Revolving Credit Facility
Line of Credit Facility [Line Items]
Borrowings									$ 15,000,000	$ 0
PNC Revolving Credit Facility
Line of Credit Facility [Line Items]
Maturity date								Jan. 29, 2024	Jan. 31, 2022	Jan. 31, 2022
Borrowings								$ 295,500,000
PNC Term Loan
Line of Credit Facility [Line Items]
Borrowings									$ 225,000,000	$ 265,000,000
Deferred financing costs, net									531,000	806,000
Amended PNC Maximum Commitment
Line of Credit Facility [Line Items]
Maximum commitment																		$ 600,000,000
PNC Credit Agreement | PNC Maximum Commitment
Line of Credit Facility [Line Items]
Maximum commitment											$ 700,000,000			$ 825,000,000		$ 795,000,000		$ 600,000,000
Maximum commitment periodically increased in amount																$ 900,000,000
Seventh Amended Revolving Credit Agreement | Less than 50% of Maximum Commitment
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity commitment fee percentage		2.15%
Seventh Amended Revolving Credit Agreement | Percentage of Unused Capacity between 0% and 30%
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity commitment fee percentage		0.75%
Seventh Amended Revolving Credit Agreement | Percentage of Unused Capacity Between 30% and 50%
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity commitment fee percentage		0.55%
Seventh Amended Revolving Credit Agreement | Percentage of Unused Capacity Greater than 50%
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity commitment fee percentage		0.40%
Third Amended and Restated Credit and Security Agreement with PNC | PNC Maximum Commitment
Line of Credit Facility [Line Items]
Percentage of membership interests in subsidiary.	100.00%
Third Amended and Restated Credit and Security Agreement with PNC | PNC Revolving Credit Facility
Line of Credit Facility [Line Items]
Maturity date	Jan. 29, 2025
Debt instrument maturity date to be extended upon satisfaction of certain conditions	366 days
Third Amended and Restated Credit and Security Agreement with PNC | PNC Term Loan
Line of Credit Facility [Line Items]
Maximum commitment	$ 265,000,000
Natixis Revolving Credit Facility | Natixis Credit Agreement
Line of Credit Facility [Line Items]
Maximum commitment							$ 150,000,000					$ 250,000,000	$ 280,000,000		$ 340,000,000		$ 400,000,000
Aggregate Maximum commitment amount							$ 1,000,000,000
Maturity date					May 09, 2023		May 10, 2021
Extended maturity date							May 09, 2022
Natixis Revolving Credit Facility | Natixis Credit Agreement | Seventh Amended Revolving Credit Agreement
Line of Credit Facility [Line Items]
Debt instrument maturity date to be extended upon satisfaction of certain conditions		364 days
Debt instrument extended maturity date		May 09, 2024
Natixis Revolving Credit Facility and PNC Revolving Credit Facility
Line of Credit Facility [Line Items]
Deferred financing costs, net									$ 99,000	$ 331,000
SOFR
Line of Credit Facility [Line Items]
Credit facility, interest rate			1.75%
SOFR | Third Amended PNC Credit Agreement | PNC Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit facility, interest rate				2.30%
SOFR | Third Amended and Restated Credit and Security Agreement with PNC | PNC Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit facility, interest rate	2.75%
LIBOR | PNC Maximum Commitment
Line of Credit Facility [Line Items]
Credit facility, interest rate						2.30%
Base Rate | PNC Maximum Commitment
Line of Credit Facility [Line Items]
Credit facility, interest rate						2.30%
Base Rate | Third Amended PNC Credit Agreement | PNC Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit facility, interest rate				2.30%
Base Rate | Seventh Amended Revolving Credit Agreement | Maximum
Line of Credit Facility [Line Items]
Credit facility, interest rate		1.15%
Base Rate | Seventh Amended Revolving Credit Agreement | Minimum
Line of Credit Facility [Line Items]
Credit facility, interest rate		0.75%
Base Rate | Natixis Revolving Credit Facility | Natixis Credit Agreement
Line of Credit Facility [Line Items]
Credit facility, interest rate					0.75%
Other Loan | Seventh Amended Revolving Credit Agreement | Maximum
Line of Credit Facility [Line Items]
Credit facility, interest rate		2.15%
Other Loan | Seventh Amended Revolving Credit Agreement | Minimum
Line of Credit Facility [Line Items]
Credit facility, interest rate		1.75%
Eurodollar Rate | Natixis Revolving Credit Facility | Natixis Credit Agreement
Line of Credit Facility [Line Items]
Credit facility, interest rate					1.75%

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Credit Facilities - Summary of Amounts Outstanding and Available under Credit Facilities (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Natixis Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum commitment	$ 250,000,000	$ 250,000,000
Borrowings Outstanding	15,000,000	0
Available Amount	235,000,000	250,000,000
PNC Credit Facility
Line of Credit Facility [Line Items]
Maximum commitment	225,000,000	265,000,000
Borrowings Outstanding	$ 225,000,000	$ 265,000,000

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Credit Facilities - Summary of Amounts Outstanding and Available under Credit Facilities (Parenthetical) (Details) - PNC Revolving Credit Facility - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2022	Mar. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Available amount		$ 0	$ 0
Maturity date	Jan. 29, 2024	Jan. 31, 2022	Jan. 31, 2022

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Credit Facilities - Reconciliation of Term Loan Amounts Presented on Consolidated Statements of Assets and Liabilities versus Outstanding (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Deferred financing costs	$ (99)	$ (331)
PNC Term Loan
Debt Instrument [Line Items]
Principal amount outstanding on PNC Term Loan	225,000	265,000
Deferred financing costs	(531)	(806)
PNC Term Loan (as presented on the Consolidated Statements of Assets and Liabilities)	$ 224,469	$ 264,194

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Credit Facilities - Summary Information Regarding Credit Facilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Line of Credit Facility [Line Items]
Administrative fees	$ 261	$ 319
Amortization of deferred financing costs	507	516
Credit Facilities
Line of Credit Facility [Line Items]
Credit Facilities interest expense	4,672	5,555
Unused fees	1,145	156
Administrative fees	50	50
Amortization of deferred financing costs	507	516
Total	$ 6,374	$ 6,277
Weighted average interest rate	8.05%	7.03%
Average outstanding balance	$ 229,670	$ 316,033

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Repurchase Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Disclosure of Repurchase Agreements [Abstract]
Repurchase obligation outstanding	0		0
Interest expense on repurchase transactions	$ 278	$ 0

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Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Income Tax [Line Items]
Federal income tax provision	$ 0
Unrecognized tax benefits		$ 0
Accrued interest or penalties		$ 0
U.S. federal
Income Tax [Line Items]
Examination for prior years returns filed	2 years
State
Income Tax [Line Items]
Examination for prior years returns filed	2 years

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Income Taxes - Schedule Of Aggregate Investment Unrealized Appreciation And Depreciation For Federal Income Tax Purposes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Cost of investments for federal income tax purposes	$ 1,057,163	$ 1,045,225
Unrealized appreciation	10,727	6,469
Unrealized depreciation	(88,123)	(73,865)
Net unrealized depreciation on investments	$ (77,396)	$ (67,396)

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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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Investment Company [Abstract]
Net Asset Value Per Unit (accrual base), Beginning of Period	$ 53.53	$ 66.04
Income from Investment Operations:
Net investment income	1.98	2.05
Net realized and unrealized loss	(1.11)	(1.45)
Total income from investment operations	0.87	0.6
Less Distributions:
From distributable earnings	(0.36)	0
Total distributions	(0.36)	0
Net Asset Value Per Unit (accrual base), End of Period	$ 54.04	$ 66.64
Unitholder Total Return	1.66%	1.01%
Unitholder IRR before incentive fees	10.67%	11.64%
Unitholder IRR after all fees and expenses	9.00%	9.63%
Ratios and Supplemental Data
Member's Capital, end of period	$ 576,756	$ 749,940	$ 569,767	$ 741,665
Units outstanding, end of period	13,734,010	13,734,010
Ratios based on average net assets of Members’ Capital:
Ratio of total expenses to average net asset	5.58%	7.14%
Ratio of financing cost to average net assets	1.11%	0.84%
Ratio of net investment income to average net assets	18.96%	15.21%
Ratio of incentive fees to average net assets	(1.92%)	1.12%
Credit facility payable	$ 239,469	$ 298,786
Asset coverage ratio	3.40%	3.50%
Portfolio turnover rate	1.10%	1.21%

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Financial Highlights - Schedule of Net Asset Value Per Unit and Reflects all Units Issued and Outstanding (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2024
Investment Company [Abstract]
Ratio of internal rate of return since inception for common unitholders before incentive fees	10.67%
Ratio of internal rate of return since inception for common unitholders advisor incentive fees	9.00%

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Subsequent Events - Additional Information (Details) - Subsequent Event - Barclays Transaction - USD ($) $ in Thousands	Apr. 01, 2024	Apr. 25, 2024
Subsequent Event [Line Items]
Repurchase transaction settlement date	Apr. 25, 2024
Repurchase transaction settlement, amount		$ 93,694