
Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1)
Automobile Components
	Fenix Intermediate LLC	03/28/24	Term Loan B - 10.74% (SOFR + 7.00%, 1.75% Floor)		2.4	%	$	6,063,371	03/28/29	$	5,962,927	$	5,505,541
	Fenix Intermediate LLC	03/28/24	Delayed Draw Term Loan B-1 - 10.74% (SOFR + 7.00%, 1.75% Floor)		0.2	%		363,620	03/28/29		363,620		330,167
	Superior Industries International, Inc.	12/08/25	Take Back Term Loan - 13.62% inc PIK (SOFR + 10.00%, 3.50% Floor, all PIK)		0.7	%		1,462,274	12/08/30		1,462,274		1,445,604
					3.3	%					7,788,821		7,281,312
Building Products
	Eastern Metal Supply Borrower, LLC	01/06/26	Term Loan - 9.73% (SOFR + 6.00%, 1.00% Floor)		4.8	%		10,551,754	01/06/31		10,408,734		10,425,133
					4.8	%					10,408,734		10,425,133
Commercial Services & Supplies
	Axvor Intermediate, LLC (DQS)	03/24/26	Term Loan - 9.89% (SOFR + 6.25%, 2.00% Floor)		4.1	%		9,040,531	03/24/31		8,891,466		8,982,671
	Power Acquisition LLC	01/22/25	Term Loan B - 10.66% (SOFR + 7.00%, 1.50% Floor)		2.7	%		6,094,480	01/22/30		5,981,432		5,844,607
	Power Acquisition LLC	07/11/25	Incremental Term Loan B - 10.66% (SOFR + 7.00%, 1.50% Floor)		0.2	%		471,913	01/22/30		465,166		452,564
					7.0	%					15,338,064		15,279,842
Construction & Engineering
	Sunland Asphalt & Construction, LLC	06/16/23	Delayed Draw Term Loan - 10.74% (SOFR + 7.00%, 1.75% Floor)		1.0	%		2,076,863	06/16/28		2,076,863		2,092,854
	Sunland Asphalt & Construction, LLC	06/16/23	Term Loan B - 10.74% (SOFR + 7.00%, 1.75% Floor)		2.3	%		5,018,231	06/16/28		4,945,323		5,056,871
					3.3	%					7,022,186		7,149,725
Consumer Discretionary Textiles, Apparel & Luxury Goods
	Helix Sleep, Inc.	11/07/25	Term Loan - 9.15% (SOFR + 5.50%, 1.00% Floor)		1.9	%		4,126,221	11/07/30		4,070,619		4,097,338
					1.9	%					4,070,619		4,097,338
Consumer Durables & Apparel
	Hy Cite Enterprises, LLC	05/21/26	Term Loan - 11.90% (SOFR + 8.00%, 2.00% Floor)		1.4	%		3,196,518	04/21/31		3,165,482		3,148,570
					1.4	%					3,165,482		3,148,570
Containers & Packaging
	The HC Companies, Inc.	08/01/23	Term Loan - 12.14% inc PIK (SOFR + 8.50%, 2.00% Floor, 1.00% PIK)		3.8	%		9,352,857	08/01/28		9,256,281		8,494,264
	The HC Companies, Inc.	05/21/24	Incremental Term Loan - 12.14% inc PIK (SOFR + 8.50%, 2.00% Floor, 1.00% PIK)		0.7	%		1,597,136	08/01/28		1,577,481		1,450,519
	Hoffmaster Group, Inc.	02/24/23	Term Loan - 8.66% (SOFR + 5.00%, 2.00% Floor)		2.8	%		6,087,220	05/24/28		6,065,213		6,046,435
	Hoffmaster Group, Inc.	03/15/24	Incremental Term Loan - 8.66% (SOFR + 5.00%, 2.00% Floor)		0.3	%		768,680	05/24/28		762,247		763,530
					7.6	%					17,661,222		16,754,748


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1) (continued)
Food Products
	Baxters North America, Inc.	05/31/23	Term Loan - 10.24% (SOFR + 6.50%, 1.75% Floor)		3.3	%	$	7,220,224	05/31/28	$	7,147,999	$	7,227,444
	Signature Brands, LLC	02/29/24	Delayed Draw Term Loan A - 10.43% (SOFR + 6.50%, 1.75% Floor)		0.3	%		552,811	05/04/28		548,594		552,811
	Signature Brands, LLC	05/05/23	Term Loan - 13.43% inc PIK (SOFR + 9.50%, 1.75% Floor, 3.00% PIK)		2.6	%		10,091,077	05/04/28		10,019,894		5,812,460
	Signature Brands, LLC	05/05/25	9th Amendment Term Loan A - 17.50% inc PIK (17.50%, Fixed Coupon, all PIK)		1.0	%		2,135,676	05/04/28		2,093,003		2,135,676
					7.2	%					19,809,490		15,728,391
Ground Transportation
	RPM Purchaser, Inc.	09/11/23	Term Loan B - 10.01% (SOFR + 6.25%, 2.00% Floor)		2.8	%		6,189,259	09/11/28		6,104,250		6,189,259
	RPM Purchaser, Inc.	09/11/23	Delayed Draw Term Loan B - 10.01% (SOFR + 6.25%, 2.00% Floor)		0.9	%		1,910,453	09/11/28		1,910,453		1,910,453
					3.7	%					8,014,703		8,099,712
Health Care Equipment & Supplies
	Connect America.com, LLC	10/11/24	Last Out Term Loan - 10.48% inc PIK (SOFR + 6.75%, 1.75% Floor, 4.00% PIK)		3.9	%		9,303,217	10/11/29		9,205,173		8,568,262
					3.9	%					9,205,173		8,568,262
Hotels, Restaurants & Leisure
	ADAN-B LLC (24 Hour Fitness)(3)	4/30/2025 & 12/31/25	Term Loan - 9.48% (SOFR + 5.75%, 1.50% Floor)		3.8	%		8,506,655	12/31/30		8,359,565		8,421,588
	ADAN-B LLC (24 Hour Fitness)	4/30/2025 & 12/31/25	Revolver - 9.48% (SOFR + 5.75%, 1.50% Floor)		0.2	%		361,585	12/31/30		361,585		357,969
	CEC Entertainment, LLC	09/26/25	Term Loan - 9.73% (SOFR + 6.00%, 2.00% Floor)		3.5	%		7,967,759	09/26/30		7,806,533		7,712,791
	Five Star Buyer, Inc.	05/11/23	Term Loan - 12.82% inc PIK (SOFR + 9.00%, 1.50% Floor, 2.00% PIK)		2.5	%		5,932,517	02/23/28		5,853,392		5,552,836
	Five Star Buyer, Inc.	05/11/23	Delayed Draw Term Loan - 12.88% inc PIK (SOFR + 9.00%, 1.50% Floor, 2.00% PIK)		0.1	%		212,026	02/23/28		212,026		198,456
					10.1	%					22,593,101		22,243,640
Leisure Products
	Lumos Holdings US Acquisition Co. (Life Fitness)	08/05/25	Term Loan - 9.16% (SOFR + 5.50%, 1.50% Floor)		4.6	%		10,113,484	08/05/30		9,989,198		10,113,484
					4.6	%					9,989,198		10,113,484
Machinery
	Mark Andy, Inc.	06/16/23	Term Loan - 12.63% inc PIK (SOFR + 8.75%, 1.50% Floor, 5.75% PIK)		2.0	%		7,176,544	06/16/28		7,110,264		4,463,811
					2.0	%					7,110,264		4,463,811
Metals & Mining
	Material Sciences Corporation	03/14/25	Term Loan - 9.98% (SOFR + 6.25%, 2.00% Floor)		4.1	%		9,087,413	03/14/30		8,936,022		8,905,665
					4.1	%					8,936,022		8,905,665
Oil, Gas & Consumable Fuels
	HydroSource Midstream, LLC	04/30/26	Term Loan - 14.93% inc PIK (SOFR + 11.00%, 2.50% Floor, all PIK)		2.7	%		6,331,660	04/30/31		6,123,463		6,078,393
	HydroSource Midstream, LLC	04/30/26	Bridge Term Loan - 14.43% (SOFR + 10.50%, 2.50% Floor)		0.2	%		474,963	04/30/31		464,843		471,164
	HydroSource Midstream, LLC	04/30/26	Revolver - 14.43% (SOFR + 10.50%, 2.50% Floor)		0.1	%		142,489	04/30/31		142,489		136,932
	HydroSource Midstream, LLC	04/30/26	Delayed Draw Term Loan - 14.91% inc PIK (SOFR + 11.00%, 2.50% Floor, all PIK)		0.5	%		1,068,668	04/30/31		1,052,638		1,025,921
					3.5	%					7,783,433		7,712,410


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1) (continued)
Paper & Forest Products
	Pallet Logistics of America, LLC	11/22/24	Revolver - 10.68% (SOFR + 7.00%, 1.00% Floor)		0.1	%	$	327,744	11/29/29	$	327,744	$	314,634
	Pallet Logistics of America, LLC	11/22/24	Term Loan - 10.66% inc PIK (SOFR + 7.00%, 1.00% Floor, 0.50% PIK)		1.8	%		4,143,248	11/22/29		4,076,604		3,977,519
					1.9	%					4,404,348		4,292,153
Personal Care Products
	The Vitamin Shoppe, LLC	03/23/26	Term Loan - 9.90% (SOFR + 6.25%, 2.00% Floor)		3.8	%		8,516,467	03/23/31		8,355,466		8,346,138
	Viva 5 Group, LLC	05/21/25	Term Loan - 10.14% (SOFR + 6.50%, 2.25% Floor)		3.9	%		8,645,739	05/21/30		8,475,552		8,490,115
	Viva 5 Group, LLC	05/21/25	Revolver - 10.14% (SOFR + 6.50%, 2.25% Floor)		0.5	%		1,090,956	05/21/30		1,090,956		1,071,318
					8.2	%					17,921,974		17,907,571
Professional Services
	Alorica Inc.	12/21/22	Term Loan - 10.52% (SOFR + 6.88%, 1.50% Floor)		4.2	%		9,173,294	12/21/27		9,132,752		9,173,294
					4.2	%					9,132,752		9,173,294
Software
	CF Newco, Inc.	12/09/24	Term Loan - 9.67% (SOFR + 6.00%, 1.50% Floor)		1.7	%		3,777,984	12/10/29		3,749,969		3,770,428
	CF Newco, Inc.	12/09/24	Revolver - 9.67% (SOFR + 6.00%, 1.50% Floor)		0.1	%		262,577	12/10/29		262,577		262,052
	CF Newco, Inc.	12/11/25	Amendment No. 1 Term Loan - 9.92% (SOFR + 6.25%, 1.50% Floor)		0.8	%		1,728,920	12/10/29		1,705,568		1,739,293
					2.6	%					5,718,114		5,771,773
Specialty Retail
	D&D Buyer, LLC	10/04/23	Term Loan - 9.58% (SOFR + 5.75%, 2.00% Floor)		4.8	%		10,632,748	10/04/29		10,547,740		10,739,076
	D&D Buyer, LLC	02/18/26	5th Amendment Delayed Draw Term Loan - 9.58% (SOFR + 5.75%, 2.00% Floor)		0.7	%		1,434,214	10/04/29		1,430,618		1,434,214
					5.5	%					11,978,358		12,173,290
Trading Companies & Distributors
	Cinelease, LLC	08/07/25	ABL Term Loan - 11.12% (SOFR + 7.50%, 2.50% Floor)		1.5	%		3,505,424	07/31/30		3,385,505		3,368,712
					1.5	%					3,385,505		3,368,712
Transportation Infrastructure
	CG Buyer, LLC	07/19/23	Delayed Draw Term Loan - 9.64% (SOFR + 6.00%, 1.50% Floor)		0.1	%		114,501	07/19/28		114,501		114,501
	CG Buyer, LLC	07/19/23	Term Loan - 9.64% (SOFR + 6.00%, 1.50% Floor)		2.3	%		5,251,430	07/19/28		5,192,918		5,251,430
					2.4	%					5,307,419		5,365,931

	Total Debt Investments				94.7	%					216,744,982		208,024,767


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Shares		Amortized Cost		Fair Value
	EQUITY
Automobile Components
	SUP Parent Holdings, LLC(4)(5)	12/08/25	Common Units		0.7	%		6,602	$	2,937,109	$	1,570,368
					0.7	%				2,937,109		1,570,368
Commercial Services & Supplies
	CSAT Investment Holdings LLC(4)(5)	03/05/25	Warrant, expires 3/1/32		0.0	%		301,543		—		30,399
					0.0	%				—		30,399
Energy Equipment & Services
	EagleRock Land LLC(4)(5)(6)(7)(8)	05/15/26	Class A Units		6.8	%		700,635		43,596		14,888,494
					6.8	%				43,596		14,888,494
Oil, Gas & Consumable Fuels
	HydroSource Holdings, LLC(4)(5)	04/30/26	Warrant, expires 4/30/36		0.1	%		32		—		111,494
					0.1	%				—		111,494
Trading Companies & Distributors
	Cinelease, LLC(4)(5)	08/07/25	Warrant, expires 7/31/35		0.0	%		37,311		65,707		52,654
					0.0	%				65,707		52,654
	Total Equity Investments				7.6	%				3,046,412		16,653,409
	Total Debt & Equity Investments(2)				102.3	%				219,791,394		224,678,176
	Cash Equivalents
	First American Government Obligation Fund, Yield 3.56%, Class X (FGXXX)				2.3	%		4,939,500		4,939,500		4,939,500
	Total Cash Equivalents				2.3	%		4,939,500		4,939,500		4,939,500
	Total Investments (104.6%)								$	224,730,894	$	229,617,676
	Net unrealized depreciation on unfunded commitments (-0.0%)											(99,372	)
	Liabilities in Excess of Other Assets (-4.6%)										$	(10,142,913	)
	Net Assets (100.0%)										$	219,375,391

(1)

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

(2)

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.”

(3)

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

(4)

Non-income producing.

(5)

All or a portion of such security was acquired in a transaction exempt from registration under the Securities Act of 1933 as amended (the “Securities Act”), and may be deemed “restricted securities” under the Securities Act. As of June 30, 2026, the aggregate fair value of these securities was $16,653,409, or 7.2% of the Company’s total assets.

(6)

Fair value of the EagleRock Land LLC Class A Units held by the Company is based on the market price of the issuer's stock as of June 30, 2026. Such units are considered to be a Level 1 security within the Fair Value Hierarchy.

(7)

The EagleRock LLC Class A Units are subject to a contractual sale restriction. See Note 3.

(8)

The investment is not a qualifying asset as defined in Section 55(a) under the 1940 Act, as amended. A business development company may not acquire an asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets. As of June 30, 2026, $14,888,494 or 6.4% of the Company’s total assets were represented by “non-qualifying assets.”

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

PIK - Payment-In-Kind

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $46,380,938 and $37,372,133, respectively, for the period ended June 30, 2026. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments.


Geographic Breakdown of Portfolio
United States	100	%

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


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1)
Automobile Components
	Fenix Intermediate LLC	03/28/24	Term Loan B - 10.43% (SOFR + 6.75%, 1.75% Floor)		2.8	%	$	6,079,110	03/28/29	$	5,959,899	$	5,854,183
	Fenix Intermediate LLC	03/28/24	Delayed Draw Term Loan B-1 - 10.43% (SOFR + 6.75%, 1.75% Floor)		0.2	%		364,564	03/28/29		364,564		351,075
	Superior Industries International, Inc.	12/08/25	Take Back Term Loan - 13.78% inc PIK (SOFR + 10.00%, 3.50% Floor, all PIK)		0.7	%		1,363,548	12/08/30		1,327,202		1,364,093
					3.7	%					7,651,665		7,569,351
Commercial Services & Supplies
	CSAT Holdings LLC	06/30/23	Term Loan - 14.43% inc PIK (SOFR + 10.50%, 2.00% Floor, 2.25% PIK)		3.7	%		7,570,562	06/30/28		7,443,708		7,562,991
	CSAT Holdings LLC	06/30/23	Revolver - 14.33% inc PIK (SOFR + 10.50%, 2.00% Floor, 2.25% PIK)		0.3	%		690,164	06/30/28		690,164		689,474
	Comprehensive Logistics Co., LLC	03/26/24	Term Loan - 11.32% (SOFR + 7.50%, 2.00% Floor)		3.2	%		6,653,654	03/26/26		6,636,407		6,567,157
	Power Acquisition LLC	01/22/25	Term Loan B - 9.86% (SOFR + 6.00%, 1.50% Floor)		2.8	%		6,145,092	01/22/30		6,014,898		5,837,838
	Power Acquisition LLC	07/11/25	Incremental Term Loan B - 9.86% (SOFR + 6.00%, 1.50% Floor)		0.2	%		471,913	01/22/30		464,227		451,148
					10.2	%					21,249,404		21,108,608
Construction & Engineering
	Sunland Asphalt & Construction, LLC	06/16/23	Delayed Draw Term Loan - 10.32% (SOFR + 6.50%, 1.75% Floor)		1.0	%		2,087,432	06/16/28		2,087,432		2,107,262
	Sunland Asphalt & Construction, LLC	06/16/23	Term Loan B - 10.32% (SOFR + 6.50%, 1.75% Floor)		2.4	%		5,018,231	06/16/28		4,926,893		5,065,904
					3.4	%					7,014,325		7,173,166
Consumer Discretionary Textiles, Apparel & Luxury Goods
	Helix Sleep, Inc.	11/07/25	Term Loan - 9.37% (SOFR + 5.50%, 1.00% Floor)		1.4	%		2,877,911	11/07/30		2,831,235		2,843,376
					1.4	%					2,831,235		2,843,376
Containers & Packaging
	The HC Companies, Inc.	08/01/23	Term Loan - 12.17% inc PIK (SOFR + 8.50%, 2.00% Floor, 1.00% PIK)		4.2	%		9,391,626	08/01/28		9,271,311		8,693,828
	The HC Companies, Inc.	05/21/24	Incremental Term Loan - 12.17% inc PIK (SOFR + 8.50%, 2.00% Floor, 1.00% PIK)		0.7	%		1,603,756	08/01/28		1,579,270		1,484,597
	Hoffmaster Group, Inc.	02/24/23	Term Loan - 10.10% (SOFR + 6.25%, 2.00% Floor)		2.9	%		6,119,258	02/24/28		6,090,495		6,073,975
	Hoffmaster Group, Inc.	03/15/24	Incremental Term Loan - 10.10% (SOFR + 6.25%, 2.00% Floor)		0.4	%		772,602	02/24/28		764,195		766,885
					8.2	%					17,705,271		17,019,285
Energy Equipment & Services
	HydroSource Logistics, LLC	04/05/24	Term Loan - 12.43% (SOFR + 8.50%, 2.00% Floor)		2.4	%		4,900,765	04/04/29		4,805,530		4,900,765
	HydroSource Logistics, LLC	04/05/24	Revolver - 12.46% (SOFR + 8.50%, 2.00% Floor)		0.2	%		512,700	04/04/29		512,700		512,700
	HydroSource Logistics, LLC	04/14/25	3rd Amendment Term Loan - 12.43% (SOFR + 8.50%, 2.00% Floor)		3.1	%		6,410,455	04/04/29		6,202,161		6,410,455
					5.7	%					11,520,391		11,823,920


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1) (continued)
Food Products
	Baxters North America, Inc.	05/31/23	Term Loan - 10.70% (SOFR + 6.88%, 1.75% Floor)		3.5	%	$	7,332,633	05/31/28	$	7,240,317	$	7,341,560
	Great Kitchens Food Company, Inc.	05/31/24	Term Loan - 9.72% (SOFR + 6.00%, 1.25% Floor)		3.1	%		6,360,585	05/31/29		6,259,503		6,360,585
	Signature Brands, LLC	02/29/24	Delayed Draw Term Loan A - 10.58% inc PIK (SOFR + 6.50%, 1.75% Floor, all PIK)		0.3	%		538,353	05/04/28		533,001		538,353
	Signature Brands, LLC	05/05/23	Term Loan - 13.58% inc PIK (SOFR + 9.50%, 1.75% Floor, all PIK)		2.8	%		9,680,867	05/04/28		9,590,541		5,876,287
	Signature Brands, LLC	05/05/25	9th Amendment Term Loan A - 17.50% inc PIK (17.50%, Fixed Coupon, all PIK)		0.9	%		1,957,048	05/04/28		1,902,899		1,957,048
					10.6	%					25,526,261		22,073,833
Ground Transportation
	RPM Purchaser, Inc.	09/11/23	Term Loan B - 10.08% (SOFR + 6.25%, 2.00% Floor)		3.1	%		6,277,562	09/11/28		6,171,906		6,340,338
	RPM Purchaser, Inc.	09/11/23	Delayed Draw Term Loan B - 10.08% (SOFR + 6.25%, 2.00% Floor)		0.9	%		1,937,345	09/11/28		1,937,345		1,937,345
					4.0	%					8,109,251		8,277,683
Health Care Equipment & Supplies
	Connect America.com, LLC	10/11/24	Last Out Term Loan - 9.42% (SOFR + 5.75%, 1.75% Floor)		4.2	%		9,027,305	10/11/29		8,914,448		8,702,322
					4.2	%					8,914,448		8,702,322
Hotels, Restaurants & Leisure
	ADAN-B LLC (24 Hour Fitness)	4/30/2025 & 12/31/25	Term Loan - 9.42% (SOFR + 5.75%, 1.50% Floor)		4.7	%		9,780,775	12/31/30		9,589,774		9,707,419
	CEC Entertainment, LLC	09/26/25	Term Loan - 9.67% (SOFR + 6.00%, 2.00% Floor)		3.8	%		8,068,617	09/26/30		7,886,259		7,891,107
	Five Star Buyer, Inc.	05/11/23	Term Loan - 12.98% inc PIK (SOFR + 9.00%, 1.50% Floor, 2.00% PIK)		2.7	%		5,967,460	02/23/28		5,862,881		5,573,607
	Five Star Buyer, Inc.	05/11/23	Delayed Draw Term Loan - 12.98% inc PIK (SOFR + 9.00%, 1.50% Floor, 2.00% PIK)		0.1	%		213,278	02/23/28		213,278		199,202
					11.3	%					23,552,192		23,371,335
Leisure Products
	Lumos Holdings US Acquisition Co. (Life Fitness)	08/05/25	Term Loan - 9.40% (SOFR + 5.50%, 1.50% Floor)		4.9	%		10,164,433	08/05/30		10,024,408		10,042,460
					4.9	%					10,024,408		10,042,460
Machinery
	Mark Andy, Inc.	06/16/23	Term Loan - 12.57% inc PIK (SOFR + 8.75%, 1.50% Floor, 5.75% PIK)		2.7	%		6,972,528	06/16/28		6,889,493		5,578,022
					2.7	%					6,889,493		5,578,022
Metals & Mining
	Material Sciences Corporation	03/14/25	Term Loan - 10.17% (SOFR + 6.50%, 2.00% Floor)		4.3	%		9,133,425	03/14/30		8,960,898		8,877,689
					4.3	%					8,960,898		8,877,689
Paper & Forest Products
	Pallet Logistics of America, LLC	11/22/24	Revolver - 10.79% (SOFR + 7.00%, 1.00% Floor)		0.1	%		249,085	11/29/29		249,085		241,115
	Pallet Logistics of America, LLC	11/22/24	Term Loan - 10.79% inc PIK (SOFR + 7.00%, 1.00% Floor, 0.50% PIK)		1.9	%		4,153,748	11/22/29		4,076,988		4,020,829
					2.0	%					4,326,073		4,261,944


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1) (continued)
Personal Care Products
	Viva 5 Group, LLC	05/21/25	Term Loan - 10.22% (SOFR + 6.50%, 2.25% Floor)		4.2	%		8,873,258	05/21/30	$	8,676,329	$	8,731,286
	Viva 5 Group, LLC	05/21/25	Revolver - 10.22% (SOFR + 6.50%, 2.25% Floor)		0.1	%		199,080	05/21/30		199,080		195,894
					4.3	%					8,875,409		8,927,180
Professional Services
	Alorica Inc.	12/21/22	Term Loan - 10.59% (SOFR + 6.88%, 1.50% Floor)		4.5	%		9,276,342	12/21/27		9,221,553		9,276,342
					4.5	%					9,221,553		9,276,342
Software
	CF Newco, Inc.	12/09/24	Term Loan - 9.74% (SOFR + 6.00%, 1.50% Floor)		1.9	%		3,837,324	12/10/29		3,804,775		3,856,511
	CF Newco, Inc.	12/09/24	Revolver - 9.74% (SOFR + 6.00%, 1.50% Floor)		0.1	%		262,577	12/10/29		262,577		262,577
	CF Newco, Inc.	12/11/25	Amendment No. 1 Term Loan - 9.99% (SOFR + 6.25%, 1.50% Floor)		0.9	%		1,755,249	12/10/29		1,728,130		1,778,067
					2.9	%					5,795,482		5,897,155
Specialty Retail
	D&D Buyer, LLC	10/04/23	Revolver - 10.27% (SOFR + 6.50%, 2.00% Floor)		0.3	%		528,672	10/04/28		528,672		528,672
	D&D Buyer, LLC	10/04/23	Delayed Draw Term Loan - 10.42% (SOFR + 6.50%, 2.00% Floor)		0.7	%		1,449,098	10/04/28		1,449,098		1,461,560
	D&D Buyer, LLC	10/04/23	Term Loan - 10.27% (SOFR + 6.50%, 2.00% Floor)		2.9	%		5,995,767	10/04/28		5,890,792		6,047,330
	D&D Buyer, LLC	08/20/25	4th Amendment Delayed Draw Term Loan - 10.49% (SOFR + 6.50%, 2.00% Floor)		1.1	%		2,158,750	10/04/28		2,158,750		2,177,315
					5.0	%					10,027,312		10,214,877
Trading Companies & Distributors
	Cinelease, LLC	08/07/25	ABL Term Loan - 11.82% (SOFR + 7.50%, 2.50% Floor)		1.4	%		2,964,019	07/31/30		2,829,543		2,875,099
					1.4	%					2,829,543		2,875,099
Transportation Infrastructure
	CG Buyer, LLC	07/19/23	Delayed Draw Term Loan - 10.22% (SOFR + 6.50%, 1.50% Floor)		0.1	%		115,084	07/19/28		115,084		114,509
	CG Buyer, LLC	07/19/23	Term Loan - 10.22% (SOFR + 6.50%, 1.50% Floor)		2.5	%		5,251,430	07/19/28		5,178,778		5,225,173
					2.6	%					5,293,862		5,339,682

	Total Debt Investments				97.3	%					206,318,476		201,253,329


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Shares		Maturity Date	Amortized Cost		Fair Value
	EQUITY
Automobile Components
	SUP Parent Holdings, LLC(3)(4)	08/13/25	Common Units		0.8	%		6,602		$	2,937,109	$	1,658,228
					0.8	%					2,937,109		1,658,228
Commercial Services & Supplies
	CSAT Investment Holdings LLC(3)(4)	03/05/25	Warrant, expires 3/5/32		0.2	%		301,543			133,772		350,212
					0.2	%					133,772		350,212
Energy Equipment & Services
	HydroSource Logistics, LLC(3)(4)	04/05/24	Warrant, expires 4/4/34		2.5	%		44			56,923		5,209,988
					2.5	%					56,923		5,209,988
Trading Companies & Distributors
	Cinelease, LLC(3)(4)	08/07/25	Warrant, expires 7/31/35		0.0	%		37,311			65,707		43,281
					0.0	%					65,707		43,281
	Total Equity Investments				3.5	%					3,193,511		7,261,709
	Total Debt & Equity Investments(2)				100.8	%					209,511,987		208,515,038
	Cash Equivalents
	First American Government Obligation Fund, Yield 3.68%, Class X (FGXXX)				2.1	%		4,426,311			4,426,311		4,426,311
	Total Cash Equivalents				2.1	%		4,426,311			4,426,311		4,426,311
	Total Investments (102.9%)									$	213,938,298	$	212,941,349
	Net unrealized depreciation on unfunded commitments (-0.1%)												(202,793	)
	Liabilities in Excess of Other Assets (-2.8%)											$	(5,719,400	)
	Net Assets (100.0%)											$	207,019,156

(1)

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

(2)

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

(3)

Non-income producing.

(4)

All or a portion of such security was acquired in a transaction exempt from registration under the Securities Act, and may be deemed “restricted securities” under the Securities Act. As of December 31, 2025, the aggregate fair value of these securities was $7,261,709, or 3.4% of the Company’s total assets.

SOFR - Secured Overnight Financing Rate, generally 6-Month

PIK - Payment-In-Kind

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $99,062,045 and $41,812,791, respectively, for the year ended December 31, 2025. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments.


Geographic Breakdown of Portfolio
United States	100	%

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

TCW STAR DIRECT LENDING LLC

Consolidated Statements of Assets and Liabilities

(Dollar amounts in thousands, except unit data)

June 30, 2026


	As of June 30,
	2026			As of December 31,
	(unaudited)			2025
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (amortized cost of $219,791 and $209,512, respectively,)	$	224,678		$	208,515
Cash and cash equivalents		5,163			6,127
Interest income receivable		779			736
Due from related party		75			—
Receivable for investments sold		208			27
Prepaid expenses and other assets		—			33
Total Assets	$	230,903		$	215,438
Liabilities
Incentive fee payable	$	9,753		$	7,043
Management fee payable		704			656
Repurchase obligations		527			—
Administration fee payable		225			444
Unrealized depreciation on unfunded commitments		99			203
Other accrued expenses and other liabilities		220			73
Total Liabilities		11,528			8,419
Commitments and Contingencies (Note 5)
Members’ Capital
Common Unitholders’ commitment: (3,753,190 units issued and outstanding)		375,319			375,319
Common Unitholders’ undrawn commitment: (3,753,190 units issued and outstanding)		(130,319	)		(137,319	)
Common Unitholders’ return of capital		(22,331	)		(22,331	)
Common Unitholders’ offering costs		(5	)		(5	)
Accumulated Common Unitholders’ tax reclassification		(287	)		(287	)
Common Unitholders’ capital		222,377			215,377
Accumulated undistributed (overdistributed) earnings		(3,002	)		(8,358	)
Total Members’ Capital		219,375			207,019
Total Liabilities and Members’ Capital	$	230,903		$	215,438
Net Asset Value Per Unit (accrual base) (Note 10)(1)	$	93.17		$	91.75

(1)

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

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

TCW STAR DIRECT LENDING LLC

Consolidated Statements of Operations (Unaudited)

(Dollar amounts in thousands, except unit data)

June 30, 2026


	For the three months ended June 30,					For the six months ended June 30,
	2026		2025			2026		2025
Investment Income
Non-controlled/non-affiliated investments:
Interest income	$	6,715	$	6,000		$	12,621	$	10,931
Interest income paid-in-kind		838		551			1,499		1,019
Other fee income		20		38			40		38
Total investment income		7,573		6,589			14,160		11,988
Expenses
Incentive fees		1,914		500			2,710		955
Management fees		704		628			1,388		1,141
Interest expense on repurchase transactions		140		278			255		488
Administrative fees		126		124			250		244
Professional fees		119		111			181		180
Directors' fees		72		66			126		116
Insurance expense		17		12			33		25
Other expenses		11		3			52		33
Total expenses		3,103		1,722			4,995		3,182
Net investment income		4,470		4,867			9,165		8,806
Net realized and unrealized gain (loss) on investments
Net realized gain (loss):
Non-controlled/non-affiliated investments		204		(10	)		204		(10	)
Net change in unrealized appreciation/(depreciation):
Non-controlled/non-affiliated investments		6,171		(2,025	)		5,987		(3,386	)
Net realized and unrealized gain (loss) on investments		6,375		(2,035	)		6,191		(3,396	)
Net increase in Members’ Capital from operations	$	10,845	$	2,832		$	15,356	$	5,410
Basic and diluted:
Income per unit	$	2.89	$	0.75		$	4.09	$	1.44
Units Outstanding		3,753,190		3,753,190			3,753,190		3,753,190

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

TCW STAR DIRECT LENDING LLC

Consolidated Statements of Changes in Members' Capital (Unaudited)

(Dollar amounts in thousands, except unit data)

June 30, 2025


	Common Unitholders’ Capital		Accumulated Undistributed (Overdistributed) Earnings			Total
Members' Capital at January 1, 2025	$	153,666	$	(4,428	)	$	149,238
Net Increase (Decrease) in Members’ Capital Resulting from Operations:
Net investment income		—		3,939			3,939
Net change in unrealized appreciation/(depreciation) on investments		—		(1,361	)		(1,361	)
Net Increase (Decrease) in Members’ Capital Resulting from Capital Activity:
Contributions		13,000		—			13,000
Distributions to Members from:
Distributable earnings		—		(5,000	)		(5,000	)
Total Increase (Decrease) in Members’ Capital for the three months ended March 31, 2025		13,000		(2,422	)		10,578
Members’ Capital at March 31, 2025		166,666		(6,850	)		159,816
Net Increase (Decrease) in Members’ Capital Resulting from Operations:
Net investment income		—		4,867			4,867
Net realized loss on investments		—		(10	)		(10	)
Net change in unrealized appreciation/(depreciation) on investments		—		(2,025	)		(2,025	)
Net Increase (Decrease) in Members’ Capital Resulting from Capital Activity:
Contributions		41,500		—			41,500
Distributions to Members from:
Distributable earnings		—		(5,000	)		(5,000	)
Total Increase (Decrease) in Members’ Capital for the three months ended June 30, 2025		41,500		(2,168	)		39,332
Members’ Capital at June 30, 2025	$	208,166	$	(9,018	)	$	199,148

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

TCW STAR DIRECT LENDING LLC

Consolidated Statements of Changes in Members' Capital (Unaudited)

(Dollar amounts in thousands, except unit data)

June 30, 2026


	Common Unitholders’ Capital		Accumulated Undistributed (Overdistributed) Earnings			Total
Members' Capital at January 1, 2026	$	215,377	$	(8,358	)	$	207,019
Net Increase (Decrease) in Members’ Capital Resulting from Operations:
Net investment income		—		4,695			4,695
Net change in unrealized appreciation/(depreciation) on investments		—		(184	)		(184	)
Net Increase (Decrease) in Members’ Capital Resulting from Capital Activity:
Contributions		7,000		—			7,000
Distributions to Members from:
Distributable earnings		—		(5,000	)		(5,000	)
Total Increase (Decrease) in Members’ Capital for the three months ended March 31, 2026		7,000		(489	)		6,511
Members’ Capital at March 31, 2026		222,377		(8,847	)		213,530
Net Increase in Members’ Capital Resulting from Operations:
Net investment income		—		4,470			4,470
Net realized gain on investments		—		204			204
Net change in unrealized appreciation/(depreciation) on investments		—		6,171			6,171
Net Decrease in Members’ Capital Resulting from Capital Activity:
Distributions to Members from:
Distributable earnings		—		(5,000	)		(5,000	)
Total Increase in Members’ Capital for the three months ended June 30, 2026		—		5,845			5,845
Members’ Capital at June 30, 2026	$	222,377	$	(3,002	)	$	219,375

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

TCW STAR DIRECT LENDING LLC

Consolidated Statements of Cash Flows (Unaudited)

(Dollar amounts in thousands, except unit data)

June 30, 2026


	For the six months ended June 30,
	2026			2025
Cash Flows from Operating Activities
Net increase in net assets resulting from operations	$	15,356		$	5,410
Adjustments to reconcile the net increase in net assets resulting from operations to net cash used in operating activities:
Purchases of investments		(44,882	)		(63,018	)
Interest income paid in-kind		(1,499	)		(1,019	)
Proceeds from sales and paydowns of investments		37,372			13,805
Realized (gain) loss on investments		(204	)		10
Change in net unrealized (appreciation)/depreciation on investments		(5,987	)		3,386
Amortization of premium and accretion of discount, net		(1,067	)		(611	)
Increase (decrease) in operating assets and liabilities:
(Increase) decrease in interest income receivable		(43	)		(340	)
(Increase) decrease in due from related party		(75	)		—
(Increase) decrease in receivable for investments sold		(181	)		(6	)
(Increase) decrease in prepaid expenses and other assets		33			25
Increase (decrease) in incentive fees payable		2,710			954
Increase (decrease) in management fees payable		48			163
Increase (decrease) in administration fee payable		(219	)		220
Increase (decrease) in other accrued expenses and other liabilities		147			(354	)
Net cash provided by (used in) operating activities		1,509			(41,375	)
Cash Flows from Financing Activities
Contributions from Members		7,000			54,500
Distributions to Members		(10,000	)		(10,000	)
Proceeds from repurchase obligation		38,966			46,402
Repayment of repurchase obligation		(38,439	)		(52,994	)
Net cash (used in) provided by financing activities		(2,473	)		37,908
Net decrease in cash and cash equivalents		(964	)		(3,467	)
Cash and cash equivalents, beginning of period		6,127			9,643
Cash and cash equivalents, end of period	$	5,163		$	6,176
Supplemental and non-cash financing activities
Non-cash purchases of investments due to reorganization	$	4,237		$	—
Non-cash sales of investments due to reorganization	$	(4,237	)	$	—
Interest expense paid	$	251		$	488

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

Organization and Basis of Presentation

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

On September 1, 2022, the Company filed an election to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company also filed an election to be treated for U.S. federal income tax purposes as a Regulated Investment Company (a “RIC”) under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) and has made such an election beginning with the taxable year ending December 31, 2022. As a BDC and a RIC, the Company is required to meet the minimum distribution and other requirements for RIC qualification and as a BDC and a RIC, the Company is required to comply with certain regulatory requirements.

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

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

On April 28, 2026 the Company formed a wholly-owned subsidiary, TCW DL HDR MID-S LLC, a single member Delaware limited liability company, for the purpose of holding equity investments of the Company. As of June 30, 2026, the Company has six wholly-owned subsidiaries, each a Delaware limited liability company.

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

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

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

Organization and Basis of Presentation (Continued)

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

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

Capital Commitments: As of June 30, 2026, the Company has sold 3,753,190 Units for an aggregate offering price of $375,319. Each Unitholder is obligated to contribute capital equal to their Commitment and each Unit’s Commitment obligation is $100.00 per unit. The sale of the Units was made pursuant to subscription agreements entered into by the Company and each investor. Under the terms of the subscription agreements, the Company may draw down all or any portion of the undrawn commitment with respect to each Unit generally upon at least ten business days’ prior written notice to the unitholders. The amount of capital that remains to be drawn down and contributed is referred to as an “Undrawn Commitment”.

The commitment amount funded does not include amounts contributed in anticipation of a potential investment that the Company did not consummate and therefore returned to the Members as unused capital. As of June 30, 2026, 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
Common Unitholder	$	375,319	$	130,319		65.3	%		3,753,190

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

The Recallable Amount as of June 30, 2026 was $22,331.

Significant Accounting Policies

Basis of Presentation: The Company’s unaudited consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6 and Article 10 of Regulation S-X. The Company is an investment company following accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC Topic 946”). The unaudited consolidated financial statements reflect all adjustments, both normal and recurring which, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition for the periods presented. The unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto appearing in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (“SEC”) on March 26, 2026.

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

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

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

Income Recognition: Interest income and interest income paid-in-kind (“PIK”) are recorded on an accrual basis unless doubtful of collection or the related investment is in default. Although the Company does not currently expect the Private Credit Group to originate a significant amount of investments for the Company with the use of PIK interest features, from time to time the Company may make investments that contain such features or that subsequently incorporate such features after origination. PIK interest represents accrued interest that is added to the principal amount of the investment on the respective interest payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a liquidation event. To maintain the Company's tax status as a RIC, this non-cash source of income must be paid out to Unitholders in the form of dividends for the year the income was earned, even though the Company has not yet collected the cash. The amortized cost of investments represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest. For the three and six months ended June 30, 2026, PIK interest income earned was $838 and $1,499, respectively, representing 11.1% and 10.6%, respectively, of investment income. For the three and six months ended June 30, 2025, PIK interest income earned was $551 and $1,019, respectively, representing 8.4% and 8.5%, respectively, of investment income.

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

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

Significant Accounting Policies (Continued)

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

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

Organizational and Offering Costs: Costs incurred to organize the Company are expensed as incurred. Offering costs are accumulated and will be charged directly to Members’ Capital during the same period in which an initial capital call is made. The Company will not bear more than an amount equal to 10 basis points of the aggregate capital commitments to the Company through the Units (the “Commitments”) of the Company for organizational and offering costs in connection with the offering of the Units through the end of the period during which the Units will be offered (the “Closing Period”). Organizational costs are expensed as incurred, and since inception the Company has incurred $148 in organizational costs, of which $0 was expensed during the three and six months ended June 30, 2026. Since inception, the Company has incurred $5 in offering costs, all of which was charged to Members' Capital during the fourth quarter of the period ended December 31, 2022.

Cash Equivalents: The Company generally considers investments with a maturity of three months or less at the time of acquisition to be cash equivalents. As of June 30, 2026, cash and cash equivalents is comprised of demand deposits and highly liquid investments with maturities of three months or less. Cash equivalents are valued at the net asset value of the mutual fund which approximates fair value and are classified as Level 1 in the GAAP valuation hierarchy.

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

Income Taxes: The Company has elected to be regulated as a BDC under the 1940 Act. The Company also elected to be treated as a RIC under the Code beginning with the taxable year ending December 31, 2022. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its Unitholders as dividends. Rather, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company.

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.

Investment Valuations and Fair Value Measurements (Continued)

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

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

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

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

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

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

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

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, is generally used to determine fair value, though some cases use an enterprise value waterfall method. Valuation may also include a shadow rating method. Standard pricing inputs include but are not limited to the financial health of the issuer, place in the capital structure, value of other issuer debt, credit, industry, and market risk and events.

Equity, (Level 3), generally includes common stock, preferred stock and warrants. Such securities are valued based on specific pricing models, internal assumptions and the weighting of the best available pricing inputs. A market approach is generally used to determine fair value. Pricing inputs include, but are not limited to, financial health and relevant business developments of the issuer; EBITDA; market multiples of comparable companies; comparable market transactions and recent trades or transactions; issuer, industry and market events; and contractual or legal restrictions on the sale of the security. When a Black-Scholes pricing model is used it follows the income approach. The Black-Scholes pricing model takes into account the contract terms as well as multiple inputs, including: time value, implied volatility, equity prices and interest rates. A liquidity discount based on current market expectations, future events, minority ownership position and the period management reasonably expects to hold the investment may be applied.

Pricing inputs and weightings applied to determine value require subjective determination. Accordingly, valuations do not necessarily represent the amounts that may eventually be realized from sales or other dispositions of investments.

Investment Valuations and Fair Value Measurements (Continued)

The following is a summary by major security type of the fair valuations according to inputs used in valuing investments listed in the Consolidated Schedule of Investments as of June 30, 2026:


Investments	Level 1		Level 2		Level 3		Total
Debt	$	—	$	—	$	208,025	$	208,025
Equity		14,888		—		1,765		16,653
Cash equivalents		4,940		—		—		4,940
Total	$	19,828	$	—	$	209,790	$	229,618

The following is a summary by major security type of the fair valuations according to inputs used in valuing investments listed in the Consolidated Schedule of Investments as of December 31, 2025:


Investments	Level 1		Level 2		Level 3		Total
Debt	$	—	$	—	$	201,253	$	201,253
Equity		—		—		7,262		7,262
Cash equivalents		4,426		—		—		4,426
Total	$	4,426	$	—	$	208,515	$	212,941

The following tables provide a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three and six months ended June 30, 2026:


	Debt			Equity			Total
Balance, April 1, 2026	$	216,543		$	8,413		$	224,956
Purchases, including payments received in-kind		15,970			57			16,027
Sales and paydowns of investments		(22,946	)		(444	)		(23,390	)
Amortization of premium and accretion of discount, net		661			—			661
Net realized gain		8			196			204
Net change in unrealized appreciation/(depreciation)		(2,211	)		(6,457	)		(8,668	)
Balance, June 30, 2026	$	208,025		$	1,765		$	209,790
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2026	$	(1,796	)	$	(1,088	)	$	(2,884	)


	Debt			Equity			Total
Balance, January 1, 2026	$	201,253		$	7,262		$	208,515
Purchases, including payments received in-kind		50,517			57			50,574
Sales and paydowns of investments		(41,165	)		(444	)		(41,609	)
Amortization of premium and accretion of discount, net		1,067			—			1,067
Net realized gain		8			196			204
Net change in unrealized appreciation/(depreciation)		(3,655	)		(5,306	)		(8,961	)
Balance, June 30, 2026	$	208,025		$	1,765		$	209,790
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2026	$	(3,170	)	$	63		$	(3,107	)

Investment Valuations and Fair Value Measurements (Continued)

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


	Debt			Equity			Total
Balance, April 1, 2025	$	176,122		$	357		$	176,479
Purchases, including payments received in-kind		34,261			101			34,362
Sales and paydowns of investments		(11,581	)		(44	)		(11,625	)
Amortization of premium and accretion of discount, net		371			—			371
Net realized loss		(10	)		—			(10	)
Net change in unrealized appreciation/(depreciation)		(2,888	)		943			(1,945	)
Balance, June 30, 2025	$	196,275		$	1,357		$	197,632
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2025	$	(2,743	)	$	943		$	(1,800	)


	Debt			Equity			Total
Balance, January 1, 2025	$	150,147		$	35		$	150,182
Purchases, including payments received in-kind		63,802			235			64,037
Sales and paydowns of investments		(13,761	)		(44	)		(13,805	)
Amortization of premium and accretion of discount, net		611			—			611
Net realized loss		(10	)		—			(10	)
Net change in unrealized appreciation/(depreciation)		(4,514	)		1,131			(3,383	)
Balance, June 30, 2025	$	196,275		$	1,357		$	197,632
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2025	$	(4,369	)	$	1,131		$	(3,238	)

The Company did not have any transfers between levels during the three and six months ended June 30, 2026 and 2025.

Level 3 Valuation and Quantitative Information: The following table summarizes the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of June 30, 2026:

         Investment Type

         Fair Value

         Valuation
Technique

         Unobservable
Input

         Range

         Weighted
Average*

         Impact to
Valuation if
Input Increases

Debt

185,115

Income Method

Discount Rate

9.2% to 32.0%

12.1%

Decrease

Debt

22,910

Market Method

EBITDA Multiple

5.0x to 6.9x

5.9x

Increase

Equity

53

Market Method

Revenue Multiple

1.2x to 1.4x

1.3x

Increase

Equity

1,601

Market Method

EBITDA Multiple

4.6x to 7.0x

5.2x

Increase

Equity

111

Market Method

EBITDA Multiple

4.5x to 5.5x

5.0x

Increase

          
         Income Method

         Implied Volatility

         45.0% to 55.0%

         50.0%

         Decrease

          
         Income Method

         Expected Term (in years)

         4.5 to 5.5

         5.0

         Decrease

* Weighted based on fair value

During the six months ended June 30, 2026, one debt investment with a fair value of $8,422 transitioned from a market approach valuation model to a yield analysis valuation model, and one debt investment with a fair value of $4,464 transitioned from a yield analysis and market approach valuation model to a market approach valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.

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, 2025:

         Investment Type

         Fair Value

         Valuation
Technique

         Unobservable
Input

         Range

         Weighted
Average*

         Impact to
Valuation if
Input Increases

Debt

147,341

Income Method

Discount Rate

8.8 to 19.1%

11.1%

Decrease

Debt

30,374

Market Method

EBITDA Multiple

4.5x to 9.5x

6.8x

Increase

Debt

9,707

Market Method

Indicative Bid

99.3% to 99.3%

99.3%

Increase

Debt

8,252

Income Method

Discount Rate

15.4% to 18.1%

16.8%

Decrease

          
         Market Method

         Indicative Bid

         101.0% to 101.0%

         101.0%

         Increase

Debt

5,579

Income Method

Discount Rate

22.0% to 27.0%

24.5%

Decrease

          
         Market Method

         EBITDA Multiple

         6.5x to 7.5x

         7.0x

         Increase

Equity

43

Market Method

Revenue Multiple

1.3x to 1.5x

1.4x

Increase

Equity

7,219

Market Method

EBITDA Multiple

4.8x to 10.8x

8.2x

Increase

* Weighted based on fair value

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

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

As of June 30, 2026, the Company has one equity investment with a fair value of $14,888 which is subject to a contractual sale restriction. The equity investment is subject to both a standard initial public offering lock-up period of six months which expires on November 9, 2026 (the “Standard Lock-up Period”) as well as a special lock-up period of 18 months which expires on November 13, 2027 (the “Special Lock-up Period”). Between the Standard Lock-up Period and Special Lock-up Period, the Company can initiate a secondary transaction; however, the Company does not have the ability to freely trade the equity investment with no restrictions until the end of the Special Lock-up Period unless consent is obtained from the issuer. In accordance with ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, as the restrictions are specific to a contract that the Company is party to and not to all market participants, the restrictions are not taken into account into the measurement of the equity investment’s fair value.

Agreements and Related Party Transactions

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

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

Agreements and Related Party Transactions (Continued)

Pursuant to the Advisory Agreement, the Adviser:

•

formulates and implements the Company's investment program;

•

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

•

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

•

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

•

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

•

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

•

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

•

coordinates with the Administrator (as defined below) and;

•

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

The Company pays to the Adviser, quarterly in arrears, a management fee in cash (the “Management Fee”) calculated as follows: 0.3125% (i.e., 1.25% per annum) of the average gross assets of the Company on a consolidated basis, with the average determined based on the gross assets of the Company as of the end of the three most recently completed calendar months. “Gross assets” means the amortized cost of the Company’s portfolio investments (including portfolio investments purchased with borrowed funds and other forms of leverage, such as preferred units, public and private debt issuances, derivative instruments, repurchase agreements and other similar instruments or arrangements) that have not been sold, distributed to Members, or written off for tax purposes (but reduced by any portion of such cost basis that has been written down to reflect a permanent impairment of value of any portfolio investment), and excluding cash and cash equivalents. Installments of the Management Fee payable for any partial month or quarter shall be pro rated for the actual number of days in such period.

For the three and six months ended June 30, 2026, Management Fees incurred were $704 and $1,388, respectively, and $704 remained payable as of June 30, 2026.

For the three and six months ended June 30, 2025, Management Fees incurred were $628 and $1,141, respectively, and $628 remained payable as of June 30, 2025.

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

(a)

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

(b)

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

(c)

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

Agreements and Related Party Transactions (Continued)

(d)

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

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

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

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

For the three and six months ended June 30, 2026, Incentive Fees incurred were $1,914 and $2,710, respectively. For the three and six months ended June 30, 2025, Incentive Fees incurred were $500 and $955, respectively. The Company has not made any incentive fee payments to the Adviser, and as of June 30, 2026 and December 31, 2025, the Company's incentive fee payable to the Adviser was $9,753 and $7,043, respectively.

Agreements and Related Party Transactions (Continued)

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

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

Administration Agreement: On September 15, 2022, the Company entered into an Administration Agreement (the “Administration Agreement”) with TCW Asset Management Company LLC (in such capacity, the “Administrator”). Under the Administration Agreement, the Administrator furnishes us with office facilities and equipment, and clerical, bookkeeping and record keeping services. Pursuant to the Administration Agreement, the Administrator oversees the maintenance of the Company’s financial records and otherwise assists with the Company’s compliance with BDC and RIC rules, monitors the payment of expenses, oversees the performance of administrative and professional services rendered to the Company by others, is responsible for the financial and other records that the Company is required to maintain, prepares and disseminates reports to the Unitholders and reports and other materials to be filed with the SEC or other regulators, assists the Company in determining and publishing (as necessary or appropriate) its net asset value, oversees the preparation and filing of tax returns, generally oversees the payment of expenses and provides such other services as the Administrator, subject to review of the Company’s Board, shall from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement. The Administrator may perform these services directly, may delegate some or all of them through the retention of a sub-administrator and may remove or replace any sub-administrator.

Payments under the Administration Agreement are equal to an amount that reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities under the Administration Agreement. The amounts paid pursuant to the Administration Agreement are subject to the Company Expenses Limitation (as defined below). The Administrator agrees that it will not charge total fees under the Administration Agreement that would exceed its reasonable estimate of what a qualified third party would charge to perform substantially similar services. The costs and expenses paid by the Company and the applicable caps on certain costs and expenses are described below under “Expenses”.

The Administration Agreement provides that neither the Administrator, nor any director, officer, agent or employee of the Administrator, shall be liable or responsible to the Company or any of the Unitholders for any mistake in judgment, any act performed or omission made by such person or losses due to the mistake, action, inaction, or negligence of other agents of the Company. The Company will also indemnify the Administrator and its members, managers, officers, employees, agents, controlling persons and any other person or entity affiliated with it. On August 12, 2025, the Company's Board renewed the Administration Agreement for an additional one-year term through September 15, 2026.

Agreements and Related Party Transactions (Continued)

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

Agreements and Related Party Transactions (Continued)

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

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

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

Commitments and Contingencies

The Company had the following unfunded commitments and unrealized depreciation by investment as of June 30, 2026 and December 31, 2025:


			June 30, 2026				December 31, 2025
Unfunded Commitments	Investment	Maturity/ Expiration	Amount		Unrealized Depreciation		Amount		Unrealized Depreciation
ADAN-B LLC (24 Hour Fitness)	Revolver	December 2030	$	542	$	5	$	1,074	$	8
Axvor Intermediate, LLC (DQS)	Delayed Draw Term Loan	December 2026		1,123		7		—		—
Axvor Intermediate, LLC (DQS)	Revolver	March 2031		1,096		7		—		—
CF Newco, Inc.	Revolver	December 2029		488		1		488		—
Cinelease, LLC	ABL Term Loan	July 2030		524		21		1,066		32
Comprehensive Logistics Co., LLC	Revolver	March 2026		—		—		879		11
CSAT Holdings LLC	Revolver	June 2028		—		—		345		—
D&D Buyer, LLC	Revolver	October 2029		881		—		352		—
D&D Buyer, LLC	5th Amendment Delayed Draw Term Loan	February 2028		1,104		—		—		—
Fenix Intermediate LLC	Delayed Draw Term Loan B-2	March 2027		—		—		2,393		89
Five Star Buyer, Inc.	Revolver	February 2028		455		29		455		30
Great Kitchens Food Company, Inc.	Revolver	May 2029		—		—		1,196		—
Helix Sleep, Inc.	Revolver	November 2030		476		3		330		4
Hoffmaster Group, Inc.	Revolver	May 2028		628		4		628		5
HydroSource Logistics, LLC	Revolver	April 2029		—		—		37		—
HydroSource Midstream, LLC	Revolver	April 2031		332		13		—		—
Pallet Logistics of America, LLC	Revolver	November 2029		197		8		275		9
RPM Purchaser, Inc.	Delayed Draw Term Loan B	November 2026		701		—		701		—
Signature Brands, LLC	9th Amendment Delayed Draw Term Loan A	November 2026		696		—		1,044		—
Viva 5 Group, LLC	Revolver	May 2030		47		1		939		15
Total			$	9,290	$	99	$	12,202	$	203

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of June 30, 2026, 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.

Members' Capital

The Company’s Unit activity for the three and six months ended June 30, 2026 and 2025 was as follows:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Units at beginning of period		3,753,190		3,753,190		3,753,190		3,753,190
Units issued and committed at end of period		3,753,190		3,753,190		3,753,190		3,753,190

No deemed distributions and contributions were processed during the three and six months ended June 30, 2026 and 2025.

Repurchase Obligations

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

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

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

The Company did not enter into any Barclays Transactions during the six months ended June 30, 2026 and 2025.

The Macquarie Transactions entered into by the Company during the six months ended June 30, 2026 and 2025 had an average principal balance of $8,629 and $13,169, respectively, and a weighted average annual interest rate of 6.78% and 8.01%, respectively. Interest expense under these Repurchase Obligations is calculated as the product of (i) the difference in days between the trade date and the settlement date of the respective Macquarie Transaction and (ii) the interest rates as stipulated in the respective repurchase agreements.

As of June 30, 2026 and December 31, 2025, the Company had $527 and $0, respectively, in outstanding Repurchase Obligations with Macquarie. The Repurchase Obligation outstanding as of June 30, 2026 is associated with a repurchase agreement that was entered into on May 27, 2026. Such Repurchase Obligation was collateralized by the Company’s term loan to ADAN-B LLC (24 Hour Fitness). Interest under this Repurchase Obligation is calculated as “the product of (i) the difference in days between the trade date and the settlement date of the Macquarie Transaction and (ii) 0.00018187” as stipulated in the repurchase agreement. As of June 30, 2026, the remaining contractual maturity of the repurchase agreement was between 31-90 days. As of June 30, 2026 and December 31, 2025, the Company's outstanding Repurchase Obligation is categorized as Level 2 within the fair value hierarchy.

The net proceeds the Company received from Macquarie Transactions during the six months ended June 30, 2026 and 2025 was a net loss of $255 and $488, respectively, comprised entirely of interest expense.

Interest expense incurred on Macquarie Transactions for the three months ended June 30, 2026 and 2025 was $140 and $278, respectively.

Interest expense incurred on Macquarie Transactions for the six months ended June 30, 2026 and 2025 was $255 and $488, respectively.

Income Taxes

The Company has elected to be regulated as a BDC under the 1940 Act and to be treated as a RIC under the Code and has made such an election beginning with the taxable year ending December 31, 2022. So long as the Company maintains its status as a RIC, it will generally not pay corporate-level U.S. Federal income or excise taxes on any ordinary income or capital gains that it distributes at least annually to its Unitholders as dividends. The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reversed and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

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

As of June 30, 2026 and December 31, 2025, the Company’s aggregate investment unrealized appreciation and depreciation for federal income tax purposes were as follows:


	June 30, 2026			December 31, 2025
Cost of investments for federal income tax purposes	$	224,731		$	213,938
Unrealized appreciation	$	16,017		$	7,065
Unrealized depreciation	$	(11,130	)	$	(8,062	)
Net unrealized appreciation (depreciation) on investments	$	4,887		$	(997	)

The Company's investment in HydroSource Holdings, LLC warrant is held through TCW DL HDR MID-S LLC, a wholly-owned subsidiary of the Company. The fair value of such equity investment as of June 30, 2026 is net of a $39 deferred tax liability recorded by TCW DL HDR MID-S LLC. TCW DL HDR MID-S LLC accounts for income taxes under the liability method prescribed by FASB ASC 740, Accounting for Income Taxes ("ASC 740"). Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to the temporary differences between the financial statement carrying amount of existing assets and liabilities and their respective tax basis.

The Company did not have any unrecognized tax benefits as of December 31, 2025, nor were there any increases or decreases in unrecognized tax benefits for the period then ended; therefore, no interest or penalties were accrued. The Company files U.S. federal, state, local and non-U.S. tax returns, as applicable. The Company is subject to examination by the U.S federal and state tax authorities for returns filed for the prior three and four years, respectively.

Segment Reporting

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

10.

Financial Highlights

Selected data for a unit outstanding throughout the six months ended June 30, 2026 and 2025 is presented below.


	For the six months ended June 30,
	2026(1)			2025(1)
Net Asset Value Per Unit (accrual base), Beginning of Period	$	91.75		$	95.13
Income from Investment Operations:
Net investment income		2.44			2.35
Net realized and unrealized (loss) gain		1.65			(0.91	)
Total income from investment operations		4.09			1.44
Less Distributions:
From distributable earnings		(2.67	)		(2.66	)
Total distributions		(2.67	)		(2.66	)
Net Asset Value Per Unit (accrual base), End of Period	$	93.17		$	93.91
Unitholder Total Return(2)(3)		6.97	%		3.15	%
Unitholder IRR before incentive fee(4)		13.36	%		11.02	%
Unitholder IRR after all fees and expenses(4)		11.54	%		9.44	%
Ratios and Supplemental Data:
Members’ Capital, end of period	$	219,375		$	199,148
Units outstanding, end of period		3,753,190			3,753,190
Ratios based on average net assets of Members’ Capital:
Ratio of total expenses to average net assets(5)		4.74	%		3.80	%
Ratio of net investment income to average net assets(5)		8.70	%		10.51	%
Ratio of incentive fees to average net assets(5)		2.57	%		1.14	%
Portfolio turnover rate(3)		16.90	%		7.83	%

(1)

Per unit data was calculated using the number of Units issued and outstanding as of June 30, 2026 and 2025.

(2)

The Total Return for the six months ended June 30, 2026 and 2025 was calculated by taking total income from investment operations for the period divided by the weighted average capital contributions from the Members during the period. The return does not reflect sales load and is net of management fees and expenses.

(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 13.36% through June 30, 2026. The IRR since inception for the Common Unitholders, after management fees, financing costs and operating expenses is 11.54% through June 30, 2026. The IRR is computed based on cash flow due dates contained in notices to Members (contributions from and distributions to the Common Unitholders) and the net assets (residual value) of the Members’ Capital account at period end. The IRR is calculated based on the fair value of investments using principles and methods in accordance with GAAP and does not necessarily represent the amounts that may be realized from sales or other dispositions. Accordingly, the actual return may vary significantly upon realization.

(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 August 12, 2026, the Company's Board renewed the Advisory Agreement for an additional one-year term until September 15, 2027.

On August 12, 2026, the Company's Board renewed the Administration Agreement for an additional one-year term through September 15, 2027.

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

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

•

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;

•

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

•

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

•

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

•

interest rate volatility could adversely affect our results;

•

our future operating results;

•

our business prospects and the prospects of our portfolio companies;

•

our contractual arrangements and relationships with third parties;

•

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

•

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”);

•

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

•

the ability of the Adviser to attract and retain highly talented professionals, and the allocation of such professionals’ time;

•

our reliance on management of the portfolio companies in which we invest;

•

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

•

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

•

defaults by a substantial number of Unitholders or by one or more Unitholders who have made substantial Capital Commitments (as defined herein);

•

the impact of prepayment on the value of our investments;

•

the allocation of expenses in co-investments;

•

our reliance on the skill and expertise of the Adviser;

•

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

•

conflicts of interest may arise between the Advisers, Other Clients (as defined herein) and certain of our portfolio companies;

•

we may be limited in our ability to engage in certain transactions with affiliates under the 1940 Act;

•

the speculative and illiquid nature of our investments;

•

operational risks;

•

uncertainty surrounding market and geopolitical risk;

•

disruptions and instability in the capital markets;

•

uncertainty with respect to trade policies, treaties and tariffs;

•

our status as a non-diversified investment company may cause our net asset value to fluctuate;

•

collateral may consist of assets that may not be readily liquidated;

•

our investments may not be diversified;

•

our reliance upon un-affiliated co-lenders, consultants, service providers and other counterparties;

•

valuation risks;

•

the risks associated with indirect investments in portfolio companies through joint ventures, partnerships or other special purpose vehicles;

•

insolvencies of our portfolio companies;

•

potential lender liability proceedings;

•

additional risks associated with the highly levered portfolio companies in which we may invest;

•

the risks associated with the bridge financings, subordinated or mezzanine financings, unitranche loans, delayed draw facilities which we may make to portfolio companies;

•

loans to middle-market portfolio companies present a greater risk than loans to larger companies;

•

risks associated with payment-in-kind (“PIK”) interest and private credit;

•

investments in portfolio companies located outside of the US may present additional risks;

•

we will pay fees and expenses which will reduce the actual returns to Unitholders, the distributions we make to Unitholders, and the overall value of the Unitholders’ investment;

•

we may retain, in whole or in part, any proceeds attributable to portfolio investments and may use the amounts retained to make investments, pay Company fees and expenses, repay Company borrowings, or fund reasonable reserves for future Company expenses or other obligations;

•

we may issue preferred units with separate rights and privileges;

•

compliance with current legal, tax and regulatory framework and changes thereto;

•

the costs associated with being a public entity;

•

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

•

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

•

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

•

the ability of the Adviser to locate suitable investments for us and 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;

•

information systems failures and other cybersecurity risks significantly disrupting our business, financial condition or operating results;

•

the risks artificial intelligence pose to us and our portfolio companies; and

•

the other risks, uncertainties and other factors we identify in this quarterly report on Form 10-Q and under “Part I—Item 1A. Risk Factors” in our Form 10-K filed with the SEC on March 26, 2026.

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

Overview

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

We are an externally managed, closed-end, non-diversified management investment company. On September 1, 2022, we filed an election to be regulated as a BDC under the 1940 Act. We also elected to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code and made such an election beginning with the taxable year ending December 31, 2022. As a BDC and a RIC, we are required to comply with certain regulatory requirements, such as the requirement to invest at least 70% of our assets in “qualifying assets,” source of income limitations, asset diversification requirements, and the requirement to distribute annually at least 90% of our taxable income and tax-exempt interest.

On September 15, 2022, (the “Closing Date”) we began accepting subscription agreements from investors for the private sale of our Units. As of June 30, 2026, we have sold 3,753,190 Units for an aggregate offering price of $375.3 million. Each Unitholder is obligated to contribute capital equal to their Commitment and each Unit’s Commitment obligation is $100.00 per unit. The sale of the Units was made pursuant to subscription agreements entered into by us and each investor. Under the terms of the subscription agreements, we may draw down all or any portion of the undrawn commitment with respect to each Unit generally upon at least ten business days’ prior written notice to the unitholders. The amount of capital that remains to be drawn down and contributed is referred to as an “Undrawn Commitment.”

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

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

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

On April 28, 2026 we formed a wholly-owned subsidiary, TCW DL HDR MID-S LLC, a single member Delaware limited liability company, for the purpose of holding equity investments of ours. As of June 30, 2026, we have six wholly-owned subsidiaries, each a Delaware limited liability company.

Revenues

We generate revenues in the form of interest income and capital appreciation by providing private capital to middle market companies operating in a broad range of industries primarily in the United States. Our highly negotiated private investments include senior secured loans, unsecured senior loans, subordinated and mezzanine loans, convertible securities, notes and other non-convertible debt securities, equity securities, and equity-linked securities such as options and warrants. However, our investment bias is towards adjustable-rate, senior secured loans. We do not anticipate a secondary market developing for our private investments. Although we do not currently expect the Private Credit Group to originate a significant amount of investments for us with the use of PIK interest features, which represents contractual interest accrued and added to the loan balance that generally becomes due at maturity, from time to time we may make investments that contain such features or that subsequently incorporate such features after origination.

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

Expenses

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

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

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

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

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

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

Costs incurred to organize the Company are expensed as incurred. Offering costs are accumulated and will be charged directly to Members’ Capital during the same period in which an initial capital call is made. We will not bear more than an amount equal to 10 basis points of the aggregate capital commitments to the Company through the Units (the “Commitments”) of the Company for organization and offering costs in connection with the offering of the Units through the Closing Period. As of June 30, 2026, we have incurred $0.1 million in organizational costs since inception, of which $0 was expensed during six months ended June 30, 2026. Since inception, we have incurred $5.2 thousand in offering costs, all of which are charged to Members' Capital during the fourth quarter of the period ended December 31, 2022.

Critical Accounting Policies and Estimates

Investments at Fair Value

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting estimates, including those relating to the valuation of our investment portfolio, are described below. The critical accounting estimates should be read in conjunction with the other risks, uncertainties and other factors we identify in this quarterly report on Form 10-Q and under Part I -

Item 1A. “Risk Factors” in our Form 10-K filed with the SEC on March 26, 2026. See Note 3 to our consolidated financial statements for more information on our critical accounting policies.

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

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

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

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

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

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.

Income Recognition

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

Although we do not currently expect the Private Credit Group to originate a significant amount of investments for us with the use of PIK interest features, from time to time we may make investments that contain such features or that subsequently incorporate such features after origination. PIK interest represents accrued interest that is added to the principal amount of the investment on the respective interest payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a liquidation event. To maintain our tax status as a RIC, this non-cash source of income must be paid out to Unitholders in the form of dividends for the year the income was earned, even though we have not yet collected the cash. The amortized cost of investments represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest. For the three and six months ended June 30, 2026, PIK interest income earned was $0.8 million and $1.5 million, respectively, representing 11.1% and 10.6%, respectively, of investment income. For the three and six months ended June 30, 2025, PIK interest income earned was $0.6 million and $1.0 million, respectively, representing 8.4% and 8.5%, respectively, of investment income.

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

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

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

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

Investment Activity

As of June 30, 2026, our portfolio consisted of 48 debt investments and five equity investments. Based on fair values as of June 30, 2026, our portfolio was 92.6% invested in debt investments which were all senior secured term loans and revolving loans and 7.4% invested in equity investments which were warrants, common units, and class A units.

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

The table below describes our debt and equity investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets by industry as of June 30, 2026:


Industry	Percent of Total Investments
Hotels, Restaurants & Leisure		10	%
Personal Care Products		8	%
Containers & Packaging		7	%
Food Products		7	%
Commercial Services & Supplies		7	%
Energy Equipment & Services		6	%
Specialty Retail		5	%
Building Products		5	%
Leisure Products		5	%
Professional Services		4	%
Metals & Mining		4	%
Automobile Components		4	%
Health Care Equipment & Supplies		4	%
Ground Transportation		4	%
Oil, Gas & Consumable Fuels		3	%
Construction & Engineering		3	%
Software		3	%
Transportation Infrastructure		2	%
Machinery		2	%
Paper & Forest Products		2	%
Consumer Discretionary Textiles, Apparel & Luxury Goods		2	%
Trading Companies & Distributors		2	%
Consumer Durables & Apparel		1	%
Total		100	%

Results of Operations

Our operating results for the three and six months ended June 30, 2026 and 2025 were as follows (dollar amounts in thousands):


	For the three months ended June 30,					For the six months ended June 30,
	2026		2025			2026		2025
Total investment income	$	7,573	$	6,589		$	14,160	$	11,988
Total expenses		3,103		1,722			4,995		3,182
Net investment income		4,470		4,867			9,165		8,806
Net realized gain (loss) on investments		204		(10	)		204		(10	)
Net change in unrealized appreciation/(depreciation) on investments		6,171		(2,025	)		5,987		(3,386	)
Net increase in Members’ Capital from operations	$	10,845	$	2,832		$	15,356	$	5,410

Total investment income

Total investment income for the three months ended June 30, 2026 and 2025 was $7.6 million and $6.6 million, respectively. Total investment income for the three months ended June 30, 2026 and 2025 included interest income (including interest income paid-in-kind) of $7.6 million and $6.6 million, respectively.

Total investment income for the six months ended June 30, 2026 and 2025 was $14.2 million and $12.0 million, respectively. Total investment income for the six months ended June 30, 2026 and 2025 included interest income (including interest income paid-in-kind) of $14.1 million and $12.0 million, respectively.

The increase in total investment income during the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 is primarily attributable to the increase in the par value of our debt investments which increased from $204.9 million as of June 30, 2025 to $219.7 million as of June 30, 2026.

Total Expenses

Expenses for the three and six months ended June 30, 2026 and 2025 were as follows (dollar amounts in thousands):


	For the three months ended June 30,				For the six months ended June 30,
	2026		2025		2026		2025
Expenses
Incentive fees	$	1,914	$	500	$	2,710	$	955
Management fees		704		628		1,388		1,141
Interest expense on repurchase transactions		140		278		255		488
Administrative fees		126		124		250		244
Professional fees		119		111		181		180
Directors' fees		72		66		126		116
Insurance expense		17		12		33		25
Other expenses		11		3		52		33
Total expenses	$	3,103	$	1,722	$	4,995	$	3,182

Our total operating expenses for the three months ended June 30, 2026 and 2025 were $3.1 million and $1.7 million, respectively. Our operating expenses for the three months ended June 30, 2026 and 2025 include management fees attributed to the Adviser of $0.7 million and $0.6 million, respectively, and incentive fees attributed to the Adviser of $1.9 million and $0.5, respectively. Our expenses for the three months ended June 30, 2026 and 2025 also include interest expense incurred on repurchase transactions of $0.1 million and $0.3 million, respectively.

Our total operating expenses for the six months ended June 30, 2026 and 2025 were $5.0 million and $3.2 million, respectively. Our operating expenses for the six months ended June 30, 2026 and 2025 include management fees attributed to the Adviser of $1.4 million and $1.1 million, respectively, and incentive fees attributed to the Adviser of $2.7 million and $1.0 million, respectively. Our expenses for the six months ended June 30, 2026 and 2025 also include interest expense incurred on repurchase transactions of $0.3 million and $0.5 million, respectively.

The increase in our total expenses for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 is primarily due to an increase in incentive fees which increased due to net realized and unrealized gains on investments during the three and six months ended June 30, 2026 compared to net realized and unrealized losses on investments during the three and six months ended June 30, 2025 coupled with higher net investment income during the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025. Management fees also increased due to increases in the investment cost basis for which management fees are based.

Net investment income

Net investment income for the three months ended June 30, 2026 and 2025 was $4.5 million and $4.9 million, respectively. Net investment income for the six months ended June 30, 2026 and 2025 was $9.2 million and $8.8 million, respectively. The decrease in net income for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 is primarily attributable to the increase in total expenses partially offset by an increase in total investment income, as described above. The increase in net income for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 is primarily attributable to the increase in total investment income partially offset by an increase in expenses, as described above.

Net realized gain/(loss) on investments

During the three months ended June 30, 2026 and 2025 we recognized $0.2 million and ($10.0) thousand in realized gains/(losses) on investments. During the three and six months ended June 30, 2025 we recognized $0.2 million and ($10.0) thousand in realized gains/(losses) on non-controlled/non-affiliated investments. The net realized gain on investments we recognized during the three and six months ended June 30, 2026 was primarily due to the following investments (dollar amounts in thousands):


Issuer	Investment	Realized Gain (Loss)
CSAT Investment Holdings LLC	Warrant, expires 3/5/32	$	210
ADAN-B LLC (24 Hour Fitness)	Term Loan		7
HydroSource Logistics, LLC	Warrant, expires 4/4/34		(13	)	*
Net realized gain		$	204

*A portion of the HydroSource Logistics, LLC warrant was relinquished as part of the equity restructuring ahead of the EagleRock Land LLC initial public offering.

The net realized loss on investments we recognized during the three and six months ended June 30, 2025 was entirely due to the partial disposition of our HydroSource Logistics, LLC Term Loan.

Net change in unrealized appreciation/(depreciation) on investments

Our net change in unrealized appreciation/(depreciation) on investments for the three months ended June 30, 2026 and 2025 was $6.2 million and ($2.0) million, respectively. Our net change in unrealized appreciation/(depreciation) for the three months ended June 30, 2026 was primarily attributable to the following investments (dollar amounts in thousands):


Issuer	Investment	Change in Unrealized Appreciation/ (Depreciation)
EagleRock Land LLC**	Class A Units	$	14,845
Cinelease, LLC	Warrant, expires 7/31/35		(202	)
Fenix Intermediate LLC	Term Loan B		(258	)
Signature Brands, LLC	Term Loan		(374	)
Mark Andy, Inc.	Term Loan		(564	)
HydroSource Logistics, LLC**	Warrant #2		(1,783	)	*
HydroSource Logistics, LLC**	Warrant		(4,368	)	*
All others	Various		(1,125	)
Net change in unrealized appreciation/(depreciation)		$	6,171

*Includes reversal of previously recognized unrealized (depreciation)/appreciation. Recognized during the three months ended June 30, 2026 as realized gains/(losses) and/or accelerated original issue discount.

**The HydroSource Logistics, LLC warrants were converted into EagleRock Land LLC Class A Units at their cost basis.

Our net change in unrealized appreciation/(depreciation) for the three months ended June 30, 2025 was primarily attributable to the following investments (dollar amounts in thousands):


Issuer	Investment	Change in Unrealized Appreciation/ (Depreciation)
Signature Brands, LLC	Term Loan	$	(1,225	)
Superior Industries International, Inc.	Term Loan		(1,210	)
HydroSource Logistics, LLC	Warrant, expires 4/4/34		1,032
All others	Various		(622	)
Net change in unrealized appreciation/(depreciation)		$	(2,025	)


Delaware	88-1126955
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)


200 Clarendon Street, Boston, MA	02116
(Address of Principal Executive Offices)	(Zip Code)


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


		PAGE
	INDEX	NO.
PART I.	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements
	Consolidated Schedule of Investments as of June 30, 2026 (unaudited) and December 31, 2025	2
	Consolidated Statements of Assets and Liabilities as of June 30, 2026 (unaudited) and December 31, 2025	12
	Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 (unaudited)	13
	Consolidated Statements of Changes in Members' Capital for the three and six months ended June 30, 2026 and 2025 (unaudited)	14
	Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 (unaudited)	16
	Notes to Consolidated Financial Statements (unaudited)	17
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	34
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	46
Item 4.	Controls and Procedures	47
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	48
Item 1A.	Risk Factors	48
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	48
Item 3.	Defaults Upon Senior Securities	48
Item 4.	Mine Safety Disclosures	48
Item 5.	Other Information	48
Item 6.	Exhibits	49
SIGNATURES		50


	Interest Income (Loss)
Up 300 basis points	$	6,616
Up 200 basis points		4,411
Up 100 basis points		2,205
Down 100 basis points		(2,192	)
Down 200 basis points		(4,026	)
Down 300 basis points		(4,307	)


3.1	Certificate of Formation (incorporated by reference to Exhibit 3.1 to the Company’s amended registration statement on Form 10, as filed with the Securities and Exchange Commission on August 16, 2022)

3.2	Certificate of Amendment to Certificate of Formation (incorporated by reference to Exhibit 3.2 to the Company’s amended registration statement on Form 10, as filed with the Securities and Exchange Commission on August 16, 2022)

3.3	Limited Liability Company Agreement, dated May 17, 2022 (incorporated by reference to Exhibit 3.3 to the Company’s amended registration statement on Form 10, as filed with the Securities and Exchange Commission on August 16, 2022)

3.4	Amended and Restated Limited Liability Company Agreement, dated September 15, 2022 (incorporated by reference to Exhibit 3.4 to the Company’s amended registration statement on Form 10, as filed with the Securities and Exchange Commission on August 16, 2022)

10.1	Investment Advisory and Management Agreement, dated September 15, 2022, by and between the Company and TCW Asset Management Company LLC (incorporated by reference to Exhibit 10.1 to the Company’s amended registration statement on Form 10, as filed with the Securities and Exchange Commission on August 16, 2022)

10.2	Administration Agreement, dated September 15, 2022, by and between the Company and TCW Asset Management Company LLC (incorporated by reference to Exhibit 10.2 to the Company’s amended registration statement on Form 10, as filed with the Securities and Exchange Commission on August 16, 2022)

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)

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104	Cover Page Interactive Data File (embedded within the Inline XBRL document)


	TCW STAR DIRECT LENDING LLC
Date: August 12, 2026	By:	/s/ Richard T. Miller
		Richard T. Miller
		President


Date: August 12, 2026	By:	/s/ Andrew J. Kim
		Andrew J. Kim
		Chief Financial Officer

OR

For the transition period from to

Commission file number 814-01566

(Exact Name of Registrant as Specified in Its Charter)

200 Clarendon Street, Boston, MA

02116

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

Not applicable

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

Not applicable

TCW STAR DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited)

As of June 30, 2026

TCW STAR DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of June 30, 2026

TCW STAR DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of June 30, 2026

TCW STAR DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of June 30, 2026

TCW STAR DIRECT LENDING LLC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of June 30, 2026

TCW STAR DIRECT LENDING LLC

Consolidated Schedule of Investments

As of December 31, 2025

TCW STAR DIRECT LENDING LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2025

TCW STAR DIRECT LENDING LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2025

TCW STAR DIRECT LENDING LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2025

TCW STAR DIRECT LENDING LLC

Consolidated Schedule of Investments (Continued)

As of December 31, 2025

TCW STAR DIRECT LENDING LLC

Consolidated Statements of Assets and Liabilities

June 30, 2026

TCW STAR DIRECT LENDING LLC

Consolidated Statements of Operations (Unaudited)

June 30, 2026

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

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

June 30, 2026

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

June 30, 2026

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

June 30, 2026

June 30, 2026

June 30, 2026

June 30, 2026

June 30, 2026

June 30, 2026

June 30, 2026

June 30, 2026

June 30, 2026

June 30, 2026

June 30, 2026

June 30, 2026

June 30, 2026

June 30, 2026

June 30, 2026

June 30, 2026

June 30, 2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 4. CONTROLS AND PROCEDURES

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Item 1A. Risk Factors

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

Item 3. Defaults Upon Senior Securities

Item 4. Mine Safety Disclosures

Item 5. Other Information