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Term Loan - 11.78%2026-03-310001603480ck0001603480:NatixisMemberck0001603480:CreditAgreementMember2017-04-090001603480us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001603480Equity Investments- United States Metals & Mining Pace Industries, Inc. Common Stock Net Assets 0.0%2025-12-310001603480ck0001603480:CreditAgreementMember2026-01-022026-01-020001603480SSI Parent, LLC (fka School Specialty, Inc.) 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Class A Preferred Stock Net Assets 8.3%2026-03-310001603480us-gaap:FairValueInputsLevel1Memberus-gaap:DebtSecuritiesMember2026-03-310001603480Pace Industries, Inc. Term Loan - 12.17%2026-03-310001603480country:US2025-12-310001603480ck0001603480:HotelsRestaurantsAndLeisureMemberus-gaap:EquitySecuritiesMember2025-12-310001603480Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 06/01/20 HoldCo Term Loan – 5.89% inc PIK (SOFR + 2.00%, 1.50% Floor, all PIK) Net Assets 0.0% Maturity 06/01/402025-01-012025-12-310001603480Animal Supply Company, LLC First Out Term Loan - 13.09%2025-12-310001603480us-gaap:USTreasuryBillSecuritiesMember2025-12-310001603480Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 06/01/20 Term Loan – 12.17% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK) Net Assets 10.5% Maturity 10/14/262025-01-012025-12-310001603480Cedar Ultimate Parent, LLC Class E Preferred Unit2026-01-012026-03-310001603480ck0001603480:ThirdAmendedCreditAgreementMember2021-04-060001603480RT Holdings Parent, LLC P-1 Units2025-12-310001603480Debt Investments- United States Pharmaceuticals Noramco, LLC Date 07/01/16 Term Loan – 12.19% inc PIK (SOFR + 8.38%, 1.00% Floor, 0.38% PIK) Net Assets 12.7% Maturity 11/01/262026-03-310001603480ck0001603480:NatixisMemberus-gaap:InterestRateFloorMemberck0001603480:CommercialPaperRateAndEuroCurrencyRateMemberck0001603480:AmendedCreditAgreementMember2020-04-062020-04-060001603480Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 10/07/22 Revolver - 12.31% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK) Net Assets 3.0% Maturity 10/14/262025-12-310001603480us-gaap:FairValueInputsLevel3Member2025-12-310001603480us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-03-310001603480TCW Direct Lending Strategic Ventures LLC Preferred Membership Interests2026-01-012026-03-310001603480ck0001603480:OtherThanGovernmentSecuritiesMember2025-01-012025-12-310001603480ck0001603480:OtherLoanMemberck0001603480:SeventhAmendedCreditAgreementMembersrt:MaximumMember2025-07-032025-07-030001603480Pace Industries, Inc. Common Stock2026-01-012026-03-310001603480Equity Investments- United States Metals & Mining Xiphias Holdings, Inc., (fka Pace Industries, Inc.) Common Shares Net Assets 4.9%2026-03-310001603480ck0001603480:ThirdAmendedCreditAgreementMemberus-gaap:EurodollarMember2021-04-062021-04-060001603480Equity Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc.) Class B Preferred Stock Net Assets 2.4%2026-03-310001603480Equity Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc. Common Stock Net Assets 5.1%2025-12-310001603480Debt Investments- United States Industrial Conglomerates Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Date 08/22/24 Term Loan A - 6.00% inc PIK (6.00%, Fixed Coupon, all PIK) Net Assets 4.9% Maturity 01/31/282025-12-310001603480ck0001603480:PharmaceuticalsMemberus-gaap:DebtSecuritiesMember2025-12-310001603480ck0001603480:CommonUndrawnCommitmentMember2025-12-310001603480Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 04/11/25 2025 Term Loan - 10.19% inc PIK (SOFR + 6.25%, 1.50% Floor, all PIK) Net Assets 1.9% Maturity 04/14/262025-12-310001603480Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Class A Units Net Assets 8.2%2026-03-310001603480Debt Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc. Date 09/15/20 Term Loan – 12.26% (SOFR + 8.00%, 1.25% Floor) Net Assets 3.20% Maturity 12/29/262026-01-012026-03-310001603480ck0001603480:RubyTuesdayOperationsLLCMember2026-03-310001603480srt:MaximumMember2024-09-012024-09-300001603480us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2026-03-310001603480Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class E Common Units Net Assets 0.0%2026-03-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2024-12-310001603480Pace Industries, LLC Revolver Opco - 12.31%2026-01-012026-03-310001603480Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Revolver - 6.00%2026-03-310001603480RT Holdings Parent, LLC P-2 Units2025-01-012025-12-310001603480SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock A2026-03-310001603480RT Holdings Parent, LLC Warrant2026-01-012026-03-310001603480us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2025-12-310001603480Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Revolver - 6.00%2024-12-310001603480Cedar Ultimate Parent, LLC Class A Preferred Unit2024-12-310001603480Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company) Class A Units2025-01-012025-12-310001603480Yellowtail Holdings, Inc., (fka Pace Industries, Inc.) Common Shares2026-01-012026-03-310001603480us-gaap:ShortTermInvestmentsMember2025-12-3100016034802025-01-012025-03-310001603480Cedar Electronics Holdings, Corp Incremental Term Loan - 15.00%2025-01-012025-12-310001603480Pace Industries, Inc. 2025 Term Loan - 10.19%2026-03-310001603480ck0001603480:ThirdAmendedCreditAgreementMemberck0001603480:CommercialPaperRateMember2021-04-062021-04-060001603480Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Term Loan - 6.00%2026-03-310001603480ck0001603480:IndustrialConglomeratesMemberus-gaap:EquitySecuritiesMember2025-12-310001603480Pace Industries, Inc. Common Stock2024-12-310001603480Pace Industries, Inc. HoldCo Term Loan - 5.89%2026-03-310001603480Cedar Ultimate Parent, LLC Class A Preferred Unit2025-12-310001603480ck0001603480:RubyTuesdayOperationsLLCMember2025-12-310001603480Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class E Common Units Net Assets 0.0%2025-12-310001603480Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company) Class A Units2026-01-012026-03-310001603480us-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001603480SSI Parent, LLC (fka School Specialty, Inc.) Common Stock2026-01-012026-03-310001603480Retail & Animal Intermediate, LLC Delayed Draw Priming Term Loan - 20.00%2025-12-310001603480Pace Industries, Inc. 2025 Term Loan - 10.19%2025-01-012025-12-310001603480us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DebtSecuritiesMember2025-12-310001603480ck0001603480:DiversifiedConsumerServicesMemberus-gaap:DebtSecuritiesMember2025-12-310001603480us-gaap:InvestmentAffiliatedIssuerControlledMember2026-01-012026-03-310001603480Pace Industries, Inc. HoldCo Term Loan - 5.89%2026-01-012026-03-310001603480Ruby Tuesday Operations, LLC Term Loan - 15.78%2025-12-310001603480TCW Direct Lending Strategic Ventures LLC Preferred Membership Interests2025-01-012025-12-310001603480ck0001603480:NatixisMemberck0001603480:ThirdAmendedAndRestatedRevolvingCreditAgreementMemberus-gaap:EurodollarMember2017-04-102017-04-100001603480Pace Industries, Inc. Term Loan - 12.17%2025-12-310001603480Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Term Loan - 6.00%2025-01-012025-12-310001603480us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2026-03-310001603480ck0001603480:NatixisMemberck0001603480:AdjustedEurodollarRateMemberck0001603480:AmendedCreditAgreementMember2020-04-062020-04-060001603480ck0001603480:NatixisMemberck0001603480:PrimeRateAndFloatingLIBORRateMemberck0001603480:ThirdAmendedAndRestatedRevolvingCreditAgreementMember2017-04-102017-04-100001603480ck0001603480:ThirdAmendedCreditAgreementMember2021-04-062021-04-060001603480ck0001603480:ThirdAmendedCreditAgreementMemberck0001603480:OtherLoanMembersrt:MaximumMember2023-04-072023-04-0700016034802022-07-112022-07-110001603480Ruby Tuesday Operations, LLC Incremental Term Loan - 19.98%2024-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:ShortTermInvestmentsMember2025-12-310001603480Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class D Preferred Units Net Assets 0.0%2025-12-310001603480RT Holdings Parent, LLC Class A Unit2025-12-310001603480us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001603480ck0001603480:HouseholdDurablesMemberus-gaap:EquitySecuritiesMember2025-12-310001603480us-gaap:RetainedEarningsMember2025-03-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2025-12-310001603480SSI Parent, LLC (fka School Specialty, Inc.) Term Loan - 11.78%2026-01-012026-03-310001603480us-gaap:RetainedEarningsMember2025-01-012025-03-310001603480ck0001603480:InvestmentAdvisoryAndManagementAgreementWithAdviserMember2025-01-012025-03-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001603480:DebtSecuritiesOneMember2026-03-310001603480country:US2026-03-310001603480us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-01-012025-03-310001603480Debt Investments- United States Industrial Conglomerates Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Date 08/22/24 Term Loan A - 6.00% inc PIK (6.00%, Fixed Coupon, all PIK) Net Assets 4.9% Maturity 01/31/282025-01-012025-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2025-12-310001603480ck0001603480:ZionsBancorporationNAMemberck0001603480:AmendedCreditAgreementMember2020-05-270001603480Pace Industries, Inc. 2025 Term Loan - 10.19%2025-12-310001603480ck0001603480:OtherLoanMemberck0001603480:SixthAmendedCreditAgreementMembersrt:MaximumMember2024-04-052024-04-050001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2026-03-310001603480SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock A2026-01-012026-03-310001603480us-gaap:MemberUnitsMember2026-03-310001603480Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/01/23 Incremental Term Loan – 19.98% inc PIK (SOFR + 16.00%, 1.25% Floor, all PIK) Net Assets 1.3% Maturity 02/24/272025-12-310001603480us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001603480Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Class P-2 Units Net Assets 0.0%2025-12-310001603480Debt Investments- United States Industrial Conglomerates Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Date 08/22/24 Revolver - 6.00% inc PIK (6.00%, Fixed Coupon, all PIK) Net Assets 7.3% Maturity 01/31/282025-12-310001603480SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock B2026-01-012026-03-310001603480Debt Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc. Date 09/15/20 Term Loan – 12.26% (SOFR + 8.00%, 1.25% Floor) Net Assets 3.20% Maturity 12/29/262026-03-310001603480TCW Direct Lending Strategic Ventures LLC Preferred Membership Interests2024-12-310001603480us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2025-12-310001603480us-gaap:BaseRateMemberck0001603480:ThirdAmendedCreditAgreementMembersrt:MinimumMember2023-04-072023-04-070001603480Cedar Ultimate Parent, LLC Class D Preferred Unit2025-01-012025-12-310001603480us-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001603480Cedar Electronics Holdings, Corp Incremental Term Loan - 15.00%2024-12-310001603480Cedar Ultimate Parent, LLC Class D Preferred Unit2025-12-310001603480Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/01/23 Incremental Term Loan – 19.78% inc PIK (SOFR + 16.00%, 1.25% Floor, all PIK) Net Assets 1.3% Maturity 02/24/272026-01-012026-03-310001603480TCW Direct Lending Strategic Ventures LLC Common Membership Interests2026-03-310001603480us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-03-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-12-310001603480ck0001603480:NatixisMemberck0001603480:ThirdAmendedAndRestatedRevolvingCreditAgreementMemberus-gaap:FederalFundsEffectiveSwapRateMember2017-04-102017-04-100001603480ck0001603480:InvestmentFundsAndVehiclesMember2026-03-310001603480Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/01/23 Incremental Term Loan – 19.98% inc PIK (SOFR + 16.00%, 1.25% Floor, all PIK) Net Assets 1.3% Maturity 02/24/272025-01-012025-12-310001603480ck0001603480:DiversifiedConsumerServicesMemberus-gaap:DebtSecuritiesMember2026-03-310001603480SSI Parent, LLC (fka School Specialty, Inc.) 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Common Shares2025-12-310001603480Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Revolver - 6.00%2025-12-310001603480us-gaap:FairValueInputsLevel1Memberck0001603480:InvestmentFundsAndVehiclesMember2025-12-310001603480us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2025-12-310001603480TCW Direct Lending Strategic Ventures LLC Common Membership Interests2025-12-310001603480us-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-03-310001603480Pace Industries, Inc. Term Loan - 12.17%2025-01-012025-12-310001603480ck0001603480:OvertonChicagoGearLLCMember2026-01-012026-03-310001603480Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Warrant, expires 2/24/27 Net Assets 1.4%2025-12-310001603480Pace Industries, LLC Revolver Opco - 12.31%2025-12-310001603480Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Revolver - 6.00%2026-01-012026-03-310001603480Xiphias Holdings, Inc., (fka Pace Industries, Inc.) Common Shares2026-03-310001603480Cedar Electronics Holdings, Corp Term Loan - 12.65%2025-12-310001603480SSI Parent, LLC (fka School Specialty, Inc.) Term Loan - 11.84%2025-01-012025-12-310001603480RT Holdings Parent, LLC Warrant2026-03-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:DebtSecuritiesMember2025-12-310001603480TCW Direct Lending Strategic Ventures LLC Common Membership Interests2024-12-310001603480Pace Industries, Inc. HoldCo Term Loan - 5.89%2024-12-310001603480Pace Industries, Inc. Common Stock2025-01-012025-12-310001603480SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock A2025-12-310001603480RT Holdings Parent, LLC Class A Unit2024-12-310001603480us-gaap:ShortTermInvestmentsMember2026-01-012026-03-310001603480Ruby Tuesday Operations, LLC Term Loan - 15.98%2024-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001603480ck0001603480:EighthAmendedCreditAgreementMemberus-gaap:SubsequentEventMember2026-04-022026-04-020001603480Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 01/29/26 10th Amendment Term Loan B - 15.78% inc PIK (SOFR + 12.00%, 1.25% Floor, all PIK Net Assets 0.8% Maturity 02/24/272026-01-012026-03-310001603480us-gaap:CashAndCashEquivalentsMember2025-12-310001603480us-gaap:BaseRateMemberck0001603480:NatixisMemberck0001603480:AmendedCreditAgreementMember2020-04-062020-04-060001603480ck0001603480:MetalsAndMiningMemberus-gaap:EquitySecuritiesMember2025-12-310001603480Cedar Ultimate Parent, LLC Class D Preferred Unit2024-12-310001603480Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Warrant, expires 2/24/27 Net Assets 1.4%2026-03-310001603480ck0001603480:NatixisMemberck0001603480:AmendedCreditAgreementMember2020-04-060001603480us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001603480Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 06/01/20 HoldCo Term Loan – 5.89% inc PIK (SOFR + 2.00%, 1.50% Floor, all PIK) Net Assets 0.0% Maturity 06/01/402025-12-310001603480RT Holdings Parent, LLC Class A Unit2026-01-012026-03-310001603480us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2025-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2026-03-310001603480us-gaap:MemberUnitsMember2025-01-012025-03-310001603480SSI Parent, LLC (fka School Specialty, Inc.) Common Stock2025-12-310001603480Debt Investments- United States Industrial Conglomerates Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Date 08/22/24 Revolver - 6.00% inc PIK (6.00%, Fixed Coupon, all PIK) Net Assets 7.8% Maturity 01/31/282026-03-310001603480Pace Industries, Inc. HoldCo Term Loan - 5.89%2025-12-310001603480Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Revolver - 6.00%2025-01-012025-12-310001603480us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel3Member2026-03-310001603480Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company) Class A Units2026-03-310001603480us-gaap:ShortTermInvestmentsMember2026-03-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2026-03-310001603480SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock A2024-12-310001603480ck0001603480:DiversifiedConsumerServicesMemberus-gaap:EquitySecuritiesMember2025-12-310001603480Pace Industries, Inc. Term Loan - 12.17%2024-12-310001603480Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Term Loan - 6.00%2026-01-012026-03-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2025-12-310001603480us-gaap:RetainedEarningsMember2025-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2025-12-310001603480us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001603480:DebtSecuritiesOneMember2026-03-310001603480us-gaap:FairValueInputsLevel1Memberus-gaap:DebtSecuritiesMember2025-12-310001603480ck0001603480:OtherLoanMembersrt:MinimumMemberck0001603480:SeventhAmendedCreditAgreementMember2025-07-032025-07-030001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001603480:EquitySecuritiesOneMember2026-03-310001603480Debt Investments- United States Pharmaceuticals Noramco, LLC Date 07/01/16 Term Loan – 12.51% inc PIK (SOFR + 8.38%, 1.00% Floor, 0.38% PIK) Net Assets 11.7% Maturity 05/01/262025-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001603480Yellowtail Holdings, Inc., (fka Pace Industries, Inc.) 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Preferred Stock B2025-01-012025-12-310001603480Yellowtail Holdings, Inc., (fka Pace Industries, Inc.) Common Shares2025-12-310001603480us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:EquitySecuritiesMember2025-12-310001603480Cedar Ultimate Parent, LLC Class D Preferred Unit2026-03-310001603480ck0001603480:DiversifiedConsumerServicesMemberus-gaap:EquitySecuritiesMember2026-03-310001603480Ruby Tuesday Operations LLC, 10th Amendment Term Loan B - 15.78%2026-03-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001603480:DebtSecuritiesOneMember2026-03-310001603480us-gaap:FairValueInputsLevel3Memberck0001603480:InvestmentFundsAndVehiclesMember2026-03-310001603480Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 06/01/20 Term Loan – 12.17% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK) Net Assets 10.5% Maturity 10/14/262025-12-310001603480ck0001603480:AmendedCreditAgreementMember2026-03-310001603480us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2025-12-310001603480Cedar Electronics Holdings, Corp Incremental Term Loan - 15.00%2025-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2026-03-310001603480us-gaap:CommonStockMember2015-03-192015-03-190001603480us-gaap:DebtSecuritiesMember2025-12-310001603480us-gaap:BaseRateMemberck0001603480:NatixisMemberck0001603480:ThirdAmendedAndRestatedRevolvingCreditAgreementMember2017-04-102017-04-100001603480RT Holdings Parent, LLC Warrant2024-12-310001603480Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 10/07/22 Revolver - 12.31% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK) Net Assets 3.0% Maturity 10/14/262025-01-012025-12-310001603480us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001603480:DebtSecuritiesOneMember2026-03-310001603480Equity Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc. Class B Preferred Stock Net Assets 2.3%2025-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2025-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2026-03-310001603480us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001603480us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:DebtSecuritiesMember2026-03-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2026-03-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001603480:EquitySecuritiesOneMember2026-03-310001603480ck0001603480:MetalsAndMiningMemberus-gaap:DebtSecuritiesMember2025-12-310001603480Equity Investments- United States Industrial Conglomerates Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company) Class A Units Net Assets 20.3%2026-03-310001603480Xiphias Holdings, Inc., (fka Pace Industries, Inc.) Common Shares2026-01-012026-03-310001603480Cedar Ultimate Parent, LLC Class A Preferred Unit2025-01-012025-12-310001603480RT Holdings Parent, LLC P-1 Units2026-03-310001603480Equity Investments- United States Investment Funds & Vehicles TCW Direct Lending Strategic Ventures Preferred membership Interests Net Assets 15.3%2026-03-310001603480Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 04/11/25 2025 Term Loan - 10.19% inc PIK (SOFR + 6.25%, 1.50% Floor, all PIK) Net Assets 1.9% Maturity 04/14/262025-01-012025-12-310001603480Cedar Electronics Holdings, Corp Term Loan - 12.65%2025-01-012025-12-310001603480ck0001603480:OvertonChicagoGearLLCMember2026-03-310001603480ck0001603480:InvestmentAdvisoryAndManagementAgreementWithAdviserMember2026-01-012026-03-310001603480us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2026-03-310001603480RT Holdings Parent, LLC P-1 Units2024-12-310001603480Ruby Tuesday Operations, LLC Term Loan - 15.98%2025-01-012025-12-310001603480ck0001603480:NatixisMemberck0001603480:CreditAgreementMember2017-04-092017-04-090001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001603480:EquitySecuritiesOneMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001603480SSI Parent, LLC (fka School Specialty, Inc.) Common Stock2026-03-310001603480Pace Industries, LLC Revolver Opco - 12.31%2026-03-310001603480ck0001603480:IncentiveFeeThereafterMemberck0001603480:InvestmentAdvisoryAndManagementAgreementWithAdviserMember2026-01-012026-03-310001603480TCW Direct Lending Strategic Ventures LLC Common Membership Interests2025-01-012025-12-310001603480Pace Industries, LLC Revolver Opco - 12.31%2025-01-012025-12-310001603480Animal Supply Company, LLC Term Loan - 13.28%2025-01-012025-12-310001603480us-gaap:FairValueInputsLevel3Member2024-12-310001603480ck0001603480:AmendedCreditAgreementMember2025-12-310001603480Debt Investments- United States Metals & Mining Xiphias Buyer, Inc., (fka Pace Industries, Inc.) Date 02/23/26 Term Loan – 8.30% inc PIK (SOFR + 4.50%, 1.50% Floor, all PIK) Net Assets 3.8% Maturity 02/23/312026-03-310001603480Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class A Preferred Units Net Assets 6.4%2025-12-310001603480Pace Industries, LLC Revolver Opco - 12.31%2024-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:DebtSecuritiesMember2026-03-310001603480Debt Investments- United States Industrial Conglomerates Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Date 08/22/24 Revolver - 6.00% inc PIK (6.00%, Fixed Coupon, all PIK) Net Assets 7.3% Maturity 01/31/282025-01-012025-12-310001603480us-gaap:StateAndLocalJurisdictionMember2026-01-012026-03-310001603480ck0001603480:NatixisMemberck0001603480:CommercialPaperRateMemberck0001603480:AmendedCreditAgreementMember2020-04-062020-04-060001603480Ruby Tuesday Operations, LLC Incremental Term Loan - 19.78%2026-03-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001603480us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2026-03-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-12-310001603480us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2026-03-310001603480Animal Supply Company, LLC First Out Term Loan - 13.09%2025-01-012025-12-310001603480Xiphias Buyer, Inc., (fka Pace Industries, Inc.) Term Loan - 8.3%2026-03-310001603480Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/24/21 Term Loan – 15.98% inc PIK (SOFR + 12.00%, 1.25% Floor, all PIK) Net Assets 4.4% Maturity 02/24/272025-01-012025-12-310001603480us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-03-3100016034802025-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001603480Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/24/21 Term Loan – 15.98% inc PIK (SOFR + 12.00%, 1.25% Floor, all PIK) Net Assets 4.4% Maturity 02/24/272025-12-310001603480Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/24/21 Term Loan – 15.78% inc PIK (SOFR + 12.00%, 1.25% Floor, all PIK) Net Assets 4.9% Maturity 02/24/272026-01-012026-03-310001603480ck0001603480:ThirdAmendedCreditAgreementMember2026-01-020001603480us-gaap:FairValueInputsLevel1Member2025-12-310001603480Xiphias Buyer, Inc., (fka Pace Industries, Inc.) Term Loan - 8.3%2025-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-03-310001603480Animal Supply Company, LLC Term Loan - 13.28%2024-12-310001603480us-gaap:MemberUnitsMember2025-03-310001603480Pace Industries, Inc. 2025 Term Loan - 10.19%2024-12-310001603480ck0001603480:InvestmentAdvisoryAndManagementAgreementWithAdviserMember2025-01-012025-12-310001603480Debt Investments- United States Pharmaceuticals Noramco, LLC Date 07/01/16 Term Loan – 12.51% inc PIK (SOFR + 8.38%, 1.00% Floor, 0.38% PIK) Net Assets 11.7% Maturity 05/01/262025-01-012025-12-310001603480us-gaap:MemberUnitsMember2026-01-012026-03-3100016034802020-09-192020-09-190001603480us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001603480us-gaap:USTreasuryBillSecuritiesMember2026-03-310001603480Ruby Tuesday Operations LLC, 10th Amendment Term Loan B - 15.78%2026-01-012026-03-310001603480ck0001603480:RubyTuesdayOperationsLLCMember2026-01-012026-03-310001603480us-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMember2025-12-310001603480Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Class P-2 Units Net Assets 0.0%2026-03-310001603480Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company) Class A Units2024-12-310001603480ck0001603480:StrategicVentureMember2025-12-310001603480Equity Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc.) Common Stock Net Assets 1.9%2026-03-310001603480Ruby Tuesday Operations, LLC Incremental Term Loan - 19.98%2025-01-012025-12-310001603480Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class D Preferred Units Net Assets 0.0%2026-03-310001603480TCW Direct Lending Strategic Ventures LLC Common Membership Interests2026-01-012026-03-310001603480us-gaap:EquitySecuritiesMember2025-12-310001603480SSI Parent, LLC (fka School Specialty, Inc.) Term Loan - 11.84%2024-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2025-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2025-12-310001603480us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel2Member2026-03-310001603480us-gaap:FairValueInputsLevel3Member2025-01-012025-03-310001603480ck0001603480:EighthAmendedCreditAgreementMemberus-gaap:SubsequentEventMember2026-04-020001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2026-03-310001603480ck0001603480:IndustrialConglomeratesMemberus-gaap:DebtSecuritiesMember2026-03-310001603480RT Holdings Parent, LLC Warrant2025-12-310001603480ck0001603480:InvestmentFundsAndVehiclesMemberus-gaap:EquitySecuritiesMember2026-03-310001603480us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DebtSecuritiesMember2026-03-310001603480Cedar Ultimate Parent, LLC Class A Preferred Unit2026-03-310001603480Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Class A Units Net Assets 8.2%2025-12-310001603480ck0001603480:InvestmentAdvisoryAndManagementAgreementWithAdviserMember2025-08-132025-08-130001603480ck0001603480:CreditAgreementMember2025-03-242025-03-240001603480ck0001603480:ThirdAmendedCreditAgreementMemberck0001603480:OtherLoanMembersrt:MinimumMember2023-04-072023-04-0700016034802025-03-310001603480Cedar Ultimate Parent, LLC Class A Preferred Unit2026-01-012026-03-310001603480Debt Investments- United States Industrial Conglomerates Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Date 08/22/24 Revolver - 6.00% inc PIK (6.00%, Fixed Coupon, all PIK) Net Assets 7.8% Maturity 01/31/282026-01-012026-03-310001603480us-gaap:BaseRateMemberck0001603480:SeventhAmendedCreditAgreementMembersrt:MaximumMember2025-07-032025-07-030001603480Ruby Tuesday Operations, LLC Incremental Term Loan - 19.78%2025-12-3100016034802026-03-310001603480us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:EquitySecuritiesMember2026-03-310001603480ck0001603480:MetalsAndMiningMemberus-gaap:DebtSecuritiesMember2026-03-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2026-01-012026-03-310001603480us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2026-03-310001603480ck0001603480:MetalsAndMiningMemberus-gaap:EquitySecuritiesMember2026-03-310001603480RT Holdings Parent, LLC Class A Unit2025-01-012025-12-310001603480us-gaap:MemberUnitsMember2024-12-310001603480us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001603480ck0001603480:CommonCommitmentMember2026-03-310001603480RT Holdings Parent, LLC Warrant2025-01-012025-12-310001603480Cedar Ultimate Parent, LLC Class E Preferred Unit2024-12-310001603480RT Holdings Parent, LLC P-2 Units2026-01-012026-03-310001603480Xiphias Buyer, Inc., (fka Pace Industries, Inc.) Term Loan - 8.3%2026-01-012026-03-310001603480us-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001603480ck0001603480:InvestmentAdvisoryAndManagementAgreementWithAdviserMember2014-09-152014-09-150001603480Ruby Tuesday Operations, LLC Term Loan - 15.78%2026-03-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001603480:DebtSecuritiesOneMember2026-03-310001603480us-gaap:FairValueInputsLevel3Member2026-03-310001603480us-gaap:FairValueInputsLevel2Member2026-03-310001603480Equity Investments- United States Investment Funds & Vehicles TCW Direct Lending Strategic Ventures Common membership Interests Net Assets 0.0%2026-03-310001603480ck0001603480:ThirdAmendedCreditAgreementMemberck0001603480:AdjustedEurodollarRateMember2021-04-062021-04-060001603480Cedar Ultimate Parent, LLC Class E Preferred Unit2025-12-310001603480srt:MinimumMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-12-310001603480us-gaap:MemberUnitsMember2025-12-310001603480us-gaap:CashAndCashEquivalentsMember2026-03-310001603480us-gaap:RetainedEarningsMember2026-03-310001603480Debt Investments- United States Metals & Mining Xiphias Buyer, Inc., (fka Pace Industries, Inc.) Date 02/23/26 Term Loan – 8.30% inc PIK (SOFR + 4.50%, 1.50% Floor, all PIK) Net Assets 3.8% Maturity 02/23/312026-01-012026-03-310001603480us-gaap:FairValueInputsLevel2Memberck0001603480:InvestmentFundsAndVehiclesMember2025-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001603480ck0001603480:ThirdAmendedCreditAgreementMember2023-04-070001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:CashAndCashEquivalentsMember2025-12-3100016034802026-05-130001603480us-gaap:FairValueInputsLevel1Member2026-03-310001603480us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001603480ck0001603480:IncentiveFeeTwoMemberck0001603480:InvestmentAdvisoryAndManagementAgreementWithAdviserMember2026-01-012026-03-310001603480Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Term Loan - 6.00%2024-12-310001603480us-gaap:CommonStockMember2015-03-190001603480srt:MaximumMember2026-03-310001603480Pace Industries, Inc. Term Loan - 12.17%2026-01-012026-03-310001603480us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:DebtSecuritiesMember2025-12-310001603480Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/01/23 Incremental Term Loan – 19.78% inc PIK (SOFR + 16.00%, 1.25% Floor, all PIK) Net Assets 1.3% Maturity 02/24/272026-03-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2026-01-012026-03-310001603480srt:MaximumMember2022-10-012022-10-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2026-03-310001603480us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001603480:DebtSecuritiesOneMembersrt:MaximumMember2026-03-310001603480Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company) Class A Units2025-12-310001603480Cedar Ultimate Parent, LLC Class E Preferred Unit2025-01-012025-12-310001603480ck0001603480:HouseholdDurablesMemberus-gaap:EquitySecuritiesMember2026-03-310001603480Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class A Preferred Units Net Assets 6.8%2026-03-3100016034802026-01-012026-03-310001603480us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001603480us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001603480us-gaap:BaseRateMemberck0001603480:SixthAmendedCreditAgreementMembersrt:MaximumMember2024-04-052024-04-050001603480us-gaap:FairValueInputsLevel3Member2025-03-310001603480Pace Industries, Inc. HoldCo Term Loan - 5.89%2025-01-012025-12-310001603480us-gaap:FairValueInputsLevel1Memberck0001603480:InvestmentFundsAndVehiclesMember2026-03-310001603480SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock B2025-12-310001603480ck0001603480:IndustrialConglomeratesMemberus-gaap:EquitySecuritiesMember2026-03-310001603480Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/24/21 Term Loan – 15.78% inc PIK (SOFR + 12.00%, 1.25% Floor, all PIK) Net Assets 4.9% Maturity 02/24/272026-03-310001603480SSI Parent, LLC (fka School Specialty, Inc.) Term Loan - 11.78%2025-12-310001603480ck0001603480:SixthAmendedCreditAgreementMember2024-04-052024-04-050001603480us-gaap:DebtSecuritiesMember2026-03-310001603480RT Holdings Parent, LLC P-2 Units2026-03-310001603480srt:MaximumMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001603480Ruby Tuesday Operations LLC, 10th Amendment Term Loan B - 15.78%2025-12-31ck0001603480:Agreementxbrli:pureck0001603480:Segmentxbrli:sharesiso4217:USDck0001603480:Loaniso4217:USDxbrli:shares\n\n \n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, DC 20549\n\nFORM 10-Q\n\n(Mark One)\n\n☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.\n\nFor the transition period from to\n\nCommission file number 814-01069\n\nTCW DIRECT LENDING LLC\n\n(Exact Name of Registrant as Specified in Its Charter)\n\n \n\n \n\nDelaware\n\n46-5327366\n\n(State or Other Jurisdiction of\n\nIncorporation or Organization)\n\n(I.R.S. Employer\n\nIdentification No.)\n\n200 Clarendon Street, Boston, MA\n\n02116\n\n(Address of Principal Executive Offices)\n\n(Zip Code)\n\nRegistrant’s Telephone Number, Including Area Code: (617) 936-2275\n\nNot applicable\n\nFormer Name, Former Address and Former Fiscal Year, If Changed Since Last Report.\n\nSecurities registered pursuant to Section 12(b) of the Act.\n\n \n\n \n\n \n\nTitle of each class\n\nTrading Symbol(s)\n\nName of each exchange on which registered\n\nNone\n\nNot applicable\n\nNot applicable\n\nIndicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☐\n\nEmerging growth company\n\n☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes ☐ No ☒\n\nAs of March 31, 2026, there was no established public market for the Registrant’s common units. The number of the Registrant’s common units outstanding at May 13, 2026 was 18,034,649.\n\n \n\nAuditor Firm Id: 34 Auditor Name: Deloitte & Touche LLP Auditor Location: Los Angeles, CA, U.S.A.\n\n \n\n \n\n \n\nTCW DIRECT LENDING LLC\n\nFORM 10-Q FOR THE QUARTER ENDED March 31, 2026\n\nTable of Contents\n\n \n\nINDEX\n\nPAGE\nNO.\n\nPART I.\n\nFINANCIAL INFORMATION"}