{"url_path":"/sec/cik-0001715933/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/1715933/0001193125-26-221880-index.html","accession_number":"0001193125-26-221880","cik":"0001715933","ticker":null,"issuer_name":"TCW Direct Lending VII LLC","edgar_url":"https://www.sec.gov/Archives/edgar/data/1715933/0001193125-26-221880-index.html","primary_entity_key":"0001715933","primary_entity_name":"TCW Direct Lending VII LLC"},"word_count":8457,"has_tables":true,"body_markdown":"10-Q\n\n--12-31Q10001715933falsehttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#PrimeRateMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember02/01/2602/01/2610/03/2810/03/2806/23/2806/23/2806/23/2804/30/2804/30/2804/30/2809/28/2609/28/2604/13/2904/13/2904/13/2909/16/2910/29/2606/30/26http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#PrimeRateMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember02/06/3102/01/2702/01/2710/03/2810/03/2806/03/2806/03/2806/03/2804/30/2804/30/2804/30/2809/28/2609/28/2604/13/2904/13/2904/13/2909/16/2910/29/2606/30/26ten dayshttp://fasb.org/us-gaap/2025#GainLossOnInvestmentshttp://fasb.org/us-gaap/2025#GainLossOnInvestmentsP3Y1http://tcw.com/20260331#SignificantSegmentExpensesMemberhttp://fasb.org/srt/2025#ChiefFinancialOfficerMember0001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 06/11/2025, 16th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.3%, Maturity Date 06/18/262025-01-012025-12-310001715933ck0001715933:NatixisCreditAgreementMemberck0001715933:NatixisRevolvingCreditFacilityMemberck0001715933:SeventhAmendedRevolvingCreditAgreementMember2023-05-092023-05-090001715933us-gaap:DomesticCountryMember2026-01-012026-03-3100017159332018-12-310001715933Non-Controlled Affiliated Investments RL Investor Holdings LLC (fka Red Lobster Management, LLC) Term Loan - 11.17% inc PIK2025-01-012025-12-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 08/22/25, 17th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 1.7%, Maturity Date 06/18/262026-03-310001715933Controlled Affiliated Investments Tabhi Holdings, LLC (Mondee) Class B Common Units2026-01-012026-03-310001715933Non-Controlled Affiliated Investments Slogic Holding Corp. Last Out Term Loan - 9.69%2026-03-310001715933Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Revolver - 11.42% inc PIK2024-12-310001715933Non-Controlled Affiliated Investments RL Parent Holdings LLC Class A Units2026-01-012026-03-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 01/29/25, 14th Amendment Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.2%, Maturity Date 06/18/262025-01-012025-12-310001715933Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Revolver - 11.42% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 0.3% Maturity Date 09/28/262025-01-012025-12-310001715933Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Term Loan - 11.45% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 2.8% Maturity Date 09/28/272026-03-310001715933ck0001715933:PncCreditFacilityMember2019-01-292019-01-290001715933Debt Securities, Energy Equipment & Services WDE TorcSill Holdings LLC, Acquisition Date 10/22/19 Revolver - 23.35% inc PIK (SOFR + 18.75%, 4.60% Floor, all PIK) % of Net Assets 1.9%, Maturity Date 04/30/282026-01-012026-03-310001715933Non-Controlled Affiliated Investments Outform Holdings LLC (fka Rapid Displays, Inc.) Class A Common Units2025-01-012025-12-310001715933Equity Securities Energy Equipment & Services WDE TorcSill Holdings LLC Class A Units2026-03-310001715933us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001715933Debt Securities, Energy Equipment & Services WDE TorcSill Holdings LLC, Acquisition Date 08/13/24 , Protective Advance Term Loan - 25.50% inc PIK (PRIME + 18.25%, 4.60% Floor, all PIK), % of Net Assets 0.8%, Maturity Date 04/30/282026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-12-310001715933Debt Securities Textiles, Apparel & Luxury Goods Centric Brands Inc. Acquisition Date 02/06/24 Term Loan - 9.17% (SOFR + 5.50%, 1.00% Floor) % of Net Assets 3.6% Maturity Date 08/06/292026-03-310001715933Debt Securities Software Tabhi Purchaser, LLC (fka Mondee Holdings LLC) Acquisition Date 04/03/25 Delayed Draw Term Loan - 9.70% inc PIK (SOFR + 6.00%, 2.50% Floor, all PIK) % of Net Assets 3.2% Maturity Date 10/03/282026-01-012026-03-310001715933ck0001715933:HotelsRestaurantsAndLeisureMemberus-gaap:EquitySecuritiesMember2025-12-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001715933:EquitySecuritiesOneMember2025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Delayed Draw Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.8% Maturity Date 06/18/262025-01-012025-12-310001715933Controlled Affiliated Investments Tabhi Holdings, LLC (Mondee) Preferred Units2026-03-310001715933Equity Securities Chemicals AGY Equity LLC Class B Preferred Units2026-03-310001715933Debt Securities Textiles, Apparel & Luxury Goods Centric Brands TopCo, LLC (fka Centric Brands Inc.) Acquisition Date 02/06/24 Term Loan A-1 - 10.17% (SOFR + 6.50%, 1.00% Floor) % of Net Assets 2.4% Maturity Date 02/06/312026-03-310001715933us-gaap:FairValueInputsLevel2Member2025-12-310001715933ck0001715933:SecondAmendedPncCreditAgreementMemberck0001715933:PncCreditFacilityMember2021-11-150001715933us-gaap:FairValueInputsLevel3Member2025-03-310001715933us-gaap:FairValueInputsLevel3Member2025-01-012025-03-310001715933Non-Controlled Affiliated Investments Outform Group, Inc. (fka Rapid Displays, Inc.) Revolver - 10.47% inc PIK2025-12-310001715933Controlled Affiliated Investments Live Comfortably Inc. Common Stock2025-01-012025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:DebtSecuritiesMemberck0001715933:IndicativeBidMember2025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 02/15/23 Delayed Draw Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/262026-01-012026-03-310001715933us-gaap:DebtSecuritiesMemberck0001715933:HouseholdDurablesMember2025-12-310001715933us-gaap:RetainedEarningsMember2025-03-310001715933Non-Controlled Affiliated Investments Outform Group, Inc. (fka Rapid Displays, Inc.) Revolver - 10.47% inc PIK2025-01-012025-12-310001715933ck0001715933:AerospaceAndDefenseMemberus-gaap:EquitySecuritiesMember2025-12-310001715933ck0001715933:NatixisCreditAgreementMemberck0001715933:NatixisRevolvingCreditFacilityMember2020-07-010001715933Equity Securities Household Durables Shelterlogic Group Holdings, Inc Common Stock2025-12-310001715933us-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001715933Controlled Affiliated Investments Tabhi Holdings, LLC (Mondee) Preferred Units2026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001715933:DebtSecuritiesOneMember2026-03-310001715933ck0001715933:IncentiveFeeTwoMember2026-01-012026-03-310001715933Debt Securities Software Tabhi Purchaser, LLC (fka Mondee Holdings LLC) Acquisition Date 04/03/25 Term Loan B - 9.70% inc PIK (SOFR + 6.00%, 1.75% Floor, all PIK) % of Net Assets 13.0% Maturity Date 10/03/282026-03-310001715933Controlled Affiliated Investments Tabhi Holdings, LLC (Mondee) Class B Common Units2026-03-310001715933us-gaap:FairValueInputsLevel1Memberus-gaap:DebtSecuritiesMember2025-12-310001715933Non-Controlled Affiliated Investments RL Investor Holdings LLC Term Loan - 11.20% inc PIK2026-03-310001715933Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Revolver - 11.45% inc PIK2026-03-310001715933Controlled Affiliated Investments Tabhi Purchaser, LLC (Mondee) Term Loan B - 9.70% inc PIK2026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-03-310001715933Equity Securities Software Tabhi Holdings, LLC (fka Mondee Holdings LLC) Class B Common Units2025-12-310001715933Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Term Loan - 11.45% inc PIK2025-12-310001715933Non-Controlled Affiliated Investments RL Parent Holdings LLC Class A Units2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2026-03-310001715933Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 08/01/22 Term Loan - 12.27% inc PIK (SOFR + 8.50%, 1.50% Floor, all PIK) % of Net Assets 2.5% Maturity Date 02/01/272026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001715933:DebtSecuritiesOneMember2026-03-310001715933us-gaap:USTreasuryBillSecuritiesMember2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2024-12-310001715933Controlled Affiliated Investments Tabhi Purchaser, LLC (Mondee) Term Loan B - 9.70% inc PIK2026-03-310001715933ck0001715933:PncRevolvingCreditAgreementMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001715933:PncRevolvingCreditFacilityMember2024-11-082024-11-080001715933us-gaap:RetainedEarningsMember2026-01-012026-03-310001715933Controlled Affiliated Investments Tabhi Purchaser, LLC (Mondee) Term Loan B - 9.67% inc PIK2025-12-310001715933Debt Securities Energy Equipment & Services WDE TorcSill Holdings LLC Acquisition Date 08/13/24 Protective Advance Term Loan - 25.00% inc PIK (Prime + 18.25%, 4.60% Floor all PIK) % of Net Assets 0.8% Maturity Date 04/30/282025-01-012025-12-310001715933Non-Controlled Affiliated Investments Slogic Holding Corp. Revolver - 9.72%2025-12-310001715933Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 08/25/23 Revolver – 9.69% inc PIK (SOFR + 5.87%, 1.00% Floor all PIK) % of Net Assets 1.0% Maturity Date 06/30/262025-01-012025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberck0001715933:DebtSecuritiesOneMember2025-12-310001715933us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-03-310001715933us-gaap:MemberUnitsMember2024-12-310001715933ck0001715933:OtherLoanMembersrt:MinimumMemberck0001715933:SeventhAmendedRevolvingCreditAgreementMember2023-05-092023-05-090001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Revolver - 23.35% inc PIK2025-01-012025-12-3100017159332026-01-012026-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/03/24 13th Amendment Priority Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK) % of Net Assets 0.2% Maturity Date 06/18/262026-01-012026-03-310001715933srt:ScenarioForecastMember2026-01-012026-12-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 03/31/2025, 15th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.2%, Maturity Date 06/18/262025-01-012025-12-310001715933Debt Securities Hotels, Restaurants & Leisure RL Investor Holdings LLC (fka Red Lobster Management, LLC) Acquisition Date 09/16/24 Term Loan - 11.17% inc PIK (SOFR + 7.50%, 2.00% Floor, all PIK) % of Net Assets 12.9% Maturity Date 09/16/292025-12-310001715933ck0001715933:NavistarDefenseLlcMember2026-01-012026-03-310001715933us-gaap:DebtSecuritiesMemberck0001715933:SoftwareMember2025-12-310001715933us-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001715933us-gaap:FairValueInputsLevel1Memberus-gaap:DebtSecuritiesMember2026-03-310001715933Controlled Affiliated Investments Tabhi Holdings, LLC (Mondee) Preferred Units2025-01-012025-12-310001715933ck0001715933:AgyHoldingsCorpMember2026-01-012026-03-310001715933Debt Securities Hotels, Restaurants & Leisure KBP Brands, LLC Acquisition Date 05/26/21 Term Loan - 9.47% inc PIK(SOFR + 5.50%, 0.75% Floor, 0.50% PIK) % of Net Assets 5.1% Maturity Date 05/26/272026-01-012026-03-310001715933Non-Controlled Affiliated Investments RL Investor Holdings LLC (fka Red Lobster Management, LLC) Term Loan - 11.17% inc PIK2024-12-310001715933Non-Controlled Affiliated Investments Outform Group, Inc. (fka Rapid Displays, Inc.) Revolver - 10.47% inc PIK2024-12-310001715933ck0001715933:ConsumerDurablesAndApparelMemberus-gaap:DebtSecuritiesMember2025-12-310001715933Equity Securities Aerospace & Defense TCW ND Parent Holdings LLC. Class A Units2025-12-310001715933Non-Controlled Affiliated Investments Outform Group, Inc. (fka Rapid Displays, Inc.) Incremental Term Loan - 10.47% inc PIK2024-12-310001715933Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 06/29/18 Last Out Term Loan – 9.69% (SOFR + 5.87%, 1.00% Floor) % of Net Assets 4.0% Maturity Date 08/31/272026-03-310001715933Non-Controlled Affiliated Investments Outform Group, Inc. Incremental Term Loan - 10.27% inc PIK2025-12-310001715933Controlled Affiliated Investments TCW ND Parent Holdings LLC Class A Units2025-12-310001715933Controlled Affiliated Investments TCW ND Parent Holdings LLC Class A Units2026-03-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Revolver - 23.35% inc PIK2026-01-012026-03-310001715933Debt Securities Energy Equipment & Services WDE TorcSill Holdings LLC Acquisition Date 10/22/19 Term Loan - 23.35% inc PIK (SOFR + 18.75%, 4.60% Floor all PIK) % of Net Assets 4.9% Maturity Date 04/30/282025-12-310001715933us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001715933:ThirdAmendedAndRestatedCreditAndSecurityAgreementWithPNCMemberck0001715933:PncRevolvingCreditFacilityMember2023-12-062023-12-060001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/20/24 Protective Advance Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.7% Maturity Date 06/18/262026-01-012026-03-310001715933Equity Securities Chemicals AGY Equity LLC Class B Preferred Units2025-12-310001715933ck0001715933:TextilesApparelAndLuxuryGoodsMemberus-gaap:DebtSecuritiesMember2026-03-310001715933Controlled Affiliated Investments The Legacy Companies LLC Last Out Term Loan - 9.46% inc PIK2026-03-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001715933ck0001715933:CreditFacilitiesMember2025-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/18/21 Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.3% Maturity Date 06/18/262025-01-012025-12-310001715933us-gaap:MemberUnitsMember2025-12-310001715933Debt Securities Software Tabhi Purchaser, LLC (fka Mondee Holdings LLC) Acquisition Date 04/03/25 Term Loan B - 9.67% inc PIK (SOFR + 6.00%, 1.75% Floor, all PIK) % of Net Assets 13.0% Maturity Date 10/03/282025-01-012025-12-310001715933Equity Securities Textiles, Apparel & Luxury Goods Live Comfortably Inc. (fka Hollander Intermediate LLC) Common Stock2025-12-310001715933Non-Controlled Affiliated Investments Slogic Holding Corp. Revolver - 9.69% inc PIK2025-12-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Term Loan - 23.35% inc PIK2026-03-310001715933us-gaap:CommonStockMembersrt:MinimumMember2026-01-012026-03-310001715933ck0001715933:NatixisCreditAgreementMemberus-gaap:BaseRateMemberck0001715933:NatixisRevolvingCreditFacilityMember2022-03-152022-03-150001715933Controlled Affiliated Investments Navistar Defense, LLC Super Senior Revolver - 14.27% inc PIK2025-12-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:DebtSecuritiesMember2026-03-310001715933ck0001715933:CommercialAndProfessionalServicesMemberus-gaap:DebtSecuritiesMember2025-12-310001715933us-gaap:EquitySecuritiesMemberck0001715933:HouseholdDurablesMember2025-12-310001715933Non-Controlled Affiliated Investments RL Investor Holdings LLC Super Senior Revolver - 6.67%2026-03-310001715933Controlled Affiliated Investments The Legacy Companies LLC Class A Units2025-01-012025-12-310001715933Debt Securities Household Durables The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) Acquisition Date 06/23/25 Last Out Term Loan – 9.44% inc PIK (SOFR + 5.50%, 1.00% Floor, all PIK) % of Net Assets 8.4% Maturity Date 06/23/282025-01-012025-12-310001715933Controlled Affiliated Investments Navistar Defense, LLC Term Loan - 12.27% inc PIK2026-01-012026-03-310001715933srt:MaximumMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001715933Debt Securities Software Tabhi Purchaser, LLC (fka Mondee Holdings LLC) Acquisition Date 04/03/25 Delayed Draw Term Loan - 9.70% inc PIK (SOFR + 6.00%, 2.50% Floor, all PIK) % of Net Assets 3.2% Maturity Date 10/03/282026-03-310001715933Non-Controlled Affiliated Investments RL Investor Holdings LLC Term Loan - 11.20% inc PIK2026-01-012026-03-310001715933Equity Securities Hotels, Restaurants & Leisure RL Parent Holdings LLC (fka Red Lobster Management, LLC) Class A Units2026-03-310001715933Controlled Affiliated Investments The Legacy Companies LLC 1st Amendment First Out Term Loan - 9.44% inc PIK2024-12-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001715933us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2025-12-310001715933Controlled Affiliated Investments The Legacy Companies LLC First Out Term Loan - 9.46% inc PIK2025-12-310001715933us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001715933Controlled Affiliated Investments2026-01-012026-03-310001715933Controlled Affiliated Investments Navistar Defense, LLC Term Loan - 12.32% inc PIK2025-12-310001715933Non-Controlled Affiliated Investments Outform Holdings LLC Class A Common Units2026-01-012026-03-310001715933Debt Securities Energy Equipment & Services WDE TorcSill Holdings LLC Acquisition Date 10/22/19 Revolver - 23.35% inc PIK (SOFR + 18.75%, 4.60% Floor, all PIK) % of Net Assets 2.2% Maturity Date 04/30/282025-01-012025-12-310001715933Controlled Affiliated Investments The Legacy Companies LLC First Out Term Loan - 9.46% inc PIK2026-03-310001715933Non-Controlled Affiliated Investments RL Investor Holdings LLC Term Loan - 11.20% inc PIK2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:DebtSecuritiesMemberck0001715933:IndicativeBidMember2026-03-310001715933ck0001715933:TwinStarInternationalIncMember2026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001715933:DebtSecuritiesOneMember2026-03-310001715933Debt Securities Hotels, Restaurants & Leisure RL Investor Holdings LLC (fka Red Lobster Management, LLC), Acquisition Date 09/16/24, Term Loan - 11.20% inc PIK (SOFR + 7.50%, 2.00% Floor, all PIK) % of Net Assets 12.4% Maturity Date 09/16/292026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2026-03-310001715933Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Revolver - 11.42% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 0.3% Maturity Date 09/28/262025-12-310001715933Controlled Affiliated Investments The Legacy Companies LLC First Out Term Loan - 9.44% inc PIK2025-01-012025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001715933:DebtSecuritiesOneMember2025-12-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 03/31/2025, 15th Amendment Discretionary Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.2%, Maturity Date 06/18/262025-12-310001715933ck0001715933:LondonInterbankOfferedRateMemberck0001715933:PncCreditFacilityMember2019-01-292019-01-290001715933us-gaap:CommonStockMember2017-08-182017-08-180001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2025-12-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Term Loan - 23.35% inc PIK2024-12-310001715933Debt Securities Textiles, Apparel & Luxury Goods Centric Brands TopCo, LLC (fka Centric Brands Inc.) Acquisition Date 02/06/24 Term Loan A-2 - 11.89% inc PIK (SOFR + 8.00%, 1.00% Floor, all PIK) % of Net Assets 3.9% Maturity Date 02/06/312025-01-012025-12-310001715933ck0001715933:BendonIncMember2026-01-012026-03-310001715933ck0001715933:OtherLoanMemberck0001715933:EighthAmendedRevolvingCreditAgreementMembersrt:MaximumMember2024-05-092024-05-090001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2025-12-310001715933ck0001715933:BarclaysTransactionMemberus-gaap:SubsequentEventMember2026-04-010001715933us-gaap:BaseRateMembersrt:MaximumMemberck0001715933:SeventhAmendedRevolvingCreditAgreementMember2023-05-092023-05-090001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2026-03-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMemberck0001715933:IndicativeBidMember2026-03-310001715933Controlled Affiliated Investments Navistar Defense, LLC Term Loan - 12.27% inc PIK2026-03-310001715933ck0001715933:OutformGroupIncMember2026-03-310001715933ck0001715933:AgyHoldingsCorpMember2025-12-310001715933Debt Securities Textiles, Apparel & Luxury Goods Centric Brands Inc. Acquisition Date 02/06/24 Term Loan - 9.17% (SOFR + 5.50%, 1.00% Floor) % of Net Assets 3.6% Maturity Date 08/06/292026-01-012026-03-310001715933Non-Controlled Affiliated Investments Outform Group, Inc. (fka Rapid Displays, Inc.) Term Loan - 10.47% inc PIK2024-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2026-03-310001715933ck0001715933:LessThan50OfMaximumCommitmentMemberck0001715933:SeventhAmendedRevolvingCreditAgreementMember2023-05-092023-05-090001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001715933ck0001715933:CommercialAndProfessionalServicesMemberus-gaap:DebtSecuritiesMember2026-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/18/21 Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.0% Maturity Date 06/18/262026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:DebtSecuritiesMemberck0001715933:IndicativeBidMember2026-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/18/21 Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.0% Maturity Date 06/18/262026-03-310001715933ck0001715933:EnergyEquipmentAndServicesMemberus-gaap:EquitySecuritiesMember2025-12-310001715933Equity Securities Household Durables The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) Class A Units2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberck0001715933:EquitySecuritiesOneMember2025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/03/24 13th Amendment Delayed Draw Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/262026-03-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Class A Units2025-12-310001715933Non-Controlled Affiliated Investments2025-12-310001715933Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 05/27/22 Delayed Draw Term Loan - 4.18% inc PIK (SOFR + 0.25%, 1.50% Floor, all PIK) % of Net Assets 5.0% Maturity Date 09/21/292025-12-310001715933us-gaap:FairValueInputsLevel2Memberus-gaap:CashEquivalentsMember2025-12-310001715933Non-Controlled Affiliated Investments Outform Group, Inc. (fka Rapid Displays, Inc.) Term Loan - 10.47% inc PIK2025-01-012025-12-310001715933us-gaap:RetainedEarningsMember2025-01-012025-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001715933:EquitySecuritiesOneMembersrt:MaximumMember2026-03-310001715933ck0001715933:MediaMemberus-gaap:EquitySecuritiesMember2025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Delayed Draw Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/262026-03-310001715933Controlled Affiliated Investments Tabhi Holdings, LLC (Mondee) Class B Common Units2025-01-012025-12-310001715933Debt Securities Hotels, Restaurants & Leisure RL Investor Holdings LLC (fka Red Lobster Management, LLC), Acquisition Date 09/16/24, Term Loan - 11.20% inc PIK (SOFR + 7.50%, 2.00% Floor, all PIK) % of Net Assets 12.4% Maturity Date 09/16/292026-03-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Protective Advance Term Loan - 25.00% inc PIK2025-12-310001715933Equity Securities Chemicals AGY Equity LLC Class A Preferred Units2025-12-310001715933Debt Securities Publishing Bendon Inc. Acquisition Date 12/11/20 Term Loan - 11.57% (SOFR + 7.75%, 1.50% Floor)% of Net Assets 8.9% Maturity Date 01/31/262025-01-012025-12-310001715933us-gaap:BaseRateMembersrt:MaximumMemberck0001715933:EighthAmendedRevolvingCreditAgreementMember2024-05-092024-05-090001715933ck0001715933:PncRevolvingCreditAgreementMemberck0001715933:PncRevolvingCreditFacilityMember2025-12-310001715933Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 07/27/23 Super Senior Revolver - 14.32% inc PIK (SOFR + 10.50%, 1.50% Floor, all PIK) % of Net Assets 10.5% Maturity Date 02/01/272025-12-310001715933Debt Securities Textiles, Apparel & Luxury Goods Centric Brands TopCo, LLC (fka Centric Brands Inc.) Acquisition Date 02/06/24 Term Loan A-2 - 11.89% inc PIK (SOFR + 8.00%, 1.00% Floor, all PIK) % of Net Assets 3.9% Maturity Date 02/06/312025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2026-03-310001715933us-gaap:DebtSecuritiesMemberck0001715933:AerospaceAndDefenseMember2026-03-310001715933ck0001715933:EnergyEquipmentAndServicesMemberus-gaap:EquitySecuritiesMember2026-03-310001715933Debt Securities Consumer Durables & Apparel, Twin Star International, Inc., Acquisition Date 01/29/25, 14th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), of Net Assets 0.1% Maturity Date 06/18/262026-03-310001715933ck0001715933:PncRevolvingCreditAgreementMemberck0001715933:PncRevolvingCreditFacilityMember2025-11-062025-11-060001715933Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Revolver - 11.42% inc PIK2025-12-310001715933Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 09/21/20 Term Loan - 4.18% inc PIK (SOFR + 0.25%, 1.50% Floor, all PIK) % of Net Assets 4.8% Maturity Date 09/21/292026-01-012026-03-310001715933Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 09/21/20 Term Loan - 4.35% inc PIK (SOFR + 0.25%, 1.50% Floor, all PIK) % of Net Assets 4.8% Maturity Date 09/21/292025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/18/21 Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.3% Maturity Date 06/18/262025-12-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001715933:EquitySecuritiesOneMember2025-12-310001715933Equity Securities Software Tabhi Holdings, LLC (fka Mondee Holdings LLC) Class B Common Units2026-03-310001715933ck0001715933:EncompassDigitalMediaIncMember2026-03-310001715933Controlled Affiliated Investments Tabhi Purchaser, LLC (Mondee) Term Loan B - 9.67% inc PIK2024-12-310001715933Debt Securities Software Tabhi Purchaser, LLC (fka Mondee Holdings LLC) Acquisition Date 04/03/25 Delayed Draw Term Loan - 9.67% inc PIK (SOFR + 6.00%, 2.50% Floor, all PIK) % of Net Assets 3.2% Maturity Date 10/03/282025-12-310001715933Controlled Affiliated Investments The Legacy Companies LLC 1st Amendment First Out Term Loan - 9.44% inc PIK2025-12-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Protective Advance Term Loan - 25.00% inc PIK2024-12-310001715933Non-Controlled Affiliated Investments Encompass Digital Media Holdings, LLC Class A Units2024-12-310001715933us-gaap:DebtSecuritiesMember2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberck0001715933:DebtSecuritiesOneMember2025-12-310001715933Non-Controlled Affiliated Investments Slogic Holding Corp. Last Out Term Loan - 9.81% inc PIK2025-12-310001715933Equity Securities Media Encompass Digital Media, Inc. Class A Units2026-03-310001715933Debt Securities Commercial & Professional Services Outform Group, Inc. (fka Rapid Displays, Inc.) Acquisition Date 09/29/22 Incremental Term Loan - 10.27% inc PIK (SOFR + 6.50%, 1.00% Floor all PIK) % of Net Assets 0.1% Maturity Date 04/13/292026-01-012026-03-310001715933Debt Securities Textiles, Apparel & Luxury Goods Live Comfortably Borrower LLC (fka Hollander Intermediate LLC) Acquisition Date 09/19/22 Term Loan - 6.83% (SOFR + 3.00%, 3.00% Floor) % of Net Assets 12.4% Maturity Date 09/19/272025-12-310001715933ck0001715933:HotelsRestaurantsAndLeisureMemberus-gaap:DebtSecuritiesMember2025-12-310001715933Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Revolver - 11.45% inc PIK2025-12-310001715933Controlled Affiliated Investment The Legacy Companies LLC Last Out Term Loan - 9.44% inc PIK2024-12-310001715933Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 05/27/22 Delayed Draw Term Loan - 4.21% inc PIK (SOFR + 0.25%, 1.50% Floor, all PIK) % of Net Assets 5.4% Maturity Date 09/21/292026-01-012026-03-310001715933us-gaap:BaseRateMembersrt:MinimumMemberck0001715933:SeventhAmendedRevolvingCreditAgreementMember2023-05-092023-05-090001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/20/24 Protective Advance Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.5% Maturity Date 06/18/262025-01-012025-12-310001715933Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 09/21/20 Term Loan - 4.35% inc PIK (SOFR + 0.25%, 1.50% Floor, all PIK) % of Net Assets 4.8% Maturity Date 09/21/292025-01-012025-12-310001715933Equity Securities Chemicals AGY Equity LLC Class D Preferred Units2025-12-310001715933Controlled Affiliated Investments Tabhi Purchaser, LLC (Mondee) Delayed Draw Term Loan - 9.67% inc PIK2025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/03/24 13th Amendment Priority Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK) % of Net Assets 0.2% Maturity Date 06/18/262026-03-310001715933ck0001715933:PncRevolvingCreditAgreementMemberck0001715933:PncRevolvingCreditFacilityMember2024-11-082024-11-080001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001715933:EquitySecuritiesOneMember2025-12-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Protective Advance Term Loan - 25.00% inc PIK2026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:ShortTermInvestmentsMember2025-12-310001715933Controlled Affiliated Investments Tabhi Purchaser, LLC (Mondee) Term Loan B - 9.70% inc PIK2025-12-310001715933us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2026-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/262026-01-012026-03-310001715933Debt Securities Commercial & Professional Services Outform Group, Inc. (fka Rapid Displays, Inc.) Acquisition Date 04/16/21 Term Loan - 10.47% inc PIK (SOFR + 6.50%, 1.00% Floor all PIK) % of Net Assets 3.2% Maturity Date 04/13/292025-12-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001715933Controlled Affiliated Investment The Legacy Companies LLC Last Out Term Loan - 9.44% inc PIK2025-12-310001715933Equity Securities Household Durables The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) Class A Units2026-03-310001715933Non-Controlled Affiliated Investments Shelterlogic Group Holdings, Inc Common Stock2026-01-012026-03-310001715933Non-Controlled Affiliated Investments Shelterlogic Group Holdings, Inc Common Stock2026-03-310001715933us-gaap:RevolvingCreditFacilityMember2025-12-310001715933srt:MinimumMemberck0001715933:EighthAmendedRevolvingCreditAgreementMember2024-05-092024-05-090001715933us-gaap:EquitySecuritiesMemberck0001715933:SoftwareMember2026-03-310001715933us-gaap:EquitySecuritiesMember2025-12-310001715933Controlled Affiliated Investments Tabhi Purchaser, LLC (Mondee) Delayed Draw Term Loan - 9.67% inc PIK2025-01-012025-12-310001715933ck0001715933:PncRevolvingCreditFacilityMember2022-01-012022-01-310001715933Debt Securities Commercial & Professional Services Outform Group, Inc. (fka Rapid Displays, Inc.) Acquisition Date 04/16/21 Term Loan - 10.27% inc PIK (SOFR + 6.50%, 1.00% Floor all PIK) % of Net Assets 3.2% Maturity Date 04/13/292026-03-310001715933ck0001715933:EnergyEquipmentAndServicesMemberus-gaap:DebtSecuritiesMember2025-12-310001715933Debt Securities, Energy Equipment & Services WDE TorcSill Holdings LLC, Acquisition Date 10/22/19, Term Loan - 23.35% inc PIK (SOFR + 18.75%, 4.60% Floor, all PIK), % of Net Assets 4.3%, Maturity Date 04/30/282026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:ShortTermInvestmentsMember2026-03-310001715933Debt Securities Software Tabhi Purchaser, LLC (fka Mondee Holdings LLC) Acquisition Date 04/03/25 Term Loan B - 9.70% inc PIK (SOFR + 6.00%, 1.75% Floor, all PIK) % of Net Assets 13.0% Maturity Date 10/03/282026-01-012026-03-310001715933Controlled Affiliated Investments Live Comfortably Borrower LLC Term Loan - 6.83%2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001715933:EquitySecuritiesOneMember2026-03-310001715933Debt Securities Textiles, Apparel & Luxury Goods Live Comfortably Borrower LLC (fka Hollander Intermediate LLC) Acquisition Date 09/19/22 Term Loan - 13.78% inc PIK (SOFR + 10.00%, 3.00% Floor, 2.00% PIK) % of Net Assets 15.3% Maturity Date 03/31/292026-03-310001715933Debt Securities Commercial & Professional Services Outform Group, Inc. (fka Rapid Displays, Inc.) Acquisition Date 04/16/21 Revolver - 10.47% inc PIK (SOFR + 6.50%, 1.00% Floor all PIK) % of Net Assets 0.2% Maturity Date 04/13/292025-01-012025-12-310001715933ck0001715933:RLInvestorHoldingsLLCMember2026-01-012026-03-310001715933Non-Controlled Affiliated Investments2025-01-012025-12-310001715933Controlled Affiliated Investments The Legacy Companies LLC 1st Amendment First Out Term Loan - 9.46% inc PIK2025-12-310001715933ck0001715933:CommercialAndProfessionalServicesMemberus-gaap:EquitySecuritiesMember2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001715933us-gaap:FairValueInputsLevel1Member2025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/262026-03-310001715933srt:MinimumMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001715933ck0001715933:PncRevolvingCreditAgreementMemberck0001715933:OtherLoanMemberck0001715933:PncRevolvingCreditFacilityMember2024-11-082024-11-080001715933Non-Controlled Affiliated Investments2024-12-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Revolver - 23.35% inc PIK2026-03-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 03/31/2025, 15th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.2%, Maturity Date 06/18/262025-12-310001715933Controlled Affiliated Investments Navistar Defense, LLC Term Loan - 12.32% inc PIK2024-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-12-310001715933Debt Securities Hotels, Restaurants & Leisure KBP Brands, LLC Acquisition Date 05/26/21 Term Loan - 9.45% inc PIK (SOFR + 5.50%, 0.75% Floor) % of Net Assets 5.3% Maturity Date 05/26/272025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberck0001715933:DebtSecuritiesOneMember2025-12-310001715933us-gaap:BaseRateMemberck0001715933:PncRevolvingCreditAgreementMemberck0001715933:PncRevolvingCreditFacilityMember2024-11-082024-11-080001715933srt:MinimumMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001715933ck0001715933:CommonCommitmentMember2026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001715933:EquitySecuritiesOneMember2025-12-310001715933Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 08/01/22 Term Loan - 12.27% inc PIK (SOFR + 8.50%, 1.50% Floor, all PIK) % of Net Assets 2.5% Maturity Date 02/01/272026-03-310001715933Controlled Affiliated Investments Navistar Defense, LLC Term Loan - 12.27% inc PIK2025-12-310001715933ck0001715933:TwinStarInternationalIncMember2026-03-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Protective Advance Term Loan - 25.00% inc PIK2026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:CashEquivalentsMember2025-12-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2025-12-310001715933Debt Securities Textiles, Apparel & Luxury Goods Centric Brands TopCo, LLC (fka Centric Brands Inc.) Acquisition Date 02/06/24 Term Loan A-1 - 10.17% (SOFR + 6.50%, 1.00% Floor) % of Net Assets 2.4% Maturity Date 02/06/312026-01-012026-03-310001715933us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-03-310001715933ck0001715933:CommonCommitmentMember2025-12-310001715933Debt Securities Household Durables The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) Acquisition Date 06/23/25 Last Out Term Loan – 9.46% inc PIK (SOFR + 5.50%, 1.00% Floor, all PIK) % of Net Assets 8.2% Maturity Date 06/23/282026-03-310001715933Controlled Affiliated Investments Live Comfortably Borrower LLC Term Loan - 6.83%2025-01-012025-12-310001715933Non-Controlled Affiliated Investments Encompass Digital Media Holdings, LLC Class A Units2026-01-012026-03-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Term Loan - 23.35% inc PIK2025-01-012025-12-310001715933Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Term Loan - 11.45% inc PIK2026-01-012026-03-310001715933Non-Controlled Affiliated Investments RL Investor Holdings LLC (fka Red Lobster Management, LLC) Term Loan - 11.17% inc PIK2025-12-310001715933ck0001715933:ThirdAmendedAndRestatedCreditAndSecurityAgreementWithPNCMemberck0001715933:PncRevolvingCreditFacilityMember2023-12-062023-12-060001715933Equity Securities Chemicals AGY Equity LLC Class C Common Units2025-12-310001715933ck0001715933:PncRevolvingCreditAgreementMemberck0001715933:PncRevolvingCreditFacilityMember2026-01-012026-03-310001715933us-gaap:MemberUnitsMember2026-01-012026-03-3100017159332025-01-012025-03-310001715933Controlled Affiliated Investments Tabhi Purchaser, LLC (Mondee) Term Loan B - 9.67% inc PIK2025-01-012025-12-310001715933ck0001715933:NatixisCreditAgreementMemberck0001715933:NatixisRevolvingCreditFacilityMember2020-04-2100017159332025-12-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Term Loan - 23.35% inc PIK2026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2026-03-310001715933ck0001715933:CreditFacilitiesMember2025-01-012025-03-310001715933us-gaap:EquitySecuritiesMember2026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2026-01-012026-03-310001715933Controlled Affiliated Investments Tabhi Holdings, LLC (Mondee) Preferred Units2024-12-310001715933us-gaap:InvestmentAffiliatedIssuerControlledMember2026-01-012026-03-310001715933ck0001715933:OtherLoanMembersrt:MinimumMemberck0001715933:EighthAmendedRevolvingCreditAgreementMember2024-05-092024-05-090001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 03/31/2025, 15th Amendment Discretionary Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.2%, Maturity Date 06/18/262025-01-012025-12-310001715933Controlled Affiliated Investment The Legacy Companies LLC Last Out Term Loan - 9.44% inc PIK2025-01-012025-12-310001715933us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001715933ck0001715933:BarclaysTransactionMemberus-gaap:SubsequentEventMember2026-04-012026-04-010001715933Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 06/29/18 Last Out Term Loan – 19.81% inc PIK (SOFR + 5.87%, 1.00% Floor, all PIK) % of Net Assets 4.0% Maturity Date 10/29/262025-12-310001715933Non-Controlled Affiliated Investments Slogic Holding Corp. Last Out Term Loan - 9.69%2026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Member2026-01-012026-03-310001715933Controlled Affiliated Investments2025-01-012025-12-310001715933Debt Securities Textiles, Apparel & Luxury Goods Centric Brands Inc. Acquisition Date 02/06/24 Term Loan - 9.39% (SOFR + 5.50%, 1.00% Floor) % of Net Assets 3.7% Maturity Date 08/06/292025-12-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 01/29/25, 14th Amendment Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.2%, Maturity Date 06/18/262025-12-310001715933ck0001715933:NatixisCreditAgreementMemberck0001715933:NatixisRevolvingCreditFacilityMemberck0001715933:EighthAmendedRevolvingCreditAgreementMember2024-05-092024-05-090001715933Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 09/21/20 Term Loan - 4.18% inc PIK (SOFR + 0.25%, 1.50% Floor, all PIK) % of Net Assets 4.8% Maturity Date 09/21/292026-03-310001715933ck0001715933:CreditFacilitiesMember2026-01-012026-03-310001715933Non-Controlled Affiliated Investments Outform Holdings LLC (fka Rapid Displays, Inc.) Class A Common Units2024-12-310001715933us-gaap:BaseRateMemberck0001715933:PncCreditFacilityMember2019-01-292019-01-290001715933ck0001715933:TwinStarInternationalIncMember2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:DebtSecuritiesMember2026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001715933:DebtSecuritiesOneMember2025-12-310001715933ck0001715933:CreditFacilitiesMember2026-03-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 06/11/2025, 16th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.3%, Maturity Date 06/18/262026-01-012026-03-310001715933Debt Securities Textiles, Apparel & Luxury Goods Live Comfortably Borrower LLC (fka Hollander Intermediate LLC) Acquisition Date 09/19/22 Term Loan - 6.83% (SOFR + 3.00%, 3.00% Floor) % of Net Assets 12.4% Maturity Date 09/19/272025-01-012025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2026-03-310001715933ck0001715933:NatixisCreditAgreementMemberck0001715933:NatixisRevolvingCreditFacilityMemberck0001715933:EighthAmendedRevolvingCreditAgreementMembersrt:MaximumMember2024-05-092024-05-090001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberck0001715933:DebtSecuritiesOneMember2026-03-310001715933Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 07/27/23 Super Senior Revolver - 14.32% inc PIK (SOFR + 10.50%, 1.50% Floor, all PIK) % of Net Assets 10.5% Maturity Date 02/01/272025-01-012025-12-310001715933Debt Securities Consumer Durables & Apparel, Twin Star International, Inc., Acquisition Date 01/29/25, 14th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), of Net Assets 0.1% Maturity Date 06/18/262025-01-012025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/03/24 13th Amendment Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/262026-03-310001715933Debt Securities Household Durables The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) Acquisition Date 06/23/25 Last Out Term Loan – 9.46% inc PIK (SOFR + 5.50%, 1.00% Floor, all PIK) % of Net Assets 8.2% Maturity Date 06/23/282026-01-012026-03-310001715933us-gaap:EquitySecuritiesMemberck0001715933:SoftwareMember2025-12-310001715933us-gaap:MemberUnitsMember2026-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/262025-01-012025-12-310001715933ck0001715933:EncompassDigitalMediaIncMember2026-01-012026-03-310001715933Equity Securities Aerospace & Defense TCW ND Parent Holdings LLC. Class A Units2026-03-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001715933:DebtSecuritiesOneMember2026-03-310001715933Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 08/25/23 Revolver – 9.69% inc PIK (SOFR + 5.87%, 1.00% Floor all PIK) % of Net Assets 1.0% Maturity Date 06/30/262025-12-310001715933Debt Securities Household Durables The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) Acquisition Date 06/23/25 Last Out Term Loan – 9.44% inc PIK (SOFR + 5.50%, 1.00% Floor, all PIK) % of Net Assets 8.4% Maturity Date 06/23/282025-12-310001715933Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 07/27/23 Super Senior Revolver - 14.27% inc PIK (SOFR + 10.50%, 1.50% Floor, all PIK) % of Net Assets 10.3% Maturity Date 02/01/272026-01-012026-03-310001715933ck0001715933:AgyHoldingsCorpMember2026-03-310001715933ck0001715933:MediaMemberus-gaap:DebtSecuritiesMember2025-12-310001715933Debt Securities Consumer Durables & Apparel, Twin Star International, Inc., Acquisition Date 01/29/25, 14th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), of Net Assets 0.1% Maturity Date 06/18/262025-12-310001715933ck0001715933:EncompassDigitalMediaIncMember2025-12-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 08/22/25, 17th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 1.5%, Maturity Date 06/18/262025-12-310001715933Controlled Affiliated Investments Navistar Defense, LLC Super Senior Revolver - 14.27% inc PIK2026-01-012026-03-310001715933ck0001715933:TextilesApparelAndLuxuryGoodsMemberus-gaap:EquitySecuritiesMember2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:DebtSecuritiesMemberck0001715933:IndicativeBidMember2025-12-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Class A Units2025-01-012025-12-310001715933ck0001715933:PncRevolvingCreditFacilityMember2022-01-310001715933Debt Securities, Energy Equipment & Services WDE TorcSill Holdings LLC, Acquisition Date 10/22/19 Revolver - 23.35% inc PIK (SOFR + 18.75%, 4.60% Floor, all PIK) % of Net Assets 1.9%, Maturity Date 04/30/282026-03-310001715933Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 08/25/23 Revolver – 9.72% (SOFR + 5.87%, 1.00% Floor all PIK) % of Net Assets 1.1% Maturity Date 08/31/272026-03-310001715933Debt Securities Software Tabhi Purchaser, LLC (fka Mondee Holdings LLC) Acquisition Date 04/03/25 Term Loan B - 9.67% inc PIK (SOFR + 6.00%, 1.75% Floor, all PIK) % of Net Assets 13.0% Maturity Date 10/03/282025-12-310001715933Equity Securities Energy Equipment & Services WDE TorcSill Holdings LLC Class A Units2025-12-310001715933us-gaap:FairValueInputsLevel2Memberus-gaap:CashEquivalentsMember2026-03-310001715933Debt Securities Publishing Bendon Inc. Acquisition Date 12/11/20 Term Loan – 11.52% (SOFR + 7.75%, 1.50% Floor) % of Net Assets 8.7% Maturity Date 04/30/262026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2026-03-310001715933ck0001715933:NatixisCreditAgreementMemberck0001715933:NatixisRevolvingCreditFacilityMemberus-gaap:EurodollarMember2022-03-152022-03-150001715933Debt Securities Hotels, Restaurants & Leisure RL Investor Holdings LLC (fka Red Lobster Management, LLC) Acquisition Date 09/16/24 Term Loan - 11.17% inc PIK (SOFR + 7.50%, 2.00% Floor, all PIK) % of Net Assets 12.9% Maturity Date 09/16/292025-01-012025-12-310001715933ck0001715933:NatixisCreditAgreementMemberck0001715933:NatixisRevolvingCreditFacilityMember2018-05-100001715933us-gaap:BaseRateMemberck0001715933:ThirdAmendedPncCreditAgreementMemberck0001715933:PncRevolvingCreditFacilityMember2022-10-272022-10-270001715933Controlled Affiliated Investments Live Comfortably Inc. Common Stock2024-12-310001715933Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Term Loan - 11.42% inc PIK2024-12-310001715933Debt Securities Textiles, Apparel & Luxury Goods Centric Brands TopCo, LLC (fka Centric Brands Inc.) Acquisition Date 02/06/24 Term Loan A-2 - 11.67% inc PIK (SOFR + 8.00%, 1.00% Floor, all PIK) % of Net Assets 4.0% Maturity Date 02/06/312026-01-012026-03-310001715933ck0001715933:ChemicalsMemberus-gaap:EquitySecuritiesMember2025-12-310001715933Equity Securities Textiles, Apparel & Luxury Goods Centric Brands L.P. Class A LP Interests2025-12-310001715933srt:MaximumMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2025-12-310001715933Controlled Affiliated Investments TCW ND Parent Holdings LLC Class A Units2026-01-012026-03-310001715933Non-Controlled Affiliated Investments RL Investor Holdings LLC Super Senior Revolver - 6.67%2026-01-012026-03-310001715933Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Term Loan - 11.42% inc PIK2025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Delayed Draw Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.8% Maturity Date 06/18/262025-12-310001715933Equity Securities Commercial & Professional Services Outform Holdings LLC (fka Rapid Displays, Inc.) Class A Common Units2026-03-310001715933Debt Securities, Energy Equipment & Services WDE TorcSill Holdings LLC, Acquisition Date 10/22/19, Term Loan - 23.35% inc PIK (SOFR + 18.75%, 4.60% Floor, all PIK), % of Net Assets 4.3%, Maturity Date 04/30/282026-01-012026-03-310001715933Controlled Affiliated Investments The Legacy Companies LLC Class A Units2026-03-310001715933Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Term Loan - 11.45% inc PIK2026-03-310001715933Non-Controlled Affiliated Investments Slogic Holding Corp. Revolver - 9.72%2026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2026-03-310001715933ck0001715933:PublishingMemberus-gaap:DebtSecuritiesMember2025-12-310001715933ck0001715933:AmendedPncMaximumCommitmentMember2019-04-110001715933us-gaap:EquitySecuritiesMemberck0001715933:HouseholdDurablesMember2026-03-310001715933ck0001715933:NatixisCreditAgreementMemberck0001715933:NatixisRevolvingCreditFacilityMember2019-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001715933:EquitySecuritiesOneMember2026-03-310001715933Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Revolver - 11.42% inc PIK2025-01-012025-12-310001715933us-gaap:MemberUnitsMember2025-01-012025-03-310001715933Non-Controlled Affiliated Investments Outform Group, Inc. (fka Rapid Displays, Inc.) Term Loan - 10.47% inc PIK2025-12-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 03/31/2025, 15th Amendment Discretionary Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.2%, Maturity Date 06/18/262026-03-310001715933Controlled Affiliated Investments Navistar Defense, LLC Term Loan - 12.32% inc PIK2025-01-012025-12-310001715933Controlled Affiliated Investments The Legacy Companies LLC First Out Term Loan - 9.44% inc PIK2024-12-310001715933us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMember2025-12-310001715933Non-Controlled Affiliated Investments Outform Group, Inc. (fka Rapid Displays, Inc.) Incremental Term Loan - 10.47% inc PIK2025-01-012025-12-310001715933Debt Securities Commercial & Professional Services Outform Group, Inc. (fka Rapid Displays, Inc.) Acquisition Date 04/16/21 Term Loan - 10.47% inc PIK (SOFR + 6.50%, 1.00% Floor all PIK) % of Net Assets 3.2% Maturity Date 04/13/292025-01-012025-12-310001715933Debt Securities Hotels, Restaurants & Leisure RL Investor Holdings LLC (fka Red Lobster Management, LLC), Acquisition Date 01/28/26, Super Senior Revolver - 6.67% (SOFR + 3.00%, 2.50% Floor) % of Net Assets 0.5% Maturity Date 09/16/292026-01-012026-03-310001715933ck0001715933:PncCreditFacilityMembersrt:MaximumMember2019-01-290001715933Controlled Affiliated Investments The Legacy Companies LLC Class A Units2025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.3% Maturity Date 06/18/262025-01-012025-12-310001715933Non-Controlled Affiliated Investments Slogic Holding Corp. Last Out Term Loan - 9.69%2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2026-03-310001715933ck0001715933:TextilesApparelAndLuxuryGoodsMemberus-gaap:EquitySecuritiesMember2026-03-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:DebtSecuritiesMember2025-12-310001715933Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Term Loan - 11.42% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 2.9% Maturity Date 09/28/262025-01-012025-12-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Term Loan - 23.35% inc PIK2025-12-310001715933us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-03-310001715933us-gaap:RevolvingCreditFacilityMember2026-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/262026-01-012026-03-3100017159332026-05-130001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001715933:DebtSecuritiesOneMember2026-03-310001715933ck0001715933:DebtSecuritiesTwoMemberus-gaap:MarketApproachValuationTechniqueMember2025-12-310001715933Controlled Affiliated Investments2024-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.3% Maturity Date 06/18/262025-12-310001715933Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 08/01/22 Term Loan - 12.32% inc PIK (SOFR + 8.50%, 1.50% Floor, all PIK) % of Net Assets 3.0% Maturity Date 02/01/272025-12-310001715933ck0001715933:NavistarDefenseLlcMember2025-12-310001715933Controlled Affiliated Investments Tabhi Purchaser, LLC (Mondee) Delayed Draw Term Loan - 9.67% inc PIK2024-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001715933Controlled Affiliated Investments The Legacy Companies LLC First Out Term Loan - 9.46% inc PIK2026-01-012026-03-310001715933Non-Controlled Affiliated Investments Outform Group, Inc. Term Loan - 10.27% inc PIK2026-01-012026-03-310001715933Debt Securities Energy Equipment & Services WDE TorcSill Holdings LLC Acquisition Date 10/22/19 Term Loan - 23.35% inc PIK (SOFR + 18.75%, 4.60% Floor all PIK) % of Net Assets 4.9% Maturity Date 04/30/282025-01-012025-12-310001715933Non-Controlled Affiliated Investments Outform Holdings LLC Class A Common Units2025-12-310001715933Controlled Affiliated Investments Navistar Defense, LLC Super Senior Revolver - 14.32% inc PIK2025-12-310001715933us-gaap:RetainedEarningsMember2026-03-310001715933Equity Securities Textiles, Apparel & Luxury Goods Centric Brands GP LLC Membership Interests2025-12-310001715933Debt Securities Commercial & Professional Services Outform Group, Inc. (fka Rapid Displays, Inc.) Acquisition Date 04/16/21 Revolver - 10.47% inc PIK (SOFR + 6.50%, 1.00% Floor all PIK) % of Net Assets 0.2% Maturity Date 04/13/292025-12-310001715933us-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-03-310001715933Non-Controlled Affiliated Investments RL Investor Holdings LLC Super Senior Revolver - 6.67%2025-12-310001715933us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2026-03-310001715933ck0001715933:PncRevolvingCreditAgreementMemberck0001715933:PncRevolvingCreditFacilityMember2024-11-080001715933Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Term Loan - 11.42% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 2.9% Maturity Date 09/28/262025-12-310001715933us-gaap:FairValueInputsLevel1Memberus-gaap:CashEquivalentsMember2026-03-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 08/22/25, 17th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 1.7%, Maturity Date 06/18/262026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2025-12-310001715933Controlled Affiliated Investments Tabhi Holdings, LLC (Mondee) Preferred Units2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001715933:DebtSecuritiesOneMember2026-03-310001715933us-gaap:FairValueInputsLevel3Member2026-03-310001715933ck0001715933:FirstAmericanGovernmentObligationFundMember2025-12-310001715933ck0001715933:IncentiveFeeThereafterMember2026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001715933:DebtSecuritiesOneMember2025-12-310001715933Non-Controlled Affiliated Investments Shelterlogic Group Holdings, Inc Common Stock2025-01-012025-12-310001715933Equity Securities Textiles, Apparel & Luxury Goods Centric Brands GP LLC Membership Interests2026-03-310001715933us-gaap:USTreasuryBillSecuritiesMember2026-03-310001715933us-gaap:MarketApproachValuationTechniqueMemberck0001715933:DebtSecuritiesOneMember2026-03-310001715933Equity Securities Textiles, Apparel & Luxury Goods Centric Brands L.P. Class A LP Interests2026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001715933:DebtSecuritiesOneMember2026-03-310001715933ck0001715933:ConsumerDurablesAndApparelMemberus-gaap:DebtSecuritiesMember2026-03-3100017159332026-03-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001715933:EquitySecuritiesOneMember2026-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 02/15/23 Delayed Draw Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.3% Maturity Date 06/18/262025-12-310001715933Debt Securities Textiles, Apparel & Luxury Goods Centric Brands TopCo, LLC (fka Centric Brands Inc.) Acquisition Date 02/06/24 Term Loan A-1 - 10.39% (SOFR + 6.50%, 1.00% Floor) % of Net Assets 2.4% Maturity Date 02/06/312025-01-012025-12-310001715933ck0001715933:RLInvestorHoldingsLLCMember2026-03-310001715933us-gaap:BaseRateMembersrt:MinimumMemberck0001715933:EighthAmendedRevolvingCreditAgreementMember2024-05-092024-05-090001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/03/24 13th Amendment Delayed Draw Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/262026-01-012026-03-3100017159332017-12-292017-12-290001715933us-gaap:DebtSecuritiesMemberck0001715933:HouseholdDurablesMember2026-03-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2026-01-012026-03-310001715933Equity Securities Chemicals AGY Equity LLC Class A Preferred Units2026-03-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Revolver - 23.35% inc PIK2024-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001715933:EquitySecuritiesOneMembersrt:MaximumMember2026-03-310001715933country:US2026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-12-310001715933Controlled Affiliated Investments The Legacy Companies LLC First Out Term Loan - 9.44% inc PIK2025-12-310001715933Non-Controlled Affiliated Investments Outform Group, Inc. Incremental Term Loan - 10.27% inc PIK2026-01-012026-03-310001715933ck0001715933:NatixisRevolvingCreditFacilityAndPncRevolvingCreditFacilityMember2025-12-310001715933us-gaap:FairValueInputsLevel2Member2026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001715933:EquitySecuritiesOneMember2026-03-3100017159332025-03-310001715933Equity Securities Chemicals AGY Equity LLC Class E Preferred Units2025-12-310001715933ck0001715933:SecondAmendedPncCreditAgreementMemberck0001715933:PncCreditFacilityMember2019-04-110001715933Controlled Affiliated Investments The Legacy Companies LLC Last Out Term Loan - 9.46% inc PIK2026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:CashEquivalentsMember2026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2026-03-310001715933ck0001715933:CommonUndrawnCommitmentMember2026-03-310001715933ck0001715933:CommonUndrawnCommitmentMember2025-12-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001715933:DebtSecuritiesOneMember2025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/262026-03-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 06/11/2025, 16th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.3%, Maturity Date 06/18/262026-03-310001715933us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2025-12-310001715933Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Term Loan - 11.45% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 2.8% Maturity Date 09/28/272026-01-012026-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 02/15/23 Delayed Draw Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.3% Maturity Date 06/18/262025-01-012025-12-310001715933Debt Securities Commercial & Professional Services Outform Group, Inc. (fka Rapid Displays, Inc.) Acquisition Date 09/29/22 Incremental Term Loan - 10.47% inc PIK (SOFR + 6.50%, 1.00% Floor all PIK) % of Net Assets 0.1% Maturity Date 04/13/292025-01-012025-12-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Revolver - 23.35% inc PIK2025-12-310001715933ck0001715933:PncRevolvingCreditAgreementMemberck0001715933:OtherLoanMemberck0001715933:PncRevolvingCreditFacilityMember2025-11-062025-11-060001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 03/31/2025, 15th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.2%, Maturity Date 06/18/262026-03-310001715933Debt Securities Commercial & Professional Services Outform Group, Inc. (fka Rapid Displays, Inc.) Acquisition Date 09/29/22 Incremental Term Loan - 10.27% inc PIK (SOFR + 6.50%, 1.00% Floor all PIK) % of Net Assets 0.1% Maturity Date 04/13/292026-03-310001715933Controlled Affiliated Investments Tabhi Purchaser, LLC (Mondee) Delayed Draw Term Loan - 9.70% inc PIK2026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001715933:DebtSecuritiesOneMember2026-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/03/24 13th Amendment Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/262025-01-012025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Delayed Draw Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.3% Maturity Date 06/18/262026-01-012026-03-310001715933Non-Controlled Affiliated Investments Slogic Holding Corp. Revolver - 9.72%2026-03-310001715933Debt Securities Textiles, Apparel & Luxury Goods Centric Brands Inc. Acquisition Date 02/06/24 Term Loan - 9.39% (SOFR + 5.50%, 1.00% Floor) % of Net Assets 3.7% Maturity Date 08/06/292025-01-012025-12-310001715933ck0001715933:PercentageOfUnusedCapacityBetween30And50Memberck0001715933:SeventhAmendedRevolvingCreditAgreementMember2023-05-092023-05-090001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2025-12-310001715933Debt Securities Household Durables The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) Acquisition Date 06/23/25 First Out Term Loan – 9.44% inc PIK (SOFR + 5.50%, 1.00% Floor, all PIK) % of Net Assets 1.3% Maturity Date 06/23/282025-01-012025-12-310001715933Non-Controlled Affiliated Investments Outform Group, Inc. (fka Rapid Displays, Inc.) Incremental Term Loan - 10.47% inc PIK2025-12-310001715933ck0001715933:MediaMemberus-gaap:DebtSecuritiesMember2026-03-310001715933Equity Securities Hotels, Restaurants & Leisure RL Parent Holdings LLC (fka Red Lobster Management, LLC) Class A Units2025-12-310001715933Non-Controlled Affiliated Investments Slogic Holding Corp. Last Out Term Loan - 9.81% inc PIK2024-12-310001715933Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 05/27/22 Delayed Draw Term Loan - 4.18% inc PIK (SOFR + 0.25%, 1.50% Floor, all PIK) % of Net Assets 5.0% Maturity Date 09/21/292025-01-012025-12-310001715933us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-01-012025-03-310001715933Controlled Affiliated Investments TCW ND Parent Holdings LLC Class A Units2025-01-012025-12-310001715933Controlled Affiliated Investments Tabhi Holdings, LLC (Mondee) Class B Common Units2025-12-310001715933us-gaap:FairValueInputsLevel3Member2025-12-310001715933Equity Securities Chemicals AGY Equity LLC Class D Preferred Units2026-03-310001715933Controlled Affiliated Investments2025-12-310001715933Debt Securities Household Durables The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) Acquisition Date 06/23/25 First Out Term Loan – 9.46% inc PIK (SOFR + 5.50%, 1.00% Floor, all PIK) % of Net Assets 1.2% Maturity Date 06/23/282026-03-310001715933ck0001715933:CommercialAndProfessionalServicesMemberus-gaap:EquitySecuritiesMember2026-03-310001715933ck0001715933:TextilesApparelAndLuxuryGoodsMemberus-gaap:DebtSecuritiesMember2025-12-310001715933ck0001715933:AerospaceAndDefenseMemberus-gaap:DebtSecuritiesMember2025-12-310001715933Non-Controlled Affiliated Investments RL Parent Holdings LLC (fka Red Lobster Management, LLC) Class A Units2025-12-310001715933ck0001715933:BendonIncMember2026-03-310001715933Non-Controlled Affiliated Investments RL Parent Holdings LLC Class A Units2026-03-310001715933Non-Controlled Affiliated Investments Encompass Digital Media Holdings, LLC Class A Units2025-01-012025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/03/24 13th Amendment Delayed Draw Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/262025-01-012025-12-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 03/31/2025, 15th Amendment Discretionary Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.2%, Maturity Date 06/18/262026-01-012026-03-310001715933ck0001715933:NatixisCreditAgreementMemberck0001715933:NatixisRevolvingCreditFacilityMembersrt:MaximumMember2018-05-102018-05-100001715933Controlled Affiliated Investments Tabhi Purchaser, LLC (Mondee) Delayed Draw Term Loan - 9.70% inc PIK2025-12-310001715933ck0001715933:PncCreditFacilityMember2019-01-290001715933ck0001715933:NatixisCreditAgreementMemberck0001715933:NatixisRevolvingCreditFacilityMember2018-05-102018-05-100001715933Non-Controlled Affiliated Investments Encompass Digital Media Holdings, LLC Class A Units2025-12-310001715933Non-Controlled Affiliated Investments RL Parent Holdings LLC (fka Red Lobster Management, LLC) Class A Units2024-12-310001715933Debt Securities Commercial & Professional Services Outform Group, Inc. (fka Rapid Displays, Inc.) Acquisition Date 04/16/21 Term Loan - 10.27% inc PIK (SOFR + 6.50%, 1.00% Floor all PIK) % of Net Assets 3.2% Maturity Date 04/13/292026-01-012026-03-310001715933us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001715933:ThirdAmendedPncCreditAgreementMemberck0001715933:PncRevolvingCreditFacilityMember2022-10-272022-10-270001715933us-gaap:MarketApproachValuationTechniqueMemberck0001715933:DebtSecuritiesOneMember2025-12-310001715933us-gaap:CashEquivalentsMember2026-03-310001715933Controlled Affiliated Investments The Legacy Companies LLC Class A Units2024-12-310001715933Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 07/27/23 Super Senior Revolver - 14.27% inc PIK (SOFR + 10.50%, 1.50% Floor, all PIK) % of Net Assets 10.3% Maturity Date 02/01/272026-03-310001715933ck0001715933:PncCreditFacilityMember2026-01-012026-03-310001715933Debt Securities Household Durables The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) Acquisition Date 10/27/25 1st Amendment First Out Term Loan – 9.44% inc PIK (SOFR + 5.50%, 1.00% Floor, all PIK) % of Net Assets 1.3% Maturity Date 06/23/282025-01-012025-12-310001715933ck0001715933:SecondAmendedPncCreditAgreementMemberck0001715933:PncCreditFacilityMember2020-03-170001715933Non-Controlled Affiliated Investments Shelterlogic Group Holdings, Inc Common Stock2024-12-310001715933us-gaap:FairValueInputsLevel1Memberus-gaap:CashEquivalentsMember2025-12-310001715933us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2025-12-310001715933us-gaap:MemberUnitsMember2025-03-310001715933Controlled Affiliated Investments2026-03-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 03/31/2025, 15th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.2%, Maturity Date 06/18/262026-01-012026-03-310001715933us-gaap:DebtSecuritiesMemberck0001715933:SoftwareMember2026-03-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 01/29/25, 14th Amendment Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.2%, Maturity Date 06/18/262026-03-310001715933Non-Controlled Affiliated Investments Outform Group, Inc. Term Loan - 10.27% inc PIK2026-03-310001715933ck0001715933:OutformGroupIncMember2026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Protective Advance Term Loan - 25.00% inc PIK2025-01-012025-12-310001715933Debt Securities Household Durables The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) Acquisition Date 06/23/25 First Out Term Loan – 9.46% inc PIK (SOFR + 5.50%, 1.00% Floor, all PIK) % of Net Assets 1.2% Maturity Date 06/23/282026-01-012026-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/03/24 13th Amendment Delayed Draw Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/262025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2025-12-310001715933Controlled Affiliated Investments The Legacy Companies LLC 1st Amendment First Out Term Loan - 9.44% inc PIK2025-01-012025-12-310001715933ck0001715933:PercentageOfUnusedCapacityGreaterThan50Memberck0001715933:SeventhAmendedRevolvingCreditAgreementMember2023-05-092023-05-090001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 02/15/23 Delayed Draw Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/262026-03-310001715933Non-Controlled Affiliated Investments Outform Holdings LLC (fka Rapid Displays, Inc.) Class A Common Units2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberck0001715933:DebtSecuritiesOneMember2026-03-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2026-03-310001715933Non-Controlled Affiliated Investments Outform Holdings LLC Class A Common Units2026-03-310001715933ck0001715933:NatixisCreditAgreementMemberck0001715933:NatixisRevolvingCreditFacilityMember2022-03-152022-03-150001715933Debt Securities Hotels, Restaurants & Leisure KBP Brands, LLC Acquisition Date 05/26/21 Term Loan - 9.45% inc PIK (SOFR + 5.50%, 0.75% Floor) % of Net Assets 5.3% Maturity Date 05/26/272025-01-012025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001715933:EquitySecuritiesOneMembersrt:MaximumMember2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001715933:DebtSecuritiesOneMember2025-12-310001715933us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMember2026-03-310001715933Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 08/01/22 Term Loan - 12.32% inc PIK (SOFR + 8.50%, 1.50% Floor, all PIK) % of Net Assets 3.0% Maturity Date 02/01/272025-01-012025-12-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 06/11/2025, 16th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.3%, Maturity Date 06/18/262025-12-310001715933ck0001715933:AerospaceAndDefenseMemberus-gaap:EquitySecuritiesMember2026-03-310001715933Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 06/29/18 Last Out Term Loan – 9.69% (SOFR + 5.87%, 1.00% Floor) % of Net Assets 4.0% Maturity Date 08/31/272026-01-012026-03-310001715933Debt Securities Hotels, Restaurants & Leisure RL Investor Holdings LLC (fka Red Lobster Management, LLC), Acquisition Date 01/28/26, Super Senior Revolver - 6.67% (SOFR + 3.00%, 2.50% Floor) % of Net Assets 0.5% Maturity Date 09/16/292026-03-310001715933ck0001715933:ChemicalsMemberus-gaap:EquitySecuritiesMember2026-03-310001715933Equity Securities Software Tabhi Holdings, LLC (fka Mondee Holdings LLC) Preferred Units2026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-01-012025-03-3100017159332017-08-182018-12-310001715933Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 05/27/22 Delayed Draw Term Loan - 4.21% inc PIK (SOFR + 0.25%, 1.50% Floor, all PIK) % of Net Assets 5.4% Maturity Date 09/21/292026-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/03/24 13th Amendment Priority Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK) % of Net Assets 0.2% Maturity Date 06/18/262025-01-012025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/03/24 13th Amendment Priority Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK) % of Net Assets 0.2% Maturity Date 06/18/262025-12-310001715933ck0001715933:NavistarDefenseLlcMember2026-03-310001715933Debt Securities Household Durables The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) Acquisition Date 10/27/25 1st Amendment First Out Term Loan – 9.46% inc PIK (SOFR + 5.50%, 1.00% Floor, all PIK) % of Net Assets 1.3% Maturity Date 06/23/282026-03-310001715933Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Term Loan - 11.42% inc PIK2025-01-012025-12-310001715933ck0001715933:NatixisRevolvingCreditFacilityAndPncRevolvingCreditFacilityMember2026-03-310001715933us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel2Member2026-03-310001715933us-gaap:CommonStockMember2019-01-142019-01-140001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001715933:EquitySecuritiesOneMember2026-03-310001715933Equity Securities Commercial & Professional Services Outform Holdings LLC (fka Rapid Displays, Inc.) Class A Common Units2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001715933:DebtSecuritiesOneMember2025-12-310001715933us-gaap:ShortTermInvestmentsMember2026-03-310001715933ck0001715933:MediaMemberus-gaap:EquitySecuritiesMember2026-03-310001715933ck0001715933:HotelsRestaurantsAndLeisureMemberus-gaap:DebtSecuritiesMember2026-03-310001715933Controlled Affiliated Investments The Legacy Companies LLC 1st Amendment First Out Term Loan - 9.46% inc PIK2026-03-310001715933us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2026-03-310001715933Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 08/25/23 Revolver – 9.72% (SOFR + 5.87%, 1.00% Floor all PIK) % of Net Assets 1.1% Maturity Date 08/31/272026-01-012026-03-310001715933Controlled Affiliated Investments TCW ND Parent Holdings LLC Class A Units2024-12-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Class A Units2026-01-012026-03-310001715933Controlled Affiliated Investments Navistar Defense, LLC Super Senior Revolver - 14.27% inc PIK2026-03-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 01/29/25, 14th Amendment Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 0.2%, Maturity Date 06/18/262026-01-012026-03-310001715933Non-Controlled Affiliated Investments Slogic Holding Corp. Last Out Term Loan - 9.81% inc PIK2025-01-012025-12-310001715933Debt Securities Consumer Durables & Apparel, Twin Star International, Inc., Acquisition Date 01/29/25, 14th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), of Net Assets 0.1% Maturity Date 06/18/262026-01-012026-03-310001715933ck0001715933:ChemicalsMemberus-gaap:DebtSecuritiesMember2025-12-310001715933ck0001715933:PublishingMemberus-gaap:DebtSecuritiesMember2026-03-310001715933srt:MaximumMember2026-01-012026-03-310001715933Debt Securities Textiles, Apparel & Luxury Goods Centric Brands TopCo, LLC (fka Centric Brands Inc.) Acquisition Date 02/06/24 Term Loan A-2 - 11.67% inc PIK (SOFR + 8.00%, 1.00% Floor, all PIK) % of Net Assets 4.0% Maturity Date 02/06/312026-03-310001715933Debt Securities Textiles, Apparel & Luxury Goods Live Comfortably Borrower LLC (fka Hollander Intermediate LLC) Acquisition Date 09/19/22 Term Loan - 13.78% inc PIK (SOFR + 10.00%, 3.00% Floor, 2.00% PIK) % of Net Assets 15.3% Maturity Date 03/31/292026-01-012026-03-310001715933ck0001715933:PncCreditFacilityMemberck0001715933:ThirdAmendedAndRestatedCreditAndSecurityAgreementWithPNCMember2023-12-062023-12-060001715933Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Revolver - 11.45% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 0.3% Maturity Date 09/28/272026-01-012026-03-310001715933Debt Securities Energy Equipment & Services WDE TorcSill Holdings LLC Acquisition Date 08/13/24 Protective Advance Term Loan - 25.00% inc PIK (Prime + 18.25%, 4.60% Floor all PIK) % of Net Assets 0.8% Maturity Date 04/30/282025-12-3100017159332025-08-122025-08-120001715933Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Revolver - 11.45% inc PIK2026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Member2024-12-310001715933ck0001715933:EnergyEquipmentAndServicesMemberus-gaap:DebtSecuritiesMember2026-03-310001715933Equity Securities Chemicals AGY Equity LLC Class C Common Units2026-03-310001715933Debt Securities Household Durables The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) Acquisition Date 06/23/25 First Out Term Loan – 9.44% inc PIK (SOFR + 5.50%, 1.00% Floor, all PIK) % of Net Assets 1.3% Maturity Date 06/23/282025-12-310001715933Debt Securities Household Durables The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) Acquisition Date 10/27/25 1st Amendment First Out Term Loan – 9.44% inc PIK (SOFR + 5.50%, 1.00% Floor, all PIK) % of Net Assets 1.3% Maturity Date 06/23/282025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2026-03-310001715933Controlled Affiliated Investments Tabhi Holdings, LLC (Mondee) Class B Common Units2024-12-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMemberck0001715933:IndicativeBidMember2025-12-310001715933ck0001715933:PncRevolvingCreditAgreementMemberck0001715933:PncRevolvingCreditFacilityMember2026-03-310001715933Debt Securities, Consumer Durables & Apparel, Twin Star International, Inc. Acquisition Date - 08/22/25, 17th Amendment Delayed Draw Term Loan - 25.00% inc PIK (25.00%, Fixed Coupon, all PIK), % of Net Assets 1.5%, Maturity Date 06/18/262025-01-012025-12-310001715933us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-01-102023-01-100001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Delayed Draw Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/262026-01-012026-03-310001715933Equity Securities Software Tabhi Holdings, LLC (fka Mondee Holdings LLC) Preferred Units2025-12-310001715933Debt Securities, Energy Equipment & Services WDE TorcSill Holdings LLC, Acquisition Date 08/13/24 , Protective Advance Term Loan - 25.50% inc PIK (PRIME + 18.25%, 4.60% Floor, all PIK), % of Net Assets 0.8%, Maturity Date 04/30/282026-01-012026-03-310001715933us-gaap:RetainedEarningsMember2024-12-310001715933Non-Controlled Affiliated Investments RL Parent Holdings LLC (fka Red Lobster Management, LLC) Class A Units2025-01-012025-12-310001715933us-gaap:RetainedEarningsMember2025-12-310001715933Equity Securities Chemicals AGY Equity LLC Class E Preferred Units2026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001715933:EquitySecuritiesOneMember2025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/20/24 Protective Advance Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.5% Maturity Date 06/18/262025-12-310001715933us-gaap:DebtSecuritiesMember2026-03-310001715933Debt Securities Hotels, Restaurants & Leisure KBP Brands, LLC Acquisition Date 05/26/21 Term Loan - 9.47% inc PIK(SOFR + 5.50%, 0.75% Floor, 0.50% PIK) % of Net Assets 5.1% Maturity Date 05/26/272026-03-310001715933Non-Controlled Affiliated Investments Shelterlogic Group Holdings, Inc Common Stock2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberck0001715933:DebtSecuritiesOneMember2026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001715933:DebtSecuritiesOneMember2025-12-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001715933:DebtSecuritiesOneMember2026-03-310001715933Debt Securities Software Tabhi Purchaser, LLC (fka Mondee Holdings LLC) Acquisition Date 04/03/25 Delayed Draw Term Loan - 9.67% inc PIK (SOFR + 6.00%, 2.50% Floor, all PIK) % of Net Assets 3.2% Maturity Date 10/03/282025-01-012025-12-310001715933us-gaap:CashEquivalentsMember2025-12-310001715933Controlled Affiliated Investments Navistar Defense, LLC Super Senior Revolver - 14.32% inc PIK2025-01-012025-12-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Class A Units2026-03-310001715933Non-Controlled Affiliated Investments2026-03-310001715933Debt Securities Commercial & Professional Services Outform Group, Inc. (fka Rapid Displays, Inc.) Acquisition Date 09/29/22 Incremental Term Loan - 10.47% inc PIK (SOFR + 6.50%, 1.00% Floor all PIK) % of Net Assets 0.1% Maturity Date 04/13/292025-12-310001715933Debt Securities Household Durables The Legacy Companies, LLC (fka Greenfield World Trade, Inc.) Acquisition Date 10/27/25 1st Amendment First Out Term Loan – 9.46% inc PIK (SOFR + 5.50%, 1.00% Floor, all PIK) % of Net Assets 1.3% Maturity Date 06/23/282026-01-012026-03-310001715933Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Revolver - 11.45% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 0.3% Maturity Date 09/28/272026-03-310001715933ck0001715933:IncentiveFeeThirdMember2026-01-012026-03-310001715933ck0001715933:PercentageOfUnusedCapacityBetween0And30Memberck0001715933:SeventhAmendedRevolvingCreditAgreementMember2023-05-092023-05-090001715933us-gaap:ShortTermInvestmentsMember2025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Delayed Draw Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.3% Maturity Date 06/18/262026-03-310001715933Controlled Affiliated Investments Live Comfortably Inc. Common Stock2025-12-310001715933Controlled Affiliated Investments The Legacy Companies LLC Class A Units2026-01-012026-03-310001715933us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-03-310001715933Controlled Affiliated Investments The Legacy Companies LLC Last Out Term Loan - 9.46% inc PIK2025-12-310001715933Non-Controlled Affiliated Investments Outform Group, Inc. Term Loan - 10.27% inc PIK2025-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/20/24 Protective Advance Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.7% Maturity Date 06/18/262026-03-310001715933ck0001715933:ChemicalsMemberus-gaap:DebtSecuritiesMember2026-03-310001715933us-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001715933ck0001715933:NatixisCreditAgreementMemberck0001715933:NatixisRevolvingCreditFacilityMember2021-03-100001715933Non-Controlled Affiliated Investments2026-01-012026-03-310001715933ck0001715933:OtherThanGovernmentSecuritiesMember2026-01-012026-03-310001715933Non-Controlled Affiliated Investments Encompass Digital Media Holdings, LLC Class A Units2026-03-310001715933ck0001715933:SecondAmendedPncCreditAgreementMemberck0001715933:PncCreditFacilityMember2020-06-190001715933Controlled Affiliated Investments Navistar Defense, LLC Super Senior Revolver - 14.32% inc PIK2024-12-310001715933Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 06/29/18 Last Out Term Loan – 19.81% inc PIK (SOFR + 5.87%, 1.00% Floor, all PIK) % of Net Assets 4.0% Maturity Date 10/29/262025-01-012025-12-310001715933Controlled Affiliated Investments Tabhi Purchaser, LLC (Mondee) Delayed Draw Term Loan - 9.70% inc PIK2026-03-310001715933ck0001715933:NatixisCreditAgreementMemberck0001715933:NatixisRevolvingCreditFacilityMember2021-05-102021-05-100001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2025-12-310001715933us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001715933:DebtSecuritiesOneMember2025-12-310001715933Equity Securities Household Durables Shelterlogic Group Holdings, Inc Common Stock2026-03-3100017159332024-12-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/262025-12-310001715933Non-Controlled Affiliated Investments Outform Group, Inc. Incremental Term Loan - 10.27% inc PIK2026-03-310001715933ck0001715933:HotelsRestaurantsAndLeisureMemberus-gaap:EquitySecuritiesMember2026-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Delayed Draw Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.3% Maturity Date 06/18/262025-12-310001715933ck0001715933:OtherThanGovernmentSecuritiesMember2025-01-012025-12-310001715933ck0001715933:OtherLoanMembersrt:MaximumMemberck0001715933:SeventhAmendedRevolvingCreditAgreementMember2023-05-092023-05-090001715933ck0001715933:OutformGroupIncMember2025-12-310001715933Debt Securities Publishing Bendon Inc. Acquisition Date 12/11/20 Term Loan - 11.57% (SOFR + 7.75%, 1.50% Floor)% of Net Assets 8.9% Maturity Date 01/31/262025-12-310001715933Debt Securities Textiles, Apparel & Luxury Goods Centric Brands TopCo, LLC (fka Centric Brands Inc.) Acquisition Date 02/06/24 Term Loan A-1 - 10.39% (SOFR + 6.50%, 1.00% Floor) % of Net Assets 2.4% Maturity Date 02/06/312025-12-310001715933Controlled Affiliated Investments Live Comfortably Borrower LLC Term Loan - 6.83%2024-12-310001715933Debt Securities Energy Equipment & Services WDE TorcSill Holdings LLC Acquisition Date 10/22/19 Revolver - 23.35% inc PIK (SOFR + 18.75%, 4.60% Floor, all PIK) % of Net Assets 2.2% Maturity Date 04/30/282025-12-310001715933us-gaap:CommonStockMember2026-03-310001715933ck0001715933:RLInvestorHoldingsLLCMember2025-12-310001715933Debt Securities Publishing Bendon Inc. Acquisition Date 12/11/20 Term Loan – 11.52% (SOFR + 7.75%, 1.50% Floor) % of Net Assets 8.7% Maturity Date 04/30/262026-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/03/24 13th Amendment Term Loan - 11.35% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/262026-01-012026-03-310001715933Controlled Affiliated Investments The Legacy Companies LLC 1st Amendment First Out Term Loan - 9.46% inc PIK2026-01-012026-03-310001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Delayed Draw Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.3% Maturity Date 06/18/262025-01-012025-12-310001715933Equity Securities Media Encompass Digital Media, Inc. Class A Units2025-12-310001715933Non-Controlled Affiliated Investments Slogic Holding Corp. Revolver - 9.69% inc PIK2024-12-310001715933us-gaap:BaseRateMemberck0001715933:PncRevolvingCreditAgreementMemberck0001715933:PncRevolvingCreditFacilityMember2025-11-062025-11-060001715933ck0001715933:BendonIncMember2025-12-310001715933us-gaap:StateAndLocalJurisdictionMember2026-01-012026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:DebtSecuritiesMember2025-12-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001715933us-gaap:FairValueInputsLevel1Member2026-03-310001715933Non-Controlled Affiliated Investments Slogic Holding Corp. Revolver - 9.69% inc PIK2025-01-012025-12-310001715933country:US2025-12-310001715933ck0001715933:ThirdAmendedAndRestatedCreditAndSecurityAgreementWithPNCMemberck0001715933:PncTermLoanMember2023-12-060001715933Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/03/24 13th Amendment Term Loan - 11.32% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/262025-12-310001715933Controlled Affiliated Investments WDE TorcSill Holdings LLC Class A Units2024-12-310001715933ck0001715933:FirstAmericanGovernmentObligationFundMember2026-03-310001715933us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001715933:DebtSecuritiesOneMember2025-12-31xbrli:pureck0001715933:Segmentxbrli:sharesiso4217:USDxbrli:sharesiso4217:USD\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 814-01246\n\nTCW DIRECT LENDING VII LLC\n\n(Exact Name of Registrant as Specified in Its Charter)\n\n \n\n \n\nDelaware\n\n82-2252672\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\n\nSymbol(s)\n\nName of each exchange\n\non 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\n \n\n \n\n \n\n \n\n \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 13,734,010.\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 VII LLC\n\nFORM 10-Q FOR THE QUARTER ENDED March 31, 2026\n\nTable of Contents\n\nINDEX\n\nPAGE\nNO.\n\nPART I.\n\nFINANCIAL INFORMATION"}