Private Credit Portfolio Analysis | TCW Direct Lending VII LLC Reports Q1 2025 Results
- Editor
- May 13
- 2 min read
Whats New:
TCW Direct Lending VII LLC has reported its Q1 2025 financial results, showing a decrease in total assets and members' equity compared to the previous quarter. The fund's total assets decreased to $1.14 billion as of March 31, 2025, down from $1.17 billion at the end of 2024. The net asset value per share also declined to $49.38 from $50.49 at the end of the previous quarter.
Portfolio Dynamics:
Total assets decreased to $1.14 billion as of March 31, 2025, compared to $1.17 billion at the end of 2024.
Cash and cash equivalents increased to $27.15 million from $14.50 million at the end of 2024.
Short-term investments slightly decreased to $295.87 million from $296.80 million at the end of 2024.
Investment Activity:
Interest receivable increased to $10.26 million from $6.87 million at the end of 2024.
Receivable from investment sales decreased to $45,000 from $217,000 at the end of 2024.
Deferred finance costs, net, decreased to $790,000 from $1.11 million at the end of 2024.
Capital Structure:
Total liabilities decreased to $624.77 million from $638.86 million at the end of 2024.
Members' equity decreased to $512.80 million from $528.01 million at the end of 2024.
Retained earnings (accumulated deficit) increased to -$203.58 million from -$188.38 million at the end of 2024.
Performance Profile:
Net asset value per share decreased to $49.38 as of March 31, 2025, compared to $50.49 at the end of 2024.
The fund reported a net loss of $15.20 million for Q1 2025, compared to a net income of $11.99 million in Q1 2024.
Interest income paid in kind increased to $14.28 million in Q1 2025 from $12.00 million in Q1 2024.
Risk & Quality:
Incentive fee payable decreased significantly to $0 from $35.68 million at the end of 2024.
Management fee payable increased to $7.40 million from $3.63 million at the end of 2024.
Unrealized depreciation on unfunded commitments increased to $1.07 million from $332,000 at the end of 2024.
The Wrap:
TCW Direct Lending VII LLC's Q1 2025 results show a decrease in total assets and members' equity compared to the previous quarter. The fund experienced a net loss and a decline in net asset value per share. While cash and cash equivalents increased, there was a significant decrease in incentive fees payable. The fund also saw increases in interest receivable and management fees payable, indicating potential changes in its investment activities and fee structure.
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