Private Credit Portfolio Analysis | TCW Direct Lending VIII LLC Reports Q1 2025 Results
- Editor
- May 13
- 2 min read
Whats New:
TCW Direct Lending VIII LLC has reported its Q1 2025 financial results, showing growth in total assets and investments at fair value compared to the previous quarter. The fund's total assets increased to $1.14 billion as of March 31, 2025, up from $1.04 billion at the end of 2024. Investments owned at fair value rose to $1.10 billion from $942.13 million in the previous quarter.
Portfolio Dynamics:
Total assets grew to $1.14 billion as of March 31, 2025, compared to $1.04 billion at the end of 2024.
Investments owned at fair value increased to $1.10 billion, up from $942.13 million at the end of 2024.
Cash and cash equivalents decreased to $34.84 million from $92.95 million at the end of 2024.
Investment Activity:
Receivable from investment sales increased to $823,000 from $156,000 at the end of 2024.
Interest receivable slightly decreased to $6.04 million from $6.31 million at the end of 2024.
Deferred finance costs decreased to $871,000 from $1.15 million at the end of 2024.
Capital Structure:
Total liabilities increased to $540.60 million from $431.54 million at the end of 2024.
Members' equity decreased to $601.14 million from $611.23 million at the end of 2024.
Common unitholders' commitment remained unchanged at $1.27 billion.
Performance Profile:
Net asset value per share decreased to $96.08 as of March 31, 2025, compared to $96.87 at the end of 2024.
Retained earnings (accumulated deficit) increased to -$43.63 million from -$33.55 million at the end of 2024.
The fund reported a profit of $14.91 million for Q1 2025.
Risk & Quality:
Incentive fee payable increased to $24.31 million from $21.68 million at the end of 2024.
Management fee payable rose to $6.20 million from $2.97 million at the end of 2024.
Unrealized depreciation on unfunded commitments decreased to $844,000 from $1.11 million at the end of 2024.
The Wrap:
TCW Direct Lending VIII LLC's Q1 2025 results show growth in total assets and investments at fair value, but a slight decrease in net asset value per share. The fund's increased liabilities and higher fee payables suggest expanded operations and investment activities. While the fund reported a profit for the quarter, the accumulated deficit has grown, indicating ongoing challenges in overall profitability.
Comments