Private Credit Portfolio Analysis | TCW Star Direct Lending Reports Q1 2025 Results
- Editor
- May 13
- 2 min read
Whats New:
TCW Star Direct Lending reported its Q1 2025 financial results, showing growth in assets and investments compared to the previous quarter. The fund's total assets increased to $186.05 million as of March 31, 2025, up from $160.65 million at the end of 2024. Non-controlled, non-affiliated investments grew to $176.48 million from $150.18 million in the same period.
Portfolio Dynamics:
Total assets grew to $186.05 million as of March 31, 2025, compared to $160.65 million at the end of 2024.
Non-controlled, non-affiliated investments increased to $176.48 million, up from $150.18 million at the end of 2024.
Cash and cash equivalents decreased to $8.54 million from $9.64 million at the end of 2024.
Investment Activity:
Receivable for investments sold increased to $131,000 from $31,000 at the end of 2024.
Interest receivable grew to $886,000 from $764,000 at the end of 2024.
Payable for investment purchases increased to $2.31 million from $0 at the end of 2024.
Capital Structure:
Repurchase obligations increased to $17.99 million from $6.59 million at the end of 2024.
Members' equity grew to $159.82 million from $149.24 million at the end of 2024.
Common unitholders' commitment value remained unchanged at $375.32 million.
Performance Profile:
Net asset value per share decreased to $94.49 as of March 31, 2025, compared to $95.13 at the end of 2024.
Retained earnings deficit increased to $6.85 million from $4.43 million at the end of 2024.
Incentive fee payable increased to $4.04 million from $3.59 million at the end of 2024.
Risk & Quality:
Total liabilities increased to $26.23 million from $11.41 million at the end of 2024.
Unrealized depreciation on unfunded commitments decreased to $170,000 from $247,000 at the end of 2024.
Management fee payable increased to $978,000 from $465,000 at the end of 2024.
The Wrap:
TCW Star Direct Lending demonstrated growth in Q1 2025, with significant increases in total assets and investments. However, the fund also saw an increase in liabilities and a slight decrease in net asset value per share. The growth in incentive and management fees payable suggests higher costs associated with the fund's expanded operations and investment activities.
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