Private company

TCW Star Direct Lending LLC

Investment fund registered in the United States, active since 20222

In its 2026 annual report the company says: “We are a direct lending investment company that seeks to generate attractive risk-adjusted returns primarily through direct investments in senior secured loans to middle market companies or other issuers. We are managed by the TCW Private Credit Group, a group of investment professionals that uses the same investment strategy employed by the Private Credit Group over the past 25 years. Our investments are in portfolio companies formed as corporations, partnerships and other business entities.”5 It is headquartered in Los Angeles, United States.2

Last updated Oct 20, 2026.

Overview

  • HeadquartersLos Angeles, United States2
  • Incorporated inDE3
  • Business address200 Clarendon Street, 51St Floor, Boston, Ma 021163
  • Filer categoryNon-accelerated filer, Emerging growth company3
  • Legal formLimited Liability Company2
  • Kind of organizationInvestment fund2
  • LEI549300DKPH13ZECJEV512
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O NATIONAL REGISTERED AGENTS, INC., 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 66577642

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We were formed on March 7, 2022 as a limited liability company under the laws of the State of Delaware. We conducted a private offering of our common limited liability company units (the “Common Units”) to investors in reliance on exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended (the “Securities Act”). On September 15, 2022, we completed the closing of the sale of our Common Units pursuant to which we sold 3,753,190 Common Units at an aggregate purchase price of $375.3 million. Any investors in our initial private offering were required to be “accredited investors” as defined in Regulation D of the Securities Act.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income6$19.6M in 2025+177% since 2023
0$5.0M$10.0M$15.0M$20.0M2023: $7.1M$7.1M20232024: $13.7M$13.7M2024+94%2025: $19.6M$19.6M2025+43%
Fiscal year20222023202420252026
Operating expenses$4.9M6$6.3M6$7.7M6
Net income$7.1M6$13.7M6$19.6M6
Earnings per share$1.886$3.656$5.226
Earnings per share (diluted)$1.886$3.656$5.226
Shares (weighted, basic)3.8M shares63.8M shares63.8M shares6
Shares (weighted, diluted)3.8M shares63.8M shares63.8M shares6

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Corporate structure

TCW Star Direct Lending LLC sits at the top of its group. 6 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of TCW Star Direct Lending LLC

  • Nippon Life Global Investors Americas, Inc. Filed SC 13D on TCW Star Direct Lending LLC, latest Sep 23, 2022
  • TCW Star Direct Lending LLC Los Angeles, California, United States
    • TCW DL CL-S LLC Subsidiary · Delaware, United States
    • TCW DL HDR-S LLC Subsidiary · Delaware, United States
    • TCW Star DLG-1 LLC Subsidiary · Delaware, United States
    • TCW Star DLG-2 LLC Subsidiary · Delaware, United States
    • TCW Star DLG-3 LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What TCW Star Direct Lending LLC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$6.1M6 Dec 31, 2025$9.6M6 Dec 31, 2024−36.5%
Marketable securities, current$011 Dec 31, 2024$34.4M11 Dec 31, 2023−100.0%

Properties, in its own words

We maintain our principal executive office at 200 Clarendon Street, 19th Floor, Boston, Massachusetts 02116. We do not own any real estate. We believe that our present facilities are adequate to meet our current needs. If new or additional space is required, we believe that adequate facilities are available at competitive prices in the same area.

Item 2 of the 10-K filed Mar 26, 2026.5

Leadership

Who has led TCW Star Direct Lending LLC, and when. Pick a name to see everywhere that person has worked.

Chief financial officer

  1. Andrew J. Kim2022
2025
Board members and other officers (10)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Chief Operating OfficerDavid C.W. Wang named Sep 6, 202225
  • PresidentRichard T. Miller named Sep 6, 202225

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • TCW DL CL-S LLC Delaware4
  • TCW DL HDR-S LLC Delaware4
  • TCW Star DLG-1 LLC Delaware4
  • TCW Star DLG-2 LLC Delaware4
  • TCW Star DLG-3 LLC Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • N Middle Market Lending, LLCMar 16, 2022 to Jun 27, 20223

Timeline

  1. Jul 22, 20268-K Shareholder vote26
  2. Nov 14, 20258-K Executive or director change27
  3. Aug 7, 20258-K Other events28
  4. May 19, 20258-K Shareholder vote29
  5. May 14, 20248-K Shareholder vote30
  6. Jan 3, 20248-K Executive or director change31
  7. May 16, 20238-K Shareholder vote32
  8. Sep 16, 20228-K Unregistered sale of shares33
  9. Mar 7, 2022Founded TCW Star Direct Lending LLC is founded2

Filings

56 filings to the SEC since October 2021: 5 annual reports, 12 quarterly reports, 8 major events, 16 insider forms, 1 large holders, 1 private raises, 13 other. The latest 20:

  1. Aug 12, 202610-Q EDGAR
  2. Jul 22, 20268-K EDGAR
  3. Jun 18, 2026DEF 14A EDGAR
  4. May 20, 20263 EDGAR
  5. May 13, 202610-Q EDGAR
  6. Apr 30, 20263 EDGAR
  7. Apr 30, 202610-K/A EDGAR
  8. Mar 26, 202610-K EDGAR
  9. Jan 21, 202640-17G EDGAR
  10. Nov 19, 20253 EDGAR
  11. Nov 14, 20258-K EDGAR
  12. Nov 12, 202510-Q EDGAR
  13. Aug 12, 202510-Q EDGAR
  14. Aug 7, 20258-K EDGAR
  15. May 19, 20258-K EDGAR
  16. May 14, 202510-Q EDGAR
  17. Apr 15, 2025DEF 14A EDGAR
  18. Mar 27, 202510-K EDGAR
  19. Jan 15, 202540-17G EDGAR
  20. Nov 12, 202410-Q EDGAR

The 56 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Sep 6, 2022Filed a private offering of securities Form D: named in the filing: Sheila A. Finnerty, Andrew C.W. Tarica, Richard T. Miller, Andrew C.W. Kim, Ralph David Kelly, Saverio M. Flemma Form D

SEC filer profile

How TCW Star Direct Lending LLC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARTCW Star Direct Lending LLC1
  • CIK0001916608
  • Employer ID (EIN)88-11269555
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Business address200 Clarendon Street, 51St Floor, Boston, MA 021161
  • Phone617-936-22751
  • Shares outstanding3,753,190 as of Aug 12, 20269
  • Public float$0 as of Dec 31, 202513
  • AuditorDeloitte & Touche LLP, Los Angeles, California, United States of America PCAOB ID 34; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceMar 16, 20221
  • Filings60 in all: 3 (15), 10-Q (12), 8-K (8), 10-K (4), 40-17G (4), DEF 14A (4), 10-12G (2), 40-APP (2)1
    All 17 form types

    10-12G/A (1), 10-K/A (1), 3/A (1), 40-APP/A (1), CORRESP (1), D (1), N-54A (1), RW (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Mar 26, 2026
    Quarterly report (10-Q) Aug 12, 2026
    Proxy statement (DEF 14A) Jun 18, 2026
    Latest 8-K (8-K) Jul 22, 2026

Risk factors and legal proceedings

The risks TCW Star Direct Lending LLC names in Item 1A of its 10-K filed Mar 26, 2026: 28 risks under these headings, as written.5

  • RISKS RELATED TO OUR BUSINESS
  • Dependence on Key Personnel and Other Management.
  • Economic Interest of the Adviser.
  • Effect of Fees and Expenses on Returns.
  • Regulations Governing our Operation as a BDC.
  • We incur significant costs as a result of being registered under the Exchange Act.
  • Limited Liability of the Adviser.
  • Service Providers and Counterparties.
  • RISKS RELATED TO OUR INVESTMENTS
  • Economic Recessions or Downturns.
  • Reliance on Portfolio Company Management.
  • Competition for Investment Opportunities.
The other 18 risks
  • Risks of Investing in Unitranche Loans.
  • Need for Follow-On Investments.
  • Inability to Take Advantage of Investment Opportunities with Affiliated Funds or Investors.
  • Effect of BDC and RIC Rules on Investment Strategy.
  • Reliance on the Adviser and their Professionals.
  • Limitations on Co-Investments with Affiliates.
  • Debt Financings in Connection with Acquisitions and Dispositions.
  • Risks Associated with Delayed-Draw Facilities.
  • Risks of PIK and OID Instruments.
  • Risks Related to Warehousing Transactions.
  • Risks may arise in connection with the rules under ERISA related to investment by ERISA Plans.
  • RISKS RELATED TO UNITHOLDERS
  • Consequences of Failure to Pay Commitment in Full.
  • Withholding Risk for Foreign Investors.
  • GENERAL RISK FACTORS
  • Political, Social and Economic Uncertainty Risk.
  • Dependence on Information Systems and Systems Failures.
  • Cybersecurity Risks and Cyber Incidents.
  • Cybersecurity Breaches and Identity Theft.
  • Risks Associated with Artificial Intelligence.

Legal proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

The opening of Item 3, Legal Proceedings.5

Sources

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    SEC EDGAROther events
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