Private Credit Portfolio Analysis | TCW Direct Lending VIII LLC Reports FY 2024 Results
- Editor
- Mar 26
- 2 min read
Whats New:
TCW Direct Lending VIII LLC reported its FY 2024 financial results, showing significant growth in assets and investments compared to the previous year. The fund's total assets increased to $1.04 billion as of December 31, 2024, up from $848.10 million at the end of 2023. Investments owned at fair value grew to $942.13 million from $742.92 million, while the net asset value per share decreased slightly to $96.87 from $98.95 at the end of 2023.
Portfolio Dynamics:
Total assets grew to $1.04 billion as of December 31, 2024, compared to $848.10 million at the end of 2023.
Investments owned at fair value increased to $942.13 million, up from $742.92 million at the end of 2023.
Cash and cash equivalents rose to $92.95 million from $83.25 million at the end of 2023.
Investment Activity:
Receivable from investment sales increased to $156,000 from $0 at the end of 2023.
Interest receivable grew to $6.31 million from $5.78 million at the end of 2023.
Capital call receivable decreased to $0 from $13.87 million at the end of 2023.
Capital Structure:
Total liabilities increased to $431.54 million from $387.89 million at the end of 2023.
Members' equity grew to $611.23 million from $460.21 million at the end of 2023.
Common unitholders' commitment increased to $1.27 billion from $1.07 billion at the end of 2023.
Performance Profile:
Net asset value per share decreased to $96.87 as of December 31, 2024, compared to $98.95 at the end of 2023.
Retained earnings deficit increased to $33.55 million from $7.79 million at the end of 2023.
Net profit for the year 2024 was $60.64 million, up from $51.62 million in 2023.
Risk & Quality:
Incentive fee payable increased to $21.68 million from $10.98 million at the end of 2023.
Unrealized depreciation on unfunded commitments rose to $1.11 million from $921,000 at the end of 2023.
Interest and credit facility expense payable increased to $5.91 million from $4.03 million at the end of 2023.
The Wrap:
TCW Direct Lending VIII LLC demonstrated strong growth in FY 2024, with significant increases in total assets, investments at fair value, and members' equity. However, the fund's net asset value per share slightly decreased, and the retained earnings deficit widened. The increase in incentive fees payable and interest expenses suggests higher costs associated with the fund's expanded operations and investment activities.
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