Private Credit Portfolio Analysis | TCW Star Direct Lending LLC Reports FY 2024 Results
- Editor
- Mar 26
- 2 min read
Whats New:
TCW Star Direct Lending LLC reported its FY 2024 financial results, showing growth in assets and investments compared to the previous year. The fund's total assets increased to $160.65 million as of December 31, 2024, up from $158.73 million at the end of 2023. Non-controlled, non-affiliated investments grew to $150.18 million from $118.18 million year-over-year.
Portfolio Dynamics:
Total assets grew to $160.65 million as of December 31, 2024, compared to $158.73 million at the end of 2023.
Non-controlled, non-affiliated investments increased to $150.18 million, up from $118.18 million at the end of 2023.
Cash and cash equivalents rose to $9.64 million from $5.49 million at the end of 2023.
Investment Activity:
Short-term investments decreased to $0 from $34.44 million at the end of 2023.
Receivable for investments sold increased to $31,000 from $0 at the end of 2023.
Interest receivable grew to $764,000 from $602,000 at the end of 2023.
Capital Structure:
Members' equity increased to $149.24 million from $122.13 million at the end of 2023.
Common unitholders' commitment value remained stable at $375.32 million.
Repurchase obligations rose to $6.59 million from $0 at the end of 2023.
Performance Profile:
Net asset value per share decreased to $95.13 as of December 31, 2024, compared to $98.17 at the end of 2023.
Retained earnings (accumulated deficit) increased to -$4.43 million from -$581,000 at the end of 2023.
Net profit for the year 2024 was $13.71 million, compared to $7.06 million in 2023.
Risk & Quality:
Incentive fee payable increased to $3.59 million from $1.17 million at the end of 2023.
Management fee payable rose to $465,000 from $369,000 at the end of 2023.
Unrealized depreciation on unfunded commitments increased to $247,000 from $215,000 at the end of 2023.
The Wrap:
TCW Star Direct Lending LLC demonstrated growth in FY 2024, with increases in total assets, non-controlled non-affiliated investments, and members' equity. However, the fund's net asset value per share decreased, and it reported an increased accumulated deficit. The rise in incentive and management fees payable suggests higher costs associated with the fund's expanded operations and investment activities.
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