Annual Report by Investment Company (Form N-CSR)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:

TCW Private Asset Income Fund

(Exact name of registrant as specified in charter)

515 South Flower Street, Los Angeles, CA 90071

(Address of principal executive offices)

Peter Davidson, Esq.

Vice President and Secretary

515 South Flower Street

Los Angeles, CA 90071

(Name and address of agent for service)

Registrant's telephone number, including area code: (213)

Date of fiscal year end: December 31

Date of reporting period: December 31, 2025

 Annual Report

  December 31, 2025

TCW Private Asset Income Fund

Table of Contents

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TCW Private Asset Income Fund (TPAY)

To the shareholders of the TCW Private Asset Income Fund:

Dear Shareholders,

TCW is pleased to present the 2025 annual report for the Private Asset Income Fund ("TPAY" or the "Fund"). Since its launch in April 2025, TPAY has been designed to deliver consistent, income-oriented performance driven by diversified exposure to high quality asset backed collateral. We appreciate the trust you have placed in us and welcome the opportunity to review the Fund's performance, positioning, and our outlook.

Executive Summary

From inception to the end of 2025, TPAY returned 5.89% for the I Share class (other share classes listed below) and ended the year with $431 million in assets under management. TPAY's returns include the impact of the portfolio's cash position as the Fund ramped allocations over the course of the year, with cash declining meaningfully as deployment progressed.

The portfolio's yield to worst averaged 7.73% over the course of the year, noting that this includes a period of cash drag in the Fund's early months of deployment. TPAY's forward yield was 9.76% as of December 31, 2025. The average rating sat at BB+ by

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Sector Allocation

Source: TCW; May not total 100% due to rounding

Portfolio characteristics and securities are subject to change at any time. There is no assurance that any of the securities mentioned will remain in the underlying Fund's portfolio. Allocations shown are subject to change. It should not be assumed that an investment in the securities listed was or will be profitable.

Market Backdrop

The global economy remained resilient through tariff shocks, a historic U.S. government shutdown, softening labor conditions, and geopolitical uncertainty in 2025. U.S. GDP slowed but in the fourth quarter, supported by fiscal measures and improving consumer balance sheets, while inflation oscillated around 3% before easing late in the year. Growth expectations stabilized, supported by improving financial conditions, booming technology investment, and three Federal Reserve cuts in the second half of the year.

Fixed income markets showed remarkable resilience, with the broad Bloomberg U.S. Aggregate Index returning 7.3% over the full year, with agency mortgage backed securities leading performance. Public credit market valuations continued to trade around record tights, with investment grade and high yield spreads ending the year at 78 basis points and 266 basis points, respectively.

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Within credit alternatives, 2025 was characterized by strong investor demand, continued bank retrenchment, and attractive private market opportunities across asset backed finance. While public credit valuations tightened meaningfully, private credit markets continued to offer compelling relative value, particularly in structured and asset backed transactions where disciplined underwriting and structural protections remained paramount.

Portfolio Commentary and Deployment

Against this backdrop, TPAY continued to deliver consistent, performance driven by diversified exposure to collateral. The Fund has exposure across consumer, commercial, and sectors, including significant allocations to credit cards, lending, and auto finance.

Deal deployment over the year was robust, with 48 deals funded totaling $491 million. Investments included loans across consumer, real estate, prime auto, and auto exposures. As the portfolio approaches full deployment, we have greater flexibility to identify the best sources of return across the liquidity spectrum. Relatedly, we continue to monetize more liquid opportunities acquired during periods of broad market volatility earlier in the year.

Investment Philosophy: Collateral and Structure

There are two primary considerations when we first examine an investment: the quality of the collateral and the structure of the financing.

In assessing collateral, we evaluate the yield of the asset, the range of potential negative outcomes for the pool of assets and how much is priced into unit economics, the incentive of the originator to create assets and how aligned we are, and whether asset performance is likely to be cyclical or secularly driven.

The second primary consideration of our investment process is the structure of the financing. The structuring of finance transactions affords multiple levers to impact risk, return, and duration. Cashflow triggers, credit enhancement, reserve accounts, and borrower covenants create downside protection, while relative differences between senior and mezzanine funding spreads can lead to opportunities for excess return.

Portfolio Construction and Risk Profile

We ended the year with a robust, diversified portfolio with minimal exposure. While optically " " consumer assets, the portfolio has no exposure to whole loans or leveraged consumer credit. The portfolio carried an average rating of BB+ and a weighted average life (WAL) of approximately 1.02 years. Every position is structured to withstand multiples of loss assumptions before impairment.

The only position categorized as exposure (meaning any collateral loss in excess of our assumptions will reduce our return) is a portfolio of commercial real estate bridge loans with an average of 50%, supported by personal guarantees from borrowers.

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Looking Ahead

As we look ahead to 2026, we see numerous opportunities to provide structurally protected capital to borrowers across a wide variety of asset classes. Given the compression of risk premia across markets, transactions can offer similar yields despite meaningfully different risk profiles.

For example, a typical borrower has a senior asset-backed facility provided by a constrained bank or insurance lender. Often this capital is limited by a combination of ratings, and other capital charges. Our mezzanine capital, however, provides incremental leverage along with greater flexibility. In exchange, we can command higher yields and impose and triggers and covenants. The result is an loan structured to withstand significant credit deterioration. Importantly, this capital should not be associated with "risky" or "subordinate" capital, as is often the connotation in corporate lending. Rather, these investments should be considered the private version of and structured products, which have empirically demonstrated resilience across a wide variety of economic environments.

Closing

We have constructed a conservative portfolio, focusing on covenants and structure over excess spread. We believe this approach positions TPAY well to take advantage of volatility across asset classes in both public and private markets. We are excited about the opportunity set ahead and are grateful for your continued trust and partnership.

Sincerely,

Dylan Ross

Managing Director,

Portfolio Manager and

Head of Asset - Backed Finance

5

TCW Private Asset Income Fund

Portfolio holdings and industries are subject to change. Percentages are as of December 31, 2025, and are based on fair values over net assets.

6

TCW Private Asset Income Fund

The accompanying notes are an integral part of these consolidated financial statements.

7

TCW Private Asset Income Fund

Consolidated Schedule of Investments (Continued)

The accompanying notes are an integral part of these consolidated financial statements.

8

TCW Private Asset Income Fund

The accompanying notes are an integral part of these consolidated financial statements.

9

TCW Private Asset Income Fund

Consolidated Schedule of Investments (Continued)

The accompanying notes are an integral part of these consolidated financial statements.

10

TCW Private Asset Income Fund

Consolidated Statement of Assets and Liabilities

The accompanying notes are an integral part of these consolidated financial statements.

11

TCW Private Asset Income Fund

Consolidated Statement of Operations

The accompanying notes are an integral part of these consolidated financial statements.

12

TCW Private Asset Income Fund

Consolidated Statement of Changes in Net Assets

The accompanying notes are an integral part of these consolidated financial statements.

13

TCW Private Asset Income Fund

Consolidated Statement of Cash Flows

The accompanying notes are an integral part of these consolidated financial statements.

14

TCW Private Asset Income Fund

Consolidated Financial Highlights

The accompanying notes are an integral part of these consolidated financial statements.

15

TCW Private Asset Income Fund

Notes to Consolidated Financial Statements

Note 1. Organization

TCW Private Asset Income Fund ("TPAY") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a management investment company that is operated as an interval fund. TPAY was organized as a Delaware statutory trust on September 3, 2024, and commenced investment operations on April 1, 2025. In addition, TPAY has elected to be treated, and intends to continue to comply with the requirements to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the "Code"). TPAY, together with its subsidiary, Trestles LLC (the "SPV"), (the "Fund"), engages in a continuous offering of shares and will offer to make quarterly repurchases of shares at net asset value ("NAV").

TCW Asset Backed Finance Management Company LLC (the "Adviser") serves as the Fund's investment adviser and is registered with the Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended.

On July 2, 2025, the SPV was registered as a Delaware Limited Liability Company and is a subsidiary of TPAY. It began operations on November 4, 2025 for the purpose of acquiring whole commercial real estate bridge loans and producing current income.

On August 25, 2025, the Fund filed a registration statement with the SEC with respect to a new class of common shares of beneficial interest designated as Shares"). This class participates in the same Significant Accounting Policies as described in Note 3 in these Consolidated Financial Statements. Class I-3 shares commenced operations on August 25, 2025.

As of December 31, 2025, the Fund offers three separate classes of common shares of beneficial interest ("Shares") designated as Class A ("Class A Shares"), Class I ("Class I Shares") and Shares.

The Fund's Shares are not listed for trading on any national securities exchange and the Fund does not currently intend to list its Shares for trading on any national securities exchange. Accordingly, there is currently no secondary market for the Fund's Shares and the Fund does not expect any secondary market to develop.

Shareholders of the Fund are not able to have their Shares redeemed or otherwise sell their Shares daily. The Fund is an "interval fund," a type of fund which, in order to provide liquidity to shareholders, has adopted a fundamental investment policy to make quarterly offers to repurchase between 5% and 25% of its outstanding Shares at NAV per Share. Subject to applicable law and approval of the Board of Trustees (the "Board," and each of the trustees on the Board, a "Trustee"), for each quarterly repurchase offer, the Fund currently expects to offer to repurchase 5% of the Fund's outstanding Shares at NAV, which is the minimum amount permitted.

TCW Funds Distributors LLC (the "Distributor") serves as the principal underwriter and distributor of the Fund's Shares. Class A Shares are subject to a distribution and shareholder servicing plan under which they pay fees. Class I Shares and Shares do not pay such fees. The Distributor is not required to sell any specific number or dollar amount of the Fund's Shares.

Note 2. Investment Objective, Investment Strategy, and Risk Considerations

 The Fund's investment objective is to seek to provide attractive risk-adjusted returns and produce current income.

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TCW Private Asset Income Fund

Note 2. Investment Objective, Investment Strategy, and Risk Considerations ( )

 The Fund seeks to achieve its investment objective primarily by allocating its assets across a wide of private credit strategies, with a focus on asset-backed credit strategies.

Investing in the Fund involves risks, including the risk that a Shareholder may receive little or no return on their investment or that a Shareholder may lose part or all of their investment. Below is a summary of some of the principal risks of investing in the Fund. For a more complete discussion of the risks of investing in the Fund, see "Principal Risks of the Fund" in the Fund's prospectus. Shareholders should consider carefully the following principal risks before investing in the Fund:

 The Fund may be materially adversely affected market, economic and political conditions and natural and disasters, including pandemics, wars and supply chain disruptions, globally and in the jurisdictions and sectors in which the Fund invests.

 One of the fundamental risks associated with Fund's investments is credit risk, which is the risk that an issuer will be unable to make principal and interest payments on its outstanding debt obligations when due.

 The values of the Fund's investments fluctuate response to movements in interest rates. If rates rise, the values of debt securities generally fall. The longer the average duration of the Fund's investment portfolio, the greater the change in value.

 Asset-backed exposures are generally insured or guaranteed by the related sponsor or any other entity and therefore, if the assets or sources of funds available to the issuer are insufficient to pay those outstanding liabilities, the Fund will incur losses.

 Because the private credit investments pursued by Fund are not typically registered under the federal securities laws like stocks and bonds, investors in loans have less protection against improper practices than investors in registered securities.

 Given the substantial investment by the Fund in private , there is no reliable liquid market available for the purposes of valuing the majority of the Fund's investments. There can be no guarantee that the basis of calculation of the value of the Fund's investments used in the valuation process will reflect the actual value on realization of those investments.

 The Fund is exposed to the risk that third parties that owe the Fund, or its issuers, money, securities or other assets will not perform their obligations. Certain investments may be exposed to the credit risk of the counterparties with whom the Fund deals.

 Although the Fund intends implement a quarterly share repurchase program, there is no guarantee that a shareholder will be able to sell all of the Shares that the shareholder desires to sell. The Fund should therefore be considered to offer limited liquidity.

 The Fund may invest a portion of its assets in securities credit instruments associated with real assets, including real estate, infrastructure, digital infrastructure, datacenters, railcar, and aviation, which have historically experienced substantial price volatility.

 The Fund may borrow , which magnifies the potential for gain or loss on amounts invested, subjects the Fund to certain covenants with which it must comply and may increase the risk of investing with the Fund.

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TCW Private Asset Income Fund

Notes to Consolidated Financial Statements (Continued)

Note 2. Investment Objective, Investment Strategy, and Risk Considerations (Continued)

 To qualify and remain eligible for the tax treatment accorded to RICs and their shareholders under the Code, the Fund must meet certain asset diversification and annual distribution requirements, and failure to do so could result in the loss of RIC status.

Note 3. Significant Accounting

 The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). The Fund is an investment company for the purposes of accounting and financial reporting in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services-Investment Companies ("ASC 946"). U.S. GAAP for an investment company requires investments to be recorded at fair value. The carrying value for all other assets and liabilities approximates their fair value.

 The Fund's consolidated financial statements include balances of both TPAY and the SPV. All intercompany transactions have been eliminated in consolidation.

 Income, expenses (other than those attributable to a specific class), gains and losses are allocated to each class of shares based upon the relative proportion of net assets represented by such class "on a given day". Operating expenses directly attributable to a specific class are charged against the operations of that class. Class-specific expenses such as distribution and service plan fees, transfer and shareholder servicing fees, and shareholder communications expenses are not deemed material to be broken out by class in the Consolidated Statement of Operations for the period ended December 31, 2025.

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. It also requires management to exercise the process of applying the Fund's accounting policies. Assumptions and estimates regarding the valuation of investments and their resulting impact involves a higher degree of subjectivity and complexity and these assumptions and estimates may be significant to the consolidated financial statements. Actual results could differ from those estimates and such differences could be material.

Cash consists of amounts held in accounts with the custodian bank. The Fund considers all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value. The Fund places its cash with financial institutions, and at times, cash held in checking accounts may exceed the Federal Deposit Insurance Corporation insured limit. The Fund seeks to mitigate this concentration of credit risk by depositing funds with major financial institutions. As of December 31, 2025, the Fund had cash of $2,440,157. Any overdrafts are reflected in the Statement of Assets and Liabilities as due to bank. At December 31, 2025, the Fund had an overdraft of $10,601,086.

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TCW Private Asset Income Fund

Note 3. Significant Accounting Policies (Continued)

Investment transactions are recorded as of the applicable trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method without regard to unrealized appreciation or depreciation previously recognized, and includes investments charged off during the period, net of recoveries. Net change in unrealized appreciation or depreciation on investments as presented in the accompanying Consolidated Statement of Operations reflects the net change in the fair value of investments, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. See Note 3, Fair Value Measurements, for further information about fair value measurements.

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any.

Loans or debt securities are generally placed on status when principal or interest payments are past due or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on status. Interest payments received on loans may be recognized as income or applied to the cost basis depending upon management's judgment regarding collectability. loans are restored to accrual status when past due principal and interest are current or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in management's judgment, are likely to remain current. The Fund may make exceptions to this treatment if a loan has sufficient collateral value and is in the process of collection. As of December 31, 2025, there were no loans placed on status.

Dividend income on money market fund in which the Fund invests is recorded daily on an accrual basis to the extent that such amounts are expected to be collected.

Organizational costs, primarily for legal expenses associated with the establishment of the Fund, are expensed as incurred. The Fund incurred organizational costs prior to commencement of operations of $332,511.

Costs associated with the offering of shares of the Fund are capitalized and included as a deferred offering cost on the Consolidated Statements of Assets and Liabilities. These costs are amortized over a twelve-month period from the later of commencement of operations or incurrence of costs. As of December 31, 2025, the Fund had capitalized $164,171 of offering costs. For the period from April 1, 2025 (commencement of operations) through December 31, 2025, the Fund had amortized deferred offering costs of $485,208.

 Deferred financing and other costs represent fees and expenses incurred in connection with the origination or amendment of the Fund's debt facility arrangements, including commitment fees, arrangement fees, legal fees, and other directly attributable costs. These costs are capitalized at the time the related debt is issued or amended.

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TCW Private Asset Income Fund

Notes to Consolidated Financial Statements (Continued)

Note 3. Significant Accounting Policies (Continued)

Deferred financing costs are amortized on a straight-line basis over the contractual term of the related debt arrangement, which approximates the effective interest method. Amortization of deferred financing and other costs is included in loan financing fee in the Consolidated Statement of Operations. As of December 31, 2025, unamortized deferred financing and other costs of $920,548 is included in the Deferred offering and other costs in the Consolidated Statement of Assets and Liabilities.

The Fund has adopted a "Distribution and Shareholder Services Plan" with respect to its Class A Shares under which the Fund may compensate financial industry professionals for distribution-related expenses and providing ongoing services in respect of clients with whom they have distributed Class A Shares of the Fund. Such services may include electronic processing of client orders, electronic fund transfers between clients and the Fund, account reconciliations with the Fund's transfer agent, facilitation of electronic delivery to clients of Fund documentation, monitoring client accounts for withholding and any other special tax reporting obligations, maintenance of books and records with respect to the foregoing, and such other information and liaison services as the Fund or the Adviser may reasonably request. The Class A Shares are subject to a distribution and/or shareholder servicing fee at an annual rate of up to 0.75% of the average daily net assets of the Fund attributable to such Share class, accrued daily and payable monthly to the Distributor.

U.S. Bank Global Fund Services (the "Transfer Agent") serves as the transfer agent for the Fund. Transfer Agent Fees consist primarily of fees and expenses incurred in connection with electronic processing of client orders, fund transfers between clients and the Fund, client maintenance and documentation. The Fund pays the Transfer Agent a fee based on various factors, including number of accounts and filings.

For federal income tax purposes, the Fund intends to elect to be treated as a RIC under the Code and intends to make the required distributions to its shareholders as specified therein. To qualify as a RIC, the Fund must meet certain minimum distribution, and asset diversification requirements. If such requirements are met, then the Fund is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute.

The minimum distribution requirements applicable to RICs require the Fund to distribute to its shareholders at least 90% of its investment company taxable income ("ICTI"), as defined by the Code, each year (the "Annual Distribution Requirement"). ICTI includes income such as income. If the Fund earns ICTI in a given tax year that exceeds the amount distributed to shareholders during that year, it may elect to treat certain dividends paid in the following tax year as if they were paid in the prior year. Such dividends must be declared by the Fund on or before the due date for filing its tax return for the year in which the income was earned and must be distributed before the end of next tax year.

In addition, based on the excise distribution requirements, the Fund is subject to a 4% nondeductible federal excise tax on undistributed income unless the Fund distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Fund that is subject to

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TCW Private Asset Income Fund

Note 3. Significant Accounting Policies (Continued)

corporate income tax is considered to have been distributed. The Fund intends to make sufficient distributions each taxable year to satisfy the excise distribution requirements as reasonably practicable.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are "more-likely than not" to be sustained by the applicable tax authority. All penalties and interest associated with income taxes, if any, are included in income tax expense. Due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

The Fund's distribution policy is to accrue dividends daily and make quarterly distributions to Shareholders. The Fund's distributions may be funded from unlimited amounts of offering proceeds or borrowings, which may constitute a return of capital and reduce the amount of capital available to the Fund for investment. Dividends will accrue daily based on the day's estimate of net investment income. Net realized capital gains, if any are generally distributed at least annually, although the Fund may decide to retain such capital gains for investment.

Shareholders will automatically participate in the DRIP, unless and until an election is made by the shareholder to withdraw from the plan. Under the DRIP, the Fund's distributions to participating shareholders are reinvested in full and fractional Shares based on NAV per share at payment date. Shareholders who elect not to participate in the DRIP will receive all distributions in cash.

Note 4. Fair Value Measurements

The NAV per Share for the Fund is determined following the close of regular trading on the New York Stock Exchange ("NYSE"), generally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. Each of the Fund's share classes will be offered at NAV plus the applicable sales load, if any. The Fund's NAV per Share is calculated, on a class-specific basis, by dividing the value of the Fund's total assets (the value of the securities the Fund holds plus cash or other assets, including interest accrued but not yet received), less accrued expenses and other liabilities of the Fund, by the total number of shares outstanding.

The Fund's Board has adopted procedures pursuant to which the Fund will value its investments (the "Valuation Policy and Procedures"). In accordance with the Valuation Policy and Procedures, the Fund's portfolio investments for which market quotations are readily available are valued at market value. Investments for which market quotations are not readily available or are deemed to be unreliable are valued at fair value as determined in good faith pursuant to Rule under the 1940 Act. As permitted by Rule under the 1940 Act, the Board has designated the Adviser as the Fund's valuation designee ("Valuation Designee") to perform fair value determinations relating to all portfolio investments. The Adviser carries out its designated responsibilities as Valuation Designee through various teams pursuant to the Valuation Policy and Procedures which govern the Valuation Designee's selection and application of methodologies and independent pricing services for determining and calculating the fair value of portfolio investments. The Valuation Designee will fair value portfolio investments utilizing inputs from various external and internal sources including, but not limited to, independent pricing services, dealer quotation reporting

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TCW Private Asset Income Fund

Notes to Consolidated Financial Statements (Continued)

Note 4. Fair Value Measurements (Continued)

systems, independent third-party valuation firms and proprietary models and information. When determining the fair value of an investment, one or more fair value methodologies may be used. Fair value determinations will be based upon all available factors that the Valuation Designee deems relevant at the time of the determination. Fair valuation involves subjective judgments, and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security.

In accordance with ASC Topic 820 - Fair Value Measurement and Disclosures, a three-tier hierarchy has been established to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available. In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Fund discloses fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value, as follows:

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

An investment level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to fair value measurement. The valuation techniques used by the Fund to measure fair value during the year ended December 31, 2025, maximized the use of observable inputs and minimized the use of unobservable inputs.

The fair value of asset backed loans is generally valued by third-party pricing services that use valuation estimates from their internal pricing models, broker-dealer quotations or reported trades. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. These securities are classified as Level 3.

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TCW Private Asset Income Fund

Note 4. Fair Value Measurements (Continued)

The fair value of asset-backed securities, collateralized loan obligations and residential mortgage-backed securities is estimated based on pricing models that consider the estimated cash flows of each debt tranche of the issuer, establish a benchmark yield, and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, the prepayment speed assumptions and attributes of the collateral. To the extent the inputs are observable and timely, the values would be categorized as Level 2 of the fair value hierarchy; otherwise, they would be categorized as Level 3.

Money market funds are mutual funds that invest in short-term debt securities. To the extent that these funds are valued based upon the reported NAV, they are categorized as Level 1 of the fair value hierarchy.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. The following is a summary of the fair values according to the inputs used in valuing the Fund's investments: