Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2018
OR
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period                      to                     
Commission File No. 000-54899
 
 
TCG BDC, INC.
(Exact name of Registrant as specified in its charter)
 
 
Maryland
 
80-0789789
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification Number)
520 Madison Avenue, 40th Floor, New York, NY 10022
(Address of principal executive office) (Zip Code)
(212) 813-4900
(Registrant’s telephone number, including area code)
 
 
 
N/A
(Former name, former address and former fiscal year, if changed since last report)
 
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ☐    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
 
x
  
Accelerated filer
 
o
 
 
 
 
Non-accelerated filer
 
o  (Do not check if a smaller reporting company)
  
Smaller reporting company
 
o
 
 
 
 
Emerging Growth Company
 
o
  
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  x
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
Outstanding at May 3, 2018
Common stock, $0.01 par value
62,568,651





TCG BDC, INC.
INDEX
 
 
 
 
Part I.
Financial Information
 
Item 1.
Financial Statements
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
Part II.
Other Information
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
 

2





TCG BDC, INC.
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(dollar amounts in thousands, except per share data)
 
March 31, 2018
 
December 31, 2017
ASSETS
(unaudited)
 
 
Investments, at fair value
 
 
 
Investments—non-controlled/non-affiliated, at fair value (amortized cost of $1,704,235 and $1,782,488, respectively)
$
1,695,287

 
$
1,779,584

Investments—non-controlled/affiliated, at fair value (amortized cost of $16,516 and $16,273, respectively)
17,106

 
15,431

Investments—controlled/affiliated, at fair value (amortized cost of $200,101 and $172,251, respectively)
201,066

 
172,516

Total investments, at fair value (amortized cost of $1,920,852 and $1,971,012, respectively)
1,913,459

 
1,967,531

Cash and cash equivalents
45,610

 
32,039

Receivable for investment sold
14,925

 
7,022

Deferred financing costs
3,441

 
3,626

Interest receivable from non-controlled/non-affiliated investments
6,163

 
5,066

Interest receivable from non-controlled/affiliated investments
192

 
42

Interest and dividend receivable from controlled/affiliated investments
6,630

 
5,981

Prepaid expenses and other assets
235

 
76

Total assets
$
1,990,655

 
$
2,021,383

LIABILITIES
 
 
 
Secured borrowings (Note 6)
$
527,865

 
$
562,893

2015-1 Notes payable, net of unamortized debt issuance costs of $1,897 and $1,947, respectively (Note 7)
271,103

 
271,053

Payable for investments purchased
16,919

 
9,469

Due to Investment Adviser
104

 
69

Interest and credit facility fees payable (Notes 6 and 7)
5,513

 
5,353

Dividend payable (Note 9)
23,150

 
30,481

Base management and incentive fees payable (Note 4)
12,552

 
13,098

Administrative service fees payable (Note 4)
125

 
95

Other accrued expenses and liabilities
1,467

 
1,568

Total liabilities
858,798

 
894,079

Commitments and contingencies (Notes 8 and 11)
 
 
 
NET ASSETS
 
 
 
Common stock, $0.01 par value; 200,000,000 shares authorized; 62,568,651 shares and 62,207,603 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively
626

 
622

Paid-in capital in excess of par value
1,179,432

 
1,172,807

Offering costs
(1,633
)
 
(1,618
)
Accumulated net investment income (loss), net of cumulative dividends of $245,404 and $222,254 at March 31, 2018 and December 31, 2017, respectively
4,502

 
2,522

Accumulated net realized gain (loss)
(43,677
)
 
(43,548
)
Accumulated net unrealized appreciation (depreciation)
(7,393
)
 
(3,481
)
Total net assets
$
1,131,857

 
$
1,127,304

NET ASSETS PER SHARE
$
18.09

 
$
18.12

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

3



TCG BDC, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollar amounts in thousands, except per share data)
(unaudited)
 
For the three month periods ended
 
March 31, 2018
 
March 31, 2017
Investment income:
 
 
 
From non-controlled/non-affiliated investments:
 
 
 
Interest income
$
39,328

 
$
28,354

Other income
895

 
2,536

Total investment income from non-controlled/non-affiliated investments
40,223

 
30,890

From non-controlled/affiliated investments:
 
 
 
Interest income
379

 

Total investment income from non-controlled/affiliated investments
379

 

From controlled/affiliated investments:
 
 
 
Interest income
2,631

 
1,949

Dividend income
4,250

 
1,260

Total investment income from controlled/affiliated investments
6,881

 
3,209

Total investment income
47,483

 
34,099

Expenses:
 
 
 
Base management fees (Note 4)
7,222

 
5,125

Incentive fees (Note 4)
5,330

 
4,777

Professional fees
762

 
443

Administrative service fees (Note 4)
186

 
173

Interest expense (Notes 6 and 7)
7,815

 
5,034

Credit facility fees (Note 6)
525

 
503

Directors’ fees and expenses
98

 
103

Other general and administrative
405

 
373

Total expenses
22,343

 
16,531

Waiver of base management fees (Note 4)

 
1,708

Net expenses
22,343

 
14,823

Net investment income (loss) before taxes
25,140

 
19,276

Excise tax expense
10

 
169

Net investment income (loss)
25,130

 
19,107

Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments:
 
 
 
Net realized gain (loss) from:
 
 
 
Non-controlled/non-affiliated investments
(129
)
 
(7,694
)
Net change in unrealized appreciation (depreciation):
 
 
 
Non-controlled/non-affiliated investments
(6,044
)
 
4,456

Non-controlled/affiliated investments
1,432

 

Controlled/affiliated investments
700

 
304

Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments
(4,041
)
 
(2,934
)
Net increase (decrease) in net assets resulting from operations
$
21,089

 
$
16,173

Basic and diluted earnings per common share (Note 9)
$
0.34

 
$
0.39

Weighted-average shares of common stock outstanding—Basic and Diluted (Note 9)
62,504,465

 
41,706,598

Dividends declared per common share (Note 9)
$
0.37

 
$
0.41

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

4



TCG BDC, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(dollar amounts in thousands)
(unaudited)
 
For the three month periods ended
 
March 31, 2018
 
March 31, 2017
Increase (decrease) in net assets resulting from operations:
 
 
 
Net investment income (loss)
$
25,130

 
$
19,107

Net realized gain (loss) on investments
(129
)
 
(7,694
)
Net change in unrealized appreciation (depreciation) on investments
(3,912
)
 
4,760

Net increase (decrease) in net assets resulting from operations
21,089

 
16,173

Capital transactions:
 
 
 
Common stock issued, net of offering and underwriting costs
(15
)
 

Reinvestment of dividends
6,629

 
108

Dividends declared (Note 12)
(23,150
)
 
(17,100
)
Net increase (decrease) in net assets resulting from capital share transactions
(16,536
)
 
(16,992
)
Net increase (decrease) in net assets
4,553

 
(819
)
Net assets at beginning of period
1,127,304

 
764,137

Net assets at end of period
$
1,131,857

 
$
763,318

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

5



TCG BDC, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollar amounts in thousands)
(unaudited)
 
For the three month periods ended
 
March 31, 2018
 
March 31, 2017
Cash flows from operating activities:
 
 
 
Net increase (decrease) in net assets resulting from operations
$
21,089

 
$
16,173

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
 
 
 
Amortization of deferred financing costs
252

 
231

Net accretion of discount on investments
(2,390
)
 
(3,576
)
Paid-in-kind interest
(213
)
 

Net realized (gain) loss on investments
129

 
7,694

Net change in unrealized (appreciation) depreciation on investments
3,912

 
(4,760
)
Cost of investments purchased and change in payable for investments purchased
(111,938
)
 
(152,235
)
Proceeds from sales and repayments of investments and change in receivable for investments sold
164,119

 
190,967

Changes in operating assets:
 
 
 
Interest receivable
(486
)
 
(578
)
Dividend receivable
(1,410
)
 
65

Prepaid expenses and other assets
(159
)
 
(117
)
Changes in operating liabilities:
 
 
 
Due to Investment Adviser
35

 
(129
)
Interest and credit facility fees payable
160

 
104

Base management and incentive fees payable
(546
)
 
3,607

Administrative service fees payable
30

 
(22
)
Other accrued expenses and liabilities
(101
)
 
241

Net cash provided by (used in) operating activities
72,483

 
57,665

Cash flows from financing activities:
 
 
 
Proceeds from issuance of common stock, net of offering and underwriting costs
(15
)
 

Borrowings on SPV Credit Facility and Credit Facility
253,050

 
93,000

Repayments of SPV Credit Facility and Credit Facility
(288,078
)
 
(124,277
)
Debt issuance costs paid
(17
)
 
(93
)
Dividends paid in cash
(23,852
)
 
(19,910
)
Net cash provided by (used in) financing activities
(58,912
)
 
(51,280
)
Net increase (decrease) in cash and cash equivalents
13,571

 
6,385

Cash and cash equivalents, beginning of period
32,039

 
38,489

Cash and cash equivalents, end of period
$
45,610

 
$
44,874

Supplemental disclosures:
 
 
 
Interest paid during the period
$
7,682

 
$
4,952

Taxes, including excise tax, paid during the period
$
105

 
$

Dividends declared during the period
$
23,150

 
$
17,100

Reinvestment of dividends
$
6,629

 
$
108

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

6



TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2018
(dollar amounts in thousands)
(unaudited)

Investments—non-controlled/non-affiliated (1)
Industry
 
Interest Rate (2)
 
Maturity Date
 
Par/ Principal Amount
 
Amortized Cost (6)
 
Fair Value (7)
 
Percentage of Net Assets
First Lien Debt (76.24%)
 
 
 
 
 
 
 
 
 
 
 
 
 
Achilles Acquisition LLC (2) (3) (4) (5) (13) (15) (16)
Banking, Finance, Insurance & Real Estate
 
L + 6.00% (1.00% Floor)
 
6/6/2023
 
$
45,198

 
$
44,079

 
$
44,925

 
3.97
%
Advanced Instruments, LLC (2) (3) (4) (5) (13) (15) (16)
Healthcare & Pharmaceuticals
 
L + 5.25% (1.00% Floor)
 
10/31/2022
 
10,395

 
10,209

 
10,395

 
0.92

Aero Operating, LLC (Dejana Industries, Inc.) (2) (3) (4) (5) (13) (15)
Business Services
 
L + 7.25% (1.00% Floor)
 
12/29/2022
 
3,041

 
3,014

 
3,064

 
0.27

Alpha Packaging Holdings, Inc. (2) (3) (4) (13)
Containers, Packaging & Glass
 
L + 4.25% (1.00% Floor)
 
5/12/2020
 
2,889

 
2,887

 
2,889

 
0.26

Alpine SG, LLC (2) (3) (13) (16)
High Tech Industries
 
L + 6.00% (1.00% Floor)
 
11/16/2022
 
1,746

 
1,735

 
1,739

 
0.15

AMS Group HoldCo, LLC (2) (3) (4) (5) (13) (15)
Transportation: Cargo
 
L + 6.00% (1.00% Floor)
 
9/29/2023
 
31,014

 
30,314

 
31,007

 
2.74

Anaren, Inc. (2) (3) (4) (13)
Telecommunications
 
L + 4.50% (1.00% Floor)
 
2/18/2021
 
3,792

 
3,774

 
3,792

 
0.33

BeyondTrust Software, Inc. (2) (3) (4) (5) (13) (16)
Software
 
L + 6.25% (1.00% Floor)
 
11/21/2023
 
16,958

 
16,723

 
16,869

 
1.49

Brooks Equipment Company, LLC (2) (3) (4) (13)
Construction & Building
 
L + 5.00% (1.00% Floor)
 
8/29/2020
 
2,546

 
2,536

 
2,546

 
0.22

Capstone Logistics Acquisition, Inc. (2) (3) (4) (13) (16)
Transportation: Cargo
 
L + 4.50% (1.00% Floor)
 
10/7/2021
 
14,798

 
14,712

 
14,470

 
1.28

Captive Resources Midco, LLC (2) (3) (4) (5) (13) (15) (16)
Banking, Finance, Insurance & Real Estate
 
L + 6.00% (1.00% Floor)
 
12/18/2021
 
30,641

 
30,346

 
30,731

 
2.71

Central Security Group, Inc. (2) (3) (4) (13) (16)
Consumer Services
 
L + 5.63% (1.00% Floor)
 
10/6/2021
 
38,907

 
38,582

 
38,809

 
3.43

CIP Revolution Holdings, LLC (2) (3) (4) (5) (13) (15)
Media: Advertising, Printing & Publishing
 
L + 6.00% (1.00% Floor)
 
8/19/2021
 
18,994

 
18,847

 
18,866

 
1.67

CircusTrix Holdings, LLC (2) (3) (4) (5) (13) (15)(16)
Hotel, Gaming & Leisure
 
L + 5.50% (1.00% Floor)
 
12/16/2021
 
8,532

 
8,452

 
8,503

 
0.75

Colony Hardware Corporation (2) (3) (4) (13)
Construction & Building
 
L + 6.00% (1.00% Floor)
 
10/23/2021
 
22,015

 
21,793

 
21,991

 
1.94

Continuum Managed Services Holdco, LLC (2) (3) (4) (5) (13) (15) (16)
High Tech Industries
 
L + 8.75% (1.00% Floor)
 
6/8/2023
 
22,828

 
22,172

 
23,171

 
2.05

Dade Paper & Bag, LLC (2) (3) (4) (5) (16)
Forest Products & Paper
 
L + 7.50% (1.00% Floor)
 
6/10/2024
 
49,625

 
48,723

 
49,843

 
4.40

Datto, Inc. (2)(3)(5)(15)(16)
High Tech Industries
 
L + 8.00% (1.00% Floor)
 
12/7/2022
 
35,622

 
35,104

 
35,937

 
3.17

Dent Wizard International Corporation (2) (3) (4) (16)
Automotive
 
L + 4.00% (1.00% Floor)
 
4/7/2020
 
893

 
891

 
892

 
0.08

Derm Growth Partners III, LLC (Dermatology Associates) (2) (3) (4) (5) (13) (15)
Healthcare & Pharmaceuticals
 
L + 6.00% (1.00% Floor)
 
5/31/2022
 
50,826

 
50,311

 
50,525

 
4.46

DermaRite Industries, LLC (2) (3) (5) (13) (15) (16)
Healthcare & Pharmaceuticals
 
L + 7.00% (1.00% Floor)
 
3/3/2022
 
20,139

 
19,855

 
19,727

 
1.74

Dimensional Dental Management, LLC (2) (3) (5) (12) (15) (16)
Healthcare & Pharmaceuticals
 
L + 6.75% (1.00% Floor)
 
2/12/2021
 
33,674

 
33,074

 
33,445

 
2.95

Direct Travel, Inc. (2) (3) (4) (5) (13) (15)
Hotel, Gaming & Leisure
 
L + 6.50% (1.00% Floor)
 
12/1/2021
 
35,000

 
34,454

 
35,228

 
3.11

EIP Merger Sub, LLC (Evolve IP) (2) (3) (5) (12) (13) (16)
Telecommunications
 
L + 5.75% (1.00% Floor)
 
6/7/2021
 
28,514

 
27,856

 
28,141

 
2.49

Emergency Communications Network, LLC (2) (3) (4) (5) (13) (16)
Telecommunications
 
L + 6.25% (1.00% Floor)
 
6/1/2023
 
24,813

 
24,604

 
24,832

 
2.19

EP Minerals, LLC (2) (3) (4) (13)
Metals & Mining
 
L + 4.50% (1.00% Floor)
 
8/20/2020
 
7,915

 
7,897

 
7,915

 
0.70

Frontline Technologies Holdings, LLC (2) (3) (5) (15) (16)
Software
 
L + 6.50% (1.00% Floor)
 
9/18/2023
 
39,099

 
38,682

 
38,551

 
3.41


7



TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2018
(dollar amounts in thousands)
(unaudited)

Investments—non-controlled/non-affiliated (1)
Industry
 
Interest Rate (2)
 
Maturity Date
 
Par/ Principal Amount
 
Amortized Cost (6)
 
Fair Value (7)
 
Percentage of Net Assets
First Lien Debt (76.24%) (continued)
 
 
 
 
 
 
 
 
 
 
 
 
FWR Holding Corporation (2) (3) (4) (5) (13) (15)
Beverage, Food & Tobacco
 
L + 6.00% (1.00% Floor)
 
8/21/2023
 
$
40,691

 
$
39,565

 
$
40,961

 
3.62
%
Global Franchise Group, LLC (2) (3) (4) (5) (13) (15)
Beverage, Food & Tobacco
 
L + 5.75% (1.00% Floor)
 
12/18/2019
 
13,938

 
13,834

 
13,938

 
1.23

Global Software, LLC (2) (3) (4) (13) (16)
High Tech Industries
 
L + 5.25% (1.00% Floor)
 
5/2/2022
 
20,746

 
20,439

 
20,696

 
1.83

Green Energy Partners/Stonewall LLC (2) (3) (4) (13)
Energy: Electricity
 
L + 5.50% (1.00% Floor)
 
11/13/2021
 
19,900

 
19,588

 
19,552

 
1.73

GRO Sub Holdco, LLC (Grand Rapids) (2) (3) (4) (5) (13) (15)
Healthcare & Pharmaceuticals
 
L + 5.50% (1.00% Floor)
 
2/22/2024
 
7,050

 
6,834

 
6,831

 
0.60

Hummel Station LLC (2) (3) (5) (13) (16)
Energy: Electricity
 
L + 6.00% (1.00% Floor)
 
10/27/2022
 
15,000

 
14,315

 
14,469

 
1.28

Hydrofarm, LLC (2) (5)
Wholesale
 
L + 7.00%
 
5/12/2022
 
18,644

 
18,495

 
17,003

 
1.50

Indra Holdings Corp. (Totes Isotoner) (2) (3) (5) (13)
Non-durable Consumer Goods
 
L + 4.25% (1.00% Floor)
 
5/1/2021
 
18,965

 
17,306

 
11,360

 
1.00

Legacy.com Inc. (2) (3) (5) (12)
High Tech Industries
 
L + 6.00% (1.00% Floor)
 
3/20/2023
 
17,000

 
16,663

 
17,304

 
1.53

Metrogistics LLC (2) (3) (4) (13)
Transportation: Cargo
 
L + 6.50% (1.00% Floor)
 
9/30/2022
 
17,863

 
17,668

 
17,856

 
1.58

Moxie Liberty LLC (2) (3) (4) (13)
Energy: Electricity
 
L + 6.50% (1.00% Floor)
 
8/21/2020
 
9,949

 
9,038

 
9,246

 
0.82

National Technical Systems, Inc. (2) (3) (4) (5) (13) (15) (16)
Aerospace & Defense
 
L + 6.25% (1.00% Floor)
 
6/12/2021
 
26,351

 
26,070

 
24,918

 
2.20

NES Global Talent Finance US LLC (United Kingdom) (2) (3) (4) (8) (13)
Energy: Oil & Gas
 
L + 5.50% (1.00% Floor)
 
10/3/2019
 
13,400

 
13,259

 
13,400

 
1.18

NMI AcquisitionCo, Inc. (2) (3) (5) (15) (16)
High Tech Industries
 
L + 6.75% (1.00% Floor)
 
9/6/2022
 
50,963

 
50,029

 
50,347

 
4.45

OnCourse Learning Corporation (2) (3) (4) (5) (13) (15) (16)
Consumer Services
 
L + 6.50% (1.00% Floor)
 
9/12/2021
 
35,728

 
35,376

 
35,494

 
3.14

Payment Alliance International, Inc. (2) (3) (5) (12)
Business Services
 
L + 6.05% (1.00% Floor)
 
9/15/2021
 
26,212

 
25,688

 
26,134

 
2.31

Pelican Products, Inc. (2) (3) (4) (13) (16)
Containers, Packaging & Glass
 
L + 4.25% (1.00% Floor)
 
4/11/2020
 
3,576

 
3,579

 
3,576

 
0.32

Plano Molding Company, LLC (2) (3) (4) (5) (16)
Hotel, Gaming & Leisure
 
L + 8.00% (1.00% Floor)
 
5/12/2021
 
19,473

 
19,228

 
17,433

 
1.54

PMG Acquisition Corporation (2) (3) (4) (5) (13) (15) (16)
Healthcare & Pharmaceuticals
 
L + 6.25% (1.00% Floor)
 
5/22/2022
 
27,584

 
27,200

 
27,584

 
2.44

PPT Management Holdings, LLC (2) (3) (4) (5) (13)
Healthcare & Pharmaceuticals
 
L + 6.00% (1.00% Floor)
 
12/16/2022
 
24,688

 
24,520

 
22,676

 
2.00

Prime Risk Partners, Inc. (2) (3) (5) (15)
 
Banking, Finance, Insurance & Real Estate
 
L + 5.00% (1.00% Floor)
 
8/13/2023
 
1,634

 
1,590

 
1,633

 
0.14

Prime Risk Partners, Inc. (2) (3) (5) (12) (15)
 
Banking, Finance, Insurance & Real Estate
 
L + 5.00% (1.00% Floor)
 
8/13/2023
 
20,521

 
19,980

 
20,743

 
1.83

Product Quest Manufacturing, LLC (2) (3) (5) (15) (16)
Containers, Packaging & Glass
 
L + 6.75% (3.25% Floor)
 
3/31/2019
 
4,051

 
4,051

 
4,051

 
0.36

Product Quest Manufacturing, LLC (2) (3) (5) (10) (12)
Containers, Packaging & Glass
 
L + 5.75% (1.00% Floor)
 
9/9/2020
 
33,000

 
32,270

 
14,955

 
1.32

Prowler Acquisition Corp. (Pipeline Supply and Service, LLC) (2) (3) (4) (13)
Wholesale
 
L + 4.50% (1.00% Floor)
 
1/28/2020
 
14,870

 
14,312

 
14,589

 
1.29

 
 
 
 
 
 
 
 
 
 
 
 
 
 

8



TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2018
(dollar amounts in thousands)
(unaudited)

Investments—non-controlled/non-affiliated (1)
Industry
 
Interest Rate (2)
 
Maturity Date
 
Par/ Principal Amount
 
Amortized Cost (6)
 
Fair Value (7)
 
Percentage of Net Assets
First Lien Debt (76.24%) (continued)
 
 
 
 
 
 
 
 
 
 
 
 
QW Holding Corporation (Quala) (2) (3) (4) (5) (13)
Environmental Industries
 
L + 6.75% (1.00% Floor)
 
8/31/2022
 
$
36,456

 
$
35,722

 
$
35,669

 
3.15
%
Reliant Pro Rehab, LLC (2) (3) (5) (12) (16)
Healthcare & Pharmaceuticals
 
L + 10.00% (1.00% Floor)
 
12/28/2018
 
24,500

 
24,531

 
24,500

 
2.16

Smile Doctors, LLC (2) (3) (5) (13) (15) (16)
Healthcare & Pharmaceuticals
 
L + 5.75% (1.00% Floor)
 
10/6/2022
 
11,612

 
11,470

 
11,357

 
1.00

SolAero Technologies Corp. (2) (3) (4) (5) (16)
Telecommunications
 
L + 5.25% (1.00% Floor)
 
12/10/2020
 
24,485

 
23,804

 
22,511

 
1.99

Superior Health Linens, LLC (2) (3) (4) (5) (13) (15) (16)
Business Services
 
L + 6.50% (1.00% Floor)
 
9/30/2021
 
20,988

 
20,733

 
20,796

 
1.84

Surgical Information Systems, LLC (2) (3) (4) (5) (12) (13) (16)
High Tech Industries
 
L + 4.85% (1.00% Floor)
 
4/24/2023
 
30,000

 
29,738

 
30,087

 
2.66

T2 Systems Canada, Inc. (2) (3) (4)
Transportation: Consumer
 
L + 6.75% (1.00% Floor)
 
9/28/2022
 
3,999

 
3,920

 
4,004

 
0.35

T2 Systems, Inc. (2) (3) (4) (5) (13) (15)
Transportation: Consumer
 
L + 6.75% (1.00% Floor)
 
9/28/2022
 
32,569

 
31,905

 
32,607

 
2.88

The Hilb Group, LLC (2) (3) (5) (12) (15)
Banking, Finance, Insurance & Real Estate
 
L + 6.00% (1.00% Floor)
 
6/24/2021
 
38,622

 
38,145

 
38,255

 
3.38

The SI Organization, Inc. (2) (3) (4) (5) (13) (16)
Aerospace & Defense
 
L + 4.75% (1.00% Floor)
 
11/23/2019
 
14,262

 
14,269

 
14,262

 
1.26

The Topps Company, Inc. (2) (3) (4) (13)
Non-durable Consumer Goods
 
L + 6.00% (1.25% Floor)
 
10/2/2020
 
23,067

 
22,946

 
22,814

 
2.02

Tweddle Group, Inc. (2) (3) (4) (13)
Media: Advertising, Printing & Publishing
 
L + 6.00% (1.00% Floor)
 
10/24/2022
 
7,260

 
7,175

 
6,147

 
0.55

Vetcor Professional Practices, LLC (2) (3) (4) (5) (13) (15)
Consumer Services
 
L + 6.25% (1.00% Floor)
 
4/20/2021
 
40,584

 
40,212

 
40,467

 
3.57

VRC Companies, LLC (2) (3) (4) (5) (13) (15) (16)
Business Services
 
L + 6.50% (1.00% Floor)
 
3/31/2023
 
39,820

 
39,029

 
39,683

 
3.51

Watchfire Enterprises, Inc. (2) (3) (13)
Media: Advertising, Printing & Publishing
 
L + 4.00% (1.00% Floor)
 
10/2/2020
 
1,362

 
1,352

 
1,362

 
0.12

Winchester Electronics Corporation (2) (3) (4) (5) (13)
Capital Equipment
 
L + 6.50% (1.00% Floor)
 
6/30/2022
 
36,455

 
36,194

 
36,819

 
3.25

Zenith Merger Sub, Inc. (2)(3)(4)(5)(13)(15)
Business Services
 
L + 5.50% (1.00% Floor)
 
12/12/2023
 
11,899

 
11,730

 
11,876

 
1.05

First Lien Debt Total
 
 
 
 
 
 
 
 
$
1,475,398

 
$
1,458,768

 
128.86
%
Second Lien Debt (11.38%)
 
 
 
 
 
 
 
 
 

 
 

 
 
Access CIG, LLC (2) (5) (15) (16)
Business Services
 
L + 7.75%
 
2/27/2026
 
$
2,108

 
$
2,083

 
$
2,127

 
0.19
%
AIM Group USA Inc. (2) (3) (4) (5) (13)
Aerospace & Defense
 
L + 9.00% (1.00% Floor)
 
8/2/2022
 
23,000

 
22,746

 
23,000

 
2.03

AmeriLife Group, LLC (2) (3) (5) (13) (16)
Banking, Finance, Insurance & Real Estate
 
L + 8.75% (1.00% Floor)
 
1/10/2023
 
22,000

 
21,656

 
21,831

 
1.93

Argon Medical Devices, Inc. (2) (3) (5)
Healthcare & Pharmaceuticals
 
L + 8.00% (1.00% Floor)
 
1/23/2026
 
7,500

 
7,465

 
7,557

 
0.67

Berlin Packaging L.L.C. (2) (3) (13) (16)
Containers, Packaging & Glass
 
L + 6.75% (1.00% Floor)
 
10/1/2022
 
1,146

 
1,140

 
1,154

 
0.10

Confie Seguros Holding II Co. (2) (3) (5) (13)
Banking, Finance, Insurance & Real Estate
 
L + 9.50% (1.25% Floor)
 
5/8/2019
 
9,000

 
8,963

 
8,855

 
0.78

Drew Marine Group Inc. (2) (3) (4) (5) (13) (16)
Chemicals, Plastics & Rubber
 
L + 7.00% (1.00% Floor)
 
5/19/2021
 
12,500

 
12,485

 
12,470

 
1.10

Paradigm Acquisition Corp. (2) (3) (5) (17)
Business Services
 
L + 8.50% (1.00% Floor)
 
10/12/2025
 
9,600

 
9,508

 
9,617

 
0.85

Pathway Partners Vet Management Company LLC (2) (3) (5) (15) (16)
Consumer Services
 
L + 8.00% (1.00% Floor)
 
10/10/2025
 
8,725

 
8,620

 
8,623

 
0.76


9



TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2018
(dollar amounts in thousands)
(unaudited)

Investments—non-controlled/non-affiliated (1)
Industry
 
Interest Rate (2)
 
Maturity Date
 
Par/ Principal Amount
 
Amortized Cost (6)
 
Fair Value (7)
 
Percentage of Net Assets
Second Lien Debt (11.38%) (continued)
 
 
 
 
 
 
 
 
 
 
 
 
Project Accelerate Parent, LLC (2) (3) (5) (16)
Software
 
L + 8.50% (1.00% Floor)
 
1/2/2026
 
$
22,500

 
$
21,949

 
$
22,097

 
1.95
%
Prowler Acquisition Corp. (Pipeline Supply and Service, LLC) (2) (3) (5)
Wholesale
 
L + 8.50% (1.00% Floor)
 
7/28/2020
 
3,000

 
2,968

 
2,718

 
0.24

Q International Courier, LLC (2) (3) (5) (16)
Transportation: Cargo
 
L + 8.25% (1.00% Floor)
 
9/19/2025
 
18,750

 
18,391

 
18,741

 
1.66

Reladyne, Inc. (2) (3) (4) (13)
Wholesale
 
L + 9.50% (1.00% Floor)
 
1/21/2023
 
5,000

 
4,887

 
4,888

 
0.43

Rough Country, LLC (2) (3) (5) (13) (16)
Durable Consumer Goods
 
L + 8.50% (1.00% Floor)
 
11/25/2023
 
42,500

 
41,346

 
42,904

 
3.79

Santa Cruz Holdco, Inc. (2) (3) (5)
Non-durable Consumer Goods
 
L + 8.25% (1.00% Floor)
 
12/13/2024
 
17,138

 
16,971

 
17,314

 
1.53

Superion, LLC (fka Ramundsen Public Sector, LLC) (2) (3) (13) (16)
Sovereign & Public Finance
 
L + 8.50% (1.00% Floor)
 
1/31/2025
 
1,800

 
1,785

 
1,811

 
0.16

Watchfire Enterprises, Inc. (2) (3) (5)
Media: Advertising, Printing & Publishing
 
L + 8.00% (1.00% Floor)
 
10/2/2021
 
7,000

 
6,943

 
7,000

 
0.62

Zywave, Inc. (2) (3) (5)
High Tech Industries
 
L + 9.00% (1.00% Floor)
 
11/17/2023
 
4,950

 
4,888

 
5,000

 
0.44

Second Lien Debt Total
 
 
 
 
 
 
 
 
$
214,794

 
$
217,707

 
19.23
%
Investments—non-controlled/non-affiliated (1)
Industry
 
Shares/ Units
 
Cost
 
Fair Value (7)
 
Percentage of Net Assets
Equity Investments (0.98%) (5)
 
 
 
 
 
 
 
 
 
CIP Revolution Holdings, LLC
Media: Advertising, Printing & Publishing
 
30,000

 
$
300

 
$
403

 
0.04
%
Dade Paper & Bag, LLC
Forest Products & Paper
 
1,500,000

 
1,500

 
2,262

 
0.20

DecoPac, Inc.
Non-durable Consumer Goods
 
1,500,000

 
1,500

 
1,449

 
0.13

Derm Growth Partners III, LLC (Dermatology Associates)
Healthcare & Pharmaceuticals
 
1,000,000

 
1,000

 
1,470

 
0.13

GRO Sub Holdco, LLC (Grand Rapids)
Healthcare & Pharmaceuticals
 
500,000

 
500

 
500

 
0.04

GS Holdco LLC (Global Software, LLC)
High Tech Industries
 
1,000,000

 
1,001

 
1,600

 
0.14

Legacy.com Inc.
High Tech Industries
 
1,500,000

 
1,500

 
1,836

 
0.16

Power Stop Intermediate Holdings, LLC
Automotive
 
7,150

 
369

 
1,307

 
0.12

Rough Country, LLC
Durable Consumer Goods
 
754,775

 
755

 
916

 
0.08

T2 Systems Parent Corporation
Transportation: Consumer
 
555,556

 
556

 
790

 
0.07

Tailwind HMT Holdings Corp.
Energy: Oil & Gas
 
2,000,000

 
2,000

 
2,321

 
0.20

THG Acquisition, LLC (The Hilb Group, LLC)
Banking, Finance, Insurance & Real Estate
 
1,500,000

 
1,500

 
2,265

 
0.20

Zenith American Holding, Inc.
Business Services
 
1,561,644

 
1,562

 
1,693

 
0.15

Equity Investments Total
 
 
 
 
$
14,043

 
$
18,812

 
1.66
%
Total investments—non-controlled/non-affiliated
 
 
 
$
1,704,235

 
$
1,695,287

 
149.75
%

10



TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2018
(dollar amounts in thousands)
(unaudited)

Investments—non-controlled/affiliated (5) 14)
Industry
 
Interest Rate (2)
 
Maturity Date
 
Par/ Principal Amount
 
Amortized Cost (6)
 
Fair Value (7)
 
Percentage of Net Assets
First Lien Debt (0.89%)
 
 
 
 
 
 
 
 
 
 
 
 
 
TwentyEighty, Inc. - Revolver (2) (3) (15)
Business Services
 
L + 8.00% (1.00% Floor)
 
3/31/2020
 
$

 
$
(5
)
 
$

 
%
TwentyEighty, Inc. - (Term A Loans) (2) (3)
Business Services
 
L + 8.00% (1.00% Floor)
 
3/31/2020
 
3,858

 
3,841

 
3,858

 
0.34

TwentyEighty, Inc. - (Term B Loans)
Business Services
 
4.00% cash, 4.00% PIK
 
3/31/2020
 
6,785

 
6,583

 
6,683

 
0.59

TwentyEighty, Inc. - (Term C Loans)
Business Services
 
0.25% cash, 8.75% PIK
 
3/31/2020
 
6,666

 
6,097

 
6,565

 
0.58

First Lien Debt Total
 
 
 
 
 
 

 
$
16,516

 
$
17,106

 
1.51
%
Investments—non-controlled/affiliated (5) (11)
Industry
 
Shares/ Units
 
Cost
 
Fair
Value 
(7)
 
Percentage of Net Assets
Equity Investments (0.00%)
 
 
 
 
 
 
 
 
 
TwentyEighty Investors LLC
Business Services
 
69,786

 
$

 
$

 
%
Equity Investments Total
 
 
 
 
$

 
$

 
%
Total investments—non-controlled/affiliated
 
 
 
 
$
16,516

 
$
17,106

 
1.51
%
Investments—controlled/affiliated
Industry
 
Interest Rate (2)
 
Maturity Date
 
Par Amount/ LLC Interest
 
Cost
 
Fair Value (7)
 
Percentage of Net Assets
Investment Fund (10.51%) (8)
 
 
 
 
 
 
 
 
 
 
 
 
 
Middle Market Credit Fund, LLC, Mezzanine Loan (2) (5) (9) (11)
Investment Fund
 
L + 9.00%

 
6/22/2018
 
$
107,600

 
$
107,600

 
$
107,600

 
9.50
%
Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest  (5) (11)
Investment Fund
 
0.001

 
3/1/2021
 
92,501

 
92,501

 
93,466

 
8.26

Investment Fund Total
 
 
 
 
 
 
 
 
$
200,101

 
$
201,066

 
17.76
%
Total investments—controlled/affiliated
 
 
 
 
 
 
 
 
$
200,101

 
$
201,066

 
17.76
%
Total investments
 
 
 
 
 
 
 
 
$
1,920,852

 
$
1,913,459

 
169.02
%
 
(1)
Unless otherwise indicated, issuers of debt and equity investments held by TCG BDC, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “TCG BDC” or the “Company”) are domiciled in the United States. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of March 31, 2018, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of March 31, 2018, the Company is not an “affiliated person” of any of these portfolio companies.
(2)
Variable rate loans to the portfolio companies bear interest at a rate that may be determined by reference to either LIBOR (“L”) or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has provided the interest rate in effect as of March 31, 2018. As of March 31, 2018, all of our LIBOR loans were indexed to the 90-day LIBOR rate at 2.31%, except for those loans as indicated in Notes 16 and 17 below.
(3)
Loan includes interest rate floor feature.
(4)
Denotes that all or a portion of the assets are owned by the Company’s wholly owned subsidiary, TCG BDC SPV LLC (the “SPV”). The SPV has entered into a senior secured revolving credit facility (as amended, the “SPV Credit Facility”). The lenders of the SPV Credit Facility have a first lien security interest in substantially all of the assets of the SPV (see Note 6, Borrowings). Accordingly, such assets are not available to creditors of the Company or the 2015-1 Issuer.
(5)
Denotes that all or a portion of the assets are owned by the Company. The Company has entered into a senior secured revolving credit facility (as amended, the “Credit Facility” and, together with the SPV Credit Facility, the “Facilities”). The lenders of the Credit Facility have a first lien security interest in substantially all of the portfolio investments held by the Company (see Note 6, Borrowings). Accordingly, such assets are not available to creditors of the SPV or Carlyle GMS Finance MM CLO 2015-1 LLC (the “2015-1 Issuer”).
(6)
Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method.
(7)
Fair value is determined in good faith by or under the direction of the Board of Directors of the Company (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments, equity investments and the investment fund mezzanine loan was determined using significant unobservable inputs.

11



TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2018
(dollar amounts in thousands)
(unaudited)

(8)
The Company has determined the indicated investments are non-qualifying assets under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company’s total assets.
(9)
Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company/investment fund.
(10)
Loan was on non-accrual status as of March 31, 2018.
(11)
Under the Investment Company Act, the Company is deemed to be an “affiliated person” of and “control” this investment fund because the Company owns more than 25% of the investment fund’s outstanding voting securities and/or has the power to exercise control over management or policies of such investment fund. See Note 5, Middle Market Credit Fund, LLC, for more details.
(12)
In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders as follows: Dimensional Dental Management, LLC (4.56%), EIP Merger Sub, LLC (Evolve IP) (3.80%), Legacy.com Inc. (4.09%), Payment Alliance International Inc. (2.70%), Prime Risk Partners, Inc. (1.83%), Product Quest Manufacturing, LLC (3.54%), Reliant Pro Rehab, LLC (nil), Surgical Information Systems, LLC (0.91%) and The Hilb Group, LLC (3.37%). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments.
(13)
Denotes that all or a portion of the assets are owned by the 2015-1 Issuer and secure the notes issued in connection with a $400 million term debt securitization completed by the Company on June 26, 2015 (see Note 7, 2015-1 Notes). Accordingly, such assets are not available to the creditors of the SPV or the Company.
(14)
Under the Investment Company Act, the Company is deemed an “affiliated person” of this portfolio company because the Company owns 5% or more of the portfolio company’s outstanding voting securities.

12



TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2018
(dollar amounts in thousands)
(unaudited)

(15)
As of March 31, 2018, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans:
Investments—non-controlled/non-affiliated
Type
 
Unused Fee
 
Par/ Principal Amount
 
Fair Value
First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments
 
 
 
 
Access CIG, LLC
Delayed Draw
 
%
 
$
392

 
$
3

Achilles Acquisition LLC
Delayed Draw
 
1.00

 
7,463

 
(39
)
Advanced Instruments, LLC
Revolver
 
0.50

 
1,167

 

Aero Operating LLC (Dejana Industries, Inc.)
Revolver
 
1.00

 
196

 
1

AMS Group HoldCo, LLC
Delayed Draw
 
1.00

 
4,704

 
(1
)
AMS Group HoldCo, LLC
Revolver
 
0.50

 
1,968

 

Captive Resources Midco, LLC
Delayed Draw
 
1.25

 
3,571

 
9

Captive Resources Midco, LLC
Revolver
 
0.50

 
2,143

 
5

CIP Revolution Holdings, LLC
Revolver
 
0.50

 
1,331

 
(8
)
CircusTrix Holdings, LLC
Delayed Draw
 
1.00

 
1,858

 
(5
)
Continuum Managed Services HoldCo, LLC
Delayed Draw
 
1.00

 
1,917

 
24

Continuum Managed Services HoldCo, LLC
Revolver
 
0.50

 
2,500

 
32

Datto, Inc.
Revolver
 
0.50

 
726

 
6

Derm Growth Partners III, LLC (Dermatology Associates)
Revolver
 
0.50

 
2,125

 
(12
)
DermaRite Industries LLC
Revolver
 
0.50

 
3,662

 
(63
)
Dimensional Dental Management, LLC
Delayed Draw
 
1.00

 
9,584

 
(51
)
Direct Travel, Inc.
Delayed Draw
 
1.00

 
2,516

 
15

Frontline Technologies Holdings, LLC
Delayed Draw
 
1.00

 
7,705

 
(90
)
FWR Holding Corporation
Delayed Draw
 
1.00

 
6,778

 
37

FWR Holding Corporation
Revolver
 
0.50

 
2,444

 
13

Global Franchise Group, LLC
Revolver
 
0.50

 
495

 

GRO Sub Holdco, LLC (Grand Rapids)
Delayed Draw
 
1.00

 
7,000

 
(102
)
GRO Sub Holdco, LLC (Grand Rapids)
Revolver
 
0.50

 
943

 
(14
)
National Technical Systems, Inc.
Revolver
 
0.50

 
2,500

 
(150
)
NMI AcquisitionCo, Inc.
Revolver
 
0.50

 
1,280

 
(15
)
OnCourse Learning Corporation
Revolver
 
0.50

 
1,324

 
(8
)
Pathway Partners Vet Management Company LLC
Delayed Draw
 
1.00

 
2,436

 
(22
)
PMG Acquisition Corporation
Revolver
 
0.50

 
1,728

 

Prime Risk Partners, Inc.
Delayed Draw
 
0.50

 
768

 

Prime Risk Partners, Inc.
Delayed Draw
 
0.50

 
9,562

 
71

Product Quest Manufacturing, LLC
Revolver
 
0.50

 
1,906

 

Smile Doctors, LLC
Delayed Draw
 
1.00

 
4,330

 
(68
)
Smile Doctors, LLC
Revolver
 
0.50

 
271

 
(4
)
Superior Health Linens, LLC
Revolver
 
0.50

 
2,367

 
(19
)
T2 Systems, Inc.
Revolver
 
0.50

 
1,760

 
2

The Hilb Group, LLC
Delayed Draw
 
1.00

 
3,594

 
(31
)
TwentyEighty, Inc. (f/k/a Miller Heiman, Inc.)
Revolver
 
0.50

 
607

 

Vetcor Professional Practices, LLC
Delayed Draw
 
1.00

 
6,433

 
(16
)
VRC Companies, LLC
Revolver
 
0.50

 
1,193

 
(3
)
VRC Companies, LLC
Delayed Draw
 
0.75

 
6,202

 
(18
)
Zenith Merger Sub, Inc.
Revolver
 
0.50

 
1,685

 
(3
)
Total unfunded commitments
 
 
 
 
$
123,134

 
$
(524
)
 
(16)
As of March 31, 2018, this LIBOR loan was indexed to the 30-day LIBOR rate at 1.88%.
(17)
As of March 31, 2018, this LIBOR loan was indexed to the 180-day LIBOR rate at 2.45%.


13



TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2018
(dollar amounts in thousands)
(unaudited)

As of March 31, 2018, investments at fair value consisted of the following:
Type
Amortized Cost
 
Fair Value
 
% of Fair Value
First Lien Debt (excluding First Lien/Last Out)
$
1,243,969

 
$
1,242,310

 
64.92
%
First Lien/Last Out Unitranche
247,945

 
233,564

 
12.21

Second Lien Debt
214,794

 
217,707

 
11.38

Equity Investments
14,043

 
18,812

 
0.98

Investment Fund
200,101

 
201,066

 
10.51

Total
$
1,920,852

 
$
1,913,459

 
100.00
%
The rate type of debt investments at fair value as of March 31, 2018 was as follows:
Rate Type
Amortized Cost
 
Fair Value
 
% of Fair Value of First and Second Lien Debt
Floating Rate
$
1,694,028

 
$
1,680,333

 
99.22
%
Fixed Rate
12,680

 
13,248

 
0.78

Total
$
1,706,708

 
$
1,693,581

 
100.00
%

The industry composition of investments at fair value as of March 31, 2018 was as follows:
Industry
Amortized Cost
 
Fair Value
 
% of Fair Value
Aerospace & Defense
$
63,085

 
$
62,180

 
3.25
%
Automotive
1,260

 
2,199

 
0.11

Banking, Finance, Insurance & Real Estate
166,259

 
169,238

 
8.85

Beverage, Food & Tobacco
53,399

 
54,899

 
2.87

Business Services
129,863

 
132,096

 
6.90

Capital Equipment
36,194

 
36,819

 
1.92

Chemicals, Plastics & Rubber
12,485

 
12,470

 
0.65

Construction & Building
24,329

 
24,537

 
1.28

Consumer Services
122,790

 
123,393

 
6.45

Containers, Packaging & Glass
43,927

 
26,625

 
1.39

Durable Consumer Goods
42,101

 
43,820

 
2.29

Energy: Electricity
42,941

 
43,267

 
2.26

Energy: Oil & Gas
15,259

 
15,721

 
0.82

Environmental Industries
35,722

 
35,669

 
1.86

Forest Products & Paper
50,223

 
52,105

 
2.72

Healthcare & Pharmaceuticals
216,969

 
216,567

 
11.32

High Tech Industries
183,269

 
187,717

 
9.81

Hotel, Gaming & Leisure
62,134

 
61,164

 
3.20

Investment Fund
200,101

 
201,066

 
10.51

Media: Advertising, Printing & Publishing
34,617

 
33,778

 
1.77

Metals & Mining
7,897

 
7,915

 
0.41

Non-durable Consumer Goods
58,723

 
52,937

 
2.77

Software
77,354

 
77,517

 
4.05

Sovereign & Public Finance
1,785

 
1,811

 
0.10

Telecommunications
80,038

 
79,276

 
4.14

Transportation: Cargo
81,085

 
82,074

 
4.29

Transportation: Consumer
36,381

 
37,401

 
1.96

Wholesale
40,662

 
39,198

 
2.05

Total
$
1,920,852

 
$
1,913,459

 
100.00
%
The geographical composition of investments at fair value as of March 31, 2018 was as follows:

14



TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2018
(dollar amounts in thousands)
(unaudited)

Geography
Amortized Cost
 
Fair Value
 
% of Fair Value
United Kingdom
$
13,259

 
$
13,400

 
0.70
%
United States
1,907,593

 
1,900,059

 
99.30

Total
$
1,920,852

 
$
1,913,459

 
100.00
%
The accompanying notes are an integral part of these consolidated financial statements.

15



TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2017
(dollar amounts in thousands)
(unaudited)

Investments—non-controlled/non-affiliated (1)
Industry
 
Interest Rate (2)
 
Maturity Date
 
Par/ Principal Amount
 
Amortized Cost (6)
 
Fair Value (7)
 
Percentage of Net Assets
First Lien Debt (77.04%)
 
 
 
 
 
 
 
 
 
 
 
 
 
Access CIG, LLC (2)(3)(4)(13)(16)
Business Services
 
L + 5.00% (1.00% Floor)
 
10/17/2021
 
$
18,149

 
$
18,054

 
$
18,263

 
1.62
%
Achilles Acquisition LLC (2)(3)(4)(5)(13)(15)
Banking, Finance, Insurance & Real Estate
 
L + 6.00% (1.00% Floor)
 
6/6/2023
 
40,910

 
39,931

 
40,523

 
3.59

Advanced Instruments, LLC (2)(3)(4)(5)(13)(15)(16)
Healthcare & Pharmaceuticals
 
L + 5.25% (1.00% Floor)
 
10/31/2022
 
10,421

 
10,227

 
10,421

 
0.92

Alpha Packaging Holdings, Inc. (2)(3)(4)(13)
Containers, Packaging & Glass
 
L + 4.25% (1.00% Floor)
 
5/12/2020
 
2,896

 
2,894

 
2,896

 
0.26

AMS Group HoldCo, LLC (2)(3)(4)(5)(13)(15)
Transportation: Cargo
 
L + 6.00% (1.00% Floor)
 
9/29/2023
 
29,925

 
29,254

 
29,925

 
2.65

Anaren, Inc. (2)(3)(4)(13)
Telecommunications
 
L + 4.50% (1.00% Floor)
 
2/18/2021
 
3,802

 
3,789

 
3,809

 
0.34

Audax AAMP Holdings, Inc. (2)(3)(5)
Durable Consumer Goods
 
L + 7.50% (1.00% Floor)
 
1/31/2018
 
12,487

 
12,459

 
12,362