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 September 30, 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 every Interactive Data File required to be submitted 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 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
  
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 November 6, 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)
 
September 30, 2018
 
December 31, 2017
ASSETS
(unaudited)
 
 
Investments, at fair value
 
 
 
Investments—non-controlled/non-affiliated, at fair value (amortized cost of $1,820,646 and $1,782,488, respectively)
$
1,781,621

 
$
1,779,584

Investments—non-controlled/affiliated, at fair value (amortized cost of $13,595 and $16,273, respectively)
13,973

 
15,431

Investments—controlled/affiliated, at fair value (amortized cost of $224,001 and $172,251, respectively)
223,404

 
172,516

Total investments, at fair value (amortized cost of $2,058,242 and $1,971,012, respectively)
2,018,998

 
1,967,531

Cash and cash equivalents
112,911

 
32,039

Receivable for investment sold

 
7,022

Deferred financing costs
4,126

 
3,626

Interest receivable from non-controlled/non-affiliated investments
4,895

 
5,066

Interest receivable from non-controlled/affiliated investments
10

 
42

Interest and dividend receivable from controlled/affiliated investments
6,881

 
5,981

Prepaid expenses and other assets
20

 
76

Total assets
$
2,147,841

 
$
2,021,383

LIABILITIES
 
 
 
Secured borrowings (Note 6)
$
554,299

 
$
562,893

Notes payable, net of unamortized debt issuance costs of $3,292 and $1,947, respectively (Note 7)
445,908

 
271,053

Payable for investments purchased

 
9,469

Due to Investment Adviser
131

 
69

Interest and credit facility fees payable (Notes 6 and 7)
4,478

 
5,353

Dividend payable (Note 9)
23,150

 
30,481

Base management and incentive fees payable (Note 4)
12,992

 
13,098

Administrative service fees payable (Note 4)
116

 
95

Other accrued expenses and liabilities
2,025

 
1,568

Total liabilities
1,043,099

 
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 September 30, 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
)
Total distributable earnings (loss)
(73,683
)
 
(44,507
)
Total net assets
$
1,104,742

 
$
1,127,304

NET ASSETS PER SHARE
$
17.66

 
$
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
 
For the nine month periods ended
 
September 30, 2018
 
September 30, 2017
 
September 30, 2018
 
September 30, 2017
Investment income:
 
 
 
 
 
 
 
From non-controlled/non-affiliated investments:
 
 
 
 
 
 
 
Interest income
$
41,736

 
$
34,684

 
$
122,722

 
$
93,564

Other income
1,925

 
1,318

 
6,410

 
7,900

Total investment income from non-controlled/non-affiliated investments
43,661

 
36,002

 
129,132

 
101,464

From non-controlled/affiliated investments:
 
 
 
 
 
 
 
Interest income
418

 
834

 
1,303

 
834

Total investment income from non-controlled/affiliated investments
418

 
834

 
1,303

 
834

From controlled/affiliated investments:
 
 
 
 
 
 
 
Interest income
3,401

 
3,012

 
9,230

 
7,333

Dividend income
3,800

 
2,800

 
11,550

 
5,860

Total investment income from controlled/affiliated investments
7,201

 
5,812

 
20,780

 
13,193

Total investment income
51,280

 
42,648

 
151,215

 
115,491

Expenses:
 
 
 
 
 
 
 
Base management fees (Note 4)
7,543

 
6,999

 
22,031

 
17,781

Incentive fees (Note 4)
5,449

 
5,321

 
16,763

 
15,459

Professional fees
869

 
361

 
2,590

 
1,957

Administrative service fees (Note 4)
179

 
184

 
550

 
522

Interest expense (Notes 6 and 7)
10,372

 
5,922

 
26,896

 
16,694

Credit facility fees (Note 6)
583

 
521

 
1,689

 
1,553

Directors’ fees and expenses
92

 
121

 
283

 
355

Other general and administrative
478

 
472

 
1,318

 
1,293

Total expenses
25,565

 
19,901

 
72,120

 
55,614

Waiver of base management fees (Note 4)

 
2,333

 

 
5,927

Net expenses
25,565

 
17,568

 
72,120

 
49,687

Net investment income (loss) before taxes
25,715

 
25,080

 
79,095

 
65,804

Excise tax expense
30

 

 
70

 
169

Net investment income (loss)
25,685

 
25,080

 
79,025

 
65,635

Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments:
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
Non-controlled/non-affiliated investments
(4,633
)
 
172

 
(2,987
)
 
(7,724
)
Net change in unrealized appreciation (depreciation):
 
 
 
 
 
 
 
Non-controlled/non-affiliated investments
(14,795
)
 
279

 
(36,121
)
 
808

Non-controlled/affiliated investments
(76
)
 
976

 
1,220

 
(976
)
Controlled/affiliated investments
(101
)
 
(964
)
 
(862
)
 
(526
)
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments
(19,605
)
 
463

 
(38,750
)
 
(8,418
)
Net increase (decrease) in net assets resulting from operations
$
6,080

 
$
25,543

 
$
40,275

 
$
57,217

Basic and diluted earnings per common share (Note 9)
$
0.10

 
$
0.41

 
$
0.64

 
$
1.15

Weighted-average shares of common stock outstanding—Basic and Diluted (Note 9)
62,568,651

 
61,840,100

 
62,546,168

 
49,915,318

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 nine month periods ended
 
September 30, 2018
 
September 30, 2017
Increase (decrease) in net assets resulting from operations:
 
 
 
Net investment income (loss)
$
79,025

 
$
65,635

Net realized gain (loss) on investments
(2,987
)
 
(7,724
)
Net change in unrealized appreciation (depreciation) on investments
(35,763
)
 
(694
)
Net increase (decrease) in net assets resulting from operations
40,275

 
57,217

Capital transactions:
 
 
 
Common stock issued, net of offering and underwriting costs
(15
)
 
365,505

Reinvestment of dividends
6,629

 
202

Dividends declared (Note 12)
(69,451
)
 
(62,708
)
Net increase (decrease) in net assets resulting from capital share transactions
(62,837
)
 
302,999

Net increase (decrease) in net assets
(22,562
)
 
360,216

Net assets at beginning of period
1,127,304

 
764,137

Net assets at end of period
$
1,104,742

 
$
1,124,353

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 nine month periods ended
 
September 30, 2018
 
September 30, 2017
Cash flows from operating activities:
 
 
 
Net increase (decrease) in net assets resulting from operations
$
40,275

 
$
57,217

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
1,601

 
694

Net accretion of discount on investments
(8,636
)
 
(8,403
)
Paid-in-kind interest
(3,049
)
 
(778
)
Net realized (gain) loss on investments
2,987

 
7,724

Net change in unrealized (appreciation) depreciation on investments
35,763

 
694

Cost of investments purchased and change in payable for investments purchased
(632,498
)
 
(1,011,782
)
Proceeds from sales and repayments of investments and change in receivable for investments sold
551,819

 
541,111

Changes in operating assets:
 
 
 
Interest receivable
263

 
(3,138
)
Dividend receivable
(960
)
 
(1,475
)
Prepaid expenses and other assets
(244
)
 
(13
)
Changes in operating liabilities:
 
 
 
Due to Investment Adviser
62

 
(113
)
Interest and credit facility fees payable
(875
)
 
1,193

Base management and incentive fees payable
(106
)
 
1,829

Administrative service fees payable
21

 
(37
)
Other accrued expenses and liabilities
(314
)
 
290

Net cash provided by (used in) operating activities
(13,891
)
 
(414,987
)
Cash flows from financing activities:
 
 
 
Proceeds from issuance of common stock, net of offering and underwriting costs
(15
)
 
357,495

Borrowings on SPV Credit Facility and Credit Facility
681,650

 
597,450

Repayments of SPV Credit Facility and Credit Facility
(690,244
)
 
(440,566
)
Repayments of Debt Assumed from NFIC Acquisition

 
(42,128
)
Proceeds from issuance of 2015-1R Notes
449,200

 

Redemption of 2015-1 Notes
(273,000
)
 

Debt issuance costs paid
(2,675
)
 
(968
)
Dividends paid in cash
(70,153
)
 
(59,636
)
Net cash provided by (used in) financing activities
94,763

 
411,647

Net increase (decrease) in cash and cash equivalents
80,872

 
(3,340
)
Cash and cash equivalents, beginning of period
32,039

 
38,489

Cash and cash equivalents, end of period
$
112,911

 
$
35,149

Supplemental disclosures:
 
 
 
Debt issuance costs payable
$
771

 
$
36

Interest paid during the period
$
26,969

 
$
15,423

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

 
$
169

Dividends declared during the period
$
69,451

 
$
62,708

Reinvestment of dividends
$
6,629

 
$
202

Cost of investments received in the NFIC Acquisition from shares issued (Note 13)
$

 
$
(8,046
)
Shares issued in consideration of NFIC Acquisition (Note 13)
$

 
$
8,046

Debt assumed from NFIC Acquisition (Note 13)
$

 
$
42,128

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

6



TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2018
(dollar amounts in thousands)
(unaudited)

Investments—non-controlled/non-affiliated (1)
Industry
 
Reference Rate & Spread (2)
 
Interest Rate (2)
 
Acquisition Date
 
Maturity Date
 
Par/ Principal Amount
 
Amortized Cost (6)
 
Fair Value (7)
 
Percentage of Net Assets
First Lien Debt (78.64%)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Achilles Acquisition LLC (2) (3) (4) (5) (13) (15)
Banking, Finance, Insurance & Real Estate
 
L + 6.00%
 
8.24%
 
6/6/2017
 
6/6/2023
 
$
51,738

 
$
50,618

 
$
52,262

 
4.73
 %
Advanced Instruments, LLC (2) (3) (4) (5) (13) (15)
Healthcare & Pharmaceuticals
 
L + 5.25%
 
7.35%
 
11/1/2016
 
10/31/2022
 
20,017

 
19,758

 
19,968

 
1.81

Aero Operating, LLC (Dejana Industries, Inc.) (2) (3) (4) (5) (13) (15)
Business Services
 
L + 7.25%
 
9.35%
 
1/5/2018
 
12/29/2022
 
2,796

 
2,769

 
2,797

 
0.25

Alpha Packaging Holdings, Inc. (2) (3) (4) (13)
Containers, Packaging & Glass
 
L + 4.25%
 
6.64%
 
6/26/2015
 
5/12/2020
 
2,874

 
2,872

 
2,874

 
0.26

Alpine SG, LLC (2) (3) (13)
High Tech Industries
 
L + 6.00%
 
8.34%
 
2/2/2018
 
11/16/2022
 
6,245

 
6,187

 
6,219

 
0.56

AMS Group HoldCo, LLC (2) (3) (4) (5) (13) (15)
Transportation: Cargo
 
L + 6.00%
 
8.39%
 
9/29/2017
 
9/29/2023
 
31,499

 
30,864

 
31,035

 
2.81

Analogic Corporation (2) (3) (4) (13) (15)
Healthcare & Pharmaceuticals
 
L + 6.00%
 
8.21%
 
6/22/2018
 
6/22/2024
 
35,337

 
34,596

 
34,954

 
3.16

Avenu Holdings, LLC (2) (3) (4) (5)
Sovereign & Public Finance
 
L + 5.25%
 
7.49%
 
9/28/2018
 
9/28/2024
 
39,154

 
38,474

 
38,716

 
3.50

BeyondTrust Software, Inc. (2) (3) (4) (13)
Software
 
L + 6.25%
 
8.60%
 
11/21/2017
 
11/21/2023
 
16,873

 
16,655

 
17,041

 
1.54

Brooks Equipment Company, LLC (2) (3) (4) (13)
Construction & Building
 
L + 5.00%
 
7.31%
 
6/26/2015
 
8/29/2020
 
2,502

 
2,493

 
2,502

 
0.23

Capstone Logistics Acquisition, Inc. (2) (3) (4) (13)
Transportation: Cargo
 
L + 4.50%
 
6.74%
 
6/26/2015
 
10/7/2021
 
14,306

 
14,230

 
14,306

 
1.29

Captive Resources Midco, LLC (2) (3) (4) (13) (15)
Banking, Finance, Insurance & Real Estate
 
L + 5.75%
 
7.99%
 
6/30/2015
 
12/18/2021
 
29,941

 
29,693

 
29,915

 
2.71

Central Security Group, Inc. (2) (3) (4) (13)
Consumer Services
 
L + 5.63%
 
7.87%
 
6/26/2015
 
10/6/2021
 
38,706

 
38,428

 
38,504

 
3.49

Chemical Computing Group ULC (Canada) (2) (3) (5) (8) (13) (15)
Software
 
L + 5.50%
 
7.74%
 
8/30/2018
 
8/30/2023
 
15,794

 
15,629

 
15,641

 
1.42

CIP Revolution Holdings, LLC (2) (3) (4) (5) (13) (15)
Media: Advertising, Printing & Publishing
 
L + 6.00%
 
8.24%
 
8/19/2016
 
8/19/2021
 
20,277

 
20,137

 
20,220

 
1.83

CircusTrix Holdings, LLC (2) (3) (4) (5) (13) (15)
Hotel, Gaming & Leisure
 
L + 5.50%
 
7.74%
 
2/2/2018
 
12/16/2021
 
9,235

 
9,019

 
9,174

 
0.83

Colony Hardware Corporation (2) (3) (4) (13)
Construction & Building
 
L + 6.00%
 
8.24%
 
9/4/2015
 
10/23/2021
 
23,999

 
23,781

 
23,918

 
2.17

Comar Holding Company, LLC (2) (3) (5) (13) (15)
Containers, Packaging & Glass
 
L + 5.25%
 
7.41%
 
6/18/2018
 
6/18/2024
 
27,152

 
26,493

 
26,839

 
2.43

Continuum Managed Services Holdco, LLC (2) (3) (4) (5) (13) (15)
High Tech Industries
 
L + 6.00%
 
8.24%
 
6/20/2017
 
6/8/2023
 
22,713

 
22,134

 
22,784

 
2.06

Dade Paper & Bag, LLC (2) (3) (4) (5) (13)
Forest Products & Paper
 
L + 7.50%
 
9.74%
 
6/9/2017
 
6/10/2024
 
49,375

 
48,565

 
49,128

 
4.45

Datto, Inc. (2) (3) (5) (13) (15)
High Tech Industries
 
L + 8.00%
 
10.15%
 
12/7/2017
 
12/7/2022
 
35,622

 
35,158

 
36,290

 
3.28

Dent Wizard International Corporation (2) (3) (4)
Automotive
 
L + 4.00%
 
6.23%
 
4/28/2015
 
4/7/2020
 
888

 
886

 
887

 
0.08

Derm Growth Partners III, LLC (Dermatology Associates) (2) (3) (4) (5) (13) (15)
Healthcare & Pharmaceuticals
 
L + 6.00%
 
8.39%
 
5/31/2016
 
5/31/2022
 
51,721

 
51,289

 
51,573

 
4.67

DermaRite Industries, LLC (2) (3) (5) (13) (15)
Healthcare & Pharmaceuticals
 
L + 7.00%
 
9.24%
 
3/3/2017
 
3/3/2022
 
22,274

 
22,027

 
21,779

 
1.97

Dimensional Dental Management, LLC (2) (3) (5) (12) (15)
Healthcare & Pharmaceuticals
 
L + 6.75%
 
8.99%
 
2/12/2016
 
2/12/2021
 
33,674

 
33,150

 
28,603

 
2.59

Direct Travel, Inc. (2) (3) (4) (5) (13) (15)
Hotel, Gaming & Leisure
 
L + 6.50%
 
8.84%
 
10/14/2016
 
12/1/2021
 
35,381

 
34,938

 
35,381

 
3.20


7



TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2018
(dollar amounts in thousands)
(unaudited)

Investments—non-controlled/non-affiliated (1)
Industry
 
Reference Rate & Spread (2)
 
Interest Rate (2)
 
Acquisition Date
 
Maturity Date
 
Par/ Principal Amount
 
Amortized Cost (6)
 
Fair Value (7)
 
Percentage of Net Assets
First Lien Debt (78.64%) (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EIP Merger Sub, LLC (Evolve IP) (2) (3) (4) (5) (12) (13)
Telecommunications
 
L + 5.75%
 
7.99%
 
6/7/2016
 
6/7/2022
 
$
36,093

 
$
35,400

 
$
35,469

 
3.21
 %
Emergency Communications Network, LLC (2) (3) (4) (5) (13)
Telecommunications
 
L + 6.25%
 
8.49%
 
6/1/2017
 
6/1/2023
 
24,687

 
24,503

 
24,493

 
2.22

Ensono, LP (2) (3) (13)
Telecommunications
 
L + 5.25%
 
7.49%
 
4/30/2018
 
6/27/2025
 
8,645

 
8,640

 
8,732

 
0.79

Frontline Technologies Holdings, LLC (2) (3) (5) (15)
Software
 
L + 6.50%
 
8.74%
 
9/18/2017
 
9/18/2023
 
38,902

 
38,531

 
38,529

 
3.49

FWR Holding Corporation (2) (3) (4) (5) (13) (15)
Beverage, Food & Tobacco
 
L + 5.75%
 
7.99%
 
8/21/2017
 
8/21/2023
 
41,185

 
40,165

 
41,304

 
3.74

Global Franchise Group, LLC (2) (3) (4) (13) (15)
Beverage, Food & Tobacco
 
L + 5.75%
 
7.99%
 
9/15/2017
 
12/18/2019
 
13,230

 
13,159

 
13,230

 
1.20

Green Energy Partners/Stonewall LLC (2) (3) (4) (13)
Energy: Electricity
 
L + 5.50%
 
7.89%
 
6/26/2015
 
11/13/2021
 
19,800

 
19,527

 
19,434

 
1.76

GRO Sub Holdco, LLC (Grand Rapids) (2) (3) (4) (5) (13) (15)
Healthcare & Pharmaceuticals
 
L + 6.00%
 
8.39%
 
2/28/2018
 
2/22/2024
 
7,416

 
7,210

 
7,032

 
0.64

Hummel Station LLC (2) (3) (4) (13)
Energy: Electricity
 
L + 6.00%
 
8.24%
 
2/3/2016
 
10/27/2022
 
14,963

 
14,299

 
14,364

 
1.30

Hydrofarm, LLC (2) (5)
Wholesale
 
L + 10.00% (30% cash/70% PIK)
 
12.16%
 
5/15/2017
 
5/12/2022
 
19,728

 
19,371

 
15,935

 
1.44

iCIMS, Inc. (2) (3) (5) (15)
Software
 
L + 6.50%
 
8.64%
 
9/12/2018
 
9/12/2024
 
20,025

 
19,601

 
19,806

 
1.79

Indra Holdings Corp. (Totes Isotoner) (2) (3) (5)
Non-durable Consumer Goods
 
L + 4.25%
 
6.49%
 
4/29/2014
 
5/1/2021
 
18,965

 
17,478

 
9,420

 
0.85

Innovative Business Services, LLC (2) (3) (5) (13) (15)
High Tech Industries
 
L + 5.50%
 
7.84%
 
4/5/2018
 
4/5/2023
 
16,348

 
15,804

 
15,986

 
1.45

Legacy.com Inc. (2) (3) (5) (12)
High Tech Industries
 
L + 6.00%
 
8.34%
 
3/20/2017
 
3/20/2023
 
17,000

 
16,685

 
17,151

 
1.55

Maravai Intermediate Holdings, LLC (2) (3) (5) (13)
Healthcare & Pharmaceuticals
 
L + 4.25%
 
6.38%
 
8/2/2018
 
8/2/2025
 
20,000

 
19,807

 
19,900

 
1.81

Metrogistics LLC (2) (3) (4) (13)
Transportation: Cargo
 
L + 6.50%
 
8.80%
 
12/13/2016
 
9/30/2022
 
17,633

 
17,455

 
17,566

 
1.59

Moxie Liberty LLC (2) (3) (4) (13)
Energy: Electricity
 
L + 6.50%
 
8.89%
 
10/16/2017
 
8/21/2020
 
9,899

 
9,151

 
9,290

 
0.84

National Carwash Solutions, Inc. (2) (3) (4) (5) (15)
Automotive
 
L + 6.00%
 
8.12%
 
8/7/2018
 
4/28/2023
 
5,917

 
5,724

 
5,789

 
0.52

National Technical Systems, Inc. (2) (3) (4) (5) (13) (15)
Aerospace & Defense
 
L + 6.25%
 
8.36%
 
6/26/2015
 
6/12/2021
 
26,283

 
26,039

 
25,503

 
2.31

NES Global Talent Finance US LLC (United Kingdom) (2) (3) (4) (8) (13)
Energy: Oil & Gas
 
L + 5.50%
 
7.84%
 
5/9/2018
 
5/11/2023
 
7,827

 
7,683

 
7,732

 
0.70

NMI AcquisitionCo, Inc. (2) (3) (4) (5) (13) (15)
High Tech Industries
 
L + 6.75%
 
8.99%
 
9/6/2017
 
9/6/2022
 
51,552

 
50,726

 
50,534

 
4.57

OnCourse Learning Corporation (2) (3) (4) (5) (13)
Consumer Services
 
L + 6.50%
 
8.83%
 
9/12/2016
 
9/12/2021
 
39,174

 
38,834

 
39,174

 
3.55

Payment Alliance International, Inc. (2) (3) (5) (12)
Business Services
 
L + 6.05%
 
8.53%
 
9/15/2017
 
9/15/2021
 
24,055

 
23,628

 
24,154

 
2.19

Plano Molding Company, LLC (2) (3) (5)
Hotel, Gaming & Leisure
 
L + 7.50%
 
9.67%
 
5/1/2015
 
5/12/2021
 
14,939

 
14,749

 
13,792

 
1.25

PPT Management Holdings, LLC (2) (3) (5)
Healthcare & Pharmaceuticals
 
L + 7.50% (100% PIK)
 
9.69%
 
12/15/2016
 
12/16/2022
 
26,004

 
25,851

 
21,945

 
1.99

PricewaterhouseCoopers Public Sector LLP (2) (3) (15)
Aerospace & Defense
 
L + 3.25%
 
4.51%
 
5/1/2018
 
5/1/2023
 

 
(135
)
 
(94
)
 
(0.01
)

8



TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2018
(dollar amounts in thousands)
(unaudited)

Investments—non-controlled/non-affiliated (1)
Industry
 
Reference Rate & Spread (2)
 
Interest Rate (2)
 
Acquisition Date
 
Maturity Date
 
Par/ Principal Amount
 
Amortized Cost (6)
 
Fair Value (7)
 
Percentage of Net Assets
First Lien Debt (78.64%) (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Prime Risk Partners, Inc. (2) (3) (5) (15)
Banking, Finance, Insurance & Real Estate
 
L + 5.00%
 
7.39%
 
8/15/2017
 
8/13/2023
 
$
1,932

 
$
1,892

 
$
1,907

 
0.17
 %
Prime Risk Partners, Inc. (2) (3) (5) (12) (15)
Banking, Finance, Insurance & Real Estate
 
L + 5.00%
 
7.39%
 
8/15/2017
 
8/13/2023
 
24,389

 
23,887

 
24,022

 
2.17

Product Quest Manufacturing, LLC (2) (3) (5) (15)
Containers, Packaging & Glass
 
L + 6.75%
 
10.00%
 
9/21/2017
 
3/31/2019
 
4,051

 
4,051

 
4,051

 
0.37

Product Quest Manufacturing, LLC (2) (3) (5) (10) (12)
Containers, Packaging & Glass
 
L + 5.75%
 
7.84%
 
9/9/2015
 
9/9/2020
 
33,000

 
32,270

 

 

Prowler Acquisition Corp. (Pipeline Supply and Service, LLC) (2) (3) (4) (13)
Wholesale
 
L + 4.50%
 
6.79%
 
12/1/2017
 
1/28/2020
 
14,791

 
14,368

 
14,756

 
1.34

PSI Services LLC (2) (3) (5)
Business Services
 
L + 5.00%
 
7.24%
 
9/19/2018
 
1/20/2023
 
4,546

 
4,484

 
4,511

 
0.41

QW Holding Corporation (Quala) (2) (3) (4) (5) (13)
Environmental Industries
 
L + 6.75%
 
8.85%
 
8/31/2016
 
8/31/2022
 
36,271

 
35,649

 
35,832

 
3.24

Smile Doctors, LLC (2) (3) (4) (5) (13) (15)
Healthcare & Pharmaceuticals
 
L + 5.75%
 
8.26%
 
10/6/2017
 
10/6/2022
 
15,573

 
15,444

 
15,550

 
1.41

SolAero Technologies Corp. (2) (3) (5) (10)
Telecommunications
 
L + 5.25%
 
6.51%
 
5/24/2016
 
12/10/2020
 
24,362

 
23,787

 
16,391

 
1.48

SolAero Technologies Corp. (2) (3) (5) (15)
Telecommunications
 
L + 7.25% cash, 4.00% PIK
 
13.51%
 
9/6/2018
 
10/31/2018
 
1,382

 
1,382

 
1,382

 
0.13

SPay, Inc. (2) (3) (4) (5) (13) (15)
Hotel, Gaming & Leisure
 
L + 5.75%
 
7.91%
 
6/15/2018
 
6/15/2024
 
19,909

 
19,325

 
19,540

 
1.77

Superior Health Linens, LLC (2) (3) (4) (5) (13) (15)
Business Services
 
L + 7.00%
 
9.24%
 
9/30/2016
 
9/30/2021
 
20,995

 
20,772

 
20,645

 
1.87

Surgical Information Systems, LLC (2) (3) (4) (5) (12) (13)
High Tech Industries
 
L + 4.85%
 
7.09%
 
4/24/2017
 
4/24/2023
 
27,708

 
27,487

 
27,495

 
2.49

T2 Systems Canada, Inc. (2) (3) (4)
Transportation: Consumer

L + 6.75%

8.99%

5/24/2017

9/28/2022

3,989


3,913


3,996


0.36

T2 Systems, Inc. (2) (3) (4) (5) (13) (15)
Transportation: Consumer
 
L + 6.75%
 
9.34%
 
9/28/2016
 
9/28/2022
 
32,400

 
31,808

 
32,423

 
2.94

The Hilb Group, LLC (2) (3) (5) (12) (15)
Banking, Finance, Insurance & Real Estate
 
L + 6.00%
 
9.38%
 
6/24/2015
 
6/24/2021
 
42,437

 
41,814

 
42,456

 
3.84

The Topps Company, Inc. (2) (3) (4) (13)
Non-durable Consumer Goods
 
L + 6.00%
 
8.39%
 
6/26/2015
 
10/2/2020
 
22,188

 
22,128

 
22,188

 
2.01

Trump Card, LLC (2) (3) (4) (5) (13) (15)
Transportation: Cargo
 
L + 5.50%
 
7.89%
 
6/26/2018
 
4/21/2022
 
7,605

 
7,558

 
7,561

 
0.68

TSB Purchaser, Inc. (Teaching Strategies, LLC) (2) (3) (4) (13) (15)
Media: Advertising, Printing & Publishing
 
L + 6.00%
 
8.33%
 
5/14/2018
 
5/14/2024
 
28,099

 
27,396

 
27,394

 
2.48

Tweddle Group, Inc. (2) (3) (5)
Media: Advertising, Printing & Publishing
 
L + 4.50%
 
6.66%
 
9/17/2018
 
9/17/2023
 
2,409

 
2,374

 
2,409

 
0.22

VRC Companies, LLC (2) (3) (4) (5) (13) (15)
Business Services
 
L + 6.50%
 
8.74%
 
3/31/2017
 
3/31/2023
 
45,521

 
44,661

 
45,521

 
4.12

Watchfire Enterprises, Inc. (2) (3) (13)
Media: Advertising, Printing & Publishing
 
L + 4.00%
 
6.39%
 
6/9/2017
 
10/2/2020
 
1,248

 
1,240

 
1,248

 
0.11

Westfall Technik, Inc. (2) (3) (5) (15)
Chemicals, Plastics & Rubber
 
L + 5.00%
 
7.33%
 
9/13/2018
 
9/13/2024
 
7,543

 
7,162

 
7,168

 
0.65

Winchester Electronics Corporation (2) (3) (4) (5) (13)
Capital Equipment
 
L + 6.50%
 
8.74%
 
10/14/2016
 
6/30/2022
 
38,147

 
37,944

 
38,147

 
3.45

Zemax Software Holdings, LLC (2) (3) (13) (15)
Software
 
L + 5.75%
 
7.99%
 
6/25/2018
 
6/25/2024
 
10,274

 
10,127

 
10,214

 
0.92


9



TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2018
(dollar amounts in thousands)
(unaudited)

Investments—non-controlled/non-affiliated (1)
Industry
 
Reference Rate & Spread (2)
 
Interest Rate (2)
 
Acquisition Date
 
Maturity Date
 
Par/ Principal Amount
 
Amortized Cost (6)
 
Fair Value (7)
 
Percentage of Net Assets
First Lien Debt (78.64%) (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Zenith Merger Sub, Inc. (2) (3) (4) (5) (13) (15)
Business Services
 
L + 5.50%
 
7.89%
 
12/13/2017
 
12/13/2023
 
$
11,377

 
$
11,222

 
$
11,369

 
1.03
 %
First Lien Debt Total
 
 
 
 
 
 
 
 
 
 
 
 
$
1,634,873

 
$
1,587,656

 
143.72
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Second Lien Debt (8.45%)
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

 
 
Access CIG, LLC (2) (5) (13) (15)
Business Services
 
L + 7.75%
 
9.99%
 
2/14/2018
 
2/27/2026
 
$
2,593

 
$
2,551

 
$
2,563

 
0.23
 %
AmeriLife Group, LLC (2) (3) (5) (13)
Banking, Finance, Insurance & Real Estate
 
L + 8.75%
 
10.99%
 
7/9/2015
 
1/10/2023
 
22,000

 
21,703

 
22,000

 
1.99

Argon Medical Devices Holdings, Inc. (2) (3) (5) (13)
Healthcare & Pharmaceuticals
 
L + 8.00%
 
10.24%
 
11/2/2017
 
1/23/2026
 
7,500

 
7,467

 
7,547

 
0.68

Confie Seguros Holding II Co. (2) (3) (5) (13)
Banking, Finance, Insurance & Real Estate
 
L + 9.50%
 
11.74%
 
6/29/2015
 
5/8/2019
 
9,000

 
8,972

 
8,856

 
0.80

Drew Marine Group Inc. (2) (3) (4) (5) (13)
Chemicals, Plastics & Rubber
 
L + 7.00%
 
9.24%
 
11/19/2013
 
5/19/2021
 
12,500

 
12,486

 
12,455

 
1.13

Paradigm Acquisition Corp. (2) (3) (5)
Business Services
 
L + 8.50%
 
10.97%
 
10/6/2017
 
10/12/2025
 
9,600

 
9,512

 
9,696

 
0.88

Pathway Partners Vet Management Company LLC (2) (3) (5) (15)
Consumer Services
 
L + 8.00%
 
10.24%
 
10/4/2017
 
10/10/2025
 
15,355

 
15,187

 
15,077

 
1.36

Pharmalogic Holdings Corp. (2) (3) (5) (15)
Healthcare & Pharmaceuticals
 
L + 8.00%
 
10.24%
 
6/7/2018
 
12/11/2023
 
563

 
560

 
563

 
0.05

Project Accelerate Parent, LLC (2) (3) (5) (13)
Software
 
L + 8.50%
 
10.62%
 
1/2/2018
 
1/2/2026
 
22,500

 
21,975

 
22,642

 
2.05

Prowler Acquisition Corp. (Pipeline Supply and Service, LLC) (2) (3) (5)
Wholesale
 
L + 8.50%
 
10.83%
 
1/24/2014
 
7/28/2020
 
3,000

 
2,971

 
2,939

 
0.27

Q International Courier, LLC (2) (3) (5)
Transportation: Cargo
 
L + 8.25%
 
10.49%
 
9/19/2017
 
9/19/2025
 
18,750

 
18,406

 
18,864

 
1.71

Reladyne, Inc. (2) (3) (4) (5) (13)
Wholesale
 
L + 9.50%
 
11.84%
 
4/19/2018
 
1/21/2023
 
10,000

 
9,824

 
9,860

 
0.89

Santa Cruz Holdco, Inc. (2) (3) (5)
Non-durable Consumer Goods
 
L + 8.25%
 
10.59%
 
12/15/2017
 
12/13/2024
 
17,138

 
16,980

 
17,386

 
1.57

Ultimate Baked Goods MIDCO, LLC (Rise Baking) (2) (3) (5)
Beverage, Food & Tobacco
 
L + 8.00%
 
10.13%
 
8/9/2018
 
8/9/2026
 
8,333

 
8,172

 
8,209

 
0.75

Watchfire Enterprises, Inc. (2) (3) (5)
Media: Advertising, Printing & Publishing
 
L + 8.00%
 
10.31%
 
10/2/2013
 
10/2/2021
 
7,000

 
6,948

 
7,000

 
0.64

Zywave, Inc. (2) (3) (5)
High Tech Industries
 
L + 9.00%
 
11.31%
 
11/18/2016
 
11/17/2023
 
4,950

 
4,891

 
5,000

 
0.45

Second Lien Debt Total
 
 
 
 
 
 
 
 
 
 
 
 
$
168,605

 
$
170,657

 
15.45
 %

10



TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2018
(dollar amounts in thousands)
(unaudited)

Investments—non-controlled/non-affiliated (1)
Industry
 
Acquisition Date
 
Shares/ Units
 
Cost
 
Fair Value (7)
 
Percentage of Net Assets
Equity Investments (1.15%) (5) (16)
 
 
 
 
 
 
 
 
 
 
 
ANLG Holdings, LLC
Healthcare & Pharmaceuticals
 
6/22/2018
 
879,689

 
$
880

 
$
880

 
0.08
%
Avenu Holdings, LLC
Sovereign & Public Finance
 
9/28/2018
 
172,413

 
172

 
172

 
0.02

CIP Revolution Holdings, LLC
Media: Advertising, Printing & Publishing
 
8/19/2016
 
30,000

 
300

 
339

 
0.03

Dade Paper & Bag, LLC
Forest Products & Paper
 
6/9/2017
 
1,500,000

 
1,500

 
2,059

 
0.19

DecoPac, Inc.
Non-durable Consumer Goods
 
9/29/2017
 
1,500,000

 
1,500

 
1,559

 
0.14

Derm Growth Partners III, LLC (Dermatology Associates)
Healthcare & Pharmaceuticals
 
5/31/2016
 
1,000,000

 
1,000

 
1,793

 
0.16

GRO Sub Holdco, LLC (Grand Rapids)
Healthcare & Pharmaceuticals
 
3/29/2018
 
500,000

 
500

 
369

 
0.03

Legacy.com Inc.
High Tech Industries
 
3/20/2017
 
1,500,000

 
1,500

 
1,470

 
0.13

North Haven Goldfinch Topco, LLC
Containers, Packaging & Glass
 
6/18/2018
 
2,314,815

 
2,315

 
2,378

 
0.22

Power Stop Intermediate Holdings, LLC
Automotive
 
5/29/2015
 
7,150

 
369

 
1,918

 
0.17

Rough Country, LLC
Durable Consumer Goods
 
5/25/2017
 
754,775

 
755

 
1,143

 
0.10

SiteLock Group Holdings, LLC
High Tech Industries
 
4/5/2018
 
446,429

 
446

 
446

 
0.04

T2 Systems Parent Corporation
Transportation: Consumer
 
9/28/2016
 
555,556

 
556

 
805

 
0.07

Tailwind HMT Holdings Corp.
Energy: Oil & Gas
 
11/17/2017
 
2,000,000

 
2,000

 
2,564

 
0.23

THG Acquisition, LLC (The Hilb Group, LLC)
Banking, Finance, Insurance & Real Estate
 
6/24/2015
 
1,500,000

 
1,500

 
3,132

 
0.29

Tweddle Holdings, Inc.
Media: Advertising, Printing & Publishing
 
9/17/2018
 
17,208

 

 

 

Zenith American Holding, Inc.
Business Services
 
12/13/2017
 
1,561,644

 
1,562

 
1,968

 
0.18

Zillow Topco LP
Software
 
6/25/2018
 
312,500

 
313

 
313

 
0.03

Equity Investments Total
 
 
 
 
 
 
$
17,168

 
$
23,308

 
2.11
%
Total investments—non-controlled/non-affiliated
 
 
 
 
 
$
1,820,646

 
$
1,781,621

 
161.28
%
Investments—non-controlled/affiliated (5) (14)
Industry
 
Reference Rate & Spread (2)
 
Interest Rate (2)
 
Acquisition Date
 
Maturity Date
 
Par/ Principal Amount
 
Amortized Cost (6)
 
Fair Value (7)
 
Percentage of Net Assets
First Lien Debt (0.69%)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TwentyEighty, Inc. - Revolver (2) (3) (15)
Business Services
 
L + 8.00%
 
10.26%
 
1/31/2017
 
3/21/2020
 
$

 
$
(4
)
 
$

 
%
TwentyEighty, Inc. - (Term A Loans) (2) (3)
Business Services
 
L + 8.00%
 
10.39%
 
1/31/2017
 
3/21/2020
 
364

 
363

 
364

 
0.03

TwentyEighty, Inc. - (Term B Loans)
Business Services
 
N/A
 
 8.00% (4.00%
cash, 4.00% PIK)
 
1/31/2017
 
3/21/2020
 
6,923

 
6,761

 
6,784

 
0.61

TwentyEighty, Inc. - (Term C Loans)
Business Services
 
N/A
 
9.00% (0.25%
cash, 8.75% PIK)
 
1/31/2017
 
3/21/2020
 
6,964

 
6,475

 
6,825

 
0.62

First Lien Debt Total
 
 
 
 
 
 
 
 
 
 

 
$
13,595

 
$
13,973

 
1.26
%

11



TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2018
(dollar amounts in thousands)
(unaudited)

Investments—non-controlled/affiliated (5) (14) (16)
Industry
 
Acquisition Date
 
Shares/ Units
 
Cost
 
Fair
Value 
(7)
 
Percentage of Net Assets
Equity Investments (0.00%)
 
 
 
 
 
 
 
 
 
 
 
TwentyEighty Investors LLC
Business Services
 
1/31/2017
 
69,786

 
$

 
$

 
%
Equity Investments Total
 
 
 
 
 
 
$

 
$

 
%
Total investments—non-controlled/affiliated
 
 
 
 
 
 
$
13,595

 
$
13,973

 
1.26
%
Investments—controlled/affiliated
Industry
 
Reference Rate & Spread (2)

 
Interest Rate (2)
 
Acquisition Date
 
Maturity Date
 
Par Amount/ LLC Interest
 
Cost
 
Fair Value (7)
 
Percentage of Net Assets
Investment Fund (11.07%) (8)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Middle Market Credit Fund, LLC, Mezzanine Loan (2) (5) (9) (11)
Investment Fund
 
L + 9.00%
 
11.28%
 
6/30/2016
 
3/22/2019
 
$
122,000

 
$
122,000

 
$
122,000

 
11.04
%
Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest  (5) (11)
Investment Fund
 
N/A
 
0.001%
 
2/29/2016
 
3/1/2021
 
102,001

 
102,001

 
101,404

 
9.18

Investment Fund Total
 
 
 
 
 
 
 
 
 
 
 
 
$
224,001

 
$
223,404

 
20.22
%
Total investments—controlled/affiliated
 
 
 
 
 
 
 
 
 
 
 
 
$
224,001

 
$
223,404

 
20.22
%
Total investments
 
 
 
 
 
 
 
 
 
 
 
 
$
2,058,242

 
$
2,018,998

 
182.76
%
 
(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 September 30, 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 September 30, 2018, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales.
(2)
Variable rate loans to the portfolio companies bear interest at a rate that is 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 indicated the reference rate used and provided the spread and the interest rate in effect as of September 30, 2018. As of September 30, 2018, the reference rates for our variable rate loans were the 30-day LIBOR at 2.26%, the 90-day LIBOR at 2.40% and the 180-day LIBOR at 2.60%.
(3)
Loan includes interest rate floor feature, which is generally 1.00%.
(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 Carlyle Direct Lending CLO 2015-1R LLC (formerly known as Carlyle GMS Finance MM CLO 2015-1 LLC) (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 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.
(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.

12



TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2018
(dollar amounts in thousands)
(unaudited)

(10)
Loan was on non-accrual status as of September 30, 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. Transactions related to investments in controlled affiliates for the nine month period ended September 30, 2018 were as follows:
Investments—controlled/affiliated
Fair Value as of December 31, 2017
 
Additions/Purchases
 
Reductions/Sales/ Paydowns
 
Net Realized Gain (Loss)
 
Net Change in Unrealized Appreciation (Depreciation)
 
Fair Value as of September 30, 2018
 
Dividend and Interest Income
Middle Market Credit Fund, LLC, Mezzanine Loan
$
85,750

 
$
74,150

 
$
(37,900
)
 
$

 
$

 
$
122,000

 
$
9,230

Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest 
86,766

 
15,500

 

 

 
(862
)
 
101,404

 
11,550