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, 2020
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. 814-00995

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
 
(212) 813-4900
(Address of principal executive office) (Zip Code)
 
(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Common stock, $0.01 par value
CGBD
The Nasdaq Global Select Market
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, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth 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
The number of shares of the registrant’s common stock, $0.01 par value per share, outstanding at May 5, 2020 was 56,308,616.




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, 2020
 
December 31, 2019
ASSETS
(unaudited)
 
 
Investments, at fair value
 
 
 
Investments—non-controlled/non-affiliated, at fair value (amortized cost of $2,007,160 and $1,960,755, respectively)
$
1,826,422

 
$
1,897,057

Investments—controlled/affiliated, at fair value (amortized cost of $240,167 and $240,696, respectively)
197,855

 
226,907

Total investments, at fair value (amortized cost of $2,247,327 and $2,201,451, respectively)
2,024,277

 
2,123,964

Cash and cash equivalents
65,525

 
36,751

Receivable for investment sold
15,655

 
6,162

Deferred financing costs
4,026

 
4,032

Interest receivable from non-controlled/non-affiliated investments
10,406

 
9,462

Interest and dividend receivable from controlled/affiliated investments
6,350

 
6,845

Prepaid expenses and other assets
587

 
317

Total assets
$
2,126,826

 
$
2,187,533

LIABILITIES
 
 
 
Secured borrowings (Note 6)
$
701,609

 
$
616,543

2015-1 Notes payable, net of unamortized debt issuance costs of $2,849 and $2,911, respectively (Note 7)
446,351

 
446,289

Senior Notes (Note 7)
115,000

 
115,000

Payable for investments purchased
24,345

 

Interest and credit facility fees payable (Notes 6 and 7)
6,100

 
6,764

Dividend payable (Note 9)
20,824

 
31,760

Base management and incentive fees payable (Note 4)
12,333

 
13,236

Administrative service fees payable (Note 4)
98

 
77

Other accrued expenses and liabilities
1,632

 
1,393

Total liabilities
1,328,292

 
1,231,062

Commitments and contingencies (Notes 8 and 11)
 
 
 
EQUITY
 
 
 
NET ASSETS
 
 
 
Common stock, $0.01 par value; 200,000,000 shares authorized; 56,308,616 and 57,763,811 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively)
563

 
578

Paid-in capital in excess of par value
1,093,250

 
1,109,238

Offering costs
(1,633
)
 
(1,633
)
Total distributable earnings (loss)
(293,646
)
 
(151,712
)
Total net assets
$
798,534

 
$
956,471

NET ASSETS PER SHARE
$
14.18

 
$
16.56

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, 2020
 
March 31, 2019
Investment income:
 
 
 
From non-controlled/non-affiliated investments:
 
 
 
Interest income
$
41,465

 
$
45,242

Other income
2,344

 
2,028

Total investment income from non-controlled/non-affiliated investments
43,809

 
47,270

From non-controlled/affiliated investments:
 
 
 
Interest income

 
379

Total investment income from non-controlled/affiliated investments

 
379

From controlled/affiliated investments:
 
 
 
Interest income
3,236

 
3,538

Dividend income
3,500

 
4,000

Total investment income from controlled/affiliated investments
6,736

 
7,538

Total investment income
50,545

 
55,187

Expenses:
 
 
 
Base management fees (Note 4)
7,386

 
7,685

Incentive fees (Note 4)
5,086

 
5,846

Professional fees
667

 
745

Administrative service fees (Note 4)
106

 
216

Interest expense (Notes 6 and 7)
12,179

 
11,991

Credit facility fees (Note 6)
590

 
568

Directors’ fees and expenses
96

 
93

Other general and administrative
411

 
421

Total expenses
26,521

 
27,565

Net investment income (loss) before taxes
24,024

 
27,622

Excise tax expense
52

 
60

Net investment income (loss)
23,972

 
27,562

Net realized gain (loss) and net change in unrealized appreciation (depreciation):
 
 
 
Net realized gain (loss) on investments:
 
 
 
Non-controlled/non-affiliated investments
(1,697
)
 
899

Controlled/affiliated investments

 

Currency gains (losses) on non-investment assets and liabilities
(150
)
 

Net change in unrealized appreciation (depreciation) on investments:
 
 
 
Non-controlled/non-affiliated investments
(117,042
)
 
2,473

Non-controlled/affiliated investments

 
2,296

Controlled/affiliated investments
(28,521
)
 
496

Net change in unrealized currency gains (losses) on non-investment assets and liabilities
2,338

 

Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities
(145,072
)
 
6,164

Net increase (decrease) in net assets resulting from operations
$
(121,100
)
 
$
33,726

Basic and diluted earnings per common share (Note 9)
$
(2.12
)
 
$
0.55

Weighted-average shares of common stock outstanding—Basic and Diluted (Note 9)
57,112,193

 
61,772,774

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, 2020
 
March 31, 2019
Net increase (decrease) in net assets resulting from operations:
 
 
 
Net investment income (loss)
$
23,972

 
$
27,562

Net realized gain (loss)
(1,847
)
 
899

Net change in unrealized appreciation (depreciation) on investments
(145,563
)
 
5,265

Net change in unrealized currency gains (losses) on non-investment assets and liabilities
2,338

 

Net increase (decrease) in net assets resulting from operations
(121,100
)
 
33,726

Capital transactions:
 
 
 
Repurchase of common stock
(16,003
)
 
(14,085
)
Dividends declared (Note 12)
(20,834
)
 
(22,672
)
Net increase (decrease) in net assets resulting from capital share transactions
(36,837
)
 
(36,757
)
Net increase (decrease) in net assets
(157,937
)
 
(3,031
)
Net Assets at beginning of period
956,471

 
1,063,218

Net Assets at end of period
$
798,534

 
$
1,060,187


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, 2020
 
March 31, 2019
Cash flows from operating activities:
 
 
 
Net increase (decrease) in net assets resulting from operations
$
(121,100
)
 
$
33,726

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
305

 
298

Net accretion of discount on investments
(2,586
)
 
(2,161
)
Paid-in-kind interest
(179
)
 
(1,052
)
Net realized (gain) loss on investments
1,697

 
(899
)
Net realized currency (gain) loss on non-investment assets and liabilities
150

 

Net change in unrealized (appreciation) depreciation on investments
145,563

 
(5,265
)
Net change in unrealized currency (gains) losses on non-investment assets and liabilities
(2,338
)
 

Cost of investments purchased and change in payable for investments purchased
(307,148
)
 
(247,039
)
Proceeds from sales and repayments of investments and change in receivable for investments sold
277,451

 
79,554

Changes in operating assets:
 
 
 
Interest receivable
(949
)
 
(1,361
)
Dividend receivable
500

 
(300
)
Prepaid expenses and other assets
(270
)
 
121

Changes in operating liabilities:
 
 
 
Due to Investment Adviser

 
(67
)
Interest and credit facility fees payable
(664
)
 
494

Base management and incentive fees payable
(903
)
 
(303
)
Administrative service fees payable
21

 
45

Other accrued expenses and liabilities
239

 
698

Net cash provided by (used in) operating activities
(10,211
)
 
(143,511
)
Cash flows from financing activities:
 
 
 
Repurchase of common stock
(16,003
)
 
(14,085
)
Borrowings on SPV Credit Facility and Credit Facility
226,500

 
253,950

Repayments of SPV Credit Facility and Credit Facility
(139,443
)
 
(107,626
)
Debt issuance costs paid
(299
)
 
(355
)
Dividends paid in cash
(31,770
)
 
(35,488
)
Net cash provided by (used in) financing activities
38,985

 
96,396

Net increase (decrease) in cash and cash equivalents
28,774

 
(47,115
)
Cash and cash equivalents, beginning of period
36,751

 
87,186

Cash and cash equivalents, end of period
$
65,525

 
$
40,071

Supplemental disclosures:
 
 
 
Interest paid during the period
$
12,647

 
$
11,515

Taxes, including excise tax, paid during the period
$
387

 
$
225

Dividends declared during the period
$
20,834

 
$
22,672


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

6

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2020
(dollar amounts in thousands)
(unaudited)

 
Investments—non-controlled/non-affiliated (1)
 
 
 
Footnotes
 
Industry
 
Reference Rate & Spread (2)
 
Interest Rate (2)
 
Acquisition Date
 
Maturity Date
 
Par/ Principal Amount **
 
Amortized Cost (4)
 
Fair Value (5)
 
% of Net Assets
 
 
First Lien Debt (75.19% of fair value)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Airnov, Inc. (Clariant)
 
^*
 
(2) (3) (12)
 
Containers, Packaging & Glass
 
L + 5.25%
 
6.37%
 
12/20/2019
 
12/19/2025
 
$
12,813

 
$
12,610

 
$
12,396

 
1.55
%
 
Alpha Packaging Holdings, Inc.
 
+*
 
(2) (3)
 
Containers, Packaging & Glass
 
L + 6.00%
 
7.13%
 
6/26/2015
 
11/12/2021
 
2,829

 
2,828

 
2,770

 
0.35

 
Alpine SG, LLC
 
^*
 
(2) (3)
 
High Tech Industries
 
L + 5.75%
 
7.20%
 
2/2/2018
 
11/16/2022
 
15,301

 
15,196

 
14,996

 
1.88

 
American Physician Partners, LLC
 
^+*
 
(2) (3) (12)
 
Healthcare & Pharmaceuticals
 
L + 6.50%
 
7.95%
 
1/7/2019
 
12/21/2021
 
38,753

 
38,435

 
37,555

 
4.70

 
AMS Group HoldCo, LLC
 
^+*
 
(2) (3) (12)
 
Transportation: Cargo
 
L + 6.00%
 
7.77%
 
9/29/2017
 
9/29/2023
 
32,603

 
32,183

 
31,998

 
4.01

 
Analogic Corporation
 
^+*
 
(2) (3) (12)
 
Capital Equipment
 
L + 5.25%
 
6.25%
 
6/22/2018
 
6/22/2024
 
2,393

 
2,358

 
2,269

 
0.28

 
Anchor Hocking, LLC
 
^
 
(2) (3)
 
Durable Consumer Goods
 
L + 8.75%
 
10.51%
 
1/25/2019
 
1/25/2024
 
10,418

 
10,143

 
9,872

 
1.24

 
Apptio, Inc.
 
^
 
(2) (3) (12)
 
Software
 
L + 7.25%
 
8.25%
 
1/10/2019
 
1/10/2025
 
35,541

 
34,901

 
33,468

 
4.19

 
Aurora Lux FinCo S.Á.R.L. (Accelya) (Luxembourg)
 
^
 
(2) (3) (7)
 
Software
 
L + 6.00%
 
7.00%
 
12/24/2019
 
12/24/2026
 
37,500

 
36,589

 
35,104

 
4.40

 
Avenu Holdings, LLC
 
+*
 
(2) (3)
 
Sovereign & Public Finance
 
L + 5.25%
 
6.70%
 
9/28/2018
 
9/28/2024
 
38,567

 
38,060

 
35,293

 
4.42

 
Barnes & Noble, Inc.
 
^
 
(2) (3) (11)
 
Retail
 
L + 5.50%
 
9.18%
 
8/7/2019
 
8/7/2024
 
17,414

 
17,025

 
15,634

 
1.96

 
BMS Holdings III Corp.
 
^*
 
(2) (3) (12)
 
Construction & Building
 
L + 5.25%
 
6.70%
 
9/30/2019
 
9/30/2026
 
11,608

 
11,256

 
10,919

 
1.37

 
Brooks Equipment Company, LLC
 
+*
 
(2) (3)
 
Construction & Building
 
L + 5.00%
 
6.60%
 
6/26/2015
 
8/29/2020
 
2,406

 
2,403

 
2,383

 
0.30

 
Captive Resources Midco, LLC
 
^*
 
(2) (3)
 
Banking, Finance, Insurance & Real Estate
 
L + 6.00%
 
7.00%
 
6/30/2015
 
5/31/2025
 
32,368

 
32,046

 
30,733

 
3.85

 
Central Security Group, Inc.
 
^*
 
(2) (3) (8)
 
Consumer Services
 
L + 5.63%
 
6.63%
 
6/26/2015
 
10/6/2021
 
18,449

 
18,012

 
8,117

 
1.02

 
Chartis Holding, LLC
 
^*
 
(2) (3) (12)
 
Business Services
 
L + 5.25%
 
6.63%
 
5/1/2019
 
5/1/2025
 
18,287

 
17,916

 
17,541

 
2.20

 
Chemical Computing Group ULC (Canada)
 
^*
 
(2) (3) (7) (12)
 
Software
 
L + 5.00%
 
6.00%
 
8/30/2018
 
8/30/2023
 
14,637

 
14,537

 
14,157

 
1.77

 
CircusTrix Holdings, LLC
 
^+*
 
(2) (3)
 
Hotel, Gaming & Leisure
 
L + 5.50%
(100% PIK)
 
6.50%
 
2/2/2018
 
12/6/2021
 
9,397

 
9,346

 
7,800

 
0.98

 
Cobblestone Intermediate Holdco LLC
 
^
 
(2) (3) (12)
 
Consumer Services
 
L + 5.00%
 
6.77%
 
1/29/2020
 
1/29/2026
 
463

 
455

 
452

 
0.06

 
Comar Holding Company, LLC
 
^+*
 
(2) (3) (12)
 
Containers, Packaging & Glass
 
L + 5.75%
 
6.75%
 
6/18/2018
 
6/18/2024
 
31,807

 
31,304

 
31,157

 
3.90

 
Cority Software Inc. (Canada)
 
^
 
(2) (3) (7) (12)
 
Software
 
L + 5.75%
 
7.64%
 
7/2/2019
 
7/2/2026
 
31,970

 
31,325

 
31,271

 
3.92

 
Derm Growth Partners III, LLC (Dermatology Associates)
 
^
 
(2) (3) (8)
 
Healthcare & Pharmaceuticals
 
L + 6.25% (100% PIK)
 
7.70%
 
5/31/2016
 
5/31/2022
 
56,310

 
56,055

 
31,266

 
3.92

 
DermaRite Industries, LLC
 
^*
 
(2) (3) (12)
 
Healthcare & Pharmaceuticals
 
L + 7.00%
 
8.07%
 
3/3/2017
 
3/3/2022
 
21,788

 
21,648

 
19,769

 
2.48

 
Digicel Limited (Jamaica)
 
^
 
(7)
 
Telecommunications
 
6.00%
 
6.00%
 
7/23/2019
 
4/15/2021
 
250

 
210

 
134

 
0.02

 
Dimensional Dental Management, LLC
 
^
 
(2) (3) (8)
 
Healthcare & Pharmaceuticals
 
L + 5.75%
 
10.00%
 
2/12/2016
 
2/12/2021
 
1,272

 
1,247

 
1,272

 
0.16

 
Dimensional Dental Management, LLC
 
^
 
(2) (3) (8) (11)
 
Healthcare & Pharmaceuticals
 
L + 5.75%
 
8.20%
 
2/12/2016
 
7/22/2020
 
33,674

 
33,301

 

 

 
Direct Travel, Inc.
 
^+*
 
(2) (3)
 
Hotel, Gaming & Leisure
 
L + 6.50%
 
7.54%
 
10/14/2016
 
12/1/2021
 
36,711

 
36,458

 
33,653

 
4.21


7

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
(dollar amounts in thousands)
(unaudited)

 
Investments—non-controlled/non-affiliated (1)
 
 
 
Footnotes
 
Industry
 
Reference Rate & Spread (2)
 
Interest Rate (2)
 
Acquisition Date
 
Maturity Date
 
Par/ Principal Amount **
 
Amortized Cost (4)
 
Fair Value (5)
 
% of Net Assets
 
 
DTI Holdco, Inc.
 
*
 
(2) (3)
 
High Tech Industries
 
L + 4.75%
 
6.53%
 
12/18/2018
 
9/30/2023
 
$
1,969

 
$
1,872

 
$
1,383

 
0.17
%
 
Emergency Communications Network, LLC
 
^+*
 
(2) (3)
 
Telecommunications
 
L + 6.25%
 
7.25%
 
6/1/2017
 
6/1/2023
 
24,313

 
24,180

 
20,418

 
2.56

 
Ensono, LP
 
*
 
(2) (3)
 
Telecommunications
 
L + 5.25%
 
6.24%
 
4/30/2018
 
6/27/2025
 
8,515

 
8,434

 
7,215

 
0.90

 
Ethos Veterinary Health LLC
 
^+
 
(2) (3) (12)
 
Consumer Services
 
L + 4.75%
 
5.74%
 
5/17/2019
 
5/15/2026
 
10,850

 
10,730

 
10,298

 
1.29

 
EvolveIP, LLC
 
^+*
 
(2) (3) (12)
 
Telecommunications
 
L + 5.75%
 
6.75%
 
11/26/2019
 
6/7/2023
 
34,922

 
34,836

 
34,035

 
4.26

 
Frontline Technologies Holdings, LLC
 
^+*
 
(2) (3)
 
Software
 
L + 5.75%
 
6.85%
 
9/18/2017
 
9/18/2023
 
48,125

 
47,851

 
47,378

 
5.93

 
FWR Holding Corporation
 
^+*
 
(2) (3) (12)
 
Beverage, Food & Tobacco
 
L + 5.50%
 
6.76%
 
8/21/2017
 
8/21/2023
 
47,823

 
47,185

 
43,878

 
5.49

 
Green Energy Partners/Stonewall, LLC
 
+*
 
(2) (3)
 
Energy: Electricity
 
L + 5.50%
 
6.95%
 
6/26/2015
 
11/10/2021
 
19,500

 
19,347

 
14,066

 
1.76

 
Hydrofarm, LLC
 
^
 
(2) (3)
 
Wholesale
 
L + 8.50%
 
9.50%
 
5/15/2017
 
5/12/2022
 
19,446

 
19,164

 
11,749

 
1.47

 
iCIMS, Inc.
 
^
 
(2) (3) (12)
 
Software
 
L + 6.50%
 
7.50%
 
9/12/2018
 
9/12/2024
 
23,930

 
23,525

 
22,762

 
2.85

 
Individual FoodService Holdings, LLC
 
^
 
(2) (3) (12)
 
Wholesale
 
L + 5.75%
 
6.75%
 
2/21/2020
 
11/22/2025
 
3,847

 
3,748

 
3,682

 
0.46

 
Innovative Business Services, LLC
 
^*
 
(2) (3)
 
High Tech Industries
 
L + 5.50%
 
7.25%
 
4/5/2018
 
4/5/2023
 
18,334

 
17,989

 
17,791

 
2.23

 
Integrity Marketing Acquisition, LLC
 
^
 
(2) (3) (12)
 
Banking, Finance, Insurance & Real Estate
 
L + 5.75%
 
7.26%
 
1/15/2020
 
8/27/2025
 
710

 
635

 
428

 
0.05

 
K2 Insurance Services, LLC
 
^+*
 
(2) (3) (12)
 
Banking, Finance, Insurance & Real Estate
 
L + 5.00%
 
6.42%
 
7/3/2019
 
7/1/2024
 
23,116

 
22,605

 
22,492

 
2.82

 
Kaseya Inc.
 
^
 
(2) (3) (12)
 
High Tech Industries
 
L + 5.50%, 1.00% PIK
 
7.95%
 
5/3/2019
 
5/2/2025
 
21,561

 
21,139

 
20,261

 
2.54

 
Legacy.com, Inc.
 
^
 
(2) (3) (11)
 
High Tech Industries
 
L + 6.00%
 
11.43%
 
3/20/2017
 
3/20/2023
 
17,066

 
16,834

 
15,357

 
1.92

 
Lifelong Learner Holdings, LLC
 
^*
 
(2) (3) (12)
 
Business Services
 
L + 5.75%
 
6.76%
 
10/18/2019
 
10/18/2026
 
24,943

 
24,409

 
23,073

 
2.89

 
Liqui-Box Holdings, Inc.
 
^
 
(2) (3) (12)
 
Containers, Packaging & Glass
 
L + 4.50%
 
5.69%
 
6/3/2019
 
6/3/2024
 
2,279

 
2,254

 
2,147

 
0.27

 
Mailgun Technologies, Inc.
 
^
 
(2) (3) (12)
 
High Tech Industries
 
L + 6.00%
 
7.19%
 
3/26/2019
 
3/26/2025
 
11,824

 
11,588

 
11,367

 
1.42

 
National Carwash Solutions, Inc.
 
^+
 
(2) (3) (12)
 
Automotive
 
L + 6.00%
 
7.54%
 
8/7/2018
 
4/28/2023
 
9,792

 
9,642

 
9,523

 
1.19

 
National Technical Systems, Inc.
 
^+*
 
(2) (3) (12)
 
Aerospace & Defense
 
L + 6.25%
 
7.78%
 
6/26/2015
 
6/12/2021
 
30,359

 
30,237

 
29,927

 
3.75

 
NES Global Talent Finance US, LLC (United Kingdom)
 
+*
 
(2) (3) (7)
 
Energy: Oil & Gas
 
L + 5.50%
 
7.28%
 
5/9/2018
 
5/11/2023
 
9,865

 
9,746

 
9,253

 
1.16

 
Nexus Technologies, LLC
 
*
 
(2) (3)
 
High Tech Industries
 
L + 5.50%, 1.50% PIK
 
8.45%
 
12/11/2018
 
12/5/2023
 
6,188

 
6,139

 
5,053

 
0.63

 
NMI AcquisitionCo, Inc.
 
^+*
 
(2) (3)
 
High Tech Industries
 
L + 5.50%
 
6.50%
 
9/6/2017
 
9/6/2022
 
51,219

 
50,676

 
50,718

 
6.35

 
Northland Telecommunications Corporation
 
^*
 
(2) (3) (12)
 
Media: Broadcasting & Subscription
 
L + 5.75%
 
6.96%
 
10/1/2018
 
10/1/2025
 
47,262

 
46,601

 
45,510

 
5.70

 
Paramit Corporation
 
+*
 
(2) (3)
 
Capital Equipment
 
L + 4.50%
 
5.50%
 
5/3/2019
 
5/3/2025
 
6,298

 
6,243

 
6,040

 
0.76

 
PF Growth Partners, LLC
 
^+*
 
(2) (3) (12)
 
Hotel, Gaming & Leisure
 
L + 5.00%
 
6.00%
 
7/1/2019
 
7/11/2025
 
7,349

 
7,238

 
6,865

 
0.86


8

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
(dollar amounts in thousands)
(unaudited)

 
Investments—non-controlled/non-affiliated (1)
 
 
 
Footnotes
 
Industry
 
Reference Rate & Spread (2)
 
Interest Rate (2)
 
Acquisition Date
 
Maturity Date
 
Par/ Principal Amount **
 
Amortized Cost (4)
 
Fair Value (5)
 
% of Net Assets
 
 
Plano Molding Company, LLC
 
^
 
(2) (3)
 
Hotel, Gaming & Leisure
 
L + 7.50%
 
8.50%
 
5/1/2015
 
5/12/2021
 
$
14,715

 
$
14,626

 
$
12,881

 
1.61
%
 
PPC Flexible Packaging, LLC
 
^+*
 
(2) (3) (12)
 
Containers, Packaging & Glass
 
L + 5.25%
 
6.25%
 
11/23/2018
 
11/23/2024
 
15,025

 
14,878

 
14,640

 
1.83

 
PPT Management Holdings, LLC
 
^
 
(2) (3)
 
Healthcare & Pharmaceuticals
 
L + 1.00%, 5.75% PIK
 
8.20%
 
12/15/2016
 
12/16/2022
 
27,735

 
27,627

 
20,523

 
2.57

 
PricewaterhouseCoopers Public Sector LLP
 
^
 
(2) (3) (12)
 
Aerospace & Defense
 
L + 3.25%
 
4.70%
 
5/1/2018
 
5/1/2023
 
2,000

 
1,903

 
1,734

 
0.22

 
Product Quest Manufacturing, LLC
 
^
 
(2) (3) (8)
 
Containers, Packaging & Glass
 
L + 6.75%
 
9.00%
 
9/21/2017
 
3/31/2020
 
840

 
840

 
334

 
0.04

 
Propel Insurance Agency, LLC
 
^
 
(2) (3)
 
Banking, Finance, Insurance & Real Estate
 
L + 4.25%
 
5.70%
 
6/1/2018
 
6/1/2024
 
2,357

 
2,342

 
2,298

 
0.29

 
QW Holding Corporation (Quala)
 
^+*
 
(2) (3) (12)
 
Environmental Industries
 
L + 6.25%
 
7.70%
 
8/31/2016
 
8/31/2022
 
43,467

 
42,969

 
42,423

 
5.31

 
Redwood Services Group, LLC
 
^*
 
(2) (3)
 
High Tech Industries
 
L + 6.00%
 
7.00%
 
11/13/2018
 
6/6/2023
 
8,406

 
8,347

 
8,217

 
1.03

 
Riveron Acquisition Holdings, Inc.
 
^+*
 
(2) (3)
 
Banking, Finance, Insurance & Real Estate
 
L + 6.00%
 
7.45%
 
5/22/2019
 
5/22/2025
 
19,918

 
19,571

 
19,379

 
2.43

 
RSC Acquisition, Inc.
 
^
 
(2) (3) (12)
 
Banking, Finance, Insurance & Real Estate
 
L + 5.50%
 
7.26%
 
11/1/2019
 
11/1/2026
 
12,729

 
12,369

 
11,707

 
1.47

 
Sapphire Convention, Inc. (Smart City)
 
^+*
 
(2) (3) (12)
 
Telecommunications
 
L + 5.25%
 
6.92%
 
11/20/2018
 
11/20/2025
 
30,769

 
30,224

 
29,612

 
3.71

 
Smile Doctors, LLC
 
^+*
 
(2) (3) (12)
 
Healthcare & Pharmaceuticals
 
L + 6.25%
 
7.69%
 
10/6/2017
 
10/6/2022
 
23,541

 
23,457

 
22,645

 
2.84

 
Sovos Brands Intermediate, Inc.
 
+*
 
(2) (3)
 
Beverage, Food & Tobacco
 
L + 5.00%
 
6.59%
 
11/16/2018
 
11/20/2025
 
19,849

 
19,671

 
18,916

 
2.37

 
SPay, Inc.
 
^+*
 
(2) (3) (12)
 
Hotel, Gaming & Leisure
 
L + 5.75%
 
6.84%
 
6/15/2018
 
6/17/2024
 
20,512

 
20,194

 
15,558

 
1.95

 
Superior Health Linens, LLC
 
^+*
 
(2) (3) (12)
 
Business Services
 
L + 7.50%
 
8.95%
 
9/30/2016
 
9/30/2021
 
21,700

 
21,580

 
20,746

 
2.60

 
Surgical Information Systems, LLC
 
^+*
 
(2) (3) (11)
 
High Tech Industries
 
L + 4.50%
 
7.21%
 
4/24/2017
 
4/24/2023
 
26,168

 
26,018

 
25,417

 
3.18

 
T2 Systems, Inc.
 
^+*
 
(2) (3) (12)
 
Transportation: Consumer
 
L + 6.75%
 
8.34%
 
9/28/2016
 
9/28/2022
 
35,265

 
34,818

 
34,926

 
4.37

 
Tank Holding Corp.
 
^
 
(2) (3) (12)
 
Capital Equipment
 
L + 4.00%
 
5.45%
 
3/26/2019
 
3/26/2024
 
45

 
45

 
43

 
0.01

 
TCFI Aevex LLC
 
^
 
(2) (3) (12)
 
Aerospace & Defense
 
L + 6.00%
 
7.00%
 
3/18/2020
 
3/18/2026
 
8,325

 
8,126

 
8,125

 
1.02

 
The Leaders Romans Bidco Limited (United Kingdom) Term Loan B
 
^
 
(2) (3) (7)
 
Banking, Finance, Insurance & Real Estate
 
L + 6.75%, 3.50% PIK
 
11.02%
 
7/23/2019
 
6/30/2024
 
£
20,074

 
24,420

 
23,465

 
2.94

 
The Leaders Romans Bidco Limited (United Kingdom) Term Loan C
 
^
 
(2) (3) (7)
 
Banking, Finance, Insurance & Real Estate
 
L + 6.75%, 3.50% PIK
 
11.02%
 
7/23/2019
 
6/30/2024
 
£
3,922

 
4,809

 
4,617

 
0.58

 
Trump Card, LLC
 
^+*
 
(2) (3)
 
Transportation: Cargo
 
L + 5.50%
 
6.92%
 
6/26/2018
 
4/21/2022
 
8,287

 
8,254

 
8,064

 
1.01

 
TSB Purchaser, Inc. (Teaching Strategies, LLC)
 
^+*
 
(2) (3) (12)
 
Media: Advertising, Printing & Publishing
 
L + 6.00%
 
7.45%
 
5/14/2018
 
5/14/2024
 
28,224

 
27,685

 
27,465

 
3.44

 
Turbo Buyer, Inc. (Portfolio Holdings, Inc.)
 
^
 
(2) (3) (12)
 
Automotive
 
L + 6.00%
 
7.48%
 
12/2/2019
 
12/2/2025
 
29,978

 
29,146

 
29,105

 
3.64

 
Tweddle Group, Inc.
 
^
 
(2) (3)
 
Media: Advertising, Printing & Publishing
 
L + 4.50%
 
5.50%
 
9/17/2018
 
9/17/2023
 
1,825

 
1,804

 
1,730

 
0.22


9

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
(dollar amounts in thousands)
(unaudited)

 
Investments—non-controlled/non-affiliated (1)
 
 
 
Footnotes
 
Industry
 
Reference Rate & Spread (2)
 
Interest Rate (2)
 
Acquisition Date
 
Maturity Date
 
Par/ Principal Amount **
 
Amortized Cost (4)
 
Fair Value (5)
 
% of Net Assets
 
 
U.S. Acute Care Solutions, LLC
 
*
 
(2) (3)
 
Healthcare & Pharmaceuticals
 
L + 5.00%
 
6.45%
 
2/21/2019
 
5/15/2021
 
$
4,258

 
$
4,232

 
$
3,755

 
0.47
%
 
USLS Acquisition, Inc.
 
^*
 
(2) (3) (12)
 
Business Services
 
L + 5.75%
 
6.82%
 
11/30/2018
 
11/30/2024
 
22,954

 
22,575

 
22,166

 
2.78

 
Unifrutti Financing PLC (Cyprus)
 
^
 
(7)
 
Beverage, Food & Tobacco
 
7.50%, 1.00% PIK
 
8.50%
 
9/15/2019
 
9/15/2026
 
4,553

 
4,778

 
4,571

 
0.57

 
VRC Companies, LLC
 
^+*
 
(2) (3) (12)
 
Business Services
 
L + 6.50%
 
7.99%
 
3/31/2017
 
3/31/2023
 
58,916

 
58,440

 
57,624

 
7.22

 
Westfall Technik, Inc.
 
^*
 
(2) (3) (12)
 
Chemicals, Plastics & Rubber
 
L + 5.75%
 
7.20%
 
9/13/2018
 
9/13/2024
 
28,341

 
27,824

 
25,520

 
3.20

 
WP CPP Holdings, LLC (CPP)
 
^
 
(2) (3)
 
Aerospace & Defense
 
L + 3.75%
 
5.53%
 
7/18/2019
 
4/30/2025
 
14,952

 
14,826

 
11,214

 
1.40

 
Zemax Software Holdings, LLC
 
^*
 
(2) (3) (12)
 
Software
 
L + 5.75%
 
7.20%
 
6/25/2018
 
6/25/2024
 
10,762

 
10,636

 
10,492

 
1.31

 
Zenith Merger Sub, Inc.
 
^+*
 
(2) (3) (12)
 
Business Services
 
L + 5.25%
 
6.70%
 
12/13/2017
 
12/13/2023
 
18,076

 
17,879

 
17,484

 
2.19

 
First Lien Debt Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
1,669,607

 
$
1,522,044

 
190.60
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Second Lien Debt (13.59% of fair value)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Access CIG, LLC
 
*
 
(2) (3)
 
Business Services
 
L + 7.75%
 
9.53%
 
2/14/2018
 
2/27/2026
 
$
2,700

 
$
2,687

 
$
2,196

 
0.28
%
 
AI Convoy S.A.R.L (Cobham) (United Kingdom)
 
^
 
(2) (3) (7)
 
Aerospace & Defense
 
L + 8.25%
 
10.09%
 
1/17/2020
 
1/17/2028
 
30,327

 
29,659

 
27,470

 
3.44

 
Aimbridge Acquisition Co., Inc.
 
^*
 
(2) (3)
 
Hotel, Gaming & Leisure
 
L + 7.50%
 
9.08%
 
2/1/2019
 
2/1/2027
 
9,241

 
9,092

 
7,907

 
0.99

 
AQA Acquisition Holding, Inc.
 
^
 
(2) (3)
 
High Tech Industries
 
L + 8.00%
 
9.91%
 
10/1/2018
 
5/24/2024
 
40,000

 
39,685

 
37,440

 
4.69

 
Brave Parent Holdings, Inc.
 
^*
 
(2) (3)
 
Software
 
L + 7.50%
 
9.28%
 
10/3/2018
 
4/19/2026
 
19,062

 
18,672

 
17,323

 
2.17

 
Drilling Info Holdings, Inc.
 
^
 
(2) (3)
 
Energy: Oil & Gas
 
L + 8.25%
 
9.24%
 
2/11/2020
 
7/30/2026
 
18,600

 
18,098

 
17,307

 
2.17

 
Higginbotham Insurance Agency, Inc.
 
^
 
(2) (3)
 
Banking, Finance, Insurance & Real Estate
 
L + 7.50%
 
8.50%
 
12/3/2019
 
12/19/2025
 
2,500

 
2,476

 
2,344

 
0.29

 
Jazz Acquisition, Inc.
 
^
 
(2) (3)
 
Aerospace & Defense
 
L + 8.00%
 
8.99%
 
6/13/2019
 
6/18/2027
 
23,450

 
23,124

 
18,760

 
2.35

 
Le Tote, Inc.
 
^
 
(2) (3)
 
Retail
 
L + 6.75%
 
8.33%
 
11/8/2019
 
11/8/2024
 
7,143

 
6,977

 
6,456

 
0.81

 
Outcomes Group Holdings, Inc.
 
^*
 
(2) (3)
 
Business Services
 
L + 7.50%
 
9.11%
 
10/23/2018
 
10/26/2026
 
4,500

 
4,490

 
4,184

 
0.52

 
Pharmalogic Holdings Corp.
 
^
 
(2) (3)
 
Healthcare & Pharmaceuticals
 
L + 8.00%
 
9.00%
 
6/7/2018
 
12/11/2023
 
800

 
797

 
777

 
0.10

 
Quartz Holding Company (QuickBase, Inc.)
 
^
 
(2) (3)
 
Software
 
L + 8.00%
 
8.86%
 
4/2/2019
 
4/2/2027
 
11,900

 
11,683

 
10,900

 
1.37

 
Reladyne, Inc.
 
^+*
 
(2) (3)
 
Wholesale
 
L + 9.50%
 
10.95%
 
4/19/2018
 
1/21/2023
 
12,242

 
12,092

 
11,643

 
1.46

 
Stonegate Pub Company Limited (United Kingdom)
 
^
 
(2) (3) (7)
 
Beverage, Food & Tobacco
 
L + 8.50%
 
9.23%
 
3/12/2020
 
3/12/2028
 
£
20,000

 
24,692

 
22,467

 
2.81

 
Tank Holding Corp.
 
^*
 
(2) (3)
 
Capital Equipment
 
L + 8.25%
 
9.17%
 
3/26/2019
 
3/26/2027
 
37,380

 
36,799

 
34,420

 
4.31

 
Ultimate Baked Goods MIDCO, LLC (Rise Baking)
 
^
 
(2) (3)
 
Beverage, Food & Tobacco
 
L + 8.00%
 
9.00%
 
8/9/2018
 
8/9/2026
 
8,333

 
8,191

 
7,913

 
0.99

 
Watchfire Enterprises, Inc.
 
^
 
(2) (3)
 
Media: Advertising, Printing & Publishing
 
L + 8.00%
 
9.06%
 
10/2/2013
 
10/2/2021
 
7,000

 
6,970

 
6,929

 
0.87

 
World 50, Inc.
 
^
 
(9)
 
Business Services
 
11.50%
 
11.50%
 
1/10/2020
 
1/9/2027
 
10,000

 
9,807

 
9,335

 
1.17


10

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2020
(dollar amounts in thousands)
(unaudited)

 
Investments—non-controlled/non-affiliated (1)
 
 
 
Footnotes
 
Industry
 
Reference Rate & Spread (2)
 
Interest Rate (2)
 
Acquisition Date
 
Maturity Date
 
Par/ Principal Amount **
 
Amortized Cost (4)
 
Fair Value (5)
 
% of Net Assets
 
 
WP CPP Holdings, LLC (CPP)
 
^*
 
(2) (3)
 
Aerospace & Defense
 
L + 7.75%
 
9.53%
 
7/18/2019
 
4/30/2026
 
$
39,500

 
$
39,137

 
$
25,940

 
3.25
%
 
Zywave, Inc.
 
^
 
(2) (3)
 
High Tech Industries
 
L + 9.00%
 
10.80%
 
11/18/2016
 
11/17/2023
 
3,468

 
3,435

 
3,344

 
0.42

 
Second Lien Debt Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
308,563

 
$
275,055

 
34.44
%
Investments—non-controlled/non-affiliated (1)
 
 
 
Footnotes
 
Industry
 
 
 
 
 
Acquisition Date
 
 
 
Shares/ Units
 
Cost
 
Fair
Value 
(5)
 
% of Net Assets
Equity Investments (1.45% of fair value)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ANLG Holdings, LLC
 
^
 
(6)
 
Healthcare & Pharmaceuticals
 
 
 
 
 
6/22/2018
 
 
 
880
 
$
880

 
$
757

 
0.09
%
Avenu Holdings, LLC
 
^
 
(6)
 
Sovereign & Public Finance
 
 
 
 
 
9/28/2018
 
 
 
172
 
172
 
74
 
0.01

Chartis Holding, LLC
 
^
 
(6)
 
Business Services
 
 
 
 
 
5/1/2019
 
 
 
433
 
433
 
599
 
0.08

CIP Revolution Holdings, LLC
 
^
 
(6)
 
Media: Advertising, Printing & Publishing
 
 
 
 
 
8/19/2016
 
 
 
318
 
318
 
344
 
0.04

Cority Software Inc. (Canada)
 
^
 
(6)
 
Software
 
 
 
 
 
7/2/2019
 
 
 
250
 
250
 
306
 
0.04

DecoPac, Inc.
 
^
 
(6)
 
Non-durable Consumer Goods
 
 
 
 
 
9/29/2017
 
 
 
1,500
 
1,500
 
2,800
 
0.35

Derm Growth Partners III, LLC (Dermatology Associates)
 
^
 
(6)
 
Healthcare & Pharmaceuticals
 
 
 
 
 
5/31/2016
 
 
 
1,000
 
1,000
 
0
 

GRO Sub Holdco, LLC (Grand Rapids)
 
^
 
(6)
 
Healthcare & Pharmaceuticals
 
 
 
 
 
3/29/2018
 
 
 
500
 
500
 
108
 
0.01

K2 Insurance Services, LLC
 
^
 
(6)
 
Banking, Finance, Insurance & Real Estate
 
 
 
 
 
7/3/2019
 
 
 
433
 
433
 
465
 
0.06

Legacy.com, Inc.
 
^
 
(6)
 
High Tech Industries
 
 
 
 
 
3/20/2017
 
 
 
1,500
 
1,500
 
615
 
0.08

Mailgun Technologies, Inc.
 
^
 
(6)
 
High Tech Industries
 
 
 
 
 
3/26/2019
 
 
 
424
 
424
 
447
 
0.06

North Haven Goldfinch Topco, LLC
 
^
 
(6)
 
Containers, Packaging & Glass
 
 
 
 
 
6/18/2018
 
 
 
2,315
 
2,315
 
2,359
 
0.30

Paramit Corporation
 
^
 
(6)
 
Capital Equipment
 
 
 
 
 
6/17/2019
 
 
 
150