Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
oTRANSITION 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 ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common stock, $0.01 par valueCGBDThe 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 November 4, 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)
September 30, 2020December 31, 2019
ASSETS(unaudited) 
Investments, at fair value
Investments—non-controlled/non-affiliated, at fair value (amortized cost of $1,840,796 and $1,960,755, respectively)$1,737,044 $1,897,057 
Investments—controlled/affiliated, at fair value (amortized cost of $233,131 and $240,696, respectively)211,129 226,907 
Total investments, at fair value (amortized cost of $2,073,927 and $2,201,451, respectively)1,948,173 2,123,964 
Cash and cash equivalents37,088 36,751 
Receivable for investment sold74 6,162 
Deferred financing costs3,651 4,032 
Interest receivable from non-controlled/non-affiliated investments12,791 9,462 
Interest and dividend receivable from controlled/affiliated investments5,754 6,845 
Prepaid expenses and other assets856 317 
Total assets$2,008,387 $2,187,533 
LIABILITIES
Secured borrowings (Note 6)$513,332 $616,543 
2015-1 Notes payable, net of unamortized debt issuance costs of $2,726 and $2,911, respectively (Note 7)446,474 446,289 
Senior Notes (Note 7)115,000 115,000 
Interest and credit facility fees payable (Notes 6 and 7)3,405 6,764 
Dividend payable (Note 9)20,830 31,760 
Base management and incentive fees payable (Note 4)11,473 13,236 
Administrative service fees payable (Note 4)85 77 
Other accrued expenses and liabilities2,566 1,393 
Total liabilities1,113,165 1,231,062 
Commitments and contingencies (Notes 8 and 11)
EQUITY
NET ASSETS
Cumulative convertible preferred stock, $0.01 par value; 2,000,000 and 0 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively50,000 — 
Common stock, $0.01 par value; 198,000,000 and 200,000,000 shares authorized; 56,308,616 and 57,763,811 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively563 578 
Paid-in capital in excess of par value1,093,250 1,109,238 
Offering costs(1,633)(1,633)
Total distributable earnings (loss)(246,958)(151,712)
Total net assets$895,222 $956,471 
NET ASSETS PER COMMON SHARE$15.01 $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 endedFor the nine month periods ended
 September 30, 2020September 30, 2019September 30, 2020September 30, 2019
Investment income:
From non-controlled/non-affiliated investments:
Interest income
$34,789 $47,118 $112,290 $139,584 
Other income
2,110 1,756 8,001 6,050 
Total investment income from non-controlled/non-affiliated investments
36,899 48,874 120,291 145,634 
From non-controlled/affiliated investments:
Interest income
— 446 — 1,209 
Total investment income from non-controlled/affiliated investments
— 446 — 1,209 
From controlled/affiliated investments:
Interest income
135 2,459 3,563 9,240 
Dividend income
5,750 4,000 14,750 11,750 
Total investment income from controlled/affiliated investments
5,885 6,459 18,313 20,990 
Total investment income42,784 55,779 138,604 167,833 
Expenses:
Base management fees (Note 4)7,134 8,016 21,585 23,614 
Incentive fees (Note 4)4,322 5,710 14,075 17,489 
Professional fees
937 534 2,282 1,879 
Administrative service fees (Note 4)167 61 539 442 
Interest expense (Notes 6 and 7)7,291 13,538 28,913 38,561 
Credit facility fees (Note 6)728 545 2,106 1,784 
Directors’ fees and expenses
86 88 303 269 
Other general and administrative
498 483 1,364 1,338 
Total expenses21,163 28,975 71,167 85,376 
Net investment income (loss) before taxes21,621 26,804 67,437 82,457 
Excise tax expense
387 49 539 169 
Net investment income (loss)
21,234 26,755 66,898 82,288 
Net realized gain (loss) and net change in unrealized appreciation (depreciation):
Net realized gain (loss) on investments:
Non-controlled/non-affiliated investments
(209)(10,909)(49,690)(8,600)
Controlled/affiliated investments
— — — (9,091)
Currency gains (losses) on non-investment assets and liabilities(11)— 474 — 
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/non-affiliated investments
12,906 (22,343)(40,054)(34,074)
Non-controlled/affiliated investments
— (48)— 1,903 
Controlled/affiliated investments
2,134 (2,850)(8,213)1,662 
Net change in unrealized currency gains (losses) on non-investment assets and liabilities
(2,446)406 (749)406 
Net realized and unrealized gain (loss) on investments and non-investment assets and liabilities
12,374 (35,744)(98,232)(47,794)
Net increase (decrease) in net assets resulting from operations33,608 (8,989)(31,334)34,494 
Preferred stock dividend856 — 1,410 — 
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders$32,752 $(8,989)$(32,744)$34,494 
Basic and diluted earnings per common share (Note 9)
Basic$0.58 $(0.15)$(0.58)$0.57 
Diluted$0.55 $(0.15)$(0.58)$0.57 
Weighted-average shares of common stock outstanding (Note 9)
Basic56,308,616 59,587,941 56,575,498 60,644,479 
Diluted61,571,773 59,587,941 56,575,498 60,644,479 
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, 2020September 30, 2019
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)$66,898 $82,288 
Net realized gain (loss)(49,216)(17,691)
Net change in unrealized appreciation (depreciation) on investments(48,267)(30,509)
Net change in unrealized currency gains (losses) on non-investment assets and liabilities(749)406 
Net increase (decrease) in net assets resulting from operations(31,334)34,494 
Capital transactions:
Preferred stock issued50,000 — 
Repurchase of common stock(16,003)(47,521)
Dividends declared on preferred and common stock (Note 9)(63,912)(71,590)
Net increase (decrease) in net assets resulting from capital share transactions(29,915)(119,111)
Net increase (decrease) in net assets(61,249)(84,617)
Net Assets at beginning of period956,471 1,063,218 
Net Assets at end of period$895,222 $978,601 

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, 2020September 30, 2019
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$(31,334)$34,494 
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 costs939 931 
Net accretion of discount on investments(5,510)(9,012)
Paid-in-kind interest(3,878)(6,841)
Net realized (gain) loss on investments49,690 17,691 
Net realized currency (gain) loss on non-investment assets and liabilities(474)— 
Net change in unrealized (appreciation) depreciation on investments48,267 30,509 
Net change in unrealized currency (gains) losses on non-investment assets and liabilities749 (406)
Cost of investments purchased and change in payable for investments purchased(449,658)(707,910)
Proceeds from sales and repayments of investments and change in receivable for investments sold542,846 521,508 
Changes in operating assets:
Interest receivable(3,329)(5,705)
Dividend receivable1,091 454 
Prepaid expenses and other assets(211)32 
Changes in operating liabilities:
Due to Investment Adviser— (94)
Interest and credit facility fees payable(3,359)180 
Base management and incentive fees payable(1,763)(108)
Administrative service fees payable(28)
Other accrued expenses and liabilities1,173 (616)
Net cash provided by (used in) operating activities145,247 (124,921)
Cash flows from financing activities:
Proceeds from issuance of preferred stock50,000 — 
Repurchase of common stock(16,003)(47,521)
Borrowings on SPV Credit Facility and Credit Facility293,792 590,179 
Repayments of SPV Credit Facility and Credit Facility(397,484)(347,897)
Debt issuance costs paid(373)(1,483)
Dividends paid in cash(74,842)(85,262)
Net cash provided by (used in) financing activities(144,910)108,016 
Net increase (decrease) in cash and cash equivalents337 (16,905)
Cash and cash equivalents, beginning of period36,751 87,186 
Cash and cash equivalents, end of period$37,088 $70,281 
Supplemental disclosures:
Interest paid during the period$31,708 $38,244 
Taxes, including excise tax, paid during the period$387 $169 
Dividends declared on preferred stock and common stock during the period$63,912 $71,590 

The accompanying notes are an integral part of these consolidated financial statements.
6

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2020
(dollar amounts in thousands)
(unaudited)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value (5)
% of Net Assets
First Lien Debt (72.71% of fair value)
Airnov, Inc. (Clariant)^*(2)(3)(12)Containers, Packaging & GlassL + 5.25%6.25%12/20/201912/19/2025$12,748 $12,562 $12,648 1.41 %
Alpha Packaging Holdings, Inc.+*(2)(3)Containers, Packaging & GlassL + 6.00%7.00%6/26/201511/12/20212,802 2,802 2,799 0.31 
Alpine SG, LLC^*(2)(3)High Tech IndustriesL + 5.75%6.75%2/2/201811/16/202215,301 15,215 15,229 1.70 
Alpine SG, LLC^(2)(3)High Tech IndustriesL + 8.50%9.50%7/24/202011/16/20221,618 1,573 1,624 0.18 
American Physician Partners, LLC^+*(2)(3)(12)Healthcare & PharmaceuticalsL + 6.50%7.50%1/7/201912/21/202137,966 37,741 36,391 4.07 
AMS Group HoldCo, LLC^+(2)(3)(12)Transportation: CargoL + 6.50%7.50%9/29/20179/29/202330,479 30,117 30,238 3.38 
Analogic Corporation^+*(2)(3)(12)Capital EquipmentL + 5.25%6.25%6/22/20186/22/20242,367 2,336 2,363 0.26 
Anchor Hocking, LLC^(2)(3)Durable Consumer GoodsL + 11.75%12.75%1/25/20191/25/202410,047 9,816 9,623 1.07 
Apptio, Inc.^(2)(3)(12)SoftwareL + 7.25%8.25%1/10/20191/10/202510,541 10,340 10,582 1.18 
At Home Holding III, Inc.^(2)(3)(7)RetailL + 9.00%10.00%6/12/20207/27/2022898 878 882 0.10 
Aurora Lux FinCo S.Á.R.L. (Accelya) (Luxembourg)^*(2)(3)(7)SoftwareL + 6.00%7.00%12/24/201912/24/202637,313 36,460 34,051 3.81 
Avenu Holdings, LLC+*(2)(3)Sovereign & Public FinanceL + 5.25%6.25%9/28/20189/28/202438,371 37,932 37,815 4.22 
Barnes & Noble, Inc.^(2)(3)(11)RetailL + 5.50%6.50%8/7/20198/7/202416,967 16,626 15,859 1.77 
BMS Holdings III Corp.^*(2)(3)Construction & BuildingL + 5.25%6.25%9/30/20199/30/20264,917 4,793 4,882 0.55 
Brooks Equipment Company, LLC+(2)(3)Construction & BuildingL + 5.00%6.00%6/26/20155/1/2021367 367 367 0.04 
Captive Resources Midco, LLC^*(2)(3)(12)Banking, Finance, Insurance & Real EstateL + 6.00%7.00%6/30/20155/31/202519,698 19,408 19,777 2.21 
Central Security Group, Inc.^+*(2)(3)(8)Consumer ServicesL + 5.63%6.63%6/26/201510/6/202118,400 17,863 7,949 0.89 
Chartis Holding, LLC^*(2)(3)(12)Business ServicesL + 5.50%6.50%5/1/20195/1/202515,806 15,469 15,702 1.75 
Chemical Computing Group ULC (Canada)^*(2)(3)(7)(12)SoftwareL + 5.00%6.00%8/30/20188/30/2023472 471 469 0.05 
CircusTrix Holdings, LLC^*(2)(3)(12)Hotel, Gaming & LeisureL + 6.75% (100% PIK)7.75%2/2/201812/6/20219,757 9,714 7,733 0.86 
Cobblestone Intermediate Holdco LLC^(2)(3)(12)Consumer ServicesL + 5.00%6.00%1/29/20201/29/2026615 609 618 0.07 
Comar Holding Company, LLC^+*(2)(3)(12)Containers, Packaging & GlassL + 5.50%6.50%6/18/20186/18/202430,915 30,467 30,902 3.45 
Cority Software Inc. (Canada)^*(2)(3)(7)(12)SoftwareL + 5.25%6.25%7/2/20197/2/202619,470 19,083 19,508 2.18 
Cority Software Inc. (Canada)^(2)(3)(7)SoftwareL + 7.25%8.25%9/3/20207/2/20261,902 1,846 1,931 0.22 
Derm Growth Partners III, LLC (Dermatology Associates)^(2)(3)(8)Healthcare & PharmaceuticalsL + 6.25% (100% PIK)7.25%5/31/20165/31/202256,320 56,046 28,680 3.20 
DermaRite Industries, LLC^*(2)(3)Healthcare & PharmaceuticalsL + 7.00%8.00%3/3/20173/3/202221,966 21,861 21,424 2.39 
Designer Brands Inc.^(2)(3)(7)RetailL + 8.50%9.75%8/7/20208/7/202518,182 17,738 18,037 2.02 
Diligent Corporation^(2)(3)(12)TelecommunicationsL + 6.25%7.25%8/4/20208/4/2025580 562 576 0.06 
Direct Travel, Inc.^*(2)(3)(8)Hotel, Gaming & LeisureL + 8.50%9.50%10/14/201612/1/202136,711 36,476 25,985 2.90 
DTI Holdco, Inc.*(2)(3)High Tech IndustriesL + 4.75%5.75%12/18/20189/30/20231,959 1,875 1,670 0.19 
7

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020
(dollar amounts in thousands)
(unaudited)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value (5)
% of Net Assets
Emergency Communications Network, LLC^+*(2)(3)TelecommunicationsL + 2.625%, 5.125% PIK8.75%6/1/20176/1/2023$24,218 $24,107 $20,948 2.34 %
Ensono, LP^*(2)(3)TelecommunicationsL + 5.25%5.40%4/30/20186/27/20258,472 8,406 8,376 0.94 
Ensono, LP^*(2)(3)TelecommunicationsL + 5.75%5.89%6/25/20206/27/202518,176 18,047 17,964 2.01 
Ethos Veterinary Health LLC^+(2)(3)(12)Consumer ServicesL + 4.75%4.90%5/17/20195/15/202610,813 10,701 10,502 1.17 
EvolveIP, LLC^+*(2)(3)(12)TelecommunicationsL + 5.75%6.75%11/26/20196/7/202334,749 34,670 34,470 3.85 
Frontline Technologies Holdings, LLC*+(2)(3)SoftwareL + 5.75%6.75%9/18/20179/18/20233,107 3,087 3,128 0.35 
FWR Holding Corporation^+*(2)(3)(12)Beverage, Food & TobaccoL + 5.50%, 1.50% PIK8.00%8/21/20178/21/202334,537 34,124 30,685 3.43 
Hydrofarm, LLC^(2)(3)WholesaleL + 8.50%8.65%5/15/20175/12/202219,327 19,063 14,697 1.64 
iCIMS, Inc.^(2)(3)(12)SoftwareL + 6.50%7.50%9/12/20189/12/2024— (17)(10)— 
Individual FoodService Holdings, LLC^+(2)(3)(12)WholesaleL + 5.75%6.75%2/21/202011/22/20253,928 3,837 3,553 0.40 
Innovative Business Services, LLC^*(2)(3)(12)High Tech IndustriesL + 5.50%6.50%4/5/20184/5/202316,913 16,601 16,659 1.86 
Integrity Marketing Acquisition, LLC^(2)(3)(12)Banking, Finance, Insurance & Real EstateL + 5.50%6.50%1/15/20208/27/20254,863 4,797 4,911 0.55 
K2 Insurance Services, LLC^+*(2)(3)(12)Banking, Finance, Insurance & Real EstateL + 5.00%6.00%7/3/20197/1/202425,633 25,177 25,415 2.84 
Kaseya, Inc.^(2)(3)(12)High Tech IndustriesL + 5.50%, 1.00% PIK7.50%5/3/20195/2/202521,217 20,831 21,229 2.37 
Legacy.com, Inc.^(2)(3)(11)High Tech IndustriesL + 6.00%7.00%3/20/20173/20/202317,066 16,868 16,369 1.83 
Lifelong Learner Holdings, LLC^*(2)(3)(12)Business ServicesL + 5.75%6.75%10/18/201910/18/202623,872 23,396 20,046 2.24 
Liqui-Box Holdings, Inc.^(2)(3)(12)Containers, Packaging & GlassL + 4.50%5.50%6/3/20196/3/20241,227 1,204 1,189 0.13 
Mailgun Technologies, Inc.^(2)(3)(12)High Tech IndustriesL + 5.00%6.00%3/26/20193/26/202511,764 11,550 11,419 1.28 
National Carwash Solutions, Inc.^+*(2)(3)(12)AutomotiveL + 6.00%7.00%8/7/20184/28/202310,245 10,118 10,042 1.12 
National Technical Systems, Inc.^+*(2)(3)(12)Aerospace & DefenseL + 6.00%7.00%6/26/20156/12/202127,581 27,511 27,476 3.07 
NES Global Talent Finance US, LLC (United Kingdom)+*(2)(3)(7)Energy: Oil & GasL + 5.50%6.50%5/9/20185/11/20239,814 9,713 9,712 1.09 
NMI AcquisitionCo, Inc.^+*(2)(3)(12)High Tech IndustriesL + 5.50%6.50%9/6/20179/6/202249,683 49,246 49,637 5.54 
Northland Telecommunications Corporation^*(2)(3)(12)Media: Broadcasting & SubscriptionL + 5.75%6.75%10/1/201810/1/202546,266 45,660 46,654 5.21 
Paramit Corporation+*(2)(3)Capital EquipmentL + 4.50%5.50%5/3/20195/3/20256,213 6,164 6,162 0.69 
PF Growth Partners, LLC^+*(2)(3)(12)Hotel, Gaming & LeisureL + 5.00%6.00%7/1/20197/11/20257,313 7,211 6,432 0.72 
Plano Molding Company, LLC^(2)(3)Hotel, Gaming & LeisureL + 7.50%, 1.50% PIK10.00%5/1/20155/12/202214,674 14,625 12,759 1.43 
Plano Molding Company, LLC^(2)(3)Hotel, Gaming & LeisureL + 7.50%, 1.50% PIK10.00%8/7/20205/12/20221,077 1,067 937 0.10 
PPC Flexible Packaging, LLC^+*(2)(3)(12)Containers, Packaging & GlassL + 5.50%6.50%11/23/201811/23/202414,565 14,440 14,411 1.61 
8

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020
(dollar amounts in thousands)
(unaudited)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value (5)
% of Net Assets
PPT Management Holdings, LLC^(2)(3)Healthcare & PharmaceuticalsL + 6.00%, 2.50% PIK9.50%12/15/201612/16/2022$27,893 $27,804 $22,505 2.51 %
PricewaterhouseCoopers Public Sector LLP^(2)(3)(12)Aerospace & DefenseL + 3.25%3.48%5/1/20185/1/2023— (82)(46)(0.01)
Product Quest Manufacturing, LLC^(2)(3)(8)Containers, Packaging & GlassL + 6.75%10.00%9/21/20173/31/2020840 840 441 0.05 
Propel Insurance Agency, LLC^(2)(3)Banking, Finance, Insurance & Real EstateL + 4.25%5.25%6/1/20186/1/20242,345 2,332 2,321 0.26 
QW Holding Corporation (Quala)^+*(2)(3)(12)Environmental IndustriesL + 6.25%7.25%8/31/20168/31/202243,231 42,831 40,685 4.55 
Redwood Services Group, LLC^*(2)(3)High Tech IndustriesL + 6.00%7.00%11/13/20186/6/20238,364 8,313 8,252 0.92 
Redwood Services Group, LLC^(2)(3)(12)High Tech IndustriesL + 8.50%9.50%8/14/20206/6/2023977 877 990 0.11 
Regency Entertainment, Inc.^+(2)(3)Media: Diversified & ProductionL + 6.75%7.75%5/22/202010/22/202520,000 19,621 19,600 2.19 
Reladyne, Inc.^(2)(3)WholesaleL + 5.00%6.00%8/21/20207/22/202216,667 16,510 16,500 1.84 
Riveron Acquisition Holdings, Inc.^+*(2)(3)Banking, Finance, Insurance & Real EstateL + 5.75%6.75%5/22/20195/22/202519,818 19,501 19,838 2.22 
RSC Acquisition, Inc.^(2)(3)(12)Banking, Finance, Insurance & Real EstateL + 5.50%6.50%11/1/201911/1/202617,640 17,304 17,320 1.94 
Sapphire Convention, Inc. (Smart City)^+*(2)(3)TelecommunicationsL + 5.25%6.25%11/20/201811/20/202532,467 31,975 27,444 3.07 
Smile Doctors, LLC^+*(2)(3)(12)Healthcare & PharmaceuticalsL + 6.00%7.00%10/6/201710/6/202223,401 23,333 22,465 2.51 
Sovos Brands Intermediate, Inc.+*(2)(3)Beverage, Food & TobaccoL + 4.75%4.90%11/16/201811/20/202519,748 19,585 19,523 2.18 
SPay, Inc.^*(2)(3)(12)Hotel, Gaming & LeisureL + 2.30%, 5.45% PIK8.75%6/15/20186/17/202420,983 20,700 17,006 1.90 
Superior Health Linens, LLC^+(2)(3)(12)Business ServicesL + 6.50%7.50%9/30/20169/30/202121,110 21,030 20,900 2.34 
Surgical Information Systems, LLC^+*(2)(3)(11)High Tech IndustriesL + 5.00%6.00%4/24/20174/24/202326,168 26,040 25,906 2.89 
T2 Systems, Inc.^+*(2)(3)(12)Transportation: ConsumerL + 6.75%7.75%9/28/20169/28/202235,473 35,090 34,705 3.88 
Tank Holding Corp.^(2)(3)(12)Capital EquipmentL + 4.00%4.15%3/26/20193/26/2024— 
TCFI Aevex LLC^*(2)(3)Aerospace & DefenseL + 6.00%7.00%3/18/20203/18/202610,006 9,842 9,843 1.10 
The Leaders Romans Bidco Limited (United Kingdom) Term Loan B^(2)(3)(7)Banking, Finance, Insurance & Real EstateL + 6.75%, 3.50% PIK11.00%7/23/20196/30/2024£20,420 24,920 25,822 2.88 
The Leaders Romans Bidco Limited (United Kingdom) Term Loan C^(2)(3)(7)(12)Banking, Finance, Insurance & Real EstateL + 6.75%, 3.50% PIK11.00%7/23/20196/30/2024£3,377 4,284 4,426 0.49 
Trump Card, LLC+^*(2)(3)(12)Transportation: CargoL + 5.50%6.50%6/26/20184/21/20227,613 7,587 7,401 0.83 
TSB Purchaser, Inc. (Teaching Strategies, LLC)^+*(2)(3)(12)Media: Advertising, Printing & PublishingL + 6.00%7.00%5/14/20185/14/202428,083 27,604 27,698 3.09 
Turbo Buyer, Inc. (Portfolio Holdings, Inc.)^+*(2)(3)(12)AutomotiveL + 5.50%6.50%12/2/201912/2/202532,579 31,814 32,242 3.60 
9

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020
(dollar amounts in thousands)
(unaudited)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value (5)
% of Net Assets
Tweddle Group, Inc.^(2)(3)Media: Advertising, Printing & PublishingL + 4.50%5.50%9/17/20189/17/2023$1,825 $1,807 $1,782 0.20 %
U.S. Acute Care Solutions, LLC*(2)(3)Healthcare & PharmaceuticalsL + 6.00%7.00%2/21/20195/15/20214,265 4,252 3,851 0.43 
Unifrutti Financing PLC (Cyprus)^(7)Beverage, Food & Tobacco7.50%, 1.00% PIK8.50%9/15/20199/15/20264,575 4,825 5,177 0.58 
US INFRA SVCS Buyer, LLC (AIMS Companies)^(2)(3)(12)Environmental IndustriesL + 6.00%7.00%4/13/20204/13/20266,564 5,915 5,829 0.65 
USLS Acquisition, Inc.^*(2)(3)(12)Business ServicesL + 5.75%6.75%11/30/201811/30/202421,975 21,633 20,336 2.27 
USLS Acquisition, Inc.^*(2)(3)(12)Business ServicesL + 5.75%6.75%9/3/202011/30/2024— (23)(42)— 
VRC Companies, LLC^+*(2)(3)(12)Business ServicesL + 6.50%7.50%3/31/20173/31/202337,457 37,147 37,457 4.18 
Westfall Technik, Inc.^*(2)(3)Chemicals, Plastics & RubberL + 6.25%7.25%9/13/20189/13/202428,254 27,974 26,024 2.91 
YLG Holdings, Inc.^(2)(3)(12)Consumer ServicesL + 6.25%7.25%9/30/202011/1/20251,210 1,150 1,150 0.13 
Zemax Software Holdings, LLC^*(2)(3)(12)SoftwareL + 5.75%6.75%6/25/20186/25/202410,710 10,598 10,568 1.18 
Zenith Merger Sub, Inc.^+*(2)(3)(12)Business ServicesL + 5.25%6.25%12/13/201712/13/202318,607 18,434 18,389 2.05 
First Lien Debt Total$1,504,621 $1,416,398 158.22 %
Second Lien Debt (14.77% of fair value)
Access CIG, LLC*(2)(3)Business ServicesL + 7.75%7.91%2/14/20182/27/2026$2,700 $2,688 $2,543 0.28 %
AI Convoy S.A.R.L (Cobham) (United Kingdom)^(2)(3)(7)Aerospace & DefenseL + 8.25%9.25%1/17/20201/17/202830,327 29,689 31,213 3.49 
Aimbridge Acquisition Co., Inc.^(2)(3)Hotel, Gaming & LeisureL + 7.50%7.66%2/1/20192/1/20279,241 9,100 8,043 0.90 
AQA Acquisition Holding, Inc.^+(2)(3)High Tech IndustriesL + 8.00%9.00%10/1/20185/24/202440,000 39,717 39,940 4.46 
Brave Parent Holdings, Inc.^*(2)(3)SoftwareL + 7.50%8.50%10/3/20184/19/202619,062 18,698 18,463 2.06 
Drilling Info Holdings, Inc.^(2)(3)Energy: Oil & GasL + 8.25%8.40%2/11/20207/30/202618,600 18,129 18,042 2.02 
Higginbotham Insurance Agency, Inc.^(2)(3)Banking, Finance, Insurance & Real EstateL + 7.50%8.50%12/3/201912/19/20252,500 2,478 2,500 0.28 
Jazz Acquisition, Inc.^(2)(3)Aerospace & DefenseL + 8.00%8.15%6/13/20196/18/202723,450 23,141 17,278 1.93 
Le Tote, Inc.^(2)(3)RetailL + 8.75%10.25%11/8/201911/8/20247,511 7,359 7,196 0.80 
Outcomes Group Holdings, Inc.^*(2)(3)Business ServicesL + 7.50%7.72%10/23/201810/26/20264,500 4,491 4,442 0.50 
Pharmalogic Holdings Corp.^(2)(3)Healthcare & PharmaceuticalsL + 8.00%9.00%6/7/201812/11/2023800 797 770 0.09 
Quartz Holding Company (QuickBase, Inc.)^(2)(3)SoftwareL + 8.00%8.15%4/2/20194/2/202711,900 11,694 11,547 1.29 
Reladyne, Inc.^+(2)(3)WholesaleL + 9.50%10.50%4/19/20181/21/202312,242 12,121 11,861 1.32 
Stonegate Pub Company Bidco Limited (United Kingdom)^(2)(3)(7)Beverage, Food & TobaccoL + 8.50%8.86%3/12/20203/12/2028£20,000 24,716 21,025 2.35 
Tank Holding Corp.^*(2)(3)Capital EquipmentL + 8.25%8.39%3/26/20193/26/202737,380 36,862 37,466 4.19 
Ultimate Baked Goods MIDCO, LLC (Rise Baking)^(2)(3)Beverage, Food & TobaccoL + 8.00%9.00%8/9/20188/9/20268,333 8,199 7,808 0.87 
10

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020
(dollar amounts in thousands)
(unaudited)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value (5)
% of Net Assets
Watchfire Enterprises, Inc.^(2)(3)Media: Advertising, Printing & PublishingL + 8.00%9.00%10/2/201310/2/2021$7,000 $6,980 $6,969 0.78 %
World 50, Inc.^(9)Business Services11.50%11.50%1/10/20201/9/202710,000 9,817 9,792 1.09 
WP CPP Holdings, LLC (CPP)^*(2)(3)Aerospace & DefenseL + 7.75%8.75%7/18/20194/30/202639,500 39,160 30,297 3.38 
Zywave, Inc.^(2)(3)High Tech IndustriesL + 9.00%10.00%11/18/201611/17/2023464 459 464 0.05 
Second Lien Debt Total
$306,295 $287,659 32.13 %
Investments—non-controlled/non-affiliated (1)
FootnotesIndustryAcquisition DateShares/ UnitsCost
Fair
Value 
(5)
% of Net Assets
Equity Investments (1.69% of fair value)
ANLG Holdings, LLC^(6)Capital Equipment6/22/2018592$592 $978 0.11 %
Avenu Holdings, LLC^(6)Sovereign & Public Finance9/28/20181721722590.03 
BK Intermediate Company, LLC^(6)Healthcare & Pharmaceuticals5/27/20202882882710.03 
Chartis Holding, LLC^(6)Business Services5/1/20194334336010.07 
CIP Revolution Holdings, LLC^(6)Media: Advertising, Printing & Publishing8/19/20163183181540.02 
Cority Software Inc. (Canada)^(6)Software7/2/20192502502800.03 
DecoPac, Inc.^(6)Non-durable Consumer Goods9/29/20171,5001,5002,0840.23 
Derm Growth Partners III, LLC (Dermatology Associates)^(6)Healthcare & Pharmaceuticals5/31/20161,0001,000— 
GRO Sub Holdco, LLC (Grand Rapids)^(6)Healthcare & Pharmaceuticals3/29/2018500500— 
K2 Insurance Services, LLC^(6)Banking, Finance, Insurance & Real Estate7/3/20194334335560.06 
Legacy.com, Inc.^(6)High Tech Industries3/20/20171,5001,5006650.07 
Mailgun Technologies, Inc.^(6)High Tech Industries3/26/20194244247840.09 
North Haven Goldfinch Topco, LLC^(6)Containers, Packaging & Glass6/18/20182,3152,3152,7170.30 
Paramit Corporation^(6)Capital Equipment6/17/20191505007370.08 
PPC Flexible Packaging, LLC^(6)Containers, Packaging & Glass2/1/2019965 965 1,247 0.14 
Rough Country, LLC^(6)Durable Consumer Goods5/25/20177557551,8300.20 
SiteLock Group Holdings, LLC^(6)High Tech Industries4/5/20184464465600.06 
T2 Systems Parent Corporation^(6)Transportation: Consumer9/28/20165565568250.09 
Tailwind HMT Holdings Corp.^(6)Energy: Oil & Gas11/17/2017201,3342,0250.23 
Tank Holding Corp.^(6)Capital Equipment3/26/20198508509430.11 
Titan DI Preferred Holdings, Inc. (Drilling Info)^(6)Energy: Oil & Gas2/11/202010,87610,589 10,549 1.18 
11

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020
(dollar amounts in thousands)
(unaudited)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustryAcquisition DateShares/ UnitsCost
Fair
Value 
(5)
% of Net Assets
Turbo Buyer, Inc. (Portfolio Holdings, Inc.)^(6)Automotive12/2/20191,925$1,925 $2,368 0.27 %
Tweddle Holdings, Inc.*^(6)Media: Advertising, Printing & Publishing9/17/201817— — — 
USLS Acquisition, Inc.^(6)Business Services11/30/2018641641 560 0.06 
W50 Parent LLC^(6)Business Services1/10/2020500500 542 0.06 
Zenith American Holding, Inc.^(6)Business Services12/13/20171,5647821,2870.14 
Zillow Topco LP^(6)Software6/25/20183133121650.02 
Equity Investments Total$29,880 $32,987 3.68 %
Total investments—non-controlled/non-affiliated$1,840,796 $1,737,044 194.03 %
Investments—controlled/affiliatedFootnotesIndustry
Reference Rate & Spread(2)
Interest
Rate 
(2)
Acquisition DateMaturity
Date
Par/
Principal
Amount
Amortized
Cost 
(6)
Fair
Value 
(5)
% of Net Assets
First Lien Debt (0.35% of fair value)
SolAero Technologies Corp. (A1 Term Loan)^(2)(3)(8)(10)TelecommunicationsL + 8.00% (100% PIK)9.00%4/12/201910/12/2022$3,166 $3,166 $1,151 0.13 %
SolAero Technologies Corp. (A2 Term Loan)^(2)(3)(8)(10)TelecommunicationsL + 8.00% (100% PIK)9.00%4/12/201910/12/20228,7078,7073,1650.35 
SolAero Technologies Corp. (Priority Facilities)^(2)(3)(10)(12)TelecommunicationsL + 6.00%7.00%4/12/201910/12/20222,4772,4422,4770.28 
First Lien Debt Total$14,315 $6,793 0.76 %
Investments—controlled/affiliatedFootnotesIndustryAcquisition DateShares/ UnitsCost
Fair
Value
 (5)
% of Net Assets
Equity Investments (0.00% of fair value)
SolAero Technologies Corp.^(6)(10)Telecommunications4/12/20193$2,815 $— — %
Equity Investments Total$2,815 $— — %
12

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020
(dollar amounts in thousands)
(unaudited)
Investments—controlled/affiliatedFootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar Amount/ LLC InterestCost
Fair
Value (7)
% of Net Assets
Investment Fund (10.49% of fair value)
Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest^(7)(10)Investment FundN/A—%2/29/20163/1/2021$216,000 $216,001 $204,336 22.83 %
Middle Market Credit Fund, Mezzanine Loan^(2)(7)(9)(10)Investment FundL + 9.00%9.23%6/30/20163/22/2021— — — 
Investment Fund Total$216,001 $204,336 22.83 %
Total investments—controlled/affiliated$233,131 $211,129 23.59 %
Total Investments$2,073,927 $1,948,173 217.62 %

^ Denotes that all or a portion of the assets are owned by TCG BDC, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “TCG BDC” or the “Company”). The Company has entered into a senior secured revolving credit facility (as amended, the “Credit Facility”). 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 TCG BDC SPV LLC (the “SPV”) or Carlyle Direct Lending CLO 2015-1R LLC (formerly known as Carlyle GMS Finance MM CLO 2015-1 LLC) (the “2015-1 Issuer”).
+ Denotes that all or a portion of the assets are owned by the Company’s wholly owned subsidiary, the SPV. The SPV has entered into a senior secured revolving credit facility (as amended, the “SPV Credit Facility” and, together with the Credit Facility, the “Facilities”). 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.
* Denotes that all or a portion of the assets are owned by the Company's wholly owned subsidiary, the 2015-1 Issuer, and secure the notes issued in connection with a term debt securitization completed by the Company on June 26, 2015 (see Note 7, Notes Payable). Accordingly, such assets are not available to the creditors of the Company or the SPV.
** Par amount is denominated in USD ("$") unless otherwise noted, as denominated in Euro (“€”) or British Pound (“£”).
(1)Unless otherwise indicated, issuers of debt and equity investments held by 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, 2020, 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, 2020, 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, 2020. As of September 30, 2020, the reference rates for our variable rate loans were the 30-day LIBOR at 0.15%, the 90-day LIBOR at 0.23% and the 180-day LIBOR at 0.26%.
(3)Loan includes interest rate floor feature, which is generally 1.00%.
(4)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.
(5)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 was determined using significant unobservable inputs.
(6)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of September 30, 2020, the aggregate fair value of these securities is $32,987, or 3.68% of the Company’s net assets.
(7)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.
(8)Loan was on non-accrual status as of September 30, 2020.
(9)Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company.
13

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020
(dollar amounts in thousands)
(unaudited)
(10)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, 2020, were as follows:
Investments—controlled/affiliatedFair Value as of December 31, 2019Additions/PurchasesReductions/Sales/ PaydownsNet Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation)Fair Value as of September 30, 2020Dividend and Interest Income
Middle Market Credit Fund, LLC, Mezzanine Loan
$93,000 $63,500 $(156,500)$— $— $— $3,049 
Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest
111,596 92,500 — — 240 204,336 14,750 
Total investments—controlled/affiliated$204,596 $156,000 $(156,500)$— $240 $204,336 $17,799 
Investments—controlled/affiliatedFair Value as of December 31, 2019Additions/PurchasesReductions/Sales/ PaydownsNet Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation)Fair Value as of September 30, 2020Dividend and Interest Income
SolAero Technologies Corp. (Priority Term Loan)$9,612 $— $(7,135)$— $— $2,477 $237 
SolAero Technologies Corp. (A1 Term Loan)3,166 — — — (2,015)1,151 — 
SolAero Technologies Corp. (A2 Term Loan)8,707 — — — (5,542)3,165 — 
Solaero Technology Corp. (Equity)
826 — — — (826)— — 
Total investments—controlled/affiliated$22,311 $— $(7,135)$— $(8,383)$6,793 $237 

(11)     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: Barnes & Noble, Inc. (1.83%), Legacy.com Inc. (4.44%), and Surgical Information Systems, LLC (1.01%). 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.

(12)As of September 30, 2020, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans:
Investments—non-controlled/non-affiliatedTypeUnused FeePar/ Principal AmountFair Value
First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments
Airnov, Inc. (Clariant)Revolver0.50%$1,250 $(9)
American Physician Partners, LLCRevolver0.50550 (22)
AMS Group HoldCo, LLCRevolver0.502,315 (17)
Analogic CorporationRevolver0.50168 — 
Apptio, Inc.Revolver0.502,367 
Captive Resources Midco, LLCRevolver0.502,143 
Chartis Holding, LLCDelayed Draw1.006,402 (27)
Chartis Holding, LLCRevolver0.502,401 (10)
Chemical Computing Group ULC (Canada)Revolver0.5029 — 
14

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2020
(dollar amounts in thousands)
(unaudited)
Investments—non-controlled/non-affiliatedTypeUnused FeePar/ Principal AmountFair Value
CircusTrix Holdings, LLCDelayed Draw1.00%$836 $(160)
Cobblestone Intermediate Holdco LLCDelayed Draw1.00117 — 
Comar Holding Company, LLCRevolver0.502,935 (1)
Cority Software Inc. (Canada)Revolver0.503,000 
Diligent CorporationDelayed Draw1.00141 (1)
Diligent CorporationRevolver0.5047 — 
Ethos Veterinary Health LLCDelayed Draw