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, 2021
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)
One Vanderbilt Avenue, Suite 3400, New York, NY 10017
(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 1, 2021 was 53,548,646.



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, 2021December 31, 2020
ASSETS(unaudited) 
Investments, at fair value
Investments—non-controlled/non-affiliated, at fair value (amortized cost of $1,669,617 and $1,574,182, respectively)$1,643,584 $1,509,271 
Investments—non-controlled/affiliated, at fair value (amortized cost of $38,582 and $37,571, respectively)30,410 26,180 
Investments—controlled/affiliated, at fair value (amortized cost of $288,056 and $311,213, respectively)274,212 290,298 
Total investments, at fair value (amortized cost of $1,996,255 and $1,922,966, respectively)1,948,206 1,825,749 
Cash, cash equivalents and restricted cash46,164 68,419 
Receivable for investment sold/repaid23,235 4,313 
Deferred financing costs3,256 3,633 
Interest receivable from non-controlled/non-affiliated investments13,486 12,634 
Interest receivable from non-controlled/affiliated investments581 569 
Interest and dividend receivable from controlled/affiliated investments7,866 6,480 
Prepaid expenses and other assets1,376 816 
Total assets$2,044,170 $1,922,613 
LIABILITIES
Secured borrowings (Note 7)$425,545 $347,949 
2015-1R Notes payable, net of unamortized debt issuance costs of $2,479 and $2,664, respectively (Note 8)446,721 446,536 
Senior Notes, net of unamortized debt issuance costs of $451 and $562, respectively (Note 8)189,549 189,438 
Payable for investments purchased68 809 
Interest and credit facility fees payable (Notes 7 and 8)3,045 2,439 
Dividend payable (Note 10)20,388 19,892 
Base management and incentive fees payable (Note 4)11,752 11,549 
Administrative service fees payable (Note 4)661 85 
Other accrued expenses and liabilities2,047 2,553 
Total liabilities1,099,776 1,021,250 
Commitments and contingencies (Notes 9 and 12)
EQUITY
NET ASSETS
Cumulative convertible preferred stock, $0.01 par value; 2,000,000 and 2,000,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively50,000 50,000 
Common stock, $0.01 par value; 198,000,000 shares authorized; 53,714,444 and 55,320,309 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively537 553 
Paid-in capital in excess of par value1,060,955 1,081,436 
Offering costs(1,633)(1,633)
Total distributable earnings (loss)(165,465)(228,993)
Total net assets$944,394 $901,363 
NET ASSETS PER COMMON SHARE$16.65 $15.39 
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, 2021September 30, 2020September 30, 2021September 30, 2020
Investment income:
From non-controlled/non-affiliated investments:
Interest income
$35,387 $34,789 $99,804 $112,290 
Other income
750 2,110 4,618 8,001 
Total investment income from non-controlled/non-affiliated investments
36,137 36,899 104,422 120,291 
From non-controlled/affiliated investments:
Interest income
47 — 130 — 
Other income
— — 
Total investment income from non-controlled/affiliated investments
49 — 138 — 
From controlled/affiliated investments:
Interest income
46 135 157 3,563 
Dividend income7,523 5,750 22,539 14,750 
Other income— 10 — 
Total investment income from controlled/affiliated investments7,576 5,885 22,706 18,313 
Total investment income43,762 42,784 127,266 138,604 
Expenses:
Base management fees (Note 4)7,233 7,134 21,024 21,585 
Incentive fees (Note 4)4,516 4,322 13,193 14,075 
Professional fees
836 937 2,444 2,282 
Administrative service fees (Note 4)400 167 1,057 539 
Interest expense (Notes 7 and 8)7,519 7,291 21,549 28,913 
Credit facility fees (Note 7)435 728 1,459 2,106 
Directors’ fees and expenses
154 86 420 303 
Other general and administrative
420 498 1,292 1,364 
Total expenses21,513 21,163 62,438 71,167 
Net investment income (loss) before taxes22,249 21,621 64,828 67,437 
Excise tax expense
163 387 426 539 
Net investment income (loss)
22,086 21,234 64,402 66,898 
Net realized gain (loss) and net change in unrealized appreciation (depreciation):
Net realized gain (loss) on investments:
Non-controlled/non-affiliated investments
7,565 (209)11,181 (49,690)
Non-controlled/affiliated investments— — — 
Currency gains (losses) on non-investment assets and liabilities(9)(11)(147)474 
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/non-affiliated investments
4,574 12,906 38,828 (40,054)
Non-controlled/affiliated investments
1,683 — 3,219 — 
Controlled/affiliated investments
9,730 2,134 7,087 (8,213)
Net change in unrealized currency gains (losses) on non-investment assets and liabilities
1,991 (2,446)1,820 (749)
Net realized and unrealized gain (loss) on investments and non-investment assets and liabilities
25,534 12,374 61,990 (98,232)
Net increase (decrease) in net assets resulting from operations47,620 33,608 126,392 (31,334)
Preferred stock dividend875 856 2,625 1,410 
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders$46,745 $32,752 $123,767 $(32,744)
Basic and diluted earnings per common share (Note 10)
Basic$0.87 $0.58 $2.27 $(0.58)
Diluted$0.80 $0.55 $2.11 $(0.58)
Weighted-average shares of common stock outstanding (Note 10)
Basic53,955,338 56,308,616 54,506,760 56,575,498 
Diluted59,230,725 61,571,773 59,782,147 56,575,498 
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, 2021September 30, 2020
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)$64,402 $66,898 
Net realized gain (loss)11,036 (49,216)
Net change in unrealized appreciation (depreciation) on investments49,134 (48,267)
Net change in unrealized currency gains (losses) on non-investment assets and liabilities1,820 (749)
Net increase (decrease) in net assets resulting from operations126,392 (31,334)
Capital transactions:
Preferred stock issued— 50,000 
Repurchase of common stock(20,497)(16,003)
Dividends declared on preferred and common stock (Note 10)(62,864)(63,912)
Net increase (decrease) in net assets resulting from capital share transactions(83,361)(29,915)
Net increase (decrease) in net assets43,031 (61,249)
Net Assets at beginning of period901,363 956,471 
Net Assets at end of period$944,394 $895,222 

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, 2021September 30, 2020
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$126,392 $(31,334)
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 costs759 939 
Net accretion of discount on investments(6,530)(5,510)
Paid-in-kind interest(6,958)(3,878)
Net realized (gain) loss on investments(11,183)49,690 
Net realized currency (gain) loss on non-investment assets and liabilities147 (474)
Net change in unrealized (appreciation) depreciation on investments(49,134)48,267 
Net change in unrealized currency (gains) losses on non-investment assets and liabilities(1,820)749 
Cost of investments purchased and change in payable for investments purchased(628,333)(449,658)
Proceeds from sales and repayments of investments and change in receivable for investments sold/repaid560,052 542,846 
Changes in operating assets:
Interest receivable(864)(3,329)
Dividend receivable(1,386)1,091 
Prepaid expenses and other assets(560)(211)
Changes in operating liabilities:
Interest and credit facility fees payable606 (3,359)
Base management and incentive fees payable203 (1,763)
Administrative service fees payable576 
Other accrued expenses and liabilities(506)1,173 
Net cash provided by (used in) operating activities(18,539)145,247 
Cash flows from financing activities:
Proceeds from issuance of preferred stock— 50,000 
Repurchase of common stock(20,497)(16,003)
Borrowings on SPV Credit Facility and Credit Facility337,031 293,792 
Repayments of SPV Credit Facility and Credit Facility(257,500)(397,484)
Debt issuance costs paid(382)(373)
Dividends paid in cash(62,368)(74,842)
Net cash provided by (used in) financing activities(3,716)(144,910)
Net increase (decrease) in cash, cash equivalents and restricted cash(22,255)337 
Cash, cash equivalents, and restricted cash, beginning of period68,419 36,751 
Cash, cash equivalents, and restricted cash, end of period$46,164 $37,088 
Supplemental disclosures:
Interest paid during the period$21,750 $31,708 
Taxes, including excise tax, paid during the period$641 $387 
Dividends declared on preferred stock and common stock during the period$62,864 $63,912 
The accompanying notes are an integral part of these consolidated financial statements.
6

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2021
(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 (63.6% of fair value)
Advanced Web Technologies Holding Company^*(2)(3)(14)Containers, Packaging & GlassL + 5.75%6.75%12/17/202012/17/2026$5,945 $5,784 $6,037 0.64 %
Airnov, Inc.^*(2)(3)(14)Containers, Packaging & GlassL + 5.00%6.00%12/20/201912/19/20253,024 2,982 3,024 0.32 
Allied Universal Holdco LLC^(2)(3)Business ServicesL + 4.25%4.38%2/17/20217/10/2026499 501 499 0.05 
Alpha Packaging Holdings, Inc.^*(2)(3)Containers, Packaging & GlassL + 6.00%7.00%6/26/20155/12/20222,697 2,697 2,697 0.29 
Alpine SG, LLC*(2)(3)High Tech IndustriesL + 8.50%9.50%7/24/202011/16/20221,618 1,593 1,618 0.17 
Alpine SG, LLC*(2)(3)High Tech IndustriesL + 6.50%7.50%11/2/202011/16/202213,796 13,555 13,756 1.46 
American Physician Partners, LLC^*(2)(3)(14)Healthcare & PharmaceuticalsL + 6.75%, 1.50% PIK9.25%1/7/201912/21/202128,336 28,296 28,336 3.00 
AMS Group HoldCo, LLC^*(2)(3)(14)Transportation: CargoL + 6.00%7.00%9/29/20179/29/202319,229 19,063 19,229 2.04 
Analogic Corporation^*(2)(3)(14)Capital EquipmentL + 5.25%6.25%6/22/20186/22/20242,344 2,320 2,322 0.25 
Applied Technical Services, LLC^(2)(3)(14)Business ServicesL + 5.75%6.75%12/29/202012/29/2026392 381 392 0.04 
Appriss Health, LLC^(2)(3)(14)Healthcare & PharmaceuticalsL + 7.25%8.25%5/6/20215/6/202744,444 43,549 43,722 4.64 
Apptio, Inc.^(2)(3)(14)SoftwareL + 7.25%8.25%1/10/20191/10/20256,132 6,037 6,188 0.66 
Ascend Buyer, LLC^(2)(3)(14)Containers, Packaging & GlassL + 5.75%6.50%9/30/20219/30/202812,624 12,345 12,345 1.31 
Associations, Inc.^(2)(3)(14)Construction & BuildingL + 4.00%, 2.50% PIK7.50%7/2/20217/2/20277,301 7,183 7,346 0.78 
Aurora Lux FinCo S.Á.R.L. (Luxembourg)^*(2)(3)(7)SoftwareL + 6.00%7.00%12/24/201912/24/202632,571 31,925 29,584 3.13 
Avenu Holdings, LLC*(2)(3)Sovereign & Public FinanceL + 5.25%6.25%9/28/20189/28/202413,580 13,473 13,580 1.44 
Barnes & Noble, Inc.^(2)(3)(11)RetailL + 5.50%6.50%8/7/20198/7/202416,074 15,825 15,881 1.68 
BlueCat Networks, Inc. (Canada)*(2)(3)(7)High Tech IndustriesL + 6.25%7.25%10/30/202010/30/202611,468 11,263 11,430 1.21 
BMS Holdings III Corp.^(2)(3)(14)Construction & BuildingL + 5.50%6.50%9/30/20199/30/2026— (189)(100)(0.01)
Captive Resources Midco, LLC^*(2)(3)(14)Banking, Finance, Insurance & Real EstateL + 5.75%6.75%6/30/20155/31/202510,223 10,096 10,223 1.08 
Central Security Group, Inc.^*(2)(3)Consumer ServicesL + 6.00%7.00%10/16/202010/16/20259,208 9,208 8,816 0.93 
Chartis Holding, LLC^*(2)(3)(14)Business ServicesL + 5.50%6.50%5/1/20195/1/2025695 684 695 0.07 
Chemical Computing Group ULC (Canada)^*(2)(3)(7)(14)SoftwareL + 4.50%5.50%8/30/20188/30/2024467 467 465 0.05 
Chudy Group, LLC^(2)(3)(14)Healthcare & PharmaceuticalsL + 5.75%6.75%6/30/20216/30/2027828 814 823 0.09 
CircusTrix Holdings, LLC^*(2)(3)Hotel, Gaming & LeisureL + 5.50%, 2.50% PIK9.00%2/2/20181/16/202410,485 10,460 9,037 0.96 
CircusTrix Holdings, LLC^(2)(3)Hotel, Gaming & LeisureL + 5.50%, 2.50% PIK9.00%1/8/20217/16/2023694 637 694 0.07 
Cobblestone Intermediate Holdco LLC^(2)(3)Consumer ServicesL + 5.25%6.25%1/29/20201/29/2026725 719 714 0.09 
Comar Holding Company, LLC^*(2)(3)(14)Containers, Packaging & GlassL + 5.75%6.75%6/18/20186/18/202427,978 27,660 27,958 2.96 
7

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2021
(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
Cority Software Inc. (Canada)^*(2)(3)(7)(14)SoftwareL + 5.00%6.00%7/2/20197/2/2026$10,542 $10,350 $10,542 1.12 %
Cority Software Inc. (Canada)^(2)(3)(7)SoftwareL + 7.00%8.00%9/3/20207/2/20261,883 1,835 1,912 0.20 
DCA Investment Holding, LLC^*(2)(3)(14)Healthcare & PharmaceuticalsL + 6.25%7.00%3/11/20213/12/202710,390 10,220 10,387 1.10 
Derm Growth Partners III, LLC ^(2)(3)(8)Healthcare & PharmaceuticalsL + 6.25%7.25%5/31/20165/31/202255,936 52,257 34,856 3.69 
DermaRite Industries, LLC^*(2)(3)(14)Healthcare & PharmaceuticalsL + 7.00%8.00%3/3/20173/3/202219,558 19,529 16,573 1.75 
Designer Brands Inc.^(2)(3)(7)RetailL + 8.50%9.75%8/7/20208/7/202517,273 16,922 16,975 1.80 
Diligent Corporation^(2)(3)(14)TelecommunicationsL + 6.25%7.25%8/4/20208/4/2025605 588 620 0.07 
DTI Holdco, Inc.^(2)(3)High Tech IndustriesL + 4.75%5.75%12/18/20189/30/20231,939 1,879 1,896 0.20 
Dwyer Instruments, Inc^*(2)(3)(14)Capital EquipmentL + 5.50%6.25%7/21/20217/21/202712,248 11,979 12,127 1.28 
Ellkay, LLC^(2)(3)(14)Healthcare & PharmaceuticalsL + 5.75%6.75%9/14/20219/14/202714,285 13,967 13,964 1.48 
Emergency Communications Network, LLC^*(2)(3)TelecommunicationsL + 2.625%, 5.125% PIK8.75%6/1/20176/1/202325,219 25,149 22,074 2.34 
EPS Nass Parent, Inc.^(2)(3)(14)Utilities: ElectricL + 5.75%6.75%4/19/20214/19/2028855 836 846 0.09 
Ethos Veterinary Health LLC^(2)(3)Consumer ServicesL + 4.75%4.83%5/17/20195/15/20262,593 2,574 2,593 0.27 
EvolveIP, LLC^*(2)(3)(14)TelecommunicationsL + 5.75%6.75%11/26/20196/7/20235,393 5,381 5,393 0.57 
Frontline Technologies Holdings, LLC^*(2)(3)SoftwareL + 5.75%6.75%9/18/20179/18/20233,076 3,062 3,076 0.33 
FWR Holding Corporation^*(2)(3)(14)Beverage, Food & TobaccoL + 5.50%, 0.25% PIK6.75%8/21/20178/21/202334,678 34,403 34,678 3.67 
Greenhouse Software, Inc.^(2)(3)(14)SoftwareL + 6.50%7.50%3/1/20213/1/202715,196 14,847 14,992 1.59 
Heartland Home Services, Inc^(2)(3)(14)Consumer ServicesL + 6.00%7.00%12/15/202012/15/2026546 397 591 0.06 
Hercules Borrower LLC^*(2)(3)(14)Environmental IndustriesL + 6.50%7.50%12/14/202012/14/202618,499 18,023 18,912 2.00 
Higginbotham Insurance Agency, Inc.^(2)(3)(14)Banking, Finance, Insurance & Real EstateL + 5.50%6.25%11/25/202011/25/20264,776 4,711 4,826 0.51 
iCIMS, Inc.^(2)(3)SoftwareL + 6.50%7.50%9/12/20189/12/20241,671 1,650 1,683 0.18 
Individual FoodService Holdings, LLC^(2)(3)(14)WholesaleL + 6.25%7.25%2/21/202011/22/20256,206 6,079 6,251 0.66 
Infront Luxembourg Finance S.À R.L. (Luxembourg)^(2)(3)(7)Hotel, Gaming & LeisureL + 9.00%9.00%5/28/20215/28/20278,250 9,769 9,270 0.99 
Integrity Marketing Acquisition, LLC^(2)(3)Banking, Finance, Insurance & Real EstateL + 5.50%6.50%1/15/20208/27/20254,933 4,878 4,953 0.52 
K2 Insurance Services, LLC^*(2)(3)(14)Banking, Finance, Insurance & Real EstateL + 5.00%6.00%7/3/20197/1/20263,373 3,299 3,312 0.35 
Kaseya, Inc.^(2)(3)(14)High Tech IndustriesL + 4.00%, 3.00% PIK8.00%5/3/20195/3/202518,426 18,152 18,059 1.91 
Lifelong Learner Holdings, LLC^(2)(3)(14)Business ServicesL + 5.75%6.75%10/18/201910/18/202625,014 24,635 23,227 2.46 
LinQuest Corporation*(2)(3)Aerospace & DefenseL + 5.75%6.50%7/28/20217/28/202810,000 9,804 9,908 1.05 
Liqui-Box Holdings, Inc.^(2)(3)(14)Containers, Packaging & GlassL + 4.50%5.50%6/3/20196/3/20242,507 2,490 2,282 0.24 
8

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2021
(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
LVF Holdings, Inc.^*(2)(3)(14)Beverage, Food & TobaccoL + 6.25%7.25%6/10/20216/10/2027$40,218 $39,312 $39,666 4.20 %
Mailgun Technologies, Inc.^*(2)(3)(14)High Tech IndustriesL + 5.00%6.00%3/26/20193/26/20253,231 3,171 3,231 0.34 
Material Holdings, LLC^*(2)(3)(14)Business ServicesL + 5.75%6.50%8/19/20218/19/202714,770 14,421 14,417 1.53 
Maverick Acquisition, Inc.^*(2)(3)(14)Aerospace & DefenseL + 6.00%7.00%6/1/20216/1/202735,892 34,964 35,287 3.74 
MMIT Holdings, LLC^(2)(3)(14)High Tech IndustriesL + 6.25%7.25%9/15/20219/15/202710,992 10,755 10,752 1.14 
National Technical Systems, Inc.^(2)(3)(14)Aerospace & DefenseL + 5.50%6.50%10/28/20206/12/20231,169 1,151 1,184 0.14 
NES Global Talent Finance US, LLC (United Kingdom)^(2)(3)(7)Energy: Oil & GasL + 5.50%6.50%5/9/20185/11/20239,713 9,649 9,389 0.99 
NMI AcquisitionCo, Inc.^*(2)(3)(14)High Tech IndustriesL + 5.00%6.00%9/6/20179/6/202340,440 40,264 39,814 4.22 
Performance Health Holdings, Inc.*(2)(3)Healthcare & PharmaceuticalsL + 6.00%7.00%7/12/20217/12/20277,200 7,060 7,099 0.75 
PF Growth Partners, LLC^*(2)(3)Hotel, Gaming & LeisureL + 5.00%6.00%7/1/20197/11/20258,060 7,978 7,874 0.83 
PPT Management Holdings, LLC^(2)(3)Healthcare & PharmaceuticalsL + 6.00%, 2.00% PIK9.00%12/15/201612/16/202228,285 28,235 24,569 2.60 
PricewaterhouseCoopers Public Sector LLP^(2)(3)(14)Aerospace & DefenseL + 3.25%3.38%5/1/20185/1/2023— (50)(16)0.01 
Product Quest Manufacturing, LLC^(2)(3)(8)Containers, Packaging & GlassL + 6.75%10.00%9/21/20173/31/2021840 840 423 0.04 
Prophix Software Inc. (Canada)^(2)(3)(7)(14)SoftwareL + 6.50%7.50%2/1/20212/1/202610,963 10,727 11,352 1.20 
Quantic Electronics, LLC^*(2)(3)(14)Aerospace & DefenseL + 6.25%7.25%11/19/202011/19/202614,661 14,356 14,463 1.53 
Quantic Electronics, LLC^*(2)(3)(14)Aerospace & DefenseL + 6.25%7.25%3/1/20213/1/20278,916 8,686 8,767 0.93 
QW Holding Corporation^*(2)(3)Environmental IndustriesL + 6.25%7.25%8/31/20168/31/202442,783 42,583 41,962 4.45 
Redwood Services Group, LLC^*(2)(3)(14)High Tech IndustriesL + 6.00%7.00%11/13/20186/6/20236,116 6,058 6,116 0.65 
Redwood Services Group, LLC*(2)(3)High Tech IndustriesL + 8.50%9.50%8/14/20206/6/20233,448 3,383 3,448 0.37 
Redwood Services Group, LLC^*(2)(3)High Tech IndustriesL + 7.25%8.25%10/19/20206/6/202317,486 17,240 17,486 1.85 
Regency Entertainment, Inc.^(2)(3)Media: Diversified & ProductionL + 6.75%7.75%5/22/202010/22/202520,000 19,683 19,666 2.08 
Reladyne, Inc.*(2)(3)WholesaleL + 5.00%6.00%8/21/20207/22/202410,049 10,006 9,902 1.05 
Riveron Acquisition Holdings, Inc.*(2)(3)Banking, Finance, Insurance & Real EstateL + 5.75%6.75%5/22/20195/22/202511,430 11,282 11,430 1.21 
RSC Acquisition, Inc.^(2)(3)(14)Banking, Finance, Insurance & Real EstateL + 5.50%6.50%11/1/201911/1/20266,037 5,939 6,037 0.64 
Sapphire Convention, Inc.^*(2)(3)(14)TelecommunicationsL + 6.25%7.25%11/20/201811/20/202530,045 29,645 26,209 2.77 
Smile Doctors, LLC^*(2)(3)(14)Healthcare & PharmaceuticalsL + 6.00%7.00%10/6/201710/6/202216,802 16,769 16,802 1.78 
Southern Graphics, Inc.^(2)(3)(11)Media: Advertising, Printing & PublishingL + 6.50%7.50%10/30/202010/23/20239,959 9,806 9,690 1.03 
SPay, Inc.^*(2)(3)(14)Hotel, Gaming & LeisureL + 2.30%, 6.95% PIK10.25%6/15/20186/17/202422,569 22,356 19,848 2.10 
Speedstar Holding LLC^*(2)(3)(14)AutomotiveL + 7.00%8.00%1/22/20211/22/202727,294 26,731 27,679 2.93 
Superior Health Linens, LLC^*(2)(3)(14)Business ServicesL + 6.50%7.50%9/30/201612/31/202114,889 14,889 14,889 1.58 
9

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2021
(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
T2 Systems, Inc.^*(2)(3)(14)Transportation: ConsumerL + 6.75%7.75%9/28/20169/28/2022$26,397 $26,252 $26,397 2.79 %
TCFI Aevex LLC^*(2)(3)(14)Aerospace & DefenseL + 6.00%7.00%3/18/20203/18/202611,192 10,993 9,903 1.05 
The Leaders Romans Bidco Limited (United Kingdom) Term Loan B^(2)(3)(7)Banking, Finance, Insurance & Real EstateL + 6.25%, 2.50% PIK9.50%7/23/20196/30/2024£21,034 25,930 28,271 2.99 
The Leaders Romans Bidco Limited (United Kingdom) Term Loan C^(2)(3)(7)(14)Banking, Finance, Insurance & Real EstateL + 6.25%, 2.50% PIK9.50%7/23/20196/30/2024£6,089 7,739 9,331 0.99 
Trafigura Trading LLC^(2)(3)(13) (14)Metals & MiningL + 8.40%8.75%7/26/20217/18/20226,223 6,074 6,073 0.64 
Trump Card, LLC^*(2)(3)(14)Transportation: CargoL + 4.50%5.50%6/26/20184/21/20228,519 8,507 8,431 0.89 
Turbo Buyer, Inc. ^*(2)(3)(14)AutomotiveL + 5.75%6.75%12/2/201912/2/202520,429 20,032 19,996 2.12 
Tweddle Group, Inc.^(2)(3)Media: Advertising, Printing & PublishingL + 4.50%5.50%9/17/20189/17/20231,515 1,503 1,450 0.15 
Unifrutti Financing PLC (Cyprus)^(7)Beverage, Food & Tobacco7.50%, 1.00% PIK8.50%9/15/20199/15/20264,621 4,909 5,286 0.55 
Unifrutti Financing PLC (Cyprus)^(7)Beverage, Food & Tobacco11.00% PIK11.00%10/22/20209/15/2026736 832 842 0.09 
US INFRA SVCS Buyer, LLC^*(2)(3)(14)Environmental IndustriesL + 6.50%7.50%4/13/20204/13/20267,929 7,441 7,277 0.77 
USLS Acquisition, Inc.^(2)(3)(14)Business ServicesL + 5.75%6.75%11/30/201811/30/202421,283 21,017 20,634 2.18 
Westfall Technik, Inc.^*(2)(3)(14)Chemicals, Plastics & RubberL + 5.75%6.75%9/13/20189/13/202427,743 27,530 27,002 2.86 
Westfall Technik, Inc.^(2)(3)Chemicals, Plastics & RubberL + 6.25%7.25%7/1/20219/13/20244,970 4,874 4,842 0.51 
Yellowstone Buyer Acquisition, LLC^(2)(3)Durable Consumer GoodsL + 5.75%6.75%9/13/20219/13/2027450 441 441 0.05 
YLG Holdings, Inc.^(2)(3)(14)Consumer ServicesL + 6.00%7.00%9/30/202011/1/20251,883 1,831 1,903 0.20 
Zemax Software Holdings, LLC^(2)(3)(14)SoftwareL + 5.75%6.75%6/25/20186/25/20246,226 6,170 6,226 0.66 
Zenith Merger Sub, Inc.^*(2)(3)(14)Business ServicesL + 5.25%6.25%12/13/201712/13/202410,520 10,449 10,520 1.11 
First Lien Debt Total$1,269,406 $1,238,349 131.13 %
Second Lien Debt (18.1% of fair value)
11852604 Canada Inc. (Canada)^(2)(3)(7)Healthcare & PharmaceuticalsL + 9.50%10.50%9/30/20219/30/2028$6,590 $6,425 $6,425 0.68 %
AI Convoy S.A.R.L (United Kingdom)^(2)(3)(7)Aerospace & DefenseL + 8.25%9.25%1/17/20201/17/202824,814 24,345 25,744 2.73 
Aimbridge Acquisition Co., Inc.^(2)(3)Hotel, Gaming & LeisureL + 7.50%7.59%2/1/20192/1/20279,241 9,118 8,567 0.91 
AP Plastics Acquisition Holdings, LLC^(2)(3)Chemicals, Plastics & RubberL + 7.50%8.25%8/10/20218/10/202938,180 37,143 37,130 3.93 
AQA Acquisition Holdings, Inc.^*(2)(3)High Tech IndustriesL + 7.50%8.00%3/3/20213/3/202935,000 34,168 34,539 3.66 
Brave Parent Holdings, Inc.^*(2)(3)SoftwareL + 7.50%7.58%10/3/20184/19/202618,197 17,902 18,197 1.93 
Drilling Info Holdings, Inc.^(2)(3)Energy: Oil & GasL + 8.25%8.33%2/11/20207/30/202618,600 18,195 18,786 1.99 
10

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2021
(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
Jazz Acquisition, Inc.^*(2)(3)Aerospace & DefenseL + 8.00%8.08%6/13/20196/18/2027$23,450 $23,178 $20,046 2.12 %
Outcomes Group Holdings, Inc.^*(2)(3)Business ServicesL + 7.50%7.63%10/23/201810/26/20261,731 1,728 1,731 0.18 
PAI Holdco, Inc.^(2)(3)AutomotiveL + 6.00%, 2.00% PIK9.00%10/28/202010/28/202813,738 13,368 13,738 1.45 
Peraton Corp.^*(2)(3)Aerospace & DefenseL + 7.75%8.50%2/24/20212/1/202912,300 12,120 12,272 1.30 
Quartz Holding Company^(2)(3)SoftwareL + 8.00%8.09%4/2/20194/2/20277,048 6,941 7,048 0.75 
Reladyne, Inc.^(2)(3)WholesaleL + 9.50%10.50%4/19/20181/21/202512,242 12,170 11,963 1.27 
Stonegate Pub Company Bidco Limited (United Kingdom)^(2)(3)(7)Beverage, Food & TobaccoL + 8.50%8.61%3/12/20203/12/2028£20,000 24,773 22,849 2.42 
Tank Holding Corp.^*(2)(3)Capital EquipmentL + 8.25%8.33%3/26/20193/26/202735,965 35,561 36,325 3.85 
TruGreen Limited Partnership^(2)(3)Consumer ServicesL + 8.50%9.25%11/16/202011/2/202813,000 12,763 13,197 1.40 
Watchfire Enterprises, Inc.^(2)(3)Media: Advertising, Printing & PublishingL + 8.25%9.25%10/2/201310/2/20247,000 7,000 7,000 0.74 
World 50, Inc.^(9)Business Services11.50%11.50%1/10/20201/9/202718,552 18,203 18,181 1.93 
WP CPP Holdings, LLC^(2)(3)Aerospace & DefenseL + 7.75%8.75%7/18/20194/30/202639,500 39,218 38,832 4.11 
Second Lien Debt Total
$354,319 $352,570 37.33 %
11

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2021
(dollar amounts in thousands)
(unaudited)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustryAcquisition DateShares/ UnitsCost
Fair
Value 
(5)
% of Net Assets
Equity Investments (2.7% of fair value)
ANLG Holdings, LLC^(6)Capital Equipment6/22/2018592$592 $758 0.08 %
Appriss Health, LLC^(6)Healthcare & Pharmaceuticals5/6/202144,3334,3540.46 
Atlas Ontario LP (Canada)^(6)(7)Business Services4/7/20215,1145,1145,1140.54 
Avenu Holdings, LLC^(6)Sovereign & Public Finance9/28/20181721725340.06 
BK Intermediate Company, LLC^(6)Healthcare & Pharmaceuticals5/27/20202882883900.04 
Central Security Group, Inc.^*(6)Consumer Services10/16/2020443— 
Chartis Holding, LLC^(6)Business Services5/1/20194334337380.08 
CIP Revolution Holdings, LLC^(6)Media: Advertising, Printing & Publishing8/19/20163183182090.02 
Cority Software Inc. (Canada)^(6)Software7/2/20192502504060.04 
Derm Growth Partners III, LLC ^(6)Healthcare & Pharmaceuticals5/31/20161,0001,000 — — 
Diligent Corporation^(6)Telecommunications4/5/20211110,26910,2571.09 
ECP Parent, LLC^(6)Healthcare & Pharmaceuticals3/29/2018268— 290 0.03 
K2 Insurance Services, LLC^(6)Banking, Finance, Insurance & Real Estate7/3/20194333065750.06 
Legacy.com, Inc.^(6)High Tech Industries3/20/20171,5001,5001,1620.12 
Mailgun Technologies, Inc.^(6)High Tech Industries3/26/2019424 424 1,258 0.13 
North Haven Goldfinch Topco, LLC^(6)Containers, Packaging & Glass6/18/20182,3152,3152,6390.28 
Pascal Ultimate Holdings, L.P^(6)Capital Equipment7/21/2021363643640.04 
T2 Systems Parent Corporation^(6)Transportation: Consumer9/28/20165565567340.08 
Tailwind HMT Holdings Corp.^(6)Energy: Oil & Gas11/17/2017221,5582,0230.21 
Tank Holding Corp.^(6)Capital Equipment3/26/2019850482 1,027 0.11 
Titan DI Preferred Holdings, Inc. ^(6)Energy: Oil & Gas2/11/202012,42012,158 12,544 1.33 
Turbo Buyer, Inc. ^(6)Automotive12/2/20191,925933 2,977 0.32 
Tweddle Holdings, Inc.^*(6)Media: Advertising, Printing & Publishing9/17/201817— — — 
Unifrutti Financing PLC (Cyprus)^(6)Beverage, Food & Tobacco10/22/2020469 467 0.05 
Unifrutti Financing PLC (Cyprus)^(6)Beverage, Food & Tobacco10/22/20201133 91 0.01 
USLS Acquisition, Inc.^(6)Business Services11/30/20186416417960.08 
W50 Parent LLC^(6)Business Services1/10/20205001907200.08 
Zenith American Holding, Inc.^(6)Business Services12/13/20171,5647821,5500.16 
Zillow Topco LP^(6)Software6/25/20183133126880.07 
Equity Investments Total$45,892 $52,665 5.58 %
Total investments—non-controlled/non-affiliated$1,669,617 $1,643,584 174.04 %
12

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2021
(dollar amounts in thousands)
(unaudited)
Investments—non-controlled/affiliatedFootnotesIndustry
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 (1.6% of fair value)
Direct Travel, Inc. ^*(2)(3)(8)(12)Hotel, Gaming & LeisureL + 1.00%, 8.35% PIK9.50%10/14/201610/1/2023$36,711 $35,979 $27,679 2.93 %
Direct Travel Inc.^(2)(3)(12)(14)Hotel, Gaming & LeisureL + 6.00%7.00%10/1/202010/1/20232,7312,6032,7310.29 
First Lien Debt Total$38,582 $30,410 3.22 %
Investments—non-controlled/affiliatedFootnotesIndustryAcquisition DateShares/ UnitsCost
Fair
Value 
(5)
% of Net 
Assets
Equity Investments (0.0% of fair value)
Direct Travel, Inc.^(6)(12)Hotel, Gaming & Leisure10/1/202043 $— $— — %
Equity Investments Total$— $— — %
Total investments—non-controlled/affiliated$38,582 $30,410 3.22 %
Investments—controlled/affiliatedFootnotesIndustry
Reference Rate & Spread(2)
Interest
Rate 
(2)
Acquisition DateMaturity
Date
Par/
Principal
Amount **
Amortized
Cost 
(4)
Fair
Value 
(5)
% of Net Assets
First Lien Debt (0.3% 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 $1,202 0.13 %
SolAero Technologies Corp. (A2 Term Loan)^(2)(3)(8)(10)TelecommunicationsL + 8.00% (100% PIK)9.00%4/12/201910/12/20228,7078,7073,3050.35 
SolAero Technologies Corp. (Priority Facilities)^(2)(3)(10)(14)TelecommunicationsL + 6.00%7.00%4/12/201910/12/20222,2872,2722,2870.24 
First Lien Debt Total$14,145 $6,794 0.72 %
Investments—controlled/affiliatedFootnotesIndustryAcquisition DateShares/ UnitsCost
Fair
Value
 (5)
% of Net Assets
Equity Investments (0.0% of fair value)
SolAero Technologies Corp.^(6)(10)Telecommunications4/12/20193$2,815 $— — %
Equity Investments Total$2,815 $— — %
13

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2021
(dollar amounts in thousands)
(unaudited)
Investments—controlled/affiliatedFootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar Amount/ LLC Interest **Cost
Fair
Value (5)
% of Net Assets
Investment Funds (13.7% of fair value)
Middle Market Credit Fund II, LLC, Member's Interest^(7)(10)Investment FundsN/A—%11/3/202012/31/2030$78,122 $78,096 $78,143 8.27 %
Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest^(7)(10)Investment FundsN/A—%2/29/201612/31/2024193,000 193,000 189,275 20.04 
Middle Market Credit Fund, Mezzanine Loan^(2)(7)(9)(10)Investment FundsL + 9.00%9.13%6/30/20165/21/2022— — — 
Investment Funds Total$271,096 $267,418 28.32 %
Total investments—controlled/affiliated$288,056 $274,212 29.05 %
Total Investments$1,996,255