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 March 31, 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 May 3, 2021 was 54,649,010.



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, 2021December 31, 2020
ASSETS(unaudited) 
Investments, at fair value
Investments—non-controlled/non-affiliated, at fair value (amortized cost of $1,575,395 and $1,574,182, respectively)$1,528,400 $1,509,271 
Investments—non-controlled/affiliated, at fair value (amortized cost of $38,395 and $37,571, respectively)27,650 26,180 
Investments—controlled/affiliated, at fair value (amortized cost of $311,202 and $311,213, respectively)285,584 290,298 
Total investments, at fair value (amortized cost of $1,924,992 and $1,922,966, respectively)1,841,634 1,825,749 
Cash and cash equivalents35,493 68,419 
Receivable for investment sold/repaid1,192 4,313 
Deferred financing costs3,502 3,633 
Interest receivable from non-controlled/non-affiliated investments12,948 12,634 
Interest receivable from non-controlled/affiliated investments580 569 
Interest and dividend receivable from controlled/affiliated investments7,925 6,480 
Prepaid expenses and other assets813 816 
Total assets$1,904,087 $1,922,613 
LIABILITIES
Secured borrowings (Note 7)$309,397 $347,949 
2015-1 Notes payable, net of unamortized debt issuance costs of $2,602 and $2,664, respectively (Note 8)446,598 446,536 
Senior Notes, net of unamortized debt issuance costs of $520 and $562, respectively (Note 8)189,480 189,438 
Payable for investments purchased12,818 809 
Interest and credit facility fees payable (Notes 7 and 8)2,427 2,439 
Dividend payable (Note 10)20,280 19,892 
Base management and incentive fees payable (Note 4)11,047 11,549 
Administrative service fees payable (Note 4)202 85 
Other accrued expenses and liabilities1,318 2,553 
Total liabilities993,567 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 March 31, 2021 and December 31, 2020, respectively50,000 50,000 
Common stock, $0.01 par value; 198,000,000 shares authorized; 54,809,262 and 55,320,309 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively548 553 
Paid-in capital in excess of par value1,075,871 1,081,436 
Offering costs(1,633)(1,633)
Total distributable earnings (loss)(214,266)(228,993)
Total net assets$910,520 $901,363 
NET ASSETS PER COMMON SHARE$15.70 $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 ended
 March 31, 2021March 31, 2020
Investment income:
From non-controlled/non-affiliated investments:
Interest income
$31,756 $41,465 
Other income
1,467 2,344 
Total investment income from non-controlled/non-affiliated investments
33,223 43,809 
From non-controlled/affiliated investments:
Interest income
38 — 
Other income
— 
Total investment income from non-controlled/affiliated investments
41 — 
From controlled/affiliated investments:
Interest income
56 3,236 
Dividend income
7,528 3,500 
Total investment income from controlled/affiliated investments
7,584 6,736 
Total investment income40,848 50,545 
Expenses:
Base management fees (Note 4)6,800 7,386 
Incentive fees (Note 4)4,257 5,086 
Professional fees
691 667 
Administrative service fees (Note 4)282 106 
Interest expense (Notes 7 and 8)6,975 12,179 
Credit facility fees (Note 7)519 590 
Directors’ fees and expenses
116 96 
Other general and administrative
405 411 
Total expenses20,045 26,521 
Net investment income (loss) before taxes20,803 24,024 
Excise tax expense
124 52 
Net investment income (loss)
20,679 23,972 
Net realized gain (loss) and net change in unrealized appreciation (depreciation):
Net realized gain (loss) on investments:
Non-controlled/non-affiliated investments
1,672 (1,697)
Non-controlled/affiliated investments— 
Currency gains (losses) on non-investment assets and liabilities(82)(150)
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/non-affiliated investments
17,916 (117,042)
Non-controlled/affiliated investments
646 — 
Controlled/affiliated investments
(4,703)(28,521)
Net change in unrealized currency gains (losses) on non-investment assets and liabilities
(225)2,338 
Net realized and unrealized gain (loss) on investments and non-investment assets and liabilities
15,225 (145,072)
Net increase (decrease) in net assets resulting from operations35,904 (121,100)
Preferred stock dividend875 — 
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders$35,029 $(121,100)
Basic and diluted earnings per common share (Note 10)
Basic$0.65 $(2.12)
Diluted$0.60 $(2.12)
Weighted-average shares of common stock outstanding (Note 10)
Basic55,039,010 57,112,193 
Diluted60,306,312 57,112,193 
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, 2021March 31, 2020
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)$20,679 $23,972 
Net realized gain (loss)1,591 (1,847)
Net change in unrealized appreciation (depreciation) on investments13,859 (145,563)
Net change in unrealized currency gains (losses) on non-investment assets and liabilities(225)2,338 
Net increase (decrease) in net assets resulting from operations35,904 (121,100)
Capital transactions:
Repurchase of common stock(5,570)(16,003)
Dividends declared on preferred and common stock (Note 10)(21,177)(20,834)
Net increase (decrease) in net assets resulting from capital share transactions(26,747)(36,757)
Net increase (decrease) in net assets9,157 (157,937)
Net Assets at beginning of period901,363 956,471 
Net Assets at end of period$910,520 $798,534 

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, 2021March 31, 2020
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$35,904 $(121,100)
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 costs253 305 
Net accretion of discount on investments(2,026)(2,586)
Paid-in-kind interest(2,025)(179)
Net realized (gain) loss on investments(1,673)1,697 
Net realized currency (gain) loss on non-investment assets and liabilities82 150 
Net change in unrealized (appreciation) depreciation on investments(13,859)145,563 
Net change in unrealized currency (gains) losses on non-investment assets and liabilities225 (2,338)
Cost of investments purchased and change in payable for investments purchased(134,935)(307,148)
Proceeds from sales and repayments of investments and change in receivable for investments sold/repaid153,722 277,451 
Changes in operating assets:
Interest receivable(726)(949)
Dividend receivable(1,044)500 
Prepaid expenses and other assets(270)
Changes in operating liabilities:
Interest and credit facility fees payable(12)(664)
Base management and incentive fees payable(502)(903)
Administrative service fees payable117 21 
Other accrued expenses and liabilities(1,235)239 
Net cash provided by (used in) operating activities32,269 (10,211)
Cash flows from financing activities:
Repurchase of common stock(5,570)(16,003)
Borrowings on SPV Credit Facility and Credit Facility40,286 226,500 
Repayments of SPV Credit Facility and Credit Facility(79,000)(139,443)
Debt issuance costs paid(122)(299)
Dividends paid in cash(20,789)(31,770)
Net cash provided by (used in) financing activities(65,195)38,985 
Net increase (decrease) in cash and cash equivalents(32,926)28,774 
Cash and cash equivalents, beginning of period68,419 36,751 
Cash and cash equivalents, end of period$35,493 $65,525 
Supplemental disclosures:
Interest paid during the period$6,915 $12,647 
Taxes, including excise tax, paid during the period$626 $387 
Dividends declared on preferred stock and common stock during the period$21,177 $20,834 

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

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 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 (64.8% of fair value)
Advanced Web Technologies Holding Company^*(2)(3)(13)Containers, Packaging & GlassL + 6.00%7.00%12/17/202012/17/2026$6,125 $5,949 $6,152 0.68 %
Airnov, Inc.^*(2)(3)Containers, Packaging & GlassL + 5.25%6.25%12/20/201912/19/202512,438 12,286 12,409 1.36 
Allied Universal Holdco LLC^(2)(3)Business ServicesL + 4.25%4.44%2/17/20217/10/2026500 502 498 0.05 
Alpha Packaging Holdings, Inc.^*(2)(3)Containers, Packaging & GlassL + 6.00%7.00%6/26/201511/12/20212,765 2,765 2,765 0.30 
Alpine SG, LLC*(2)(3)High Tech IndustriesL + 5.75%6.75%2/2/201811/16/202210,890 10,842 10,722 1.18 
Alpine SG, LLC^(2)(3)High Tech IndustriesL + 8.50%9.50%7/24/202011/16/20221,618 1,583 1,618 0.18 
Alpine SG, LLC^*(2)(3)High Tech IndustriesL + 6.50%7.50%11/2/202011/16/202210,749 10,489 10,661 1.17 
Alpine SG, LLC^(2)(3)High Tech IndustriesL + 7.00%8.00%2/10/202111/16/20223,046 2,964 3,035 0.33 
American Physician Partners, LLC^*(2)(3)(13)Healthcare & PharmaceuticalsL + 6.75%7.75%1/7/201912/21/202128,550 28,485 27,680 3.04 
AMS Group HoldCo, LLC^(2)(3)(13)Transportation: CargoL + 6.50%7.50%9/29/20179/29/202322,220 21,993 22,184 2.44 
Analogic Corporation^*(2)(3)(13)Capital EquipmentL + 5.25%6.25%6/22/20186/22/20242,356 2,328 2,341 0.27 
Anchor Hocking, LLC^(2)(3)Durable Consumer GoodsL + 11.75%12.75%1/25/20191/25/20244,190 4,108 4,060 0.45 
Applied Technical Services, LLC^(2)(3)(13)Business ServicesL + 5.75%6.75%12/29/202012/29/2026394 382 392 0.04 
Apptio, Inc.^(2)(3)(13)SoftwareL + 7.25%8.25%1/10/20191/10/20256,131 6,026 6,188 0.68 
At Home Holding III, Inc.^(2)(3)(7)RetailL + 9.00%10.00%6/12/20207/27/2022852 838 852 0.09 
Aurora Lux FinCo S.Á.R.L. (Luxembourg)^*(2)(3)(7)SoftwareL + 6.00%7.00%12/24/201912/24/202632,736 32,037 29,620 3.25 
Avenu Holdings, LLC*(2)(3)Sovereign & Public FinanceL + 5.25%6.25%9/28/20189/28/202413,650 13,518 13,650 1.50 
Barnes & Noble, Inc.^(2)(3)(11)RetailL + 5.50%6.50%8/7/20198/7/202416,521 16,225 15,615 1.71 
BlueCat Networks, Inc. (Canada)*(2)(3)(7)High Tech IndustriesL + 6.25%7.25%10/30/202010/30/202611,468 11,250 11,460 1.26 
BMS Holdings III Corp.*(2)(3)Construction & BuildingL + 5.25%6.25%9/30/20199/30/20261,592 1,559 1,578 0.17 
Captive Resources Midco, LLC^*(2)(3)(13)Banking, Finance, Insurance & Real EstateL + 5.75%6.75%6/30/20155/31/202510,407 10,262 10,515 1.15 
Central Security Group, Inc.^*(2)(3)Consumer ServicesL + 6.00%7.00%10/16/202010/16/20259,254 9,254 8,589 0.94 
Chartis Holding, LLC^*(2)(3)(13)Business ServicesL + 5.25%6.25%5/1/20195/1/202516,229 15,948 16,229 1.78 
Chemical Computing Group ULC (Canada)^*(2)(3)(7)(13)SoftwareL + 5.00%6.00%8/30/20188/30/2023470 469 470 0.05 
CircusTrix Holdings, LLC^*(2)(3)Hotel, Gaming & LeisureL + 8.00% (100% PIK)9.00%2/2/20181/16/202410,400 10,368 8,597 0.94 
CircusTrix Holdings, LLC^(2)(3)(13)Hotel, Gaming & LeisureL + 8.00% (100% PIK)9.00%1/8/20217/16/2023346 289 347 0.04 
Cobblestone Intermediate Holdco LLC^(2)(3)Consumer ServicesL + 5.50%6.50%1/29/20201/29/2026728 722 732 0.09 
Comar Holding Company, LLC^*(2)(3)(13)Containers, Packaging & GlassL + 5.50%6.50%6/18/20186/18/202424,050 23,676 24,050 2.64 
7

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 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)(13)SoftwareL + 5.25%6.25%7/2/20197/2/2026$10,595 $10,384 $10,657 1.17 %
Cority Software Inc. (Canada)^(2)(3)(7)SoftwareL + 7.25%8.25%9/3/20207/2/20261,893 1,841 1,934 0.21 
DCA Investment Holding, LLC^(2)(3)(13)Healthcare & PharmaceuticalsL + 6.25%7.00%3/11/20213/12/20279,936 9,752 9,750 1.07 
Derm Growth Partners III, LLC ^(2)(3)(8)Healthcare & PharmaceuticalsL + 6.25% 7.25%5/31/20165/31/202256,192 54,793 31,967 3.51 
DermaRite Industries, LLC^*(2)(3)(13)Healthcare & PharmaceuticalsL + 6.75%7.75%3/3/20173/3/202218,669 18,604 17,945 1.97 
Designer Brands Inc.^(2)(3)(7)RetailL + 8.50%9.75%8/7/20208/7/202517,728 17,330 17,426 1.91 
Diligent Corporation^(2)(3)(13)TelecommunicationsL + 6.25%7.25%8/4/20208/4/2025577 560 582 0.06 
DTI Holdco, Inc.*(2)(3)High Tech IndustriesL + 4.75%5.75%12/18/20189/30/20231,949 1,878 1,867 0.21 
Emergency Communications Network, LLC^*(2)(3)TelecommunicationsL + 2.625%, 5.125% PIK8.75%6/1/20176/1/202324,619 24,529 21,520 2.36 
Ensono, LP*(2)(3)TelecommunicationsL + 5.25%5.36%4/30/20186/27/20252,152 2,137 2,136 0.23 
Ensono, LP^*(2)(3)TelecommunicationsL + 5.75%5.86%6/25/20206/27/202518,085 17,968 17,995 1.98 
Ethos Veterinary Health LLC^(2)(3)(13)Consumer ServicesL + 4.75%4.86%5/17/20195/15/20262,606 2,565 2,572 0.28 
EvolveIP, LLC^*(2)(3)(13)TelecommunicationsL + 5.75%6.75%11/26/20196/7/202325,798 25,746 25,798 2.83 
Frontline Technologies Holdings, LLC^*(2)(3)SoftwareL + 5.75%6.75%9/18/20179/18/20233,091 3,075 3,118 0.34 
FWR Holding Corporation^*(2)(3)(13)Beverage, Food & TobaccoL + 5.50%, 1.50% PIK8.00%8/21/20178/21/202334,622 34,274 31,628 3.47 
Greenhouse Software, Inc.^(2)(3)(13)SoftwareL + 6.50%7.50%3/1/20213/1/202715,196 14,824 14,821 1.63 
Hawkeye AcquisitionCo, LLC^*(2)(3)(13)Aerospace & DefenseL + 6.75%7.75%3/1/202111/19/20266,109 5,890 5,887 0.65 
Helios Buyer, Inc.^*(2)(3)(13)Consumer ServicesL + 6.00%7.00%12/15/202012/15/20269,364 9,081 9,301 1.02 
Hercules Borrower LLC^(2)(3)(13)Environmental IndustriesL + 6.50%7.50%12/14/202012/14/202618,592 18,094 18,293 2.01 
Higginbotham Insurance Agency, Inc.^(2)(3)(13)Banking, Finance, Insurance & Real EstateL + 5.75%6.50%11/25/202011/25/20263,902 3,830 3,930 0.43 
iCIMS, Inc.^(2)(3)SoftwareL + 6.50%7.50%9/12/20189/12/20241,671 1,648 1,679 0.18 
Individual FoodService Holdings, LLC^(2)(3)(13)WholesaleL + 6.25%7.25%2/21/202011/22/20253,902 3,817 3,837 0.42 
Individual FoodService Holdings, LLC^(2)(3)(13)WholesaleL + 6.25%7.25%12/31/202011/22/20252,207 2,150 2,177 0.25 
Integrity Marketing Acquisition, LLC^(2)(3)Banking, Finance, Insurance & Real EstateL + 5.75%6.75%1/15/20208/27/20254,958 4,897 5,004 0.55 
K2 Insurance Services, LLC^*(2)(3)(13)Banking, Finance, Insurance & Real EstateL + 5.00%6.00%7/3/20197/1/202418,603 18,298 18,631 2.05 
Kaseya, Inc.^(2)(3)(13)High Tech IndustriesL + 4.00%, 3.00% PIK8.00%5/3/20195/2/202515,714 15,466 15,714 1.73 
Legacy.com, Inc.^(2)(3)(11)High Tech IndustriesL + 6.00%7.00%3/20/20173/20/202317,066 16,905 15,992 1.76 
Lifelong Learner Holdings, LLC^*(2)(3)(13)Business ServicesL + 5.75%6.75%10/18/201910/18/202623,756 23,315 21,927 2.41 
8

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 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
Liqui-Box Holdings, Inc.^(2)(3)(13)Containers, Packaging & GlassL + 4.50%5.50%6/3/20196/3/2024$1,718 $1,698 $1,492 0.16 %
Mailgun Technologies, Inc.^(2)(3)(13)High Tech IndustriesL + 5.00%6.00%3/26/20193/26/20253,248 3,180 3,206 0.35 
National Technical Systems, Inc.^(2)(3)(13)Aerospace & DefenseL + 5.50%6.50%10/28/20206/12/20231,175 1,152 1,175 0.13 
NES Global Talent Finance US, LLC (United Kingdom)^*(2)(3)(7)Energy: Oil & GasL + 5.50%6.50%5/9/20185/11/20239,764 9,681 9,507 1.04 
NMI AcquisitionCo, Inc.^*(2)(3)(13)High Tech IndustriesL + 5.00%6.00%9/6/20179/6/202340,650 40,382 40,814 4.48 
Paramit Corporation^*(2)(3)Capital EquipmentL + 4.50%5.50%5/3/20195/3/20255,213 5,176 5,184 0.57 
Paramit Corporation^(2)(3)(13)Capital EquipmentL + 5.25%6.25%11/24/20205/3/20253,029 2,918 3,029 0.34 
PF Growth Partners, LLC^*(2)(3)(13)Hotel, Gaming & LeisureL + 7.00%8.00%7/1/20197/11/20257,276 7,185 6,842 0.75 
Plano Molding Company, LLC^(2)(3)Hotel, Gaming & LeisureL + 7.50%, 1.50% PIK10.00%5/1/20155/12/202214,711 14,701 13,655 1.50 
Plano Molding Company, LLC^(2)(3)Hotel, Gaming & LeisureL + 7.50%, 1.50% PIK10.00%8/7/20205/12/20221,082 1,076 1,082 0.12 
PPC Flexible Packaging, LLC^*(2)(3)(13)Containers, Packaging & GlassL + 5.50%6.50%11/23/201811/23/202411,508 11,409 11,508 1.26 
PPT Management Holdings, LLC^(2)(3)Healthcare & PharmaceuticalsL + 6.00%, 2.50% PIK9.50%12/15/201612/16/202228,081 28,011 23,678 2.60 
PricewaterhouseCoopers Public Sector LLP^(2)(3)(13)Aerospace & DefenseL + 3.25%3.44%5/1/20185/1/2023— (66)(19)0.01 
Product Quest Manufacturing, LLC^(2)(3)(8)Containers, Packaging & GlassL + 6.75%10.00%9/21/20173/31/2021840 840 423 0.05 
Propel Insurance Agency, LLC^(2)(3)Banking, Finance, Insurance & Real EstateL + 5.00%6.00%6/1/20186/1/20242,333 2,322 2,324 0.26 
Prophix Software Inc. (Canada)^(2)(3)(7)(13)SoftwareL + 6.50%7.50%2/1/20212/1/202610,963 10,710 10,704 1.18 
QW Holding Corporation^*(2)(3)Environmental IndustriesL + 5.75%6.75%8/31/20168/31/202243,007 42,711 40,913 4.49 
Redwood Services Group, LLC*(2)(3)High Tech IndustriesL + 6.00%7.00%11/13/20186/6/20235,030 5,007 5,030 0.56 
Redwood Services Group, LLC*(2)(3)High Tech IndustriesL + 8.50%9.50%8/14/20206/6/20233,466 3,383 3,515 0.39 
Redwood Services Group, LLC^*(2)(3)(13)High Tech IndustriesL + 7.25%8.25%10/19/20206/6/202314,566 14,265 14,702 1.61 
Regency Entertainment, Inc.^(2)(3)Media: Diversified & ProductionL + 6.75%7.75%5/22/202010/22/202520,000 19,652 19,652 2.16 
Reladyne, Inc.*(2)(3)WholesaleL + 5.00%6.00%8/21/20207/22/202210,100 10,030 10,061 1.10 
Riveron Acquisition Holdings, Inc.*(2)(3)Banking, Finance, Insurance & Real EstateL + 5.75%6.75%5/22/20195/22/202511,488 11,321 11,603 1.27 
RSC Acquisition, Inc.^(2)(3)(13)Banking, Finance, Insurance & Real EstateL + 5.50%6.50%11/1/201911/1/20266,068 5,961 6,100 0.67 
Sapphire Convention, Inc.^*(2)(3)(13)TelecommunicationsL + 6.25%7.25%11/20/201811/20/202529,378 28,930 24,547 2.70 
Smile Doctors, LLC^*(2)(3)(13)Healthcare & PharmaceuticalsL + 6.00%7.00%10/6/201710/6/202216,887 16,838 16,887 1.84 
Southern Graphics, Inc.^(2)(3)(11)Media: Advertising, Printing & PublishingL + 6.50%7.50%10/30/202010/23/20239,959 9,781 9,950 1.09 
Sovos Brands Intermediate, Inc.^*(2)(3)Beverage, Food & TobaccoL + 4.75%4.98%11/16/201811/20/202512,292 12,200 12,226 1.34 
9

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 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
SPay, Inc.^*(2)(3)(13)Hotel, Gaming & LeisureL + 2.30%, 6.95% PIK10.25%6/15/20186/17/2024$21,730 $21,480 $18,273 2.01 %
Speedstar Holding, LLC^*(2)(3)(13)AutomotiveL + 7.00%8.00%1/22/20211/22/202727,432 26,824 26,813 2.94 
Superior Health Linens, LLC^*(2)(3)(13)Business ServicesL + 6.50%7.50%9/30/20169/30/202112,837 12,812 12,821 1.41 
T2 Systems, Inc.^*(2)(3)(13)Transportation: ConsumerL + 6.75%7.75%9/28/20169/28/202226,536 26,321 26,535 2.90 
TCFI Aevex LLC^*(2)(3)(13)Aerospace & DefenseL + 6.00%7.00%3/18/20203/18/20269,668 9,487 9,651 1.06 
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£20,739 25,444 28,520 3.13 
The Leaders Romans Bidco Limited (United Kingdom) Term Loan C^(2)(3)(7)(13)Banking, Finance, Insurance & Real EstateL + 6.75%, 3.50% PIK11.00%7/23/20196/30/2024£4,991 7,363 8,945 0.98 
Trump Card, LLC^*(2)(3)(13)Transportation: CargoL + 5.50%6.50%6/26/20184/21/20227,734 7,716 7,634 0.84 
TSB Purchaser, Inc.^*(2)(3)(13)Media: Advertising, Printing & PublishingL + 6.00%7.00%5/14/20185/14/202418,618 18,328 18,518 2.03 
Turbo Buyer, Inc. ^*(2)(3)(13)AutomotiveL + 5.50%6.50%12/2/201912/2/202524,262 23,730 24,527 2.69 
Tweddle Group, Inc.^(2)(3)Media: Advertising, Printing & PublishingL + 4.50%5.50%9/17/20189/17/20231,710 1,694 1,536 0.17 
Unifrutti Financing PLC (Cyprus)^(7)Beverage, Food & Tobacco7.50%, 1.00% PIK8.50%9/15/20199/15/20264,598 4,866 5,325 0.57 
Unifrutti Financing PLC (Cyprus)^(7)Beverage, Food & Tobacco11.00% PIK11.00%10/22/20209/15/2026679 762 786 0.09 
US INFRA SVCS Buyer, LLC^(2)(3)(13)Environmental IndustriesL + 6.00%7.00%4/13/20204/13/20264,066 3,531 3,658 0.40 
USLS Acquisition, Inc.^*(2)(3)(13)Business ServicesL + 5.75%6.75%11/30/201811/30/202421,393 21,089 20,124 2.21 
USLS Acquisition, Inc.^(2)(3)(13)Business ServicesL + 5.75%6.75%9/3/202011/30/2024— (21)— — 
VRC Companies, LLC^*(2)(3)(13)Business ServicesL + 6.50%7.50%3/31/20173/31/202333,201 32,989 32,504 3.57 
Westfall Technik, Inc.^*(2)(3)(13)Chemicals, Plastics & RubberL + 6.25%7.25%9/13/20189/13/202427,656 27,408 26,389 2.90 
Wheel Pros, LLC*(2)(3)AutomotiveL + 5.25%6.25%11/18/202011/6/20273,267 3,188 3,251 0.36 
YLG Holdings, Inc.^(2)(3)(13)Consumer ServicesL + 6.25%7.25%9/30/202011/1/20251,626 1,570 1,613 0.18 
Zemax Software Holdings, LLC^*(2)(3)(13)SoftwareL + 5.75%6.75%6/25/20186/25/20246,271 6,207 6,159 0.68 
Zenith Merger Sub, Inc.^*(2)(3)(13)Business ServicesL + 5.25%6.25%12/13/201712/13/202313,603 13,499 13,579 1.49 
First Lien Debt Total$1,237,509 $1,194,048 131.14 %
Second Lien Debt (16.3% of fair value)
AI Convoy S.A.R.L (United Kingdom)^(2)(3)(7)Aerospace & DefenseL + 8.25%9.25%1/17/20201/17/2028$24,814 $24,318 $25,717 2.82 %
Aimbridge Acquisition Co., Inc.^(2)(3)Hotel, Gaming & LeisureL + 7.50%7.62%2/1/20192/1/20279,241 9,109 8,197 0.90 
AQA Acquisition Holdings, Inc.^(2)(3)High Tech IndustriesL + 7.50%8.00%3/3/20213/3/202940,000 39,007 39,000 4.29 
Brave Parent Holdings, Inc.^*(2)(3)SoftwareL + 7.50%7.61%10/3/20184/19/202619,062 18,725 19,062 2.09 
10

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 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
Drilling Info Holdings, Inc.^(2)(3)Energy: Oil & GasL + 8.25%8.36%2/11/20207/30/2026$18,600 $18,161 $18,739 2.06 %
Jazz Acquisition, Inc.^(2)(3)Aerospace & DefenseL + 8.00%8.11%6/13/20196/18/202723,450 23,159 18,762 2.06 
Outcomes Group Holdings, Inc.^*(2)(3)Business ServicesL + 7.50%7.70%10/23/201810/26/20261,731 1,727 1,731 0.19 
PAI Holdco, Inc.^(2)(3)AutomotiveL + 6.25%, 2.00% PIK9.25%10/28/202010/28/202813,599 13,210 13,480 1.48 
Peraton Corp.^(2)(3)Aerospace & DefenseL + 7.75%8.50%2/24/20212/1/202912,300 12,115 12,115 1.33 
Quartz Holding Company^(2)(3)SoftwareL + 8.00%8.11%4/2/20194/2/20277,048 6,934 7,118 0.78 
Reladyne, Inc.^(2)(3)WholesaleL + 9.50%10.50%4/19/20181/21/202312,242 12,145 11,834 1.30 
Stonegate Pub Company Bidco Limited (United Kingdom)^(2)(3)(7)Beverage, Food & TobaccoL + 8.50%8.54%3/12/20203/12/2028£20,000 24,743 22,976 2.52 
Tank Holding Corp.^*(2)(3)Capital EquipmentL + 8.25%8.36%3/26/20193/26/202735,965 35,489 36,214 3.98 
TruGreen Limited Partnership^(2)(3)Consumer ServicesL + 8.50%9.25%11/16/202011/2/202813,000 12,752 13,003 1.43 
Ultimate Baked Goods MIDCO, LLC^(2)(3)Beverage, Food & TobaccoL + 8.00%9.00%8/9/20188/9/20262,820 2,777 2,600 0.29 
Watchfire Enterprises, Inc.^(2)(3)Media: Advertising, Printing & PublishingL + 8.00%9.00%10/2/201310/2/20217,000 6,990 6,947 0.76 
World 50, Inc.^(9)Business Services11.50%11.50%1/10/20201/9/20277,635 7,503 7,561 0.83 
WP CPP Holdings, LLC^*(2)(3)Aerospace & DefenseL + 7.75%8.75%7/18/20194/30/202639,500 39,184 34,266 3.77 
Second Lien Debt Total
$308,048 $299,322 32.87 %
Investments—non-controlled/non-affiliated (1)
FootnotesIndustryAcquisition DateShares/ UnitsCost
Fair
Value 
(5)
% of Net Assets
Equity Investments (1.9% of fair value)
ANLG Holdings, LLC^(6)Capital Equipment6/22/2018592$592 $803 0.09 %
Avenu Holdings, LLC^(6)Sovereign & Public Finance9/28/20181721724790.05 
BK Intermediate Company, LLC^(6)Healthcare & Pharmaceuticals5/27/20202882882660.03 
Central Security Group, Inc.^*(6)Consumer Services10/16/2020443— 
Chartis Holding, LLC^(6)Business Services5/1/20194334337330.08 
CIP Revolution Holdings, LLC^(6)Media: Advertising, Printing & Publishing8/19/20163183182500.03 
Cority Software Inc. (Canada)^(6)Software7/2/20192502503120.03 
DecoPac, Inc.^(6)Non-durable Consumer Goods9/29/20171,5001,5001,5570.17 
Derm Growth Partners III, LLC ^(6)Healthcare & Pharmaceuticals5/31/20161,0001,000— 
GRO Sub Holdco, LLC^(6)Healthcare & Pharmaceuticals3/29/2018268— 290 0.03 
K2 Insurance Services, LLC^(6)Banking, Finance, Insurance & Real Estate7/3/20194334336220.07 
11

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2021
(dollar amounts in thousands)
(unaudited)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustryAcquisition DateShares/ UnitsCost
Fair
Value 
(5)
% of Net Assets
Legacy.com, Inc.^(6)High Tech Industries3/20/20171,500$1,500 $696 0.08 %
Mailgun Technologies, Inc.^(6)High Tech Industries3/26/20194244247840.09 
North Haven Goldfinch Topco, LLC^(6)Containers, Packaging & Glass6/18/20182,3152,3153,1990.35 
Paramit Corporation^(6)Capital Equipment6/17/2019150 500 760 0.08 
PPC Flexible Packaging, LLC^(6)Containers, Packaging & Glass2/1/20199659651,4830.16 
Rough Country, LLC^(6)Durable Consumer Goods5/25/20177554901,5110.17 
T2 Systems Parent Corporation^(6)Transportation: Consumer9/28/20165565566770.07 
Tailwind HMT Holdings Corp.^(6)Energy: Oil & Gas11/17/2017221,5582,0230.22 
Tank Holding Corp.^(6)Capital Equipment3/26/20198504829440.10 
Titan DI Preferred Holdings, Inc. ^(6)Energy: Oil & Gas2/11/202011,62011,345 11,620 1.28 
Turbo Buyer, Inc. ^(6)Automotive12/2/20191,9251,925 2,601 0.29 
Tweddle Holdings, Inc.^*(6)Media: Advertising, Printing & Publishing9/17/201817— — — 
Unifrutti Financing PLC (Cyprus)^(6)Beverage, Food & Tobacco10/22/2020424 421 0.05 
Unifrutti Financing PLC (Cyprus)^(6)Beverage, Food & Tobacco10/22/2020133 148 0.02 
USLS Acquisition, Inc.^(6)Business Services11/30/20186416415700.06 
W50 Parent LLC^(6)Business Services1/10/20205005006720.07 
Zenith American Holding, Inc.^(6)Business Services12/13/20171,5647821,4410.16 
Zillow Topco LP^(6)Software6/25/20183133121680.02 
Equity Investments Total$29,838 $35,030 3.85 %
Total investments—non-controlled/non-affiliated$1,575,395 $1,528,400 167.86 %
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 (1.5% of fair value)
Direct Travel, Inc. ^*(2)(3)(8)(12)Hotel, Gaming & LeisureL + 1.00%, 7.50% PIK9.50%10/14/201610/1/2023$36,839 $36,218 $25,473 2.80 %
Direct Travel Inc.^(2)(3)(12)(13)Hotel, Gaming & LeisureL + 6.00%7.00%10/1/202010/1/20232,1772,1772,1770.24 
First Lien Debt Total$38,395 $27,650 3.04 %
12

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2021
(dollar amounts in thousands)
(unaudited)
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$38,395 $27,650 3.04 %
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 $670 0.07 %
SolAero Technologies Corp. (A2 Term Loan)^(2)(3)(8)(10)TelecommunicationsL + 8.00% (100% PIK)9.00%4/12/201910/12/20228,7078,7071,8430.20 
SolAero Technologies Corp. (Priority Facilities)^(2)(3)(10)(13)TelecommunicationsL + 6.00%7.00%4/12/201910/12/20222,4422,4172,4420.27 
First Lien Debt Total$14,290 $4,955 0.54 %
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 March 31, 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 (15.2% 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 $77,934 8.56 %
Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest^(7)(10)Investment FundsN/A—%2/29/201612/31/2024216,000 216,001 202,695 22.26 
Middle Market Credit Fund, Mezzanine Loan^(2)(7)(9)(10)Investment FundsL + 9.00%9.19%6/30/20165/21/2022— — — 
Investment Fund Total$294,097 $280,629 30.82 %
Total investments—controlled/affiliated$311,202 $285,584 31.37 %
Total Investments$1,924,992 $1,841,634 202.26 %

^ 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 7, Borrowings). Accordingly, such assets are not available to creditors of 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 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 8, Notes Payable). Accordingly, such assets are not available to the creditors of the Company.
** 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 March 31, 2021, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of March 31, 2021, 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 March 31, 2021. As of March 31, 2021, the reference rates for our variable rate loans were the 30-day LIBOR at 0.11%, the 90-day LIBOR at 0.19% and the 180-day LIBOR at 0.21%.
(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 funds 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 March 31, 2021, the aggregate fair value of these securities is $35,030, or 3.85% 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 March 31, 2021.
(9)Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company/investment fund.
14

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2021
(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, and Note 6, Middle Market Credit Fund II, LLC, for more details. Transactions related to investments in controlled affiliates for the three month period ended March 31, 2021, were as follows:
Investments—controlled/affiliatedFair Value as of December 31, 2020Additions/PurchasesReductions/Sales/ PaydownsNet Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation)Fair Value as of March 31, 2021Dividend and Interest Income
Middle Market Credit Fund, LLC, Mezzanine Loan
$— $— $— $— $— $— $— 
Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest
205,891 — — — (3,196)202,695 5,000 
Middle Market Credit Fund II LLC, Member's Interest77,395 — — — 539 77,934 2,524 
Total investments—controlled/affiliated$283,286 $— $— $— $(2,657)$280,629 $7,524 
Investments—controlled/affiliatedFair Value as of December 31, 2020Additions/PurchasesReductions/Sales/ PaydownsNet Realized Gain (Loss)