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 June 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 August 2, 2021 was 54,010,195.



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)
June 30, 2021December 31, 2020
ASSETS(unaudited) 
Investments, at fair value
Investments—non-controlled/non-affiliated, at fair value (amortized cost of $1,609,860 and $1,574,182, respectively)$1,579,256 $1,509,271 
Investments—non-controlled/affiliated, at fair value (amortized cost of $38,417 and $37,571, respectively)28,562 26,180 
Investments—controlled/affiliated, at fair value (amortized cost of $288,051 and $311,213, respectively)264,493 290,298 
Total investments, at fair value (amortized cost of $1,936,328 and $1,922,966, respectively)1,872,311 1,825,749 
Cash, cash equivalents and restricted cash59,404 68,419 
Receivable for investment sold/repaid5,769 4,313 
Deferred financing costs3,386 3,633 
Interest receivable from non-controlled/non-affiliated investments11,388 12,634 
Interest receivable from non-controlled/affiliated investments578 569 
Interest and dividend receivable from controlled/affiliated investments7,961 6,480 
Prepaid expenses and other assets1,369 816 
Total assets$1,962,166 $1,922,613 
LIABILITIES
Secured borrowings (Note 7)$365,060 $347,949 
2015-1R Notes payable, net of unamortized debt issuance costs of $2,541 and $2,664, respectively (Note 8)446,659 446,536 
Senior Notes, net of unamortized debt issuance costs of $485 and $562, respectively (Note 8)189,515 189,438 
Payable for investments purchased875 809 
Interest and credit facility fees payable (Notes 7 and 8)2,463 2,439 
Dividend payable (Note 10)19,502 19,892 
Base management and incentive fees payable (Note 4)11,391 11,549 
Administrative service fees payable (Note 4)373 85 
Other accrued expenses and liabilities1,497 2,553 
Total liabilities1,037,335 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 June 30, 2021 and December 31, 2020, respectively50,000 50,000 
Common stock, $0.01 par value; 198,000,000 shares authorized; 54,210,315 and 55,320,309 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively542 553 
Paid-in capital in excess of par value1,067,720 1,081,436 
Offering costs(1,633)(1,633)
Total distributable earnings (loss)(191,798)(228,993)
Total net assets$924,831 $901,363 
NET ASSETS PER COMMON SHARE$16.14 $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 six month periods ended
 June 30, 2021June 30, 2020June 30, 2021June 30, 2020
Investment income:
From non-controlled/non-affiliated investments:
Interest income
$32,661 $36,036 $64,417 $77,501 
Other income
2,401 3,547 3,868 5,891 
Total investment income from non-controlled/non-affiliated investments
35,062 39,583 68,285 83,392 
From non-controlled/affiliated investments:
Interest income
45 — 83 — 
Other income
— — 
Total investment income from non-controlled/affiliated investments
48 — 89 — 
From controlled/affiliated investments:
Interest income
55 192 111 3,428 
Dividend income7,488 5,500 15,016 9,000 
Other income— — 
Total investment income from controlled/affiliated investments7,546 5,692 15,130 12,428 
Total investment income42,656 45,275 83,504 95,820 
Expenses:
Base management fees (Note 4)6,991 7,065 13,791 14,451 
Incentive fees (Note 4)4,420 4,667 8,677 9,753 
Professional fees
917 678 1,608 1,345 
Administrative service fees (Note 4)375 266 657 372 
Interest expense (Notes 7 and 8)7,055 9,443 14,030 21,622 
Credit facility fees (Note 7)505 788 1,024 1,378 
Directors’ fees and expenses
150 121 266 217 
Other general and administrative
467 455 872 866 
Total expenses20,880 23,483 40,925 50,004 
Net investment income (loss) before taxes21,776 21,792 42,579 45,816 
Excise tax expense
139 100 263 152 
Net investment income (loss)
21,637 21,692 42,316 45,664 
Net realized gain (loss) and net change in unrealized appreciation (depreciation):
Net realized gain (loss) on investments:
Non-controlled/non-affiliated investments
1,944 (47,784)3,616 (49,481)
Non-controlled/affiliated investments— — 
Currency gains (losses) on non-investment assets and liabilities(56)635 (138)485 
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/non-affiliated investments
16,338 64,082 34,254 (52,960)
Non-controlled/affiliated investments
890 — 1,536 — 
Controlled/affiliated investments
2,060 18,174 (2,643)(10,347)
Net change in unrealized currency gains (losses) on non-investment assets and liabilities
54 (641)(171)1,697 
Net realized and unrealized gain (loss) on investments and non-investment assets and liabilities
21,231 34,466 36,456 (110,606)
Net increase (decrease) in net assets resulting from operations42,868 56,158 78,772 (64,942)
Preferred stock dividend875 554 1,750 554 
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders$41,993 $55,604 $77,022 $(65,496)
Basic and diluted earnings per common share (Note 10)
Basic$0.77 $0.99 $1.41 $(1.15)
Diluted$0.72 $0.94 $1.31 $(1.15)
Weighted-average shares of common stock outstanding (Note 10)
Basic54,537,840 56,308,616 54,787,041 56,710,405 
Diluted59,805,142 59,547,482 60,054,343 56,710,405 
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 six month periods ended
June 30, 2021June 30, 2020
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)$42,316 $45,664 
Net realized gain (loss)3,480 (48,996)
Net change in unrealized appreciation (depreciation) on investments33,147 (63,307)
Net change in unrealized currency gains (losses) on non-investment assets and liabilities(171)1,697 
Net increase (decrease) in net assets resulting from operations78,772 (64,942)
Capital transactions:
Preferred stock issued— 50,000 
Repurchase of common stock(13,727)(16,003)
Dividends declared on preferred and common stock (Note 10)(41,577)(42,222)
Net increase (decrease) in net assets resulting from capital share transactions(55,304)(8,225)
Net increase (decrease) in net assets23,468 (73,167)
Net Assets at beginning of period901,363 956,471 
Net Assets at end of period$924,831 $883,304 

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 six month periods ended
 June 30, 2021June 30, 2020
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$78,772 $(64,942)
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 costs583 718 
Net accretion of discount on investments(4,029)(4,059)
Paid-in-kind interest(4,292)(1,988)
Net realized (gain) loss on investments(3,618)49,481 
Net realized currency (gain) loss on non-investment assets and liabilities138 (485)
Net change in unrealized (appreciation) depreciation on investments(33,147)63,307 
Net change in unrealized currency (gains) losses on non-investment assets and liabilities171 (1,697)
Cost of investments purchased and change in payable for investments purchased(357,577)(391,624)
Proceeds from sales and repayments of investments and change in receivable for investments sold/repaid354,734 507,316 
Changes in operating assets:
Interest receivable1,237 (1,411)
Dividend receivable(1,481)1,256 
Prepaid expenses and other assets(553)(218)
Changes in operating liabilities:
Interest and credit facility fees payable24 (2,232)
Base management and incentive fees payable(158)(1,664)
Administrative service fees payable288 52 
Other accrued expenses and liabilities(1,056)465 
Net cash provided by (used in) operating activities30,036 152,275 
Cash flows from financing activities:
Proceeds from issuance of preferred stock— 50,000 
Repurchase of common stock(13,727)(16,003)
Borrowings on SPV Credit Facility and Credit Facility179,479 257,292 
Repayments of SPV Credit Facility and Credit Facility(162,500)(397,484)
Debt issuance costs paid(336)(312)
Dividends paid in cash(41,967)(52,603)
Net cash provided by (used in) financing activities(39,051)(159,110)
Net increase (decrease) in cash, cash equivalents and restricted cash(9,015)(6,835)
Cash, cash equivalents, and restricted cash, beginning of period68,419 36,751 
Cash, cash equivalents, and restricted cash, end of period$59,404 $29,916 
Supplemental disclosures:
Interest paid during the period$14,174 $23,347 
Taxes, including excise tax, paid during the period$626 $391 
Dividends declared on preferred stock and common stock during the period$41,577 $42,222 
The accompanying notes are an integral part of these consolidated financial statements.
6

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 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 (64.7% of fair value)
Advanced Web Technologies Holding Company^*(2)(3)(13)Containers, Packaging & GlassL + 5.75%6.75%12/17/202012/17/2026$6,045 $5,874 $6,139 0.66 %
Airnov, Inc.^*(2)(3)(13)Containers, Packaging & GlassL + 5.25%6.25%12/20/201912/19/20256,790 6,701 6,790 0.73 
Allied Universal Holdco LLC^(2)(3)Business ServicesL + 4.25%4.40%2/17/20217/10/2026500 503 501 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 + 5.75%6.75%2/2/201811/16/202210,890 10,849 10,779 1.17 
Alpine SG, LLC^(2)(3)High Tech IndustriesL + 8.50%9.50%7/24/202011/16/20221,618 1,588 1,618 0.17 
Alpine SG, LLC^*(2)(3)High Tech IndustriesL + 6.50%7.50%11/2/202011/16/202213,796 13,502 13,763 1.49 
American Physician Partners, LLC^*(2)(3)(13)Healthcare & PharmaceuticalsL + 6.75%, 1.50% PIK9.25%1/7/201912/21/202128,253 28,189 28,018 3.03 
AMS Group HoldCo, LLC^*(2)(3)(13)Transportation: CargoL + 6.00%7.00%9/29/20179/29/202320,810 20,615 20,810 2.25 
Analogic Corporation^*(2)(3)(13)Capital EquipmentL + 5.25%6.25%6/22/20186/22/20242,350 2,324 2,327 0.25 
Applied Technical Services, LLC^(2)(3)(13)Business ServicesL + 5.75%6.75%12/29/202012/29/2026393 381 383 0.05 
Appriss Health, LLC^(2)(3)(13)Healthcare & PharmaceuticalsL + 7.25%8.25%5/6/20215/6/202744,444 43,517 43,496 4.70 
Apptio, Inc.^(2)(3)(13)SoftwareL + 7.25%8.25%1/10/20191/10/20256,131 6,032 6,187 0.67 
Aurora Lux FinCo S.Á.R.L. (Luxembourg)^*(2)(3)(7)SoftwareL + 6.00%7.00%12/24/201912/24/202632,654 31,981 29,454 3.18 
Avenu Holdings, LLC*(2)(3)Sovereign & Public FinanceL + 5.25%6.25%9/28/20189/28/202413,615 13,495 13,615 1.47 
Barnes & Noble, Inc.^(2)(3)(11)RetailL + 5.50%6.50%8/7/20198/7/202416,521 16,245 15,708 1.70 
BlueCat Networks, Inc. (Canada)*(2)(3)(7)High Tech IndustriesL + 6.25%7.25%10/30/202010/30/202611,468 11,256 11,608 1.26 
BMS Holdings III Corp.*(2)(3)Construction & BuildingL + 5.25%6.25%9/30/20199/30/20261,588 1,557 1,588 0.17 
Captive Resources Midco, LLC^*(2)(3)(13)Banking, Finance, Insurance & Real EstateL + 5.75%6.75%6/30/20155/31/202510,328 10,191 10,328 1.12 
Central Security Group, Inc.^*(2)(3)Consumer ServicesL + 6.00%7.00%10/16/202010/16/20259,230 9,231 8,539 0.92 
Chartis Holding, LLC^*(2)(3)(13)Business ServicesL + 5.50%6.50%5/1/20195/1/202514,197 13,946 14,197 1.54 
Chemical Computing Group ULC (Canada)^*(2)(3)(7)(13)SoftwareL + 4.50%5.50%8/30/20188/30/2024469 467 464 0.05 
Chudy Group, LLC^(2)(3)(13)Healthcare & PharmaceuticalsL + 5.75%6.75%6/30/20216/30/2027828 813 813 0.09 
CircusTrix Holdings, LLC^*(2)(3)Hotel, Gaming & LeisureL + 5.50%, 2.50% PIK9.00%2/2/20181/16/202410,458 10,430 8,792 0.95 
CircusTrix Holdings, LLC^(2)(3)(13)Hotel, Gaming & LeisureL + 5.50%, 2.50% PIK9.00%1/8/20217/16/2023627 570 627 0.07 
Cobblestone Intermediate Holdco LLC^(2)(3)Consumer ServicesL + 5.50%6.50%1/29/20201/29/2026727 721 733 0.08 
Comar Holding Company, LLC^*(2)(3)(13)Containers, Packaging & GlassL + 5.50%6.50%6/18/20186/18/202426,579 26,233 26,579 2.88 
Cority Software Inc. (Canada)^*(2)(3)(7)(13)SoftwareL + 5.00%6.00%7/2/20197/2/202610,568 10,367 10,568 1.14 
Cority Software Inc. (Canada)^(2)(3)(7)SoftwareL + 7.00%8.00%9/3/20207/2/20261,888 1,838 1,931 0.21 
7

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 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
DCA Investment Holding LLC^*(2)(3)(13)Healthcare & PharmaceuticalsL + 6.25%7.00%3/11/20213/12/2027$9,936 $9,758 $9,932 1.07 %
Derm Growth Partners III, LLC ^(2)(3)(8)Healthcare & PharmaceuticalsL + 6.25%7.25%5/31/20165/31/202256,064 53,509 32,731 3.54 
DermaRite Industries, LLC^*(2)(3)(13)Healthcare & PharmaceuticalsL + 7.00%8.00%3/3/20173/3/202220,310 20,261 19,140 2.07 
Designer Brands Inc.^(2)(3)(7)RetailL + 8.50%9.75%8/7/20208/7/202517,500 17,126 17,203 1.86 
Diligent Corporation^(2)(3)(13)TelecommunicationsL + 6.25%7.25%8/4/20208/4/2025576 559 589 0.06 
DTI Holdco, Inc.^(2)(3)High Tech IndustriesL + 4.75%5.75%12/18/20189/30/20231,944 1,879 1,868 0.20 
Emergency Communications Network, LLC^*(2)(3)TelecommunicationsL + 2.625%, 5.125% PIK8.75%6/1/20176/1/202324,880 24,799 22,256 2.41 
EPS Nass Parent, Inc.^(2)(3)(13)Utilities: ElectricL + 5.75%6.75%4/19/20214/19/2028847 828 832 0.09 
Ethos Veterinary Health LLC^(2)(3)Consumer ServicesL + 4.75%4.85%5/17/20195/15/20262,599 2,561 2,585 0.28 
EvolveIP, LLC^*(2)(3)(13)TelecommunicationsL + 5.75%6.75%11/26/20196/7/202325,733 25,686 25,733 2.78 
Frontline Technologies Holdings, LLC^*(2)(3)SoftwareL + 5.75%6.75%9/18/20179/18/20233,083 3,069 3,111 0.34 
FWR Holding Corporation^*(2)(3)(13)Beverage, Food & TobaccoL + 5.50%, 1.50% PIK8.00%8/21/20178/21/202334,663 34,353 31,762 3.43 
Greenhouse Software, Inc.^(2)(3)(13)SoftwareL + 6.50%7.50%3/1/20213/1/202715,196 14,836 14,981 1.62 
Hawkeye AcquisitionCo, LLC^*(2)(3)(13)Aerospace & DefenseL + 6.75%7.75%3/1/202111/19/20267,189 6,978 7,043 0.76 
Helios Buyer, Inc.^*(2)(3)(13)Consumer ServicesL + 5.50%6.50%12/15/202012/15/202614,015 13,743 14,160 1.53 
Hercules Borrower LLC^*(2)(3)(13)Environmental IndustriesL + 6.50%7.50%12/14/202012/14/202618,546 18,066 18,784 2.03 
Higginbotham Insurance Agency, Inc.^(2)(3)(13)Banking, Finance, Insurance & Real EstateL + 5.75%6.50%11/25/202011/25/20263,892 3,824 3,952 0.43 
iCIMS, Inc.^(2)(3)SoftwareL + 6.50%7.50%9/12/20189/12/20241,670 1,649 1,683 0.18 
Individual FoodService Holdings, LLC^(2)(3)(13)WholesaleL + 6.25%7.25%2/21/202011/22/20253,826 3,746 3,814 0.41 
Individual FoodService Holdings, LLC^(2)(3)(13)WholesaleL + 6.25%7.25%12/31/202011/22/20252,201 2,147 2,195 0.24 
Infront Luxembourg Finance S.À R.L. (Luxembourg)^(2)(3)(7)Hotel, Gaming & LeisureL + 9.00%9.00%5/28/20215/28/20278,250 9,762 9,489 1.03 
Integrity Marketing Acquisition, LLC^(2)(3)Banking, Finance, Insurance & Real EstateL + 5.75%6.75%1/15/20208/27/20254,945 4,888 4,988 0.55 
K2 Insurance Services, LLC^*(2)(3)(13)Banking, Finance, Insurance & Real EstateL + 5.00%6.00%7/3/20197/1/20245,562 5,439 5,543 0.60 
Kaseya, Inc.^(2)(3)(13)High Tech IndustriesL + 4.00%, 3.00% PIK8.00%5/3/20195/2/202515,820 15,586 15,889 1.72 
Legacy.com, Inc.^(2)(3)(11)High Tech IndustriesL + 6.00%7.00%3/20/20173/20/202317,066 16,923 16,445 1.78 
Lifelong Learner Holdings, LLC^(2)(3)(13)Business ServicesL + 5.75%6.75%10/18/201910/18/202624,732 24,309 22,765 2.46 
Liqui-Box Holdings, Inc.^(2)(3)(13)Containers, Packaging & GlassL + 4.50%5.50%6/3/20196/3/20242,297 2,278 2,067 0.22 
LVF Holdings, Inc.^*(2)(3)(13)Beverage, Food & TobaccoL + 6.25%7.25%6/10/20216/10/202720,489 19,547 19,539 2.11 
8

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 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
Mailgun Technologies, Inc.^(2)(3)(13)High Tech IndustriesL + 5.00%6.00%3/26/20193/26/2025$3,239 $3,176 $3,228 0.35 %
Maverick Acquisition, Inc.^*(2)(3)(13)Aerospace & DefenseL + 6.00%7.00%6/1/20216/1/202735,892 34,930 34,918 3.78 
National Technical Systems, Inc.^(2)(3)(13)Aerospace & DefenseL + 5.50%6.50%10/28/20206/12/20231,172 1,152 1,179 0.13 
NES Global Talent Finance US, LLC (United Kingdom)^(2)(3)(7)Energy: Oil & GasL + 5.50%6.50%5/9/20185/11/20239,738 9,666 9,393 1.02 
NMI AcquisitionCo, Inc.^*(2)(3)(13)High Tech IndustriesL + 5.50%6.50%9/6/20179/6/202340,545 40,322 40,776 4.41 
Paramit Corporation^*(2)(3)Capital EquipmentL + 4.50%5.50%5/3/20195/3/20255,213 5,178 5,213 0.57 
Paramit Corporation^(2)(3)(13)Capital EquipmentL + 5.25%6.25%11/24/20205/3/20253,029 2,924 3,029 0.33 
PF Growth Partners, LLC^*(2)(3)(13)Hotel, Gaming & LeisureL + 7.00%8.00%7/1/20197/11/20257,257 7,171 6,861 0.74 
PPC Flexible Packaging, LLC^*(2)(3)(13)Containers, Packaging & GlassL + 5.75%6.75%11/23/201811/23/202411,480 11,387 11,481 1.24 
PPT Management Holdings, LLC^(2)(3)Healthcare & PharmaceuticalsL + 6.00%, 2.00% PIK9.00%12/15/201612/16/202228,188 28,128 24,255 2.62 
PricewaterhouseCoopers Public Sector LLP^(2)(3)(13)Aerospace & DefenseL + 3.25%3.40%5/1/20185/1/2023— (58)(14)— 
Product Quest Manufacturing, LLC^(2)(3)(8)Containers, Packaging & GlassL + 6.75%10.00%9/21/20173/31/2021840 840 423 0.06 
Propel Insurance Agency, LLC*(2)(3)Banking, Finance, Insurance & Real EstateL + 5.00%6.00%6/1/20186/1/20242,327 2,317 2,304 0.25 
Prophix Software Inc. (Canada)^(2)(3)(7)(13)SoftwareL + 6.50%7.50%2/1/20212/1/202610,963 10,718 11,164 1.21 
QW Holding Corporation^*(2)(3)Environmental IndustriesL + 6.25%7.25%8/31/20168/31/202442,895 42,650 41,886 4.53 
Redwood Services Group, LLC^*(2)(3)(13)High Tech IndustriesL + 6.00%7.00%11/13/20186/6/20235,018 4,901 4,942 0.53 
Redwood Services Group, LLC*(2)(3)High Tech IndustriesL + 8.50%9.50%8/14/20206/6/20233,457 3,383 3,491 0.39 
Redwood Services Group, LLC^*(2)(3)(13)High Tech IndustriesL + 7.25%8.25%10/19/20206/6/202317,255 16,980 17,360 1.88 
Regency Entertainment, Inc.^(2)(3)Media: Diversified & ProductionL + 6.75%7.75%5/22/202010/22/202520,000 19,667 19,666 2.13 
Reladyne, Inc.*(2)(3)WholesaleL + 5.00%6.00%8/21/20207/22/202210,075 10,018 9,975 1.08 
Riveron Acquisition Holdings, Inc.*(2)(3)Banking, Finance, Insurance & Real EstateL + 5.75%6.75%5/22/20195/22/202511,459 11,301 11,459 1.24 
RSC Acquisition, Inc.^(2)(3)(13)Banking, Finance, Insurance & Real EstateL + 5.50%6.50%11/1/201911/1/20266,214 6,112 6,279 0.68 
Sapphire Convention, Inc.^*(2)(3)(13)TelecommunicationsL + 6.25%7.25%11/20/201811/20/202530,057 29,633 25,700 2.78 
Smile Doctors, LLC^*(2)(3)(13)Healthcare & PharmaceuticalsL + 6.00%7.00%10/6/201710/6/202216,845 16,803 16,845 1.82 
Southern Graphics, Inc.^(2)(3)(11)Media: Advertising, Printing & PublishingL + 6.50%7.50%10/30/202010/23/20239,959 9,793 9,768 1.05 
SPay, Inc.^*(2)(3)(13)Hotel, Gaming & LeisureL + 2.30%, 6.95% PIK10.25%6/15/20186/17/202422,143 21,911 18,846 2.04 
Speedstar Holding LLC^*(2)(3)(13)AutomotiveL + 7.00%8.00%1/22/20211/22/202727,363 26,778 27,421 2.96 
Superior Health Linens, LLC^*(2)(3)(13)Business ServicesL + 6.50%7.50%9/30/20169/30/202114,486 14,459 14,486 1.57 
T2 Systems, Inc.^*(2)(3)(13)Transportation: ConsumerL + 6.75%7.75%9/28/20169/28/202226,466 26,286 26,466 2.86 
9

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 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
TCFI Aevex LLC^*(2)(3)(13)Aerospace & DefenseL + 6.00%7.00%3/18/20203/18/2026$11,217 $11,006 $10,978 1.19 %
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 25,891 29,024 3.13 
The Leaders Romans Bidco Limited (United Kingdom) Term Loan C^(2)(3)(7)(13)Banking, Finance, Insurance & Real EstateL + 6.25%, 2.50% PIK9.50%7/23/20196/30/2024£5,064 7,478 9,457 1.02 
Trump Card, LLC^*(2)(3)(13)Transportation: CargoL + 5.50%6.50%6/26/20184/21/20227,715 7,701 7,652 0.83 
TSB Purchaser, Inc.^*(2)(3)(13)Media: Advertising, Printing & PublishingL + 6.00%7.00%5/14/20185/14/202418,570 18,301 18,533 2.00 
Turbo Buyer, Inc. ^*(2)(3)(13)AutomotiveL + 6.00%7.00%12/2/201912/2/202520,480 20,061 20,046 2.17 
Tweddle Group, Inc.^(2)(3)Media: Advertising, Printing & PublishingL + 4.50%5.50%9/17/20189/17/20231,629 1,615 1,554 0.17 
Unifrutti Financing PLC (Cyprus)^(7)Beverage, Food & Tobacco7.50%, 1.00% PIK8.50%9/15/20199/15/20264,598 4,874 5,384 0.58 
Unifrutti Financing PLC (Cyprus)^(7)Beverage, Food & Tobacco11.00% PIK11.00%10/22/20209/15/2026717 809 839 0.09 
US INFRA SVCS Buyer, LLC^*(2)(3)(13)Environmental IndustriesL + 6.00%7.00%4/13/20204/13/20265,632 5,121 4,780 0.51 
USLS Acquisition, Inc.^(2)(3)(13)Business ServicesL + 6.50%7.50%11/30/201811/30/202421,338 21,053 20,241 2.19 
Westfall Technik, Inc.^*(2)(3)(13)Chemicals, Plastics & RubberL + 5.75%6.75%9/13/20189/13/202427,807 27,577 26,975 2.92 
YLG Holdings, Inc.^(2)(3)(13)Consumer ServicesL + 6.00%7.00%9/30/202011/1/20251,622 1,567 1,637 0.18 
Zemax Software Holdings, LLC^(2)(3)(13)SoftwareL + 5.75%6.75%6/25/20186/25/20246,241 6,179 6,172 0.67 
Zenith Merger Sub, Inc.^*(2)(3)(13)Business ServicesL + 5.25%6.25%12/13/201712/13/202310,544 10,466 10,544 1.14 
First Lien Debt Total$1,248,447 $1,212,747 131.13 %
Second Lien Debt (16.7% 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$24,813 $24,330 $25,744 2.78 %
Aimbridge Acquisition Co., Inc.^(2)(3)Hotel, Gaming & LeisureL + 7.50%7.59%2/1/20192/1/20279,240 9,113 8,500 0.92 
AQA Acquisition Holdings, Inc.^*(2)(3)High Tech IndustriesL + 7.50%8.00%3/3/20213/3/202935,000 34,146 34,126 3.70 
Brave Parent Holdings, Inc.^*(2)(3)SoftwareL + 7.50%7.60%10/3/20184/19/202618,197 17,888 18,197 1.97 
Drilling Info Holdings, Inc.^(2)(3)Energy: Oil & GasL + 8.25%8.35%2/11/20207/30/202618,600 18,178 18,786 2.03 
Jazz Acquisition, Inc.^*(2)(3)Aerospace & DefenseL + 8.00%8.10%6/13/20196/18/202723,450 23,168 20,413 2.21 
Outcomes Group Holdings, Inc.^*(2)(3)Business ServicesL + 7.50%7.65%10/23/201810/26/20261,731 1,728 1,731 0.19 
PAI Holdco, Inc.^(2)(3)AutomotiveL + 6.25%, 2.00% PIK9.25%10/28/202010/28/202813,667 13,288 13,585 1.47 
Peraton Corp.^*(2)(3)Aerospace & DefenseL + 7.75%8.50%2/24/20212/1/202912,300 12,117 12,189 1.32 
Quartz Holding Company^(2)(3)SoftwareL + 8.00%8.09%4/2/20194/2/20277,048 6,937 7,048 0.76 
Reladyne, Inc.^(2)(3)WholesaleL + 9.50%10.50%4/19/20181/21/202312,242 12,157 12,068 1.30 
10

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 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
Sovos Brands Intermediate Inc^*(2)(3)Beverage, Food & TobaccoL + 8.00%8.75%6/8/20216/8/2029$12,310 $12,065 $12,064 1.30 %
Stonegate Pub Company Bidco Limited (United Kingdom)^(2)(3)(7)Beverage, Food & TobaccoL + 8.50%8.61%3/12/20203/12/2028£20,000 24,758 23,322 2.52 
Tank Holding Corp.^*(2)(3)Capital EquipmentL + 8.25%8.45%3/26/20193/26/202735,965 35,525 36,315 3.93 
TruGreen Limited Partnership^(2)(3)Consumer ServicesL + 8.50%9.25%11/16/202011/2/202813,000 12,757 13,109 1.42 
Ultimate Baked Goods MIDCO, LLC^(2)(3)Beverage, Food & TobaccoL + 8.00%9.00%8/9/20188/9/20262,820 2,779 2,820 0.30 
Watchfire Enterprises, Inc.^(2)(3)Media: Advertising, Printing & PublishingL + 8.25%9.25%10/2/201310/2/20247,000 6,995 6,987 0.76 
World 50, Inc.^(9)Business Services11.50%11.50%1/10/20201/9/20277,635 7,507 7,594 0.83 
WP CPP Holdings, LLC^(2)(3)Aerospace & DefenseL + 7.75%8.75%7/18/20194/30/202639,500 39,196 38,532 4.17 
Second Lien Debt Total
$314,632 $313,130 33.86 %
Investments—non-controlled/non-affiliated (1)
FootnotesIndustryAcquisition DateShares/ UnitsCost
Fair
Value 
(5)
% of Net Assets
Equity Investments (2.9% of fair value)
ANLG Holdings, LLC^(6)Capital Equipment6/22/2018592$592 $748 0.08 %
Appriss Health, LLC^(6)Healthcare & Pharmaceuticals5/6/202144,1464,1460.45 
Atlas Ontario LP (Canada)^(6)(7)Business Services4/7/20215,1145,1145,1140.55 
Avenu Holdings, LLC^(6)Sovereign & Public Finance9/28/20181721725760.06 
BK Intermediate Company, LLC^(6)Healthcare & Pharmaceuticals5/27/20202882883240.04 
Central Security Group, Inc.^*(6)Consumer Services10/16/2020443— 
Chartis Holding, LLC^(6)Business Services5/1/20194334336960.08 
CIP Revolution Holdings, LLC^(6)Media: Advertising, Printing & Publishing8/19/20163183182060.02 
Cority Software Inc. (Canada)^(6)Software7/2/20192502503690.04 
Derm Growth Partners III, LLC ^(6)Healthcare & Pharmaceuticals5/31/20161,0001,000 — — 
Diligent Corporation^(6)Telecommunications4/5/2021109,7509,7501.05 
ECP Parent, LLC^(6)Healthcare & Pharmaceuticals3/29/2018268— 290 0.03 
K2 Insurance Services, LLC^(6)Banking, Finance, Insurance & Real Estate7/3/20194334336540.07 
Legacy.com, Inc.^(6)High Tech Industries3/20/20171,5001,5008440.09 
Mailgun Technologies, Inc.^(6)High Tech Industries3/26/2019424 424 783 0.08 
North Haven Goldfinch Topco, LLC^(6)Containers, Packaging & Glass6/18/20182,3152,3153,0740.33 
Paramit Corporation^(6)Capital Equipment6/17/20191505007480.08 
PPC Flexible Packaging, LLC^(6)Containers, Packaging & Glass2/1/20199659651,5670.17 
11

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2021
(dollar amounts in thousands)
(unaudited)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustryAcquisition DateShares/ UnitsCost
Fair
Value 
(5)
% of Net Assets
Rough Country, LLC^(6)Durable Consumer Goods5/25/20177554901,5110.16 
T2 Systems Parent Corporation^(6)Transportation: Consumer9/28/2016556$556 $708 0.08 %
Tailwind HMT Holdings Corp.^(6)Energy: Oil & Gas11/17/2017221,558 2,023 0.22 
Tank Holding Corp.^(6)Capital Equipment3/26/2019850482 1,027 0.11 
Titan DI Preferred Holdings, Inc. ^(6)Energy: Oil & Gas2/11/202012,01111,736 12,131 1.31 
Turbo Buyer, Inc. ^(6)Automotive12/2/20191,925933 2,342 0.25 
Tweddle Holdings, Inc.^*(6)Media: Advertising, Printing & Publishing9/17/201817— — — 
Unifrutti Financing PLC (Cyprus)^(6)Beverage, Food & Tobacco10/22/20204574650.05 
Unifrutti Financing PLC (Cyprus)^(6)Beverage, Food & Tobacco10/22/202011331100.01 
USLS Acquisition, Inc.^(6)Business Services11/30/20186416416310.07 
W50 Parent LLC^(6)Business Services1/10/20205005008250.09 
Zenith American Holding, Inc.^(6)Business Services12/13/20171,5647821,5460.17 
Zillow Topco LP^(6)Software6/25/20183133131710.02 
Equity Investments Total$46,781 $53,379 5.77 %
Total investments—non-controlled/non-affiliated$1,609,860 $1,579,256 170.76 %
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$36,711 $36,098 $26,115 2.82 %
Direct Travel Inc.^(2)(3)(12)(13)Hotel, Gaming & LeisureL + 6.00%7.00%10/1/202010/1/20232,4472,3192,4470.26 
First Lien Debt Total$38,417 $28,562 3.09 %
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$38,417 $28,562 3.09 %
12

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2021
(dollar amounts in thousands)
(unaudited)
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$3,167 $3,166 $646 0.07 %
SolAero Technologies Corp. (A2 Term Loan)^(2)(3)(8)(10)TelecommunicationsL + 8.00% (100% PIK)9.00%4/12/201910/12/20228,7078,7071,7760.19 
SolAero Technologies Corp. (Priority Facilities)^(2)(3)(10)(13)TelecommunicationsL + 6.00%7.00%4/12/201910/12/20222,2872,2672,2870.25 
First Lien Debt Total$14,140 $4,709 0.51 %
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 $— — %
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 (13.9% 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 $78,441 8.48 %
Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest^(7)(10)Investment FundsN/A—%2/29/201612/31/2024193,000 193,000 181,343 19.61 
Middle Market Credit Fund, Mezzanine Loan^(2)(7)(9)(10)Investment FundsL + 9.00%9.19%6/30/20165/21/2022— — — 
Investment Fund Total$271,096 $259,784 28.09 %
Total investments—controlled/affiliated$288,051 $264,493 28.61 %
Total Investments$1,936,328 $1,872,311 202.45 %

^ 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