0001544206-17-000017.txt : 20170809 0001544206-17-000017.hdr.sgml : 20170809 20170808202129 ACCESSION NUMBER: 0001544206-17-000017 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20170630 FILED AS OF DATE: 20170809 DATE AS OF CHANGE: 20170808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TCG BDC, INC. CENTRAL INDEX KEY: 0001544206 IRS NUMBER: 454727439 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 814-00995 FILM NUMBER: 171016188 BUSINESS ADDRESS: STREET 1: 520 MADISON AVENUE STREET 2: 40TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: (212) 813-4900 MAIL ADDRESS: STREET 1: 520 MADISON AVENUE STREET 2: 40TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: Carlyle GMS Finance, Inc. DATE OF NAME CHANGE: 20120308 10-Q 1 tcgbdc-2q2017_10q.htm SECOND QUARTER 2017 10-Q Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2017
OR
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period                      to                     
Commission File No. 000-54899
 
 
TCG BDC, INC.
(Exact name of Registrant as specified in its charter)
 
 
Maryland
 
80-0789789
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification Number)
520 Madison Avenue, 40th Floor, New York, NY 10022
(Address of principal executive office) (Zip Code)
(212) 813-4900
(Registrant’s telephone number, including area code)
 
 
 
N/A
(Former name, former address and former fiscal year, if changed since last report)
 
 
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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).    Yes  o    No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
 
o
  
Accelerated filer
 
o
 
 
 
 
Non-accelerated filer
 
x  (Do not check if a smaller reporting company)
  
Smaller reporting company
 
o
 
 
 
 
Emerging Growth Company
 
x
  
 
 
 
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.  x
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  o    No  x
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
Outstanding at August 8, 2017
Common stock, $0.01 par value
61,859,848




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, 2017
 
December 31, 2016
 
(unaudited)
 
 
ASSETS
 
 
 
Investments, at fair value
 
 
 
Investments—non-controlled/non-affiliated, at fair value (amortized cost of $1,545,079 and $1,332,596, respectively)
$
1,534,162

 
$
1,323,102

Investments—controlled/affiliated, at fair value (amortized cost of $182,601 and $97,385, respectively)
185,311

 
99,657

Total investments, at fair value (amortized cost of $1,727,680 and $1,429,981, respectively)
1,719,473

 
1,422,759

Cash and cash equivalents
28,159

 
38,489

Receivable for investment sold
—

 
19,750

Deferred financing costs
3,629

 
3,308

Interest receivable from non-controlled/non-affiliated investments
4,358

 
3,407

Interest and dividend receivable from controlled/affiliated investments
3,996

 
2,400

Prepaid expenses and other assets
146

 
42

Total assets
$
1,759,761

 
$
1,490,155

LIABILITIES
 
 
 
Secured borrowings (Note 6)
$
331,597

 
$
421,885

2015-1 Notes payable, net of unamortized debt issuance costs of $2,050 and $2,151, respectively (Note 7)
270,950

 
270,849

Payable for investments purchased
4,996

 
—

Due to Investment Adviser
118

 
215

Interest and credit facility fees payable (Notes 6 and 7)
3,830

 
3,599

Dividend payable (Note 9)
22,720

 
20,018

Base management and incentive fees payable (Note 4)
9,132

 
8,157

Administrative service fees payable (Note 4)
120

 
137

Offering costs payable
1,128

 
—

Other accrued expenses and liabilities
1,427

 
1,158

Total liabilities
646,018

 
726,018

Commitments and contingencies (Notes 8 and 11)
 
 
 
NET ASSETS
 
 
 
Common stock, $0.01 par value; 200,000,000 shares authorized; 61,405,648 shares and 41,702,318 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively
614

 
417

Paid-in capital in excess of par value
1,158,621

 
799,580

Offering costs
(1,560
)
 
(74
)
Accumulated net investment income (loss), net of cumulative dividends of $168,885 and $129,065 at June 30, 2017 and December 31, 2016, respectively
(2,472
)
 
(3,207
)
Accumulated net realized gain (loss)
(33,253
)
 
(25,357
)
Accumulated net unrealized appreciation (depreciation)
(8,207
)
 
(7,222
)
Total net assets
$
1,113,743

 
$
764,137

NET ASSETS PER SHARE
$
18.14

 
$
18.32

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
 
For the six month periods ended
 
June 30, 2017
 
June 30, 2016
 
June 30, 2017
 
June 30, 2016
Investment income:
 
 
 
 
 
 
 
Interest income from non-controlled/non-affiliated investments
$
30,526

 
$
24,078

 
$
58,880

 
$
46,189

Other income from non-controlled/non-affiliated investments
4,046

 
1,670

 
6,582

 
2,669

Interest income from controlled/affiliated investments
2,372

 
—

 
4,321

 
—

Dividend income from controlled/affiliated investments
1,800

 
—

 
3,060

 
—

Total investment income
38,744

 
25,748

 
72,843

 
48,858

Expenses:
 
 
 
 
 
 
 
Base management fees (Note 4)
5,657

 
4,345

 
10,782

 
8,485

Incentive fees (Note 4)
5,361

 
3,366

 
10,138

 
6,356

Professional fees
1,153

 
575

 
1,596

 
1,006

Administrative service fees (Note 4)
165

 
198

 
338

 
346

Interest expense (Notes 6 and 7)
5,738

 
3,825

 
10,772

 
7,424

Credit facility fees (Note 6)
529

 
858

 
1,032

 
1,457

Directors’ fees and expenses
131

 
144

 
234

 
264

Other general and administrative
448

 
419

 
990

 
922

Total expenses
19,182

 
13,730

 
35,882

 
26,260

Waiver of base management fees (Note 4)
1,886

 
1,448

 
3,594

 
2,828

Net expenses
17,296

 
12,282

 
32,288

 
23,432

Net investment income (loss)
21,448

 
13,466

 
40,555

 
25,426

Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments:
 
 
 
 
 
 
 
Net realized gain (loss) on investments—non-controlled/non-affiliated
(202
)
 
(6,022
)
 
(7,896
)
 
(9,599
)
Net change in unrealized appreciation (depreciation) on investments—non-controlled/non-affiliated
(5,879
)
 
18,794

 
(1,423
)
 
7,703

Net change in unrealized appreciation (depreciation) on investments—controlled/affiliated
134

 
(287
)
 
438

 
(287
)
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments
(5,947
)
 
12,485

 
(8,881
)
 
(2,183
)
Net increase (decrease) in net assets resulting from operations
$
15,501

 
$
25,951

 
$
31,674

 
$
23,243

Basic and diluted earnings per common share (Note 9)
$
0.34

 
$
0.75

 
$
0.72

 
$
0.70

Weighted-average shares of common stock outstanding—Basic and Diluted (Note 9)
45,977,943

 
34,402,925

 
43,854,102

 
33,174,442

Dividends declared per common share (Note 9)
$
0.37

 
$
0.40

 
$
0.78

 
$
0.80

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, 2017
 
June 30, 2016
Increase (decrease) in net assets resulting from operations:
 
 
 
Net investment income (loss)
$
40,555

 
$
25,426

Net realized gain (loss) on investments
(7,896
)
 
(9,599
)
Net change in unrealized appreciation (depreciation) on investments
(985
)
 
7,416

Net increase (decrease) in net assets resulting from operations
31,674

 
23,243

Capital transactions:
 
 
 
Common stock issued, net of offering and underwriting costs
357,550

 
90,101

Reinvestment of dividends
202

 
128

Dividends declared (Note 12)
(39,820
)
 
(27,280
)
Net increase (decrease) in net assets resulting from capital share transactions
317,932

 
62,949

Net increase (decrease) in net assets
349,606

 
86,192

Net assets at beginning of period
764,137

 
571,726

Net assets at end of period
$
1,113,743

 
$
657,918

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, 2017
 
June 30, 2016
Cash flows from operating activities:
 
 
 
Net increase (decrease) in net assets resulting from operations
$
31,674

 
$
23,243

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
 
 
 
Amortization of deferred financing costs
459

 
824

Net accretion of discount on investments
(6,571
)
 
(1,724
)
Net realized (gain) loss on investments
7,896

 
9,599

Net change in unrealized (appreciation) depreciation on investments
985

 
(7,416
)
Cost of investments purchased and change in payable for investments purchased
(696,931
)
 
(274,145
)
Proceeds from sales and repayments of investments and change in receivable for investments sold
472,827

 
105,074

Changes in operating assets:
 
 
 
Interest receivable
(2,072
)
 
(927
)
Dividend receivable
(475
)
 
—

Prepaid expenses and other assets
(104
)
 
(17
)
Changes in operating liabilities:
 
 
 
Due to Investment Adviser
(97
)
 
(39
)
Interest and credit facility fees payable
231

 
682

Base management and incentive fees payable
975

 
6,667

Administrative service fees payable
(17
)
 
38

Other accrued expenses and liabilities
269

 
617

Net cash provided by (used in) operating activities
(190,951
)
 
(137,524
)
Cash flows from financing activities:
 
 
 
Proceeds from issuance of common stock, net of underwriting costs
350,990

 
90,101

Offering costs from issuance of common stock
(358
)
 
—

Borrowings on SPV Credit Facility and Credit Facility
306,000

 
225,000

Repayments of SPV Credit Facility and Credit Facility
(396,288
)
 
(154,000
)
Repayments of debt assumed from NFIC Acquisition
(42,128
)
 
—

Debt issuance costs paid
(679
)
 
(532
)
Dividends paid in cash
(36,916
)
 
(31,493
)
Net cash provided by (used in) financing activities
180,621

 
129,076

Net increase (decrease) in cash and cash equivalents
(10,330
)
 
(8,448
)
Cash and cash equivalents, beginning of period
38,489

 
41,837

Cash and cash equivalents, end of period
$
28,159

 
$
33,389

Supplemental and non-cash activities:
 
 
 
Offering costs payable
$
1,128

 
$
—

Interest paid during the period
$
10,512

 
$
6,794

Dividends declared during the period
$
39,820

 
$
27,280

Reinvestment of dividends
$
202

 
$
128

Cost of investments received in the NFIC Acquisition from shares issued (Note 13)
$
(8,046
)
 
$
—

Shares issued in consideration of NFIC Acquisition (Note 13)
$
8,046

 
$
—

Debt assumed from NFIC Acquisition (Note 13)
$
42,128

 
$
—

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

6


TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2017
(dollar amounts in thousands)
(unaudited)

Investments—non-controlled/non-affiliated (1)
Industry
 
Interest Rate (2)
 
Maturity Date
 
Par/ Principal Amount
 
Amortized Cost (6)
 
Fair Value (7)
 
Percentage of Net Assets
First Lien Debt (73.87%)
 
 
 
 
 
 
 
 
 
 
 
 
 
Access CIG, LLC (2) (3) (4) (13)
Business Services
 
L + 5.00% (1.00% Floor)
 
10/17/2021
 
$
18,242

 
$
18,138

 
$
18,288

 
1.64
%
Achilles Acquisition LLC (2) (3) (4) (5) (13) (15)
Banking, Finance, Insurance & Real Estate
 
L + 6.00% (1.00% Floor)
 
6/6/2023
 
35,294

 
34,225

 
34,535

 
3.10

Advanced Instruments, LLC (2) (3) (4) (5) (13) (15)
Healthcare & Pharmaceuticals
 
L + 5.25% (1.00% Floor)
 
10/31/2022
 
10,448

 
10,244

 
10,410

 
0.93

Alpha Packaging Holdings, Inc. (2) (3) (4) (13)
Containers, Packaging & Glass
 
L + 4.25% (1.00% Floor)
 
5/12/2020
 
2,911

 
2,909

 
2,911

 
0.26

Anaren, Inc. (2) (3) (4) (13)
Telecommunications
 
L + 4.50% (1.00% Floor)
 
2/18/2021
 
3,839

 
3,817

 
3,844

 
0.35

Aquilex LLC (2) (3) (13)
Environmental Industries
 
L + 4.00% (1.00% Floor)
 
12/31/2020
 
3,208

 
3,206

 
3,204

 
0.29

Audax AAMP Holdings, Inc. (2) (3) (4) (13)
Durable Consumer Goods
 
L + 6.50% (1.00% Floor)
 
7/24/2017
 
12,602

 
12,530

 
12,591

 
1.13

Brooks Equipment Company, LLC (2) (3) (4) (13)
Construction & Building
 
L + 5.00% (1.00% Floor)
 
8/29/2020
 
2,694

 
2,681

 
2,688

 
0.24

Capstone Logistics Acquisition, Inc. (2) (3) (4) (13) (16)
Transportation: Cargo
 
L + 4.50% (1.00% Floor)
 
10/7/2021
 
19,198

 
19,070

 
19,160

 
1.72

Captive Resources Midco, LLC (2) (3) (4) (5) (13) (15)
Banking, Finance, Insurance & Real Estate
 
L + 5.75% (1.00% Floor)
 
6/30/2020
 
32,557

 
32,238

 
32,557

 
2.92

Central Security Group, Inc. (2) (3) (4) (5) (13) (16)
Consumer Services
 
L + 5.63% (1.00% Floor)
 
10/6/2021
 
39,195

 
38,848

 
39,054

 
3.51

CIP Revolution Holdings, LLC (2) (3) (4) (5) (13) (15)
Media: Advertising, Printing & Publishing
 
L + 6.00% (1.00% Floor)
 
8/19/2021
 
19,162

 
18,988

 
19,075

 
1.71

Colony Hardware Corporation (2) (3) (4) (13)
Construction & Building
 
L + 6.00% (1.00% Floor)
 
10/23/2021
 
22,184

 
21,925

 
22,013

 
1.98

Continuum Managed Services Holdco, LLC (2) (3) (5) (13) (15)
High Tech Industries
 
L + 8.75% (1.00% Floor)
 
6/8/2023
 
23,000

 
22,250

 
22,520

 
2.02

Dade Paper & Bag, LLC (2) (3) (4) (5)
Forest Products & Paper
 
L + 7.50% (1.00% Floor)
 
6/10/2024
 
50,000

 
49,006

 
49,365

 
4.43

Datapipe, Inc. (2) (3) (13)
Telecommunications
 
L + 4.75% (1.00% Floor)
 
3/15/2019
 
9,700

 
9,635

 
9,735

 
0.87

Dent Wizard International Corporation (2) (3) (4) (16)
Automotive
 
L + 4.75% (1.00% Floor)
 
4/7/2020
 
900

 
897

 
898

 
0.08

Derm Growth Partners III, LLC (Dermatology Associates) (2) (3) (4) (5) (13) (15)
Healthcare & Pharmaceuticals
 
L + 6.50% (1.00% Floor)
 
5/31/2022
 
44,481

 
43,841

 
44,010

 
3.95

DermaRite Industries, LLC (2) (3) (5) (15)
Healthcare & Pharmaceuticals
 
L + 7.00% (1.00% Floor)
 
3/3/2022
 
20,102

 
19,732

 
19,843

 
1.78

Dimensional Dental Management, LLC (2) (3) (5) (12) (15) (16)
Healthcare & Pharmaceuticals
 
L + 7.00% (1.00% Floor)
 
2/12/2021
 
21,714

 
21,322

 
21,474

 
1.93

Dimora Brands, Inc. (fka TK USA Enterprises, Inc.) (2) (3) (5) (15)
Construction & Building
 
L + 4.50% (1.00% Floor)
 
4/4/2022
 
—

 
(54
)
 
(12
)
 
—

Direct Travel, Inc. (2) (3) (4) (5) (13) (15)
Hotel, Gaming & Leisure
 
L + 6.50% (1.00% Floor)
 
12/1/2021
 
24,889

 
24,328

 
24,654

 
2.21

EIP Merger Sub, LLC (Evolve IP) (2) (3) (5) (12) (13) (16)
Telecommunications
 
L + 6.25% (1.00% Floor)
 
6/7/2021
 
24,254

 
23,629

 
23,730

 
2.13

Emergency Communications Network, LLC (2) (3) (5)
Telecommunications
 
L + 6.25% (1.00% Floor)
 
6/1/2023
 
25,000

 
24,751

 
24,873

 
2.23

EP Minerals, LLC (2) (3) (4) (13)
Metals & Mining
 
L + 4.50% (1.00% Floor)
 
8/20/2020
 
7,931

 
7,909

 
7,931

 
0.71

FCX Holdings Corp. (2) (3) (4) (13) (16)
Capital Equipment
 
L + 4.50% (1.00% Floor)
 
8/4/2020
 
3,839

 
3,838

 
3,839

 
0.34

Genex Holdings, Inc. (2) (3) (4) (13) (16)
Banking, Finance, Insurance & Real Estate
 
L + 4.25% (1.00% Floor)
 
5/30/2021
 
6,666

 
6,642

 
6,636

 
0.60


7


TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2017
(dollar amounts in thousands)
(unaudited)

Investments—non-controlled/non-affiliated (1)
Industry
 
Interest Rate (2)
 
Maturity Date
 
Par/ Principal Amount
 
Amortized Cost (6)

 
Fair Value (7)
 
Percentage of Net Assets
First Lien Debt (73.87%) (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
Global Software, LLC (2) (3) (4) (13)
High Tech Industries
 
L + 5.50% (1.00% Floor)
 
5/2/2022
 
$
20,908

 
$
20,557

 
$
20,781

 
1.87
%
Green Energy Partners/Stonewall LLC (2) (3) (4) (13)
Energy: Electricity
 
L + 5.50% (1.00% Floor)
 
11/13/2021
 
20,000

 
19,636

 
18,548

 
1.67

Green Plains II LLC (2) (3) (4) (5) (13) (15) (16)
Beverage, Food & Tobacco
 
L + 7.00% (1.00% Floor)
 
10/3/2022
 
15,192

 
15,058

 
15,403

 
1.38

Hummel Station LLC (2) (3) (5) (13) (16)
Energy: Electricity
 
L + 6.00% (1.00% Floor)
 
10/27/2022
 
25,000

 
23,999

 
22,805

 
2.05

Hydrofarm, LLC (2) (5) (13)
Wholesale
 
L + 7.00%
 
5/12/2022
 
19,000

 
18,814

 
18,897

 
1.70

Indra Holdings Corp. (Totes Isotoner) (2) (3) (5) (13)
Non-durable Consumer Goods
 
L + 4.25% (1.00% Floor)
 
5/1/2021
 
18,965

 
17,051

 
11,442

 
1.03

Integro Parent Inc. (2) (3) (13)
Banking, Finance, Insurance & Real Estate
 
L + 5.75% (1.00% Floor)
 
10/30/2022
 
4,926

 
4,822

 
4,825

 
0.43

Legacy.com Inc. (2) (3) (5) (12)
High Tech Industries
 
L + 6.00% (1.00% Floor)
 
3/20/2023
 
17,000

 
16,630

 
17,235

 
1.55

Metrogistics LLC (2) (3) (4) (13)
Transportation: Cargo
 
L + 6.50% (1.00% Floor)
 
9/30/2022
 
16,788

 
16,588

 
16,759

 
1.50

National Technical Systems, Inc. (2) (3) (4) (5) (13) (15)
Aerospace & Defense
 
L + 6.00% (1.00% Floor)
 
6/12/2021
 
26,351

 
26,041

 
25,694

 
2.31

NES Global Talent Finance US LLC (United Kingdom) (2) (3) (4) (8) (13)
Energy: Oil & Gas
 
L + 5.50% (1.00% Floor)
 
10/3/2019
 
14,000

 
13,817

 
13,464

 
1.21

OnCourse Learning Corporation (2) (3) (4) (5) (13) (15)
Consumer Services
 
L + 6.50% (1.00% Floor)
 
9/12/2021
 
30,486

 
30,133

 
30,219

 
2.71

Paradigm Acquisition Corp. (2) (3) (4) (13)
Business Services
 
L + 5.00% (1.00% Floor)
 
6/2/2022
 
15,501

 
15,374

 
15,501

 
1.39

Pelican Products, Inc. (2) (3) (4) (13)
Containers, Packaging & Glass
 
L + 4.25% (1.00% Floor)
 
4/11/2020
 
7,604

 
7,614

 
7,623

 
0.68

Plano Molding Company, LLC (2) (3) (4) (5)
Hotel, Gaming & Leisure
 
L + 7.50% (1.00% Floor)
 
5/12/2021
 
21,590

 
21,261

 
19,438

 
1.75

PMG Acquisition Corporation (2) (3) (4) (5) (13) (15)
Healthcare & Pharmaceuticals
 
L + 6.25% (1.00% Floor)
 
5/22/2022
 
27,644

 
27,201

 
27,346

 
2.46

PPT Management Holdings, LLC (2) (3) (5) (13)
Healthcare & Pharmaceuticals
 
L + 6.00% (1.00% Floor)
 
12/16/2022
 
24,875

 
24,666

 
24,741

 
2.22

Product Quest Manufacturing, LLC (2) (3) (4) (5) (12) (16)
Containers, Packaging & Glass
 
L + 5.75% (1.00% Floor)
 
9/9/2020
 
33,000

 
32,233

 
30,502

 
2.75

Prowler Acquisition Corp. (Pipeline Supply and Service, LLC) (2) (3) (4) (5)
Wholesale
 
L + 4.50% (1.00% Floor)
 
1/28/2020
 
14,989

 
14,234

 
12,525

 
1.12

PSC Industrial Holdings Corp (2) (3) (4) (13)
Environmental Industries
 
L + 4.75% (1.00% Floor)
 
12/5/2020
 
14,625

 
14,401

 
13,775

 
1.24

PT Intermediate Holdings III, LLC (Parts Town) (2) (3) (4) (5) (13) (15) (16)
Wholesale
 
L + 6.50% (1.00% Floor)
 
6/23/2022
 
22,181

 
21,973

 
22,090

 
1.98

QW Holding Corporation (Quala) (2) (3) (4) (5) (13)
Environmental Industries
 
L + 6.75% (1.00% Floor)
 
8/31/2022
 
29,775

 
29,014

 
29,948

 
2.69

Reliant Pro Rehab, LLC (2) (3) (5) (12)
Healthcare & Pharmaceuticals
 
L + 10.00% (1.00% Floor)
 
12/29/2017
 
24,688

 
24,565

 
24,688

 
2.22

SolAreo Technologies Corp. (2) (3) (4) (5)
Telecommunications
 
L + 5.25% (1.00% Floor)
 
12/10/2020
 
25,516

 
24,643

 
22,844

 
2.05

Superior Health Linens, LLC (2) (3) (4) (5) (13) (15)
Business Services
 
L + 6.50% (1.00% Floor)
 
9/30/2021
 
21,056

 
20,742

 
20,824

 
1.87

Surgical Information Systems, LLC (2) (3) (4) (5) (12)
High Tech Industries
 
L + 5.00% (1.00% Floor)
 
4/24/2023
 
30,000

 
29,708

 
29,817

 
2.68


8


TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2017
(dollar amounts in thousands)
(unaudited)

Investments—non-controlled/non-affiliated (1)
Industry
 
Interest Rate (2)
 
Maturity Date
 
Par/ Principal Amount
 
Amortized Cost (6)

 
Fair Value (7)
 
Percentage of Net Assets
First Lien Debt (73.87%) (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
T2 Systems Canada, Inc. (2) (3) (4)
Transportation: Consumer
 
L + 6.75% (1.00% Floor)
 
9/28/2022
 
$
4,030

 
$
3,939

 
$
4,030

 
0.36
%
T2 Systems, Inc. (2) (3) (4) (13) (15)
Transportation: Consumer
 
L + 6.75% (1.00% Floor)
 
9/28/2022
 
22,835

 
22,264

 
22,837

 
2.05

The Hilb Group, LLC (2) (3) (5) (12) (15)
Banking, Finance, Insurance & Real Estate
 
L + 6.50% (1.00% Floor)
 
6/24/2021
 
31,571

 
31,029

 
30,926

 
2.78

The SI Organization, Inc. (2) (3) (4) (5) (13)
Aerospace & Defense
 
L + 4.75% (1.00% Floor)
 
11/23/2019
 
14,377

 
14,390

 
14,512

 
1.30

The Topps Company, Inc. (2) (3) (4) (13)
Non-durable Consumer Goods
 
L + 6.00% (1.25% Floor)
 
10/2/2020
 
23,254

 
23,001

 
22,292

 
2.00

Truckpro, LLC. (2) (3) (4) (13) (16)
Automotive
 
L + 5.00% (1.00% Floor)
 
8/6/2018
 
8,974

 
8,947

 
8,928

 
0.80

Tweddle Group, Inc. (2) (3) (4) (13)
Media: Advertising, Printing & Publishing
 
L + 6.00% (1.00% Floor)
 
10/24/2022
 
17,550

 
17,271

 
17,615

 
1.58

TwentyEighty, Inc.—Revolver (2) (3) (5) (10) (15)
Business Services
 
L + 8.00% (1.00% Floor)
 
3/21/2020
 
—

 
(7
)
 
(4
)
 
—

TwentyEighty, Inc. - (Term A Loans) (2) (3) (5) (10)
Business Services
 
L + 3.50% (1.00% Floor) cash, 4.50% PIK
 
3/21/2020
 
3,773

 
3,751

 
3,746

 
0.34

TwentyEighty, Inc. - (Term B Loans) (5) (10)
Business Services
 
1.00% cash, 7.00% PIK
 
3/21/2020
 
6,298

 
6,038

 
4,818

 
0.43

TwentyEighty, Inc. - (Term C Loans) (5) (10)
Business Services
 
0.25% cash, 8.75% PIK
 
3/21/2020
 
6,020

 
5,335

 
4,605

 
0.41

Vetcor Professional Practices, LLC (2) (3) (4) (5) (13) (15)
Consumer Services
 
L + 6.25% (1.00% Floor)
 
4/20/2021
 
34,677

 
34,262

 
34,855

 
3.13

Vistage Worldwide Inc. (2) (3) (4) (13) (16)
Business Services
 
L + 5.50% (1.00% Floor)
 
8/19/2021
 
33,486

 
33,304

 
33,486

 
3.01

VRC Companies, LLC (2) (3) (4) (5) (13) (15) 
Business Services
 
L + 6.50% (1.00% Floor)
 
3/31/2023
 
29,612

 
28,877

 
29,095

 
2.61

W/S Packaging Group Inc. (2) (3) (4) (16)
Containers, Packaging & Glass
 
L + 5.00% (1.00% Floor)
 
8/9/2019
 
4,026

 
3,875

 
3,875

 
0.35

Watchfire Enterprises, Inc. (2) (3) (13)
Media: Advertising, Printing & Publishing
 
L + 4.00% (1.00% Floor)
 
10/2/2020
 
1,362

 
1,349

 
1,362

 
0.12

Winchester Electronics Corporation (2) (3) (4) (5) (13) (15)
Capital Equipment
 
L + 6.50% (1.00% Floor)
 
6/30/2022
 
31,768

 
31,474

 
32,066

 
2.88

Zest Holdings, LLC (2) (3) (4) (13) (16)
Durable Consumer Goods
 
L + 4.25% (1.00% Floor)
 
8/16/2023
 
3,449

 
3,440

 
3,474

 
0.31

First Lien Debt Total
 
 
 
 
 
 
 
 
$
1,279,859

 
$
1,270,078

 
114.03
%
Second Lien Debt (14.58%)
 
 
 
 
 
 
 
 
 

 
 

 
 
Acrisure, LLC (2) (3) (5) (15)
Banking, Finance, Insurance & Real Estate
 
L + 9.25% (1.00% Floor)
 
11/22/2024
 
$
23,250

 
$
22,365

 
$
22,705

 
2.04
%
AIM Group USA Inc. (2) (3) (5) (13)
Aerospace & Defense
 
L + 9.00% (1.00% Floor)
 
8/2/2022
 
23,000

 
22,719

 
22,940

 
2.06

AmeriLife Group, LLC (2) (3) (5) (13) 
Banking, Finance, Insurance & Real Estate
 
L + 8.75% (1.00% Floor)
 
1/10/2023
 
22,000

 
21,627

 
21,490

 
1.93

Argon Medical Devices, Inc. (2) (3) (4) (5)
Healthcare & Pharmaceuticals
 
L + 9.50% (1.00% Floor)
 
6/23/2022
 
25,000

 
24,414

 
25,428

 
2.28

Berlin Packaging L.L.C. (2) (3) (5) (13)
Containers, Packaging & Glass
 
L + 6.75% (1.00% Floor)
 
10/1/2022
 
3,500

 
3,486

 
3,505

 
0.32

Confie Seguros Holding II Co. (2) (3) (5) (13)
Banking, Finance, Insurance & Real Estate
 
L + 9.75% (1.25% Floor)
 
5/8/2019
 
9,000

 
8,949

 
8,820

 
0.79


9


TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2017
(dollar amounts in thousands)
(unaudited)

Investments—non-controlled/non-affiliated (1)
Industry
 
Interest Rate (2)
 
Maturity Date
 
Par/ Principal Amount
 
Amortized Cost (6)

 
Fair Value (7)
 
Percentage of Net Assets
Second Lien Debt (14.58%) (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
Drew Marine Group Inc. (2) (3) (4) (5) (13) (16)
Chemicals, Plastics & Rubber
 
L + 7.00% (1.00% Floor)
 
5/19/2021
 
$
12,500

 
$
12,483

 
$
12,413

 
1.11
%
Genex Holdings, Inc. (2) (3) (5) (16)
Banking, Finance, Insurance & Real Estate
 
L + 7.75% (1.00% Floor)
 
5/30/2022
 
8,990

 
8,910

 
8,913

 
0.80

Institutional Shareholder Services Inc. (2) (3) (5) (13)
Banking, Finance, Insurance & Real Estate
 
L + 8.50% (1.00% Floor)
 
4/29/2022
 
12,500

 
12,412

 
12,451

 
1.12

Jazz Acquisition, Inc. (Wencor) (2) (3) (5) (13)
Aerospace & Defense
 
L + 6.75% (1.00% Floor)
 
6/19/2022
 
7,500

 
7,402

 
7,106

 
0.64

MRI Software, LLC (2) (3) (5)
Software
 
L + 8.00% (1.00% Floor)
 
6/23/2022
 
12,500

 
12,340

 
12,500

 
1.12

Power Stop, LLC (5) (9)
Automotive
 
11.00%
 
5/29/2022
 
10,000

 
9,840

 
9,913

 
0.89

Pexco LLC (2) (3) (5)
Chemicals, Plastics & Rubber
 
L + 8.00% (1.00% Floor)
 
5/8/2025
 
20,000

 
19,810

 
19,948

 
1.79

Prowler Acquisition Corp. (Pipeline Supply and Service, LLC) (2) (3) (5)
Wholesale
 
L + 8.50% (1.00% Floor)
 
7/28/2020
 
3,000

 
2,964

 
2,068

 
0.19

Ramundsen Public Sector, LLC (2) (3) (13)
Sovereign & Public Finance
 
L + 8.50% (1.00% Floor)
 
1/31/2025
 
1,800

 
1,784

 
1,804

 
0.16

Reladyne, Inc. (2) (3) (4) (13)
Wholesale
 
L + 9.75% (1.00% Floor)
 
11/21/2023
 
5,000

 
4,877

 
4,914

 
0.44

Rough Country, LLC (2) (3) (5) (13) (16)
Durable Consumer Goods
 
L + 8.50% (1.00% Floor)
 
11/25/2023
 
42,500

 
41,240

 
41,370

 
3.71

Vantage Specialty Chemicals, Inc. (2) (3) (4) (16)
Chemicals, Plastics & Rubber
 
L + 8.75% (1.00% Floor)
 
2/5/2022
 
500

 
504

 
504

 
0.05

Watchfire Enterprises, Inc. (2) (3) (5) (13)
Media: Advertising, Printing & Publishing
 
L + 8.00% (1.00% Floor)
 
10/2/2021
 
7,000

 
6,936

 
6,990

 
0.63

Zywave, Inc. (2) (3) (5)
High Tech Industries
 
L + 9.00% (1.00% Floor)
 
11/17/2023
 
4,950

 
4,883

 
4,983

 
0.45

Second Lien Debt Total
 
 
 
 
 
 
 
 
$
249,945

 
$
250,765

 
22.52
%
Investments—non-controlled/non-affiliated (1)
Industry
 
Maturity Date
 
Par Amount
 
Amortized Cost (6)
 
Fair Value (7)
 
Percentage of Net Assets
Structured Finance Obligations (0.15%) (5) (8) (11)
 
 
 
 
 
 
 
 
 
 
 
1776 CLO I, Ltd., Subordinated Notes
Structured Finance
 
5/8/2020
 
$
11,750

 
$
6,448

 
$
2,597

 
0.23
%
Structured Finance Obligations Total
 
 
 
 
 
 
$
6,448

 
$
2,597

 
0.23
%

10


TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2017
(dollar amounts in thousands)
(unaudited)

Investments—non-controlled/non-affiliated (1)
Industry
 
Shares/ Units
 
Cost
 
Fair
Value (7)
 
Percentage of Net Assets
Equity Investments (0.62%) (5)
 
 
 
 
 
 
 
 
 
CIP Revolution Holdings, LLC
Media: Advertising, Printing & Publishing
 
30,000

 
$
300

 
$
412

 
0.04
%
Dade Paper & Bag, LLC
Forest Products & Paper
 
1,500,000

 
1,500

 
1,500

 
0.13

Derm Growth Partners III, LLC (Dermatology Associates)
Healthcare & Pharmaceuticals
 
1,000,000

 
1,000

 
1,177

 
0.10

GS Holdco LLC (Global Software, LLC)
High Tech Industries
 
1,000,000

 
1,001

 
1,326

 
0.12

Legacy.com Inc.
High Tech Industries
 
1,500,000

 
1,500

 
1,706

 
0.15

Power Stop Intermediate Holdings, LLC
Automotive
 
7,150

 
715

 
1,174

 
0.11

Rough Country, LLC
Durable Consumer Goods
 
754,775

 
755

 
755

 
0.07

T2 Systems Parent Corporation
Transportation: Consumer
 
555,556

 
556

 
546

 
0.05

THG Acquisition, LLC (The Hilb Group, LLC)
Banking, Finance, Insurance & Real Estate
 
1,500,000

 
1,500

 
2,126

 
0.19

TwentyEighty Investors LLC
Business Services
 
69,786

 
—

 
—

 
—

Equity Investments Total
 
 
 
 
$
8,827

 
$
10,722

 
0.96
%
Total investments—non-controlled/non-affiliated
 
 
 
 
$
1,545,079

 
$
1,534,162

 
137.74
%
Investments—controlled/affiliated
Industry
 
Interest Rate (2)
 
Maturity Date
 
Par Amount/ LLC Interest
 
Cost
 
Fair Value (7)
 
Percentage of Net Assets
Investment Fund (10.78%) (8)
 
 
 
 
 
 
 
 
 
 
 
 
 
Middle Market Credit Fund, LLC, Mezzanine Loan (2) (5) (9) (14)
Investment Fund
 
L + 9.00%

 
6/24/2018
 
$
113,100

 
$
113,100

 
$
113,100

 
10.15
%
Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest  (5) (14)
Investment Fund
 
0.001

 
3/1/2021
 
69,501

 
69,501

 
72,211

 
6.48

Investment Fund Total
 
 
 
 
 
 
 
 
$
182,601

 
$
185,311

 
16.63
%
Total investments—controlled/affiliated
 
 
 
 
 
 
 
 
$
182,601

 
$
185,311

 
16.63
%
Total investments
 
 
 
 
 
 
 
 
$
1,727,680

 
$
1,719,473

 
154.37
%
 
(1)
Unless otherwise indicated, issuers of debt and equity investments held by TCG BDC, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “TCG BDC” or the “Company”) are domiciled in the United States and issuers of structured finance obligations are domiciled in the Cayman Islands. 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 June 30, 2017, 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 June 30, 2017, the Company is not an “affiliated person” of any of these portfolio companies.
(2)
Variable rate loans to the portfolio companies bear interest at a rate that may be 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 provided the interest rate in effect as of June 30, 2017. As of June 30, 2017, all of our LIBOR loans were indexed to the 90-day LIBOR rate at 1.30%, except for those loans as indicated in Note 16 below.
(3)
Loan includes interest rate floor feature.
(4)
Denotes that all or a portion of the assets are owned by the Company’s wholly owned subsidiary, TCG BDC SPV LLC (the “SPV”). The SPV has entered into a senior secured revolving credit facility (as amended, the “SPV Credit Facility”). The lenders of the SPV Credit Facility have a first lien security interest in substantially all of the assets of the SPV (see Note 6, Borrowings). Accordingly, such assets are not available to creditors of the Company or the 2015-1 Issuer.
(5)
Denotes that all or a portion of the assets are owned by the Company. The Company has entered into a senior secured revolving credit facility (as amended, the “Credit Facility” and, together with the SPV Credit Facility, the “Facilities”). The lenders of the Credit Facility have a first lien security interest in substantially all of the portfolio investments held by the Company (see Note 6, Borrowings). Accordingly, such assets are not available to creditors of the SPV or Carlyle GMS Finance MM CLO 2015-1 LLC (the “2015-1 Issuer”).
(6)
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. Equity tranche collateralized loan obligation (“CLO”) fund investments, which are referred to as “structured finance obligations”, are recorded at amortized cost using the effective interest method.
(7)
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.

11


TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2017
(dollar amounts in thousands)
(unaudited)

(8)
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.
(9)
Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company/investment fund.
(10)
Loan was on non-accrual status as of June 30, 2017.
(11)
As of June 30, 2017, the Company has a greater than 25% but less than 50% equity or subordinated notes ownership interest in certain structured finance obligations. These investments have governing documents that preclude the Company from controlling management of the entity and therefore the Company has determined that the issuer of the investment is not a controlled affiliate or a non-controlled affiliate because the investments are not “voting securities”.
(12)
In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders as follows: Dimensional Dental Management, LLC (4.47%), EIP Merger Sub, LLC (Evolve IP) (3.97%), Legacy.com Inc. (3.79%), Product Quest Manufacturing, LLC (3.52%), Reliant Pro Rehab, LLC (nil), The Hilb Group, LLC (3.99%) and Surgical Information Systems, LLC (1.03%). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments.
(13)
Denotes that all or a portion of the assets are owned by the 2015-1 Issuer and secure the notes issued in connection with a $400 million term debt securitization completed by the Company on June 26, 2015 (see Note 7, 2015-1 Notes). Accordingly, such assets are not available to the creditors of the SPV or the Company.
(14)
Under the Investment Company Act, the Company is deemed to be an “affiliated person” of and “control” this investment fund because the Company owns more than 25% of the investment fund’s outstanding voting securities and/or has the power to exercise control over management or policies of such investment fund. See Note 5, Middle Market Credit Fund, LLC, for more details. 
(15)
As of June 30, 2017, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans:
Investments—non-controlled/non-affiliated
Type
 
Unused Fee
 
Par/ Principal Amount
 
Fair Value
First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments
 
 
 
 
 
 
 
Achilles Acquisition LLC
Delayed Draw
 
1.00
%
 
$
7,843

 
$
(138
)
Acrisure, LLC
Delayed Draw
 
1.50

 
21,749

 
(262
)
Advanced Instruments, LLC
Revolver
 
0.50

 
1,167

 
(4
)
Captive Resources Midco, LLC
Delayed Draw
 
1.25

 
3,571

 
—

Captive Resources Midco, LLC
Revolver
 
0.50

 
2,143

 
—

CIP Revolution Holdings, LLC
Revolver
 
0.50

 
1,331

 
(6
)
Continuum Managed Services HoldCo, LLC
Delayed Draw
 
1.00

 
1,917

 
(34
)
Continuum Managed Services HoldCo, LLC
Revolver
 
0.50

 
2,500

 
(44
)
DermaRite Industries, LLC
Revolver
 
0.50

 
3,848

 
(42
)
Derm Growth Partners III, LLC (Dermatology Associates)
Delayed Draw
 
1.00

 
7,772

 
(70
)
Derm Growth Partners III, LLC (Dermatology Associates)
Revolver
 
0.50

 
61

 
(1
)
Dimensional Dental Management, LLC
Delayed Draw
 
1.00

 
1,643

 
(17
)
Dimora Brands, Inc. (fka TK USA Enterprises, Inc.)
Revolver
 
0.50

 
4,749

 
(12
)
Direct Travel, Inc.
Delayed Draw
 
1.00

 
8,991

 
(62
)
Green Plains II LLC
Revolver
 
0.50

 
1,291

 
17

National Technical Systems, Inc.
Revolver
 
0.50

 
2,500

 
(74
)
OnCourse Learning Corporation
Revolver
 
0.50

 
954

 
(8
)
PT Intermediate Holdings III, LLC (Parts Town)
Revolver
 
0.50

 
1,071

 
(4
)
PMG Acquisition Corporation
Revolver
 
0.50

 
2,356

 
(23
)
Superior Health Linens, LLC
Revolver
 
0.50

 
2,883

 
(28
)
T2 Systems, Inc.
Revolver
 
0.50

 
2,933

 
—

The Hilb Group, LLC
Delayed Draw
 
1.00

 
10,645

 
(163
)
TwentyEighty, Inc. (fka Miller Heiman, Inc.)
Revolver
 
0.50

 
607

 
(4
)
Vetcor Professional Practices, LLC
Delayed Draw
 
1.00

 
4,375

 
20

VRC Companies, LLC
Delayed Draw
 
0.75

 
3,911

 
(57
)
VRC Companies, LLC
Revolver
 
0.50

 
1,905

 
(28
)
Winchester Electronics Corporation
Delayed Draw
 
1.00

 
2,917

 
25

Total unfunded commitments
 
 
 
 
$
107,633

 
$
(1,019
)
 
(16)
As of June 30, 2017, this LIBOR loan was indexed to the 30-day LIBOR rate at 1.22%.

12


TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2017
(dollar amounts in thousands)
(unaudited)

As of June 30, 2017, investments at fair value consisted of the following:
Type
Amortized Cost
 
Fair Value
 
% of Fair Value
First Lien Debt
$
1,279,859

 
$
1,270,078

 
73.87
%
Second Lien Debt
249,945

 
250,765

 
14.58

Structured Finance Obligations
6,448

 
2,597

 
0.15

Equity Investments
8,827

 
10,722

 
0.62

Investment Fund
182,601

 
185,311

 
10.78

Total
$
1,727,680

 
$
1,719,473

 
100.00
%
The rate type of investments at fair value as of June 30, 2017 was as follows:
Rate Type
Amortized Cost
 
Fair Value
 
% of Fair Value of First and Second Lien Debt
Floating Rate
$
1,508,591

 
$
1,501,507

 
98.73
%
Fixed Rate
21,213

 
19,336

 
1.27

Total
$
1,529,804

 
$
1,520,843

 
100.00
%

The industry composition of investments at fair value as of June 30, 2017 was as follows:
Industry
Amortized Cost
 
Fair Value
 
% of Fair Value
Aerospace & Defense
$
70,552

 
$
70,252

 
4.09
%
Automotive
20,399

 
20,913

 
1.22

Banking, Finance, Insurance & Real Estate
184,719

 
185,984

 
10.82

Beverage, Food & Tobacco
15,058

 
15,403

 
0.90

Business Services
131,552

 
130,359

 
7.58

Capital Equipment
35,312

 
35,905

 
2.09

Chemicals, Plastics & Rubber
32,797

 
32,865

 
1.91

Construction & Building
24,552

 
24,689

 
1.44

Consumer Services
103,243

 
104,128

 
6.06

Containers, Packaging & Glass
50,117

 
48,416

 
2.82

Durable Consumer Goods
57,965

 
58,190

 
3.38

Energy: Electricity
43,635

 
41,353

 
2.40

Energy: Oil & Gas
13,817

 
13,464

 
0.78

Environmental Industries
46,621

 
46,927

 
2.73

Forest Products & Paper
50,506

 
50,865

 
2.96

Healthcare & Pharmaceuticals
196,985

 
199,117

 
11.58

High Tech Industries
96,529

 
98,368

 
5.72

Hotel, Gaming & Leisure
45,589

 
44,092

 
2.56

Investment Fund
182,601

 
185,311

 
10.78

Media: Advertising, Printing & Publishing
44,844

 
45,454

 
2.64

Metals & Mining
7,909

 
7,931

 
0.46

Non-durable Consumer Goods
40,052

 
33,734

 
1.96

Software
12,340

 
12,500

 
0.73

Sovereign & Public Finance
1,784

 
1,804

 
0.10

Structured Finance
6,448

 
2,597

 
0.15

Telecommunications
86,475

 
85,026

 
4.94

Transportation: Cargo
35,658

 
35,919

 
2.09

Transportation: Consumer
26,759

 
27,413

 
1.59

Wholesale
62,862

 
60,494

 
3.52

Total
$
1,727,680

 
$
1,719,473

 
100.00
%

13


TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2017
(dollar amounts in thousands)
(unaudited)

The geographical composition of investments at fair value as of June 30, 2017 was as follows:
Geography
Amortized Cost
 
Fair Value
 
% of Fair Value
Cayman Islands
$
6,448

 
$
2,597

 
0.15
%
United Kingdom
13,817

 
13,464

 
0.78

United States
1,707,415

 
1,703,412

 
99.07

Total
$
1,727,680

 
$
1,719,473

 
100.00
%
The accompanying notes are an integral part of these consolidated financial statements.

14


TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2016
(dollar amounts in thousands)
(unaudited)

Investments—non-controlled/non-affiliated (1)
Industry
 
Interest Rate (2)
 
Maturity Date
 
Par/ Principal Amount
 
Amortized Cost (6)
 
Fair Value (7)
 
Percentage of Net Assets
First Lien Debt (80.09%)
 
 
 
 
 
 
 
 
 
 
 
 
 
Access CIG, LLC (2) (3) (4) (13)
Business Services
 
L + 5.00% (1.00% Floor)
 
10/17/2021
 
$
18,335

 
$
18,222

 
$
18,335

 
2.40
%
Advanced Instruments, LLC (2) (3) (4) (5) (13) (15)
Healthcare & Pharmaceuticals
 
L + 5.25% (1.00% Floor)
 
10/31/2022
 
22,500

 
22,019

 
22,252

 
2.91

AF Borrower LLC (Accuvant) (2) (3) (4)
High Tech Industries
 
L + 5.25% (1.00% Floor)
 
1/28/2022
 
16,113

 
15,923

 
16,113

 
2.11

Alpha Packaging Holdings, Inc. (2) (3) (4) (13)
Containers, Packaging & Glass
 
L + 4.25% (1.00% Floor)
 
5/12/2020
 
11,322

 
11,313

 
11,322

 
1.48

Anaren, Inc. (2) (3) (4) (13)
Telecommunications
 
L + 4.50% (1.00% Floor)
 
2/18/2021
 
10,869

 
10,800

 
10,869

 
1.42

Audax AAMP Holdings, Inc. (2) (3) (4) (13)
Durable Consumer Goods
 
L + 6.00% (1.00% Floor)
 
6/24/2017
 
10,424

 
10,400

 
10,348

 
1.35

BAART Programs, Inc. (2) (4) (16)
Healthcare & Pharmaceuticals
 
L + 7.75% (0.00% Floor)
 
10/9/2021
 
7,406

 
7,355

 
7,534

 
0.99

Brooks Equipment Company, LLC (2) (3) (4) (13)
Construction & Building
 
L + 5.00% (1.00% Floor)
 
8/29/2020
 
6,694

 
6,657

 
6,683

 
0.87

Capstone Logistics Acquisition, Inc. (2) (3) (4) (13)
Transportation: Cargo
 
L + 4.50% (1.00% Floor)
 
10/7/2021
 
19,478

 
19,337

 
19,212

 
2.51

Captive Resources Midco, LLC (2) (3) (4) (13) (15)
Banking, Finance, Insurance & Real Estate
 
L + 5.75% (1.00% Floor)
 
6/30/2020
 
29,050

 
28,683

 
29,009

 
3.80

Central Security Group, Inc. (2) (3) (4) (13) (16)
Consumer Services
 
L + 5.63% (1.00% Floor)
 
10/6/2020
 
28,658

 
28,300

 
28,557

 
3.74

CIP Revolution Holdings, LLC (2) (3) (5) (15)
Media: Advertising, Printing & Publishing
 
L + 6.00% (1.00% Floor)
 
8/19/2021
 
16,500

 
16,325

 
16,585

 
2.17

Colony Hardware Corporation (2) (3) (4) (13)
Construction & Building
 
L + 6.00% (1.00% Floor)
 
10/23/2021
 
17,038

 
16,806

 
17,038

 
2.23

Datapipe, Inc. (2) (3) (13) (16)
Telecommunications
 
L + 4.75% (1.00% Floor)
 
3/15/2019
 
9,750

 
9,666

 
9,764

 
1.28

Dent Wizard International Corporation (2) (3) (4) (13) (16)
Automotive
 
L + 4.75% (1.00% Floor)
 
4/7/2020
 
7,216

 
7,190