Company Quick10K Filing
Quick10K
TCG BDC
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-10-11 Regulation FD, Exhibits
8-K 2019-09-19 Officers
8-K 2019-08-06 Earnings, Regulation FD, Exhibits
8-K 2019-07-12 Regulation FD, Exhibits
8-K 2019-06-19 Officers
8-K 2019-06-17 Regulation FD, Exhibits
8-K 2019-05-22 Shareholder Vote
8-K 2019-05-14 Officers
8-K 2019-05-07 Earnings, Regulation FD, Exhibits
8-K 2019-04-24 Regulation FD
8-K 2019-04-12 Regulation FD, Exhibits
8-K 2019-02-26 Earnings, Regulation FD, Exhibits
8-K 2019-01-16 Regulation FD, Exhibits
8-K 2019-01-09 Officers
8-K 2018-12-12 Regulation FD, Exhibits
8-K 2018-11-06 Earnings, Regulation FD, Other Events, Exhibits
8-K 2018-10-25 Regulation FD
8-K 2018-10-09 Regulation FD, Exhibits
8-K 2018-08-07 Earnings, Regulation FD, Exhibits
8-K 2018-06-06 Shareholder Vote, Other Events, Exhibits
8-K 2017-12-31
WRE Washington Real Estate Investment Trust 2,076
USAU US Gold 17
GSAH GS Acquisition Holdings 0
OCSI Oaktree Strategic Income 0
PIO Pioneer 0
DRIV Digital River 0
CPTA Capitala Finance 0
FIF Financial Federal 0
PFI Pelican Financial 0
SCA Syncora Holdings 0
CGBD 2019-06-30
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part Ii-Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-10.1 cgbd-2q2019_101exhibit.htm
EX-10.2 cgbd-2q2019_102exhibit.htm
EX-31.1 cgbd-2q2019_311exhibit.htm
EX-31.2 cgbd-2q2019_312exhibit.htm
EX-32.1 cgbd-2q2019_321exhibit.htm
EX-32.2 cgbd-2q2019_322exhibit.htm

TCG BDC Earnings 2019-06-30

CGBD 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 cgbd-2q2019_10q.htm 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, 2019
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. 814-00995

TCG BDC, INC.
(Exact name of Registrant as specified in its charter)

Maryland
 
80-0789789
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification Number)
 
 
 
520 Madison Avenue, 40th Floor, New York, NY 10022
 
(212) 813-4900
(Address of principal executive office) (Zip Code)
 
(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)
 
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
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Common stock, $0.01 par value
CGBD
NASDAQ Global Select Market
The number of shares of the registrant’s common stock, $0.01 par value per share, outstanding at August 6, 2019 was 59,754,718.




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, 2019
 
December 31, 2018
ASSETS
(unaudited)
 
 
Investments, at fair value
 
 
 
Investments—non-controlled/non-affiliated, at fair value (amortized cost of $1,912,346 and $1,799,751, respectively)
$
1,840,979

 
$
1,731,319

Investments—non-controlled/affiliated, at fair value (amortized cost of $14,270 and $13,839, respectively)
20,925

 
18,543

Investments—controlled/affiliated, at fair value (amortized cost of $225,701 and $230,001, respectively)
213,710

 
222,295

Total investments, at fair value (amortized cost of $2,152,317 and $2,043,591, respectively)
2,075,614

 
1,972,157

Cash and cash equivalents
62,324

 
87,186

Receivable for investment sold
14,854

 
8,060

Deferred financing costs
4,869

 
3,950

Interest receivable from non-controlled/non-affiliated investments
8,289

 
5,853

Interest receivable from non-controlled/affiliated investments
11

 
3

Interest and dividend receivable from controlled/affiliated investments
6,652

 
7,405

Prepaid expenses and other assets
143

 
129

Total assets
$
2,172,756

 
$
2,084,743

LIABILITIES
 
 
 
Secured borrowings (Note 6)
$
649,397

 
$
514,635

Notes payable, net of unamortized debt issuance costs of $3,034 and $3,157, respectively (Note 7)
446,166

 
446,043

Payable for investments purchased

 
1,870

Due to Investment Adviser
228

 
236

Interest and credit facility fees payable (Notes 6 and 7)
7,563

 
7,500

Dividend payable (Note 9)
27,082

 
35,497

Base management and incentive fees payable (Note 4)
13,846

 
13,834

Administrative service fees payable (Note 4)
128

 
94

Other accrued expenses and liabilities
1,754

 
1,816

Total liabilities
1,146,164

 
1,021,525

Commitments and contingencies (Notes 8 and 11)
 
 
 
NET ASSETS
 
 
 
Common stock, $0.01 par value; 200,000,000 shares authorized; 60,181,859 shares and 62,230,251 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively
602

 
622

Paid-in capital in excess of par value
1,144,000

 
1,174,334

Offering costs
(1,633
)
 
(1,633
)
Total distributable earnings (loss)
(116,377
)
 
(110,105
)
Total net assets
$
1,026,592

 
$
1,063,218

NET ASSETS PER SHARE
$
17.06

 
$
17.09

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, 2019
 
June 30, 2018
 
June 30, 2019
 
June 30, 2018
Investment income:
 
 
 
 
 
 
 
From non-controlled/non-affiliated investments:
 
 
 
 
 
 
 
Interest income
$
47,224

 
$
41,717

 
$
92,466

 
$
80,986

Other income
2,266

 
3,590

 
4,294

 
4,485

Total investment income from non-controlled/non-affiliated investments
49,490

 
45,307

 
96,760

 
85,471

From non-controlled/affiliated investments:
 
 
 
 
 
 
 
Interest income
384

 
447

 
763

 
885

Total investment income from non-controlled/affiliated investments
384

 
447

 
763

 
885

From controlled/affiliated investments:
 
 
 
 
 
 
 
Interest income
3,243

 
3,198

 
6,781

 
5,829

Dividend income
3,750

 
3,500

 
7,750

 
7,750

Total investment income from controlled/affiliated investments
6,993

 
6,698

 
14,531

 
13,579

Total investment income
56,867

 
52,452

 
112,054

 
99,935

Expenses:
 
 
 
 
 
 
 
Base management fees (Note 4)
7,913

 
7,266

 
15,598

 
14,488

Incentive fees (Note 4)
5,933

 
5,984

 
11,779

 
11,314

Professional fees
600

 
959

 
1,345

 
1,721

Administrative service fees (Note 4)
165

 
185

 
381

 
371

Interest expense (Notes 6 and 7)
13,032

 
8,709

 
25,023

 
16,524

Credit facility fees (Note 6)
671

 
581

 
1,239

 
1,106

Directors’ fees and expenses
88

 
93

 
181

 
191

Other general and administrative
434

 
435

 
855

 
840

Total expenses
28,836

 
24,212

 
56,401

 
46,555

Net investment income (loss) before taxes
28,031

 
28,240

 
55,653

 
53,380

Excise tax expense
60

 
30

 
120

 
40

Net investment income (loss)
27,971

 
28,210

 
55,533

 
53,340

Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments:
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
Non-controlled/non-affiliated investments
1,410

 
1,775

 
2,309

 
1,646

Controlled/affiliated investments
(9,091
)
 

 
(9,091
)
 

Net change in unrealized appreciation (depreciation):
 
 
 
 
 
 
 
Non-controlled/non-affiliated investments
(14,204
)
 
(15,282
)
 
(11,731
)
 
(21,326
)
Non-controlled/affiliated investments
(345
)
 
(136
)
 
1,951

 
1,296

Controlled/affiliated investments
4,016

 
(1,461
)
 
4,512

 
(761
)
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments
(18,214
)
 
(15,104
)
 
(12,050
)
 
(19,145
)
Net increase (decrease) in net assets resulting from operations
$
9,757

 
$
13,106

 
$
43,483

 
$
34,195

Basic and diluted earnings per common share (Note 9)
$
0.16

 
$
0.21

 
$
0.71

 
$
0.55

Weighted-average shares of common stock outstanding—Basic and Diluted (Note 9)
60,596,402

 
62,568,651

 
61,191,926

 
62,534,740

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, 2019
 
June 30, 2018
Increase (decrease) in net assets resulting from operations:
 
 
 
Net investment income (loss)
$
55,533

 
$
53,340

Net realized gain (loss) on investments
(6,782
)
 
1,646

Net change in unrealized appreciation (depreciation) on investments
(5,268
)
 
(20,791
)
Net increase (decrease) in net assets resulting from operations
43,483

 
34,195

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

 
(15
)
Reinvestment of dividends

 
6,629

Repurchase of common stock
(30,354
)
 

Dividends declared (Note 12)
(49,755
)
 
(46,301
)
Net increase (decrease) in net assets resulting from capital share transactions
(80,109
)
 
(39,687
)
Net increase (decrease) in net assets
(36,626
)
 
(5,492
)
Net assets at beginning of period
1,063,218

 
1,127,304

Net assets at end of period
$
1,026,592

 
$
1,121,812


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, 2019
 
June 30, 2018
Cash flows from operating activities:
 
 
 
Net increase (decrease) in net assets resulting from operations
$
43,483

 
$
34,195

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
625

 
555

Net accretion of discount on investments
(6,146
)
 
(6,308
)
Paid-in-kind interest
(2,520
)
 
(429
)
Net realized (gain) loss on investments
6,782

 
(1,646
)
Net change in unrealized (appreciation) depreciation on investments
5,268

 
20,791

Cost of investments purchased and change in payable for investments purchased
(476,873
)
 
(397,804
)
Proceeds from sales and repayments of investments and change in receivable for investments sold
361,368

 
372,391

Changes in operating assets:
 
 
 
Interest receivable
(1,641
)
 
(851
)
Dividend receivable
(50
)
 
(660
)
Prepaid expenses and other assets
(14
)
 
(449
)
Changes in operating liabilities:
 
 
 
Due to Investment Adviser
(8
)
 
65

Interest and credit facility fees payable
63

 
813

Base management and incentive fees payable
12

 
154

Administrative service fees payable
34

 
18

Other accrued expenses and liabilities
(62
)
 
(67
)
Net cash provided by (used in) operating activities
(69,679
)
 
20,768

Cash flows from financing activities:
 
 
 
Proceeds from issuance of common stock, net of offering and underwriting costs

 
(15
)
Repurchase of common stock
(30,354
)
 

Borrowings on SPV Credit Facility and Credit Facility
402,950

 
423,050

Repayments of SPV Credit Facility and Credit Facility
(268,188
)
 
(400,838
)
Debt issuance costs paid
(1,421
)
 
(74
)
Dividends paid in cash
(58,170
)
 
(47,002
)
Net cash provided by (used in) financing activities
44,817

 
(24,879
)
Net increase (decrease) in cash and cash equivalents
(24,862
)
 
(4,111
)
Cash and cash equivalents, beginning of period
87,186

 
32,039

Cash and cash equivalents, end of period
$
62,324

 
$
27,928

Supplemental disclosures:
 
 
 
Interest paid during the period
$
24,860

 
$
15,710

Taxes, including excise tax, paid during the period
$
11

 
$
105

Dividends declared during the period
$
49,755

 
$
46,301

Reinvestment of dividends
$

 
$
6,629


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

6

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2019
(dollar amounts in thousands)
(unaudited)

 
Investments—non-controlled/non-affiliated (1)
 
 
 
Footnotes
 
Industry
 
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 (77.95%)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Advanced Instruments, LLC
 
^+*
 
(2) (3) (13)
 
Healthcare & Pharmaceuticals
 
L + 5.25%
 
7.57%
 
11/1/2016
 
10/31/2022
 
$
19,866

 
$
19,642

 
$
19,782

 
1.93
 %
 
Aero Operating, LLC (Dejana Industries, Inc.)
 
^+*
 
(2) (3) (13)
 
Business Services
 
L + 7.25%
 
9.75%
 
1/5/2018
 
12/29/2022
 
3,314

 
3,283

 
3,267

 
0.32

 
Alpha Packaging Holdings, Inc.
 
+*
 
(2) (3)
 
Containers, Packaging & Glass
 
L + 4.25%
 
6.58%
 
6/26/2015
 
5/12/2020
 
2,851

 
2,850

 
2,849

 
0.28

 
Alpine SG, LLC
 
^*
 
(2) (3)
 
High Tech Industries
 
L + 5.50%
 
8.08%
 
2/2/2018
 
11/16/2022
 
15,301

 
15,170

 
15,241

 
1.48

 
American Physician Partners, LLC
 
^+*
 
(2) (3) (13)
 
Healthcare & Pharmaceuticals
 
L + 6.50%
 
8.83%
 
1/7/2019
 
12/21/2021
 
37,476

 
36,972

 
37,504

 
3.65

 
AMS Group HoldCo, LLC
 
^+*
 
(2) (3) (13)
 
Transportation: Cargo
 
L + 6.00%
 
8.33%
 
9/29/2017
 
9/29/2023
 
31,906

 
31,346

 
31,053

 
3.02

 
Analogic Corporation
 
^+*
 
(2) (3) (13)
 
Healthcare & Pharmaceuticals
 
L + 6.00%
 
8.40%
 
6/22/2018
 
6/22/2024
 
35,072

 
34,412

 
34,611

 
3.37

 
Anchor Hocking, LLC
 
^
 
(2) (3)
 
Durable Consumer Goods
 
L + 8.25%
 
10.83%
 
1/25/2019
 
1/25/2024
 
11,575

 
11,223

 
11,199

 
1.09

 
Apptio, Inc.
 
^
 
(2) (3) (13)
 
Software
 
L + 7.25%
 
9.67%
 
1/10/2019
 
1/10/2025
 
35,541

 
34,821

 
34,912

 
3.40

 
Avenu Holdings, LLC
 
+*
 
(2) (3)
 
Sovereign & Public Finance
 
L + 5.25%
 
7.65%
 
9/28/2018
 
9/28/2024
 
38,861

 
38,248

 
38,002

 
3.70

 
Brooks Equipment Company, LLC
 
+*
 
(2) (3)
 
Construction & Building
 
L + 5.00%
 
7.52%
 
6/26/2015
 
8/29/2020
 
2,502

 
2,495

 
2,501

 
0.24

 
Capstone Logistics Acquisition, Inc.
 
+*
 
(2) (3)
 
Transportation: Cargo
 
L + 4.50%
 
6.90%
 
6/26/2015
 
10/7/2021
 
13,976

 
13,914

 
13,948

 
1.36

 
Captive Resources Midco, LLC
 
^*
 
(2) (3) (13)
 
Banking, Finance, Insurance & Real Estate
 
L + 5.75%
 
7.95%
 
6/30/2015
 
5/31/2025
 
29,082

 
28,683

 
28,722

 
2.80

 
Central Security Group, Inc.
 
+*
 
(2) (3)
 
Consumer Services
 
L + 5.63%
 
8.03%
 
6/26/2015
 
10/6/2021
 
23,362

 
23,225

 
23,024

 
2.24

 
Chartis Holding, LLC
 
^
 
(2) (3) (13)
 
Business Services
 
L + 5.00%
 
7.52%
 
5/1/2019
 
4/1/2025
 
16,006

 
15,582

 
15,684

 
1.53

 
Chemical Computing Group ULC (Canada)
 
^*
 
(2) (3) (7) (13)
 
Software
 
L + 5.50%
 
7.90%
 
8/30/2018
 
8/30/2023
 
15,715

 
15,572

 
15,672

 
1.53

 
CIP Revolution Holdings, LLC
 
^+*
 
(2) (3)
 
Media: Advertising, Printing & Publishing
 
L + 6.00%
 
8.35%
 
8/19/2016
 
8/19/2021
 
20,998

 
20,888

 
20,827

 
2.03

 
CircusTrix Holdings, LLC
 
^+*
 
(2) (3) (13)
 
Hotel, Gaming & Leisure
 
L + 5.50%
 
7.90%
 
2/2/2018
 
12/16/2021
 
9,166

 
9,108

 
9,068

 
0.88

 
Comar Holding Company, LLC
 
^*
 
(2) (3) (13)
 
Containers, Packaging & Glass
 
L + 5.25%
 
7.65%
 
6/18/2018
 
6/18/2024
 
27,182

 
26,598

 
26,815

 
2.61

 
Continuum Managed Services Holdco, LLC
 
^+*
 
(2) (3) (13)
 
High Tech Industries
 
L + 6.00%
 
8.41%
 
6/20/2017
 
6/8/2023
 
28,100

 
27,579

 
28,038

 
2.73

 
Dent Wizard International Corporation
 
+
 
(2) (3)
 
Automotive
 
L + 4.00%
 
6.40%
 
4/28/2015
 
4/7/2022
 
882

 
881

 
879

 
0.09

 
Derm Growth Partners III, LLC (Dermatology Associates)
 
^
 
(2) (3)
 
Healthcare & Pharmaceuticals
 
L + 7.25% (100% PIK)
 
9.58%
 
5/31/2016
 
5/31/2022
 
52,890

 
52,564

 
45,226

 
4.41

 
DermaRite Industries, LLC
 
^*
 
(2) (3) (13)
 
Healthcare & Pharmaceuticals
 
L + 7.00%
 
9.40%
 
3/3/2017
 
3/3/2022
 
22,849

 
22,645

 
22,371

 
2.18


7

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2019
(dollar amounts in thousands)
(unaudited)

 
Investments—non-controlled/non-affiliated (1)
 
 
 
Footnotes
 
Industry
 
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 (77.95%) (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dimensional Dental Management, LLC
 
^
 
(2) (3) (9) (11)
 
Healthcare & Pharmaceuticals
 
L + 6.75%
 
9.07%
 
2/12/2016
 
2/12/2021
 
$
33,674

 
$
33,301

 
$
20,964

 
2.04
 %
 
Direct Travel, Inc.
 
^+*
 
(2) (3) (13)
 
Hotel, Gaming & Leisure
 
L + 6.50%
 
8.90%
 
10/14/2016
 
12/1/2021
 
35,370

 
35,011

 
35,273

 
3.44

 
DTI Holdco, Inc.
 
*
 
(2) (3)
 
High Tech Industries
 
L + 4.75%
 
7.33%
 
12/18/2018
 
9/30/2023
 
1,985

 
1,869

 
1,815

 
0.18

 
EIP Merger Sub, LLC (Evolve IP)
 
^+*
 
(2) (3) (11)
 
Telecommunications
 
L + 5.75%
 
8.15%
 
6/7/2016
 
6/7/2022
 
38,021

 
37,409

 
37,800

 
3.68

 
Emergency Communications Network, LLC
 
^+*
 
(2) (3)
 
Telecommunications
 
L + 6.25%
 
8.65%
 
6/1/2017
 
6/1/2023
 
24,500

 
24,339

 
23,657

 
2.30

 
Ensono, LP
 
*
 
(2) (3)
 
Telecommunications
 
L + 5.25%
 
7.65%
 
4/30/2018
 
6/27/2025
 
8,580

 
8,495

 
8,527

 
0.83

 
Ethos Veterinary Health LLC
 
^+
 
(2) (3) (13)
 
Consumer Services
 
L + 4.75%
 
7.13%
 
5/17/2019
 
5/17/2026
 
10,906

 
10,776

 
10,835

 
1.06

 
Frontline Technologies Holdings, LLC
 
^
 
(2) (3) (13)
 
Software
 
L + 6.50%
 
8.82%
 
9/18/2017
 
9/18/2023
 
40,317

 
40,014

 
40,346

 
3.93

 
FWR Holding Corporation
 
^+*
 
(2) (3) (13)
 
Beverage, Food & Tobacco
 
L + 5.50%
 
7.90%
 
8/21/2017
 
8/21/2023
 
47,298

 
46,520

 
47,242

 
4.60

 
Green Energy Partners/Stonewall, LLC
 
+*
 
(2) (3)
 
Energy: Electricity
 
L + 5.50%
 
7.83%
 
6/26/2015
 
11/13/2021
 
19,650

 
19,426

 
19,290

 
1.88

 
GRO Sub Holdco, LLC (Grand Rapids)
 
^+*
 
(2) (3) (13)
 
Healthcare & Pharmaceuticals
 
L + 6.00%
 
8.33%
 
2/28/2018
 
2/22/2024
 
6,646

 
6,476

 
5,909

 
0.58

 
Hummel Station, LLC
 
+*
 
(2) (3)
 
Energy: Electricity
 
L + 6.00%
 
8.40%
 
2/3/2016
 
10/27/2022
 
14,400

 
13,787

 
12,864

 
1.25

 
Hydrofarm, LLC
 
^
 
(2) (3)
 
Wholesale
 
L+10.00% (30% cash/70% PIK)
 
12.44%
 
5/15/2017
 
5/12/2022
 
20,573

 
20,270

 
13,562

 
1.32

 
iCIMS, Inc.
 
^
 
(2) (3) (13)
 
Software
 
L + 6.50%
 
8.90%
 
9/12/2018
 
9/12/2024
 
23,930

 
23,471

 
23,628

 
2.30

 
Indra Holdings Corp. (Totes Isotoner)
 
^
 
(2) (3) (9)
 
Non-durable Consumer Goods
 
L + 4.25%
 
4.25%
 
4/29/2014
 
5/1/2021
 
18,965

 
17,667

 
7,618

 
0.74

 
Innovative Business Services, LLC
 
^*
 
(2) (3) (13)
 
High Tech Industries
 
L + 5.50%
 
8.09%
 
4/5/2018
 
4/5/2023
 
16,225

 
15,761

 
15,844

 
1.54

 
Kaseya Luxembourg Holdings S.C.A. (Luxembourg)
 
^
 
(2) (3) (7) (13)
 
High Tech Industries
 
L + 5.50%, 1.00% PIK
 
7.82%
 
5/3/2019
 
5/5/2025
 
18,314

 
17,883

 
17,901

 
1.74

 
Legacy.com, Inc.
 
^
 
(2) (3) (11)
 
High Tech Industries
 
L + 6.00%
 
8.33%
 
3/20/2017
 
3/20/2023
 
17,000

 
16,717

 
15,781

 
1.54

 
Liqui-Box Holdings, Inc.
 
^
 
(2) (3) (13)
 
Containers, Packaging & Glass
 
L + 4.50%
 
6.82%
 
6/3/2019
 
6/3/2024
 

 
(26
)
 
(13
)
 
(0.01
)
 
Mailgun Technologies, Inc.
 
^*
 
(2) (3) (13)
 
High Tech Industries
 
L + 6.00%
 
8.33%
 
3/26/2019
 
3/26/2025
 
11,497

 
11,253

 
11,374

 
1.11

 
Maravai Intermediate Holdings, LLC
 
^*
 
(2) (3)
 
Healthcare & Pharmaceuticals
 
L + 4.25%
 
6.69%
 
8/2/2018
 
8/2/2025
 
19,850

 
19,680

 
19,783

 
1.93

 
Metrogistics, LLC
 
+*
 
(2) (3)
 
Transportation: Cargo
 
L + 6.25%
 
8.65%
 
12/13/2016
 
9/30/2022
 
17,190

 
17,040

 
17,157

 
1.67

 
National Carwash Solutions, Inc.
 
^+
 
(2) (3) (13)
 
Automotive
 
L + 6.00%
 
8.43%
 
8/7/2018
 
4/28/2023
 
8,452

 
8,287

 
8,269

 
0.81

 
National Technical Systems, Inc.
 
^+*
 
(2) (3) (13)
 
Aerospace & Defense
 
L + 6.25%
 
8.69%
 
6/26/2015
 
6/12/2021
 
28,096

 
27,895

 
28,081

 
2.74


8

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2019
(dollar amounts in thousands)
(unaudited)

 
Investments—non-controlled/non-affiliated (1)
 
 
 
Footnotes
 
Industry
 
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 (77.95%) (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NES Global Talent Finance US, LLC (United Kingdom)
 
+*
 
(2) (3) (7)
 
Energy: Oil & Gas
 
L + 5.50%
 
8.08%
 
5/9/2018
 
5/11/2023
 
$
9,941

 
$
9,798

 
$
9,771

 
0.95
 %
 
Nexus Technologies, LLC
 
*
 
(2) (3)
 
High Tech Industries
 
L + 5.50%
 
7.83%
 
12/11/2018
 
12/5/2023
 
6,203

 
6,151

 
6,014

 
0.59

 
NMI AcquisitionCo, Inc.
 
^+*
 
(2) (3) (13)
 
High Tech Industries
 
L + 6.75%
 
9.15%
 
9/6/2017
 
9/6/2022
 
50,784

 
50,092

 
50,000

 
4.87

 
North American Dental Management, LLC
 
^
 
(2) (3)
 
Healthcare & Pharmaceuticals
 
L + 5.25%
 
7.65%
 
10/26/2018
 
7/7/2023
 
5,037

 
4,948

 
4,966

 
0.48

 
Northland Telecommunications Corporation
 
^*
 
(2) (3) (13)
 
Media: Broadcast & Subscription
 
L + 5.75%
 
8.17%
 
10/1/2018
 
10/1/2025
 
21,530

 
21,210

 
21,181

 
2.06

 
Paramit Corporation
 
+
 
(2) (3)
 
Capital Equipment
 
L + 4.50%
 
6.82%
 
5/3/2019
 
5/3/2025
 
7,181

 
7,114

 
7,139

 
0.70

 
Plano Molding Company, LLC
 
^
 
(2) (3)
 
Hotel, Gaming & Leisure
 
L + 7.00%
 
9.40%
 
5/1/2015
 
5/12/2021
 
14,827

 
14,680

 
14,035

 
1.37

 
PPC Flexible Packaging, LLC
 
^+*
 
(2) (3) (13)
 
Containers, Packaging & Glass
 
L + 5.25%
 
7.65%
 
11/23/2018
 
11/23/2024
 
13,660

 
13,450

 
13,527

 
1.32

 
PPT Management Holdings, LLC
 
^
 
(2) (3)
 
Healthcare & Pharmaceuticals
 
L+ 7.50% (L+3.50% cash, 4.00% PIK)
 
10.19%
 
12/15/2016
 
12/16/2022
 
27,475

 
27,349

 
23,214

 
2.26

 
PricewaterhouseCoopers Public Sector LLP
 
^
 
(2) (3) (13)
 
Aerospace & Defense
 
L + 2.75%
 
5.07%
 
5/1/2018
 
5/1/2023
 

 
(125
)
 
(99
)
 
(0.01
)
 
Prime Risk Partners, Inc.
 
^
 
(2) (3) (11) (13)
 
Banking, Finance, Insurance & Real Estate
 
L + 5.38%
 
7.34%
 
8/15/2017
 
8/13/2023
 
27,720

 
27,219

 
27,699

 
2.70

 
Prime Risk Partners, Inc.
 
^
 
(2) (3) (13)
 
Banking, Finance, Insurance & Real Estate
 
L + 5.38%
 
7.73%
 
8/15/2017
 
8/13/2023
 
2,178

 
2,049

 
2,166

 
0.21

 
Product Quest Manufacturing, LLC
 
^
 
(2) (3) (9) (13)
 
Containers, Packaging & Glass
 
L + 6.75%
 
10.00%
 
9/21/2017
 
3/31/2019
 
1,793

 
1,793

 
1,793

 
0.17

 
Product Quest Manufacturing, LLC
 
^
 
(2) (3) (9) (11)
 
Containers, Packaging & Glass
 
L + 5.75%
 
5.75%
 
9/9/2015
 
9/9/2020
 
33,000

 
32,270

 

 

 
Propel Insurance Agency, LLC
 
^
 
(2) (3)
 
Banking, Finance, Insurance & Real Estate
 
L + 4.50%
 
6.83%
 
6/1/2018
 
6/1/2024
 
2,375

 
2,358

 
2,356

 
0.23

 
PSI Services, LLC
 
^
 
(2) (3)
 
Business Services
 
L + 5.00%
 
7.40%
 
9/19/2018
 
1/20/2023
 
4,516

 
4,464

 
4,516

 
0.44

 
QW Holding Corporation (Quala)
 
^+*
 
(2) (3) (13)
 
Environmental Industries
 
L + 5.75%
 
8.14%
 
8/31/2016
 
8/31/2022
 
39,329

 
38,768

 
39,040

 
3.80

 
Redwood Services Group, LLC
 
^*
 
(2) (3)
 
High Tech Industries
 
L + 6.00%
 
8.52%
 
11/13/2018
 
6/6/2023
 
7,727

 
7,674

 
7,618

 
0.74

 
Riveron Acquisition Holdings, Inc.
 
+
 
(2) (3)
 
Banking, Finance, Insurance & Real Estate
 
L + 6.25%
 
8.57%
 
5/22/2019
 
5/22/2025
 
15,700

 
15,390

 
15,501

 
1.51

 
Sapphire Convention, Inc. (Smart City)
 
^+*
 
(2) (3) (13)
 
Telecommunications
 
L + 5.25%
 
7.77%
 
11/20/2018
 
11/20/2025
 
28,721

 
28,108

 
28,479

 
2.77

 
Smile Doctors, LLC
 
^+*
 
(2) (3) (13)
 
Healthcare & Pharmaceuticals
 
L + 5.75%
 
8.10%
 
10/6/2017
 
10/6/2022
 
20,068

 
19,965

 
19,773

 
1.93


9

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2019
(dollar amounts in thousands)
(unaudited)

 
Investments—non-controlled/non-affiliated (1)
 
 
 
Footnotes
 
Industry
 
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 (77.95%) (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sovos Brands Intermediate, Inc.
 
^
 
(2) (3)
 
Beverage, Food & Tobacco
 
L + 5.00%
 
7.20%
 
11/16/2018
 
11/20/2025
 
$
20,000

 
$
19,814

 
$
19,828

 
1.93
 %
 
SPay, Inc.
 
^+*
 
(2) (3) (13)
 
Hotel, Gaming & Leisure
 
L + 5.75%
 
8.16%
 
6/15/2018
 
6/15/2024
 
20,512

 
19,994

 
18,386

 
1.79

 
Superior Health Linens, LLC
 
^+*
 
(2) (3) (13)
 
Business Services
 
L + 7.50%
 
9.82%
 
9/30/2016
 
9/30/2021
 
22,007

 
21,827

 
20,733

 
2.02

 
Surgical Information Systems, LLC
 
^+*
 
(2) (3) (11)
 
High Tech Industries
 
L + 4.85%
 
7.24%
 
4/24/2017
 
4/24/2023
 
26,168

 
25,984

 
25,948

 
2.53

 
T2 Systems Canada, Inc.
 
+
 
(2) (3)
 
Transportation: Consumer
 
L + 6.75%
 
9.08%
 
5/24/2017
 
9/28/2022
 
3,948

 
3,886

 
3,937

 
0.38

 
T2 Systems, Inc.
 
^+*
 
(2) (3) (13)
 
Transportation: Consumer
 
L + 6.75%
 
9.08%
 
9/28/2016
 
9/28/2022
 
32,905

 
32,384

 
32,810

 
3.20

 
Tank Holding Corp.
 
^
 
(2) (3) (13)
 
Capital Equipment
 
L + 4.00%
 
6.32%
 
3/26/2019
 
3/26/2024
 

 

 

 

 
The Hilb Group, LLC
 
^
 
(2) (3) (11) (13)
 
Banking, Finance, Insurance & Real Estate
 
L + 6.00%
 
8.33%
 
6/24/2015
 
6/24/2021
 
63,102

 
62,461

 
62,149

 
6.05

 
The Topps Company, Inc.
 
+*
 
(2) (3)
 
Non-durable Consumer Goods
 
L + 6.00%
 
8.33%
 
6/26/2015
 
10/2/2020
 
22,003

 
21,861

 
22,003

 
2.14

 
Transform SR Holdings, LLC
 
^
 
(2) (3) (11)
 
Retail
 
L + 7.25%
 
9.67%
 
2/11/2019
 
2/11/2024
 
19,050

 
18,870

 
18,860

 
1.84

 
Trump Card, LLC
 
^+*
 
(2) (3) (13)
 
Transportation: Cargo
 
L + 5.00%
 
7.33%
 
6/26/2018
 
4/21/2022
 
7,935

 
7,893

 
7,903

 
0.77

 
TSB Purchaser, Inc. (Teaching Strategies, LLC)
 
^+*
 
(2) (3) (13)
 
Media: Advertising, Printing & Publishing
 
L + 6.00%
 
8.33%
 
5/14/2018
 
5/14/2024
 
28,435

 
27,809

 
28,031

 
2.73

 
Tweddle Group, Inc.
 
^
 
(2) (3)
 
Media: Advertising, Printing & Publishing
 
L + 4.50%
 
6.90%
 
9/17/2018
 
9/17/2023
 
2,080

 
2,053

 
2,052

 
0.20

 
U.S. Acute Care Solutions, LLC
 
+
 
(2) (3)
 
Healthcare & Pharmaceuticals
 
L + 5.00%
 
7.20%
 
2/21/2019
 
5/15/2021
 
4,288

 
4,237

 
4,065

 
0.40

 
USLS Acquisition, Inc.
 
^*
 
(2) (3) (13)
 
Business Services
 
L + 5.75%
 
8.16%
 
11/30/2018
 
11/30/2024
 
19,648

 
19,227

 
19,159

 
1.87

 
VRC Companies, LLC
 
^+*
 
(2) (3) (13)
 
Business Services
 
L + 6.50%
 
8.90%
 
3/31/2017
 
3/31/2023
 
56,820

 
56,140

 
56,478

 
5.50

 
Watchfire Enterprises, Inc.
 
^
 
(2) (3)
 
Media: Advertising, Printing & Publishing
 
L + 4.25%
 
6.58%
 
6/9/2017
 
10/2/2020
 
1,196

 
1,190

 
1,195

 
0.12

 
Westfall Technik, Inc.
 
^
 
(2) (3) (13)
 
Chemicals, Plastics & Rubber
 
L + 5.25%
 
7.58%
 
9/13/2018
 
9/13/2024
 
25,921

 
25,218

 
25,342

 
2.47

 
Zemax Software Holdings, LLC
 
^*
 
(2) (3) (13)
 
Software
 
L + 5.75%
 
8.08%
 
6/25/2018
 
6/25/2024
 
10,197

 
10,071

 
10,133

 
0.99

 
Zenith Merger Sub, Inc.
 
^+*
 
(2) (3) (13)
 
Business Services
 
L + 5.25%
 
7.85%
 
12/13/2017
 
12/13/2023
 
15,545

 
15,320

 
15,543

 
1.51

 
First Lien Debt Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
1,691,986

 
$
1,617,946

 
157.60
 %
 
Second Lien Debt (9.79%)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Access CIG, LLC
 
*
 
(2) (3)
 
Business Services
 
L + 7.75%
 
10.19%
 
2/14/2018
 
2/27/2026
 
$
2,700

 
$
2,679

 
$
2,683

 
0.26
 %
 
Aimbridge Acquisition Co., Inc.
 
^*
 
(2) (3)
 
Hotel, Gaming & Leisure
 
L + 7.50%
 
9.94%
 
2/1/2019
 
2/1/2027
 
7,727

 
7,597

 
7,738

 
0.75


10

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2019
(dollar amounts in thousands)
(unaudited)

 
Investments—non-controlled/non-affiliated (1)
 
 
 
Footnotes
 
Industry
 
Reference Rate & Spread (2)
 
Interest Rate (2)
 
Acquisition Date
 
Maturity Date
 
Par/ Principal Amount
 
Amortized Cost (4)
 
Fair Value (5)
 
% of  Net Assets
 
 
Second Lien Debt (9.79%) (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AQA Acquisition Holding, Inc.
 
^
 
(2) (3)
 
High Tech Industries
 
L + 8.00%
 
10.48%
 
10/1/2018
 
5/24/2024
 
$
40,000

 
$
39,649

 
$
39,796

 
3.88
 %
 
Argon Medical Devices Holdings, Inc.
 
^*
 
(2) (3)
 
Healthcare & Pharmaceuticals
 
L + 8.00%
 
10.40%
 
11/2/2017
 
1/23/2026
 
9,498

 
9,440

 
9,468

 
0.92

 
Brave Parent Holdings, Inc.
 
^*
 
(2) (3)
 
Software
 
L + 7.50%
 
10.08%
 
10/3/2018
 
4/19/2026
 
19,062

 
18,637

 
18,886

 
1.84

 
Jazz Acquisition, Inc.
 
^
 
(2) (3)
 
Aerospace & Defense
 
L + 8.00%
 
10.33%
 
6/13/2019
 
6/11/2027
 
23,450

 
23,099

 
23,098

 
2.25

 
Outcomes Group Holdings, Inc.
 
^*
 
(2) (3)
 
Business Services
 
L + 7.50%
 
10.02%
 
10/23/2018
 
10/26/2026
 
4,500

 
4,500

 
4,499

 
0.44

 
Pharmalogic Holdings Corp.
 
^
 
(2) (3)
 
Healthcare & Pharmaceuticals
 
L + 8.00%
 
10.40%
 
6/7/2018
 
12/11/2023
 
800

 
796

 
800

 
0.08

 
Quartz Holding Company (QuickBase, Inc.)
 
^
 
(2) (3)
 
Software
 
L + 8.00%
 
10.44%
 
4/2/2019
 
4/2/2027
 
11,900

 
11,668

 
11,733

 
1.14

 
Reladyne, Inc.
 
^+*
 
(2) (3) (13)
 
Wholesale
 
L + 9.50%
 
11.82%
 
4/19/2018
 
1/21/2023
 
12,242

 
12,060

 
12,260

 
1.19

 
Santa Cruz Holdco, Inc.
 
^
 
(2) (3)
 
Non-durable Consumer Goods
 
L + 8.25%
 
10.85%
 
12/15/2017
 
12/13/2024
 
17,138

 
16,992

 
17,078

 
1.66

 
Tank Holding Corp.
 
^
 
(2) (3)
 
Capital Equipment
 
L + 8.25%
 
10.57%
 
3/26/2019
 
3/26/2027
 
37,380

 
36,648

 
36,816

 
3.59

 
Ultimate Baked Goods MIDCO, LLC (Rise Baking)
 
^
 
(2) (3)
 
Beverage, Food & Tobacco
 
L + 8.00%
 
10.40%
 
8/9/2018
 
8/9/2026
 
8,333

 
8,182

 
8,215

 
0.80

 
Watchfire Enterprises, Inc.
 
^
 
(2) (3)
 
Media: Advertising, Printing & Publishing
 
L + 8.00%
 
10.33%
 
10/2/2013
 
10/2/2021
 
7,000

 
6,956

 
6,976

 
0.68

 
Zywave, Inc.
 
^
 
(2) (3)
 
High Tech Industries
 
L + 9.00%
 
11.59%
 
11/18/2016
 
11/17/2023
 
3,141

 
3,107

 
3,141

 
0.31

 
Second Lien Debt Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
202,010

 
$
203,187

 
19.79
 %















11

TCG BDC, INC.