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 ~~March 31,~~September 30, 2021


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)

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 Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common stock, $0.01 par value	CGBD	The 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

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

The number of shares of the registrant’s common stock, $0.01 par value per share, outstanding at ~~May 3,~~November 1, 2021 was ~~54,649,010.~~53,548,646.

TCG BDC, INC.

INDEX



Part I.	Financial Information
Item 1.	Financial Statements
	Consolidated Statements of Assets and Liabilities as of ~~March 31,~~September 30, 2021 (unaudited) and December 31, 2020	3
	Consolidated Statements of Operations for the three and nine month periods ended ~~March 31,~~September 30, 2021 and 2020 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the ~~three~~nine month periods ended ~~March 31,~~September 30, 2021 and 2020 (unaudited)	5
	Consolidated Statements of Cash Flows for the ~~three~~nine month periods ended ~~March 31,~~September 30, 2021 and 2020 (unaudited)	6
	Consolidated Schedules of Investments as of ~~March 31,~~September 30, 2021 (unaudited) and December 31, 2020	7
	Notes to Consolidated Financial Statements (unaudited)	3334
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	7478
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	~~109~~112
Item 4.	Controls and Procedures	~~110~~113
Part II.	Other Information
Item 1.	Legal Proceedings	~~111~~114
Item 1A.	Risk Factors	~~111~~114
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	~~111~~114
Item 3.	Defaults Upon Senior Securities	~~111~~114
Item 4.	Mine Safety Disclosures	~~112~~114
Item 5.	Other Information	~~112~~115
Item 6.	Exhibits	~~112~~115
	Signatures	~~113~~116

TCG BDC, INC.

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(dollar amounts in thousands, except per share data)


		March 31, 2021		December 31, 2020			September 30, 2021		December 31, 2020
ASSETS	ASSETS	(unaudited)				ASSETS	(unaudited)
Investments, at fair value	Investments, at fair value					Investments, at fair value
Investments—non-controlled/non-affiliated, at fair value (amortized cost of $1,575,395 and $1,574,182, respectively)		$	1,528,400	$	1,509,271
Investments—non-controlled/affiliated, at fair value (amortized cost of $38,395 and $37,571, respectively)		27,650		26,180
Investments—controlled/affiliated, at fair value (amortized cost of $311,202 and $311,213, respectively)		285,584		290,298
Total investments, at fair value (amortized cost of $1,924,992 and $1,922,966, respectively)		1,841,634		1,825,749
Cash and cash equivalents		35,493		68,419
Investments—non-controlled/non-affiliated, at fair value (amortized cost of $1,669,617 and $1,574,182, respectively)						Investments—non-controlled/non-affiliated, at fair value (amortized cost of $1,669,617 and $1,574,182, respectively)	$	1,643,584	$	1,509,271
Investments—non-controlled/affiliated, at fair value (amortized cost of $38,582 and $37,571, respectively)						Investments—non-controlled/affiliated, at fair value (amortized cost of $38,582 and $37,571, respectively)	30,410		26,180
Investments—controlled/affiliated, at fair value (amortized cost of $288,056 and $311,213, respectively)						Investments—controlled/affiliated, at fair value (amortized cost of $288,056 and $311,213, respectively)	274,212		290,298
Total investments, at fair value (amortized cost of $1,996,255 and $1,922,966, respectively)						Total investments, at fair value (amortized cost of $1,996,255 and $1,922,966, respectively)	1,948,206		1,825,749
Cash, cash equivalents and restricted cash						Cash, cash equivalents and restricted cash	46,164		68,419

Receivable for investment sold/repaid	Receivable for investment sold/repaid	1,192		4,313		Receivable for investment sold/repaid	23,235		4,313
Deferred financing costs	Deferred financing costs	3,502		3,633		Deferred financing costs	3,256		3,633
Interest receivable from non-controlled/non-affiliated investments	Interest receivable from non-controlled/non-affiliated investments	12,948		12,634		Interest receivable from non-controlled/non-affiliated investments	13,486		12,634
Interest receivable from non-controlled/affiliated investments	Interest receivable from non-controlled/affiliated investments	580		569		Interest receivable from non-controlled/affiliated investments	581		569
Interest and dividend receivable from controlled/affiliated investments	Interest and dividend receivable from controlled/affiliated investments	7,925		6,480		Interest and dividend receivable from controlled/affiliated investments	7,866		6,480
Prepaid expenses and other assets	Prepaid expenses and other assets	813		816		Prepaid expenses and other assets	1,376		816
Total assets	Total assets	$	1,904,087	$	1,922,613	Total assets	$	2,044,170	$	1,922,613
LIABILITIES	LIABILITIES					LIABILITIES
Secured borrowings (Note 7)	Secured borrowings (Note 7)	$	309,397	$	347,949	Secured borrowings (Note 7)	$	425,545	$	347,949
2015-1 Notes payable, net of unamortized debt issuance costs of $2,602 and $2,664, respectively (Note 8)		446,598		446,536
Senior Notes, net of unamortized debt issuance costs of $520 and $562, respectively (Note 8)		189,480		189,438
2015-1R Notes payable, net of unamortized debt issuance costs of $2,479 and $2,664, respectively (Note 8)						2015-1R Notes payable, net of unamortized debt issuance costs of $2,479 and $2,664, respectively (Note 8)	446,721		446,536
Senior Notes, net of unamortized debt issuance costs of $451 and $562, respectively (Note 8)						Senior Notes, net of unamortized debt issuance costs of $451 and $562, respectively (Note 8)	189,549		189,438
Payable for investments purchased	Payable for investments purchased	12,818		809		Payable for investments purchased	68		809

Interest and credit facility fees payable (Notes 7 and 8)	Interest and credit facility fees payable (Notes 7 and 8)	2,427		2,439		Interest and credit facility fees payable (Notes 7 and 8)	3,045		2,439
Dividend payable (Note 10)	Dividend payable (Note 10)	20,280		19,892		Dividend payable (Note 10)	20,388		19,892
Base management and incentive fees payable (Note 4)	Base management and incentive fees payable (Note 4)	11,047		11,549		Base management and incentive fees payable (Note 4)	11,752		11,549
Administrative service fees payable (Note 4)	Administrative service fees payable (Note 4)	202		85		Administrative service fees payable (Note 4)	661		85
Other accrued expenses and liabilities	Other accrued expenses and liabilities	1,318		2,553		Other accrued expenses and liabilities	2,047		2,553
Total liabilities	Total liabilities	993,567		1,021,250		Total liabilities	1,099,776		1,021,250
Commitments and contingencies (Notes 9 and 12)	Commitments and contingencies (Notes 9 and 12)					Commitments and contingencies (Notes 9 and 12)
EQUITY	EQUITY					EQUITY
NET ASSETS	NET ASSETS					NET ASSETS
Cumulative convertible preferred stock, $0.01 par value; 2,000,000 and 2,000,000 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively		50,000		50,000
Common stock, $0.01 par value; 198,000,000 shares authorized; 54,809,262 and 55,320,309 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively		548		553
Cumulative convertible preferred stock, $0.01 par value; 2,000,000 and 2,000,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively						Cumulative convertible preferred stock, $0.01 par value; 2,000,000 and 2,000,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	50,000		50,000
Common stock, $0.01 par value; 198,000,000 shares authorized; 53,714,444 and 55,320,309 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively						Common stock, $0.01 par value; 198,000,000 shares authorized; 53,714,444 and 55,320,309 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	537		553
Paid-in capital in excess of par value	Paid-in capital in excess of par value	1,075,871		1,081,436		Paid-in capital in excess of par value	1,060,955		1,081,436
Offering costs	Offering costs	(1,633)		(1,633)		Offering costs	(1,633)		(1,633)
Total distributable earnings (loss)	Total distributable earnings (loss)	(214,266)		(228,993)		Total distributable earnings (loss)	(165,465)		(228,993)
Total net assets	Total net assets	$	910,520	$	901,363	Total net assets	$	944,394	$	901,363
NET ASSETS PER COMMON SHARE	NET ASSETS PER COMMON SHARE	$	15.70	$	15.39	NET ASSETS PER COMMON SHARE	$	16.65	$	15.39

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

TCG BDC, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(dollar amounts in thousands, except per share data)

(unaudited)


		For the three month periods ended				For the three month periods ended				For the nine month periods ended
		March 31, 2021		March 31, 2020				September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Investment income:	Investment income:						Investment income:
From non-controlled/non-affiliated investments:	From non-controlled/non-affiliated investments:						From non-controlled/non-affiliated investments:
Interest income	Interest income	$	31,756	$	41,465		Interest income	$	35,387	$	34,789	$	99,804	$	112,290
Other income	Other income	1,467		2,344			Other income	750		2,110		4,618		8,001
Total investment income from non-controlled/non-affiliated investments	Total investment income from non-controlled/non-affiliated investments	33,223		43,809			Total investment income from non-controlled/non-affiliated investments	36,137		36,899		104,422		120,291
From non-controlled/affiliated investments:	From non-controlled/affiliated investments:						From non-controlled/affiliated investments:
Interest income	Interest income	38		—			Interest income	47		—		130		—
Other income	Other income	3		—			Other income	2		—		8		—
Total investment income from non-controlled/affiliated investments	Total investment income from non-controlled/affiliated investments	41		—			Total investment income from non-controlled/affiliated investments	49		—		138		—
From controlled/affiliated investments:	From controlled/affiliated investments:						From controlled/affiliated investments:
Interest income	Interest income	56		3,236			Interest income	46		135		157		3,563
Dividend income	Dividend income	7,528		3,500			Dividend income	7,523		5,750		22,539		14,750
Other income							Other income	7		—		10		—
Total investment income from controlled/affiliated investments	Total investment income from controlled/affiliated investments	7,584		6,736			Total investment income from controlled/affiliated investments	7,576		5,885		22,706		18,313
Total investment income	Total investment income	40,848		50,545			Total investment income	43,762		42,784		127,266		138,604
Expenses:	Expenses:						Expenses:
Base management fees (Note 4)	Base management fees (Note 4)	6,800		7,386			Base management fees (Note 4)	7,233		7,134		21,024		21,585
Incentive fees (Note 4)	Incentive fees (Note 4)	4,257		5,086			Incentive fees (Note 4)	4,516		4,322		13,193		14,075
Professional fees	Professional fees	691		667			Professional fees	836		937		2,444		2,282
Administrative service fees (Note 4)	Administrative service fees (Note 4)	282		106			Administrative service fees (Note 4)	400		167		1,057		539
Interest expense (Notes 7 and 8)	Interest expense (Notes 7 and 8)	6,975		12,179			Interest expense (Notes 7 and 8)	7,519		7,291		21,549		28,913
Credit facility fees (Note 7)	Credit facility fees (Note 7)	519		590			Credit facility fees (Note 7)	435		728		1,459		2,106
Directors’ fees and expenses	Directors’ fees and expenses	116		96			Directors’ fees and expenses	154		86		420		303
Other general and administrative	Other general and administrative	405		411			Other general and administrative	420		498		1,292		1,364
Total expenses	Total expenses	20,045		26,521			Total expenses	21,513		21,163		62,438		71,167
Net investment income (loss) before taxes	Net investment income (loss) before taxes	20,803		24,024			Net investment income (loss) before taxes	22,249		21,621		64,828		67,437
Excise tax expense	Excise tax expense	124		52			Excise tax expense	163		387		426		539
Net investment income (loss)	Net investment income (loss)	20,679		23,972			Net investment income (loss)	22,086		21,234		64,402		66,898
Net realized gain (loss) and net change in unrealized appreciation (depreciation):	Net realized gain (loss) and net change in unrealized appreciation (depreciation):						Net realized gain (loss) and net change in unrealized appreciation (depreciation):
Net realized gain (loss) on investments:	Net realized gain (loss) on investments:						Net realized gain (loss) on investments:
Non-controlled/non-affiliated investments	Non-controlled/non-affiliated investments	1,672		(1,697)			Non-controlled/non-affiliated investments	7,565		(209)		11,181		(49,690)
Non-controlled/affiliated investments	Non-controlled/affiliated investments	1		—			Non-controlled/affiliated investments	—		—		2		—
Currency gains (losses) on non-investment assets and liabilities	Currency gains (losses) on non-investment assets and liabilities	(82)		(150)			Currency gains (losses) on non-investment assets and liabilities	(9)		(11)		(147)		474
Net change in unrealized appreciation (depreciation) on investments:	Net change in unrealized appreciation (depreciation) on investments:						Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/non-affiliated investments	Non-controlled/non-affiliated investments	17,916		(117,042)			Non-controlled/non-affiliated investments	4,574		12,906		38,828		(40,054)
Non-controlled/affiliated investments	Non-controlled/affiliated investments	646		—			Non-controlled/affiliated investments	1,683		—		3,219		—
Controlled/affiliated investments	Controlled/affiliated investments	(4,703)		(28,521)			Controlled/affiliated investments	9,730		2,134		7,087		(8,213)
Net change in unrealized currency gains (losses) on non-investment assets and liabilities	Net change in unrealized currency gains (losses) on non-investment assets and liabilities	(225)		2,338			Net change in unrealized currency gains (losses) on non-investment assets and liabilities	1,991		(2,446)		1,820		(749)
Net realized and unrealized gain (loss) on investments and non-investment assets and liabilities	Net realized and unrealized gain (loss) on investments and non-investment assets and liabilities	15,225		(145,072)			Net realized and unrealized gain (loss) on investments and non-investment assets and liabilities	25,534		12,374		61,990		(98,232)
Net increase (decrease) in net assets resulting from operations	Net increase (decrease) in net assets resulting from operations	35,904		(121,100)			Net increase (decrease) in net assets resulting from operations	47,620		33,608		126,392		(31,334)
Preferred stock dividend	Preferred stock dividend	875		—			Preferred stock dividend	875		856		2,625		1,410
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders	Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders	$	35,029	$	(121,100)		Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders	$	46,745	$	32,752	$	123,767	$	(32,744)
Basic and diluted earnings per common share (Note 10)	Basic and diluted earnings per common share (Note 10)						Basic and diluted earnings per common share (Note 10)
Basic	Basic	$	0.65	$	(2.12)		Basic	$	0.87	$	0.58	$	2.27	$	(0.58)
Diluted	Diluted	$	0.60	$	(2.12)		Diluted	$	0.80	$	0.55	$	2.11	$	(0.58)
Weighted-average shares of common stock outstanding (Note 10)	Weighted-average shares of common stock outstanding (Note 10)						Weighted-average shares of common stock outstanding (Note 10)
Basic	Basic	55,039,010		57,112,193			Basic	53,955,338		56,308,616		54,506,760		56,575,498
Diluted	Diluted	60,306,312		57,112,193			Diluted	59,230,725		61,571,773		59,782,147		56,575,498

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

TCG BDC, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(dollar amounts in thousands)

(unaudited)


		For the three month periods ended					For the nine month periods ended
		March 31, 2021		March 31, 2020			September 30, 2021		September 30, 2020
Net increase (decrease) in net assets resulting from operations:	Net increase (decrease) in net assets resulting from operations:					Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)	Net investment income (loss)	$	20,679	$	23,972	Net investment income (loss)	$	64,402	$	66,898
Net realized gain (loss)	Net realized gain (loss)	1,591		(1,847)		Net realized gain (loss)	11,036		(49,216)
Net change in unrealized appreciation (depreciation) on investments	Net change in unrealized appreciation (depreciation) on investments	13,859		(145,563)		Net change in unrealized appreciation (depreciation) on investments	49,134		(48,267)
Net change in unrealized currency gains (losses) on non-investment assets and liabilities	Net change in unrealized currency gains (losses) on non-investment assets and liabilities	(225)		2,338		Net change in unrealized currency gains (losses) on non-investment assets and liabilities	1,820		(749)
Net increase (decrease) in net assets resulting from operations	Net increase (decrease) in net assets resulting from operations	35,904		(121,100)		Net increase (decrease) in net assets resulting from operations	126,392		(31,334)
Capital transactions:	Capital transactions:					Capital transactions:

Preferred stock issued						Preferred stock issued	—		50,000

Repurchase of common stock	Repurchase of common stock	(5,570)		(16,003)		Repurchase of common stock	(20,497)		(16,003)
Dividends declared on preferred and common stock (Note 10)	Dividends declared on preferred and common stock (Note 10)	(21,177)		(20,834)		Dividends declared on preferred and common stock (Note 10)	(62,864)		(63,912)
Net increase (decrease) in net assets resulting from capital share transactions	Net increase (decrease) in net assets resulting from capital share transactions	(26,747)		(36,757)		Net increase (decrease) in net assets resulting from capital share transactions	(83,361)		(29,915)
Net increase (decrease) in net assets	Net increase (decrease) in net assets	9,157		(157,937)		Net increase (decrease) in net assets	43,031		(61,249)
Net Assets at beginning of period	Net Assets at beginning of period	901,363		956,471		Net Assets at beginning of period	901,363		956,471
Net Assets at end of period	Net Assets at end of period	$	910,520	$	798,534	Net Assets at end of period	$	944,394	$	895,222

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

TCG BDC, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollar amounts in thousands)

(unaudited)

For the three month periods ended
March 31, 2021 March 31, 2020
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations $ 35,904 $ (121,100)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Amortization of deferred financing costs 253 305
Net accretion of discount on investments (2,026) (2,586)
Paid-in-kind interest (2,025) (179)
Net realized (gain) loss on investments (1,673) 1,697
Net realized currency (gain) loss on non-investment assets and liabilities 82 150
Net change in unrealized (appreciation) depreciation on investments (13,859) 145,563
Net change in unrealized currency (gains) losses on non-investment assets and liabilities 225 (2,338)
Cost of investments purchased and change in payable for investments purchased (134,935) (307,148)
Proceeds from sales and repayments of investments and change in receivable for investments sold/repaid 153,722 277,451
Changes in operating assets:
Interest receivable (726) (949)
Dividend receivable (1,044) 500
Prepaid expenses and other assets 3 (270)
Changes in operating liabilities:
Interest and credit facility fees payable (12) (664)
Base management and incentive fees payable (502) (903)
Administrative service fees payable 117 21
Other accrued expenses and liabilities (1,235) 239
Net cash provided by (used in) operating activities 32,269 (10,211)
Cash flows from financing activities:
Repurchase of common stock (5,570) (16,003)
Borrowings on SPV Credit Facility and Credit Facility 40,286 226,500
Repayments of SPV Credit Facility and Credit Facility (79,000) (139,443)
Debt issuance costs paid (122) (299)
Dividends paid in cash (20,789) (31,770)
Net cash provided by (used in) financing activities (65,195) 38,985
Net increase (decrease) in cash and cash equivalents (32,926) 28,774
Cash and cash equivalents, beginning of period 68,419 36,751
Cash and cash equivalents, end of period $ 35,493 $ 65,525
Supplemental disclosures:
Interest paid during the period $ 6,915 $ 12,647
Taxes, including excise tax, paid during the period $ 626 $ 387
Dividends declared on preferred stock and common stock during the period $ 21,177 $ 20,834


	For the nine month periods ended
	September 30, 2021		September 30, 2020
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	126,392	$	(31,334)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Amortization of deferred financing costs	759		939
Net accretion of discount on investments	(6,530)		(5,510)
Paid-in-kind interest	(6,958)		(3,878)
Net realized (gain) loss on investments	(11,183)		49,690
Net realized currency (gain) loss on non-investment assets and liabilities	147		(474)
Net change in unrealized (appreciation) depreciation on investments	(49,134)		48,267
Net change in unrealized currency (gains) losses on non-investment assets and liabilities	(1,820)		749
Cost of investments purchased and change in payable for investments purchased	(628,333)		(449,658)
Proceeds from sales and repayments of investments and change in receivable for investments sold/repaid	560,052		542,846
Changes in operating assets:
Interest receivable	(864)		(3,329)
Dividend receivable	(1,386)		1,091
Prepaid expenses and other assets	(560)		(211)
Changes in operating liabilities:

Interest and credit facility fees payable	606		(3,359)
Base management and incentive fees payable	203		(1,763)
Administrative service fees payable	576		8
Other accrued expenses and liabilities	(506)		1,173
Net cash provided by (used in) operating activities	(18,539)		145,247
Cash flows from financing activities:
Proceeds from issuance of preferred stock	—		50,000
Repurchase of common stock	(20,497)		(16,003)
Borrowings on SPV Credit Facility and Credit Facility	337,031		293,792
Repayments of SPV Credit Facility and Credit Facility	(257,500)		(397,484)




Debt issuance costs paid	(382)		(373)
Dividends paid in cash	(62,368)		(74,842)
Net cash provided by (used in) financing activities	(3,716)		(144,910)
Net increase (decrease) in cash, cash equivalents and restricted cash	(22,255)		337
Cash, cash equivalents, and restricted cash, beginning of period	68,419		36,751
Cash, cash equivalents, and restricted cash, end of period	$	46,164	$	37,088
Supplemental disclosures:
Interest paid during the period	$	21,750	$	31,708
Taxes, including excise tax, paid during the period	$	641	$	387
Dividends declared on preferred stock and common stock during the period	$	62,864	$	63,912

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

TCG BDC, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of ~~March 31,~~September 30, 2021

(dollar amounts in thousands)

(unaudited)


Investments—non-controlled/non-affiliated (1)	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		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
																																													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 (64.8% of fair value)
First Lien Debt (63.6% of fair value)															First Lien Debt (63.6% of fair value)
Advanced Web Technologies Holding Company	Advanced Web Technologies Holding Company	^*	(2)(3)(13)	Containers, Packaging & Glass	L + 6.00%	7.00%	12/17/2020	12/17/2026	$	6,125	$	5,949	$	6,152		0.68	%	Advanced Web Technologies Holding Company		^*		(2)(3)(14)		Containers, Packaging & Glass		L + 5.75%		6.75%		12/17/2020		12/17/2026		$	5,945		$	5,784		$	6,037		0.64	%
Airnov, Inc.	Airnov, Inc.	^*	(2)(3)	Containers, Packaging & Glass	L + 5.25%	6.25%	12/20/2019	12/19/2025	12,438		12,286		12,409			1.36		Airnov, Inc.		^*		(2)(3)(14)		Containers, Packaging & Glass		L + 5.00%		6.00%		12/20/2019		12/19/2025		3,024			2,982			3,024			0.32
Allied Universal Holdco LLC	Allied Universal Holdco LLC	^	(2)(3)	Business Services	L + 4.25%	4.44%	2/17/2021	7/10/2026	500		502		498			0.05		Allied Universal Holdco LLC		^		(2)(3)		Business Services		L + 4.25%		4.38%		2/17/2021		7/10/2026		499			501			499			0.05
Alpha Packaging Holdings, Inc.	Alpha Packaging Holdings, Inc.	^*	(2)(3)	Containers, Packaging & Glass	L + 6.00%	7.00%	6/26/2015	11/12/2021	2,765		2,765		2,765			0.30		Alpha Packaging Holdings, Inc.		^*		(2)(3)		Containers, Packaging & Glass		L + 6.00%		7.00%		6/26/2015		5/12/2022		2,697			2,697			2,697			0.29
Alpine SG, LLC	Alpine SG, LLC	*	(2)(3)	High Tech Industries	L + 5.75%	6.75%	2/2/2018	11/16/2022	10,890		10,842		10,722			1.18		Alpine SG, LLC		*		(2)(3)		High Tech Industries		L + 8.50%		9.50%		7/24/2020		11/16/2022		1,618			1,593			1,618			0.17
Alpine SG, LLC	Alpine SG, LLC	^	(2)(3)	High Tech Industries	L + 8.50%	9.50%	7/24/2020	11/16/2022	1,618		1,583		1,618			0.18		Alpine SG, LLC		*		(2)(3)		High Tech Industries		L + 6.50%		7.50%		11/2/2020		11/16/2022		13,796			13,555			13,756			1.46
Alpine SG, LLC		^*	(2)(3)	High Tech Industries	L + 6.50%	7.50%	11/2/2020	11/16/2022	10,749		10,489		10,661			1.17
Alpine SG, LLC		^	(2)(3)	High Tech Industries	L + 7.00%	8.00%	2/10/2021	11/16/2022	3,046		2,964		3,035			0.33
American Physician Partners, LLC	American Physician Partners, LLC	^*	(2)(3)(13)	Healthcare & Pharmaceuticals	L + 6.75%	7.75%	1/7/2019	12/21/2021	28,550		28,485		27,680			3.04		American Physician Partners, LLC		^*		(2)(3)(14)		Healthcare & Pharmaceuticals		L + 6.75%, 1.50% PIK		9.25%		1/7/2019		12/21/2021		28,336			28,296			28,336			3.00
AMS Group HoldCo, LLC	AMS Group HoldCo, LLC	^	(2)(3)(13)	Transportation: Cargo	L + 6.50%	7.50%	9/29/2017	9/29/2023	22,220		21,993		22,184			2.44		AMS Group HoldCo, LLC		^*		(2)(3)(14)		Transportation: Cargo		L + 6.00%		7.00%		9/29/2017		9/29/2023		19,229			19,063			19,229			2.04
Analogic Corporation	Analogic Corporation	^*	(2)(3)(13)	Capital Equipment	L + 5.25%	6.25%	6/22/2018	6/22/2024	2,356		2,328		2,341			0.27		Analogic Corporation		^*		(2)(3)(14)		Capital Equipment		L + 5.25%		6.25%		6/22/2018		6/22/2024		2,344			2,320			2,322			0.25
Anchor Hocking, LLC		^	(2)(3)	Durable Consumer Goods	L + 11.75%	12.75%	1/25/2019	1/25/2024	4,190		4,108		4,060			0.45
Applied Technical Services, LLC	Applied Technical Services, LLC	^	(2)(3)(13)	Business Services	L + 5.75%	6.75%	12/29/2020	12/29/2026	394		382		392			0.04		Applied Technical Services, LLC		^		(2)(3)(14)		Business Services		L + 5.75%		6.75%		12/29/2020		12/29/2026		392			381			392			0.04
Appriss Health, LLC															Appriss Health, LLC				^		(2)(3)(14)		Healthcare & Pharmaceuticals		L + 7.25%		8.25%		5/6/2021		5/6/2027		44,444			43,549			43,722			4.64
Apptio, Inc.	Apptio, Inc.	^	(2)(3)(13)	Software	L + 7.25%	8.25%	1/10/2019	1/10/2025	6,131		6,026		6,188			0.68		Apptio, Inc.		^		(2)(3)(14)		Software		L + 7.25%		8.25%		1/10/2019		1/10/2025		6,132			6,037			6,188			0.66
At Home Holding III, Inc.		^	(2)(3)(7)	Retail	L + 9.00%	10.00%	6/12/2020	7/27/2022	852		838		852			0.09
Ascend Buyer, LLC															Ascend Buyer, LLC				^		(2)(3)(14)		Containers, Packaging & Glass		L + 5.75%		6.50%		9/30/2021		9/30/2028		12,624			12,345			12,345			1.31
Associations, Inc.															Associations, Inc.				^		(2)(3)(14)		Construction & Building		L + 4.00%, 2.50% PIK		7.50%		7/2/2021		7/2/2027		7,301			7,183			7,346			0.78
Aurora Lux FinCo S.Á.R.L. (Luxembourg)	Aurora Lux FinCo S.Á.R.L. (Luxembourg)	^*	(2)(3)(7)	Software	L + 6.00%	7.00%	12/24/2019	12/24/2026	32,736		32,037		29,620			3.25		Aurora Lux FinCo S.Á.R.L. (Luxembourg)		^*		(2)(3)(7)		Software		L + 6.00%		7.00%		12/24/2019		12/24/2026		32,571			31,925			29,584			3.13
Avenu Holdings, LLC	Avenu Holdings, LLC	*	(2)(3)	Sovereign & Public Finance	L + 5.25%	6.25%	9/28/2018	9/28/2024	13,650		13,518		13,650			1.50		Avenu Holdings, LLC		*		(2)(3)		Sovereign & Public Finance		L + 5.25%		6.25%		9/28/2018		9/28/2024		13,580			13,473			13,580			1.44
Barnes & Noble, Inc.	Barnes & Noble, Inc.	^	(2)(3)(11)	Retail	L + 5.50%	6.50%	8/7/2019	8/7/2024	16,521		16,225		15,615			1.71		Barnes & Noble, Inc.		^		(2)(3)(11)		Retail		L + 5.50%		6.50%		8/7/2019		8/7/2024		16,074			15,825			15,881			1.68
BlueCat Networks, Inc. (Canada)	BlueCat Networks, Inc. (Canada)	*	(2)(3)(7)	High Tech Industries	L + 6.25%	7.25%	10/30/2020	10/30/2026	11,468		11,250		11,460			1.26		BlueCat Networks, Inc. (Canada)		*		(2)(3)(7)		High Tech Industries		L + 6.25%		7.25%		10/30/2020		10/30/2026		11,468			11,263			11,430			1.21
BMS Holdings III Corp.	BMS Holdings III Corp.	*	(2)(3)	Construction & Building	L + 5.25%	6.25%	9/30/2019	9/30/2026	1,592		1,559		1,578			0.17		BMS Holdings III Corp.		^		(2)(3)(14)		Construction & Building		L + 5.50%		6.50%		9/30/2019		9/30/2026		—			(189)			(100)			(0.01)
Captive Resources Midco, LLC	Captive Resources Midco, LLC	^*	(2)(3)(13)	Banking, Finance, Insurance & Real Estate	L + 5.75%	6.75%	6/30/2015	5/31/2025	10,407		10,262		10,515			1.15		Captive Resources Midco, LLC		^*		(2)(3)(14)		Banking, Finance, Insurance & Real Estate		L + 5.75%		6.75%		6/30/2015		5/31/2025		10,223			10,096			10,223			1.08
Central Security Group, Inc.	Central Security Group, Inc.	^*	(2)(3)	Consumer Services	L + 6.00%	7.00%	10/16/2020	10/16/2025	9,254		9,254		8,589			0.94		Central Security Group, Inc.		^*		(2)(3)		Consumer Services		L + 6.00%		7.00%		10/16/2020		10/16/2025		9,208			9,208			8,816			0.93
Chartis Holding, LLC	Chartis Holding, LLC	^*	(2)(3)(13)	Business Services	L + 5.25%	6.25%	5/1/2019	5/1/2025	16,229		15,948		16,229			1.78		Chartis Holding, LLC		^*		(2)(3)(14)		Business Services		L + 5.50%		6.50%		5/1/2019		5/1/2025		695			684			695			0.07
Chemical Computing Group ULC (Canada)	Chemical Computing Group ULC (Canada)	^*	(2)(3)(7)(13)	Software	L + 5.00%	6.00%	8/30/2018	8/30/2023	470		469		470			0.05		Chemical Computing Group ULC (Canada)		^*		(2)(3)(7)(14)		Software		L + 4.50%		5.50%		8/30/2018		8/30/2024		467			467			465			0.05
Chudy Group, LLC															Chudy Group, LLC				^		(2)(3)(14)		Healthcare & Pharmaceuticals		L + 5.75%		6.75%		6/30/2021		6/30/2027		828			814			823			0.09
CircusTrix Holdings, LLC	CircusTrix Holdings, LLC	^*	(2)(3)	Hotel, Gaming & Leisure	L + 8.00% (100% PIK)	9.00%	2/2/2018	1/16/2024	10,400		10,368		8,597			0.94		CircusTrix Holdings, LLC		^*		(2)(3)		Hotel, Gaming & Leisure		L + 5.50%, 2.50% PIK		9.00%		2/2/2018		1/16/2024		10,485			10,460			9,037			0.96
CircusTrix Holdings, LLC	CircusTrix Holdings, LLC	^	(2)(3)(13)	Hotel, Gaming & Leisure	L + 8.00% (100% PIK)	9.00%	1/8/2021	7/16/2023	346		289		347			0.04		CircusTrix Holdings, LLC		^		(2)(3)		Hotel, Gaming & Leisure		L + 5.50%, 2.50% PIK		9.00%		1/8/2021		7/16/2023		694			637			694			0.07
Cobblestone Intermediate Holdco LLC	Cobblestone Intermediate Holdco LLC	^	(2)(3)	Consumer Services	L + 5.50%	6.50%	1/29/2020	1/29/2026	728		722		732			0.09		Cobblestone Intermediate Holdco LLC		^		(2)(3)		Consumer Services		L + 5.25%		6.25%		1/29/2020		1/29/2026		725			719			714			0.09
Comar Holding Company, LLC	Comar Holding Company, LLC	^*	(2)(3)(13)	Containers, Packaging & Glass	L + 5.50%	6.50%	6/18/2018	6/18/2024	24,050		23,676		24,050			2.64		Comar Holding Company, LLC		^*		(2)(3)(14)		Containers, Packaging & Glass		L + 5.75%		6.75%		6/18/2018		6/18/2024		27,978			27,660			27,958			2.96

TCG BDC, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

As of ~~March 31,~~September 30, 2021

(dollar amounts in thousands)

(unaudited)


Investments—non-controlled/non-affiliated (1)	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		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
																																														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
Cority Software Inc. (Canada)	Cority Software Inc. (Canada)	^*	(2)(3)(7)(13)	Software	L + 5.25%	6.25%	7/2/2019	7/2/2026	$	10,595	$	10,384	$	10,657		1.17	%	Cority Software Inc. (Canada)		^*		(2)(3)(7)(14)		Software		L + 5.00%		6.00%		7/2/2019		7/2/2026			$	10,542		$	10,350		$	10,542		1.12	%
Cority Software Inc. (Canada)	Cority Software Inc. (Canada)	^	(2)(3)(7)	Software	L + 7.25%	8.25%	9/3/2020	7/2/2026	1,893		1,841		1,934			0.21		Cority Software Inc. (Canada)		^		(2)(3)(7)		Software		L + 7.00%		8.00%		9/3/2020		7/2/2026			1,883			1,835			1,912			0.20
DCA Investment Holding, LLC	DCA Investment Holding, LLC	^	(2)(3)(13)	Healthcare & Pharmaceuticals	L + 6.25%	7.00%	3/11/2021	3/12/2027	9,936		9,752		9,750			1.07		DCA Investment Holding, LLC		^*		(2)(3)(14)		Healthcare & Pharmaceuticals		L + 6.25%		7.00%		3/11/2021		3/12/2027			10,390			10,220			10,387			1.10
Derm Growth Partners III, LLC	Derm Growth Partners III, LLC	^	(2)(3)(8)	Healthcare & Pharmaceuticals	L + 6.25%	7.25%	5/31/2016	5/31/2022	56,192		54,793		31,967			3.51		Derm Growth Partners III, LLC		^		(2)(3)(8)		Healthcare & Pharmaceuticals		L + 6.25%		7.25%		5/31/2016		5/31/2022			55,936			52,257			34,856			3.69
DermaRite Industries, LLC	DermaRite Industries, LLC	^*	(2)(3)(13)	Healthcare & Pharmaceuticals	L + 6.75%	7.75%	3/3/2017	3/3/2022	18,669		18,604		17,945			1.97		DermaRite Industries, LLC		^*		(2)(3)(14)		Healthcare & Pharmaceuticals		L + 7.00%		8.00%		3/3/2017		3/3/2022			19,558			19,529			16,573			1.75
Designer Brands Inc.	Designer Brands Inc.	^	(2)(3)(7)	Retail	L + 8.50%	9.75%	8/7/2020	8/7/2025	17,728		17,330		17,426			1.91		Designer Brands Inc.		^		(2)(3)(7)		Retail		L + 8.50%		9.75%		8/7/2020		8/7/2025			17,273			16,922			16,975			1.80
Diligent Corporation	Diligent Corporation	^	(2)(3)(13)	Telecommunications	L + 6.25%	7.25%	8/4/2020	8/4/2025	577		560		582			0.06		Diligent Corporation		^		(2)(3)(14)		Telecommunications		L + 6.25%		7.25%		8/4/2020		8/4/2025			605			588			620			0.07
DTI Holdco, Inc.	DTI Holdco, Inc.	*	(2)(3)	High Tech Industries	L + 4.75%	5.75%	12/18/2018	9/30/2023	1,949		1,878		1,867			0.21		DTI Holdco, Inc.		^		(2)(3)		High Tech Industries		L + 4.75%		5.75%		12/18/2018		9/30/2023			1,939			1,879			1,896			0.20
Dwyer Instruments, Inc															Dwyer Instruments, Inc				^*		(2)(3)(14)		Capital Equipment		L + 5.50%		6.25%		7/21/2021		7/21/2027		12,248				11,979			12,127			1.28
Ellkay, LLC															Ellkay, LLC				^		(2)(3)(14)		Healthcare & Pharmaceuticals		L + 5.75%		6.75%		9/14/2021		9/14/2027		14,285				13,967			13,964			1.48
Emergency Communications Network, LLC	Emergency Communications Network, LLC	^*	(2)(3)	Telecommunications	L + 2.625%, 5.125% PIK	8.75%	6/1/2017	6/1/2023	24,619		24,529		21,520			2.36		Emergency Communications Network, LLC		^*		(2)(3)		Telecommunications		L + 2.625%, 5.125% PIK		8.75%		6/1/2017		6/1/2023			25,219			25,149			22,074			2.34
Ensono, LP		*	(2)(3)	Telecommunications	L + 5.25%	5.36%	4/30/2018	6/27/2025	2,152		2,137		2,136			0.23
Ensono, LP		^*	(2)(3)	Telecommunications	L + 5.75%	5.86%	6/25/2020	6/27/2025	18,085		17,968		17,995			1.98
EPS Nass Parent, Inc.															EPS Nass Parent, Inc.				^		(2)(3)(14)		Utilities: Electric		L + 5.75%		6.75%		4/19/2021		4/19/2028		855				836			846			0.09
Ethos Veterinary Health LLC	Ethos Veterinary Health LLC	^	(2)(3)(13)	Consumer Services	L + 4.75%	4.86%	5/17/2019	5/15/2026	2,606		2,565		2,572			0.28		Ethos Veterinary Health LLC		^		(2)(3)		Consumer Services		L + 4.75%		4.83%		5/17/2019		5/15/2026			2,593			2,574			2,593			0.27
EvolveIP, LLC	EvolveIP, LLC	^*	(2)(3)(13)	Telecommunications	L + 5.75%	6.75%	11/26/2019	6/7/2023	25,798		25,746		25,798			2.83		EvolveIP, LLC		^*		(2)(3)(14)		Telecommunications		L + 5.75%		6.75%		11/26/2019		6/7/2023			5,393			5,381			5,393			0.57
Frontline Technologies Holdings, LLC	Frontline Technologies Holdings, LLC	^*	(2)(3)	Software	L + 5.75%	6.75%	9/18/2017	9/18/2023	3,091		3,075		3,118			0.34		Frontline Technologies Holdings, LLC		^*		(2)(3)		Software		L + 5.75%		6.75%		9/18/2017		9/18/2023			3,076			3,062			3,076			0.33
FWR Holding Corporation	FWR Holding Corporation	^*	(2)(3)(13)	Beverage, Food & Tobacco	L + 5.50%, 1.50% PIK	8.00%	8/21/2017	8/21/2023	34,622		34,274		31,628			3.47		FWR Holding Corporation		^*		(2)(3)(14)		Beverage, Food & Tobacco		L + 5.50%, 0.25% PIK		6.75%		8/21/2017		8/21/2023			34,678			34,403			34,678			3.67
Greenhouse Software, Inc.	Greenhouse Software, Inc.	^	(2)(3)(13)	Software	L + 6.50%	7.50%	3/1/2021	3/1/2027	15,196		14,824		14,821			1.63		Greenhouse Software, Inc.		^		(2)(3)(14)		Software		L + 6.50%		7.50%		3/1/2021		3/1/2027			15,196			14,847			14,992			1.59
Hawkeye AcquisitionCo, LLC		^*	(2)(3)(13)	Aerospace & Defense	L + 6.75%	7.75%	3/1/2021	11/19/2026	6,109		5,890		5,887			0.65
Helios Buyer, Inc.		^*	(2)(3)(13)	Consumer Services	L + 6.00%	7.00%	12/15/2020	12/15/2026	9,364		9,081		9,301			1.02
Heartland Home Services, Inc															Heartland Home Services, Inc				^		(2)(3)(14)		Consumer Services		L + 6.00%		7.00%		12/15/2020		12/15/2026		546				397			591			0.06
Hercules Borrower LLC	Hercules Borrower LLC	^	(2)(3)(13)	Environmental Industries	L + 6.50%	7.50%	12/14/2020	12/14/2026	18,592		18,094		18,293			2.01		Hercules Borrower LLC		^*		(2)(3)(14)		Environmental Industries		L + 6.50%		7.50%		12/14/2020		12/14/2026			18,499			18,023			18,912			2.00
Higginbotham Insurance Agency, Inc.	Higginbotham Insurance Agency, Inc.	^	(2)(3)(13)	Banking, Finance, Insurance & Real Estate	L + 5.75%	6.50%	11/25/2020	11/25/2026	3,902		3,830		3,930			0.43		Higginbotham Insurance Agency, Inc.		^		(2)(3)(14)		Banking, Finance, Insurance & Real Estate		L + 5.50%		6.25%		11/25/2020		11/25/2026			4,776			4,711			4,826			0.51
iCIMS, Inc.	iCIMS, Inc.	^	(2)(3)	Software	L + 6.50%	7.50%	9/12/2018	9/12/2024	1,671		1,648		1,679			0.18		iCIMS, Inc.		^		(2)(3)		Software		L + 6.50%		7.50%		9/12/2018		9/12/2024			1,671			1,650			1,683			0.18
Individual FoodService Holdings, LLC	Individual FoodService Holdings, LLC	^	(2)(3)(13)	Wholesale	L + 6.25%	7.25%	2/21/2020	11/22/2025	3,902		3,817		3,837			0.42		Individual FoodService Holdings, LLC		^		(2)(3)(14)		Wholesale		L + 6.25%		7.25%		2/21/2020		11/22/2025			6,206			6,079			6,251			0.66
Individual FoodService Holdings, LLC		^	(2)(3)(13)	Wholesale	L + 6.25%	7.25%	12/31/2020	11/22/2025	2,207		2,150		2,177			0.25
Infront Luxembourg Finance S.À R.L. (Luxembourg)															Infront Luxembourg Finance S.À R.L. (Luxembourg)				^		(2)(3)(7)		Hotel, Gaming & Leisure		L + 9.00%		9.00%		5/28/2021		5/28/2027		€	8,250			9,769			9,270			0.99
Integrity Marketing Acquisition, LLC	Integrity Marketing Acquisition, LLC	^	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.75%	6.75%	1/15/2020	8/27/2025	4,958		4,897		5,004			0.55		Integrity Marketing Acquisition, LLC		^		(2)(3)		Banking, Finance, Insurance & Real Estate		L + 5.50%		6.50%		1/15/2020		8/27/2025			4,933			4,878			4,953			0.52
K2 Insurance Services, LLC	K2 Insurance Services, LLC	^*	(2)(3)(13)	Banking, Finance, Insurance & Real Estate	L + 5.00%	6.00%	7/3/2019	7/1/2024	18,603		18,298		18,631			2.05		K2 Insurance Services, LLC		^*		(2)(3)(14)		Banking, Finance, Insurance & Real Estate		L + 5.00%		6.00%		7/3/2019		7/1/2026			3,373			3,299			3,312			0.35
Kaseya, Inc.	Kaseya, Inc.	^	(2)(3)(13)	High Tech Industries	L + 4.00%, 3.00% PIK	8.00%	5/3/2019	5/2/2025	15,714		15,466		15,714			1.73		Kaseya, Inc.		^		(2)(3)(14)		High Tech Industries		L + 4.00%, 3.00% PIK		8.00%		5/3/2019		5/3/2025			18,426			18,152			18,059			1.91
Legacy.com, Inc.		^	(2)(3)(11)	High Tech Industries	L + 6.00%	7.00%	3/20/2017	3/20/2023	17,066		16,905		15,992			1.76
Lifelong Learner Holdings, LLC	Lifelong Learner Holdings, LLC	^*	(2)(3)(13)	Business Services	L + 5.75%	6.75%	10/18/2019	10/18/2026	23,756		23,315		21,927			2.41		Lifelong Learner Holdings, LLC		^		(2)(3)(14)		Business Services		L + 5.75%		6.75%		10/18/2019		10/18/2026			25,014			24,635			23,227			2.46
LinQuest Corporation															LinQuest Corporation				*		(2)(3)		Aerospace & Defense		L + 5.75%		6.50%		7/28/2021		7/28/2028		10,000				9,804			9,908			1.05
Liqui-Box Holdings, Inc.															Liqui-Box Holdings, Inc.				^		(2)(3)(14)		Containers, Packaging & Glass		L + 4.50%		5.50%		6/3/2019		6/3/2024		2,507				2,490			2,282			0.24

TCG BDC, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

As of ~~March 31,~~September 30, 2021

(dollar amounts in thousands)

(unaudited)


Investments—non-controlled/non-affiliated (1)	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		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
																																													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
Liqui-Box Holdings, Inc.		^	(2)(3)(13)	Containers, Packaging & Glass	L + 4.50%	5.50%	6/3/2019	6/3/2024	$	1,718	$	1,698	$	1,492		0.16	%
LVF Holdings, Inc.															LVF Holdings, Inc.				^*		(2)(3)(14)		Beverage, Food & Tobacco		L + 6.25%		7.25%		6/10/2021		6/10/2027		$	40,218		$	39,312		$	39,666		4.20	%
Mailgun Technologies, Inc.	Mailgun Technologies, Inc.	^	(2)(3)(13)	High Tech Industries	L + 5.00%	6.00%	3/26/2019	3/26/2025	3,248		3,180		3,206			0.35		Mailgun Technologies, Inc.		^*		(2)(3)(14)		High Tech Industries		L + 5.00%		6.00%		3/26/2019		3/26/2025			3,231			3,171			3,231			0.34
Material Holdings, LLC															Material Holdings, LLC				^*		(2)(3)(14)		Business Services		L + 5.75%		6.50%		8/19/2021		8/19/2027		14,770			14,421			14,417			1.53
Maverick Acquisition, Inc.															Maverick Acquisition, Inc.				^*		(2)(3)(14)		Aerospace & Defense		L + 6.00%		7.00%		6/1/2021		6/1/2027		35,892			34,964			35,287			3.74
MMIT Holdings, LLC															MMIT Holdings, LLC				^		(2)(3)(14)		High Tech Industries		L + 6.25%		7.25%		9/15/2021		9/15/2027		10,992			10,755			10,752			1.14
National Technical Systems, Inc.	National Technical Systems, Inc.	^	(2)(3)(13)	Aerospace & Defense	L + 5.50%	6.50%	10/28/2020	6/12/2023	1,175		1,152		1,175			0.13		National Technical Systems, Inc.		^		(2)(3)(14)		Aerospace & Defense		L + 5.50%		6.50%		10/28/2020		6/12/2023			1,169			1,151			1,184			0.14
NES Global Talent Finance US, LLC (United Kingdom)	NES Global Talent Finance US, LLC (United Kingdom)	^*	(2)(3)(7)	Energy: Oil & Gas	L + 5.50%	6.50%	5/9/2018	5/11/2023	9,764		9,681		9,507			1.04		NES Global Talent Finance US, LLC (United Kingdom)		^		(2)(3)(7)		Energy: Oil & Gas		L + 5.50%		6.50%		5/9/2018		5/11/2023			9,713			9,649			9,389			0.99
NMI AcquisitionCo, Inc.	NMI AcquisitionCo, Inc.	^*	(2)(3)(13)	High Tech Industries	L + 5.00%	6.00%	9/6/2017	9/6/2023	40,650		40,382		40,814			4.48		NMI AcquisitionCo, Inc.		^*		(2)(3)(14)		High Tech Industries		L + 5.00%		6.00%		9/6/2017		9/6/2023			40,440			40,264			39,814			4.22
Paramit Corporation		^*	(2)(3)	Capital Equipment	L + 4.50%	5.50%	5/3/2019	5/3/2025	5,213		5,176		5,184			0.57
Paramit Corporation		^	(2)(3)(13)	Capital Equipment	L + 5.25%	6.25%	11/24/2020	5/3/2025	3,029		2,918		3,029			0.34
Performance Health Holdings, Inc.															Performance Health Holdings, Inc.				*		(2)(3)		Healthcare & Pharmaceuticals		L + 6.00%		7.00%		7/12/2021		7/12/2027		7,200			7,060			7,099			0.75
PF Growth Partners, LLC	PF Growth Partners, LLC	^*	(2)(3)(13)	Hotel, Gaming & Leisure	L + 7.00%	8.00%	7/1/2019	7/11/2025	7,276		7,185		6,842			0.75		PF Growth Partners, LLC		^*		(2)(3)		Hotel, Gaming & Leisure		L + 5.00%		6.00%		7/1/2019		7/11/2025			8,060			7,978			7,874			0.83
Plano Molding Company, LLC		^	(2)(3)	Hotel, Gaming & Leisure	L + 7.50%, 1.50% PIK	10.00%	5/1/2015	5/12/2022	14,711		14,701		13,655			1.50
Plano Molding Company, LLC		^	(2)(3)	Hotel, Gaming & Leisure	L + 7.50%, 1.50% PIK	10.00%	8/7/2020	5/12/2022	1,082		1,076		1,082			0.12
PPC Flexible Packaging, LLC		^*	(2)(3)(13)	Containers, Packaging & Glass	L + 5.50%	6.50%	11/23/2018	11/23/2024	11,508		11,409		11,508			1.26
PPT Management Holdings, LLC	PPT Management Holdings, LLC	^	(2)(3)	Healthcare & Pharmaceuticals	L + 6.00%, 2.50% PIK	9.50%	12/15/2016	12/16/2022	28,081		28,011		23,678			2.60		PPT Management Holdings, LLC		^		(2)(3)		Healthcare & Pharmaceuticals		L + 6.00%, 2.00% PIK		9.00%		12/15/2016		12/16/2022			28,285			28,235			24,569			2.60
PricewaterhouseCoopers Public Sector LLP	PricewaterhouseCoopers Public Sector LLP	^	(2)(3)(13)	Aerospace & Defense	L + 3.25%	3.44%	5/1/2018	5/1/2023	—		(66)		(19)			0.01		PricewaterhouseCoopers Public Sector LLP		^		(2)(3)(14)		Aerospace & Defense		L + 3.25%		3.38%		5/1/2018		5/1/2023			—			(50)			(16)			0.01
Product Quest Manufacturing, LLC	Product Quest Manufacturing, LLC	^	(2)(3)(8)	Containers, Packaging & Glass	L + 6.75%	10.00%	9/21/2017	3/31/2021	840		840		423			0.05		Product Quest Manufacturing, LLC		^		(2)(3)(8)		Containers, Packaging & Glass		L + 6.75%		10.00%		9/21/2017		3/31/2021			840			840			423			0.04
Propel Insurance Agency, LLC		^	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.00%	6.00%	6/1/2018	6/1/2024	2,333		2,322		2,324			0.26
Prophix Software Inc. (Canada)	Prophix Software Inc. (Canada)	^	(2)(3)(7)(13)	Software	L + 6.50%	7.50%	2/1/2021	2/1/2026	10,963		10,710		10,704			1.18		Prophix Software Inc. (Canada)		^		(2)(3)(7)(14)		Software		L + 6.50%		7.50%		2/1/2021		2/1/2026			10,963			10,727			11,352			1.20
Quantic Electronics, LLC															Quantic Electronics, LLC				^*		(2)(3)(14)		Aerospace & Defense		L + 6.25%		7.25%		11/19/2020		11/19/2026		14,661			14,356			14,463			1.53
Quantic Electronics, LLC															Quantic Electronics, LLC				^*		(2)(3)(14)		Aerospace & Defense		L + 6.25%		7.25%		3/1/2021		3/1/2027		8,916			8,686			8,767			0.93
QW Holding Corporation	QW Holding Corporation	^*	(2)(3)	Environmental Industries	L + 5.75%	6.75%	8/31/2016	8/31/2022	43,007		42,711		40,913			4.49		QW Holding Corporation		^*		(2)(3)		Environmental Industries		L + 6.25%		7.25%		8/31/2016		8/31/2024			42,783			42,583			41,962			4.45
Redwood Services Group, LLC	Redwood Services Group, LLC	*	(2)(3)	High Tech Industries	L + 6.00%	7.00%	11/13/2018	6/6/2023	5,030		5,007		5,030			0.56		Redwood Services Group, LLC		^*		(2)(3)(14)		High Tech Industries		L + 6.00%		7.00%		11/13/2018		6/6/2023			6,116			6,058			6,116			0.65
Redwood Services Group, LLC	Redwood Services Group, LLC	*	(2)(3)	High Tech Industries	L + 8.50%	9.50%	8/14/2020	6/6/2023	3,466		3,383		3,515			0.39		Redwood Services Group, LLC		*		(2)(3)		High Tech Industries		L + 8.50%		9.50%		8/14/2020		6/6/2023			3,448			3,383			3,448			0.37
Redwood Services Group, LLC	Redwood Services Group, LLC	^*	(2)(3)(13)	High Tech Industries	L + 7.25%	8.25%	10/19/2020	6/6/2023	14,566		14,265		14,702			1.61		Redwood Services Group, LLC		^*		(2)(3)		High Tech Industries		L + 7.25%		8.25%		10/19/2020		6/6/2023			17,486			17,240			17,486			1.85
Regency Entertainment, Inc.	Regency Entertainment, Inc.	^	(2)(3)	Media: Diversified & Production	L + 6.75%	7.75%	5/22/2020	10/22/2025	20,000		19,652		19,652			2.16		Regency Entertainment, Inc.		^		(2)(3)		Media: Diversified & Production		L + 6.75%		7.75%		5/22/2020		10/22/2025			20,000			19,683			19,666			2.08
Reladyne, Inc.	Reladyne, Inc.	*	(2)(3)	Wholesale	L + 5.00%	6.00%	8/21/2020	7/22/2022	10,100		10,030		10,061			1.10		Reladyne, Inc.		*		(2)(3)		Wholesale		L + 5.00%		6.00%		8/21/2020		7/22/2024			10,049			10,006			9,902			1.05
Riveron Acquisition Holdings, Inc.	Riveron Acquisition Holdings, Inc.	*	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.75%	6.75%	5/22/2019	5/22/2025	11,488		11,321		11,603			1.27		Riveron Acquisition Holdings, Inc.		*		(2)(3)		Banking, Finance, Insurance & Real Estate		L + 5.75%		6.75%		5/22/2019		5/22/2025			11,430			11,282			11,430			1.21
RSC Acquisition, Inc.	RSC Acquisition, Inc.	^	(2)(3)(13)	Banking, Finance, Insurance & Real Estate	L + 5.50%	6.50%	11/1/2019	11/1/2026	6,068		5,961		6,100			0.67		RSC Acquisition, Inc.		^		(2)(3)(14)		Banking, Finance, Insurance & Real Estate		L + 5.50%		6.50%		11/1/2019		11/1/2026			6,037			5,939			6,037			0.64
Sapphire Convention, Inc.	Sapphire Convention, Inc.	^*	(2)(3)(13)	Telecommunications	L + 6.25%	7.25%	11/20/2018	11/20/2025	29,378		28,930		24,547			2.70		Sapphire Convention, Inc.		^*		(2)(3)(14)		Telecommunications		L + 6.25%		7.25%		11/20/2018		11/20/2025			30,045			29,645			26,209			2.77
Smile Doctors, LLC	Smile Doctors, LLC	^*	(2)(3)(13)	Healthcare & Pharmaceuticals	L + 6.00%	7.00%	10/6/2017	10/6/2022	16,887		16,838		16,887			1.84		Smile Doctors, LLC		^*		(2)(3)(14)		Healthcare & Pharmaceuticals		L + 6.00%		7.00%		10/6/2017		10/6/2022			16,802			16,769			16,802			1.78
Southern Graphics, Inc.	Southern Graphics, Inc.	^	(2)(3)(11)	Media: Advertising, Printing & Publishing	L + 6.50%	7.50%	10/30/2020	10/23/2023	9,959		9,781		9,950			1.09		Southern Graphics, Inc.		^		(2)(3)(11)		Media: Advertising, Printing & Publishing		L + 6.50%		7.50%		10/30/2020		10/23/2023			9,959			9,806			9,690			1.03
Sovos Brands Intermediate, Inc.		^*	(2)(3)	Beverage, Food & Tobacco	L + 4.75%	4.98%	11/16/2018	11/20/2025	12,292		12,200		12,226			1.34
SPay, Inc.															SPay, Inc.				^*		(2)(3)(14)		Hotel, Gaming & Leisure		L + 2.30%, 6.95% PIK		10.25%		6/15/2018		6/17/2024		22,569			22,356			19,848			2.10
Speedstar Holding LLC															Speedstar Holding LLC				^*		(2)(3)(14)		Automotive		L + 7.00%		8.00%		1/22/2021		1/22/2027		27,294			26,731			27,679			2.93
Superior Health Linens, LLC															Superior Health Linens, LLC				^*		(2)(3)(14)		Business Services		L + 6.50%		7.50%		9/30/2016		12/31/2021		14,889			14,889			14,889			1.58

TCG BDC, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

As of ~~March 31,~~September 30, 2021

(dollar amounts in thousands)

(unaudited)


Investments—non-controlled/non-affiliated (1)	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		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
																																																	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
SPay, Inc.		^*	(2)(3)(13)	Hotel, Gaming & Leisure	L + 2.30%, 6.95% PIK	10.25%	6/15/2018	6/17/2024	$	21,730	$	21,480	$	18,273		2.01	%
Speedstar Holding, LLC		^*	(2)(3)(13)	Automotive	L + 7.00%	8.00%	1/22/2021	1/22/2027	27,432		26,824		26,813			2.94
Superior Health Linens, LLC		^*	(2)(3)(13)	Business Services	L + 6.50%	7.50%	9/30/2016	9/30/2021	12,837		12,812		12,821			1.41
T2 Systems, Inc.	T2 Systems, Inc.	^*	(2)(3)(13)	Transportation: Consumer	L + 6.75%	7.75%	9/28/2016	9/28/2022	26,536		26,321		26,535			2.90		T2 Systems, Inc.		^*		(2)(3)(14)		Transportation: Consumer		L + 6.75%		7.75%		9/28/2016		9/28/2022			$	26,397			$	26,252			$	26,397			2.79	%
TCFI Aevex LLC	TCFI Aevex LLC	^*	(2)(3)(13)	Aerospace & Defense	L + 6.00%	7.00%	3/18/2020	3/18/2026	9,668		9,487		9,651			1.06		TCFI Aevex LLC		^*		(2)(3)(14)		Aerospace & Defense		L + 6.00%		7.00%		3/18/2020		3/18/2026			11,192				10,993				9,903				1.05
The Leaders Romans Bidco Limited (United Kingdom) Term Loan B	The Leaders Romans Bidco Limited (United Kingdom) Term Loan B	^	(2)(3)(7)	Banking, Finance, Insurance & Real Estate	L + 6.75%, 3.50% PIK	11.00%	7/23/2019	6/30/2024	£	20,739	25,444		28,520			3.13		The Leaders Romans Bidco Limited (United Kingdom) Term Loan B		^		(2)(3)(7)		Banking, Finance, Insurance & Real Estate		L + 6.25%, 2.50% PIK		9.50%		7/23/2019		6/30/2024			£	21,034			25,930				28,271				2.99
The Leaders Romans Bidco Limited (United Kingdom) Term Loan C	The Leaders Romans Bidco Limited (United Kingdom) Term Loan C	^	(2)(3)(7)(13)	Banking, Finance, Insurance & Real Estate	L + 6.75%, 3.50% PIK	11.00%	7/23/2019	6/30/2024	£	4,991	7,363		8,945			0.98		The Leaders Romans Bidco Limited (United Kingdom) Term Loan C		^		(2)(3)(7)(14)		Banking, Finance, Insurance & Real Estate		L + 6.25%, 2.50% PIK		9.50%		7/23/2019		6/30/2024			£	6,089			7,739				9,331				0.99
Trafigura Trading LLC															Trafigura Trading LLC				^		(2)(3)(13) (14)		Metals & Mining		L + 8.40%		8.75%		7/26/2021		7/18/2022		6,223				6,074				6,073				0.64
Trump Card, LLC	Trump Card, LLC	^*	(2)(3)(13)	Transportation: Cargo	L + 5.50%	6.50%	6/26/2018	4/21/2022	7,734		7,716		7,634			0.84		Trump Card, LLC		^*		(2)(3)(14)		Transportation: Cargo		L + 4.50%		5.50%		6/26/2018		4/21/2022			8,519				8,507				8,431				0.89
TSB Purchaser, Inc.		^*	(2)(3)(13)	Media: Advertising, Printing & Publishing	L + 6.00%	7.00%	5/14/2018	5/14/2024	18,618		18,328		18,518			2.03
Turbo Buyer, Inc.	Turbo Buyer, Inc.	^*	(2)(3)(13)	Automotive	L + 5.50%	6.50%	12/2/2019	12/2/2025	24,262		23,730		24,527			2.69		Turbo Buyer, Inc.		^*		(2)(3)(14)		Automotive		L + 5.75%		6.75%		12/2/2019		12/2/2025			20,429				20,032				19,996				2.12
Tweddle Group, Inc.	Tweddle Group, Inc.	^	(2)(3)	Media: Advertising, Printing & Publishing	L + 4.50%	5.50%	9/17/2018	9/17/2023	1,710		1,694		1,536			0.17		Tweddle Group, Inc.		^		(2)(3)		Media: Advertising, Printing & Publishing		L + 4.50%		5.50%		9/17/2018		9/17/2023			1,515				1,503				1,450				0.15
Unifrutti Financing PLC (Cyprus)	Unifrutti Financing PLC (Cyprus)	^	(7)	Beverage, Food & Tobacco	7.50%, 1.00% PIK	8.50%	9/15/2019	9/15/2026	€	4,598	4,866		5,325			0.57		Unifrutti Financing PLC (Cyprus)		^		(7)		Beverage, Food & Tobacco		7.50%, 1.00% PIK		8.50%		9/15/2019		9/15/2026			€	4,621			4,909				5,286				0.55
Unifrutti Financing PLC (Cyprus)	Unifrutti Financing PLC (Cyprus)	^	(7)	Beverage, Food & Tobacco	11.00% PIK	11.00%	10/22/2020	9/15/2026	€	679	762		786			0.09		Unifrutti Financing PLC (Cyprus)		^		(7)		Beverage, Food & Tobacco		11.00% PIK		11.00%		10/22/2020		9/15/2026			€	736			832				842				0.09
US INFRA SVCS Buyer, LLC	US INFRA SVCS Buyer, LLC	^	(2)(3)(13)	Environmental Industries	L + 6.00%	7.00%	4/13/2020	4/13/2026	4,066		3,531		3,658			0.40		US INFRA SVCS Buyer, LLC		^*		(2)(3)(14)		Environmental Industries		L + 6.50%		7.50%		4/13/2020		4/13/2026			7,929				7,441				7,277				0.77
USLS Acquisition, Inc.	USLS Acquisition, Inc.	^*	(2)(3)(13)	Business Services	L + 5.75%	6.75%	11/30/2018	11/30/2024	21,393		21,089		20,124			2.21		USLS Acquisition, Inc.		^		(2)(3)(14)		Business Services		L + 5.75%		6.75%		11/30/2018		11/30/2024			21,283				21,017				20,634				2.18
USLS Acquisition, Inc.		^	(2)(3)(13)	Business Services	L + 5.75%	6.75%	9/3/2020	11/30/2024	—		(21)		—			—
VRC Companies, LLC		^*	(2)(3)(13)	Business Services	L + 6.50%	7.50%	3/31/2017	3/31/2023	33,201		32,989		32,504			3.57
Westfall Technik, Inc.	Westfall Technik, Inc.	^*	(2)(3)(13)	Chemicals, Plastics & Rubber	L + 6.25%	7.25%	9/13/2018	9/13/2024	27,656		27,408		26,389			2.90		Westfall Technik, Inc.		^*		(2)(3)(14)		Chemicals, Plastics & Rubber		L + 5.75%		6.75%		9/13/2018		9/13/2024			27,743				27,530				27,002				2.86
Wheel Pros, LLC		*	(2)(3)	Automotive	L + 5.25%	6.25%	11/18/2020	11/6/2027	3,267		3,188		3,251			0.36
Westfall Technik, Inc.															Westfall Technik, Inc.				^		(2)(3)		Chemicals, Plastics & Rubber		L + 6.25%		7.25%		7/1/2021		9/13/2024		4,970				4,874				4,842				0.51
Yellowstone Buyer Acquisition, LLC															Yellowstone Buyer Acquisition, LLC				^		(2)(3)		Durable Consumer Goods		L + 5.75%		6.75%		9/13/2021		9/13/2027		450				441				441				0.05
YLG Holdings, Inc.	YLG Holdings, Inc.	^	(2)(3)(13)	Consumer Services	L + 6.25%	7.25%	9/30/2020	11/1/2025	1,626		1,570		1,613			0.18		YLG Holdings, Inc.		^		(2)(3)(14)		Consumer Services		L + 6.00%		7.00%		9/30/2020		11/1/2025			1,883				1,831				1,903				0.20
Zemax Software Holdings, LLC	Zemax Software Holdings, LLC	^*	(2)(3)(13)	Software	L + 5.75%	6.75%	6/25/2018	6/25/2024	6,271		6,207		6,159			0.68		Zemax Software Holdings, LLC		^		(2)(3)(14)		Software		L + 5.75%		6.75%		6/25/2018		6/25/2024			6,226				6,170				6,226				0.66
Zenith Merger Sub, Inc.	Zenith Merger Sub, Inc.	^*	(2)(3)(13)	Business Services	L + 5.25%	6.25%	12/13/2017	12/13/2023	13,603		13,499		13,579			1.49		Zenith Merger Sub, Inc.		^*		(2)(3)(14)		Business Services		L + 5.25%		6.25%		12/13/2017		12/13/2024			10,520				10,449				10,520				1.11

First Lien Debt Total	First Lien Debt Total										$	1,237,509	$	1,194,048		131.14	%	First Lien Debt Total																					$	1,269,406			$	1,238,349			131.13	%

Second Lien Debt (16.3% of fair value)
Second Lien Debt (18.1% of fair value)															Second Lien Debt (18.1% of fair value)
11852604 Canada Inc. (Canada)															11852604 Canada Inc. (Canada)				^		(2)(3)(7)		Healthcare & Pharmaceuticals		L + 9.50%		10.50%		9/30/2021		9/30/2028		$	6,590			$	6,425			$	6,425			0.68	%
AI Convoy S.A.R.L (United Kingdom)	AI Convoy S.A.R.L (United Kingdom)	^	(2)(3)(7)	Aerospace & Defense	L + 8.25%	9.25%	1/17/2020	1/17/2028	$	24,814	$	24,318	$	25,717		2.82	%	AI Convoy S.A.R.L (United Kingdom)		^		(2)(3)(7)		Aerospace & Defense		L + 8.25%		9.25%		1/17/2020		1/17/2028			24,814				24,345				25,744				2.73
Aimbridge Acquisition Co., Inc.	Aimbridge Acquisition Co., Inc.	^	(2)(3)	Hotel, Gaming & Leisure	L + 7.50%	7.62%	2/1/2019	2/1/2027	9,241		9,109		8,197			0.90		Aimbridge Acquisition Co., Inc.		^		(2)(3)		Hotel, Gaming & Leisure		L + 7.50%		7.59%		2/1/2019		2/1/2027			9,241				9,118				8,567				0.91
AP Plastics Acquisition Holdings, LLC															AP Plastics Acquisition Holdings, LLC				^		(2)(3)		Chemicals, Plastics & Rubber		L + 7.50%		8.25%		8/10/2021		8/10/2029		38,180				37,143				37,130				3.93
AQA Acquisition Holdings, Inc.	AQA Acquisition Holdings, Inc.	^	(2)(3)	High Tech Industries	L + 7.50%	8.00%	3/3/2021	3/3/2029	40,000		39,007		39,000			4.29		AQA Acquisition Holdings, Inc.		^*		(2)(3)		High Tech Industries		L + 7.50%		8.00%		3/3/2021		3/3/2029			35,000				34,168				34,539				3.66
Brave Parent Holdings, Inc.	Brave Parent Holdings, Inc.	^*	(2)(3)	Software	L + 7.50%	7.61%	10/3/2018	4/19/2026	19,062		18,725		19,062			2.09		Brave Parent Holdings, Inc.		^*		(2)(3)		Software		L + 7.50%		7.58%		10/3/2018		4/19/2026			18,197				17,902				18,197				1.93
Drilling Info Holdings, Inc.															Drilling Info Holdings, Inc.				^		(2)(3)		Energy: Oil & Gas		L + 8.25%		8.33%		2/11/2020		7/30/2026		18,600				18,195				18,786				1.99

TCG BDC, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

As of ~~March 31,~~September 30, 2021

(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
Drilling Info Holdings, Inc. ^ (2)(3) Energy: Oil & Gas L + 8.25% 8.36% 2/11/2020 7/30/2026 $ 18,600 $ 18,161 $ 18,739 2.06 %
Jazz Acquisition, Inc. ^ (2)(3) Aerospace & Defense L + 8.00% 8.11% 6/13/2019 6/18/2027 23,450 23,159 18,762 2.06
Outcomes Group Holdings, Inc. ^* (2)(3) Business Services L + 7.50% 7.70% 10/23/2018 10/26/2026 1,731 1,727 1,731 0.19
PAI Holdco, Inc. ^ (2)(3) Automotive L + 6.25%, 2.00% PIK 9.25% 10/28/2020 10/28/2028 13,599 13,210 13,480 1.48
Peraton Corp. ^ (2)(3) Aerospace & Defense L + 7.75% 8.50% 2/24/2021 2/1/2029 12,300 12,115 12,115 1.33
Quartz Holding Company ^ (2)(3) Software L + 8.00% 8.11% 4/2/2019 4/2/2027 7,048 6,934 7,118 0.78
Reladyne, Inc. ^ (2)(3) Wholesale L + 9.50% 10.50% 4/19/2018 1/21/2023 12,242 12,145 11,834 1.30
Stonegate Pub Company Bidco Limited (United Kingdom) ^ (2)(3)(7) Beverage, Food & Tobacco L + 8.50% 8.54% 3/12/2020 3/12/2028 £ 20,000 24,743 22,976 2.52
Tank Holding Corp. ^* (2)(3) Capital Equipment L + 8.25% 8.36% 3/26/2019 3/26/2027 35,965 35,489 36,214 3.98
TruGreen Limited Partnership ^ (2)(3) Consumer Services L + 8.50% 9.25% 11/16/2020 11/2/2028 13,000 12,752 13,003 1.43
Ultimate Baked Goods MIDCO, LLC ^ (2)(3) Beverage, Food & Tobacco L + 8.00% 9.00% 8/9/2018 8/9/2026 2,820 2,777 2,600 0.29
Watchfire Enterprises, Inc. ^ (2)(3) Media: Advertising, Printing & Publishing L + 8.00% 9.00% 10/2/2013 10/2/2021 7,000 6,990 6,947 0.76
World 50, Inc. ^ (9) Business Services 11.50% 11.50% 1/10/2020 1/9/2027 7,635 7,503 7,561 0.83
WP CPP Holdings, LLC ^* (2)(3) Aerospace & Defense L + 7.75% 8.75% 7/18/2019 4/30/2026 39,500 39,184 34,266 3.77
Second Lien Debt Total $ 308,048 $ 299,322 32.87 %

Investments—non-controlled/non-affiliated (1)
Footnotes Industry Acquisition Date Shares/ Units Cost
Fair
Value (5)
% of Net Assets
Equity Investments (1.9% of fair value)
ANLG Holdings, LLC ^ (6) Capital Equipment 6/22/2018 592 $ 592 $ 803 0.09 %
Avenu Holdings, LLC ^ (6) Sovereign & Public Finance 9/28/2018 172 172 479 0.05
BK Intermediate Company, LLC ^ (6) Healthcare & Pharmaceuticals 5/27/2020 288 288 266 0.03
Central Security Group, Inc. ^* (6) Consumer Services 10/16/2020 443 — — —
Chartis Holding, LLC ^ (6) Business Services 5/1/2019 433 433 733 0.08
CIP Revolution Holdings, LLC ^ (6) Media: Advertising, Printing & Publishing 8/19/2016 318 318 250 0.03
Cority Software Inc. (Canada) ^ (6) Software 7/2/2019 250 250 312 0.03
DecoPac, Inc. ^ (6) Non-durable Consumer Goods 9/29/2017 1,500 1,500 1,557 0.17
Derm Growth Partners III, LLC ^ (6) Healthcare & Pharmaceuticals 5/31/2016 1,000 1,000 — —
GRO Sub Holdco, LLC ^ (6) Healthcare & Pharmaceuticals 3/29/2018 268 — 290 0.03
K2 Insurance Services, LLC ^ (6) Banking, Finance, Insurance & Real Estate 7/3/2019 433 433 622 0.07


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

Jazz Acquisition, Inc.	^*	(2)(3)	Aerospace & Defense	L + 8.00%	8.08%	6/13/2019	6/18/2027	$	23,450	$	23,178	$	20,046	2.12	%
Outcomes Group Holdings, Inc.	^*	(2)(3)	Business Services	L + 7.50%	7.63%	10/23/2018	10/26/2026	1,731		1,728		1,731		0.18
PAI Holdco, Inc.	^	(2)(3)	Automotive	L + 6.00%, 2.00% PIK	9.00%	10/28/2020	10/28/2028	13,738		13,368		13,738		1.45
Peraton Corp.	^*	(2)(3)	Aerospace & Defense	L + 7.75%	8.50%	2/24/2021	2/1/2029	12,300		12,120		12,272		1.30
Quartz Holding Company	^	(2)(3)	Software	L + 8.00%	8.09%	4/2/2019	4/2/2027	7,048		6,941		7,048		0.75
Reladyne, Inc.	^	(2)(3)	Wholesale	L + 9.50%	10.50%	4/19/2018	1/21/2025	12,242		12,170		11,963		1.27
Stonegate Pub Company Bidco Limited (United Kingdom)	^	(2)(3)(7)	Beverage, Food & Tobacco	L + 8.50%	8.61%	3/12/2020	3/12/2028	£	20,000	24,773		22,849		2.42
Tank Holding Corp.	^*	(2)(3)	Capital Equipment	L + 8.25%	8.33%	3/26/2019	3/26/2027	35,965		35,561		36,325		3.85
TruGreen Limited Partnership	^	(2)(3)	Consumer Services	L + 8.50%	9.25%	11/16/2020	11/2/2028	13,000		12,763		13,197		1.40
Watchfire Enterprises, Inc.	^	(2)(3)	Media: Advertising, Printing & Publishing	L + 8.25%	9.25%	10/2/2013	10/2/2024	7,000		7,000		7,000		0.74
World 50, Inc.	^	(9)	Business Services	11.50%	11.50%	1/10/2020	1/9/2027	18,552		18,203		18,181		1.93
WP CPP Holdings, LLC	^	(2)(3)	Aerospace & Defense	L + 7.75%	8.75%	7/18/2019	4/30/2026	39,500		39,218		38,832		4.11


Second Lien Debt Total										$	354,319	$	352,570	37.33	%

TCG BDC, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

As of ~~March 31,~~September 30, 2021

(dollar amounts in thousands)

(unaudited)

Investments—non-controlled/non-affiliated (1)
Footnotes Industry Acquisition Date Shares/ Units Cost
Fair
Value (5)
% of Net Assets
Legacy.com, Inc. ^ (6) High Tech Industries 3/20/2017 1,500 $ 1,500 $ 696 0.08 %
Mailgun Technologies, Inc. ^ (6) High Tech Industries 3/26/2019 424 424 784 0.09
North Haven Goldfinch Topco, LLC ^ (6) Containers, Packaging & Glass 6/18/2018 2,315 2,315 3,199 0.35
Paramit Corporation ^ (6) Capital Equipment 6/17/2019 150 500 760 0.08
PPC Flexible Packaging, LLC ^ (6) Containers, Packaging & Glass 2/1/2019 965 965 1,483 0.16
Rough Country, LLC ^ (6) Durable Consumer Goods 5/25/2017 755 490 1,511 0.17
T2 Systems Parent Corporation ^ (6) Transportation: Consumer 9/28/2016 556 556 677 0.07
Tailwind HMT Holdings Corp. ^ (6) Energy: Oil & Gas 11/17/2017 22 1,558 2,023 0.22
Tank Holding Corp. ^ (6) Capital Equipment 3/26/2019 850 482 944 0.10
Titan DI Preferred Holdings, Inc. ^ (6) Energy: Oil & Gas 2/11/2020 11,620 11,345 11,620 1.28
Turbo Buyer, Inc. ^ (6) Automotive 12/2/2019 1,925 1,925 2,601 0.29
Tweddle Holdings, Inc. ^* (6) Media: Advertising, Printing & Publishing 9/17/2018 17 — — —
Unifrutti Financing PLC (Cyprus) ^ (6) Beverage, Food & Tobacco 10/22/2020 — 424 421 0.05
Unifrutti Financing PLC (Cyprus) ^ (6) Beverage, Food & Tobacco 10/22/2020 — 133 148 0.02
USLS Acquisition, Inc. ^ (6) Business Services 11/30/2018 641 641 570 0.06
W50 Parent LLC ^ (6) Business Services 1/10/2020 500 500 672 0.07
Zenith American Holding, Inc. ^ (6) Business Services 12/13/2017 1,564 782 1,441 0.16
Zillow Topco LP ^ (6) Software 6/25/2018 313 312 168 0.02
Equity Investments Total $ 29,838 $ 35,030 3.85 %
Total investments—non-controlled/non-affiliated $ 1,575,395 $ 1,528,400 167.86 %

Investments—non-controlled/affiliated 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 (1.5% of fair value)
Direct Travel, Inc. ^* (2)(3)(8)(12) Hotel, Gaming & Leisure L + 1.00%, 7.50% PIK 9.50% 10/14/2016 10/1/2023 $ 36,839 $ 36,218 $ 25,473 2.80 %
Direct Travel Inc. ^ (2)(3)(12)(13) Hotel, Gaming & Leisure L + 6.00% 7.00% 10/1/2020 10/1/2023 2,177 2,177 2,177 0.24
First Lien Debt Total $ 38,395 $ 27,650 3.04 %


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Acquisition Date	Shares/ Units	Cost		Fair Value (5)		% of Net Assets
Equity Investments (2.7% of fair value)
ANLG Holdings, LLC	^	(6)	Capital Equipment	6/22/2018	592	$	592	$	758	0.08	%
Appriss Health, LLC	^	(6)	Healthcare & Pharmaceuticals	5/6/2021	4	4,333		4,354		0.46
Atlas Ontario LP (Canada)	^	(6)(7)	Business Services	4/7/2021	5,114	5,114		5,114		0.54
Avenu Holdings, LLC	^	(6)	Sovereign & Public Finance	9/28/2018	172	172		534		0.06
BK Intermediate Company, LLC	^	(6)	Healthcare & Pharmaceuticals	5/27/2020	288	288		390		0.04
Central Security Group, Inc.	^*	(6)	Consumer Services	10/16/2020	443	—		—		—
Chartis Holding, LLC	^	(6)	Business Services	5/1/2019	433	433		738		0.08
CIP Revolution Holdings, LLC	^	(6)	Media: Advertising, Printing & Publishing	8/19/2016	318	318		209		0.02
Cority Software Inc. (Canada)	^	(6)	Software	7/2/2019	250	250		406		0.04
Derm Growth Partners III, LLC	^	(6)	Healthcare & Pharmaceuticals	5/31/2016	1,000	1,000		—		—
Diligent Corporation	^	(6)	Telecommunications	4/5/2021	11	10,269		10,257		1.09
ECP Parent, LLC	^	(6)	Healthcare & Pharmaceuticals	3/29/2018	268	—		290		0.03
K2 Insurance Services, LLC	^	(6)	Banking, Finance, Insurance & Real Estate	7/3/2019	433	306		575		0.06
Legacy.com, Inc.	^	(6)	High Tech Industries	3/20/2017	1,500	1,500		1,162		0.12
Mailgun Technologies, Inc.	^	(6)	High Tech Industries	3/26/2019	424	424		1,258		0.13
North Haven Goldfinch Topco, LLC	^	(6)	Containers, Packaging & Glass	6/18/2018	2,315	2,315		2,639		0.28
Pascal Ultimate Holdings, L.P	^	(6)	Capital Equipment	7/21/2021	36	364		364		0.04
T2 Systems Parent Corporation	^	(6)	Transportation: Consumer	9/28/2016	556	556		734		0.08
Tailwind HMT Holdings Corp.	^	(6)	Energy: Oil & Gas	11/17/2017	22	1,558		2,023		0.21
Tank Holding Corp.	^	(6)	Capital Equipment	3/26/2019	850	482		1,027		0.11
Titan DI Preferred Holdings, Inc.	^	(6)	Energy: Oil & Gas	2/11/2020	12,420	12,158		12,544		1.33
Turbo Buyer, Inc.	^	(6)	Automotive	12/2/2019	1,925	933		2,977		0.32
Tweddle Holdings, Inc.	^*	(6)	Media: Advertising, Printing & Publishing	9/17/2018	17	—		—		—
Unifrutti Financing PLC (Cyprus)	^	(6)	Beverage, Food & Tobacco	10/22/2020	—	469		467		0.05
Unifrutti Financing PLC (Cyprus)	^	(6)	Beverage, Food & Tobacco	10/22/2020	1	133		91		0.01
USLS Acquisition, Inc.	^	(6)	Business Services	11/30/2018	641	641		796		0.08
W50 Parent LLC	^	(6)	Business Services	1/10/2020	500	190		720		0.08
Zenith American Holding, Inc.	^	(6)	Business Services	12/13/2017	1,564	782		1,550		0.16
Zillow Topco LP	^	(6)	Software	6/25/2018	313	312		688		0.07


Equity Investments Total						$	45,892	$	52,665	5.58	%
Total investments—non-controlled/non-affiliated						$	1,669,617	$	1,643,584	174.04	%

TCG BDC, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

As of ~~March 31,~~September 30, 2021

(dollar amounts in thousands)

(unaudited)

Investments—non-controlled/affiliated Footnotes Industry Acquisition Date Shares/ Units Cost
Fair
Value (5)
% of Net
Assets
Equity Investments (0.0% of fair value)
Direct Travel, Inc. ^ (6)(12) Hotel, Gaming & Leisure 10/1/2020 43 $ — $ — — %
Equity Investments Total $ — $ — — %
Total investments—non-controlled/affiliated $ 38,395 $ 27,650 3.04 %


Investments—non-controlled/affiliated		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 (1.6% of fair value)
Direct Travel, Inc.	^*	(2)(3)(8)(12)	Hotel, Gaming & Leisure	L + 1.00%, 8.35% PIK	9.50%	10/14/2016	10/1/2023	$	36,711	$	35,979	$	27,679	2.93	%
Direct Travel Inc.	^	(2)(3)(12)(14)	Hotel, Gaming & Leisure	L + 6.00%	7.00%	10/1/2020	10/1/2023	2,731		2,603		2,731		0.29
First Lien Debt Total										$	38,582	$	30,410	3.22	%

Investments—controlled/affiliated 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 (0.3% of fair value)
SolAero Technologies Corp. (A1 Term Loan) ^ (2)(3)(8)(10) Telecommunications L + 8.00% (100% PIK) 9.00% 4/12/2019 10/12/2022 $ 3,166 $ 3,166 $ 670 0.07 %
SolAero Technologies Corp. (A2 Term Loan) ^ (2)(3)(8)(10) Telecommunications L + 8.00% (100% PIK) 9.00% 4/12/2019 10/12/2022 8,707 8,707 1,843 0.20
SolAero Technologies Corp. (Priority Facilities) ^ (2)(3)(10)(13) Telecommunications L + 6.00% 7.00% 4/12/2019 10/12/2022 2,442 2,417 2,442 0.27
First Lien Debt Total $ 14,290 $ 4,955 0.54 %


Investments—non-controlled/affiliated		Footnotes	Industry	Acquisition Date	Shares/ Units	Cost		Fair Value (5)		% of Net Assets
Equity Investments (0.0% of fair value)
Direct Travel, Inc.	^	(6)(12)	Hotel, Gaming & Leisure	10/1/2020	43	$	—	$	—	—	%
Equity Investments Total						$	—	$	—	—	%
Total investments—non-controlled/affiliated						$	38,582	$	30,410	3.22	%


Investments—controlled/affiliated		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 (0.3% of fair value)
SolAero Technologies Corp. (A1 Term Loan)	^	(2)(3)(8)(10)	Telecommunications	L + 8.00% (100% PIK)	9.00%	4/12/2019	10/12/2022	$	3,166	$	3,166	$	1,202	0.13	%
SolAero Technologies Corp. (A2 Term Loan)	^	(2)(3)(8)(10)	Telecommunications	L + 8.00% (100% PIK)	9.00%	4/12/2019	10/12/2022	8,707		8,707		3,305		0.35
SolAero Technologies Corp. (Priority Facilities)	^	(2)(3)(10)(14)	Telecommunications	L + 6.00%	7.00%	4/12/2019	10/12/2022	2,287		2,272		2,287		0.24

First Lien Debt Total										$	14,145	$	6,794	0.72	%


Investments—controlled/affiliated		Footnotes	Industry	Acquisition Date	Shares/ Units	Cost		Fair Value (5)		% of Net Assets
Equity Investments (0.0% of fair value)
SolAero Technologies Corp.	^	(6)(10)	Telecommunications	4/12/2019	3	$	2,815	$	—	—	%

Equity Investments Total						$	2,815	$	—	—	%

TCG BDC, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

As of ~~March 31,~~September 30, 2021

(dollar amounts in thousands)

(unaudited)


Investments—controlled/affiliated	Investments—controlled/affiliated		Footnotes	Industry	Reference Rate & Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par Amount/ LLC Interest **		Cost		Fair Value (5)			% of Net Assets		Investments—controlled/affiliated		Footnotes	Industry	Reference Rate & Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par Amount/ LLC Interest **				Cost				Fair Value (5)				% of Net Assets
Investment Funds (15.2% of fair value)
Investment Funds (13.7% of fair value)															Investment Funds (13.7% of fair value)
Middle Market Credit Fund II, LLC, Member's Interest	Middle Market Credit Fund II, LLC, Member's Interest	^	(7)(10)	Investment Funds	N/A	—%	11/3/2020	12/31/2030	$	78,122	$	78,096	$	77,934		8.56	%	Middle Market Credit Fund II, LLC, Member's Interest	^	(7)(10)	Investment Funds	N/A	—%	11/3/2020	12/31/2030	$	78,122			$	78,096			$	78,143			8.27	%
Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest	Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest	^	(7)(10)	Investment Funds	N/A	—%	2/29/2016	12/31/2024	216,000		216,001		202,695			22.26		Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest	^	(7)(10)	Investment Funds	N/A	—%	2/29/2016	12/31/2024	193,000				193,000				189,275				20.04
Middle Market Credit Fund, Mezzanine Loan	Middle Market Credit Fund, Mezzanine Loan	^	(2)(7)(9)(10)	Investment Funds	L + 9.00%	9.19%	6/30/2016	5/21/2022	—		—		—			—		Middle Market Credit Fund, Mezzanine Loan	^	(2)(7)(9)(10)	Investment Funds	L + 9.00%	9.13%	6/30/2016	5/21/2022	—				—				—				—
Investment Fund Total											$	294,097	$	280,629		30.82	%
Investment Funds Total															Investment Funds Total													$	271,096			$	267,418			28.32	%

Total investments—controlled/affiliated	Total investments—controlled/affiliated										$	311,202	$	285,584		31.37	%	Total investments—controlled/affiliated												$	288,056			$	274,212			29.05	%
Total Investments	Total Investments										$	1,924,992	$	1,841,634		202.26	%	Total Investments												$	1,996,255			$	1,948,206			206.29	%

^ Denotes that all or a portion of the assets are owned by TCG BDC, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “TCG BDC” or the “Company”). The Company has entered into a senior secured revolving credit facility (as amended, the “Credit Facility”). The lenders of the Credit Facility have a first lien security interest in substantially all of the portfolio investments held by the Company (see Note 7, Borrowings). Accordingly, such assets are not available to creditors of Carlyle Direct Lending CLO 2015-1R LLC (formerly known as Carlyle GMS Finance MM CLO 2015-1 LLC) (the “2015-1 Issuer”).

* Denotes that all or a portion of the assets are owned by the Company's wholly owned subsidiary, the 2015-1 Issuer, and secure the notes issued in connection with a term debt securitization completed by the Company on June 26, 2015 (see Note 8, Notes Payable). Accordingly, such assets are not available to the creditors of the Company.

** Par amount is denominated in USD ("$") unless otherwise noted, as denominated in Euro (“€”) or British Pound (“£”).

(1)Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of ~~March 31,~~September 30, 2021, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of ~~March 31,~~September 30, 2021, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L”) or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of ~~March 31,~~September 30, 2021. As of ~~March 31,~~September 30, 2021, the reference rates for our variable rate loans were the 30-day LIBOR at ~~0.11%~~0.08%, the 90-day LIBOR at ~~0.19%~~0.13% and the 180-day LIBOR at ~~0.21%~~0.16%.

(3)Loan includes interest rate floor feature, which is generally 1.00%.

(4)Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method.

(5)Fair value is determined in good faith by or under the direction of the Board of Directors of the Company (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments, equity investments and the investment funds was determined using significant unobservable inputs.

(6)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of ~~March 31,~~September 30, 2021, the aggregate fair value of these securities is ~~$35,030,~~$52,665, or ~~3.85%~~5.58% of the Company’s net assets.

(7)The Company has determined the indicated investments are non-qualifying assets under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company’s total assets.

(8)Loan was on non-accrual status as of ~~March 31,~~September 30, 2021.

(9)Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company/investment fund.

TCG BDC, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

As of ~~March 31,~~September 30, 2021

(dollar amounts in thousands)

(unaudited)

(10)Under the Investment Company Act, the Company is deemed to be an “affiliated person” of and “control” this investment fund because the Company owns more than 25% of the investment fund’s outstanding voting securities and/or has the power to exercise control over management or policies of such investment fund. See Note 5, Middle Market Credit Fund, LLC, and Note 6, Middle Market Credit Fund II, LLC, for more details. Transactions related to investments in controlled affiliates for the ~~three~~nine month period ended ~~March 31,~~September 30, 2021, were as follows:


Investments—controlled/affiliated	Investments—controlled/affiliated	Fair Value as of December 31, 2020		Additions/Purchases		Reductions/Sales/ Paydowns		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of March 31, 2021		Dividend and Interest Income		Investments—controlled/affiliated	Fair Value as of December 31, 2020		Additions/Purchases		Reductions/Sales/ Paydowns		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of September 30, 2021		Dividend and Interest Income
Middle Market Credit Fund, LLC, Mezzanine Loan	Middle Market Credit Fund, LLC, Mezzanine Loan	$	—	$	—	$	—	$	—	$	—	$	—	$	—	Middle Market Credit Fund, LLC, Mezzanine Loan	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest	Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest	205,891		—		—		—		(3,196)		202,695		5,000		Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest	205,891		—		(23,000)		—		6,384		189,275		15,000
Middle Market Credit Fund II LLC, Member's Interest	Middle Market Credit Fund II LLC, Member's Interest	77,395		—		—		—		539		77,934		2,524		Middle Market Credit Fund II LLC, Member's Interest	77,395		—		—		—		748		78,143		7,539
Total investments—controlled/affiliated	Total investments—controlled/affiliated	$	283,286	$	—	$	—	$	—	$	(2,657)	$	280,629	$	7,524	Total investments—controlled/affiliated	$	283,286	$	—	$	(23,000)	$	—	$	7,132	$	267,418	$	22,539


Investments—controlled/affiliated	Investments—controlled/affiliated	Fair Value as of December 31, 2020		Additions/Purchases		Reductions/Sales/ Paydowns		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of March 31, 2021		Dividend and Interest Income		Investments—controlled/affiliated	Fair Value as of December 31, 2020		Additions/Purchases		Reductions/Sales/ Paydowns		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of September 30, 2021		Dividend and Interest Income
SolAero Technologies Corp. (Priority Term Loan)	SolAero Technologies Corp. (Priority Term Loan)	$	2,640	$	—	$	(18)	$	—	$	—	$	2,622	$	56	SolAero Technologies Corp. (Priority Term Loan)	$	2,460	$	—	$	(173)	$	—	$	—	$	2,287	$	157
SolAero Technologies Corp. (A1 Term Loan)	SolAero Technologies Corp. (A1 Term Loan)	1,214		—		—		—		(544)		670		—		SolAero Technologies Corp. (A1 Term Loan)	1,214		—		—		—		(12)		1,202		—
SolAero Technologies Corp. (A2 Term Loan)	SolAero Technologies Corp. (A2 Term Loan)	3,338		—		—		—		(1,495)		1,843		—		SolAero Technologies Corp. (A2 Term Loan)	3,338		—		—		—		(33)		3,305		—
Solaero Technology Corp. (Equity)	Solaero Technology Corp. (Equity)	—		—		—		—		—		—		—		Solaero Technology Corp. (Equity)	—		—		—		—		—		—		—
Total investments—controlled/affiliated	Total investments—controlled/affiliated	$	7,192	$	—	$	(18)	$	—	$	(2,039)	$	5,135	$	56	Total investments—controlled/affiliated	$	7,012	$	—	$	(173)	$	—	$	(45)	$	6,794	$	157

(11) 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: Barnes & Noble, Inc. (1.83%), Southern Graphics, Inc. (1.71%), and Legacy.com Inc. (3.90%).~~lenders. 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.

(12) Under the Investment Company Act, the Company is deemed an "affiliated person" of this portfolio company because the Company owns 5% or more of the portfolio company's outstanding voting securities. Transactions related to the portfolio company during the ~~three~~nine month period ended ~~March 31, 2021were~~September 30, 2021 were as follows:

Investments—non-controlled/affiliated Fair Value as of December 31, 2020 Additions/Purchases Reductions/Sales/ Paydowns Net Realized Gain (Loss) Net Change in Unrealized Appreciation (Depreciation) Fair Value as of March 31, 2021 Dividend and Interest Income
Direct Travel, Inc. $ 24,949 $ — $ (123) $ 1 $ 646 $ 25,473 $ —
Direct Travel, Inc. 1,231 946 — — — 2,177 38
Direct Travel, Inc. (Equity) — — — — — — —
Total investments—non-controlled/affiliated $ 26,180 $ 946 $ (123) $ 1 $ 646 $ 27,650 $ 38


Investments—non-controlled/affiliated	Fair Value as of December 31, 2020		Additions/Purchases		Reductions/Sales/ Paydowns		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of September 30, 2021		Dividend and Interest Income
Direct Travel, Inc.	$	24,949	$	—	$	(363)	$	2	$	3,091	$	27,679	$	—
Direct Travel, Inc.	1,231		1,372		—		—		128		2,731		130
Direct Travel, Inc. (Equity)	—		—		—		—		—		—		—
Total investments—non-controlled/affiliated	$	26,180	$	1,372	$	(363)	$	2	$	3,219	$	30,410	$	130

TCG BDC, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

As of ~~March 31,~~September 30, 2021

(dollar amounts in thousands)

(unaudited)

(13)The investment is secured by receivables purchased from the portfolio company, with an implied discount of 8.75%. The investment was made via a tranched participation arrangement between the purchaser of such receivables and the Company. The investment has a secondary priority behind the rights of such purchaser.

(14)As of ~~March 31,~~September 30, 2021, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans:


Investments—non-controlled/non-affiliated	Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount		Fair Value		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	First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments							First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments
Advanced Web Technologies Holding Company	Advanced Web Technologies Holding Company	Delayed Draw	1.00%	$	2,299	$	6	Advanced Web Technologies Holding Company	Delayed Draw	1.00%	$	2,299	$	23
Advanced Web Technologies Holding Company	Advanced Web Technologies Holding Company	Revolver	0.50	755		2		Advanced Web Technologies Holding Company	Revolver	0.50	906		9
Airnov, Inc.								Airnov, Inc.	Revolver	0.50	875		—
American Physician Partners, LLC	American Physician Partners, LLC	Revolver	0.50	550		(16)		American Physician Partners, LLC	Revolver	0.50	550		—
AMS Group HoldCo, LLC	AMS Group HoldCo, LLC	Revolver	0.50	2,315		(3)		AMS Group HoldCo, LLC	Revolver	0.50	2,315		—
Analogic Corporation	Analogic Corporation	Revolver	0.50	168		(1)		Analogic Corporation	Revolver	0.50	168		(1)
Applied Technical Services		Delayed Draw	1.00	132		(1)
Applied Technical Services		Revolver	0.50	53		—
Applied Technical Services, LLC								Applied Technical Services, LLC	Delayed Draw	1.00	132		—
Applied Technical Services, LLC								Applied Technical Services, LLC	Revolver	0.50	53		—
Appriss Health, LLC								Appriss Health, LLC	Revolver	0.50	2,963		(45)
Apptio, Inc.	Apptio, Inc.	Revolver	0.50	1,420		11		Apptio, Inc.	Revolver	0.50	1,420		11
Ascend Buyer,LLC								Ascend Buyer,LLC	Revolver	0.50	1,284		(26)
Associations, Inc.								Associations, Inc.	Revolver	0.50	723		3
Associations, Inc.								Associations, Inc.	Delayed Draw	1.00	1,753		6
Associations, Inc.								Associations, Inc.	Delayed Draw	1.00	1,753		6
Associations, Inc.								Associations, Inc.	Delayed Draw	2.50	715		3
BMS Holdings III Corp.								BMS Holdings III Corp.	Delayed Draw	1.00	9,688		(100)
Captive Resources Midco, LLC	Captive Resources Midco, LLC	Revolver	0.50	2,143		18		Captive Resources Midco, LLC	Revolver	0.50	2,143		—
Chartis Holding, LLC	Chartis Holding, LLC	Delayed Draw	1.00	4,406		—		Chartis Holding, LLC	Revolver	0.50	217		—
Chartis Holding, LLC		Revolver	0.50	2,401		—
Chemical Computing Group ULC (Canada)	Chemical Computing Group ULC (Canada)	Revolver	0.50	29		—		Chemical Computing Group ULC (Canada)	Revolver	0.50	29		—
CircusTrix Holdings, LLC		Delayed Draw	1.00	287		—
Chudy Group, LLC								Chudy Group, LLC	Delayed Draw	1.00	138		(1)
Chudy Group, LLC								Chudy Group, LLC	Revolver	0.50	34		—
Comar Holding Company, LLC	Comar Holding Company, LLC	Revolver	0.50	2,935		—		Comar Holding Company, LLC	Revolver	0.50	1,467		(1)
Comar Holding Company, LLC		Delayed Draw	1.00	2,586		—
Cority Software Inc.(Canada)		Revolver	0.50	3,000		14
Cority Software Inc. (Canada)								Cority Software Inc. (Canada)	Revolver	0.50	3,000		—
DCA Investment Holding, LLC	DCA Investment Holding, LLC	Delayed Draw	1.00	2,449		(37)		DCA Investment Holding, LLC	Delayed Draw	1.00	1,970		—
DermaRite Industries, LLC	DermaRite Industries, LLC	Revolver	0.50	2,234		(78)		DermaRite Industries, LLC	Revolver	0.50	579		(86)
Diligent Corporation	Diligent Corporation	Delayed Draw	1.00	141		1		Diligent Corporation	Revolver	0.50	47		1
Diligent Corporation	Diligent Corporation	Revolver	0.50	47		—		Diligent Corporation	Delayed Draw	1.00	110		2
Direct Travel, Inc.		Delayed Draw	0.50	2,083		—
Ethos Veterinary Health LLC		Delayed Draw	1.00	2,696		(17)
Direct Travel Inc.								Direct Travel Inc.	Delayed Draw	0.50	1,657		—
Dwyer Instruments, Inc								Dwyer Instruments, Inc	Revolver	0.50	626		(5)
Dwyer Instruments, Inc								Dwyer Instruments, Inc	Delayed Draw	1.00	1,003		(9)
Ellkay, LLC								Ellkay, LLC	Revolver	0.50	1,786		(36)
EPS Nass Parent, Inc.								EPS Nass Parent, Inc.	Revolver	0.50	59		(1)
EPS Nass Parent, Inc.								EPS Nass Parent, Inc.	Delayed Draw	1.00	85		(1)
EvolveIP, LLC	EvolveIP, LLC	Delayed Draw	1.00	3,333		—		EvolveIP, LLC	Delayed Draw	1.00	3,333		—
EvolveIP, LLC		Revolver	0.50	2,941		—
FWR Holding Corporation		Revolver	0.50	4,444		(340)
Greenhouse Software, Inc.		Revolver	0.50	1,471		(33)
Hawkeye AcquisitionCo, LLC		Delayed Draw	1.00	4,454		(89)
Hawkeye AcquisitionCo, LLC		Revolver	0.50	557		(11)
Helios Buyer, Inc.		Revolver	0.50	689		(3)
Helios Buyer, Inc.		Delayed Draw	1.00	4,672		(20)
Hercules Borrower LLC		Revolver	0.50	2,160		(31)
Higginbotham Insurance Agency, Inc.		Delayed Draw	1.00	1,098		6
Individual FoodService Holdings, LLC		Revolver	0.50	607		(8)
Individual FoodService Holdings, LLC		Delayed Draw	1.00	584		(7)
Individual FoodService Holdings, LLC		Delayed Draw	1.00	149		(2)

TCG BDC, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

As of ~~March 31,~~September 30, 2021

(dollar amounts in thousands)

(unaudited)

Investments—non-controlled/non-affiliated Type Unused Fee Par/ Principal Amount Fair Value
K2 Insurance Services, LLC Revolver 0.50 2,290 3
K2 Insurance Services, LLC Delayed Draw 1.00 1,571 2
Kaseya, Inc. Delayed Draw 1.00 1,111 —
Kaseya, Inc. Revolver 0.50 787 —
Lifelong Learner Holdings, LLC Delayed Draw 1.00 1,690 (115)
Lifelong Learner Holdings, LLC Revolver 0.50 1,377 (94)
Liqui-Box Holdings, Inc. Revolver 0.50 912 (79)
Mailgun Technologies, Inc. Revolver 0.50 1,342 (12)
National Technical Systems, Inc. Revolver 0.50 836 —
NMI AcquisitionCo, Inc. Revolver 0.50 1,280 5
Paramit Corporation Delayed Draw 1.00 2,931 —
PF Growth Partners, LLC Delayed Draw 1.00 823 (44)
PPC Flexible Packaging, LLC Revolver 0.50 685 —
PricewaterhouseCoopers Public Sector LLP Revolver 0.50 6,250 (19)
Redwood Services Group, LLC Delayed Draw 3.63 2,992 23
RSC Acquisition, Inc. Revolver 0.50 462 2
Sapphire Convention, Inc. Revolver 0.50 3,089 (460)
Smile Doctors, LLC Revolver 0.50 707 —
SolAero Technologies Corp. (Priority Facilities) Revolver 0.50 984 —
SolAero Technologies Corp. (Priority Facilities) Revolver 0.50 1,084 —
SPay, Inc. Revolver 0.50 648 (100)
Speedstar Holding, LLC Delayed Draw 1.00 3,775 (76)
Superior Health Linens, LLC Revolver 0.50 1,667 (2)
T2 Systems, Inc. Revolver 0.50 2,933 —
TCFI Aevex LLC Delayed Draw 1.00 1,787 (3)
The Leaders Romans Bidco Limited (United Kingdom) Delayed Draw 1.00 £ 2,111 252
Trump Card, LLC Revolver 0.50 477 (6)
TSB Purchaser, Inc. Revolver 0.50 1,891 (9)
Turbo Buyer, Inc. Revolver 0.50 2,151 22
US INFRA SVCS Buyer, LLC Revolver 0.50 2,275 (29)
US INFRA SVCS Buyer, LLC Delayed Draw 1.00 25,328 (327)
USLS Acquisition, Inc. Revolver 0.50 1,418 (79)
VRC Companies, LLC Revolver 0.50 1,646 (33)
Westfall Technik, Inc. Revolver 0.50 431 (19)
YLG Holdings, Inc. Delayed Draw 1.00 368 (2)
Zemax Software Holdings, LLC Revolver 0.50 642 (10)
Zenith Merger Sub, Inc. Revolver 0.50 2,120 (3)
Total unfunded commitments $ 149,152 $ (1,891)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount		Fair Value
EvolveIP, LLC	Revolver	0.50%	$	887	$	—
FWR Holding Corporation	Revolver	0.50	4,444		—
Greenhouse Software, Inc.	Revolver	0.50	1,471		(18)
Quantic Electronics, LLC	Revolver	0.50	557		(7)
Heartland Home Services, Inc	Delayed Draw	—	14,181		43
Heartland Home Services, Inc	Revolver	0.50	104		—
Hercules Borrower LLC	Revolver	0.50	2,160		43
Higginbotham Insurance Agency, Inc.	Delayed Draw	1.00	202		2
Individual FoodService Holdings, LLC	Delayed Draw	1.00	103		1
Individual FoodService Holdings, LLC	Delayed Draw	1.00	403		2
Individual FoodService Holdings, LLC	Revolver	0.50	706		4
K2 Insurance Services, LLC	Revolver	0.50	1,120		(15)
Kaseya Inc.	Delayed Draw	1.00	1,008		(18)
Kaseya Inc.	Revolver	0.50	1,543		(27)
Lifelong Learner Holdings, LLC	Revolver	0.50	2		—
Lifelong Learner Holdings, LLC	Delayed Draw	1.00	1,690		(113)
Liqui-Box Holdings, Inc.	Revolver	0.50	123		(11)
LVF Holdings, Inc.	Delayed Draw	1.00	4,670		(54)
LVF Holdings, Inc.	Revolver	0.50	2,568		(30)
Mailgun Technologies, Inc.	Revolver	0.50	1,342		—
Material Holdings, LLC	Revolver	1.00	959		(19)
Material Holdings, LLC	Delayed Draw	—	1,916		(38)
Maverick Acquisition, Inc.	Delayed Draw	1.00	12,818		(159)
MMIT Holdings, LLC	Revolver	0.50	980		(20)
National Technical Systems, Inc.	Revolver	0.50	835		6
NMI AcquisitionCo, Inc.	Revolver	0.50	1,280		(19)
Prophix Software Inc. (Canada)	Revolver	0.50	1,993		60
PricewaterhouseCoopers Public Sector LLP	Revolver	0.50	6,250		(16)
Quantic Electronics, LLC	Delayed Draw	1.00	3,164		(39)
Quantic Electronics, LLC	Revolver	0.50	824		(10)
Quantic Electronics, LLC	Revolver	0.50	557		(7)
Redwood Services Group, LLC	Delayed Draw	1.00	3,905		—
RSC Acquisition, Inc.	Revolver	0.50	462		—
Sapphire Convention, Inc.	Revolver	0.50	2,422		(286)
Smile Doctors, LLC	Revolver	0.50	707		—
SolAero Technologies Corp. (Priority Facilities)	Revolver	0.50	1,084		—
SolAero Technologies Corp. (Priority Facilities)	Revolver	0.50	984		—
SPay, Inc.	Revolver	0.50	648		(76)

TCG BDC, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

As of ~~March 31,~~September 30, 2021

(dollar amounts in thousands)

(unaudited)

~~As of March 31, 2021, investments at fair value consisted of the following:~~

Type Amortized Cost Fair Value % of Fair Value
First Lien Debt (excluding First Lien/Last Out Debt) $ 1,226,793 $ 1,164,592 63.2 %
First Lien/Last Out Debt 63,401 62,061 3.4
Second Lien Debt 308,048 299,322 16.3
Equity Investments 32,653 35,030 1.9
Investment Funds 294,097 280,629 15.2
Total $ 1,924,992 $ 1,841,634 100.0 %

~~The rate type of debt investments at fair value as of March 31, 2021 was as follows:~~

Rate Type Amortized Cost Fair Value % of Fair Value of First and Second Lien Debt
Floating Rate $ 1,585,111 $ 1,512,303 99.1 %
Fixed Rate 13,131 13,672 0.9
Total $ 1,598,242 $ 1,525,975 100.0 %


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount		Fair Value
Speedstar Holding, LLC	Delayed Draw	1.00%	$	3,775	$	47
Superior Health Linens, LLC	Revolver	0.50	1,833		—
T2 Systems, Inc.	Revolver	0.50	2,933		—
TCFI Aevex LLC	Delayed Draw	1.00	1,835		(179)
TCFI Aevex LLC	Delayed Draw	1.00	214		(21)
The Leaders Romans Bidco Limited (United Kingdom)	Delayed Draw	1.56	£	1,927	322
Trafigura Trading LLC	Revolver	0.50	13,774		(103)
Trump Card, LLC	Revolver	0.50	199		(2)
Turbo Buyer, Inc.	Revolver	0.50	1,217		(24)
US INFRA SVCS Buyer, LLC	Revolver	0.50	1,488		(31)
US INFRA SVCS Buyer, LLC	Delayed Draw	1.00	22,234		(458)
USLS Acquisition, Inc.	Revolver	0.50	1,418		(41)
Westfall Technik, Inc.	Revolver	0.50	216		(6)
YLG Holdings, Inc.	Delayed Draw	1.00	102		1
Zemax Software Holdings, LLC	Revolver	0.50	642		—
Zenith Merger Sub, Inc.	Revolver	0.50	2,120		—
Total unfunded commitments			$	182,989	$	(1,557)

~~The industry composition of investments at fair value as of March 31, 2021 was as follows:~~

Industry Amortized Cost Fair Value % of Fair Value
Aerospace & Defense $ 115,239 $ 107,554 5.9 %
Automotive 68,877 70,672 3.9
Banking, Finance, Insurance & Real Estate 90,131 96,194 5.2
Beverage, Food & Tobacco 80,179 76,110 4.1
Business Services 132,101 130,782 7.1
Capital Equipment 47,485 49,275 2.7
Chemicals, Plastics & Rubber 27,408 26,389 1.4
Construction & Building 1,559 1,578 0.1
Consumer Services 35,944 35,810 1.9
Containers, Packaging & Glass 61,903 63,481 3.4
Durable Consumer Goods 4,598 5,571 0.3
Energy: Oil & Gas 40,745 41,889 2.3
Environmental Industries 64,336 62,864 3.4
Healthcare & Pharmaceuticals 157,771 128,463 7.0
High Tech Industries 178,525 178,816 9.7
Hotel, Gaming & Leisure 102,603 84,643 4.6
Investment Funds 294,097 280,629 15.2
Media: Advertising, Printing & Publishing 37,111 37,201 2.0

TCG BDC, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

As of ~~March 31,~~September 30, 2021

(dollar amounts in thousands)

(unaudited)

Industry Amortized Cost Fair Value % of Fair Value
Media: Diversified & Production 19,652 19,652 1.1
Non-durable Consumer Goods 1,500 1,557 0.1
Retail 34,393 33,893 1.8
Software 113,442 112,010 6.1
Sovereign & Public Finance 13,690 14,129 0.8
Telecommunications 116,975 97,533 5.3
Transportation: Cargo 29,709 29,818 1.6
Transportation: Consumer 26,877 27,212 1.5
Wholesale 28,142 27,909 1.5
$ 1,924,992 $ 1,841,634 100.0 %
As of September 30, 2021, investments at fair value consisted of the following:


Type	Amortized Cost		Fair Value		% of Fair Value


First Lien Debt	$	1,322,133	$	1,275,553	65.5	%
Second Lien Debt	354,319		352,570		18.1
Equity Investments	48,707		52,665		2.7
Investment Funds	271,096		267,418		13.7
Total	$	1,996,255	$	1,948,206	100.0	%

The rate type of debt investments at fair value as of September 30, 2021 was as follows:


Rate Type	Amortized Cost		Fair Value		% of Fair Value of First and Second Lien Debt
Floating Rate	$	1,652,508	$	1,603,814	98.5	%
Fixed Rate	23,944		24,309		1.5
Total	$	1,676,452	$	1,628,123	100.0	%

The industry composition of investments at fair value as of September 30, 2021 was as follows:


Industry	Amortized Cost		Fair Value		% of Fair Value
Aerospace & Defense	$	178,765	$	176,390	9.1	%
Automotive	61,064		64,390		3.3
Banking, Finance, Insurance & Real Estate	74,180		78,958		4.1
Beverage, Food & Tobacco	104,831		103,879		5.4
Business Services	114,068		114,103		5.9
Capital Equipment	51,298		52,923		2.7
Chemicals, Plastics & Rubber	69,547		68,974		3.5
Construction & Building	6,994		7,246		0.4
Consumer Services	27,492		27,814		1.4
Containers, Packaging & Glass	57,113		57,405		2.9
Durable Consumer Goods	441		441		—
Energy: Oil & Gas	41,560		42,742		2.2
Environmental Industries	68,047		68,151		3.5
Healthcare & Pharmaceuticals	232,742		208,590		10.7
High Tech Industries	163,405		164,565		8.5
Hotel, Gaming & Leisure	98,900		85,700		4.4
Investment Funds	271,096		267,418		13.7
Media: Advertising, Printing & Publishing	18,627		18,349		0.9

Media: Diversified & Production	19,683		19,666		1.0
Metals & Mining	6,074		6,073		0.3

Retail	32,747		32,856		1.7

TCG BDC, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

As of September 30, 2021

(dollar amounts in thousands)

(unaudited)


Industry	Amortized Cost		Fair Value		% of Fair Value
Software	$	112,475	$	112,359	5.8	%
Sovereign & Public Finance	13,645		14,114		0.7
Telecommunications	87,992		71,347		3.7
Transportation: Cargo	27,570		27,660		1.4
Transportation: Consumer	26,808		27,131		1.4
Utilities: Electric	836		846		—
Wholesale	28,255		28,116		1.4
	$	1,996,255	$	1,948,206	100.0	%

The geographical composition of investments at fair value as of ~~March 31,~~September 30, 2021 was as follows:


Geography	Geography	Amortized Cost		Fair Value		% of Fair Value		Geography	Amortized Cost		Fair Value		% of Fair Value
Canada	Canada	$	34,904	$	35,537	1.9	%	Canada	$	46,431	$	47,646	2.4	%

Cyprus	Cyprus	6,185		6,680		0.4		Cyprus	6,343		6,686		0.3

Luxembourg	Luxembourg	32,037		29,620		1.6		Luxembourg	41,694		38,854		2.0
United Kingdom	United Kingdom	91,549		95,665		5.2		United Kingdom	92,436		95,584		4.9
United States	United States	1,760,317		1,674,132		90.9		United States	1,809,351		1,759,436		90.4
Total	Total	$	1,924,992	$	1,841,634	100.0	%	Total	$	1,996,255	$	1,948,206	100.0	%

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

1920

TCG BDC, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2020

(dollar amounts in thousands)


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 (65.2% of fair value)
Advanced Web Technologies Holding Company	^	(2)(3)(13)	Containers, Packaging & Glass	L + 6.00%	7.00%	12/17/2020	12/17/2026	$	6,042	$	5,859	$	5,858	0.65	%
Airnov, Inc.	^*	(2)(3)(13)	Containers, Packaging & Glass	L + 5.25%	6.25%	12/20/2019	12/19/2025	11,216		11,057		11,221		1.24
Alpha Packaging Holdings, Inc.	*	(2)(3)	Containers, Packaging & Glass	L + 6.00%	7.00%	6/26/2015	11/12/2021	2,784		2,784		2,784		0.31
Alpine SG, LLC	*	(2)(3)	High Tech Industries	L + 5.75%	6.75%	2/2/2018	11/16/2022	10,890		10,835		10,808		1.20
Alpine SG, LLC	^	(2)(3)	High Tech Industries	L + 8.50%	9.50%	7/24/2020	11/16/2022	1,618		1,578		1,612		0.18
Alpine SG, LLC	^*	(2)(3)	High Tech Industries	L + 6.50%	7.50%	11/2/2020	11/16/2022	10,750		10,452		10,698		1.19
American Physician Partners, LLC	^*	(2)(3)(13)	Healthcare & Pharmaceuticals	L + 6.75%	7.75%	1/7/2019	12/21/2021	28,848		28,715		27,295		3.03
AMS Group HoldCo, LLC	^	(2)(3)(13)	Transportation: Cargo	L + 6.50%	7.50%	9/29/2017	9/29/2023	22,252		22,004		21,945		2.43
Analogic Corporation	*	(2)(3)(13)	Capital Equipment	L + 5.25%	6.25%	6/22/2018	6/22/2024	2,361		2,332		2,361		0.26
Anchor Hocking, LLC	^	(2)(3)	Durable Consumer Goods	L + 11.75%	12.75%	1/25/2019	1/25/2024	9,758		9,547		9,358		1.04
Applied Technical Services, LLC	^	(2)(3)(13)	Business Services	L + 5.75%	6.75%	12/29/2020	12/29/2026	395		382		382		0.04
Apptio, Inc.	^	(2)(3)(13)	Software	L + 7.25%	8.25%	1/10/2019	1/10/2025	5,184		5,073		5,297		0.59
At Home Holding III, Inc.	^	(2)(3)(7)	Retail	L + 9.00%	10.00%	6/12/2020	7/27/2022	875		858		870		0.10
Aurora Lux FinCo S.Á.R.L. (Luxembourg)	^*	(2)(3)(7)	Software	L + 5.75%	6.75%	12/24/2019	12/24/2026	32,819		32,093		29,970		3.32
Avenu Holdings, LLC	^*	(2)(3)	Sovereign & Public Finance	L + 5.25%	6.25%	9/28/2018	9/28/2024	37,276		36,883		37,276		4.14
Barnes & Noble, Inc.	^	(2)(3)(11)	Retail	L + 5.50%	6.50%	8/7/2019	8/7/2024	16,744		16,426		15,808		1.75
BlueCat Networks, Inc. (Canada)	*	(2)(3)(7)	High Tech Industries	L + 6.25%	7.25%	10/30/2020	10/30/2026	11,468		11,243		11,239		1.25
BMS Holdings III Corp.	*	(2)(3)	Construction & Building	L + 5.25%	6.25%	9/30/2019	9/30/2026	1,596		1,554		1,578		0.18
Captive Resources Midco, LLC	^*	(2)(3)(13)	Banking, Finance, Insurance & Real Estate	L + 5.75%	6.75%	6/30/2015	5/31/2025	10,525		10,370		10,611		1.18
Central Security Group, Inc.	^*	(2)(3)	Consumer Services	L + 6.00%	7.00%	10/16/2020	10/16/2025	9,278		9,278		7,930		0.88
Chartis Holding, LLC	^*	(2)(3)(13)	Business Services	L + 5.50%	6.50%	5/1/2019	5/1/2025	16,266		15,969		16,275		1.81
Chemical Computing Group ULC (Canada)	^*	(2)(3)(7)(13)	Software	L + 5.00%	6.00%	8/30/2018	8/30/2023	471		469		471		0.05
CircusTrix Holdings, LLC	^*	(2)(3)	Hotel, Gaming & Leisure	L + 6.75% (100% PIK)	7.75%	2/2/2018	12/6/2021	10,023		9,987		8,093		0.90
Cobblestone Intermediate Holdco LLC	^	(2)(3)(13)	Consumer Services	L + 4.75%	5.75%	1/29/2020	1/29/2026	720		713		723		0.08
Comar Holding Company, LLC	^*	(2)(3)(13)	Containers, Packaging & Glass	L + 5.50%	6.50%	6/18/2018	6/18/2024	22,037		21,636		22,147		2.46
Cority Software Inc. (Canada)	^*	(2)(3)(7)(13)	Software	L + 5.25%	6.25%	7/2/2019	7/2/2026	10,622		10,401		10,718		1.19
Cority Software Inc. (Canada)	^	(2)(3)(7)	Software	L + 7.25%	8.25%	9/3/2020	7/2/2026	1,898		1,843		1,935		0.21
Derm Growth Partners III, LLC	^	(2)(3)(8)	Healthcare & Pharmaceuticals	L + 6.25% (100% PIK)	7.25%	5/31/2016	5/31/2022	56,320		56,046		28,212		3.13
DermaRite Industries, LLC	^*	(2)(3)(13)	Healthcare & Pharmaceuticals	L + 7.00%	8.00%	3/3/2017	3/3/2022	18,862		18,776		18,656		2.07
Designer Brands Inc.	^	(2)(3)(7)	Retail	L + 8.50%	9.75%	8/7/2020	8/7/2025	17,955		17,534		17,811		1.98

2021

TCG BDC, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

As of December 31, 2020

(dollar amounts in thousands)


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
Diligent Corporation	^	(2)(3)(13)	Telecommunications	L + 6.25%	7.25%	8/4/2020	8/4/2025	$	579	$	561	$	588	0.07	%
DTI Holdco, Inc.	*	(2)(3)	High Tech Industries	L + 4.75%	5.75%	12/18/2018	9/30/2023	1,954		1,876		1,741		0.19
Emergency Communications Network, LLC	^*	(2)(3)	Telecommunications	L + 2.625%, 5.125% PIK	8.75%	6/1/2017	6/1/2023	24,370		24,269		21,349		2.37
Ensono, LP	*	(2)(3)	Telecommunications	L + 5.25%	5.40%	4/30/2018	6/27/2025	2,158		2,142		2,142		0.24
Ensono, LP	^*	(2)(3)	Telecommunications	L + 5.75%	5.90%	6/25/2020	6/27/2025	18,131		18,008		17,995		2.00
Ethos Veterinary Health LLC	^	(2)(3)(13)	Consumer Services	L + 4.75%	4.90%	5/17/2019	5/15/2026	2,612		2,570		2,540		0.28
EvolveIP, LLC	^	(2)(3)(13)	Telecommunications	L + 5.75%	6.75%	11/26/2019	6/7/2023	25,864		25,806		25,828		2.87
Frontline Technologies Holdings, LLC	*	(2)(3)	Software	L + 5.75%	6.75%	9/18/2017	9/18/2023	3,099		3,081		3,037		0.34
FWR Holding Corporation	^*	(2)(3)(13)	Beverage, Food & Tobacco	L + 5.50%, 1.50% PIK	8.00%	8/21/2017	8/21/2023	34,555		34,175		31,216		3.46
Helios Buyer, Inc.	^	(2)(3)(13)	Consumer Services	L + 6.00%	7.00%	12/15/2020	12/15/2026	8,749		8,456		8,454		0.94
Hercules Borrower LLC	^	(2)(3)(13)	Environmental Industries	L + 6.50%	7.50%	12/14/2020	12/14/2026	18,592		18,077		18,073		2.01
Higginbotham Insurance Agency, Inc.	^	(2)(3)(13)	Banking, Finance, Insurance & Real Estate	L + 5.75%	6.50%	11/25/2020	11/25/2026	3,902		3,828		3,827		0.42
iCIMS, Inc.	^	(2)(3)	Software	L + 6.50%	7.50%	9/12/2018	9/12/2024	1,670		1,646		1,666		0.18
Individual FoodService Holdings, LLC	^	(2)(3)(13)	Wholesale	L + 6.25%	7.25%	2/21/2020	11/22/2025	3,883		3,797		3,759		0.42
Individual FoodService Holdings, LLC	^	(2)(3)(13)	Wholesale	L + 6.25%	7.25%	12/31/2020	11/22/2025	2,197		2,134		2,134		0.24
Innovative Business Services, LLC	^*	(2)(3)	High Tech Industries	L + 5.50%	6.50%	4/5/2018	4/5/2023	13,779		13,523		13,484		1.50
Integrity Marketing Acquisition, LLC	^	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.75%	6.75%	1/15/2020	8/27/2025	4,970		4,907		5,011		0.56
K2 Insurance Services, LLC	^*	(2)(3)(13)	Banking, Finance, Insurance & Real Estate	L + 5.00%	6.00%	7/3/2019	7/1/2024	18,651		18,323		18,653		2.07
Kaseya, Inc.	^	(2)(3)(13)	High Tech Industries	L + 4.00%, 3.00% PIK	8.00%	5/3/2019	5/2/2025	14,871		14,610		14,940		1.66
Legacy.com, Inc.	^	(2)(3)(11)	High Tech Industries	L + 6.00%	7.00%	3/20/2017	3/20/2023	17,066		16,886		16,055		1.78
Lifelong Learner Holdings, LLC	^*	(2)(3)(13)	Business Services	L + 5.75%	6.75%	10/18/2019	10/18/2026	23,814		23,355		21,580		2.39
Liqui-Box Holdings, Inc.	^	(2)(3)(13)	Containers, Packaging & Glass	L + 4.50%	5.50%	6/3/2019	6/3/2024	1,368		1,346		1,112		0.12
Mailgun Technologies, Inc.	^	(2)(3)(13)	High Tech Industries	L + 5.00%	6.00%	3/26/2019	3/26/2025	3,256		3,185		3,175		0.35
National Technical Systems, Inc.	^	(2)(3)(13)	Aerospace & Defense	L + 5.50%	6.50%	10/28/2020	6/12/2023	1,175		1,150		1,160		0.13
NES Global Talent Finance US, LLC (United Kingdom)	*	(2)(3)(7)	Energy: Oil & Gas	L + 5.50%	6.50%	5/9/2018	5/11/2023	9,789		9,697		8,859		0.98
NMI AcquisitionCo, Inc.	^*	(2)(3)(13)	High Tech Industries	L + 5.00%	6.00%	9/6/2017	9/6/2022	40,756		40,442		40,336		4.48
Paramit Corporation	*	(2)(3)	Capital Equipment	L + 4.50%	5.50%	5/3/2019	5/3/2025	5,213		5,174		5,109		0.57
Paramit Corporation	^	(2)(3)(13)	Capital Equipment	L + 5.25%	6.25%	11/24/2020	5/3/2025	3,029		2,912		2,909		0.32
Park Place Technologies, LLC	^	(2)(3)	High Tech Industries	L + 5.00%	6.00%	11/19/2020	11/19/2027	20,000		19,211		19,150		2.12

2122

TCG BDC, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

As of December 31, 2020

(dollar amounts in thousands)


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
PF Growth Partners, LLC	^*	(2)(3)(13)	Hotel, Gaming & Leisure	L + 7.00%	8.00%	7/1/2019	7/11/2025	$	7,294	$	7,198	$	6,778	0.75	%
Plano Molding Company, LLC	^	(2)(3)	Hotel, Gaming & Leisure	L + 7.50%, 1.50% PIK	10.00%	5/1/2015	5/12/2022	14,693		14,664		13,001		1.44
Plano Molding Company, LLC	^	(2)(3)	Hotel, Gaming & Leisure	L + 7.50%, 1.50% PIK	10.00%	8/7/2020	5/12/2022	1,081		1,073		1,081		0.12
PPC Flexible Packaging, LLC	^*	(2)(3)(13)	Containers, Packaging & Glass	L + 6.00%	7.00%	11/23/2018	11/23/2024	11,338		11,234		11,300		1.25
PPT Management Holdings, LLC	^	(2)(3)	Healthcare & Pharmaceuticals	L + 6.00%, 2.50% PIK	9.50%	12/15/2016	12/16/2022	27,896		27,817		22,798		2.53
PricewaterhouseCoopers Public Sector LLP	^	(2)(3)(13)	Aerospace & Defense	L + 3.25%	3.49%	5/1/2018	5/1/2023	—		(74)		(32)		—
Product Quest Manufacturing, LLC	^	(2)(3)(8)	Containers, Packaging & Glass	L + 6.75%	10.00%	9/21/2017	3/31/2021	840		840		423		0.05
Propel Insurance Agency, LLC		(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.00%	6.00%	6/1/2018	6/1/2024	2,339		2,327		2,316		0.26
QW Holding Corporation	^*	(2)(3)(13)	Environmental Industries	L + 6.25%	7.25%	8/31/2016	8/31/2022	43,119		42,771		40,990		4.55
Redwood Services Group, LLC	*	(2)(3)	High Tech Industries	L + 6.00%	7.00%	11/13/2018	6/6/2023	5,043		5,017		5,030		0.56
Redwood Services Group, LLC	*	(2)(3)	High Tech Industries	L + 8.50%	9.50%	8/14/2020	6/6/2023	3,474		3,378		3,494		0.39
Redwood Services Group, LLC	^*	(2)(3)(13)	High Tech Industries	L + 7.25%	8.25%	10/19/2020	6/6/2023	12,957		12,628		13,024		1.44
Regency Entertainment, Inc.	^	(2)(3)	Media: Diversified & Production	L + 6.75%	7.75%	5/22/2020	10/22/2025	20,000		19,636		19,600		2.17
Reladyne, Inc.	*	(2)(3)	Wholesale	L + 5.00%	6.00%	8/21/2020	7/22/2022	10,100		10,017		10,146		1.13
Riveron Acquisition Holdings, Inc.	*	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.75%	6.75%	5/22/2019	5/22/2025	11,517		11,341		11,595		1.29
RSC Acquisition, Inc.	^	(2)(3)(13)	Banking, Finance, Insurance & Real Estate	L + 5.50%	6.50%	11/1/2019	11/1/2026	10,711		10,534		10,824		1.20
Sapphire Convention, Inc.	^*	(2)(3)(13)	Telecommunications	L + 6.25%	7.25%	11/20/2018	11/20/2025	28,812		28,342		24,000		2.66
Smile Doctors, LLC	^*	(2)(3)(13)	Healthcare & Pharmaceuticals	L + 6.00%	7.00%	10/6/2017	10/6/2022	16,930		16,872		16,577		1.84
Southern Graphics, Inc.	^	(2)(3)(11)	Media: Advertising, Printing & Publishing	L + 6.50%	7.50%	10/30/2020	10/23/2023	9,959		9,769		9,849		1.09
Sovos Brands Intermediate, Inc.	*	(2)(3)	Beverage, Food & Tobacco	L + 4.75%	4.96%	11/16/2018	11/20/2025	17,498		17,360		17,348		1.92
SPay, Inc.	^*	(2)(3)(13)	Hotel, Gaming & Leisure	L + 5.75%, 2.00% PIK	8.75%	6/15/2018	6/17/2024	21,365		21,099		17,318		1.92
Superior Health Linens, LLC	^*	(2)(3)(13)	Business Services	L + 6.50%	7.50%	9/30/2016	9/30/2021	13,155		13,116		13,079		1.45
T2 Systems, Inc.	^*	(2)(3)(13)	Transportation: Consumer	L + 6.75%	7.75%	9/28/2016	9/28/2022	26,605		26,356		26,605		2.95
Tank Holding Corp.	^	(2)(3)(13)	Capital Equipment	L + 3.50%	3.74%	3/26/2019	3/26/2024	—		—		(1)		—
TCFI Aevex LLC	^*	(2)(3)(13)	Aerospace & Defense	L + 6.00%	7.00%	3/18/2020	3/18/2026	9,693		9,503		9,650		1.07
The Leaders Romans Bidco Limited (United Kingdom) Term Loan B	^	(2)(3)(7)	Banking, Finance, Insurance & Real Estate	L + 6.50%, 3.00% PIK	10.25%	7/23/2019	6/30/2024	£	20,740	25,406		28,078		3.12

2223

TCG BDC, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

As of December 31, 2020

(dollar amounts in thousands)


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
The Leaders Romans Bidco Limited (United Kingdom) Term Loan C	^	(2)(3)(7)(13)	Banking, Finance, Insurance & Real Estate	L + 6.50%, 3.00% PIK	10.25%	7/23/2019	6/30/2024	£	3,816	$	4,748	$	5,727	0.64	%
Trump Card, LLC	^*	(2)(3)(13)	Transportation: Cargo	L + 5.50%	6.50%	6/26/2018	4/21/2022	7,594		7,572		7,444		0.83
TSB Purchaser, Inc.	^*	(2)(3)(13)	Media: Advertising, Printing & Publishing	L + 6.00%	7.00%	5/14/2018	5/14/2024	18,666		18,354		18,501		2.05
Turbo Buyer, Inc.	^*	(2)(3)(13)	Automotive	L + 5.25%	6.25%	12/2/2019	12/2/2025	24,323		23,766		24,567		2.73
Tweddle Group, Inc.	^	(2)(3)	Media: Advertising, Printing & Publishing	L + 4.50%	5.50%	9/17/2018	9/17/2023	1,825		1,808		1,678		0.19
U.S. Acute Care Solutions, LLC	*	(2)(3)	Healthcare & Pharmaceuticals	L + 6.00%	7.00%	2/21/2019	5/15/2021	4,242		4,235		3,956		0.44
Unifrutti Financing PLC (Cyprus)	^	(7)	Beverage, Food & Tobacco	7.50%, 1.00% PIK	8.50%	9/15/2019	9/15/2026	€	4,575	4,832		5,464		0.61
Unifrutti Financing PLC (Cyprus)	^	(7)	Beverage, Food & Tobacco	11.00% PIK	11.00%	10/22/2020	9/15/2026	€	647	724		754		0.08
US INFRA SVCS Buyer, LLC	^	(2)(3)(13)	Environmental Industries	L + 6.00%	7.00%	4/13/2020	4/13/2026	3,248		2,688		3,175		0.35
USLS Acquisition, Inc.	^*	(2)(3)(13)	Business Services	L + 5.75%	6.75%	11/30/2018	11/30/2024	21,447		21,124		19,981		2.22
USLS Acquisition, Inc.	^	(2)(3)(13)	Business Services	L + 5.75%	6.75%	9/3/2020	11/30/2024	—		(22)		—		—
VRC Companies, LLC	^*	(2)(3)(13)	Business Services	L + 6.50%	7.50%	3/31/2017	3/31/2023	33,286		33,048		33,286		3.69
Westfall Technik, Inc.	^*	(2)(3)(13)	Chemicals, Plastics & Rubber	L + 6.25%	7.25%	9/13/2018	9/13/2024	27,720		27,457		25,733		2.85
Wheel Pros, LLC	*	(2)(3)	Automotive	L + 5.25%	6.25%	11/18/2020	11/6/2027	18,750		18,286		18,390		2.04
YLG Holdings, Inc.	^	(2)(3)(13)	Consumer Services	L + 6.25%	7.25%	9/30/2020	11/1/2025	1,401		1,343		1,370		0.15
Zemax Software Holdings, LLC	*	(2)(3)(13)	Software	L + 5.75%	6.75%	6/25/2018	6/25/2024	6,285		6,216		6,119		0.68
Zenith Merger Sub, Inc.	^*	(2)(3)(13)	Business Services	L + 5.25%	6.25%	12/13/2017	12/13/2023	14,164		14,034		14,031		1.56
First Lien Debt Total										$	1,246,281	$	1,190,871	132.16	%
Second Lien Debt (15.6% of fair value)
AI Convoy S.A.R.L (United Kingdom)	^	(2)(3)(7)	Aerospace & Defense	L + 8.25%	9.25%	1/17/2020	1/17/2028	$	24,814	$	24,305	$	25,546	2.83	%
Aimbridge Acquisition Co., Inc.	^	(2)(3)	Hotel, Gaming & Leisure	L + 7.50%	7.65%	2/1/2019	2/1/2027	9,241		9,104		7,993		0.89
AQA Acquisition Holding, Inc.	^	(2)(3)	High Tech Industries	L + 8.00%	9.00%	10/1/2018	5/24/2024	39,000		38,741		39,000		4.33
Brave Parent Holdings, Inc.	^*	(2)(3)	Software	L + 7.50%	7.64%	10/3/2018	4/19/2026	19,062		18,711		19,062		2.11
Drilling Info Holdings, Inc.	^	(2)(3)	Energy: Oil & Gas	L + 8.25%	8.40%	2/11/2020	7/30/2026	18,600		18,145		18,228		2.02
Jazz Acquisition, Inc.	^	(2)(3)	Aerospace & Defense	L + 8.00%	8.15%	6/13/2019	6/18/2027	23,450		23,150		18,146		2.01
Outcomes Group Holdings, Inc.	^*	(2)(3)	Business Services	L + 7.50%	7.75%	10/23/2018	10/26/2026	3,462		3,455		3,462		0.38
PAI Holdco, Inc.	^	(2)(3)	Automotive	L + 6.25%, 2.00% PIK	9.25%	10/28/2020	10/28/2028	13,530		13,132		13,329		1.48
Pharmalogic Holdings Corp.	^	(2)(3)	Healthcare & Pharmaceuticals	L + 8.00%	9.00%	6/7/2018	12/11/2023	800		798		783		0.09
Quartz Holding Company	^	(2)(3)	Software	L + 8.00%	8.15%	4/2/2019	4/2/2027	7,048		6,930		6,994		0.78
Reladyne, Inc.	^	(2)(3)	Wholesale	L + 9.50%	10.50%	4/19/2018	1/21/2023	12,242		12,133		11,956		1.33

2324

TCG BDC, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

As of December 31, 2020

(dollar amounts in thousands)


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
Stonegate Pub Company Bidco Limited (United Kingdom)	^	(2)(3)(7)	Beverage, Food & Tobacco	L + 8.50%	8.54%	3/12/2020	3/12/2028	£	20,000	24,729		21,902		2.43
Tank Holding Corp.		(2)(3)	Capital Equipment	L + 8.25%	8.40%	3/26/2019	3/26/2027	$	35,965	$	35,454	$	35,189	3.90	%
TruGreen Limited Partnership	^	(2)(3)	Consumer Services	L + 8.50%	9.25%	11/16/2020	11/2/2028	13,000		12,743		13,000		1.44
Ultimate Baked Goods MIDCO, LLC	^	(2)(3)	Beverage, Food & Tobacco	L + 8.00%	9.00%	8/9/2018	8/9/2026	2,820		2,776		2,689		0.30
Watchfire Enterprises, Inc.	^	(2)(3)	Media: Advertising, Printing & Publishing	L + 8.00%	9.00%	10/2/2013	10/2/2021	7,000		6,985		6,988		0.78
World 50, Inc.	^	(9)	Business Services	11.50%	11.50%	1/10/2020	1/9/2027	7,635		7,499		7,518		0.83
WP CPP Holdings, LLC	^*	(2)(3)	Aerospace & Defense	L + 7.75%	8.75%	7/18/2019	4/30/2026	39,500		39,172		32,738		3.63
Second Lien Debt Total										$	297,962	$	284,523	31.56	%


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Acquisition Date	Shares/ Units	Cost		Fair Value (5)		% of Net Assets
Equity Investments (1.9% of fair value)
Central Security Group, Inc.	^*	(6)	Consumer Services	10/16/2020	443	$	—	$	—	—	%
ANLG Holdings, LLC	^	(6)	Capital Equipment	6/22/2018	592	592		865		0.10
Avenu Holdings, LLC	^	(6)	Sovereign & Public Finance	9/28/2018	172	172		345		0.04
BK Intermediate Company, LLC	^	(6)	Healthcare & Pharmaceuticals	5/27/2020	288	288		209		0.02
Chartis Holding, LLC	^	(6)	Business Services	5/1/2019	433	433		571		0.06
CIP Revolution Holdings, LLC	^	(6)	Media: Advertising, Printing & Publishing	8/19/2016	318	318		245		0.03
Cority Software Inc. (Canada)	^	(6)	Software	7/2/2019	250	250		295		0.03
DecoPac, Inc.	^	(6)	Non-durable Consumer Goods	9/29/2017	1,500	1,500		1,664		0.18
Derm Growth Partners III, LLC	^	(6)	Healthcare & Pharmaceuticals	5/31/2016	1,000	1,000		—		—
GRO Sub Holdco, LLC	^	(6)	Healthcare & Pharmaceuticals	3/29/2018	500	—		—		—
K2 Insurance Services, LLC	^	(6)	Banking, Finance, Insurance & Real Estate	7/3/2019	433	433		676		0.07
Legacy.com, Inc.	^	(6)	High Tech Industries	3/20/2017	1,500	1,500		613		0.07
Mailgun Technologies, Inc.	^	(6)	High Tech Industries	3/26/2019	424	424		784		0.09
North Haven Goldfinch Topco, LLC	^	(6)	Containers, Packaging & Glass	6/18/2018	2,315	2,315		3,043		0.34
PPC Flexible Packaging, LLC	^	(6)	Containers, Packaging & Glass	2/1/2019	965	965		1,302		0.14
Paramit Corporation	^	(6)	Capital Equipment	6/17/2019	150	500		758		0.08
Rough Country, LLC	^	(6)	Durable Consumer Goods	5/25/2017	755	755		1,634		0.18
SiteLock Group Holdings, LLC	^	(6)	High Tech Industries	4/5/2018	446	446		526		0.06
T2 Systems Parent Corporation	^	(6)	Transportation: Consumer	9/28/2016	556	556		838		0.09
Tailwind HMT Holdings Corp.	^	(6)	Energy: Oil & Gas	11/17/2017	20	1,334		2,001		0.22

2425

TCG BDC, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

As of December 31, 2020

(dollar amounts in thousands)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Acquisition Date	Shares/ Units	Cost		Fair Value (5)		% of Net Assets
Tank Holding Corp.	^	(6)	Capital Equipment	3/26/2019	850	482		944		0.10
Titan DI Preferred Holdings, Inc.	^	(6)	Energy: Oil & Gas	2/11/2020	11,246	10,959		11,021		1.22
Turbo Buyer, Inc.	^	(6)	Automotive	12/2/2019	1,925	$	1,925	$	2,444	0.27	%
Tweddle Holdings, Inc.	^*	(6)	Media: Advertising, Printing & Publishing	9/17/2018	17	—		—		—
Unifrutti Financing PLC (Cyprus)	^	(6)	Beverage, Food & Tobacco	10/22/2020	—	556		575		0.06
Unifrutti Financing PLC (Cyprus)	^	(6)	Beverage, Food & Tobacco	10/22/2020	—	—		—		—
USLS Acquisition, Inc.	^	(6)	Business Services	11/30/2018	641	641		565		0.06
W50 Parent LLC	^	(6)	Business Services	1/10/2020	500	500		575		0.06
Zenith American Holding, Inc.	^	(6)	Business Services	12/13/2017	1,565	782		1,221		0.14
Zillow Topco LP	^	(6)	Software	6/25/2018	313	313		163		0.02
Equity Investments Total						$	29,939	$	33,877	3.73	%
Total investments—non-controlled/non-affiliated						$	1,574,182	$	1,509,271	167.45	%


Investments—non-controlled/affiliated		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 (1.4% of fair value)
Direct Travel, Inc.	^*	(2)(3)(8)(12)	Hotel, Gaming & Leisure	L + 1.00%, 7.50% PIK	9.50%	10/14/2016	10/1/2023	$	36,711	$	36,340	$	24,949	2.77	%
Direct Travel, Inc.	^	(2)(3)(12)(13)	Hotel, Gaming & Leisure	L + 6.00%	7.00%	10/1/2020	10/1/2023	1,231		1,231		1,231		0.14
First Lien Debt Total										$	37,571	$	26,180	2.91	%


Investments—non-controlled/affiliated		Footnotes	Industry	Acquisition Date	Shares/ Units	Cost		Fair Value (5)		% of Net Assets
Equity Investments (0.00% of fair value)
Direct Travel, Inc.	^	(6)(12)	Hotel, Gaming & Leisure	10/1/2020	43	$	—	$	—	—	%
Equity Investments Total						$	—	$	—	—	%
Total investments—non-controlled/affiliated						$	37,571	$	26,180	2.91	%

2526

TCG BDC, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

As of December 31, 2020

(dollar amounts in thousands)


Investments—controlled/affiliated		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 (0.4% of fair value)
SolAero Technologies Corp. (A1 Term Loan)	^	(2)(3)(8)(10)	Telecommunications	L + 8.00% (100% PIK)	9.00%	4/12/2019	10/12/2022	$	3,166	$	3,166	$	1,214	0.13	%
SolAero Technologies Corp. (A2 Term Loan)	^	(2)(3)(8)(10)	Telecommunications	L + 8.00% (100% PIK)	9.00%	4/12/2019	10/12/2022	8,707		8,707		3,338		0.37
SolAero Technologies Corp. (Priority Facilities)	^	(2)(3)(10)(13)	Telecommunications	L + 6.00%	7.00%	4/12/2019	10/12/2022	2,460		2,429		2,460		0.27
First Lien Debt Total										$	14,302	$	7,012	0.77	%


Investments—controlled/affiliated		Footnotes	Industry	Acquisition Date	Shares/ Units	Cost		Fair Value (5)		% of Net Assets
Equity Investments (0.00% of fair value)
SolAero Technologies Corp.	^	(6)(10)	Telecommunications	4/12/2019	3	$	2,815	$	—	—	%
Equity Investments Total						$	2,815	$	—	—	%


Investments—controlled/affiliated		Footnotes	Industry	Reference Rate & Spread(2)	Interest Rate(2)	Acquisition Date	Maturity Date	Par Amount/ LLC Interest		Cost		Fair Value(7)		% of Net Assets

Investment Funds (15.5% of fair value)
Middle Market Credit Fund II, LLC, Member's Interest	^	(10)(7)	Investment Funds	N/A	N/A	11/3/2020	12/31/2030	$	78,122	$	78,096	$	77,395	8.59	%
Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest	^	(10)(7)	Investment Funds	N/A	N/A	2/29/2016	3/1/2021	216,000		216,000		205,891		22.84
Middle Market Credit Fund, Mezzanine Loan	^	(2)(10)(7)(9)	Investment Funds	L + 9.00%	9.24%	6/30/2016	3/22/2021	—		—		—		—
Investment Fund Total										$	294,096	$	283,286	31.43	%
Total investments—controlled/affiliated										$	311,213	$	290,298	32.20	%
Total investments										$	1,922,966	$	1,825,749	202.56	%

** Par amount is denominated in USD ("$") unless otherwise noted, as denominated in Euro (“€”) or British Pound (“£”)

2627

TCG BDC, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

As of December 31, 2020

(dollar amounts in thousands)

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 December 31, 2020, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L”) or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2020. As of December 31, 2020, the reference rates for our variable rate loans were the 30-day LIBOR at 0.15%, the 90-day LIBOR at 0.25% and the 180-day LIBOR at 0.26%.

(3)Loan includes interest rate floor feature, which is generally 1.00%.

(5)Fair value is determined in good faith by or under the direction of the Board of Directors of the Company (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments, equity investments and the investment fund was determined using significant unobservable inputs.

(6)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act, unless otherwise noted. As of December 31, 2020, the aggregate fair value of these securities is $33,877, or 3.73% of the Company’s net assets.

(8)Loan was on non-accrual status as of December 31, 2020.

(9)Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company/investment fund.

(10)Under the Investment Company Act, the Company is deemed to be an “affiliated person” of and “control” this investment fund because the Company owns more than 25% of the investment fund’s outstanding voting securities and/or has the power to exercise control over management or policies of such investment fund. See Notes 5, Middle Market Credit Fund, LLC and 6. Middle Market Credit Fund II, LLC, for more details. Transactions related to investments in controlled affiliates for the year ended December 31, 2020, were as follows:


Investments—controlled/affiliated	Fair Value as of December 31, 2019		Additions/Purchases		Reductions/Sales/ Paydowns		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of December 31, 2020		Dividend and Interest Income
Middle Market Credit Fund, LLC, Mezzanine Loan	$	93,000	$	63,500	$	(156,500)	$	—	$	—	$	—	$	3,049
Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest	111,596		92,500		—		—		1,795		205,891		19,750
Middle Market Credit Fund II, LLC, Member’s Interest	—		78,096		—		—		(701)		77,395		1,446
Total investments—controlled/affiliated	$	204,596	$	234,096	$	(156,500)	$	—	$	1,094	$	283,286	$	24,245


Investments—controlled/affiliated	Investments—controlled/affiliated	Fair Value as of December 31, 2019		Additions/Purchases		Reductions/Sales/ Paydowns		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of December 31, 2020		Dividend and Interest Income		Investments—controlled/affiliated	Fair Value as of December 31, 2019		Additions/Purchases		Reductions/Sales/ Paydowns		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of December 31, 2020		Dividend and Interest Income
SolAero Technologies Corp. (Priority Term Loan)	SolAero Technologies Corp. (Priority Term Loan)	9,612		—		(7,152)		—		—		2,460		52		SolAero Technologies Corp. (Priority Term Loan)	9,612		—		(7,152)		—		—		2,460		52
SolAero Technologies Corp. (A1 Term Loan)	SolAero Technologies Corp. (A1 Term Loan)	3,166		—		—		—		(1,952)		1,214		—		SolAero Technologies Corp. (A1 Term Loan)	3,166		—		—		—		(1,952)		1,214		—
SolAero Technologies Corp. (A2 Term Loan)	SolAero Technologies Corp. (A2 Term Loan)	8,707		—		—		—		(5,369)		3,338		—		SolAero Technologies Corp. (A2 Term Loan)	8,707		—		—		—		(5,369)		3,338		—
Solaero Technology Corp. (Equity)	Solaero Technology Corp. (Equity)	826		—		—		—		(826)		—		—		Solaero Technology Corp. (Equity)	826		—		—		—		(826)		—		—
Total investments—controlled/affiliated	Total investments—controlled/affiliated	$	22.311	$	—	$	(7,152)	$	—	$	(8,147)	$	7,012	$	52	Total investments—controlled/affiliated	$	22,311	$	—	$	(7,152)	$	—	$	(8,147)	$	7,012	$	52

(11)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: Barnes & Noble, Inc. (1.83%), Southern Graphics, Inc. (1.71%), and Legacy.com, Inc (3.92%).~~lenders. 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.

(12)Under the Investment Company Act, the Company is deemed an “affiliated person” of this portfolio company because the Company owns 5% or more of the portfolio company’s outstanding voting securities. Transactions related to the portfolio company during the year ended December 31, 2020 were as follows:

2728

TCG BDC, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

As of December 31, 2020

(dollar amounts in thousands)


Investments—non-controlled/affiliated	Investments—non-controlled/affiliated	Fair Value as of December 31, 2019		Additions/Purchases		Reductions/Sales/ Paydowns		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of December 31, 2020		Dividend and Interest Income		Investments—non-controlled/affiliated	Fair Value as of December 31, 2019		Additions/Purchases		Reductions/Sales/ Paydowns		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of December 31, 2020		Dividend and Interest Income
Direct Travel, Inc.	Direct Travel, Inc.	$	36,757	$	—	$	(176)	$	1	$	(11,633)	$	24,949	$	—	Direct Travel, Inc.	$	36,757	$	—	$	(176)	$	1	$	(11,633)	$	24,949	$	—
Direct Travel, Inc.	Direct Travel, Inc.	—		1,231		—		—		—		1,231		18		Direct Travel, Inc.	—		1,231		—		—		—		1,231		18
Direct Travel, Inc. (Equity)	Direct Travel, Inc. (Equity)	—		—		—		—		—		—		—		Direct Travel, Inc. (Equity)	—		—		—		—		—		—		—
Total investments—non-controlled/affiliated	Total investments—non-controlled/affiliated	$	36.757	$	1,231	$	(176)	$	1	$	(11,633)	$	26,180	$	18	Total investments—non-controlled/affiliated	$	36,757	$	1,231	$	(176)	$	1	$	(11,633)	$	26,180	$	18

(13)As of December 31, 2020, 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
Advanced Web Technologies Holding Company	Delayed Draw	1.00%	$	2,299	$	(46)
Advanced Web Technologies Holding Company	Revolver	0.50	854		(17)
Airnov, Inc.	Revolver	0.50	1,250		1
American Physician Partners, LLC	Revolver	0.50	550		(29)
AMS Group HoldCo, LLC	Revolver	0.50	2,315		(29)
Analogic Corporation	Revolver	0.50	168		—
Applied Technical Services	Delayed Draw	1.00	132		(3)
Applied Technical Services	Revolver	0.50	53		(1)
Apptio, Inc.	Revolver	0.50	2,367		36
Captive Resources Midco, LLC	Revolver	0.50	2,143		15
Chartis Holding, LLC	Delayed Draw	1.00	4,406		2
Chartis Holding, LLC	Revolver	0.50	2,401		1
Chemical Computing Group ULC (Canada)	Revolver	0.50	29		—
Cobblestone Intermediate Holdco LLC	Delayed Draw	1.00	11		—
Comar Holding Company, LLC	Revolver	0.50	2,935		11
Comar Holding Company, LLC	Delayed Draw	1.00	4,655		17
Cority Software Inc.(Canada)	Revolver	0.50	3,000		21
DermaRite Industries, LLC	Revolver	0.50	3,103		(29)
Diligent Corporation	Delayed Draw	1.00	141		2
Diligent Corporation	Revolver	0.50	47		1
Direct Travel, Inc.	Delayed Draw	0.50	3,029		—
Ethos Veterinary Health LLC	Delayed Draw	1.00	2,696		(37)
EvolveIP, LLC	Delayed Draw	1.00	3,333		(4)
EvolveIP, LLC	Revolver	0.50	2,941		(3)
FWR Holding Corporation	Revolver	0.50	4,444		(380)
Helios Buyer, Inc.	Revolver	0.50	1,326		(27)
Helios Buyer, Inc.	Delayed Draw	—	4,672		(93)
Hercules Borrower LLC	Revolver	0.50	2,160		(54)

2829

TCG BDC, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

As of December 31, 2020

(dollar amounts in thousands)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount		Fair Value
Higginbotham Insurance Agency, Inc.	Delayed Draw	1.00	1,098		(16)
Individual FoodService Holdings, LLC	Revolver	0.50	436		(11)
Individual FoodService Holdings, LLC	Delayed Draw	1.00	645		(16)
Individual FoodService Holdings, LLC	Delayed Draw	1.00	165		(4)
Individual FoodService Holdings, LLC	Revolver	0.50	139		(3)
Innovative Business Services, LLC	Revolver	0.50	2,232		(41)
K2 Insurance Services, LLC	Revolver	0.50	2,290		—
K2 Insurance Services, LLC	Delayed Draw	1.00	1,571		—
Kaseya, Inc.	Delayed Draw	1.00	1,852		7
Kaseya, Inc.	Revolver	0.50	787		3
Lifelong Learner Holdings, LLC	Delayed Draw	1.00	1,690		(140)
Lifelong Learner Holdings, LLC	Revolver	0.50	1,377		(114)
Liqui-Box Holdings, Inc.	Revolver	0.50	1,262		(123)
Mailgun Technologies, Inc.	Revolver	0.50	1,342		(23)
National Technical Systems, Inc.	Revolver	0.50	835		(6)
NMI AcquisitionCo, Inc.	Revolver	0.50	1,280		(13)
Paramit Corporation	Delayed Draw	—	2,931		(59)
PF Growth Partners, LLC	Delayed Draw	1.00	823		(52)
PPC Flexible Packaging, LLC	Revolver	0.50	881		(3)
PricewaterhouseCoopers Public Sector LLP	Revolver	0.50	6,250		(32)
QW Holding Corporation	Delayed Draw	1.00	600		(29)
Redwood Services Group, LLC	Delayed Draw	3.63	4,639		18
RSC Acquisition, Inc.	Revolver	0.50	608		6
Sapphire Convention, Inc.	Revolver	0.50	3,655		(542)
Smile Doctors, LLC	Revolver	0.50	707		(14)
SolAero Technologies Corp. (Priority Facilities)	Revolver	0.50	2,068		—
SPay, Inc.	Revolver	0.50	655		(120)
Superior Health Linens, LLC	Revolver	0.50	1,667		(8)
T2 Systems, Inc.	Revolver	0.50	2,933		—
Tank Holding Corp.	Revolver	0.25	47		(1)
TCFI Aevex LLC	Delayed Draw	1.00	1,787		(7)
The Leaders Romans Bidco Limited (United Kingdom)	Delayed Draw	1.63	£	204	26
Trump Card, LLC	Revolver	0.50	635		(12)
TSB Purchaser, Inc.	Revolver	0.50	1,891		(15)
Turbo Buyer, Inc.	Revolver	0.50	2,151		20
US INFRA SVCS Buyer, LLC	Revolver	0.50	2,275		(5)
US INFRA SVCS Buyer, LLC	Delayed Draw	1.00	26,153		(60)
USLS Acquisition, Inc.	Revolver	0.50	1,418		(91)
USLS Acquisition, Inc.	Delayed Draw	0.50	591		—

2930

TCG BDC, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

As of December 31, 2020

(dollar amounts in thousands)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount		Fair Value
VRC Companies, LLC	Revolver	0.50	1,646		—
Westfall Technik, Inc.	Revolver	0.50	431		(30)
YLG Holdings, Inc.	Delayed Draw	1.00	596		(9)
Zemax Software Holdings, LLC	Revolver	0.50	642		(15)
Zenith Merger Sub, Inc.	Revolver	0.50	1,590		(12)
Zenith Merger Sub, Inc.	Delayed Draw	1.00	2,573		(19)
Total unfunded commitments			$	149,508	$	(2,210)

As of December 31, 2020, investments at fair value consisted of the following:


Type	Type	Amortized Cost		Fair Value		% of Fair Value		Type	Amortized Cost		Fair Value		% of Fair Value
First Lien Debt (excluding First Lien/Last Out Debt)		$	1,234,579	$	1,161,881	63.6	%
First Lien/Last Out Debt		63,575		62,182		3.4

First Lien Debt								First Lien Debt	$	1,298,154	$	1,224,063	67.0	%
Second Lien Debt	Second Lien Debt	297,962		284,523		15.6		Second Lien Debt	297,962		284,523		15.6
Equity Investments	Equity Investments	32,754		33,877		1.9		Equity Investments	32,754		33,877		1.9
Investment Funds	Investment Funds	294,096		283,286		15.5		Investment Funds	294,096		283,286		15.5
Total	Total	$	1,922,966	$	1,825,749	100.0	%	Total	$	1,922,966	$	1,825,749	100.0	%

3031

TCG BDC, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

As of December 31, 2020

(dollar amounts in thousands)

The rate type of debt investments at fair value as of December 31, 2020 was as follows:


Rate Type	Amortized Cost		Fair Value		% of Fair Value of First and Second Lien Debt
Floating Rate	$	1,583,061	$	1,494,850	99.1	%
Fixed Rate	13,055		13,736		0.9
Total	$	1,596,116	$	1,508,586	100.0	%

The industry composition of investments at fair value as of December 31, 2019 was as follows:


Industry	Amortized Cost		Fair Value		% of Fair Value
Aerospace & Defense	$	97,206	$	87,208	4.8	%
Automotive	57,109		58,730		3.2
Banking, Finance, Insurance & Real Estate	92,217		97,318		5.3
Beverage, Food & Tobacco	85,152		79,948		4.4
Business Services	134,316		132,526		7.3
Capital Equipment	47,446		48,134		2.6
Chemicals, Plastics & Rubber	27,457		25,733		1.4
Construction & Building	1,554		1,578		0.1
Consumer Services	35,103		34,017		1.9
Containers, Packaging & Glass	58,036		59,190		3.2
Durable Consumer Goods	10,302		10,992		0.6

Energy: Oil & Gas	40,135		40,109		2.2
Environmental Industries	63,536		62,238		3.4
Healthcare & Pharmaceuticals	154,547		118,486		6.5
High Tech Industries	205,975		205,709		11.3
Hotel, Gaming & Leisure	100,696		80,444		4.4
Investment Funds	294,096		283,286		15.5
Media: Advertising, Printing & Publishing	37,234		37,261		2.0

Media: Diversified & Production	19,636		19,600		1.1
Non-durable Consumer Goods	1,500		1,664		0.1
Retail	34,818		34,489		1.9
Software	87,026		85,727		4.7
Sovereign & Public Finance	37,055		37,621		2.1
Telecommunications	116,245		98,914		5.4
Transportation: Cargo	29,576		29,389		1.6
Transportation: Consumer	26,912		27,443		1.5
Wholesale	28,081		27,995		1.5
Total	$	1,922,966	$	1,825,749	100.0	%

3132

TCG BDC, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

As of December 31, 2020

(dollar amounts in thousands)

The geographical composition of investments at fair value as of December 31, 2020 was as follows:


Geography	Amortized Cost		Fair Value		% of Fair Value
Canada	$	24,206	$	24,658	1.4	%
Cyprus	6,112		6,793		0.4

Luxembourg	32,093		29,970		1.6
United Kingdom	88,885		90,112		4.9
United States	1,771,670		1,674,216		91.7
Total	$	1,922,966	$	1,825,749	100.0	%

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

3233

TCG BDC, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

As of ~~March 31,~~September 30, 2021

(dollar amounts in thousands, except per share data)

1. ORGANIZATION

TCG BDC, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “TCG BDC” or the “Company”) is a Maryland corporation formed on February 8, 2012, and structured as an externally managed, non-diversified closed-end investment company. The Company is managed by its investment adviser, Carlyle Global Credit Investment Management L.L.C. (“CGCIM” or “Investment Adviser”), a wholly owned subsidiary of The Carlyle Group Inc. (formerly, The Carlyle Group L.P.). The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). In addition, the Company has elected to be treated, and intends to continue to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”).

The Company’s investment objective is to generate current income and capital appreciation primarily through debt investments. The Company's core investment strategy focuses on lending to U.S. middle market companies, which the Company defines as companies with approximately $25 million to $100 million of earnings before interest, taxes, depreciation and amortization (“EBITDA”), which the Company believes is a useful proxy for cash flow. This core strategy is supplemented with complementary specialty lending and opportunistic investing strategies, which take advantage of the broad capabilities of Carlyle's Global Credit platform while offering risk diversifying portfolio benefits. The Company seeks to achieve its investment objective primarily through direct origination of secured debt instruments, including first lien senior secured loans (which may include stand-alone first lien loans, first lien/last out loans and “unitranche” loans) and second lien senior secured loans (collectively, “Middle Market Senior Loans”), with the balance of its assets invested in higher yielding investments (which may include unsecured debt, mezzanine debt and investments in equities). The Middle Market Senior Loans are generally made to private U.S. middle market companies that are, in many cases, controlled by private equity firms. Depending on market conditions, the Company expects that between 70% and 80% of the value of its assets will be invested in Middle Market Senior Loans. The Company expects that the composition of its portfolio will change over time given the Investment Adviser’s view on, among other things, the economic and credit environment (including with respect to interest rates) in which the Company is operating.

The Company invests primarily in loans to middle market companies whose debt, if rated, is rated below investment grade, and, if not rated, would likely be rated below investment grade if it were rated (that is, below BBB- or Baa3, which is often referred to as “junk”). Exposure to below investment grade instruments involves certain risks, including speculation with respect to the borrower’s capacity to pay interest and repay principal.

On May 2, 2013, the Company completed its initial closing of capital commitments (the “Initial Closing”) and subsequently commenced substantial investment operations. Effective March 15, 2017, the Company changed its name from “Carlyle GMS Finance, Inc.” to “TCG BDC, Inc.” On June 19, 2017, the Company closed its initial public offering (“IPO”), issuing 9,454,200 shares of its common stock (including shares issued pursuant to the exercise of the underwriters’ over-allotment option on July 5, 2017) at a public offering price of $18.50 per share. Net of underwriting costs, the Company received cash proceeds of $169,488. Shares of common stock of TCG BDC began trading on the Nasdaq Global Select Market under the symbol “CGBD” on June 14, 2017.

Until December 31, 2017, the Company was an “emerging growth company,” as that term is used in the Jumpstart Our Business Startups Act of 2012. As of June 30, 2017, the market value of the common stock held by non-affiliates exceeded $700,000. Accordingly, the Company ceased to be an emerging growth company as of December 31, 2017.

The Company is externally managed by the Investment Adviser, an investment adviser registered under the Investment Advisers Act of 1940, as amended. Carlyle Global Credit Administration L.L.C. (the “Administrator”) provides the administrative services necessary for the Company to operate. Both the Investment Adviser and the Administrator are wholly owned subsidiaries of Carlyle Investment Management L.L.C. (“CIM”), a subsidiary of The Carlyle Group Inc. “Carlyle” refers to The Carlyle Group Inc. and its affiliates and its consolidated subsidiaries (other than portfolio companies of its affiliated funds), a global investment firm publicly traded on the Nasdaq Global Select Market under the symbol “CG”. Refer to the sec.gov website for further information on Carlyle.

3334

TCG BDC SPV LLC (the “SPV”) is a Delaware limited liability company that was formed on January 3, 2013. Prior to the termination of its senior secured credit facility, the SPV invested in first and second lien senior secured loans. The SPV is a wholly owned subsidiary of the Company and is consolidated in these consolidated financial statements commencing from the date of its formation, January 3, 2013. Effective March 15, 2017, the SPV changed its name from “Carlyle GMS Finance SPV LLC” to “TCG BDC SPV LLC”.

On June 26, 2015, the Company completed a $400,000 term debt securitization (the “2015-1 Debt Securitization”). The notes offered in the 2015-1 Debt Securitization (the “2015-1 Notes”) were issued by Carlyle Direct Lending CLO 2015-1R LLC (formerly known as Carlyle GMS Finance MM CLO 2015-1 LLC) (the “2015-1 Issuer”), a wholly owned and consolidated subsidiary of the Company. On August 30, 2018, the 2015-1 Issuer refinanced the 2015-1 Debt Securitization (the “2015-1 Debt Securitization Refinancing”) by redeeming in full the 2015-1 Notes and issuing new notes (the “2015-1R Notes”). The 2015-1R Notes are secured by a diversified portfolio of the 2015-1 Issuer consisting primarily of first and second lien senior secured loans. Refer to Note 8, Notes Payable, for details. The 2015-1 Issuer is consolidated in these consolidated financial statements commencing from the date of its formation, May 8, 2015.

On February 29, 2016, the Company and Credit Partners USA LLC (“Credit Partners”) entered into an amended and restated limited liability company agreement, which was subsequently amended on June 24, 2016 and February 22, 2021 (as amended, the “Limited Liability Company Agreement”) to co-manage Middle Market Credit Fund, LLC (“Credit Fund”). Credit Fund primarily invests in first lien loans of middle market companies. Credit Fund is managed by a six-member board of managers, on which the Company and Credit Partners each have equal representation. The Company and Credit Partners each have 50% economic ownership of Credit Fund and have commitments to fund, from time to time, capital of up to $250,000 each. Refer to Note 5, Middle Market Credit Fund, LLC, for details.

On May 5, 2020, the Company issued and sold 2,000,000 shares of cumulative convertible preferred stock, par value $0.01 per share (the "Preferred Stock"), to an affiliate of Carlyle in a private placement at a price of $25 per share. See Note 10, Net Assets, for further information about the Preferred Stock.

On November 3, 2020, the Company and Cliffwater Corporate Lending Fund ("CCLF"), an investment vehicle managed by Cliffwater LLC, entered into a limited liability company agreement to co-manage Middle Market Credit Fund II, LLC ("Credit Fund II"). Credit Fund II invests in senior secured loans of middle market companies. Credit Fund II is managed by a four-member board of managers, on which the Company and CCLF each have equal representation. The Company and CCLF have approximately 84.13% and 15.87% economic ownership of Credit Fund II, respectively. The Company contributed certain senior secured debt investments with an aggregate principal balance of approximately $250 million to Credit Fund II in exchange for its 84.13% economic interest and gross cash proceeds of approximately $170 million. See Note 6, Middle Market Credit Fund II, LLC, to these consolidated financial statements for details.

As a BDC, the Company is required to comply with certain regulatory requirements. As part of these requirements, the Company must not acquire any assets other than “qualifying assets” specified in the Investment Company Act unless, at the time the acquisition is made, at least 70% of its total assets are qualifying assets (with certain limited exceptions).

To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements and timely distribute to its stockholders generally at least 90% of its investment company taxable income, as defined by the Code, for each year. Pursuant to this election, the Company generally does not have to pay corporate level taxes on any income that it distributes to stockholders, provided that the Company satisfies those requirements.

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The Company is an investment company for the purposes of accounting and financial reporting in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, the ~~SPVs~~SPV and the 2015-1 Issuer. All significant intercompany balances and transactions have been eliminated. U.S. GAAP for an investment company requires investments to be recorded at fair value. The carrying value for all other assets and liabilities approximates their fair value.

3435

The interim financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments considered necessary for the fair presentation of consolidated financial statements for the interim periods presented have been included. These adjustments are of a normal, recurring nature. This Form 10-Q should be read in conjunction with the Company’s annual report on Form 10-K for the year ended December 31, 2020. The results of operations for the three and nine month ~~period~~periods ended ~~March 31,~~September 30, 2021 are not necessarily indicative of the operating results to be expected for the full year.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. It also requires management to exercise judgment in the process of applying the Company’s accounting policies. Assumptions and estimates regarding the valuation of investments and their resulting impact on base management and incentive fees involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements. Actual results could differ from these estimates and such differences could be material.

Investments

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method without regard to unrealized appreciation or depreciation previously recognized, and includes investments charged off during the period, net of recoveries. Net change in unrealized appreciation or depreciation on investments as presented in the accompanying Consolidated Statements of Operations reflects the net change in the fair value of investments, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. See Note 3 for further information about fair value measurements.

Cash, ~~and~~ Cash Equivalents and Restricted Cash

Cash, ~~and~~ cash equivalents and restricted cash consist of demand deposits and highly liquid investments (e.g., money market funds, U.S. treasury notes) with original maturities of three months or less. Cash equivalents are carried at amortized cost, which approximates fair value. The Company’s cash, ~~and~~ cash equivalents and restricted cash are held with two large financial institutions and cash held in such financial institutions may, at times, exceed the Federal Deposit Insurance Corporation insured limit. As of September 30, 2021 and December 31, 2020, the Company had restricted cash balances of $21,787 and $16,184, respectively, which represent amounts that are collected by trustees who have been appointed as custodians of the assets securing certain of the Company's financing transactions, and held for payment of interest expense and principal on the outstanding borrowings, or reinvestment into new assets.

Revenue Recognition

Interest from Investments and Realized Gain/Loss on Investments

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. At time of exit, the realized gain or loss on an investment is the difference between the amortized cost at time of exit and the cash received at exit using the specific identification method.

The Company has loans in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in interest income in the Consolidated Statements of Operations. As of ~~March 31,~~September 30, 2021 and December 31, 2020, the fair value of the loans in the portfolio with PIK provisions was ~~$219,536~~$254,295 and $240,861, respectively, which represents approximately ~~11.9%~~13.1% and 13.2% of total investments at fair value, respectively. For the three ~~months~~month and nine month periods ended ~~March 31,~~September 30, 2021, the Company earned $2,441 and $6,884 in PIK income, respectively. For the three month and nine month periods ended September 30, 2020, the Company earned ~~$2,125~~ $1,810

and ~~$643~~$3,655 in PIK income, respectively. PIK income is included in interest income in the accompanying Consolidated Statements of Operations.

Dividend Income

Dividend income from the investment funds, Credit Fund and Credit Fund II, is recorded on the record date for the investment fund to the extent that such amounts are payable by the investment funds and are expected to be collected.

Other Income

Other income may include income such as consent, waiver, amendment, unused, underwriting, arranger and prepayment fees associated with the Company’s investment activities as well as any fees for managerial assistance services rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered. The Company may receive fees for guaranteeing the outstanding debt of a portfolio company. Such fees are amortized into other income over the life of the guarantee. The unamortized amount, if any, is included in other assets in the accompanying Consolidated Statements of Assets and Liabilities. For the three ~~months~~month and nine month periods ended ~~March 31,~~September 30, 2021, the Company earned $759 and $4,636 in other income, respectively. For the three month and nine month periods ended September 30, 2020, the Company earned ~~$1,470~~$2,110 and ~~$2,344~~$8,001 in other income, respectively.

Non-Accrual Income

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid current and, in management’s judgment, are likely to remain current. Management may determine not to place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of ~~March 31,~~September 30, 2021 and December 31, 2020, the fair value of the loans in the portfolio on non-accrual status was ~~$60,376~~$67,465 and $58,136, respectively. The remaining first and second lien debt investments were performing and current on their interest payments as of ~~March 31,~~September 30, 2021 and December 31, 2020.

The Facilities, Senior Notes, and 2015-1R Notes – Related Costs, Expenses and Deferred Financing Costs

The Company entered into a senior secured revolving credit facility (as amended, the "Credit Facility") and the SPV entered into a senior secured credit facility (as amended, the "SPV Credit Facility", and together with the Credit Facility, the "Facilities"), which was terminated on December 11, 2020. Interest expense and unused commitment fees on the Facilities are recorded on an accrual basis. Unused commitment fees are included in credit facility fees in the accompanying Consolidated Statements of Operations.

On December 30, 2019, the Company closed a private offering of $115.0 million in aggregate principal amount of 4.750% Senior Unsecured Notes due December 31, 2024 (the "2019 Notes"). On December 11, 2020, the Company issued $75.0 million in aggregate principal amount of 4.500% Senior Unsecured Notes due December 31, 2024 (the "2020 Notes", and together with the 2019 Notes, the "Senior Notes"). The Facilities, the 2015-1R Notes and the Senior Notes are recorded at carrying value, which approximates fair value.

Deferred financing costs include capitalized expenses related to the closing or amendments of the Facilities. Amortization of deferred financing costs for each credit facility is computed on the straight-line basis over the respective term of each credit facility. The unamortized balance of such costs is included in deferred financing costs in the accompanying Consolidated Statements of Assets and Liabilities. The amortization of such costs is included in credit facility fees in the accompanying Consolidated Statements of Operations.

Debt issuance costs include capitalized expenses including structuring and arrangement fees related to the offering of the 2015-1R Notes and Senior Notes. Amortization of debt issuance costs for the notes is computed on the effective yield method over the term of the notes. The unamortized balance of such costs is presented as a direct deduction to the carrying amount of the notes in the accompanying Consolidated Statements of Assets and Liabilities. The amortization of such costs is included in interest expense in the accompanying Consolidated Statements of Operations.

Income Taxes

For federal income tax purposes, the Company has elected to be treated as a RIC under the Code, and intends to make the required distributions to its stockholders as specified therein. In order to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute.

The minimum distribution requirements applicable to RICs require the Company to distribute to its stockholders at least 90% of its investment company taxable income (“ICTI”), as defined by the Code, each year, although depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI.

In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. For the three month and nine month periods ended September 30, 2021, the Company incurred $163 and $426 in excise tax expense, respectively. For the three month and nine month periods ended September 30, 2020, the Company incurred $387 and $539 in excise tax expense, respectively.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. The ~~SPVs~~SPV and the 2015-1 Issuer are disregarded entities for tax purposes and are consolidated with the tax return of the Company. All penalties and interest associated with income taxes, if any, are included in income tax expense. ~~For the three months ended March 31, 2021 and 2020, the Company incurred $124 and $52 in excise tax expense, respectively.~~

Dividends and Distributions to Common Stockholders

To the extent that the Company has taxable income available, the Company intends to make quarterly distributions to its common stockholders. Dividends and distributions to common stockholders are recorded on the record date. The amount to be distributed is determined by the Board of Directors each quarter and is generally based upon the taxable earnings estimated by management and available cash. Net realized capital gains, if any, are generally distributed at least annually, although the Company may decide to retain such capital gains for investment.

Prior to July 5, 2017, the Company had an “opt in” dividend reinvestment plan. Effective on July 5, 2017, the Company converted the “opt in” dividend reinvestment plan to an “opt out” dividend reinvestment plan that provides for reinvestment of dividends and other distributions on behalf of the stockholders, other than those stockholders who have “opted out” of the plan. As a result of adopting the plan, if the Board of Directors authorizes, and the Company declares, a cash dividend or distribution, the stockholders who have not elected to “opt out” of the dividend reinvestment plan will have their cash dividends or distributions automatically reinvested in additional shares of the Company’s common stock, rather than receiving cash. Each registered stockholder may elect to have such stockholder’s dividends and distributions distributed in cash rather than participate in the plan. For any registered stockholder that does not so elect, distributions on such stockholder’s shares will be reinvested by State Street Bank and Trust Company, the Company’s plan administrator, in additional shares. The number of shares to be issued to the stockholder will be determined based on the total dollar amount of the cash distribution payable, net of applicable withholding taxes. The Company intends to use primarily newly issued shares to implement the plan so long as the market value per share is equal to or greater than the net asset value per share on the relevant valuation date. If the market value per share is less than the net asset value per share on the relevant valuation date, the plan administrator would implement the plan through the purchase of common stock on behalf of participants in the open market, unless the Company instructs the plan administrator otherwise.

Functional Translations

The functional currency of the Company is the U.S. Dollar. Investments are generally made in the local currency of the country in which the investments are domiciled and are translated into U.S. Dollars with foreign currency translation gains or losses recorded within net change in unrealized appreciation (depreciation) on investments in the accompanying Consolidated Statements of Operations. Foreign currency translation gains and losses on non-investment assets and liabilities are separately reflected in the accompanying Consolidated Statements of Operations.

Earnings Per Common Share

The Company computes earnings per common share in accordance with ASC 260, Earnings Per Share ("ASC 260"). Basic earnings per common share is calculated by dividing the net increase (decrease) in net assets resulting from operations attributable to common stock by the weighted average number of shares of common stock outstanding. Diluted earnings per common share reflects the assumed conversion of all dilutive securities.

Recent Accounting Standards Updates

In May 2020, the SEC adopted rule amendments that will impact the requirement of investment companies, including BDCs, to disclose the financial statements of certain of their portfolio companies. Under Rules 3-09 and 4-08(g) of Regulation S-X, investment companies are required to include separate financial statements or summary financial information, respectively, in their periodic reports for any portfolio company that meets the definition of "significant subsidiary." The rule amendments adopted in May 2020 create a new definition of "significant subsidiary", as set forth in Rule 1-02(w)(2) of Regulation S-X under the Securities Act, which are applicable only to investment companies. This new definition modifies the investment test and income test, and eliminates the asset test, and is intended to more accurately capture those portfolio companies that are more likely to materially impact the financial condition of an investment company. The rule amendments are effective on January 1, 2021, but voluntary compliance is permitted in advance of the effective date. The Company adopted the rule amendments for the quarter ended September 30, 2020, which did not have a material impact on the Company's consolidated financial statements.

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company is currently evaluating the impact of the adoption of ASU 2020-04 and 2021-01 on its consolidated financial statements.

3. FAIR VALUE MEASUREMENTS

The Company applies fair value accounting in accordance with the terms of FASB ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 defines fair value as the amount that would be exchanged to sell an asset or transfer a liability in an orderly transfer between market participants at the measurement date. The Company values securities/instruments traded in active markets on the measurement date by multiplying the closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Company may also obtain quotes with respect to certain of its investments, such as its securities/instruments traded in active markets and its liquid securities/instruments that are not traded in active markets, from pricing services, brokers, or counterparties (i.e., “consensus pricing”). When doing so, the Company determines whether the quote obtained is sufficient according to U.S. GAAP to determine the fair value of the security. The Company may use the quote obtained or alternative pricing sources may be utilized including valuation techniques typically utilized for illiquid securities/instruments.

non-traded investment other than Credit Fund is reviewed by a third-party valuation firm at least once on a rolling twelve month basis) including a review of management’s preliminary valuation and conclusion on fair value; (iv) the Audit Committee of the Board of Directors (the “Audit Committee”) reviews the assessments of the Investment Adviser and the third-party valuation firm and provides the Board of Directors with any recommendations with respect to changes to the fair value of each investment in the portfolio; and (v) the Board of Directors discusses the valuation recommendations of the Audit Committee and determines the fair value of each investment in the portfolio in good faith based on the input of the Investment Adviser and, where applicable, the third-party valuation firm.

All factors that might materially impact the value of an investment are considered, including, but not limited to the assessment of the following factors, as relevant:

•the nature and realizable value of any collateral;

•call features, put features and other relevant terms of debt;

•the portfolio company’s leverage and ability to make payments;

•the portfolio company’s public or private credit rating;

•the portfolio company’s actual and expected earnings and discounted cash flow;

•prevailing interest rates and spreads for similar securities and expected volatility in future interest rates;

•the markets in which the portfolio company does business and recent economic and/or market events; and

•comparisons to comparable transactions and publicly traded securities.

Investment performance data utilized are the most recently available financial statements and compliance certificate received from the portfolio companies as of the measurement date which in many cases may reflect a lag in information.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the realized gains or losses on investments to be different from the net change in unrealized appreciation or depreciation currently reflected in the consolidated financial statements as of ~~March 31,~~September 30, 2021 and December 31, 2020.

U.S. GAAP establishes a hierarchical disclosure framework which ranks the level of observability of market price inputs used in measuring investments at fair value. The observability of inputs is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available quoted prices or for which fair value can be measured from quoted prices in active markets generally have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.

Investments measured and reported at fair value are classified and disclosed based on the observability of inputs used in determination of fair values, as follows:

•Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical investments as of the reporting date. Financial instruments in in this category generally include unrestricted securities, including equities and derivatives, listed in active markets. The Company does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

•Level 2—inputs to the valuation methodology are either directly or indirectly observable as of the reporting date and are those other than quoted prices in active markets. Financial instruments in this category generally include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs.

•Level 3—inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments in this category generally include investments in privately-held entities, collateralized loan obligations, and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The Investment Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Investments in Credit Fund and Credit Fund II are valued based on the legal form of investment. For those structured through LLC membership interest, the practical expedient, or net asset value method, is used. For those structured through subordinated notes, a discounted cash flow method is used.

Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur. For the three month and nine month periods ended ~~March 31,~~September 30, 2021 and 2020, there were no transfers between levels.

The following tables summarize the Company’s investments measured at fair value on a recurring basis by the above fair value hierarchy levels as of ~~March 31,~~September 30, 2021 and December 31, 2020:


		March 31, 2021									September 30, 2021
		Level 1		Level 2		Level 3		Total			Level 1		Level 2		Level 3		Total
Assets	Assets									Assets
First Lien Debt	First Lien Debt	$	—	$	—	$	1,226,653	$	1,226,653	First Lien Debt	$	—	$	—	$	1,275,553	$	1,275,553
Second Lien Debt	Second Lien Debt	—		—		299,322		299,322		Second Lien Debt	—		—		352,570		352,570
Equity Investments	Equity Investments	—		—		35,030		35,030		Equity Investments	—		—		52,665		52,665
Investment Funds	Investment Funds									Investment Funds
Mezzanine Loan	Mezzanine Loan	—		—		—		—		Mezzanine Loan	—		—		—		—
Subordinated Loan and Member's Interest	Subordinated Loan and Member's Interest	—		—		202,695		202,695		Subordinated Loan and Member's Interest	—		—		189,275		189,275
Total	Total	$	—	$	—	$	1,763,700	$	1,763,700	Total	$	—	$	—	$	1,870,063	$	1,870,063
Investments measured at net asset value (1)	Investments measured at net asset value (1)							77,934		Investments measured at net asset value (1)							78,143
Total	Total							$	1,841,634	Total							$	1,948,206


	December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets
First Lien Debt	$	—	$	—	$	1,224,063	$	1,224,063
Second Lien Debt	—		—		284,523		284,523
Equity Investments	—		—		33,877		33,877
Investment Funds
Mezzanine Loan	—		—		—		—
Subordinated Loan and Member's Interest	—		—		205,891		205,891
Total	$	—	$	—	$	1,748,354	$	1,748,354
Investments measured at net asset value (1)							77,395
Total							$	1,825,749

(1) Amount represents the Company's investment in Credit Fund II. The Company, as a practical expedient, estimates the fair value of this investment using the net asset value of the Company's member's interest in Credit Fund II. As such, the fair value of the Company's investment in Credit Fund II has not been categorized within the fair value hierarchy.

4041

The changes in the Company’s investments at fair value for which the Company has used Level 3 inputs to determine fair value and net change in unrealized appreciation (depreciation) included in earnings for Level 3 investments still held are as follows:


		Financial Assets								Financial Assets
		For the three month period ended March 31, 2021								For the three month period ended September 30, 2021
		First Lien Debt		Second Lien Debt		Equity Investments		Investment Fund - Subordinated Loan and Member's Interest			Total			First Lien Debt		Second Lien Debt		Equity Investments		Investment Fund - Subordinated Loan and Member's Interest		Total
Balance, beginning of period	Balance, beginning of period	$	1,224,063	$	284,523	$	33,877	$	205,891		$	1,748,354	Balance, beginning of period	$	1,246,018	$	313,130	$	53,379	$	181,343	$	1,793,870
Purchases	Purchases	97,145		51,184		598		—			148,927		Purchases	213,790		57,365		1,490		—		272,645
Sales	Sales	(75,754)		—		(1,392)		—			(77,146)		Sales	(122,671)		(3,038)		(8,942)		—		(134,651)
Paydowns	Paydowns	(31,924)		(41,531)		—		—			(73,455)		Paydowns	(72,567)		(15,130)		(436)		—		(88,133)
Accretion of discount	Accretion of discount	1,581		433		12		—			2,026		Accretion of discount	1,987		502		12		—		2,501
Net realized gains (losses)	Net realized gains (losses)	992		—		681		—			1,673		Net realized gains (losses)	590		(12)		6,987		—		7,565
Net change in unrealized appreciation (depreciation)	Net change in unrealized appreciation (depreciation)	10,550		4,713		1,254		(3,196)			13,321		Net change in unrealized appreciation (depreciation)	8,406		(247)		175		7,932		16,266
Balance, end of period	Balance, end of period	$	1,226,653	$	299,322	$	35,030	$	202,695		$	1,763,700	Balance, end of period	$	1,275,553	$	352,570	$	52,665	$	189,275	$	1,870,063
Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations	Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations	$	10,170	$	4,957	$	1,334	$	(3,196)		$	13,265	Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations	$	8,359	$	(207)	$	2,046	$	7,932	$	18,130



	Financial Assets
	For the nine month period ended September 30, 2021
	First Lien Debt		Second Lien Debt		Equity Investments		Investment Fund - Subordinated Loan and Member's Interest		Total
Balance, beginning of period	$	1,224,063	$	284,523	$	33,877	$	205,891	$	1,748,354
Purchases	492,348		120,678		21,523		—		634,549
Sales	(277,066)		(7,913)		(14,151)		—		(299,130)
Paydowns	(198,882)		(57,526)		(436)		(23,000)		(279,844)
Accretion of discount	5,360		1,146		24		—		6,530
Net realized gains (losses)	2,218		(28)		8,993		—		11,183
Net change in unrealized appreciation (depreciation)	27,512		11,690		2,835		6,384		48,421
Balance, end of period	$	1,275,553	$	352,570	$	52,665	$	189,275	$	1,870,063
Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations	$	24,914	$	11,847	$	4,553	$	6,384	$	47,698

Financial Assets
For the three month period ended March 31, 2020
First Lien Debt Second Lien Debt Equity Investments Investment Fund - Mezzanine Loan Investment Fund - Subordinated Loan and Member's Interest Total
Balance, beginning of period $ 1,663,138 $ 234,532 $ 21,698 $ 93,000 $ 111,596 $ 2,123,964
Purchases 76,323 89,409 10,200 63,500 92,500 331,932
Sales (44,060) — — (156,500) — (200,560)
Paydowns (70,129) (15,232) (1,024) — (86,385)
Accretion of discount 2,206 380 — — — 2,586
Net realized gains (losses) (2,054) — 357 — — (1,697)
Net change in unrealized appreciation (depreciation) (90,659) (34,034) (1,908) — (18,962) (145,563)
Balance, end of period $ 1,534,765 $ 275,055 $ 29,323 $ — $ 185,134 $ 2,024,277
Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations $ (92,299) $ (33,774) $ (1,908) $ — $ (18,962) $ (146,943)


	Financial Assets
	For the three month period ended September 30, 2020
	First Lien Debt		Second Lien Debt		Equity Investments		Investment Fund - Mezzanine Loan		Investment Fund - Subordinated Loan and Member's Interest		Total
Balance, beginning of period	$	1,394,913	$	278,623	$	31,756	$	—	$	202,263	$	1,907,555
Purchases	59,529		—		358		—		—		59,887
Sales	(6,045)		—		—		—		—		(6,045)
Paydowns	(29,034)		(4)		(468)		—		—		(29,506)
Accretion of discount	1,269		176		6		—		—		1,451
Net realized gains (losses)	(677)		—		468		—		—		(209)
Net change in unrealized appreciation (depreciation)	3,236		8,864		867		—		2,073		15,040
Balance, end of period	$	1,423,191	$	287,659	$	32,987	$	—	$	204,336	$	1,948,173
Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations	$	2,161	$	8,864	$	867	$	—	$	2,073	$	13,965



	Financial Assets
	For the nine month period ended September 30, 2020
	First Lien Debt		Second Lien Debt		Equity Investments		Investment Fund - Mezzanine Loan		Investment Fund - Subordinated Loan and Member's Interest		Total
Balance, beginning of period	$	1,663,138	$	234,532	$	21,698	$	93,000	$	111,596	$	2,123,964
Purchases	196,562		89,776		11,076		63,500		92,500		453,414
Sales	(242,324)		(2,760)		—		(156,500)		—		(401,584)
Paydowns	(118,446)		(15,236)		(1,492)		—		—		(135,174)
Accretion of discount	4,774		722		14		—		—		5,510
Net realized gains (losses)	(50,302)		(213)		825		—		—		(49,690)
Net change in unrealized appreciation (depreciation)	(30,211)		(19,162)		866		—		240		(48,267)
Balance, end of period	$	1,423,191	$	287,659	$	32,987	$	—	$	204,336	$	1,948,173
Net change in unrealized appreciation (depreciation) included in earnings related to investments still held as of the reporting date included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations	$	(66,484)	$	(18,905)	$	866	$	—	$	240	$	(84,283)

The Company generally uses the following framework when determining the fair value of investments that are categorized as Level 3:

Investments in debt securities are initially evaluated to determine whether the enterprise value of the portfolio company is greater than the applicable debt. The enterprise value of the portfolio company is estimated using a market approach and an income approach. The market approach utilizes market value (EBITDA) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Company carefully considers numerous

factors when selecting the appropriate companies whose multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. The income approach typically uses a discounted cash flow analysis of the portfolio company.

Investments in debt securities that do not have sufficient coverage through the enterprise value analysis are valued based on an expected probability of default and discount recovery analysis.

Investments in debt securities with sufficient coverage through the enterprise value analysis are generally valued using a discounted cash flow analysis of the underlying security. Projected cash flows in the discounted cash flow typically represent the relevant security’s contractual interest, fees and principal payments plus the assumption of full principal recovery at the security’s expected maturity date. The discount rate to be used is determined using an average of two market-based methodologies. Investments in debt securities may also be valued using consensus pricing.

Investments in equities are generally valued using a market approach and/or an income approach. The market approach utilizes market value (EBITDA) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The income approach typically uses a discounted cash flow analysis of the portfolio company.

Investments in Credit Fund’s mezzanine loan are valued using collateral analysis with the expected recovery rate of principal and interest. Investments in Credit Fund’s subordinated loan and member’s interest are valued using discounted cash flow analysis with the expected discount rate, default rate and recovery rate of principal and interest.

The following tables summarize the quantitative information related to the significant unobservable inputs for Level 3 instruments which are carried at fair value as of ~~March 31,~~September 30, 2021 and December 31, 2020:


		Fair Value as of March 31, 2021		Valuation Techniques	Significant Unobservable Inputs	Range							Fair Value as of September 30, 2021		Valuation Techniques	Significant Unobservable Inputs	Range
						Low		High		Weighted Average							Low		High		Weighted Average
Investments in First Lien Debt	Investments in First Lien Debt	$	1,091,189	Discounted Cash Flow	Discount Rate	3.87	%	17.30	%	9.08	%	Investments in First Lien Debt	$	1,034,819	Discounted Cash Flow	Discount Rate	3.68	%	14.29	%	7.95	%
		75,638		Consensus Pricing	Indicative Quotes	95.81		100.50		98.39			173,692		Consensus Pricing	Indicative Quotes	95.75		100.00		98.16
		59,826		Income Approach	Discount Rate	11.96	%	13.35	%	12.61	%		67,042		Income Approach	Discount Rate	11.27	%	12.63	%	11.92	%
				Market Approach	Comparable Multiple	3.73x		7.65x		6.99x					Market Approach	Comparable Multiple	3.15x		8.32x		7.30x
Total First Lien Debt	Total First Lien Debt	1,226,653										Total First Lien Debt	1,275,553
Investments in Second Lien Debt	Investments in Second Lien Debt	206,992		Discounted Cash Flow	Discount Rate	7.03	%	14.53	%	9.74	%	Investments in Second Lien Debt	252,002		Discounted Cash Flow	Discount Rate	7.18	%	14.44	%	9.30	%
		92,330		Consensus Pricing	Indicative Quotes	86.75		99.25		93.77			100,568		Consensus Pricing	Indicative Quotes	97.25		98.31		97.81

Total Second Lien Debt	Total Second Lien Debt	299,322										Total Second Lien Debt	352,570
Investments in Equity	Investments in Equity	35,030		Income Approach	Discount Rate	7.22	%	11.96	%	8.74	%	Investments in Equity	52,665		Income Approach	Discount Rate	7.22	%	11.27	%	8.67	%
				Market Approach	Comparable Multiple	7.55x		16.43x		10.69x					Market Approach	Comparable Multiple	8.32x		16.43x		11.11x
Total Equity Investments	Total Equity Investments	35,030										Total Equity Investments	52,665
Investments in Investment Fund	Investments in Investment Fund											Investments in Investment Fund

Subordinated Loan and Member's Interest	Subordinated Loan and Member's Interest	202,695		Discounted Cash Flow	Discount Rate	8.50	%	8.50	%	8.50	%	Subordinated Loan and Member's Interest	189,275		Discounted Cash Flow	Discount Rate	8.50	%	8.50	%	8.50	%
				Discounted Cash Flow	Default Rate	3.00	%	3.00	%	3.00	%				Discounted Cash Flow	Default Rate	3.00	%	3.00	%	3.00	%
				Discounted Cash Flow	Recovery Rate	65.00	%	65.00	%	65.00	%				Discounted Cash Flow	Recovery Rate	65.00	%	65.00	%	65.00	%
Total Investments in Investment Fund	Total Investments in Investment Fund	202,695										Total Investments in Investment Fund	189,275
Total Level 3 Investments	Total Level 3 Investments	$	1,763,700									Total Level 3 Investments	$	1,870,063

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	Fair Value as of December 31, 2020		Valuation Techniques	Significant Unobservable Inputs	Range
					Low		High		Weighted Average
Investments in First Lien Debt	$	879,159	Discounted Cash Flow	Discount Rate	3.96	%	16.60	%	8.80	%
	287,191		Consensus Pricing	Indicative Quotes	89.11		100.00		97.70
	57,713		Income Approach	Discount Rate	12.80	%	14.70	%	13.50	%
			Market Approach	Comparable Multiple	3.17x		6.99x		6.43x
Total First Lien Debt	1,224,063
Investments in Second Lien Debt	238,785		Discounted Cash Flow	Discount Rate	7.14	%	15.27	%	9.67	%
	45,738		Consensus Pricing	Indicative Quotes	82.88		100.00		87.75
Total Second Lien Debt	284,523
Investments in Equity	33,877		Income Approach	Discount Rate	7.22	%	12.80	%	8.84	%
			Market Approach	Comparable Multiple	6.99x		16.43x		10.50x
Total Equity Investments	33,877
Investment in Investment Fund
Mezzanine Loan	—		Collateral Analysis	Recovery Rate	100.00	%	100.00	%	100.00	%
Subordinated Loan and Member's Interest	205,891		Discounted Cash Flow	Discount Rate	8.50	%	8.50	%	8.50	%
			Discounted Cash Flow	Default Rate	3.00	%	3.00	%	3.00	%
			Discounted Cash Flow	Recovery Rate	65.00	%	65.00	%	65.00	%
Total Investments in Investment Fund	205,891
Total Level 3 Investments	$	1,748,354

The significant unobservable inputs used in the fair value measurement of the Company’s investments in first and second lien debt securities are discount rates, indicative quotes and comparable EBITDA multiples. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. Significant decreases in indicative quotes or comparable EBITDA multiples in isolation may result in a significantly lower fair value measurement.

The significant unobservable inputs used in the fair value measurement of the Company’s investments in equities are discount rates and comparable EBITDA multiples. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. Significant decreases in comparable EBITDA multiples in isolation would result in a significantly lower fair value measurement.

The significant unobservable input used in the fair value measurement of the Company’s investment in the mezzanine loan of Credit Fund is the recovery rate of principal and interest. A significant decrease in the recovery rate would result in a significantly lower fair value measurement.

The significant unobservable inputs used in the fair value measurement of the Company’s investments in the subordinated loan and member’s interest of Credit Fund are the discount rate, default rate and recovery rate. Significant increases in the discount rate or default rate in isolation would result in a significantly lower fair value measurement. A significant decrease in the recovery rate in isolation would result in a significantly lower fair value measurement.

Financial instruments disclosed but not carried at fair value

The following table presents the carrying value and fair value of the Company’s secured borrowings and senior unsecured notes disclosed but not carried at fair value as of ~~March 31,~~September 30, 2021 and December 31, 2020:


		March 31, 2021				December 31, 2020					September 30, 2021				December 31, 2020
		Carrying Value		Fair Value		Carrying Value		Fair Value			Carrying Value		Fair Value		Carrying Value		Fair Value
Secured borrowings	Secured borrowings	$	309,397	$	309,397	$	347,949	$	347,949	Secured borrowings	$	425,545	$	425,545	$	347,949	$	347,949
2019 Notes	2019 Notes	115,000		116,250		115,000		116,250		2019 Notes	115,000		116,250		115,000		116,250
2020 Notes	2020 Notes	75,000		75,000		75,000		75,000		2020 Notes	75,000		75,000		75,000		75,000
Total	Total	$	499,397	$	500,647	$	537,949	$	539,199	Total	$	615,545	$	616,795	$	537,949	$	539,199

The carrying values of the secured borrowings and ~~senior unsecured notes~~Senior Notes approximate their respective fair values and are categorized as Level 3 within the hierarchy. Secured borrowings are valued generally using discounted cash flow analysis. The

4345

~~The~~ significant unobservable inputs used in the fair value measurement of the Company’s secured borrowings and senior unsecured notes are discount rates. Significant increases in discount rates would result in a significantly lower fair value measurement.

The following table represents the carrying values (before debt issuance costs) and fair values of the Company’s 2015-1R Notes disclosed but not carried at fair value as of ~~March 31,~~September 30, 2021 and December 31, 2020:


		March 31, 2021				December 31, 2020					September 30, 2021				December 31, 2020
		Carrying Value		Fair Value		Carrying Value		Fair Value			Carrying Value		Fair Value		Carrying Value		Fair Value
Aaa/AAA Class A-1-1-R Notes	Aaa/AAA Class A-1-1-R Notes	$	234,800	$	234,283	$	234,800	$	230,996	Aaa/AAA Class A-1-1-R Notes	$	234,800	$	234,917	$	234,800	$	230,996
Aaa/AAA Class A-1-2-R Notes	Aaa/AAA Class A-1-2-R Notes	50,000		50,000		50,000		49,645		Aaa/AAA Class A-1-2-R Notes	50,000		50,000		50,000		49,645
Aaa/AAA Class A-1-3-R Notes	Aaa/AAA Class A-1-3-R Notes	25,000		25,016		25,000		25,017		Aaa/AAA Class A-1-3-R Notes	25,000		25,038		25,000		25,017
AA Class A-2-R Notes	AA Class A-2-R Notes	66,000		66,000		66,000		64,895		AA Class A-2-R Notes	66,000		66,007		66,000		64,895
A Class B Notes	A Class B Notes	46,400		46,400		46,400		45,291		A Class B Notes	46,400		46,405		46,400		45,291
BBB- Class C Notes	BBB- Class C Notes	27,000		26,411		27,000		24,592		BBB- Class C Notes	27,000		26,849		27,000		24,592
Total	Total	$	449,200	$	448,110	$	449,200	$	440,436	Total	$	449,200	$	449,216	$	449,200	$	440,436

The fair value determination of the Company’s notes payable was based on the market quotation(s) received from broker/dealer(s). These fair value measurements were based on significant inputs not observable and thus represent Level 3 measurements as defined in the accounting guidance for fair value measurement.

The carrying value of other financial assets and liabilities approximates their fair value based on the short term nature of these items.

4. RELATED PARTY TRANSACTIONS

Investment Advisory Agreement

On April 3, 2013, the Company’s Board of Directors, including a majority of the directors who are not “interested persons” as defined in Section 2(a)(19) of the Investment Company Act (the “Independent Directors”), approved an investment advisory agreement (the “Original Investment Advisory Agreement”) between the Company and the Investment Adviser in accordance with, and on the basis of an evaluation satisfactory to such directors as required by, Section 15(c) of the Investment Company Act. The Original Investment Advisory Agreement was amended on September 15, 2017 and August 6, 2018 after receipt of requisite Board and stockholders' approvals, as applicable (as amended, the “Investment Advisory Agreement”). Unless terminated earlier, the Investment Advisory Agreement renews automatically for successive annual periods, provided that such continuance is specifically approved at least annually by the vote of the Company's Board of Directors and by the vote of a majority of the Independent Directors. On May 29, 2020, the Company’s Board of Directors, including a majority of the Independent Directors, approved the continuance of the Company’s Investment Advisory Agreement with the Adviser for an additional one year term. On May 29, 2020,26, 2021, the Company’s Board of Directors, including a majority of the Independent Directors, approved the continuance of the Company’s Investment Advisory Agreement with the Adviser for an additional one year term. Pursuant to relief granted by the SEC in light of the COVID-19 pandemic (the ~~“Order”~~"Order") and a determination by the Board of Directors that reliance on the ~~Order~~order was appropriate due to circumstances related to the current or potential ~~effects~~side-effects of COVID-19, the May 2926 meeting was held by video- and telephone-conference. The Investment Advisory Agreement will automatically terminate in the event of an assignment and may be terminated by either party without penalty upon at least 60 days’ written notice to the other party. Subject to the overall supervision of the Board of Directors, the Adviser provides investment advisory services to the Company. For providing these services, the Adviser receives fees from the Company consisting of two components—a base management fee and an incentive fee.

The base management fee has been calculated and payable quarterly in arrears at an annual rate of 1.50% of the average value of the gross assets at the end of the two most recently completed fiscal quarters; provided, however, effective July 1, 2018, the base management fee is calculated at an annual rate of 1.00% of the average value of the gross assets as of the end of the two most recently completed calendar quarters that exceeds the product of (A) 200% and (B) the average value of the Company’s net asset value at the end of the two most recently completed calendar quarters. The base management fee will be appropriately adjusted for any share issuances or repurchases during such fiscal quarter and the base management fees for any partial month or quarter will be pro-rated. The Company’s gross assets exclude any cash and cash equivalents and include assets acquired through the incurrence of debt from the use of leverage. For purposes of this calculation, cash and cash equivalents include any temporary investments in cash-equivalents, U.S. government securities and other high quality investment grade debt investments that mature in 12 months or less from the date of investment.

4446

The incentive fee has two parts. The first part is calculated and payable quarterly in arrears based on the pre-incentive fee net investment income for the immediately preceding calendar quarter. The second part is determined and payable in arrears based on capital gains as of the end of each calendar year.

Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the operating expenses accrued for the quarter (including the base management fee, expenses payable under the administration agreement, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature, accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, has been compared to a “hurdle rate” of 1.50% per quarter (6% annualized) or a “catch-up rate” of 1.82% per quarter (7.28% annualized), as applicable.

Pursuant to the Investment Advisory Agreement, the Company pays its Investment Adviser an incentive fee with respect to its pre-incentive fee net investment income in each calendar quarter as follows:

•no incentive fee based on pre-incentive fee net investment income in any calendar quarter in which its pre-incentive fee net investment income does not exceed the hurdle rate of 1.50%;

•100% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.82% in any calendar quarter (7.28% annualized). The Company refers to this portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.82%) as the “catch-up.” The “catch-up” is meant to provide the Investment Adviser with approximately 17.5% of the Company’s pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.82% in any calendar quarter; and

•17.5% of the amount of pre-incentive fee net investment income, if any, that exceeds 1.82% in any calendar quarter (7.28% annualized) will be payable to the Investment Adviser. This reflects that once the hurdle rate is reached and the catch-up is achieved, 17.5% of all pre-incentive fee net investment income thereafter is allocated to the Investment Adviser.

The second part of the incentive fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 17.5% of realized capital gains, if any, on a cumulative basis from inception through the date of determination, computed net of all realized capital losses on a cumulative basis and unrealized capital depreciation, less the aggregate amount of any previously paid capital gain incentive fees, provided that, the incentive fee determined at the end of the first calendar year of operations may be calculated for a period of shorter than twelve calendar months to take into account any realized capital gains computed net of all realized capital losses on a cumulative basis and unrealized capital depreciation.

Below is a summary of the base management fees and incentive fees incurred during the three month and nine month periods ended ~~March 31,~~September 30, 2021 and 2020.

For the three month periods ended
March 31, 2021 March 31, 2020
Base management fees $ 6,800 $ 7,386
Incentive fees on pre-incentive fee net investment income 4,257 5,086
Realized capital gains incentive fees — —
Accrued capital gains incentive fees — —
Total capital gains incentive fees — —
Total incentive fees 4,257 5,086
Total base management fees and incentive fees $ 11,057 $ 12,472


	For the three month periods ended				For the nine month periods ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Base management fees	$	7,233	$	7,134	$	21,024	$	21,585
Incentive fees on pre-incentive fee net investment income	4,516		4,322		13,193		14,075
Realized capital gains incentive fees	—		—		—		—
Accrued capital gains incentive fees	—		—		—		—
Total capital gains incentive fees	—		—		—		—
Total incentive fees	4,516		4,322		13,193		14,075
Total base management fees and incentive fees	$	11,749	$	11,456	$	34,217	$	35,660

Accrued capital gains incentive fees are based upon the cumulative net realized and unrealized appreciation (depreciation) from inception. Accordingly, the accrual for any capital gains incentive fee under U.S. GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual.

As of ~~March 31,~~September 30, 2021 and December 31, 2020, ~~$11,047~~$11,752 and $11,549, respectively, was included in base management and incentive fees payable in the accompanying Consolidated Statements of Assets and Liabilities.

On April 3, 2013, the Investment Adviser entered into a personnel agreement with The Carlyle Group Employee Co., L.L.C. (“Carlyle Employee Co.”), an affiliate of the Investment Adviser, pursuant to which Carlyle Employee Co. provides the Investment Adviser with access to investment professionals.

Administration Agreement

On April 3, 2013, the Company's Board of Directors approved the Administration Agreement. Pursuant to the Administration Agreement, the Administrator provides services and receives reimbursements equal to an amount that reimburses the Administrator for its costs and expenses and the Company’s allocable portion of overhead incurred by the Administrator in performing its obligations under the Administration Agreement, including the Company’s allocable portion of the compensation paid to or compensatory distributions received by the Company’s officers (including the Chief Compliance Officer and Treasurer) and respective staff who provide services to the Company, operations staff who provide services to the Company, and any internal audit staff, to the extent internal audit performs a role in the Company’s Sarbanes-Oxley Act of 2002, as amended (the “Sarbanes-Oxley Act”), internal control assessment. Reimbursement under the Administration Agreement occurs quarterly in arrears.

Unless terminated earlier, the Administration Agreement will renew automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (i) the vote of the Board of Directors or by a majority vote of the outstanding voting securities of the Company and (ii) the vote of a majority of the Company’s Independent Directors. On May ~~29, 2020,~~26, 2021, the Company's Board of Directors, including a majority of the Independent Directors, approved the continuance of the Administration Agreement for a one-year period. The Administration Agreement may not be assigned by a party without the consent of the other party and may be terminated by either party without penalty upon at least 60 days’ written notice to the other party.

For the three month periods ended ~~March 31,~~September 30, 2021 and 2020, the Company incurred ~~$282~~$400 and ~~$106,~~$167, respectively, in fees under the Administration Agreement. For the nine month periods ended September 30, 2021 and 2020, the Company incurred $1,057 and $539, respectively, in fees under the Administration Agreement. These fees are included in administrative service fees in the accompanying Consolidated Statements of Operations. As of ~~March 31,~~September 30, 2021 and December 31, 2020, ~~$202~~$661 and $85, respectively, was unpaid and included in administrative service fees payable in the accompanying Consolidated Statements of Assets and Liabilities.

Sub-Administration Agreements

On April 3, 2013, the Administrator entered into a sub-administration agreement with Carlyle Employee Co. (the “Carlyle Sub-Administration Agreement”). Pursuant to the Carlyle Sub-Administration Agreement, Carlyle Employee Co. provides the Administrator with access to personnel.

On April 3, 2013, the Administrator entered into a sub-administration agreement with State Street Bank and Trust Company (“State Street” and, such agreement, the “State Street Sub-Administration Agreement” and, together with the Carlyle Sub-Administration Agreement, the “Sub-Administration Agreements”). Unless terminated earlier, the State Street Sub-Administration Agreement will renew automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (i) the vote of the Board of Directors or by the vote of a majority of the outstanding voting securities of the Company and (ii) the vote of a majority of the Company’s Independent Directors. On May ~~29, 2020,~~26, 2021, the Company's Board of Directors, including a majority of the Independent Directors, approved the continuance of the State Street Sub-Administration Agreement for a one-year period. The State Street Sub-Administration Agreement may be terminated upon at least 60 days’ written notice and without penalty by the vote of a majority of the outstanding securities of the Company, or by the vote of the Board of Directors or by either party to the State Street Sub-Administration Agreement.

For the three month periods ended ~~March 31,~~September 30, 2021 and 2020, the Company incurred ~~$170~~$169 and $193, respectively, in fees under the State Street Sub-Administration ~~Agreement, which~~Agreement. For the nine month periods ended September 30, 2021 and 2020, the Company incurred $504 and $578, respectively, in fees under the Administration Agreement. These fees are included in other general and administrative expenses in the accompanying Consolidated Statements of Operations. As of ~~March 31,~~September 30, 2021 and December 31, 2020, ~~$510~~$502 and $334,

respectively, was unpaid and included in other accrued expenses and liabilities in the accompanying Consolidated Statements of Assets and Liabilities.

License Agreement

The Company has entered into a royalty free license agreement with CIM, which wholly owns our Adviser and is a wholly owned subsidiary of Carlyle, pursuant to which CIM has granted the Company a non-exclusive, revocable and non-transferable license to use the name and mark “Carlyle.”

Board of Directors

The Company’s Board of Directors currently consists of ~~six~~seven members, ~~four~~five of whom are Independent Directors. The Board of Directors has established an Audit Committee, a Pricing Committee, a Nominating and Governance Committee and a Compensation Committee, the members of each of which consist entirely of the Company’s Independent Directors. The Board of Directors may establish additional committees in the future. For the three month periods ended ~~March 31,~~September 30, 2021 and 2020, the Company incurred ~~$116~~$154 and ~~$96,~~$86, respectively, in fees and expenses associated with its Independent Directors' services on the Company's Board of Directors and its committees. For the nine month periods ended September 30, 2021 and 2020, the Company incurred $420 and $303, respectively, in fees and expenses associated with its Independent Directors' services on the Company's Board of Directors and its committees. As of ~~March 31,~~September 30, 2021 and December 31, 2020, ~~$117~~$147 and $96, respectively, in fees or expenses associated with its Independent Directors were payable, and included in other accrued expenses and liabilities in the accompanying Consolidated Statements of Assets and Liabilities.

Transactions with Investment Funds

For the three and nine month ~~period~~periods ended ~~March 31,~~September 30, 2021, the Company sold ~~1 investment~~5 and 8 investments, respectively, to Credit Fund for proceeds of ~~$23,591~~$67,519 and $118,204, respectively, and realized gain (loss) of ~~$228.~~$388 and $1,075, respectively. For the three and nine month ~~period~~periods ended ~~March 31,~~September 30, 2020, the Company sold ~~1 investment~~0 and 4 investments, respectively, to Credit Fund for proceeds of ~~$19,119~~$0 and $62,754, respectively, and realized gain (loss) of ~~$264.~~$0 and $(2,289), respectively. See Note 5, Middle Market Credit Fund, LLC, for further information about Credit Fund. For the three and nine month ~~period~~periods ended ~~March 31,~~September 30, 2021, the Company sold ~~1 investment~~5 and 10 investments, respectively, to Credit Fund II for proceeds of ~~$5,119~~$20,923 and $40,687, respectively, and realized ~~gains (losses)~~gain (loss) of ~~$12 to Credit Fund II.~~$155 and $237, respectively. See Note 6, Middle Market Credit Fund II, LLC, for further information about Credit Fund II.

Cumulative Convertible Preferred Stock

On May 5, 2020, the Company issued and sold 2,000,000 shares of the Preferred Stock to an affiliate of Carlyle in a private placement at a price of $25 per share. For the three and nine month ~~period~~periods ended ~~March 31,~~September 30, 2021, the Company declared and paid a dividend on the Preferred Stock of ~~$875.~~$875 and $2,625, respectively. For the three month period ended

September 30, 2020 and for the period from May 5, 2020 through September 30, 2020, the Company declared and paid a dividend on the Preferred Stock of $856 and $1,410, respectively. See Note 10, Net Assets, for further information about the Preferred Stock.

5. MIDDLE MARKET CREDIT FUND, LLC

Overview

On February 29, 2016, the Company and Credit Partners entered into an amended and restated limited liability company agreement, which was subsequently amended and restated on June 24, 2016 and February 22, 2021 (as amended, the "Limited Liability Company Agreement") to co-manage Credit Fund, a Delaware limited liability company that is not consolidated in the Company’s consolidated financial statements. Credit Fund primarily invests in first lien loans of middle market companies. Credit Fund is managed by a six-member board of managers, on which the Company and Credit Partners each have equal representation. Establishing a quorum for Credit Fund’s board of managers requires at least four members to be present at a meeting, including at least two of the Company’s representatives and two of Credit Partners’ representatives. The Company and Credit Partners each have 50% economic ownership of Credit Fund and have commitments to fund, from time to time, capital of up to $250,000 each. Funding of such commitments generally requires the approval of the board of Credit Fund, including the board members appointed by the Company. By virtue of its membership interest, the Company and Credit Partners each indirectly bear an allocable share of all expenses and other obligations of Credit Fund.

April 5, 2016, October 6, 2017, November 26, 2018 and August 16, 2019, respectively. Credit Fund Sub, the 2017-1 Issuer, the 2019-2 Issuer and Credit Fund Warehouse II are wholly owned subsidiaries of Credit Fund and are consolidated in Credit Fund’s consolidated financial statements commencing from the date of their respective formations. In December 2020, the 2017-1 ~~CLO was~~Notes, as defined below, were redeemed in full and notes outstanding were repaid in full. In August 2021, the 2019-2 Notes, as defined below, were redeemed in full and the notes outstanding were repaid in full. Credit Fund Sub ~~the 2019-2 Issuer~~ and Credit Fund Warehouse II primarily invest in first lien loans of middle market companies. Credit Fund and its wholly owned subsidiaries follow the same Internal Risk Rating System as the Company. Refer to "Debt" below for discussions regarding the credit facilities entered into and ~~then~~the notes issued by such wholly-owned subsidiaries.

Credit Fund, the Company and Credit Partners entered into an administration agreement with Carlyle Global Credit Administration L.L.C., the administrative agent of Credit Fund (in such capacity, the “Administrative Agent”), pursuant to which the Administrative Agent is delegated certain administrative and non-discretionary functions, is authorized to enter into sub-administration agreements at the expense of Credit Fund with the approval of the board of managers of Credit Fund, and is reimbursed by Credit Fund for its costs and expenses and Credit Fund’s allocable portion of overhead incurred by the Administrative Agent in performing its obligations thereunder.

~~Selected Financial Data~~

Since inception of Credit Fund and through March 31, 2021 and December 31, 2020, the Company and Credit Partners each made capital contributions of $1 and $1 in members’ equity, respectively, and $216,000 and $216,000 in subordinated loans, respectively, to Credit Fund. Below is certain summarized consolidated financial information for Credit Fund as of March 31, 2021 and December 31, 2020.

As of
March 31, 2021 December 31, 2020
(unaudited)
Selected Consolidated Balance Sheet Information
ASSETS
Investments, at fair value (amortized cost of $993,936 and $1,080,538, respectively) $ 983,277 $ 1,056,381
Cash and cash equivalents 63,384 119,796
Other assets 11,344 7,553
Total assets $ 1,058,005 $ 1,183,730
LIABILITIES AND MEMBERS’ EQUITY
Secured borrowings $ 446,301 $ 514,261
Notes payable, net of unamortized debt issuance costs of $1,511 and $1,559, respectively 184,326 253,933
Other liabilities 15,243 15,543
Subordinated loans and members’ equity (1)
412,135 399,993
Liabilities and members’ equity $ 1,058,005 $ 1,183,730

~~(1)~~ ~~As of March 31, 2021 and December 31, 2020, the fair value of Company's ownership interest in the subordinated loans and members’ equity was $202,695 and $205,891, respectively.~~

For the three month periods ended
March 31, 2021 March 31, 2020
(unaudited)
Selected Consolidated Statement of Operations Information:
Total investment income $ 16,105 $ 21,592
Expenses
Interest and credit facility expenses 5,415 13,927
Other expenses 468 503
Total expenses 5,883 14,430
Net investment income (loss) 10,222 7,162
Net realized gain (loss) on investments (1,578) —
Net change in unrealized appreciation (depreciation) on investments 13,498 (86,293)
Net increase (decrease) resulting from operations $ 22,142 $ (79,131)

~~Below is a summary of Credit Fund’s portfolio, followed by a listing of the loans in Credit Fund’s portfolio as of March 31, 2021 and December 31, 2020:~~

As of
March 31, 2021 December 31, 2020
Senior secured loans (1)
$ 997,657 $ 1,084,491
Weighted average yields of senior secured loans based on amortized cost (2)
6.06 % 6.03 %
Weighted average yields of senior secured loans based on fair value (2)
6.11 % 6.15 %
Number of portfolio companies in Credit Fund 50 54
Average amount per portfolio company (1)
$ 19,953 $ 20,083
Number of loans on non-accrual status — —
Fair value of loans on non-accrual status $ — $ —
Percentage of portfolio at floating interest rates (3)(4)
97.3 % 97.7 %
Percentage of portfolio at fixed interest rates (4)
2.7 % 2.3 %
Fair value of loans with PIK provisions $ 26,602 $ 24,113
Percentage of portfolio with PIK provisions (4)
2.7 % 2.3 %

~~(1)At par/principal amount.~~

~~(2)~~Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of March 31, 2021 and December 31, 2020. Weighted average yield on debt and income producing securities at fair value is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount ("OID") and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at fair value included in such securities. Weighted average yield on debt and income producing securities at amortized cost is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at amortized cost included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

~~(3)Floating rate debt investments are generally subject to interest rate floors.~~

~~(4)Percentages based on fair value.~~

Consolidated Schedule of Investments as of March 31, 2021
Investments (1)
Footnotes Industry
Reference Rate & Spread (2)
Interest Rate (2)
Maturity Date Par/ Principal Amount
Amortized Cost (4)
Fair Value (5)
First Lien Debt (97.3% of fair value)
ACR Group Borrower, LLC ^+ (2)(3)(6) Aerospace & Defense L + 4.50% 5.50% 3/31/2028 $ 34,650 $ 34,020 $ 34,020
Acrisure, LLC \# (2)(3) Banking, Finance, Insurance & Real Estate L + 3.50% 3.70% 2/15/2027 25,570 25,542 25,220
Alpha Packaging Holdings, Inc. +\ (2)(3) Containers, Packaging & Glass L + 6.00% 7.00% 11/12/2021 16,269 16,269 16,269
AmeriLife Holdings LLC # (2)(3) Banking, Finance, Insurance & Real Estate L + 4.00% 4.11% 3/18/2027 9,926 9,905 9,923
Analogic Corporation ^+ (2)(3)(6) Capital Equipment L + 5.25% 6.25% 6/22/2024 18,810 18,790 18,687
Anchor Packaging, Inc. +# (2)(3) Containers, Packaging & Glass L + 4.00% 4.11% 7/18/2026 24,660 24,559 24,660
API Technologies Corp. +\ (2)(3) Aerospace & Defense L + 4.25% 4.36% 5/9/2026 14,738 14,679 14,516
Aptean, Inc. ^+# (2)(3) Software L + 4.25% 4.36% 4/23/2026 12,250 12,199 12,121
Astra Acquisition Corp. +# (2)(3) Software L + 4.75% 5.50% 2/28/2027 28,782 28,405 28,443
Avalign Technologies, Inc. +\ (2)(3) Healthcare & Pharmaceuticals L + 4.50% 4.69% 12/22/2025 14,555 14,449 14,485
Avenu Holdings, LLC + (2)(3) Sovereign & Public Finance L + 5.25% 6.25% 9/28/2024 23,531 23,531 23,531
Big Ass Fans, LLC +\# (2)(3) Capital Equipment L + 3.75% 4.75% 5/21/2024 13,730 13,680 13,730
BK Medical Holding Company, Inc. ^+ (2)(3)(6) Healthcare & Pharmaceuticals L + 5.25% 6.25% 6/22/2024 24,104 23,905 23,650
Chemical Computing Group ULC (Canada) ^+ (2)(3)(6) Software L + 5.00% 6.00% 8/30/2023 14,019 13,402 14,019
Clearent Newco, LLC ^ (2)(3)(6) High Tech Industries L + 5.50% 6.50% 3/20/2025 29,423 29,187 29,423
Clearent Newco, LLC +\ (2)(3) High Tech Industries L + 6.50% 7.50% 3/20/2025 4,069 4,069 4,069
DBI Holding LLC ^ (2) Transportation: Cargo 14.00% PIK 14.00% 3/26/2023 2,538 2,538 2,538
DecoPac, Inc. ^+\ (2)(3)(6) Non-durable Consumer Goods L + 4.25% 5.25% 9/29/2024 12,336 12,259 12,334
Diligent Corporation ^+ (2)(3)(6) Telecommunications L + 6.25% 7.25% 8/4/2025 8,661 8,399 8,738
DTI Holdco, Inc. ^+\ (2)(3) High Tech Industries L + 4.75% 5.75% 9/30/2023 18,641 18,566 17,860
Eliassen Group, LLC +\ (2)(3) Business Services L + 4.25% 4.36% 11/5/2024 7,533 7,509 7,496
EvolveIP, LLC ^+ (2)(3)(6) Telecommunications L + 5.75% 6.75% 6/7/2023 19,750 19,713 19,750
Exactech, Inc. +\# (2)(3) Healthcare & Pharmaceuticals L + 3.75% 4.75% 2/14/2025 21,473 21,367 20,749
Excel Fitness Holdings, Inc. +# (2)(3) Hotel, Gaming & Leisure L + 5.25% 6.25% 10/7/2025 24,688 24,494 23,495
Frontline Technologies Holdings, LLC + (2)(3) Software L + 5.75% 6.75% 9/18/2023 14,849 14,214 14,980
Golden West Packaging Group LLC +\ (2)(3) Containers, Packaging & Glass L + 5.25% 6.25% 6/20/2023 27,305 27,208 27,259
HMT Holding Inc. +\ (2)(3)(6) Energy: Oil & Gas L + 5.00% 6.00% 11/17/2023 32,737 32,404 32,001
Integrity Marketing Acquisition, LLC ^+ (2)(3)(6) Banking, Finance, Insurance & Real Estate L + 6.25% 7.25% 8/27/2025 8,495 8,381 8,615
Jensen Hughes, Inc. +\ (2)(3)(6) Utilities: Electric L + 4.50% 5.50% 3/22/2024 34,863 34,771 34,118
KAMC Holdings, Inc. + (2)(3) Energy: Electricity L + 4.00% 4.19% 8/14/2026 13,790 13,735 13,208
KBP Investments, LLC ^+ (2)(3)(6) Beverage, Food & Tobacco L + 5.00% 6.00% 5/15/2023 9,277 9,058 9,362
Marco Technologies, LLC +\ (2)(3) Media: Advertising, Printing & Publishing L + 4.00% 5.00% 10/30/2023 7,332 7,313 7,332
Mold-Rite Plastics, LLC +\ (2)(3) Chemicals, Plastics & Rubber L + 4.25% 5.25% 12/14/2021 14,483 14,468 14,483
Newport Group Holdings II, Inc. +\# (2)(3) Banking, Finance, Insurance & Real Estate L + 3.50% 3.70% 9/13/2025 23,415 23,235 23,389

Consolidated Schedule of Investments as of March 31, 2021
Investments (1)
Footnotes Industry
Reference Rate & Spread (2)
Interest Rate (2)
Maturity Date Par/ Principal Amount
Amortized Cost (4)
Fair Value (5)
Odyssey Logistics & Technology Corp. +\# (2)(3) Transportation: Cargo L + 4.00% 5.00% 10/12/2024 $ 33,328 $ 33,229 $ 32,652
Output Services Group ^+\ (2)(3) Media: Advertising, Printing & Publishing L + 4.50% 5.50% 3/27/2024 19,371 19,335 15,128
Premise Health Holding Corp. +\# (2)(3) Healthcare & Pharmaceuticals L + 3.50% 3.70% 7/10/2025 13,550 13,505 13,498
Propel Insurance Agency, LLC ^+\ (2)(3)(6) Banking, Finance, Insurance & Real Estate L + 5.00% 6.00% 6/1/2024 37,562 37,123 37,403
Q Holding Company +\# (2)(3) Automotive L + 5.00% 6.00% 12/31/2023 21,680 21,554 20,355
QW Holding Corporation + (2)(3)(6) Environmental Industries L + 5.75% 6.75% 8/31/2022 11,536 11,455 10,706
Radiology Partners, Inc. +\# (2)(3) Healthcare & Pharmaceuticals L + 4.25% 4.79% 7/9/2025 27,686 27,586 27,439
RevSpring Inc. +\# (2)(3) Media: Advertising, Printing & Publishing L + 4.25% 4.36% 10/11/2025 29,374 29,199 29,216
Situs Group Holdings Corporation +\ (2)(3) Banking, Finance, Insurance & Real Estate L + 4.75% 4.94% 6/28/2025 14,744 14,656 14,642
Striper Buyer, LLC + (2)(3) Containers, Packaging & Glass L + 5.50% 6.25% 12/30/2026 14,963 14,815 14,813
T2 Systems, Inc. ^+ (2)(3)(6) Transportation: Consumer L + 6.75% 7.75% 9/28/2022 29,044 28,723 29,044
The Original Cakerie, Ltd. (Canada) +\ (2)(3)(6) Beverage, Food & Tobacco L + 4.50% 5.50% 7/20/2022 6,279 6,265 6,279
The Original Cakerie, Ltd. (Canada) + (2)(3) Beverage, Food & Tobacco L + 5.00% 6.00% 7/20/2022 8,815 8,796 8,815
U.S. TelePacific Holdings Corp. +\ (2)(3) Telecommunications L + 5.50% 6.50% 5/2/2023 6,660 6,625 6,144
VRC Companies, LLC + (2)(3)(6) Business Services L + 6.50% 7.50% 3/31/2023 30,504 29,503 29,877
Water Holdings Acquisition LLC ^+ (2)(3)(6) Utilities: Water L + 5.25% 6.25% 12/18/2026 26,250 25,488 25,627
Welocalize, Inc. + (2)(3)(6) Business Services L + 4.50% 5.50% 12/23/2023 22,574 22,369 22,571
WRE Holding Corp. ^+ (2)(3)(6) Environmental Industries L + 5.50% 6.50% 1/3/2023 8,421 8,394 8,307
First Lien Debt Total $ 964,843 $ 956,989
Second Lien Debt (2.4% of fair value)
DBI Holding, LLC ^ (2) Transportation: Cargo 10.00% PIK 10.00% 2/1/2026 $ 24,064 $ 23,729 $ 24,064
Second Lien Debt Total $ 23,729 $ 24,064
Equity Investments (0.2% of fair value)
DBI Holding, LLC ^ Transportation: Cargo 2,961 $ — $ —
DBI Holding, LLC ^ Transportation: Cargo 13,996 5,364 2,224
Equity Investments Total $ 5,364 $ 2,224
Total Investments $ 993,936 $ 983,277

^ Denotes that all or a portion of the assets are owned by Credit Fund. Credit Fund has entered into a revolving credit facility with the Company (the "Credit Fund Facility"). Accordingly, such assets are not available to creditors of Credit Fund Sub, the 2019-2 Issuer or Credit Fund Warehouse II.

+ Denotes that all or a portion of the assets are owned by Credit Fund Sub. Credit Fund Sub has entered into a revolving credit facility (the “Credit Fund Sub Facility”). The lenders of the Credit Fund Sub Facility have a first lien security interest in substantially all of the assets of Credit Fund Sub. Accordingly, such assets are not available to creditors of Credit Fund, the 2019-2 Issuer or Credit Fund Warehouse II.

\ Denotes that all or a portion of the assets are owned by the 2019-2 Issuer and secure the notes issued in connection with a $399,900 term debt securitization completed by Credit Fund on May 21, 2019 (the “2019-2 Debt Securitization”). Accordingly, such assets are not available to creditors of Credit Fund, Credit Fund Sub, or Credit Fund Warehouse II.

# Denotes that all or a portion of the assets are owned by the Credit Fund Warehouse II. Credit Fund Warehouse II has entered into a revolving credit facility (the "Credit Fund Warehouse II Facility"). The lenders of the Credit Fund Warehouse II Facility have a first lien security interest in substantially all of the assets of the Credit Fund Warehouse II. Accordingly, such assets are not available to creditors of Credit Fund, Credit Fund Sub, or the 2019-2 Issuer.

~~(1)~~Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of March 31, 2021, the geographical composition of investments as a percentage of fair value was 3.0% in Canada and 97.0% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales.

~~(2)~~Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR 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, Credit Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2021. As of March 31,

~~2021, the reference rates for Credit Fund’s variable rate loans were the 30-day LIBOR at 0.11%, the 90-day LIBOR at 0.19% and the 180-day LIBOR at 0.21%.~~

~~(3)Loan includes interest rate floor feature, which is generally 1.00%.~~

~~(4)~~Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method.

~~(5)~~Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund, pursuant to Credit Fund’s valuation policy, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in Note 3, Fair Value Measurements.

~~(6)As of March 31, 2021, Credit Fund and Credit Fund Sub had the following unfunded commitments to fund delayed draw and revolving senior secured loans:~~

First Lien Debt – unfunded delayed draw and revolving term loans commitments Type Unused Fee Par/ Principal Amount Fair Value
ACR Group Borrower, LLC Revolver 0.375% $ 7,350 $ (110)
Analogic Corporation Revolver 0.50 1,975 —
BK Medical Holding Company, Inc. Revolver 0.50 2,609 (176)
Chemical Computing Group ULC (Canada) Revolver 0.50 873 —
Clearent Newco, LLC Delayed Draw 1.00 2,549 (66)
DecoPac, Inc. Revolver 0.50 2,143 (3)
Diligent Corporation Delayed Draw 1.00 2,109 25
Diligent Corporation Revolver 0.50 703 8
EvolveIP, LLC Delayed Draw 1.00 1,904 (2)
EvolveIP, LLC Revolver 0.50 1,680 (2)
HMT Holding Inc. Revolver 0.50 6,173 (291)
Integrity Marketing Acquisition, LLC Delayed Draw 1.00 3,464 46
Jensen Hughes, Inc. Delayed Draw 1.00 1,127 (35)
Jensen Hughes, Inc. Revolver 0.50 1,000 (31)
KBP Investments, LLC Delayed Draw 1.00 503 1
KBP Investments, LLC Delayed Draw 1.00 10,190 30
Propel Insurance Agency, LLC Revolver 0.50 2,381 (24)
Propel Insurance Agency, LLC Delayed Draw 1.00 1,733 (17)
QW Holding Corporation Revolver 0.50 5,498 (268)
QW Holding Corporation Delayed Draw 1.00 162 (8)
T2 Systems, Inc. Revolver 0.50 1,955 —
The Original Cakerie, Ltd. (Canada) Revolver 0.50 1,665 (1)
VRC Companies, LLC Revolver 0.50 858 —
Water Holdings Acquisition LLC Delayed Draw 1.00 8,421 (126)
Water Holdings Acquisition LLC Revolver 0.50 5,263 (79)
Welocalize, Inc. Revolver 0.50 1,800 (3)
WRE Holding Corp. Revolver 0.50 778 (9)
WRE Holding Corp. Delayed Draw 1.00 563 (7)
Total unfunded commitments $ 77,429 $ (1,148)

Consolidated Schedule of Investments as of December 31, 2020
Investments (1)
Footnotes Industry
Reference Rate & Spread (2)
Interest Rate (2)
Maturity Date Par/ Principal Amount
Amortized Cost (4)
Fair Value (5)
First Lien Debt (97.5% of fair value)
Acrisure, LLC \# (2)(3) Banking, Finance, Insurance & Real Estate L + 3.50% 3.65% 2/15/2027 $ 25,634 $ 25,606 $ 25,104
Alku, LLC +# (2)(3) Business Services L + 5.50% 5.75% 7/29/2026 23,666 23,466 23,512
Alpha Packaging Holdings, Inc. +\ (2)(3) Containers, Packaging & Glass L + 6.00% 7.00% 11/12/2021 16,378 16,378 16,378
AmeriLife Holdings LLC # (2)(3) Banking, Finance, Insurance & Real Estate L + 4.00% 4.15% 3/18/2027 9,951 9,929 9,802
Analogic Corporation ^+ (2)(3)(6) Capital Equipment L + 5.25% 6.25% 6/22/2024 18,857 18,837 18,857
Anchor Packaging, Inc. +# (2)(3) Containers, Packaging & Glass L + 4.00% 4.15% 7/18/2026 24,723 24,617 24,656
API Technologies Corp. +\ (2)(3) Aerospace & Defense L + 4.25% 4.49% 5/9/2026 14,775 14,713 13,999
Aptean, Inc. +\ (2)(3) Software L + 4.25% 4.40% 4/23/2026 12,281 12,227 12,077
AQA Acquisition Holding, Inc. +\ (2)(3)(6) High Tech Industries L + 4.25% 5.25% 5/24/2023 18,759 18,752 18,757
Astra Acquisition Corp. +# (2)(3) Software L + 5.50% 6.50% 3/1/2027 28,783 28,392 28,783
Avalign Technologies, Inc. +\ (2)(3) Healthcare & Pharmaceuticals L + 4.50% 4.73% 12/22/2025 14,592 14,481 14,334
Big Ass Fans, LLC +\# (2)(3) Capital Equipment L + 3.75% 4.75% 5/21/2024 13,766 13,714 13,766
BK Medical Holding Company, Inc. ^+ (2)(3)(6) Healthcare & Pharmaceuticals L + 5.25% 6.25% 6/22/2024 24,165 23,951 22,363
Chemical Computing Group ULC (Canada) ^+ (2)(3)(6) Software L + 5.00% 6.00% 8/30/2023 14,055 13,378 14,055
Clarity Telecom LLC. + Media: Broadcasting & Subscription L + 4.25% 4.40% 8/30/2026 14,813 14,773 14,813
Clearent Newco, LLC ^ (2)(3)(6) High Tech Industries L + 6.50% 7.50% 3/20/2025 4,079 4,079 3,907
Clearent Newco, LLC ^+\ (2)(3) High Tech Industries L + 5.50% 6.50% 3/20/2025 29,486 29,236 28,722
DecoPac, Inc. ^+\ (2)(3)(6) Non-durable Consumer Goods L + 4.25% 5.25% 9/29/2024 12,336 12,253 12,318
Diligent Corporation ^+ (2)(3)(6) Telecommunications L + 6.25% 7.25% 8/4/2025 8,683 8,411 8,819
DTI Holdco, Inc. ^+\ (2)(3) High Tech Industries L + 4.75% 5.75% 9/30/2023 18,690 18,642 16,655
Eliassen Group, LLC +\ (2)(3) Business Services L + 4.25% 4.40% 11/5/2024 7,543 7,516 7,483
EvolveIP, LLC ^+ (2)(3)(6) Telecommunications L + 5.75% 6.75% 6/7/2023 19,800 19,759 19,775
Exactech, Inc. +\# (2)(3) Healthcare & Pharmaceuticals L + 3.75% 4.75% 2/14/2025 21,528 21,416 20,422
Excel Fitness Holdings, Inc. +# (2)(3) Hotel, Gaming & Leisure L + 5.25% 6.25% 10/7/2025 24,750 24,546 22,780
Frontline Technologies Holdings, LLC + (2)(3) Software L + 5.75% 6.75% 9/18/2023 14,886 14,198 14,589
Golden West Packaging Group LLC +\ (2)(3) Containers, Packaging & Glass L + 5.25% 6.25% 6/20/2023 29,012 28,896 28,974
HMT Holding Inc. +\ (2)(3)(6) Energy: Oil & Gas L + 5.00% 6.00% 11/17/2023 32,821 32,458 30,984
Integrity Marketing Acquisition, LLC ^+ (2)(3)(6) Banking, Finance, Insurance & Real Estate L + 6.25% 7.25% 8/27/2025 7,836 7,701 7,956
Jensen Hughes, Inc. +\ (2)(3)(6) Utilities: Electric L + 4.50% 5.50% 3/22/2024 34,584 34,489 33,424
KAMC Holdings, Inc. +# (2)(3) Energy: Electricity L + 4.00% 4.23% 8/14/2026 13,825 13,768 12,531
KBP Investments, LLC ^+ (2)(3)(6) Beverage, Food & Tobacco L + 5.00% 6.00% 5/15/2023 9,292 9,059 9,350
Marco Technologies, LLC ^+\ (2)(3)(6) Media: Advertising, Printing & Publishing L + 4.00% 5.00% 10/30/2023 7,332 7,293 7,332
Mold-Rite Plastics, LLC +\ (2)(3) Chemicals, Plastics & Rubber L + 4.25% 5.25% 12/14/2021 $ 14,520 $ 14,501 $ 14,520
Newport Group Holdings II, Inc. +\# (2)(3) Banking, Finance, Insurance & Real Estate L + 3.50% 3.75% 9/13/2025 23,475 23,285 23,405
Odyssey Logistics & Technology Corp. +\# (2)(3) Transportation: Cargo L + 4.00% 5.00% 10/12/2024 38,897 38,773 37,766
Output Services Group ^+\ (2)(3) Media: Advertising, Printing & Publishing L + 4.50% 5.50% 3/27/2024 19,421 19,382 14,178

Consolidated Schedule of Investments as of December 31, 2020
Investments (1)
Footnotes Industry
Reference Rate & Spread (2)
Interest Rate (2)
Maturity Date Par/ Principal Amount
Amortized Cost (4)
Fair Value (5)
Pasternack Enterprises, Inc. +\ (2)(3) Capital Equipment L + 4.00% 5.00% 7/2/2025 $ 22,524 $ 22,513 $ 22,218
Pharmalogic Holdings Corp. +\ (2)(3) Healthcare & Pharmaceuticals L + 4.00% 5.00% 6/11/2023 11,205 11,189 11,158
Premise Health Holding Corp. +\# (2)(3) Healthcare & Pharmaceuticals L + 3.50% 3.75% 7/10/2025 13,584 13,538 13,503
Propel Insurance Agency, LLC ^+\ (2)(3)(6) Banking, Finance, Insurance & Real Estate L + 5.00% 6.00% 6/1/2024 38,134 37,662 37,716
Q Holding Company +\# (2)(3) Automotive L + 5.00% 6.00% 12/31/2023 21,735 21,604 20,229
QW Holding Corporation + (2)(3)(6) Environmental Industries L + 6.25% 7.25% 8/31/2022 11,566 11,465 10,727
Radiology Partners, Inc. +\# (2)(3) Healthcare & Pharmaceuticals L + 4.25% 4.81% 7/9/2025 27,686 27,581 27,193
RevSpring Inc. +\# (2)(3) Media: Advertising, Printing & Publishing L + 4.25% 4.40% 10/11/2025 29,449 29,265 29,199
Situs Group Holdings Corporation +\ (2)(3) Banking, Finance, Insurance & Real Estate L + 4.75% 5.75% 6/28/2025 14,781 14,689 14,636
T2 Systems, Inc. ^+ (2)(3)(6) Transportation: Consumer L + 6.75% 7.75% 9/28/2022 29,119 28,743 29,118
The Original Cakerie, Ltd. (Canada) +\ (2)(3)(6) Beverage, Food & Tobacco L + 4.50% 5.50% 7/20/2022 6,295 6,281 6,289
The Original Cakerie, Ltd. (Canada) + (2)(3) Beverage, Food & Tobacco L + 5.00% 6.00% 7/20/2022 8,837 8,815 8,829
Thoughtworks, Inc. \# (2)(3) Business Services L + 3.75% 4.75% 10/11/2024 11,704 11,683 11,704
U.S. Acute Care Solutions, LLC +\ (2)(3) Healthcare & Pharmaceuticals L + 6.00% 7.00% 5/15/2021 31,211 31,184 29,104
U.S. TelePacific Holdings Corp. +\ (2)(3) Telecommunications L + 5.50% 6.50% 5/2/2023 26,660 26,585 23,984
VRC Companies, LLC + (2)(3)(6) Business Services L + 6.50% 7.50% 3/31/2023 30,582 29,464 30,582
Water Holdings Acquisition LLC ^+ (2)(3)(6) Utilities: Water L + 5.25% 6.25% 12/18/2026 26,316 25,520 25,516
Welocalize, Inc. + (2)(3)(6) Business Services L + 4.50% 5.50% 12/23/2023 22,629 22,414 22,584
WRE Holding Corp. ^+ (2)(3)(6) Environmental Industries L + 5.25% 6.25% 1/3/2023 8,367 8,336 8,252
First Lien Debt Total $ 1,051,406 $ 1,029,687
Second Lien Debt (2.3% of fair value)
DBI Holding, LLC ^ (2) Transportation: Cargo 9.00% PIK 9.00% 2/1/2026 $ 24,113 $ 23,768 $ 24,113
Second Lien Debt Total $ 23,768 $ 24,113
Equity Investments (0.2%of fair value)
DBI Holding, LLC ^ Transportation: Cargo 2,961 $ — $ —
DBI Holding, LLC ^ Transportation: Cargo 13,996 5,364 2,581
Equity Investments Total $ 5,364 $ 2,581
Total Investments $ 1,080,538 $ 1,056,381

^ Denotes that all or a portion of the assets are owned by Credit Fund. Credit Fund has entered into a revolving credit facility (the "Credit Fund Facility"). Accordingly, such assets are not available to creditors of Credit Fund Sub, the 2019-2 Issuer or Credit Fund Warehouse II.

# Denotes that all or a portion of the assets are owned by the Credit Fund Warehouse II. Credit Fund Warehouse II has entered into a revolving credit facility (the "Credit Fund Warehouse II"). The lenders of the Credit Fund Warehouse II Facility have a first lien security interest in substantially all of the assets of the Credit Fund Warehouse II. Accordingly, such assets are not available to creditors of Credit Fund, Credit Fund Sub, or 2019-2 Issuer.

~~(1)~~Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2020, the geographical composition of investments as a percentage of fair value was 2.8% in Canada and 97.2% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales.

~~December 31, 2020, the reference rates for Credit Fund's variable rate loans were the 30-day LIBOR at 0.15%, the 90-day LIBOR at 0.25% and the 180-day LIBOR at 0.26%.~~

~~(3)Loan includes interest rate floor feature, which is generally 1.00%.~~

~~(6)As of December 31, 2020, Credit Fund and Credit Fund Sub had the following unfunded commitments to fund delayed draw and revolving senior secured loans:~~

First Lien Debt—unfunded delayed draw and revolving term loans commitments Type Unused Fee Par/ Principal Amount Fair Value
Analogic Corporation Revolver 0.50 % $ 1,975 $ —
AQA Acquisition Holding, Inc. Revolver 0.50 2,459 —
BK Medical Holding Company, Inc. Revolver 0.50 2,609 (176)
Chemical Computing Group ULC (Canada) Revolver 0.50 873 —
Clearent Newco, LLC Delayed Draw 1.00 2,549 (66)
DecoPac, Inc. Revolver 0.50 2,143 (3)
Diligent Corporation Delayed Draw 1.00 2,109 25
Diligent Corporation Revolver 0.50 703 8
EvolveIP, LLC Delayed Draw 1.00 1,904 (2)
EvolveIP, LLC Revolver 0.50 1,680 (2)
HMT Holding Inc. Revolver 0.50 6,173 (291)
Integrity Marketing Acquistion, LLC Delayed Draw 1.00 4,144 41
Jensen Hughes, Inc. Delayed Draw 1.00 1,127 (35)
Jensen Hughes, Inc. Revolver 0.50 1,364 (43)
KBP Investments, LLC Delayed Draw 1.00 503 1
KBP Investments, LLC Delayed Draw 1.00 10,190 30
Marco Technologies, LLC Delayed Draw 1.00 7,500 —
Propel Insurance Agency, LLC Revolver 0.50 1,905 (19)
Propel Insurance Agency, LLC Delayed Draw 1.00 1,733 (17)
QW Holding Corporation Revolver 0.50 5,498 (268)
QW Holding Corporation Delayed Draw 1.00 161 (8)
T2 Systems, Inc. Revolver 0.50 1,955 —
The Original Cakerie, Ltd. (Canada) Revolver 0.50 1,665 (1)
VRC Companies, LLC Revolver 0.50 858 —
Water Holdings Acquisition LLC Delayed Draw 1.00 8,421 (168)
Water Holdings Acquisition LLC Revolver 0.50 5,263 (105)
Welocalize, Inc. Revolver 0.50 2,250 (4)
WRE Holding Corp. Revolver 0.50 852 (10)
WRE Holding Corp. Delayed Draw 1.00 563 (7)
Total unfunded commitments $ 81,129 $ (1,120)

~~Debt~~

~~Credit Fund Facilities~~

The Credit Fund, Credit Fund Sub and Credit Fund Warehouse II are party to separate credit facilities as described below. As of March 31, 2021 and December 31, 2020, Credit Fund, Credit Fund Sub and Credit Fund Warehouse II were in compliance with all covenants and other requirements of their respective credit facility agreements.

Below is a summary of the borrowings and repayments under the credit facilities for the three month periods ended 2021 and 2020, and the outstanding balances under the credit facilities for the respective periods.

Credit Fund
Facility Credit Fund Sub
Facility Credit Fund Warehouse II Facility
2021 2020 2021 2020 2021 2020
Three Month Periods Ended March 31,
Outstanding balance, beginning of period $ — $ 93,000 $ 420,859 $ 343,506 $ 93,402 $ 97,571
Borrowings — 63,500 63,000 57,000 — 19,794
Repayments — (156,500) (120,738) (33,500) (10,222) (21,950)
Outstanding balance, end of period $ — $ — $ 363,121 $ 367,006 $ 83,180 $ 95,415

~~Credit Fund Facility~~. On June 24, 2016, Credit Fund entered into the Credit Fund Facility with the Company, which was subsequently amended on June 5, 2017, October 2, 2017, November 3, 2017, June 22, 2018, June 29, 2018, February 21, 2019, March 20, 2020 and February 22, 2021, pursuant to which Credit Fund may from time to time request mezzanine loans from the Company. The maximum principal amount of the Credit Fund Facility is $175,000. The maturity date of the Credit Fund Facility is May 21, 2022. Amounts borrowed under the Credit Fund Facility bear interest at a rate of LIBOR plus 9.00%.

~~Credit Fund Sub Facility~~. On June 24, 2016, Credit Fund Sub closed on the Credit Fund Sub Facility with lenders, which was subsequently amended on May 31, 2017, October 27, 2017, August 24, 2018, December 12, 2019, March 11, 2020 and May 3, 2021. The Credit Fund Sub Facility provides for secured borrowings during the applicable revolving period up to an amount equal to $640,000. The facility is secured by a first lien security interest in substantially all of the portfolio investments held by Credit Fund Sub. The maturity date of the Credit Fund Sub Facility is May 22, 2024. Amounts borrowed under the Credit Fund Sub Facility bear interest at a rate of LIBOR plus 2.25%.

~~Credit Fund Warehouse II Facility~~. On August 16, 2019, Credit Fund Warehouse II closed on a revolving credit facility (the "Credit Fund Warehouse II Facility") with lenders. The Credit Fund Warehouse II Facility provides for secured borrowings during the applicable revolving period up to an amount equal to $150,000. The Credit Fund Warehouse II Facility is secured by a first lien security interest in substantially all of the portfolio investments held by the Credit Fund Warehouse II Facility. The maturity date of the Credit Fund Warehouse II Facility is August 16, 2022. Amounts borrowed under the Credit Fund Warehouse II Facility bear interest at a rate of LIBOR plus 1.05% for the first 12 months, LIBOR plus 1.15% for the next 12 months, and LIBOR plus 1.50% in the final 12 months.

~~2017-1 Notes~~

On December 19, 2017, Credit Fund completed the 2017-1 Debt Securitization. The notes offered in the 2017-1 Debt Securitization (the “2017-1 Notes”) were issued by the 2017-1 Issuer, a wholly owned and consolidated subsidiary of Credit Fund, and are secured by a diversified portfolio of the 2017-1 Issuer consisting primarily of first and second lien senior secured loans. The 2017-1 Debt Securitization was executed through a private placement of the 2017-1 Notes, consisting of:

•~~$231,700 of Aaa/AAA Class A-1 Notes, which bear interest at the three-month LIBOR plus 1.17%;~~

•~~$48,300 of Aa2/AA Class A-2 Notes, which bear interest at the three-month LIBOR plus 1.50%;~~

•~~$15,000 of A2/A Class B-1 Notes, which bear interest at the three-month LIBOR plus 2.25%;~~

•~~$9,000 of A2/A Class B-2 Notes which bear interest at 4.30%;~~

•~~$22,900 of Baa2/BBB Class C Notes which bear interest at the three-month LIBOR plus 3.20%; and~~

•~~$25,100 of Ba2/BB Class D Notes which bear interest at the three-month LIBOR plus 6.38%.~~

The 2017-1 Notes are scheduled to mature on January 15, 2028. Credit Fund received 100% of the preferred interests issued by the 2017-1 Issuer (the “2017-1 Issuer Preferred Interests”) on the closing date of the 2017-1 Debt Securitization in exchange for Credit Fund’s contribution to the 2017-1 Issuer of the initial closing date loan portfolio. The 2017-1 Issuer Preferred Interests do not bear interest and had a nominal value of $47,900 at closing.

~~The 2017-1 Notes were fully redeemed during the year ended December 31, 2020. As of the redemption date, the 2017-1 Issuer was in compliance with all covenants and other requirements of the indenture.~~

~~2019-2 Notes~~

On May 21, 2019, Credit Fund completed the 2019-2 Debt Securitization. The notes offered in the 2019-2 Debt Securitization (the “2019-2 Notes”) were issued by the 2019-2 Issuer, a wholly owned and consolidated subsidiary of Credit Fund, and are secured by a diversified portfolio of the 2019-2 Issuer consisting primarily of first and second lien senior secured loans. The 2019-2 Debt Securitization was executed through a private placement of the 2019-2 Notes, consisting of:

•~~$233,000 of Aaa/AAA Class A-1 Notes, which bear interest at the three-month LIBOR plus 1.50%;~~

•~~$48,000 of Aa2/AA Class A-2 Notes, which bear interest at the three-month LIBOR plus 2.40%;~~

•~~$23,000 of A2/A Class B Notes, which bear interest at the three-month LIBOR plus 3.45%;~~

•~~$27,000 of Baa2/BBB- Class C Notes which bear interest at the three-month LIBOR plus 4.55%; and~~

•~~$21,000 of Ba2/BB- Class D Notes which bear interest at the three-month LIBOR plus 8.03%.~~

The 2019-2 Notes are scheduled to mature on April 15, 2029. Credit Fund received 100% of the preferred interests issued by the 2019-2 Issuer (the “2019-2 Issuer Preferred Interests”) on the closing date of the 2019-2 Debt Securitization in exchange for Credit Fund’s contribution to the 2019-2 Issuer of the initial closing date loan portfolio. The 2019-2 Issuer Preferred Interests do not bear interest and had a nominal value of $48,300 at closing.

~~As of March 31, 2021 and December 31, 2020, the 2019-2 Issuer was in compliance with all covenants and other requirements of the indenture.~~

~~6. MIDDLE MARKET CREDIT FUND II, LLC~~

~~Overview~~

On November 3, 2020, the Company and CCLF entered into a limited liability company agreement to co-manage Credit Fund II, a Delaware limited liability company that is not consolidated in the Company's consolidated financial statements. Credit Fund II primarily invests in senior secured loans of middle market companies. Credit Fund II is managed by a four-member board, on which the Company and CCLF have equal representation. Establishing a quorum for Credit Fund II's board requires at least one of the Company's representatives and one of CCLF's representatives. The Company and CCLF have 84.13% and 15.87% economic ownership of Credit Fund II, respectively. By virtue of its membership interest, each of the Company and CCLF indirectly bears an allocable share of all expenses and other obligations of Credit Fund II.

Credit Fund II's initial portfolio consisted of 45 senior secured loans of middle market companies with an aggregate principal balance of approximately $250 million. Credit Fund II's initial portfolio was funded on November 3, 2020 with existing senior secured debt investments contributed by the Company and as part of the transaction, the Company determined that the contribution met the requirements under ASC 860, ~~Transfers and Servicing~~.

Credit Fund II is expected to make only limited new investments in senior secured loans of middle market companies. Portfolio and investment decisions with respect to Credit Fund II must be unanimously approved by a quorum of Credit Fund II’s board members consisting of at least one of the Company's representatives and one of CCLF's representatives. Therefore, although the Company owns more than 25% of the voting securities of Credit Fund II, the Company does not believe that it has control over Credit Fund (other than for purposes of the Investment Company Act).

Middle Market Credit Fund II SPV, LLC (“Credit Fund II Sub”), a Delaware limited liability company, was formed on September 4, 2020. Credit Fund II Sub is a wholly owned subsidiary of Credit Fund II and is consolidated in Credit Fund II’s consolidated financial statements commencing from the date of its formation. Credit Fund II Sub primarily holds investments in first lien loans of middle market companies, which are pledged as security for the Credit Fund II Senior Notes (see below).

Credit Fund II, the Company and CCLF entered into an administration agreement with Carlyle Global Credit Administration L.L.C., the administrative agent of Credit Fund II (in such capacity, the “Credit Fund II Administrative Agent”), pursuant to which the Credit Fund II Administrative Agent is delegated certain administrative and non-discretionary functions, is authorized to enter into sub-administration agreements at the expense of Credit Fund II with the approval of the board of managers of Credit Fund II, and is reimbursed by Credit Fund II for its costs and expenses and Credit Fund II’s allocable portion of overhead incurred by the Credit Fund II Administrative Agent in performing its obligations thereunder.

~~Credit Fund II Senior Notes~~

On November 3, 2020, Credit Fund II Sub closed on the Credit Fund II Senior Notes (the “Credit Fund II Senior Notes”) with lenders. The Credit Fund II Senior Notes provides for secured borrowings totaling $157,500 with two tranches, A-1 and A-2 outstanding. The facility is secured by a first lien security interest in substantially all of the portfolio investments held by Credit Fund II Sub. The maturity date of the Credit Fund II Senior Notes Sub Facility is November 3, 2030. Amounts issued for the Class A-1 notes totaled $147,500 and bear interest at a rate of LIBOR plus 2.70%, and amounts issued for the Class A-2 notes totaled $10,000 and bear interest at LIBOR plus 3.20%. The A-1 Notes were rated AAA, and the A-2 Notes were rated AA by DBRS Morningstar. The terms of the Credit Fund II Senior Notes provide that as loans pay down, up to $50,000 is available from principal proceeds for reinvestment, and then the investment principal proceeds are used to directly pay down the principal balance on the Credit Fund II Senior Notes. As of March 31, 2021 and December 31, 2020, Credit Fund II Sub was in compliance with all covenants and other requirements of its respective credit agreements.

Selected Financial Data

Since inception of Credit Fund and through September 30, 2021 and December 31, 2020, the Company and Credit Partners each made capital contributions of $1 and $1 in members’ equity, respectively, and $216,000 and $216,000 in subordinated loans, respectively, to Credit Fund. On May 25, 2021, the Company and Credit Partners received a return of capital of $46,000, of which the Company received $23,000. Below is certain summarized consolidated financial information for Credit Fund as of September 30, 2021 and December 31, 2020.


	As of
	September 30, 2021		December 31, 2020
	(unaudited)
Selected Consolidated Balance Sheet Information
ASSETS
Investments, at fair value (amortized cost of $1,086,729 and $1,080,538, respectively)	$	1,078,265	$	1,056,381
Cash, cash equivalents and restricted cash (1)	62,544		119,796
Other assets	13,489		7,553
Total assets	$	1,154,298	$	1,183,730
LIABILITIES AND MEMBERS’ EQUITY
Secured borrowings	$	757,034	$	514,261
Notes payable, net of unamortized debt issuance costs of $0 and $1,559, respectively	—		253,933


Other liabilities	27,069		15,543
Subordinated loans and members’ equity (2)	370,195		399,993
Liabilities and members’ equity	$	1,154,298	$	1,183,730

(1) As of September 30, 2021 and December 31, 2020, $9,121 and $83,574, respectively, of Credit Fund's cash and cash equivalents was restricted.

(2) As of September 30, 2021 and December 31, 2020, the fair value of Company's ownership interest in the subordinated loans and members’ equity was $189,275 and $205,891, respectively.


	For the three month periods ended				For the nine month periods ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
	(unaudited)				(unaudited)
Selected Consolidated Statement of Operations Information:
Total investment income	$	17,124	$	22,863	$	50,951	$	64,276
Expenses
Interest and credit facility expenses	6,701		7,696		17,437		31,175
Other expenses	510		602		1,532		1,695
Total expenses	7,211		8,298		18,969		32,870
Net investment income (loss)	9,913		14,565		31,982		31,406
Net realized gain (loss) on investments	220		—		(1,473)		—
Net change in unrealized appreciation (depreciation) on investments	1,500		18,351		15,693		(23,114)
Net increase (decrease) resulting from operations	$	11,633	$	32,916	$	46,202	$	8,292

Below is a summary of Credit Fund’s portfolio, followed by a listing of the loans in Credit Fund’s portfolio as of September 30, 2021 and December 31, 2020:


	As of
	September 30, 2021			December 31, 2020
Senior secured loans (1)	$	1,091,142		$	1,084,491
Weighted average yields of senior secured loans based on amortized cost (2)	6.07		%	6.03		%
Weighted average yields of senior secured loans based on fair value (2)	6.09		%	6.15		%
Number of portfolio companies in Credit Fund	55			54
Average amount per portfolio company (1)	$	19,839		$	20,083
Number of loans on non-accrual status	—			—
Fair value of loans on non-accrual status	$	—		$	—
Percentage of portfolio at floating interest rates (3)(4)	100.0		%	97.7		%
Percentage of portfolio at fixed interest rates (4)	—		%	2.3		%
Fair value of loans with PIK provisions	$	—		$	24,113
Percentage of portfolio with PIK provisions (4)	—		%	2.3		%

(1)At par/principal amount.

(2)Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of September 30, 2021 and December 31, 2020. Weighted average yield on debt and income producing securities at fair value is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount ("OID") and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at fair value included in such securities. Weighted average yield on debt and income producing securities at amortized cost is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at amortized cost included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

(3)Floating rate debt investments are generally subject to interest rate floors.

(4)Percentages based on fair value.


Consolidated Schedule of Investments as of September 30, 2021
Investments (1)		Footnotes	Industry	Reference Rate & Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
First Lien Debt (100.0% of fair value)
ACR Group Borrower, LLC	^+	(2)(3)(6)	Aerospace & Defense	L + 4.50%	5.50%	3/31/2028	$	34,563	$	33,977	$	34,547
Acrisure, LLC	+#	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 3.50%	3.63%	2/15/2027	25,441		25,422		25,171
Alpha Packaging Holdings, Inc.	+	(2)(3)	Containers, Packaging & Glass	L + 6.00%	7.00%	5/12/2022	15,866		15,866		15,866
Alpine SG, LLC	+	(2)(3)	High Tech Industries	L + 5.75%	6.75%	11/16/2022	10,890		10,772		10,773
AmeriLife Holdings LLC	#	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 4.00%	4.08%	3/18/2027	9,877		9,857		9,877
Analogic Corporation	^+	(2)(3)(6)	Capital Equipment	L + 5.25%	6.25%	6/22/2024	18,714		18,698		18,534
Anchor Packaging, Inc.	+#	(2)(3)	Containers, Packaging & Glass	L + 4.00%	4.08%	7/18/2026	24,535		24,443		24,483
API Technologies Corp.	^+#	(2)(3)	Aerospace & Defense	L + 4.25%	4.33%	5/9/2026	14,663		14,614		14,223
Aptean, Inc.	+#	(2)(3)	Software	L + 4.25%	4.33%	4/23/2026	12,188		12,141		12,084
Astra Acquisition Corp.	+#	(2)(3)	Software	L + 4.75%	5.50%	2/28/2027	28,639		28,290		28,639
Avalign Technologies, Inc.	+#	(2)(3)	Healthcare & Pharmaceuticals	L + 4.50%	4.63%	12/22/2025	14,480		14,390		14,364
Avenu Holdings, LLC	+	(2)(3)	Sovereign & Public Finance	L + 5.25%	6.25%	9/28/2024	23,410		23,410		23,410
BK Medical Holding Company, Inc.	^+	(2)(3)(6)	Healthcare & Pharmaceuticals	L + 5.25%	6.25%	6/22/2024	23,983		23,814		23,983
BMS Holdings III Corp.	+	(2)(3)	Construction & Building	L + 5.50%	6.50%	9/30/2026	11,272		11,166		11,157
Chartis Holding, LLC	+	(2)(3)(6)	Business Services	L + 5.50%	6.50%	5/1/2025	6,982		6,982		6,982
Chemical Computing Group ULC (Canada)	^+	(2)(3)(6)	Software	L + 4.50%	5.50%	8/30/2024	13,948		13,453		13,883
Chudy Group, LLC	^+	(2)(3)(6)	Healthcare & Pharmaceuticals	L + 5.75%	6.75%	6/30/2027	33,103		32,526		32,912
Diligent Corporation	^+	(2)(3)(6)	Telecommunications	L + 6.25%	7.25%	8/4/2025	9,072		8,828		9,301
Divisions Holding Corporation	+#	(2)(3)	Business Services	L + 4.75%	5.50%	5/27/2028	25,000		24,759		25,077
DTI Holdco, Inc.	+	(2)(3)	High Tech Industries	L + 4.75%	5.75%	9/30/2023	18,543		18,491		18,130
Eliassen Group, LLC	+	(2)(3)	Business Services	L + 4.25%	4.33%	11/5/2024	9,927		9,895		9,877
EPS Nass Parent, Inc.	^+	(2)(3)(6)	Utilities: Electric	L + 5.75%	6.75%	4/19/2028	31,670		30,970		31,316
EvolveIP, LLC	^+	(2)(3)(6)	Telecommunications	L + 5.75%	6.75%	6/7/2023	39,925		39,840		39,924
Exactech, Inc.	+#	(2)(3)	Healthcare & Pharmaceuticals	L + 3.75%	4.75%	2/14/2025	21,362		21,274		21,050
Excel Fitness Holdings, Inc.	+#	(2)(3)	Hotel, Gaming & Leisure	L + 5.25%	6.25%	10/7/2025	24,563		24,388		24,359
Frontline Technologies Holdings, LLC	+	(2)(3)	Software	L + 5.75%	6.75%	9/18/2023	14,773		14,249		14,773
Golden West Packaging Group LLC	+	(2)(3)	Containers, Packaging & Glass	L + 5.75%	6.75%	6/20/2023	27,305		27,228		27,237
Heartland Home Services, Inc	+	(2)(3)(6)	Consumer Services	L + 6.00%	7.00%	12/15/2026	18,325		18,325		18,380
HMT Holding Inc.	^+	(2)(3)(6)	Energy: Oil & Gas	L + 5.75%	6.75%	11/17/2023	32,568		32,301		31,623
Integrity Marketing Acquisition, LLC	+	(2)(3)(6)	Banking, Finance, Insurance & Real Estate	L + 5.50%	6.25%	8/27/2025	15,574		15,111		15,479
Jensen Hughes, Inc.	+	(2)(3)(6)	Utilities: Electric	L + 4.50%	5.50%	3/22/2024	34,480		34,442		33,818
K2 Insurance Services, LLC	+	(2)(3)(6)	Banking, Finance, Insurance & Real Estate	L + 5.00%	6.00%	7/1/2026	12,961		12,961		12,772
KAMC Holdings, Inc.	+#	(2)(3)	Energy: Electricity	L + 4.00%	4.12%	8/14/2026	13,720		13,670		12,982
KBP Investments, LLC	^+	(2)(3)(6)	Beverage, Food & Tobacco	L + 5.00%	5.75%	5/25/2027	19,238		18,828		18,926


Consolidated Schedule of Investments as of September 30, 2021
Investments (1)		Footnotes	Industry	Reference Rate & Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
Marco Technologies, LLC	+	(2)(3)	Media: Advertising, Printing & Publishing	L + 4.00%	5.00%	10/30/2023	$	7,314	$	7,298	$	7,314
Mold-Rite Plastics, LLC	+	(2)(3)	Chemicals, Plastics & Rubber	L + 4.25%	5.25%	6/14/2022	14,408		14,402		14,408
Newport Group Holdings II, Inc.	+#	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 3.50%	3.63%	9/13/2025	23,295		23,136		23,272
Odyssey Logistics & Technology Corp.	+#	(2)(3)	Transportation: Cargo	L + 4.00%	5.00%	10/12/2024	11,210		11,228		11,098
Output Services Group	^+	(2)(3)	Media: Advertising, Printing & Publishing	L + 4.50%	5.50%	3/27/2024	19,272		19,241		16,537
Premise Health Holding Corp.	+#	(2)(3)	Healthcare & Pharmaceuticals	L + 3.50%	3.63%	7/10/2025	13,480		13,443		13,442
Q Holding Company	+#	(2)(3)	Automotive	L + 5.00%	6.00%	12/31/2023	21,570		21,466		21,167
QW Holding Corporation	^+	(2)(3)(6)	Environmental Industries	L + 6.25%	7.25%	8/31/2024	13,324		13,064		12,800
Radiology Partners, Inc.	+#	(2)(3)	Healthcare & Pharmaceuticals	L + 4.25%	4.33%	7/9/2025	27,686		27,597		27,655
RevSpring Inc.	+#	(2)(3)	Media: Advertising, Printing & Publishing	L + 4.25%	4.38%	10/11/2025	29,224		29,068		29,125
Situs Group Holdings Corporation	+	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 4.75%	5.75%	6/28/2025	14,669		14,591		14,638
Striper Buyer, LLC	+	(2)(3)	Containers, Packaging & Glass	L + 5.50%	6.25%	12/30/2026	14,887		14,751		14,887
T2 Systems, Inc.	^+	(2)(3)(6)	Transportation: Consumer	L + 6.75%	7.75%	9/28/2022	28,893		28,678		28,893
Turbo Buyer, Inc.	+	(2)(3)(6)	Automotive	L + 5.75%	6.75%	12/2/2025	13,995		13,995		13,697
U.S. TelePacific Holdings Corp.	+	(2)(3)	Telecommunications	L + 5.50%	6.50%	5/2/2023	6,660		6,640		5,448
VRC Companies, LLC	^+	(2)(3)(6)	Business Services	L + 5.50%	6.25%	6/29/2027	25,249		24,814		24,799
Water Holdings Acquisition LLC	^+	(2)(3)(6)	Utilities: Water	L + 5.00%	6.00%	12/18/2026	30,047		29,345		30,047
Welocalize, Inc.	+	(2)(3)(6)	Business Services	L + 4.75%	5.75%	12/23/2024	35,638		35,282		35,255
WRE Holding Corp.	^+	(2)(3)(6)	Environmental Industries	L + 5.50%	6.50%	1/3/2023	8,761		8,739		8,671
Yellowstone Buyer Acquisition, LLC	+	(2)(3)	Durable Consumer Goods	L + 5.75%	6.75%	9/13/2027	40,000		39,206		39,200














First Lien Debt Total									$	1,081,365	$	1,078,265




Equity Investments (0.0% of fair value)
DBI Holding, LLC	^		Transportation: Cargo				2,961		$	—	$	—
DBI Holding, LLC	^		Transportation: Cargo				13,996		5,364		—
Equity Investments Total									$	5,364	$	—
Total Investments									$	1,086,729	$	1,078,265

(1)Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of September 30, 2021, the geographical composition of investments as a percentage of fair value was 1.3% in Canada and 98.7% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR 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, Credit Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of September 30, 2021. As of September 30, 2021, the reference rates for Credit Fund’s variable rate loans were the 30-day LIBOR at 0.08%, the 90-day LIBOR at 0.13% and the 180-day LIBOR at 0.16%.

(3)Loan includes interest rate floor feature, which is generally 1.00%.

(5)Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund, pursuant to Credit Fund’s valuation policy, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in Note 3, Fair Value Measurements.

(6)As of September 30, 2021, Credit Fund and Credit Fund Sub had the following unfunded commitments to fund delayed draw and revolving senior secured loans:


First Lien Debt – unfunded delayed draw and revolving term loans commitments	Type	Unused Fee	Par/ Principal Amount		Fair Value
ACR Group Borrower, LLC	Revolver	0.38%	$	7,350	$	(3)
Analogic Corporation	Revolver	0.50	1,975		(17)
BK Medical Holding Company, INC.	Revolver	0.50	2,609		—
Chartis Holding, LLC	Revolver	0.50	2,183		—
Chemical Computing Group ULC (Canada)	Revolver	0.50	873		(4)
Chudy Group, LLC	Delayed Draw	1.00	5,517		(26)
Chudy Group, LLC	Revolver	0.50	1,379		(7)
Diligent Corporation	Delayed Draw	1.00	1,653		33
Diligent Corporation	Revolver	0.50	703		14
EPS Nass Parent, Inc.	Delayed Draw	1.00	3,136		(30)
EPS Nass Parent, Inc.	Revolver	0.50	2,195		(21)
EvolveIP, LLC	Delayed Draw	1.00	1,904		—
EvolveIP, LLC	Revolver	0.50	3,734		—
Helios Buyer, Inc.	Revolver	0.50	130		—
HMT Holding Inc.	Revolver	0.50	6,173		(151)
Integrity Marketing Acquisition, LLC	Delayed Draw	1.00	21,816		(56)
Jensen Hughes, Inc.	Revolver	0.50	2,000		(36)
K2 Insurance Services, LLC	Revolver	0.50	1,170		(16)
KBP Investments, LLC	Delayed Draw	1.00	20,190		(157)
KBP Investments, LLC	Delayed Draw	1.00	503		(4)
QW Holding Corporation	Delayed Draw	1.00	9,338		(179)
QW Holding Corporation	Revolver	0.50	4,619		(89)
T2 Systems, Inc.	Revolver	0.50	1,955		—
Turbo Buyer, Inc.	Revolver	0.50	933		(19)
VRC Companies, LLC	Delayed Draw	0.75	3,856		(58)
VRC Companies, LLC	Revolver	0.50	833		(12)
Water Holdings Acquisition LLC	Delayed Draw	1.00	5,326		—
Water Holdings Acquisition LLC	Revolver	0.50	4,421		—





Welocalize, Inc.	Revolver	0.50	2,025		(19)
Welocalize, Inc.	Revolver	0.50	2,250		(22)
WRE Holding Corp.	Delayed Draw	1.00	337		(3)
WRE Holding Corp.	Revolver	0.50	624		(6)
Total unfunded commitments			$	123,710	$	(888)


Consolidated Schedule of Investments as of December 31, 2020
Investments (1)		Footnotes	Industry	Reference Rate & Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
First Lien Debt (97.5% of fair value)
Acrisure, LLC	\#	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 3.50%	3.65%	2/15/2027	$	25,634	$	25,606	$	25,104
Alku, LLC	+#	(2)(3)	Business Services	L + 5.50%	5.75%	7/29/2026	23,666		23,466		23,512
Alpha Packaging Holdings, Inc.	+\	(2)(3)	Containers, Packaging & Glass	L + 6.00%	7.00%	11/12/2021	16,378		16,378		16,378
AmeriLife Holdings LLC	#	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 4.00%	4.15%	3/18/2027	9,951		9,929		9,802
Analogic Corporation	^+	(2)(3)(6)	Capital Equipment	L + 5.25%	6.25%	6/22/2024	18,857		18,837		18,857
Anchor Packaging, Inc.	+#	(2)(3)	Containers, Packaging & Glass	L + 4.00%	4.15%	7/18/2026	24,723		24,617		24,656
API Technologies Corp.	+\	(2)(3)	Aerospace & Defense	L + 4.25%	4.49%	5/9/2026	14,775		14,713		13,999
Aptean, Inc.	+\	(2)(3)	Software	L + 4.25%	4.40%	4/23/2026	12,281		12,227		12,077
AQA Acquisition Holding, Inc.	+\	(2)(3)(6)	High Tech Industries	L + 4.25%	5.25%	5/24/2023	18,759		18,752		18,757
Astra Acquisition Corp.	+#	(2)(3)	Software	L + 5.50%	6.50%	3/1/2027	28,783		28,392		28,783
Avalign Technologies, Inc.	+\	(2)(3)	Healthcare & Pharmaceuticals	L + 4.50%	4.73%	12/22/2025	14,592		14,481		14,334
Big Ass Fans, LLC	+\#	(2)(3)	Capital Equipment	L + 3.75%	4.75%	5/21/2024	13,766		13,714		13,766
BK Medical Holding Company, Inc.	^+	(2)(3)(6)	Healthcare & Pharmaceuticals	L + 5.25%	6.25%	6/22/2024	24,165		23,951		22,363
Chemical Computing Group ULC (Canada)	^+	(2)(3)(6)	Software	L + 5.00%	6.00%	8/30/2023	14,055		13,378		14,055
Clarity Telecom LLC.	+		Media: Broadcasting & Subscription	L + 4.25%	4.40%	8/30/2026	14,813		14,773		14,813
Clearent Newco, LLC	^	(2)(3)(6)	High Tech Industries	L + 6.50%	7.50%	3/20/2025	4,079		4,079		3,907
Clearent Newco, LLC	^+\	(2)(3)	High Tech Industries	L + 5.50%	6.50%	3/20/2025	29,486		29,236		28,722
DecoPac, Inc.	^+\	(2)(3)(6)	Non-durable Consumer Goods	L + 4.25%	5.25%	9/29/2024	12,336		12,253		12,318
Diligent Corporation	^+	(2)(3)(6)	Telecommunications	L + 6.25%	7.25%	8/4/2025	8,683		8,411		8,819
DTI Holdco, Inc.	^+\	(2)(3)	High Tech Industries	L + 4.75%	5.75%	9/30/2023	18,690		18,642		16,655
Eliassen Group, LLC	+\	(2)(3)	Business Services	L + 4.25%	4.40%	11/5/2024	7,543		7,516		7,483
EvolveIP, LLC	^+	(2)(3)(6)	Telecommunications	L + 5.75%	6.75%	6/7/2023	19,800		19,759		19,775
Exactech, Inc.	+\#	(2)(3)	Healthcare & Pharmaceuticals	L + 3.75%	4.75%	2/14/2025	21,528		21,416		20,422
Excel Fitness Holdings, Inc.	+#	(2)(3)	Hotel, Gaming & Leisure	L + 5.25%	6.25%	10/7/2025	24,750		24,546		22,780
Frontline Technologies Holdings, LLC	+	(2)(3)	Software	L + 5.75%	6.75%	9/18/2023	14,886		14,198		14,589
Golden West Packaging Group LLC	+\	(2)(3)	Containers, Packaging & Glass	L + 5.25%	6.25%	6/20/2023	29,012		28,896		28,974
HMT Holding Inc.	+\	(2)(3)(6)	Energy: Oil & Gas	L + 5.00%	6.00%	11/17/2023	32,821		32,458		30,984
Integrity Marketing Acquisition, LLC	^+	(2)(3)(6)	Banking, Finance, Insurance & Real Estate	L + 6.25%	7.25%	8/27/2025	7,836		7,701		7,956
Jensen Hughes, Inc.	+\	(2)(3)(6)	Utilities: Electric	L + 4.50%	5.50%	3/22/2024	34,584		34,489		33,424
KAMC Holdings, Inc.	+#	(2)(3)	Energy: Electricity	L + 4.00%	4.23%	8/14/2026	13,825		13,768		12,531
KBP Investments, LLC	^+	(2)(3)(6)	Beverage, Food & Tobacco	L + 5.00%	6.00%	5/15/2023	9,292		9,059		9,350
Marco Technologies, LLC	^+\	(2)(3)(6)	Media: Advertising, Printing & Publishing	L + 4.00%	5.00%	10/30/2023	7,332		7,293		7,332
Mold-Rite Plastics, LLC	+\	(2)(3)	Chemicals, Plastics & Rubber	L + 4.25%	5.25%	12/14/2021	$	14,520	$	14,501	$	14,520
Newport Group Holdings II, Inc.	+\#	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 3.50%	3.75%	9/13/2025	23,475		23,285		23,405
Odyssey Logistics & Technology Corp.	+\#	(2)(3)	Transportation: Cargo	L + 4.00%	5.00%	10/12/2024	38,897		38,773		37,766
Output Services Group	^+\	(2)(3)	Media: Advertising, Printing & Publishing	L + 4.50%	5.50%	3/27/2024	19,421		19,382		14,178


Consolidated Schedule of Investments as of December 31, 2020
Investments (1)		Footnotes	Industry	Reference Rate & Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
Pasternack Enterprises, Inc.	+\	(2)(3)	Capital Equipment	L + 4.00%	5.00%	7/2/2025	$	22,524	$	22,513	$	22,218
Pharmalogic Holdings Corp.	+\	(2)(3)	Healthcare & Pharmaceuticals	L + 4.00%	5.00%	6/11/2023	11,205		11,189		11,158
Premise Health Holding Corp.	+\#	(2)(3)	Healthcare & Pharmaceuticals	L + 3.50%	3.75%	7/10/2025	13,584		13,538		13,503
Propel Insurance Agency, LLC	^+\	(2)(3)(6)	Banking, Finance, Insurance & Real Estate	L + 5.00%	6.00%	6/1/2024	38,134		37,662		37,716
Q Holding Company	+\#	(2)(3)	Automotive	L + 5.00%	6.00%	12/31/2023	21,735		21,604		20,229
QW Holding Corporation	+	(2)(3)(6)	Environmental Industries	L + 6.25%	7.25%	8/31/2022	11,566		11,465		10,727
Radiology Partners, Inc.	+\#	(2)(3)	Healthcare & Pharmaceuticals	L + 4.25%	4.81%	7/9/2025	27,686		27,581		27,193
RevSpring Inc.	+\#	(2)(3)	Media: Advertising, Printing & Publishing	L + 4.25%	4.40%	10/11/2025	29,449		29,265		29,199
Situs Group Holdings Corporation	+\	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 4.75%	5.75%	6/28/2025	14,781		14,689		14,636
T2 Systems, Inc.	^+	(2)(3)(6)	Transportation: Consumer	L + 6.75%	7.75%	9/28/2022	29,119		28,743		29,118
The Original Cakerie, Ltd. (Canada)	+\	(2)(3)(6)	Beverage, Food & Tobacco	L + 4.50%	5.50%	7/20/2022	6,295		6,281		6,289
The Original Cakerie, Ltd. (Canada)	+	(2)(3)	Beverage, Food & Tobacco	L + 5.00%	6.00%	7/20/2022	8,837		8,815		8,829
Thoughtworks, Inc.	\#	(2)(3)	Business Services	L + 3.75%	4.75%	10/11/2024	11,704		11,683		11,704
U.S. Acute Care Solutions, LLC	+\	(2)(3)	Healthcare & Pharmaceuticals	L + 6.00%	7.00%	5/15/2021	31,211		31,184		29,104
U.S. TelePacific Holdings Corp.	+\	(2)(3)	Telecommunications	L + 5.50%	6.50%	5/2/2023	26,660		26,585		23,984
VRC Companies, LLC	+	(2)(3)(6)	Business Services	L + 6.50%	7.50%	3/31/2023	30,582		29,464		30,582
Water Holdings Acquisition LLC	^+	(2)(3)(6)	Utilities: Water	L + 5.25%	6.25%	12/18/2026	26,316		25,520		25,516
Welocalize, Inc.	+	(2)(3)(6)	Business Services	L + 4.50%	5.50%	12/23/2023	22,629		22,414		22,584
WRE Holding Corp.	^+	(2)(3)(6)	Environmental Industries	L + 5.25%	6.25%	1/3/2023	8,367		8,336		8,252










First Lien Debt Total									$	1,051,406	$	1,029,687
Second Lien Debt (2.3% of fair value)
DBI Holding, LLC	^	(2)	Transportation: Cargo	9.00% PIK	9.00%	2/1/2026	$	24,113	$	23,768	$	24,113
Second Lien Debt Total									$	23,768	$	24,113
Equity Investments (0.2%of fair value)
DBI Holding, LLC	^		Transportation: Cargo				2,961		$	—	$	—
DBI Holding, LLC	^		Transportation: Cargo				13,996		5,364		2,581
Equity Investments Total									$	5,364	$	2,581
Total Investments									$	1,080,538	$	1,056,381

# Denotes that all or a portion of the assets are owned by the Credit Fund Warehouse II. Credit Fund Warehouse II has entered into a revolving credit facility (the "Credit Fund Warehouse II"). The lenders of the Credit Fund Warehouse II Facility have a first lien security interest in substantially all of the assets of the Credit Fund Warehouse II. Accordingly, such assets are not available to creditors of Credit Fund, Credit Fund Sub, or 2019-2 Issuer.

(1)Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2020, the geographical composition of investments as a percentage of fair value was 2.8% in Canada and 97.2% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR 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, Credit Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2020. As of December 31, 2020, the reference rates for Credit Fund's variable rate loans were the 30-day LIBOR at 0.15%, the 90-day LIBOR at 0.25% and the 180-day LIBOR at 0.26%.

(3)Loan includes interest rate floor feature, which is generally 1.00%.

(6)As of December 31, 2020, Credit Fund and Credit Fund Sub had the following unfunded commitments to fund delayed draw and revolving senior secured loans:


First Lien Debt—unfunded delayed draw and revolving term loans commitments	Type	Unused Fee		Par/ Principal Amount		Fair Value
Analogic Corporation	Revolver	0.50	%	$	1,975	$	—
AQA Acquisition Holding, Inc.	Revolver	0.50		2,459		—
BK Medical Holding Company, Inc.	Revolver	0.50		2,609		(176)
Chemical Computing Group ULC (Canada)	Revolver	0.50		873		—
Clearent Newco, LLC	Delayed Draw	1.00		2,549		(66)
DecoPac, Inc.	Revolver	0.50		2,143		(3)
Diligent Corporation	Delayed Draw	1.00		2,109		25
Diligent Corporation	Revolver	0.50		703		8
EvolveIP, LLC	Delayed Draw	1.00		1,904		(2)
EvolveIP, LLC	Revolver	0.50		1,680		(2)
HMT Holding Inc.	Revolver	0.50		6,173		(291)
Integrity Marketing Acquistion, LLC	Delayed Draw	1.00		4,144		41
Jensen Hughes, Inc.	Delayed Draw	1.00		1,127		(35)
Jensen Hughes, Inc.	Revolver	0.50		1,364		(43)
KBP Investments, LLC	Delayed Draw	1.00		503		1
KBP Investments, LLC	Delayed Draw	1.00		10,190		30
Marco Technologies, LLC	Delayed Draw	1.00		7,500		—
Propel Insurance Agency, LLC	Revolver	0.50		1,905		(19)
Propel Insurance Agency, LLC	Delayed Draw	1.00		1,733		(17)
QW Holding Corporation	Revolver	0.50		5,498		(268)
QW Holding Corporation	Delayed Draw	1.00		161		(8)
T2 Systems, Inc.	Revolver	0.50		1,955		—
The Original Cakerie, Ltd. (Canada)	Revolver	0.50		1,665		(1)
VRC Companies, LLC	Revolver	0.50		858		—
Water Holdings Acquisition LLC	Delayed Draw	1.00		8,421		(168)
Water Holdings Acquisition LLC	Revolver	0.50		5,263		(105)
Welocalize, Inc.	Revolver	0.50		2,250		(4)
WRE Holding Corp.	Revolver	0.50		852		(10)
WRE Holding Corp.	Delayed Draw	1.00		563		(7)


Total unfunded commitments				$	81,129	$	(1,120)

Debt

Credit Fund Facilities

The Credit Fund, Credit Fund Sub and Credit Fund Warehouse II are party to separate credit facilities as described below. As of September 30, 2021 and December 31, 2020, Credit Fund, Credit Fund Sub and Credit Fund Warehouse II were in compliance with all covenants and other requirements of their respective credit facility agreements.

Below is a summary of the borrowings and repayments under the credit facilities for the three month and nine month periods ended 2021 and 2020, and the outstanding balances under the credit facilities for the respective periods.


	Credit Fund Facility				Credit Fund Sub Facility				Credit Fund Warehouse II Facility
	2021		2020		2021		2020			2021		2020
Three Month Periods Ended September 30,
Outstanding Borrowing, beginning of period	$	—	$	—	$	515,121	$	353,006		$	82,163	$	108,994
Borrowings	—		—		167,500		25,000			44,250		5,000
Repayments	—		—		(52,000)		—			—		(6,590)
Outstanding Borrowing, end of period	$	—	$	—	$	630,621	$	378,006		$	126,413	$	107,404

Nine Month Periods Ended September 30,
Outstanding Borrowing, beginning of period	$	—	$	93,000	$	420,859	$	343,506		$	93,402	$	97,571
Borrowings	—		63,500		393,000		125,000			52,250		38,373
Repayments	—		(156,500)		(183,238)		(90,500)			(19,239)		(28,540)
Outstanding Borrowing, end of period	$	—	$	—	$	630,621	$	378,006		$	126,413	$	107,404

Credit Fund Facility. On June 24, 2016, Credit Fund entered into the Credit Fund Facility with the Company, which was subsequently amended on June 5, 2017, October 2, 2017, November 3, 2017, June 22, 2018, June 29, 2018, February 21, 2019, March 20, 2020 and February 22, 2021, pursuant to which Credit Fund may from time to time request mezzanine loans from the Company. The maximum principal amount of the Credit Fund Facility is $175,000. The maturity date of the Credit Fund Facility is May 21, 2022. Amounts borrowed under the Credit Fund Facility bear interest at a rate of LIBOR plus 9.00%.

Credit Fund Sub Facility. On June 24, 2016, Credit Fund Sub closed on the Credit Fund Sub Facility with lenders, which was subsequently amended on May 31, 2017, October 27, 2017, August 24, 2018, December 12, 2019, March 11, 2020 and May 3, 2021. The Credit Fund Sub Facility provides for secured borrowings during the applicable revolving period up to an amount equal to $640,000. The facility is secured by a first lien security interest in substantially all of the portfolio investments held by Credit Fund Sub. The maturity date of the Credit Fund Sub Facility is May 22, 2024. Amounts borrowed under the Credit Fund Sub Facility bear interest at a rate of LIBOR plus 2.25%.

Credit Fund Warehouse II Facility. On August 16, 2019, Credit Fund Warehouse II closed on a revolving credit facility (the "Credit Fund Warehouse II Facility") with lenders. The Credit Fund Warehouse II Facility provides for secured borrowings during the applicable revolving period up to an amount equal to $150,000. The Credit Fund Warehouse II Facility is secured by a first lien security interest in substantially all of the portfolio investments held by Credit Fund Warehouse II. The maturity date of the Credit Fund Warehouse II Facility is August 16, 2022. Amounts borrowed under the Credit Fund Warehouse II Facility bear interest at a rate of LIBOR plus 1.05% for the first 12 months, LIBOR plus 1.15% for the next 12 months, and LIBOR plus 1.50% in the final 12 months.

2017-1 Notes

•$231,700 of Aaa/AAA Class A-1 Notes, which bore interest at the three-month LIBOR plus 1.17%;

•$48,300 of Aa2/AA Class A-2 Notes, which bore interest at the three-month LIBOR plus 1.50%;

•$15,000 of A2/A Class B-1 Notes, which bore interest at the three-month LIBOR plus 2.25%;

•$9,000 of A2/A Class B-2 Notes which bore interest at 4.30%;

•$22,900 of Baa2/BBB Class C Notes which bore interest at the three-month LIBOR plus 3.20%; and

•$25,100 of Ba2/BB Class D Notes which bore interest at the three-month LIBOR plus 6.38%.

The 2017-1 Notes were scheduled to mature on January 15, 2028. Credit Fund received 100% of the preferred interests issued by the 2017-1 Issuer (the “2017-1 Issuer Preferred Interests”) on the closing date of the 2017-1 Debt Securitization in

exchange for Credit Fund’s contribution to the 2017-1 Issuer of the initial closing date loan portfolio. The 2017-1 Issuer Preferred Interests did not bear interest and had a nominal value of $47,900 at closing.

The 2017-1 Notes were fully redeemed during the year ended December 31, 2020. As of the redemption date, the 2017-1 Issuer was in compliance with all covenants and other requirements of the indenture.

2019-2 Notes

On May 21, 2019, Credit Fund completed the 2019-2 Debt Securitization. The notes offered in the 2019-2 Debt Securitization (the “2019-2 Notes”) were issued by the 2019-2 Issuer, a wholly owned and consolidated subsidiary of Credit Fund, and were secured by a diversified portfolio of the 2019-2 Issuer consisting primarily of first and second lien senior secured loans. The 2019-2 Debt Securitization was executed through a private placement of the 2019-2 Notes, consisting of:

•$233,000 of Aaa/AAA Class A-1 Notes, which bear interest at the three-month LIBOR plus 1.50%;

•$48,000 of Aa2/AA Class A-2 Notes, which bear interest at the three-month LIBOR plus 2.40%;

•$23,000 of A2/A Class B Notes, which bear interest at the three-month LIBOR plus 3.45%;

•$27,000 of Baa2/BBB- Class C Notes which bear interest at the three-month LIBOR plus 4.55%; and

•$21,000 of Ba2/BB- Class D Notes which bear interest at the three-month LIBOR plus 8.03%.

The 2019-2 Notes were scheduled to mature on April 15, 2029. Credit Fund received 100% of the preferred interests issued by the 2019-2 Issuer (the “2019-2 Issuer Preferred Interests”) on the closing date of the 2019-2 Debt Securitization in exchange for Credit Fund’s contribution to the 2019-2 Issuer of the initial closing date loan portfolio. The 2019-2 Issuer Preferred Interests did not bear interest and had a nominal value of $48,300 at closing.

The 2019-2 Notes were fully redeemed during the three months ended September 30, 2021. As of December 31, 2020, the outstanding balance of the 2019-2 Notes was $255,832. As of the redemption date and as of December 31, 2020, the 2019-2 Issuer was in compliance with all covenants and other requirements of the indenture.

6. MIDDLE MARKET CREDIT FUND II, LLC

Overview

Credit Fund II is expected to make only limited new investments in senior secured loans of middle market companies. Portfolio and investment decisions with respect to Credit Fund II must be unanimously approved by a quorum of Credit Fund II’s board members consisting of at least one of the Company's representatives and one of CCLF's representatives. Therefore, although the Company owns more than 25% of the voting securities of Credit Fund II, the Company does not believe that it has control over Credit Fund II (other than for purposes of the Investment Company Act).

is authorized to enter into sub-administration agreements at the expense of Credit Fund II with the approval of the board of managers of Credit Fund II, and is reimbursed by Credit Fund II for its costs and expenses and Credit Fund II’s allocable portion of overhead incurred by the Credit Fund II Administrative Agent in performing its obligations thereunder.

Credit Fund II Senior Notes

On November 3, 2020, Credit Fund II Sub closed on the Credit Fund II Senior Notes (the “Credit Fund II Senior Notes”) with lenders. The Credit Fund II Senior Notes provides for secured borrowings totaling $157,500 with two tranches, A-1 and A-2 outstanding. The facility is secured by a first lien security interest in substantially all of the portfolio investments held by Credit Fund II Sub. The maturity date of the Credit Fund II Senior Notes is November 3, 2030. Amounts issued for the Class A-1 notes (the "A-1 Notes") totaled $147,500 and bear interest at a rate of LIBOR plus 2.70%, and amounts issued for the Class A-2 notes (the "A-2 Notes") totaled $10,000 and bear interest at LIBOR plus 3.20%. The A-1 Notes were rated AAA, and the A-2 Notes were rated AA by DBRS Morningstar. The terms of the Credit Fund II Senior Notes provide that as loans pay down, up to $50,000 is available from principal proceeds for reinvestment, and then the investment principal proceeds are used to directly pay down the principal balance on the Credit Fund II Senior Notes. As of September 30, 2021 and December 31, 2020, Credit Fund II Sub was in compliance with all covenants and other requirements of its respective credit agreements.

Selected Financial Data

Since inception of Credit Fund II and through ~~March 31,~~September 30, 2021, the Company and CCLF made capital contributions of $78,096 and $12,709 in members’ equity, respectively, to Credit Fund II. Below is certain summarized consolidated information for Credit Fund II as of ~~March 31,~~September 30, 2021 and December 31, 2020.

As of
March 31, 2021 December 31, 2020
ASSETS
Investments, at fair value (amortized cost of $246,772 and $245,312, respectively) $ 248,375 $ 246,421
Cash and cash equivalents 3,492 1,385
Other assets 2,238 3,436
Total assets $ 254,105 $ 251,242
LIABILITIES AND MEMBERS’ EQUITY
Notes payable, net of unamortized debt issuance costs of $857 and $875, respectively $ 156,643 $ 156,625
Other liabilities 4,859 2,675
Total members' equity (1)
92,603 91,942
Total liabilities and members’ equity $ 254,105 $ 251,242


	As of
	September 30, 2021		December 31, 2020

ASSETS
Investments, at fair value (amortized cost of $243,412 and $245,312, respectively)	$	244,388	$	246,421
Cash, cash equivalents and restricted cash (1)	3,139		1,385
Other assets	7,003		3,436
Total assets	$	254,530	$	251,242
LIABILITIES AND MEMBERS’ EQUITY

Notes payable, net of unamortized debt issuance costs of $820 and $875, respectively	$	156,679	$	156,625
Other liabilities	4,999		2,675





Total members' equity (2)	92,852		91,942
Total liabilities and members’ equity	$	254,530	$	251,242

(1) As of ~~March~~September 30, 2021 and December 31, 2020, all of Credit Fund II's cash and cash equivalents was restricted.

(2) As of September 30, 2021 and December 31, 2020, the fair value of Company's ownership interest in the members' equity was ~~$77,934~~$78,143 and $77,395, respectively.

~~For the three month period ended~~

~~March 31, 2021~~

~~(unaudited)~~

~~Selected Consolidated Statement of Operations Information:~~

~~Total investment income~~

~~4,563~~

~~Expenses~~

~~Interest and credit facility expenses~~

~~1,201~~

~~Other expenses~~

~~191~~

~~Total expenses~~

~~1,392~~

~~Net investment income (loss)~~

~~3,171~~

~~Net realized gain (loss) on investments~~

—

~~Net change in unrealized appreciation (depreciation) on investments~~

~~494~~

~~Net increase (decrease) resulting from operations~~

~~3,665~~


	For the three month period ended		For the nine month period ended
	September 30, 2021			September 30, 2021
	(unaudited)		(unaudited)
Selected Consolidated Statement of Operations Information:
Total investment income	$	4,838		14,205
Expenses
Interest and credit facility expenses	1,190			3,588
Other expenses	177			558
Total expenses	1,367			4,146
Net investment income (loss)	3,471			10,059
Net realized gain (loss) on investments	—			—
Net change in unrealized appreciation (depreciation) on investments	(850)			(138)
Net increase (decrease) resulting from operations	$	2,621		9,921

5862

Below is a summary of Credit Fund II’s portfolio, followed by a listing of the loans in Credit Fund II’s portfolio as of ~~March 31,~~September 30, 2021 and December 31, 2020:


		As of							As of
		March 31, 2021			December 31, 2020				September 30, 2021			December 31, 2020
Senior secured loans (1)	Senior secured loans (1)	$	249,442		$	248,172		Senior secured loans (1)	$	245,584		$	248,172
Weighted average yields of senior secured loans based on amortized cost (2)	Weighted average yields of senior secured loans based on amortized cost (2)	7.26		%	7.32		%	Weighted average yields of senior secured loans based on amortized cost (2)	7.32		%	7.32		%
Weighted average yields of senior secured loans based on fair value (2)	Weighted average yields of senior secured loans based on fair value (2)	7.21		%	7.29		%	Weighted average yields of senior secured loans based on fair value (2)	7.29		%	7.29		%
Number of portfolio companies in Credit Fund II	Number of portfolio companies in Credit Fund II	42			44			Number of portfolio companies in Credit Fund II	36			44
Average amount per portfolio company (1)	Average amount per portfolio company (1)	$	5,939		$	5,640		Average amount per portfolio company (1)	$	6,822		$	5,640
Percentage of portfolio at floating interest rates (3) (4)	Percentage of portfolio at floating interest rates (3) (4)	99.1		%	99.1		%	Percentage of portfolio at floating interest rates (3) (4)	97.8		%	99.1		%
Percentage of portfolio at fixed interest rates (4)	Percentage of portfolio at fixed interest rates (4)	0.9		%	0.9		%	Percentage of portfolio at fixed interest rates (4)	2.2		%	0.9		%
Fair value of loans with PIK provisions	Fair value of loans with PIK provisions	$	8,892		$	8,856		Fair value of loans with PIK provisions	$	17,440		$	8,856
Percentage of portfolio with PIK provisions (4)	Percentage of portfolio with PIK provisions (4)	3.6		%	3.6		%	Percentage of portfolio with PIK provisions (4)	7.1		%	3.6		%

(1)At par/principal amount.

(2)Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of ~~March 31,~~September 30, 2021 and December 31, 2020. Weighted average yield on debt and income producing securities at fair value is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at fair value included in such securities. Weighted average yield on debt and income producing securities at amortized cost is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at amortized cost included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

(3)Floating rate debt investments are generally subject to interest rate floors.

(4)Percentages based on fair value.


Consolidated Schedule of Investments as of March 31, 2021
Consolidated Schedule of Investments as of September 30, 2021														Consolidated Schedule of Investments as of September 30, 2021
Investments (1)	Investments (1)		Footnotes	Industry	Reference Rate & Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)		Investments (1)		Footnotes	Industry	Reference Rate & Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
First Lien Debt (90.5% of fair value)
First Lien Debt (89.2% of fair value)														First Lien Debt (89.2% of fair value)
Airnov, Inc.	Airnov, Inc.	^	(2)(3)	Containers, Packaging & Glass	L + 5.25%	6.25%	12/19/2025	$	1,496	$	1,478	$	1,493	Airnov, Inc.	^	(2)(3)	Containers, Packaging & Glass	L + 5.00%	6.00%	12/19/2025	$	9,971	$	9,955	$	9,971
Alpine SG, LLC	Alpine SG, LLC	^	(2)(3)	High Tech Industries	L + 5.75%	6.75%	11/16/2022	4,411		4,392		4,342		Alpine SG, LLC	^	(2)(3)	High Tech Industries	L + 5.75%	6.75%	11/16/2022	4,411		4,398		4,364
American Physician Partners, LLC	American Physician Partners, LLC	^	(2)(3)	Healthcare & Pharmaceuticals	L + 6.75%	7.75%	12/21/2021	8,629		8,595		8,371		American Physician Partners, LLC	^	(2)(3)	Healthcare & Pharmaceuticals	L + 6.75%, 1.50% PIK	9.25%	12/21/2021	8,575		8,565		8,575
AMS Group HoldCo, LLC	AMS Group HoldCo, LLC	^	(2)(3)	Transportation: Cargo	L + 6.50%	7.50%	9/29/2023	8,169		8,091		8,157		AMS Group HoldCo, LLC	^	(2)(3)	Transportation: Cargo	L + 6.00%	7.00%	9/29/2023	7,068		7,013		7,068
Apptio, Inc.	Apptio, Inc.	^	(2)(3)	Software	L + 7.25%	8.25%	1/10/2025	5,357		5,282		5,397		Apptio, Inc.	^	(2)(3)	Software	L + 7.25%	8.25%	1/10/2025	5,357		5,290		5,397
Aurora Lux FinCo S.Á.R.L. (Luxembourg)	Aurora Lux FinCo S.Á.R.L. (Luxembourg)	^	(2)(3)	Software	L + 6.00%	7.00%	12/24/2026	$	4,389	$	4,295	$	3,971	Aurora Lux FinCo S.Á.R.L. (Luxembourg)	^	(2)(3)	Software	L + 6.00%	7.00%	12/24/2026	4,367		4,280		3,966
Avenu Holdings, LLC	Avenu Holdings, LLC	^	(2)(3)	Sovereign & Public Finance	L + 5.25%	6.25%	9/28/2024	995		985		995		Avenu Holdings, LLC	^	(2)(3)	Sovereign & Public Finance	L + 5.25%	6.25%	9/28/2024	990		982		990
BMS Holdings III Corp.	BMS Holdings III Corp.	^	(2)(3)	Construction & Building	L + 5.25%	6.25%	9/30/2026	3,300		3,233		3,270		BMS Holdings III Corp.	^	(2)(3)	Construction & Building	L + 5.50%	6.50%	9/30/2026	3,283		3,222		3,249
Captive Resources Midco, LLC	Captive Resources Midco, LLC	^	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.75%	6.75%	5/31/2025	8,324		8,220		8,396		Captive Resources Midco, LLC	^	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.75%	6.75%	5/31/2025	8,192		8,103		8,194
Chartis Holding, LLC	Chartis Holding, LLC	^	(2)(3)	Business Services	L + 5.25%	6.25%	5/1/2025	1,492		1,471		1,492		Chartis Holding, LLC	^	(2)(3)	Business Services	L + 5.50%	6.50%	5/1/2025	9,949		9,931		9,949
Comar Holding Company, LLC	Comar Holding Company, LLC	^	(2)(3)	Containers, Packaging & Glass	L + 5.50%	6.50%	6/18/2024	8,776		8,676		8,776		Comar Holding Company, LLC	^	(2)(3)	Containers, Packaging & Glass	L + 5.75%	6.75%	6/18/2024	8,732		8,646		8,726
Cority Software Inc. (Canada)	Cority Software Inc. (Canada)	^	(2)(3)	Software	L + 5.25%	6.25%	7/2/2026	8,777		8,639		8,817		Cority Software Inc. (Canada)	^	(2)(3)	Software	L + 5.00%	6.00%	7/2/2026	8,733		8,607		8,733
Ensono, LP		^	(2)(3)	Telecommunications	L + 5.25%	5.36%	6/27/2025	6,276		6,232		6,227
Ethos Veterinary Health LLC	Ethos Veterinary Health LLC	^	(2)(3)	Consumer Services	L + 4.75%	4.86%	5/15/2026	8,170		8,108		8,118		Ethos Veterinary Health LLC	^	(2)(3)	Consumer Services	L + 4.75%	4.83%	5/15/2026	8,146		8,089		8,146
EvolveIP, LLC	EvolveIP, LLC	^	(2)(3)	Telecommunications	L + 5.75%	6.75%	6/7/2023	8,777		8,763		8,777		EvolveIP, LLC	^	(2)(3)	Telecommunications	L + 5.75%	6.75%	6/7/2023	8,733		8,721		8,733
K2 Insurance Services, LLC	K2 Insurance Services, LLC	^	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.00%	6.00%	7/1/2024	6,894		6,800		6,902		K2 Insurance Services, LLC	^	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.00%	6.00%	7/1/2026	9,034		8,926		8,913
Kaseya, Inc.	Kaseya, Inc.	^	(2)(3)	High Tech Industries	L + 4.00%, 3.00% PIK	8.00%	5/2/2025	8,892		8,765		8,892		Kaseya, Inc.	^	(2)(3)	High Tech Industries	L + 4.00%, 3.00% PIK	8.00%	5/3/2025	9,023		8,910		8,865

5963


Consolidated Schedule of Investments as of March 31, 2021
Consolidated Schedule of Investments as of September 30, 2021														Consolidated Schedule of Investments as of September 30, 2021
Investments (1)	Investments (1)		Footnotes	Industry	Reference Rate & Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)		Investments (1)		Footnotes	Industry	Reference Rate & Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
Mailgun Technologies, Inc.	Mailgun Technologies, Inc.	^	(2)(3)	High Tech Industries	L + 5.00%	6.00%	3/26/2025	8,457		8,332		8,379		Mailgun Technologies, Inc.	^	(2)(3)	High Tech Industries	L + 5.00%	6.00%	3/26/2025	$	8,414	$	8,304	$	8,414
National Technical Systems, Inc.	National Technical Systems, Inc.	^	(2)(3)	Aerospace & Defense	L + 5.50%	6.50%	6/12/2023	8,800		8,780		8,800		National Technical Systems, Inc.	^	(2)(3)	Aerospace & Defense	L + 5.50%	6.50%	6/12/2023	8,756		8,740		8,822
NMI AcquisitionCo, Inc.	NMI AcquisitionCo, Inc.	^	(2)(3)	High Tech Industries	L + 5.00%	6.00%	9/6/2023	8,776		8,719		8,810		NMI AcquisitionCo, Inc.	^	(2)(3)	High Tech Industries	L + 5.00%	6.00%	9/6/2023	8,731		8,693		8,600
Paramit Corporation		^	(2)(3)	Capital Equipment	L + 4.50%	5.50%	5/3/2025	1,000		993		994
PPC Flexible Packaging, LLC		^	(2)(3)	Containers, Packaging & Glass	L + 5.50%	6.50%	11/23/2024	4,389		4,349		4,389
Redwood Services Group, LLC	Redwood Services Group, LLC	^	(2)(3)	High Tech Industries	L + 6.00%	7.00%	6/6/2023	3,291		3,273		3,291		Redwood Services Group, LLC	^	(2)(3)	High Tech Industries	L + 6.00%	7.00%	6/6/2023	8,760		8,744		8,760
Reladyne, Inc.	Reladyne, Inc.	^	(2)(3)	Wholesale	L + 5.00%	6.00%	7/22/2022	6,484		6,439		6,458		Reladyne, Inc.	^	(2)(3)	Wholesale	L + 5.00%	6.00%	7/22/2024	6,451		6,423		6,356
Riveron Acquisition Holdings, Inc.	Riveron Acquisition Holdings, Inc.	^	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.75%	6.75%	5/22/2025	8,236		8,117		8,318		Riveron Acquisition Holdings, Inc.	^	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.75%	6.75%	5/22/2025	8,194		8,088		8,194
RSC Acquisition, Inc.	RSC Acquisition, Inc.	^	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.50%	6.50%	11/1/2026	8,465		8,325		8,508		RSC Acquisition, Inc.	^	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.50%	6.50%	11/1/2026	8,422		8,293		8,422
Smile Doctors, LLC	Smile Doctors, LLC	^	(2)(3)	Healthcare & Pharmaceuticals	L + 6.00%	7.00%	10/6/2022	6,493		6,491		6,493		Smile Doctors, LLC	^	(2)(3)	Healthcare & Pharmaceuticals	L + 6.00%	7.00%	10/6/2022	6,460		6,459		6,460
Sovos Brands Intermediate, Inc.		^	(2)(3)	Beverage, Food & Tobacco	L + 4.75%	4.98%	11/20/2025	7,355		7,311		7,316
Superior Health Linens, LLC	Superior Health Linens, LLC	^	(2)(3)	Business Services	L + 6.50%	7.50%	9/30/2021	7,024		7,010		7,016		Superior Health Linens, LLC	^	(2)(3)	Business Services	L + 6.50%	7.50%	12/31/2021	6,924		6,924		6,924
T2 Systems, Inc.	T2 Systems, Inc.	^	(2)(3)	Transportation: Consumer	L + 6.75%	7.75%	9/28/2022	8,776		8,702		8,776		T2 Systems, Inc.	^	(2)(3)	Transportation: Consumer	L + 6.75%	7.75%	9/28/2022	8,731		8,681		8,731
TCFI Aevex LLC	TCFI Aevex LLC	^	(2)(3)	Aerospace & Defense	L + 6.00%	7.00%	3/18/2026	1,714		1,685		1,711		TCFI Aevex LLC	^	(2)(3)	Aerospace & Defense	L + 6.00%	7.00%	3/18/2026	1,705		1,679		1,539
TSB Purchaser, Inc.		^	(2)(3)	Media: Advertising, Printing & Publishing	L + 6.00%	7.00%	5/14/2024	8,777		8,649		8,734
Turbo Buyer, Inc.	Turbo Buyer, Inc.	^	(2)(3)	Automotive	L + 5.50%	6.50%	12/2/2025	8,153		7,988		8,235		Turbo Buyer, Inc.	^	(2)(3)	Automotive	L + 5.75%	6.75%	12/2/2025	8,113		7,962		7,950
US INFRA SVCS Buyer, LLC	US INFRA SVCS Buyer, LLC	^	(2)(3)	Environmental Industries	L + 6.00%	7.00%	4/13/2026	3,292		3,235		3,249		US INFRA SVCS Buyer, LLC	^	(2)(3)	Environmental Industries	L + 6.50%	7.50%	4/13/2026	3,275		3,223		3,208
VRC Companies, LLC		^	(2)(3)	Business Services	L + 6.50%	7.50%	3/31/2023	4,300		4,264		4,214
Zemax Software Holdings, LLC	Zemax Software Holdings, LLC	^	(2)(3)	Software	L + 5.75%	6.75%	6/25/2024	4,388		4,354		4,318		Zemax Software Holdings, LLC	^	(2)(3)	Software	L + 5.75%	6.75%	6/25/2024	4,353		4,324		4,353
Zenith Merger Sub, Inc.	Zenith Merger Sub, Inc.	^	(2)(3)	Business Services	L + 5.25%	6.25%	12/13/2023	4,389		4,360		4,382		Zenith Merger Sub, Inc.	^	(2)(3)	Business Services	L + 5.25%	6.25%	12/13/2023	7,386		7,361		7,386

First Lien Debt Total	First Lien Debt Total									$	223,401	$	224,784	First Lien Debt Total									$	217,536	$	217,958
Second Lien Debt (9.5% of fair value)
Second Lien Debt (10.8% of fair value)														Second Lien Debt (10.8% of fair value)
AI Convoy S.A.R.L (United Kingdom)	AI Convoy S.A.R.L (United Kingdom)	^	(2)(3)	Aerospace & Defense	L + 8.25%	9.25%	1/17/2028	$	5,514	$	5,404	$	5,714	AI Convoy S.A.R.L (United Kingdom)	^	(2)(3)	Aerospace & Defense	L + 8.25%	9.25%	1/17/2028	$	5,514	$	5,410	$	5,720
AQA Acquisition Holdings, Inc.														AQA Acquisition Holdings, Inc.	^	(2)(3)	High Tech Industries	L + 7.50%	8.00%	3/3/2029	5,000		4,878		4,934
Quartz Holding Company	Quartz Holding Company	^	(2)(3)	Software	L + 8.00%	8.11%	4/2/2027	$	4,852	$	4,773	$	4,900	Quartz Holding Company	^	(2)(3)	Software	L + 8.00%	8.09%	4/2/2027	4,852		4,779		4,852
Tank Holding Corp.	Tank Holding Corp.	^	(2)(3)	Capital Equipment	L + 8.25%	8.36%	3/26/2027	5,514		5,439		5,552		Tank Holding Corp.	^	(2)(3)	Capital Equipment	L + 8.25%	8.45%	3/26/2027	5,514		5,444		5,569
Ultimate Baked Goods MIDCO, LLC		^	(2)(3)	Beverage, Food & Tobacco	L + 8.00%	9.00%	8/9/2026	5,514		5,431		5,083
World 50, Inc.	World 50, Inc.	^	(6)	Business Services	11.50%	11.50%	1/9/2027	2,365		2,324		2,342		World 50, Inc.	^	(6)	Business Services	11.50%	11.50%	1/9/2027	5,465		5,365		5,355

Second Lien Debt Total	Second Lien Debt Total									$	23,371	$	23,591	Second Lien Debt Total									$	25,876	$	26,430
Total Investments	Total Investments									$	246,772	$	248,375	Total Investments									$	243,412	$	244,388

^ Denotes that all or a portion of the assets are owned by Credit Fund II Sub. Credit Fund II Sub has entered into the Credit Fund II Sub Notes. The lenders of the Credit Fund II Sub Notes have a first lien security interest in substantially all of the assets of Credit Fund II Sub. Accordingly, such assets are not available to creditors of Credit Fund II.

(1) Unless otherwise indicated, issuers of investments held by Credit Fund II are domiciled in the United States. As of ~~March 31,~~September 30, 2021, the geographical composition of investments as a percentage of fair value was ~~3.5%~~3.6% in Canada, 1.6% in Luxembourg, 2.3% in the United Kingdom and ~~92.6%~~92.5% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR 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, Credit Fund II has indicated the reference rate used and provided the spread and the interest rate in effect as of ~~March 31,~~September 30, 2021. As of ~~March 31,~~September 30, 2021, the reference rates for Credit Fund II's variable rate loans were the 30-day LIBOR at ~~0.11%~~0.08%, the 90-day LIBOR at ~~0.19%~~0.13% and the 180-day LIBOR at ~~0.21%~~0.16%.

(3)Loan includes interest rate floor feature, which is generally 1.00%.

(5)Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund II, pursuant to Credit Fund II’s valuation policy, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in Note 3, Fair Value Measurements, to these consolidated financial statements.

(6)Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company.

6164


Consolidated Schedule of Investments as of December 31, 2020
Investments (1)		Footnotes	Industry	Reference Rate & Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
First Lien Debt (90.10% of fair value)
Airnov, Inc.	^	(2)(3)	Containers, Packaging & Glass	L + 5.25%	6.25%	12/19/2025	$	1,500	$	1,481	$	1,501
Alpine SG, LLC	^	(2)(3)	High Tech Industries	L + 5.75%	6.75%	11/16/2022	4,411		4,390		4,378
American Physician Partners, LLC	^	(2)(3)	Healthcare & Pharmaceuticals	L + 6.75%	7.75%	12/21/2021	8,725		8,679		8,265
AMS Group HoldCo, LLC	^	(2)(3)	Transportation: Cargo	L + 6.50%	7.50%	9/29/2023	8,182		8,096		8,079
Apptio, Inc.	^	(2)(3)	Software	L + 7.25%	8.25%	1/10/2025	5,357		5,278		5,437
Aurora Lux FinCo S.Á.R.L. (Luxembourg)	^	(2)(3)	Software	L + 5.75%	6.75%	12/24/2026	4,400		4,303		4,018
Avenu Holdings, LLC	^	(2)(3)	Sovereign & Public Finance	L + 5.25%	6.25%	9/28/2024	997		987		997
BMS Holdings III Corp.	^	(2)(3)	Construction & Building	L + 5.25%	6.25%	9/30/2026	3,308		3,239		3,270
Captive Resources Midco, LLC	^	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.75%	6.75%	5/31/2025	8,406		8,297		8,463
Chartis Holding, LLC	^	(2)(3)	Business Services	L + 5.50%	6.50%	5/1/2025	1,496		1,474		1,497
Comar Holding Company, LLC	^	(2)(3)	Containers, Packaging & Glass	L + 5.50%	6.50%	6/18/2024	8,799		8,692		8,832
Cority Software Inc. (Canada)	^	(2)(3)	Software	L + 5.25%	6.25%	7/2/2026	8,800		8,655		8,862
Ensono, LP	^	(2)(3)	Telecommunications	L + 5.25%	5.40%	6/27/2025	6,292		6,246		6,245
Ethos Veterinary Health LLC	^	(2)(3)	Consumer Services	L + 4.75%	4.90%	5/15/2026	8,182		8,117		8,070
EvolveIP, LLC	^	(2)(3)	Telecommunications	L + 5.75%	6.75%	6/7/2023	8,799		8,784		8,790
Innovative Business Services, LLC	^	(2)(3)	High Tech Industries	L + 5.50%	6.50%	4/5/2023	2,200		2,162		2,159
K2 Insurance Services, LLC	^	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.00%	6.00%	7/1/2024	6,927		6,827		6,928
Kaseya, Inc.	^	(2)(3)	High Tech Industries	L + 4.00%, 3.00% PIK	8.00%	5/2/2025	8,822		8,688		8,856
Mailgun Technologies, Inc.	^	(2)(3)	High Tech Industries	L + 5.00%	6.00%	3/26/2025	8,478		8,347		8,330
National Technical Systems, Inc.	^	(2)(3)	Aerospace & Defense	L + 5.50%	6.50%	6/12/2023	8,800		8,778		8,733
NMI AcquisitionCo, Inc.	^	(2)(3)	High Tech Industries	L + 5.00%	6.00%	9/6/2022	8,799		8,732		8,711
Paramit Corporation	^	(2)(3)	Capital Equipment	L + 4.50%	5.50%	5/3/2025	1,000		992		980
PPC Flexible Packaging, LLC	^	(2)(3)	Containers, Packaging & Glass	L + 6.00%	7.00%	11/23/2024	4,400		4,358		4,386
Redwood Services Group, LLC	^	(2)(3)	High Tech Industries	L + 6.00%	7.00%	6/6/2023	3,300		3,279		3,291
Reladyne, Inc.	^	(2)(3)	Wholesale	L + 5.00%	6.00%	7/22/2022	6,484		6,431		6,514
Riveron Acquisition Holdings, Inc.	^	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.75%	6.75%	5/22/2025	8,257		8,131		8,312
RSC Acquisition, Inc.	^	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.50%	6.50%	11/1/2026	8,487		8,341		8,572
Smile Doctors, LLC	^	(2)(3)	Healthcare & Pharmaceuticals	L + 6.00%	7.00%	10/6/2022	6,509		6,507		6,379
Sovos Brands Intermediate, Inc.	^	(2)(3)	Beverage, Food & Tobacco	L + 4.75%	4.96%	11/20/2025	2,200		2,182		2,181
Superior Health Linens, LLC	^	(2)(3)	Business Services	L + 6.50%	7.50%	9/30/2021	7,199		7,178		7,162
T2 Systems, Inc.	^	(2)(3)	Transportation: Consumer	L + 6.75%	7.75%	9/28/2022	8,799		8,713		8,799
TCFI Aevex LLC	^	(2)(3)	Aerospace & Defense	L + 6.00%	7.00%	3/18/2026	1,718		1,688		1,712
TSB Purchaser, Inc.	^	(2)(3)	Media: Advertising, Printing & Publishing	L + 6.00%	7.00%	5/14/2024	8,799		8,663		8,729
Turbo Buyer, Inc.	^	(2)(3)	Automotive	L + 5.25%	6.25%	12/2/2025	8,174		8,001		8,249

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Consolidated Schedule of Investments as of December 31, 2020
Investments (1)		Footnotes	Industry	Reference Rate & Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
US INFRA SVCS Buyer, LLC	^	(2)(3)	Environmental Industries	L + 6.00%	7.00%	4/13/2026	$	3,300	$	3,240	$	3,292
VRC Companies, LLC	^	(2)(3)	Business Services	L + 6.50%	7.50%	3/31/2023	4,311		4,271		4,311
Zemax Software Holdings, LLC	^	(2)(3)	Software	L + 5.75%	6.75%	6/25/2024	4,400		4,363		4,294
Zenith Merger Sub, Inc.	^	(2)(3)	Business Services	L + 5.25%	6.25%	12/13/2023	4,399		4,370		4,367










First Lien Debt Total									$	220,960	$	221,951
Second Lien Debt (9.90% of fair value)
AI Convoy S.A.R.L (United Kingdom)	^	(2)(3)	Aerospace & Defense	L + 8.25%	9.25%	1/17/2028	$	5,514	$	5,401	$	5,676
AQA Acquisition Holding, Inc.	^	(2)(3)	High Tech Industries	L + 8.00%	9.00%	5/24/2024	1,000		993		1,000
Quartz Holding Company	^	(2)(3)	Software	L + 8.00%	8.15%	4/2/2027	4,852		4,771		4,815
Tank Holding Corp.	^	(2)(3)	Capital Equipment	L + 8.25%	8.40%	3/26/2027	5,514		5,436		5,394
Ultimate Baked Goods MIDCO, LLC	^	(2)(3)	Beverage, Food & Tobacco	L + 8.00%	9.00%	8/9/2026	5,514		5,428		5,257
World 50, Inc.		(6)	Business Services	11.50%	11.50%	1/9/2027	2,365		2,323		2,328




Second Lien Debt Total									$	24,352	$	24,470
Total Investments									$	245,312	$	246,421

(1) Unless otherwise indicated, issuers of investments held by Credit Fund II are domiciled in the United States. As of December 31, 2020, the geographical composition of investments as a percentage of fair value was 3.6% in Canada, 1.6% in Luxembourg, 2.3% in the United Kingdom and 92.5% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR 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, Credit Fund II has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2020. As of December 31, 2020, the reference rates for Credit Fund II's variable rate loans were the 30-day LIBOR at 0.15%, the 90-day LIBOR at 0.25% and the 180-day LIBOR at 0.26%.

(3)Loan includes interest rate floor feature, which is generally 1.00%.

(6)Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company.

7. BORROWINGS

The Company is party to the Credit Facility and, until its termination on December 11, 2020, the SPV was party to the SPV Credit Facility as described below. In accordance with the Investment Company Act, the Company is currently only allowed to borrow amounts such that its asset coverage, as defined in the Investment Company Act, is at least 150% after such borrowing. For the purposes of the asset coverage ratio under the Investment Company Act, the Preferred Stock, as defined in Note 1, is considered a senior security and is included in the denominator of the calculation. As of ~~March 31,~~September 30, 2021 and December 31, 2020, asset coverage was ~~186.17%~~180.23% and 182.09%, respectively.

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Below is a summary of the borrowings and repayments under the ~~credit facilities~~Facilities for the three month and nine month periods ended ~~March 31,~~September 30, 2021 and 2020, and the outstanding balances under the Facilities for the respective periods.


		For the three month periods ended				For the three month periods ended				For the nine month periods ended
		March 31, 2021		March 31, 2020				September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Outstanding Borrowing, beginning of period	Outstanding Borrowing, beginning of period	$	347,949	$	616,543		Outstanding Borrowing, beginning of period	$	365,060	$	474,386	$	347,949	$	616,543
Borrowings	Borrowings	40,286		226,500			Borrowings	157,552		36,500		337,031		293,792
Repayments	Repayments	(79,000)		(139,443)			Repayments	(95,000)		—		(257,500)		(397,484)
Foreign currency translation	Foreign currency translation	162		(1,991)			Foreign currency translation	(2,067)		2,446		(1,935)		481
Outstanding balance, end of period		$	309,397	$	701,609
Outstanding Borrowing, end of period							Outstanding Borrowing, end of period	$	425,545	$	513,332	$	425,545	$	513,332

SPV Credit Facility

The SPV closed on the SPV Credit Facility on May 24, 2013, which was subsequently amended on June 30, 2014, June 19, 2015, June 9, 2016, May 26, 2017 and August 9, 2018. On December 11, 2020, the SPV repaid all outstanding amounts under the SPV Credit Facility and the facility was terminated. The SPV Credit Facility provided for secured borrowings during the applicable revolving period up to an amount equal to the lesser of $275,000, subject to restrictions imposed on borrowings under the Investment Company Act and certain restrictions and conditions set forth in the SPV Credit Facility, including adequate collateral to support such borrowings. The SPV Credit Facility had a revolving period through May 21, 2021 and a maturity date of May 23, 2023. Borrowings under the SPV Credit Facility bore interest initially at the applicable commercial paper rate (if the lender is a conduit lender) or LIBOR (or, if applicable, a rate based on the prime rate or federal funds rate) plus 2.00% per year. The SPV was also required to pay an undrawn commitment fee of between 0.50% and 0.75% per year depending on the drawings under the SPV Credit Facility. Payments under the SPV Credit Facility were made quarterly. The lenders had a first lien security interest on substantially all of the assets of the SPV.

Credit Facility

The Company closed on the Credit Facility on March 21, 2014, which was subsequently amended on January 8, 2015, May 25, 2016, March 22, 2017, September 25, 2018, June 14, 2019, and October 28, 2020. The maximum principal amount of the Credit Facility is $688,000, subject to availability under the Credit Facility, which is based on certain advance rates multiplied by the value of the Company’s portfolio investments (subject to certain concentration limitations) net of certain other indebtedness that the Company may incur in accordance with the terms of the Credit Facility. Proceeds of the Credit Facility may be used for general corporate purposes, including the funding of portfolio investments. Maximum capacity under the Credit Facility may be increased to $900,000 through the exercise by the Company of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Credit Facility includes a $50,000 limit for swingline loans and a $20,000 limit for letters of credit. The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Credit Facility, including amounts drawn in respect of letters of credit, bear interest at either LIBOR plus an applicable spread of 2.25%, or an “alternative base rate” (which is the highest of a prime rate, the federal funds effective rate plus 0.50%, or one month LIBOR plus 1.00%) plus an applicable spread of 1.25%. The Company may elect either the LIBOR or the “alternative base rate” at the time of drawdown, and loans may be converted from one rate to another at any time, subject to certain conditions. The Company also pays a fee of 0.375% on undrawn amounts under the Credit Facility and, in respect of each undrawn letter of credit, a fee and interest rate equal to the then-applicable margin under the Credit Facility while the letter of credit is outstanding. The availability period under the Credit Facility will terminate on October 28, 2024 and the Credit Facility will mature on October 28, 2025. During the period from October 29, 2024 to October 28, 2025, the Company will be obligated to make mandatory prepayments under the Credit Facility out of the proceeds of certain asset sales, other recovery events and equity and debt issuances.

Subject to certain exceptions, the Credit Facility is secured by a first lien security interest in substantially all of the portfolio investments held by the Company. The Credit Facility includes customary covenants, including certain financial covenants related to asset coverage, shareholders’ equity and liquidity, certain limitations on the incurrence of additional indebtedness and liens, and other maintenance covenants, as well as usual and customary events of default for senior secured revolving credit facilities of this nature. As of ~~March 31,~~September 30, 2021 and December 31, 2020, the Company was in compliance with all covenants and other requirements of its credit facility agreements.

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Summary of ~~Facilities~~Borrowings

The ~~Facilities~~Credit Facility consisted of the following as of ~~March 31,~~September 30, 2021 and December 31, 2020:


		March 31, 2021									September 30, 2021
		Total Facility		Borrowings Outstanding		Unused Portion (1)		Amount Available (2)			Total Facility		Borrowings Outstanding		Unused Portion (1)		Amount Available (2)

Credit Facility	Credit Facility	$	688,000	$	309,397	$	378,603	$	358,091	Credit Facility	$	688,000	$	425,545	$	262,455	$	261,252
Total	Total	$	688,000	$	309,397	$	378,603	$	358,091	Total	$	688,000	$	425,545	$	262,455	$	261,252

		December 31, 2020									December 31, 2020
		Total Facility		Borrowings Outstanding		Unused Portion (1)		Amount Available (2)			Total Facility		Borrowings Outstanding		Unused Portion (1)		Amount Available (2)

Credit Facility	Credit Facility	$	688,000	$	347,949	$	340,051	$	207,365	Credit Facility	$	688,000	$	347,949	$	340,051	$	207,365
Total	Total	$	688,000	$	347,949	$	340,051	$	207,365	Total	$	688,000	$	347,949	$	340,051	$	207,365

(1)The unused portion is the amount upon which commitment fees are based.

(2)Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.

For the three month and nine month periods ended ~~March 31,~~September 30, 2021 and 2020, the components of interest expense and credit facility fees were as follows:


		For the three month periods ended						For the three month periods ended					For the nine month periods ended
		March 31, 2021			March 31, 2020					September 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020
Interest expense	Interest expense	$	2,033		$	6,373			Interest expense	$	2,638		$	2,985		$	6,809		$	13,564
Facility unused commitment fee	Facility unused commitment fee	328			318				Facility unused commitment fee	243			542			885			1,269
Amortization of deferred financing costs	Amortization of deferred financing costs	191			244				Amortization of deferred financing costs	192			159			574			754
Other fees	Other fees	—			29				Other fees	—			27			—			83
Total interest expense and credit facility fees	Total interest expense and credit facility fees	$	2,552		$	6,964			Total interest expense and credit facility fees	$	3,073		$	3,713		$	8,268		$	15,670
Cash paid for interest expense	Cash paid for interest expense	$	1,985		$	6,688			Cash paid for interest expense	$	2,730		$	3,287		$	7,094		$	14,959

Average principal debt outstanding	Average principal debt outstanding	$	340,357		$	672,263			Average principal debt outstanding	$	432,039		$	495,469		$	376,421		$	584,032
Weighted average interest rate	Weighted average interest rate	2.39		%	3.75		%		Weighted average interest rate	2.39		%	2.36		%	2.39		%	3.05		%

As of ~~March 31,~~September 30, 2021 and December 31, 2020, the components of interest and credit facilities payable were as follows:


		As of							As of
		March 31, 2021			December 31, 2020				September 30, 2021			December 31, 2020
Interest expense payable	Interest expense payable	$	165		$	119		Interest expense payable	$	790		$	119
Unused commitment fees payable	Unused commitment fees payable	4			4			Unused commitment fees payable	55			4
Other credit facility fees payable	Other credit facility fees payable	4			14			Other credit facility fees payable	—			14
Interest and credit facilities payable	Interest and credit facilities payable	$	173		$	137		Interest and credit facilities payable	$	845		$	137

Weighted average interest rate (based on floating LIBOR rates)	Weighted average interest rate (based on floating LIBOR rates)	2.37		%	2.59		%	Weighted average interest rate (based on floating LIBOR rates)	2.36		%	2.59		%

8. NOTES PAYABLE

Senior Notes

On December 30, 2019, the Company closed a private offering of $115.0 million in aggregate principal amount of 4.750% Senior Unsecured Notes due December 31, ~~2024 (the "2019 Notes").~~2024. Interest is payable quarterly, beginning March 31, 2020. On December 11, 2020, the Company issued an additional $75.0 million aggregate principal amount of senior unsecured notes due

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~~notes due~~ December 31, ~~2024 (the "2020 Notes", and together with the 2019 Notes, the "Senior Notes").~~2024. The 2020 Notes bear interest at an interest rate of 4.500% and the interest is payable quarterly, beginning December 31, 2020.

The interest rate on the Senior Notes is subject to increase (up to an additional 1.00% over the stated rate of such notes) in the event that, subject to certain exceptions, the Senior Notes cease to have an investment grade rating. The Company is obligated to offer to repay the notes at par if certain change in control events occur. The Senior Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. Interest expense on the Senior Notes for the three ~~months~~month periods ended ~~March 31,~~September 30, 2021 and 2020 was $2,209 and ~~$1,400,~~$1,366, respectively. Interest expense on the Senior Notes for the nine month periods ended September 30, 2021 and 2020 was $6,628 and $4,082, respectively.

The note purchase agreement for the Senior Notes contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a business development company within the meaning of the Investment Company Act and a regulated investment company under the Code, minimum asset coverage ratio and interest coverage ratio, and prohibitions on certain fundamental changes at the Company or any subsidiary guarantor, as well as customary events of default with customary cure and notice, including, without limitation, nonpayment, breach of covenant, material breach of representation or warranty under the note purchase agreement, cross-acceleration under other indebtedness of the Company or certain significant subsidiaries, certain judgments and orders, and certain events of bankruptcy. As of ~~March 31,~~September 30, 2021, the Company was in compliance with these terms and conditions.

2015-1R Notes

On June 26, 2015, the Company completed the 2015-1 Debt Securitization. The 2015-1 Notes were issued by the 2015-1 Issuer, a wholly-owned and consolidated subsidiary of the Company. The 2015-1 Debt Securitization was executed through a private placement of the 2015-1 Notes, consisting of:

•$160,000 of Aaa/AAA Class A-1A Notes;

•$40,000 of Aaa/AAA Class A-1B Notes;

•$27,000 of Aaa/AAA Class A-1C Notes; and

•$46,000 of Aa2 Class A-2 Notes.

The 2015-1 Notes were issued at par and were scheduled to mature on July 15, 2027. The Company received 100% of the preferred interests issued by the 2015-1 Issuer (the “2015-1 Issuer Preferred Interests”) on the closing date of the 2015-1 Debt Securitization in exchange for the Company’s contribution to the 2015-1 Issuer of the initial closing date loan portfolio. The 2015-1 Issuer Preferred Interests do not bear interest and had a nominal value of $125,900 at closing. In connection with the contribution, the Company made customary representations, warranties and covenants to the 2015-1 Issuer in the purchase agreement. The Class A-1A, Class A-1B and Class A-1C and Class A-2 Notes are included in these consolidated financial statements. The 2015-1 Issuer Preferred Interests were eliminated in consolidation.

On the closing date of the 2015-1 Debt Securitization, the 2015-1 Issuer effected a one-time distribution to the Company of a substantial portion of the proceeds of the private placement of the 2015-1 Notes, net of expenses, which distribution was used to repay a portion of certain amounts outstanding under the SPV Credit Facility and the Credit Facility. As part of the 2015-1 Debt Securitization, certain first and second lien senior secured loans were distributed by the SPV to the Company pursuant to a distribution and contribution agreement.

On August 30, 2018, the Company and the 2015-1 Issuer closed the 2015-1 Debt Securitization Refinancing. On the closing date of the 2015-1 Debt Securitization Refinancing, the 2015-1 Issuer, among other things:

(a) refinanced the issued Class A-1A Notes by redeeming in full the Class A-1A Notes and issuing new AAA Class A-1-1-R Notes in an aggregate principal amount of $234,800 which bear interest at the three-month LIBOR plus 1.55%;

(b) refinanced the issued Class A-1B Notes by redeeming in full the Class A-1B Notes and issuing new AAA Class A-1-2-R Notes in an aggregate principal amount of $50,000 which bear interest at the three-month LIBOR plus 1.48% for the first 24 months and the three-month LIBOR plus 1.78% thereafter;

(c) refinanced the issued Class A-1C Notes by redeeming in full the Class A-1C Notes and issuing new AAA Class A-1-3-R Notes in an aggregate principal amount of $25,000 which bear interest at 4.56%;

(d) refinanced the issued Class A-2 Notes by redeeming in full the Class A-2 Notes and issuing new Class A-2-R Notes in an aggregate principal amount of $66,000 which bear interest at the three-month LIBOR plus 2.20%;

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(e) issued new single-A Class B Notes and BBB- Class C Notes in aggregate principal amounts of $46,400 and $27,000, respectively, which bear interest at the three-month LIBOR plus 3.15% and the three-month LIBOR plus 4.00%, respectively;

(f) reduced the 2015-1 Issuer Preferred Interests by approximately $21,375 from a nominal value of $125,900 to approximately $104,525 at close; and

(g) extended the reinvestment period end date and maturity date applicable to the 2015-1 Issuer to October 15, 2023 and October 15, 2031, respectively.

Following the 2015-1 Debt Securitization Refinancing, the Company retained the 2015-1 Issuer Preferred Interests. The 2015-1R Notes in the 2015-1 Debt Securitization Refinancing were issued by the 2015-1 Issuer and are secured by a diversified portfolio of the 2015-1 Issuer consisting primarily of first and second lien senior secured loans.

On the closing date of the 2015-1 Debt Securitization Refinancing, the 2015-1 Issuer effected a one-time distribution to the Company of a substantial portion of the proceeds of the private placement of the 2015-1R Notes, net of expenses, which distribution was used to repay a portion of certain amounts outstanding under the SPV Credit Facility and the Credit Facility. As part of the 2015-1 Debt Securitization Refinancing, certain first and second lien senior secured loans were distributed by the SPV to the Company pursuant to a distribution and contribution agreement. The Company contributed the loans that comprised the initial closing date loan portfolio (including the loans distributed to the Company from the SPV) to the 2015-1 Issuer pursuant to a contribution agreement. Future loan transfers from the Company to the 2015-1 Issuer will be made pursuant to a sale agreement and are subject to the approval of the Company’s Board of Directors. Assets of the 2015-1 Issuer are not available to the creditors of the SPV or the Company. In connection with the issuance and sale of the 2015-1R Notes, the Company made customary representations, warranties and covenants in the purchase agreement.

During the reinvestment period, pursuant to the indenture governing the 2015-1R Notes, all principal collections received on the underlying collateral may be used by the 2015-1 Issuer to purchase new collateral under the direction of Investment Adviser in its capacity as collateral manager of the 2015-1 Issuer and in accordance with the Company’s investment strategy.

The Investment Adviser serves as collateral manager to the 2015-1 Issuer under a collateral management agreement (the “Collateral Management Agreement”). Pursuant to the Collateral Management Agreement, the 2015-1 Issuer pays management fees (comprised of base management fees, subordinated management fees and incentive management fees) to the Investment Adviser for rendering collateral management services. As per the Collateral Management Agreement, for the period the Company retains all of the 2015-1 Issuer Preferred Interests, the Investment Adviser does not earn management fees for providing such collateral management services. The Company currently retains all of the 2015-1 Issuer Preferred Interests, thus the Investment Adviser did not earn any management fees from the 2015-1 Issuer for the three and nine month periods ended ~~March 31,~~September 30, 2021 and 2020. Any such waived fees may not be recaptured by the Investment Adviser.

Pursuant to an undertaking by the Company in connection with the 2015-1 Debt Securitization Refinancing, the Company has agreed to hold on an ongoing basis the 2015-1 Issuer Preferred Interests with an aggregate dollar purchase price at least equal to 5% of the aggregate outstanding amount of all collateral obligations by the 2015-1 Issuer for so long as any securities of the 2015-1 Issuer remain outstanding. As of ~~March 31,~~September 30, 2021, the Company was in compliance with its undertaking.

The 2015-1 Issuer pays ongoing administrative expenses to the trustee, independent accountants, legal counsel, rating agencies and independent managers in connection with developing and maintaining reports, and providing required services in connection with the administration of the 2015-1 Issuer.

As of ~~March 31,~~September 30, 2021, the 2015-1R Notes were secured by 6362 first lien and second lien senior secured loans with a total fair value of approximately ~~$521,355~~$523,848 and cash of ~~$13,334.~~$21,787. The pool of loans in the securitization must meet certain requirements, including asset mix and concentration, term, agency rating, collateral coverage, minimum coupon, minimum spread and sector diversity requirements in the indenture governing the 2015-1R Notes.

For the ~~three~~nine month periods ended ~~March 31,~~September 30, 2021 and 2020, the effective annualized weighted average interest rates, which include amortization of debt issuance costs on the 2015-1R Notes, were ~~2.43%~~2.33% and ~~3.92%~~2.56%, respectively, based on floating LIBOR rates. As of ~~March 31,~~September 30, 2021 and December 31, 2020 the weighted average interest rates were ~~2.38%~~2.27% and 2.42% respectively, based on floating LIBOR rates.

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For the for the three and nine month periods ended ~~March 31,~~September 30, 2021 and 2020, the components of interest expense on the 2015-1R Notes were as follows:


		For the three month periods ended				For the three month periods ended				For the nine month periods ended
		March 31, 2021		March 31, 2020				September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Interest expense	Interest expense	$	2,671	$	4,393		Interest expense	$	2,609	$	2,878	$	7,926	$	11,081
Amortization of deferred financing costs	Amortization of deferred financing costs	62		62			Amortization of deferred financing costs	63		62		186		185
Total interest expense and credit facility fees	Total interest expense and credit facility fees	$	2,733	$	4,455		Total interest expense and credit facility fees	$	2,672	$	2,940	$	8,112	$	11,266
Cash paid for interest expense	Cash paid for interest expense	$	2,720	$	4,594		Cash paid for interest expense	$	2,637	$	3,708	$	8,028	$	12,667

As of ~~March 31,~~September 30, 2021 and December 31, 2020, ~~$2,253~~$2,200 and $2,302, respectively, of interest expense was included in interest and credit facility fees payable.

9. COMMMITMENTS AND CONTINGENCIES

A summary of significant contractual payment obligations was as follows as of ~~March 31,~~September 30, 2021 and December 31, 2020:


Payment Due by Period	Payment Due by Period	March 31, 2021		December 31, 2020		Payment Due by Period	September 30, 2021		December 31, 2020
Less than one year	Less than one year	$	—	$	—	Less than one year	$	—	$	—
1-3 years	1-3 years	—		—		1-3 years	—		—
3-5 years	3-5 years	499,397		537,949		3-5 years	615,545		537,949
More than 5 years	More than 5 years	449,200		449,200		More than 5 years	449,200		449,200
Total	Total	$	948,597	$	987,149	Total	$	1,064,745	$	987,149

In the ordinary course of its business, the Company enters into contracts or agreements that contain indemnification or warranties. Future events could occur that lead to the execution of these provisions against the Company. The Company believes that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in the consolidated financial statements as of ~~March 31,~~September 30, 2021 and December 31, 2020 for any such exposure.

We have in the past, currently are and may in the future become obligated to fund commitments such as revolving credit facilities, bridge financing commitments, or delayed draw commitments.

The Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans as of the indicated dates:


		Par Value as of					Par Value as of
		March 31, 2021		December 31, 2020			September 30, 2021		December 31, 2020
Unfunded delayed draw commitments	Unfunded delayed draw commitments	$	75,856	$	73,292	Unfunded delayed draw commitments	$	99,450	$	73,292
Unfunded revolving loan commitments	Unfunded revolving loan commitments	73,296		76,216		Unfunded revolving loan commitments	83,539		76,216
Total unfunded commitments	Total unfunded commitments	$	149,152	$	149,508	Total unfunded commitments	$	182,989	$	149,508

10. NET ASSETS

The Company has the authority to issue 198,000,000 shares of common stock, par value $0.01 per share, and 2,000,000 shares of preferred stock, par value $0.01 per share.

Cumulative Convertible Preferred Stock

On May 5, 2020, the Company issued and sold 2,000,000 shares of Preferred Stock to an affiliate of Carlyle in a private placement at a price of $25 per share. The Preferred Stock has a liquidation preference equal to $25 per share (the “Liquidation Preference”) plus any accumulated but unpaid dividends up to but excluding the date of distribution. Dividends are payable on a quarterly basis in an initial amount equal to 7.00% per annum of the Liquidation Preference per share, payable in cash, or at the Company’s option, 9.00% per annum of the Liquidation Preference payable in additional shares of Preferred Stock. After May 5, 2027, the dividend rate will increase annually, in each case by 1.00% per annum.

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The Preferred Stock is convertible, in whole or in part, at the option of the holder of the Preferred Stock into the number of shares of common stock equal to the Liquidation Preference plus any accumulated but unpaid dividends, divided by an initial conversion price of $9.50, subject to certain adjustments to prevent dilution as set forth in the Company's Articles Supplementary. The conversion price as of ~~March 31,~~September 30, 2021 was ~~$9.49.~~$9.48. At any time after May 5, 2023, the Company, with the approval of the Board of Directors, including a majority of the Independent Directors, will have the option to redeem all of the Preferred Stock for cash consideration equal to the Liquidation Preference plus any accumulated but unpaid dividends. The holders of the Preferred Stock will have the right to convert all or a portion of their shares of Preferred Stock prior to the date fixed for such redemption. At any time after May 5, 2027, the holders of the Preferred Stock will have the option to require the Company to redeem any or all of the then-outstanding Preferred Stock upon 90 days’ notice. The form of consideration used in any such redemption is at the option of the Board of Directors, including a majority of the Independent Directors, and may be cash consideration equal to the Liquidation Preference plus any accumulated but unpaid dividends, or shares of common stock. Holders also have the right to redeem the Preferred Stock upon a Change in Control (as defined in the Article Supplementary).

The following table summarizes the Company’s dividends declared on its preferred stock during the prior year and the current fiscal year to-date. Unless otherwise noted, dividends were declared and paid, or are payable, in cash.

Date Declared

Record Date

Payment Date

Per Share Amount

June 30, 2020

September 30, 2020

0.277

September 30, 2020

0.423

December 31, 2020

0.438

Total

1.138

March 31, 2021

0.438

June 30, 2021

0.438

September 30, 2021

0.438

Total

~~1.576~~1.314

Company Stock Repurchase Program

On November ~~2, 2020,~~1, 2021, the Company's Board of Directors approved the continuation of the Company's $150 million common stock repurchase program (the "Company Stock Repurchase Program") until November 5, ~~2021,~~2022, or until the approved dollar amount has been used to repurchase shares of ~~common stock, as well as the expansion of the repurchase authorization to $150 million in the aggregate of the Company's outstanding~~ common stock. This program may be suspended, extended, modified or discontinued by the Company at any time, subject to applicable law. The Company's Stock Repurchase Program was originally approved by the Company's Board of Directors on November 5, 2018 and announced on November 6, 2018. Since the inception of the Company Stock Repurchase Program through ~~March 31,~~September 30, 2021, the Company has repurchased ~~7,759,397~~8,854,215 shares of the Company's common stock at an average cost of ~~$13.20~~$13.25 per share, or ~~$102,418~~$117,345 in the aggregate, resulting in accretion to net assets per share of ~~$0.44.~~$0.48.

6972

Changes in Net Assets

For the three and nine month ~~period~~periods ended ~~March 31,~~September 30, 2021, the Company repurchased and extinguished ~~511,047~~495,871 and 1,605,865 shares, respectively, for ~~$5,570.~~$6,770 and $20,497, respectively. The following ~~table summarizes~~tables summarize capital activity ~~during the~~ for the three and nine month ~~period~~periods ended ~~March 31,~~September 30, 2021:


		Preferred Stock			Common Stock			Capital in Excess of Par Value		Offering Costs		Accumulated Net Investment Income (Loss)		Accumulated Net Realized Gain (Loss)		Accumulated Net Unrealized Appreciation (Depreciation)		Total Net Assets			Preferred Stock			Common Stock			Capital in Excess of Par Value		Offering Costs		Accumulated Net Investment Income (Loss)		Accumulated Net Realized Gain (Loss)		Accumulated Net Unrealized Appreciation (Depreciation)		Total Net Assets
		Shares	Amount		Shares	Amount															Shares	Amount		Shares	Amount
Balance, January 1, 2021		2,000,000	$	50,000	55,320,309	$	553	$	1,081,436	$	(1,633)	$	14,568	$	(140,133)	$	(103,428)	$	901,363
Balance, July 1, 2021																				Balance, July 1, 2021	2,000,000	$	50,000	54,210,315	$	542	$	1,067,720	$	(1,633)	$	15,307	$	(136,653)	$	(70,452)	$	924,831
Repurchase of common stock	Repurchase of common stock	—	—		(511,047)	(5)		(5,565)		—		—		—		—		(5,570)		Repurchase of common stock	—	—		(495,871)	(5)		(6,765)		—		—		—		—		(6,770)

Net investment income (loss)	Net investment income (loss)	—	—		—	—		—		—		20,679		—		—		20,679		Net investment income (loss)	—	—		—	—		—		—		22,086		—		—		22,086
Net realized gain (loss)	Net realized gain (loss)	—	—		—	—		—		—		—		1,591		—		1,591		Net realized gain (loss)	—	—		—	—		—		—		—		7,556		—		7,556
Net change in unrealized appreciation (depreciation)	Net change in unrealized appreciation (depreciation)	—	—		—	—		—		—		—		—		13,634		13,634		Net change in unrealized appreciation (depreciation)	—	—		—	—		—		��		—		—		17,978		17,978
Dividends declared on common stock and preferred stock	Dividends declared on common stock and preferred stock	—	—		—	—		—		—		(21,177)		—		—		(21,177)		Dividends declared on common stock and preferred stock	—	—		—	—		—		—		(21,287)		—		—		(21,287)
Balance, March 31, 2021		2,000,000	$	50,000	54,809,262	$	548	$	1,075,871	$	(1,633)	$	14,070	$	(138,542)	$	(89,794)	$	910,520
Balance, September 30, 2021																				Balance, September 30, 2021	2,000,000	$	50,000	53,714,444	$	537	$	1,060,955	$	(1,633)	$	16,106	$	(129,097)	$	(52,474)	$	944,394



	Preferred Stock			Common Stock			Capital in Excess of Par Value		Offering Costs		Accumulated Net Investment Income (Loss)		Accumulated Net Realized Gain (Loss) on Investments		Accumulated Net Unrealized Appreciation (Depreciation)		Total Net Assets
	Shares	Amount		Shares	Amount
Balance, January 1, 2021	2,000,000	$	50,000	55,320,309	$	553	$	1,081,436	$	(1,633)	$	14,568	$	(140,133)	$	(103,428)	$	901,363
Repurchase of common stock	—	—		(1,605,865)	(16)		(20,481)		—		—		—		—		(20,497)
Issuance of Preferred Stock	—	—		—	—		—		—		—		—		—		—
Net investment income (loss)	—	—		—	—		—		—		64,402		—		—		64,402
Net realized gain (loss)	—	—		—	—		—		—		—		11,036		—		11,036
Net change in unrealized appreciation (depreciation)	—	—		—	—		—		—		—		—		50,954		50,954
Dividends declared on common stock and preferred stock	—	—		—	—		—		—		(62,864)		—		—		(62,864)
Balance, September 30, 2021	2,000,000	$	50,000	53,714,444	$	537	$	1,060,955	$	(1,633)	$	16,106	$	(129,097)	$	(52,474)	$	944,394

For the three and nine month ~~period~~periods ended ~~March 31,~~September 30, 2020, the Company repurchased and extinguished 0 and 1,455,195 shares, respectively, for ~~$16,003.~~$0 and $16,003, respectively. The following ~~table summarizes~~tables summarize capital activity for the three and nine month ~~period~~periods ended ~~March 31,~~September 30, 2020:


		Common Stock			Capital in Excess of Par Value		Offering Costs		Accumulated Net Investment Income (Loss)		Accumulated Net Realized Gain (Loss)		Accumulated Net Unrealized Appreciation (Depreciation)		Total Net Assets			Preferred Stock			Common Stock			Capital in Excess of Par Value		Offering Costs		Accumulated Net Investment Income (Loss)		Accumulated Net Realized Gain (Loss)		Accumulated Net Unrealized Appreciation (Depreciation)		Total Net Assets
		Shares	Amount															Shares	Amount		Shares	Amount
Balance, January 1, 2020		57,763,811	$	578	$	1,109,238	$	(1,633)	$	10,368	$	(82,654)	$	(79,426)	$	956,471
Repurchase of common stock		(1,455,195)	(15)		(15,988)		—		—		—		—		(16,003)
Balance, July 1, 2020																	Balance, July 1, 2020	2,000,000	$	50,000	56,308,616	$	563	$	1,093,250	$	(1,633)	$	13,810	$	(131,650)	$	(141,036)	$	883,304

Issuance of Preferred Stock																	Issuance of Preferred Stock	—	—		—	—		—		—		—		—		—		—

Net investment income (loss)	Net investment income (loss)	—	—		—		—		23,972		—		—		23,972		Net investment income (loss)	—	—		—	—		—		—		21,234		—		—		21,234
Net realized gain (loss)	Net realized gain (loss)	—	—		—		—		—		(1,847)		—		(1,847)		Net realized gain (loss)	—	—		—	—		—		—		—		(220)		—		(220)
Net change in unrealized appreciation (depreciation)	Net change in unrealized appreciation (depreciation)	—	—		—		—		—		—		(143,225)		(143,225)		Net change in unrealized appreciation (depreciation)	—	—		—	—		—		—		—		—		12,594		12,594
Dividends declared	Dividends declared	—	—		—		—		(20,834)		—		—		(20,834)		Dividends declared	—	—		—	—		—		—		(21,690)		—		—		(21,690)
Balance, March 31, 2020		56,308,616	$	563	$	1,093,250	$	(1,633)	$	13,506	$	(84,501)	$	(222,651)	$	798,534
Balance, September 30, 2020																	Balance, September 30, 2020	2,000,000	$	50,000	56,308,616	$	563	$	1,093,250	$	(1,633)	$	13,354	$	(131,870)	$	(128,442)	$	895,222



	Preferred Stock			Common Stock			Capital in Excess of Par Value		Offering Costs		Accumulated Net Investment Income (Loss)		Accumulated Net Realized Gain (Loss)		Accumulated Net Unrealized Appreciation (Depreciation)		Total Net Assets
	Shares	Amount		Shares	Amount
Balance, January 1, 2020	—	$	—	57,763,811	$	578	$	1,109,238	$	(1,633)	$	10,368	$	(82,654)	$	(79,426)	$	956,471
Repurchase of common stock	—	—		(1,455,195)	(15)		(15,988)		—		—		—		—		(16,003)
Issuance of Preferred Stock	2,000,000	50,000		—	—		—		—		—		—		—		50,000

Net investment income (loss)	—	—		—	—		—		—		66,898		—		—		66,898
Net realized gain (loss) on investments	—	—		—	—		—		—		—		(49,216)		—		(49,216)
Net change in unrealized appreciation (depreciation) on investments	—	—		—	—		—		—		—		—		(49,016)		(49,016)
Dividends declared	—	—		—	—		—		—		(63,912)		—		—		(63,912)
Balance, September 30, 2020	2,000,000	$	50,000	56,308,616	$	563	$	1,093,250	$	(1,633)	$	13,354	$	(131,870)	$	(128,442)	$	895,222

Earnings Per Share

The Company calculates earnings per share in accordance with ASC ~~260, "Earnings per Share."~~260. Basic earnings per share is calculated by dividing the net increase (decrease) in net assets resulting from operations, less preferred dividends, by the weighted average number of common shares outstanding. Diluted earnings per share gives effect to all dilutive potential common shares

outstanding using the if-converted method for the convertible Preferred Stock. Diluted earnings per share excludes all dilutive potential common shares if their effect is anti-dilutive. ~~Potential common shares for the three months ended~~

~~March 31, 2021 would be dilutive because of profit during the period.~~ Basic and diluted earnings per common share were as follows:


		For the three month period ended March 31, 2021				For the three month period ended September 30, 2021				For the nine month period ended September 30, 2021
		Basic		Diluted				Basic		Diluted		Basic		Diluted
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders	Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders	$	35,029	$	35,904		Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders	$	46,745	$	47,620	$	123,767	$	126,392
Weighted-average common shares outstanding	Weighted-average common shares outstanding	55,039,010		60,306,312			Weighted-average common shares outstanding	53,955,338		59,230,725		54,506,760		59,782,147
Basic and diluted earnings per share	Basic and diluted earnings per share	$	0.65	$	0.60		Basic and diluted earnings per share	$	0.87	$	0.80	$	2.27	$	2.11


		For the three month period ended March 31, 2020				For the three month period ended September 30, 2020				For the nine month period ended September 30, 2020
		Basic		Diluted				Basic		Diluted		Basic		Diluted
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders	Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders	$	(121,100)	$	(121,100)		Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders	$	32,752	$	33,608	$	(32,744)	$	(32,744)
Weighted-average common shares outstanding	Weighted-average common shares outstanding	57,112,193		57,112,193			Weighted-average common shares outstanding	56,308,616		61,571,773		56,575,498		56,575,498
Basic and diluted earnings per share	Basic and diluted earnings per share	$	(2.12)	$	(2.12)		Basic and diluted earnings per share	$	0.58	$	0.55	$	(0.58)	$	(0.58)

Common Stock Dividends

The following table summarizes the Company’s dividends declared on its common stock during the two most recent fiscal years and the current fiscal year to-date:

Date Declared

Record Date

Payment Date

Per Common Share Amount

Date Declared

Record Date

Payment Date

Per Common Share Amount

February 22, 2019

March 29, 2019

April 17, 2019

0.37

February 22, 2019

March 29, 2019

April 17, 2019

0.37

May 6, 2019

June 28, 2019

July 17, 2019

0.37

May 6, 2019

June 28, 2019

July 17, 2019

0.37

June 17, 2019

June 28, 2019

July 17, 2019

0.08

(1)

June 17, 2019

June 28, 2019

July 17, 2019

0.08

(1)

August 5, 2019

September 30, 2019

October 17, 2019

0.37

August 5, 2019

September 30, 2019

October 17, 2019

0.37

November 4, 2019

December 31, 2019

January 17, 2020

0.37

November 4, 2019

December 31, 2019

January 17, 2020

0.37

December 12, 2019

December 31, 2019

January 17, 2020

0.18

(1)

December 12, 2019

December 31, 2019

January 17, 2020

0.18

(1)

February 24, 2020

March 31, 2020

April 17, 2020

0.37

February 24, 2020

March 31, 2020

April 17, 2020

0.37

May 4, 2020

June 30, 2020

July 17, 2020

0.37

May 4, 2020

June 30, 2020

July 17, 2020

0.37

August 3, 2020

September 30, 2020

October 16, 2020

0.32

(2)

August 3, 2020

September 30, 2020

October 16, 2020

0.32

(2)

August 3, 2020

September 30, 2020

October 16, 2020

0.05

(1)

August 3, 2020

September 30, 2020

October 16, 2020

0.05

(1)

November 2, 2020

December 31, 2020

January 15, 2021

0.32

November 2, 2020

December 31, 2020

January 15, 2021

0.32

November 2, 2020

December 31, 2020

January 15, 2021

0.04

(1)

November 2, 2020

December 31, 2020

January 15, 2021

0.04

(1)

February 22, 2021

March 31, 2021

April 16, 2021

0.32

February 22, 2021

March 31, 2021

April 16, 2021

0.32

February 22, 2021

March 31, 2021

April 16, 2021

0.05

(1)

February 22, 2021

March 31, 2021

April 16, 2021

0.05

(1)

May 3, 2021

June 30, 2021

July 15, 2021

0.32

May 3, 2021

June 30, 2021

July 15, 2021

0.04

(1)

August 2, 2021

September 30, 2021

October 15, 2021

0.32

August 2, 2021

September 30, 2021

October 15, 2021

0.06

(1)

(1)Represents a special/supplemental dividend.

(2)The Company updated its dividend policy such that the ~~regular~~base dividend is $0.32 per share of common stock, effective with the third quarter 2020 dividend.

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11. CONSOLIDATED FINANCIAL HIGHLIGHTS

The following is a schedule of consolidated financial highlights for the ~~three~~nine month periods ended ~~March 31,~~September 30, 2021 and 2020:


		For the three month periods ended							For the nine month periods ended
		March 31, 2021			March 31, 2020				September 30, 2021			September 30, 2020
Per Common Share Data:	Per Common Share Data:							Per Common Share Data:
Net asset value per common share, beginning of period	Net asset value per common share, beginning of period	$	15.39		$	16.56		Net asset value per common share, beginning of period	$	15.39		$	16.56
Net investment income (loss) (1)	Net investment income (loss) (1)	0.36			0.42			Net investment income (loss) (1)	1.13			1.16
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities	Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities	0.29			(2.57)			Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities	1.14			(1.74)
Net increase (decrease) in net assets resulting from operations	Net increase (decrease) in net assets resulting from operations	0.65			(2.15)			Net increase (decrease) in net assets resulting from operations	2.27			(0.58)
Dividends declared (2)	Dividends declared (2)	(0.37)			(0.37)			Dividends declared (2)	(1.11)			(1.11)
Other								Other	0.03			—
Accretion due to share repurchases	Accretion due to share repurchases	0.03			0.14			Accretion due to share repurchases	0.07			0.14
Net asset value per common share, end of period	Net asset value per common share, end of period	$	15.70		$	14.18		Net asset value per common share, end of period	$	16.65		$	15.01
Market price per common share, end of period	Market price per common share, end of period	$	13.20		$	5.22		Market price per common share, end of period	$	13.41		$	8.91

Number of common shares outstanding, end of period	Number of common shares outstanding, end of period	54,809,262			56,308,616			Number of common shares outstanding, end of period	53,714,444			56,308,616
Total return based on net asset value (3)	Total return based on net asset value (3)	4.42		%	(12.14)		%	Total return based on net asset value (3)	15.40		%	(2.66)		%
Total return based on market price (4)	Total return based on market price (4)	32.26		%	(58.22)		%	Total return based on market price (4)	41.52		%	(25.11)		%
Net assets attributable to Common Stockholders, end of period	Net assets attributable to Common Stockholders, end of period	$	860,520		$	798,534		Net assets attributable to Common Stockholders, end of period	$	894,394		$	845,222
Ratio to average net assets attributable to Common Stockholders(5):	Ratio to average net assets attributable to Common Stockholders(5):							Ratio to average net assets attributable to Common Stockholders(5):
Expenses before incentive fees	Expenses before incentive fees	1.76		%	2.38		%	Expenses before incentive fees	5.71		%	6.87		%
Expenses after incentive fees	Expenses after incentive fees	2.23		%	2.94		%	Expenses after incentive fees	7.22		%	8.51		%
Net investment income (loss)	Net investment income (loss)	2.28		%	2.66		%	Net investment income (loss)	7.40		%	7.62		%
Interest expense and credit facility fees	Interest expense and credit facility fees	0.83		%	1.41		%	Interest expense and credit facility fees	2.64		%	3.61		%
Ratios/Supplemental Data:	Ratios/Supplemental Data:							Ratios/Supplemental Data:
Asset coverage, end of period	Asset coverage, end of period	186.17		%	163.08		%	Asset coverage, end of period	180.23		%	174.96		%
Portfolio turnover	Portfolio turnover	8.05		%	3.11		%	Portfolio turnover	30.72		%	21.94		%
Weighted-average shares outstanding	Weighted-average shares outstanding	55,039,010			57,112,193			Weighted-average shares outstanding	54,506,760			56,575,498

(1)Net investment income (loss) per common share was calculated as net investment income (loss) less the preferred dividend for the period divided by the weighted average number of common shares outstanding for the period.

(2)Dividends declared per common share was calculated as the sum of dividends on common stock declared during the period divided by the number of common shares outstanding at each respective quarter-end date (refer to Note 10, Net Assets).

(3)Total return based on net asset value (not annualized) is based on the change in net asset value per common share during the period plus the declared dividends on common stock, assuming reinvestment of dividends in accordance with the dividend reinvestment plan, divided by the beginning net asset value for the period.

(4)Total return based on market value (not annualized) is calculated as the change in market value per common share during the period plus the declared dividends on common stock, assuming reinvestment of dividends in accordance with the dividend reinvestment plan, divided by the beginning market price for the period.

(5)These ratios to average net assets attributable to Common Stockholders have not been annualized.

12. LITIGATION

The Company may become party to certain lawsuits in the ordinary course of business. The Company does not believe that the outcome of current matters, if any, will materially impact the Company or its consolidated financial statements. As of ~~March 31,~~September 30, 2021 and December 31, 2020, the Company was not subject to any material legal proceedings, nor, to the Company’s knowledge, is any material legal proceeding threatened against the Company.

In addition, portfolio investments of the Company could be the subject of litigation or regulatory investigations in the ordinary course of business. The Company does not believe that the outcome of any current contingent liabilities of its portfolio investments, if any, will materially affect the Company or these consolidated financial statements.

13. TAX

The Company has not recorded a liability for any uncertain tax positions pursuant to the provisions of ASC 740, Income Taxes, as of ~~March 31,~~September 30, 2021 and December 31, 2020.

In the normal course of business, the Company is subject to examination by federal and certain state, local and foreign tax regulators. As of ~~March 31,~~September 30, 2021 and December 31, 2020, the Company had filed tax returns and therefore is subject to examination.

The Company’s taxable income for each period is an estimate and will not be finally determined until the Company files its tax return for each year. Therefore, the final taxable income, and the taxable income earned in each period and carried forward for distribution in the following period, may be different than this estimate. The estimated tax character of dividends declared on preferred stock and common stock for ~~three~~nine month periods ended ~~March 31,~~September 30, 2021 and 2020 was as follows:


		For the three month periods ended					For the nine month periods ended
		March 31, 2021		March 31, 2020			September 30, 2021		September 30, 2020
Ordinary income	Ordinary income	$	21,177	$	20,834	Ordinary income	$	62,864	$	63,912
Tax return of capital	Tax return of capital	$	—	$	—	Tax return of capital	$	—	$	—

14. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date the consolidated financial statements were issued. There have been no subsequent events that require recognition or disclosure through the date the consolidated financial statements were issued, except as disclosed below and elsewhere in the consolidated financial statements.

On ~~May 3,~~November 1, 2021, the Board of Directors declared a ~~regular~~base quarterly common dividend of $0.32 plus a supplemental common dividend of ~~$0.04,~~$0.07, which are payable on ~~July 15, 2021~~January 14, 2022 to common stockholders of record on ~~June 30,~~December 31, 2021.

7377

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

(dollar amounts in thousands, except per share data, unless otherwise indicated)

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

We have included or incorporated by reference in this Form 10-Q, and from time to time our management may make, “forward-looking statements”. These forward-looking statements are not historical facts, but instead relate to future events or the future performance or financial condition of TCG BDC, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “TCG BDC” or the “Company”). These statements are based on current expectations, estimates and projections about us, our current or prospective portfolio investments, our industry, our beliefs, and our assumptions. The forward-looking statements contained in this Form 10-Q involve a number of risks and uncertainties, including statements concerning:

•our, or our portfolio companies’, future business, operations, operating results or prospects, including our and their ability to achieve our respective objectives as a result of the current COVID-19 pandemic;

•the return or impact of current and future investments;

•the general economy and its impact on the industries in which we invest and the impact of the COVID-19 pandemic thereon;

•the impact of any protracted decline in the liquidity of credit markets on our business and the impact of the COVID-19 pandemic thereon;

•the impact of fluctuations in interest rates on our business, including from changes in or the discontinuation of LIBOR, on our business;

•the valuation of investments in portfolio companies, particularly those having no liquid trading market, and the impact of the COVID-19 pandemic thereon;

•the impact of changes in laws, policies or regulations (including the interpretation thereof) affecting our operations or the operations of our portfolio companies;

•the valuation of our investments in portfolio companies, particularly those having no liquid trading market, and the impact of the COVID-19 pandemic thereon;

•our ability to recover unrealized losses;

•market conditions and our ability to access alternative debt markets and additional debt and equity capital, and the impact of the COVID-19 pandemic thereon;

•our contractual arrangements and relationships with third parties;

•uncertainty surrounding the financial stability of the United States, Europe and China;

•the social, geopolitical, financial, trade and legal implications of the exit of the United Kingdom from the European Union, or Brexit;

•competition with other entities and our affiliates for investment opportunities;

•the speculative and illiquid nature of our investments;

•the use of borrowed money to finance a portion of our investments;

•our expected financings and investments;

•the adequacy of our cash resources and working capital;

•the timing, form and amount of any dividend distributions;

•the timing of cash flows, if any, from the operations of our portfolio companies and the impact of the COVID-19 pandemic thereon;

•the ability to consummate acquisitions;

•the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments;

•currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

•the ability of The Carlyle Group Employee Co., L.L.C. to attract and retain highly talented professionals that can provide services to our investment adviser and administrator;

7478

•our ability to maintain our status as a business development company; and

•our intent to satisfy the requirements of a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended.

We use words such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may,” “plans,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words. Our actual results and condition could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Risk Factors” in Part II, Item 1A of our annual report on Form 10-K for the year ended December 31, 2020 (our "2020 Form 10-K").

We have based the forward-looking statements included in this Form 10-Q on information available to us on the date of this Form 10-Q, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the Securities and Exchange Commission (the “SEC”), including our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

OVERVIEW

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with Part I, Item 1 of this Form 10-Q “Financial Statements.” This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to those described in “Risk Factors” in Part I, Item 1A of our 2020 Form 10-K. Our actual results could differ materially from those anticipated by such forward-looking statements due to factors discussed under “Risk Factors” in our 2020 Form 10-K and “Cautionary Statements Regarding Forward-Looking Statements” appearing elsewhere in this Form 10-Q.

We are a Maryland corporation formed on February 8, 2012, and structured as an externally managed, non-diversified closed-end investment company. We have elected to be regulated as a BDC under the Investment Company Act. We have elected to be treated, and intend to continue to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code.

Our investment objective is to generate current income and capital appreciation primarily through debt investments in U.S. middle market companies. Our core investment strategy focuses on lending to U.S. middle market companies, which we define as companies with approximately $25 million to $100 million of EBITDA, which we believe is a useful proxy for cash flow. We complement this core strategy with additive, diversifying assets including, but not limited to, specialty lending investments. We seek to achieve our investment objective primarily through direct origination of Middle Market Senior Loans, with the balance of our assets invested in higher yielding investments (which may include unsecured debt, mezzanine debt and investments in equities). We generally make Middle Market Senior Loans to private U.S. middle market companies that are, in many cases, controlled by private equity firms. Depending on market conditions, we expect that between 70% and 80% of the value of our assets will be invested in Middle Market Senior Loans. We expect that the composition of our portfolio will change over time given our Investment Adviser’s view on, among other things, the economic and credit environment (including with respect to interest rates) in which we are operating.

On June 19, 2017, we closed our IPO, issuing 9,454,200 shares of our common stock (including shares issued pursuant to the exercise of the underwriters’ over-allotment option on July 5, 2017) at a public offering price of $18.50 per share. Net of underwriting costs, we received cash proceeds of $169,488. Shares of common stock of TCG BDC began trading on the Nasdaq Global Select Market under the symbol “CGBD” on June 14, 2017.

On June 9, 2017, we acquired NF Investment Corp. (“NFIC”), a BDC managed by our Investment Advisor (the “NFIC Acquisition”). As a result, we issued 434,233 shares of common stock to the NFIC stockholders and approximately $145,602 in cash, and acquired approximately $153,648 in net assets.

We are externally managed by our Investment Adviser, an investment adviser registered under the Advisers Act. Our Administrator provides the administrative services necessary for us to operate. Both our Investment Adviser and our Administrator are wholly owned subsidiaries of Carlyle Investment Management L.L.C., a subsidiary of Carlyle. Our Investment Adviser’s five-person investment committee is responsible for reviewing and approving our investment opportunities. The members of the investment committee have experience investing through different credit cycles. Our Investment Adviser’s investment committee comprises five of the most senior credit professional within the Carlyle Global

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Credit segment, with backgrounds and expertise across asset classes and over 26 years of average industry experience and 10 years of average tenure. In addition, our Investment Adviser and its investment team are supported by a team of finance, operations and administrative professionals currently employed by Carlyle Employee Co., a wholly owned subsidiary of Carlyle.

In conducting our investment activities, we believe that we benefit from the significant scale, relationships and resources of Carlyle, including our Investment Adviser and its affiliates. We have operated our business as a BDC since we began our investment activities in May 2013.

KEY COMPONENTS OF OUR RESULTS OF OPERATIONS

Investments

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt available to middle market companies, the general economic environment and the competitive environment for the type of investments we make.

Revenue

We generate revenue primarily in the form of interest income on debt investments we hold. In addition, we generate income from dividends on direct equity investments, capital gains on the sales of loans and debt and equity securities and various loan origination and other fees. Our debt investments generally have a stated term of five to eight years and generally bear interest at a floating rate usually determined on the basis of a benchmark such as LIBOR. Interest on these debt investments is generally paid quarterly. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. We may also generate revenue in the form of commitment, origination, amendment, structuring or due diligence fees, fees for providing managerial assistance and consulting fees.

Expenses

Our primary operating expenses include the payment of: (i) investment advisory fees, including base management fees and incentive fees, to our Investment Adviser pursuant to the Investment Advisory Agreement between us and our Investment Adviser; (ii) costs and other expenses and our allocable portion of overhead incurred by our Administrator in performing its administrative obligations under the Administration Agreement between us and our Administrator; and (iii) other operating expenses as detailed below:

•administration fees payable under our Administration Agreement and Sub-Administration Agreements, including related expenses;

•the costs of any offerings of our common stock and other securities, if any;

•calculating individual asset values and our net asset value (including the cost and expenses of any independent valuation firms);

•expenses, including travel expenses, incurred by our Investment Adviser, or members of our Investment Adviser team managing our investments, or payable to third parties, performing due diligence on prospective portfolio companies and, if necessary, expenses of enforcing our rights;

•certain costs and expenses relating to distributions paid on our shares;

•debt service and other costs of borrowings or other financing arrangements;

•the allocated costs incurred by our Investment Adviser in providing managerial assistance to those portfolio companies that request it;

•amounts payable to third parties relating to, or associated with, making or holding investments;

•the costs associated with subscriptions to data service, research-related subscriptions and expenses and quotation equipment and services used in making or holding investments;

•transfer agent and custodial fees;

•costs of hedging;

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•commissions and other compensation payable to brokers or dealers;

•federal and state registration fees;

•any U.S. federal, state and local taxes, including any excise taxes;

•independent director fees and expenses;

•costs of preparing financial statements and maintaining books and records, costs of preparing tax returns, costs of Sarbanes-Oxley Act compliance and attestation and costs of filing reports or other documents with the SEC (or other regulatory bodies), and other reporting and compliance costs, including registration and listing fees, and the compensation of professionals responsible for the preparation or review of the foregoing;

•the costs of any reports, proxy statements or other notices to our stockholders (including printing and mailing costs), the costs of any stockholders’ meetings and the compensation of investor relations personnel responsible for the preparation of the foregoing and related matters;

•the costs of specialty and custom software for monitoring risk, compliance and overall portfolio, including any development costs incurred prior to the filing of our election to be regulated as a BDC;

•our fidelity bond;

•directors and officers/errors and omissions liability insurance, and any other insurance premiums;

•indemnification payments;

•direct fees and expenses associated with independent audits, agency, consulting and legal costs; and

•all other expenses incurred by us or our Administrator in connection with administering our business, including our allocable share of certain officers and their staff compensation.

We expect our general and administrative expenses to be relatively stable or to decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

PORTFOLIO AND INVESTMENT ACTIVITY

Below is a summary of certain characteristics of our investment portfolio as of ~~March 31,~~September 30, 2021 and December 31, 2020.


		As of							As of
		March 31, 2021			December 31, 2020				September 30, 2021			December 31, 2020
Fair value of investments	Fair value of investments	$	1,841,634		$	1,825,749		Fair value of investments	$	1,948,206		$	1,825,749
Count of investments	Count of investments	164			160			Count of investments	163			160
Count of portfolio companies / investment funds	Count of portfolio companies / investment funds	119			117			Count of portfolio companies / investment funds	123			117
Count of industries	Count of industries	27			27			Count of industries	28			27

Percentage of total investment fair value:	Percentage of total investment fair value:							Percentage of total investment fair value:
First lien debt (excluding first lien/last out debt)		63.2		%	63.6		%
First lien/last out debt		3.4		%	3.4		%

First lien debt								First lien debt	65.5		%	67.0		%
Second lien debt	Second lien debt	16.3		%	15.6		%	Second lien debt	18.1		%	15.6		%
Total secured debt	Total secured debt	82.9		%	82.6		%	Total secured debt	83.6		%	82.6		%
Investment Funds	Investment Funds	15.2		%	15.5		%	Investment Funds	13.7		%	15.5		%
Equity investments	Equity investments	1.9		%	1.9		%	Equity investments	2.7		%	1.9		%

Percentage of debt investment fair value:	Percentage of debt investment fair value:							Percentage of debt investment fair value:
Floating rate (1)	Floating rate (1)	99.1		%	99.1		%	Floating rate (1)	98.5		%	99.1		%
Fixed interest rate	Fixed interest rate	0.9		%	0.9		%	Fixed interest rate	1.5		%	0.9		%

(1) Primarily subject to interest rate floors.

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Our investment activity for the three month periods ended ~~March 31,~~September 30, 2021 and 2020 is presented below (information presented herein is at amortized cost unless otherwise indicated):


		For the three month periods ended							For the three month periods ended
		March 31, 2021			March 31, 2020				September 30, 2021			September 30, 2020
Investments:	Investments:							Investments:
Total investments, beginning of period	Total investments, beginning of period	$	1,922,966		$	2,201,451		Total investments, beginning of period	$	1,936,328		$	2,048,349
New investments purchased	New investments purchased	148,927			331,932			New investments purchased	272,645			59,887
Net accretion of discount on investments	Net accretion of discount on investments	2,026			2,586			Net accretion of discount on investments	2,501			1,451
Net realized gain (loss) on investments	Net realized gain (loss) on investments	1,673			(1,697)			Net realized gain (loss) on investments	7,565			(209)
Investments sold or repaid	Investments sold or repaid	(150,601)			(286,945)			Investments sold or repaid	(222,784)			(35,551)
Total Investments, end of period	Total Investments, end of period	$	1,924,991		$	2,247,327		Total Investments, end of period	$	1,996,255		$	2,073,927
Principal amount of investments funded:	Principal amount of investments funded:							Principal amount of investments funded:
First Lien Debt (excluding First Lien/Last Out Debt)		$	98,408		$	75,510
First Lien/Last Out Debt		—			—

First Lien Debt								First Lien Debt	$	217,652		$	60,468
Second Lien Debt	Second Lien Debt	52,369			86,109			Second Lien Debt	58,857			—

Equity Investments	Equity Investments	645			10,500			Equity Investments	446			358
Investment Funds	Investment Funds	—			156,000			Investment Funds	—			—
Total	Total	$	151,422		$	328,119		Total	$	276,955		$	60,826
Principal amount of investments sold or repaid:	Principal amount of investments sold or repaid:							Principal amount of investments sold or repaid:
First Lien Debt (excluding First Lien/Last Out Debt)		$	(106,827)		$	(97,185)
First Lien/Last Out Debt		(246)			(19,273)

First Lien Debt								First Lien Debt	$	(195,020)		$	(36,437)
Second Lien Debt	Second Lien Debt	(41,531)			(15,232)			Second Lien Debt	(18,230)			(4)

Equity Investments	Equity Investments	(446)			—			Equity Investments	(1,870)			—
Investment Funds	Investment Funds	—			(156,500)			Investment Funds	—			—
Total	Total	$	(149,050)		$	(288,190)		Total	$	(215,120)		$	(36,441)
Number of new funded investments	Number of new funded investments	10			10			Number of new funded investments	15			7
Average amount of new funded investments	Average amount of new funded investments	$	12,583		$	10,277		Average amount of new funded investments	$	10,319		$	5,877
Percentage of new funded debt investments at floating interest rates	Percentage of new funded debt investments at floating interest rates	100		%	90		%	Percentage of new funded debt investments at floating interest rates	100		%	100		%
Percentage of new funded debt investments at fixed interest rates	Percentage of new funded debt investments at fixed interest rates	—		%	10		%	Percentage of new funded debt investments at fixed interest rates	—		%	—		%

As of ~~March 31,~~September 30, 2021 and December 31, 2020, investments consisted of the following:


		March 31, 2021				December 31, 2020					September 30, 2021				December 31, 2020
		Amortized Cost		Fair Value		Amortized Cost		Fair Value			Amortized Cost		Fair Value		Amortized Cost		Fair Value
First Lien Debt (excluding First Lien/Last Out Debt)		$	1,226,793	$	1,164,592	$	1,234,579	$	1,161,881
First Lien/Last Out Debt		63,401		62,061		63,575		62,182

First Lien Debt										First Lien Debt	$	1,322,133	$	1,275,553	$	1,298,154	$	1,224,063
Second Lien Debt	Second Lien Debt	308,048		299,322		297,962		284,523		Second Lien Debt	354,319		352,570		297,962		284,523
Equity Investments	Equity Investments	32,653		35,030		32,754		33,877		Equity Investments	48,707		52,665		32,754		33,877
Investment Funds	Investment Funds	294,097		280,629		294,096		283,286		Investment Funds	271,096		267,418		294,096		283,286
Total	Total	$	1,924,992	$	1,841,634	$	1,922,966	$	1,825,749	Total	$	1,996,255	$	1,948,206	$	1,922,966	$	1,825,749

The weighted average yields (1) for our first and second lien debt, based on the amortized cost and fair value as of ~~March 31,~~September 30, 2021 and December 31, 2020, were as follows:

March 31, 2021 December 31, 2020
Amortized
Cost Fair Value Amortized
Cost Fair Value
First Lien Debt (excluding First Lien/Last Out Debt) 7.18 % 7.56 % 7.08 % 7.53 %
First Lien/Last Out Debt 9.64 % 9.85 % 9.65 % 9.87 %
First Lien Debt Total 7.30 % 7.68 % 7.21 % 7.65 %
Second Lien Debt 9.04 % 9.30 % 9.15 % 9.59 %
First and Second Lien Debt Total 7.63 % 7.99 % 7.57 % 8.01 %


	September 30, 2021				December 31, 2020
	Amortized Cost		Fair Value		Amortized Cost		Fair Value


First Lien Debt	7.31	%	7.58	%	7.21	%	7.65	%
Second Lien Debt	9.12	%	9.17	%	9.15	%	9.59	%
First and Second Lien Debt Total	7.69	%	7.92	%	7.57	%	8.01	%

(1)Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of ~~March 31,~~September 30, 2021 and December 31, 2020. Weighted average yield on debt and income producing securities at fair value is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount "OID") and market

discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at fair value included in such securities. Weighted average yield on debt and income producing securities at amortized cost is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at amortized cost included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

Total weighted average yields (which includes the effect of accretion of discount and amortization of premiums) of our first and second lien debt investments as measured on an amortized cost basis increased from 7.57% to ~~7.63%~~7.69% from December 31, 2020 to ~~March 31,~~September 30, 2021.

The following table summarizes the fair value of our performing and non-accrual/non-performing investments as of ~~March 31,~~September 30, 2021 and December 31, 2020:


		March 31, 2021				December 31, 2020					September 30, 2021				December 31, 2020
		Fair Value		Percentage		Fair Value		Percentage			Fair Value		Percentage		Fair Value		Percentage
Performing	Performing	$	1,781,258	96.7	%	$	1,767,613	96.8	%	Performing	$	1,880,741	96.5	%	$	1,767,613	96.8	%
Non-accrual (1)	Non-accrual (1)	60,376		3.3		58,136		3.2		Non-accrual (1)	67,465		3.5		58,136		3.2
Total	Total	$	1,841,634	100.0	%	$	1,825,749	100.0	%	Total	$	1,948,206	100.0	%	$	1,825,749	100.0	%

(1)For information regarding our non-accrual policy, see Note 2 to the consolidated financial statements included in Part I, Item 1 of this Form 10-Q.

See the Consolidated Schedules of Investments as of ~~March 31,~~September 30, 2021 and December 31, 2020 in our consolidated financial statements in Part I, Item 1 of this Form 10-Q for more information on these investments, including a list of companies and type and amount of investments.

As part of the monitoring process, our Investment Adviser has developed risk policies pursuant to which it regularly assesses the risk profile of each of our debt investments and rates each of them based on categories, which we refer to as “Internal Risk Ratings”. Pursuant to these risk policies, an Internal Risk Rating of 1 – 5, which are defined below, is assigned to each debt investment in our portfolio. Key drivers of internal risk ratings include financial metrics, financial covenants, liquidity and enterprise value coverage.

Internal Risk Ratings Definitions


Rating						Definition
1						Borrower is operating above expectations, and the trends and risk factors are generally favorable.

2						Borrower is operating generally as expected or at an acceptable level of performance. The level of risk to our initial cost bases is similar to the risk to our initial cost basis at the time of origination. This is the initial risk rating assigned to all new borrowers.

3						Borrower is operating below expectations and level of risk to our cost basis has increased since the time of origination. The borrower may be out of compliance with debt covenants. Payments are generally current although there may be higher risk of payment default.

4						Borrower is operating materially below expectations and the loan’s risk has increased materially since origination. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due, but generally not by more than 120 days. It is anticipated that we may not recoup our initial cost basis and may realize a loss of our initial cost basis upon exit.

5						Borrower is operating substantially below expectations and the loan’s risk has increased substantially since origination. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. It is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis upon exit.

Our Investment Adviser monitors and, when appropriate, changes the investment ratings assigned to each debt investment in our portfolio. Our Investment Adviser reviews our investment ratings in connection with our quarterly valuation process. The below table summarizes the Internal Risk Ratings as of ~~March 31,~~September 30, 2021 and December 31, 2020.

March 31, 2021 December 31, 2020
Fair Value % of Fair Value Fair Value % of Fair Value
(dollar amounts in millions)
Internal Risk Rating 1 $ 19.1 1.3 % $ 19.1 1.3 %
Internal Risk Rating 2 1,097.9 71.9 1,047.5 69.4
Internal Risk Rating 3 324.9 21.3 361.1 23.9
Internal Risk Rating 4 49.6 3.2 48.2 3.2
Internal Risk Rating 5 34.5 2.3 32.8 2.2
Total $ 1,526.0 100.0 % $ 1,508.6 100.0 %


	September 30, 2021				December 31, 2020
	Fair Value		% of Fair Value		Fair Value		% of Fair Value
(dollar amounts in millions)
Internal Risk Rating 1	$	3.8	0.2	%	$	19.1	1.3	%
Internal Risk Rating 2	1,245.1		76.5		1,047.5		69.4
Internal Risk Rating 3	311.8		19.2		361.1		23.9
Internal Risk Rating 4	28.1		1.7		48.2		3.2
Internal Risk Rating 5	39.4		2.4		32.8		2.2
Total	$	1,628.1	100.0	%	$	1,508.6	100.0	%

As of ~~March 31,~~September 30, 2021 and December 31, 2020, the weighted average Internal Risk Rating of our debt investment portfolio was 2.3 and 2.4, respectively. As of ~~March 31,~~September 30, 2021, ~~six~~five of our debt investments, with an aggregate fair value of ~~$84.1~~$67.5 million were assigned an Internal Risk Rating of 4-5. As of December 31, 2020, six of our debt investments, with an aggregate fair value of $80.9 million were assigned an Internal Risk Rating of 4-5. As of ~~March 31,~~September 30, 2021 and December 31, 2020, five and five of our debt investments were on non-accrual status, respectively. Our debt investments non-accrual status had a fair value of ~~$60.4~~$67.5 million and $58.1 million, respectively, which represented approximately ~~3.3%~~3.5% and 3.2%, respectively, of our total investments at fair value as of ~~March 31,~~September 30, 2021 and December 31, 2020. The remaining first and second lien debt investments were performing and current on their interest payments as of ~~March 31,~~September 30, 2021 and December 31, 2020.

CONSOLIDATED RESULTS OF OPERATIONS

For the three month and nine month periods ended ~~March 31,~~September 30, 2021 and 2020

The net increase or decrease in net assets from operations may vary substantially from period to period as a result of various factors, including the recognition of realized gains and losses and net change in unrealized appreciation and depreciation. As a result, quarterly comparisons may not be meaningful.

Investment Income

Investment income for the three month and nine month periods ended ~~March 31,~~September 30, 2021 and 2020 was as follows:


		For the three month periods ended				For the three month periods ended				For the nine month periods ended
		March 31, 2021		March 31, 2020				September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Investment income	Investment income						Investment income
First Lien Debt	First Lien Debt	$	25,584	$	35,650		First Lien Debt	$	27,524	$	29,587	$	80,706	$	97,058
Second Lien Debt	Second Lien Debt	6,700		8,126			Second Lien Debt	7,790		7,084		21,319		22,814
Equity Investments	Equity Investments	1,036		185			Equity Investments	925		362		2,702		880
Investment Funds	Investment Funds	7,528		6,549			Investment Funds	7,523		5,750		22,539		17,799
Cash	Cash	—		35			Cash	—		1		—		53
Total investment income	Total investment income	$	40,848	$	50,545		Total investment income	$	43,762	$	42,784	$	127,266	$	138,604

The ~~decrease~~increase in investment income for the three month period ended ~~March 31,~~September 30, 2021 from the comparable period in 2020 was primarily driven by higher income from Investment Funds. The decrease in investment income for the nine month period ended September 30, 2021 from the comparable period in 2020 was primarily driven by a lower average loan ~~balance and the decrease in LIBOR.~~balance. As of ~~March 31,~~September 30, 2021, the size of our portfolio decreased to ~~$1,924,992~~$1,996,255 from ~~$2,247,327~~$2,073,927 as of ~~March 31,~~September 30, 2020, at amortized cost. As of ~~March 31,~~September 30, 2021, the weighted average yield of our first and second lien debt investments ~~decreased~~increased to ~~7.63%~~7.69% from ~~7.74%~~7.44% as of ~~March 31,~~September 30, 2020 on amortized cost, primarily due to new fundings being originated at a higher weighted average yield than the ~~decrease in LIBOR.~~yield of positions being repaid or sold.

Interest income on our first and second lien debt investments is dependent on the composition and credit quality of the portfolio. Generally, we expect the portfolio to generate predictable quarterly interest income based on the terms stated in each loan’s credit agreement. As of ~~March 31,~~September 30, 2021 and 2020, five and ~~seven~~six first lien debt investments, respectively, were on non-accrual status. Non-accrual investments had a fair value of ~~$60,376~~$67,465 and ~~$44,116~~$67,371 respectively, which represented approximately ~~3.3%~~

3.5% and ~~2.2%~~3.5% of total investments at fair value, respectively, as of ~~March 31,~~September 30, 2021 and 2020. The remaining first and second lien debt investments were performing and current on their interest payments as of ~~March 31,~~September 30, 2021 and 2020.

For the three month periods ended ~~March 31,~~September 30, 2021 and 2020, the Company earned ~~$1,470~~$759 and ~~$2,344,~~$2,110, respectively, in other income. For the nine month periods ended September 30, 2021 and 2020, the Company earned $4,636 and $8,001, respectively, in other income. The decrease in other income for the three month period ended ~~March 31,~~September 30, 2021 from the comparable period in 2020 was primarily driven by lower ~~prepayment~~amendment and underwriting fees. The decrease in other income for the nine month period ended September 30, 2021 from the comparable period in 2020 was primarily driven by lower underwriting, amendment and prepayment fees.

For the three month periods ended ~~March 31,~~September 30, 2021 and 2020, the Company earned ~~$7,528~~$7,523 and ~~$6,549,~~$5,750, respectively, in dividend and interest income from the Investment Funds. For the nine month periods ended September 30, 2021 and 2020, the Company earned $22,539 and $17,799, respectively, in dividend and interest income from the Investment Funds. The increase for the three month period ended ~~March 31,~~September 30, 2021 from the comparable ~~periods~~period in 2020 was driven by the formation of Credit Fund II during the fourth quarter of 2020 and by a higher dividend from Credit Fund. The increase for the nine month period ended September 30, 2021 from the comparable period in 2020 was driven by the formation of Credit Fund II during the fourth quarter of 2020 and by a higher dividend from Credit Fund, partially offset by a decrease in interest income on the Mezzanine Loan to Credit Fund.

Net investment income (loss) for the three month and nine month periods ended ~~March 31,~~September 30, 2021 and 2020 was as follows:


		For the three month periods ended				For the three month periods ended				For the nine month periods ended
		March 31, 2021		March 31, 2020				September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Total investment income	Total investment income	$	40,848	$	50,545		Total investment income	$	43,762	$	42,784	$	127,266	$	138,604
Net expenses (including excise tax expense)	Net expenses (including excise tax expense)	(20,169)		(26,573)			Net expenses (including excise tax expense)	(21,676)		(21,550)		(62,864)		(71,706)
Net investment income (loss)	Net investment income (loss)	$	20,679	$	23,972		Net investment income (loss)	$	22,086	$	21,234	$	64,402	$	66,898

Expenses


	For the three month periods ended				For the nine month periods ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Base management fees	$	7,233	$	7,134	$	21,024	$	21,585
Incentive fees	4,516		4,322		13,193		14,075
Professional fees	836		937		2,444		2,282
Administrative service fees	400		167		1,057		539
Interest expense	7,519		7,291		21,549		28,913
Credit facility fees	435		728		1,459		2,106
Directors’ fees and expenses	154		86		420		303
Other general and administrative	420		498		1,292		1,364
Excise tax expense	163		387		426		539
Expenses	$	21,676	$	21,550	$	62,864	$	71,706

8185

~~Expenses~~

For the three month periods ended
March 31, 2021 March 31, 2020
Base management fees $ 6,800 $ 7,386
Incentive fees 4,257 5,086
Professional fees 691 667
Administrative service fees 282 106
Interest expense 6,975 12,179
Credit facility fees 519 590
Directors’ fees and expenses 116 96
Other general and administrative 405 411
Excise tax expense 124 52
Expenses $ 20,169 $ 26,573

Interest expense and credit facility fees for the three month and nine month periods ended ~~March 31,~~September 30, 2021 and 2020 ~~were~~ comprised of the following:


		For the three month periods ended						For the three month periods ended					For the nine month periods ended
		March 31, 2021			March 31, 2020					September 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020
Interest expense	Interest expense	$	6,975		$	12,179			Interest expense	$	7,519		$	7,291		$	21,549		$	28,913
Facility unused commitment fee	Facility unused commitment fee	328			318				Facility unused commitment fee	243			542			885			1,269
Amortization of deferred financing costs	Amortization of deferred financing costs	191			243				Amortization of deferred financing costs	192			159			574			754
Other fees	Other fees	—			29				Other fees	—			27			—			83
Total interest expense and credit facility fees	Total interest expense and credit facility fees	$	7,494		$	12,769			Total interest expense and credit facility fees	$	7,954		$	8,019		$	23,008		$	31,019
Cash paid for interest expense	Cash paid for interest expense	$	6,915		$	12,647			Cash paid for interest expense	$	7,575		$	8,361		$	21,750		$	31,708

Average principal debt outstanding	Average principal debt outstanding	$	979,557		$	1,236,463			Average principal debt outstanding	$	1,071,239		$	1,059,669		$	1,015,621		$	1,148,232
Weighted average interest rate	Weighted average interest rate	2.85		%	3.91		%		Weighted average interest rate	2.75		%	2.70		%	2.77		%	3.30		%

The decrease in interest expense and credit facility fees for the three month period ended ~~March 31,~~September 30, 2021 compared to the comparable period in 2020 was primarily driven by lower ~~LIBOR~~unused commitment fees, largely offset by higher average principal balances outstanding and higher weighted average interest rates. The decrease in interest expense and credit facility fees for the nine month period ended September 30, 2021 compared to the comparable period in 2020 was primarily driven by lower average principal balances ~~outstanding.~~outstanding and lower weighted average interest rates.

Below is a summary of the base management fees and incentive fees incurred during the three month and nine month periods ended ~~March 31,~~September 30, 2021 and 2020.


		For the three month periods ended				For the three month periods ended				For the nine month periods ended
		March 31, 2021		March 31, 2020				September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Base management fees	Base management fees	$	6,800	$	7,386		Base management fees	$	7,233	$	7,134	$	21,024	$	21,585
Incentive fees on pre-incentive fee net investment income	Incentive fees on pre-incentive fee net investment income	4,257		5,086			Incentive fees on pre-incentive fee net investment income	4,516		4,322		13,193		14,075
Realized capital gains incentive fees	Realized capital gains incentive fees	—		—			Realized capital gains incentive fees	—		—		—		—
Accrued capital gains incentive fees	Accrued capital gains incentive fees	—		—			Accrued capital gains incentive fees	—		—		—		—
Total capital gains incentive fees	Total capital gains incentive fees	—		—			Total capital gains incentive fees	—		—		—		—
Total incentive fees	Total incentive fees	4,257		5,086			Total incentive fees	4,516		4,322		13,193		14,075
Total base management fees and incentive fees	Total base management fees and incentive fees	$	11,057	$	12,472		Total base management fees and incentive fees	$	11,749	$	11,456	$	34,217	$	35,660

The increase in base management fees and incentive fees related to pre-incentive fee net investment income for the three month period ended September 30, 2021 from the comparable period in 2020 was driven by higher investment fair value and higher pre-incentive fee net investment income. The decrease in base management fees and incentive fees related to pre-incentive fee net investment income for the ~~three~~nine month ~~periods~~period ended ~~March 31,~~September 30, 2021 from the comparable period in 2020 was driven by lower investment fair value and lower pre-incentive fee net investment ~~income, respectively.~~

income.

For the three month and nine month periods ended ~~March 31,~~September 30, 2021 and 2020, there were no accrued capital gains incentive fees based upon the cumulative net realized and unrealized appreciation (depreciation) as of ~~March 31,~~September 30, 2021 and 2020. The accrual for any capital gains incentive fee under accounting principles generally accepted in the United States (“U.S. GAAP”) in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. See Note 4 to the consolidated financial statements included in Part I, Item 1 of this Form 10-Q for more information on the incentive and base management fees.

Professional fees include legal, rating agencies, audit, tax, valuation, technology and other professional fees incurred related to the management of the Company. Administrative service fees represent fees paid to the Administrator for our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the administration agreement, including our allocable portion of the cost of certain of our executive officers and their respective staff. Other general and administrative expenses include insurance, filing, research, subscriptions and other costs.

Net Realized Gain (Loss) and Net Change in Unrealized Appreciation (Depreciation) on Investments

During the three month and nine month periods ended ~~March 31,~~September 30, 2021, ~~and 2020,~~ we had realized gains on 89 and 425 investments, respectively, totaling approximately ~~$1,673~~$7,692 and ~~$627,~~$11,330, respectively, which was offset by realized losses on 04 and 36 investments, respectively, totaling approximately $0$127 and ~~$2,324,~~$147, respectively. During the three month and nine month periods ended ~~March 31,~~September 30, 2020, we had realized gains on 2 and 8 investments, respectively, totaling approximately $1,018 and $1,775, respectively, which was offset by realized losses on 1 and 18 investments, respectively, totaling approximately $1,227 and $51,465, respectively. During the three month and nine month periods ended September 30, 2021, ~~and 2020,~~ we had unrealized appreciation on 9974 and 15105 investments, respectively, totaling approximately ~~$24,087~~$28,462 and ~~$4,389,~~$63,658, respectively, which was offset by unrealized depreciation on 5881 and ~~122~~73 investments, respectively, totaling approximately ~~$10,228~~$12,475 and ~~$149,952,~~$14,524, respectively. During the three month and nine month periods ended September 30, 2020, we had unrealized appreciation on 104 and 59 investments, respectively, totaling approximately $26,841 and $51,354, respectively, which was offset by unrealized depreciation on 35 and 95 investments, respectively, totaling approximately $11,801 and $99,621, respectively.

Net realized gain (loss) and net change in unrealized appreciation (depreciation) by the type of investments for the three month and nine month periods ended ~~March 31,~~September 30, 2021 and 2020 were as follows:


		For the three month periods ended				For the three month periods ended				For the nine month periods ended
		March 31, 2021		March 31, 2020				September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Net realized gain (loss) on investments	Net realized gain (loss) on investments	$	1,673	$	(1,697)		Net realized gain (loss) on investments	$	7,565	$	(209)	$	11,183	$	(49,690)
Net change in unrealized appreciation (depreciation) on investments	Net change in unrealized appreciation (depreciation) on investments	13,859		(145,563)			Net change in unrealized appreciation (depreciation) on investments	15,987		15,040		49,134		(48,267)
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments	Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments	$	15,532	$	(147,260)		Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments	$	23,552	$	14,831	$	60,317	$	(97,957)


		For the three month periods ended								For the three month periods ended					For the nine month periods ended
		March 31, 2021				March 31, 2020					September 30, 2021		September 30, 2020				September 30, 2021				September 30, 2020
Type	Type	Net realized gain (loss)		Net change in unrealized appreciation (depreciation)		Net realized gain (loss)		Net change in unrealized appreciation (depreciation)				Type	Net realized gain (loss)		Net change in unrealized appreciation (depreciation)		Net realized gain (loss)		Net change in unrealized appreciation (depreciation)		Net realized gain (loss)		Net change in unrealized appreciation (depreciation)		Net realized gain (loss)		Net change in unrealized appreciation (depreciation)
First Lien Debt	First Lien Debt	$	992	$	10,550	$	(2,054)	$	(90,659)			First Lien Debt	$	590	$	8,406	$	(677)	$	3,236	$	2,218	$	27,512	$	(50,302)	$	(30,211)
Second Lien Debt	Second Lien Debt	—		4,713		—		(34,034)				Second Lien Debt	(12)		(247)		—		8,864		(28)		11,690		(213)		(19,162)
Equity Investments	Equity Investments	681		1,254		357		(1,908)				Equity Investments	6,987		175		468		867		8,993		2,835		825		866
Investment Funds	Investment Funds	—		(2,691)		—		(18,962)				Investment Funds	—		7,653		—		2,073		—		7,132		—		240
Total	Total	$	1,673	$	13,826	$	(1,697)	$	(145,563)			Total	$	7,565	$	15,987	$	(209)	$	15,040	$	11,183	$	49,169	$	(49,690)	$	(48,267)

Net change in unrealized appreciation in our investments for the three month period ended ~~March 31,~~September 30, 2021 improved compared to the comparable period in 2020 primarily due to improving credit fundamentals of underlying borrowers and an increase in the value of the investment in Credit Fund. Net change in unrealized appreciation in our investments for the nine month period ended September 30, 2021 improved compared to the comparable period in 2020 primarily due to improving credit fundamentals and tightening market yields ~~and improving credit fundamentals~~ in 2021, ~~compared to higher market yields~~as well as an increase in ~~2020 related to~~ the ~~COVID-19 pandemic.~~value of the investment in Credit Fund. Net change in unrealized appreciation (depreciation) is also driven by changes in other inputs utilized under our valuation methodology, including, but not limited to, enterprise value multiples, borrower leverage multiples and borrower ratings, and the impact of exits.

8387

MIDDLE MARKET CREDIT FUND, LLC

Overview

On February 29, 2016, the Company and Credit Partners entered into an amended and restated limited liability agreement, which was subsequently amended and restated on June 24, 2016 and February 22, 2021 (as amended, the "Limited Liability Company Agreement") to co-manage Credit Fund, a Delaware limited liability company that is not consolidated in the Company’s consolidated financial statements. Credit Fund primarily invests in first lien loans of middle market companies. Credit Fund is managed by a six-member board of managers, on which the Company and Credit Partners each have equal representation. Establishing a quorum for Credit Fund’s board of managers requires at least four members to be present at a meeting, including at least two of the Company’s representatives and two of Credit Partners’ representatives. The Company and Credit Partners each have 50% economic ownership of Credit Fund and have commitments to fund, from time to time, capital of up to $250,000 each. Funding of such commitments generally requires the approval of the board of Credit Fund, including the board members appointed by the Company. By virtue of its membership interest, the Company and Credit Partners each indirectly bear an allocable share of all expenses and other obligations of Credit Fund.

Together with Credit Partners, the Company co-invests through Credit Fund. Investment opportunities for Credit Fund are sourced primarily by the Company and its affiliates. Portfolio and investment decisions with respect to Credit Fund must be unanimously approved by a quorum of Credit Fund’s investment committee consisting of an equal number of representatives of the Company and Credit Partners. Therefore, although the Company owns more than 25% of the voting securities of Credit Fund, the Company does not believe that it has control over Credit Fund (other than for purposes of the Investment Company Act). Middle Market Credit Fund SPV, LLC (the “Credit Fund Sub”), MMCF CLO 2017-1 LLC (the “2017-1 Issuer”), MMCF CLO 2019-2, LLC (the "2019-2 Issuer", formerly known as MMCF ~~Credit~~ Warehouse, LLC (the "Credit Fund Warehouse")) and MMCF Warehouse II, LLC (the "Credit Fund Warehouse II"), each a Delaware limited liability company, were formed on April 5, 2016, October 6, 2017, November 26, 2018 and August 16, 2019, respectively. Credit Fund Sub, the 2017-1 Issuer, the 2019-2 Issuer and Credit Fund Warehouse II are wholly owned subsidiaries of Credit Fund and are consolidated in Credit Fund’s consolidated financial statements commencing from the date of their respective formations. In December 2020, the 2017-1 Notes, as defined below, were redeemed in full and notes outstanding were repaid in full. In August 2021, the 2019-2 Notes, as defined below, were redeemed in full and the notes outstanding were repaid in full. Credit Fund Sub ~~the 2017-1 Issuer, the 2019-2 Issuer~~ and Credit Fund Warehouse II primarily invest in first lien loans of middle market companies. Credit Fund and its wholly owned subsidiaries follow the same Internal Risk Rating System as the Company. Refer to "Debt" below for discussions regarding the credit facilities entered into and the notes issued by such wholly-owned subsidiaries.

8488

Selected Financial Data

Since inception of Credit Fund and through ~~March 31,~~September 30, 2021 and December 31, 2020, the Company and Credit Partners each made capital contributions of $1 and $1 in members’ equity, respectively, and $216,000 and $216,000 in subordinated loans, respectively, to Credit Fund. On May 25, 2021, the Company and Credit Partners received a return of capital on the subordinated loans of $46,000, of which the Company received $23,000. Below is certain summarized consolidated financial information for Credit Fund as of ~~March 31,~~September 30, 2021 and December 31, 2020.


		March 31, 2021		December 31, 2020			September 30, 2021		December 31, 2020
		(unaudited)					(unaudited)
Selected Consolidated Balance Sheet Information	Selected Consolidated Balance Sheet Information					Selected Consolidated Balance Sheet Information
ASSETS	ASSETS					ASSETS
Investments, at fair value (amortized cost of $993,936 and $1,080,538, respectively)		$	983,277	$	1,056,381
Cash and cash equivalents		63,384		119,796
Investments, at fair value (amortized cost of $1,086,729 and $1,080,538, respectively)						Investments, at fair value (amortized cost of $1,086,729 and $1,080,538, respectively)	$	1,078,265	$	1,056,381
Cash, cash equivalents and restricted cash (1)						Cash, cash equivalents and restricted cash (1)	62,544		119,796
Other assets	Other assets	11,344		7,553		Other assets	13,489		7,553
Total assets	Total assets	$	1,058,005	$	1,183,730	Total assets	$	1,154,298	$	1,183,730
LIABILITIES AND MEMBERS’ EQUITY	LIABILITIES AND MEMBERS’ EQUITY					LIABILITIES AND MEMBERS’ EQUITY
Secured borrowings	Secured borrowings	$	446,301	$	514,261	Secured borrowings	$	757,034	$	514,261
Notes payable, net of unamortized debt issuance costs of $1,511 and $1,559, respectively		184,326		253,933
Notes payable, net of unamortized debt issuance costs of $0 and $1,559, respectively						Notes payable, net of unamortized debt issuance costs of $0 and $1,559, respectively	—		253,933

Other liabilities	Other liabilities	15,243		15,543		Other liabilities	27,069		15,543
Subordinated loans and members’ equity ~~(1)~~(2)	Subordinated loans and members’ equity ~~(1)~~(2)	412,135		399,993		Subordinated loans and members’ equity ~~(1)~~(2)	370,195		399,993
Liabilities and members’ equity	Liabilities and members’ equity	$	1,058,005	$	1,183,730	Liabilities and members’ equity	$	1,154,298	$	1,183,730

(1)As of September 30, 2021 and December 31, 2020, $9,121 and $83,574, respectively, of Credit Fund's cash and cash equivalents was restricted.

(2) As of ~~March 31,~~September 30, 2021 and December 31, 2020, the fair value of the Company’s ownership interest in the subordinated loans and members’ equity was ~~$202,695~~$189,275 and $205,891, respectively.


		For the three month periods ended					For the three month periods ended				For the nine month periods ended
		March 31, 2021		March 31, 2020			September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
		(unaudited)					(unaudited)				(unaudited)
Selected Consolidated Statement of Operations Information:	Selected Consolidated Statement of Operations Information:					Selected Consolidated Statement of Operations Information:
Total investment income	Total investment income	$	16,105	$	21,592	Total investment income	$	17,124	$	22,863	$	50,951	$	64,276
Expenses	Expenses					Expenses
Interest and credit facility expenses	Interest and credit facility expenses	5,415		13,927		Interest and credit facility expenses	6,701		7,696		17,437		31,175
Other expenses	Other expenses	468		503		Other expenses	510		602		1,532		1,695
Total expenses	Total expenses	5,883		14,430		Total expenses	7,211		8,298		18,969		32,870
Net investment income (loss)	Net investment income (loss)	10,222		7,162		Net investment income (loss)	9,913		14,565		31,982		31,406
Net realized gain (loss) on investments	Net realized gain (loss) on investments	(1,578)		—		Net realized gain (loss) on investments	220		—		(1,473)		—
Net change in unrealized appreciation (depreciation) on investments	Net change in unrealized appreciation (depreciation) on investments	13,498		(86,293)		Net change in unrealized appreciation (depreciation) on investments	1,500		18,351		15,693		(23,114)
Net increase (decrease) resulting from operations	Net increase (decrease) resulting from operations	$	22,142	$	(79,131)	Net increase (decrease) resulting from operations	$	11,633	$	32,916	$	46,202	$	8,292

8589

Below is a summary of Credit Fund’s portfolio, followed by a listing of the loans in Credit Fund's portfolio, as of ~~March 31,~~September 30, 2021 and December 31, 2020:


		As of							As of
		March 31, 2021			December 31, 2020				September 30, 2021			December 31, 2020
Senior secured loans (1)	Senior secured loans (1)	$	997,657		$	1,084,491		Senior secured loans (1)	$	1,091,142		$	1,084,491
Weighted average yields of senior secured loans based on amortized cost (2)	Weighted average yields of senior secured loans based on amortized cost (2)	6.06		%	6.03		%	Weighted average yields of senior secured loans based on amortized cost (2)	6.07		%	6.03		%
Weighted average yields of senior secured loans based on fair value (2)	Weighted average yields of senior secured loans based on fair value (2)	6.11		%	6.15		%	Weighted average yields of senior secured loans based on fair value (2)	6.09		%	6.15		%
Number of portfolio companies in Credit Fund	Number of portfolio companies in Credit Fund	50			54			Number of portfolio companies in Credit Fund	55			54
Average amount per portfolio company (1)	Average amount per portfolio company (1)	$	19,953		$	20,083		Average amount per portfolio company (1)	$	19,839		$	20,083
Number of loans on non-accrual status	Number of loans on non-accrual status	—			—			Number of loans on non-accrual status	—			—
Fair value of loans on non-accrual status	Fair value of loans on non-accrual status	$	—		$	—		Fair value of loans on non-accrual status	$	—		$	—
Percentage of portfolio at floating interest rates (3)(4)	Percentage of portfolio at floating interest rates (3)(4)	97.3		%	97.7		%	Percentage of portfolio at floating interest rates (3)(4)	100.0		%	97.7		%
Percentage of portfolio at fixed interest rates (4)	Percentage of portfolio at fixed interest rates (4)	2.7		%	2.3		%	Percentage of portfolio at fixed interest rates (4)	—		%	2.3		%
Fair value of loans with PIK provisions	Fair value of loans with PIK provisions	$	26,602		$	24,113		Fair value of loans with PIK provisions	$	—		$	24,113
Percentage of portfolio with PIK provisions (4)	Percentage of portfolio with PIK provisions (4)	2.7		%	2.3		%	Percentage of portfolio with PIK provisions (4)	—		%	2.3		%

(1)At par/principal amount.

(3)Floating rate debt investments are primarily subject to interest rate floors.

(4)Percentages based on fair value.

8690


Consolidated Schedule of Investments as of March 31, 2021
Consolidated Schedule of Investments as of September 30, 2021														Consolidated Schedule of Investments as of September 30, 2021
Investments (1)	Investments (1)		Footnotes	Industry	Reference Rate & Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)		Investments (1)		Footnotes	Industry	Reference Rate & Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
First Lien Debt (97.3% of fair value)
First Lien Debt (100.0% of fair value)														First Lien Debt (100.0% of fair value)
ACR Group Borrower, LLC	ACR Group Borrower, LLC	^+	(2)(3)(6)	Aerospace & Defense	L + 4.50%	5.50%	3/31/2028	$	34,650	$	34,020	$	34,020	ACR Group Borrower, LLC	^+	(2)(3)(6)	Aerospace & Defense	L + 4.50%	5.50%	3/31/2028	$	34,563	$	33,977	$	34,547
Acrisure, LLC	Acrisure, LLC	\#	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 3.50%	3.70%	2/15/2027	25,570		25,542		25,220		Acrisure, LLC	+#	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 3.50%	3.63%	2/15/2027	25,441		25,422		25,171
Alpha Packaging Holdings, Inc.	Alpha Packaging Holdings, Inc.	+\	(2)(3)	Containers, Packaging & Glass	L + 6.00%	7.00%	11/12/2021	16,269		16,269		16,269		Alpha Packaging Holdings, Inc.	+	(2)(3)	Containers, Packaging & Glass	L + 6.00%	7.00%	5/12/2022	15,866		15,866		15,866
Alpine SG, LLC														Alpine SG, LLC	+	(2)(3)	High Tech Industries	L + 5.75%	6.75%	11/16/2022	10,890		10,772		10,773
AmeriLife Holdings LLC	AmeriLife Holdings LLC	#	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 4.00%	4.11%	3/18/2027	9,926		9,905		9,923		AmeriLife Holdings LLC	#	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 4.00%	4.08%	3/18/2027	9,877		9,857		9,877
Analogic Corporation	Analogic Corporation	^+	(2)(3)(6)	Capital Equipment	L + 5.25%	6.25%	6/22/2024	18,810		18,790		18,687		Analogic Corporation	^+	(2)(3)(6)	Capital Equipment	L + 5.25%	6.25%	6/22/2024	18,714		18,698		18,534
Anchor Packaging, Inc.	Anchor Packaging, Inc.	+#	(2)(3)	Containers, Packaging & Glass	L + 4.00%	4.11%	7/18/2026	24,660		24,559		24,660		Anchor Packaging, Inc.	+#	(2)(3)	Containers, Packaging & Glass	L + 4.00%	4.08%	7/18/2026	24,535		24,443		24,483
API Technologies Corp.	API Technologies Corp.	+\	(2)(3)	Aerospace & Defense	L + 4.25%	4.36%	5/9/2026	14,738		14,679		14,516		API Technologies Corp.		(2)(3)	Aerospace & Defense	L + 4.25%	4.33%	5/9/2026	14,663		14,614		14,223
Aptean, Inc.	Aptean, Inc.		(2)(3)	Software	L + 4.25%	4.36%	4/23/2026	12,250		12,199		12,121		Aptean, Inc.	+#	(2)(3)	Software	L + 4.25%	4.33%	4/23/2026	12,188		12,141		12,084
Astra Acquisition Corp.	Astra Acquisition Corp.	+#	(2)(3)	Software	L + 4.75%	5.50%	2/28/2027	28,782		28,405		28,443		Astra Acquisition Corp.	+#	(2)(3)	Software	L + 4.75%	5.50%	2/28/2027	28,639		28,290		28,639
Avalign Technologies, Inc.	Avalign Technologies, Inc.	+\	(2)(3)	Healthcare & Pharmaceuticals	L + 4.50%	4.69%	12/22/2025	14,555		14,449		14,485		Avalign Technologies, Inc.	+#	(2)(3)	Healthcare & Pharmaceuticals	L + 4.50%	4.63%	12/22/2025	14,480		14,390		14,364
Avenu Holdings, LLC	Avenu Holdings, LLC	+	(2)(3)	Sovereign & Public Finance	L + 5.25%	6.25%	9/28/2024	23,531		23,531		23,531		Avenu Holdings, LLC	+	(2)(3)	Sovereign & Public Finance	L + 5.25%	6.25%	9/28/2024	23,410		23,410		23,410
Big Ass Fans, LLC		+\#	(2)(3)	Capital Equipment	L + 3.75%	4.75%	5/21/2024	13,730		13,680		13,730
BK Medical Holding Company, Inc.	BK Medical Holding Company, Inc.	^+	(2)(3)(6)	Healthcare & Pharmaceuticals	L + 5.25%	6.25%	6/22/2024	24,104		23,905		23,650		BK Medical Holding Company, Inc.	^+	(2)(3)(6)	Healthcare & Pharmaceuticals	L + 5.25%	6.25%	6/22/2024	23,983		23,814		23,983
BMS Holdings III Corp.														BMS Holdings III Corp.	+	(2)(3)	Construction & Building	L + 5.50%	6.50%	9/30/2026	11,272		11,166		11,157
Chartis Holding, LLC														Chartis Holding, LLC	+	(2)(3)(6)	Business Services	L + 5.50%	6.50%	5/1/2025	6,982		6,982		6,982
Chemical Computing Group ULC (Canada)	Chemical Computing Group ULC (Canada)	^+	(2)(3)(6)	Software	L + 5.00%	6.00%	8/30/2023	14,019		13,402		14,019		Chemical Computing Group ULC (Canada)	^+	(2)(3)(6)	Software	L + 4.50%	5.50%	8/30/2024	13,948		13,453		13,883
Clearent Newco, LLC		^	(2)(3)(6)	High Tech Industries	L + 5.50%	6.50%	3/20/2025	29,423		29,187		29,423
Clearent Newco, LLC		+\	(2)(3)	High Tech Industries	L + 6.50%	7.50%	3/20/2025	4,069		4,069		4,069
DBI Holding LLC		^	(2)	Transportation: Cargo	14.00% PIK	14.00%	3/26/2023	2,538		2,538		2,538
DecoPac, Inc.		^+\	(2)(3)(6)	Non-durable Consumer Goods	L + 4.25%	5.25%	9/29/2024	12,336		12,259		12,334
Chudy Group, LLC														Chudy Group, LLC	^+	(2)(3)(6)	Healthcare & Pharmaceuticals	L + 5.75%	6.75%	6/30/2027	33,103		32,526		32,912
Diligent Corporation	Diligent Corporation	^+	(2)(3)(6)	Telecommunications	L + 6.25%	7.25%	8/4/2025	8,661		8,399		8,738		Diligent Corporation	^+	(2)(3)(6)	Telecommunications	L + 6.25%	7.25%	8/4/2025	9,072		8,828		9,301
Divisions Holding Corporation														Divisions Holding Corporation	+#	(2)(3)	Business Services	L + 4.75%	5.50%	5/27/2028	25,000		24,759		25,077
DTI Holdco, Inc.	DTI Holdco, Inc.	^+\	(2)(3)	High Tech Industries	L + 4.75%	5.75%	9/30/2023	18,641		18,566		17,860		DTI Holdco, Inc.	+	(2)(3)	High Tech Industries	L + 4.75%	5.75%	9/30/2023	18,543		18,491		18,130
Eliassen Group, LLC	Eliassen Group, LLC	+\	(2)(3)	Business Services	L + 4.25%	4.36%	11/5/2024	7,533		7,509		7,496		Eliassen Group, LLC	+	(2)(3)	Business Services	L + 4.25%	4.33%	11/5/2024	9,927		9,895		9,877
EPS Nass Parent, Inc.														EPS Nass Parent, Inc.	^+	(2)(3)(6)	Utilities: Electric	L + 5.75%	6.75%	4/19/2028	31,670		30,970		31,316
EvolveIP, LLC	EvolveIP, LLC	^+	(2)(3)(6)	Telecommunications	L + 5.75%	6.75%	6/7/2023	19,750		19,713		19,750		EvolveIP, LLC	^+	(2)(3)(6)	Telecommunications	L + 5.75%	6.75%	6/7/2023	39,925		39,840		39,924
Exactech, Inc.	Exactech, Inc.	+\#	(2)(3)	Healthcare & Pharmaceuticals	L + 3.75%	4.75%	2/14/2025	21,473		21,367		20,749		Exactech, Inc.	+#	(2)(3)	Healthcare & Pharmaceuticals	L + 3.75%	4.75%	2/14/2025	21,362		21,274		21,050
Excel Fitness Holdings, Inc.	Excel Fitness Holdings, Inc.	+#	(2)(3)	Hotel, Gaming & Leisure	L + 5.25%	6.25%	10/7/2025	24,688		24,494		23,495		Excel Fitness Holdings, Inc.	+#	(2)(3)	Hotel, Gaming & Leisure	L + 5.25%	6.25%	10/7/2025	24,563		24,388		24,359
Frontline Technologies Holdings, LLC	Frontline Technologies Holdings, LLC	+	(2)(3)	Software	L + 5.75%	6.75%	9/18/2023	14,849		14,214		14,980		Frontline Technologies Holdings, LLC	+	(2)(3)	Software	L + 5.75%	6.75%	9/18/2023	14,773		14,249		14,773
Golden West Packaging Group LLC	Golden West Packaging Group LLC	+\	(2)(3)	Containers, Packaging & Glass	L + 5.25%	6.25%	6/20/2023	27,305		27,208		27,259		Golden West Packaging Group LLC	+	(2)(3)	Containers, Packaging & Glass	L + 5.75%	6.75%	6/20/2023	27,305		27,228		27,237
Heartland Home Services, Inc														Heartland Home Services, Inc	+	(2)(3)(6)	Consumer Services	L + 6.00%	7.00%	12/15/2026	18,325		18,325		18,380
HMT Holding Inc.	HMT Holding Inc.	+\	(2)(3)(6)	Energy: Oil & Gas	L + 5.00%	6.00%	11/17/2023	32,737		32,404		32,001		HMT Holding Inc.	^+	(2)(3)(6)	Energy: Oil & Gas	L + 5.75%	6.75%	11/17/2023	32,568		32,301		31,623
Integrity Marketing Acquisition, LLC	Integrity Marketing Acquisition, LLC	^+	(2)(3)(6)	Banking, Finance, Insurance & Real Estate	L + 6.25%	7.25%	8/27/2025	8,495		8,381		8,615		Integrity Marketing Acquisition, LLC		(2)(3)(6)	Banking, Finance, Insurance & Real Estate	L + 5.50%	6.25%	8/27/2025	15,574		15,111		15,479
Jensen Hughes, Inc.	Jensen Hughes, Inc.	+\	(2)(3)(6)	Utilities: Electric	L + 4.50%	5.50%	3/22/2024	34,863		34,771		34,118		Jensen Hughes, Inc.	+	(2)(3)(6)	Utilities: Electric	L + 4.50%	5.50%	3/22/2024	34,480		34,442		33,818
K2 Insurance Services, LLC														K2 Insurance Services, LLC	+	(2)(3)(6)	Banking, Finance, Insurance & Real Estate	L + 5.00%	6.00%	7/1/2026	12,961		12,961		12,772
KAMC Holdings, Inc.	KAMC Holdings, Inc.		(2)(3)	Energy: Electricity	L + 4.00%	4.19%	8/14/2026	13,790		13,735		13,208		KAMC Holdings, Inc.	+#	(2)(3)	Energy: Electricity	L + 4.00%	4.12%	8/14/2026	13,720		13,670		12,982
KBP Investments, LLC	KBP Investments, LLC	^+	(2)(3)(6)	Beverage, Food & Tobacco	L + 5.00%	6.00%	5/15/2023	9,277		9,058		9,362		KBP Investments, LLC	^+	(2)(3)(6)	Beverage, Food & Tobacco	L + 5.00%	5.75%	5/25/2027	19,238		18,828		18,926
Marco Technologies, LLC		+\	(2)(3)	Media: Advertising, Printing & Publishing	L + 4.00%	5.00%	10/30/2023	7,332		7,313		7,332
Mold-Rite Plastics, LLC		+\	(2)(3)	Chemicals, Plastics & Rubber	L + 4.25%	5.25%	12/14/2021	14,483		14,468		14,483
Newport Group Holdings II, Inc.		+\#	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 3.50%	3.70%	9/13/2025	23,415		23,235		23,389

8791


Consolidated Schedule of Investments as of March 31, 2021
Consolidated Schedule of Investments as of September 30, 2021														Consolidated Schedule of Investments as of September 30, 2021
Investments (1)	Investments (1)		Footnotes	Industry	Reference Rate & Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)		Investments (1)		Footnotes	Industry	Reference Rate & Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
Marco Technologies, LLC														Marco Technologies, LLC	+	(2)(3)	Media: Advertising, Printing & Publishing	L + 4.00%	5.00%	10/30/2023	$	7,314	$	7,298	$	7,314
Mold-Rite Plastics, LLC														Mold-Rite Plastics, LLC	+	(2)(3)	Chemicals, Plastics & Rubber	L + 4.25%	5.25%	6/14/2022	14,408		14,402		14,408
Newport Group Holdings II, Inc.														Newport Group Holdings II, Inc.	+#	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 3.50%	3.63%	9/13/2025	23,295		23,136		23,272
Odyssey Logistics & Technology Corp.	Odyssey Logistics & Technology Corp.	+\#	(2)(3)	Transportation: Cargo	L + 4.00%	5.00%	10/12/2024	$	33,328	$	33,229	$	32,652	Odyssey Logistics & Technology Corp.	+#	(2)(3)	Transportation: Cargo	L + 4.00%	5.00%	10/12/2024	11,210		11,228		11,098
Output Services Group	Output Services Group	^+\	(2)(3)	Media: Advertising, Printing & Publishing	L + 4.50%	5.50%	3/27/2024	19,371		19,335		15,128		Output Services Group	^+	(2)(3)	Media: Advertising, Printing & Publishing	L + 4.50%	5.50%	3/27/2024	19,272		19,241		16,537
Premise Health Holding Corp.	Premise Health Holding Corp.	+\#	(2)(3)	Healthcare & Pharmaceuticals	L + 3.50%	3.70%	7/10/2025	13,550		13,505		13,498		Premise Health Holding Corp.	+#	(2)(3)	Healthcare & Pharmaceuticals	L + 3.50%	3.63%	7/10/2025	13,480		13,443		13,442
Propel Insurance Agency, LLC		^+\	(2)(3)(6)	Banking, Finance, Insurance & Real Estate	L + 5.00%	6.00%	6/1/2024	37,562		37,123		37,403
Q Holding Company	Q Holding Company	+\#	(2)(3)	Automotive	L + 5.00%	6.00%	12/31/2023	21,680		21,554		20,355		Q Holding Company	+#	(2)(3)	Automotive	L + 5.00%	6.00%	12/31/2023	21,570		21,466		21,167
QW Holding Corporation	QW Holding Corporation	+	(2)(3)(6)	Environmental Industries	L + 5.75%	6.75%	8/31/2022	11,536		11,455		10,706		QW Holding Corporation	^+	(2)(3)(6)	Environmental Industries	L + 6.25%	7.25%	8/31/2024	13,324		13,064		12,800
Radiology Partners, Inc.	Radiology Partners, Inc.	+\#	(2)(3)	Healthcare & Pharmaceuticals	L + 4.25%	4.79%	7/9/2025	27,686		27,586		27,439		Radiology Partners, Inc.	+#	(2)(3)	Healthcare & Pharmaceuticals	L + 4.25%	4.33%	7/9/2025	27,686		27,597		27,655
RevSpring Inc.	RevSpring Inc.	+\#	(2)(3)	Media: Advertising, Printing & Publishing	L + 4.25%	4.36%	10/11/2025	29,374		29,199		29,216		RevSpring Inc.	+#	(2)(3)	Media: Advertising, Printing & Publishing	L + 4.25%	4.38%	10/11/2025	29,224		29,068		29,125
Situs Group Holdings Corporation	Situs Group Holdings Corporation	+\	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 4.75%	4.94%	6/28/2025	14,744		14,656		14,642		Situs Group Holdings Corporation	+	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 4.75%	5.75%	6/28/2025	14,669		14,591		14,638
Striper Buyer, LLC	Striper Buyer, LLC	+	(2)(3)	Containers, Packaging & Glass	L + 5.50%	6.25%	12/30/2026	14,963		14,815		14,813		Striper Buyer, LLC	+	(2)(3)	Containers, Packaging & Glass	L + 5.50%	6.25%	12/30/2026	14,887		14,751		14,887
T2 Systems, Inc.	T2 Systems, Inc.	^+	(2)(3)(6)	Transportation: Consumer	L + 6.75%	7.75%	9/28/2022	29,044		28,723		29,044		T2 Systems, Inc.	^+	(2)(3)(6)	Transportation: Consumer	L + 6.75%	7.75%	9/28/2022	28,893		28,678		28,893
The Original Cakerie, Ltd. (Canada)		+\	(2)(3)(6)	Beverage, Food & Tobacco	L + 4.50%	5.50%	7/20/2022	6,279		6,265		6,279
The Original Cakerie, Ltd. (Canada)		+	(2)(3)	Beverage, Food & Tobacco	L + 5.00%	6.00%	7/20/2022	8,815		8,796		8,815
Turbo Buyer, Inc.														Turbo Buyer, Inc.	+	(2)(3)(6)	Automotive	L + 5.75%	6.75%	12/2/2025	13,995		13,995		13,697
U.S. TelePacific Holdings Corp.	U.S. TelePacific Holdings Corp.	+\	(2)(3)	Telecommunications	L + 5.50%	6.50%	5/2/2023	6,660		6,625		6,144		U.S. TelePacific Holdings Corp.	+	(2)(3)	Telecommunications	L + 5.50%	6.50%	5/2/2023	6,660		6,640		5,448
VRC Companies, LLC	VRC Companies, LLC	+	(2)(3)(6)	Business Services	L + 6.50%	7.50%	3/31/2023	30,504		29,503		29,877		VRC Companies, LLC	^+	(2)(3)(6)	Business Services	L + 5.50%	6.25%	6/29/2027	25,249		24,814		24,799
Water Holdings Acquisition LLC	Water Holdings Acquisition LLC	^+	(2)(3)(6)	Utilities: Water	L + 5.25%	6.25%	12/18/2026	26,250		25,488		25,627		Water Holdings Acquisition LLC	^+	(2)(3)(6)	Utilities: Water	L + 5.00%	6.00%	12/18/2026	30,047		29,345		30,047
Welocalize, Inc.	Welocalize, Inc.	+	(2)(3)(6)	Business Services	L + 4.50%	5.50%	12/23/2023	22,574		22,369		22,571		Welocalize, Inc.	+	(2)(3)(6)	Business Services	L + 4.75%	5.75%	12/23/2024	35,638		35,282		35,255
WRE Holding Corp.	WRE Holding Corp.	^+	(2)(3)(6)	Environmental Industries	L + 5.50%	6.50%	1/3/2023	8,421		8,394		8,307		WRE Holding Corp.	^+	(2)(3)(6)	Environmental Industries	L + 5.50%	6.50%	1/3/2023	8,761		8,739		8,671

Yellowstone Buyer Acquisition, LLC														Yellowstone Buyer Acquisition, LLC	+	(2)(3)	Durable Consumer Goods	L + 5.75%	6.75%	9/13/2027	40,000		39,206		39,200

First Lien Debt Total	First Lien Debt Total									$	964,843	$	956,989	First Lien Debt Total									$	1,081,365	$	1,078,265
Second Lien Debt (2.4% of fair value)
DBI Holding, LLC		^	(2)	Transportation: Cargo	10.00% PIK	10.00%	2/1/2026	$	24,064	$	23,729	$	24,064

Second Lien Debt Total										$	23,729	$	24,064
Equity Investments (0.2% of fair value)

Equity Investments (0.0% of fair value)														Equity Investments (0.0% of fair value)
DBI Holding, LLC	DBI Holding, LLC	^		Transportation: Cargo				2,961		$	—	$	—	DBI Holding, LLC	^		Transportation: Cargo				2,961		$	—	$	—
DBI Holding, LLC	DBI Holding, LLC	^		Transportation: Cargo				13,996		5,364		2,224		DBI Holding, LLC	^		Transportation: Cargo				13,996		5,364		—
Equity Investments Total	Equity Investments Total									$	5,364	$	2,224	Equity Investments Total									$	5,364	$	—
Total Investments	Total Investments									$	993,936	$	983,277	Total Investments									$	1,086,729	$	1,078,265

(1)Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of ~~March 31,~~September 30, 2021, the geographical composition of investments as a percentage of fair value was ~~3.0%~~1.3% in Canada and ~~97.0%~~98.7% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales.

September 30, 2021, the reference rates for Credit Fund’s variable rate loans were the 30-day LIBOR at ~~0.11%~~0.08%, the 90-day LIBOR at ~~0.19%~~0.13% and the 180-day LIBOR at ~~0.21%~~0.16%.

(3)Loan includes interest rate floor feature, which is generally 1.00%.

(6)As of ~~March 31,~~September 30, 2021, Credit Fund and Credit Fund Sub had the following unfunded commitments to fund delayed draw and revolving senior secured loans:


First Lien Debt – unfunded delayed draw and revolving term loans commitments	First Lien Debt – unfunded delayed draw and revolving term loans commitments	Type	Unused Fee	Par/ Principal Amount		Fair Value		First Lien Debt – unfunded delayed draw and revolving term loans commitments	Type	Unused Fee	Par/ Principal Amount		Fair Value
ACR Group Borrower, LLC	ACR Group Borrower, LLC	Revolver	0.38%	$	7,350	$	(110)	ACR Group Borrower, LLC	Revolver	0.38%	$	7,350	$	(3)
Analogic Corporation	Analogic Corporation	Revolver	0.50	1,975		—		Analogic Corporation	Revolver	0.50	1,975		(17)
BK Medical Holding Company, Inc.		Revolver	0.50	2,609		(176)
BK Medical Holding Company, INC.								BK Medical Holding Company, INC.	Revolver	0.50	2,609		—
Chartis Holding, LLC								Chartis Holding, LLC	Revolver	0.50	2,183		—
Chemical Computing Group ULC (Canada)	Chemical Computing Group ULC (Canada)	Revolver	0.50	873		—		Chemical Computing Group ULC (Canada)	Revolver	0.50	873		(4)
Clearent Newco, LLC		Delayed Draw	1.00	2,549		(66)
DecoPac, Inc.		Revolver	0.50	2,143		(3)
Chudy Group, LLC								Chudy Group, LLC	Delayed Draw	1.00	5,517		(26)
Chudy Group, LLC								Chudy Group, LLC	Revolver	0.50	1,379		(7)
Diligent Corporation	Diligent Corporation	Delayed Draw	1.00	2,109		25		Diligent Corporation	Delayed Draw	1.00	1,653		33
Diligent Corporation	Diligent Corporation	Revolver	0.50	703		8		Diligent Corporation	Revolver	0.50	703		14
EPS Nass Parent, Inc.								EPS Nass Parent, Inc.	Delayed Draw	1.00	3,136		(30)
EPS Nass Parent, Inc.								EPS Nass Parent, Inc.	Revolver	0.50	2,195		(21)
EvolveIP, LLC	EvolveIP, LLC	Delayed Draw	1.00	1,904		(2)		EvolveIP, LLC	Delayed Draw	1.00	1,904		—
EvolveIP, LLC	EvolveIP, LLC	Revolver	0.50	1,680		(2)		EvolveIP, LLC	Revolver	0.50	3,734		—
Helios Buyer, Inc.								Helios Buyer, Inc.	Revolver	0.50	130		—
HMT Holding Inc.	HMT Holding Inc.	Revolver	0.50	6,173		(291)		HMT Holding Inc.	Revolver	0.50	6,173		(151)
Integrity Marketing Acquisition, LLC	Integrity Marketing Acquisition, LLC	Delayed Draw	1.00	3,464		46		Integrity Marketing Acquisition, LLC	Delayed Draw	1.00	21,816		(56)
Jensen Hughes, Inc.	Jensen Hughes, Inc.	Delayed Draw	1.00	1,127		(35)		Jensen Hughes, Inc.	Revolver	0.50	2,000		(36)
Jensen Hughes, Inc.		Revolver	0.50	1,000		(31)
K2 Insurance Services, LLC								K2 Insurance Services, LLC	Revolver	0.50	1,170		(16)
KBP Investments, LLC	KBP Investments, LLC	Delayed Draw	1.00	503		1		KBP Investments, LLC	Delayed Draw	1.00	20,190		(157)
KBP Investments, LLC	KBP Investments, LLC	Delayed Draw	1.00	10,190		30		KBP Investments, LLC	Delayed Draw	1.00	503		(4)
Propel Insurance Agency, LLC		Revolver	0.50	2,381		(24)
Propel Insurance Agency, LLC		Delayed Draw	1.00	1,733		(17)
QW Holding Corporation	QW Holding Corporation	Revolver	0.50	5,498		(268)		QW Holding Corporation	Delayed Draw	1.00	9,338		(179)
QW Holding Corporation	QW Holding Corporation	Delayed Draw	1.00	162		(8)		QW Holding Corporation	Revolver	0.50	4,619		(89)
T2 Systems, Inc.	T2 Systems, Inc.	Revolver	0.50	1,955		—		T2 Systems, Inc.	Revolver	0.50	1,955		—
The Original Cakerie, Ltd. (Canada)		Revolver	0.50	1,665		(1)
Turbo Buyer, Inc.								Turbo Buyer, Inc.	Revolver	0.50	933		(19)
VRC Companies, LLC								VRC Companies, LLC	Delayed Draw	0.75	3,856		(58)
VRC Companies, LLC	VRC Companies, LLC	Revolver	0.50	858		—		VRC Companies, LLC	Revolver	0.50	833		(12)
Water Holdings Acquisition LLC	Water Holdings Acquisition LLC	Delayed Draw	1.00	8,421		(126)		Water Holdings Acquisition LLC	Delayed Draw	1.00	5,326		—
Water Holdings Acquisition LLC	Water Holdings Acquisition LLC	Revolver	0.50	5,263		(79)		Water Holdings Acquisition LLC	Revolver	0.50	4,421		—
Welocalize, Inc.	Welocalize, Inc.	Revolver	0.50	1,800		(3)		Welocalize, Inc.	Revolver	0.50	2,025		(19)
Welocalize, Inc.								Welocalize, Inc.	Revolver	0.50	2,250		(22)
WRE Holding Corp.	WRE Holding Corp.	Revolver	0.50	778		(9)		WRE Holding Corp.	Delayed Draw	1.00	337		(3)
WRE Holding Corp.	WRE Holding Corp.	Delayed Draw	1.00	563		(7)		WRE Holding Corp.	Revolver	0.50	624		(6)

Total unfunded commitments	Total unfunded commitments			$	77,429	$	(1,148)	Total unfunded commitments			$	123,710	$	(888)

8993


Consolidated Schedule of Investments as of December 31, 2020
Investments (1)		Footnotes	Industry	Reference Rate & Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
First Lien Debt (97.5% of fair value)
Acrisure, LLC	\#	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 3.50%	3.65%	2/15/2027	$	25,634	$	25,606	$	25,104
Alku, LLC	+#	(2)(3)	Business Services	L + 5.50%	5.75%	7/29/2026	23,666		23,466		23,512
Alpha Packaging Holdings, Inc.	+\	(2)(3)	Containers, Packaging & Glass	L + 6.00%	7.00%	11/12/2021	16,378		16,378		16,378
AmeriLife Holdings LLC	#	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 4.00%	4.15%	3/18/2027	9,951		9,929		9,802
Analogic Corporation	^+	(2)(3)(6)	Capital Equipment	L + 5.25%	6.25%	6/22/2024	18,857		18,837		18,857
Anchor Packaging, Inc.	+#	(2)(3)	Containers, Packaging & Glass	L + 4.00%	4.15%	7/18/2026	24,723		24,617		24,656
API Technologies Corp.	+\	(2)(3)	Aerospace & Defense	L + 4.25%	4.49%	5/9/2026	14,775		14,713		13,999
Aptean, Inc.	+\	(2)(3)	Software	L + 4.25%	4.40%	4/23/2026	12,281		12,227		12,077
AQA Acquisition Holding, Inc.	+\	(2)(3)(6)	High Tech Industries	L + 4.25%	5.25%	5/24/2023	18,759		18,752		18,757
Astra Acquisition Corp.	+#	(2)(3)	Software	L + 5.50%	6.50%	3/1/2027	28,783		28,392		28,783
Avalign Technologies, Inc.	+\	(2)(3)	Healthcare & Pharmaceuticals	L + 4.50%	4.73%	12/22/2025	14,592		14,481		14,334
Big Ass Fans, LLC	+\#	(2)(3)	Capital Equipment	L + 3.75%	4.75%	5/21/2024	13,766		13,714		13,766
BK Medical Holding Company, Inc.	^+	(2)(3)(6)	Healthcare & Pharmaceuticals	L + 5.25%	6.25%	6/22/2024	24,165		23,951		22,363
Chemical Computing Group ULC (Canada)	^+	(2)(3)(6)	Software	L + 5.00%	6.00%	8/30/2023	14,055		13,378		14,055
Clarity Telecom LLC.	+		Media: Broadcasting & Subscription	L + 4.25%	4.40%	8/30/2026	14,813		14,773		14,813
Clearent Newco, LLC	^	(2)(3)(6)	High Tech Industries	L + 6.50%	7.50%	3/20/2025	4,079		4,079		3,907
Clearent Newco, LLC	^+\	(2)(3)	High Tech Industries	L + 5.50%	6.50%	3/20/2025	29,486		29,236		28,722
DecoPac, Inc.	^+\	(2)(3)(6)	Non-durable Consumer Goods	L + 4.25%	5.25%	9/29/2024	12,336		12,253		12,318
Diligent Corporation	^+	(2)(3)(6)	Telecommunications	L + 6.25%	7.25%	8/4/2025	8,683		8,411		8,819
DTI Holdco, Inc.	^+\	(2)(3)	High Tech Industries	L + 4.75%	5.75%	9/30/2023	18,690		18,642		16,655
Eliassen Group, LLC	+\	(2)(3)	Business Services	L + 4.25%	4.40%	11/5/2024	7,543		7,516		7,483
EvolveIP, LLC	^+	(2)(3)(6)	Telecommunications	L + 5.75%	6.75%	6/7/2023	19,800		19,759		19,775
Exactech, Inc.	+\#	(2)(3)	Healthcare & Pharmaceuticals	L + 3.75%	4.75%	2/14/2025	21,528		21,416		20,422
Excel Fitness Holdings, Inc.	+#	(2)(3)	Hotel, Gaming & Leisure	L + 5.25%	6.25%	10/7/2025	24,750		24,546		22,780
Frontline Technologies Holdings, LLC	+	(2)(3)	Software	L + 5.75%	6.75%	9/18/2023	14,886		14,198		14,589
Golden West Packaging Group LLC	+\	(2)(3)	Containers, Packaging & Glass	L + 5.25%	6.25%	6/20/2023	29,012		28,896		28,974
HMT Holding Inc.	+\	(2)(3)(6)	Energy: Oil & Gas	L + 5.00%	6.00%	11/17/2023	32,821		32,458		30,984
Integrity Marketing Acquisition, LLC	^+	(2)(3)(6)	Banking, Finance, Insurance & Real Estate	L + 6.25%	7.25%	8/27/2025	7,836		7,701		7,956
Jensen Hughes, Inc.	+\	(2)(3)(6)	Utilities: Electric	L + 4.50%	5.50%	3/22/2024	34,584		34,489		33,424
KAMC Holdings, Inc.	+#	(2)(3)	Energy: Electricity	L + 4.00%	4.23%	8/14/2026	13,825		13,768		12,531
KBP Investments, LLC	^+	(2)(3)(6)	Beverage, Food & Tobacco	L + 5.00%	6.00%	5/15/2023	9,292		9,059		9,350
Marco Technologies, LLC	^+\	(2)(3)(6)	Media: Advertising, Printing & Publishing	L + 4.00%	5.00%	10/30/2023	7,332		7,293		7,332
Mold-Rite Plastics, LLC	+\	(2)(3)	Chemicals, Plastics & Rubber	L + 4.25%	5.25%	12/14/2021	14,520		14,501		14,520
Newport Group Holdings II, Inc.	+\#	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 3.50%	3.75%	9/13/2025	23,475		23,285		23,405
Odyssey Logistics & Technology Corp.	+\#	(2)(3)	Transportation: Cargo	L + 4.00%	5.00%	10/12/2024	38,897		38,773		37,766
Output Services Group	^+\	(2)(3)	Media: Advertising, Printing & Publishing	L + 4.50%	5.50%	3/27/2024	19,421		19,382		14,178

9094

																	Consolidated Schedule of Investments as of December 31, 2020
Investments (1)	Investments (1)		Footnotes	Industry	Reference Rate & Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)		Investments (1)		Footnotes		Industry	Reference Rate & Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
Pasternack Enterprises, Inc.	Pasternack Enterprises, Inc.	+\	(2)(3)	Capital Equipment	L + 4.00%	5.00%	7/2/2025	$	22,524	$	22,513	$	22,218	Pasternack Enterprises, Inc.	+\	(2)(3)		Capital Equipment	L + 4.00%	5.00%	7/2/2025	$	22,524	$	22,513	$	22,218
Pharmalogic Holdings Corp.	Pharmalogic Holdings Corp.	+\	(2)(3)	Healthcare & Pharmaceuticals	L + 4.00%	5.00%	6/11/2023	11,205		11,189		11,158		Pharmalogic Holdings Corp.	+\	(2)(3)		Healthcare & Pharmaceuticals	L + 4.00%	5.00%	6/11/2023	11,205		11,189		11,158
Premise Health Holding Corp.	Premise Health Holding Corp.	+\#	(2)(3)	Healthcare & Pharmaceuticals	L + 3.50%	3.75%	7/10/2025	13,584		13,538		13,503		Premise Health Holding Corp.	+\#	(2)(3)		Healthcare & Pharmaceuticals	L + 3.50%	3.75%	7/10/2025	13,584		13,538		13,503
Propel Insurance Agency, LLC	Propel Insurance Agency, LLC	^+\	(2)(3)(6)	Banking, Finance, Insurance & Real Estate	L + 5.00%	6.00%	6/1/2024	38,134		37,662		37,716		Propel Insurance Agency, LLC	^+\	(2)(3)(6)		Banking, Finance, Insurance & Real Estate	L + 5.00%	6.00%	6/1/2024	38,134		37,662		37,716
Q Holding Company	Q Holding Company	+\#	(2)(3)	Automotive	L + 5.00%	6.00%	12/31/2023	21,735		21,604		20,229		Q Holding Company	+\#	(2)(3)		Automotive	L + 5.00%	6.00%	12/31/2023	21,735		21,604		20,229
QW Holding Corporation	QW Holding Corporation	+	(2)(3)(6)	Environmental Industries	L + 6.25%	7.25%	8/31/2022	11,566		11,465		10,727		QW Holding Corporation	+	(2)(3)(6)		Environmental Industries	L + 6.25%	7.25%	8/31/2022	11,566		11,465		10,727
Radiology Partners, Inc.	Radiology Partners, Inc.	+\#	(2)(3)	Healthcare & Pharmaceuticals	L + 4.25%	4.81%	7/9/2025	27,686		27,581		27,193		Radiology Partners, Inc.	+\#	(2)(3)		Healthcare & Pharmaceuticals	L + 4.25%	4.81%	7/9/2025	27,686		27,581		27,193
RevSpring Inc.	RevSpring Inc.	+\#	(2)(3)	Media: Advertising, Printing & Publishing	L + 4.25%	4.40%	10/11/2025	29,449		29,265		29,199		RevSpring Inc.	+\#	(2)(3)		Media: Advertising, Printing & Publishing	L + 4.25%	4.40%	10/11/2025	29,449		29,265		29,199
Situs Group Holdings Corporation	Situs Group Holdings Corporation	+\	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 4.75%	5.75%	6/28/2025	14,781		14,689		14,636		Situs Group Holdings Corporation	+\	(2)(3)		Banking, Finance, Insurance & Real Estate	L + 4.75%	5.75%	6/28/2025	14,781		14,689		14,636
T2 Systems, Inc.	T2 Systems, Inc.	^+	(2)(3)(6)	Transportation: Consumer	L + 6.75%	7.75%	9/28/2022	29,119		28,743		29,118		T2 Systems, Inc.	^+	(2)(3)(6)		Transportation: Consumer	L + 6.75%	7.75%	9/28/2022	29,119		28,743		29,118
The Original Cakerie, Ltd. (Canada)	The Original Cakerie, Ltd. (Canada)	+\	(2)(3)(6)	Beverage, Food & Tobacco	L + 4.50%	5.50%	7/20/2022	6,295		6,281		6,289		The Original Cakerie, Ltd. (Canada)	+\	(2)(3)(6)		Beverage, Food & Tobacco	L + 4.50%	5.50%	7/20/2022	6,295		6,281		6,289
The Original Cakerie, Ltd. (Canada)	The Original Cakerie, Ltd. (Canada)	+	(2)(3)	Beverage, Food & Tobacco	L + 5.00%	6.00%	7/20/2022	8,837		8,815		8,829		The Original Cakerie, Ltd. (Canada)	+	(2)(3)		Beverage, Food & Tobacco	L + 5.00%	6.00%	7/20/2022	8,837		8,815		8,829
Thoughtworks, Inc.	Thoughtworks, Inc.	\#	(2)(3)	Business Services	L + 3.75%	4.75%	10/11/2024	11,704		11,683		11,704		Thoughtworks, Inc.	\#	(2)(3)		Business Services	L + 3.75%	4.75%	10/11/2024	11,704		11,683		11,704
U.S. Acute Care Solutions, LLC	U.S. Acute Care Solutions, LLC	+\	(2)(3)	Healthcare & Pharmaceuticals	L + 6.00%	7.00%	5/15/2021	31,211		31,184		29,104		U.S. Acute Care Solutions, LLC	+\	(2)(3)		Healthcare & Pharmaceuticals	L + 6.00%	7.00%	5/15/2021	31,211		31,184		29,104
U.S. TelePacific Holdings Corp.	U.S. TelePacific Holdings Corp.	+\	(2)(3)	Telecommunications	L + 5.50%	6.50%	5/2/2023	26,660		26,585		23,984		U.S. TelePacific Holdings Corp.	+\	(2)(3)		Telecommunications	L + 5.50%	6.50%	5/2/2023	26,660		26,585		23,984
VRC Companies, LLC	VRC Companies, LLC	+	(2)(3)(6)	Business Services	L + 6.50%	7.50%	3/31/2023	30,582		29,464		30,582		VRC Companies, LLC	+	(2)(3)(6)		Business Services	L + 6.50%	7.50%	3/31/2023	30,582		29,464		30,582
Water Holdings Acquisition LLC	Water Holdings Acquisition LLC	^+	(2)(3)(6)	Utilities: Water	L + 5.25%	6.25%	12/18/2026	26,316		25,520		25,516		Water Holdings Acquisition LLC	^+	(2)(3)(6)		Utilities: Water	L + 5.25%	6.25%	12/18/2026	26,316		25,520		25,516
Welocalize, Inc.	Welocalize, Inc.	+	(2)(3)(6)	Business Services	L + 4.50%	5.50%	12/23/2023	22,629		22,414		22,584		Welocalize, Inc.	+	(2)(3)(6)		Business Services	L + 4.50%	5.50%	12/23/2023	22,629		22,414		22,584
WRE Holding Corp.	WRE Holding Corp.	^+	(2)(3)(6)	Environmental Industries	L + 5.25%	6.25%	1/3/2023	8,367		8,336		8,252		WRE Holding Corp.	^+	(2)(3)(6)		Environmental Industries	L + 5.25%	6.25%	1/3/2023	8,367		8,336		8,252

First Lien Debt Total	First Lien Debt Total									$	1,051,406	$	1,029,687	First Lien Debt Total										$	1,051,406	$	1,029,687
Second Lien Debt (2.3% of fair value)	Second Lien Debt (2.3% of fair value)													Second Lien Debt (2.3% of fair value)
DBI Holding, LLC	DBI Holding, LLC	^	(2)	Transportation: Cargo	9.00% PIK	9.00%	2/1/2026	$	24,113	$	23,768	$	24,113	DBI Holding, LLC	^	(2)		Transportation: Cargo	9.00% PIK	9.00%	2/1/2026	$	24,113	$	23,768	$	24,113
Second Lien Debt Total	Second Lien Debt Total									$	23,768	$	24,113	Second Lien Debt Total										$	23,768	$	24,113
Equity Investments (0.2%of fair value)	Equity Investments (0.2%of fair value)													Equity Investments (0.2%of fair value)
DBI Holding, LLC	DBI Holding, LLC	^		Transportation: Cargo				$	2,961	$	—	$	—	DBI Holding, LLC	^			Transportation: Cargo				$	2,961	$	—	$	—
DBI Holding, LLC	DBI Holding, LLC	^		Transportation: Cargo				$	13,996	$	5,364	$	2,581	DBI Holding, LLC	^			Transportation: Cargo				13,996		5,364		2,581
Equity Investments Total	Equity Investments Total									$	5,364	$	2,581	Equity Investments Total										$	5,364	$	2,581
Total Investments	Total Investments									$	1,080,538	$	1,056,381	Total Investments										$	1,080,538	$	1,056,381

^ Denotes that all or a portion of the assets are owned by Credit Fund. Credit Fund has entered into the Credit Fund Facility. Accordingly, such assets are not available to creditors of Credit Fund Sub, the 2019-2 Issuer or Credit Fund Warehouse II.

+ Denotes that all or a portion of the assets are owned by Credit Fund Sub. Credit Fund Sub has entered into a revolving credit facility the Credit Fund Sub Facility. The lenders of the Credit Fund Sub Facility have a first lien security interest in substantially all of the assets of Credit Fund Sub. Accordingly, such assets are not available to creditors of Credit Fund, the 2019-2 Issuer or Credit Fund Warehouse II.

\ Denotes that all or a portion of the assets are owned by the 2019-2 Issuer and secure the notes issued in connection with the 2019-2 Debt Securitization. Accordingly, such assets are not available to creditors of Credit Fund, Credit Fund Sub, or Credit Fund Warehouse II.

# Denotes that all or a portion of the assets are owned by the Credit Fund Warehouse II. Credit Fund Warehouse II has entered into the Credit Fund Warehouse II Facility. The lenders of the Credit Fund Warehouse II Facility have a first lien security interest in substantially all of the assets of the Credit Fund Warehouse II. Accordingly, such assets are not available to creditors of Credit Fund, Credit Fund Sub, or the 2019-2 Issuer.

9195

December 31, 2020, the reference rates for Credit Fund's variable rate loans were the 30-day LIBOR at 0.15%, the 90-day LIBOR at 0.25% and the 180-day LIBOR at 0.26%.

(3)Loan includes interest rate floor feature, which is generally 1.00%.

(6)As of December 31, 2020, Credit Fund and Credit Fund Sub had the following unfunded commitments to fund delayed draw and revolving senior secured loans:


First Lien Debt—unfunded delayed draw and revolving term loans commitments	Type	Unused Fee		Par/ Principal Amount		Fair Value
Analogic Corporation	Revolver	0.50	%	$	1,975	$	—
AQA Acquisition Holding, Inc.	Revolver	0.50		2,459		—
BK Medical Holding Company, Inc.	Revolver	0.50		2,609		(176)
Chemical Computing Group ULC (Canada)	Revolver	0.50		873		—
Clearent Newco, LLC	Delayed Draw	1.00		2,549		(66)
DecoPac, Inc.	Revolver	0.50		2,143		(3)
Diligent Corporation	Delayed Draw	1.00		2,109		25
Diligent Corporation	Revolver	0.50		703		8
EvolveIP, LLC	Delayed Draw	1.00		1,904		(2)
EvolveIP, LLC	Revolver	0.50		1,680		(2)
HMT Holding Inc.	Revolver	0.50		6,173		(291)
Integrity Marketing Acquistion, LLC	Delayed Draw	1.00		4,144		41
Jensen Hughes, Inc.	Delayed Draw	1.00		1,127		(35)
Jensen Hughes, Inc.	Revolver	0.50		1,364		(43)
KBP Investments, LLC	Delayed Draw	1.00		503		1
KBP Investments, LLC	Delayed Draw	1.00		10,190		30
Marco Technologies, LLC	Delayed Draw	1.00		7,500		—
Propel Insurance Agency, LLC	Revolver	0.50		1,905		(19)
Propel Insurance Agency, LLC	Delayed Draw	1.00		1,733		(17)
QW Holding Corporation	Revolver	0.50		5,498		(268)
QW Holding Corporation	Delayed Draw	1.00		161		(8)
T2 Systems, Inc.	Revolver	0.50		1,955		—
The Original Cakerie, Ltd. (Canada)	Revolver	0.50		1,665		(1)
VRC Companies, LLC	Revolver	0.50		858		—
Water Holdings Acquisition LLC	Delayed Draw	1.00		8,421		(168)
Water Holdings Acquisition LLC	Revolver	0.50		5,263		(105)
Welocalize, Inc.	Revolver	0.50		2,250		(4)
WRE Holding Corp.	Revolver	0.50		852		(10)
WRE Holding Corp.	Delayed Draw	1.00		563		(7)


Total unfunded commitments				$	81,129	$	(1,120)

(7)Loan was on non-accrual status as of December 31, 2020.

Debt

Credit Fund, Credit Fund Sub and Credit Fund Warehouse II are party to separate credit facilities as described below. In addition, until May 15, 2019, the 2019-2 Issuer (formerly known as Credit Fund Warehouse) was a party to the Credit Warehouse Facility. As of ~~March 31,~~September 30, 2021 and December 31, 2020, Credit Fund, Credit Fund Sub and Credit Fund Warehouse II were in compliance with all covenants and other requirements of their respective credit facility agreements. Below is a summary of the borrowings and repayments under the credit facilities for the three month and nine month periods ended 2021 and 2020, and the outstanding balances under the credit facilities for the respective periods.

9296


		Credit Fund Facility				Credit Fund Sub Facility				Credit Fund Warehouse II Facility					Credit Fund Facility				Credit Fund Sub Facility						Credit Fund Warehouse II Facility
		2021		2020		2021		2020			2021		2020				2021		2020		2021		2020			2021		2020
Three Month Periods Ended March 31,
Outstanding balance, beginning of period		$	—	$	93,000	$	420,859	$	343,506		$	93,402	$	97,571
Borrowings		—		63,500		63,000		57,000			—		19,794
Repayments		—		(156,500)		(120,738)		(33,500)			(10,222)		(21,950)
Outstanding balance, end of period		$	—	$	—	$	363,121	$	367,006		$	83,180	$	95,415

Three Month Periods Ended March 31,
Three Month Periods Ended September 30,																Three Month Periods Ended September 30,
Outstanding Borrowing, beginning of period	Outstanding Borrowing, beginning of period	$	—	$	93,000	$	—	$	343,506		$	—	$	97,571		Outstanding Borrowing, beginning of period	$	—	$	—	$	515,121	$	353,006		$	82,163	$	108,994
Borrowings	Borrowings	—		63,500		—		57,000			—		19,794			Borrowings	—		—		167,500		25,000			44,250		5,000
Repayments	Repayments	—		(156,500)		—		(33,500)			—		(21,950)			Repayments	—		—		(52,000)		—			—		(6,590)
Outstanding balance, end of period		$	—	$	—	$	—	$	367,006		$	—	$	95,415
Outstanding Borrowing, end of period																Outstanding Borrowing, end of period	$	—	$	—	$	630,621	$	378,006		$	126,413	$	107,404

Nine Month Periods Ended September 30,																Nine Month Periods Ended September 30,
Outstanding Borrowing, beginning of period																Outstanding Borrowing, beginning of period	$	—	$	93,000	$	420,859	$	343,506		$	93,402	$	97,571
Borrowings																Borrowings	—		63,500		393,000		125,000			52,250		38,373
Repayments																Repayments	—		(156,500)		(183,238)		(90,500)			(19,239)		(28,540)
Outstanding Borrowing, end of period																Outstanding Borrowing, end of period	$	—	$	—	$	630,621	$	378,006		$	126,413	$	107,404

Credit Fund Warehouse II Facility. On August 16, 2019, Credit Fund Warehouse II closed on a revolving credit facility (the "Credit Fund Warehouse II Facility") with lenders. The Credit Fund Warehouse II Facility provides for secured borrowings during the applicable revolving period up to an amount equal to $150,000. The Credit Fund Warehouse II Facility is secured by a first lien security interest in substantially all of the portfolio investments held by ~~the~~ Credit Fund Warehouse ~~II Facility.~~II. The maturity date of the Credit Fund Warehouse II Facility is August 16, 2022. Amounts borrowed under the Credit Fund Warehouse II Facility bear interest at a rate of LIBOR plus 1.05% for the first 12 months, LIBOR plus 1.15% for the next 12 months, and LIBOR plus 1.50% in the final 12 months.

2017-1 Notes

•$231,700 of Aaa/AAA Class A-1 Notes, which ~~bear~~bore interest at the three-month LIBOR plus 1.17%;

•$48,300 of Aa2/AA Class A-2 Notes, which ~~bear~~bore interest at the three-month LIBOR plus 1.50%;

•$15,000 of A2/A Class B-1 Notes, which ~~bear~~bore interest at the three-month LIBOR plus 2.25%;

•$9,000 of A2/A Class B-2 Notes which ~~bear~~bore interest at 4.30%;

•$22,900 of Baa2/BBB Class C Notes which ~~bear~~bore interest at the three-month LIBOR plus 3.20%; and

•$25,100 of Ba2/BB Class D Notes which ~~bear~~bore interest at the three-month LIBOR plus 6.38%.

The 2017-1 Notes ~~are~~were scheduled to mature on January 15, 2028. Credit Fund received 100% of the preferred interests issued by the 2017-1 Issuer (the “2017-1 Issuer Preferred Interests”) on the closing date of the 2017-1 Debt Securitization in exchange for Credit Fund’s contribution to the 2017-1 Issuer of the initial closing date loan portfolio. The 2017-1 Issuer Preferred Interests dodid not bear interest and had a nominal value of $47,900 at closing.

9397

2019-2 Notes

On May 21, 2019, Credit Fund completed the 2019-2 Debt Securitization. The notes offered in the 2019-2 Debt Securitization (the “2019-2 Notes”) were issued by the 2019-2 Issuer, a wholly owned and consolidated subsidiary of Credit Fund, and ~~are~~were secured by a diversified portfolio of the 2019-2 Issuer consisting primarily of first and second lien senior secured loans. The 2019-2 Debt Securitization was executed through a private placement of the 2019-2 Notes, consisting of:

•$233,000 of Aaa/AAA Class A-1 Notes, which ~~bear~~bore interest at the three-month LIBOR plus 1.50%;

•$48,000 of Aa2/AA Class A-2 Notes, which ~~bear~~bore interest at the three-month LIBOR plus 2.40%;

•$23,000 of A2/A Class B Notes, which ~~bear~~bore interest at the three-month LIBOR plus 3.45%;

•$27,000 of Baa2/BBB- Class C Notes which ~~bear~~bore interest at the three-month LIBOR plus 4.55%; and

•$21,000 of Ba2/BB- Class D Notes which ~~bear~~bore interest at the three-month LIBOR plus 8.03%.

The ~~2017-1~~2019-2 Notes ~~are~~were scheduled to mature on April 15, 2029. Credit Fund received 100% of the preferred interests issued by the 2019-2 Issuer (the “2019-2 Issuer Preferred Interests”) on the closing date of the 2019-2 Debt Securitization in exchange for Credit Fund’s contribution to the 2019-2 Issuer of the initial closing date loan portfolio. The 2019-2 Issuer Preferred Interests dodid not bear interest and had a nominal value of $48,300 at closing.

The 2019-2 Notes were fully redeemed during the three months ended September 30, 2021. As of ~~March~~December 31, ~~2021~~2020, the outstanding balance of the 2019-2 Notes was $255,832. As of the redemption date and as of December 31, 2020, the 2019-2 Issuer was in compliance with all covenants and other requirements of the indenture.

MIDDLE MARKET CREDIT FUND II, LLC

Overview

managers of Credit Fund II, and is reimbursed by Credit Fund II for its costs and expenses and Credit Fund II’s allocable portion of overhead incurred by the Credit Fund II Administrative Agent in performing its obligations thereunder.

Credit Fund II Senior Notes

On November 3, 2020, Credit Fund II Sub closed on the Credit Fund II Senior Notes (the “Credit Fund II Senior Notes”) with lenders. The Credit Fund II Senior Notes provides for secured borrowings totaling $157,500 with two tranches, A-1 and A-2 outstanding. The facility is secured by a first lien security interest in substantially all of the portfolio investments held by Credit Fund II Sub. The maturity date of the Credit Fund II Senior Notes ~~Sub Facility~~ is November 3, 2030. Amounts issued for the Class A-1 notes (the "A-1 Notes") totaled $147,500 and bear interest at a rate of LIBOR plus 2.70%, and amounts issued for the Class A-2 notes (the "A-2 Notes") totaled $10,000 and bear interest at LIBOR plus 3.20%. The A-1 Notes were rated AAA, and the A-2 Notes were rated AA by DBRS Morningstar. The terms of the Credit Fund II Senior Notes provide that as loans pay down, up to $50,000 is available from principal proceeds for reinvestment, and then the investment principal proceeds are used to directly pay down the principal balance on the Credit Fund II Senior Notes. As of ~~March 31,~~September 30, 2021 and December 31, 2020, Credit Fund II Sub was in compliance with all covenants and other requirements of its respective credit agreements.

Selected Financial Data

As of
March 31, 2021 December 31, 2020
(unaudited)
ASSETS
Investments, at fair value (amortized cost of $246,772 and $245,312, respectively) $ 248,375 $ 246,421
Cash and cash equivalents 3,492 1,385
Other assets 2,238 3,436
Total assets $ 254,105 $ 251,242
LIABILITIES AND MEMBERS’ EQUITY
Notes payable, net of unamortized debt issuance costs of $857 and $875, respectively $ 156,643 $ 156,625
Other liabilities 4,859 2,675
Total members' equity (1)
92,603 91,942
Total liabilities and members’ equity $ 254,105 $ 251,242


	As of
	September 30, 2021		December 31, 2020
	(unaudited)
ASSETS
Investments, at fair value (amortized cost of $243,412 and $245,312, respectively)	$	244,388	$	246,421
Cash, cash equivalents and restricted cash (1)	3,139		1,385
Other assets	7,003		3,436
Total assets	$	254,530	$	251,242
LIABILITIES AND MEMBERS’ EQUITY

Notes payable, net of unamortized debt issuance costs of $820 and $875, respectively	$	156,679	$	156,625
Other liabilities	4,999		2,675





Total members' equity (2)	92,852		91,942
Total liabilities and members’ equity	$	254,530	$	251,242

(1) As of ~~March~~September 30, 2021 and December 31, 2020, all of Credit Fund II's cash and cash equivalents was restricted.

(2) As of September 30, 2021 and December 31, 2020, the fair value of Company's ownership interest in the members' equity was ~~$77,934~~$78,143 and $77,395, respectively.

~~For the three month period ended~~

~~March 31, 2021~~

~~(unaudited)~~

~~Selected Consolidated Statement of Operations Information:~~

~~Total investment income~~

~~4,563~~

~~Expenses~~

~~Interest and credit facility expenses~~

~~1,201~~

~~Other expenses~~

~~191~~

~~Total expenses~~

~~1,392~~

~~Net investment income (loss)~~

~~3,171~~

~~Net realized gain (loss) on investments~~

—

~~Net change in unrealized appreciation (depreciation) on investments~~

~~494~~

~~Net increase (decrease) resulting from operations~~

~~3,665~~


	For the three month period ended		For the nine month period ended
	September 30, 2021			September 30, 2021
	(unaudited)			(unaudited)
Selected Consolidated Statement of Operations Information:
Total investment income	$	4,838		14,205
Expenses
Interest and credit facility expenses	1,190			3,588
Other expenses	177			558
Total expenses	1,367			4,146
Net investment income (loss)	3,471			10,059
Net realized gain (loss) on investments	—			—
Net change in unrealized appreciation (depreciation) on investments	(850)			(138)
Net increase (decrease) resulting from operations	$	2,621		9,921

9599

Below is a summary of Credit Fund II’s portfolio, followed by a listing of the loans in Credit Fund II’s portfolio as of ~~March 31,~~September 30, 2021 and December 31, 2020:


		As of							As of
		March 31, 2021			December 31, 2020				September 30, 2021			December 31, 2020
Senior secured loans (1)	Senior secured loans (1)	$	249,442		$	248,172		Senior secured loans (1)	$	245,584		$	248,172
Weighted average yields of senior secured loans based on amortized cost (2)	Weighted average yields of senior secured loans based on amortized cost (2)	7.26		%	7.32		%	Weighted average yields of senior secured loans based on amortized cost (2)	7.32		%	7.32		%
Weighted average yields of senior secured loans based on fair value (2)	Weighted average yields of senior secured loans based on fair value (2)	7.21		%	7.29		%	Weighted average yields of senior secured loans based on fair value (2)	7.29		%	7.29		%
Number of portfolio companies in Credit Fund II	Number of portfolio companies in Credit Fund II	42			44			Number of portfolio companies in Credit Fund II	36			44
Average amount per portfolio company (1)	Average amount per portfolio company (1)	$	5,939		$	5,640		Average amount per portfolio company (1)	$	6,822		$	5,640
Percentage of portfolio at floating interest rates (3) (4)	Percentage of portfolio at floating interest rates (3) (4)	99.1		%	99.1		%	Percentage of portfolio at floating interest rates (3) (4)	97.8		%	99.1		%
Percentage of portfolio at fixed interest rates (4)	Percentage of portfolio at fixed interest rates (4)	0.9		%	0.9		%	Percentage of portfolio at fixed interest rates (4)	2.2		%	0.9		%
Fair value of loans with PIK provisions	Fair value of loans with PIK provisions	$	8,892		$	9		Fair value of loans with PIK provisions	$	17,440		$	9
Percentage of portfolio with PIK provisions (4)	Percentage of portfolio with PIK provisions (4)	3.6		%	3.6		%	Percentage of portfolio with PIK provisions (4)	7.1		%	3.6		%

(1)At par/principal amount.

(3)Floating rate debt investments are generally subject to interest rate floors.

(4)Percentages based on fair value.


Consolidated Schedule of Investments as of March 31, 2021
Consolidated Schedule of Investments as of September 30, 2021														Consolidated Schedule of Investments as of September 30, 2021
Investments (1)	Investments (1)		Footnotes	Industry	Reference Rate & Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)		Investments (1)		Footnotes	Industry	Reference Rate & Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
First Lien Debt (90.5% of fair value)
First Lien Debt (89.2% of fair value)														First Lien Debt (89.2% of fair value)
Airnov, Inc.	Airnov, Inc.	^	(2)(3)	Containers, Packaging & Glass	L + 5.25%	6.25%	12/19/2025	$	1,496	$	1,478	$	1,493	Airnov, Inc.	^	(2)(3)	Containers, Packaging & Glass	L + 5.00%	6.00%	12/19/2025	$	9,971	$	9,955	$	9,971
Alpine SG, LLC	Alpine SG, LLC	^	(2)(3)	High Tech Industries	L + 5.75%	6.75%	11/16/2022	4,411		4,392		4,342		Alpine SG, LLC	^	(2)(3)	High Tech Industries	L + 5.75%	6.75%	11/16/2022	4,411		4,398		4,364
American Physician Partners, LLC	American Physician Partners, LLC	^	(2)(3)	Healthcare & Pharmaceuticals	L + 6.75%	7.75%	12/21/2021	8,629		8,595		8,371		American Physician Partners, LLC	^	(2)(3)	Healthcare & Pharmaceuticals	L + 6.75%, 1.50% PIK	9.25%	12/21/2021	8,575		8,565		8,575
AMS Group HoldCo, LLC	AMS Group HoldCo, LLC	^	(2)(3)	Transportation: Cargo	L + 6.50%	7.50%	9/29/2023	8,169		8,091		8,157		AMS Group HoldCo, LLC	^	(2)(3)	Transportation: Cargo	L + 6.00%	7.00%	9/29/2023	7,068		7,013		7,068
Apptio, Inc.	Apptio, Inc.	^	(2)(3)	Software	L + 7.25%	8.25%	1/10/2025	5,357		5,282		5,397		Apptio, Inc.	^	(2)(3)	Software	L + 7.25%	8.25%	1/10/2025	5,357		5,290		5,397
Aurora Lux FinCo S.Á.R.L. (Luxembourg)	Aurora Lux FinCo S.Á.R.L. (Luxembourg)	^	(2)(3)	Software	L + 6.00%	7.00%	12/24/2026	$	4,389	$	4,295	$	3,971	Aurora Lux FinCo S.Á.R.L. (Luxembourg)	^	(2)(3)	Software	L + 6.00%	7.00%	12/24/2026	$	4,367	$	4,280	$	3,966
Avenu Holdings, LLC	Avenu Holdings, LLC	^	(2)(3)	Sovereign & Public Finance	L + 5.25%	6.25%	9/28/2024	995		985		995		Avenu Holdings, LLC	^	(2)(3)	Sovereign & Public Finance	L + 5.25%	6.25%	9/28/2024	990		982		990
BMS Holdings III Corp.	BMS Holdings III Corp.	^	(2)(3)	Construction & Building	L + 5.25%	6.25%	9/30/2026	3,300		3,233		3,270		BMS Holdings III Corp.	^	(2)(3)	Construction & Building	L + 5.50%	6.50%	9/30/2026	3,283		3,222		3,249
Captive Resources Midco, LLC	Captive Resources Midco, LLC	^	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.75%	6.75%	5/31/2025	8,324		8,220		8,396		Captive Resources Midco, LLC	^	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.75%	6.75%	5/31/2025	8,192		8,103		8,194
Chartis Holding, LLC	Chartis Holding, LLC	^	(2)(3)	Business Services	L + 5.25%	6.25%	5/1/2025	1,492		1,471		1,492		Chartis Holding, LLC	^	(2)(3)	Business Services	L + 5.50%	6.50%	5/1/2025	9,949		9,931		9,949
Comar Holding Company, LLC	Comar Holding Company, LLC	^	(2)(3)	Containers, Packaging & Glass	L + 5.50%	6.50%	6/18/2024	8,776		8,676		8,776		Comar Holding Company, LLC	^	(2)(3)	Containers, Packaging & Glass	L + 5.75%	6.75%	6/18/2024	8,732		8,646		8,726
Cority Software Inc. (Canada)	Cority Software Inc. (Canada)	^	(2)(3)	Software	L + 5.25%	6.25%	7/2/2026	8,777		8,639		8,817		Cority Software Inc. (Canada)	^	(2)(3)	Software	L + 5.00%	6.00%	7/2/2026	8,733		8,607		8,733
Ensono, LP		^	(2)(3)	Telecommunications	L + 5.25%	5.36%	6/27/2025	6,276		6,232		6,227
Ethos Veterinary Health LLC	Ethos Veterinary Health LLC	^	(2)(3)	Consumer Services	L + 4.75%	4.86%	5/15/2026	8,170		8,108		8,118		Ethos Veterinary Health LLC	^	(2)(3)	Consumer Services	L + 4.75%	4.83%	5/15/2026	8,146		8,089		8,146
EvolveIP, LLC	EvolveIP, LLC	^	(2)(3)	Telecommunications	L + 5.75%	6.75%	6/7/2023	8,777		8,763		8,777		EvolveIP, LLC	^	(2)(3)	Telecommunications	L + 5.75%	6.75%	6/7/2023	8,733		8,721		8,733
K2 Insurance Services, LLC	K2 Insurance Services, LLC	^	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.00%	6.00%	7/1/2024	6,894		6,800		6,902		K2 Insurance Services, LLC	^	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.00%	6.00%	7/1/2026	9,034		8,926		8,913
Kaseya, Inc.	Kaseya, Inc.	^	(2)(3)	High Tech Industries	L + 4.00%, 3.00% PIK	8.00%	5/2/2025	8,892		8,765		8,892		Kaseya, Inc.	^	(2)(3)	High Tech Industries	L + 4.00%, 3.00% PIK	8.00%	5/3/2025	9,023		8,910		8,865

96100


Consolidated Schedule of Investments as of March 31, 2021
Consolidated Schedule of Investments as of September 30, 2021														Consolidated Schedule of Investments as of September 30, 2021
Investments (1)	Investments (1)		Footnotes	Industry	Reference Rate & Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)		Investments (1)		Footnotes	Industry	Reference Rate & Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
Mailgun Technologies, Inc.	Mailgun Technologies, Inc.	^	(2)(3)	High Tech Industries	L + 5.00%	6.00%	3/26/2025	8,457		8,332		8,379		Mailgun Technologies, Inc.	^	(2)(3)	High Tech Industries	L + 5.00%	6.00%	3/26/2025	$	8,414	$	8,304	$	8,414
National Technical Systems, Inc.	National Technical Systems, Inc.	^	(2)(3)	Aerospace & Defense	L + 5.50%	6.50%	6/12/2023	8,800		8,780		8,800		National Technical Systems, Inc.	^	(2)(3)	Aerospace & Defense	L + 5.50%	6.50%	6/12/2023	8,756		8,740		8,822
NMI AcquisitionCo, Inc.	NMI AcquisitionCo, Inc.	^	(2)(3)	High Tech Industries	L + 5.00%	6.00%	9/6/2023	8,776		8,719		8,810		NMI AcquisitionCo, Inc.	^	(2)(3)	High Tech Industries	L + 5.00%	6.00%	9/6/2023	8,731		8,693		8,600
Paramit Corporation		^	(2)(3)	Capital Equipment	L + 4.50%	5.50%	5/3/2025	1,000		993		994
PPC Flexible Packaging, LLC		^	(2)(3)	Containers, Packaging & Glass	L + 5.50%	6.50%	11/23/2024	4,389		4,349		4,389
Redwood Services Group, LLC	Redwood Services Group, LLC	^	(2)(3)	High Tech Industries	L + 6.00%	7.00%	6/6/2023	3,291		3,273		3,291		Redwood Services Group, LLC	^	(2)(3)	High Tech Industries	L + 6.00%	7.00%	6/6/2023	8,760		8,744		8,760
Reladyne, Inc.	Reladyne, Inc.	^	(2)(3)	Wholesale	L + 5.00%	6.00%	7/22/2022	6,484		6,439		6,458		Reladyne, Inc.	^	(2)(3)	Wholesale	L + 5.00%	6.00%	7/22/2024	6,451		6,423		6,356
Riveron Acquisition Holdings, Inc.	Riveron Acquisition Holdings, Inc.	^	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.75%	6.75%	5/22/2025	8,236		8,117		8,318		Riveron Acquisition Holdings, Inc.	^	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.75%	6.75%	5/22/2025	8,194		8,088		8,194
RSC Acquisition, Inc.	RSC Acquisition, Inc.	^	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.50%	6.50%	11/1/2026	8,465		8,325		8,508		RSC Acquisition, Inc.	^	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.50%	6.50%	11/1/2026	8,422		8,293		8,422
Smile Doctors, LLC	Smile Doctors, LLC	^	(2)(3)	Healthcare & Pharmaceuticals	L + 6.00%	7.00%	10/6/2022	6,493		6,491		6,493		Smile Doctors, LLC	^	(2)(3)	Healthcare & Pharmaceuticals	L + 6.00%	7.00%	10/6/2022	6,460		6,459		6,460
Sovos Brands Intermediate, Inc.		^	(2)(3)	Beverage, Food & Tobacco	L + 4.75%	4.98%	11/20/2025	7,355		7,311		7,316
Superior Health Linens, LLC	Superior Health Linens, LLC	^	(2)(3)	Business Services	L + 6.50%	7.50%	9/30/2021	7,024		7,010		7,016		Superior Health Linens, LLC	^	(2)(3)	Business Services	L + 6.50%	7.50%	12/31/2021	6,924		6,924		6,924
T2 Systems, Inc.	T2 Systems, Inc.	^	(2)(3)	Transportation: Consumer	L + 6.75%	7.75%	9/28/2022	8,776		8,702		8,776		T2 Systems, Inc.	^	(2)(3)	Transportation: Consumer	L + 6.75%	7.75%	9/28/2022	8,731		8,681		8,731
TCFI Aevex LLC	TCFI Aevex LLC	^	(2)(3)	Aerospace & Defense	L + 6.00%	7.00%	3/18/2026	1,714		1,685		1,711		TCFI Aevex LLC	^	(2)(3)	Aerospace & Defense	L + 6.00%	7.00%	3/18/2026	1,705		1,679		1,539
TSB Purchaser, Inc.		^	(2)(3)	Media: Advertising, Printing & Publishing	L + 6.00%	7.00%	5/14/2024	8,777		8,649		8,734
Turbo Buyer, Inc.	Turbo Buyer, Inc.	^	(2)(3)	Automotive	L + 5.50%	6.50%	12/2/2025	8,153		7,988		8,235		Turbo Buyer, Inc.	^	(2)(3)	Automotive	L + 5.75%	6.75%	12/2/2025	8,113		7,962		7,950
US INFRA SVCS Buyer, LLC	US INFRA SVCS Buyer, LLC	^	(2)(3)	Environmental Industries	L + 6.00%	7.00%	4/13/2026	3,292		3,235		3,249		US INFRA SVCS Buyer, LLC	^	(2)(3)	Environmental Industries	L + 6.50%	7.50%	4/13/2026	3,275		3,223		3,208
VRC Companies, LLC		^	(2)(3)	Business Services	L + 6.50%	7.50%	3/31/2023	4,300		4,264		4,214
Zemax Software Holdings, LLC	Zemax Software Holdings, LLC	^	(2)(3)	Software	L + 5.75%	6.75%	6/25/2024	4,388		4,354		4,318		Zemax Software Holdings, LLC	^	(2)(3)	Software	L + 5.75%	6.75%	6/25/2024	4,353		4,324		4,353
Zenith Merger Sub, Inc.	Zenith Merger Sub, Inc.	^	(2)(3)	Business Services	L + 5.25%	6.25%	12/13/2023	4,389		4,360		4,382		Zenith Merger Sub, Inc.	^	(2)(3)	Business Services	L + 5.25%	6.25%	12/13/2023	7,386		7,361		7,386

First Lien Debt Total	First Lien Debt Total									$	223,401	$	224,784	First Lien Debt Total									$	217,536	$	217,958
Second Lien Debt (9.5% of fair value)
Second Lien Debt (10.8% of fair value)														Second Lien Debt (10.8% of fair value)
AI Convoy S.A.R.L (United Kingdom)	AI Convoy S.A.R.L (United Kingdom)	^	(2)(3)	Aerospace & Defense	L + 8.25%	9.25%	1/17/2028	$	5,514	$	5,404	$	5,714	AI Convoy S.A.R.L (United Kingdom)	^	(2)(3)	Aerospace & Defense	L + 8.25%	9.25%	1/17/2028	$	5,514	$	5,410	$	5,720
AQA Acquisition Holdings, Inc.														AQA Acquisition Holdings, Inc.	^	(2)(3)	High Tech Industries	L + 7.50%	8.00%	3/3/2029	5,000		4,878		4,934
Quartz Holding Company	Quartz Holding Company	^	(2)(3)	Software	L + 8.00%	8.11%	4/2/2027	4,852		4,773		4,900		Quartz Holding Company	^	(2)(3)	Software	L + 8.00%	8.09%	4/2/2027	4,852		4,779		4,852
Tank Holding Corp.	Tank Holding Corp.	^	(2)(3)	Capital Equipment	L + 8.25%	8.36%	3/26/2027	$	5,514	$	5,439	$	5,552	Tank Holding Corp.	^	(2)(3)	Capital Equipment	L + 8.25%	8.45%	3/26/2027	5,514		5,444		5,569
Ultimate Baked Goods MIDCO, LLC		^	(2)(3)	Beverage, Food & Tobacco	L + 8.00%	9.00%	8/9/2026	5,514		5,431		5,083
World 50, Inc.	World 50, Inc.	^	(6)	Business Services	0.115	11.50%	1/9/2027	2,365		2,324		2,342		World 50, Inc.	^	(6)	Business Services	0.115	11.50%	1/9/2027	5,465		5,365		5,355

Second Lien Debt Total	Second Lien Debt Total									$	23,371	$	23,591	Second Lien Debt Total									$	25,876	$	26,430
Total Investments	Total Investments									$	246,772	$	248,375	Total Investments									$	243,412	$	244,388

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR 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, Credit Fund II has indicated the reference rate used and provided the spread and the interest rate in effect as of ~~March 31,~~September 30, 2021. As of ~~March 31,~~September 30, 2021, the reference rates for Credit Fund II's variable rate loans were the 30-day LIBOR at ~~0.11%~~0.08%, the 90-day LIBOR at ~~0.19%~~0.13% and the 180-day LIBOR at ~~0.21%~~0.16%.

(3)Loan includes interest rate floor feature, which is generally 1.00%.

(6)Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company.

98101


Consolidated Schedule of Investments as of December 31, 2020
Investments (1)		Footnotes	Industry	Reference Rate & Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
First Lien Debt (90.1% of fair value)
Airnov, Inc.	^	(2)(3)	Containers, Packaging & Glass	L + 5.25%	6.25%	12/19/2025	$	1,500	$	1,481	$	1,501
Alpine SG, LLC	^	(2)(3)	High Tech Industries	L + 5.75%	6.75%	11/16/2022	4,411		4,390		4,378
American Physician Partners, LLC	^	(2)(3)	Healthcare & Pharmaceuticals	L + 6.75%	7.75%	12/21/2021	8,725		8,679		8,265
AMS Group HoldCo, LLC	^	(2)(3)	Transportation: Cargo	L + 6.50%	7.50%	9/29/2023	8,182		8,096		8,079
Apptio, Inc.	^	(2)(3)	Software	L + 7.25%	8.25%	1/10/2025	5,357		5,278		5,437
Aurora Lux FinCo S.Á.R.L. (Luxembourg)	^	(2)(3)	Software	L + 5.75%	6.75%	12/24/2026	4,400		4,303		4,018
Avenu Holdings, LLC	^	(2)(3)	Sovereign & Public Finance	L + 5.25%	6.25%	9/28/2024	997		987		997
BMS Holdings III Corp.	^	(2)(3)	Construction & Building	L + 5.25%	6.25%	9/30/2026	3,308		3,239		3,270
Captive Resources Midco, LLC	^	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.75%	6.75%	5/31/2025	8,406		8,297		8,463
Chartis Holding, LLC	^	(2)(3)	Business Services	L + 5.50%	6.50%	5/1/2025	1,496		1,474		1,497
Comar Holding Company, LLC	^	(2)(3)	Containers, Packaging & Glass	L + 5.50%	6.50%	6/18/2024	8,799		8,692		8,832
Cority Software Inc. (Canada)	^	(2)(3)	Software	L + 5.25%	6.25%	7/2/2026	8,800		8,655		8,862
Ensono, LP	^	(2)(3)	Telecommunications	L + 5.25%	5.40%	6/27/2025	6,292		6,246		6,245
Ethos Veterinary Health LLC	^	(2)(3)	Consumer Services	L + 4.75%	4.90%	5/15/2026	8,182		8,117		8,070
EvolveIP, LLC	^	(2)(3)	Telecommunications	L + 5.75%	6.75%	6/7/2023	8,799		8,784		8,790
Innovative Business Services, LLC	^	(2)(3)	High Tech Industries	L + 5.50%	6.50%	4/5/2023	2,200		2,162		2,159
K2 Insurance Services, LLC	^	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.00%	6.00%	7/1/2024	6,927		6,827		6,928
Kaseya, Inc.	^	(2)(3)	High Tech Industries	L + 4.00%, 3.00% PIK	8.00%	5/2/2025	8,822		8,688		8,856
Mailgun Technologies, Inc.	^	(2)(3)	High Tech Industries	L + 5.00%	6.00%	3/26/2025	8,478		8,347		8,330
National Technical Systems, Inc.	^	(2)(3)	Aerospace & Defense	L + 5.50%	6.50%	6/12/2023	8,800		8,778		8,733
NMI AcquisitionCo, Inc.	^	(2)(3)	High Tech Industries	L + 5.00%	6.00%	9/6/2022	8,799		8,732		8,711
Paramit Corporation	^	(2)(3)	Capital Equipment	L + 4.50%	5.50%	5/3/2025	1,000		992		980
PPC Flexible Packaging, LLC	^	(2)(3)	Containers, Packaging & Glass	L + 6.00%	7.00%	11/23/2024	4,400		4,358		4,386
Redwood Services Group, LLC	^	(2)(3)	High Tech Industries	L + 6.00%	7.00%	6/6/2023	3,300		3,279		3,291
Reladyne, Inc.	^	(2)(3)	Wholesale	L + 5.00%	6.00%	7/22/2022	6,484		6,431		6,514
Riveron Acquisition Holdings, Inc.	^	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.75%	6.75%	5/22/2025	8,257		8,131		8,312
RSC Acquisition, Inc.	^	(2)(3)	Banking, Finance, Insurance & Real Estate	L + 5.50%	6.50%	11/1/2026	8,487		8,341		8,572
Smile Doctors, LLC	^	(2)(3)	Healthcare & Pharmaceuticals	L + 6.00%	7.00%	10/6/2022	6,509		6,507		6,379
Sovos Brands Intermediate, Inc.	^	(2)(3)	Beverage, Food & Tobacco	L + 4.75%	4.96%	11/20/2025	2,200		2,182		2,181
Superior Health Linens, LLC	^	(2)(3)	Business Services	L + 6.50%	7.50%	9/30/2021	7,199		7,178		7,162
T2 Systems, Inc.	^	(2)(3)	Transportation: Consumer	L + 6.75%	7.75%	9/28/2022	8,799		8,713		8,799
TCFI Aevex LLC	^	(2)(3)	Aerospace & Defense	L + 6.00%	7.00%	3/18/2026	1,718		1,688		1,712
TSB Purchaser, Inc.	^	(2)(3)	Media: Advertising, Printing & Publishing	L + 6.00%	7.00%	5/14/2024	8,799		8,663		8,729
Turbo Buyer, Inc.	^	(2)(3)	Automotive	L + 5.25%	6.25%	12/2/2025	8,174		8,001		8,249

99102


Consolidated Schedule of Investments as of December 31, 2020
Investments (1)		Footnotes	Industry	Reference Rate & Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
US INFRA SVCS Buyer, LLC	^	(2)(3)	Environmental Industries	L + 6.00%	7.00%	4/13/2026	$	3,300	$	3,240	$	3,292
VRC Companies, LLC	^	(2)(3)	Business Services	L + 6.50%	7.50%	3/31/2023	4,311		4,271		4,311
Zemax Software Holdings, LLC	^	(2)(3)	Software	L + 5.75%	6.75%	6/25/2024	4,400		4,363		4,294
Zenith Merger Sub, Inc.	^	(2)(3)	Business Services	L + 5.25%	6.25%	12/13/2023	4,399		4,370		4,367










First Lien Debt Total									$	220,960	$	221,951
Second Lien Debt (9.9% of fair value)
AI Convoy S.A.R.L (United Kingdom)	^	(2)(3)	Aerospace & Defense	L + 8.25%	9.25%	1/17/2028	$	5,514	$	5,401	$	5,676
AQA Acquisition Holding, Inc.	^	(2)(3)	High Tech Industries	L + 8.00%	9.00%	5/24/2024	1,000		993		1,000
Quartz Holding Company	^	(2)(3)	Software	L + 8.00%	8.15%	4/2/2027	4,852		4,771		4,815
Tank Holding Corp.	^	(2)(3)	Capital Equipment	L + 8.25%	8.40%	3/26/2027	5,514		5,436		5,394
Ultimate Baked Goods MIDCO, LLC	^	(2)(3)	Beverage, Food & Tobacco	L + 8.00%	9.00%	8/9/2026	5,514		5,428		5,257
World 50, Inc.		(6)	Business Services	11.50%	11.50%	1/9/2027	2,365		2,323		2,328




Second Lien Debt Total									$	24,352	$	24,470
Total Investments									$	245,312	$	246,421

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR 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, Credit Fund II has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2020. As of December 31, 2020, the reference rates for Credit Fund II's variable rate loans were the 30-day LIBOR at 0.15%, the 90-day LIBOR at 0.25% and the 180-day LIBOR at 0.26%.

(3)Loan includes interest rate floor feature, which is generally 1.00%.

(6)Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

We generate cash from the net proceeds of offerings of our common stock and through cash flows from operations, including investment sales and repayments as well as income earned on investments and cash equivalents. We may also fund a portion of our investments through borrowings under the Credit Facility, as defined below, the issuance of debt, and through securitization of a portion of our existing investments. The primary use of existing funds and any funds raised in the future is expected to be for investments in portfolio companies, repayment of indebtedness, cash distributions to our stockholders and for other general corporate purposes. We believe our current cash position, available capacity on our revolving credit facilities – which is well in excess of our unfunded commitments – and net cash provided by operating activities will provide us with sufficient resources to meet our obligations and continue to support our investment objectives, including reserving for the capital needs which may arise at our portfolio companies.

On March 21, 2014, the Company closed on the Credit Facility, which was subsequently amended on January 8, 2015, May 25, 2016, March 22, 2017, September 25, 2018, June 14, 2019 and October 28, 2020. The maximum principal amount of the Credit Facility is $688,000, subject to availability under the Credit Facility, which is based on certain advance rates multiplied by the value of the Company’s portfolio investments (subject to certain concentration limitations) net of certain other indebtedness that the Company may incur in accordance with the terms of the Credit Facility. Proceeds of the Credit Facility may be used for general corporate purposes, including the funding of portfolio investments. Maximum capacity under the Credit Facility may be increased, subject to certain conditions, to $900,000 through the exercise by the Company of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional

~~100~~103

financing. The Credit Facility includes a $50,000 limit for swingline loans and a $20,000 limit for letters of credit. Subject to certain exceptions, the Credit Facility is secured by a first lien security interest in substantially all of the portfolio investments held by the Company. The Credit Facility includes customary covenants, including certain financial covenants related to asset coverage, shareholders’ equity and liquidity, certain limitations on the incurrence of additional indebtedness and liens, and other maintenance covenants, as well as usual and customary events of default for senior secured revolving credit facilities of this nature.

Although we believe that we will remain in compliance, there are no assurances that we will continue to comply with the covenants in the Credit Facility. Failure to comply with these covenants could result in a default under the Credit Facility that, if we were unable to obtain a waiver from the applicable lenders, could result in the immediate acceleration of the amounts due under the Credit Facility, and thereby have a material adverse impact on our business, financial condition and results of operations. For more information on the Credit Facility, see Note 7 to the consolidated financial statements in Part I, Item 1 of this Form 10-Q.

On December 30, 2019, the Company closed a private offering of $115.0 million in aggregate principal amount of 4.750% Senior Unsecured Notes due December 31, 2024 (the "2019 Notes"). Interest is payable quarterly, beginning March 31, 2020. On December 11, 2020, the Company issued an additional $75.0 million aggregate principal amount of senior unsecured notes due December 31, 2024 (the "2020 Notes", together with the 2019 Notes, the "Senior Notes"). The 2020 Notes bear interest at an interest rate of 4.500%. The interest rates of the Senior Notes are subject to increase (up to an additional 1.00% over the stated rate of such notes) in the event that, subject to certain exceptions, the Senior Notes cease to have an investment grade rating. The Senior Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

On June 26, 2015, we completed the 2015-1 Debt Securitization. The 2015-1 Notes were issued by Carlyle Direct Lending CLO 2015-1R LLC (formerly known as Carlyle GMS Finance MM CLO 2015-1 LLC) (the “2015-1 Issuer”), a wholly owned and consolidated subsidiary of us. On August 30, 2018, the 2015-1 Issuer refinanced the 2015-1 Debt Securitization (the “2015-1 Debt Securitization Refinancing”) by redeeming in full the 2015-1 Notes and issuing new notes (the “2015-1R Notes”). The 2015-1R Notes are secured by a diversified portfolio of the 2015-1 Issuer consisting primarily of first and second lien senior secured loans. On the closing date of the 2015-1 Debt Securitization Refinancing, the 2015-1 Issuer, among other things:

(c) refinanced the issued Class A-1C Notes by redeeming in full the Class A-1C Notes and issuing new AAA Class A-1-3-R Notes in an aggregate principal amount of $25,000 which bear interest at 4.56%;

(f) reduced the 2015-1 Issuer Preferred Interests by approximately $21,375 from a nominal value of $125,900 to approximately $104,525 at close; and

(g) extended the reinvestment period end date and maturity date applicable to the 2015-1 Issuer to October 15, 2023 and October 15, 2031, respectively. In connection with the contribution, we have made customary representations, warranties and covenants to the 2015-1 Issuer.

In connection with the contribution, we have made customary representations, warranties and covenants to the 2015-1 Issuer. The Class A-1-1-R, Class A-1-2-R, Class A-1-3-R, Class A-2-R, Class B and Class C Notes are included in the consolidated financial statements included in Part I, Item 1 of this Form 10-Q. The 2015-1 Issuer Preferred Interests were eliminated in consolidation. For more information on the 2015-1R Notes, see Note 8 to the consolidated financial statements in Part I, Item 1 of this Form 10-Q.

~~101~~104

As of ~~March 31,~~September 30, 2021 and December 31, 2020, we had ~~$35,493~~$46,164 and $68,419, respectively, in cash, cash equivalents and ~~cash equivalents.~~restricted cash. The ~~Facilities~~Credit Facility consisted of the following as of ~~March 31,~~September 30, 2021 and December 31, 2020:


		March 31, 2021									September 30, 2021
		Total Facility		Borrowings Outstanding		Unused Portion (1)		Amount Available (2)			Total Facility		Borrowings Outstanding		Unused Portion (1)		Amount Available (2)

Credit Facility	Credit Facility	$	688,000	$	309,397	$	378,603	$	358,091	Credit Facility	$	688,000	$	425,545	$	262,455	$	261,252
Total	Total	$	688,000	$	309,397	$	378,603	$	358,091	Total	$	688,000	$	425,545	$	262,455	$	261,252


	December 31, 2020
	Total Facility		Borrowings Outstanding		Unused Portion (1)		Amount Available (2)

Credit Facility	688,000		347,949		340,051		207,365
Total	$	688,000	$	347,949	$	340,051	$	207,365

(1)The unused portion is the amount upon which commitment fees are based.

(2)Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.

The following were the carrying values (before debt issuance costs) and fair values of the Company’s 2015-1R Notes as of ~~March 31,~~September 30, 2021 and December 31, 2020:


		March 31, 2021				December 31, 2020					September 30, 2021				December 31, 2020
		Carrying Value		Fair Value		Carrying Value		Fair Value			Carrying Value		Fair Value		Carrying Value		Fair Value
Aaa/AAA Class A-1-1-R Notes	Aaa/AAA Class A-1-1-R Notes	$	234,800	$	234,283	$	234,800	$	230,996	Aaa/AAA Class A-1-1-R Notes	$	234,800	$	234,917	$	234,800	$	230,996
Aaa/AAA Class A-1-2-R Notes	Aaa/AAA Class A-1-2-R Notes	50,000		50,000		50,000		49,645		Aaa/AAA Class A-1-2-R Notes	50,000		50,000		50,000		49,645
Aaa/AAA Class A-1-3-R Notes	Aaa/AAA Class A-1-3-R Notes	25,000		25,016		25,000		25,017		Aaa/AAA Class A-1-3-R Notes	25,000		25,038		25,000		25,017
AA Class A-2-R Notes	AA Class A-2-R Notes	66,000		66,000		66,000		64,895		AA Class A-2-R Notes	66,000		66,007		66,000		64,895
A Class B Notes	A Class B Notes	46,400		46,400		46,400		45,291		A Class B Notes	46,400		46,405		46,400		45,291
BBB- Class C Notes	BBB- Class C Notes	27,000		26,411		27,000		24,592		BBB- Class C Notes	27,000		26,849		27,000		24,592
Total	Total	$	449,200	$	448,110	$	449,200	$	440,436	Total	$	449,200	$	449,216	$	449,200	$	440,436

As of ~~March 31,~~September 30, 2021 and December 31, 2020, we had a combined ~~$948,597~~$1,064,745 and $987,149, respectively, of outstanding consolidated indebtedness under the Credit Facility, the 2015-1R Notes and the Senior Notes. Our annualized interest cost as of ~~March 31,~~September 30, 2021 and December 31, 2020, was ~~2.83%~~2.73% and 2.89%, excluding fees (such as fees on undrawn amounts and amortization of upfront fees). For the three months ended ~~March 31,~~September 30, 2021 and 2020, we incurred ~~$6,975~~$7,519 and ~~$12,179,~~$7,291, respectively, of interest expense and ~~$519~~$435 and ~~$590,~~$728, respectively, of unused commitment fees. For the nine month periods ended September 30, 2021 and 2020, we incurred $21,549 and $28,913, respectively, of interest expense and $1,459 and $2,106, respectively, of unused commitment fees.

Equity Activity

Common shares issued and outstanding as of ~~March 31,~~September 30, 2021 and December 31, 2020 were ~~54,809,262~~53,714,444 and 55,320,309, respectively.

The following table summarizes activity in the number of shares of our common stock outstanding during the ~~three~~nine month periods ended ~~March 31,~~September 30, 2021 and 2020:


		For the three month periods ended			For the nine month periods ended
		March 31, 2021	March 31, 2020		September 30, 2021	September 30, 2020
Common shares outstanding, beginning of period	Common shares outstanding, beginning of period	55,320,309	57,763,811	Common shares outstanding, beginning of period	55,320,309	57,763,811

Repurchase of common stock (1)	Repurchase of common stock (1)	(511,047)	(1,455,195)	Repurchase of common stock (1)	(1,605,865)	(1,455,195)
Common shares outstanding, end of period	Common shares outstanding, end of period	54,809,262	56,308,616	Common shares outstanding, end of period	53,714,444	56,308,616

(1) See Note 10 to the consolidated financial statements in Part I, Item 1 of this Form 10-Q for additional information regarding the Company Stock Repurchase Program.

~~102~~105

On May 5, 2020, we issued and sold 2,000,000 shares of Preferred Stock, par value $0.01, to an affiliate of Carlyle in a private placement at a price of $25 per share. Shares of Preferred Stock issued and outstanding were 2,000,000 as of ~~March 31,~~September 30, 2021 and December 31, 2020.

Contractual Obligations

A summary of our significant contractual payment obligations was as follows as of ~~March 31,~~September 30, 2021 and December 31, 2020:


		As of					As of
Payment Due by Period	Payment Due by Period	March 31, 2021		December 31, 2020		Payment Due by Period	September 30, 2021		December 31, 2020
Less than 1 Year	Less than 1 Year	$	—	$	—	Less than 1 Year	$	—	$	—
1-3 Years (1)	1-3 Years (1)	—		—		1-3 Years (1)	—		—
3-5 Years (1)	3-5 Years (1)	499,397		537,949		3-5 Years (1)	615,545		537,949
More than 5 Years (2)	More than 5 Years (2)	449,200		449,200		More than 5 Years (2)	449,200		449,200
Total	Total	$	948,597	$	987,149	Total	$	1,064,745	$	987,149

(1) Includes amounts outstanding under the Credit Facility and Senior Notes.

(2) Includes amounts outstanding under the 2015-1R Notes.

OFF BALANCE SHEET ARRANGEMENTS

In the ordinary course of our business, we enter into contracts or agreements that contain indemnifications or warranties. Future events could occur which may give rise to liabilities arising from these provisions against us. We believe that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in these consolidated financial statements as of ~~March 31,~~September 30, 2021 and December 31, 2020 in Part I, Item 1 of this Form 10-Q for any such exposure.

We have in the past, currently are and may in the future become obligated to fund commitments such as revolving credit facilities, bridge financing commitments, or delayed draw commitments.

We had the following unfunded commitments to fund delayed draw and revolving senior secured loans as of the indicated dates:


		Principal Amount as of					Principal Amount as of
		March 31, 2021		December 31, 2020			September 30, 2021		December 31, 2020
Unfunded delayed draw commitments	Unfunded delayed draw commitments	$	75,856	$	73,292	Unfunded delayed draw commitments	$	99,450	$	73,292
Unfunded revolving commitments	Unfunded revolving commitments	73,296		76,216		Unfunded revolving commitments	83,539		76,216
Total unfunded commitments	Total unfunded commitments	$	149,152	$	149,508	Total unfunded commitments	$	182,989	$	149,508

Pursuant to an undertaking by us in connection with the 2015-1 Debt Securitization, we agreed to hold on an ongoing basis the 2015-1 Issuer Preferred Interests with an aggregate dollar purchase price at least equal to 5% of the aggregate outstanding amount of all collateral obligations by the 2015-1 Issuer for so long as any securities of the 2015-1 Issuer remains outstanding. As of ~~March 31,~~September 30, 2021 and December 31, 2020, we were in compliance with this undertaking.

DIVIDENDS AND DISTRIBUTIONS

Prior to July 5, 2017, we had an “opt in” dividend reinvestment plan in respect of our common stock. Effective on July 5, 2017, we converted our “opt in” dividend reinvestment plan to an “opt out” dividend reinvestment plan that provides for reinvestment of our dividends and other distributions on behalf of our common stockholders, other than those common stockholders who have “opted out” of the plan. As a result of adopting the plan, if our Board of Directors authorizes, and we declare, a cash dividend or distribution on our common stock, our common stockholders who have not elected to “opt out” of our dividend reinvestment plan will have their cash dividends or distributions automatically reinvested in additional shares of our common stock, rather than receiving cash. Each registered common stockholder may elect to have such common stockholder’s dividends and distributions distributed in cash rather than participate in the plan. For any registered common stockholder that does not so elect, distributions on such common stockholder’s shares will be reinvested by State Street Bank and Trust Company, our plan administrator, in additional common shares. The number of common shares to be issued to the common stockholder will be determined based on the total dollar amount of the cash distribution payable, net of applicable

~~103~~106

withholding taxes. We intend to use primarily newly issued common shares to implement the plan so long as the market value per share is equal to or greater than the net asset value per share on the relevant valuation date. If the market value per share is less than the net asset value per share on the relevant valuation date, the plan administrator would implement the plan through the purchase of common stock on behalf of participants in the open market, unless we instruct the plan administrator otherwise.

The following table summarizes the Company's dividends declared per share of common stock during the two most recent fiscal years and the current fiscal year to date:

Date Declared

Record Date

Payment Date

Per Share Amount

Date Declared

Record Date

Payment Date

Per Share Amount

2019

February 22, 2019

March 29, 2019

April 17, 2019

0.37

February 22, 2019

March 29, 2019

April 17, 2019

0.37

May 6, 2019

June 28, 2019

July 17, 2019

0.37

May 6, 2019

June 28, 2019

July 17, 2019

0.37

June 17, 2019

June 28, 2019

July 17, 2019

0.08

(1)

June 17, 2019

June 28, 2019

July 17, 2019

0.08

(1)

August 5, 2019

September 30, 2019

October 17, 2019

0.37

August 5, 2019

September 30, 2019

October 17, 2019

0.37

November 4, 2019

December 31, 2019

January 17, 2020

0.37

November 4, 2019

December 31, 2019

January 17, 2020

0.37

December 12, 2019

December 31, 2019

January 17, 2020

0.18

(1)

December 12, 2019

December 31, 2019

January 17, 2020

0.18

(1)

Total

1.74

Total

1.74

2020

February 24, 2020

March 31, 2020

April 17, 2020

0.37

February 24, 2020

March 31, 2020

April 17, 2020

0.37

May 4, 2020

June 30, 2020

July 17, 2020

0.37

May 4, 2020

June 30, 2020

July 17, 2020

0.37

August 3, 2020

September 30, 2020

October 16, 2020

0.32

(2)

August 3, 2020

September 30, 2020

October 16, 2020

0.32

(2)

August 3, 2020

September 30, 2020

October 16, 2020

0.05

(1)

August 3, 2020

September 30, 2020

October 16, 2020

0.05

(1)

November 2, 2020

December 31, 2020

January 15, 2021

0.32

(2)

November 2, 2020

December 31, 2020

January 15, 2021

0.32

November 2, 2020

December 31, 2020

January 15, 2021

0.04

(1)

November 2, 2020

December 31, 2020

January 15, 2021

0.04

(1)

Total

1.47

Total

1.47

2021

February 22, 2021

March 31, 2021

April 16, 2021

0.32

(2)

February 22, 2021

March 31, 2021

April 16, 2021

0.32

February 22, 2021

March 31, 2021

April 16, 2021

0.05

(1)

February 22, 2021

March 31, 2021

April 16, 2021

0.05

(1)

May 3, 2021

June 30, 2021

July 15, 2021

0.32

May 3, 2021

June 30, 2021

July 15, 2021

0.04

(1)

August 2, 2021

September 30, 2021

October 15, 2021

0.32

August 2, 2021

September 30, 2021

October 15, 2021

0.06

(1)

Total

0.37

Total

1.11

(1)Represents a special/supplemental dividend.

(2)The Company updated its dividend policy such that the ~~regular~~base dividend is $0.32 per share of common stock, effective with the third quarter 2020 dividend.

~~104~~107

Our Preferred Stock has a liquidation preference equal to $25 per share (the "Liquidation Preference") plus any accumulated but unpaid dividends up to but excluding the date of distribution. Dividends on our Preferred Stock are payable on a quarterly basis in an initial amount equal to 7.00% per annum of the Liquidation Preference per share, payable in cash, or at our option, 9.00% per annum of the Liquidation Preference payable in additional shares of Preferred Stock.

The following table summarizes the Company's dividends declared per share of preferred stock during the prior year and current fiscal year to date. Unless otherwise noted, dividends declared were paid in cash.

Date Declared

Record Date

Payment Date

Per Share Amount

2020

June 30, 2020

September 30, 2020

0.277

September 30, 2020

0.423

December 31, 2020

0.438

Total

1.138

2021

March 31, 2021

0.438

June 30, 2021

0.438

September 30, 2021

0.438

Total

~~0.438~~1.314

ASSET COVERAGE

In accordance with the Investment Company Act, a BDC is only allowed to borrow amounts such that its “asset coverage,” as defined in the Investment Company Act, satisfies the minimum asset coverage ratio specified in the Investment Company Act after such borrowing. “Asset coverage” generally refers to a company’s total assets, less all liabilities and indebtedness not represented by “senior securities,” as defined in the Investment Company Act, divided by total senior securities representing indebtedness and, if applicable, preferred stock. “Senior securities” for this purpose includes borrowings from banks or other lenders, debt securities and preferred stock.

Prior to March 23, 2018, BDCs were required to maintain a minimum asset coverage ratio of 200%. On March 23, 2018, an amendment to Section 61(a) of the Investment Company Act was signed into law to permit BDCs to reduce the minimum asset coverage ratio from 200% to 150%, so long as certain approval and disclosure requirements are satisfied. Under the 200% minimum asset coverage ratio, BDCs are permitted to borrow up to one dollar for investment purposes for every one dollar of investor equity, and under the 150% minimum asset coverage ratio, BDCs are permitted to borrow up to two dollars for investment purposes for every one dollar of investor equity. In other words, Section 61(a) of the Investment Company Act, as amended, permits BDCs to potentially increase their debt-to-equity ratio from a maximum of 1 to 1 to a maximum of 2 to 1.

On April 9, 2018 and June 6, 2018, the Board of Directors, including a “required majority” (as such term is defined in Section 57(o) of the Investment Company Act), and the stockholders of the Company, respectively, approved the application to the Company of the 150% minimum asset coverage ratio set forth in Section 61(a)(2) of the Investment Company Act. As a result, the minimum asset coverage ratio applicable to the Company was reduced from 200% to 150%, effective as of June 7, 2018.

As of ~~March 31,~~September 30, 2021 and December 31, 2020, the Company had total senior securities of ~~$998,597~~$1,114,745 and $1,037,149, respectively, consisting of secured borrowings under the Credit Facility, the Senior Notes, the 2015-1R Notes, and the Preferred Stock, and had asset coverage ratios of ~~186.17%~~180.23% and 182.09%, respectively.

CRITICAL ACCOUNTING POLICIES

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies, including those relating to the valuation of our investment portfolio, are described below. The critical accounting policies

108

should be read in connection with our consolidated financial statements in Part I, Item 1 of this Form 10-Q and in Part II, Item 8 of the Company’s annual report on Form 10-K for the year ended December 31, 2020.

~~105~~

Fair Value Measurements

The Company applies fair value accounting in accordance with the terms of Financial Accounting Standards Board ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 defines fair value as the amount that would be exchanged to sell an asset or transfer a liability in an orderly transfer between market participants at the measurement date. The Company values securities/instruments traded in active markets on the measurement date by multiplying the closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Company may also obtain quotes with respect to certain of its investments, such as its securities/instruments traded in active markets and its liquid securities/instruments that are not traded in active markets, from pricing services, brokers, or counterparties (i.e., “consensus pricing”). When doing so, the Company determines whether the quote obtained is sufficient according to U.S. GAAP to determine the fair value of the security. The Company may use the quote obtained or alternative pricing sources may be utilized including valuation techniques typically utilized for illiquid securities/instruments.

Securities/instruments that are illiquid or for which the pricing source does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Investment Adviser or the Board of Directors, does not represent fair value shall each be valued as of the measurement date using all techniques appropriate under the circumstances and for which sufficient data is available. These valuation techniques may vary by investment and include comparable public market valuations, comparable precedent transaction valuations and/or discounted cash flow analyses. The process generally used to determine the applicable value is as follows: (i) the value of each portfolio company or investment is initially reviewed by the investment professionals responsible for such portfolio company or investment and, for non-traded investments, a standardized template designed to approximate fair market value based on observable market inputs, updated credit statistics and unobservable inputs is used to determine a preliminary value, which is also reviewed alongside consensus pricing, where available; (ii) preliminary valuation conclusions are documented and reviewed by a valuation committee comprised of members of senior management; (iii) the Board of Directors engages a third-party valuation firm to provide positive assurance on portions of the Middle Market Senior Loans and equity investments portfolio each quarter (such that each non-traded investment other than Credit Fund is reviewed by a third-party valuation firm at least once on a rolling twelve month basis) including a review of management’s preliminary valuation and conclusion on fair value; (iv) the Audit Committee of the Board of Directors (the “Audit Committee”) reviews the assessments of the Investment Adviser and the third-party valuation firm and provides the Board of Directors with any recommendations with respect to changes to the fair value of each investment in the portfolio; and (v) the Board of Directors discusses the valuation recommendations of the Audit Committee and determines the fair value of each investment in the portfolio in good faith based on the input of the Investment Adviser and, where applicable, the third-party valuation firm.

All factors that might materially impact the value of an investment are considered, including, but not limited to the assessment of the following factors, as relevant:

•the nature and realizable value of any collateral;

•call features, put features and other relevant terms of debt;

•the portfolio company’s leverage and ability to make payments;

•the portfolio company’s public or private credit rating;

•the portfolio company’s actual and expected earnings and discounted cash flow;

•prevailing interest rates and spreads for similar securities and expected volatility in future interest rates;

•the markets in which the portfolio company does business and recent economic and/or market events; and

•comparisons to comparable transactions and publicly traded securities.

109

~~106~~

For further information on the fair value hierarchies, our framework for determining fair value and the composition of our portfolio, see Note 3 to the consolidated financial statements in Part I, Item 1 of this Form 10-Q.

Use of Estimates

The preparation of consolidated financial statements in Part I, Item 1 of this Form 10-Q in conformity with U.S. GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. It also requires management to exercise judgment in the process of applying the Company’s accounting policies. Assumptions and estimates regarding the valuation of investments and their resulting impact on base management and incentive fees involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements in Part I, Item 1 of this Form 10-Q. Actual results could differ from these estimates and such differences could be material.

Investments

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method without regard to unrealized appreciation or depreciation previously recognized, and includes investments charged off during the period, net of recoveries. Net change in unrealized appreciation or depreciation on investments as presented in the Consolidated Statements of Operations in Part I, Item 1 of this Form 10-Q reflects the net change in the fair value of investments, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

Revenue Recognition

Interest from Investments and Realized Gain/Loss on Investments

Dividend Income

Dividend income from the investment ~~fund,~~funds, Credit Fund and Credit Fund II, is recorded on the record date for the investment fund to the extent that such amounts are payable by the investment fund and are expected to be collected.

110

Other Income

~~107~~

amortized into other income over the life of the guarantee. The unamortized amount, if any, is included in other assets in the Consolidated Statements of Assets and Liabilities included in Part I, Item 1 of this Form 10-Q.

Non-Accrual Income

Income Taxes

The minimum distribution requirements applicable to RICs require the Company to distribute to its stockholders at least 90% of its investment company taxable income (“ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely than not” to be sustained by the applicable tax authority. All penalties and interest associated with income taxes, if any, are included in income tax expense.

The SPV and the 2015-1 Issuer are disregarded entities for tax purposes and are consolidated with the tax return of the Company.

Dividends and Distributions to Common Stockholders

~~108~~111

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to financial market risks, including changes in the valuations of our investment portfolio and interest rates.

Valuation Risk

Our investments generally do not have a readily available market price, and we value these investments at fair value as determined in good faith by our Board of Directors in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. In addition, because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is possible that the difference could be material.

Interest Rate Risk

As of ~~March 31,~~September 30, 2021, on a fair value basis, approximately ~~0.9%~~1.5% of our debt investments bear interest at a fixed rate and approximately ~~99.1%~~98.5% of our debt investments bear interest at a floating rate, which primarily are subject to interest rate floors. Additionally, our Credit Facility is also subject to floating interest rates and is currently paid based on floating LIBOR rates.

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. There can be no assurance that a significant change in market interest rates will not have a material adverse effect on our income in the future.

The following table estimates the potential changes in net cash flow generated from interest income, should interest rates increase or decrease by 100, 200 or 300 basis points. These hypothetical interest income calculations are based on a model of the settled debt investments in our portfolio, excluding our investments in Credit Fund and Credit Fund II, held as of ~~March 31,~~September 30, 2021 and December 31, 2020, and are only adjusted for assumed changes in the underlying base interest rates and the impact of that change on interest income. Interest expense is calculated based on outstanding secured borrowings and notes payable as of ~~March 31,~~September 30, 2021 and December 31, 2020 and based on the terms of our Credit Facility and notes payable. Interest expense on our Credit Facility and notes payable is calculated using the stated interest rate as of ~~March 31,~~September 30, 2021 and December 31, 2020, adjusted for the hypothetical changes in rates, as shown below. We intend to continue to finance a portion of our investments with borrowings and the interest rates paid on our borrowings may impact significantly our net interest income.

We regularly measure exposure to interest rate risk. We assess interest rate risk and manage interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

Based on our Consolidated Statements of Assets and Liabilities as of ~~March 31,~~September 30, 2021 and December 31, 2020, the following table shows the annual impact on net investment income of base rate changes in interest rates for our settled debt investments (considering interest rate floors for variable rate instruments), excluding our investments in Credit Fund and Credit Fund II, and outstanding secured borrowings and notes payable assuming no changes in our investment and borrowing structure:


		March 31, 2021						December 31, 2020							September 30, 2021						December 31, 2020
Basis Point Change	Basis Point Change	Interest Income		Interest Expense		Net Investment Income		Interest Income		Interest Expense		Net Investment Income		Basis Point Change	Interest Income		Interest Expense		Net Investment Income		Interest Income		Interest Expense		Net Investment Income
Up 300 basis points	Up 300 basis points	$	34,724	$	(22,008)	$	12,716	$	35,024	$	(23,164)	$	11,860	Up 300 basis points	$	35,169	$	(23,673)	$	11,496	$	35,024	$	(23,164)	$	11,860
Up 200 basis points	Up 200 basis points	$	19,699	$	(14,672)	$	5,027	$	20,031	$	(15,443)	$	4,588	Up 200 basis points	$	19,519	$	(15,782)	$	3,737	$	20,031	$	(15,443)	$	4,588
Up 100 basis points	Up 100 basis points	$	4,684	$	(7,336)	$	(2,652)	$	5,040	$	(7,721)	$	(2,681)	Up 100 basis points	$	3,890	$	(7,891)	$	(4,001)	$	5,040	$	(7,721)	$	(2,681)
Down 100 basis points	Down 100 basis points	$	(194)	$	1,402	$	1,208	$	(260)	$	1,570	$	1,310	Down 100 basis points	$	(146)	$	991	$	845	$	(260)	$	1,570	$	1,310
Down 200 basis points	Down 200 basis points	$	(194)	$	1,402	$	1,208	$	(260)	$	1,570	$	1,310	Down 200 basis points	$	(146)	$	991	$	845	$	(260)	$	1,570	$	1,310
Down 300 basis points	Down 300 basis points	$	(194)	$	1,402	$	1,208	$	(260)	$	1,570	$	1,310	Down 300 basis points	$	(146)	$	991	$	845	$	(260)	$	1,570	$	1,310

~~109~~112

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to the Company that is required to be disclosed by us in the reports we file or submit under the Exchange Act.

Changes in Internal Controls over Financial Reporting

There have been no changes in our internal control over financial reporting during the three month period ended ~~March 31,~~September 30, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

~~110~~113

PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

The Company may become party to certain lawsuits in the ordinary course of business. The Company is not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against the Company. See also Note 12 to the consolidated financial statements in Part I, Item 1 of this Form 10-Q.

Item 1A. Risk Factors.

In addition to the other information set forth within this Form 10-Q, consideration should be given to the information disclosed in “Risk Factors” in Part I, Item 1A of our annual report on Form 10-K for the year ended December 31, 2020.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

~~Except as previously reported, we~~We did not sell any equity securities during the period covered in this report that were not registered under the Securities Act of 1933, as amended.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

The following table provides information regarding purchases of our common stock made by or on behalf of the Company or any "affiliated purchaser" (as defined in Rule 10b-18(a)(3) under the Exchange Act) during the three months ended ~~March 31,~~September 30, 2021 for the periods indicated.

Period
Total Number of Shares Purchased (1)
Average Price Paid Per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)(2)
Maximum (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
January 1, 2021 through January 31, 2021 190,888 $ 10.92 190,888 $ 51,067
February 1, 2021 through February 28, 2021 88,970 11.61 88,970 50,034
March 1, 2021 through March 31, 2021 182,962 13.40 182,962 47,582
Total 462,820 462,820



Period	Total Number of Shares Purchased (1)	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)(2)	Maximum (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
July 1, 2021 through July 31, 2021	192,616	$	13.32	192,616	$	36,859
August 1, 2021 through August 31, 2021	150,826	13.93		150,826	34,758
September 1, 2021 through September 30, 2021	152,429	13.80		152,429	32,655
Total	495,871			495,871

(1)On trade date basis.

(2)On November ~~2, 2020,~~1, 2021, the Company's Board of Directors approved the continuation of the Company's Stock Repurchase Program until November 5, ~~2021,~~2022, or until the date the approved dollar amount has been used to repurchase ~~shares, as well as the expansion of the repurchase authorization from $100 million to $150 million in the aggregate of the Company's outstanding stock.~~shares. Pursuant to the program, the Company is authorized to repurchase up to $150 million in the aggregate of ~~its~~the Company's outstanding ~~common~~ stock in the open market and/or through privately negotiated transactions at prices not to exceed the Company’s net asset value per share as reported in its most recent financial statements, in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act. The timing, manner, price and amount of any repurchases will be determined by the Company, in its discretion, based upon the evaluation of economic and market conditions, stock price, available cash, applicable legal and regulatory requirements and other factors, and may include purchases pursuant to Rule 10b5-1 of the Exchange Act. The program does not require the Company to repurchase any specific number of shares and there can be no assurance as to the amount of shares repurchased under the program. The program may be suspended, extended, modified or discontinued by the Company at any time, subject to applicable law. Pursuant to the authorization described above, the Company adopted a 10b5-1 plan (the "Company 10b5-1 Plan"). The Company 10b5-1 Plan provides that purchases will be conducted on the open market in accordance with Rules 10b5-1 and 10b-18 under the Exchange Act and will otherwise be subject to applicable law, which may prohibit purchases under certain circumstances. The amount of purchases made under the Company 10b5-1 Plan or otherwise and how much will be purchased at any time is uncertain, dependent on prevailing market prices and trading volumes, all of which we cannot predict. The Company's Stock Repurchase Program was originally approved by the Company's Board of Directors on November 5, 2018 and announced on November 6, 2018.

Item 3. Defaults Upon Senior Securities.

Not applicable.

~~111~~

Item 4. Mine Safety Disclosures.

Not applicable.

114

Item 5. Other Information.

~~None.~~On October 28, 2021, TCG BDC, Inc. held a special meeting of stockholders (the “Meeting”) virtually. Stockholders considered one proposal, as described in the Company’s proxy statement filed on September 13, 2021.

At the meeting, holders of the outstanding shares of the Company's common stock and the outstanding shares of the Company's convertible preferred stock, series A ("preferred stock"), voting together as a single class, voted upon the proposal described below. As of August 17, 2021, the record date for the Meeting, there were 54,073,293 shares of common stock of the Company and 2,000,000 shares of preferred stock of the Company outstanding and entitled to vote at the Meeting. There were 27,637,394 shares of common stock of the Company and 2,000,000 shares of preferred stock of the Company present or represented at the Meeting, constituting a quorum.

The final voting results for the proposal submitted to a vote of stockholders at the Meeting are set forth below. The proposal was approved by the requisite vote.

Proposal 1. The proposal to authorize the Company, with the approval of the Company’s board of directors, to sell or otherwise issue shares of the Company’s common stock, during the next 12 months following stockholder approval, at a price below the then-current net asset value per share, subject to certain limitations described in the proxy statement (including that the number of shares issued does not exceed 25% of the Company’s then-outstanding common stock immediately prior to each such offering).

The vote on the proposal, including affiliated and unaffiliated shares, was as follows:


For	Against	Abstain	Broker Non-Votes
25,651,889	3,632,405	353,100	0

The vote on the proposal, adjusted for 2,934,505 affiliated shares, was as follows:


For	Against	Abstain	Broker Non-Votes
22,717,384	3,632,405	353,100	0

Item 6. Exhibits.



~~10.1~~						Third Amended and Restated Limited Liability Company Agreement, dated as of February 22, 2021, between TCG BDC, Inc. and Credit Partners USA LLC, as members*

31.1						Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.*

31.2						Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*

32.1						Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

32.2						Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

* Filed herewith

~~112~~115

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	TCG BDC, INC.

Dated: ~~May 4,~~November 2, 2021	By	/s/ Thomas M. Hennigan
		Thomas M. Hennigan Chief Financial Officer (principal financial officer)

~~113~~116