UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended SeptemberJune 30, 20192020
OR
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period                     to                     
Commission File No. 814-00995
TCG BDC, INC.
(Exact name of Registrant as specified in its charter)
Maryland 80-0789789
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)
520 Madison Avenue, 40th Floor, New York, NY 10022(212) 813-4900
(Address of principal executive office) (Zip Code)(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common stock, $0.01 par valueCGBDThe Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☐    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer x  Accelerated filer o
Non-accelerated filer 
o
  Smaller reporting company o
Emerging growth company 
o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  x
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common stock, $0.01 par valueCGBDThe Nasdaq Global Select Market
The number of shares of the registrant’s common stock, $0.01 par value per share, outstanding at November 5, 2019August 4, 2020 was 59,013,476.

56,308,616.


TCG BDC, INC.
INDEX
 
Part I.Financial Information
Item 1.Financial Statements
3
4
5
6
87
3231
Item 2.
6970
Item 3.
99101
Item 4.
100102
Part II.Other Information
Item 1.
101103
Item 1A.
101103
Item 2.
101103
Item 3.
101103
Item 4.
102103
Item 5.
102103
Item 6.
102104
103105

2



TCG BDC, INC.
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(dollar amounts in thousands, except per share data)
September 30, 2019 December 31, 2018June 30, 2020December 31, 2019
ASSETS(unaudited)  ASSETS(unaudited) 
Investments, at fair value   Investments, at fair value
Investments—non-controlled/non-affiliated, at fair value (amortized cost of $1,986,926 and $1,799,751, respectively)$1,893,216
 $1,731,319
Investments—non-controlled/affiliated, at fair value (amortized cost of $0 and $13,839, respectively)6,607
 18,543
Investments—controlled/affiliated, at fair value (amortized cost of $241,705 and $230,001, respectively)226,865
 222,295
Total investments, at fair value (amortized cost of $2,228,631 and $2,043,591, respectively)2,126,688
 1,972,157
Investments—non-controlled/non-affiliated, at fair value (amortized cost of $1,808,731 and $1,960,755, respectively)Investments—non-controlled/non-affiliated, at fair value (amortized cost of $1,808,731 and $1,960,755, respectively)$1,692,073  $1,897,057  
Investments—controlled/affiliated, at fair value (amortized cost of $239,618 and $240,696, respectively)Investments—controlled/affiliated, at fair value (amortized cost of $239,618 and $240,696, respectively)215,482  226,907  
Total investments, at fair value (amortized cost of $2,048,349 and $2,201,451, respectively)Total investments, at fair value (amortized cost of $2,048,349 and $2,201,451, respectively)1,907,555  2,123,964  
Cash and cash equivalents70,281
 87,186
Cash and cash equivalents29,916  36,751  
Receivable for investment sold5,725
 8,060
Receivable for investment sold53  6,162  
Deferred financing costs4,687
 3,950
Deferred financing costs3,749  4,032  
Interest receivable from non-controlled/non-affiliated investments11,561
 5,853
Interest receivable from non-controlled/non-affiliated investments10,873  9,462  
Interest receivable from non-controlled/affiliated investments—
 3
Interest and dividend receivable from controlled/affiliated investments6,951
 7,405
Interest and dividend receivable from controlled/affiliated investments5,589  6,845  
Prepaid expenses and other assets97
 129
Prepaid expenses and other assets899  317  
Total assets$2,225,990
 $2,084,743
Total assets$1,958,634  $2,187,533  
LIABILITIES   LIABILITIES
Secured borrowings (Note 6)$756,511
 $514,635
Secured borrowings (Note 6)$474,386  $616,543  
Notes payable, net of unamortized debt issuance costs of $2,972 and $3,157, respectively (Note 7)446,228
 446,043
2015-1 Notes payable, net of unamortized debt issuance costs of $2,788 and $2,911, respectively (Note 7)2015-1 Notes payable, net of unamortized debt issuance costs of $2,788 and $2,911, respectively (Note 7)446,413  446,289  
Senior Notes (Note 7)Senior Notes (Note 7)115,000  115,000  
Payable for investments purchased11
 1,870
Payable for investments purchased61  —  
Due to Investment Adviser142
 236
Interest and credit facility fees payable (Notes 6 and 7)7,680
 7,500
Interest and credit facility fees payable (Notes 6 and 7)4,532  6,764  
Dividend payable (Note 9)21,825
 35,497
Dividend payable (Note 9)21,379  31,760  
Base management and incentive fees payable (Note 4)13,726
 13,834
Base management and incentive fees payable (Note 4)11,572  13,236  
Administrative service fees payable (Note 4)66
 94
Administrative service fees payable (Note 4)129  77  
Other accrued expenses and liabilities1,200
 1,816
Other accrued expenses and liabilities1,858  1,393  
Total liabilities1,247,389
 1,021,525
Total liabilities1,075,330  1,231,062  
Commitments and contingencies (Notes 8 and 11)   Commitments and contingencies (Notes 8 and 11)
EQUITYEQUITY
NET ASSETS   NET ASSETS
Common stock, $0.01 par value; 200,000,000 shares authorized; 59,013,476 shares and 62,230,251 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively590
 622
Cumulative convertible preferred stock, $0.01 par value; 2,000,000 and 0 shares authorized; 2,000,000 and 0 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectivelyCumulative convertible preferred stock, $0.01 par value; 2,000,000 and 0 shares authorized; 2,000,000 and 0 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively50,000  —  
Common stock, $0.01 par value; 198,000,000 and 200,000,000 shares authorized; 56,308,616 and 57,763,811 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectivelyCommon stock, $0.01 par value; 198,000,000 and 200,000,000 shares authorized; 56,308,616 and 57,763,811 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively563  578  
Paid-in capital in excess of par value1,126,845
 1,174,334
Paid-in capital in excess of par value1,093,250  1,109,238  
Offering costs(1,633) (1,633)Offering costs(1,633) (1,633) 
Total distributable earnings (loss)(147,201) (110,105)Total distributable earnings (loss)(258,876) (151,712) 
Total net assets$978,601
 $1,063,218
Total net assets$883,304  $956,471  
NET ASSETS PER SHARE$16.58
 $17.09
NET ASSETS PER COMMON SHARENET ASSETS PER COMMON SHARE$14.80  $16.56  
The accompanying notes are an integral part of these consolidated financial statements.

3

TCG BDC, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollar amounts in thousands, except per share data)
(unaudited)
For the three month periods ended For the nine month periods ended For the three month periods endedFor the six month periods ended
September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Investment income:       Investment income:
From non-controlled/non-affiliated investments:       From non-controlled/non-affiliated investments:
Interest income$47,118
 $41,736
 $139,584
 $122,722
Interest income$36,036  $47,224  $77,501  $92,466  
Other income1,756
 1,925
 6,050
 6,410
Other income3,547  2,266  5,891  4,294  
Total investment income from non-controlled/non-affiliated investments48,874
 43,661
 145,634
 129,132
Total investment income from non-controlled/non-affiliated investments39,583  49,490  83,392  96,760  
From non-controlled/affiliated investments:       From non-controlled/affiliated investments:
Interest income446
 418
 1,209
 1,303
Interest income—  384  —  763  
Total investment income from non-controlled/affiliated investments446
 418
 1,209
 1,303
Total investment income from non-controlled/affiliated investments—  384  —  763  
From controlled/affiliated investments:       From controlled/affiliated investments:
Interest income2,459
 3,401
 9,240
 9,230
Interest income192  3,243  3,428  6,781  
Dividend income4,000
 3,800
 11,750
 11,550
Dividend income5,500  3,750  9,000  7,750  
Total investment income from controlled/affiliated investments6,459
 7,201
 20,990
 20,780
Total investment income from controlled/affiliated investments5,692  6,993  12,428  14,531  
Total investment income55,779
 51,280
 167,833
 151,215
Total investment income45,275  56,867  95,820  112,054  
Expenses:       Expenses:
Base management fees (Note 4)8,016
 7,543
 23,614
 22,031
Base management fees (Note 4)7,065  7,913  14,451  15,598  
Incentive fees (Note 4)5,710
 5,449
 17,489
 16,763
Incentive fees (Note 4)4,667  5,933  9,753  11,779  
Professional fees534
 869
 1,879
 2,590
Professional fees678  600  1,345  1,345  
Administrative service fees (Note 4)61
 179
 442
 550
Administrative service fees (Note 4)266  165  372  381  
Interest expense (Notes 6 and 7)13,538
 10,372
 38,561
 26,896
Interest expense (Notes 6 and 7)9,443  13,032  21,622  25,023  
Credit facility fees (Note 6)545
 583
 1,784
 1,689
Credit facility fees (Note 6)788  671  1,378  1,239  
Directors’ fees and expenses88
 92
 269
 283
Directors’ fees and expenses121  88  217  181  
Other general and administrative483
 478
 1,338
 1,318
Other general and administrative455  434  866  855  
Total expenses28,975
 25,565
 85,376
 72,120
Total expenses23,483  28,836  50,004  56,401  
Net investment income (loss) before taxes26,804
 25,715
 82,457
 79,095
Net investment income (loss) before taxes21,792  28,031  45,816  55,653  
Excise tax expense49
 30
 169
 70
Excise tax expense100  60  152  120  
Net investment income (loss)26,755
 25,685
 82,288
 79,025
Net investment income (loss)21,692  27,971  45,664  55,533  
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments:       
Net realized gain (loss) from:       
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:
Non-controlled/non-affiliated investments(10,909) (4,633) (8,600) (2,987)Non-controlled/non-affiliated investments(47,784) 1,410  (49,481) 2,309  
Controlled/affiliated investments—
 —
 (9,091) —
Controlled/affiliated investments—  (9,091) —  (9,091) 
Currency gains (losses) on non-investment assets and liabilitiesCurrency gains (losses) on non-investment assets and liabilities635  —  485  —  
Net change in unrealized appreciation (depreciation) on investments:       Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/non-affiliated investments(22,343) (14,795) (34,074) (36,121)Non-controlled/non-affiliated investments64,082  (14,204) (52,960) (11,731) 
Non-controlled/affiliated investments(48) (76) 1,903
 1,220
Non-controlled/affiliated investments—  (345) —  1,951  
Controlled/affiliated investments(2,850) (101) 1,662
 (862)Controlled/affiliated investments18,174  4,016  (10,347) 4,512  
Net change in unrealized currency gains (losses) on non-investment assets and liabilities406
 —
 406
 —
Net change in unrealized currency gains (losses) on non-investment assets and liabilities(641) —  1,697  —  
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities(35,744) (19,605) (47,794) (38,750)
Net realized and unrealized gain (loss) on investments and non-investment assets and liabilitiesNet realized and unrealized gain (loss) on investments and non-investment assets and liabilities34,466  (18,214) (110,606) (12,050) 
Net increase (decrease) in net assets resulting from operations$(8,989) $6,080
 $34,494
 $40,275
Net increase (decrease) in net assets resulting from operations56,158  9,757  (64,942) 43,483  
Preferred stock dividendPreferred stock dividend554  —  554  —  
Net increase (decrease) in net assets resulting from operations attributable to Common StockholdersNet increase (decrease) in net assets resulting from operations attributable to Common Stockholders$55,604  $9,757  $(65,496) $43,483  
Basic and diluted earnings per common share (Note 9)$(0.15) $0.10
 $0.57
 $0.64
Basic and diluted earnings per common share (Note 9)
Weighted-average shares of common stock outstanding—Basic and Diluted (Note 9)59,587,941
 62,568,651
 60,644,479
 62,546,168
BasicBasic$0.99  $0.16  $(1.15) $0.71  
DilutedDiluted$0.94  $0.16  $(1.15) $0.71  
Weighted-average shares of common stock outstanding (Note 9)Weighted-average shares of common stock outstanding (Note 9)
BasicBasic56,308,616  60,596,402  56,710,405  61,191,926  
DilutedDiluted59,547,482  60,596,402  56,710,405  61,191,926  
The accompanying notes are an integral part of these consolidated financial statements.

4

TCG BDC, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(dollar amounts in thousands)
(unaudited)
For the six month periods ended
June 30, 2020June 30, 2019
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)$45,664  $55,533  
Net realized gain (loss)(48,996) (6,782) 
Net change in unrealized appreciation (depreciation) on investments(63,307) (5,268) 
Net change in unrealized currency gains (losses) on non-investment assets and liabilities1,697  —  
Net increase (decrease) in net assets resulting from operations(64,942) 43,483  
Capital transactions:
Preferred stock issued50,000  —  
Repurchase of common stock(16,003) (30,354) 
Dividends declared on preferred stock and common stock (Note 9)(42,222) (49,755) 
Net increase (decrease) in net assets resulting from capital share transactions(8,225) (80,109) 
Net increase (decrease) in net assets(73,167) (36,626) 
Net Assets at beginning of period956,471  1,063,218  
Net Assets at end of period$883,304  $1,026,592  
 For the nine month periods ended
 September 30, 2019 September 30, 2018
Increase (decrease) in net assets resulting from operations:   
Net investment income (loss)$82,288
 $79,025
Net realized gain (loss) on investments(17,691) (2,987)
Net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities(30,103) (35,763)
Net increase (decrease) in net assets resulting from operations34,494
 40,275
Capital transactions:   
Common stock issued, net of offering and underwriting costs—
 (15)
Reinvestment of dividends—
 6,629
Repurchase of common stock(47,521) —
Dividends declared (Note 12)(71,590) (69,451)
Net increase (decrease) in net assets resulting from capital share transactions(119,111) (62,837)
Net increase (decrease) in net assets(84,617) (22,562)
Net assets at beginning of period1,063,218
 1,127,304
Net assets at end of period$978,601
 $1,104,742

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

5

TCG BDC, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollar amounts in thousands)
(unaudited)
 For the six month periods ended
 June 30, 2020June 30, 2019
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$(64,942) $43,483  
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 costs718  625  
Net accretion of discount on investments(4,059) (6,146) 
Paid-in-kind interest(1,988) (2,520) 
Net realized (gain) loss on investments49,481  6,782  
Net realized currency (gain) loss on non-investment assets and liabilities(485) —  
Net change in unrealized (appreciation) depreciation on investments63,307  5,268  
Net change in unrealized currency (gains) losses on non-investment assets and liabilities(1,697) —  
Cost of investments purchased and change in payable for investments purchased(391,624) (476,873) 
Proceeds from sales and repayments of investments and change in receivable for investments sold507,316  361,368  
Changes in operating assets:
Interest receivable(1,411) (1,641) 
Dividend receivable1,256  (50) 
Prepaid expenses and other assets(218) (14) 
Changes in operating liabilities:
Due to Investment Adviser—  (8) 
Interest and credit facility fees payable(2,232) 63  
Base management and incentive fees payable(1,664) 12  
Administrative service fees payable52  34  
Other accrued expenses and liabilities465  (62) 
Net cash provided by (used in) operating activities152,275  (67,679) 
Cash flows from financing activities:
Proceeds from issuance of preferred stock50,000  —  
Repurchase of common stock(16,003) (30,354) 
Borrowings on SPV Credit Facility and Credit Facility257,292  402,950  
Repayments of SPV Credit Facility and Credit Facility(397,484) (268,188) 
Debt issuance costs paid(312) (1,421) 
Dividends paid in cash(52,603) (58,170) 
Net cash provided by (used in) financing activities(159,110) 44,817  
Net increase (decrease) in cash and cash equivalents(6,835) (24,862) 
Cash and cash equivalents, beginning of period36,751  87,186  
Cash and cash equivalents, end of period$29,916  $62,324  
Supplemental disclosures:
Interest paid during the period$23,347  $24,860  
Taxes, including excise tax, paid during the period$391  $11  
Dividends declared on preferred stock and common stock during the period$42,222  $49,755  
 For the nine month periods ended
 September 30, 2019 September 30, 2018
Cash flows from operating activities:   
Net increase (decrease) in net assets resulting from operations$34,494
 $40,275
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 costs931
 1,601
Net accretion of discount on investments(9,012) (8,636)
Paid-in-kind interest(6,841) (3,049)
Net realized (gain) loss on investments17,691
 2,987
Net change in unrealized (appreciation) depreciation on investments30,509
 35,763
Net change in unrealized currency (gains) losses on non-investment assets and liabilities(406) —
Cost of investments purchased and change in payable for investments purchased(707,910) (632,498)
Proceeds from sales and repayments of investments and change in receivable for investments sold521,508
 551,819
Changes in operating assets:   
Interest receivable(5,705) 263
Dividend receivable454
 (960)
Prepaid expenses and other assets32
 (244)
Changes in operating liabilities:   
Due to Investment Adviser(94) 62
Interest and credit facility fees payable180
 (875)
Base management and incentive fees payable(108) (106)
Administrative service fees payable(28) 21
Other accrued expenses and liabilities(616) (314)
Net cash provided by (used in) operating activities(124,921) (13,891)
Cash flows from financing activities:   
Proceeds from issuance of common stock, net of offering and underwriting costs—
 (15)
Repurchase of common stock(47,521) —
Borrowings on SPV Credit Facility and Credit Facility590,179
 681,650
Repayments of SPV Credit Facility and Credit Facility(347,897) (690,244)
Proceeds from issuance of 2015-1R Notes—
 449,200
Redemption of 2015-1 Notes—
 (273,000)
Debt issuance costs paid(1,483) (2,675)
Dividends paid in cash(85,262) (70,153)
Net cash provided by (used in) financing activities108,016
 94,763
Net increase (decrease) in cash and cash equivalents(16,905) 80,872
Cash and cash equivalents, beginning of period87,186
 32,039
Cash and cash equivalents, end of period$70,281
 $112,911
Supplemental disclosures:   
Debt issuance costs payable$—
 $771
Interest paid during the period$38,244
 $26,969
Taxes, including excise tax, paid during the period$169
 $105
Dividends declared during the period$71,590
 $69,451
Reinvestment of dividends$—
 $6,629



The accompanying notes are an integral part of these consolidated financial statements.
6
TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of SeptemberJune 30, 20192020
(dollar amounts in thousands)
(unaudited)

Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value (5)
% of Net Assets
First Lien Debt (72.44% of fair value)
Airnov, Inc. (Clariant)^*(2) (3) (12)Containers, Packaging & GlassL + 5.25%6.25%12/20/201912/19/2025$12,748  $12,554  $12,539  1.42 %
Alpha Packaging Holdings, Inc.+*(2) (3)Containers, Packaging & GlassL + 6.00%7.00%6/26/201511/12/20212,821  2,821  2,803  0.32  
Alpine SG, LLC^*(2) (3)High Tech IndustriesL + 5.75%6.75%2/2/201811/16/202215,301  15,206  15,128  1.71  
American Physician Partners, LLC^+*(2) (3) (12)Healthcare & PharmaceuticalsL + 6.50%7.50%1/7/201912/21/202138,360  38,087  36,980  4.19  
AMS Group HoldCo, LLC^+(2) (3) (12)Transportation: CargoL + 6.00%7.00%9/29/20179/29/202332,366  31,976  31,966  3.62  
Analogic Corporation^+*(2) (3) (12)Capital EquipmentL + 5.25%6.25%6/22/20186/22/20242,373  2,339  2,344  0.27  
Anchor Hocking, LLC^(2) (3)Durable Consumer GoodsL + 10.75%11.75%1/25/20191/25/202410,336  10,086  9,749  1.10  
Apptio, Inc.^(2) (3) (12)SoftwareL + 7.25%8.25%1/10/20191/10/202510,541  10,330  10,148  1.15  
At Home Holding III, Inc.^(2) (3) (7)RetailL+ 9.00%10.00%6/12/20207/27/2022921  898  898  0.10  
Aurora Lux FinCo S.Á.R.L. (Accelya) (Luxembourg)^*(2) (3) (7)SoftwareL + 6.00%7.00%12/24/201912/24/202637,406  36,524  34,459  3.90  
Avenu Holdings, LLC+*(2) (3)Sovereign & Public FinanceL + 5.25%6.25%9/28/20189/28/202438,469  37,996  36,034  4.08  
Barnes & Noble, Inc.^(2) (3) (11)RetailL + 5.50%6.50%8/7/20198/7/202417,190  16,825  15,815  1.79  
BMS Holdings III Corp.^*(2) (3)Construction & BuildingL + 5.25%6.25%9/30/20199/30/20264,929  4,794  4,799  0.54  
Brooks Equipment Company, LLC+(2) (3)Construction & BuildingL + 5.00%6.00%6/26/20155/1/2021406  405  405  0.05  
Captive Resources Midco, LLC^*(2) (3)Banking, Finance, Insurance & Real EstateL + 6.00%7.00%6/30/20155/31/202522,316  22,005  22,113  2.50  
Central Security Group, Inc.^*(2) (3) (8)Consumer ServicesL + 5.63%6.63%6/26/201510/6/202118,400  17,863  7,378  0.84  
Chartis Holding, LLC^*(2) (3) (12)Business ServicesL + 5.50%6.50%5/1/20195/1/202515,846  15,491  15,594  1.77  
Chemical Computing Group ULC (Canada)^*(2) (3) (7) (12)SoftwareL + 5.00%6.00%8/30/20188/30/2023473  472  463  0.05  
CircusTrix Holdings, LLC^*(2) (3) (12)Hotel, Gaming & LeisureL + 6.00% (100% PIK)7.00%2/2/201812/6/20219,623  9,576  7,681  0.87  
Cobblestone Intermediate Holdco LLC^(2) (3) (12)Consumer ServicesL + 5.00%6.00%1/29/20201/29/2026461  454  459  0.05  
Comar Holding Company, LLC^+*(2) (3) (12)Containers, Packaging & GlassL + 5.50%6.50%6/18/20186/18/202431,728  31,252  31,517  3.57  
Cority Software Inc. (Canada)^*(2) (3) (7) (12)SoftwareL + 5.75%6.75%7/2/20197/2/202619,470  18,552  19,308  2.19  
Derm Growth Partners III, LLC (Dermatology Associates)^(2) (3) (8)Healthcare & PharmaceuticalsL + 6.25% (100% PIK)7.25%5/31/20165/31/202256,310  56,055  29,726  3.37  
DermaRite Industries, LLC^*(2) (3)Healthcare & PharmaceuticalsL + 7.00%8.06%3/3/20173/3/202221,966  21,844  20,973  2.37  
Digicel Limited (Jamaica)^(7)Telecommunications8.75%8.75%5/15/20205/25/2024121  116  117  0.01  
Digicel Limited (Jamaica)^(7)Telecommunications13.00%13.00%4/15/202012/31/202561  54  52  0.01  
Digicel Limited (Jamaica)^(7)Telecommunications8.00%8.00%4/15/202012/31/202648  26  29  —  
Direct Travel, Inc.^*(2) (3) (8)Hotel, Gaming & LeisureL + 6.50%7.50%10/14/201612/1/202136,711  36,475  29,578  3.35  
DTI Holdco, Inc.*(2) (3)High Tech IndustriesL + 4.75%5.75%12/18/20189/30/20231,964  1,873  1,570  0.18  
7
 
Investments—non-controlled/non-affiliated (1)
   Footnotes Industry 
Reference Rate & Spread (2)
 
Interest Rate (2)
 Acquisition Date Maturity Date Par/ Principal Amount ** 
Amortized Cost (4)
 
Fair Value (5)
 % of  Net Assets
 
 First Lien Debt (77.08%)                      
 Aero Operating, LLC (Dejana Industries, Inc.) ^+* (2) (3) (13) Business Services L + 7.25% 9.29% 1/5/2018 12/29/2022 $3,307
 $3,274
 $3,282
 0.33 %
 Alpha Packaging Holdings, Inc. +* (2) (3) Containers, Packaging & Glass L + 4.25% 6.35% 6/26/2015 5/12/2020 2,844
 2,839
 2,838
 0.29
 Alpine SG, LLC ^* (2) (3) High Tech Industries L + 5.50% 7.76% 2/2/2018 11/16/2022 15,301
 15,158
 15,345
 1.57
 American Physician Partners, LLC ^+* (2) (3) (13) Healthcare & Pharmaceuticals L + 6.50% 8.60% 1/7/2019 12/21/2021 38,401
 37,938
 38,509
 3.94
 AMS Group HoldCo, LLC ^+* (2) (3) (13) Transportation: Cargo L + 6.00% 8.07% 9/29/2017 9/29/2023 30,853
 30,340
 30,472
 3.11
 Analogic Corporation ^+* (2) (3) (13) Healthcare & Pharmaceuticals L + 6.00% 8.04% 6/22/2018 6/22/2024 35,320
 34,692
 34,737
 3.55
 Anchor Hocking, LLC ^ (2) (3) Durable Consumer Goods L + 8.25% 10.50% 1/25/2019 1/25/2024 10,996
 10,663
 10,639
 1.09
 Apptio, Inc. ^ (2) (3) (13) Software L + 7.25% 9.56% 1/10/2019 1/10/2025 35,541
 34,803
 34,972
 3.57
 Avenu Holdings, LLC +* (2) (3) Sovereign & Public Finance L + 5.25% 7.35% 9/28/2018 9/28/2024 38,763
 38,141
 37,441
 3.83
 Barnes & Noble, Inc. ^ (2) (3) (11) Retail L + 5.50% 7.68% 8/7/2019 8/7/2024 17,860
 17,403
 17,414
 1.78
 BMS Holdings III Corp. ^ (2) (3) (13) Construction & Building L + 5.25% 7.35% 9/30/2019 9/30/2026 11,667
 11,277
 11,292
 2.31
 Brooks Equipment Company, LLC +* (2) (3) Construction & Building L + 5.00% 7.12% 6/26/2015 8/29/2020 2,502
 2,494
 2,500
 0.25
 Capstone Logistics Acquisition, Inc. +* (2) (3) Transportation: Cargo L + 4.50% 6.54% 6/26/2015 10/7/2021 7,976
 7,929
 7,927
 0.81
 Captive Resources Midco, LLC ^* (2) (3) (13) Banking, Finance, Insurance & Real Estate L + 6.00% 8.20% 6/30/2015 5/31/2025 29,009
 28,843
 28,736
 2.94
 Central Security Group, Inc. +* (2) (3) Consumer Services L + 5.63% 7.67% 6/26/2015 10/6/2021 23,301
 23,152
 22,975
 2.35
 Chartis Holding, LLC ^ (2) (3) (13) Business Services L + 5.00% 7.03% 5/1/2019 4/1/2025 15,966
 15,541
 16,060
 1.64
 Chemical Computing Group ULC (Canada) ^* (2) (3) (7) (13) Software L + 5.25% 7.29% 8/30/2018 8/30/2023 15,676
 15,534
 15,556
 1.59
 CircusTrix Holdings, LLC ^+* (2) (3) (13) Hotel, Gaming & Leisure L + 5.50% 7.54% 2/2/2018 12/16/2021 9,421
 9,352
 9,288
 0.95
 Comar Holding Company, LLC ^* (2) (3) (13) Containers, Packaging & Glass L + 5.25% 7.30% 6/18/2018 6/18/2024 27,409
 26,817
 27,115
 2.77
 Continuum Managed Services Holdco, LLC ^+* (2) (3) (13) High Tech Industries L + 6.00% 8.05% 6/20/2017 6/8/2023 28,028
 27,451
 27,988
 2.86
 Cority Software Inc. (Canada) ^* (2) (3) (7) (13) Software L + 5.50% 7.82% 7/2/2019 7/2/2026 27,000
 26,383
 26,400
 2.70
 Dent Wizard International Corporation + (2) (3) Automotive L + 4.00% 6.05% 4/28/2015 4/7/2022 879
 878
 876
 0.09
 Derm Growth Partners III, LLC (Dermatology Associates) ^ (2) (3) Healthcare & Pharmaceuticals L + 7.25% (100% PIK) 9.35% 5/31/2016 5/31/2022 56,324
 55,943
 38,917
 3.98
TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of SeptemberJune 30, 20192020
(dollar amounts in thousands)
(unaudited)

Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value (5)
% of Net Assets
Emergency Communications Network, LLC^+*(2) (3)TelecommunicationsL + 2.625%, 5.125% PIK8.75%6/1/20176/1/2023$23,979  $23,858  $21,025  2.38 %
Ensono, LP*(2) (3)TelecommunicationsL + 5.25%5.43%4/30/20186/27/20258,493  8,424  8,290  0.94  
Ensono, LP^(2) (3)TelecommunicationsL + 5.75%6.05%6/25/20206/27/202518,222  18,086  18,086  2.05  
Ethos Veterinary Health LLC^+(2) (3) (12)Consumer ServicesL + 4.75%4.93%5/17/20195/15/202610,832  10,715  10,417  1.18  
EvolveIP, LLC^+*(2) (3) (12)TelecommunicationsL + 5.75%6.75%11/26/20196/7/202334,835  34,748  34,313  3.88  
Frontline Technologies Holdings, LLC*+(2) (3)SoftwareL + 5.75%6.75%9/18/20179/18/20233,115  3,094  3,131  0.35  
FWR Holding Corporation^+*(2) (3) (12)Beverage, Food & TobaccoL + 5.50%6.50%8/21/20178/21/202336,898  36,451  33,213  3.76  
Hydrofarm, LLC^(2) (3)WholesaleL + 8.50%9.50%5/15/20175/12/202219,446  19,172  14,165  1.60  
iCIMS, Inc.^(2) (3) (12)SoftwareL + 6.50%7.50%9/12/20189/12/2024—  (18) (34) —  
Individual FoodService Holdings, LLC^+(2) (3) (12)WholesaleL + 5.75%6.75%2/21/202011/22/20253,837  3,744  3,614  0.41  
Innovative Business Services, LLC^*(2) (3)High Tech IndustriesL + 5.50%6.79%4/5/20184/5/202318,293  17,965  17,922  2.03  
Integrity Marketing Acquisition, LLC^(2) (3) (12)Banking, Finance, Insurance & Real EstateL + 5.75%6.75%1/15/20208/27/20251,296  1,221  1,275  0.14  
K2 Insurance Services, LLC^+*(2) (3) (12)Banking, Finance, Insurance & Real EstateL + 5.00%6.00%7/3/20197/1/202424,314  23,830  24,027  2.72  
Kaseya, Inc.^(2) (3) (12)High Tech IndustriesL + 5.50%, 1.00% PIK7.50%5/3/20195/2/202521,703  21,299  21,396  2.42  
Legacy.com, Inc.^(2) (3) (11)High Tech IndustriesL + 6.00%7.00%3/20/20173/20/202317,066  16,851  16,091  1.82  
Lifelong Learner Holdings, LLC^*(2) (3) (12)Business ServicesL + 5.75%6.75%10/18/201910/18/202623,931  23,437  21,153  2.39  
Liqui-Box Holdings, Inc.^(2) (3) (12)Containers, Packaging & GlassL + 4.50%5.50%6/3/20196/3/20241,578  1,554  1,496  0.17  
Mailgun Technologies, Inc.^(2) (3) (12)High Tech IndustriesL + 5.50%6.56%3/26/20193/26/202511,794  11,569  11,227  1.27  
National Carwash Solutions, Inc.^+*(2) (3) (12)AutomotiveL + 6.00%7.00%8/7/20184/28/202310,269  10,131  9,907  1.12  
National Technical Systems, Inc.^+*(2) (3) (12)Aerospace & DefenseL + 6.25%7.68%6/26/20156/12/202128,882  28,788  28,686  3.25  
NES Global Talent Finance US, LLC (United Kingdom)+*(2) (3) (7)Energy: Oil & GasL + 5.50%6.50%5/9/20185/11/20239,840  9,730  9,602  1.09  
Nexus Technologies, LLC*(2) (3)High Tech IndustriesL + 5.50%, 1.50% PIK8.00%12/11/201812/5/20236,219  6,173  5,115  0.58  
NMI AcquisitionCo, Inc.^+*(2) (3)High Tech IndustriesL + 5.50%6.50%9/6/20179/6/202251,091  50,601  51,025  5.78  
Northland Telecommunications Corporation^*(2) (3) (12)Media: Broadcasting & SubscriptionL + 5.75%6.75%10/1/201810/1/202546,383  45,749  46,146  5.22  
Paramit Corporation+*(2) (3)Capital EquipmentL + 4.50%5.50%5/3/20195/3/20256,298  6,246  6,199  0.70  
PF Growth Partners, LLC^+*(2) (3) (12)Hotel, Gaming & LeisureL + 5.00%5.32%7/1/20197/11/20257,331  7,225  6,260  0.71  
Plano Molding Company, LLC^(2) (3)Hotel, Gaming & LeisureL + 7.50%8.50%5/1/20155/12/202114,677  14,608  13,060  1.48  
PPC Flexible Packaging, LLC^+*(2) (3) (12)Containers, Packaging & GlassL + 5.25%6.25%11/23/201811/23/202414,991  14,855  14,762  1.67  
8
 
Investments—non-controlled/non-affiliated (1)
   Footnotes Industry 
Reference Rate & Spread (2)
 
Interest Rate (2)
 Acquisition Date Maturity Date Par/ Principal Amount ** 
Amortized Cost (4)
��
Fair Value (5)
 % of  Net Assets
 
 First Lien Debt (77.08%) (continued)                  
 DermaRite Industries, LLC ^* (2) (3) (13) Healthcare & Pharmaceuticals L + 7.00% 9.02% 3/3/2017 3/3/2022 $22,800
 $22,587
 $22,137
 2.26 %
 Digicel Limited ^+* 
 Telecommunications 6.00% 6.00% 7/23/2019 4/15/2021 250
 194
 176
 0.02
 Dimensional Dental Management, LLC ^ (2) (3) (13) Healthcare & Pharmaceuticals L + 6.75% 10.00% 7/22/2019 7/22/2020 —
 (25) —
 —
 Dimensional Dental Management, LLC ^ (2) (3) (9) (11) Healthcare & Pharmaceuticals L + 6.75% 8.84% 2/12/2016 2/12/2021 33,674
 33,300
 1,000
 0.10
 Direct Travel, Inc. ^+* (2) (3) (13) Hotel, Gaming & Leisure L + 6.50% 8.65% 10/14/2016 12/1/2021 35,546
 35,174
 35,454
 3.62
 DTI Holdco, Inc. * (2) (3) High Tech Industries L + 4.75% 7.01% 12/18/2018 9/30/2023 1,980
 1,868
 1,806
 0.18
 EIP Merger Sub, LLC (Evolve IP) ^+* (2) (3) (11) Telecommunications L + 5.75% 7.79% 6/7/2016 6/7/2022 41,370
 40,667
 41,089
 4.20
 Emergency Communications Network, LLC ^+* (2) (3) Telecommunications L + 6.25% 8.29% 6/1/2017 6/1/2023 24,438
 24,256
 22,866
 2.34
 Ensono, LP * (2) (3) Telecommunications L + 5.25% 7.29% 4/30/2018 6/27/2025 8,558
 8,547
 8,484
 0.87
 Ethos Veterinary Health LLC ^+ (2) (3) (13) Consumer Services L + 4.75% 7.04% 5/17/2019 5/17/2026 10,888
 10,744
 10,903
 1.11
 Frontline Technologies Holdings, LLC ^ (2) (3) Software L + 6.50% 8.60% 9/18/2017 9/18/2023 48,351
 47,978
 48,235
 4.93
 FWR Holding Corporation ^+* (2) (3) (13) Beverage, Food & Tobacco L + 5.50% 7.55% 8/21/2017 8/21/2023 46,078
 45,296
 46,023
 4.70
 Green Energy Partners/Stonewall, LLC +* (2) (3) Energy: Electricity L + 5.50% 7.60% 6/26/2015 11/10/2021 19,600
 19,377
 19,098
 1.95
 GRO Sub Holdco, LLC (Grand Rapids) ^+* (2) (3) (13) Healthcare & Pharmaceuticals L + 6.00% 8.10% 2/28/2018 2/22/2023 6,606
 6,509
 6,118
 0.63
 Hummel Station, LLC +* (2) (3) Energy: Electricity L + 6.00% 8.04% 2/3/2016 10/27/2022 14,678
 14,149
 12,728
 1.30
 Hydrofarm, LLC ^ (2) (3) Wholesale L+10.00% (30% cash/70% PIK) 12.15% 5/15/2017 5/12/2022 21,038
 20,698
 12,674
 1.30
 iCIMS, Inc. ^ (2) (3) (13) Software L + 6.50% 8.56% 9/12/2018 9/12/2024 23,930
 23,459
 23,655
 2.42
 Innovative Business Services, LLC ^* (2) (3) (13) High Tech Industries L + 5.50% 7.80% 4/5/2018 4/5/2023 16,183
 15,785
 15,897
 1.62
 Kaseya Luxembourg Holdings S.C.A. (Luxembourg) ^ (2) (3) (7) (13) High Tech Industries L + 5.50%, 1.00% PIK 8.60% 5/3/2019 5/5/2025 19,088
 18,649
 18,803
 1.92
 K2 Insurance Services, LLC ^ (2) (3) (13) Banking, Finance, Insurance & Real Estate L + 5.00% 7.19% 7/3/2019 7/1/2024 22,082
 21,487
 22,177
 2.26
 Legacy.com, Inc. ^ (2)(3)(11) High Tech Industries L + 6.00%, 1.00% PIK 9.10% 3/20/2017 3/20/2023 17,000
 16,714
 15,435
 1.58
 Liqui-Box Holdings, Inc. ^ (2) (3) (13) Containers, Packaging & Glass L + 4.50% 6.59% 6/3/2019 6/3/2024 —
 (26) (46) —
 Mailgun Technologies, Inc. ^* (2) (3) (13) High Tech Industries L + 6.00% 8.11% 3/26/2019 3/26/2025 11,468
 11,206
 11,212
 1.15
 Metrogistics, LLC +* (2) (3) Transportation: Cargo L + 6.25% 8.35% 12/13/2016 9/30/2022 17,076
 16,921
 17,047
 1.74
TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of SeptemberJune 30, 20192020
(dollar amounts in thousands)
(unaudited)

Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value (5)
% of Net Assets
PPT Management Holdings, LLC^(2) (3)Healthcare & PharmaceuticalsL + 6.00%, 0.75% PIK7.75%12/15/201612/16/2022$27,902  $27,804  $22,151  2.51 %
PricewaterhouseCoopers Public Sector LLP^(2) (3) (12)Aerospace & DefenseL + 3.25%3.40%5/1/20185/1/20232,000  1,910  1,906  0.22  
Product Quest Manufacturing, LLC^(2) (3) (8)Containers, Packaging & GlassL + 6.75%10.00%9/21/20173/31/2020840  840  441  0.05  
Propel Insurance Agency, LLC^(2) (3)Banking, Finance, Insurance & Real EstateL + 4.25%5.25%6/1/20186/1/20242,351  2,337  2,315  0.26  
QW Holding Corporation (Quala)^+*(2) (3) (12)Environmental IndustriesL + 6.25%7.25%8/31/20168/31/202243,343  42,894  41,115  4.65  
Redwood Services Group, LLC^*(2) (3)High Tech IndustriesL + 6.00%7.00%11/13/20186/6/20238,385  8,329  8,149  0.92  
Regency Entertainment, Inc.^+(2) (3)Media: Diversified & ProductionL+ 6.75%7.75%5/22/202010/22/202520,000  19,606  19,600  2.22  
Riveron Acquisition Holdings, Inc.^+*(2) (3)Banking, Finance, Insurance & Real EstateL + 6.00%7.00%5/22/20195/22/202519,868  19,535  19,735  2.23  
RSC Acquisition, Inc.^(2) (3) (12)Banking, Finance, Insurance & Real EstateL + 5.50%6.50%11/1/201911/1/202613,085  12,738  13,139  1.49  
Sapphire Convention, Inc. (Smart City)^+*(2) (3)TelecommunicationsL + 5.25%6.25%11/20/201811/20/202532,467  31,953  28,233  3.20  
Smile Doctors, LLC^+*(2) (3) (12)Healthcare & PharmaceuticalsL + 6.00%7.00%10/6/201710/6/202223,754  23,678  22,785  2.58  
Sovos Brands Intermediate, Inc.+*(2) (3)Beverage, Food & TobaccoL + 4.75%5.05%11/16/201811/20/202519,799  19,628  19,353  2.19  
SPay, Inc.^*(2) (3) (12)Hotel, Gaming & LeisureL + 2.30%, 5.45% PIK8.75%6/15/20186/17/202420,668  20,367  16,847  1.91  
Superior Health Linens, LLC^+*(2) (3) (12)Business ServicesL + 6.50%7.50%9/30/20169/30/202121,739  21,640  21,345  2.42  
Surgical Information Systems, LLC^+*(2) (3) (11)High Tech IndustriesL + 5.00%6.00%4/24/20174/24/202326,168  26,029  25,723  2.91  
T2 Systems, Inc.^+*(2) (3) (12)Transportation: ConsumerL + 6.75%7.75%9/28/20169/28/202234,589  34,184  34,408  3.90  
Tank Holding Corp.^(2) (3) (12)Capital EquipmentL + 4.00%4.18%3/26/20193/26/202420  20  17  —  
TCFI Aevex LLC^*(2) (3) (12)Aerospace & DefenseL + 6.00%7.00%3/18/20203/18/20268,305  8,133  8,094  0.92  
The Leaders Romans Bidco Limited (United Kingdom) Term Loan B^(2) (3) (7)Banking, Finance, Insurance & Real EstateL + 6.75%, 3.50% PIK11.00%7/23/20196/30/2024£20,074  24,453  23,939  2.71  
The Leaders Romans Bidco Limited (United Kingdom) Term Loan C^(2) (3) (7) (12)Banking, Finance, Insurance & Real EstateL + 6.75%, 3.50% PIK11.00%7/23/20196/30/2024£3,335  4,227  4,090  0.46  
Trump Card, LLC^+*(2) (3) (12)Transportation: CargoL + 5.50%6.50%6/26/20184/21/20227,632  7,603  7,328  0.83  
TSB Purchaser, Inc. (Teaching Strategies, LLC)^+*(2) (3) (12)Media: Advertising, Printing & PublishingL + 6.00%7.00%5/14/20185/14/202428,154  27,644  27,564  3.12  
Turbo Buyer, Inc. (Portfolio Holdings, Inc.)^+*(2) (3)AutomotiveL + 5.75%6.75%12/2/201912/2/202534,812  34,005  34,371  3.89  
Tweddle Group, Inc.^(2) (3)Media: Advertising, Printing & PublishingL + 4.50%5.50%9/17/20189/17/20231,825  1,805  1,777  0.20  
9
 
Investments—non-controlled/non-affiliated (1)
   Footnotes Industry 
Reference Rate & Spread (2)
 
Interest Rate (2)
 Acquisition Date Maturity Date Par/ Principal Amount ** 
Amortized Cost (4)
 
Fair Value (5)
 % of  Net Assets
 
 First Lien Debt (77.08%) (continued)                  
 National Carwash Solutions, Inc. ^+ (2) (3) (13) Automotive L + 6.00% 8.10% 8/7/2018 4/28/2023 $8,431
 $8,260
 $8,225
 0.84 %
 National Technical Systems, Inc. ^+* (2) (3) (13) Aerospace & Defense L + 6.25% 8.35% 6/26/2015 6/12/2021 28,023
 27,810
 28,005
 2.86
 NES Global Talent Finance US, LLC (United Kingdom) +* (2) (3) (7) Energy: Oil & Gas L + 5.50% 7.76% 5/9/2018 5/11/2023 9,916
 9,766
 9,747
 1.00
 Nexus Technologies, LLC * (2) (3) High Tech Industries L + 5.50% 7.60% 12/11/2018 12/5/2023 6,187
 6,124
 5,965
 0.61
 NMI AcquisitionCo, Inc. ^+* (2) (3) (13) High Tech Industries L + 6.00% 8.04% 9/6/2017 9/6/2022 50,272
 49,559
 49,953
 5.10
 North American Dental Management, LLC ^ (2) (3) Healthcare & Pharmaceuticals P + 4.25% 9.25% 10/26/2018 7/7/2022 5,037
 4,950
 5,037
 0.51
 Northland Telecommunications Corporation ^* (2) (3) (13) Media: Broadcast & Subscription L + 5.75% 7.79% 10/1/2018 10/1/2025 29,996
 29,516
 29,520
 3.01
 Paramit Corporation + (2) (3) Capital Equipment L + 4.50% 6.57% 5/3/2019 5/3/2025 7,163
 7,087
 7,169
 0.73
 PF Growth Partners, LLC ^ (2) (3) (13) Hotel, Gaming & Leisure L + 5.00% 7.08% 7/1/2019 7/11/2025 7,055
 6,967
 7,010
 0.72
 Plano Molding Company, LLC ^ (2) (3) Hotel, Gaming & Leisure L + 7.00% 9.04% 5/1/2015 5/12/2021 14,790
 14,644
 13,916
 1.42
 PPC Flexible Packaging, LLC ^+* (2) (3) (13) Containers, Packaging & Glass L + 5.25% 7.29% 11/23/2018 11/23/2024 13,626
 13,409
 13,392
 1.37
 PPT Management Holdings, LLC ^ (2) (3) Healthcare & Pharmaceuticals L + 6.00%, 0.75% PIK 8.84% 12/15/2016 12/16/2022 27,753
 27,591
 23,199
 2.37
 Pretium Packaging, LLC ^+* (2) (3) Containers, Packaging & Glass L + 5.00% 7.12% 8/15/2019 11/14/2023 7,719
 7,635
 7,662
 0.78
 PricewaterhouseCoopers Public Sector LLP ^ (2) (3) (13) Aerospace & Defense L + 3.25% 5.34% 5/1/2018 5/1/2023 —
 (113) (79) (0.01)
 Prime Risk Partners, Inc. ^ (2) (3) (11) Banking, Finance, Insurance & Real Estate L + 5.00% 7.04% 8/15/2017 8/13/2023 27,720
 27,273
 27,576
 2.82
 Prime Risk Partners, Inc. ^ (2) (3) Banking, Finance, Insurance & Real Estate L + 5.00% 7.04% 8/15/2017 8/13/2023 2,171
 2,137
 2,160
 0.22
 Product Quest Manufacturing, LLC ^ (2) (3) (9) (13) Containers, Packaging & Glass L + 6.75% 10.00% 9/21/2017 3/31/2020 840
 840
 840
 0.09
 Product Quest Manufacturing, LLC ^ (2) (3) (9) (11) Containers, Packaging & Glass L + 5.75% 7.75% 9/9/2015 9/9/2020 33,000
 32,270
 —
 —
 Propel Insurance Agency, LLC ^ (2) (3) Banking, Finance, Insurance & Real Estate L + 4.50% 6.60% 6/1/2018 6/1/2024 2,369
 2,350
 2,362
 0.24
 PSI Services, LLC ^ (2) (3) Business Services L + 5.00% 7.08% 9/19/2018 1/20/2023 4,505
 4,449
 4,505
 0.46
 QW Holding Corporation (Quala) ^+* (2) (3) (13) Environmental Industries L + 5.75% 7.77% 8/31/2016 8/31/2022 39,229
 38,622
 39,012
 3.99
 Redwood Services Group, LLC ^* (2) (3) High Tech Industries L + 6.00% 8.12% 11/13/2018 6/6/2023 7,708
 7,638
 7,613
 0.78
TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of SeptemberJune 30, 20192020
(dollar amounts in thousands)
(unaudited)

Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value (5)
% of Net Assets
U.S. Acute Care Solutions, LLC*(2) (3)Healthcare & PharmaceuticalsL + 5.00%, 1.00% PIK7.00%2/21/20195/15/2021$4,243  $4,227  $3,752  0.42 %
US INFRA SVCS Buyer, LLC (AIMS Companies)^(2) (3) (12)Environmental IndustriesL+ 6.00%7.00%4/13/20204/13/20263,850  3,174  3,336  0.38  
Unifrutti Financing PLC (Cyprus)^(7)Beverage, Food & Tobacco7.50%, 1.00% PIK8.50%9/15/20199/15/2026€4,553  4,784  4,863  0.55  
USLS Acquisition, Inc.^*(2) (3) (12)Business ServicesL + 5.75%6.82%11/30/201811/30/202422,900  22,539  21,211  2.40  
VRC Companies, LLC^+*(2) (3) (12)Business ServicesL + 6.50%7.50%3/31/20173/31/202337,227  36,887  37,046  4.19  
Westfall Technik, Inc.^*(2) (3)Chemicals, Plastics & RubberL + 5.75%6.75%9/13/20189/13/202428,277  27,982  26,040  2.95  
Zemax Software Holdings, LLC^*(2) (3) (12)SoftwareL + 5.75%6.75%6/25/20186/25/202410,736  10,617  10,526 ��1.19  
Zenith Merger Sub, Inc.^+*(2) (3) (12)Business ServicesL + 5.25%6.25%12/13/201712/13/202318,651  18,465  18,301  2.07  
First Lien Debt Total$1,473,092  $1,381,694  156.42 %
Second Lien Debt (14.61% of fair value)
Access CIG, LLC*(2) (3)Business ServicesL + 7.75%7.92%2/14/20182/27/2026$2,700  $2,687  $2,308  0.26 %
AI Convoy S.A.R.L (Cobham) (United Kingdom)^(2) (3) (7)Aerospace & DefenseL + 8.25%9.40%1/17/20201/17/202830,327  29,674  29,563  3.35  
Aimbridge Acquisition Co., Inc.^(2) (3)Hotel, Gaming & LeisureL + 7.50%8.93%2/1/20192/1/20279,241  9,096  8,523  0.96  
AQA Acquisition Holding, Inc.^(2) (3)High Tech IndustriesL + 8.00%9.00%10/1/20185/24/202440,000  39,701  39,384  4.46  
Brave Parent Holdings, Inc.^*(2) (3)SoftwareL + 7.50%8.50%10/3/20184/19/202619,062  18,684  17,809  2.02  
Drilling Info Holdings, Inc.^(2) (3)Energy: Oil & GasL + 8.25%8.43%2/11/20207/30/202618,600  18,113  17,646  2.00  
Higginbotham Insurance Agency, Inc.^(2) (3)Banking, Finance, Insurance & Real EstateL + 7.50%8.50%12/3/201912/19/20252,500  2,477  2,484  0.28  
Jazz Acquisition, Inc.^(2) (3)Aerospace & DefenseL + 8.00%8.18%6/13/20196/18/202723,450  23,133  16,642  1.88  
Le Tote, Inc.^(2) (3)RetailL + 8.75%10.25%11/8/201911/8/20247,511  7,352  7,034  0.80  
Outcomes Group Holdings, Inc.^*(2) (3)Business ServicesL + 7.50%7.81%10/23/201810/26/20264,500  4,490  4,207  0.48  
Pharmalogic Holdings Corp.^(2) (3)Healthcare & PharmaceuticalsL + 8.00%9.00%6/7/201812/11/2023800  797  784  0.09  
Quartz Holding Company (QuickBase, Inc.)^(2) (3)SoftwareL + 8.00%8.18%4/2/20194/2/202711,900  11,688  11,107  1.26  
Reladyne, Inc.^+(2) (3)WholesaleL + 9.50%10.50%4/19/20181/21/202312,242  12,104  11,796  1.33  
Stonegate Pub Company Bidco Limited (United Kingdom)^(2) (3) (7)Beverage, Food & TobaccoL + 8.50%8.86%3/12/20203/12/2028£20,000  24,704  19,922  2.25  
Tank Holding Corp.^*(2) (3)Capital EquipmentL + 8.25%8.43%3/26/20193/26/202737,380  36,830  35,489  4.02  
Ultimate Baked Goods MIDCO, LLC (Rise Baking)^(2) (3)Beverage, Food & TobaccoL + 8.00%9.00%8/9/20188/9/20268,333  8,195  7,832  0.89  
Watchfire Enterprises, Inc.^(2) (3)Media: Advertising, Printing & PublishingL + 8.00%9.00%10/2/201310/2/20217,000  6,975  6,956  0.79  
World 50, Inc.^(9)Business Services11.50%11.50%1/10/20201/9/202710,000  9,812  9,470  1.07  
10
 
Investments—non-controlled/non-affiliated (1)
   Footnotes Industry 
Reference Rate & Spread (2)
 
Interest Rate (2)
 Acquisition Date Maturity Date Par/ Principal Amount ** 
Amortized Cost (4)
 
Fair Value (5)
 % of  Net Assets
 
 First Lien Debt (77.08%) (continued)                  
 Riveron Acquisition Holdings, Inc. + (2) (3) Banking, Finance, Insurance & Real Estate L + 6.25% 8.35% 5/22/2019 5/22/2025 $15,661
 $15,342
 $15,667
 1.60 %
 Sapphire Convention, Inc. (Smart City) ^+* (2) (3) (13) Telecommunications L + 5.25% 7.27% 11/20/2018 11/20/2025 28,649
 28,022
 28,414
 2.90
 Smile Doctors, LLC ^+* (2) (3) (13) Healthcare & Pharmaceuticals L + 6.00% 8.09% 10/6/2017 10/6/2022 20,758
 20,632
 20,474
 2.09
 Sovos Brands Intermediate, Inc. ^ (2) (3) Beverage, Food & Tobacco L + 5.00% 7.20% 11/16/2018 11/20/2025 19,949
 19,733
 19,782
 2.02
 SPay, Inc. ^+* (2) (3) (13) Hotel, Gaming & Leisure L + 5.75% 7.82% 6/15/2018 6/15/2024 20,511
 20,137
 18,532
 1.89
 Superior Health Linens, LLC ^+* (2) (3) (13) Business Services L + 7.50%, 0.50% PIK 10.10% 9/30/2016 9/30/2021 21,882
 21,695
 19,500
 1.99
 Surgical Information Systems, LLC ^+* (2) (3) (11) High Tech Industries L + 4.85% 6.89% 4/24/2017 4/24/2023 26,168
 25,962
 25,984
 2.66
 T2 Systems Canada, Inc. + (2) (3) Transportation: Consumer L + 6.75% 8.92% 5/24/2017 9/28/2022 3,938
 3,877
 3,926
 0.40
 T2 Systems, Inc. ^+* (2) (3) (13) Transportation: Consumer L + 6.75% 8.92% 9/28/2016 9/28/2022 32,532
 32,020
 32,424
 3.31
 Tank Holding Corp. ^ (2) (3) (13) Capital Equipment L + 4.00% 6.05% 3/26/2019 3/26/2024 7
 7
 7
 —
 The Hilb Group, LLC ^ (2)(3)(11)(13) Banking, Finance, Insurance & Real Estate L + 6.00% 8.24% 6/24/2015 6/24/2021 66,939
 66,187
 66,133
 6.76
 The Leaders Romans Bidco Limited (United Kingdom) ^ (2) (3) (7) (13) Banking, Finance, Insurance & Real Estate L + 6.75%, 3.50% PIK 11.01% 7/23/2019 6/30/2024 £19,765
 23,905
 23,489
 2.40
 Transform SR Holdings, LLC ^ (2) (3) Retail L + 7.25% 9.30% 2/11/2019 2/11/2024 19,050
 18,853
 18,861
 1.93
 Trump Card, LLC ^+* (2) (3) (13) Transportation: Cargo L + 5.50% 7.60% 6/26/2018 4/21/2022 7,651
 7,602
 7,599
 0.78
 TSB Purchaser, Inc. (Teaching Strategies, LLC) ^+* (2) (3) (13) Media: Advertising, Printing & Publishing L + 6.00% 8.10% 5/14/2018 5/14/2024 28,365
 27,732
 28,175
 2.88
 Tweddle Group, Inc. ^ (2) (3) Media: Advertising, Printing & Publishing L + 4.50% 6.55% 9/17/2018 9/17/2023 2,080
 2,052
 2,033
 0.21
 U.S. Acute Care Solutions, LLC + (2) (3) Healthcare & Pharmaceuticals L + 5.00%, 1.00% PIK 8.20% 2/21/2019 5/17/2021 4,277
 4,227
 4,145
 0.42
 USLS Acquisition, Inc. ^* (2) (3) (13) Business Services L + 5.75% 7.85% 11/30/2018 11/30/2024 22,193
 21,750
 21,779
 2.23
 Unifrutti Financing PLC (Cyprus) ^ (2) (3) (7) Beverage, Food & Tobacco 7.50%, 1.00% PIK 8.50% 9/15/2019 9/15/2026 €4,530
 4,733
 4,691
 0.48
 VRC Companies, LLC ^+* (2) (3) (13) Business Services L + 6.50% 8.57% 3/31/2017 3/31/2023 57,257
 56,658
 56,935
 5.82
 Watchfire Enterprises, Inc. ^ (2) (3) Media: Advertising, Printing & Publishing L + 4.25% 6.35% 6/9/2017 10/2/2020 1,196
 1,193
 1,196
 0.12
 Westfall Technik, Inc. ^ (2) (3) (13) Chemicals, Plastics & Rubber L + 5.75% 7.85% 9/13/2018 9/13/2024 27,153
 26,551
 25,934
 2.65
 WP CPP Holdings, LLC (CPP) ^ (2) (3) (13) Aerospace & Defense L + 3.75% 5.84% 7/18/2019 4/30/2025 —
 (230) (163) (0.02)
 Zemax Software Holdings, LLC ^* (2) (3) (13) Software L + 5.75% 7.85% 6/25/2018 6/25/2024 10,171
 10,019
 10,100
 1.03
 Zenith Merger Sub, Inc. ^+* (2) (3) (13) Business Services L + 5.25% 7.35% 12/13/2017 12/13/2023 16,781
 16,540
 16,636
 1.70
 First Lien Debt Total                 $1,736,342
 $1,639,292
 168.66 %
TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of SeptemberJune 30, 20192020
(dollar amounts in thousands)
(unaudited)

Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value (5)
% of Net Assets
WP CPP Holdings, LLC (CPP)^*(2) (3)Aerospace & DefenseL + 7.75%8.75%7/18/20194/30/2026$39,500  $39,148  $29,202  3.30 %
Zywave, Inc.^(2) (3)High Tech IndustriesL + 9.00%10.00%11/18/201611/17/2023468  463  465  0.05  
Second Lien Debt Total$306,123  $278,623  31.54 %
Investments—non-controlled/non-affiliated (1)
FootnotesIndustryAcquisition DateShares/ UnitsCost
Fair
Value (5)
% of Net Assets
Equity Investments (1.66% of fair value)
ANLG Holdings, LLC^(6)Capital Equipment6/22/2018592$592 $818 0.09 %
Avenu Holdings, LLC^(6)Sovereign & Public Finance9/28/20181721721950.02 
BK Intermediate Company, LLC^(6)Healthcare & Pharmaceuticals5/27/20202882883190.04 
Chartis Holding, LLC^(6)Business Services5/1/20194334336670.08 
CIP Revolution Holdings, LLC^(6)Media: Advertising, Printing & Publishing8/19/20163183182170.02 
Cority Software Inc. (Canada)^(6)Software7/2/20192502502310.03 
DecoPac, Inc.^(6)Non-durable Consumer Goods9/29/20171,5001,5002,3360.26 
Derm Growth Partners III, LLC (Dermatology Associates)^(6)Healthcare & Pharmaceuticals5/31/20161,0001,000—— 
GRO Sub Holdco, LLC (Grand Rapids)^(6)Healthcare & Pharmaceuticals3/29/2018500500—— 
K2 Insurance Services, LLC^(6)Banking, Finance, Insurance & Real Estate7/3/20194334334950.06 
Legacy.com, Inc.^(6)High Tech Industries3/20/20171,5001,5006730.08 
Mailgun Technologies, Inc.^(6)High Tech Industries3/26/20194244245470.06 
North Haven Goldfinch Topco, LLC^(6)Containers, Packaging & Glass6/18/20182,3152,3152,5900.29 
Paramit Corporation^(6)Capital Equipment6/17/20191505007220.08 
PPC Flexible Packaging, LLC^(6)Containers, Packaging & Glass2/1/2019965 965 1,216 0.14 
Rough Country, LLC^(6)Durable Consumer Goods5/25/20177557551,3970.16 
SiteLock Group Holdings, LLC^(6)High Tech Industries4/5/20184464465240.06 
T2 Systems Parent Corporation^(6)Transportation: Consumer9/28/20165565557520.09 
Tailwind HMT Holdings Corp.^(6)Energy: Oil & Gas11/17/2017201,3342,2010.25 
Tank Holding Corp.^(6)Capital Equipment3/26/20198508509430.11 
Titan DI Preferred Holdings, Inc. (Drilling Info)^(6)Energy: Oil & Gas2/11/202010,51810,226 10,097 1.14 
Turbo Buyer, Inc. (Portfolio Holdings, Inc.)^(6)Automotive12/2/20191,9251,9252,3680.27 
Tweddle Holdings, Inc.*^(6)Media: Advertising, Printing & Publishing9/17/201817— — — 
11
 
Investments—non-controlled/non-affiliated (1)
   Footnotes Industry 
Reference Rate & Spread (2)
 
Interest Rate (2)
 Acquisition Date Maturity Date Par/ Principal Amount 
Amortized Cost (4)
 
Fair Value (5)
 % of  Net Assets
 
 Second Lien Debt (10.91%)                      
 Access CIG, LLC * (2) (3) Business Services L + 7.75% 10.07% 2/14/2018 2/27/2026 $2,700
 $2,683
 $2,687
 0.27 %
 Aimbridge Acquisition Co., Inc. ^* (2) (3) Hotel, Gaming & Leisure L + 7.50% 9.60% 2/1/2019 2/1/2027 7,727
 7,607
 7,542
 0.77
 AQA Acquisition Holding, Inc. ^ (2) (3) High Tech Industries L + 8.00% 10.32% 10/1/2018 5/24/2024 40,000
 39,604
 39,716
 4.06
 Brave Parent Holdings, Inc. ^* (2) (3) Software L + 7.50% 9.76% 10/3/2018 4/19/2026 19,062
 18,624
 18,107
 1.85
 Jazz Acquisition, Inc. ^ (2) (3) Aerospace & Defense L + 8.00% 10.10% 6/13/2019 6/18/2027 23,450
 23,079
 23,071
 2.36
 Outcomes Group Holdings, Inc. ^* (2) (3) Business Services L + 7.50% 9.62% 10/23/2018 10/26/2026 4,500
 4,484
 4,496
 0.46
 Pharmalogic Holdings Corp. ^ (2) (3) Healthcare & Pharmaceuticals L + 8.00% 10.04% 6/7/2018 12/11/2023 800
 796
 800
 0.08
 Quartz Holding Company (QuickBase, Inc.) ^ (2) (3) Software L + 8.00% 10.07% 4/2/2019 4/2/2027 11,900
 11,657
 11,812
 1.21
 Reladyne, Inc. ^+* (2) (3) (13) Wholesale L + 9.50% 11.60% 4/19/2018 1/21/2023 12,242
 12,053
 12,259
 1.25
 Santa Cruz Holdco, Inc. ^ (2) (3) Non-durable Consumer Goods L + 8.25% 10.57% 12/15/2017 12/13/2024 17,138
 16,976
 17,064
 1.74
 Tank Holding Corp. ^ (2) (3) Capital Equipment L + 8.25% 10.34% 3/26/2019 3/26/2027 37,380
 36,695
 36,977
 3.78
 Ultimate Baked Goods MIDCO, LLC (Rise Baking) ^ (2) (3) Beverage, Food & Tobacco L + 8.00% 10.04% 8/9/2018 8/9/2026 8,333
 8,172
 8,224
 0.84
 Watchfire Enterprises, Inc. ^ (2) (3) Media: Advertising, Printing & Publishing L + 8.00% 10.10% 10/2/2013 10/2/2021 7,000
 6,952
 7,000
 0.72
 WP CPP Holdings, LLC (CPP) ^ (2) (3) Aerospace & Defense L + 7.75% 10.01% 7/18/2019 4/30/2026 39,500
 39,065
 39,239
 4.01
 Zywave, Inc. ^ (2) (3) High Tech Industries L + 9.00% 11.28% 11/18/2016 11/17/2023 3,141
 3,105
 3,141
 0.32
 Second Lien Debt Total                 $231,552
 $232,135
 23.72 %














TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of SeptemberJune 30, 20192020
(dollar amounts in thousands)
(unaudited)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustryAcquisition DateShares/ UnitsCost
Fair
Value (5)
% of Net Assets
USLS Acquisition, Inc.^(6)Business Services11/30/2018641641 542 0.06 
W50 Parent LLC^(6)Business Services1/10/2020500$500 $478 0.05 %
Zenith American Holding, Inc.^(6)Business Services12/13/20171,5647821,2470.14 
Zillow Topco LP^(6)Software6/25/20183133121810.02 
Equity Investments Total$29,516 $31,756 3.60 %
Total investments—non-controlled/non-affiliated$1,808,731 $1,692,073 191.56 %
Investments—controlled/affiliatedFootnotesIndustry
Reference Rate & Spread(2)
Interest
Rate (2)
Acquisition DateMaturity
Date		Par/
Principal
Amount
Amortized
Cost (6)
Fair
Value (5)
% of Net Assets
First Lien Debt (0.69% of fair value)
SolAero Technologies Corp. (A1 Term Loan)^(2) (3) (8) (10)TelecommunicationsL + 8.00% (100% PIK)9.00%4/12/201910/12/2022$3,166 $3,166 $1,116 0.13 %
SolAero Technologies Corp. (A2 Term Loan)^(2) (3) (8) (10)TelecommunicationsL + 8.00% (100% PIK)9.00%4/12/201910/12/20228,7078,7063,0690.35 
SolAero Technologies Corp. (Priority Facilities)^(2) (3) (10) (12)TelecommunicationsL + 6.00%7.00%4/12/201910/12/20229,0348,9309,0341.02 
First Lien Debt Total$20,802 $13,219 1.50 %
Investments—controlled/affiliatedFootnotesIndustryAcquisition DateShares/ UnitsCost
Fair
Value (5)
% of Net Assets
Equity Investments (0.00% of fair value)
SolAero Technologies Corp.^(6) (10)Telecommunications4/12/20193$2,815 $— — %
Equity Investments Total$2,815 $— — %
12
Investments—non-controlled/non-affiliated (1)
   Footnotes Industry Type Acquisition Date Shares/ Units Cost 
Fair Value (5)
 
% of
 Net
Assets
Equity Investments (1.02%)                  
ANLG Holdings, LLC ^ (6) Healthcare & Pharmaceuticals Common stock 6/22/2018 879,689
 $880
 $974
 0.10%
Avenu Holdings, LLC ^ (6) Sovereign & Public Finance Common stock 9/28/2018 172,413
 172
 149
 0.02
Chartis Holding, LLC ^ (6) Business Services Common stock 5/1/2019 432,900
 433
 500
 0.05
CIP Revolution Holdings, LLC ^ (6) Media: Advertising, Printing & Publishing Common stock 8/19/2016 31,825
 318
 449
 0.05
Cority Software Inc. (Canada) ^ (6) Software Common stock 7/2/2019 250,000
 250
 315
 0.03
DecoPac, Inc. ^ (6) Non-durable Consumer Goods Common stock 9/29/2017 1,500,000
 1,500
 2,015
 0.21
Derm Growth Partners III, LLC (Dermatology Associates) ^ (6) Healthcare & Pharmaceuticals Common stock 5/31/2016 1,000,000
 1,000
 —
 —
GRO Sub Holdco, LLC (Grand Rapids) ^ (6) Healthcare & Pharmaceuticals Common stock 3/29/2018 500,000
 500
 132
 0.01
K2 Insurance Services, LLC ^ (6) Banking, Finance, Insurance & Real Estate Common stock 7/3/2019 432,900
 433
 433
 0.04
Legacy.com, Inc. ^ (6) High Tech Industries Common stock 3/20/2017 1,500,000
 1,500
 532
 0.05
Mailgun Technologies, Inc. ^ (6) High Tech Industries Common stock 3/26/2019 423,729
 424
 640
 0.07
North Haven Goldfinch Topco, LLC ^ (6) Containers, Packaging & Glass Common stock 6/18/2018 2,314,815
 2,315
 2,461
 0.25
Paramit Corporation ^ (6) Capital Equipment Common stock 6/17/2019 150,367
 500
 501
 0.05
PPC Flexible Packaging, LLC ^ (6) Containers, Packaging & Glass Common stock 2/1/2019 964,854
 965
 1,183
 0.12
Rough Country, LLC ^ (6) Durable Consumer Goods Common stock 5/25/2017 754,775
 755
 1,230
 0.13
SiteLock Group Holdings, LLC ^ (6) High Tech Industries Common stock 4/5/2018 446,429
 446
 561
 0.06
T2 Systems Parent Corporation ^ (6) Transportation: Consumer Common stock 9/28/2016 555,556
 556
 594
 0.06
Tailwind HMT Holdings Corp. ^ (6) Energy: Oil & Gas Common stock 11/17/2017 20,000
 2,000
 2,050
 0.21
Tank Holding Corp. ^ (6) Capital Equipment Common stock 3/26/2019 850,000
 850
 966
 0.10
THG Acquisition, LLC (The Hilb Group, LLC) ^ (6) Banking, Finance, Insurance & Real Estate Common stock 6/24/2015 1,500,000
 1,500
 3,547
 0.36
Tweddle Holdings, Inc. ^ (6) Media: Advertising, Printing & Publishing Common stock 9/17/2018 17,208
 —
 —
 —
USLS Acquisition, Inc. ^ (6) Business Services Common stock 11/30/2018 640,569
 640
 782
 0.08
Zenith American Holding, Inc. ^ (6) Business Services Preferred stock 12/13/2017 782,384
 782
 1,436
 0.15
Zenith American Holding, Inc. ^ (6) Business Services Common stock 12/13/2017 782,384
 —
 —
 —
Zillow Topco LP ^ (6) Software Common stock 6/25/2018 312,500
 313
 339
 0.03
Equity Investments Total             $19,032
 $21,789
 2.23%
Total investments—non-controlled/non-affiliated         $1,986,926
 $1,893,216
 194.61%
TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of SeptemberJune 30, 20192020
(dollar amounts in thousands)
(unaudited)

Investments—controlled/affiliatedFootnotesIndustryReference Rate & Spread (2)Interest Rate (2)Acquisition DateMaturity DatePar Amount/ LLC InterestCost
Fair
Value (7)
% of Net Assets
Investment Fund (10.60% of fair value)
Middle Market Credit Fund, Mezzanine Loan^(2) (7) (9) (10)Investment FundL + 9.00%9.3%6/30/20163/22/2021$—  $—  $—  — %
Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest^(7) (10)Investment FundN/A2/29/20163/1/2021216,000216,001  202,263  22.90  
Investment Fund Total$216,001  $202,263  22.90 %
Total investments—controlled/affiliated$239,618  $215,482  24.40 %
Total Investments$2,048,349  $1,907,555  215.96 %
Investments—non-controlled/affiliated   Footnotes Industry Acquisition Date Shares/ Units Cost 
Fair
Value (5)
 % of Net Assets
Equity Investments (0.31%)                
TwentyEighty Investors LLC ^ (6) (12) Business Services 1/31/2017 69,786
 $—
 $6,607
 0.68%
Equity Investments Total           $—
 $6,607
 0.68%
Total investments—non-controlled/affiliated        $—
 $6,607
 0.68%
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 Fund (9.56%)                      
Middle Market Credit Fund, LLC, Mezzanine Loan ^ (2) (7) (8) (10) Investment Fund L+9.00% 11.23% 6/30/2016 3/22/2020 $94,000
 $94,000
 $94,000
 9.60%
Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest ^ (7) (10) Investment Fund N/A 0.001% 2/29/2016 3/1/2021 123,500
 123,501
 109,101
 11.15%
Investment Fund Total                 $217,501
 $203,101
 20.75%

Investments—controlled/affiliated   Footnotes Industry Reference Rate & Spread (2) Interest Rate (2) Acquisition Date Maturity Date Par/ Principal Amount Cost Fair
Value (5)		 % of Net Assets
First Lien Debt (1.01%)                      
SolAero Technologies Corp. (Priority Term Loan) ^ (2) (3) (10) (13) Telecommunications L + 6.00% 8.09% 4/12/2019 10/12/2022 9,630
 9,516
 9,630
 0.99%
SolAero Technologies Corp. (A1 Term Loan) ^ (2) (3) (9) (10) Telecommunications L + 8.00% (100% PIK) 10.09% 4/12/2019 10/12/2022 3,166
 3,166
 3,166
 0.32%
SolAero Technologies Corp. (A2 Term Loan) ^ (2) (3) (9) (10) Telecommunications L + 8.00% (100% PIK) 10.09% 4/12/2019 10/12/2022 8,707
 8,707
 8,707
 0.89%
First Lien Debt Total                 $21,389
 $21,503
 2.20%
                       
Equity Investments (0.11%) Footnotes Industry     Acquisition Date   Shares/ Units Cost Fair
Value (5)		 % of Net Assets
SolAero Technologies Corp. ^ (6) (10) Telecommunications     4/12/2019   2,915
 $2,815
 $2,261
 0.23%
Equity Investments Total                 $2,815
 $2,261
 0.23%
Total investments—controlled/affiliated              $241,705
 $226,865
 23.18%
Total investments                 $2,228,631
 $2,126,688
 218.47%

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

^ 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 6, Borrowings). Accordingly, such assets are not available to creditors of TCG BDC SPV LLC (the “SPV”) or 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 SPV. The SPV has entered into a senior secured revolving credit facility (as amended, the “SPV Credit Facility” and, together with the Credit Facility, the “Facilities”). The lenders of the SPV Credit Facility have a first lien security interest in substantially all of the assets of the SPV (see Note 6, Borrowings). Accordingly, such assets are not available to creditors of the Company or the 2015-1 Issuer.
* 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 7, Notes Payable). Accordingly, such assets are not available to the creditors of the Company or the SPV.
** 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 September 30, 2019, 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 September 30, 2019, 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 September 30, 2019. As of September 30, 2019, the reference rates for our variable rate loans were the 30-day LIBOR at 2.03%, the 90-day LIBOR at 2.09% and the 180-day LIBOR at 2.06%.
(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 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 September 30, 2019, the aggregate fair value of these securities is $30,657, or 3.13% 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)Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company/investment fund.
(9)Loan was on non-accrual status as of September 30, 2019.
(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, for more details. Transactions related to investments in controlled affiliates for the nine month period ended September 30, 2019, were as follows:
(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 June 30, 2020, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, 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 June 30, 2020. As of June 30, 2020, the reference rates for our variable rate loans were the 30-day LIBOR at 0.17%, the 90-day LIBOR at 0.30% and the 180-day LIBOR at 0.37%.
(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 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. As of June 30, 2020, the aggregate fair value of these securities is $31,756, or 3.60% 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 June 30, 2020.
(9)Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company.
13
Investments—controlled/affiliatedFair Value as of December 31, 2018 Additions/Purchases Reductions/Sales/ Paydowns Net Realized Gain (Loss) Net Change in Unrealized Appreciation (Depreciation) Fair Value as of September 30, 2019 Dividend and Interest Income
Middle Market Credit Fund, LLC, Mezzanine Loan$112,000
 $83,200
 $(101,200) $—
 $—
 $94,000
 $2,459
Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest 
110,295
 5,500
 —
 —
 (6,694) 109,101
 4,000
Total investments—controlled/affiliated$222,295
 $88,700
 $(101,200) $—
 $(6,694) $203,101
 $6,459
TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of SeptemberJune 30, 20192020
(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, for more details. Transactions related to investments in controlled affiliates for the six month period ended June 30, 2020, were as follows:
Investments—controlled/affiliatedFair Value as of December 31, 2019Additions/PurchasesReductions/Sales/ PaydownsNet Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation)Fair Value as of June 30, 2020Dividend 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  —  —  (1,833) 202,263  9,000  
Total investments—controlled/affiliated$204,596  $156,000  $(156,500) $—  $(1,833) $202,263  $12,049  
Investments—controlled/affiliatedFair Value as of December 31, 2019Additions/PurchasesReductions/Sales/ PaydownsNet Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation)Fair Value as of June 30, 2020Dividend and Interest Income
SolAero Technologies Corp. (Priority Term Loan)$9,612  $—  $(578) $—  $—  $9,034  $202  
SolAero Technologies Corp. (A1 Term Loan)3,166  —  —  —  (2,050) 1,116  —  
SolAero Technologies Corp. (A2 Term Loan)8,707  —  —  —  (5,638) 3,069  —  
Solaero Technology Corp. (Equity)826  —  —  —  (826) —  —  
Total investments—controlled/affiliated$22,311  $—  $(578) $—  $(8,514) $13,219  $202  

(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%), Legacy.com Inc. (3.93%), and Surgical Information Systems, LLC (1.01%). 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)As of June 30, 2020, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans:
Investments—non-controlled/non-affiliatedTypeUnused FeePar/ Principal AmountFair Value
First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments
Airnov, Inc. (Clariant)Revolver0.50%$1,250  $(19) 
American Physician Partners, LLCRevolver0.50550  (20) 
AMS Group HoldCo, LLCRevolver0.50475  (6) 
Analogic CorporationRevolver0.50168  (2) 
Apptio, Inc.Revolver0.502,367  (72) 
Chartis Holding, LLCDelayed Draw1.006,402  (65) 
Chartis Holding, LLCRevolver0.502,401  (24) 
Chemical Computing Group ULC (Canada)Revolver0.5029  (1) 
CircusTrix Holdings, LLCDelayed Draw1.00836  (155) 
14
Investments—controlled/affiliatedFair Value as of December 31, 2018 Additions/Purchases Reductions/Sales/ Paydowns Net Realized Gain (Loss) Net Change in Unrealized Appreciation (Depreciation) Fair Value as of September 30, 2019 Dividend and Interest Income
SolAero Technologies Corp.$17,968
 $—
 $(18,319) $(9,091) $9,442
 $—
 $—
SolAero Technologies Corp. (Priority Term Loan)—
 9,630
 —
 —
 —
 9,630
 226
SolAero Technologies Corp. (A1 Term Loan)—
 3,166
 —
 —
 —
 3,166
 —
SolAero Technologies Corp. (A2 Term Loan)—
 8,707
 —
 —
 —
 8,707
 —
Solaero Technology Corp. (Equity)—
 2,815
 —
 —
 (554) 2,261
 —
Total investments—controlled/affiliated$17,968
 $24,318
 $(18,319) $(9,091) $8,888
 $23,764
 $226

(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%), Dimensional Dental Management, LLC (4.87%), EIP Merger Sub, LLC (Evolve IP) (3.49%), Legacy.com Inc. (3.73%), Prime Risk Partners, Inc. (1.8%), Product Quest Manufacturing, LLC (3.54%), Surgical Information Systems, LLC (1.13%) and The Hilb Group, LLC (3.94%). 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 investments in non-controlled affiliates for the nine month period ended September 30, 2019, were as follows:
Investments—non-controlled/affiliatedFair Value as of December 31, 2018
Purchases/ Paid-in-kind interest
Sales/ Paydowns
Net Accretion of Discount
Net Realized Gain (Loss)
Net Change in Unrealized Appreciation (Depreciation)
Fair value as of September 30,
2019
Interest Income
TwentyEighty, Inc. - Revolver$—
 $—
 $—
 $1
 $—
 $(1) $—
 $—
TwentyEighty, Inc. - (Term A Loans)316
 —
 (415) 1
 101
 (1) —
 19
TwentyEighty, Inc. - (Term B Loans)6,855
 230
 (7,102) 76
 —
 (59) —
 498
TwentyEighty, Inc. - (Term C Loans)6,981
 489
 (7,397) 179
 —
 (252) —
 692
TwentyEighty Investors LLC (Equity)4,391
 —
 —
 —
 —
 2,216
 6,607
 —
Total investments—non-controlled/affiliated$18,543
 $719
 $(14,914) $257
 $101
 $1,903
 $6,607
 $1,209

(13)As of September 30, 2019, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans:

Investments—non-controlled/non-affiliatedType Unused Fee Par/ Principal Amount Fair Value
First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments    
Aero Operating, LLC (Dejana Industries, Inc.)Revolver 1.00% $391
 $(3)
American Physician Partners, LLCDelayed Draw 0.50 350
 1
American Physician Partners, LLCRevolver 0.50 1,500
 4
AMS Group HoldCo, LLCRevolver 0.50 2,315
 (27)
Analogic CorporationRevolver 0.50 3,029
 (46)
TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of SeptemberJune 30, 20192020
(dollar amounts in thousands)
(unaudited)

Investments—non-controlled/non-affiliatedTypeUnused FeePar/ Principal AmountFair Value
Cobblestone Intermediate Holdco LLCDelayed Draw1.00%$271  $(1) 
Comar Holding Company, LLCRevolver0.502,201  (14) 
Cority Software Inc. (Canada)Revolver0.503,000  (22) 
Ethos Veterinary Health LLCDelayed Draw2.002,695  (83) 
EvolveIP, LLCDelayed Draw1.003,922  (50) 
EvolveIP, LLCRevolver0.502,353  (30) 
FWR Holding CorporationRevolver0.502,111  (199) 
iCIMS, Inc.Revolver0.501,252  (34) 
Individual FoodService Holdings, LLCDelayed Draw1.00745  (33) 
Individual FoodService Holdings, LLCRevolver0.50400  (18) 
Integrity Marketing Acquisition, LLCDelayed Draw1.003,698  (16) 
K2 Insurance Services, LLCDelayed Draw1.002,945  (29) 
K2 Insurance Services, LLCRevolver0.502,290  (22) 
Kaseya, Inc.Delayed Draw—882  (11) 
Kaseya, Inc.Delayed Draw1.001,918  (24) 
Kaseya, Inc.Revolver0.5015  —  
Lifelong Learner Holdings, LLCDelayed Draw1.001,690  (175) 
Lifelong Learner Holdings, LLCRevolver0.501,377  (142) 
Liqui-Box Holdings, Inc.Revolver0.501,052  (33) 
Mailgun Technologies, Inc.Revolver0.501,342  (58) 
National Carwash Solutions, Inc.Delayed Draw1.00611  (20) 
National Carwash Solutions, Inc.Revolver0.505  —  
National Technical Systems, Inc.Revolver0.501,269  (8) 
Northland Telecommunications CorporationRevolver0.502,960  (14) 
PF Growth Partners, LLCDelayed Draw1.00823  (108) 
PPC Flexible Packaging, LLCRevolver0.50489  (7) 
PricewaterhouseCoopers Public Sector LLPRevolver0.504,250  (64) 
QW Holding Corporation (Quala)Delayed Draw1.00600  (30) 
RSC Acquisition, Inc.Delayed Draw1.006,205  17  
RSC Acquisition, Inc.Revolver0.50608  2  
Smile Doctors, LLCDelayed Draw1.00543  (22) 
SolAero Technologies Corp. (Priority Facilities)Revolver0.502,068  —  
SPay, Inc.Revolver0.50682  (122) 
Superior Health Linens, LLCRevolver0.50500  (9) 
T2 Systems, Inc.Revolver0.502,933  (14) 
Tank Holding Corp.Revolver0.5028  (1) 
TCFI Aevex LLCDelayed Draw1.001,722  (36) 
The Leaders Romans Bidco Limited (United Kingdom) Term Loan CDelayed Draw1.69471  (22) 
15
Investments—non-controlled/non-affiliatedType Unused Fee Par/ Principal Amount Fair Value
Apptio, Inc.Revolver 0.50% $2,367
 $(36)
BMS Holdings III Corp.Delayed Draw 1.00 3,333
 (83)
Captive Resources Midco, LLCDelayed Draw 1.25 3,009
 (24)
Captive Resources Midco, LLCRevolver 0.50 2,143
 (17)
Chartis Holding, LLCDelayed Draw 0.50 6,402
 24
Chartis Holding, LLCRevolver 0.50 2,401
 9
Chemical Computing Group ULC (Canada)Revolver 0.50 903
 (6)
Circustrix Holdings, LLCDelayed Draw 1.00 836
 (11)
Comar Holding Company, LLCDelayed Draw 1.00 5,136
 (44)
Comar Holding Company, LLCRevolver 0.50 1,608
 (14)
Continuum Managed Services Holdco, LLCRevolver 0.50 2,500
 (3)
Cority Software Inc. (Canada)Revolver 0.50 3,000
 (60)
DermaRite Industries, LLCRevolver 0.50 703
 (20)
Dimensional Dental Management, LLCRevolver 0.50 1,272
 —
Direct Travel, Inc.Delayed Draw 1.00 1,349
 (3)
Ethos Veterinary Health LLCDelayed Draw 1.00 2,696
 3
FWR Holding CorporationDelayed Draw 1.00 87
 —
FWR Holding CorporationRevolver 0.50 3,333
 (4)
GRO Sub Holdco, LLC (Grand Rapids)Revolver 0.50 1,071
 (68)
iCIMS, Inc.Revolver 0.50 1,252
 (14)
Innovative Business Services, LLCRevolver 1.00 2,232
 (35)
K2 Insurance Services, LLCDelayed Draw 1.00 5,344
 17
K2 Insurance Services, LLCRevolver 0.50 2,290
 7
Kaseya Luxembourg Holdings S.C.A. (Luxembourg)Delayed Draw 0.50 1,918
 (25)
Kaseya Luxembourg Holdings S.C.A. (Luxembourg)Revolver 0.50 1,102
 (14)
Liqui-Box Holdings, Inc.Revolver 0.50 2,630
 (46)
Mailgun Technologies, Inc.Revolver 0.50 1,342
 (27)
National Carwash Solutions, Inc.Delayed Draw 1.00 1,494
 (30)
National Carwash Solutions, Inc.Revolver 0.50 310
 (6)
National Technical Systems, Inc.Revolver 0.50 2,500
 (2)
NMI AcquisitionCo, Inc.Revolver 0.50 1,204
 (7)
Northland Telecommunications CorporationRevolver 0.50 1,702
 (26)
PF Growth Partners, LLCDelayed Draw 1.00 1,152
 (6)
PricewaterhouseCoopers Public Sector LLPRevolver 0.50 6,250
 (79)
PPC Flexible Packaging, LLCRevolver 0.50 1,957
 (29)
Product Quest Manufacturing, LLCRevolver 0.50 5,117
 —
QW Holding Corporation (Quala)Delayed Draw 1.00 5,050
 (25)
Reladyne, Inc.Delayed Draw 1.00 897
 1
TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of SeptemberJune 30, 20192020
(dollar amounts in thousands)
(unaudited)

Investments—non-controlled/non-affiliatedTypeUnused FeePar/ Principal AmountFair Value
Trump Card, LLCRevolver0.50%$635  $(23) 
TSB Purchaser, Inc. (Teaching Strategies, LLC)Revolver0.501,342  (27) 
US INFRA SVCS BUYER, LLC (AIMS Companies)Delayed Draw0.5028,875  (454) 
US INFRA SVCS BUYER, LLC (AIMS Companies)Revolver1.002,275  (33) 
USLS Acquisition, Inc.Revolver0.5076  (6) 
VRC Companies, LLCDelayed Draw0.75560  (3) 
VRC Companies, LLCRevolver0.501,646  (8) 
Zemax Software Holdings, LLCRevolver0.50642  (12) 
Zenith American Holding, Inc.Delayed Draw1.002,573  (39) 
Zenith American Holding, Inc.Revolver0.501,590  (24) 
Total unfunded commitments$117,618  $(2,445) 
Investments—non-controlled/non-affiliatedType Unused Fee Par/ Principal Amount Fair Value
Sapphire Convention, Inc. (Smart City)Revolver 0.50% $4,528
 $(32)
Smile Doctors, LLCDelayed Draw 1.00 2,157
 (26)
Smile Doctors, LLCRevolver 0.50 964
 (11)
SolAero Technologies Corp. (Priority Term Loan)Delayed Draw 1.00 542
 —
SPay, Inc.Revolver 0.50 682
 (64)
Superior Health Linens, LLCRevolver 0.50 697
 (73)
T2 Systems, Inc.Revolver 0.50 1,320
 (4)
Tank Holding Corp.Revolver 0.50 40
 —
The Hilb Group, LLCDelayed Draw 1.00 11,280
 (114)
The Leaders Romans Bidco LimitedDelayed Draw 1.69 3,922
 (96)
Trump Card, LLCRevolver 0.50 635
 (4)
TSB Purchaser, Inc. (Teaching Strategies, LLC)Revolver 0.50 1,342
 (9)
USLS Acquisition, Inc.Revolver 0.50 946
 (17)
VRC Companies, LLCDelayed Draw 1.00 542
 (3)
VRC Companies, LLCRevolver 0.50 835
 (5)
Westfall Technik, Inc.Delayed Draw 1.00 12,856
 (386)
Westfall Technik, Inc.Revolver 0.50 647
 (19)
WP CPP Holdings, LLC (CPP)Delayed Draw 1.00 25,000
 (163)
Zemax Software Holdings, LLCRevolver 0.50 1,284
 (8)
Zenith American Holding, Inc.Delayed Draw 1.00 3,189
 (20)
Zenith American Holding, Inc.Revolver 0.50 2,968
 (19)
Total unfunded commitments    $173,853
 $(1,847)
 
As of SeptemberJune 30, 2019,2020, investments at fair value consisted of the following:
TypeAmortized CostFair Value% of Fair Value
First Lien Debt (excluding First Lien/Last Out Debt)$1,413,685  $1,316,786  69.03 %
First Lien/Last Out Debt80,209  78,127  4.10  
Second Lien Debt306,123  278,623  14.61  
Equity Investments32,331  31,756  1.66  
Investment Fund216,001  202,263  10.60  
Total$2,048,349  $1,907,555  100.00 %
16
Type Amortized Cost Fair Value % of Fair Value
First Lien Debt (excluding First Lien/Last Out) $1,479,102
 $1,447,303
 68.05%
First Lien/Last Out Unitranche 278,629
 213,492
 10.04
Second Lien Debt 231,552
 232,135
 10.92
Equity Investments 21,847
 30,657
 1.44
Investment Fund 217,501
 203,101
 9.55
Total $2,228,631
 $2,126,688
 100.00%

TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of SeptemberJune 30, 20192020
(dollar amounts in thousands)
(unaudited)

The rate type of debt investments at fair value as of SeptemberJune 30, 20192020 was as follows:
Rate TypeAmortized CostFair Value% of Fair Value of First and Second Lien Debt
Floating Rate$1,785,225  $1,659,005  99.13 %
Fixed Rate14,792  14,531  0.87  
Total$1,800,017  $1,673,536  100.00 %
Rate Type Amortized Cost Fair Value % of Fair Value of First and Second Lien Debt
Floating Rate $1,984,356
 $1,888,063
 99.74%
Fixed Rate 4,927
 4,867
 0.26
Total $1,989,283
 $1,892,930
 100.00%

The industry composition of investments at fair value as of SeptemberJune 30, 20192020 was as follows:
IndustryAmortized CostFair Value% of Fair Value
Aerospace & Defense$130,786  $114,093  5.98 %
Automotive46,061  46,646  2.45  
Banking, Finance, Insurance & Real Estate113,256  113,612  5.96  
Beverage, Food & Tobacco93,762  85,183  4.47  
Business Services157,804  153,569  8.05  
Capital Equipment47,377  46,532  2.44  
Chemicals, Plastics & Rubber27,982  26,040  1.37  
Construction & Building5,199  5,204  0.27  
Consumer Services29,032  18,254  0.96  
Containers, Packaging & Glass67,156  67,364  3.53  
Durable Consumer Goods10,841  11,146  0.58  
Energy: Oil & Gas39,403  39,546  2.07  
Environmental Industries46,068  44,451  2.33  
Healthcare & Pharmaceuticals174,280  137,470  7.21  
High Tech Industries218,429  214,939  11.26  
Hotel, Gaming & Leisure97,347  81,949  4.30  
Investment Fund216,001  202,263  10.60  
Media: Advertising, Printing & Publishing36,742  36,514  1.91  
Media: Broadcasting & Subscription45,749  46,146  2.42  
Media: Diversified & Production19,606  19,600  1.03  
Non-durable Consumer Goods1,500  2,336  0.12  
Retail25,075  23,747  1.24  
Software110,505  107,329  5.63  
Sovereign & Public Finance38,168  36,229  1.90  
Telecommunications140,882  123,364  6.47  
Transportation: Cargo39,579  39,294  2.06  
Transportation: Consumer34,739  35,160  1.84  
Wholesale35,020  29,575  1.55  
Total$2,048,349  $1,907,555  100.00 %
17
IndustryAmortized Cost Fair Value % of Fair Value
Aerospace & Defense$89,611
 $90,073
 4.23%
Automotive9,138
 9,101
 0.43
Banking, Finance, Insurance & Real Estate189,457
 192,280
 9.04
Beverage, Food & Tobacco77,934
 78,720
 3.70
Business Services148,929
 155,205
 7.30
Capital Equipment45,139
 45,620
 2.15
Chemicals, Plastics & Rubber26,551
 25,934
 1.22
Construction & Building13,771
 13,792
 0.65
Consumer Services33,896
 33,878
 1.59
Containers, Packaging & Glass87,064
 55,445
 2.61
Durable Consumer Goods11,418
 11,869
 0.56
Energy: Electricity33,526
 31,826
 1.50
Energy: Oil & Gas11,766
 11,797
 0.55
Environmental Industries38,622
 39,012
 1.83
Healthcare & Pharmaceuticals251,520
 196,179
 9.22
High Tech Industries241,193
 240,591
 11.31
Hotel, Gaming & Leisure93,881
 91,742
 4.31
Investment Fund217,501
 203,101
 9.55
Media: Broadcast & Subscription29,516
 29,520
 1.39
Media: Advertising, Printing & Publishing38,247
 38,853
 1.83
Non-durable Consumer Goods18,476
 19,079
 0.90
Retail36,256
 36,275
 1.71
Software189,020
 189,491
 8.91
Sovereign & Public Finance38,313
 37,590
 1.77
Telecommunications125,890
 124,793
 5.87
Transportation: Cargo62,792
 63,045
 2.96
Transportation: Consumer36,453
 36,944
 1.74
Wholesale32,751
 24,933
 1.17
Total$2,228,631
 $2,126,688
 100.00%
TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of SeptemberJune 30, 20192020
(dollar amounts in thousands)
(unaudited)

The geographical composition of investments at fair value as of SeptemberJune 30, 20192020 was as follows:
GeographyAmortized CostFair Value% of Fair Value
Canada$19,274  $20,002  1.05 %
Cyprus4,784  4,863  0.25  
Jamaica196  198  0.01  
Luxembourg36,524  34,459  1.81  
United Kingdom92,788  87,116  4.57  
United States1,894,783  1,760,917  92.31  
Total$2,048,349  $1,907,555  100.00 %
GeographyAmortized Cost Fair Value % of Fair Value
Canada$42,167
 $42,271
 1.99%
Cyprus4,733
 4,691
 0.22
Luxembourg18,649
 18,803
 0.88
United Kingdom33,671
 33,236
 1.56
United States2,129,411
 2,027,687
 95.35
Total$2,228,631
 $2,126,688
 100.00%



The accompanying notes are an integral part of these consolidated financial statements.
18
TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 20182019
(dollar amounts in thousands)

Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value(5)
% of Net Assets
First Lien Debt (77.29%)
Aero Operating, LLC (Dejana Industries, Inc.)^+*(2) (3) (13)Business ServicesL + 7.25%9.16%1/5/201812/29/2022$3,517  $3,491  $3,449  0.36 %
Airnov, Inc.^(2) (3) (13)Containers, Packaging & GlassL + 5.25%7.16%12/20/201912/19/202512,813  12,602  12,601  1.32  
Alpha Packaging Holdings, Inc.+*(2) (3)Containers, Packaging & GlassL + 4.25%6.35%6/26/20155/12/20202,836  2,836  2,822  0.30  
Alpine SG, LLC^*(2) (3)High Tech IndustriesL + 6.50%8.43%2/2/201811/16/202215,301  15,187  15,244  1.59  
American Physician Partners, LLC^+*(2) (3) (13)Healthcare & PharmaceuticalsL + 6.50%8.58%1/7/201912/21/202138,235  37,868  38,110  3.98  
AMS Group HoldCo, LLC^+*(2) (3) (13)Transportation: CargoL + 6.00%8.07%9/29/20179/29/202330,808  30,361  30,457  3.18  
Analogic Corporation^+*(2) (3) (13)Healthcare & PharmaceuticalsL + 6.00%7.70%6/22/20186/22/202434,784  34,190  34,784  3.64  
Anchor Hocking, LLC^(2) (3)Durable Consumer GoodsL + 8.75%10.66%1/25/20191/25/202410,707  10,410  10,359  1.08  
Apptio, Inc.^(2) (3) (13)SoftwareL + 7.25%8.96%1/10/20191/10/202535,541  34,874  35,237  3.68  
Aurora Lux FinCo S.Á.R.L. (Luxembourg)^(2) (3) (7)SoftwareL + 6.00%7.93%12/24/201912/24/202637,500  36,563  36,563  3.82  
Avenu Holdings, LLC+*(2) (3)Sovereign & Public FinanceL + 5.25%7.35%9/28/20189/28/202438,665  38,125  37,227  3.89  
Barnes & Noble, Inc.^(2) (3) (11)RetailL + 5.50%9.07%8/7/20198/7/202417,637  17,225  17,196  1.80  
BMS Holdings III Corp.^*(2) (3) (13)Construction & BuildingL + 5.25%7.35%9/30/20199/30/202611,638  11,274  11,591  1.21  
Brooks Equipment Company, LLC+*(2) (3)Construction & BuildingL + 5.00%6.91%6/26/20158/29/20202,443  2,439  2,441  0.26  
Capstone Logistics Acquisition, Inc.+*(2) (3)Transportation: CargoL + 4.50%6.20%6/26/201510/7/20213,976  3,962  3,894  0.41  
Captive Resources Midco, LLC^*(2) (3) (13)Banking, Finance, Insurance & Real EstateL + 6.00%8.18%6/30/20155/31/202530,301  29,814  30,158  3.15  
Central Security Group, Inc.+*(2) (3)Consumer ServicesL + 5.63%7.33%6/26/201510/6/202122,634  22,531  19,466  2.04  
Chartis Holding, LLC^(2) (3) (13)Business ServicesL + 5.25%7.28%5/1/20195/1/202515,926  15,538  15,723  1.64  
Chemical Computing Group ULC (Canada)^*(2) (3) (7) (13)SoftwareL + 5.25%6.95%8/30/20188/30/202314,674  14,567  14,539  1.52  
CircusTrix Holdings, LLC^+*(2) (3)Hotel, Gaming & LeisureL + 5.50%7.20%2/2/201812/6/20219,397  9,342  9,242  0.97  
Comar Holding Company, LLC^+*(2) (3) (13)Containers, Packaging & GlassL + 5.25%6.96%6/18/20186/18/202427,783  27,254  27,101  2.83  
Cority Software Inc. (Canada)^(2) (3) (7) (13)SoftwareL + 5.50%7.57%7/2/20197/2/202627,000  26,435  26,400  2.76  
Dent Wizard International Corporation+(2) (3)AutomotiveL + 4.00%5.70%4/28/20154/7/2022877  877  873  0.09  
Derm Growth Partners III, LLC (Dermatology Associates)^(2) (3) (9)Healthcare & PharmaceuticalsL + 6.25% (100% PIK)8.16%5/31/20165/31/202256,310  56,026  39,716  4.15  
DermaRite Industries, LLC^*(2) (3) (13)Healthcare & PharmaceuticalsL + 7.00%8.70%3/3/20173/3/202222,647  22,481  21,690  2.27  
Digicel Limited (Jamaica)^(7)Telecommunications6.00%6.00%7/23/20194/15/2021250  202  195  0.02  
19
 
Investments—non-controlled/non-affiliated (1)
   Footnotes Industry 
Reference Rate & Spread (2)
 
Interest Rate (2)
 Acquisition Date Maturity Date Par/ Principal Amount 
Amortized Cost (4)
 
Fair Value (5)
 % of Net Assets
 
 First Lien Debt (77.62%)                      
 Advanced Instruments, LLC ^+* (2) (3) (13) Healthcare & Pharmaceuticals L + 5.25% 7.63% 11/1/2016 10/31/2022 $19,967
 $19,716
 $19,804
 1.86 %
 Aero Operating, LLC (Dejana Industries, Inc.) ^+* (2) (3) (13) Business Services L + 7.25% 9.60% 1/5/2018 12/29/2022 3,556
 3,520
 3,512
 0.33
 Alpha Packaging Holdings, Inc. +* (2) (3) Containers, Packaging & Glass L + 4.25% 7.05% 6/26/2015 5/12/2020 2,866
 2,865
 2,858
 0.27
 Alpine SG, LLC ^* (2) (3) High Tech Industries L + 6.00% 8.52% 2/2/2018 11/16/2022 9,695
 9,607
 9,659
 0.91
 AMS Group HoldCo, LLC ^+* (2) (3) (13) Transportation: Cargo L + 6.00% 8.80% 9/29/2017 9/29/2023 32,612
 31,996
 31,721
 2.98
 Analogic Corporation ^+* (2) (3) (13) Healthcare & Pharmaceuticals L + 6.00% 8.52% 6/22/2018 6/22/2024 35,249
 34,536
 34,414
 3.23
 Avenu Holdings, LLC +* (2) (3) Sovereign & Public Finance L + 5.25% 8.05% 9/28/2018 9/28/2024 39,057
 38,396
 38,354
 3.60
 Brooks Equipment Company, LLC +* (2) (3) Construction & Building L + 5.00% 7.71% 6/26/2015 8/29/2020 2,502
 2,492
 2,496
 0.23
 Capstone Logistics Acquisition, Inc. +* (2) (3) Transportation: Cargo L + 4.50% 7.02% 6/26/2015 10/7/2021 14,306
 14,234
 14,262
 1.34
 Captive Resources Midco, LLC ^+* (2) (3) (13) Banking, Finance, Insurance & Real Estate L + 5.75% 8.27% 6/30/2015 12/18/2021 29,441
 29,212
 29,139
 2.74
 Central Security Group, Inc. +* (2) (3) Consumer Services L + 5.63% 8.15% 6/26/2015 10/6/2021 30,349
 30,142
 29,742
 2.80
 Chemical Computing Group ULC (Canada) ^* (2) (3) (7) (13) Software L + 5.50% 8.02% 8/30/2018 8/30/2023 15,794
 15,636
 15,617
 1.47
 CIP Revolution Holdings, LLC ^+* (2) (3) (13) Media: Advertising, Printing & Publishing L + 6.00% 8.80% 8/19/2016 8/19/2021 20,592
 20,463
 20,358
 1.91
 CircusTrix Holdings, LLC ^+* (2) (3) (13) Hotel, Gaming & Leisure L + 5.50% 8.02% 2/2/2018 12/16/2021 9,212
 9,001
 8,972
 0.84
 Comar Holding Company, LLC ^* (2) (3) (13) Containers, Packaging & Glass L + 5.25% 7.77% 6/18/2018 6/18/2024 27,086
 26,452
 26,505
 2.49
 Continuum Managed Services Holdco, LLC ^+* (2) (3) (13) High Tech Industries L + 6.25% 8.53% 6/20/2017 6/8/2023 28,243
 27,621
 27,711
 2.60
 Dade Paper & Bag, LLC ^+* (2) (3) Forest Products & Paper L + 7.50% 10.02% 6/9/2017 6/10/2024 49,250
 48,464
 47,798
 4.49
 Datto, Inc. ^* (2) (3) (13) High Tech Industries L + 8.00% 10.46% 12/7/2017 12/7/2022 35,622
 35,178
 35,280
 3.31
 Dent Wizard International Corporation + (2) (3) Automotive L + 4.00% 6.51% 4/28/2015 4/7/2020 886
 885
 881
 0.08
 Derm Growth Partners III, LLC (Dermatology Associates) ^+* (2) (3) (13) Healthcare & Pharmaceuticals L + 6.25% 9.05% 5/31/2016 5/31/2022 51,599
 51,203
 50,946
 4.78
 DermaRite Industries, LLC ^* (2) (3) (13) Healthcare & Pharmaceuticals L + 7.00% 9.52% 3/3/2017 3/3/2022 22,328
 22,097
 21,399
 2.01
 Dimensional Dental Management, LLC ^ (2) (3) (11) Healthcare & Pharmaceuticals L + 6.75% 9.28% 2/12/2016 2/12/2021 33,674
 33,276
 28,172
 2.65
 Direct Travel, Inc. ^+* (2) (3) (13) Hotel, Gaming & Leisure L + 6.50% 9.30% 10/14/2016 12/1/2021 35,292
 34,878
 34,975
 3.28
 DTI Holdco, Inc. ^* (2) (3) High Tech Industries L + 4.75% 7.28% 12/18/2018 9/30/2023 1,995
 1,870
 1,860
 0.17
TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 20182019
(dollar amounts in thousands)

Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value(5)
% of Net Assets
Dimensional Dental Management, LLC^(2) (3) (11) (13)Healthcare & PharmaceuticalsL + 5.75%10.00%2/12/20162/12/2021$1,224  $1,199  $1,224  0.13 %
Dimensional Dental Management, LLC^(2) (3) (9) (11)Healthcare & PharmaceuticalsL + 5.75%8.66%2/12/20167/22/202033,674  33,301  —  —  
Direct Travel, Inc.^+*(2) (3)Hotel, Gaming & LeisureL + 6.50%8.41%10/14/201612/1/202136,805  36,515  36,757  3.84  
DTI Holdco, Inc.*(2) (3)High Tech IndustriesL + 4.75%6.68%12/18/20189/30/20231,974  1,871  1,841  0.19  
Emergency Communications Network, LLC^+*(2) (3)TelecommunicationsL + 6.25%8.14%6/1/20176/1/202324,375  24,233  22,323  2.33  
Ensono, LP*(2) (3)TelecommunicationsL + 5.25%6.95%4/30/20186/27/20258,537  8,452  8,537  0.89  
Ethos Veterinary Health LLC^+(2) (3) (13)Consumer ServicesL + 4.75%6.45%5/17/20195/15/202610,869  10,744  10,807  1.13  
EvolveIP, LLC^+*(2) (3)TelecommunicationsL + 5.75%7.45%11/26/20196/7/202334,420  33,923  34,420  3.60  
Frontline Technologies Holdings, LLC^*(2) (3)SoftwareL + 5.75%7.85%9/18/20179/18/202348,242  47,949  48,705  5.09  
FWR Holding Corporation^+*(2) (3) (13)Beverage, Food & TobaccoL + 5.50%7.29%8/21/20178/21/202348,630  47,950  48,393  5.06  
Green Energy Partners/Stonewall, LLC+*(2) (3)Energy: ElectricityL + 5.50%7.60%6/26/201511/10/202119,550  19,374  18,034  1.89  
GRO Sub Holdco, LLC (Grand Rapids)^+*(2) (3) (13)Healthcare & PharmaceuticalsL + 6.00%8.10%2/28/20182/22/20236,465  6,380  6,085  0.64  
Hummel Station, LLC+*(2) (3)Energy: ElectricityL + 6.00%7.70%2/3/201610/27/202214,641  14,169  12,896  1.35  
Hydrofarm, LLC^(2) (3)WholesaleL+10.00% (30% Cash / 70% PIK)11.91%5/15/20175/12/202221,556  21,254  13,647  1.43  
iCIMS, Inc.^(2) (3) (13)SoftwareL + 6.50%8.29%9/12/20189/12/202423,930  23,507  23,927  2.50  
Innovative Business Services, LLC^*(2) (3) (13)High Tech IndustriesL + 5.50%7.53%4/5/20184/5/202316,143  15,782  15,880  1.66  
K2 Insurance Services, LLC^+*(2) (3) (13)Banking, Finance, Insurance & Real EstateL + 5.00%7.19%7/3/20197/1/202422,027  21,487  22,062  2.31  
Kaseya Inc.^(2) (3) (13)High Tech IndustriesL + 5.50%, 1.00% PIK8.41%5/3/20195/2/202519,545  19,145  19,590  2.05  
Legacy.com, Inc.^(2) (3) (11)High Tech IndustriesL + 9.98%11.77%3/20/20173/20/202317,080  16,832  16,325  1.71  
Lifelong Learner Holdings, LLC^*(2) (3) (13)Business ServicesL + 5.75%7.51%10/18/201910/18/202623,523  22,971  23,240  2.43  
Liqui-Box Holdings, Inc.^(2) (3) (13)Containers, Packaging & GlassL + 4.50%6.41%6/3/20196/3/2024—  (26) (37) —  
Mailgun Technologies, Inc.^(2) (3) (13)High Tech IndustriesL + 5.00%7.10%3/26/20193/26/202511,853  11,607  11,655  1.22  
National Carwash Solutions, Inc.^+(2) (3) (13)AutomotiveL + 6.00%7.69%8/7/20184/28/20239,511  9,342  9,428  0.99  
National Technical Systems, Inc.^+*(2) (3) (13)Aerospace & DefenseL + 6.25%7.94%6/26/20156/12/202127,950  27,801  27,920  2.92  
NES Global Talent Finance US, LLC (United Kingdom)+*(2) (3) (7)Energy: Oil & GasL + 5.50%7.43%5/9/20185/11/20239,890  9,762  9,763  1.02  
20
Investments—non-controlled/non-affiliated (1)
   Footnotes Industry 
Reference Rate & Spread (2)
 
Interest Rate (2)
 Acquisition Date Maturity Date Par/ Principal Amount 
Amortized Cost (4)
 
Fair Value (5)
 % of Net Assets
First Lien Debt (77.62%) (continued)                  
EIP Merger Sub, LLC (Evolve IP) ^+* (2) (3) (11) Telecommunications L + 5.75% 8.27% 6/7/2016 6/7/2022 $36,093
 $35,433
 $35,169
 3.30 %
Emergency Communications Network, LLC ^+* (2) (3) Telecommunications L + 6.25% 8.75% 6/1/2017 6/1/2023 24,625
 24,452
 24,133
 2.27
Ensono, LP * (2) (3) Telecommunications L + 5.25% 7.77% 4/30/2018 6/27/2025 8,623
 8,618
 8,450
 0.79
Frontline Technologies Holdings, LLC ^ (2) (3) (13) Software L + 6.50% 9.02% 9/18/2017 9/18/2023 38,804
 38,456
 38,450
 3.61
FWR Holding Corporation ^+* (2) (3) (13) Beverage, Food & Tobacco L + 5.75% 8.26% 8/21/2017 8/21/2023 46,755
 45,782
 46,393
 4.36
Green Energy Partners/Stonewall, LLC +* (2) (3) Energy: Electricity L + 5.50% 8.30% 6/26/2015 11/13/2021 19,750
 19,494
 19,536
 1.83
GRO Sub Holdco, LLC (Grand Rapids) ^+* (2) (3) (13) Healthcare & Pharmaceuticals L + 6.00% 8.80% 2/28/2018 2/22/2024 6,661
 6,466
 6,209
 0.58
Hummel Station, LLC +* (2) (3) Energy: Electricity L + 6.00% 8.52% 2/3/2016 10/27/2022 14,790
 14,164
 14,422
 1.35
Hydrofarm, LLC ^ (2) (3) Wholesale L+10.00% (30% cash/70% PIK) 12.50% 5/15/2017 5/12/2022 20,306
 19,958
 13,989
 1.31
iCIMS, Inc. ^ (2) (3) (13) Software L + 6.50% 8.94% 9/12/2018 9/12/2024 20,025
 19,616
 19,297
 1.81
Indra Holdings Corp. (Totes Isotoner) ^ (2) (3) Non-durable Consumer Goods L + 4.25% 6.77% 4/29/2014 5/1/2021 18,965
 17,561
 9,483
 0.89
Innovative Business Services, LLC ^* (2) (3) (13) High Tech Industries L + 5.50% 7.91% 4/5/2018 4/5/2023 16,307
 15,789
 15,948
 1.50
Legacy.com, Inc. ^ (2) (3) (11) High Tech Industries L + 6.00% 8.79% 3/20/2017 3/20/2023 17,000
 16,696
 16,827
 1.58
Maravai Intermediate Holdings, LLC ^* (2) Healthcare & Pharmaceuticals L + 4.25% 6.81% 8/2/2018 8/2/2025 19,950
 19,766
 19,719
 1.85
Metrogistics, LLC +* (2) (3) Transportation: Cargo L + 6.50% 9.00% 12/13/2016 9/30/2022 17,517
 17,349
 17,424
 1.65
Moxie Liberty, LLC +* (2) (3) Energy: Electricity L + 6.50% 9.30% 10/16/2017 8/21/2020 9,873
 9,208
 8,964
 0.84
National Carwash Solutions, Inc. ^+ (2) (3) (13) Automotive L + 6.00% 8.35% 8/7/2018 4/28/2023 5,843
 5,662
 5,688
 0.53
National Technical Systems, Inc. ^+* (2) (3) (13) Aerospace & Defense L + 6.25% 8.87% 6/26/2015 6/12/2021 28,237
 27,990
 28,160
 2.64
NES Global Talent Finance US, LLC (United Kingdom) +* (2) (3) (8) Energy: Oil & Gas L + 5.50% 8.03% 5/9/2018 5/11/2023 9,992
 9,833
 9,695
 0.91
Nexus Technologies, LLC ^ (2) (3) High Tech Industries L + 5.50% 8.30% 12/11/2018 12/5/2023 6,234
 6,177
 6,158
 0.58
NMI AcquisitionCo, Inc. ^+* (2) (3) (13) High Tech Industries L + 6.75% 9.27% 9/6/2017 9/6/2022 51,424
 50,646
 49,501
 4.65
North American Dental Management, LLC ^ (2) (3) (13) Healthcare & Pharmaceuticals L + 5.25% 8.04% 10/26/2018 7/7/2023 2,060
 1,962
 1,973
 0.19
Northland Telecommunications Corporation ^* (2) (3) (13) Media: Broadcast & Subscription L + 5.75% 8.10% 10/1/2018 10/1/2025 21,638
 21,297
 21,311
 2.00
TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 20182019
(dollar amounts in thousands)

Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value(5)
% of Net Assets
Nexus Technologies, LLC*(2) (3)High Tech IndustriesL + 5.50%, 1.50% PIK8.91%12/11/201812/5/2023$6,172  $6,119  $5,621  0.59 %
NMI AcquisitionCo, Inc.^+*(2) (3) (13)High Tech IndustriesL + 5.75%7.45%9/6/20179/6/202250,067  49,471  49,888  5.22  
Northland Telecommunications Corporation^*(2) (3) (13)Media: Broadcast & SubscriptionL + 5.75%7.46%10/1/201810/1/202546,603  45,916  46,529  4.86  
Paramit Corporation+*(2) (3)Capital EquipmentL + 4.50%6.22%5/3/20195/3/20256,298  6,241  6,268  0.66  
PF Growth Partners, LLC^+*(2) (3) (13)Hotel, Gaming & LeisureL + 5.00%6.70%7/1/20197/11/20257,161  7,045  7,135  0.75  
Plano Molding Company, LLC^(2) (3)Hotel, Gaming & LeisureL + 7.50%9.20%5/1/20155/12/202114,752  14,645  14,085  1.47  
PPC Flexible Packaging, LLC+*(2) (3) (13)Containers, Packaging & GlassL + 5.50%7.19%11/23/201811/23/202413,591  13,404  13,464  1.41  
PPT Management Holdings, LLC^(2) (3)Healthcare & PharmaceuticalsL + 6.00%, 0.75% PIK8.66%12/15/201612/16/202227,744  27,627  23,155  2.42  
Pretium Packaging, LLC^(2) (3)Containers, Packaging & GlassL + 5.00%6.91%8/15/201911/14/20237,700  7,631  7,700  0.81  
PricewaterhouseCoopers Public Sector LLP^(2) (3) (13)Aerospace & DefenseL + 3.25%5.16%5/1/20185/1/2023—  (105) (46) —  
Product Quest Manufacturing, LLC^(2) (3) (9)Containers, Packaging & GlassL + 6.75%5.75%9/21/20173/31/2020840  840  840  0.09  
Propel Insurance Agency, LLC^(2) (3)Banking, Finance, Insurance & Real EstateL + 4.25%6.35%6/1/20186/1/20242,363  2,347  2,353  0.25  
QW Holding Corporation (Quala)^+*(2) (3) (13)Environmental IndustriesL + 5.75%7.73%8/31/20168/31/202243,358  42,802  43,106  4.51  
Redwood Services Group, LLC^(2) (3)High Tech IndustriesL + 6.00%7.91%11/13/20186/6/20238,427  8,363  8,342  0.87  
Riveron Acquisition Holdings, Inc.^+*(2) (3)Banking, Finance, Insurance & Real EstateL + 6.00%7.91%5/22/20195/22/202519,968  19,605  19,587  2.05  
RSC Acquisition, Inc.^(2) (3) (13)Banking, Finance, Insurance & Real EstateL + 5.50%7.41%11/1/201911/1/202611,594  11,222  11,449  1.20  
Sapphire Convention, Inc. (Smart City)*+^(2) (3) (13)TelecommunicationsL + 5.25%7.27%11/20/201811/20/202528,577  28,009  28,329  2.96  
Smile Doctors, LLC^*+(2) (3) (13)Healthcare & PharmaceuticalsL + 6.00%8.07%10/6/201710/6/202222,227  22,136  21,996  2.30  
Sovos Brands Intermediate, Inc.+*(2) (3)Beverage, Food & TobaccoL + 5.00%7.20%11/16/201811/20/202519,899  19,714  19,750  2.06  
SPay, Inc.^+*(2) (3) (13)Hotel, Gaming & LeisureL + 5.75%7.46%6/15/20186/17/202420,512  20,179  18,694  1.95  
Superior Health Linens, LLC^+*(2) (3) (13)Business ServicesL + 7.50%, 0.50% PIK9.91%9/30/20169/30/202121,805  21,666  19,933  2.08  
Surgical Information Systems, LLC^+*(2) (3) (11)High Tech IndustriesL + 4.50%7.47%4/24/20174/24/202326,168  26,007  25,715  2.69  
T2 Systems, Inc.^+*(2) (3) (13)Transportation: ConsumerL + 6.75%8.85%9/28/20169/28/202235,648  35,159  35,648  3.73  
Tank Holding Corp.^(2) (3) (13)Capital EquipmentL + 4.00%5.76%3/26/20193/26/2024—  —  —  —  
The Leaders Romans Bidco Limited (United Kingdom)^(2) (3) (7) (13)Banking, Finance, Insurance & Real EstateL + 6.75%, 3.50% PIK11.01%7/23/20196/30/2024£19,577  24,865  26,531  2.77  
21
Investments—non-controlled/non-affiliated (1)
   Footnotes Industry 
Reference Rate & Spread (2)
 
Interest Rate (2)
 Acquisition Date Maturity Date Par/ Principal Amount 
Amortized Cost (4)
 
Fair Value (5)
 % of Net Assets
First Lien Debt (77.62%) (continued)                  
Payment Alliance International, Inc. ^ (2) (3) (11) Business Services L + 6.05% 8.13% 9/15/2017 9/15/2021 $23,723
 $23,324
 $23,588
 2.22 %
Plano Molding Company, LLC ^ (2) (3) Hotel, Gaming & Leisure L + 7.50% 9.98% 5/1/2015 5/12/2021 14,902
 14,726
 13,729
 1.29
PPC Flexible Packaging, LLC ^+ (2) (3) (13) Containers, Packaging & Glass L + 5.25% 7.77% 11/23/2018 11/23/2024 11,962
 11,761
 11,839
 1.11
PPT Management Holdings, LLC ^ (2) (3) Healthcare & Pharmaceuticals L+7.50% (100% PIK) 9.85% 12/15/2016 12/16/2022 26,820
 26,675
 22,194
 2.08
PricewaterhouseCoopers Public Sector LLP ^ (2) (3) (13) Aerospace & Defense L + 2.75% 5.25% 5/1/2018 5/1/2023 —
 (131) (160) (0.02)
Prime Risk Partners, Inc. ^ (2) (3) (11) (13) Banking, Finance, Insurance & Real Estate L + 5.00% 7.80% 8/15/2017 8/13/2023 24,389
 23,906
 23,466
 2.20
Prime Risk Partners, Inc. ^ (2) (3) Banking, Finance, Insurance & Real Estate L + 5.00% 7.44% 8/15/2017 8/13/2023 1,925
 1,887
 1,871
 0.18
Product Quest Manufacturing, LLC ^ (2) (3) (13) Containers, Packaging & Glass L + 6.75% 10.00% 9/21/2017 3/31/2019 4,051
 4,051
 4,051
 0.38
Product Quest Manufacturing, LLC ^ (2) (3) (9) (11) Containers, Packaging & Glass L + 5.75% 8.09% 9/9/2015 9/9/2020 33,000
 32,270
 —
 —
Prowler Acquisition Corp. (Pipeline Supply and Service, LLC) +* (2) (3) Wholesale L + 4.50% 7.30% 12/1/2017 1/28/2020 14,752
 14,396
 14,663
 1.38
PSI Services, LLC ^ (2) (3) Business Services L + 5.00% 7.52% 9/19/2018 1/20/2023 4,546
 4,487
 4,445
 0.42
QW Holding Corporation (Quala) ^+* (2) (3) Environmental Industries L + 6.75% 9.22% 8/31/2016 8/31/2022 36,179
 35,604
 35,835
 3.37
Redwood Services Group, LLC * (2) (3) High Tech Industries L + 6.00% 8.71% 11/13/2018 6/6/2023 5,323
 5,277
 5,242
 0.49
Sapphire Convention, Inc. (Smart City) ^* (2) (3) (13) Telecommunications L + 5.25% 7.89% 11/20/2018 11/20/2025 28,866
 28,207
 28,264
 2.65
Smile Doctors, LLC ^+* (2) (3) (13) Healthcare & Pharmaceuticals L + 5.75% 8.55% 10/6/2017 10/6/2022 18,155
 18,037
 17,782
 1.67
SolAero Technologies Corp. ^ (2) (3) (9) Telecommunications L + 5.25% 7.75% 5/24/2016 12/10/2020 24,362
 23,787
 14,327
 1.35
SolAero Technologies Corp. ^ (2) (3) Telecommunications L+ 7.25%, 4.00% PIK 10.25% 9/6/2018 3/31/2019 3,641
 3,623
 3,641
 0.34
Sovos Brands Intermediate, Inc. ^ (2) Beverage, Food & Tobacco L + 5.00% 7.64% 11/16/2018 11/20/2025 20,100
 19,903
 19,782
 1.86
SPay, Inc. ^+* (2) (3) (13) Hotel, Gaming & Leisure L + 5.75% 8.22% 6/15/2018 6/15/2024 19,909
 19,347
 19,009
 1.79
Superior Health Linens, LLC ^+* (2) (3) (13) Business Services L + 7.00% 9.52% 9/30/2016 9/30/2021 21,100
 20,891
 20,840
 1.96
Surgical Information Systems, LLC ^+* (2) (3) (11) High Tech Industries L + 4.85% 7.37% 4/24/2017 4/24/2023 27,708
 27,497
 27,171
 2.55
T2 Systems Canada, Inc. * (2) (3) Transportation: Consumer L + 6.75% 9.34% 5/24/2017 9/28/2022 3,969
 3,899
 3,946
 0.37
T2 Systems, Inc. ^+* (2) (3) (13) Transportation: Consumer L + 6.75% 9.34% 9/28/2016 9/28/2022 32,331
 31,756
 32,133
 3.02
The Hilb Group, LLC ^ (2) (3) (11) Banking, Finance, Insurance & Real Estate L + 6.00% 8.80% 6/24/2015 6/24/2021 49,451
 48,861
 48,456
 4.55
The Topps Company, Inc. +* (2) (3) Non-durable Consumer Goods L + 6.00% 8.80% 6/26/2015 10/2/2020 22,127
 21,951
 22,127
 2.08
TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 20182019
(dollar amounts in thousands)

Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value(5)
% of Net Assets
Transform SR Holdings, LLC^(2) (3)RetailL + 7.25%9.18%2/11/20192/12/2024$19,050  $18,887  $18,860  1.97 %
Trump Card, LLC^+*(2) (3) (13)Transportation: CargoL + 5.50%7.63%6/26/20184/21/20227,918  7,881  7,869  0.82  
TSB Purchaser, Inc. (Teaching Strategies, LLC)^+*(2) (3) (13)Media: Advertising, Printing & PublishingL + 6.00%8.10%5/14/20185/14/202428,294  27,726  28,105  2.94  
Turbo Buyer, Inc.^(2) (3) (13)AutomotiveL + 6.00%7.69%12/2/201912/2/202527,897  27,033  27,439  2.87  
Tweddle Group, Inc.^(2) (3)Media: Advertising, Printing & PublishingL + 4.50%6.20%9/17/20189/17/20231,908  1,885  1,859  0.19  
U.S. Acute Care Solutions, LLC+*(2) (3)Healthcare & PharmaceuticalsL + 5.00%6.91%2/21/20195/15/20214,265  4,230  4,053  0.42  
Unifrutti Financing PLC (Cyprus)^(2) (3) (7)Beverage, Food & Tobacco7.50%, 1.00% PIK8.50%9/15/20199/15/2026€4,530  4,746  4,836  0.51  
USLS Acquisition, Inc.^*(2) (3) (13)Business ServicesL + 5.75%7.85%11/30/201811/30/202422,139  21,741  21,674  2.27  
VRC Companies, LLC^+*(2) (3) (13)Business ServicesL + 6.50%8.21%3/31/20173/31/202357,164  56,674  57,106  5.97  
Westfall Technik, Inc.^(2) (3) (13)Chemicals, Plastics & RubberL + 5.75%7.66%9/13/20189/13/202427,973  27,432  26,962  2.82  
WP CPP Holdings, LLC (CPP)^(2) (3)Aerospace & DefenseL + 3.75%5.66%7/18/20194/30/202520,000  19,817  19,826  2.07  
Zemax Software Holdings, LLC^*(2) (3) (13)SoftwareL + 5.75%7.85%6/25/20186/25/202410,146  10,013  10,087  1.05  
Zenith Merger Sub, Inc.^(2) (3) (13)Business ServicesL + 5.25%7.35%12/13/201712/13/202316,530  16,321  16,405  1.72  
First Lien Debt Total$1,725,479  $1,707,292  $1,641,653  171.66 %
Second Lien Debt (11.04%)
Access CIG, LLC*(2) (3)Business ServicesL + 7.75%9.44%2/14/20182/27/2026$2,700  $2,687  $2,681  0.28 %
Aimbridge Acquisition Co., Inc.^*(2) (3)Hotel, Gaming & LeisureL + 7.50%9.19%2/1/20192/1/20279,241  9,089  9,160  0.96  
AQA Acquisition Holding, Inc.^(2) (3)High Tech IndustriesL + 8.00%10.09%10/1/20185/24/202440,000  39,670  39,740  4.15  
Brave Parent Holdings, Inc.^*(2) (3)SoftwareL + 7.50%9.43%10/3/20184/19/202619,062  18,660  18,261  1.91  
Higginbotham Insurance Agency, Inc.^(2) (3)Banking, Finance, Insurance & Real EstateL + 7.50%9.20%12/3/201912/19/20252,500  2,475  2,493  0.26  
Jazz Acquisition, Inc.^(2) (3)Aerospace & DefenseL + 8.00%10.10%6/13/20196/18/202723,450  23,117  23,225  2.43  
Le Tote, Inc.^(2) (3)RetailL + 6.75%8.66%11/8/201911/8/20247,143  6,969  6,964  0.73  
Outcomes Group Holdings, Inc.^*(2) (3)Business ServicesL + 7.50%9.41%10/23/201810/26/20264,500  4,490  4,487  0.47  
Pathway Vet Alliance, LLC^(2) (3) (13)Consumer ServicesL + 8.50%10.22%11/14/201912/23/20258,050  7,814  8,074  0.84  
Pharmalogic Holdings Corp.^(2) (3)Healthcare & PharmaceuticalsL + 8.00%9.70%6/7/201812/11/2023800  797  796  0.08  
Quartz Holding Company (QuickBase, Inc.)^(2) (3)SoftwareL + 8.00%9.71%4/2/20194/2/202711,900  11,677  11,662  1.22  
Reladyne, Inc.^+*(2) (3) (13)WholesaleL + 9.50%11.60%4/19/20181/21/202312,242  12,080  12,234  1.28  
Tank Holding Corp.^*(2) (3)Capital EquipmentL + 8.25%11.04%3/26/20193/26/202737,380  36,771  37,223  3.89  
Ultimate Baked Goods MIDCO, LLC (Rise Baking)^(2) (3)Beverage, Food & TobaccoL + 8.00%9.70%8/9/20188/9/20268,333  8,187  8,243  0.86  
Watchfire Enterprises, Inc.^(2) (3)Media: Advertising, Printing & PublishingL + 8.00%9.95%10/2/201310/2/20217,000  6,966  6,998  0.73  
WP CPP Holdings, LLC (CPP)^*(2) (3)Aerospace & DefenseL + 7.75%9.68%7/18/20194/30/202639,500  39,125  38,833  4.06  
Investments—non-controlled/non-affiliated (1)
   Footnotes Industry 
Reference Rate & Spread (2)
 
Interest Rate (2)
 Acquisition Date Maturity Date Par/ Principal Amount 
Amortized Cost (4)
 
Fair Value (5)
 % of Net Assets
First Lien Debt (77.62%) (continued)                  
Trump Card, LLC ^+* (2) (3) (13) Transportation: Cargo L + 5.00% 7.80% 6/26/2018 4/21/2022 $8,157
 $8,107
 $8,036
 0.75 %
TSB Purchaser, Inc. (Teaching Strategies, LLC) ^+* (2) (3) (13) Media: Advertising, Printing & Publishing L + 6.00% 8.80% 5/14/2018 5/14/2024 28,028
 27,352
 27,462
 2.58
Tweddle Group, Inc. ^ (2) (3) Media: Advertising, Printing & Publishing L + 4.50% 6.97% 9/17/2018 9/17/2023 2,400
 2,366
 2,386
 0.22
USLS Acquisition, Inc. ^ (2) (3) (13) Business Services L + 5.75% 8.46% 11/30/2018 11/30/2024 17,730
 17,282
 17,178
 1.61
VRC Companies, LLC ^+* (2) (3) (13) Business Services L + 6.50% 9.02% 3/31/2017 3/31/2023 54,181
 53,345
 53,410
 5.03
Watchfire Enterprises, Inc. * (2) (3) Media: Advertising, Printing & Publishing L + 4.00% 6.80% 6/9/2017 10/2/2020 1,248
 1,241
 1,248
 0.12
Westfall Technik, Inc. ^ (2) (3) (13) Chemicals, Plastics & Rubber L + 5.00% 7.79% 9/13/2018 9/13/2024 10,585
 10,218
 9,902
 0.93
Zemax Software Holdings, LLC ^* (2) (3) (13) Software L + 5.75% 8.55% 6/25/2018 6/25/2024 10,248
 10,111
 10,144
 0.95
Zenith Merger Sub, Inc. ^+* (2) (3) (13) Business Services L + 5.50% 8.30% 12/13/2017 12/13/2023 10,881
 10,732
 10,778
 1.01
First Lien Debt Total             ��   $1,602,861
 $1,532,119
 143.88 %
Second Lien Debt (9.07%)                      
Access CIG, LLC ^ (2) Business Services L + 7.75% 10.46% 2/14/2018 2/27/2026 $2,701
 $2,678
 $2,650
 0.25 %
AmeriLife Group, LLC ^* (2) (3) Banking, Finance, Insurance & Real Estate L + 8.75% 11.27% 7/9/2015 1/10/2023 22,000
 21,712
 21,910
 2.06
AQA Acquisition Holding, Inc. ^ (2) (3) High Tech Industries L + 8.00% 10.40% 10/1/2018 5/24/2024 40,000
 39,623
 39,336
 3.69
Argon Medical Devices Holdings, Inc. ^* (2) (3) Healthcare & Pharmaceuticals L + 8.00% 10.52% 11/2/2017 1/23/2026 7,500
 7,468
 7,446
 0.70
Brave Parent Holdings, Inc. ^* (2) (3) Software L + 7.50% 10.02% 10/3/2018 4/19/2026 19,062
 18,616
 18,301
 1.72
Drew Marine Group Inc. ^+* (2) (3) Chemicals, Plastics & Rubber L + 7.00% 9.52% 11/19/2013 5/19/2021 12,500
 12,487
 12,396
 1.16
Outcomes Group Holdings, Inc. ^* (2) Business Services L + 7.50% 10.28% 10/23/2018 10/26/2026 4,500
 4,500
 4,447
 0.42
Pharmalogic Holdings Corp. ^ (2) (3) (13) Healthcare & Pharmaceuticals L + 8.00% 10.52% 6/7/2018 12/11/2023 563
 560
 563
 0.05
Project Accelerate Parent, LLC ^* (2) (3) Software L + 8.50% 10.89% 1/2/2018 1/2/2026 22,500
 21,986
 22,109
 2.08
Prowler Acquisition Corp. (Pipeline Supply and Service, LLC) ^ (2) (3) Wholesale L + 8.50% 11.30% 1/24/2014 7/28/2020 3,000
 2,972
 2,939
 0.28
Reladyne, Inc. ^+* (2) (3) Wholesale L + 9.50% 12.30% 4/19/2018 1/21/2023 10,000
 9,830
 9,915
 0.93
Santa Cruz Holdco, Inc. ^ (2) (3) Non-durable Consumer Goods L + 8.25% 10.69% 12/15/2017 12/13/2024 17,138
 16,984
 16,903
 1.59
Ultimate Baked Goods MIDCO, LLC (Rise Baking) ^ (2) (3) Beverage, Food & Tobacco L + 8.00% 10.52% 8/9/2018 8/9/2026 8,333
 8,176
 8,108
 0.76
Watchfire Enterprises, Inc. ^ (2) (3) Media: Advertising, Printing & Publishing L + 8.00% 10.80% 10/2/2013 10/2/2021 7,000
 6,950
 6,996
 0.66
Zywave, Inc. ^ (2) (3) High Tech Industries L + 9.00% 11.65% 11/18/2016 11/17/2023 4,950
 4,892
 4,939
 0.46
Second Lien Debt Total                 $179,434
 $178,958
 16.81 %
22
TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 20182019
(dollar amounts in thousands)

Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value(5)
% of Net Assets
Zywave, Inc.^(2) (3)High Tech IndustriesL + 9.00%10.94%11/18/201611/17/2023$3,468  $3,432  $3,458  0.36 %
Second Lien Debt Total$237,269  $234,006  $234,532  24.51 %
Investments—non-controlled/non-affiliated (1)
FootnotesIndustryAcquisition DateShares/ UnitsCost
Fair Value (5)
% of Net Assets
Equity Investments (0.98%)
ANLG Holdings, LLC^(6)Healthcare & Pharmaceuticals6/22/2018880  $880  $973  0.10 %
Avenu Holdings, LLC^(6)Sovereign & Public Finance9/28/2018172  172  154  0.02  
Chartis Holding, LLC^(6)Business Services5/1/2019433  433  589  0.06  
CIP Revolution Holdings, LLC^(6)Media: Advertising, Printing & Publishing8/19/2016318  318  444  0.05  
Cority Software Inc. (Canada)^(6)Software7/2/2019250  250  306  0.03  
DecoPac, Inc.^(6)Non-durable Consumer Goods9/29/20171,500  1,500  1,999  0.21  
Derm Growth Partners III, LLC (Dermatology Associates)^(6)Healthcare & Pharmaceuticals5/31/20161,000  1,000  —  —  
GRO Sub Holdco, LLC (Grand Rapids)^(6)Healthcare & Pharmaceuticals3/29/2018500  500  137  0.01  
K2 Insurance Services, LLC^(6)Banking, Finance, Insurance & Real Estate7/3/2019433  433  486  0.05  
Legacy.com, Inc.^(6)High Tech Industries3/20/20171,500  1,500  783  0.08  
Mailgun Technologies, Inc.^(6)High Tech Industries3/26/2019424  424  605  0.06  
North Haven Goldfinch Topco, LLC^(6)Containers, Packaging & Glass6/18/20182,315  2,315  2,542  0.27  
Paramit Corporation^(6)Capital Equipment6/17/2019150  500  501  0.05  
PPC Flexible Packaging, LLC^(6)Containers, Packaging & Glass2/1/2019965  965  1,174  0.12  
Rough Country, LLC^(6)Durable Consumer Goods5/25/2017755  755  1,225  0.13  
SiteLock Group Holdings, LLC^(6)High Tech Industries4/5/2018446  446  587  0.06  
T2 Systems Parent Corporation^(6)Transportation: Consumer9/28/2016556  556  628  0.07  
Tailwind HMT Holdings Corp.^(6)Energy: Oil & Gas11/17/201720  2,000  2,211  0.23  
Tank Holding Corp.^(6)Capital Equipment3/26/2019850  850  1,035  0.11  
Turbo Buyer, Inc.^(6)Automotive12/2/20191,925  1,925  1,925  0.20  
Tweddle Holdings, Inc.^*(6)Media: Advertising, Printing & Publishing9/17/201817  —  —  —  
USLS Acquisition, Inc.^(6)Business Services11/30/2018641  641  720  0.08  
Zenith American Holding, Inc.^(6)Business Services12/13/20171,564  782  1,490  0.16  
Zillow Topco LP^(6)Software6/25/2018313  312  358  0.04  
Equity Investments Total$19,457  $20,872  2.19 %
Total investments—non-controlled/non-affiliated$1,960,755  $1,897,057  198.36 %
23
Investments—non-controlled/non-affiliated (1)
   Footnotes Industry Acquisition Date Shares/ Units Cost 
Fair Value (5)
 Percentage of Net Assets
Equity Investments (1.03%)                
ANLG Holdings, LLC ^ (6) Healthcare & Pharmaceuticals 6/22/2018 879,689
 $880
 $880
 0.08%
Avenu Holdings, LLC ^ (6) Sovereign & Public Finance 9/28/2018 172,413
 172
 172
 0.02
CIP Revolution Holdings, LLC ^ (6) Media: Advertising, Printing & Publishing 8/19/2016 31,825
 318
 262
 0.03
Dade Paper & Bag, LLC ^ (6) Forest Products & Paper 6/9/2017 1,500,000
 1,500
 1,639
 0.15
DecoPac, Inc. ^ (6) Non-durable Consumer Goods 9/29/2017 1,500,000
 1,500
 1,434
 0.13
Derm Growth Partners III, LLC (Dermatology Associates) ^ (6) Healthcare & Pharmaceuticals 5/31/2016 1,000,000
 1,000
 1,415
 0.13
GRO Sub Holdco, LLC (Grand Rapids) ^ (6) Healthcare & Pharmaceuticals 3/29/2018 500,000
 500
 219
 0.02
Legacy.com, Inc. ^ (6) High Tech Industries 3/20/2017 1,500,000
 1,500
 1,227
 0.12
North Haven Goldfinch Topco, LLC ^ (6) Containers, Packaging & Glass 6/18/2018 2,314,815
 2,315
 2,103
 0.20
Power Stop Intermediate Holdings, LLC ^ (6) Automotive 5/29/2015 7,150
 —
 34
 —
Rough Country, LLC ^ (6) Durable Consumer Goods 5/25/2017 754,775
 755
 988
 0.09
SiteLock Group Holdings, LLC ^ (6) High Tech Industries 4/5/2018 446,429
 446
 446
 0.04
T2 Systems Parent Corporation ^ (6) Transportation: Consumer 9/28/2016 555,556
 555
 483
 0.05
Tailwind HMT Holdings Corp. ^ (6) Energy: Oil & Gas 11/17/2017 20,000
 2,000
 2,373
 0.22
THG Acquisition, LLC (The Hilb Group, LLC) ^ (6) Banking, Finance, Insurance & Real Estate 6/24/2015 1,500,000
 1,500
 3,100
 0.29
Tweddle Holdings, Inc. ^ (6) Media: Advertising, Printing & Publishing 9/17/2018 17,208
 —
 —
 —
USLS Acquisition, Inc. ^ (6) Business Services 11/30/2018 640,569
 640
 641
 0.06
Zenith American Holding, Inc. ^ (6) Business Services 12/13/2017 1,561,644
 1,562
 2,513
 0.24
Zillow Topco LP ^ (6) Software 6/25/2018 312,500
 313
 313
 0.03
Equity Investments Total           $17,456
 $20,242
 1.90%
Total investments—non-controlled/non-affiliated     $1,799,751
 $1,731,319
 162.59%
TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 20182019
(dollar amounts in thousands)

Investments—controlled/affiliatedFootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair
Value (5)
% of Net Assets
First Lien Debt (1.01%)
SolAero Technologies Corp. (A1 Term Loan)^(2) (3) (9) (10)TelecommunicationsL + 8.00% (100% PIK)9.91%4/12/201910/12/2022$3,166  $3,166  $3,166  0.33 %
SolAero Technologies Corp. (A2 Term Loan)^(2) (3) (9) (10)TelecommunicationsL + 8.00% (100% PIK)9.91%4/12/201910/12/20228,707  8,707  8,707  0.91  
SolAero Technologies Corp. (Priority Term Loan)^(2) (3) (10) (13)TelecommunicationsL + 6.00%7.91%4/12/201910/12/20229,612  9,507  9,612  1.00  
First Lien Debt Total$21,485  $21,380  $21,485  2.24 %
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 (0.72%)                      
TwentyEighty, Inc. - Revolver ^ (2) (3) (12) (13) Business Services L + 8.00% 10.90% 1/31/2017 3/21/2020 $—
 $(3) $—
 —%
TwentyEighty, Inc. - (Term A Loans) ^ (2) (3) (12) Business Services L + 8.00% 11.06% 1/31/2017 3/21/2020 316
 315
 316
 0.03
TwentyEighty, Inc. - (Term B Loans) ^ (12) Business Services N/A  8.00% (4.00%
cash, 4.00% PIK)		 1/31/2017 3/21/2020 6,995
 6,853
 6,855
 0.64
TwentyEighty, Inc. - (Term C Loans) ^ (12) Business Services N/A 9.00% (0.25%
cash, 8.75% PIK)		 1/31/2017 3/21/2020 7,123
 6,674
 6,981
 0.66
First Lien Debt Total                 $13,839
 $14,152
 1.33%
Investments—controlled/affiliatedFootnotesIndustryAcquisition DateShares/ UnitsCost
Fair
Value (5)
% of Net Assets
Equity Investments (—)
SolAero Technologies Corp.^(6) (10)Telecommunications4/12/20193 $2,815 $826 0.09 %
Equity Investments Total$2,815 $826 0.09 %
Investments—non-controlled/affiliated   Footnotes Industry Acquisition Date Shares/ Units Cost 
Fair Value (5)
 % of Net Assets
Equity Investments (0.22%)                
TwentyEighty Investors LLC ^ (6) (12) Business Services 1/31/2017 69,786
 $—
 $4,391
 0.41%
Equity Investments Total           $—
 $4,391
 0.41%
Total investments—non-controlled/affiliated

     $13,839
 $18,543
 1.74%
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 AssetsInvestments—controlled/affiliatedIndustry
Reference Rate & Spread(2)
Interest Rate(2)
Acquisition DateMaturity DatePar Amount/ LLC InterestCost
Fair Value(7)
% of Net Assets
Investment Fund (11.34%)                     
Middle Market Credit Fund, LLC, Mezzanine Loan ^ (2) (7) (8) (10) Investment Fund L+9.00% 11.47% 6/30/2016 3/22/2019 $112,000
 $112,000
 $112,000
 10.53%
Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest ^ (7) (10) Investment Fund N/A 0.001% 2/29/2016 3/1/2021 118,001
 118,001
 110,295
 10.37
Investments—controlled/affiliatedInvestments—controlled/affiliatedIndustry
Reference Rate & Spread(2)
Interest Rate(2)
Acquisition DateMaturity DatePar Amount/ LLC InterestCost
Fair Value(7)
% of Net Assets
Middle Market Credit Fund, Mezzanine LoanMiddle Market Credit Fund, Mezzanine Loan^(2) (7) (8) (10)Investment FundL + 9.00%10.97%6/30/20165/18/2021$93,000  $93,000  $93,000  9.72 %
Middle Market Credit Fund, LLC, Subordinated Loan and Member's InterestMiddle Market Credit Fund, LLC, Subordinated Loan and Member's Interest^(7) (10)Investment FundN/A0.001%2/29/20163/1/2021123,500  123,501  111,596  11.67 %
Investment Fund Total     $230,001
 $222,295
 20.90%Investment Fund Total$216,500  $216,501  $204,596  21.39 %
Total investments—controlled/affiliatedTotal investments—controlled/affiliated     $230,001
 $222,295
 20.90%Total investments—controlled/affiliated$237,985  $240,696  $226,907  23.72 %
Total investments     $2,043,591
 $1,972,157
 185.23%Total investments$2,200,733  $2,201,451  $2,123,964  222.08 %
^ 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.“Company”). The Company has entered into a senior secured revolving credit facility (as amended, the Credit Facility.“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 6, Borrowings). Accordingly, such assets are not available to creditors of theTCG BDC SPV LLC (the “SPV”) or theCarlyle Direct Lending CLO 2015-1R LLC (formerly known as Carlyle GMS Finance MM CLO 2015-1 Issuer.LLC) (the “2015-1 Issuer”).
+ Denotes that all or a portion of the assets are owned by the Company’s wholly owned subsidiary, the SPV. The SPV has entered into a senior secured revolving credit facility (as amended, the SPV“SPV Credit Facility.Facility” and, together with the Credit Facility, the “Facilities”). The lenders of the SPV Credit Facility have a first lien security interest in substantially all of the assets of the SPV (see Note 6, Borrowings). Accordingly, such assets are not available to creditors of the Company or the 2015-1 Issuer.
* 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 7, Notes Payable). Accordingly, such assets are not available to the creditors of the Company or the SPV.

** 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, 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 December 31, 2018, 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.
(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 December 31, 2019, the Company does not “control” any of these portfolio companies.
24
TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 20182019
(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, 2019, 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, 2019. As of December 31, 2019, the reference rates for our variable rate loans were the 30-day LIBOR at 1.75%, the 90-day LIBOR at 1.91% and the 180-day LIBOR at 1.91%.
(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 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. As of December 31, 2019, the aggregate fair value of these securities is $21,698, or 2.60% 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)Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company/investment fund.
(9)Loan was on non-accrual status as of December 31, 2019.
(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, for more details. Transactions related to investments in controlled affiliates for the year ended December 31, 2019, were as follows:
Investments—controlled/affiliatedFair Value as of December 31, 2018Additions/PurchasesReductions/Sales/ PaydownsNet Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation)Fair Value as of December 31, 2019Dividend and Interest Income
Middle Market Credit Fund, LLC, Mezzanine Loan$112,000  $126,200  $(145,200) $—  $—  $93,000  $12,181  
Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest
110,295  5,500  —  —  (4,199) 111,596  15,750  
Total investments—controlled/affiliated$222,295  $131,700  $(145,200) $—  $(4,199) $204,596  $27,931  
Investments—controlled/affiliatedFair Value as of December 31, 2018Additions/PurchasesReductions/Sales/ PaydownsNet Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation)Fair Value as of December 31, 2019Dividend and Interest Income
SolAero Technologies Corp.$17,968  $—  $(18,319) $(9,091) $9,442  $—  $—  
SolAero Technologies Corp. (Priority Term Loan)—  9,630  —  —  —  9,630  226  
SolAero Technologies Corp. (A1 Term Loan)—  3,166  —  —  —  3,166  —  
SolAero Technologies Corp. (A2 Term Loan)—  8,707  —  —  —  8,707  —  
Solaero Technology Corp. (Equity)—  2,815  —  —  (554) 2,261  —  
Total investments—controlled/affiliated$17,968  $24,318  $(18,319) $(9,091) $8,888  $23,764  $226  

(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, 2018. As of December 31, 2018, the reference rates for our variable rate loans were the 30-day LIBOR at 2.50%, the 90-day LIBOR at 2.81% and the 180-day LIBOR at 2.88%.
(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 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, 2018, the aggregate fair value of these securities is $24,633, or 2.32% 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)Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company/investment fund.
(9)Loan was on non-accrual status as of December 31, 2018.
(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, for more details. Transactions related to investments in controlled affiliates for the year ended December 31, 2018 were as follows:
(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%), Dimensional Dental Management, LLC (4.87%), Legacy.com Inc. (3.73%) and Surgical Information Systems, LLC (1.13%). 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.

25
Investments—controlled/affiliatedFair Value as of December 31, 2017 Additions/ Purchases Reductions/ Sales/ Paydowns Net Realized Gain (Loss) Net Change in Unrealized Appreciation (Depreciation) Fair Value as of December 31, 2018 Dividend and Interest Income
Middle Market Credit Fund, LLC, Mezzanine Loan$85,750
 $120,150
 $(93,900) $—
 $—
 $112,000
 $13,240
Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest 
86,766
 31,500
 —
 —
 (7,971) 110,295
 15,250
Total investments—controlled/affiliated$172,516
 $151,650
 $(93,900) $—
 $(7,971) $222,295
 $28,490

(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: Dimensional Dental Management, LLC (4.51%), EIP Merger Sub, LLC (Evolve IP) (3.75%), Legacy.com Inc. (4.00%), Payment Alliance International Inc. (3.06%), Prime Risk Partners, Inc. (2.88%), Product Quest Manufacturing, LLC (3.54%), Surgical Information Systems, LLC (0.89%) and The Hilb Group, LLC (3.33%). 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.

















TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 20182019
(dollar amounts in thousands)
(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 investments in non-controlled affiliates for the year ended December 31, 2019, were as follows:
Investments—non-controlled/affiliatedFair Value as of December 31, 2018Purchases/ Paid-in-kind interestSales/ PaydownsNet Accretion of DiscountNet Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation)Fair Value as of December 31, 2019Interest Income
TwentyEighty, Inc. - Revolver$—  $—  $—  $1  $—  $(1) $—  $—  
TwentyEighty, Inc. - (Term A Loans)316  —  (415) 1  101  (1) —  19  
TwentyEighty, Inc. - (Term B Loans)6,855  230  (7,102) 76  —  (59) —  498  
TwentyEighty, Inc. - (Term C Loans)6,981  489  (7,397) 179  —  (252) —  692  
TwentyEighty Investors LLC (Equity)4,391  —  —  —  7,990  (4,391) —  —  
Total investments—non-controlled/affiliated$18,543  $719  $(14,914) $257  $8,091  $(4,704) $—  $1,209  

(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 investments in non-controlled affiliates for the year ended December 31, 2018 were as follows:
(13)As of December 31, 2019, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans:

Investments—non-controlled/non-affiliatedTypeUnused FeePar/ Principal AmountFair Value
First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments
Aero Operating, LLC (Dejana Industries, Inc.)Revolver1.00%$159  $(3) 
Airnov, Inc.Revolver0.501,250  (19) 
American Physician Partners, LLCRevolver0.501,500  (5) 
AMS Group HoldCo, LLCRevolver0.502,315  (25) 
Analogic CorporationRevolver0.503,029  —  
Apptio, Inc.Revolver0.502,367  (19) 
BMS Holdings III Corp.Delayed Draw1.003,333  (10) 
Captive Resources Midco, LLCRevolver0.502,143  (9) 
Chartis Group, LLCRevolver0.502,401  (20) 
Chartis Group, LLCDelayed Draw0.506,402  (52) 
Chemical Computing Group ULC (Canada)Revolver0.50903  (8) 
Comar Holding Company, LLCDelayed Draw1.005,136  (103) 
Comar Holding Company, LLCRevolver0.501,168  (23) 
Cority Software, Inc. (Canada)Revolver0.503,000  (60) 
DermaRite Industries, LLCRevolver0.50807  (33) 
Dimensional Dental Management, LLCRevolver0.5048  —  
Ethos Veterinary Health, LLCDelayed Draw1.002,696  (12) 
Evolve IPRevolver0.502,941  —  
Evolve IPDelayed Draw1.003,922  —  
FWR Holding CorporationDelayed Draw1.0087  —  
FWR Holding CorporationRevolver0.50667  (3) 
GRO Sub Holdco, LLC (Grand Rapids)Revolver0.501,071  (54) 
26
Investments—non-controlled/affiliatedFair Value as of December 31, 2017 Purchases/ Paid-in-kind interest Sales/ Paydowns Net Accretion of Discount Net Realized Gain (Loss) Net Change in Unrealized Appreciation (Depreciation) Fair value as of December 31, 2018 Interest Income
TwentyEighty, Inc. - Revolver$(20) $—
 $—
 $3
 $—
 $17
 $—
 $3
TwentyEighty, Inc. - (Term A Loans)3,760
 —
 (3,574) 18
 —
 112
 316
 264
TwentyEighty, Inc. - (Term B Loans)6,360
 240
 —
 119
 —
 136
 6,855
 654
TwentyEighty, Inc. - (Term C Loans)5,331
 602
 —
 158
 —
 890
 6,981
 759
TwentyEighty Investors LLC (Equity)—
 —
 —
 —
 —
 4,391
 4,391
 —
Total investments—non-controlled/affiliated$15,431
 $842
 $(3,574) $298
 $—
 $5,546
 $18,543
 $1,680

(13)As of December 31, 2018, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans:
Investments—non-controlled/affiliatedType Unused Fee Par/ Principal Amount Fair Value
First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments
Advanced Instruments, LLCRevolver 0.50% $1,167
 $(9)
Aero Operating LLC (Dejana Industries, Inc.)Revolver 1.00 202
 (2)
AMS Group HoldCo, LLCDelayed Draw 1.00 4,009
 (95)
AMS Group HoldCo, LLCRevolver 0.50 810
 (19)
Analogic CorporationRevolver 0.50 3,365
 (73)
Captive Resources Midco, LLCDelayed Draw 1.25 3,572
 (31)
Captive Resources Midco, LLCRevolver 0.50 2,143
 (18)
Chemical Computing Group ULCRevolver 0.50 903
 (10)
CIP Revolution Holdings, LLCRevolver 0.50 532
 (6)
CircusTrix Holdings, LLCDelayed Draw 1.00 1,115
 (26)
Comar Holding Company, LLCDelayed Draw 1.00 5,136
 (87)
Comar Holding Company, LLCRevolver 0.50 2,129
 (36)
Continuum Managed Services HoldCo, LLCRevolver 0.50 2,500
 (43)
Datto, Inc.Revolver 0.50 726
 (7)
DermaRite Industries LLCRevolver 0.50 1,324
 (52)
Derm Growth Partners III, LLC (Dermatology Associates)Revolver 0.50 968
 (12)
Direct Travel, Inc.Delayed Draw 1.00 1,872
 (16)
FWR Holding CorporationRevolver 0.50 2,778
 (20)
Frontline Technologies Holdings, LLCDelayed Draw 1.00 7,705
 (59)
GRO Sub Holdco, LLC (Grand Rapids)Delayed Draw 1.00 7,000
 (85)
GRO Sub Holdco, LLC (Grand Rapids)Revolver 0.50 1,071
 (13)
iCIMS, Inc.Revolver 0.50 1,252
 (43)
TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 20182019
(dollar amounts in thousands)

Investments—non-controlled/non-affiliatedTypeUnused FeePar/ Principal AmountFair Value
iCIMS, Inc.Revolver0.50%$1,252  $—  
Innovative Business Services, LLCRevolver0.502,232  (32) 
K2 Insurance Services, LLCRevolver0.502,290  3  
K2 Insurance Services, LLCDelayed Draw1.005,344  6  
Kaseya Inc.Revolver0.50661  1  
Kaseya Inc.Delayed Draw0.501,918  4  
Lifelong Learner Holdings, LLCRevolver0.501,901  (19) 
Lifelong Learner Holdings, LLCDelayed Draw—2,878  (29) 
Liqui-Box Holdings, Inc.Revolver0.502,630  (37) 
Mailgun Technologies, Inc.Revolver0.501,342  (20) 
National Car Wash Solutions, LPRevolver0.50310  (2) 
National Car Wash Solutions, LPDelayed Draw1.001,111  (8) 
National Technical Systems, Inc.Revolver0.502,500  (2) 
NMI AcquisitionCo, Inc.Revolver0.501,280  (4) 
Northland Telecommunications CorporationRevolver0.502,960  (4) 
Pathway Vet Alliance, LLCDelayed Draw1.007,950  12  
PF Growth Partners, LLCDelayed Draw1.001,028  (3) 
PPC Flexible Packaging, LLCRevolver0.501,957  (16) 
PricewaterhouseCoopers Public Sector LLPRevolver0.506,250  (46) 
QW Holding Corporation (Quala)Delayed Draw1.00809  (5) 
RSC Acquisition, Inc.Revolver0.50608  (4) 
RSC Acquisition, Inc.Delayed Draw1.007,757  (57) 
Sapphire Convention, Inc. (Smart CityRevolver0.504,528  (34) 
Smile Doctors, LLCRevolver0.50707  (7) 
Smile Doctors, LLCDelayed Draw1.001,477  (14) 
SolAero Technologies Corp. (Priority Term Loan)Revolver1.00542  —  
SPay, Inc.Revolver0.50682  (58) 
Superior Health Linens, LLCRevolver0.50693  (58) 
T2 Systems, Inc.Revolver0.502,053  —  
Tank Holding Corp.Revolver0.5047  —  
TSB Purchaser, Inc. (Teaching Strategies, LLC)Revolver0.501,342  (9) 
The Leaders Romans Bidco Limited (United Kingdom)Delayed Draw1.69£3,533  (94) 
Trump Card, LLCRevolver0.50369  (2) 
Turbo Buyer, Inc.Revolver0.502,151  (28) 
Turbo Buyer, Inc.Delayed Draw1.004,904  (64) 
USLS Acquisition, Inc.Revolver0.50946  (19) 
VRC Companies, LLCDelayed Draw0.75210  —  
VRC Companies, LLCRevolver0.501,119  (1) 
Westfall Technik, Inc.Revolver0.50431  (11) 
27
Investments—non-controlled/affiliatedType Unused Fee Par/ Principal Amount Fair Value
Innovative Business Services, LLCDelayed Draw 1.00% $3,886
 $(62)
Innovative Business Services, LLCRevolver 0.50 2,232
 (36)
National Carwash Solutions, Inc.Delayed Draw 1.00 3,817
 (57)
National Carwash Solutions, Inc.Revolver 0.50 632
 (9)
National Technical Systems, Inc.Revolver 0.50 2,500
 (6)
NMI AcquisitionCo, Inc.Revolver 0.50 435
 (16)
North American Dental Management, LLCDelayed Draw 1.00 3,002
 (52)
Northland Telecommunications CorporationRevolver 0.50 1,702
 (24)
Pharmalogic Holdings Corp.Delayed Draw 1.00 237
 —
PPC Flexible Packaging, LLCRevolver 0.50 1,737
 (16)
Prime Risk Partners, Inc.Delayed Draw 0.50 457
 (10)
Prime Risk Partners, Inc.Delayed Draw 0.50 5,694
 (175)
Product Quest Manufacturing, LLCRevolver 0.50 1,906
 —
PricewaterhouseCoopers Public Sector LLPRevolver 0.50 6,250
 (160)
SPay, Inc.Delayed Draw 1.00 10,227
 (197)
SPay, Inc.Revolver 0.50 546
 (19)
Sapphire Convention, Inc.Revolver 0.50 4,528
 (81)
Smile Doctors, LLCDelayed Draw 1.00 6,394
 (97)
Smile Doctors, LLCRevolver 0.50 51
 (1)
Superior Health Linens, LLCRevolver 0.50 1,867
 (21)
T2 Systems, Inc.Revolver 0.50 1,760
 (10)
TSB Purchaser, Inc. (Teaching Strategies, LLC)Revolver 0.50 1,891
 (36)
The Hilb Group, LLCDelayed Draw 1.00 11,262
 (185)
Trump Card, LLCRevolver 0.50 635
 (9)
TwentyEighty, Inc. (f/k/a Miller Heiman, Inc.)Revolver 0.50 607
 —
USLS Acquisition, Inc.Delayed Draw 1.00 4,137
 (98)
USLS Acquisition, Inc.Revolver 0.50 1,418
 (34)
VRC Companies, LLCDelayed Draw 1.00 2,481
 (33)
VRC Companies, LLCRevolver 0.50 1,227
 (16)
Westfall Technik, Inc.Delayed Draw 1.00 15,259
 (372)
Westfall Technik, Inc.Revolver 0.50 2,155
 (53)
Zemax Software Holdings, LLCRevolver 0.50 1,284
 (12)
Zenith Merger Sub, Inc.Revolver 0.50 2,622
 (20)
Total unfunded commitments    $157,117
 $(2,679)


TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 20182019
(dollar amounts in thousands)

Investments—non-controlled/non-affiliatedTypeUnused FeePar/ Principal AmountFair Value
Westfall Technik, Inc.Delayed Draw1.00%$12,190  $(304) 
Zemax Software Holdings, LLCRevolver0.501,284  (7) 
Zenith American Holding, Inc.Delayed Draw1.003,189  (18) 
Zenith American Holding, Inc.Revolver0.503,180  (17) 
Total unfunded commitments$149,890  $(1,465) 
As of December 31, 2018,2019, investments at fair value consisted of the following:
TypeAmortized CostFair Value% of Fair Value
First Lien Debt (excluding First Lien/Last Out Debt)$1,649,721  $1,585,042  74.63 %
First Lien/Last Out Debt78,951  78,096  3.68  
Second Lien Debt234,006  234,532  11.04  
Equity Investments22,272  21,698  1.02  
Investment Fund216,501  204,596  9.63  
Total$2,201,451  $2,123,964  100.00 %
28
Type Amortized Cost Fair Value % of Fair Value
First Lien Debt (excluding First Lien/Last Out) $1,375,437
 $1,343,422
 68.12%
First Lien/Last Out Unitranche 241,263
 202,849
 10.29
Second Lien Debt 179,434
 178,958
 9.07
Equity Investments 17,456
 24,633
 1.25
Investment Fund 230,001
 222,295
 11.27
Total $2,043,591
 $1,972,157
 100.00%
TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 2019
(dollar amounts in thousands)
The rate type of debt investments at fair value as of December 31, 20182019 was as follows:
Rate TypeAmortized CostFair Value% of Fair Value of First and Second Lien Debt
Floating Rate$1,957,730  $1,892,639  99.73 %
Fixed Rate4,948  5,031  0.27  
Total$1,962,678  $1,897,670  100.00 %

The industry composition of investments at fair value as of December 31, 2019 was as follows:
IndustryAmortized CostFair Value% of Fair Value
Aerospace & Defense$109,755  $109,758  5.17 %
Automotive39,177  39,665  1.87  
Banking, Finance, Insurance & Real Estate112,248  115,119  5.42  
Beverage, Food & Tobacco80,597  81,222  3.82  
Business Services167,435  167,497  7.89  
Capital Equipment44,362  45,027  2.12  
Chemicals, Plastics & Rubber27,432  26,962  1.27  
Construction & Building13,713  14,032  0.66  
Consumer Services41,089  38,347  1.81  
Containers, Packaging & Glass67,821  68,207  3.21  
Durable Consumer Goods11,165  11,584  0.55  
Energy: Electricity33,543  30,930  1.46  
Energy: Oil & Gas11,762  11,974  0.56  
Environmental Industries42,802  43,106  2.03  
Healthcare & Pharmaceuticals248,615  192,719  9.07  
High Tech Industries215,856  215,274  10.13  
Hotel, Gaming & Leisure96,815  95,073  4.48  
Investment Fund216,501  204,596  9.63  
Media: Broadcast & Subscription45,916  46,529  2.19  
Media: Advertising, Printing & Publishing36,895  37,406  1.76  
Non-durable Consumer Goods1,500  1,999  0.09  
Retail43,081  43,020  2.03  
Software224,807  226,045  10.63  
Sovereign & Public Finance38,297  37,381  1.76  
Telecommunications119,014  116,115  5.47  
Transportation: Cargo42,204  42,220  1.99  
Transportation: Consumer35,715  36,276  1.71  
Wholesale33,334  25,881  1.22  
Total$2,201,451  $2,123,964  100.00 %
29
Rate Type Amortized Cost Fair Value % of Fair Value of First and Second Lien Debt
Floating Rate $1,782,607
 $1,711,393
 99.20%
Fixed Rate 13,527
 13,836
 0.80
Total $1,796,134
 $1,725,229
 100.00%
TCG BDC, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 20182019
(dollar amounts in thousands)

The industry composition of investments at fair value as of December 31, 2018 was as follows:
IndustryAmortized Cost Fair Value % of Fair Value
Aerospace & Defense$27,859
 $28,000
 1.42%
Automotive6,547
 6,603
 0.33
Banking, Finance, Insurance & Real Estate127,078
 127,942
 6.49
Beverage, Food & Tobacco73,861
 74,283
 3.77
Business Services156,800
 162,545
 8.24
Chemicals, Plastics & Rubber22,705
 22,298
 1.13
Construction & Building2,492
 2,496
 0.13
Consumer Services30,142
 29,742
 1.51
Containers, Packaging & Glass79,714
 47,356
 2.40
Durable Consumer Goods755
 988
 0.05
Energy: Electricity42,866
 42,922
 2.18
Energy: Oil & Gas11,833
 12,068
 0.61
Environmental Industries35,604
 35,835
 1.82
Forest Products & Paper49,964
 49,437
 2.51
Healthcare & Pharmaceuticals244,142
 233,135
 11.82
High Tech Industries242,819
 241,305
 12.24
Hotel, Gaming & Leisure77,952
 76,685
 3.89
Investment Fund230,001
 222,295
 11.27
Media: Broadcast & Subscription21,297
 21,311
 1.08
Media: Advertising, Printing & Publishing58,690
 58,712
 2.98
Non-durable Consumer Goods57,996
 49,947
 2.53
Software124,734
 124,231
 6.30
Sovereign & Public Finance38,568
 38,526
 1.95
Telecommunications124,120
 113,984
 5.78
Transportation: Cargo71,686
 71,443
 3.62
Transportation: Consumer36,210
 36,562
 1.85
Wholesale47,156
 41,506
 2.10
Total$2,043,591
 $1,972,157
 100.00%
The geographical composition of investments at fair value as of December 31, 20182019 was as follows:
GeographyAmortized CostFair Value% of Fair Value
Canada$41,002  $40,939  1.93 %
Cyprus4,746  4,836  0.23  
Jamaica202  195  0.01  
Luxembourg36,563  36,563  1.72  
United Kingdom24,865  26,531  1.25  
United States2,094,073  2,014,900  94.86  
Total$2,201,451  $2,123,964  100.00 %
GeographyAmortized Cost Fair Value % of Fair Value
Canada$15,636
 $15,617
 0.79%
United Kingdom9,833
 9,695
 0.49
United States2,018,122
 1,946,845
 98.72
Total$2,043,591
 $1,972,157
 100.00%


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


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TCG BDC, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
As of SeptemberJune 30, 20192020
(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 primarily invests inCompany's core investment strategy focuses on lending to U.S. middle market companies, which the Company defines as companies with approximately $10$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. The Company complements this core strategy with additive, diversifying assets including, but not limited to, specialty lending investments. The Company seeks to achieve its investment objective primarily through direct originationsorigination 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. However, the Company may from time to time invest in larger or smaller companies. 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 L.P.Inc. “Carlyle” refers to The Carlyle Group L.P.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.
TCG BDC SPV LLC (the “SPV”) is a Delaware limited liability company that was formed on January 3, 2013. The SPV invests in first and second lien senior secured loans. The SPV is a wholly owned subsidiary of the Company and is
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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 9, 2017, pursuant to the Agreement and Plan of Merger, dated May 3, 2017 (the “Agreement”), by and between the Company and NF Investment Corp. (“NFIC”), NFIC merged with and into the Company (the “NFIC Acquisition”), with the Company as the surviving entity. The NFIC Acquisition was accounted for as an asset acquisition. NFIC SPV LLC (the “NFIC SPV” and, together with the SPV, the “SPVs”) is a Delaware limited liability company that was formed on June 18, 2013. Upon the consummation of the NFIC Acquisition, the NFIC SPV became a wholly owned subsidiary of the Company and is consolidated in these consolidated financial statements commencing from the closing date of the NFIC Acquisition, June 9, 2017.
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 7, 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 (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 $400,000 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 9, Net Assets, for further information about the Preferred Stock.
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 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.
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
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should be read in conjunction with the Company’s annual report on Form 10-K for the year ended December 31, 2018.2019. The results of operations for the three month and ninesix month periods ended SeptemberJune 30, 20192020 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
Cash and cash equivalents 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 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.
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 SeptemberJune 30, 20192020 and December 31, 2018,2019, the fair value of the loans in the portfolio with PIK provisions was $172,726$164,770 and $53,660,$164,902, respectively, which represents approximately 8.1%8.6% and 2.7%7.8% of total investments at fair value, respectively. For the three month and ninesix month periods ended SeptemberJune 30, 2019,2020, the Company earned $2,397$1,202 and $5,687$1,845 in PIK income, respectively. For the three month and ninesix month periods ended SeptemberJune 30, 2018,2019, the Company earned $1,478$2,140 and $1,907$3,290 in PIK income, respectively included in interest income in the accompanying Consolidated Statements of Operations.respectively.
Dividend Income
Dividend income from the investment fund, Credit Fund, 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.
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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 month and ninesix month periods ended SeptemberJune 30, 2020, the Company earned $3,547 and $5,891 in other income, respectively, primarily from amendment and underwriting fees. For the three and six month periods ended June 30, 2019, the Company earned $1,756$2,266 and $6,050, respectively,$4,294 in other income, respectively, primarily from underwritingprepayment and prepayment fees. For the three month and nine month periods ended September 30, 2018, the Company earned $1,925 and $6,410, respectively, in other income, primarily from underwriting and prepayment fees.
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 SeptemberJune 30, 20192020 and December 31, 2018,2019, the fair value of the loans in the portfolio on non-accrual status was $13,713$71,308 and $14,327,$52,429, respectively. The remaining first and second lien debt investments were performing and current on their interest payments as of SeptemberJune 30, 20192020 and December 31, 2018.2019.
SPV Credit Facility, Credit Facility,The Facilities, Senior Notes, and 2015-1R Notes – Related Costs, Expenses and Deferred Financing Costs (See Note 6, Borrowings,
The Company has entered into a senior secured revolving credit facility (as amended, the "Credit Facility") and Note 7, Notes Payable)
the SPV has entered into a senior secured credit facility (as amended, the "SPV Credit Facility", and together with the Credit Facility, the "Facilities"). Interest expense and unused commitment fees on the SPV Credit Facility and Credit FacilityFacilities 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 "Senior Notes"). The SPV Credit FacilityFacilities and Credit Facilitythe 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 SPV Credit Facility and Credit Facility.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.
The notes are recorded at carrying value, which approximates fair value.
Offering Costs
Offering costs consist primarily of fees and expenses incurred in connection with the offering of shares, including legal, underwriting, printing and other costs, as well as costs associated with the preparation and filing of applicable registration statements. Offering costs are charged against equity when incurred. The Company did not incur offering costs during 2019. During the nine month period ended September 30, 2018, $30 of offering costs were incurred, 50% of which were paid by the Investment Adviser. The Company did not incur offering costs during the three month period ended September 30, 2018.
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. Dependingyear, 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
34

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. The Company intends to make sufficient distributions each taxable year to satisfy the excise distribution requirements.
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 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 month and ninesix month periods ended SeptemberJune 30, 2020, the Company incurred $100 and $152 in excise tax expense, respectively. For the three and six month periods ended June 30, 2019, the Company incurred $49$60 and $169, respectively,$120 in excise tax expense. For the three month and nine month periods ended September 30, 2018, the Company incurred $30 and $70, respectively, in excise tax expense.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.

Foreign CurrencyFunctional Translations

The accounting recordsfunctional currency of the Company is the U.S. Dollar. Investments are maintainedgenerally made in U.S. dollars. All assetsthe local currency of the country in which the investments are domiciled and liabilities denominated in foreign currencies are translated into U.S. dollars basedDollars with foreign currency translation gains or losses recorded within net change in unrealized appreciation (depreciation) on investments in the foreign exchange rateaccompanying Consolidated Statements of Operations. Foreign currency translation gains and losses on non-investment assets and liabilities are separately reflected in the dateaccompanying Consolidated Statements of valuation.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.

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Recent Accounting Standards Updates

TheOn June 16, 2016, the FASB issued Accounting Standards Update (“ASU”) ASU 2018-13, Fair Value2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement (Topic 820): Disclosure Frameworkof Credit Losses on Financial Instruments. - ChangesThis ASU is intended to the Disclosure Requirements for Fair Value Measurement inAugust 2018, which modifies disclosure requirements pertaining to fair value measurement of Level 3 securities for public companies. Under theintroduce new standard, reporting entities can remove the disclosures no longer required and amend the disclosures immediately with retrospective application. The effective dateguidance for the additional disclosuresaccounting for all public and nonpublic companies iscredit losses on instruments within scope based on an estimate of current expected credit losses. The guidance was effective for fiscal


years, and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt any removed or modified disclosures immediately and delay adoption of the additional disclosures until their effective date. The Company has elected to early adopt ASU 2018-13 in 2018. No significant changes were made to the Company’s fair value disclosures in the notes to the consolidated financial statements in order to comply with ASU 2018-13.

In September 2018, related to the Disclosure Update and Simplification release (“the DUS Release”) issued by the Securities and Exchange Commission (the "SEC") in August 2018, the FASB issued Compliance and Disclosure Interpretation 105.09 guidance (“CDI 105.09”) on compliance withadopted the new requirement to present changes in shareholders’ equity in interim financial statements within Form 10-Q filings. The DUS Release requires disclosure of changes in shareholders’ equity within a registrant’s Form 10-Q filing on a quarter-to-date and year-to-date basis for both the current year and prior year comparative periods. CDI 105.09 notes that the SEC would not object if a registrant first discloses the changes in shareholders’ equity in its Form 10-Q for the quarter that begins after November 5, 2018. The Company has adopted the new requirement starting with the quarter that began on January 1, 2019,2020, which did not have a material impact on the Company’sCompany's 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.
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 Company’s 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.
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.
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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 SeptemberJune 30, 20192020 and December 31, 2018.2019.
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.
Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur. For the three month and ninesix month periods ended SeptemberJune 30, 20192020 and 2018,2019, 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 SeptemberJune 30, 20192020 and December 31, 2018:2019:
 June 30, 2020
 Level 1Level 2Level 3Total
Assets
First Lien Debt$—  $—  $1,394,913  $1,394,913  
Second Lien Debt—  —  278,623  278,623  
Equity Investments—  —  31,756  31,756  
Investment Fund
Subordinated Loan and Member's Interest—  —  202,263  202,263  
Total$—  $—  $1,907,555  $1,907,555  
37

 September 30, 2019
 Level 1 Level 2 Level 3 Total
Assets     
First Lien Debt$—
 $—
 $1,660,795
 $1,660,795
Second Lien Debt—
 —
 232,135
 232,135
Equity Investments—
 —
 30,657
 30,657
Investment Fund       
Mezzanine Loan—
 —
 94,000
 94,000
Subordinated Loan and Member's Interest—
 —
 109,101
 109,101
Total$—
 $—
 $2,126,688
 $2,126,688
December 31, 2018 December 31, 2019
Level 1 Level 2 Level 3 Total Level 1Level 2Level 3Total
Assets     Assets
First Lien Debt$—
 $—
 $1,546,271
 $1,546,271
First Lien Debt$—  $—  $1,663,138  $1,663,138  
Second Lien Debt—
 —
 178,958
 178,958
Second Lien Debt—  —  234,532  234,532  
Equity Investments—
 —
 24,633
 24,633
Equity Investments—  —  21,698  21,698  
Investment Fund       Investment Fund
Mezzanine Loan—
 —
 112,000
 112,000
Mezzanine Loan—  —  93,000  93,000  
Subordinated Loan and Member's Interest—
 —
 110,295
 110,295
Subordinated Loan and Member's Interest—  —  111,596  111,596  
Total$—
 $—
 $1,972,157
 $1,972,157
Total$—  $—  $2,123,964  $2,123,964  
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
 For the three month period ended June 30, 2020
 First Lien DebtSecond Lien DebtEquity InvestmentsInvestment Fund - Mezzanine LoanInvestment Fund - Subordinated Loan and Member's InterestTotal
Balance, beginning of period$1,534,765  $275,055  $29,323  $—  $185,134  $2,024,277  
Purchases60,710  367  518  —  —  61,595  
Sales(192,219) (2,760) —  —  —  (194,979) 
Paydowns(19,283) —  —  —  —  (19,283) 
Accretion of discount1,299  166  8  —  —  1,473  
Net realized gains (losses)(47,571) (213) —  —  —  (47,784) 
Net change in unrealized appreciation (depreciation)57,212  6,008  1,907  —  17,129  82,256  
Balance, end of period$1,394,913  $278,623  $31,756  $—  $202,263  $1,907,555  
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$14,967  $6,008  $1,907  $—  $17,129  $40,011  
38

Financial Assets
Financial Assets
For the three month period ended September 30, 2019		 For the six month period ended June 30, 2020
First Lien Debt Second Lien Debt Equity Investments Investment Fund - Mezzanine Loan Investment Fund - Subordinated Loan and Member's Interest Total First Lien DebtSecond Lien DebtEquity InvestmentsInvestment Fund - Mezzanine LoanInvestment Fund - Subordinated Loan and Member's InterestTotal
Balance, beginning of period$1,651,899
 $203,187
 $29,142
 $80,000
 $111,386
 $2,075,614
Balance, beginning of period$1,663,138  $234,532  $21,698  $93,000  $111,596  $2,123,964  
Purchases163,807
 38,823
 682
 32,500
 —
 235,812
Purchases137,033  89,776  10,718  63,500  92,500  393,527  
Sales(52,865) —
 —
 —
 —
 (52,865)Sales(236,279) (2,760) —  (156,500) —  (395,539) 
Paydowns(70,592) (9,498) —
 (18,500) —
 (98,590)Paydowns(89,412) (15,232) (1,024) —  —  (105,668) 
Accretion of discount2,651
 216
 —
 —
 —
 2,867
Accretion of discount3,505  546  8  —  —  4,059  
Net realized gains (losses)(10,909) —
 —
 —
 —
 (10,909)Net realized gains (losses)(49,625) (213) 357  —  —  (49,481) 
Net change in unrealized appreciation (depreciation)(23,196) (593) 833
 —
 (2,285) (25,241)Net change in unrealized appreciation (depreciation)(33,447) (28,026) (1) —  (1,833) (63,307) 
Balance, end of period$1,660,795
 $232,135
 $30,657
 $94,000
 $109,101
 $2,126,688
Balance, end of period$1,394,913  $278,623  $31,756  $—  $202,263  $1,907,555  
Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations$(32,745) $(565) $867
 $—
 $(2,285) $(34,728)Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations$(69,701) $(27,766) $(1) $—  $(1,834) $(99,302) 


Financial Assets
 For the three month period ended June 30, 2019
 First Lien DebtSecond Lien DebtEquity InvestmentsInvestment Fund - Mezzanine LoanInvestment Fund - Subordinated Loan and Member's InterestTotal
Balance, beginning of period$1,663,301  $228,851  $28,466  $123,800  $110,791  $2,155,209  
Purchases166,198  35,247  3,748  20,200  5,500  230,893  
Sales(8,986) —  (3,198) —  —  (12,184) 
Paydowns(157,981) (62,059) —  (64,000) —  (284,040) 
Accretion of discount3,070  914  —  —  —  3,984  
Net realized gains (losses)(9,413) —  1,698  —  —  (7,715) 
Net change in unrealized appreciation (depreciation)(4,290) 234  (1,572) —  (4,905) (10,533) 
Balance, end of period$1,651,899  $203,187  $29,142  $80,000  $111,386  $2,075,614  
Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations$(12,009) $637  $(169) $—  $(4,905) $(16,446) 
39

 Financial Assets
For the nine month period ended September 30, 2019
 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$1,546,271
 $178,958
 $24,633
 $112,000
 $110,295
 $1,972,157
Purchases495,081
 122,475
 6,670
 83,200
 5,500
 712,926
Sales(68,666) —
 (4,936) —
 —
 (73,602)
Paydowns(272,814) (71,557) —
 (101,200) —
 (445,571)
Accretion of discount7,813
 1,199
 —
 —
 —
 9,012
Net realized gains (losses)(20,382) —
 2,657
 —
 —
 (17,725)
Net change in unrealized appreciation (depreciation)(26,507) 1,059
 1,633
 —
 (6,694) (30,509)
Balance, end of period$1,660,795
 $232,135
 $30,657
 $94,000
 $109,101
 $2,126,688
Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations$(43,879) $1,234
 $1,806
 $—
 $(6,694) $(47,533)

 Financial Assets
For the three month period ended September 30, 2018
 First Lien Debt Second Lien Debt Equity Investments Investment Fund - Mezzanine Loan Total
Balance, beginning of period$1,555,528
 $160,905
 $22,354
 $114,000
 $1,852,787
Purchases182,283
 11,579
 172
 27,000
 221,034
Sales(34,447) —
 —
 —
 (34,447)
Paydowns(83,804) (1,800) —
 (19,000) (104,604)
Accretion of discount2,215
 113
 —
 —
 2,328
Net realized gains (losses)(4,633) —
 —
 —
 (4,633)
Net change in unrealized appreciation (depreciation)(15,513) (140) 782
 —
 (14,871)
Balance, end of period$1,601,629
 $170,657
 $23,308
 $122,000
 $1,917,594
Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations$(15,014) $(121) $782
 $—
 $(14,353)



Financial Assets
Financial Assets
For the nine month period ended September 30, 2018		 For the six month period ended June 30, 2019
First Lien Debt Second Lien Debt Equity Investments Investment Fund - Mezzanine Loan Total First Lien DebtSecond Lien DebtEquity InvestmentsInvestment Fund - Mezzanine LoanInvestment Fund - Subordinated Loan and Member's InterestTotal
Balance, beginning of period$1,531,276
 $246,233
 $17,506
 $85,750
 $1,880,765
Balance, beginning of period$1,546,271  $178,958  $24,633  $112,000  $110,295  $1,972,157  
Purchases486,132
 45,671
 4,625
 74,150
 610,578
Purchases331,274  83,652  5,988  50,700  5,500  477,114  
Sales(95,484) (3,960) (2,775) —
 (102,219)Sales(15,801) —  (4,936) —  —  (20,737) 
Paydowns(285,911) (118,467) —
 (37,900) (442,278)Paydowns(202,222) (62,059) —  (82,700) —  (346,981) 
Accretion of discount6,164
 2,472
 —
 —
 8,636
Accretion of discount5,162  983  —  —  —  6,145  
Net realized gains (losses)(4,764) 2
 1,775
 —
 (2,987)Net realized gains (losses)(9,473) —  2,657  —  —  (6,816) 
Net change in unrealized appreciation (depreciation)(35,784) (1,294) 2,177
 —
 (34,901)Net change in unrealized appreciation (depreciation)(3,312) 1,653  800  —  (4,409) (5,268) 
Balance, end of period$1,601,629
 $170,657
 $23,308
 $122,000
 $1,917,594
Balance, end of period$1,651,899  $203,187  $29,142  $80,000  $111,386  $2,075,614  
Net change in unrealized appreciation (depreciation) included in earnings related to investments still held as of the reporting date included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations$(34,417) $1,845
 $2,726
 $—
 $(29,846)Net change in unrealized appreciation (depreciation) included in earnings related to investments still held as of the reporting date included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations$(13,051) $1,850  $1,172  $—  $(4,409) $(14,438) 
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.
40





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 SeptemberJune 30, 20192020 and December 31, 2018:2019:
Fair Value as of September 30, 2019 Valuation Techniques Significant Unobservable Inputs Range   Fair Value as of June 30, 2020Valuation TechniquesSignificant Unobservable InputsRange 
Low High Weighted Average LowHighWeighted Average
Investments in First Lien Debt$1,434,387
 Discounted Cash Flow Discount Rate 3.81% 25.52% 8.52%Investments in First Lien Debt$1,249,095  Discounted Cash FlowDiscount Rate4.93 %19.39 %9.25 %
213,535
 Consensus Pricing Indicative Quotes 70.46
 100.00
 98.03
82,330  Consensus PricingIndicative Quotes40.10  100.00  91.34  
12,873
 Income Approach Discount Rate 10.95% 29.37% 13.25%63,488  Income ApproachDiscount Rate12.22 %13.33 %13.35 %
  Market Approach Comparable Multiple 7.56x
 8.34x
 8.16x
Market ApproachComparable Multiple6.82x8.29x7.58x
Total First Lien Debt1,660,795
      Total First Lien Debt1,394,913  
Investments in Second Lien Debt221,907
 Discounted Cash Flow Discount Rate 7.58% 10.61% 8.97%Investments in Second Lien Debt240,078  Discounted Cash FlowDiscount Rate9.07 %14.75 %10.79 %
10,228
 Consensus Pricing Indicative Quotes 97.60
 99.50
 98.10
38,545  Consensus PricingIndicative Quotes73.93  93.65  78.22  
Total Second Lien Debt232,135
      Total Second Lien Debt278,623  
Investments in Equity30,657
 Income Approach Discount Rate 7.39% 17.08% 10.14%Investments in Equity31,756  Income ApproachDiscount Rate7.93 %14.13 %9.31 %
  Market Approach Comparable Multiple 6.37x
 16.65x
 9.71x
Market ApproachComparable Multiple6.75x16.40x9.84x
Total Equity Investments30,657
      Total Equity Investments31,756  
Investments in Investment Fund       Investments in Investment Fund
Mezzanine Loan94,000
 Collateral Analysis Recovery Rate 100.00% 100.00% 100.00%Mezzanine LoanCollateral AnalysisRecovery Rate100.00 %100.00 %100.00 %
Subordinated Loan and
Member's Interest		109,101
 Discounted Cash Flow
 Discount Rate
 10.00% 10.00% 10.00%Subordinated Loan and
Member's Interest		202,263  Discounted Cash FlowDiscount Rate9.00 %9.00 %9.00 %
  Discounted Cash Flow Default Rate 2.00% 2.00% 2.00%Discounted Cash FlowDefault Rate3.00 %3.00 %3.00 %
  Discounted Cash Flow Recovery Rate 75.00% 75.00% 75.00%
Total Investments in Investment Fund203,101
      Total Investments in Investment Fund202,263  Discounted Cash FlowRecovery Rate65.00 %65.00 %65.00 %
Total Level 3 Investments$2,126,688
      Total Level 3 Investments$1,907,555  
Fair Value as of December 31, 2018 Valuation Techniques Significant Unobservable Inputs Range   Fair Value as of December 31, 2019Valuation TechniquesSignificant Unobservable InputsRange 
Low High Weighted Average LowHighWeighted Average
Investments in First Lien Debt$1,457,170
 Discounted Cash Flow Discount Rate 6.45% 26.48% 10.49%Investments in First Lien Debt$1,332,584  Discounted Cash FlowDiscount Rate3.64 %24.45 %8.13 %
74,774
 Consensus Pricing Indicative Quotes 50.00
 100.00
 92.04
318,681  Consensus PricingIndicative Quotes77.94  100.00  96.96  
14,327
 Income Approach Discount Rate 15.12% 15.12% 15.12%11,873  Income ApproachDiscount Rate12.22 %19.32 %13.16 %
  Market Approach Comparable Multiple 6.76x
 6.76x
 6.76x
Market ApproachComparable Multiple7.89x8.38x8.49x
Total First Lien Debt1,546,271
      Total First Lien Debt1,663,138  
Investments in Second Lien Debt176,307
 Discounted Cash Flow Discount Rate 9.34% 13.22% 11.31%Investments in Second Lien Debt188,736  Discounted Cash FlowDiscount Rate7.40 %10.66 %8.85 %
2,651
 Consensus Pricing Indicative Quotes 98.17
 98.17
 98.17
45,796  Consensus PricingIndicative Quotes97.50  98.31  98.19  
Total Second Lien Debt178,958
      Total Second Lien Debt234,532  
Investments in Equity24,633
 Income Approach Discount Rate 8.51% 12.84% 10.49%Investments in Equity21,698  Income ApproachDiscount Rate7.76 %15.31 %8.84 %
  Market Approach Comparable Multiple 7.22x
 14.70x
 9.74x
Market ApproachComparable Multiple6.37x16.65x9.24x
Total Equity Investments24,633
      Total Equity Investments21,698  
Investment in Investment Fund       Investment in Investment Fund
Mezzanine Loan112,000
 Collateral Analysis Recovery Rate 100.00% 100.00% 100.00%Mezzanine Loan93,000  Collateral AnalysisRecovery Rate100.00 %100.00 %100.00 %
Subordinated Loan and Member's Interest110,295
 Discounted Cash Flow Discount Rate 10.00% 10.00% 10.00%Subordinated Loan and Member's Interest111,596  Discounted Cash FlowDiscount Rate10.00 %10.00 %10.00 %
  Discounted Cash Flow Default Rate 2.00% 2.00% 2.00%Discounted Cash FlowDefault Rate2.00 %2.00 %2.00 %
  Discounted Cash Flow Recovery Rate 75.00% 75.00% 75.00%Discounted Cash FlowRecovery Rate75.00 %75.00 %75.00 %
Total Investments in Investment Fund222,295
      Total Investments in Investment Fund204,596  
Total Level 3 Investments$1,972,157
      Total Level 3 Investments$2,123,964  
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.
41


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 SeptemberJune 30, 20192020 and December 31, 2018:2019:
September 30, 2019 December 31, 2018 June 30, 2020December 31, 2019
Carrying Value Fair Value Carrying Value Fair Value Carrying ValueFair ValueCarrying ValueFair Value
Secured borrowings$756,511
 $756,511
 $514,635
 $514,635
Secured borrowings$474,386  $474,386  $616,543  $616,543  
Senior unsecured notesSenior unsecured notes115,000  115,000  115,000  115,000  
Total$756,511
 $756,511
 $514,635
 $514,635
Total$589,386  $589,386  $731,543  $731,543  
The carrying values of the secured borrowings and senior unsecured 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 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 SeptemberJune 30, 20192020 and December 31, 2018:2019:
September 30, 2019 December 31, 2018 June 30, 2020December 31, 2019
Carrying Value Fair Value Carrying Value Fair ValueCarrying ValueFair ValueCarrying ValueFair Value
Aaa/AAA Class A-1-1-R Notes$234,800
 $232,945
 $234,800
 $229,632
Aaa/AAA Class A-1-1-R Notes$234,800  $222,600  $234,800  $233,053  
Aaa/AAA Class A-1-2-R Notes50,000
 49,885
 50,000
 49,442
Aaa/AAA Class A-1-2-R Notes50,000  47,856  50,000  49,908  
Aaa/AAA Class A-1-3-R Notes25,000
 25,283
 25,000
 24,990
Aaa/AAA Class A-1-3-R Notes25,000  25,075  25,000  25,163  
AA Class A-2-R Notes66,000
 66,000
 66,000
 66,000
AA Class A-2-R Notes66,000  66,000  66,000  66,000  
A Class B Notes46,400
 46,400
 46,400
 44,242
A Class B Notes46,400  43,829  46,400  46,400  
BBB- Class C Notes27,000
 27,000
 27,000
 24,809
BBB- Class C Notes27,000  27,000  27,000  27,000  
Total$449,200
 $447,513
 $449,200
 $439,115
Total$449,200  $432,360  $449,200  $447,524  
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
42

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 (as amended, the “First Amended and Restated Investment Advisory Agreement”) after the approval of the Company’s Board of Directors, including a majority of the Independent Directors, at an in-person meeting of the Board of Directors held on May 30, 2017 and the approval of the Company’s stockholders at a special meeting of stockholders held on September 15, 2017. On August 6, 2018, the First Amended and Restated Investment Advisory Agreement was further amended (as amended, the “Investment Advisory Agreement”) after the approval of the Company’s Board of Directors, including a majority of the Independent Directors, at an in-person meeting of the Board of Directors held on August 6, 2018. On May 6, 2019,29, 2020, the Company’s Board of Directors, including a majority of the Independent Directors, approved at an in-person meeting the continuance of the Company’s Investment Advisory Agreement with the Adviser for an additional one year term.
Effective September 15, 2017, 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 has been 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.
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.
Effective September 15, 2017, 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
43

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 ninesix month periods ended SeptemberJune 30, 20192020 and 2018.2019.
For the three month periods ended For the nine month periods endedFor the three month periods endedFor the six month periods ended
September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Base management fees$8,016
 $7,543
 $23,614
 $22,031
Base management fees$7,065  $7,913  $14,451  $15,598  
Incentive fees on pre-incentive fee net investment income5,710
 5,449
 17,489
 16,763
Incentive fees on pre-incentive fee net investment income4,667  5,933  9,753  11,779  
Realized capital gains incentive fees—
 —
 —
 —
Realized 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 incentive fees5,710
 5,449
 17,489
 16,763
Total incentive fees4,667  5,933  9,753  11,779  
Total base management fees and incentive fees$13,726
 $12,992
 $41,103
 $38,794
Total base management fees and incentive fees$11,732  $13,846  $24,204  $27,377  
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 SeptemberJune 30, 20192020 and December 31, 2018, $13,7262019, $11,572 and $13,834,$13,236, 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 February 22, 2019, the Company’s Board of Directors, including a majority of the Independent Directors, approved the continuance of the administration agreement, dated April 3, 2013, between the Company and the Administrator (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, 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 and ninesix month periods ended SeptemberJune 30, 2020, the Company incurred $266 and $372, respectively, in fees under the Administration Agreement. For the three and six month periods ended June 30, 2019, the Company incurred $61$165 and $442, respectively, and for the three month and nine month periods ended September 30, 2018, the Company incurred $179 and $550,$381, respectively, in fees under the Administrative Agreement, which wereAdministration Agreement. These fees are included in administrative service fees in the accompanying Consolidated Statements of Operations. As of SeptemberJune 30, 20192020 and December 31, 2018, $662019, $129 and $94, $77,
44

respectively, was unpaid and included in administrative service fees payable in the accompanying Consolidated Statements of Assets and Liabilities.


Sub-Administration Agreements
On February 22, 2019, the Company’s Board of Directors, including a majority of the Independent Directors, approved the continuance of the sub-administration agreement, dated April 3, 2013, between the Administrator andentered 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 February 22, 2019, the Company’s Board of Directors, including a majority of the Independent Directors, approved the continuance of the sub-administration agreement, dated April 3, 2013, between the Administrator andentered 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”). UnlessOn March 11, 2015, the Company's Board of Directors, including a majority of the Independent Directors, approved an amendment to the State Street Sub-Administration Agreement. The initial term of the State Street Sub-Administration Agreement ends on April 1, 2017, and 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, 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 and ninesix month periods ended SeptemberJune 30, 2019,2020, fees incurred in connection with the State Street Sub-Administration Agreement, which amounted to $188$266 and $563,$372, respectively, were included in other general and administrative in the accompanying Consolidated Statements of Operations. For the three month and ninesix month periods ended SeptemberJune 30, 2018,2019, fees incurred in connection with the State Street Sub-Administration Agreement, which amounted to $191$186 and $572,$375, respectively, were included in other general and administrative in the accompanying Consolidated Statements of Operations. As of SeptemberJune 30, 20192020 and December 31, 2018, $1872019, $129 and $383,$380, 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 five members, three 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 and ninesix month periods ended SeptemberJune 30, 2020, the Company incurred $121 and $217, respectively, and for the three and six month periods ended June 30, 2019, the Company incurred $88 and $269, respectively, and for the three month and nine month periods ended September 30, 2018, the Company incurred $92 and $283,$181, respectively, in fees and expenses associated with its Independent Directors' services on the Company's Board of Directors and its committees. As of SeptemberJune 30, 20192020 and December 31, 2018,2019, no fees or expenses associated with its Independent Directors were payable.
Transactions with Credit Fund
For the three month and ninesix month periods ended SeptemberJune 30, 2019,2020, the Company sold 1 and 2 investments, respectively, to Credit Fund for proceeds of $20,771 and $35,683, respectively, and realized gains of $208. For the three month and nine month periods ended September 30, 2018, the Company sold 13 and 4 investments, respectively, to Credit Fund for proceeds of $29,700$43,635 and $85,002,$62,754, respectively, and realized gainsgain (loss) of $0.$(2,553) and $(2,289), respectively. For the three and six month periods ended June 30, 2019, the Company sold 1 and 1 investments, respectively, to Credit Fund for proceeds of $14,912 and $14,912, respectively, and did not realize a gain or loss on the sale. See Note 5, Middle Market Credit Fund, LLC, for further information about Credit Fund.
Issuance and Sale of 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. See Note 9, Net Assets, for further information about the Preferred Stock.
45


5. MIDDLE MARKET CREDIT FUND, LLC
Overview
On February 29, 2016, the Company and Credit Partners entered into 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 commenced operations in May 2016 and 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 $400,000 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 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. 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 then 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.
46

Selected Financial Data
Since inception of Credit Fund and through SeptemberJune 30, 20192020 and December 31, 2018,2019, the Company and Credit Partners each made capital contributions of $1 and $1 in members’ equity, respectively, and $123,500$216,000 and $118,000$123,500 in subordinated loans, respectively, to Credit Fund. Below is certain summarized consolidated financial information for Credit Fund as of SeptemberJune 30, 20192020 and December 31, 2018.2019.
As of
June 30, 2020December 31, 2019
 (unaudited) 
Selected Consolidated Balance Sheet Information
ASSETS
Investments, at fair value (amortized cost of $1,310,783 and $1,258,157, respectively)$1,258,000  $1,246,839  
Cash and cash equivalents38,900  64,787  
Other assets9,324  9,369  
Total assets$1,306,224  $1,320,995  
LIABILITIES AND MEMBERS’ EQUITY
Secured borrowings$462,000  $441,077  
Notes payable, net of unamortized debt issuance costs of $3,198 and $3,441, respectively445,206  528,407  
Mezzanine loans (1)
—  93,000  
Other Short-Term Borrowings11,119  —  
Other liabilities19,395  32,383  
Subordinated loans and members’ equity (1)368,504  226,128  
Liabilities and members’ equity$1,306,224  $1,320,995  
  September 30, 2019 December 31, 2018
  (unaudited)  
Selected Consolidated Balance Sheet Information    
ASSETS    
Investments, at fair value (amortized cost of $1,282,024 and $1,198,537, respectively) $1,270,328
 $1,173,508
Cash and cash equivalents 83,062
 55,699
Other assets 12,690
 6,848
Total assets $1,366,080
 $1,236,055
LIABILITIES AND MEMBERS’ EQUITY    
Secured borrowings $420,941
 $572,178
Notes payable, net of unamortized debt issuance costs of $3,546 and $1,849, respectively 603,394
 309,114
Mezzanine loans (1) 94,000
 112,000
Other liabilities 22,603
 34,195
Subordinated loans and members’ equity (1) 225,142
 208,568
Liabilities and members’ equity $1,366,080
 $1,236,055
(1) As of SeptemberJune 30, 20192020 and December 31, 2018,2019, the Company's ownership interest in the subordinated loans and members’ equity was $109,101$202,263 and $110,295,$111,596, respectively, and $94,000$0 and $112,000,$93,000, respectively, in the mezzanine loans.



For the three month periods endedFor the six month periods ended
 June 30, 2020June 30, 2019June 30, 2020June 30, 2019
 (unaudited)
Selected Consolidated Statement of Operations Information:
Total investment income$19,821  $23,734  $41,413  $46,340  
Expenses
Interest and credit facility expenses9,552  15,671  23,479  30,401  
Other expenses590  472  1,093  913  
Total expenses10,142  16,143  24,572  31,314  
Net investment income (loss)9,679  7,591  16,841  15,026  
Net realized gain (loss) on investments—  (68) —  (8,353) 
Net change in unrealized appreciation (depreciation) on investments44,828  (7,552) (41,465) 10,226  
Net increase (decrease) resulting from operations$54,507  $(29) $(24,624) $16,899  
47
  For the three month periods ended For the nine month periods ended
  September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018
  (unaudited)
Selected Consolidated Statement of Operations Information:        
Total investment income $24,659
 $21,738
 $70,999
 $60,129
Expenses        
Interest and credit facility expenses 15,094
 13,858
 45,495
 37,615
Other expenses 496
 796
 1,409
 1,565
Total expenses 15,590
 14,654
 46,904
 39,180
Net investment income (loss) 9,069
 7,084
 24,095
 20,949
Net realized gain (loss) on investments —
 —
 (8,353) —
Net change in unrealized appreciation (depreciation) on investments 3,107
 314
 13,333
 427
Net increase (decrease) resulting from operations $12,176
 $7,398
 $29,075
 $21,376

Below is a summary of Credit Fund’s portfolio, followed by a listing of the loans in Credit Fund’s portfolio as of SeptemberJune 30, 20192020 and December 31, 2018:2019:
As of
June 30, 2020December 31, 2019
Senior secured loans (1)
$1,315,517  $1,260,582  
Weighted average yields of senior secured loans based on amortized cost (2)
5.56 %6.51 %
Weighted average yields of senior secured loans based on fair value (2)
5.79 %6.55 %
Number of portfolio companies in Credit Fund63  61  
Average amount per portfolio company (1)
$20,881  $20,665  
Number of loans on non-accrual status1  1  
Fair value of loans on non-accrual status$21,151  $21,150  
Percentage of portfolio at floating interest rates (3)(4)
98.3 %98.3 %
Percentage of portfolio at fixed interest rates (4)
1.7 %1.7 %
Fair value of loans with PIK provisions$48,750  $21,150  
Percentage of portfolio with PIK provisions (4)
3.9 %1.7 %
(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 June 30, 2020 and December 31, 2019. 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.
48

 As of
September 30, 2019		 As of
December 31, 2018
Senior secured loans (1)
$1,285,262
 $1,207,913
Weighted average yields of senior secured loans based on amortized cost (2)
6.81% 7.16%
Weighted average yields of senior secured loans based on fair value (2)
6.85% 7.32%
Number of portfolio companies in Credit Fund63
 60
Average amount per portfolio company (1)
$20,401
 $20,132
Number of loans on non-accrual status1
 1
Fair value of loans on non-accrual status$21,150
 $25,400
Percentage of portfolio at floating interest rates (3)
98.3% 99.9%
Percentage of portfolio at fixed interest rates1.7% 0.1%
Fair value of loans with PIK provisions$51,642
 $1,119
Percentage of portfolio with PIK provisions4.1% 0.1%
(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, 2019 and December 31, 2018. 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.


Consolidated Schedule of Investments as of June 30, 2020
Investments (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Maturity Date Par/ Principal Amount
Amortized Cost (4)
Fair Value (5)
First Lien Debt (97.84% of fair value)
Achilles Acquisition, LLC+\#(2) (3)Banking, Finance, Insurance & Real EstateL + 4.00%4.19%10/13/2025$29,715  $29,605  $28,229  
Acrisure, LLC\#(2) (3)Banking, Finance, Insurance & Real EstateL + 3.50%3.68%2/15/202725,763  25,733  24,282  
Advanced Instruments, LLC+*\(2) (3) (7)Healthcare & PharmaceuticalsL + 5.25%6.25%10/31/202233,502  33,441  33,041  
Alku, LLC+#(2) (3)Business ServicesL + 5.50%6.38%7/29/202624,938  24,701  24,496  
Alpha Packaging Holdings, Inc.+*\(2) (3)Containers, Packaging & GlassL + 6.00%7.00%11/12/202116,597  16,597  16,490  
AmeriLife Holdings LLC#(2) (3) (7)Banking, Finance, Insurance & Real EstateL + 4.00%4.17%3/18/20278,864  8,839  8,720  
Analogic Corporation^+(2) (3) (7)Capital EquipmentL + 5.25%6.25%6/22/202418,952  18,929  18,713  
Anchor Packaging, Inc.^+#(2) (3)Containers, Packaging & GlassL + 3.75%3.93%7/18/202624,846  24,754  24,456  
API Technologies Corp.+\(2) (3)Aerospace & DefenseL + 4.25%4.43%5/9/202614,850  14,783  13,583  
Aptean, Inc.+\(2) (3)SoftwareL + 4.25%4.43%4/23/202612,344  12,285  11,993  
AQA Acquisition Holding, Inc.+*\(2) (3) (7)High Tech IndustriesL + 4.25%5.25%5/24/202318,857  18,840  18,720  
Astra Acquisition Corp.+#(2) (3)SoftwareL + 5.50%6.50%3/1/202728,928  28,504  28,508  
Avalign Technologies, Inc.+\(2) (3)Healthcare & PharmaceuticalsL + 4.50%5.57%12/22/202514,666  14,545  13,822  
Big Ass Fans, LLC+*\(2) (3)Capital EquipmentL + 3.75%4.75%5/21/202413,837  13,776  13,240  
BK Medical Holding Company, Inc.^+(2) (3) (7)Healthcare & PharmaceuticalsL + 5.25%6.25%6/22/202424,287  24,043  23,410  
Brooks Equipment Company, LLC+*(2) (3)Construction & BuildingL + 5.00%6.00%5/1/20215,066  5,063  5,053  
Chemical Computing Group ULC (Canada)^+(2) (3) (7)SoftwareL + 5.00%6.00%8/30/202314,127  13,332  13,839  
Clarity Telecom LLC.+(2) (3)Media: Broadcasting & SubscriptionL + 4.25%4.43%8/30/202614,888  14,844  14,566  
Clearent Newco, LLC^+\(2) (3) (7)High Tech IndustriesL + 5.50%6.50%3/20/202531,271  30,995  29,445  
Datto, Inc.+\(2) (3)High Tech IndustriesL + 4.25%4.43%4/2/202612,375  12,316  12,004  
DecoPac, Inc.^+*\(2) (3) (7)Non-durable Consumer GoodsL + 4.25%5.25%9/29/202412,765  12,672  12,672  
DTI Holdco, Inc.+*\(2) (3)High Tech IndustriesL + 4.75%5.75%9/30/202318,788  18,688  15,019  
Eliassen Group, LLC+\(2) (3)Business ServicesL + 4.50%4.68%11/5/20247,562  7,532  7,432  
EvolveIP, LLC^+(2) (3) (7)TelecommunicationsL + 5.75%6.75%6/7/202319,899  19,850  19,601  
Exactech, Inc.+\#(2) (3)Healthcare & PharmaceuticalsL + 3.75%4.75%2/14/202521,639  21,514  18,538  
Excel Fitness Holdings, Inc.+#(2) (3)Hotel, Gaming & LeisureL + 5.25%6.25%10/7/202524,875  24,652  21,723  
Frontline Technologies Holdings, LLC+(2) (3)SoftwareL + 5.75%6.75%9/18/202314,962  14,167  15,040  
Golden West Packaging Group LLC+*\(2) (3)Containers, Packaging & GlassL + 5.75%6.75%6/20/202329,172  29,034  28,877  
HMT Holding Inc.+*\(2) (3) (7)Energy: Oil & GasL + 4.75%5.74%11/17/202337,222  36,800  36,869  
Jensen Hughes, Inc.+(2) (3) (7)Utilities: ElectricL + 4.50%5.50%3/22/202433,178  33,048  31,732  
KAMC Holdings, Inc.+#(2) (3)Energy: ElectricityL + 4.00%4.36%8/14/202613,895  13,833  12,128  
Lionbridge Technologies, Inc.+(2) (3)Business ServicesL + 6.25%7.25%12/29/202524,875  24,875  24,865  
Maravai Intermediate Holdings, LLC+\#(2) (3)Healthcare & PharmaceuticalsL + 4.25%5.25%8/2/202529,475  29,248  29,051  
Marco Technologies, LLC^+\(2) (3) (7)Media: Advertising, Printing & PublishingL + 4.00%5.00%10/30/20237,332  7,286  7,332  
49

Consolidated Schedule of Investments as of September 30, 2019
Investments (1)
  Footnotes Industry 
Reference Rate & Spread (2)
 
Interest Rate (2)
 Maturity Date  Par/ Principal Amount 
Amortized Cost (5)
 
Fair Value (6)
First Lien Debt (98.28% of fair value)            
Achilles Acquisition, LLC+\ (2) (3) Banking, Finance, Insurance & Real Estate L + 4.00% 6.06% 10/11/2025 $17,910
 $17,817
 $17,860
Acrisure, LLC+\ (2) (3) Banking, Finance, Insurance & Real Estate L + 4.25% 6.35% 11/22/2023 20,727
 20,690
 20,598
Acrisure, LLC\ (2) (3) Banking, Finance, Insurance & Real Estate L + 3.75% 5.85% 11/22/2023 11,850
 11,840
 11,658
Advanced Instruments, LLC^+*\ (2) (3) (8) Healthcare & Pharmaceuticals L + 5.25% 7.29% 10/31/2022 35,825
 35,746
 35,706
Ahead, LLC^+\ (2) (3) (8) High Tech Industries L + 4.25% 6.34% 5/8/2024 25,944
 25,751
 25,731
Alpha Packaging Holdings, Inc.+*\ (2) (3) Containers, Packaging & Glass L + 4.25% 6.35% 5/12/2020 16,728
 16,714
 16,693
AmeriLife Group, LLC^ (2) (3) (8) Banking, Finance, Insurance & Real Estate L + 4.50% 6.54% 6/5/2026 14,875
 14,802
 14,772
Anchor Packaging, LLC  (2) (3) (8) Durable Consumer Goods L + 4.00% 6.04% 7/11/2026 20,513
 20,411

20,453
API Technologies Corp.+\ (2) (3) Aerospace & Defense L + 4.25% 6.29% 5/9/2026 14,963
 14,888
 14,823
Aptean, Inc.+\ (2) (3) Software L + 4.25% 6.35% 4/23/2026 12,438
 12,375
 12,367
AQA Acquisition Holding, Inc.^*\ (2) (3) (8) High Tech Industries L + 4.25% 6.35% 5/24/2023 19,002
 18,962
 18,895
Avalign Technologies, Inc.^+\ (2) (3) (8) Healthcare & Pharmaceuticals L + 4.50% 6.70% 12/22/2025 14,778
 14,642
 14,725
Big Ass Fans, LLC+*\ (2) (3) Capital Equipment L + 3.75% 5.85% 5/21/2024 13,945
 13,873
 13,888
Borchers, Inc.^+*\ (2) (3) (8) Chemicals, Plastics & Rubber L + 4.50% 6.60% 11/1/2024 15,116
 15,069
 15,113
Brooks Equipment Company, LLC+* (2) (3) Construction & Building L + 5.00% 7.12% 8/29/2020 5,439
 5,434
 5,435
Clarity Telecom LLC.+ (2) (3) Media: Broadcasting & Subscription L + 4.50% 6.54% 6/20/2026 15,000
 14,852
 14,900
Clearent Newco, LLC^+\ (2) (3) (8) High Tech Industries L + 5.50% 7.51% 3/20/2024 29,783
 29,469
 29,416
Datto, Inc.+\ (2) (3) High Tech Industries L + 4.25% 6.29% 4/2/2026 12,469
 12,407
 12,485
DecoPac, Inc.^+*\ (2) (3) (8) Non-durable Consumer Goods L + 4.25% 6.33% 9/29/2024 12,636
 12,528
 12,597
Dent Wizard International Corporation+\ (2) (3) Automotive L + 4.00% 6.05% 4/7/2022 36,973
 36,901
 36,836
DTI Holdco, Inc.+*\ (2) (3) High Tech Industries L + 4.75% 7.01% 9/30/2023 18,934
 18,813
 17,277
EIP Merger Sub, LLC (Evolve IP)+* (2) (3) (4) Telecommunications L + 5.75% 7.79% 6/7/2022 1,500
 1,473
 1,490
EIP Merger Sub, LLC (Evolve IP)* (2) (3) (7) Telecommunications L + 5.75% 7.79% 6/7/2022 22,131
 21,784
 21,943
Eliassen Group, LLC+\ (2) (3) Business Services L + 4.50% 6.54% 11/5/2024 7,590
 7,556
 7,590
Exactech, Inc.+\ (2) (3) Healthcare & Pharmaceuticals L + 3.75% 5.79% 2/14/2025 12,802
 12,753
 12,723
Executive Consulting Group, LLC, Inc.^+\ (2) (3) (8) Business Services L + 4.50% 6.54% 6/20/2024 15,202
 15,060
 15,202
Golden West Packaging Group LLC+*\ (2) (3) Containers, Packaging & Glass L + 5.25% 7.29% 6/20/2023 29,939
 29,765
 29,595
HMT Holding Inc.^+*\ (2) (3) (8) Energy: Oil & Gas L + 4.50% 6.50% 11/17/2023 36,939
 36,431
 36,643
Jensen Hughes, Inc.^+*\ (2) (3) (8) Utilities: Electric L + 4.50% 6.57% 3/22/2024 33,356
 33,189
 32,846
KAMC Holdings, Inc.  (2) (3) Energy: Electricity L + 4.00% 6.18% 8/14/2026 14,000
 13,931
 13,940
MAG DS Corp.^+\ (2) (3) (8) Aerospace & Defense L + 4.75% 6.79% 6/6/2025 27,529
 27,291
 27,367
Maravai Intermediate Holdings, LLC+\ (2) (3) Healthcare & Pharmaceuticals L + 4.25% 6.31% 8/2/2025 29,700
 29,443
 29,424
             


Consolidated Schedule of Investments as of June 30, 2020
Investments (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Maturity Date Par/ Principal Amount
Amortized Cost (4)
Fair Value (5)
Mold-Rite Plastics, LLC+\(2) (3)Chemicals, Plastics & RubberL + 4.25%5.32%12/14/2021$14,557  $14,528  $14,488  
MSHC, Inc.^+*\(2) (3) (7)Construction & BuildingL + 4.25%5.25%12/31/202444,315  44,187  43,345  
Newport Group Holdings II, Inc.+\#(2) (3)Banking, Finance, Insurance & Real EstateL + 3.50%3.81%9/13/202523,595  23,385  22,415  
Odyssey Logistics & Technology Corp.+*\#(2) (3)Transportation: CargoL + 4.00%5.00%10/12/202438,955  38,816  34,962  
Output Services Group^+\(2) (3)Media: Advertising, Printing & PublishingL + 4.50%5.50%3/27/202419,521  19,476  13,665  
PAI Holdco, Inc.+*\(2) (3)AutomotiveL + 4.25%5.32%1/5/202519,439  19,372  19,377  
Park Place Technologies, Inc.+\#(2) (3)High Tech IndustriesL + 4.00%5.00%3/28/202522,445  22,374  22,360  
Pasternack Enterprises, Inc.+\(2) (3)Capital EquipmentL + 4.00%5.00%7/2/202522,640  22,627  22,117  
Pharmalogic Holdings Corp.+\(2) (3)Healthcare & PharmaceuticalsL + 4.00%5.00%6/11/202311,264  11,241  11,155  
Premise Health Holding Corp.^ +\#(2) (3) (7)Healthcare & PharmaceuticalsL + 3.50%3.81%7/10/202513,654  13,600  13,423  
Propel Insurance Agency, LLC^+\(2) (3) (7)Banking, Finance, Insurance & Real EstateL + 4.25%5.25%6/1/202422,418  21,992  21,925  
Q Holding Company+*\#(2) (3)AutomotiveL + 5.00%6.00%12/31/202321,845  21,688  21,046  
QW Holding Corporation (Quala)^+*(2) (3) (7)Environmental IndustriesL + 6.25%7.25%8/31/202216,272  16,130  15,395  
Radiology Partners, Inc.+\#(2) (3)Healthcare & PharmaceuticalsL + 4.25%5.29%7/9/202527,686  27,571  25,679  
RevSpring Inc.*\#(2) (3)Media: Advertising, Printing & PublishingL + 4.25%4.56%10/11/202529,600  29,397  28,972  
Situs Group Holdings Corporation+\(2) (3)Banking, Finance, Insurance & Real EstateL + 4.75%5.75%6/28/202514,862  14,761  14,403  
Surgical Information Systems, LLC+*\(2) (3) (6)High Tech IndustriesL + 5.00%6.00%4/24/202326,168  26,027  25,723  
Systems Maintenance Services Holding, Inc.^*(2) (3) (9)High Tech IndustriesL + 5.00%6.00%10/30/202323,643  23,561  18,583  
T2 Systems, Inc.^+*(2) (3) (7)Transportation: ConsumerL + 6.75%7.75%9/28/202217,368  17,156  17,276  
The Original Cakerie, Ltd. (Canada)+\(2) (3)Beverage, Food & TobaccoL + 5.00%6.00%7/20/20228,883  8,861  8,818  
The Original Cakerie, Ltd. (Canada)+*(2) (3)Beverage, Food & TobaccoL + 4.50%6.00%7/20/20227,992  7,976  7,940  
Thoughtworks, Inc.*\#(2) (3)Business ServicesL + 3.75%4.75%10/11/202411,764  11,740  11,235  
U.S. Acute Care Solutions, LLC+*\(2) (3)Healthcare & PharmaceuticalsL + 5.00%, 1.00% PIK7.00%5/15/202131,218  31,154  27,599  
U.S. TelePacific Holdings Corp.+*\(2) (3)TelecommunicationsL + 5.50%6.50%5/2/202326,660  26,521  20,769  
Valet Waste Holdings, Inc.+\#(2) (3)Construction & BuildingL + 3.75%3.93%9/28/202518,012  17,925  16,796  
VRC Companies, LLC^+(2) (3) (7)Business ServicesL + 6.50%7.50%3/31/202325,145  23,788  24,998  
Welocalize, Inc.+(2) (3) (7)Business ServicesL + 4.50%5.50%12/2/202422,626  22,392  22,250  
WRE Holding Corp.^+*(2) (3) (7)Environmental IndustriesL + 5.00%5.30%1/3/20237,837  7,788  7,638  
Zywave, Inc.+*\(2) (3)High Tech IndustriesL + 5.00%6.0011/17/202219,004  18,903  18,939  
First Lien Debt Total$1,284,061  $1,230,780  
Second Lien Debt (1.73% of fair value)
DBI Holding, LLC^*(8)Transportation: Cargo9.00% PIK9.00%2/1/2026$21,151  $20,697  $21,151  
Zywave, Inc.*(2) (3) (7)High Tech IndustriesL + 9.00%10%11/17/2023666  661  661  
Second Lien Debt Total$21,358  $21,812  
50

Consolidated Schedule of Investments as of September 30, 2019
Investments (1)
  Footnotes Industry 
Reference Rate & Spread (2)
 
Interest Rate (2)
 Maturity Date  Par/ Principal Amount 
Amortized Cost (5)
 
Fair Value (6)
First Lien Debt (98.28% of fair value) (continued)            
Marco Technologies, LLC^+\ (2) (3) (8) Media: Advertising, Printing & Publishing L + 4.25% 6.51% 10/30/2023 $7,481
 $7,425
 $7,481
Mold-Rite Plastics, LLC+\ (2) (3) Chemicals, Plastics & Rubber L + 4.25% 6.29% 12/14/2021 14,557
 14,514
 14,525
MSHC, Inc.^+*\ (2) (3) (8) Construction & Building L + 4.25% 6.29% 7/31/2023 34,315
 34,196
 33,969
Newport Group Holdings II, Inc.+\ (2) (3)
 Banking, Finance, Insurance & Real Estate L + 3.75% 5.90% 9/13/2025 23,775
 23,538
 23,659
North American Dental Management, LLC^+*\ (3) (8) Healthcare & Pharmaceuticals P + 4.25% 9.25% 7/7/2023 39,160
 38,586
 39,160
Odyssey Logistics & Technology Corporation+*\ (2) (3) Transportation: Cargo L + 4.00% 6.04% 10/12/2024 39,013
 38,852
 38,743
Output Services Group^+\ (2) (3) (8) Media: Advertising, Printing & Publishing L + 4.50% 6.54% 3/27/2024 17,268
 17,215
 17,053
PAI Holdco, Inc.+*\ (2) (3) Automotive L + 4.25% 6.35% 1/5/2025 19,579
 19,501
 19,558
Park Place Technologies, Inc.+\ (2) (3) High Tech Industries L + 4.00% 6.04% 3/29/2025 19,792
 19,712
 19,729
Pasternack Enterprises, Inc.+\ (2) (3) Capital Equipment L + 4.00% 6.04% 7/2/2025 22,813
 22,798
 22,697
Pharmalogic Holdings Corp.+\ (2) (3) Healthcare & Pharmaceuticals L + 4.00% 6.04% 6/11/2023 11,349
 11,323
 11,349
Ping Identity Corporation+\ (2) (3) High Tech Industries L + 3.75% 5.79% 1/25/2025 1,540
 1,535
 1,535
Premise Health Holding Corp.^+\ (2) (3) (8) Healthcare & Pharmaceuticals L + 3.50% 5.60% 7/10/2025 13,758
 13,697
 13,666
Propel Insurance Agency, LLC^+\ (2) (3) (8) Banking, Finance, Insurance & Real Estate L + 4.25% 6.60% 6/1/2024 22,589
 22,088
 22,493
PSI Services, LLC^+*\ (2) (3) (8) Business Services L + 5.00% 7.08% 1/20/2023 30,219
 29,842
 30,219
Q Holding Company+*\ (2) (3) Automotive L + 5.00% 7.04% 12/18/2021 22,010
 21,948
 21,850
QW Holding Corporation (Quala)^+* (2) (3) (8) Environmental Industries L + 5.75% 7.77% 8/31/2022 10,522
 10,322
 10,437
Radiology Partners, Inc.+\ (2) (3) Healthcare & Pharmaceuticals L + 4.75% 7.19% 7/9/2025 28,792
 28,658
 28,254
RevSpring Inc.+*\ (2) (3) Media: Advertising, Printing & Publishing L + 4.25% 6.29% 10/11/2025 24,813
 24,724
 24,599
Situs Group Holdings Corporation^+\ (2) (3) (8) Banking, Finance, Insurance & Real Estate L + 4.75% 6.79% 2/26/2023 13,749
 13,644
 13,667
Surgical Information Systems, LLC+*\ (2) (3) (7) High Tech Industries L + 4.85% 6.89% 4/24/2023 26,168
 25,994
 25,984
Systems Maintenance Services Holding, Inc.+* (2) (3) High Tech Industries L + 5.00% 7.04% 10/28/2023 23,841
 23,725
 19,243
T2 Systems Canada, Inc.+ (2) (3) (8) Transportation: Consumer L + 6.75% 8.92% 9/28/2022 2,626
 2,586
 2,617
T2 Systems, Inc.^+* (2) (3) (8) Transportation: Consumer L + 6.75% 8.92% 9/28/2022 15,953
 15,715
 15,899
The Original Cakerie, Ltd. (Canada)+* (2) (3) (8) Beverage, Food & Tobacco L + 4.50% 6.65% 7/20/2022 6,576
 6,547
 6,548
The Original Cakerie, Co. (Canada)^+\ (2) (3) Beverage, Food & Tobacco L + 5.00% 7.15% 7/20/2022 8,951
 8,914
 8,919
ThoughtWorks, Inc.+*\ (2) (3) Business Services L + 4.00% 6.04% 10/12/2024 11,854
 11,823
 11,859
U.S. Acute Care Solutions, LLC+*\ (2) (3) Healthcare & Pharmaceuticals L + 5.00% , 1.00% PIK 8.20% 5/15/2021 31,461
 31,344
 30,492
U.S. TelePacific Holdings Corp.+*\ (2) (3) Telecommunications L + 5.00% 7.10% 5/2/2023 26,660
 26,488
 26,029
Investments (1)
FootnotesIndustryTypeShares/UnitsCost
Fair Value (6)
Equity Investments (0.43% of fair value)
DBI Holding, LLC^*(8)Transportation: CargoPreferred Equity13,996  $5,364  $5,408  
DBI Holding, LLC^*(8)Transportation: CargoCommon Stock2,911  $—  $—  
Equity Investments Total$5,364  $5,408  
Total Investments$1,310,783  $1,258,000  


Consolidated Schedule of Investments as of September 30, 2019
Investments (1)
  Footnotes Industry 
Reference Rate & Spread (2)
 
Interest Rate (2)
 Maturity Date  Par/ Principal Amount 
Amortized Cost (5)
 
Fair Value (6)
First Lien Debt (98.28% of fair value) (continued)            
Upstream Intermediate, LLC^+\ (2) (3) (8) Healthcare & Pharmaceuticals L + 4.00% 6.04% 1/3/2024 $18,032
 $17,967
 $17,924
Valet Waste Holdings, Inc.+\ (2) (3) Construction & Building L + 4.00% 6.04% 9/28/2025 11,880
 11,854
 11,832
WIRB - Copernicus Group, Inc.^+*\ (2) (3) (8) Healthcare & Pharmaceuticals L + 4.25% 6.35% 8/15/2022 20,943
 20,872
 20,845
WRE Holding Corp.^+* (2) (3) (8) Environmental Industries L + 5.00% 7.25% 1/3/2023 7,350
 7,288
 7,173
Zywave, Inc.^+*\ (2) (3) (8) High Tech Industries L + 5.00% 7.26% 11/17/2022 17,521
 17,409
 17,514
First Lien Debt Total           $1,255,304
 $1,248,512
Second Lien Debt (1.72% of fair value)            
DBI Holding, LLC^* (9) Transportation: Cargo 8.00% (100% PIK) 8.00% 2/1/2026 $21,150
 $20,697
 $21,150
Zywave, Inc.* (2) (3) High Tech Industries L + 9.00% 11.28% 11/17/2023 666
 659
 666
Second Lien Debt Total           $21,356
 $21,816
Investments (1)
  Footnotes Industry Type Shares/Units Cost 
Fair Value (6)
Equity Investments (0.0% of fair value)        
DBI Holding, LLC^   Transportation: Cargo Preferred stock 13,996
 $5,364
 $—
DBI Holding, LLC^   Transportation: Cargo Common stock 2,961
 —
 —
Equity Investments Total         $5,364
 $—
Total Investments          $1,282,024
 $1,270,328

^ 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"). The lenders of the Credit Fund Facility have a first lien security interest in substantially all of the assets of Credit Fund. Accordingly, such assets are not available to creditors of Credit Fund Sub, the 2017-1 Issuer, 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 2017-1 Issuer, the 2019-2 Issuer or Credit Fund Warehouse II.
* Denotes that all or a portion of the assets are owned by the 2017-1 Issuer and secure the notes issued in connection with a $399,900 term debt securitization completed by Credit Fund on December 19, 2017 (the “2017-1 Debt Securitization”). Accordingly, such assets are not available to creditors of Credit Fund, 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 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, the 2017-1 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 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, the 2017-1 Issuer or the 2019-2 Issuer.
(1)Unless otherwise indicated, issuers of investments held by Credit Fund Warehouse II.
(1)Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of September 30, 2019, the geographical composition of investments as a percentage of fair value was 1.22% in Canada and 98.77% 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, 2019. As of September 30, 2019, the reference rates for Credit Fund’s variable rate loans were the 30-day LIBOR at 2.03%, the 90-day LIBOR at 2.09% and the 180-day LIBOR at 2.06%.
(3)Loan includes interest rate floor feature, which is generally 1.00%.
(4)Credit Fund Sub receives less than the stated interest rate of this loan as a result of an agreement among lenders. The interest rate reduction is 1.25% on EIP Merger Sub, LLC (Evolve IP). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/first out loan, which has first priority ahead of the first lien/last out loan with respect to principal, interest and other payments.
(5)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.
(6)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.
(7)In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, Credit Fund Sub and the 2017-1 Issuer is entitled to receive additional interest as a result of an agreement among lenders as follows: EIP Merger Sub, LLC (Evolve IP) (3.49%) and Surgical Information Systems, LLC (1.13%). Pursuant to the agreement among lenders in respect of these

are domiciled in the United States. As of June 30, 2020, the geographical composition of investments as a percentage of fair value was 2.44% in Canada and 97.56% 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 June 30, 2020. As of June 30, 2020, the reference rates for Credit Fund’s variable rate loans were the 30-day LIBOR at 0.17%, the 90-day LIBOR at 0.30% and the 180-day LIBOR at 0.37%.
(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)In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, Credit Fund Sub and the 2017-1 Issuer is entitled to receive additional interest as a result of an agreement among lenders as follows: Surgical Information Systems, LLC (1.01%). Pursuant to the agreement among lenders in respect of these loans, these investments represent 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.
(8)As of September 30, 2019, Credit Fund and Credit Fund Sub had the following unfunded commitments to fund delayed draw and revolving senior secured loans:
51

First Lien Debt – unfunded delayed draw and revolving term loans commitmentsType Unused Fee Par/ Principal Amount Fair Value
Advanced Instruments, LLCRevolver 0.50% $1,467
 $(5)
Ahead, LLCDelayed Draw 1.00 79
 (1)
Ahead, LLCRevolver 0.50 2,344
 (18)
AmeriLife Group, LLCDelayed Draw 1.00 2,088
 (13)
Anchor Packaging Inc.Delayed Draw 1.00 4,487
 (11)
AQA Acquisition Holding, Inc.Revolver 1.00 2,459
 (12)
Borchers Americas, Inc.Revolver 0.50 1,935
 —
Clearent Newco, LLCDelayed Draw 1.00 6,636
 (67)
DecoPac, Inc.Revolver 0.50 1,843
 (5)
Executive Consulting Group, LLCRevolver 0.50 2,368
 —
HMT Holding Inc.Revolver 1.00 2,469
 (19)
Jensen Hughes, Inc.Delayed Draw 1.00 2,365
 (32)
Jensen Hughes, Inc.Revolver 1.00 1,773
 (24)
MAG DS Corp.Revolver 0.50 3,191
 (17)
Marco Technologies, LLCDelayed Draw 1.00 7,500
 —
MSHC, Inc.Delayed Draw 1.00 5,946
 (50)
North American Dental Management, LLCRevolver 1.00 343
 —
Output Services GroupDelayed Draw 4.25 2,518
 (27)
Premise Health Holding Corp.Delayed Draw 1.00 1,103
 (7)
Propel Insurance Agency, LLCDelayed Draw 0.50 7,143
 (21)
Propel Insurance Agency, LLCRevolver 0.50 2,381
 (7)
PSI Services LLCRevolver 0.50 226
 —
QW Holding Corporation (Quala)Delayed Draw 1.00 1,355
 (7)
QW Holding Corporation (Quala)Revolver 1.00 5,498
 (27)
Situs Group Holdings CorporationDelayed Draw 1.00 1,216
 (7)
T2 Systems, Inc.Revolver 0.50 880
 (3)
The Original Cakerie, Ltd. (Canada)Revolver 0.50 1,465
 (5)
Upstream Intermediate, LLCRevolver 0.50 1,606
 (9)
WIRB - Copernicus Group, Inc.Delayed Draw 1.00 2,592
 (10)
WIRB - Copernicus Group, Inc.Revolver 1.00 1,000
 (4)
WRE Holding Corp.Delayed Draw 0.89 1,981
 (36)
WRE Holding Corp.Revolver 0.50 538
 (10)
Zywave, Inc.Revolver 0.50 998
 —
Total unfunded commitments    $81,793
 $(454)
(9)Loan was on non-accrual status as of September 30, 2019.


(7)As of June 30, 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 commitmentsTypeUnused FeePar/ Principal AmountFair Value
Advanced Instruments, LLCRevolver0.50%$2,500  $(32) 
AmeriLife Holdings LLCDelayed Draw1.001,136  (16) 
Analogic CorporationRevolver0.501,975  (23) 
AQA Acquisition Holding, Inc.Revolver0.502,459  (16) 
BK Medical Holding Company, Inc.Revolver0.502,609  (85) 
Chemical Computing Group ULC (Canada)Revolver0.50873  (17) 
Clearent Newco, LLCDelayed Draw1.004,977  (251) 
DecoPac, Inc.Revolver0.501,714  (11) 
EvolveIP, LLCDelayed Draw1.002,240  (28) 
EvolveIP, LLCRevolver0.501,344  (17) 
HMT Holding Inc.Revolver0.501,940  (17) 
Jensen Hughes, Inc.Delayed Draw1.002,068  (80) 
Jensen Hughes, Inc.Revolver0.502,000  (78) 
Marco Technologies, LLCDelayed Draw1.007,500  —  
MSHC, Inc.Delayed Draw1.005,130  (101) 
Premise Health Holding Corp.Delayed Draw1.001,103  (17) 
Propel Insurance Agency, LLCDelayed Draw0.507,143  (110) 
Propel Insurance Agency, LLCRevolver0.502,381  (37) 
QW Holding Corporation (Quala)Delayed Draw1.00161  (8) 
QW Holding Corporation (Quala)Revolver0.50852  (43) 
T2 Systems, Inc.Revolver0.501,955  (9) 
VRC Companies, LLCDelayed Draw0.755,574  (26) 
VRC Companies, LLCRevolver0.50858  (4) 
Welocalize, Inc.Revolver0.502,363  (35) 
WRE Holding Corp.Delayed Draw1.001,981  (40) 
Zywave, Inc.Revolver0.501,125  (4) 
Total unfunded commitments$65,961  $(1,105) 

(8)Loan was on non-accrual status as of June 30, 2020.
(9)The sale of a portion of this loan does not qualify for sale accounting under ASC Topic 860 - Transfers and Servicing ("ASC Topic 860"), and therefore, the asset remains in the Consolidated Schedule of Investments
52

Consolidated Schedule of Investments as of December 31, 2018
Investments (1)
  Footnotes Industry 
Reference Rate & Spread (2)
 
Interest Rate (2)
 Maturity Date Par/ Principal Amount 
Amortized Cost (5)
 
Fair Value (6)
First Lien Debt (99.91% of fair value)              
Achilles Acquisition, LLC+\ (2) (3) Banking, Finance, Insurance & Real Estate L + 4.00% 6.56% 10/11/2025 $18,000
 $17,906
 $17,716
Acrisure, LLC+ (2) (3) Banking, Finance, Insurance & Real Estate L + 4.25% 6.77% 11/22/2023 20,886
 20,843
 19,981
Acrisure, LLC+\ (2) (3) Banking, Finance, Insurance & Real Estate L + 3.75% 6.27% 11/22/2023 11,940
 11,928
 11,333
Advanced Instruments, LLC^+* (2) (3) (8) Healthcare & Pharmaceuticals L + 5.25% 7.63% 10/31/2022 11,791
 11,695
 11,690
Ahead, LLC^+ (2) (3) (8) High Tech Industries L + 4.25% 6.87% 5/8/2024 20,059
 19,959
 19,856
Alpha Packaging Holdings, Inc.+* (2) (3) Containers, Packaging & Glass L + 4.25% 7.05% 5/12/2020 16,860
 16,830
 16,813
AM Conservation Holding Corporation+* (2) (3) Energy: Electricity L + 4.50% 7.30% 10/31/2022 38,310
 38,079
 38,027
AQA Acquisition Holding, Inc.^+* (2) (3) (8) High Tech Industries L + 4.25% 7.05% 5/24/2023 19,148
 19,111
 18,978
Avalign Technologies, Inc.+\ (2) (3) Healthcare & Pharmaceuticals L + 4.50% 7.00% 12/22/2025 13,000
 12,874
 12,848
Big Ass Fans, LLC+*\ (2) (3) Capital Equipment L + 3.75% 6.55% 5/21/2024 14,052
 13,973
 13,840
Borchers, Inc.^+* (2) (3) (8) Chemicals, Plastics & Rubber L + 4.50% 7.30% 11/1/2024 15,589
 15,533
 15,545
Brooks Equipment Company, LLC+* (2) (3) Construction & Building L + 5.00% 7.71% 8/29/2020 5,948
 5,940
 5,935
Clearent Newco, LLC^+ (2) (3) (8) High Tech Industries L + 4.00% 6.52% 3/20/2024 23,093
 22,702
 22,819
DBI Holding, LLC+* (2) (3) (9) Transportation: Cargo L + 5.25% 7.76% 8/1/2021 34,494
 34,276
 25,400
DBI Holding, LLC^   Transportation: Cargo 15% (100% PIK) 7.76% 2/1/2020 1,119
 1,119
 1,119
DecoPac, Inc.^+* (2) (3) (8) Non-durable Consumer Goods L + 4.25% 7.05% 9/29/2024 12,696
 12,571
 12,619
Dent Wizard International Corporation+ (2) (3) Automotive L + 4.00% 6.51% 4/7/2022 24,256
 24,183
 24,110
DTI Holdco, Inc.+*\ (2) (3) High Tech Industries L + 4.75% 7.28% 9/30/2023 19,081
 18,941
 17,793
EIP Merger Sub, LLC (Evolve IP)+* (2) (3) (4) Telecommunications L + 5.75% 8.27% 6/7/2022 22,358
 21,923
 21,788
EIP Merger Sub, LLC (Evolve IP)* (2) (3) (7) Telecommunications L + 5.75% 8.27% 6/7/2022 1,500
 1,469
 1,462
Eliassen Group, LLC+ (2) (3) Business Services L + 4.50% 7.00% 11/5/2024 6,250
 6,226
 6,202
Exactech, Inc.+\ (2) (3) Healthcare & Pharmaceuticals L + 3.75% 6.27% 2/14/2025 12,903
 12,849
 12,741
Executive Consulting Group, LLC, Inc.^+ (2) (3) (8) Business Services L + 4.50% 7.30% 6/20/2024 15,318
 15,168
 15,132
Golden West Packaging Group LLC+* (2) (3) Containers, Packaging & Glass L + 5.25% 7.77% 6/20/2023 30,180
 29,978
 29,760
HMT Holding Inc.^+* (2) (3) (8) Energy: Oil & Gas L + 4.50% 7.02% 11/17/2023 33,490
 32,902
 33,172
J.S. Held, LLC+* (2) (3) Banking, Finance, Insurance & Real Estate L + 4.50% 7.30% 9/25/2024 20,309
 20,137
 19,998
Jensen Hughes, Inc.^+* (2) (3) (8) Utilities: Electric L + 4.50% 7.30% 3/22/2024 27,978
 27,896
 27,382
Kestra Financial, Inc.+* (2) (3) Banking, Finance, Insurance & Real Estate L + 4.25% 6.76% 6/24/2022 21,744
 21,547
 21,690
MAG DS Corp.^+ (2) (3) (8) Aerospace & Defense L + 4.75% 7.27% 6/6/2025 22,885
 22,679
 22,665
Maravai Intermediate Holdings, LLC+\ (2) Healthcare & Pharmaceuticals L + 4.25% 6.81% 8/2/2025 29,925
 29,640
 29,578



Consolidated Schedule of Investments as of December 31, 2019
Investments (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Maturity DatePar/ Principal Amount
Amortized Cost (5)
Fair Value (6)
First Lien Debt (98.11% of fair value)
Achilles Acquisition, LLC+\#(2) (3)Banking, Finance, Insurance & Real EstateL + 4.00%5.75%10/13/2025$17,865  $17,776  $17,763  
Acrisure, LLC+\(2) (3)Banking, Finance, Insurance & Real EstateL + 3.75%5.85%11/22/202311,820  11,810  11,805  
Acrisure, LLC+\#(2) (3)Banking, Finance, Insurance & Real EstateL + 4.25%6.35%11/22/202320,674  20,639  20,674  
Advanced Instruments, LLC^+*\(2) (3) (7)Healthcare & PharmaceuticalsL + 5.25%6.99%10/31/202235,610  35,536  35,466  
Alku, LLC+#(2) (3)Business ServicesL + 5.50%7.44%7/29/202625,000  24,754  24,624  
Alpha Packaging Holdings, Inc.+*\(2) (3)Containers, Packaging & GlassL + 4.25%6.35%5/12/202016,684  16,676  16,601  
AmeriLife Group, LLC^#(2) (3) (7)Banking, Finance, Insurance & Real EstateL + 4.50%6.20%6/5/202616,627  16,557  16,558  
Anchor Packaging, Inc.^#(2) (3) (7)Containers, Packaging & GlassL + 4.00%5.70%7/18/202620,462  20,363  20,457  
API Technologies Corp.+\(2) (3)Aerospace & DefenseL + 4.25%5.95%5/9/202614,925  14,853  14,807  
Aptean, Inc.+\(2) (3)SoftwareL + 4.25%6.34%4/23/202612,406  12,344  12,385  
AQA Acquisition Holding, Inc.^*\(2) (3) (7)High Tech IndustriesL + 4.25%6.16%5/24/202318,954  18,922  18,860  
Avalign Technologies, Inc.+\(2) (3)Healthcare & PharmaceuticalsL + 4.50%6.70%12/22/202514,741  14,610  14,626  
Big Ass Fans, LLC+*\(2) (3)Capital EquipmentL + 3.75%5.85%5/21/202413,909  13,841  13,903  
Borchers, Inc.+*\(2) (3) (7)Chemicals, Plastics & RubberL + 4.50%6.60%11/1/202415,116  15,072  15,085  
Brooks Equipment Company, LLC*Construction & BuildingL + 5.00%6.91%8/29/20205,144  5,141  5,141  
Clarity Telecom LLC.+(2) (3)Media: Broadcasting & SubscriptionL + 4.50%6.20%8/30/202614,963  14,915  14,902  
Clearent Newco, LLC^+\(2) (3) (7)High Tech IndustriesL + 5.50%7.44%3/20/202529,738  29,436  29,134  
Datto, Inc.+\(2) (3)High Tech IndustriesL + 4.25%5.95%4/2/202612,438  12,375  12,420  
DecoPac, Inc.+*\(2) (3) (7)Non-durable Consumer GoodsL + 4.25%6.01%9/29/202412,336  12,233  12,292  
Dent Wizard International Corporation+\(2) (3)AutomotiveL + 4.00%5.70%4/7/202036,880  36,843  36,717  
DTI Holdco, Inc.+*\(2) (3)High Tech IndustriesL + 4.75%6.68%9/30/202318,885  18,771  17,611  
Eliassen Group, LLC+\(2) (3)Business ServicesL + 4.50%6.20%11/5/20247,581  7,548  7,579  
EIP Merger Sub, LLC (Evolve IP)^+(2) (3) (7)TelecommunicationsL + 5.75%7.45%6/7/202319,661  19,605  19,661  
Exactech, Inc.+\#(2) (3)Healthcare & PharmaceuticalsL + 3.75%5.45%2/14/202521,772  21,634  21,751  
Excel Fitness Holdings, Inc.+#(2) (3)Hotel, Gaming & LeisureL + 5.25%6.95%10/7/202525,000  24,758  24,875  
Golden West Packaging Group LLC+*\(2) (3)Containers, Packaging & GlassL + 5.75%7.45%6/20/202329,464  29,303  29,072  
HMT Holding Inc.^+*\(2) (3) (7)Energy: Oil & GasL + 5.00%6.74%11/17/202333,157  32,678  32,972  
Jensen Hughes, Inc.^+*\(2) (3) (7)Utilities: ElectricL + 4.50%6.24%3/22/202433,909  33,757  33,550  
KAMC Holdings, Inc.+#(2) (3)Energy: ElectricityL + 4.00%5.91%8/14/202613,965  13,899  13,881  
MAG DS Corp.^+\(2) (3) (7)Aerospace & DefenseL + 4.75%6.46%6/6/202528,471  28,242  28,286  
Maravai Intermediate Holdings, LLC+\#(2) (3)Healthcare & PharmaceuticalsL + 4.25%6.00%8/2/202529,625  29,378  29,400  
Marco Technologies, LLC^+\(2) (3) (7)Media: Advertising, Printing & PublishingL + 4.25%6.16%10/30/20237,463  7,410  7,463  
53

Consolidated Schedule of Investments as of December 31, 2018
Consolidated Schedule of Investments as of December 31, 2019Consolidated Schedule of Investments as of December 31, 2019
Investments (1)
  Footnotes Industry 
Reference Rate & Spread (2)
 
Interest Rate (2)
 Maturity Date Par/ Principal Amount 
Amortized Cost (5)
 
Fair Value (6)
Investments (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Maturity DatePar/ Principal Amount
Amortized Cost (5)
Fair Value (6)
First Lien Debt (99.91% of fair value)      
Mold-Rite Plastics, LLC+ (2) (3) Chemicals, Plastics & Rubber L + 4.50% 7.30% 12/14/2021 $14,850
 $14,793
 $14,762
Mold-Rite Plastics, LLC+\(2) (3)Chemicals, Plastics & RubberL + 4.25%5.95%12/14/2021$14,557  $14,519  $14,524  
MSHC, Inc.^+* (2) (3) (8) Construction & Building L + 4.25% 6.89% 7/31/2023 23,579
 23,514
 23,088
MSHC, Inc.^+*\(2) (3) (7)Construction & BuildingL + 4.25%5.95%12/31/202438,251  38,138  38,166  
Newport Group Holdings II, Inc.+\ (2) Banking, Finance, Insurance & Real Estate L + 3.75% 6.54% 9/13/2025 17,790
 17,666
 17,564
Newport Group Holdings II, Inc.+\#(2) (3)Banking, Finance, Insurance & Real EstateL + 3.75%5.65%9/13/202523,715  23,487  23,663  
North American Dental Management, LLC^+* (2) (3) (8) Healthcare & Pharmaceuticals L + 5.25% 8.04% 7/7/2023 37,781
 37,329
 37,093
North Haven CA Holdings, Inc.^+* (2) (3) (8) Business Services L + 4.50% 7.02% 10/2/2023 35,139
 34,789
 34,401
Odyssey Logistics & Technology Corporation+*\ (2) (3) Transportation: Cargo L + 4.00% 6.52% 10/12/2024 39,680
 39,496
 39,149
Odyssey Logistics & Technology Corp.Odyssey Logistics & Technology Corp.+*\#(2) (3)Transportation: CargoL + 4.00%5.70%10/12/202439,013  38,859  38,763  
Output Services Group^+\ (2) (3) (8) Media: Advertising, Printing & Publishing L + 4.25% 6.77% 3/27/2024 17,400
 17,338
 16,663
Output Services Group^+\(2) (3) (7)Media: Advertising, Printing & PublishingL + 4.50%6.20%3/27/202419,621  19,570  19,469  
PAI Holdco, Inc.+* (2) (3) Automotive L + 4.25% 7.05% 1/5/2025 19,727
 19,637
 19,459
PAI Holdco, Inc.+*\(2) (3)AutomotiveL + 4.25%6.35%1/5/202519,532  19,458  19,532  
Park Place Technologies, Inc.+\ (2) (3) High Tech Industries L + 4.00% 6.52% 3/29/2025 15,922
 15,856
 15,639
Park Place Technologies, Inc.+\#(2) (3)High Tech IndustriesL + 4.00%5.70%3/28/202522,566  22,489  22,566  
Pasternack Enterprises, Inc.+ (2) (3) Capital Equipment L + 4.00% 6.52% 7/2/2025 20,076
 20,076
 19,745
Pasternack Enterprises, Inc.+\(2) (3)Capital EquipmentL + 4.00%5.70%7/2/202522,755  22,742  22,653  
Pathway Vet Alliance LLCPathway Vet Alliance LLC+\(2) (3) (7)Consumer ServicesL + 4.50%6.21%12/20/202419,085  18,708  19,217  
Pharmalogic Holdings Corp.^+ (2) (3) (8) Healthcare & Pharmaceuticals L + 4.00% 6.52% 6/11/2023 7,017
 6,995
 6,949
Pharmalogic Holdings Corp.+\(2) (3)Healthcare & PharmaceuticalsL + 4.00%5.70%6/11/202311,320  11,296  11,302  
Ping Identity Corporation+\ (2) (3) High Tech Industries L + 3.75% 6.27% 1/25/2025 4,975
 4,956
 4,915
Premier Senior Marketing, LLC* (2) (3) Banking, Finance, Insurance & Real Estate L + 4.25% 6.75% 11/30/2025 4,953
 4,953
 4,875
Premise Health Holding Corp.^+\ (2) (3) (8) Healthcare & Pharmaceuticals L + 3.75% 6.55% 7/10/2025 13,862
 13,805
 13,717
Premise Health Holding Corp.^+\#(2) (3) (7)Healthcare & PharmaceuticalsL + 3.50%5.60%7/10/202513,723  13,665  13,501  
Propel Insurance Agency, LLC^+ (2) (3) (8) Banking, Finance, Insurance & Real Estate L + 4.25% 6.75% 6/1/2024 21,088
 20,535
 20,628
Propel Insurance Agency, LLC^+\(2) (3) (7)Banking, Finance, Insurance & Real EstateL + 4.25%6.35%6/1/202422,532  22,056  22,395  
PSI Services, LLC^+* (2) (3) (8) Business Services L + 5.00% 7.52% 1/20/2023 29,919
 29,469
 29,239
Q Holding Company+* (2) (3) Automotive L + 5.00% 7.52% 12/18/2021 17,099
 17,058
 16,969
Q Holding Company+*\#(2) (3)AutomotiveL + 5.00%6.70%12/31/202321,955  21,777  21,922  
QW Holding Corporation (Quala)^+* (2) (3) (8) Environmental Industries L + 6.75% 9.22% 8/31/2022 9,704
 9,338
 9,489
QW Holding Corporation (Quala)^+*(2) (3) (7)Environmental IndustriesL + 5.75%7.73%8/31/202211,630  11,449  11,531  
RevSpring, Inc.+*\ (2) (3) Media: Advertising, Printing & Publishing L + 4.25% 7.05% 10/11/2025 20,000
 19,953
 19,680
Radiology Partners, Inc.Radiology Partners, Inc.+\#(2) (3)Healthcare & PharmaceuticalsL + 4.75%6.66%7/9/202528,719  28,590  28,768  
RevSpring Inc.RevSpring Inc.+*\#(2) (3)Media: Advertising, Printing & PublishingL + 4.00%5.95%10/11/202524,750  24,631  24,608  
Situs Group Holdings Corporation+ (2) (3) Banking, Finance, Insurance & Real Estate L + 4.50% 7.02% 2/26/2023 8,915
 8,892
 8,887
Situs Group Holdings Corporation^+\(2) (3) (7)Banking, Finance, Insurance & Real EstateL + 4.75%6.45%6/28/202513,715  13,621  13,697  
Systems Maintenance Services Holding, Inc.Systems Maintenance Services Holding, Inc.+*(2) (3)High Tech IndustriesL + 5.00%6.70%10/30/202323,765  23,672  18,180  
Surgical Information Systems, LLC+* (2) (3) (7) High Tech Industries L + 4.85% 7.37% 4/24/2023 27,708
 27,494
 27,171
Surgical Information Systems, LLC+*\(2) (3) (6)High Tech IndustriesL + 4.75%7.47%4/24/202326,168  26,005  25,715  
Systems Maintenance Services Holding, Inc.+* (2) (3) High Tech Industries L + 5.00% 7.52% 10/28/2023 24,010
 23,907
 17,842
T2 Systems Canada, Inc.+ (2) (3) Transportation: Consumer L + 6.75% 9.34% 9/28/2022 2,646
 2,598
 2,630
T2 Systems, Inc.^+* (2) (3) (8) Transportation: Consumer L + 6.75% 9.34% 9/28/2022 15,775
 15,484
 15,677
T2 Systems, Inc.^+*(2) (3) (7)Transportation: ConsumerL + 6.75%8.85%9/28/202218,045  17,789  18,045  
The Original Cakerie, Co. (Canada)+* (2) (3) Beverage, Food & Tobacco L + 5.00% 7.50% 7/20/2022 9,019
 8,968
 8,932
The Original Cakerie, Ltd. (Canada)The Original Cakerie, Ltd. (Canada)+*(2) (3) (7)Beverage, Food & TobaccoL + 5.00%6.84%7/20/20228,928  8,897  8,887  
The Original Cakerie, Ltd. (Canada)+ (2) (3) (8) Beverage, Food & Tobacco L + 4.50% 7.02% 7/20/2022 6,957
 6,917
 6,883
The Original Cakerie, Ltd. (Canada)^*(2) (3) (7)Beverage, Food & TobaccoL + 4.50%6.34%7/20/20226,826  6,801  6,790  
ThoughtWorks, Inc.+*\ (2) (3) Business Services L + 4.00% 6.52% 10/12/2024 11,944
 11,909
 11,770
ThoughtWorks, Inc.+*\(2) (3)Business ServicesL + 4.00%5.70%10/11/202411,824  11,794  11,824  
U.S. Acute Care Solutions, LLC+* (2) (3) Healthcare & Pharmaceuticals L + 5.00% 7.52% 5/15/2021 31,705
 31,540
 31,395
U.S. Acute Care Solutions, LLC+*\(2) (3)Healthcare & PharmaceuticalsL + 5.00%6.91%5/15/202131,431  31,331  29,869  
U.S. TelePacific Holdings Corp.+*\ (2) (3) Telecommunications L + 5.00% 7.80% 5/2/2023 26,660
 26,459
 24,768
U.S. TelePacific Holdings Corp.+*\(2) (3)TelecommunicationsL + 5.00%7.10%5/2/202326,660  26,499  25,430  
Valet Waste Holdings, Inc.Valet Waste Holdings, Inc.+\(2) (3)Construction & BuildingL + 3.75%5.70%9/28/202511,850  11,825  11,688  
Welocalize, Inc.Welocalize, Inc.+^(2) (3) (7)Business ServicesL + 4.50%6.21%12/2/202423,038  22,788  22,787  
WIRB - Copernicus Group, Inc.WIRB - Copernicus Group, Inc.+*\(2) (3) (7)Healthcare & PharmaceuticalsL + 4.25%5.95%8/15/202220,888  20,822  20,887  
WRE Holding Corp.WRE Holding Corp.^+*(2) (3) (7)Environmental IndustriesL + 5.00%6.91%1/3/20237,431  7,372  7,304  
Zywave, Inc.Zywave, Inc.+*\(2) (3) (7)High Tech IndustriesL + 5.00%6.93%11/17/202219,228  19,107  19,211  
First Lien Debt TotalFirst Lien Debt Total$1,231,436  $1,223,215  
Second Lien Debt (1.75% of fair value)Second Lien Debt (1.75% of fair value)
DBI Holding, LLCDBI Holding, LLC^*(2) (3) (8)Transportation: Cargo9.00% PIK8.00%2/1/2026$21,150  $20,697  $21,150  
Zywave, Inc.Zywave, Inc.*(2) (3)High Tech IndustriesL + 9.00%10.94%11/17/2023$666  660  664  
54

Consolidated Schedule of Investments as of December 31, 2018
Investments (1)
  Footnotes Industry 
Reference Rate & Spread (2)
 
Interest Rate (2)
 Maturity Date Par/ Principal Amount 
Amortized Cost (5)
 
Fair Value (6)
First Lien Debt (99.91% of fair value)              
Upstream Intermediate, LLC^+ (2) (3) (8) Healthcare & Pharmaceuticals L + 4.25% 6.77% 1/3/2024 $17,939
 $17,863
 $17,677
Valet Waste Holdings, Inc.+\ (2) (3) Construction & Building L + 4.00% 6.52% 9/28/2025 11,970
 11,947
 11,902
Valicor Environmental Services, LLC^+* (2) (3) (8) Environmental Industries L + 4.75% 7.27% 6/1/2023 33,410
 32,914
 32,995
WIRB - Copernicus Group, Inc.^+* (2) (3) (8) Healthcare & Pharmaceuticals L + 4.25% 6.77% 8/15/2022 17,194
 17,098
 16,931
WRE Holding Corp.^+* (2) (3) (8) Environmental Industries L + 5.00% 7.52% 1/3/2023 7,238
 7,162
 6,993
Zywave, Inc.^+* (2) (3) (8) High Tech Industries L + 5.00% 7.52% 11/17/2022 18,050
 17,914
 17,991
First Lien Debt Total              $1,197,499
 $1,172,460
Second Lien Debt (0.09% of fair value)              
Zywave, Inc.* (2) (3) High Tech Industries L + 9.00% 11.65% 11/17/2023 $1,050
 $1,038
 $1,048
Second Lien Debt Total           $1,038
 $1,048
Total Investments              $1,198,537
 $1,173,508
Consolidated Schedule of Investments as of December 31, 2019
Investments (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Maturity DatePar/ Principal Amount
Amortized Cost (5)
Fair Value (6)
Second Lien Debt Total$21,357  $21,814  
Equity Investments (0.15%of fair value)
DBI Holding, LLC^Transportation: Cargo$16,957  $5,364  $1,810  
Equity Investments Total$5,364  $1,810  
Total Investments$1,258,157  $1,246,839  

^ Denotes that all or a portion of the assets are owned by Credit Fund. Credit Fund has entered into the Credit Fund Facility. The lenders of the Credit Fund Facility have a first lien security interest in substantially all of the assets of Credit Fund. Accordingly, such assets are not available to creditors of Credit Fund Sub, the 2017-1 Issuer, the 2019-2 Issuer or the Credit Fund Warehouse.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 “Creditthe Credit Fund Sub Facility”).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 2017-1 Issuer, the 2019-2 Issuer or the Credit Fund Warehouse.Warehouse II.
* Denotes that all or a portion of the assets are owned by the 2017-1 Issuer and secure the notes issued in connection with a $399,900 term debt securitization completed by Credit Fund on December 19, 2017 (the “2017-1the 2017-1 Debt Securitization”).Securitization. Accordingly, such assets are not available to creditors of Credit Fund, Credit Fund Sub, the 2019-2 Issuer or the Credit Fund Warehouse.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, Warehouse.Credit Fund Sub, the 2017-1 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 “Creditthe Credit Fund Warehouse Facility”).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.Warehouse II. Accordingly, such assets are not available to creditors of Credit Fund, Credit Fund Sub, the 2017-1 Issuer or the 2017-12019-2 Issuer.
(1)Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2018, the geographical composition of investments as a percentage of fair value was 1.35% in Canada and 98.65% 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, 2018. As of December 31, 2018, the reference rates for Credit Fund's variable rate loans were the 30-day LIBOR at 2.50%, the 90-day LIBOR at 2.81% and the 180-day LIBOR at 2.88%.
(3)Loan includes interest rate floor feature, which is generally 1.00%.
(4)Credit Fund Sub receives less than the stated interest rate of this loan as a result of an agreement among lenders. The interest rate reduction is 1.20% on EIP Merger Sub, LLC (Evolve IP). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/first out loan, which has first priority ahead of the first lien/last out loan with respect to principal, interest and other payments.
(5)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.
(6)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.
(7)In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, Credit Fund is entitled to receive additional interest as a result of an agreement among lenders as follows: EIP Merger Sub, LLC (Evolve IP) (3.75%) and Surgical Information Systems, LLC (0.89%). Pursuant to the agreement among lenders in respect of these loans, these investments represent 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.


(1)Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2019, the geographical composition of investments as a percentage of fair value was 1.26% in Canada and 98.74% 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, 2019. As of December 31, 2019, the reference rates for Credit Fund's variable rate loans were the 30-day LIBOR at 1.75%, the 90-day LIBOR at 1.91% and the 180-day LIBOR at 1.91%.

(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, to these consolidated financial statements.

(6)In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, Credit Fund is entitled to receive additional interest as a result of an agreement among lenders as follows: Surgical Information Systems, LLC (0.89%). Pursuant to the agreement among lenders in respect of these loans, these investments represent 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.



(8)As of December 31, 2018, Credit Fund and Credit Fund Sub had the following unfunded commitments to fund delayed draw and revolving senior secured loans:
55

First Lien Debt—unfunded delayed draw and revolving term loans commitmentsType Unused Fee Par/ Principal Amount Fair Value
Advanced Instruments, LLCRevolver 0.50% $1,333
 $(10)
Ahead, LLCRevolver 0.50
 4,688
 (38)
AQA Acquisition Holding, Inc.Revolver 0.50
 2,459
 (19)
Borchers, Inc.Revolver 0.50
 1,935
 (5)
Clearent Newco, LLCDelayed Draw 1.00
 4,988
 (46)
Clearent Newco, LLCRevolver 0.50
 1,760
 (16)
DecoPac, Inc.Revolver 0.50
 2,143
 (11)
Executive Consulting Group, LLC, Inc.Revolver 0.50
 2,368
 (25)
HMT Holding Inc.Revolver 0.50
 6,173
 (49)
Jensen Hughes, Inc.Revolver 0.50
 2,000
 (39)
Jensen Hughes, Inc.Delayed Draw 1.00
 337
 (7)
MAG DS Corp.Revolver 0.50
 2,022
 (18)
MSHC, Inc.Delayed Draw 0.32
 9,852
 (145)
North American Dental Management, LLCRevolver 0.50
 2,000
 (35)
North Haven CA Holdings, Inc. (CoAdvantage)Revolver 0.50
 6,114
 (109)
Output Services GroupDelayed Draw 4.25
 2,518
 (93)
Pharmalogic Holdings Corp.Delayed Draw 1.00
 2,947
 (20)
Premise Health Holding Corp.Delayed Draw 1.00
 1,103
 (11)
Propel Insurance Agency, LLCDelayed Draw 0.50
 7,143
 (110)
Propel Insurance Agency, LLCRevolver 0.50
 1,667
 (26)
PSI Services LLCRevolver 0.50
 754
 (17)
QW Holding Corporation (Quala)Revolver 0.50
 5,498
 (52)
T2 Systems, Inc.Revolver 0.50
 1,173
 (7)
The Original Cakerie, Ltd. (Canada)Revolver 0.50
 1,132
 (10)
Upstream Intermediate, LLCRevolver 0.50
 1,606
 (22)
Valicor Environmental Services, LLCRevolver 0.50
 4,971
 (54)
WIRB - Copernicus Group, Inc.Delayed Draw 1.00
 6,480
 (69)
WIRB - Copernicus Group, Inc.Revolver 0.50
 1,000
 (11)
WRE Holding Corp.Delayed Draw 0.89
 2,069
 (51)
WRE Holding Corp.Revolver 0.50
 613
 (15)
Zywave, Inc.Revolver 0.50
 600
 (2)
Total unfunded commitments    $91,446
 $(1,142)

(9)Loan was on non-accrual status as of December 31, 2018.
(7)As of December 31, 2019, 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 commitmentsTypeUnused FeePar/ Principal AmountFair Value
Advanced Instruments, LLCRevolver0.50 %$563  $(2) 
AmeriLife Group, LLCDelayed Draw1.00  298  (1) 
Anchor Packaging, Inc.Delayed Draw1.00  4,487  (1) 
AQA Acquisition Holding, Inc.Revolver0.50  2,459  (11) 
Borchers, Inc.Revolver0.50  1,935  (3) 
Clearent Newco, LLCDelayed Draw1.00  6,636  (110) 
DecoPac, Inc.Revolver0.50  2,143  (7) 
EIP Merger Sub, LLC (Evolve IP)Revolver0.50  1,680  —  
EIP Merger Sub, LLC (Evolve IP)Delayed Draw1.00  2,240  —  
HMT Holding Inc.Revolver0.50  6,173  (29) 
Jensen Hughes, Inc.Revolver0.50  1,136  (11) 
Jensen Hughes, Inc.Delayed Draw1.00  2,365  (23) 
MAG DS Corp.Revolver0.50  2,188  (13) 
Marco Technologies, LLCDelayed Draw1.00  7,500  —  
MSHC, Inc.Delayed Draw1.00  1,913  (4) 
Output Services GroupDelayed Draw4.25  116  (1) 
Pathway Vet Alliance LLCDelayed Draw1.00  19,867  68  
Premise Health Holding Corp.Delayed Draw1.00  1,103  (17) 
Propel Insurance Agency, LLCRevolver0.50  2,381  (10) 
Propel Insurance Agency, LLCDelayed Draw0.50  7,143  (31) 
QW Holding Corporation (Quala)Revolver0.50  5,498  (31) 
QW Holding Corporation (Quala)Delayed Draw1.00  217  (1) 
Situs Group Holdings CorporationDelayed Draw1.00  1,216  (1) 
T2 Systems, Inc.Revolver0.50  1,369  —  
The Original Cakerie, Ltd. (Canada)Revolver0.50  1,199  (5) 
Welocalize, Inc.Revolver0.50  2,057  (21) 
WIRB - Copernicus Group, Inc.Revolver0.50  1,000  —  
WIRB - Copernicus Group, Inc.Delayed Draw1.00  2,592  —  
WRE Holding Corp.Revolver0.50  441  (6) 
WRE Holding Corp.Delayed Draw1.00  1,981  (25) 
Zywave, Inc.Revolver0.50  998  (1) 
Total unfunded commitments$92,894  $(297) 
(8)Loan was on non-accrual status as of December 31, 2019.
Debt
Credit Fund Facilities
The 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 knowknown as the Credit Fund Warehouse) was party to the Credit Fund Warehouse Facility. As of SeptemberJune 30, 2020 and December 31, 2019, 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. As of December 31, 2018, Credit Fund, Credit Fund Sub and Credit Fund Warehouse were in compliance with all covenants and other requirements of their respective credit facility agreements.
56

Below is a summary of the borrowings and repayments under the credit facilities for the three month and ninesix month periods ended 20192020 and 2018,2019, and the outstanding balances under the credit facilities for the respective periods.


Credit Fund
Facility		Credit Fund Sub
Facility		Credit Fund Warehouse FacilityCredit Fund Warehouse II Facility
 Credit Fund
Facility		 Credit Fund Sub
Facility		 Credit Fund Warehouse Facility Credit Fund Warehouse II Facility20202019202020192020201920202019
 2019 2018 2019 2018 2019 2018 2019 2018
Three Month Period Ended September 30,             
Three Month Periods Ended June 30,Three Month Periods Ended June 30,
Outstanding balance, beginning of period $80,000
 $114,000
 $384,493
 $450,950
 $—
 N/A $—
 N/AOutstanding balance, beginning of period$—  $123,800  $367,006  $510,750  N/A$113,917  $95,415  N/A
Borrowings 32,500
 27,000
 35,500
 101,300
 —
 N/A 77,935
 N/ABorrowings—  20,200  43,000  48,850  N/A21,672  13,579  N/A
Repayments (18,500) (19,000) (76,987) —
 —
 N/A —
 N/ARepayments—  (64,000) (57,000) (175,107) N/A(135,589) —  N/A
Outstanding balance, end of period $94,000
 $122,000
 $343,006
 $552,250
 $—
 N/A $77,935
 N/AOutstanding balance, end of period$—  $80,000  $353,006  $384,493  N/A$—  $108,994  N/A
             
Nine month periods ended September 30,             
Six Month Periods Ended June 30,Six Month Periods Ended June 30,
Outstanding Borrowing, beginning of period $112,000
 $85,750
 $471,134
 $377,686
 $101,044
 N/A $—
 N/AOutstanding Borrowing, beginning of period$93,000  $112,000  $343,506  $471,134  N/A$101,045  $97,571  N/A
Borrowings 83,200
 74,150
 144,370
 210,565
 34,544
 N/A 77,935
 N/ABorrowings63,500  50,700  100,000  108,870  N/A34,544  33,373  N/A
Repayments (101,200) (37,900) (272,498) (36,001) (135,588) N/A —
 N/ARepayments(156,500) (82,700) (90,500) (195,511) N/A(135,589) (21,950) N/A
Outstanding balance, end of period $94,000
 $122,000
 $343,006
 $552,250
 $—
 N/A $77,935
 N/AOutstanding balance, end of period$—  $80,000  $353,006  $384,493  N/A$—  $108,994  N/A
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, and June 29, 2018, February 21, 2019 and March 20, 2020, 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 March 22, 2020.2021. 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, and August 24, 2018.2018, December 12, 2019 and March 11, 2020. 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 Facility. On November 26, 2018, Credit Fund Warehouse closed on the Credit Fund Warehouse Facility with lenders. The Credit Fund Warehouse Facility provided for secured borrowings during the applicable revolving period up to an amount equal to $150,000. The Credit Fund Warehouse Facility was secured by a first lien security interest in substantially all of the portfolio investments held by the Credit Fund Warehouse. The maturity date of the Credit Fund Warehouse Facility was November 26, 2019. Amounts borrowed under the Credit Fund Warehouse Facility bore interest at a rate of LIBOR plus 1.05%. Effective May 15, 2019, the Warehouse Facility changed its name from “MMCF Warehouse, LLC” to “MMCF CLO 2019-2, LLC” and secured borrowings outstanding were repaid in connection with the 2019-2 Debt Securitization.
Credit Fund Warehouse II Facility. MMCF Warehouse II, LLC 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, and 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%;
57

•$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.
As of SeptemberJune 30, 20192020 and December 31, 2018,2019, 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 SeptemberJune 30, 2020 and December 31, 2019, the 2019-2 Issuer was in compliance with all covenants and other requirements of the indenture.
Other Short-Term Borrowings
Borrowings with original maturities of less than one year are classified as short-term.  Credit Fund’s short-term borrowings are the result of investments that were sold under repurchase agreements.  Investments sold under repurchase agreements are accounted for as collateralized borrowings as the sale of the investment does not qualify for sale accounting under ASC Topic 860 and remains as an investment on the Consolidated Statements of Financial Condition.
6. BORROWINGS
The Company and the SPV are party to credit facilities 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 SeptemberJune 30, 20192020 and December 31, 2018,2019, asset coverage was 181.16%176.55% and 210.31%181.01%, respectively. As of SeptemberJune 30, 20192020 and December 31, 2018,2019, the Company and the SPV were in compliance with all covenants and other requirements of their respective credit facility agreements. Below is a summary of the the borrowings and repayments under the credit facilities for the three month and ninesix month periods ended 2019June 30, 2020 and 2018,2019, and the outstanding balances under the credit facilitiesFacilities for the respective periods.
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For the three month periods ended For the nine month periods endedFor the three month periods endedFor the six month periods ended
September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Outstanding Borrowing, beginning of period$649,397
 $585,105
 $514,635
 $562,893
Outstanding Borrowing, beginning of period$701,609  $660,959  $616,543  $514,635  
Borrowings187,229
 258,600
 590,179
 681,650
Borrowings30,792  149,000  257,292  402,950  
Repayments(79,709) (289,406) (347,897) (690,244)Repayments(258,041) (160,562) (397,484) (268,188) 
Foreign currency translation(406) —
 (406) —
Foreign currency translation26  —  (1,965) —  
Outstanding balance, end of period$756,511
 $554,299
 $756,511
 $554,299
Outstanding balance, end of period$474,386  $649,397  $474,386  $649,397  
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. The SPV Credit Facility provides for secured borrowings during the applicable revolving period up to an amount equal to the lesser of $400,000$275,000 (the borrowing base as calculated


pursuant to the terms of the SPV Credit Facility) and the amount of net cash proceeds and unpledged capital commitments the Company has received, with an accordion feature that can, subject to certain conditions, increase the aggregate maximum credit commitment up to an amount not to exceed $750,000, 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 has a revolving period through May 21, 2021 and a maturity date of May 23, 2023. Borrowings under the SPV Credit Facility bear 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 through May 21, 2021, with pre-determined future interest rate increases of 0.875%-1.75% following the end of the revolving period. The SPV is 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 are made quarterly. The lenders have a first lien security interest on substantially all of the assets of the SPV.
As part of the SPV Credit Facility, the SPV is subject to limitations as to how borrowed funds may be used and the types of loans that are eligible to be acquired by the SPV including, but not limited to, restrictions on sector and geographic concentrations, loan size, payment frequency, tenor and minimum investment ratings (or estimated ratings). In addition, borrowed funds are intended to be used primarily to purchase first lien loan assets, and the SPV is limited in its ability to purchase certain other assets (including, but not limited to, second lien loans, covenant-lite loans, revolving and delayed draw loans and discount loans) and other assets are not permitted to be purchased (including, but not limited to paid-in-kind loans). The SPV Credit Facility has certain requirements relating to asset coverage, interest coverage, collateral quality and portfolio performance, including limitations on delinquencies and charge offs, certain violations of which could result in the immediate acceleration of the amounts due under the SPV Credit Facility. The SPV Credit Facility is also subject to a borrowing base that applies different advance rates to assets held by the SPV based generally on the fair market value of such assets. Under certain circumstances as set forth in the SPV Credit Facility, the Company could be obliged to repurchase loans from 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 and June 14, 2019. The maximum principal amount of the Credit Facility is $593,000,$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 June 14, 2023 and the Credit Facility will mature on June 14, 2024. During the period from June 14, 2023 to June
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14, 2024, 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.


Summary of Facilities
The Facilities consisted of the following as of SeptemberJune 30, 20192020 and December 31, 2018:2019:
September 30, 2019 June 30, 2020
Total Facility Borrowings Outstanding 
Unused Portion (1)
 
Amount Available (2)
 Total FacilityBorrowings Outstanding
Unused 
Portion (1)
Amount Available (2)
SPV Credit Facility$400,000
 $254,281
 $145,719
 $20,685
SPV Credit Facility$275,000  $149,986  $125,014  $19,765  
Credit Facility593,000
 502,230
 90,770
 90,770
Credit Facility688,000  324,400  363,600  221,254  
Total$993,000
 $756,511
 $236,489
 $111,455
Total$963,000  $474,386  $488,614  $241,019  
       
December 31, 2018 December 31, 2019
Total Facility Borrowings Outstanding 
Unused Portion (1)
 
Amount Available (2)
 Total FacilityBorrowings Outstanding
Unused 
Portion (1)
Amount Available (2)
SPV Credit Facility$400,000
 $224,135
 $175,865
 $2,547
SPV Credit Facility$275,000  $232,469  $42,531  $4,225  
Credit Facility413,000
 290,500
 122,500
 122,500
Credit Facility688,000  384,074  303,926  264,198  
Total$813,000
 $514,635
 $298,365
 $125,047
Total$963,000  $616,543  $346,457  $268,423  
 
(1)
(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.
As of September 30, 2019 and December 31, 2018, $3,232 and $2,978, respectively, of interest expense, $257 and $205, respectively, of unused commitment fees and $23 and $23, respectively, of other fees were included in interest and credit facility fees payable. As of September 30, 2019 and December 31, 2018, the weighted average interest rates were 4.16% and 4.67%, respectively,are based.
(2)Available for borrowing based on floating LIBOR rates.the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.

For the three month and ninesix month periods ended SeptemberJune 30, 20192020 and 2018,2019, the components of interest expense and credit facility fees were as follows:
 For the three month periods endedFor the six month periods ended
 June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Interest expense$4,206  $7,753  $10,579  $14,406  
Facility unused commitment fee409  296  727  599  
Amortization of deferred financing costs351  266  595  502  
Other fees27  109  56  138  
Total interest expense and credit facility fees$4,993  $8,424  $11,957  $15,645  
Cash paid for interest expense$4,984  $8,011  $11,672  $14,460  
Average principal debt outstanding$585,336  $665,693  $628,800  $617,374  
Weighted average interest rate2.84 %4.61 %3.33 %4.64 %

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 For the three month periods ended For the nine month periods ended
 September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018
Interest expense$8,510
 $5,922
 $22,916
 $16,897
Facility unused commitment fee271
 341
 870
 923
Amortization of deferred financing costs244
 210
 746
 664
Other fees30
 32
 168
 102
Total interest expense and credit facility fees$9,055
 $6,505
 $24,700
 $18,586
Cash paid for interest expense$8,036
 $6,803
 $22,496
 $17,555
        
Average principal debt outstanding$755,035
 $532,998
 $663,766
 $542,996
Weighted average interest rate4.41% 4.35% 4.55% 4.10%
As of June 30, 2020 and December 31, 2019, the components of interest and credit facilities payable were as follows:
As of
June 30, 2020December 31, 2019
Interest expense payable$1,242  $2,201  
Unused commitment fees payable134  187  
Other credit facility fees payable22  30  
Interest and credit facilities payable$1,398  $2,418  
Weighted average interest rate (based on floating LIBOR rates)2.36 %3.88 %

7. NOTES PAYABLE
4.750% Senior Unsecured Notes
On December 30, 2019, the Company closed a private offering of the Senior Notes. Interest is payable quarterly, beginning March 31, 2020. This interest rate is subject to increase (up to 5.75%) 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. For the three month and six month periods ended June 30, 2020, the Company incurred and paid $1,366 and $2,716, respectively, in interest expense on the Senior Notes.
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 June 30, 2020, 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.
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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%;
(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 month and ninesix month periods ended SeptemberJune 30, 20192020 and 2018.2019. 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 SeptemberJune 30, 2019,2020, the Company was in compliance with its undertaking.
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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 SeptemberJune 30, 2019,2020, the 2015-1R Notes were secured by 60 first lien and second lien senior secured loans with a total fair value of approximately $530,090$519,184 and cash of $24,238.$5,617. 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 ninesix month periods ended SeptemberJune 30, 20192020 and 2018, the weighted average interest rate,2019, the effective annualized weighted average interest rates, which include amortization of debt issuance costs on the 2015-1R Notes, were 3.41% and 2015-1 Notes, were 4.59% and 4.14%4.65%, respectively, based on floating LIBOR rates. As of SeptemberJune 30, 20192020 and December 31, 20182019 the weighted average interest rates were 4.29%3.27% and 4.42%4.75% respectively, based on floating LIBOR rates.
For the for the three month and ninesix month periods ended SeptemberJune 30, 20192020 and 2018,2019, the components of interest expense on the 2015-1R Notes and 2015-1 Notes were as follows:
 For the three month periods endedFor the six month periods ended
 June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Interest expense$3,810  $5,217  $8,203  $10,494  
Amortization of deferred financing costs61  62  123  123  
Total interest expense and credit facility fees$3,871  $5,279  $8,326  $10,617  
Cash paid for interest expense$4,365  $5,334  $8,959  $10,400  
 For the three month periods ended For the nine month periods ended
 September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018
Interest expense$4,966
 $3,613
 $15,460
 $9,061
Amortization of deferred financing costs62
 837
 185
 938
Total interest expense and credit facility fees$5,028
 $4,450
 $15,645
 $9,999
Cash paid for interest expense$5,348
 $4,456
 $15,748
 $9,414

As of SeptemberJune 30, 20192020 and December 31, 2018, $4,1692019, $3,134 and $4,294,$3,891, respectively, of interest expense was included in interest and credit facility fees payable.
8. COMMITMENTS AND CONTINGENCIES
A summary of significant contractual payment obligations was as follows as of SeptemberJune 30, 20192020 and December 31, 2018:2019:
  SPV Credit Facility and Credit Facility 2015-1R Notes
Payment Due by Period September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018
Less than 1 Year $—
 $—
 $—
 $—
1-3 Years —
 —
 —
 —
3-5 Years 756,511
 514,635
 —
 —
More than 5 Years —
 —
 449,200
 449,200
Total $756,511
 $514,635
 $449,200
 $449,200
Payment Due by PeriodJune 30, 2020December 31, 2019
Less than one year$—  $—  
1-3 years149,986  —  
3-5 years439,400  731,543  
More than 5 years449,200  449,200  
Total$1,038,586  $1,180,743  
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 SeptemberJune 30, 20192020 and December 31, 20182019 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
 June 30, 2020December 31, 2019
Unfunded delayed draw commitments$68,987  $75,874  
Unfunded revolving term loan commitments48,631  74,016  
Total unfunded commitments$117,618  $149,890  

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 Par Value as of
 September 30, 2019 December 31, 2018
Unfunded delayed draw commitments$98,541
 $97,261
Unfunded revolving term loan commitments75,312
 59,856
Total unfunded commitments$173,853
 $157,117

9. NET ASSETS
The Company has the authority to issue 200,000,000 shares of common stock, $0.01 per share par value.
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.
        After November 5, 2020, the Preferred Stock will be 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. 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).
On June 30, 2020, the Company declared a cash dividend on the Preferred Stock for the period from May 5, 2020 through June 30, 2020 in the amount of $0.277 per share, or $554 in the aggregate, to the holders of record of the Preferred Stock on June 30, 2020, which is payable on September 30, 2020.
Company Stock Repurchase Program
On November 5, 2018, the Company’s Board of Directors approved a $100,000 common stock repurchase program (the “Company Stock Repurchase Program”). The Company Stock Repurchase Program was to be in effect until the earlier of November 5, 2019, andor until the dateapproved dollar amount had been used to repurchase shares of common stock. On November 4, 2019, the Company's Board of Directors approved the continuation of the Company Stock Repurchase Program until November 5, 2020, or until the approved dollar amount has been used to repurchase shares. On November 4, 2019, the Company's Boardshares of Directors authorized a 12-month extension of the program. Under such authorization,common stock. This program, which is temporarily suspended, may be resumed, extended, modified or discontinued by the Company Stock Repurchase Program will be in effect until the earlier November 5, 2020 and the date the approved dollar amount of $100,000 has been usedat any time, subject to repurchase shares (inclusive of amounts already used).applicable law. Since the inception of the Company Stock Repurchase Program through SeptemberJune 30, 2019,2020, the Company has repurchased 3,554,5276,260,043 shares of the Company's common stock at an average cost of $14.73$13.67 per share, or $52,372$85,597 in the aggregate, resulting in accretion to net assets per share of $0.14.$0.34.
During
64

Changes in Net Assets
For the three and six month periodperiods ended SeptemberJune 30, 2020, the Company repurchased and extinguished 0 and 1,455,195 shares, respectively, for $0 and $16,003, respectively. The following tables summarize capital activity during the for the three and six month periods ended June 30, 2020:
 Preferred Stock
 
Common Stock
Capital in Excess of Par ValueOffering
Costs		Accumulated Net Investment Income (Loss)Accumulated Net Realized Gain (Loss)Accumulated Net Unrealized Appreciation (Depreciation)Total Net Assets
 SharesAmountSharesAmount
Balance, beginning of period—  $—  56,308,616  $563  $1,093,250  $(1,633) $13,506  $(84,501) $(222,651) $798,534  
Issuance of Preferred Stock2,000,000  50,000  —  —  —  —  —  —  —  50,000  
Net investment income (loss)—  —  —  —  —  —  21,692  —  —  21,692  
Net realized gain (loss)—  —  —  —  —  —  —  (47,149) —  (47,149) 
Net change in unrealized appreciation (depreciation)—  —  —  —  —  —  —  —  81,615  81,615  
Dividends declared—  —  —  —  —  —  (21,388) —  —  (21,388) 
Balance, end of period2,000,000  $50,000  56,308,616  $563  $1,093,250  $(1,633) $13,810  $(131,650) $(141,036) $883,304  
 Preferred Stock
 
Common Stock
Capital in Excess of Par ValueOffering CostsAccumulated Net Investment Income (Loss)Accumulated Net Realized Gain (Loss) on InvestmentsAccumulated Net Unrealized Appreciation (Depreciation)Total Net Assets
 SharesAmountSharesAmount
Balance, beginning of period—  $—  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 Stock2,000,000  50,000  —  —  —  —  —  —  —  50,000  
Net investment income (loss)—  —  —  —  —  —  45,664  —  —  45,664  
Net realized gain (loss) on investments—  —  —  —  —  —  —  (48,996) —  (48,996) 
Net change in unrealized appreciation (depreciation) on investments—  —  —  —  —  —  —  —  (61,610) (61,610) 
Dividends declared—  —  —  —  —  —  (42,222) —  —  (42,222) 
Balance, end of period2,000,000  $50,000  56,308,616  $563  $1,093,250  $(1,633) $13,810  $(131,650) $(141,036) $883,304  
65

For the three and six month periods ended June 30, 2019, the Company repurchased and extinguished 1,168,3831,090,210 and 2,048,392 shares, respectively, for $17,167.$16,269 and $30,354, respectively. The following table summarizestables summarize capital activity duringfor the three and six month periodperiods ended SeptemberJune 30, 2019:
  
Common Stock		Capital in Excess of Par ValueOffering CostsAccumulated Net Investment Income (Loss)Accumulated Net Realized Gain (Loss)Accumulated Net Unrealized Appreciation (Depreciation)Total Net Assets
 SharesAmount
Balance, beginning of period61,272,069  $613  $1,160,258  $(1,633) $10,791  $(43,673) $(66,169) $1,060,187  
Repurchase of common stock(1,090,210) (11) (16,258) —  —  —  —  (16,269) 
Net investment income (loss)—  —  —  —  27,971  —  —  27,971  
Net realized gain (loss)—  —  —  —  —  (7,681) —  (7,681) 
Net change in unrealized appreciation (depreciation)—  —  —  —  —  —  (10,533) (10,533) 
Dividends declared—  —  —  —  (27,083) —  —  (27,083) 
Balance, end of period60,181,859  $602  $1,144,000  $(1,633) $11,679  $(51,354) $(76,702) $1,026,592  
 
 
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) on Investments Total Net Assets  
Common Stock		Capital in Excess of Par ValueOffering CostsAccumulated Net Investment Income (Loss)Accumulated Net Realized Gain (Loss) on InvestmentsAccumulated Net Unrealized Appreciation (Depreciation) on InvestmentsTotal Net Assets
 Shares Amount  SharesAmount
Balance, beginning of period 60,181,859
 $602
 $1,144,000
 $(1,633) $11,679
 $(51,354) $(76,702) $1,026,592
Balance, beginning of period62,230,251  $622  $1,174,334  $(1,633) $5,901  $(44,572) $(71,434) $1,063,218  
Repurchase of common stock (1,168,383) (12) (17,155) —
 —
 —
 —
 (17,167)Repurchase of common stock(2,048,392) (20) (30,334) —  —  —  —  (30,354) 
Reinvestment of dividendsReinvestment of dividends—  —  —  —  —  —  —  —  
Offering costsOffering costs—  —  —  —  —  —  —  —  
Net investment income (loss) —
 —
 —
 —
 26,755
 —
 —
 26,755
Net investment income (loss)—  —  —  —  55,533  —  —  55,533  
Net realized gain (loss) on investments —
 —
 —
 —
 —
 (10,909) —
 (10,909)Net realized gain (loss) on investments—  —  —  —  —  (6,782) —  (6,782) 
Net change in unrealized appreciation (depreciation) on investments —
 —
 —
 —
 —
 —
 (24,835) (24,835)Net change in unrealized appreciation (depreciation) on investments—  —  —  —  —  —  (5,268) (5,268) 
Dividends declared —
 —
 —
 —
 (21,835) —
 —
 (21,835)Dividends declared—  —  —  —  (49,755) —  —  (49,755) 
Balance, end of period 59,013,476
 $590
 $1,126,845
 $(1,633) $16,599
 $(62,263) $(101,537) $978,601
Balance, end of period60,181,859  $602  $1,144,000  $(1,633) $11,679  $(51,354) $(76,702) $1,026,592  


During the nine month period ended September 30, 2019, the Company repurchased and extinguished 3,216,775 shares for $47,521. The following table summarizes capital activity during the nine month period ended September 30, 2019:
  
 
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) on Investments Total Net Assets
  Shares Amount 
Balance, beginning of period 62,230,251
 $622
 $1,174,334
 $(1,633) $5,901
 $(44,572) $(71,434) $1,063,218
Repurchase of common stock (3,216,775) (32) (47,489) —
 —
 —
 —
 (47,521)
Net investment income (loss) —
 —
 —
 —
 82,288
 —
 —
 82,288
Net realized gain (loss) on investments —
 —
 —
 —
 —
 (17,691) —
 (17,691)
Net change in unrealized appreciation (depreciation) on investments —
 —
 —
 —
 —
 —
 (30,103) (30,103)
Dividends declared —
 —
 —
 —
 (71,590) —
 —
 (71,590)
Balance, end of period 59,013,476
 $590
 $1,126,845
 $(1,633) $16,599
 $(62,263) $(101,537) $978,601
During the three month period ended September 30, 2018, the Company did not issue shares through the reinvestment of dividends. The following table summarizes capital activity during the three month period ended September 30, 2018:
   
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) on Investments Total Net Assets
  Shares Amount 
Balance, beginning of period 62,568,651
 $626
 $1,179,432
 $(1,633) $9,561
 $(41,902) $(24,272) $1,121,812
Reinvestment of dividends —
 —
 —
 —
 —
 —
 —
 —
Offering costs —
 —
 —
 —
 —
 —
 —
 —
Net investment income (loss) —
 —
 —
 —
 25,685
 —
 —
 25,685
Net realized gain (loss) on investments —
 —
 —
 —
 —
 (4,633) —
 (4,633)
Net change in unrealized appreciation (depreciation) on investments —
 —
 —
 —
 —
 —
 (14,972) (14,972)
Dividends declared —
 —
 —
 —
 (23,150) —
 —
 (23,150)
Balance, end of period 62,568,651
 $626
 $1,179,432
 $(1,633) $12,096
 $(46,535) $(39,244) $1,104,742


During the nine month period ended September 30, 2018, the Company issued 361,048 shares for $6,629, through the reinvestment of dividends. The following table summarizes capital activity during the nine month period ended September 30, 2018:
   
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) on Investments Total Net Assets
  Shares Amount 
Balance, beginning of period 62,207,603
 $622
 $1,172,807
 $(1,618) $2,522
 $(43,548) $(3,481) $1,127,304
Reinvestment of dividends 361,048
 4
 6,625
 —
 —
 —
 —
 6,629
Offering costs —
 —
 —
 (15) —
 —
 —
 (15)
Net investment income (loss) —
 —
 —
 —
 79,025
 —
 —
 79,025
Net realized gain (loss) on investments —
 —
 —
 —
 —
 (2,987) —
 (2,987)
Net change in unrealized appreciation (depreciation) on investments —
 —
 —
 —
 —
 —
 (35,763) (35,763)
Dividends declared —
 —
 —
 —
 (69,451) —
 —
 (69,451)
Balance, end of period 62,568,651
 $626
 $1,179,432
 $(1,633) $12,096
 $(46,535) $(39,244) $1,104,742
Earnings Per Share
The following table summarizes total shares issued and proceeds received related to capital activity during the nine month period ended September 30, 2018:
  Shares Issued Proceeds Received
January 17, 2018* 361,048
 $6,629
Total 361,048
 $6,629
* Represents shares issued upon the reinvestment of dividends
The Company computescalculates earnings per common share in accordance with ASC 260, Earnings Per Share."Earnings per Share." Basic earnings per common share wereis calculated by dividing the net increase (decrease) in net assets resulting from operations, attributable to the Companyless preferred dividends, by the weighted-averageweighted 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 period.convertible Preferred Stock. Diluted earnings per share excludes all dilutive potential common shares if their effect is anti-dilutive. Potential common shares for the six months ended
66

June 30, 2020 would be antidilutive due to the net loss in the period. Basic and diluted earnings per common share were as follows:
 For the three month period ended June 30, 2020For the six month period ended June 30, 2020
 BasicDilutedBasicDiluted
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders$55,604  $56,158  $(65,496) $(65,496) 
Weighted-average common shares outstanding56,308,616  59,547,482  56,710,405  56,710,405  
Basic and diluted earnings per share$0.99  $0.94  $(1.15) $(1.15) 
  For the three month periods ended For the nine month periods ended
  September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018
Net increase (decrease) in net assets resulting from operations $(8,989) $6,080
 $34,494
 $40,275
Weighted-average common shares outstanding 59,587,941
 62,568,651
 60,644,479
 62,546,168
Basic and diluted earnings per common share $(0.15) $0.10
 $0.57
 $0.64


For the three month period ended June 30, 2019For the six month period ended June 30, 2019
BasicDilutedBasicDiluted
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders$9,757  $9,757  $43,483  $43,483  
Weighted-average common shares outstanding60,596,402  60,596,402  61,191,926  61,191,926  
Basic and diluted earnings per share$0.16  $0.16  $0.71  $0.71  

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 Share Amount 
March 20, 2017 March 20, 2017 April 24, 2017 $0.41
 
June 20, 2017 June 30, 2017 July 18, 2017 $0.37
 
August 7, 2017 September 29, 2017 October 18, 2017 $0.37
 
November 7, 2017 December 29, 2017 January 17, 2018 $0.37
 
December 13, 2017 December 29, 2017 January 17, 2018 $0.12
(1) 
February 26, 2018 March 29, 2018 April 17, 2018 $0.37
 
May 2, 2018 June 29, 2018 July 17, 2018 $0.37
 
August 6, 2018 September 28, 2018 October 17, 2018 $0.37
 
November 5, 2018 December 28, 2018 January 17, 2019 $0.37
 
December 12, 2018 December 28, 2018 January 17, 2019 $0.20
(1) 
February 22, 2019 March 29, 2019 April 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) 
August 5, 2019 September 30, 2019 October 17, 2019 $0.37
 
Date DeclaredRecord DatePayment DatePer Common Share Amount
February 26, 2018March 29, 2018April 17, 2018$0.37 
May 2, 2018June 29, 2018July 17, 2018$0.37 
August 6, 2018September 28, 2018October 17, 2018$0.37 
November 5, 2018December 28, 2018January 17, 2019$0.37 
December 12, 2018December 28, 2018January 17, 2019$0.20 
(1)
Represents a special dividend.February 22, 2019March 29, 2019April 17, 2019$0.37 
May 6, 2019June 28, 2019July 17, 2019$0.37 
June 17, 2019June 28, 2019July 17, 2019$0.08 
(1)
August 5, 2019September 30, 2019October 17, 2019$0.37 
November 4, 2019December 31, 2019January 17, 2020$0.37 
December 12, 2019December 31, 2019January 17, 2020$0.18 
(1)
February 24, 2020March 31, 2020April 17, 2020$0.37 
May 4, 2020June 30, 2020July 17, 2020$0.37 

(1)Represents a special dividend.


67

10. CONSOLIDATED FINANCIAL HIGHLIGHTS
The following is a schedule of consolidated financial highlights for the ninesix month periods ended SeptemberJune 30, 20192020 and 2018:2019: 
 For the six month periods ended
 June 30, 2020June 30, 2019
Per Common Share Data:
Net asset value per common share, beginning of period$16.56  $17.09  
Net investment income (loss) (1)
0.80  0.91  
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities(1.96) (0.20) 
Net increase (decrease) in net assets resulting from operations(1.16) 0.71  
Dividends declared (2)
(0.74) (0.82) 
Accretion due to share repurchases0.14  0.08  
Net asset value per common share, end of period$14.80  $17.06  
Market price per common share, end of period$8.57  $15.24  
Number of common shares outstanding, end of period56,308,616  60,181,859  
Total return based on net asset value (3)
(6.16)%4.62 %
Total return based on market price (4)
(30.42)%29.52 %
Net assets attributable to Common Stockholders, end of period$833,304  $1,026,592  
Ratio to average net assets attributable to Common Stockholders(5):
Expenses before incentive fees4.72 %4.22 %
Expenses after incentive fees5.86 %5.33 %
Net investment income (loss)5.33 %5.24 %
Interest expense and credit facility fees2.69 %2.48 %
Ratios/Supplemental Data:
Asset coverage, end of period176.55 %193.45 %
Portfolio turnover19.08 %18.15 %
Weighted-average shares outstanding56,710,405  61,191,926  
 For the nine month periods ended
 September 30, 2019 September 30, 2018
Per Share Data:   
Net asset value per share, beginning of period$17.09
 $18.12
Net investment income (loss) (1)1.37
 1.27
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments(0.81) (0.62)
Net increase (decrease) in net assets resulting from operations0.56
 0.65
Dividends declared (2)(1.19) (1.11)
Accretion due to share repurchases0.12
 —
Net asset value per share, end of period$16.58
 $17.66
Market price per share, end of period$14.40
 $16.70
    
Number of shares outstanding, end of period59,013,476
 62,568,651
Total return based on net asset value (3)3.98% 3.59 %
Total return based on market price (4)25.73% (11.13)%
Net assets, end of period$978,601
 $1,104,742
Ratio to average net assets (5):   
Expenses before incentive fees6.50% 4.89 %
Expenses after incentive fees8.17% 6.37 %
Net investment income (loss)7.88% 6.97 %
Interest expense and credit facility fees3.86% 2.52 %
Ratios/Supplemental Data:   
Asset coverage, end of period181.16% 210.09 %
Portfolio turnover24.35% 28.44 %
Weighted-average shares outstanding60,644,479
 62,546,168
(1)Net investment income (loss) per share was calculated as net investment income (loss) for the period divided by the weighted average number of shares outstanding for the period.
(2)Dividends declared per share was calculated as the sum of dividends declared during the period divided by the number of shares outstanding at each respective quarter-end date (refer to Note 9, Net Assets).
(3)Total return based on net asset value (not annualized) is based on the change in net asset value per share during the period plus the declared dividends, 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 share during the period plus the declared dividends, 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 have not been annualized.

(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 9, 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.

11. 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 SeptemberJune 30, 20192020 and December 31, 2018,2019, 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.

68

12. TAX
The Company has not recorded a liability for any uncertain tax positions pursuant to the provisions of ASC 740, Income Taxes, as of SeptemberJune 30, 20192020 and December 31, 2018.2019.
In the normal course of business, the Company is subject to examination by federal and certain state, local and foreign tax regulators. As of SeptemberJune 30, 20192020 and December 31, 2018,2019, 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 ninesix month periods ended SeptemberJune 30, 20192020 and 20182019 was as follows:
 For the six month periods ended
 June 30, 2020June 30, 2019
Ordinary income$42,222  $49,755  
Tax return of capital$—  $—  
 For the nine month periods ended
 September 30, 2019 September 30, 2018
Ordinary income$71,590
 $69,451
Tax return of capital$—
 $—
13. 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.
Subsequent to September 30, 2019, the Company borrowed $41,500 under the Credit Facility and the SPV Credit Facility. The Company also voluntarily repaid $53,743 under the Credit Facility and SPV Credit Facility.
On October 18, 2019, the maximum principal amount of the Credit Facility was increased from $593,000 to $688,000.
On November 4, 2019,August 3, 2020, the Board of Directors declared a regular quarterly common dividend of $0.37,$0.32 plus a special dividend of $0.05, which isare payable on January 17,October 16, 2020 to common stockholders of record on December 31, 2019.September 30, 2020.
69










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 and the documents incorporated by reference herein involve a number of risks and uncertainties, including statements concerning:
 
•our, or our portfolio companies’, future business, operations, operating results or prospects;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;business and the impact of the COVID-19 pandemic thereon;
•the impact of fluctuations in interest rates on our business;
•our future operating results;results 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;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;capital, and the impact of the COVID-19 pandemic thereon;
•our contractual arrangements and relationships with third parties;
the general economy and its impact on the industries in which we invest;
•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;
•the financial condition of and ability of our current and prospective portfolio companies to achieve their objectives;objectives and the impact of the COVID-19 pandemic thereon;
•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;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;
•the impact of currency fluctuations could adversely affecton 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;
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•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;
•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 and elsewhere in this Form 10-Q.
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 annual report on Form 10-K for the year ended December 31, 20182019 and Part II, Item 1A of thisour Form 10-Q “Risk Factors.”for the quarter ended March 31, 2020. Our actual results could differ materially from those anticipated by such forward-looking statements due to factors discussed under “Risk Factors” 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. We primarily investinvestments 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 $10$25 million to $100 million of EBITDA.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 originationsorigination 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. However, we may from time to time invest in larger or smaller companies. 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 NASDAQNasdaq 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
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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. As of SeptemberJune 30, 2019,2020, our Investment Adviser’s investment team included a team of 26 dedicatedmore than 150 investment professionals.professionals across the Carlyle Global Credit segment. The five members of our Investment Adviser’s investment committee have an average of 26over 25 years of industry experience. 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;
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•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;
•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 SeptemberJune 30, 20192020 and December 31, 2018.2019.
As of
June 30, 2020December 31, 2019
Fair value of investments$1,907,555  $2,123,964  
Count of investments142  136  
Count of portfolio companies / investment fund111  112  
Count of industries28  28  
Count of sponsors63  63  
Percentage of total investment fair value:
First lien debt (excluding first lien/last out debt)69.0 %74.6 %
First lien/last out debt4.1 %3.7 %
Second lien debt14.6 %11.0 %
Total secured debt87.7 %89.3 %
Credit Fund10.6 %9.6 %
Equity investments1.7 %1.0 %
Percentage of debt investment fair value:
Floating rate (1)
99.1 %99.7 %
Fixed interest rate0.9 %0.3 %
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 As of
 September 30, 2019 December 31, 2018
Fair value of investments$2,126,688
 $1,972,157
Count of investments141
 119
Count of portfolio companies / investment fund110
 96
Count of industries28
 27
Count of sponsors63
 57
Percentage of total investment fair value:   
First lien debt68.1% 68.1%
First lien/last out loans10.0% 10.3%
Second lien debt10.9% 9.1%
Total secured debt89.0% 87.5%
Credit Fund9.6% 11.3%
Equity investments1.4% 1.2%
    
Percentage of debt investment fair value:   
Floating rate (1)99.7% 99.2%
Fixed interest rate0.3% 0.8%
(1) Primarily subject to interest rate floors.



Our investment activity for the three month periods ended SeptemberJune 30, 20192020 and 20182019 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
September 30, 2019 September 30, 2018 June 30, 2020June 30, 2019
Investments:   Investments:
Total investments, beginning of period$2,152,317
 $1,971,064
Total investments, beginning of period$2,247,327  $2,221,378  
New investments purchased235,812
 228,534
New investments purchased61,595  230,893  
Net accretion of discount on investments2,867
 2,328
Net accretion of discount on investments1,473  3,984  
Net realized gain (loss) on investments(10,909) (4,633)Net realized gain (loss) on investments(47,784) (7,714) 
Investments sold or repaid(151,456) (139,051)Investments sold or repaid(214,262) (296,224) 
Total Investments, end of period$2,228,631
 $2,058,242
Total Investments, end of period$2,048,349  $2,152,317  
Principal amount of investments funded:   Principal amount of investments funded:
First Lien Debt (excluding First Lien/Last Out)$139,276
 $181,334
First Lien/Last Out Unitranche25,045
 3,547
First Lien Debt (excluding First Lien/Last Out Debt)First Lien Debt (excluding First Lien/Last Out Debt)$41,273  $153,525  
First Lien/Last Out DebtFirst Lien/Last Out Debt20,921  15,711  
Second Lien Debt39,500
 11,766
Second Lien Debt368  35,839  
Equity Investments683
 190
Equity Investments518  587  
Investment Fund32,500
 34,500
Investment Fund—  25,699  
Total$237,004
 $231,337
Total$63,080  $231,361  
Principal amount of investments sold or repaid:   Principal amount of investments sold or repaid:
First Lien Debt (excluding First Lien/Last Out)$(137,674) $(98,023)
First Lien/Last Out Unitranche—
 (24,770)
First Lien Debt (excluding First Lien/Last Out Debt)First Lien Debt (excluding First Lien/Last Out Debt)$(227,302) $(176,210) 
First Lien/Last Out DebtFirst Lien/Last Out Debt(33,898) (1,629) 
Second Lien Debt(9,498) (1,801)Second Lien Debt(3,000) (62,059) 
Equity Investments—
 —
Equity Investments—  (1,500) 
Investment Fund(18,500) (19,000)Investment Fund—  (64,000) 
Total$(165,672) $(143,594)Total$(264,200) $(305,398) 
Number of new funded investments11
 11
Number of new funded investments5  12  
Average amount of new funded investments$21,437
 $20,776
Average amount of new funded investments$8,656  $19,241  
Percentage of new funded debt investments at floating interest rates97% 100%Percentage of new funded debt investments at floating interest rates100 %100 %
Percentage of new funded debt investments at fixed interest rates3% —%Percentage of new funded debt investments at fixed interest rates— %— %
As of SeptemberJune 30, 20192020 and December 31, 2018,2019, investments consisted of the following:
 June 30, 2020December 31, 2019
 Amortized
Cost		Fair ValueAmortized
Cost		Fair Value
First Lien Debt (excluding First Lien/Last Out Debt)$1,413,685  $1,316,786  $1,649,721  $1,585,042  
First Lien/Last Out Debt80,209  78,127  78,951  78,096  
Second Lien Debt306,123  278,623  234,006  234,532  
Equity Investments32,331  31,756  22,272  21,698  
Investment Fund216,001  202,263  216,501  204,596  
Total$2,048,349  $1,907,555  $2,201,451  $2,123,964  

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 September 30, 2019 December 31, 2018
 
Amortized
Cost
 Fair Value 
Amortized
Cost
 Fair Value
First Lien Debt (excluding First Lien/Last Out)$1,479,102
 $1,447,303
 $1,375,437
 $1,343,422
First Lien/Last Out Unitranche278,629
 213,492
 241,263
 202,849
Second Lien Debt231,552
 232,135
 179,434
 178,958
Equity Investments21,847
 30,657
 17,456
 24,633
Investment Fund217,501
 203,101
 230,001
 222,295
Total$2,228,631
 $2,126,688
 $2,043,591
 $1,972,157












The weighted average yields (1) for our first and second lien debt, based on the amortized cost and fair value as of SeptemberJune 30, 20192020 and December 31, 2018,2019, were as follows:
June 30, 2020December 31, 2019
September 30, 2019 December 31, 2018 Amortized
Cost		Fair ValueAmortized
Cost		Fair Value
Amortized
Cost
 Fair Value 
Amortized
Cost
 Fair Value
First Lien Debt (excluding First Lien/Last Out)8.65% 8.84% 9.16% 9.38%
First Lien/Last Out Unitranche8.63% 11.27% 10.62% 12.63%
First Lien Debt (excluding First Lien/Last Out Debt)First Lien Debt (excluding First Lien/Last Out Debt)6.84 %7.34 %8.00 %8.17 %
First Lien/Last Out DebtFirst Lien/Last Out Debt8.76 %8.99 %6.63 %9.53 %
First Lien Debt Total8.65% 9.15% 9.38% 9.80%First Lien Debt Total6.94 %7.43 %7.91 %8.23 %
Second Lien Debt10.62% 10.59% 11.04% 11.07%Second Lien Debt9.29 %10.21 %10.44 %10.42 %
First and Second Lien Debt Total8.88% 9.33% 9.54% 9.94%First and Second Lien Debt Total7.34 %7.90 %8.22 %8.50 %
 
(1)Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of September 30, 2019 and December 31, 2018. 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.
(1)Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of June 30, 2020 and December 31, 2019. 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 decreased from 9.54%8.22% to 8.88%7.34% from December 31, 20182019 to SeptemberJune 30, 2019.2020. The decrease in weighted average yields was primarily due to a decrease in the effective LIBOR rate applicable to loans in the portfolio and the impact of loans on non-accrual status.portfolio.
The following table summarizes the fair value of our performing and non-accrual/non-performing investments as of SeptemberJune 30, 20192020 and December 31, 2018:2019:
September 30, 2019 December 31, 2018 June 30, 2020December 31, 2019
Fair Value Percentage Fair Value Percentage Fair ValuePercentageFair ValuePercentage
Performing$2,112,975
 99.36% $1,957,830
 99.27%Performing$1,836,247  96.26 %$2,071,535  97.53 %
Non-accrual (1)
13,713
 0.64
 14,327
 0.73
Non-accrual (1)
71,308  3.74  52,429  2.47  
Total$2,126,688
 100.00% $1,972,157
 100.00%Total$1,907,555  100.00 %$2,123,964  100.00 %
 
(1)
(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.
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 SeptemberJune 30, 20192020 and December 31, 20182019 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.
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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 the following categories, which we refer to as “Internal Risk Ratings”:. During the second quarter of 2020, our Investment Advisor reevaluated and revised its Internal Risk Ratings and policies across the Carlyle Direct Lending platform to more appropriately assess portfolio risk across all market conditions, including the current COVID-19 environment. The revised methodology incorporates greater focus on expectations for future company performance and industry outlook, and creates greater consistency in risk rating assignment across all investments by removing from the ratings methodology the direct tie of historical financial results to the "base case" projections derived at the time of our initial investment. Under the revised methodology, an Internal Risk Rating of 1 – 5, which are defined below, is assigned to each debt investment in our portfolio, compared to Internal Risk Ratings of 1 – 6 under the legacy methodology. Key drivers of internal risk rating used in the revised methodology are substantially the same as the legacy methodology, including financial metrics, financial covenants, liquidity and enterprise value coverage.
Internal Risk Ratings Definitions
Rating  Definition
1  
Performing—Low Risk:Borrower is operating more than 10% ahead ofabove expectations, and the base case.
trends and risk factors are generally favorable.
2  
Performing—Stable Risk:Borrower is operating within 10%generally as expected or at an acceptable level of performance. The level of risk to our initial cost bases is similar to the base case (above or below).risk to our initial cost basis at the time of origination. This is the initial risk rating assigned to all new borrowers.
3  
Performing—Management Notice:Borrower is operating more than 10% below expectations and level of risk to our cost basis has increased since the base case. A financial covenant defaulttime of origination. The borrower may have occurred, butbe out of compliance with debt covenants. Payments are generally current although there is a lowmay be higher risk of payment default.
4  
Watch List: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 20% below the base case120 days. It is anticipated that we may not recoup our initial cost basis and there ismay realize a high riskloss of covenant default, or it may have already occurred. Payments are current although subject to greater uncertainty, and there is moderate to high risk of payment default.
our initial cost basis upon exit.
5  
Watch List—Possible Loss:Borrower is operating more than 30%substantially below expectations and the base case. At the current level of operations and financial condition, the borrower does not have the ability to service and ultimately repay or refinance all outstanding debt on current terms. Payment default is very likely or may have occurred. Loss of principal is possible.
6
Watch List—Probable Loss: Borrower is operating more than 40% below the base case, and at the current level of operations and financial condition, the borrower does not have the ability to service and ultimately repay or refinance all outstanding debt on current terms. Payment default is very likely or may have already occurred. Additionally, the prospects for improvement in the borrower’s situation are sufficiently negative that impairment of someloan’s risk has increased substantially since origination. Most or all principalof the debt covenants are out of compliance and payments are substantially delinquent. It is probable.
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’s risk rating model is based on evaluating portfolio company performance in comparison to the base case when considering certain credit metrics including, but not limited to, adjusted EBITDA and net senior leverage as well as specific events including, but not limited to, default and impairment.
Our Investment Adviser monitors and, when appropriate, changes the investment ratings assigned to each debt investment in our portfolio. In connection with our quarterly valuation process, ourOur Investment Adviser reviews our investment ratings on a regular basis.in connection with our quarterly valuation process. The followingbelow table summarizes the Internal Risk Ratings as of SeptemberJune 30, 2019 and2020. Given the forward-looking nature of certain elements of the revised methodology, it is impracticable to recast the risk ratings for the portfolio using the revised methodology as of December 31, 2018:2019.
 June 30, 2020
 Fair Value% of Fair Value
(dollar amounts in millions)  
Internal Risk Rating 1$37.3  2.23 %
Internal Risk Rating 21,145.7  68.45  
Internal Risk Rating 3412.4  24.65  
Internal Risk Rating 436.8  2.20  
Internal Risk Rating 541.3  2.47  
Total$1,673.5  100.00 %
 September 30, 2019 December 31, 2018
 Fair Value % of Fair Value Fair Value % of Fair Value
(dollar amounts in millions)       
Internal Risk Rating 1$92.5
 4.89% $71.0
 4.12%
Internal Risk Rating 21,402.9
 74.12
 1,302.9
 75.52
Internal Risk Rating 3184.4
 9.74
 208.4
 12.08
Internal Risk Rating 4187.6
 9.91
 105.1
 6.09
Internal Risk Rating 524.5
 1.29
 23.5
 1.36
Internal Risk Rating 61.0
 0.05
 14.3
 0.83
Total$1,892.9
 100.00% $1,725.2
 100.00%

As of SeptemberJune 30, 2019 and December 31, 2018,2020, the weighted average Internal Risk Rating of our debt investment portfolio was 2.3. As of SeptemberJune 30, 2019 and December 31, 2018, 17 and 122020, seven of our debt investments, with an aggregate fair value of $213.1$78.0 million and $142.9 million, respectively, were assigned an Internal Risk Rating of 4-6 (“Watch List”).4-5. As of SeptemberJune 30, 20192020 and December 31, 2018,2019, six and five and two first lien debt investments respectively, were on non-accrual status. The fair values of debt investments in the portfolio on non-accrual status were $13.7$71.3 million and $14.3$52.4 million, respectively, which represented approximately 0.64%3.74% and 0.73%2.47%, respectively, of total investments at fair value. The remaining first and second lien debt investments were performing and current on their interest payments as of SeptemberJune 30, 20192020 and December 31, 2018. 2019.

During the nine month period ended September 30, 2019, eight investments with fair value of $184.1 million were downgraded to the Watch List due to changes in financial condition and performance of the respective portfolio companies, three investments with fair value of $59.2 million were upgraded and removed from the Watch List due to improved
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performance of the respective portfolio companies and one investment on Watch List with fair value of $9.5 million was sold.
CONSOLIDATED RESULTS OF OPERATIONS
For the three month and ninesix month periods ended SeptemberJune 30, 20192020 and 20182019
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 ninesix month periods ended SeptemberJune 30, 20192020 and 20182019 was as follows: 
For the three month periods ended For the nine month periods ended For the three month periods endedFor the six month periods ended
September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Investment income       Investment income
First Lien Debt$41,696
 $39,437
 $126,816
 $110,801
First Lien Debt$31,821  $43,546  $67,471  $85,120  
Second Lien Debt7,542
 4,543
 19,534
 19,343
Second Lien Debt7,604  6,246  15,730  11,992  
Equity Investments—
 —
 247
 63
Equity Investments333  —  518  247  
Investment Fund6,459
 7,201
 20,990
 20,780
Investment Fund5,500  6,993  12,049  14,531  
Cash82
 99
 246
 228
Cash17  82  52  164  
Total investment income$55,779
 $51,280
 $167,833
 $151,215
Total investment income$45,275  $56,867  $95,820  $112,054  
The increasedecrease in investment income for the three month period ended SeptemberJune 30, 20192020 from the comparable period in 20182019 was primarily driven by our increasing invested balance, partially offset by ourthe decrease in LIBOR, loans placed on non-accrual, and lower interest and dividend income from Credit Fund. The increase in investment income for nine month period ended September 30, 2019 from the comparable period in 2018 was primarily driven by our increasing invested balance and an increase in LIBOR. As of SeptemberJune 30, 2019,2020, the size of our portfolio increaseddecreased to $2,228,631$2,048,349 from $2,058,242$2,152,317 as of SeptemberJune 30, 2018,2019, at amortized cost, and total principal amount of investments outstanding increased to $2,254,342 from $2,089,143 as of September 30, 2018.cost. As of SeptemberJune 30, 2019,2020, the weighted average yield of our first and second lien debt investments decreased to 8.88%7.34% from 9.25%8.97% as of SeptemberJune 30, 20182019 on amortized cost, primarily due to the decrease in LIBOR and loans placed on non-accrual status.
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 SeptemberJune 30, 2020 and 2019, six and 2018, five and threesix first lien debt investments, respectively, were on non-accrual status. Non-accrual investments had a fair value of $13,713$71,308 and $16,391$42,182 respectively, which representsrepresented approximately 0.6%3.7% and 0.8%2.0% of total investments at fair value, respectively. The remaining first and second lien debt investments were performing and current on their interest payments as of SeptemberJune 30, 20192020 and 2018.2019.
For the three month periods ended SeptemberJune 30, 20192020 and 2018,2019, the Company earned $1,756$3,547 and $1,925,$2,266, respectively, in other income. For the six month periods ended June 30, 2020 and 2019, the Company earned $5,891 and $4,294, respectively, in other income. The decreaseincrease in other income for the three month and six month periods ended June 30, 2020 from the comparable periods in 2019 was primarily driven by higher amendment fees, offset partially by lower prepayment fees.
For the three month periods ended June 30, 2020 and 2019, the Company earned $5,500 and $6,993, respectively, in dividend and interest income from Credit Fund. For the six month periods ended June 30, 2020 and 2019, the Company earned $12,049 and $14,531, respectively, in dividend and interest income from Credit Fund. The decrease for the three month period ended SeptemberJune 30, 20192020 from the comparable period in 20182019 was driven by the lower interest income on the Mezzanine Loan due to lower prepayment fees,a decrease in the invested balance offset partially by a higher underwriting fees. Fordividend from the nine month periods ended September 30, 2019 and 2018, the Company earned $6,050 and $6,410, respectively, in other income.Credit Fund. The decrease in other income for the ninesix month periodsperiod ended SeptemberJune 30, 20192020 from the comparable period in 20182019 was primarily driven by lower underwriting fees, offset partially by higher prepayment fees.
Our total dividend and interest income from investments in Credit Fund totaled $6,459 and $20,990 for the three month and nine month periods ended September 30, 2019, respectively, compared to total dividend and interest income of $7,201 and $20,780 for the three month and nine month periods ended September 30, 2018, respectively. The decrease for three month period ended September 30, 2019 from the comparable period in 2018, was primarily driven by the lower outstanding balanceinterest income on the Mezzanine Loan.




Loan due to a decrease in the invested balance and lower LIBOR, as well as a lower dividend from the Credit Fund.
Net investment income (loss) for the three month and ninesix month periods ended SeptemberJune 30, 20192020 and 20182019 was as follows:

 For the three month periods endedFor the six month periods ended
 June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Total investment income$45,275  $56,867  $95,820  $112,054  
Net expenses (including excise tax expense)(23,583) (28,896) (50,156) (56,521) 
Net investment income (loss)$21,692  $27,971  $45,664  $55,533  
77
 For the three month periods ended For the nine month periods ended
 September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018
Total investment income$55,779
 $51,280
 $167,833
 $151,215
Net expenses (including excise tax expense)29,024
 25,595
 85,545
 72,190
Net investment income (loss)$26,755
 $25,685
 $82,288
 $79,025

Expenses
 For the three month periods endedFor the six month periods ended
 June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Base management fees$7,065  $7,913  $14,451  $15,598  
Incentive fees4,667  5,933  9,753  11,779  
Professional fees678  600  1,345  1,345  
Administrative service fees266  165  372  381  
Interest expense9,443  13,032  21,622  25,023  
Credit facility fees788  671  1,378  1,239  
Directors’ fees and expenses121  88  217  181  
Other general and administrative455  434  866  855  
Excise tax expense100  60  152  120  
Net expenses$23,583  $28,896  $50,156  $56,521  
 For the three month periods ended For the nine month periods ended
 September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018
Base management fees$8,016
 $7,543
 $23,614
 $22,031
Incentive fees5,710
 5,449
 17,489
 16,763
Professional fees534
 869
 1,879
 2,590
Administrative service fees61
 179
 442
 550
Interest expense13,538
 10,372
 38,561
 26,896
Credit facility fees545
 583
 1,784
 1,689
Directors’ fees and expenses88
 92
 269
 283
Other general and administrative483
 478
 1,338
 1,318
Excise tax expense49
 30
 169
 70
Net expenses$29,024
 $25,595
 $85,545
 $72,190

Interest expense and credit facility fees for the three month and ninesix month periods ended SeptemberJune 30, 20192020 and 20182019 were comprised of the following:
For the three month periods ended For the nine month periods ended For the three month periods endedFor the six month periods ended
September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Interest expense$13,538
 $10,372
 $38,561
 $26,896
Interest expense$9,443  $13,032  $21,622  $25,023  
Facility unused commitment fee271
 341
 870
 923
Facility unused commitment fee409  296  727  599  
Amortization of deferred financing costs243
 210
 745
 664
Amortization of deferred financing costs352  266  595  502  
Other fees31
 32
 169
 102
Other fees27  109  56  138  
Total interest expense and credit facility fees$14,083
 $10,955
 $40,345
 $28,585
Total interest expense and credit facility fees$10,231  $13,703  $23,000  $26,262  
Cash paid for interest expense$13,384
 $11,259
 $38,244
 $26,969
Cash paid for interest expense$10,700  $13,345  $23,347  $24,860  
       
Average principal debt outstanding$1,204,235
 $867,285
 $1,112,966
 $836,649
Average principal debt outstanding$1,149,536  $1,114,893  $1,193,000  $1,066,574  
Weighted average interest rate4.40% 4.33% 4.55% 4.12%Weighted average interest rate3.25 %4.62 %3.57 %4.67 %
The increasedecrease in interest expense for the three month and ninesix month periods ended SeptemberJune 30, 20192020 compared to the comparable periods in 20182019 was primarily driven by increased drawings under the Facilities related to increased deployment of capital for investments.


lower LIBOR, partially offset by higher average principal balances outstanding.
Below is a summary of the base management fees and incentive fees incurred during the three month and ninesix month periods ended SeptemberJune 30, 20192020 and 2018.2019.
For the three month periods ended For the nine month periods endedFor the three month periods endedFor the six month periods ended
September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Base management fees$8,016
 $7,543
 $23,614
 $22,031
Base management fees$7,065  $7,913  $14,451  $15,598  
Incentive fees on pre-incentive fee net investment income5,710
 5,449
 17,489
 16,763
Incentive fees on pre-incentive fee net investment income4,667  5,933  9,753  11,779  
Realized capital gains incentive fees—
 —
 —
 —
Realized 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 incentive fees5,710
 5,449
 17,489
 16,763
Total incentive fees4,667  5,933  9,753  11,779  
Total base management fees and incentive fees$13,726
 $12,992
 $41,103
 $38,794
Total base management fees and incentive fees$11,732  $13,846  $24,204  $27,377  
The increasedecrease in base management fees and incentive fees related to pre-incentive fee net investment income for the three month and ninesix month periods ended SeptemberJune 30, 20192020 from the comparable periods in 2018 were2019 was driven by our deployment of capitallower investment fair value and increasing invested balance.lower pre-incentive fee net investment income, respectively.
For the three month and ninesix month periods ended SeptemberJune 30, 20192020 and 2018,2019, there were no accrued capital gains incentive fees based upon the cumulative net realized and unrealized appreciation (depreciation) as of SeptemberJune 30, 20192020 and 2018.2019. The
78

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 both the three month and ninesix month periods ended SeptemberJune 30, 2019,2020, we had realized gains on one2 and five6 investments, respectively, totaling approximately $208$130 and $2,899,$757, respectively, which were offset by realized losses on three14 and six17 investments, respectively, totaling approximately $11,117$47,914 and $20,590,$50,238, respectively. During the three month and ninesix month periods ended SeptemberJune 30, 2019, we had a change in unrealized appreciation on 76 and 99 investments, respectively, totaling approximately $20,081 and $40,426, respectively, which was offset by a change in unrealized depreciation on 56 and 53 investments, respectively, totaling approximately $45,322 and $70,935, respectively. During the three month and nine month periods ended September 30, 2018, we had realized gains on zero2 and two4 investments, respectively, totaling approximately $0$1,732 and $1,777,$2,691, respectively, which were offset by realized losses on 2 and 53 investments, respectively, totaling approximately $4,633$9,413 and $4,764,$9,473, respectively. During the three month and ninesix month periods ended SeptemberJune 30, 2018,2020, we had a change in unrealized appreciation on 46105 and 7035 investments, respectively, totaling approximately $11,082$102,766 and $16,797,$44,593, respectively, which was offset by a change in unrealized depreciation on 6533 and 62116 investments, respectively, totaling approximately $26,054$20,510 and $52,560,$107,900, respectively.


During the three month and six month periods ended June 30, 2019, we had unrealized appreciation on 71 and 141 investments, respectively, totaling approximately $18,150 and $34,345, respectively, which was offset by unrealized depreciation on 61 and 98 investments, respectively, totaling approximately $28,683 and $39,613, respectively.
Net realized gain (loss) and net change in unrealized appreciation (depreciation) by the type of investments for the three month and ninesix month periods ended SeptemberJune 30, 20192020 and 20182019 were as follows:
For the three month periods ended For the nine month periods ended For the three month periods endedFor the six month periods ended
September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Net realized gain (loss) on investments$(10,909) $(4,633) $(17,725) $(2,987)Net realized gain (loss) on investments$(47,784) $(7,681) $(49,481) $(6,782) 
Net change in unrealized appreciation (depreciation) on investments(25,241) (14,972) (30,509) (35,763)Net change in unrealized appreciation (depreciation) on investments82,256  (10,533) (63,307) (5,268) 
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments$(36,150) $(19,605) $(48,234) $(38,750)Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments$34,472  $(18,214) $(112,788) $(12,050) 
Net realized gain (loss) and net change in unrealized appreciation (depreciation) by the type of investments for the three month and ninesix month periods ended SeptemberJune 30, 20192020 and 20182019 were as follows:
For the three month periods ended For the nine month periods ended For the three month periods endedFor the six month periods ended
September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 June 30, 2020June 30, 2019June 30, 2020June 30, 2019
TypeNet realized gain (loss) Net change in unrealized appreciation (depreciation) Net realized gain (loss) Net change in unrealized appreciation (depreciation) Net realized gain (loss) Net change in unrealized appreciation (depreciation) Net realized gain (loss) Net change in unrealized appreciation (depreciation)TypeNet realized gain (loss)Net change in unrealized appreciation (depreciation)Net realized gain (loss)Net change in unrealized appreciation (depreciation)Net realized gain (loss)Net change in unrealized appreciation (depreciation)Net realized gain (loss)Net change in unrealized appreciation (depreciation)
First Lien Debt$(10,909) $(23,196) $(4,633) $(15,513) $(20,382) $(26,507) $(4,764) $(35,784)First Lien Debt$(47,571) $57,212  $(9,413) $(4,290) $(49,625) $(33,447) $(9,473) $(3,312) 
Second Lien Debt—
 (593) —
 (140) —
 1,059
 2
 (1,294)Second Lien Debt(213) 6,008  —  234  (213) (28,026) —  1,653  
Equity Investments—
 833
 —
 782
 2,657
 1,633
 1,775
 2,177
Equity Investments—  1,907  1,732  (1,572) 357  (1) 2,691  800  
Investment Fund—
 (2,285) —
 (101) —
 (6,694) —
 (862)Investment Fund—  17,129  —  (4,905) —  (1,833) —  (4,409) 
Total$(10,909) $(25,241) $(4,633) $(14,972) $(17,725) $(30,509) $(2,987) $(35,763)Total$(47,784) $82,256  $(7,681) $(10,533) $(49,481) $(63,307) $(6,782) $(5,268) 
Net change in unrealized appreciation in our investments for the three month and nine month periodsperiod ended SeptemberJune 30, 20192020 compared to the comparable period in 20182019 was primarily due to lower market yields. Net change in unrealized depreciation in our investments for the six month period ended June 30, 2020 compared to the comparable period in 2019 was primarily due to higher market yields related to the COVID-19 pandemic. Net change in unrealized appreciation (depreciation) is also driven by changes in variousother inputs utilized under our valuation methodology, including, but not limited to, market spreads, enterprise value multiples, leverage multiples and borrower ratings, and the impact of exits.
79

MIDDLE MARKET CREDIT FUND, LLC
Overview
On February 29, 2016, the Company and Credit Partners entered into 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 $400,000 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. 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.
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.
80

Selected Financial Data
Since inception of Credit Fund and through SeptemberJune 30, 20192020 and December 31, 2018,2019, the Company and Credit Partners each made capital contributions of $1 and $1 in members’ equity, respectively, and $123,500$216,000 and $118,000$123,500 in subordinated loans, respectively, to Credit Fund. Below is certain summarized consolidated financial information for Credit Fund as of SeptemberJune 30, 20192020 and December 31, 2018.2019.
June 30, 2020December 31, 2019
 (unaudited) 
Selected Consolidated Balance Sheet Information
ASSETS
Investments, at fair value (amortized cost of $1,310,783 and $1,258,157, respectively)$1,258,000  $1,246,839  
Cash and cash equivalents38,900  64,787  
Other assets9,324  9,369  
Total assets$1,306,224  $1,320,995  
LIABILITIES AND MEMBERS’ EQUITY
Secured borrowings$462,000  $441,077  
Notes payable, net of unamortized debt issuance costs of $3,198 and $3,441, respectively445,206  528,407  
Mezzanine loans (1)
—  93,000  
Other Short-Term Borrowings11,119  —  
Other liabilities19,395  32,383  
Subordinated loans and members’ equity (1)
368,504  226,128  
Liabilities and members’ equity$1,306,224  $1,320,995  
  September 30, 2019 December 31, 2018
  (unaudited)  
Selected Consolidated Balance Sheet Information    
ASSETS    
Investments, at fair value (amortized cost of $1,282,024 and $1,198,537, respectively) $1,270,328
 $1,173,508
Cash and cash equivalents 83,062
 55,699
Other assets 12,690
 6,848
Total assets $1,366,080
 $1,236,055
LIABILITIES AND MEMBERS’ EQUITY    
Secured borrowings $420,941
 $572,178
Notes payable, net of unamortized debt issuance costs of $3,546 and $1,849, respectively 603,394
 309,114
Mezzanine loans (1) 94,000
 112,000
Other liabilities 22,603
 34,195
Subordinated loans and members’ equity (1) 225,142
 208,568
Liabilities and members’ equity $1,366,080
 $1,236,055
(1) As of SeptemberJune 30, 20192020 and December 31, 2018,2019, the Company’s ownership interest in the subordinated loans and members’ equity was $109,101$202,263 and $110,295,$111,596, respectively, and $94,000$0 and $112,000,$93,000, respectively, in the mezzanine loans.

For the three month periods endedFor the six month periods ended
 June 30, 2020June 30, 2019June 30, 2020June 30, 2019
 (unaudited)
Selected Consolidated Statement of Operations Information:
Total investment income$19,821  $23,734  $41,413  $46,340  
Expenses
Interest and credit facility expenses9,552  15,671  23,479  30,401  
Other expenses590  472  1,093  913  
Total expenses10,142  16,143  24,572  31,314  
Net investment income (loss)9,679  7,591  16,841  15,026  
Net realized gain (loss) on investments—  (68) —  (8,353) 
Net change in unrealized appreciation (depreciation) on investments44,828  (7,552) (41,465) 10,226  
Net increase (decrease) resulting from operations$54,507  $(29) $(24,624) $16,899  

81
  For the three month periods ended For the nine month periods ended
  September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018
  (unaudited)
Selected Consolidated Statement of Operations Information:        
Total investment income $24,659
 $21,738
 $70,999
 $60,129
Expenses        
Interest and credit facility expenses 15,094
 13,858
 45,495
 37,615
Other expenses 496
 796
 1,409
 1,565
Total expenses 15,590
 14,654
 46,904
 39,180
Net investment income (loss) 9,069
 7,084
 24,095
 20,949
Net realized gain (loss) on investments —
 —
 (8,353) —
Net change in unrealized appreciation (depreciation) on investments 3,107
 314
 13,333
 427
Net increase (decrease) resulting from operations $12,176
 $7,398
 $29,075
 $21,376




Below is a summary of Credit Fund’s portfolio, followed by a listing of the loans in Credit Fund's portfolio, as of SeptemberJune 30, 20192020 and December 31, 2018:2019:
As of
June 30, 2020December 31, 2019
Senior secured loans (1)
$1,315,517  $1,260,582  
Weighted average yields of senior secured loans based on amortized cost (2)
5.56 %6.51 %
Weighted average yields of senior secured loans based on fair value (2)
5.79 %6.55 %
Number of portfolio companies in Credit Fund63  61  
Average amount per portfolio company (1)
$20,881  $20,665  
Number of loans on non-accrual status1  1  
Fair value of loans on non-accrual status$21,151  $21,150  
Percentage of portfolio at floating interest rates (3)(4)
98.3 %98.3 %
Percentage of portfolio at fixed interest rates (4)
1.7 %1.7 %
Fair value of loans with PIK provisions$48,750  $21,150  
Percentage of portfolio with PIK provisions (4)
3.9 %1.7 %
(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 June 30, 2020 and December 31, 2019. 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 primarily subject to interest rate floors.
(4)Percentages based on fair value.

82

 As of
September 30, 2019		 As of
December 31, 2018
Senior secured loans (1)
$1,285,262
 $1,207,913
Weighted average yields of senior secured loans based on amortized cost (2)
6.81% 7.16%
Weighted average yields of senior secured loans based on fair value (2)
6.85% 7.32%
Number of portfolio companies in Credit Fund63
 60
Average amount per portfolio company (1)
$20,401
 $20,132
Number of loans on non-accrual status1
 1
Fair value of loans on non-accrual status$21,150
 $25,400
Percentage of portfolio at floating interest rates (3)
98.3% 99.9%
Percentage of portfolio at fixed interest rates1.7% 0.1%
Fair value of loans with PIK provisions$51,642
 $1,119
Percentage of portfolio with PIK provisions4.1% 0.1%
(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, 2019 and December 31, 2018. 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 primarily subject to interest rate floors.



Consolidated Schedule of Investments as of June 30, 2020
Investments (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Maturity Date Par/ Principal Amount
Amortized Cost (5)
Fair Value (6)
First Lien Debt (97.84% of fair value)
Achilles Acquisition, LLC+\#(2) (3)Banking, Finance, Insurance & Real EstateL + 4.00%4.19%10/13/2025$29,715  $29,605  $28,229  
Acrisure, LLC\#(2) (3)Banking, Finance, Insurance & Real EstateL + 3.50%3.68%2/15/202725,763  25,733  24,282  
Advanced Instruments, LLC+*\(2) (3) (7)Healthcare & PharmaceuticalsL + 5.25%6.25%10/31/202233,502  33,441  33,041  
Alku, LLC+#(2) (3)Business ServicesL + 5.50%6.38%7/29/202624,938  24,701  24,496  
Alpha Packaging Holdings, Inc.+*\(2) (3)Containers, Packaging & GlassL + 6.00%7.00%11/12/202116,597  16,597  16,490  
AmeriLife Holdings LLC#(2) (3) (7)Banking, Finance, Insurance & Real EstateL + 4.00%4.17%3/18/20278,864  8,839  8,720  
Analogic Corporation^+(2) (3) (7)Capital EquipmentL + 5.25%6.25%6/22/202418,952  18,929  18,713  
Anchor Packaging, Inc.(2) (3)Containers, Packaging & GlassL + 3.75%3.93%7/18/202624,846  24,754  24,456  
API Technologies Corp.+\(2) (3)Aerospace & DefenseL + 4.25%4.43%5/9/202614,850  14,783  13,583  
Aptean, Inc.+\(2) (3)SoftwareL + 4.25%4.43%4/23/202612,344  12,285  11,993  
AQA Acquisition Holding, Inc.+*\(2) (3) (7)High Tech IndustriesL + 4.25%5.25%5/24/202318,857  18,840  18,720  
Astra Acquisition Corp.+#(2) (3)SoftwareL + 5.50%6.50%3/1/202728,928  28,504  28,508  
Avalign Technologies, Inc.+\(2) (3)Healthcare & PharmaceuticalsL + 4.50%5.57%12/22/202514,666  14,545  13,822  
Big Ass Fans, LLC+*\(2) (3)Capital EquipmentL + 3.75%4.75%5/21/202413,837  13,776  13,240  
BK Medical Holding Company, Inc.^+(2) (3) (7)Healthcare & PharmaceuticalsL + 5.25%6.25%6/22/202424,287  24,043  23,410  
Brooks Equipment Company, LLC+*(2) (3)Construction & BuildingL + 5.00%6.00%5/1/20215,066  5,063  5,053  
Chemical Computing Group ULC (Canada)^+(2) (3) (7)SoftwareL + 5.00%6.00%8/30/202314,127  13,332  13,839  
Clarity Telecom LLC.+(2) (3)Media: Broadcasting & SubscriptionL + 4.25%4.43%8/30/202614,888  14,844  14,566  
Clearent Newco, LLC^+\(2) (3) (7)High Tech IndustriesL + 5.50%6.50%3/20/202531,271  30,995  29,445  
Datto, Inc.+\(2) (3)High Tech IndustriesL + 4.25%4.43%4/2/202612,375  12,316  12,004  
DecoPac, Inc.^+*\(2) (3) (7)Non-durable Consumer GoodsL + 4.25%5.25%9/29/202412,765  12,672  12,672  
DTI Holdco, Inc.+*\(2) (3)High Tech IndustriesL + 4.75%5.75%9/30/202318,788  18,688  15,019  
Eliassen Group, LLC+\(2) (3)Business ServicesL + 4.50%4.68%11/5/20247,562  7,532  7,432  
EvolveIP, LLC^+(2) (3) (7)TelecommunicationsL + 5.75%6.75%6/7/202319,899  19,850  19,601  
Exactech, Inc.+\#(2) (3)Healthcare & PharmaceuticalsL + 3.75%4.75%2/14/202521,639  21,514  18,538  
Excel Fitness Holdings, Inc.+#(2) (3)Hotel, Gaming & LeisureL + 5.25%6.25%10/7/202524,875  24,652  21,723  
Frontline Technologies Holdings, LLC+(2) (3)SoftwareL + 5.75%6.75%9/18/202314,962  14,167  15,040  
Golden West Packaging Group LLC+*\(2) (3)Containers, Packaging & GlassL + 5.75%6.75%6/20/202329,172  29,034  28,877  
HMT Holding Inc.+*\(2) (3) (7)Energy: Oil & GasL + 4.75%5.74%11/17/202337,222  36,800  36,869  
Jensen Hughes, Inc.(2) (3) (7)Utilities: ElectricL + 4.50%5.50%3/22/202433,178  33,048  31,732  
KAMC Holdings, Inc.+#(2) (3)Energy: ElectricityL + 4.00%4.36%8/14/202613,895  13,833  12,128  
Lionbridge Technologies, Inc.+(2) (3)Business ServicesL + 6.25%7.25%12/29/202524,875  24,875  24,865  
Maravai Intermediate Holdings, LLC+\#(2) (3)Healthcare & PharmaceuticalsL + 4.25%5.25%8/2/202529,475  29,248  29,051  
Marco Technologies, LLC^+\(2) (3) (7)Media: Advertising, Printing & PublishingL + 4.00%5.00%10/30/20237,332  7,286  7,332  
83

Consolidated Schedule of Investments as of September 30, 2019
Investments (1)
  Footnotes Industry 
Reference Rate & Spread (2)
 
Interest Rate (2)
 Maturity Date  Par/ Principal Amount 
Amortized Cost (5)
 
Fair Value (6)
First Lien Debt (98.28% of fair value)            
Achilles Acquisition, LLC+\ (2) (3) Banking, Finance, Insurance & Real Estate L + 4.00% 6.06% 10/11/2025 $17,910
 $17,817
 $17,860
Acrisure, LLC+\ (2) (3) Banking, Finance, Insurance & Real Estate L + 4.25% 6.35% 11/22/2023 20,727
 20,690
 20,598
Acrisure, LLC\ (2) (3) Banking, Finance, Insurance & Real Estate L + 3.75% 5.85% 11/22/2023 11,850
 11,840
 11,658
Advanced Instruments, LLC^+*\ (2) (3) (8) Healthcare & Pharmaceuticals L + 5.25% 7.29% 10/31/2022 35,825
 35,746
 35,706
Ahead, LLC^+\ (2) (3) (8) High Tech Industries L + 4.25% 6.34% 5/8/2024 25,944
 25,751
 25,731
Alpha Packaging Holdings, Inc.+*\ (2) (3) Containers, Packaging & Glass L + 4.25% 6.35% 5/12/2020 16,728
 16,714
 16,693
AmeriLife Group, LLC^ (2) (3) (8) Banking, Finance, Insurance & Real Estate L + 4.50% 6.54% 6/5/2026 14,875
 14,802
 14,772
Anchor Packaging, LLC  (2) (3) (8) Durable Consumer Goods L + 4.00% 6.04% 7/11/2026 20,513
 20,411

20,453
API Technologies Corp.+\ (2) (3) Aerospace & Defense L + 4.25% 6.29% 5/9/2026 14,963
 14,888
 14,823
Aptean, Inc.+\ (2) (3) Software L + 4.25% 6.35% 4/23/2026 12,438
 12,375
 12,367
AQA Acquisition Holding, Inc.^*\ (2) (3) (8) High Tech Industries L + 4.25% 6.35% 5/24/2023 19,002
 18,962
 18,895
Avalign Technologies, Inc.^+\ (2) (3) (8) Healthcare & Pharmaceuticals L + 4.50% 6.70% 12/22/2025 14,778
 14,642
 14,725
Big Ass Fans, LLC+*\ (2) (3) Capital Equipment L + 3.75% 5.85% 5/21/2024 13,945
 13,873
 13,888
Borchers, Inc.^+*\ (2) (3) (8) Chemicals, Plastics & Rubber L + 4.50% 6.60% 11/1/2024 15,116
 15,069
 15,113
Brooks Equipment Company, LLC+* (2) (3) Construction & Building L + 5.00% 7.12% 8/29/2020 5,439
 5,434
 5,435
Clarity Telecom LLC.+ (2) (3) Media: Broadcasting & Subscription L + 4.50% 6.54% 6/20/2026 15,000
 14,852
 14,900
Clearent Newco, LLC^+\ (2) (3) (8) High Tech Industries L + 5.50% 7.51% 3/20/2024 29,783
 29,469
 29,416
Datto, Inc.+\ (2) (3) High Tech Industries L + 4.25% 6.29% 4/2/2026 12,469
 12,407
 12,485
DecoPac, Inc.^+*\ (2) (3) (8) Non-durable Consumer Goods L + 4.25% 6.33% 9/29/2024 12,636
 12,528
 12,597
Dent Wizard International Corporation+\ (2) (3) Automotive L + 4.00% 6.05% 4/7/2022 36,973
 36,901
 36,836
DTI Holdco, Inc.+*\ (2) (3) High Tech Industries L + 4.75% 7.01% 9/30/2023 18,934
 18,813
 17,277
EIP Merger Sub, LLC (Evolve IP)+* (2) (3) (4) Telecommunications L + 5.75% 7.79% 6/7/2022 1,500
 1,473
 1,490
EIP Merger Sub, LLC (Evolve IP)* (2) (3) (7) Telecommunications L + 5.75% 7.79% 6/7/2022 22,131
 21,784
 21,943
Eliassen Group, LLC+\ (2) (3) Business Services L + 4.50% 6.54% 11/5/2024 7,590
 7,556
 7,590
Exactech, Inc.+\ (2) (3) Healthcare & Pharmaceuticals L + 3.75% 5.79% 2/14/2025 12,802
 12,753
 12,723
Executive Consulting Group, LLC, Inc.^+\ (2) (3) (8) Business Services L + 4.50% 6.54% 6/20/2024 15,202
 15,060
 15,202
Golden West Packaging Group LLC+*\ (2) (3) Containers, Packaging & Glass L + 5.25% 7.29% 6/20/2023 29,939
 29,765
 29,595
HMT Holding Inc.^+*\ (2) (3) (8) Energy: Oil & Gas L + 4.50% 6.50% 11/17/2023 36,939
 36,431
 36,643
Jensen Hughes, Inc.^+*\ (2) (3) (8) Utilities: Electric L + 4.50% 6.57% 3/22/2024 33,356
 33,189
 32,846
KAMC Holdings, Inc.  (2) (3) Energy: Electricity L + 4.00% 6.18% 8/14/2026 14,000
 13,931
 13,940
MAG DS Corp.^+\ (2) (3) (8) Aerospace & Defense L + 4.75% 6.79% 6/6/2025 27,529
 27,291
 27,367
Maravai Intermediate Holdings, LLC+\ (2) (3) Healthcare & Pharmaceuticals L + 4.25% 6.31% 8/2/2025 29,700
 29,443
 29,424
             


Consolidated Schedule of Investments as of June 30, 2020
Investments (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Maturity Date Par/ Principal Amount
Amortized Cost (5)
Fair Value (6)
Mold-Rite Plastics, LLC+\(2) (3)Chemicals, Plastics & RubberL + 4.25%5.32%12/14/2021$14,557  $14,528  $14,488  
MSHC, Inc.^+*\(2) (3) (7)Construction & BuildingL + 4.25%5.25%12/31/202444,315  44,187  43,345  
Newport Group Holdings II, Inc.+\#(2) (3)Banking, Finance, Insurance & Real EstateL + 3.50%3.81%9/13/202523,595  23,385  22,415  
Odyssey Logistics & Technology Corp.+*\#(2) (3)Transportation: CargoL + 4.00%5.00%10/12/202438,955  38,816  34,962  
Output Services Group^+\(2) (3)Media: Advertising, Printing & PublishingL + 4.50%5.50%3/27/202419,521  19,476  13,665  
PAI Holdco, Inc.+*\(2) (3)AutomotiveL + 4.25%5.32%1/5/202519,439  19,372  19,377  
Park Place Technologies, Inc.+\#(2) (3)High Tech IndustriesL + 4.00%5.00%3/28/202522,445  22,374  22,360  
Pasternack Enterprises, Inc.+\(2) (3)Capital EquipmentL + 4.00%5.00%7/2/202522,640  22,627  22,117  
Pharmalogic Holdings Corp.+\(2) (3)Healthcare & PharmaceuticalsL + 4.00%5.00%6/11/202311,264  11,241  11,155  
Premise Health Holding Corp.^ +\#(2) (3) (7)Healthcare & PharmaceuticalsL + 3.50%3.81%7/10/202513,654  13,600  13,423  
Propel Insurance Agency, LLC^+\(2) (3) (7)Banking, Finance, Insurance & Real EstateL + 4.25%5.25%6/1/202422,418  21,992  21,925  
Q Holding Company+*\#(2) (3)AutomotiveL + 5.00%6.00%12/31/202321,845  21,688  21,046  
QW Holding Corporation (Quala)^+*(2) (3) (7)Environmental IndustriesL + 6.25%7.25%8/31/202216,272  16,130  15,395  
Radiology Partners, Inc.+\#(2) (3)Healthcare & PharmaceuticalsL + 4.25%5.29%7/9/202527,686  27,571  25,679  
RevSpring Inc.*\#(2) (3)Media: Advertising, Printing & PublishingL + 4.25%4.56%10/11/202529,600  29,397  28,972  
Situs Group Holdings Corporation+\(2) (3)Banking, Finance, Insurance & Real EstateL + 4.75%5.75%6/28/202514,862  14,761  14,403  
Surgical Information Systems, LLC+*\(2) (3) (6)High Tech IndustriesL + 5.00%6.00%4/24/202326,168  26,027  25,723  
Systems Maintenance Services Holding, Inc.^*(2) (3) (9)High Tech IndustriesL + 5.00%6.00%10/30/202323,643  23,561  18,583  
T2 Systems, Inc.^+*(2) (3) (7)Transportation: ConsumerL + 6.75%7.75%9/28/202217,368  17,156  17,276  
The Original Cakerie, Ltd. (Canada)+\(2) (3)Beverage, Food & TobaccoL + 5.00%6.00%7/20/20228,883  8,861  8,818  
The Original Cakerie, Ltd. (Canada)+*(2) (3)Beverage, Food & TobaccoL + 4.50%6.00%7/20/20227,992  7,976  7,940  
Thoughtworks, Inc.*\#(2) (3)Business ServicesL + 3.75%4.75%10/11/202411,764  11,740  11,235  
U.S. Acute Care Solutions, LLC+*\(2) (3)Healthcare & PharmaceuticalsL + 5.00%, 1.00% PIK7.00%5/15/202131,218  31,154  27,599  
U.S. TelePacific Holdings Corp.+*\(2) (3)TelecommunicationsL + 5.50%6.50%5/2/202326,660  26,521  20,769  
Valet Waste Holdings, Inc.+\#(2) (3)Construction & BuildingL + 3.75%3.93%9/28/202518,012  17,925  16,796  
VRC Companies, LLC^+(2) (3) (7)Business ServicesL + 6.50%7.50%3/31/202325,145  23,788  24,998  
Welocalize, Inc.+(2) (3) (7)Business ServicesL + 4.50%5.50%12/2/202422,626  22,392  22,250  
WRE Holding Corp.^+*(2) (3) (7)Environmental IndustriesL + 5.00%5.30%1/3/20237,837  7,788  7,638  
Zywave, Inc.+*\(2) (3)High Tech IndustriesL + 5.00%6.0011/17/202219,004  18,903  18,939  
First Lien Debt Total$1,284,061  $1,230,780  
Second Lien Debt (1.73% of fair value)
DBI Holding, LLC^*(8)Transportation: Cargo9.00% PIK9.00%2/1/2026$21,151  $20,697  $21,151  
Zywave, Inc.*(2) (3) (7)High Tech IndustriesL + 9.00%10%11/17/2023666  661  661  
Second Lien Debt Total$21,364  $21,764  
84

Consolidated Schedule of Investments as of September 30, 2019
Investments (1)
  Footnotes Industry 
Reference Rate & Spread (2)
 
Interest Rate (2)
 Maturity Date  Par/ Principal Amount 
Amortized Cost (5)
 
Fair Value (6)
First Lien Debt (98.36% of fair value) (continued)            
Marco Technologies, LLC^+\ (2) (3) (8) Media: Advertising, Printing & Publishing L + 4.25% 6.51% 10/30/2023 $7,481
 $7,425
 $7,481
Mold-Rite Plastics, LLC+\ (2) (3) Chemicals, Plastics & Rubber L + 4.25% 6.29% 12/14/2021 14,557
 14,514
 14,525
MSHC, Inc.^+*\ (2) (3) (8) Construction & Building L + 4.25% 6.29% 7/31/2023 34,315
 34,196
 33,969
Newport Group Holdings II, Inc.+\ (2) (3)
 Banking, Finance, Insurance & Real Estate L + 3.75% 5.90% 9/13/2025 23,775
 23,538
 23,659
North American Dental Management, LLC^+*\ (3) (8) Healthcare & Pharmaceuticals P + 4.25% 9.25% 7/7/2023 39,160
 38,586
 39,160
Odyssey Logistics & Technology Corporation+*\ (2) (3) Transportation: Cargo L + 4.00% 6.04% 10/12/2024 39,013
 38,852
 38,743
Output Services Group^+\ (2) (3) (8) Media: Advertising, Printing & Publishing L + 4.50% 6.54% 3/27/2024 17,268
 17,215
 17,053
PAI Holdco, Inc.+*\ (2) (3) Automotive L + 4.25% 6.35% 1/5/2025 19,579
 19,501
 19,558
Park Place Technologies, Inc.+\ (2) (3) High Tech Industries L + 4.00% 6.04% 3/29/2025 19,792
 19,712
 19,729
Pasternack Enterprises, Inc.+\ (2) (3) Capital Equipment L + 4.00% 6.04% 7/2/2025 22,813
 22,798
 22,697
Pharmalogic Holdings Corp.+\ (2) (3) Healthcare & Pharmaceuticals L + 4.00% 6.04% 6/11/2023 11,349
 11,323
 11,349
Ping Identity Corporation+\ (2) (3) High Tech Industries L + 3.75% 5.79% 1/25/2025 1,540
 1,535
 1,535
Premise Health Holding Corp.^+\ (2) (3) (8) Healthcare & Pharmaceuticals L + 3.50% 5.60% 7/10/2025 13,758
 13,697
 13,666
Propel Insurance Agency, LLC^+\ (2) (3) (8) Banking, Finance, Insurance & Real Estate L + 4.25% 6.60% 6/1/2024 22,589
 22,088
 22,493
PSI Services, LLC^+*\ (2) (3) (8) Business Services L + 5.00% 7.08% 1/20/2023 30,219
 29,842
 30,219
Q Holding Company+*\ (2) (3) Automotive L + 5.00% 7.04% 12/18/2021 22,010
 21,948
 21,850
QW Holding Corporation (Quala)^+* (2) (3) (8) Environmental Industries L + 5.75% 7.77% 8/31/2022 10,522
 10,322
 10,437
Radiology Partners, Inc.+\ (2) (3) Healthcare & Pharmaceuticals L + 4.75% 7.19% 7/9/2025 28,792
 28,658
 28,254
RevSpring Inc.+*\ (2) (3) Media: Advertising, Printing & Publishing L + 4.25% 6.29% 10/11/2025 24,813
 24,724
 24,599
Situs Group Holdings Corporation^+\ (2) (3) (8) Banking, Finance, Insurance & Real Estate L + 4.75% 6.79% 2/26/2023 13,749
 13,644
 13,667
Surgical Information Systems, LLC+*\ (2) (3) (7) High Tech Industries L + 4.85% 6.89% 4/24/2023 26,168
 25,994
 25,984
Systems Maintenance Services Holding, Inc.+* (2) (3) High Tech Industries L + 5.00% 7.04% 10/28/2023 23,841
 23,725
 19,243
T2 Systems Canada, Inc.+ (2) (3) (8) Transportation: Consumer L + 6.75% 8.92% 9/28/2022 2,626
 2,586
 2,617
T2 Systems, Inc.^+* (2) (3) (8) Transportation: Consumer L + 6.75% 8.92% 9/28/2022 15,953
 15,715
 15,899
The Original Cakerie, Ltd. (Canada)+* (2) (3) (8) Beverage, Food & Tobacco L + 4.50% 6.65% 7/20/2022 6,576
 6,547
 6,548
The Original Cakerie, Co. (Canada)^+\ (2) (3) Beverage, Food & Tobacco L + 5.00% 7.15% 7/20/2022 8,951
 8,914
 8,919
ThoughtWorks, Inc.+*\ (2) (3) Business Services L + 4.00% 6.04% 10/12/2024 11,854
 11,823
 11,859
U.S. Acute Care Solutions, LLC+*\ (2) (3) Healthcare & Pharmaceuticals L + 5.00% , 1.00% PIK 8.20% 5/15/2021 31,461
 31,344
 30,492
             
Investments (1)
FootnotesIndustryTypeShares/UnitsCost
Fair Value (6)
Equity Investments (0.43% of fair value)
DBI Holding, LLC^*Transportation: CargoPreferred Equity13,996  $5,364  $5,408  
DBI Holding, LLC^*Transportation: CargoCommon Stock2,911  $—  $—  
Equity Investments Total$5,364  $5,408  
Total Investments$1,310,783  $1,258,000  


Consolidated Schedule of Investments as of September 30, 2019
Investments (1)
  Footnotes Industry 
Reference Rate & Spread (2)
 
Interest Rate (2)
 Maturity Date  Par/ Principal Amount 
Amortized Cost (5)
 
Fair Value (6)
First Lien Debt (98.36% of fair value) (continued)            
U.S. TelePacific Holdings Corp.+*\ (2) (3) Telecommunications L + 5.00% 7.10% 5/2/2023 $26,660
 $26,488
 $26,029
Upstream Intermediate, LLC^+\ (2) (3) (8) Healthcare & Pharmaceuticals L + 4.00% 6.04% 1/3/2024 18,032
 17,967
 17,924
Valet Waste Holdings, Inc.+\ (2) (3) Construction & Building L + 4.00% 6.04% 9/28/2025 11,880
 11,854
 11,832
WIRB - Copernicus Group, Inc.^+*\ (2) (3) (8) Healthcare & Pharmaceuticals L + 4.25% 6.35% 8/15/2022 20,943
 20,872
 20,845
WRE Holding Corp.^+* (2) (3) (8) Environmental Industries L + 5.00% 7.25% 1/3/2023 7,350
 7,288
 7,173
Zywave, Inc.^+*\ (2) (3) (8) High Tech Industries L + 5.00% 7.26% 11/17/2022 17,521
 17,409
 17,514
First Lien Debt Total           $1,255,304
 $1,248,512
Second Lien Debt (1.72% of fair value)            
DBI Holding, LLC^* (9) Transportation: Cargo 8.00% (100% PIK) 8.00% 2/1/2026 $21,150
 $20,697
 $21,150
Zywave, Inc.* (2) (3) High Tech Industries L + 9.00% 11.28% 11/17/2023 666
 659
 666
Second Lien Debt Total           $21,364
 $21,764
Investments (1)
  Footnotes Industry Type Shares/Units Cost 
Fair Value (6)
Equity Investments (0.0% of fair value)        
DBI Holding, LLC^   Transportation: Cargo Preferred stock 13,996
 $5,364
 $—
DBI Holding, LLC^   Transportation: Cargo Common stock 2,961
 $—
 $—
Equity Investments Total         $5,364
 $—
Total Investments          $1,282,024
 $1,270,328

^ 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 lenders of the CreditCompany (the "Credit Fund Facility have a first lien security interest in substantially all of the assets of Credit Fund.Facility"). Accordingly, such assets are not available to creditors of Credit Fund Sub, the 2017-1 Issuer, 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 2017-1 Issuer, the 2019-2 Issuer or Credit Fund Warehouse II.
* Denotes that all or a portion of the assets are owned by the 2017-1 Issuer and secure the notes issued in connection with a $399,900 term debt securitization completed by Credit Fund on December 19, 2017 (the “2017-1 Debt Securitization”). Accordingly, such assets are not available to creditors of Credit Fund, 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 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, the 2017-1 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 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, the 2017-1 Issuer or the 2019-2 Issuer.
(1)Unless otherwise indicated, issuers of investments held by Credit Fund Warehouse II.are domiciled in the United States. As of June 30, 2020, the geographical composition of investments as a percentage of fair value was 2.44% in Canada and 97.56% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales.
(1)Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of September 30, 2019, the geographical composition of investments as a percentage of fair value was 1.22% in Canada and 98.77% 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, 2019. As of September 30, 2019, the reference rates for Credit Fund’s variable rate loans were the 30-day LIBOR at 2.03%, the 90-day LIBOR at 2.09% and the 180-day LIBOR at 2.06%.
(3)Loan includes interest rate floor feature, which is generally 1.00%.
(4)Credit Fund Sub receives less than the stated interest rate of this loan as a result of an agreement among lenders. The interest rate reduction is 1.25% on EIP Merger Sub, LLC (Evolve IP). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/first out loan, which has first priority ahead of the first lien/last out loan with respect to principal, interest and other payments.
(5)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.
(6)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.
(7)
(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 June 30, 2020. As of June 30, 2020, the reference rates for Credit Fund’s variable rate loans were the 30-day LIBOR at 0.17%, the 90-day LIBOR at 0.30% and the 180-day LIBOR at 0.37%.
(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 to the Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q.
(6)In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, Credit Fund Sub and the 2017-1 Issuer is entitled to receive additional interest as a result of an agreement among lenders as follows: EIP Merger Sub,


LLC (Evolve IP) (3.49%) and Surgical Information Systems, LLC (1.13%(1.01%). Pursuant to the agreement among lenders in respect of these loans, these investments represent 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.
(8)As of September 30, 2019, Credit Fund and Credit Fund Sub had the following unfunded commitments to fund delayed draw and revolving senior secured loans:
85

First Lien Debt – unfunded delayed draw and revolving term loans commitmentsType Unused Fee Par/ Principal Amount Fair Value
Advanced Instruments, LLCRevolver 0.50% $1,467
 $(5)
Ahead, LLCDelayed Draw 1.00 79
 (1)
Ahead, LLCRevolver 0.50 2,344
 (18)
AmeriLife Group, LLCDelayed Draw 1.00 2,088
 (13)
Anchor Packaging Inc.Delayed Draw 1.00 4,487
 (11)
AQA Acquisition Holding, Inc.Revolver 1.00 2,459
 (12)
Borchers Americas, Inc.Revolver 0.50 1,935
 —
Clearent Newco, LLCDelayed Draw 1.00 6,636
 (67)
DecoPac, Inc.Revolver 0.50 1,843
 (5)
Executive Consulting Group, LLCRevolver 0.50 2,368
 —
HMT Holding Inc.Revolver 1.00 2,469
 (19)
Jensen Hughes, Inc.Delayed Draw 1.00 2,365
 (32)
Jensen Hughes, Inc.Revolver 1.00 1,773
 (24)
MAG DS Corp.Revolver 0.50 3,191
 (17)
Marco Technologies, LLCDelayed Draw 1.00 7,500
 —
MSHC, Inc.Delayed Draw 1.00 5,946
 (50)
North American Dental Management, LLCRevolver 1.00 343
 —
Output Services GroupDelayed Draw 4.25 2,518
 (27)
Premise Health Holding Corp.Delayed Draw 1.00 1,103
 (7)
Propel Insurance Agency, LLCDelayed Draw 0.50 7,143
 (21)
Propel Insurance Agency, LLCRevolver 0.50 2,381
 (7)
PSI Services LLCRevolver 0.50 226
 —
QW Holding Corporation (Quala)Delayed Draw 1.00 1,355
 (7)
QW Holding Corporation (Quala)Revolver 1.00 5,498
 (27)
Situs Group Holdings CorporationDelayed Draw 1.00 1,216
 (7)
T2 Systems, Inc.Revolver 0.50 880
 (3)
The Original Cakerie, Ltd. (Canada)Revolver 0.50 1,465
 (5)
Upstream Intermediate, LLCRevolver 0.50 1,606
 (9)
WIRB - Copernicus Group, Inc.Delayed Draw 1.00 2,592
 (10)
WIRB - Copernicus Group, Inc.Revolver 1.00 1,000
 (4)
WRE Holding Corp.Delayed Draw 0.89 1,981
 (36)
WRE Holding Corp.Revolver 0.50 538
 (10)
Zywave, Inc.Revolver 0.50 998
 —
WRE Holding Corp.Delayed Draw 1.00 2,069
 (46)
WRE Holding Corp.Revolver 0.50 377
 (8)
Zywave, Inc.Revolver 0.50 998
 —
Total unfunded commitments    $85,237
 $(508)
(9)Loan was on non-accrual status as of September 30, 2019.

(7)As of June 30, 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 commitmentsTypeUnused FeePar/ Principal AmountFair Value
Advanced Instruments, LLCRevolver0.50%$2,500  $(32) 
AmeriLife Holdings LLCDelayed Draw1.001,136  (16) 
Analogic CorporationRevolver0.501,975  (23) 
AQA Acquisition Holding, Inc.Revolver0.502,459  (16) 
BK Medical Holding Company, Inc.Revolver0.502,609  (85) 
Chemical Computing Group ULC (Canada)Revolver0.50873  (17) 
Clearent Newco, LLCDelayed Draw1.004,977  (251) 
DecoPac, Inc.Revolver0.501,714  (11) 
EvolveIP, LLCDelayed Draw1.002,240  (28) 
EvolveIP, LLCRevolver0.501,344  (17) 
HMT Holding Inc.Revolver0.501,940  (17) 
Jensen Hughes, Inc.Delayed Draw1.002,068  (80) 
Jensen Hughes, Inc.Revolver0.502,000  (78) 
Marco Technologies, LLCDelayed Draw1.007,500  —  
MSHC, Inc.Delayed Draw1.005,130  (101) 
Premise Health Holding Corp.Delayed Draw1.001,103  (17) 
Propel Insurance Agency, LLCDelayed Draw0.507,143  (110) 
Propel Insurance Agency, LLCRevolver0.502,381  (37) 
QW Holding Corporation (Quala)Delayed Draw1.00161  (8) 
QW Holding Corporation (Quala)Revolver0.50852  (43) 
T2 Systems, Inc.Revolver0.501,955  (9) 
VRC Companies, LLCDelayed Draw0.755,574  (26) 
VRC Companies, LLCRevolver0.50858  (4) 
Welocalize, Inc.Revolver0.502,363  (35) 
WRE Holding Corp.Delayed Draw1.001,981  (40) 
Zywave, Inc.Revolver0.501,125  (4) 
Total unfunded commitments$65,961  $(1,105) 

(8)Loan was on non-accrual status as of June 30, 2020.


(9)The sale of a portion of this loan does not qualify for sale accounting under ASC Topic 860 - Transfers and Servicing ("ASC Topic 860"), and therefore, the asset remains in the Consolidated Schedule of Investments.
86

Consolidated Schedule of Investments as of December 31, 2018
Consolidated Schedule of Investments as of December 31, 2019Consolidated Schedule of Investments as of December 31, 2019
Investments (1)
  Footnotes Industry 
Reference Rate & Spread (2)
 
Interest Rate (2)
 Maturity Date Par/ Principal Amount 
Amortized Cost (5)
 
Fair Value (6)
Investments (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Maturity DatePar/ Principal Amount
Amortized Cost (5)
Fair Value (6)
First Lien Debt (99.91% of fair value)      
First Lien Debt (98.11% of fair value)First Lien Debt (98.11% of fair value)
Achilles Acquisition, LLC+\ (2) (3) Banking, Finance, Insurance & Real Estate L + 4.00% 6.56% 10/11/2025 $18,000
 $17,906
 $17,716
Achilles Acquisition, LLC+\#(2) (3)Banking, Finance, Insurance & Real EstateL + 4.00%5.75%10/13/2025$17,865  $17,776  $17,763  
Acrisure, LLC+ (2) (3) Banking, Finance, Insurance & Real Estate L + 4.25% 6.77% 11/22/2023 20,886
 20,843
 19,981
Acrisure, LLC+\(2) (3)Banking, Finance, Insurance & Real EstateL + 3.75%5.85%11/22/202311,820  11,810  11,805  
Acrisure, LLC+\ (2) (3) Banking, Finance, Insurance & Real Estate L + 3.75% 6.27% 11/22/2023 11,940
 11,928
 11,333
Acrisure, LLC+\#(2) (3)Banking, Finance, Insurance & Real EstateL + 4.25%6.35%11/22/202320,674  20,639  20,674  
Advanced Instruments, LLC^+* (2) (3) (8) Healthcare & Pharmaceuticals L + 5.25% 7.63% 10/31/2022 11,791
 11,695
 11,690
Advanced Instruments, LLC^+*\(2) (3) (7)Healthcare & PharmaceuticalsL + 5.25%6.99%10/31/202235,610  35,536  35,466  
Ahead, LLC^+ (2) (3) (8) High Tech Industries L + 4.25% 6.87% 5/8/2024 20,059
 19,959
 19,856
Alku, LLCAlku, LLC+#(2) (3)Business ServicesL + 5.50%7.44%7/29/202625,000  24,754  24,624  
Alpha Packaging Holdings, Inc.+* (2) (3) Containers, Packaging & Glass L + 4.25% 7.05% 5/12/2020 16,860
 16,830
 16,813
Alpha Packaging Holdings, Inc.+*\(2) (3)Containers, Packaging & GlassL + 4.25%6.35%5/12/202016,684  16,676  16,601  
AM Conservation Holding Corporation+* (2) (3) Energy: Electricity L + 4.50% 7.30% 10/31/2022 38,310
 38,079
 38,027
AmeriLife Group, LLCAmeriLife Group, LLC^#(2) (3) (7)Banking, Finance, Insurance & Real EstateL + 4.50%6.20%6/5/202616,627  16,557  16,558  
Anchor Packaging, Inc.Anchor Packaging, Inc.^#(2) (3) (7)Containers, Packaging & GlassL + 4.00%5.70%7/18/202620,462  20,363  20,457  
API Technologies Corp.API Technologies Corp.+\(2) (3)Aerospace & DefenseL + 4.25%5.95%5/9/202614,925  14,853  14,807  
Aptean, Inc.Aptean, Inc.+\(2) (3)SoftwareL + 4.25%6.34%4/23/202612,406  12,344  12,385  
AQA Acquisition Holding, Inc.^+* (2) (3) (8) High Tech Industries L + 4.25% 7.05% 5/24/2023 19,148
 19,111
 18,978
AQA Acquisition Holding, Inc.^*\(2) (3) (7)High Tech IndustriesL + 4.25%6.16%5/24/202318,954  18,922  18,860  
Avalign Technologies, Inc.+\ (2) (3) Healthcare & Pharmaceuticals L + 4.50% 7.00% 12/22/2025 13,000
 12,874
 12,848
Avalign Technologies, Inc.+\(2) (3)Healthcare & PharmaceuticalsL + 4.50%6.70%12/22/202514,741  14,610  14,626  
Big Ass Fans, LLC+*\ (2) (3) Capital Equipment L + 3.75% 6.55% 5/21/2024 14,052
 13,973
 13,840
Big Ass Fans, LLC+*\(2) (3)Capital EquipmentL + 3.75%5.85%5/21/202413,909  13,841  13,903  
Borchers, Inc.^+* (2) (3) (8) Chemicals, Plastics & Rubber L + 4.50% 7.30% 11/1/2024 15,589
 15,533
 15,545
Borchers, Inc.+*\(2) (3) (7)Chemicals, Plastics & RubberL + 4.50%6.60%11/1/202415,116  15,072  15,085  
Brooks Equipment Company, LLC+* (2) (3) Construction & Building L + 5.00% 7.71% 8/29/2020 5,948
 5,940
 5,935
Brooks Equipment Company, LLC*Construction & BuildingL + 5.00%6.91%8/29/20205,144  5,141  5,141  
Clarity Telecom LLC.Clarity Telecom LLC.+(2) (3)Media: Broadcasting & SubscriptionL + 4.50%6.20%8/30/202614,963  14,915  14,902  
Clearent Newco, LLC^+ (2) (3) (8) High Tech Industries L + 4.00% 6.52% 3/20/2024 23,093
 22,702
 22,819
Clearent Newco, LLC^+\(2) (3) (7)High Tech IndustriesL + 5.50%7.44%3/20/202529,738  29,436  29,134  
DBI Holding, LLC+* (2) (3) (9) Transportation: Cargo L + 5.25% 7.76% 8/1/2021 34,494
 34,276
 25,400
DBI Holding, LLC^ Transportation: Cargo 15% (100% PIK) 7.76% 2/1/2020 1,119
 1,119
 1,119
Datto, Inc.Datto, Inc.+\(2) (3)High Tech IndustriesL + 4.25%5.95%4/2/202612,438  12,375  12,420  
DecoPac, Inc.^+* (2) (3) (8) Non-durable Consumer Goods L + 4.25% 7.05% 9/29/2024 12,696
 12,571
 12,619
DecoPac, Inc.+*\(2) (3) (7)Non-durable Consumer GoodsL + 4.25%6.01%9/29/202412,336  12,233  12,292  
Dent Wizard International Corporation+ (2) (3) Automotive L + 4.00% 6.51% 4/7/2022 24,256
 24,183
 24,110
Dent Wizard International Corporation+\(2) (3)AutomotiveL + 4.00%5.70%4/7/202036,880  36,843  36,717  
DTI Holdco, Inc.+*\ (2) (3) High Tech Industries L + 4.75% 7.28% 9/30/2023 19,081
 18,941
 17,793
DTI Holdco, Inc.+*\(2) (3)High Tech IndustriesL + 4.75%6.68%9/30/202318,885  18,771  17,611  
Eliassen Group, LLCEliassen Group, LLC+\(2) (3)Business ServicesL + 4.50%6.20%11/5/20247,581  7,548  7,579  
EIP Merger Sub, LLC (Evolve IP)+* (2) (3) (4) Telecommunications L + 5.75% 8.27% 6/7/2022 22,358
 21,923
 21,788
EIP Merger Sub, LLC (Evolve IP)^+(2) (3) (7)TelecommunicationsL + 5.75%7.45%6/7/202319,661  19,605  19,661  
EIP Merger Sub, LLC (Evolve IP)* (2) (3) (7) Telecommunications L + 5.75% 8.27% 6/7/2022 1,500
 1,469
 1,462
Eliassen Group, LLC+ (2) (3) Business Services L + 4.50% 7.00% 11/5/2024 6,250
 6,226
 6,202
Exactech, Inc.+\ (2) (3) Healthcare & Pharmaceuticals L + 3.75% 6.27% 2/14/2025 12,903
 12,849
 12,741
Exactech, Inc.+\#(2) (3)Healthcare & PharmaceuticalsL + 3.75%5.45%2/14/202521,772  21,634  21,751  
Executive Consulting Group, LLC, Inc.^+ (2) (3) (8) Business Services L + 4.50% 7.30% 6/20/2024 15,318
 15,168
 15,132
Excel Fitness Holdings, Inc.Excel Fitness Holdings, Inc.+#(2) (3)Hotel, Gaming & LeisureL + 5.25%6.95%10/7/202525,000  24,758  24,875  
Golden West Packaging Group LLC+* (2) (3) Containers, Packaging & Glass L + 5.25% 7.77% 6/20/2023 30,180
 29,978
 29,760
Golden West Packaging Group LLC+*\(2) (3)Containers, Packaging & GlassL + 5.75%7.45%6/20/202329,464  29,303  29,072  
HMT Holding Inc.^+* (2) (3) (8) Energy: Oil & Gas L + 4.50% 7.02% 11/17/2023 33,490
 32,902
 33,172
HMT Holding Inc.^+*\(2) (3) (7)Energy: Oil & GasL + 5.00%6.74%11/17/202333,157  32,678  32,972  
J.S. Held, LLC+* (2) (3) Banking, Finance, Insurance & Real Estate L + 4.50% 7.30% 9/25/2024 20,309
 20,137
 19,998
Jensen Hughes, Inc.^+* (2) (3) (8) Utilities: Electric L + 4.50% 7.30% 3/22/2024 27,978
 27,896
 27,382
Jensen Hughes, Inc.^+*\(2) (3) (7)Utilities: ElectricL + 4.50%6.24%3/22/202433,909  33,757  33,550  
Kestra Financial, Inc.+* (2) (3) Banking, Finance, Insurance & Real Estate L + 4.25% 6.76% 6/24/2022 21,744
 21,547
 21,690
KAMC Holdings, Inc.KAMC Holdings, Inc.+#(2) (3)Energy: ElectricityL + 4.00%5.91%8/14/202613,965  13,899  13,881  
MAG DS Corp.^+ (2) (3) (8) Aerospace & Defense L + 4.75% 7.27% 6/6/2025 22,885
 22,679
 22,665
MAG DS Corp.^+\(2) (3) (7)Aerospace & DefenseL + 4.75%6.46%6/6/202528,471  28,242  28,286  
Maravai Intermediate Holdings, LLC+\ (2) Healthcare & Pharmaceuticals L + 4.25% 6.81% 8/2/2025 29,925
 29,640
 29,578
Maravai Intermediate Holdings, LLC+\#(2) (3)Healthcare & PharmaceuticalsL + 4.25%6.00%8/2/202529,625  29,378  29,400  
Marco Technologies, LLCMarco Technologies, LLC^+\(2) (3) (7)Media: Advertising, Printing & PublishingL + 4.25%6.16%10/30/20237,463  7,410  7,463  
Mold-Rite Plastics, LLCMold-Rite Plastics, LLC+\(2) (3)Chemicals, Plastics & RubberL + 4.25%5.95%12/14/2021$14,557  $14,519  $14,524  
87

Consolidated Schedule of Investments as of December 31, 2018
Consolidated Schedule of Investments as of December 31, 2019Consolidated Schedule of Investments as of December 31, 2019
Investments (1)
  Footnotes Industry 
Reference Rate & Spread (2)
 
Interest Rate (2)
 Maturity Date Par/ Principal Amount 
Amortized Cost (5)
 
Fair Value (6)
Investments (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Maturity DatePar/ Principal Amount
Amortized Cost (5)
Fair Value (6)
First Lien Debt (99.91% of fair value)      
Mold-Rite Plastics, LLC+ (2) (3) Chemicals, Plastics & Rubber L + 4.50% 7.30% 12/14/2021 $14,850
 $14,793
 $14,762
MSHC, Inc.^+* (2) (3) (8) Construction & Building L + 4.25% 6.89% 7/31/2023 23,579
 23,514
 23,088
MSHC, Inc.^+*\(2) (3) (7)Construction & BuildingL + 4.25%5.95%12/31/202438,251  38,138  38,166  
Newport Group Holdings II, Inc.+\ (2) Banking, Finance, Insurance & Real Estate L + 3.75% 6.54% 9/13/2025 17,790
 17,666
 17,564
Newport Group Holdings II, Inc.+\#(2) (3)Banking, Finance, Insurance & Real EstateL + 3.75%5.65%9/13/202523,715  23,487  23,663  
North American Dental Management, LLC^+* (2) (3) (8) Healthcare & Pharmaceuticals L + 5.25% 8.04% 7/7/2023 37,781
 37,329
 37,093
North Haven CA Holdings, Inc.^+* (2) (3) (8) Business Services L + 4.50% 7.02% 10/2/2023 35,139
 34,789
 34,401
Odyssey Logistics & Technology Corporation+*\ (2) (3) Transportation: Cargo L + 4.00% 6.52% 10/12/2024 39,680
 39,496
 39,149
Odyssey Logistics & Technology Corp.Odyssey Logistics & Technology Corp.+*\#(2) (3)Transportation: CargoL + 4.00%5.70%10/12/202439,013  38,859  38,763  
Output Services Group^+\ (2) (3) (8) Media: Advertising, Printing & Publishing L + 4.25% 6.77% 3/27/2024 17,400
 17,338
 16,663
Output Services Group^+\(2) (3) (7)Media: Advertising, Printing & PublishingL + 4.50%6.20%3/27/202419,621  19,570  19,469  
PAI Holdco, Inc.+* (2) (3) Automotive L + 4.25% 7.05% 1/5/2025 19,727
 19,637
 19,459
PAI Holdco, Inc.+*\(2) (3)AutomotiveL + 4.25%6.35%1/5/202519,532  19,458  19,532  
Park Place Technologies, Inc.+\ (2) (3) High Tech Industries L + 4.00% 6.52% 3/29/2025 15,922
 15,856
 15,639
Park Place Technologies, Inc.+\#(2) (3)High Tech IndustriesL + 4.00%5.70%3/28/202522,566  22,489  22,566  
Pasternack Enterprises, Inc.+ (2) (3) Capital Equipment L + 4.00% 6.52% 7/2/2025 20,076
 20,076
 19,745
Pasternack Enterprises, Inc.+\(2) (3)Capital EquipmentL + 4.00%5.70%7/2/202522,755  22,742  22,653  
Pathway Vet Alliance LLCPathway Vet Alliance LLC+\(2) (3) (7)Consumer ServicesL + 4.50%6.21%12/20/202419,085  18,708  19,217  
Pharmalogic Holdings Corp.^+ (2) (3) (8) Healthcare & Pharmaceuticals L + 4.00% 6.52% 6/11/2023 7,017
 6,995
 6,949
Pharmalogic Holdings Corp.+\(2) (3)Healthcare & PharmaceuticalsL + 4.00%5.70%6/11/202311,320  11,296  11,302  
Ping Identity Corporation+\ (2) (3) High Tech Industries L + 3.75% 6.27% 1/25/2025 4,975
 4,956
 4,915
Premier Senior Marketing, LLC* (2) (3) Banking, Finance, Insurance & Real Estate L + 4.25% 6.75% 11/30/2025 4,953
 4,953
 4,875
Premise Health Holding Corp.^+\ (2) (3) (8) Healthcare & Pharmaceuticals L + 3.75% 6.55% 7/10/2025 13,862
 13,805
 13,717
Premise Health Holding Corp.^+\#(2) (3) (7)Healthcare & PharmaceuticalsL + 3.50%5.60%7/10/202513,723  13,665  13,501  
Propel Insurance Agency, LLC^+ (2) (3) (8) Banking, Finance, Insurance & Real Estate L + 4.25% 6.75% 6/1/2024 21,088
 20,535
 20,628
Propel Insurance Agency, LLC^+\(2) (3) (7)Banking, Finance, Insurance & Real EstateL + 4.25%6.35%6/1/202422,532  22,056  22,395  
PSI Services, LLC^+* (2) (3) (8) Business Services L + 5.00% 7.52% 1/20/2023 29,919
 29,469
 29,239
Q Holding Company+* (2) (3) Automotive L + 5.00% 7.52% 12/18/2021 17,099
 17,058
 16,969
Q Holding Company+*\#(2) (3)AutomotiveL + 5.00%6.70%12/31/202321,955  21,777  21,922  
QW Holding Corporation (Quala)^+* (2) (3) (8) Environmental Industries L + 6.75% 9.22% 8/31/2022 9,704
 9,338
 9,489
QW Holding Corporation (Quala)^+*(2) (3) (7)Environmental IndustriesL + 5.75%7.73%8/31/202211,630  11,449  11,531  
RevSpring, Inc.+*\ (2) (3) Media: Advertising, Printing & Publishing L + 4.25% 7.05% 10/11/2025 20,000
 19,953
 19,680
Radiology Partners, Inc.Radiology Partners, Inc.+\#(2) (3)Healthcare & PharmaceuticalsL + 4.75%6.66%7/9/202528,719  28,590  28,768  
RevSpring Inc.RevSpring Inc.+*\#(2) (3)Media: Advertising, Printing & PublishingL + 4.00%5.95%10/11/202524,750  24,631  24,608  
Situs Group Holdings Corporation+ (2) (3) Banking, Finance, Insurance & Real Estate L + 4.50% 7.02% 2/26/2023 8,915
 8,892
 8,887
Situs Group Holdings Corporation^+\(2) (3) (7)Banking, Finance, Insurance & Real EstateL + 4.75%6.45%6/28/202513,715  13,621  13,697  
Systems Maintenance Services Holding, Inc.Systems Maintenance Services Holding, Inc.+*(2) (3)High Tech IndustriesL + 5.00%6.70%10/30/202323,765  23,672  18,180  
Surgical Information Systems, LLC+* (2) (3) (7) High Tech Industries L + 4.85% 7.37% 4/24/2023 27,708
 27,494
 27,171
Surgical Information Systems, LLC+*\(2) (3) (6)High Tech IndustriesL + 4.75%7.47%4/24/202326,168  26,005  25,715  
Systems Maintenance Services Holding, Inc.+* (2) (3) High Tech Industries L + 5.00% 7.52% 10/28/2023 24,010
 23,907
 17,842
T2 Systems Canada, Inc.+ (2) (3) Transportation: Consumer L + 6.75% 9.34% 9/28/2022 2,646
 2,598
 2,630
T2 Systems, Inc.^+* (2) (3) (8) Transportation: Consumer L + 6.75% 9.34% 9/28/2022 15,775
 15,484
 15,677
T2 Systems, Inc.^+*(2) (3) (7)Transportation: ConsumerL + 6.75%8.85%9/28/202218,045  17,789  18,045  
The Original Cakerie, Co. (Canada)+* (2) (3) Beverage, Food & Tobacco L + 5.00% 7.50% 7/20/2022 9,019
 8,968
 8,932
The Original Cakerie, Ltd. (Canada)The Original Cakerie, Ltd. (Canada)+*(2) (3) (7)Beverage, Food & TobaccoL + 5.00%6.84%7/20/20228,928  8,897  8,887  
The Original Cakerie, Ltd. (Canada)+ (2) (3) (8) Beverage, Food & Tobacco L + 4.50% 7.02% 7/20/2022 6,957
 6,917
 6,883
The Original Cakerie, Ltd. (Canada)^*(2) (3) (7)Beverage, Food & TobaccoL + 4.50%6.34%7/20/20226,826  6,801  6,790  
ThoughtWorks, Inc.+*\ (2) (3) Business Services L + 4.00% 6.52% 10/12/2024 11,944
 11,909
 11,770
ThoughtWorks, Inc.+*\(2) (3)Business ServicesL + 4.00%5.70%10/11/202411,824  11,794  11,824  
U.S. Acute Care Solutions, LLC+* (2) (3) Healthcare & Pharmaceuticals L + 5.00% 7.52% 5/15/2021 31,705
 31,540
 31,395
U.S. Acute Care Solutions, LLC+*\(2) (3)Healthcare & PharmaceuticalsL + 5.00%6.91%5/15/202131,431  31,331  29,869  
U.S. TelePacific Holdings Corp.+*\ (2) (3) Telecommunications L + 5.00% 7.80% 5/2/2023 26,660
 26,459
 24,768
U.S. TelePacific Holdings Corp.+*\(2) (3)TelecommunicationsL + 5.00%7.10%5/2/202326,660  26,499  25,430  
Valet Waste Holdings, Inc.Valet Waste Holdings, Inc.+\(2) (3)Construction & BuildingL + 3.75%5.70%9/28/202511,850  11,825  11,688  
Welocalize, Inc.Welocalize, Inc.+^(2) (3) (7)Business ServicesL + 4.50%6.21%12/2/202423,038  22,788  22,787  
WIRB - Copernicus Group, Inc.WIRB - Copernicus Group, Inc.+*\(2) (3) (7)Healthcare & PharmaceuticalsL + 4.25%5.95%8/15/202220,888  20,822  20,887  
WRE Holding Corp.WRE Holding Corp.^+*(2) (3) (7)Environmental IndustriesL + 5.00%6.91%1/3/20237,431  7,372  7,304  
Zywave, Inc.Zywave, Inc.+*\(2) (3) (7)High Tech IndustriesL + 5.00%6.93%11/17/202219,228  19,107  19,211  
First Lien Debt TotalFirst Lien Debt Total$1,231,436  $1,223,215  
Second Lien Debt (1.75% of fair value)Second Lien Debt (1.75% of fair value)
DBI Holding, LLCDBI Holding, LLC^*(2) (3) (8)Transportation: Cargo9.00% PIK8.00%2/1/2026$21,150  $20,697  $21,150  
Zywave, Inc.Zywave, Inc.*(2) (3)High Tech IndustriesL + 9.00%10.94%11/17/2023666  660  664  
88

Consolidated Schedule of Investments as of December 31, 2018
Investments (1)
  Footnotes Industry 
Reference Rate & Spread (2)
 
Interest Rate (2)
 Maturity Date Par/ Principal Amount 
Amortized Cost (5)
 
Fair Value (6)
First Lien Debt (99.91% of fair value)              
Upstream Intermediate, LLC^+ (2) (3) (8) Healthcare & Pharmaceuticals L + 4.25% 6.77% 1/3/2024 $17,939
 $17,863
 $17,677
Valet Waste Holdings, Inc.+\ (2) (3) Construction & Building L + 4.00% 6.52% 9/28/2025 11,970
 11,947
 11,902
Valicor Environmental Services, LLC^+* (2) (3) (8) Environmental Industries L + 4.75% 7.27% 6/1/2023 33,410
 32,914
 32,995
WIRB - Copernicus Group, Inc.^+* (2) (3) (8) Healthcare & Pharmaceuticals L + 4.25% 6.77% 8/15/2022 17,194
 17,098
 16,931
WRE Holding Corp.^+* (2) (3) (8) Environmental Industries L + 5.00% 7.52% 1/3/2023 7,238
 7,162
 6,993
Zywave, Inc.^+* (2) (3) (8) High Tech Industries L + 5.00% 7.52% 11/17/2022 18,050
 17,914
 17,991
First Lien Debt Total              $1,197,499
 $1,172,460
Second Lien Debt (0.09% of fair value)              
Zywave, Inc.* (2) (3) High Tech Industries L + 9.00% 11.65% 11/17/2023 $1,050
 $1,038
 $1,048
Second Lien Debt Total           $1,038
 $1,048
Total Investments              $1,198,537
 $1,173,508
Consolidated Schedule of Investments as of December 31, 2019
Investments (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Maturity DatePar/ Principal Amount
Amortized Cost (5)
Fair Value (6)
Second Lien Debt Total$21,357  $21,814  
Equity Investments (0.15% of fair value)
DBI Holding, LLC^Transportation: Cargo$16,957  $5,364  $1,810  
Equity Investments Total$5,364  $1,810  
Total Investments$1,258,157  $1,246,839  

^ Denotes that all or a portion of the assets are owned by Credit Fund. Credit Fund has entered into the Credit Fund Facility. The lenders of the Credit Fund Facility have a first lien security interest in substantially all of the assets of Credit Fund. Accordingly, such assets are not available to creditors of Credit Fund Sub, the 2017-1 Issuer, the 2019-2 Issuer or the Credit Fund Warehouse.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 “Creditthe Credit Fund Sub Facility”).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 2017-1 Issuer, the 2019-2 Issuer or the Credit Fund Warehouse.Warehouse II.
* Denotes that all or a portion of the assets are owned by the 2017-1 Issuer and secure the notes issued in connection with a $399,900 term debt securitization completed by Credit Fund on December 19, 2017 (the “2017-1the 2017-1 Debt Securitization”).Securitization. Accordingly, such assets are not available to creditors of Credit Fund, Credit Fund Sub, the 2019-2 Issuer or the Credit Fund Warehouse.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, Warehouse.Credit Fund Sub, the 2017-1 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 “Creditthe Credit Fund Warehouse Facility”).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.Warehouse II. Accordingly, such assets are not available to creditors of Credit Fund, Credit Fund Sub, the 2017-1 Issuer or the 2017-12019-2 Issuer.
(1)
(1)Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2018, the geographical composition of investments as a percentage of fair value was 1.35% in Canada and 98.65% 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, 2018. As of December 31, 2018, the reference rates for Credit Fund's variable rate loans were the 30-day LIBOR at 2.50%, the 90-day LIBOR at 2.81% and the 180-day LIBOR at 2.88%.
(3)Loan includes interest rate floor feature, which is generally 1.00%.
(4)Credit Fund Sub receives less than the stated interest rate of this loan as a result of an agreement among lenders. The interest rate reduction is 1.20% on EIP Merger Sub, LLC (Evolve IP). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/first out loan, which has first priority ahead of the first lien/last out loan with respect to principal, interest and other payments.
(5)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.
(6)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.
(7)In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, Credit Fund is entitled to receive additional interest as a result of an agreement among lenders as follows: EIP Merger Sub, LLC (Evolve IP) (3.75%) and Surgical Information Systems, LLC (0.89%). Pursuant to the agreement among lenders in respect of these loans, these investments represent 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.










(8)As of December 31, 2018, 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 commitmentsType Unused Fee Par/ Principal Amount Fair Value
Advanced Instruments, LLCRevolver 0.50% $1,333
 $(10)
Ahead, LLCRevolver 0.50
 4,688
 (38)
AQA Acquisition Holding, Inc.Revolver 0.50
 2,459
 (19)
Borchers, Inc.Revolver 0.50
 1,935
 (5)
Clearent Newco, LLCDelayed Draw 1.00
 4,988
 (46)
Clearent Newco, LLCRevolver 0.50
 1,760
 (16)
DecoPac, Inc.Revolver 0.50
 2,143
 (11)
Executive Consulting Group, LLC, Inc.Revolver 0.50
 2,368
 (25)
HMT Holding Inc.Revolver 0.50
 6,173
 (49)
Jensen Hughes, Inc.Revolver 0.50
 2,000
 (39)
Jensen Hughes, Inc.Delayed Draw 1.00
 337
 (7)
MAG DS Corp.Revolver 0.50
 2,022
 (18)
MSHC, Inc.Delayed Draw 0.32
 9,852
 (145)
North American Dental Management, LLCRevolver 0.50
 2,000
 (35)
North Haven CA Holdings, Inc. (CoAdvantage)Revolver 0.50
 6,114
 (109)
Output Services GroupDelayed Draw 4.25
 2,518
 (93)
Pharmalogic Holdings Corp.Delayed Draw 1.00
 2,947
 (20)
Premise Health Holding Corp.Delayed Draw 1.00
 1,103
 (11)
Propel Insurance Agency, LLCDelayed Draw 0.50
 7,143
 (110)
Propel Insurance Agency, LLCRevolver 0.50
 1,667
 (26)
PSI Services LLCRevolver 0.50
 754
 (17)
QW Holding Corporation (Quala)Revolver 0.50
 5,498
 (52)
T2 Systems, Inc.Revolver 0.50
 1,173
 (7)
The Original Cakerie, Ltd. (Canada)Revolver 0.50
 1,132
 (10)
Upstream Intermediate, LLCRevolver 0.50
 1,606
 (22)
Valicor Environmental Services, LLCRevolver 0.50
 4,971
 (54)
WIRB - Copernicus Group, Inc.Delayed Draw 1.00
 6,480
 (69)
WIRB - Copernicus Group, Inc.Revolver 0.50
 1,000
 (11)
WRE Holding Corp.Delayed Draw 0.89
 2,069
 (51)
WRE Holding Corp.Revolver 0.50
 613
 (15)
Zywave, Inc.Revolver 0.50
 600
 (2)
Total unfunded commitments    $91,446
 $(1,142)
(9)Loan was on non-accrual status as of December 31, 2018.

Credit Fund Facilitiesare domiciled in the United States. As of December 31, 2019, the geographical composition of investments as a percentage of fair value was 1.26% in Canada and 98.74% 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, 2019. As of December 31, 2019, the reference rates for Credit Fund's variable rate loans were the 30-day LIBOR at 1.75%, the 90-day LIBOR at 1.91% and the 180-day LIBOR at 1.91%.
(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)In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, Credit Fund is entitled to receive additional interest as a result of an agreement among lenders as follows: Surgical Information Systems, LLC (0.89%). Pursuant to the agreement among lenders in respect of these loans, these investments represent 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.

89

(7)As of December 31, 2019, 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 commitmentsTypeUnused FeePar/ Principal AmountFair Value
Advanced Instruments, LLCRevolver0.50 %$563  $(2) 
AmeriLife Group, LLCDelayed Draw1.00  298  (1) 
Anchor Packaging, Inc.Delayed Draw1.00  4,487  (1) 
AQA Acquisition Holding, Inc.Revolver0.50  2,459  (11) 
Borchers, Inc.Revolver0.50  1,935  (3) 
Clearent Newco, LLCDelayed Draw1.00  6,636  (110) 
DecoPac, Inc.Revolver0.50  2,143  (7) 
EIP Merger Sub, LLC (Evolve IP)Revolver0.50  1,680  —  
EIP Merger Sub, LLC (Evolve IP)Delayed Draw1.00  2,240  —  
HMT Holding Inc.Revolver0.50  6,173  (29) 
Jensen Hughes, Inc.Revolver0.50  1,136  (11) 
Jensen Hughes, Inc.Delayed Draw1.00  2,365  (23) 
MAG DS Corp.Revolver0.50  2,188  (13) 
Marco Technologies, LLCDelayed Draw1.00  7,500  —  
MSHC, Inc.Delayed Draw1.00  1,913  (4) 
Output Services GroupDelayed Draw4.25  116  (1) 
Pathway Vet Alliance LLCDelayed Draw1.00  19,867  68  
Premise Health Holding Corp.Delayed Draw1.00  1,103  (17) 
Propel Insurance Agency, LLCRevolver0.50  2,381  (10) 
Propel Insurance Agency, LLCDelayed Draw0.50  7,143  (31) 
QW Holding Corporation (Quala)Revolver0.50  5,498  (31) 
QW Holding Corporation (Quala)Delayed Draw1.00  217  (1) 
Situs Group Holdings CorporationDelayed Draw1.00  1,216  (1) 
T2 Systems, Inc.Revolver0.50  1,369  —  
The Original Cakerie, Ltd. (Canada)Revolver0.50  1,199  (5) 
Welocalize, Inc.Revolver0.50  2,057  (21) 
WIRB - Copernicus Group, Inc.Revolver0.50  1,000  —  
WIRB - Copernicus Group, Inc.Delayed Draw1.00  2,592  —  
WRE Holding Corp.Revolver0.50  441  (6) 
WRE Holding Corp.Delayed Draw1.00  1,981  (25) 
Zywave, Inc.Revolver0.50  998  (1) 
Total unfunded commitments$92,894  $(297) 
(8)Loan was on non-accrual status as of December 31, 2019.

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 knowknown as Credit Fund Warehouse) was a party to the Credit Warehouse Facility. As of SeptemberJune 30, 2020 and December 31, 2019, 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. As of December 31, 2018, Credit Fund, Credit Fund Sub and Credit Fund Warehouse 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 ninesix month periods ended 20192020 and 2018,2019, and the outstanding balances under the credit facilities for the respective periods.


90

Credit Fund
Facility		Credit Fund Sub
Facility		Credit Fund Warehouse FacilityCredit Fund Warehouse II Facility
 Credit Fund
Facility		 Credit Fund Sub
Facility		 Credit Fund Warehouse Facility Credit Fund Warehouse II Facility20202019202020192020201920202019
 2019 2018 2019 2018 2019 2018 2019 2018
Three Month Period Ended September 30,             
Three Month Periods Ended June 30,Three Month Periods Ended June 30,
Outstanding balance, beginning of period $80,000
 $114,000
 $384,493
 $450,950
 $—
 N/A $—
 N/AOutstanding balance, beginning of period$—  $123,800  $367,006  $510,750  N/A$113,917  $95,415  N/A
Borrowings 32,500
 27,000
 35,500
 101,300
 —
 N/A 77,935
 N/ABorrowings—  20,200  43,000  48,850  N/A21,672  13,579  N/A
Repayments (18,500) (19,000) (76,987) —
 —
 N/A —
 N/ARepayments—  (64,000) (57,000) (175,107) N/A(135,589) —  N/A
Outstanding balance, end of period $94,000
 $122,000
 $343,006
 $552,250
 $—
 N/A $77,935
 N/AOutstanding balance, end of period$—  $80,000  $353,006  $384,493  N/A$—  $108,994  N/A
             
Nine month periods ended September 30,             
Six Month Periods Ended June 30,Six Month Periods Ended June 30,
Outstanding Borrowing, beginning of period $112,000
 $85,750
 $471,134
 $377,686
 $101,044
 N/A $—
 N/AOutstanding Borrowing, beginning of period$93,000  $112,000  $343,506  $471,134  N/A$101,045  $97,571  N/A
Borrowings 83,200
 74,150
 144,370
 210,565
 34,544
 N/A 77,935
 N/ABorrowings63,500  50,700  100,000  108,870  N/A34,544  33,373  N/A
Repayments (101,200) (37,900) (272,498) (36,001) (135,588) N/A —
 N/ARepayments(156,500) (82,700) (90,500) (195,511) N/A(135,589) (21,950) N/A
Outstanding balance, end of period $94,000
 $122,000
 $343,006
 $552,250
 $—
 N/A $77,935
 N/AOutstanding balance, end of period$—  $80,000  $353,006  $384,493  N/A$—  $108,994  N/A
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, and June 29, 2018, February 21, 2019 and March 20, 2020, 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 March 22, 2020.2021. 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, and August 24, 2018.2018, December 12, 2019 and March 11, 2020. 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 Facility. On November 26, 2018, Credit Fund Warehouse closed on the Credit Fund Warehouse Facility with lenders. The Credit Fund Warehouse Facility provided for secured borrowings during the applicable revolving period up to an amount equal to $150,000. The Credit Fund Warehouse Facility was secured by a first lien security interest in substantially all of the portfolio investments held by the Credit Fund Warehouse. The maturity date of the Credit Fund Warehouse Facility was November 26, 2019. Amounts borrowed under the Credit Fund Warehouse Facility bore interest at a rate of LIBOR plus 1.05%. Effective May 15, 2019, the Warehouse Facility changed its name from “MMCF Warehouse, LLC” to “MMCF CLO 2019-2, LLC” and secured borrowings outstanding were repaid in connection with the 2019-2 Debt Securitization.
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, and 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%;
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•$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.
As of SeptemberJune 30, 20192020 and December 31, 2018,2019, 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 2017-1 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 SeptemberJune 30, 2020 and December 31, 2019, the 2019-2 Issuer was in compliance with all covenants and other requirements of the indenture.
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 Facilities, as well as 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.
While economic activity improved into June 2020, we expect that the pace and magnitude of economic recovery will be uneven, and continued market and business disruption created by the COVID-19 pandemic may impact certain aspects of our liquidity. We saw an unprecedented level of calls for revolver fundings and a slowing in our expected repayments in March, though this activity has moderated during the second quarter and into July. Additionally, we saw credit markets rebound in the second quarter following volatility during March, which resulted in appreciation in the valuations of our investments relative to March 31, 2020. However, the resurgence of coronavirus, record high levels of unemployment and suppressed business activity in the U.S. creates uncertainty in the pace of economic recovery, which may impact the performance of our portfolio companies. Depreciation in the valuations of our investments may adversely impact collateral eligibility, which would reduce the availability under the Facilities. We are therefore continuously and critically monitoring our operating results, liquidity and anticipated capital requirements. Our capacity under the Facilities as of June 30, 2020 was well in excess of our unfunded commitments. We believe our current cash position, available capacity on our revolving credit facilities 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. In addition, on May 5, 2020, we sold 2,000,000 newly issued shares of cumulative convertible preferred stock, par value $0.01 per share (the "Preferred Stock"), in a private placement to an affiliate of Carlyle for total proceeds to the Company of $50.0 million.
The SPV closed on May 24, 2013 on the SPV Credit Facility, which was subsequently amended on June 30, 2014, June 19, 2015, June 9, 2016, May 26, 2017 and August 9, 2018. The SPV Credit Facility provides for secured borrowings
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during the applicable revolving period up to an amount equal to the lesser of $400,000$275,000 (the borrowing base as calculated pursuant to the terms of the SPV Credit Facility) and the amount of net cash proceeds and unpledged capital commitments the Company has received, with an accordion feature that can, subject to certain conditions, increase the aggregate maximum credit commitment up to an amount not to exceed $750,000, 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. On December 31, 2019, the Company irrevocably reduced its commitments under the SPV Credit Facility to $275,000. The SPV Credit Facility imposes financial and operating covenants on us and the SPV that restrict our and its business activities. Continued compliance with these covenants will depend on many factors, some of which are beyond our control.
We 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 and June 14, 2019. The maximum principal amount of the Credit Facility is $593,000,$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 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 and the SPV will remain in compliance, there are no assurances that we or the SPV will continue to comply with the covenants in the Credit Facility and SPV Credit Facility, as applicable. Failure to comply with these covenants could result in a default under the Credit Facility and/or the SPV Credit Facility that, if we or the SPV 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/or the SPV Credit Facility, and thereby have a material adverse impact on our business, financial condition and results of operations. Moreover, to the extent that we cannot meet our financing obligations, we risk the loss of some or all of our assets to liquidation or sale to satisfy the obligations. In such an event, we may be forced to sell assets at significantly depressed prices due to market conditions or otherwise, which may result in losses.
For more information on the SPV Credit Facility and the Credit Facility, see Note 6 to the consolidated financial statements in Part I, Item 1 of this Form 10-Q.
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.
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:
(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%;
(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;
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(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.
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 7 to the consolidated financial statements in Part I, Item 1 of this Form 10-Q.


As of SeptemberJune 30, 20192020 and December 31, 2018,2019, we had $70,281$29,916 and $87,186,$36,751, respectively, in cash and cash equivalents. The Facilities consisted of the following as of SeptemberJune 30, 20192020 and December 31, 2018:2019:
 June 30, 2020
 Total FacilityBorrowings Outstanding
Unused Portion (1)
Amount Available (2)
SPV Credit Facility$275,000  $149,986  $125,014  $19,765  
Credit Facility688,000  324,400  363,600  221,254  
Total$963,000  $474,386  $488,614  $241,019  
September 30, 2019 December 31, 2019
Total Facility Borrowings Outstanding 
Unused Portion (1)
 
Amount Available (2)
 Total FacilityBorrowings Outstanding
Unused Portion (1)
Amount Available (2)
SPV Credit Facility$400,000
 $254,281
 $145,719
 $20,685
SPV Credit Facility$275,000  $232,469  $42,531  $4,225  
Credit Facility593,000
 502,230
 90,770
 90,770
Credit Facility688,000  384,074  303,926  264,198  
Total$993,000
 $756,511
 $236,489
 $111,455
Total$963,000  $616,543  $346,457  $268,423  
(1)The unused portion is the amount upon which commitment fees are based.
 December 31, 2018
 Total Facility Borrowings Outstanding 
Unused Portion (1)
 
Amount Available (2)
SPV Credit Facility$400,000
 $224,135
 $175,865
 $2,547
Credit Facility413,000
 290,500
 122,500
 122,500
Total$813,000
 $514,635
 $298,365
 $125,047
(2)Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.
(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 SeptemberJune 30, 20192020 and December 31, 2018:2019:
 June 30, 2020December 31, 2019
Carrying ValueFair ValueCarrying ValueFair Value
Aaa/AAA Class A-1-1-R Notes$234,800  $222,600  $234,800  $233,053  
Aaa/AAA Class A-1-2-R Notes50,000  47,856  50,000  49,908  
Aaa/AAA Class A-1-3-R Notes25,000  25,075  25,000  25,163  
AA Class A-2-R Notes66,000  66,000  66,000  66,000  
A Class B Notes46,400  43,829  46,400  46,400  
BBB- Class C Notes27,000  27,000  27,000  27,000  
Total$449,200  $432,360  $449,200  $447,524  
 September 30, 2019 December 31, 2018
 Carrying Value Fair Value Carrying Value Fair Value
Aaa/AAA Class A-1-1-R Notes$234,800
 $232,945
 $234,800
 $229,632
Aaa/AAA Class A-1-2-R Notes50,000
 49,885
 50,000
 49,442
Aaa/AAA Class A-1-3-R Notes25,000
 25,283
 25,000
 24,990
AA Class A-2-R Notes66,000
 66,000
 66,000
 66,000
A Class B Notes46,400
 46,400
 46,400
 44,242
BBB- Class C Notes27,000
 27,000
 27,000
 24,809
Total$449,200
 $447,513
 $449,200
 $439,115

As of SeptemberJune 30, 20192020 and December 31, 2018,2019, we had a combined $1,205,711$1,038,586 and $963,835,$1,180,743, respectively, of outstanding consolidated indebtedness under our Facilities, the 2015-1R Notes and notes.the Senior Notes. Our annualized interest cost as of SeptemberJune 30, 20192020 and December 31, 2018,2019, was 4.21%3.02% and 4.55%4.01%, excluding fees (such as fees on undrawn amounts and amortization of upfront fees). For the three months ended June 30, 2020 and 2019, we incurred $9,443 and $13,032, respectively, of interest expense and $788 and $671, respectively, of unused commitment fees. For the six month periods ended June 30, 2020 and 2019, we incurred $21,622 and $25,023, respectively, of interest expense and $1,378 and $1,239, respectively, of unused commitment fees.
Equity Activity
SharesCommon shares issued and outstanding as of SeptemberJune 30, 20192020 and December 31, 20182019 were 59,013,47656,308,616 and 62,230,251,57,763,811, respectively.
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The following table summarizes activity in the number of shares of our common stock outstanding during the ninesix month periods ended SeptemberJune 30, 2020 and 2019:
 For the six month periods ended
 June 30, 2020June 30, 2019
Common shares outstanding, beginning of period57,763,811  62,230,251  
Repurchase of common stock (1)
(1,455,195) (2,048,392) 
Common shares outstanding, end of period56,308,616  60,181,859  
(1)In order to preserve capital, we have temporarily suspended the Company Stock Repurchase Program. See Note 9 to the consolidated financial statements in Part I, Item 1 of this Form 10-Q for additional information regarding the Company Stock Repurchase Program.
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 as of June 30, 2020 and December 31, 2019 were 2,000,000 and 2018:
 For the nine month periods ended
 September 30, 2019 September 30, 2018
Shares outstanding, beginning of period62,230,251
 62,207,603
Reinvestment of dividends—
 361,048
Repurchase of common stock(3,216,775) —
Shares outstanding, end of period59,013,476
 62,568,651


0, respectively.
Contractual Obligations
A summary of our significant contractual payment obligations was as follows as of SeptemberJune 30, 20192020 and December 31, 2018:2019:
 As of
Payment Due by PeriodJune 30, 2020December 31, 2019
Less than 1 Year$—  $—  
1-3 Years149,986  —  
3-5 Years (1)
439,400  731,543  
More than 5 Years (2)
449,200  449,200  
Total$1,038,586  $1,180,743  
  SPV Credit Facility and Credit Facility 2015-1R Notes
Payment Due by Period September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018
Less than 1 Year $—
 $—
 $—
 $—
1-3 Years —
 —
 —
 —
3-5 Years 756,511
 514,635
 —
 —
More than 5 Years —
 —
 449,200
 449,200
Total $756,511
 $514,635
 $449,200
 $449,200
As of September 30, 2019 and December 31, 2018, $254,281 and $224,135, respectively, of secured borrowings were(1) Includes amounts outstanding under the SPV Credit Facility, $502,230Facilities and $290,500, respectively, wereSenior Notes.
(2) Includes amounts outstanding under the Credit Facility. As of September 30, 2019 and December 31, 2018, $449,200 and $449,200 of 2015-1R Notes, respectively, were outstanding. For the three month and nine month periods ended September 30, 2019, we incurred $13,538 and $38,561, respectively, of interest expense and $271 and $870, respectively, of unused commitment fees. For the three month and nine month periods ended September 30, 2018, we incurred $10,372 and $26,896, respectively, of interest expense and $341 and $923, respectively, of unused commitment fees.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 SeptemberJune 30, 20192020 and December 31, 20182019 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
September 30, 2019 December 31, 2018 June 30, 2020December 31, 2019
Unfunded delayed draw commitments$98,541
 $97,261
Unfunded delayed draw commitments$68,987  $75,874  
Unfunded revolving term loan commitments75,312
 59,856
Unfunded revolving term loan commitments48,631  74,016  
Total unfunded commitments$173,853
 $157,117
Total unfunded commitments$117,618  $149,890  
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 SeptemberJune 30, 20192020 and December 31, 2018,2019, we were in compliance with this undertaking.
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DIVIDENDS AND DISTRIBUTIONS TO COMMON STOCKHOLDERS
Prior to July 5, 2017, we had an “opt in” dividend reinvestment plan.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 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 
2017       
March 20, 2017 March 20, 2017 April 24, 2017 $0.41
 
June 20, 2017 June 30, 2017 July 18, 2017 $0.37
 
August 7, 2017 September 29, 2017 October 18, 2017 $0.37
 
November 7, 2017 December 29, 2017 January 17, 2018 $0.37
 
December 13, 2017 December 29, 2017 January 17, 2018 $0.12
(1) 
Total     $1.64
 
2018       
February 26, 2018 March 29, 2018 April 17, 2018 $0.37
 
May 2, 2018 June 29, 2018 July 17, 2018 $0.37
 
August 6, 2018 September 28, 2018 October 17, 2018 $0.37
 
November 5, 2018 December 28, 2018 January 17, 2019 $0.37
 
December 12, 2018 December 28, 2018 January 17, 2019 $0.20
(1) 
Total     $1.68
 
2019       
February 22, 2019 March 29, 2019 April 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) 
August 5, 2019 September 30, 2019 October 17, 2019 $0.37
 
Total     $1.19
 
(1)Date DeclaredRepresents a special dividend.Record DatePayment DatePer Share Amount
2018
February 26, 2018March 29, 2018April 17, 2018$0.37 
May 2, 2018June 29, 2018July 17, 20180.37 
August 6, 2018September 28, 2018October 17, 20180.37 
November 5, 2018December 28, 2018January 17, 20190.37 
December 12, 2018December 28, 2018January 17, 20190.20 
(1)
Total$1.68 
2019
February 22, 2019March 29, 2019April 17, 2019$0.37 
May 6, 2019June 28, 2019July 17, 20190.37 
June 17, 2019June 28, 2019July 17, 20190.08 
(1)
August 5, 2019September 30, 2019October 17, 20190.37 
November 4, 2019December 31, 2019January 17, 20200.37 
December 12, 2019December 31, 2019January 17, 20200.18 
(1)
Total$1.74 
2020
February 24, 2020March 31, 2020April 17, 2020$0.37 
May 4, 2020June 30, 2020July 17, 2020$0.37 
Total$0.74 
(1)Represents a special dividend.

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. On June 30, 2020, the Company declared a cash dividend on the Preferred Stock for the period from May 5, 2020 through June 30, 2020 in the amount of $0.277 per preferred share to the holder of record on June 30, 2020, which is payable September 30, 2020.
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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, 2018,2018.
On April 8, 2020, the first day afterSEC issued an order (Release No. 33837) providing temporary, conditional exemptive relief from certain Investment Company Act provisions for BDCs, including relief permitting BDCs to issue additional senior securities to meet liquidity needs subject to compliance with a reduced asset coverage ratio. The relief is subject to investor protection conditions, including specific requirements for obtaining an independent evaluation of the Company's 2018 Annual Meeting.terms of the senior securities, limits on new investments and approval by a majority of a BDC’s independent board members as well as public disclosure in the case of the issuance of senior securities pursuant to the reduced asset coverage ratio.These exemptions are in effect through the earlier of December 31, 2020 or the date by which a BDC ceases to rely on the order. The Company does not currently anticipate utilizing this relief.
As of SeptemberJune 30, 20192020 and December 31, 2018,2019, the Company had total senior securities of $1,205,711$1,088,586 and $963,835,$1,180,743, respectively, consisting of secured borrowings under the Facilities, and the Notes Payable, and, only as of June 30, 2020, the Preferred Stock, and had asset coverage ratios of 181.16%176.55% and 210.31%181.01%, 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 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, 2018.2019.
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.
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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.
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 SeptemberJune 30, 20192020 and December 31, 2018.2019.
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.
For further information on the definition of 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.
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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
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 included in Part I, Item 1 of this Form 10-Q.
Dividend Income
Dividend income from the investment fund, Credit Fund, 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.
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 Consolidated Statements of Assets and Liabilities included in Part I, Item 1 of this Form 10-Q.
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
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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.
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. 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. The Company intends to make sufficient distributions each taxable year to satisfy the excise distribution requirements.
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 SPVs 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
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.

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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 maygenerally 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. BecauseIn 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 SeptemberJune 30, 2019,2020, on a fair value basis, approximately 0.3%0.9% of our debt investments bear interest at a fixed rate and approximately 99.7%99.1% of our debt investments bear interest at a floating rate, which primarily are subject to interest rate floors. Additionally, our Facilities are also subject to floating interest rates and are 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 investment in Credit Fund, held as of SeptemberJune 30, 20192020 and December 31, 2018,2019, 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 SeptemberJune 30, 20192020 and December 31, 20182019 and based on the terms of our Facilities and notes payable. Interest expense on our Facilities and notes payable is calculated using the stated interest rate as of SeptemberJune 30, 20192020 and December 31, 2018,2019, 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 SeptemberJune 30, 20192020 and December 31, 2018,2019, 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 investment in Credit Fund, and outstanding secured borrowings and notes payable assuming no changes in our investment and borrowing structure:
 June 30, 2020December 31, 2019
Basis Point ChangeInterest IncomeInterest ExpenseNet Investment IncomeInterest IncomeInterest ExpenseNet Investment Income
Up 300 basis points$40,002  $(26,958) $13,044  $57,441  $(31,167) $26,274  
Up 200 basis points$23,147  $(17,972) $5,175  $38,294  $(20,778) $17,516  
Up 100 basis points$6,356  $(8,986) $(2,630) $19,147  $(10,389) $8,758  
Down 100 basis points$(835) $5,111  $4,276  $(16,433) $10,389  $(6,044) 
Down 200 basis points$(875) $6,039  $5,164  $(18,678) $20,225  $1,547  
Down 300 basis points$(875) $6,039  $5,164  $(19,053) $20,823  $1,770  
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 As of September 30, 2019 As of December 31, 2018
Basis Point ChangeInterest Income Interest Expense Net Investment Income Interest Income Interest Expense Net Investment Income
Up 300 basis points$58,043
 $(35,436) $22,607
 $52,554
 $(28,165) $24,389
Up 200 basis points$38,695
 $(23,624) $15,071
 $35,036
 $(18,777) $16,259
Up 100 basis points$19,348
 $(11,812) $7,536
 $17,518
 $(9,388) $8,130
Down 100 basis points$(19,107) $11,812
 $(7,295) $(17,477) $9,388
 $(8,089)
Down 200 basis points$(23,003) $23,624
 $621
 $(28,103) $18,777
 $(9,326)
Down 300 basis points$(23,318) $25,384
 $2,066
 $(28,741) $22,953
 $(5,788)


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 SeptemberJune 30, 20192020 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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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 11 to the consolidated financial statements in Part I, Item 1 of this Form 10-Q.
Item 1A. Risk Factors.
There have been no material changesIn addition to the risk factors previouslyother 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, 2018. For a discussion of2019 and our potential risks and uncertainties, see the information under the heading “Risk Factors” in our annualquarterly report on Form 10-K10-Q for the yearperiod ended DecemberMarch 31, 2018 filed with the SEC on February 26, 2019, which is accessible on the SEC’s website at sec.gov.2020.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
WeExcept as previously reported, 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 purchasesWe did not repurchase any shares 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 SeptemberJune 30, 2019 for the periods indicated.
2020.
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, 2019 through July 31, 2019 361,009
 $15.24
 361,009
 $59,279
August 1, 2019 through August 31, 2019 456,401
 14.24
 456,401
 52,778
September 1, 2019 through September 30, 2019 350,968
 14.67
 350,968
 47,628
Total 1,168,378
   1,168,378
  
(1)On trade date basis.
(2)Shares purchased by the Company pursuant to the Company Stock Repurchase Program, which was entered into on November 5, 2018. Pursuant to the program, the Company is authorized to repurchase up to $100 million in the aggregate of its 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 was to be in effect until the earlier of November 5, 2019 and the date the approved dollar amount has been used to repurchase shares. On November 4, 2019, the Company's Board of Directors authorized a 12-month extension of the program, Under such authorization, the Company Stock Repurchase Program will be in effect until the earlier of November 5, 2020 and the date the approved dollar amount of $100,000 has been used to repurchase shares (including amounts already used). 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 Rule 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 Rule 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. O
The Company entered into the Company Stock Repurchase Program on November 5, 2018. Pursuant to the program, the Company is authorized to repurchase up to $100 million in the aggregate of its 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 was expected to be in effect until the earlier of November 5, 2019 and the date the approved dollar amount has been used to repurchase shares. On November 4, 2019, the Company's Board of Directors approved the continuation of the Company Stock Repurchase Program until November 5, 2020, or until the date the approved dollar amount has been used to repurchase shares. 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. This Program, which is temporarily suspended, may be resumed, extended, modified or discontinued by the Company at any time, subject to applicable law.
Item 3. Defaults Upon Senior Securities.
Not applicable.


Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.
On November 4, 2019,August 3, 2020, the Board of Directors of the Company appointed Linda Pace, the Company’s President, to the additional positions ofTaylor Boswell as the Company’s Chief ExecutiveInvestment Officer, andeffective immediately.
Mr. Boswell, 41, is the ChairChief Investment Officer of the Board of Directors, in each case effective December 31, 2019.  Ms. Pace will fill the vacancies created by the resignation of Michael A. Hart effective that dateCarlyle Direct Lending and be a Class I Director of the Company.

Ms. Pace, 57, is also a Managing Director and Partner of Carlyle. Prior to joining Carlyle, Mr. Boswell was employed by Apollo Global Management ("Apollo") from 2013 to 2017. At Apollo, Mr. Boswell served as a Managing Director and Investment Committee Member in the Global HeadIlliquid Opportunistic Credit Business, where his primary responsibilities included the sourcing, execution and management of Loanscomplex, credit-oriented investments across a wide variety of sectors and Structured Creditgeographies. Before joining Apollo in 2013, Mr. Boswell was a Director at Perella Weinberg Partners, where he spent seven years focused on special situations corporate investing, as well as the President of Carlyle Direct Lending. In addition, she serveshelped to grow that firm's investment management business from inception to over $10 billion in assets under management. Earlier in his career, Mr. Boswell served as a member of the Investment Adviser’sprivate equity associate at Providence Equity Partners as well as an investment committee and President of TCG BDC II, Inc. Ms. Pace was previously responsible for portfolio management for Carlyle High Yield Partners, deploying capital into the U.S. market in cash and synthetic form.banking analyst at Deutsche Bank.
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Item 6. Exhibits.
3.1
3.2
3.3
31.1  
31.2
  
32.1
  
32.2
  
* Filed herewith

(1)Incorporated by reference to Exhibit 3.1 to the Company’s Form 10-12G/A filed by the Company on April 11, 2013 (File No. 000-54899)
(2)Incorporated by reference to Exhibit 3.2 to the Company’s Form 10-K filed by the Company on March 22, 2017 (File No. 000-54899)
(3)Incorporated by reference to Exhibit 3.1 to the Company’s Form 10-Q filed by the Company on May 5, 2020 (File No. 814-00995)
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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.
TCG BDC, INC.
Dated: November 5, 2019August 4, 2020By  /s/ Thomas M. Hennigan
  
Thomas M. Hennigan

Chief Financial Officer

(principal financial officer)

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