Quarterly Earnings Presentation Quarter Ended June 30, 2019
Disclaimer and Forward-Looking Statement This presentation (the “Presentation”) has been prepared by TCG BDC, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “TCG BDC” or the “Company”) (NASDAQ: CGBD) and may only be used for informational purposes only. This Presentation should be viewed in conjunction with the earnings conference call of the Company held on August 7, 2019 and the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019. The information contained herein may not be used, reproduced, referenced, quoted, linked by website, or distributed to others, in whole or in part, except as agreed in writing by the Company. This Presentation does not constitute a prospectus and should under no circumstances be understood as an offer to sell or the solicitation of an offer to buy our common stock or any other securities nor will there be any sale of the common stock or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. This Presentation provides limited information regarding the Company and is not intended to be taken by, and should not be taken by, any individual recipient as investment advice, a recommendation to buy, hold or sell, or an offer to sell or a solicitation of offers to purchase, our common stock or any other securities that may be issued by the Company, or as legal, accounting or tax advice. An investment in securities of the type described herein presents certain risks. This Presentation may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward- looking terminology 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. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations to our investors. There may be events in the future, however, that we are not able to predict accurately or control. You should not place undue reliance on these forward-looking statements, which speak only as of the date on which we make them. Factors or events that could cause our actual results to differ, possibly materially from our expectations, include, but are not limited to, the risks, uncertainties and other factors we identify in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in filings we make with the Securities and Exchange Commission (the “SEC”), and it is not possible for us to predict or identify all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Information throughout the Presentation provided by sources other than the Company (including information relating to portfolio companies) has not been independently verified and, accordingly, the Company makes no representation or warranty in respect of this information. The following slides contain summaries of certain financial and statistical information about the Company. The information contained in this Presentation is summary information that is intended to be considered in the context of our SEC filings and other public announcements that we may make, by press release or otherwise, from time to time. We undertake no duty or obligation to publicly update or revise the information contained in this Presentation. TCG BDC is managed by Carlyle Global Credit Investment Management L.L.C. (the “Investment Adviser”), an SEC-registered investment adviser and a wholly owned subsidiary of The Carlyle Group L.P. (together with its affiliates, “Carlyle”). This Presentation contains information about the Company and certain of its affiliates and includes the Company’s historical performance. You should not view information related to the past performance of the Company as indicative of the Company’s future results, the achievement of which is dependent on many factors, many of which are beyond the control of the Company and the Investment Adviser and cannot be assured. There can be no assurances that future dividends will match or exceed historical rates or will be paid at all. Further, an investment in the Company is discrete from, and does not represent an interest in, any other Carlyle entity. Nothing contained herein shall be relied upon as a promise or representation whether as to the past or future performance of the Company or any other Carlyle entity. 2
Summary of Quarterly Results Quarter Ended June 30, 2019 • TCG BDC – The investment portfolio decreased to $2.08 billion at fair value as of June 30, 2019, as compared to $2.16 billion at fair value as of March 31, 2019 – New investment fundings1 for the quarter ended June 30, 2019 were $231 million and sales and repayments totaled $305 million – Net investment income for the quarter ended June 30, 2019 was $0.46 per share, as compared to $0.45 per share for the quarter ended March 31, 20192 – The Company paid a second quarter regular dividend of $0.37 per share and a special dividend of $0.08, resulting in a LTM dividend yield of 10.3% based on ending net asset value – Net asset value per share was $17.06 as of June 30, 2019, as compared to $17.30 per share as of March 31, 2019 • Middle Market Credit Fund, LLC (“Credit Fund”) – The investment portfolio of our joint venture, Credit Fund, increased to $1.33 billion at fair value as of June 30, 2019, as compared to $1.26 billion at fair value as of March 31, 2019 – For the quarter ended June 30, 2019, Credit Fund’s new investment fundings1 were $121 million and sales and repayments totaled $43 million – Credit Fund produced a 12.7% annualized dividend yield3 to the Company for the quarter ended June 30, 2019 • On June 14, 2019, TCG BDC increased the maximum principal amount of the Company’s senior secured revolving credit facility from $513 million to $593 million • During the quarter ended June 30, 2019, the Company repurchased 1,089,559 shares of the Company's common stock pursuant to the Company’s $100 million stock repurchase program at an average cost of $14.91 per share, or $16.3 million in the aggregate, resulting in accretion to net assets per share of $0.04 (1) At par/principal and excluding net change in unfunded commitments. Origination activity and resulting capital deployment is dependent on the Investment Adviser’s ability to identify investment opportunities. There can be no guarantee that appropriate opportunities will be identified and if they are, that the Company or Credit Fund, as the case may be, will be selected to originate any or all such opportunities. (2) Net investment income per share is based on the weighted average shares outstanding during the respective period. There can be no assurance that we will continue to earn income or pay dividends at this rate and our income and our dividends may decline. (3) The annualized Credit Fund yield is calculated by dividing the dividend income from Credit Fund by the weighted average of the Company’s principal investment in the subordinated loans of Credit Fund over the quarter and annualizing over 4 periods. 3
Portfolio Highlights – New Originations – TCG BDC and Credit Fund (Dollar amounts in thousands and based on par/principal) Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 TCG BDC Originations and Net Investment Activity Investment Fundings $ 283,685 $ 231,337 $ 328,112 $ 249,713 $ 231,361 Unfunded Commitments, Net Change 41,614 20,473 (28,104) (6,772) 24,789 Sales and Repayments (232,520) (143,594) (343,420) (69,866) (305,398) Net Investment Activity $ 92,779 $ 108,216 $ (43,412) $ 173,075 $ (49,248) 1 TCG BDC Total Investment Portfolio at Fair Value First Lien Debt 67.81% 69.46% 68.12% 67.84% 69.51% First Lien, Last-out Unitranche Debt 12.09% 9.87% 10.29% 9.34% 10.08% Second Lien Debt 8.27% 8.45% 9.07% 10.62% 9.79% Equity Investments 1.15% 1.15% 1.25% 1.32% 1.40% Investment Fund / Credit Fund 10.68% 11.07% 11.27% 10.88% 9.22% 2 Credit Fund Originations and Net Investment Activity Investment Fundings $ 121,324 $ 111,236 $ 122,735 $ 137,478 $ 121,117 Unfunded Commitments, Net Change 32,354 (20,733) (11,771) 13,655 (16,635) Sales and Repayments (72,366) (49,417) (122,197) (58,312) (43,351) Net Investment Activity $ 81,312 $ 41,086 $ (11,233) $ 92,821 $61,131 Please refer to the Company’s Form 10-Q for the quarter ended on June 30, 2019 (“Form 10-Q”) for more information. No assurance is given that the Company will continue to achieve comparable results. (1) At quarter end. (2) Credit Fund is a Delaware limited liability company that is not consolidated with the Company. The Company and Credit Partners USA LLC each has 50% economic ownership of Credit Fund and has commitments to fund, from time to time, capital of up to $400 million each. Funding of such commitments generally requires the approval of the board of Credit Fund, including the board members appointed by the Company. 4
Investment Portfolio Overview – TCG BDC Total Fair Value of Investments of TCG BDC at June 30, 2019 of $2,076 million Fair Value of Investments1 $2,500 $2,155 $2,019 $2,076 $1,964 $1,968 $1,947 $1,972 $2,000 $1,913 $1,719 $1,500 $1,383$1,423$1,393 $1,201 $1,145 $1,053 ($, millions) $976 $1,000 $913 $789 $699 $504 $500 $419 $318 $0 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 First Lien First Lien Last Out Second Lien Mezzanine Structured Finance Obligations Equity Investment Fund Note: At quarter end. (1) Fair value of investments is subject to change. Past performance is no guarantee of future results. Fair value is determined in good faith by or under the direction of the Company’s board of directors pursuant to the Company’s valuation policy. Refer to Note 2 (Significant Accounting Policies) and Note 3 (Fair Value Measurements) to the consolidated financial statements in Part I, Item 1 of the Company’s Form 10-Q for details on fair value measurements. 5
Investment Portfolio Overview – TCG BDC and Credit Fund Combined Fair Value of Investments of TCG BDC and Credit Fund at June 30, 2019 of $3,212 million1 $4,000 Fair Value of Investments1 $3,500 $3,178 $3,212 $2,994 $2,923 $2,802 $2,890 $3,000 $2,599 $2,780 $2,334 $2,500 $2,000 $1,761 $1,817 $1,618 $1,500 $1,331 $1,145 $1,053 $913 $976 $1,000 $789 $699 $504 $419 $500 $318 $0 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 First Lien First Lien Last Out Second Lien Mezzanine Structured Finance Obligations Equity Investment Fund MMCF Note: At quarter end. Fair value of investments is subject to change. Past performance is no guarantee of future results. Fair value is determined in good faith by or under the direction of the Company’s board of directors pursuant to the Company’s valuation policy. Refer to Note 2 (Significant Accounting Policies), Note 3 (Fair Value Measurements), and Note 5 (Middle Market Credit Fund, LLC) to the consolidated financial statements in Part 1, Item 1 of the Company’s Form 10-Q for details on fair value measurements. (1) Combined fair value of investments of TCG BDC and Credit Fund is not a U.S. generally accepted accounting principles ("GAAP") financial measure. The Company believes that presenting this non-GAAP financial measure is useful because it illustrates our increased deal flow and portfolio size as a result of our strategic joint venture with Credit Fund. Although this non-GAAP financial measure is intended to enhance investors' understanding of our business and performance, it should not be considered an alternative to GAAP and it may not be comparable to similar non-GAAP measures used by other companies. The combined fair value of investments of TCG BDC and Credit Fund is the sum of the fair 6 value of investments of TCG BDC ($2.1 billion) and Credit Fund ($1.3 billion), excluding the fair value of TCG BDC's investments in Credit Fund ($191 million).
Portfolio Summary – TCG BDC and Credit Fund As of June 30, 2019 Diversification by Borrower Portfolio Characteristics TCG BDC Credit Fund Total Investments and Commitments ($mm) $2,251 $1,417 Credit 1 TCG BDC Unfunded Commitments ($mm) $175 $89 Fund Investments at Fair Value ($mm) $2,076 $1,328 23% Yield of Debt Investments2 (%) 8.97% 7.04% 29% Yield of Total Portfolio2,3 (%) 9.16% 7.04% Number of Investments 135 73 Top 10 Investments Next 11 - 25 Investments Number of Portfolio Companies 106 67 Remaining Investments Floating / Fixed4 (%) 99% / 1% 98% / 2% Credit Fund Asset Mix Industry Mix 27% 4%3% 3% 4% 1% 3% 5% 5% 31% 4% 11%0% 15%12%21%8%6%5%4%3% TCG BDC Credit 2% Credit Fund TCG BDC 9% 7% 6% 0% Fund 2% 7% 11% 17% 13% 8% 13% 8% 12% First Lien Debt First Lien Last Out Healthcare & Pharmaceuticals High Tech Industries Business Services Software Banking, Finance, Insurance & Real Estate Telecommunications Second Lien Debt Equity Beverage, Food & Tobacco Hotel, Gaming & Leisure Transportation: Cargo Investment Fund (Credit Fund) Other Investment Fund (Credit Fund) (1) Excludes the Company’s commitments to fund capital to Credit Fund. (2) Weighted average yields at cost of the debt investments include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of period end. Actual yields earned over the life of each investment could differ materially from the yields presented above. Weighted average yields for TCG BDC do not include TCG BDC’s investment in Credit Fund. (3) Weighted average yields at cost of the total portfolio includes yield of debt investments, equity investments and TCG BDC’s investment in Credit Fund. Actual yields earned over the life of each investment could differ 7 materially from the yields presented above. (4) % of fair value of First and second lien debt.
Credit Quality of Investments – TCG BDC • As of June 30, 2019, 4 borrowers were on non-accrual status, representing 2.0% of total investments at fair value and 4.5% at amortized cost • Approximately 97% of investments in our debt investment portfolio continue to have an Internal Risk Rating of 1 through 4 as of June 30, 2019 Portfolio Risk Ratings (Dollar amounts in millions) June 30, 2019 March 31, 2019 December 31, 2018 Internal Risk Rating Fair Value % of Fair Value Fair Value % of Fair Value Fair Value % of Fair Value 1 $ 49.7 2.68% $ 70.8 3.74% $ 71.0 4.12% 2 1,431.2 77.15% 1,381.7 73.02% 1,302.9 75.52% 3 123.1 6.64% 212.5 11.23% 208.4 12.08% 4 197.2 10.63% 189.2 10.00% 105.1 6.09% 5 46.3 2.49% 23.3 1.23% 23.5 1.36% 6 7.6 0.41% 14.7 0.78% 14.3 0.83% Total $ 1,855.1 100.00% $ 1,892.2 100.00% $ 1,725.2 100.00% Rating Definition 1 Performing – Low Risk: Borrower is operating more than 10% ahead of the Base Case 2 Performing – Stable Risk: Borrower is operating within 10% of the Base Case (above or below). This is the initial rating assigned to all new borrowers Borrower is operating more than 10% below the Base Case. A financial covenant default may have occurred, but 3 Performing – Management Notice: there is a low risk of payment default Borrower is operating more than 20% below the Base Case and there is a high risk of covenant default, or it may have already occurred. 4 Watch List: Payments are current although subject to greater uncertainty, and there is moderate to high risk of payment default Watch List – Possible Loss: Borrower is operating more than 30% below the Base Case. At the current level of operations and financial condition, the 5 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 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 6 may have already occurred. Additionally, the prospects for improvement in the borrower’s situation are sufficiently negative that impairment of some or all principal is probable 8
Financial Performance Summary – TCG BDC (Dollar amounts in thousands, except per share data) Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Net Investment Income Per Share $ 0.45 $ 0.41 $ 0.47 $ 0.45 $ 0.46 Net Realized & Unrealized Appreciation (Depreciation) Per Share (0.24) (0.31) (0.49) 0.09 (0.29) Net Income Per Share 0.21 0.10 (0.02) 0.54 0.16 Dividends Paid Per Share 0.37 0.37 0.57 0.37 0.45 Impact of Share Repurchases Per Share - - 0.02 0.04 0.04 Net Asset Value Per Share $ 17.93 $ 17.66 $ 17.09 $ 17.30 $ 17.06 Weighted Average Shares Outstanding for the Period (in thousands) 62,569 62,569 62,496 61,773 60,596 Shares Outstanding at End of Period (in thousands) 62,569 62,569 62,230 61,272 60,182 Total Fair Value of Investments $ 1,946,792 $ 2,018,998 $ 1,972,157 $ 2,155,209 $ 2,075,614 Number of Portfolio Companies 89 94 96 103 106 Average Size of Investment in Portfolio Company (Notional)1 $ 22,488 $ 22,225 $ 21,602 $ 21,880 $ 20,563 Weighted Average all-in Yield on Investments at Amortized Cost2 9.16% 9.25% 9.54% 9.51% 8.97% Weighted Average all-in Yield on Investments at Fair Value2 9.31% 9.48% 9.94% 9.85% 9.32% Net Assets $ 1,121,812 $ 1,104,742 $ 1,063,218 $ 1,060,187 $ 1,026,592 Debt $ 856,259 $ 1,000,207 $ 960,678 $ 1,107,064 $ 1,095,563 Debt To Equity at Quarter End 0.76x 0.91x 0.90x 1.04x 1.07x Note: The net asset value per share and dividends declared per share are based on the shares outstanding at each respective quarter-end. Net investment income per share and net change in realized and unrealized appreciation (depreciation) per share are based on the weighted average number of shares outstanding for the period. (1) For equity investments with no stated par amount, includes total funded amount. (2) Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of each respective period end. Actual yields earned over the life of each investment could differ materially from the yields presented above. 9
Quarterly Statements of Financial Condition – TCG BDC (Dollar amounts in thousands, except per share data) Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Assets Investments at Fair Value (Non-Controlled/Non-Affiliated) $ 1,722,393 $ 1,781,621 $ 1,731,319 $ 1,899,537 $ 1,840,979 Investments at Fair Value (Non-Controlled/Affiliated) 16,394 13,973 18,543 21,081 20,925 Investments at Fair Value (Controlled/Affiliated) 208,005 223,404 222,295 234,591 213,710 Total Investments at Fair Value 1,946,792 2,018,998 1,972,157 2,155,209 2,075,614 Cash & Cash Equivalents 27,928 112,911 87,186 40,071 62,324 Receivable From Investment Sold 40,077 — 8,060 — 14,854 Deferred Financing Costs 3,246 4,126 3,950 4,069 4,869 Interest Receivable Non-Controlled/Non-Affiliated/Affiliated Investments 6,158 4,905 5,856 7,666 8,300 Interest & Dividend Receivable From Controlled/Affiliated Investments 6,442 6,881 7,405 7,256 6,652 Prepaid Expenses & Other Assets 525 20 129 8 143 Total Assets $ 2,031,168 $ 2,147,841 $ 2,084,743 $ 2,214,279 $ 2,172,756 Liabilities Payable for Investment Purchased $ 8,780 $ — $ 1,870 $ — $ — Secured Borrowings 585,105 554,299 514,635 660,959 649,397 Notes Payable, Net of Unamortized Debt Issuance Costs 271,154 445,908 446,043 446,105 446,166 Due to Investment Adviser 134 131 236 169 228 Interest & Credit Facility Fees Payable 6,166 4,478 7,500 7,994 7,563 Dividend Payable 23,151 23,150 35,497 22,681 27,082 Base Management & Incentive Fees Payable 13,252 12,992 13,834 13,531 13,846 Administrative Service Fees Payable 113 116 94 139 128 Other Accrued Expenses & Liabilities 1,501 2,025 1,816 2,514 1,754 Total Liabilities 909,356 1,043,099 1,021,525 1,154,092 1,146,164 Net Assets 1,121,812 1,104,742 1,063,218 1,060,187 1,026,592 Total Liabilities & Net Assets $ 2,031,168 $ 2,147,841 $ 2,084,743 $ 2,214,279 $ 2,172,756 Net Asset Value Per Share $ 17.93 $ 17.66 $ 17.09 $ 17.30 $ 17.06 Please refer to the Company’s Form 10-Q for more information. 10
Quarterly Operating Results – TCG BDC (Dollar amounts in thousands) Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Interest Income $ 41,948 $ 40,676 $ 44,545 $ 44,471 $ 45,468 Payment-In-Kind Interest Income 216 1,478 1,332 1,150 2,140 Income From Credit Fund 6,698 7,201 7,710 7,538 6,993 Other Income 3,590 1,925 2,724 2,028 2,266 Total Investment Income 52,452 51,280 56,311 55,187 56,867 Management Fees1 7,266 7,543 7,595 7,685 7,913 Incentive Fees2 5,984 5,449 6,239 5,846 5,933 Interest Expense & Credit Facility Fees 9,290 10,955 11,511 12,559 13,703 Other Expenses 1,672 1,618 1,395 1,475 1,287 Excise Tax Expense 30 30 160 60 60 Net Expenses 24,242 25,595 26,900 27,625 28,896 Net Investment Income 28,210 25,685 29,411 27,562 27,971 Net Realized and Change in Unrealized Gains & Losses (15,104) (19,605) (30,571) 6,164 (18,214) Net Income/Loss $ 13,106 $ 6,080 $ (1,160) $ 33,726 $ 9,757 (1) Beginning October 1, 2017, the base management fee is calculated at an annual rate of 1.50% of the Company’s gross assets, excluding cash and cash equivalents but including assets acquired through the use of leverage. In addition, on August 6, 2018, the Company's Board of Directors approved a one-third (0.50%) reduction in the 1.50% annual base management fee rate charged by the Investment Adviser on assets financed using leverage in excess of 1.0x debt to equity. Effective July 1, 2018, the reduced annual fee of 1.00% applies to the average value of the Company's gross assets as of the end of the two most recently completed calendar quarters that exceeds the product of (i) 200% and (ii) the average value of the Company's net asset value at the end of the two most recently completed calendar quarters. (2) Effective October 1, 2017, the Investment Adviser agreed to charge 17.5% instead of 20% with respect to the entire calculation of the incentive fee. Note: There can be no assurance that we will continue to earn income at this rate and our income may decline. If our income declines, we may reduce the dividend we pay and the yield you earn may decline. Refer to the consolidated financial statements included in Part I, Item I of the Company’s Form 10-Q for additional details. 11
Net Asset Value Per Share Bridge – TCG BDC Quarter Ended June 30, 2019 Note: The net asset value per share and dividends declared per share are based on the shares outstanding at each respective quarter-end. Net investment income per share and net change in realized and unrealized appreciation (depreciation) per share are based on the weighted average number of shares outstanding for the period. 12
Senior Secured Credit Facilities & Unfunded Commitments Terms & Conditions Carlyle Direct Lending Debt on Company’s Balance Sheet as of June 30, 2019 (dollar amounts in thousands) TCG BDC, Inc. TCG BDC SPV LLC (“SPV CLO 2015-1R LLC Notes (“Credit Facility”)1 Credit Facility”)1 (“2015-1R Notes”) $1,600 $1,442 $593.0 million $1,400 Size $400.0 million committed $449.2 million committed $1,200 $1,099 Original 5 years (4 year $1,000 Tenor / 5 years (3 years revolving); revolving); maturity 10/15/2031 Maturity maturity date 5/23/2023 date 6/14/2024 $800 Date $600 LIBOR + 225 bps / 37.5 LIBOR + 200 bps / 50-75 Pricing 465bps2 $400 bps unused fee bps unused fee $200 Middle Market $- Credit Fund SPV, Leverage Utilized Leverage Available LLC (“Credit Fund MMCF CLO 2017-1 LLC MMCF CLO 2019-2, LLC Sub Facility”)1,3 Notes (“2017-1 Notes”)4 (“2019-2 Notes”)5 Unfunded Commitments – TCG BDC $640.0 million $282.0 million outstanding $352 million outstanding Size committed ($352 million at closing) ($352 million at closing) Par Value as of (Dollar amounts in thousands) June 30, 2019 March 31, 2019 Original 6 years (3 years Tenor / revolving); maturity 1/15/2028 4/15/2029 Unfunded Delayed Draw Commitments $ 105,692 $ 85,898 Maturity date 5/22/2024 Date Unfunded Revolving Commitments 69,442 64,447 LIBOR + 225 bps / 50- Pricing 463bps2 485bps2 75 bps unused fee Total Unfunded Commitments $ 175,134 $ 150,345 (1) Size represents maximum principal amount of the facility and is subject to availability under the facility, which is based on certain advance rates multiplied by the value of certain portfolio investments of the Company or Credit Fund (subject to certain concentration limitations) and may be net of certain other indebtedness that the Company or Credit Fund may incur in accordance with the terms of the facility. Middle Market Credit Fund SPV, LLC (the “Credit Fund Sub”), a Delaware limited liability company, was formed on April 5, 2016. Credit Fund Sub is a wholly-owned subsidiary of Credit Fund and is consolidated in Credit Fund’s consolidated financial statements commencing from the date of its formation. (2) Weighted average interest rate, including amortization of debt issuance costs on the 2015-1R Notes, 2017-1 Notes and 2019-2 Notes, respectively, for the quarter ended June 30, 2019. (3) Credit Fund closed on June 24, 2016 on a revolving credit facility, the Credit Fund Facility, from which Credit Fund may from time to time request mezzanine loans from the Company. The maximum principal amount of the Credit Fund Facility is $175mm. (4) MMCF CLO 2017-1 LLC is a wholly-owned and consolidated subsidiary of Credit Fund. (5) MMCF CLO 2019-2 LLC is a wholly-owned and consolidated subsidiary of Credit Fund. 13
Liquidity and Investment Capacity – TCG BDC • Cash and Cash Equivalents – Cash and cash equivalents totaled $62.3 million as of June 30, 2019 • Credit Facilities - Availability – Credit Facility – As of June 30, 2019, subject to leverage and borrowing base restrictions, we had approximately $190.5 million of remaining unfunded commitments and approximately $190.5 million of availability on this $593.0 million revolving credit facility – SPV Credit Facility – As of June 30, 2019, subject to leverage and borrowing base restrictions, we had approximately $153.1 million of remaining unfunded commitments and approximately $16.4 million of availability on this $400.0 million revolving credit facility 14
Common Stock and Dividend Information – TCG BDC Common Stock (NASDAQ: CGBD – Closing Prices) Quarter Ended High Low End of Period June 30, 2019 $15.51 $14.60 $15.24 March 31, 2019 $15.21 $12.81 $14.48 December 31, 2018 $16.81 $12.40 $12.40 September 30, 2018 $17.97 $16.70 $16.70 June 30, 2018 $18.34 $17.02 $17.02 March 31, 2018 $18.62 $17.03 $17.90 December 31, 2017 $20.04 $17.04 $20.04 September 30, 2017 $18.89 $18.00 $18.82 June 30, 2017 (beginning June 14, 2017) $18.49 $18.01 $18.01 • On August 5, 2019, the Company’s Board of Directors declared a quarterly dividend of $0.37 per share, which is payable on October 17, 2019 to stockholders of record as of September 30, 2019 $1.00 Historical Dividend Data 12.00% 10.08% 10.32% 10.12%10.23% $0.90 9.89% 9.63% 9.56% 9.06% 9.83% 9.71% 9.23% 9.15% 9.05% 10.00% $0.80 8.75% 8.67% 8.97% 8.84% 8.92% 7.88% $0.70 6.93% 8.00% $0.60 5.52% $0.50 4.76% $0.18 6.00% $0.07 $0.20 $0.40 $0.12 $0.08 4.00% $0.30 $0.20 $0.44 $0.42 $0.41 $0.41 $0.35 $0.37 $0.37 $0.40 $0.40 $0.40 $0.40 $0.37 $0.37 $0.37 $0.37 $0.37 $0.37 $0.37 $0.37 $0.37 2.00% $0.27 $0.10 $0.19 $0.00 0.00% Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Dividend Special Dividend LTM Dividend Yield (1) Note: Historical dividend data for dividends declared prior to the period shown are available on the Company’s website at tcgbdc.com No dividend was declared in 2013. There can be no assurance that the Company will continue to achieve comparable results. (1) For dividends declared prior to the IPO (June 14, 2017), dividend yield is calculated by dividing the quarterly declared dividend by the weighted average of the net asset value at the beginning of the quarter and the capital called during the quarter and LTM dividend yield is calculated by adding the most recent four quarters’ dividend yields. For dividends declared after the IPO, LTM dividend yield is calculated by dividing the declared dividends for the most recent four quarters by the ending net asset value. Q1’14-Q3’14 contain fewer than four quarters’ dividend yields in the 15 LTM dividend yield presented, which have been annualized.
