AG Twin Brook BDC 10-Q 2023 Q1 Quarterly report

0001666384srt:AffiliatedEntityMemberagtb:InvestmentManagementAgreementReimbursementOfOperatingCostsMember2022-12-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark One)
x	QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2023

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 814-01259

AG Twin Brook BDC, Inc.

(Exact name of registrant as specified in its charter)

Delaware	83-4184014
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
245 Park Avenue, 26th Floor, New York, NY	10167
(Address of principal executive offices)	(Zip Code)
(Registrant’s telephone number, including area code): (212) 692-2000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, par value $0.001 per share

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

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 x No o

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 the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	x	Smaller reporting company	o
		Emerging growth company	x

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

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

As of May 12, 2023, the registrant had 9,672,358 shares of common stock, $0.001 par value per share, outstanding.

TABLE OF CONTENTS

PART I	CONSOLIDATED FINANCIAL INFORMATION	2
Item 1.	Consolidated Financial Statements	2
	Consolidated Statements of Assets and Liabilities as of March 31, 2023 (Unaudited) and December 31, 2022	2
	Consolidated Statements of Operations for the Three Months Ended March 31, 2023 and 2022 (Unaudited)	3
	Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2023 and 2022 (Unaudited)	4
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2023 and 2022 (Unaudited)	5
	Consolidated Schedules of Investments as of March 31, 2023 (Unaudited) and December 31, 2022	6
	Notes to Consolidated Financial Statements (Unaudited)	38
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	62
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	79
Item 4.	Controls and Procedures	80
PART II	OTHER INFORMATION	81
Item 1.	Legal Proceedings	81
Item 1A.	Risk Factors	81
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	81
Item 3.	Defaults Upon Senior Securities	81
Item 4.	Mine Safety Disclosures	81
Item 5.	Other Information	81
Item 6.	Exhibits	82
Signatures		83

AG Twin Brook BDC, Inc.

Consolidated Statements of Assets and Liabilities

(Amounts in thousands, except share and per share amounts)

	March 31, 2023		December 31, 2022
	(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments at fair value (amortized cost of $175,879 and $180,526, respectively)	$	174,505	$	179,785
Non-controlled/affiliated investments at fair value (amortized cost of $7,044 and $7,137, respectively)	9,610		10,354
Unrealized gain on foreign currency forward contracts	8		—
Cash	16,593		12,028
Interest receivable	644		775
Prepaid expenses	81		127
Total assets	$	201,441	$	203,069
Liabilities
Unrealized loss on foreign currency forward contracts	$	—	$	15
Dividend payable	2,418		5,030
Incentive fees payable	1,159		1,295
Accrued expenses and other liabilities payable to affiliate	843		677
Deferred tax liability	536		—
Management fees payable	281		281
Deferred income	170		184
Total liabilities	5,407		7,482
Commitments and contingencies (Note 8)
Net assets
Common shares $0.001 par value, 100,000,000 shares authorized; 9,672,358 and 9,672,358 shares issued and outstanding, respectively	$	10	$	10
Additional paid-in-capital	193,726		193,704
Total distributable earnings (loss)	2,298		1,873
Total net assets	196,034		195,587
Total liabilities and net assets	$	201,441	$	203,069
Net asset value per share	$	20.27	$	20.22

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

2

AG Twin Brook BDC, Inc.

Consolidated Statements of Operations

(Amounts in thousands, except share and per share amounts)

(Unaudited)

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Investment income
Investment income from non-controlled, non-affiliated investments:
Interest	$	5,250	$	2,923
Other	99		149
Total investment income from non-controlled, non-affiliated investments:	5,349		3,072
Total investment income	5,349		3,072
Expenses
Incentive fees	$	576	$	381
Deferred tax expense	536		—
Management fees	281		241
Current tax expense	206		—
Administrative fees(1)	15		54
Accounting fees	113		104
Other	44		86
Insurance fees	68		90
Directors' fees	45		45
Professional fees	92		119
Interest	—		55
Total net expenses	1,976		1,175
Net investment income (loss)	3,373		1,897
Net realized and unrealized gain (loss) on investment transactions
Net realized gain (loss) on investment transactions:
Non-controlled, non-affiliated investments	$	(1)	$	35
Non-controlled, affiliated investments	776		—
Foreign currency forward transactions	(22)		(2)
Net change in unrealized gain (loss) on investment transactions:
Non-controlled, non-affiliated investments	(633)		188
Non-controlled, affiliated investments	(651)		249
Foreign currency forward contracts	23		(18)
Foreign currency translation	—		(2)
Total net realized and unrealized gain (loss) on investment transactions	(508)		450
Net increase (decrease) in net assets resulting from operations	$	2,865	$	2,347
Net investment income (loss) per share - basic and diluted	$	0.35	$	0.21
Earnings (loss) per share - basic and diluted	$	0.30	$	0.26
Weighted average shares outstanding - basic and diluted	9,672,358		9,141,176

(1)Refer to Note 6 - Agreements and Related Party Transactions

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

3

AG Twin Brook BDC, Inc.

Consolidated Statements of Changes in Net Assets

(Amounts in thousands, except share amounts)

(Unaudited)

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Increase (decrease) in net assets resulting from operations
Net investment income (loss)	$	3,373	$	1,897
Net realized gain (loss)	753		33
Net change in unrealized gain (loss)	(1,261)		417
Net increase in net assets resulting from operations	2,865		2,347
Dividends
Dividends declared from earnings	(2,418)		—
Net decrease in net assets resulting from dividends	(2,418)		—
Total increase in net assets	447		2,347
Net assets, at beginning of period	195,587		184,098
Net assets, at end of period	$	196,034	$	186,445
Dividends declared per share	$	0.25	$	—

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

4

AG Twin Brook BDC, Inc.

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	2,865	$	2,347
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized (gain) loss on investments	(775)		(35)
Net change in unrealized (appreciation) depreciation on investments	1,284		(437)
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts	(23)		18
Net accretion on debt instruments	(233)		(184)
Net paydown gain on debt instruments	(100)		(31)
Interest received in-kind	(43)		(14)
Purchases and drawdowns of investments	(4,827)		(13,281)
Proceeds from sales and paydowns of investments	10,718		10,896
Amortization of deferred financing costs	—		47
Change in operating assets and liabilities:
(Increase) decrease in interest receivable	131		(19)
(Increase) decrease in prepaid expenses	46		102
Increase (decrease) in accrued expenses and other liabilities payable to affiliate	166		(38)
Increase (decrease) in deferred tax liability	536		—
Increase (decrease) in management fees payable	—		45
Increase (decrease) in incentive fees payable	(136)		36
Increase (decrease) in deferred income	(14)		(9)
Increase (decrease) in interest payable	—		1
Net cash provided by (used in) operating activities	9,595		(556)
Cash flows from financing activities
Dividends paid	(5,030)		(1,814)
Net cash provided by (used in) financing activities	(5,030)		(1,814)
Net change in cash	4,565		(2,370)
Cash
Cash, beginning of period	12,028		27,711
Cash, end of period	$	16,593	$	25,341
Supplemental and non-cash information
Cash paid during the period for interest	$	—	$	7
Dividend payable	2,418		$	—

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

5

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity  Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair  Value		Percentage of Net Assets
Investments
Non-controlled/non-affiliated senior secured debt
Aerospace and defense
Mattco Forge, Inc. (6)	First lien senior secured revolving loan	L +	5.75%	10.91%	12/6/2024	$	506	$	(4)	$	(8)	0.00	%
Mattco Forge, Inc.	First lien senior secured term loan	L +	5.75%	10.91%	12/6/2024	2,162		2,139		2,128		1.08	%
								2,135		2,120		1.08	%
Air Freight & Logistics
Load One Purchaser Corporation (6)	First lien senior secured delayed draw term loan	S +	6.00%	11.16%	6/21/2028	150		$	(2)	$	(2)	0.00	%
Load One Purchaser Corporation	First lien senior secured revolving loan	S +	6.00%	11.16%	6/21/2028	75		6		6		0.00	%
Load One Purchaser Corporation	First lien senior secured term loan	S +	6.00%	11.16%	6/21/2028	808		794		795		0.41	%
								798		799		0.41	%
Auto components
AvCarb, LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.29%	11/12/2026	$	664	$	222	$	222	0.11	%
AvCarb, LLC	First lien senior secured revolving loan	L +	6.00%	11.31%	11/12/2026	38		14		15		0.01	%
AvCarb, LLC	First lien senior secured term loan	S +	6.00%	11.29%	11/12/2026	493		486		487		0.25	%
CCG Acquisition, Inc. (6)	First lien senior secured revolving loan	S +	6.00%	11.16%	5/17/2027	19		—		—		0.00	%
CCG Acquisition, Inc.	First lien senior secured term loan	S +	6.00%	11.16%	5/17/2027	424		419		420		0.21	%
Raneys, LLC (6)	First lien senior secured revolving loan	S +	6.00%	11.16%	6/7/2027	38		(1)		(1)		0.00	%
Raneys, LLC	First lien senior secured term loan	S +	6.00%	11.16%	6/7/2027	452		442		443		0.22	%
Vehicle Accessories, Inc.	First lien senior secured revolving loan	P +	4.50%	12.50%	11/30/2026	38		26		26		0.01	%
Vehicle Accessories, Inc.	First lien senior secured term loan	S +	5.50%	10.66%	11/30/2026	1,662		1,651		1,655		0.86	%
								3,259		3,267		1.67	%
Chemicals
AM Buyer, LLC	First lien senior secured revolving loan	S +	6.75%	11.52%	5/1/2025	$	111	$	47	$	47	0.02	%
AM Buyer, LLC	First lien senior secured term loan	S +	6.75%	11.91%	5/1/2025	472		467		469		0.24	%
Answer Acquisition, LLC (6)	First lien senior secured revolving loan	L +	5.75%	10.91%	12/30/2026	38		(1)		(1)		0.00	%
Answer Acquisition, LLC	First lien senior secured term loan	L +	5.75%	10.91%	12/30/2026	1,695		1,668		1,670		0.85	%
Custom Agronomics Holdings, LLC	First lien senior secured revolving loan	S +	6.50%	11.49%	8/26/2027	45		22		22		0.01	%
Custom Agronomics Holdings, LLC	First lien senior secured term loan	S +	6.50%	11.66%	8/26/2027	235		231		231		0.12	%
SASE Company, LLC	First lien senior secured revolving loan	P +	5.00%	13.00%	11/15/2026	38		7		7		0.00	%
SASE Company, LLC	First lien senior secured term loan	S +	6.00%	11.16%	11/15/2026	1,611		1,587		1,590		0.80	%
Teel Plastics, LLC (6)	First lien senior secured revolving loan	S +	5.00%	9.92%	1/24/2025	324		(3)		(1)		0.00	%
Teel Plastics, LLC	First lien senior secured term loan	S +	5.00%	9.92%	1/24/2025	1,783		1,766		1,776		0.90	%
USALCO, LLC	First lien senior secured revolving loan	L +	6.00%	10.84%	10/19/2026	100		29		30		0.02	%
USALCO, LLC	First lien senior secured term loan	L +	6.00%	11.16%	10/19/2027	1,879		1,864		1,868		0.97	%
								7,684		7,708		3.93	%

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

6

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity  Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair  Value		Percentage of Net Assets
Commercial services and supplies
Alliance Environmental Group, LLC	First lien senior secured delayed draw term loan	L +	6.00%	11.15%	12/30/2027	$	75	$	53	$	53	0.03	%
Alliance Environmental Group, LLC	First lien senior secured revolving loan	L +	6.00%	10.99%	12/30/2027	38		33		33		0.02	%
Alliance Environmental Group, LLC	First lien senior secured term loan	L +	6.00%	11.15%	12/30/2027	1,447		1,423		1,425		0.72	%
Edko Acquisition, LLC (8)	First lien senior secured revolving loan	S +	5.75%	10.91%	6/25/2026	38		3		3		0.00	%
Edko Acquisition, LLC	First lien senior secured term loan	S +	5.75%	10.91%	6/25/2026	1,136		1,120		1,122		0.57	%
Franchise Fastlane, LLC (6)	First lien senior secured revolving loan	S +	5.50%	10.38%	5/2/2027	15		—		—		0.00	%
Franchise Fastlane, LLC	First lien senior secured term loan	S +	5.50%	10.38%	5/2/2027	1,167		1,148		1,150		0.60	%
Gold Medal Holdings, Inc. (9)	First lien senior secured revolving loan	S +	7.00%	12.09%	3/17/2027	50		31		31		0.02	%
Gold Medal Holdings, Inc.	First lien senior secured term loan	S +	7.00%	12.16%	3/17/2027	722		713		716		0.36	%
Green Monster Acquisition, LLC (6)	First lien senior secured revolving loan	L +	5.50%	10.66%	12/28/2026	38		(1)		(1)		0.00	%
Green Monster Acquisition, LLC	First lien senior secured term loan	L +	5.50%	10.66%	12/28/2026	1,173		1,155		1,156		0.59	%
HLSG Intermediate, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.42%	3/31/2028	95		94		94		0.05	%
HLSG Intermediate, LLC	First lien senior secured revolving loan	S +	6.50%	11.42%	3/31/2028	60		15		15		0.01	%
HLSG Intermediate, LLC	First lien senior secured term loan	S +	6.50%	11.42%	3/31/2028	1,002		991		992		0.50	%
Nimlok Company, LLC (6)(10)	First lien senior secured revolving loan	S +	5.50%	10.65%	11/27/2024	320		(3)		(4)		0.00	%
Nimlok Company, LLC	First lien senior secured term loan	S +	5.50%	10.65%	11/27/2025	1,915		1,893		1,893		0.96	%
Nimlok Company, LLC	First lien senior secured term loan	S +	5.50%	10.65%	11/27/2025	757		745		748		0.38	%
Steel City Wash, LLC	First lien senior secured delayed draw term loan	S +	6.25%	11.41%	12/27/2026	143		140		141		0.07	%
Steel City Wash, LLC	First lien senior secured revolving loan	S +	6.25%	11.43%	12/27/2026	38		21		21		0.01	%
Steel City Wash, LLC	First lien senior secured term loan	S +	6.25%	11.41%	12/27/2026	792		780		782		0.40	%
								10,354		10,370		5.29	%
Construction and engineering
BCI Burke Holding Corp.	First lien senior secured delayed draw term loan	L +	5.50%	10.66%	12/14/2027	$	131	$	24	$	24	0.01	%
BCI Burke Holding Corp. (6)	First lien senior secured revolving loan	L +	5.50%	10.66%	12/14/2027	79		(1)		(1)		0.00	%
BCI Burke Holding Corp.	First lien senior secured term loan	L +	5.50%	10.66%	12/14/2027	872		861		863		0.44	%
CPS HVAC Group, LLC	First lien senior secured delayed draw term loan	L +	6.75%	11.82%	12/15/2026	150		32		32		0.02	%
CPS HVAC Group, LLC (11)	First lien senior secured revolving loan	L +	6.75%	11.87%	12/15/2026	38		17		17		0.01	%
CPS HVAC Group, LLC	First lien senior secured term loan	L +	6.75%	11.90%	12/15/2026	271		267		267		0.14	%
Domino Equipment Company, LLC (6)	First lien senior secured revolving loan	S +	6.25%	11.13%	4/1/2026	79		(1)		(1)		0.00	%
Domino Equipment Company, LLC	First lien senior secured term loan	S +	6.25%	11.13%	4/1/2026	573		564		565		0.29	%
Highland Acquisition, Inc. (6)	First lien senior secured revolving loan	S +	5.25%	10.41%	3/9/2027	30		—		—		0.00	%
Highland Acquisition, Inc.	First lien senior secured term loan	S +	5.25%	10.41%	3/9/2027	935		919		920		0.46	%
Rose Paving, LLC (6)	First lien senior secured revolving loan	S +	5.75%	10.55%	11/7/2028	94		(2)		(2)		0.00	%
Rose Paving, LLC	First lien senior secured term loan	S +	5.75%	10.55%	11/7/2028	749		731		733		0.37	%
								3,411		3,417		1.74	%
Containers and packaging

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

7

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity  Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair  Value		Percentage of Net Assets
Bulk Lift International, LLC (6)	First lien senior secured revolving loan	S +	6.75%	11.91%	11/15/2027	$	38	$	(1)	$	(1)	0.00	%
Bulk Lift International, LLC	First lien senior secured term loan	S +	6.75%	11.91%	11/15/2027	258		252		252		0.13	%
Innovative FlexPak, LLC	First lien senior secured revolving loan	S +	7.00%	11.92%	1/23/2025	627		431		247		0.12	%
Innovative FlexPak, LLC	First lien senior secured term loan	S +	7.00%	11.92%	1/23/2025	2,938		2,902		2,037		1.04	%
MRC Keeler Acquisition, LLC	First lien senior secured delayed draw term loan	L +	5.75%	10.91%	12/4/2025	73		72		72		0.04	%
MRC Keeler Acquisition, LLC (6)	First lien senior secured revolving loan	L +	5.75%	10.91%	12/4/2025	150		(2)		(1)		0.00	%
MRC Keeler Acquisition, LLC	First lien senior secured term loan	L +	5.75%	10.91%	12/4/2025	904		894		895		0.45	%
Vanguard Packaging, LLC	First lien senior secured revolving loan	L +	5.00%	9.97%	8/9/2024	535		51		50		0.03	%
Vanguard Packaging, LLC	First lien senior secured term loan	L +	5.00%	9.84%	8/9/2024	1,190		1,185		1,183		0.60	%
								5,784		4,734		2.41	%
Distributors
RTP Acquisition, LLC	First lien senior secured revolving loan	S +	6.50%	11.42%	8/17/2026	$	38	$	3	$	3	0.00	%
RTP Acquisition, LLC	First lien senior secured term loan	S +	6.50%	11.42%	8/17/2026	915		899		899		0.46	%
								902		902		0.46	%
Diversified consumer services
50Floor, LLC	First lien senior secured revolving loan	L +	7.25%	12.03%	12/31/2025	$	199	$	106	$	106	0.05	%
50Floor, LLC	First lien senior secured term loan	L +	7.25%	12.41%	12/31/2026	953		938		939		0.48	%
ACES Intermediate, LLC (6)	First lien senior secured revolving loan	S +	5.50%	10.38%	7/27/2027	150		(3)		(2)		0.00	%
ACES Intermediate, LLC	First lien senior secured term loan	S +	5.50%	10.38%	7/27/2027	1,882		1,849		1,852		0.96	%
Home Brands Group Holdings, Inc. (6)	First lien senior secured revolving loan	L +	4.75%	9.58%	11/8/2026	48		(1)		(1)		0.00	%
Home Brands Group Holdings, Inc.	First lien senior secured term loan	L +	4.75%	9.58%	11/8/2026	1,858		1,830		1,834		0.95	%
ISSA, LLC (6)	First lien senior secured revolving loan	S +	6.25%	11.41%	3/1/2027	131		(2)		(2)		0.00	%
ISSA, LLC	First lien senior secured term loan	S +	6.25%	11.41%	3/1/2027	920		905		906		0.46	%
Juniper Landscaping Holdings LLC	First lien senior secured delayed draw term loan	L +	6.00%	11.14%	12/29/2026	88		69		69		0.03	%
Juniper Landscaping Holdings LLC (12)	First lien senior secured revolving loan	L +	6.00%	11.21%	12/29/2026	44		7		7		0.00	%
Juniper Landscaping Holdings LLC	First lien senior secured term loan	L +	6.00%	11.15%	12/29/2026	1,310		1,293		1,295		0.66	%
Kalkomey Enterprises, LLC	First lien senior secured revolving loan	L +	6.75%	11.66%	4/24/2025	77		38		38		0.02	%
Kalkomey Enterprises, LLC	First lien senior secured term loan	L +	6.75%	11.91%	4/24/2026	1,047		1,031		1,036		0.52	%
PPW Acquisition, LLC	First lien senior secured revolving loan	L +	6.25%	11.91%	9/30/2026	38		9		8		0.00	%
PPW Acquisition, LLC	First lien senior secured term loan	S +	6.75%	11.84%	9/30/2026	603		593		588		0.30	%
United Land Services Opco Parent, LLC	First lien senior secured delayed draw term loan	S +	6.00%	10.94%	3/23/2026	1,068		983		984		0.50	%
United Land Services Opco Parent, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	10.92%	3/23/2026	188		(4)		(3)		0.00	%
United Land Services Opco Parent, LLC	First lien senior secured revolving loan	S +	6.00%	10.92%	3/23/2026	150		38		38		0.02	%
United Land Services Opco Parent, LLC	First lien senior secured term loan	S +	6.00%	10.92%	3/23/2026	302		297		298		0.15	%
Yard-Nique, Inc (6)	First lien senior secured delayed draw term loan	S +	6.00%	11.05%	4/30/2026	150		(2)		(1)		0.00	%

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

8

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity  Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair  Value		Percentage of Net Assets
Yard-Nique, Inc (6)	First lien senior secured revolving loan	S +	6.00%	11.05%	4/30/2026	19		—		—		0.00	%
Yard-Nique, Inc	First lien senior secured term loan	S +	6.00%	11.05%	4/30/2026	404		399		400		0.20	%
								10,373		10,389		5.30	%
Electrical equipment
AEP Passion Intermediate Holdings, Inc.	First lien senior secured delayed draw term loan	S +	6.50%	11.54%	10/5/2027	$	71	$	70	$	70	0.04	%
AEP Passion Intermediate Holdings, Inc.	First lien senior secured revolving loan	S +	6.50%	11.41%	10/5/2027	48		10		10		0.01	%
AEP Passion Intermediate Holdings, Inc.	First lien senior secured term loan	S +	6.50%	11.54%	10/5/2027	1,278		1,260		1,246		0.63	%
								1,340		1,326		0.68	%
Electronic equipment, instruments and components
Advanced Lighting Acquisition, LLC (6)	First lien senior secured revolving loan	S +	5.00%	9.92%	11/22/2025	$	324	$	(3)	$	(1)	0.00	%
Advanced Lighting Acquisition, LLC	First lien senior secured term loan	S +	5.00%	9.92%	11/22/2025	1,099		1,087		1,097		0.57	%
ITSavvy LLC	First lien senior secured delayed draw term loan	S +	5.25%	10.32%	8/8/2028	68		61		61		0.03	%
ITSavvy LLC (6)	First lien senior secured revolving loan	S +	5.25%	10.29%	8/8/2028	38		—		—		0.00	%
ITSavvy LLC	First lien senior secured term loan	S +	5.25%	10.29%	8/8/2028	674		669		670		0.34	%
Nelson Name Plate Company	First lien senior secured delayed draw term loan	L +	5.50%	10.66%	10/18/2026	119		102		102		0.05	%
Nelson Name Plate Company	First lien senior secured revolving loan	L +	5.50%	10.45%	10/18/2026	90		34		34		0.02	%
Nelson Name Plate Company	First lien senior secured term loan	L +	5.50%	10.66%	10/18/2026	766		755		756		0.38	%
								2,705		2,719		1.39	%
Food and staples retailing
Engelman Baking Co., LLC	First lien senior secured revolving loan	L +	5.50%	10.34%	2/28/2025	$	207	$	29	$	29	0.01	%
Engelman Baking Co., LLC	First lien senior secured term loan	L +	5.50%	10.34%	2/28/2025	711		700		702		0.36	%
Mad Rose Company, LLC (13)	First lien senior secured revolving loan	S +	6.25%	11.17%	5/7/2026	119		65		65		0.03	%
Mad Rose Company, LLC	First lien senior secured term loan	S +	6.25%	11.17%	5/7/2026	928		915		918		0.46	%
Main Street Gourmet, LLC	First lien senior secured delayed draw term loan	S +	5.25%	10.41%	11/10/2025	666		35		36		0.02	%
Main Street Gourmet, LLC	First lien senior secured revolving loan	S +	5.25%	10.41%	11/10/2025	38		18		18		0.01	%
Main Street Gourmet, LLC	First lien senior secured term loan	S +	5.25%	10.41%	11/10/2025	1,118		1,107		1,108		0.58	%
NutriScience Innovations, LLC (6)(14)	First lien senior secured revolving loan	L +	7.00%	12.16%	4/21/2026	131		(2)		(1)		0.00	%
NutriScience Innovations, LLC	First lien senior secured term loan	L +	7.00%	12.16%	4/21/2026	434		428		429		0.22	%
Qin's Buffalo, LLC (6)	First lien senior secured delayed draw term loan	S +	5.75%	10.91%	5/5/2027	75		(1)		(1)		0.00	%
Qin's Buffalo, LLC (6)	First lien senior secured revolving loan	S +	5.75%	10.91%	5/5/2027	38		(1)		(1)		0.00	%
Qin's Buffalo, LLC	First lien senior secured term loan	S +	5.75%	10.91%	5/5/2027	535		526		527		0.27	%
SCP Beverage Buyer, LLC	First lien senior secured revolving loan	S +	5.25%	10.19%	11/24/2026	38		14		14		0.01	%
SCP Beverage Buyer, LLC	First lien senior secured term loan	S +	5.25%	10.19%	11/24/2026	411		404		405		0.20	%
Universal Pure, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	11.16%	10/31/2028	9		—		—		0.00	%
Universal Pure, LLC (15)	First lien senior secured revolving loan	S +	6.00%	11.08%	10/31/2028	150		15		15		0.01	%
Universal Pure, LLC	First lien senior secured term loan	S +	6.00%	11.16%	10/31/2028	758		738		739		0.37	%

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

9

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity  Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair  Value		Percentage of Net Assets
								4,990		5,002		2.55	%
Food products
Icelandirect, LLC	First lien senior secured revolving loan	L +	6.00%	11.09%	7/30/2026	$	38	$	36	$	36	0.02	%
Icelandirect, LLC	First lien senior secured term loan	L +	6.00%	10.95%	7/30/2026	683		673		674		0.34	%
Starwest Botanicals Acquisition, LLC	First lien senior secured revolving loan	L +	5.25%	10.09%	4/30/2027	174		172		166		0.08	%
Starwest Botanicals Acquisition, LLC	First lien senior secured term loan	L +	5.25%	10.09%	4/30/2027	805		795		768		0.39	%
Sun Orchard, LLC	First lien senior secured revolving loan	S +	5.25%	10.17%	7/8/2027	113		13		13		0.01	%
Sun Orchard, LLC	First lien senior secured term loan	S +	5.25%	10.17%	7/8/2027	2,069		2,033		2,036		1.04	%
								3,722		3,693		1.88	%
Gas utilities
Hydromax USA, LLC	First lien senior secured delayed draw term loan	S +	6.75%	11.66%	12/30/2026	$	112	$	110	$	106	0.05	%
Hydromax USA, LLC	First lien senior secured revolving loan	S +	6.75%	11.66%	12/30/2026	228		156		149		0.08	%
Hydromax USA, LLC	First lien senior secured term loan	S +	6.75%	11.66%	12/30/2026	1,232		1,214		1,175		0.60	%
								1,480		1,430		0.73	%
Health care equipment and supplies
626 Holdings Equity, LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.15%	2/14/2028	$	314	$	147	$	147	0.07	%
626 Holdings Equity, LLC	First lien senior secured revolving loan	S +	6.00%	11.18%	2/14/2027	75		51		51		0.03	%
626 Holdings Equity, LLC	First lien senior secured term loan	S +	6.00%	11.16%	2/14/2028	882		866		868		0.45	%
EMSAR Acquisition LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.66%	3/30/2026	215		212		212		0.11	%
EMSAR Acquisition LLC	First lien senior secured revolving loan	S +	6.50%	11.66%	3/30/2026	134		118		118		0.06	%
EMSAR Acquisition LLC	First lien senior secured term loan	S +	6.50%	11.66%	3/30/2026	637		627		628		0.32	%
Medical Technology Associates, Inc. (6)	First lien senior secured revolving loan	S +	6.25%	11.41%	7/25/2028	38		(1)		(1)		0.00	%
Medical Technology Associates, Inc.	First lien senior secured term loan	S +	6.25%	11.41%	7/25/2028	399		391		391		0.20	%
Reliable Medical Supply LLC	First lien senior secured delayed draw term loan	S +	7.00%	12.15%	4/8/2025	67		66		66		0.03	%
Reliable Medical Supply LLC	First lien senior secured revolving loan	S +	7.00%	12.15%	4/8/2025	138		40		40		0.02	%
Reliable Medical Supply LLC	First lien senior secured term loan	S +	7.00%	12.15%	4/8/2025	749		736		741		0.37	%
SCA Buyer, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.38%	1/20/2026	395		273		271		0.14	%
SCA Buyer, LLC	First lien senior secured revolving loan	S +	6.50%	11.38%	1/20/2026	133		77		76		0.04	%
SCA Buyer, LLC	First lien senior secured term loan	S +	6.50%	11.38%	1/20/2026	755		739		737		0.37	%
Spectrum Solutions, LLC (6)	First lien senior secured revolving loan	S +	6.00%	10.92%	3/5/2026	267		(5)		(29)		(0.01)	%
Spectrum Solutions, LLC	First lien senior secured term loan	S +	6.00%	10.92%	3/5/2026	477		468		426		0.22	%
								4,805		4,742		2.42	%
Health care providers and services
Agility Intermediate, Inc.	First lien senior secured delayed draw term loan	S +	6.75%	11.70%	4/15/2026	$	400	$	104	$	97	0.05	%
Agility Intermediate, Inc.	First lien senior secured revolving loan	S +	6.75%	11.84%	4/15/2026	134		78		76		0.04	%
Agility Intermediate, Inc.	First lien senior secured term loan	S +	6.75%	11.91%	4/15/2026	241		238		233		0.12	%
Apex Dental Partners, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.42%	11/23/2025	112		15		15		0.01	%

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

10

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity  Date	Principal/ Par Amount(3)		Amortized Cost(4)	Fair  Value	Percentage of Net Assets
Apex Dental Partners, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.38%	11/23/2025	444		438	439	0.22	%
Apex Dental Partners, LLC	First lien senior secured revolving loan	S +	6.50%	11.42%	11/23/2025	150		92	93	0.05	%
Apex Dental Partners, LLC	First lien senior secured term loan	S +	6.50%	11.38%	11/23/2025	620		611	614	0.31	%
ASC Ortho Management, LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.16%	12/31/2026	359		321	321	0.16	%
ASC Ortho Management, LLC	First lien senior secured revolving loan	L +	6.00%	11.16%	12/31/2026	38		12	12	0.01	%
ASC Ortho Management, LLC	First lien senior secured term loan	S +	6.00%	11.16%	12/31/2026	517		509	510	0.26	%
ASP Global Acquisition, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.66%	1/21/2025	561		554	551	0.28	%
ASP Global Acquisition, LLC	First lien senior secured revolving loan	P +	5.50%	13.50%	1/21/2025	647		88	86	0.04	%
ASP Global Acquisition, LLC	First lien senior secured term loan	S +	6.50%	11.66%	1/21/2025	2,300		2,269	2,260	1.16	%
Beacon Oral Specialists Management LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.66%	12/14/2025	686		677	679	0.34	%
Beacon Oral Specialists Management LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.79%	12/14/2025	149		147	148	0.07	%
Beacon Oral Specialists Management LLC (6)	First lien senior secured revolving loan	S +	6.50%	11.66%	12/14/2025	188		(2)	(2)	0.00	%
Beacon Oral Specialists Management LLC	First lien senior secured term loan	S +	6.50%	11.66%	12/14/2025	936		923	926	0.47	%
Behavior Frontiers, LLC (6)(16)	First lien senior secured revolving loan	S +	7.50%	12.66%	5/21/2026	38		(1)	(3)	0.00	%
Behavior Frontiers, LLC	First lien senior secured term loan	S +	7.50%	12.66%	5/21/2026	657		646	605	0.31	%
Benefit Plan Administrators of Eau Claire, LLC (6)	First lien senior secured delayed draw term loan	S +	5.50%	10.79%	6/7/2026	188		(2)	(2)	0.00	%
Benefit Plan Administrators of Eau Claire, LLC (6)	First lien senior secured revolving loan	S +	5.50%	10.79%	6/7/2026	38		—	—	0.00	%
Benefit Plan Administrators of Eau Claire, LLC	First lien senior secured term loan	S +	5.50%	10.79%	6/7/2026	822		811	812	0.41	%
Brightview, LLC	First lien senior secured delayed draw term loan	L +	5.75%	10.59%	12/14/2026	107		47	47	0.02	%
Brightview, LLC	First lien senior secured revolving loan	L +	5.75%	10.59%	12/14/2026	52		15	15	0.01	%
Brightview, LLC	First lien senior secured term loan	L +	5.75%	10.59%	12/14/2026	691		680	685	0.35	%
Canadian Orthodontic Partners Corp. (6)(7)	First lien senior secured delayed draw term loan	C +	7.00%	12.03%	3/19/2026	C$	28	—	(1)	0.00	%
Canadian Orthodontic Partners Corp. (7)	First lien senior secured delayed draw term loan	C +	7.00%	12.03%	3/19/2026	C$	278	217	199	0.10	%
Canadian Orthodontic Partners Corp. (7)	First lien senior secured revolving loan	S +	7.00%	12.16%	3/19/2026	109		108	106	0.05	%
Canadian Orthodontic Partners Corp. (7)	First lien senior secured revolving loan	C +	7.00%	12.03%	3/19/2026	C$	273	209	194	0.10	%
Canadian Orthodontic Partners Corp. (7)	First lien senior secured term loan	C +	7.00%	12.03%	3/19/2026	C$	229	180	164	0.08	%
Change Academy at Lake of the Ozarks, LLC	First lien senior secured revolving loan	S +	5.25%	10.30%	8/2/2027	113		17	17	0.01	%
Change Academy at Lake of the Ozarks, LLC	First lien senior secured term loan	S +	5.25%	10.30%	8/2/2027	1,773		1,742	1,745	0.88	%
Community Care Partners, LLC	First lien senior secured delayed draw term loan	S +	6.00%	10.92%	6/10/2026	223		163	165	0.08	%
Community Care Partners, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	10.92%	6/10/2026	19		—	—	0.00	%
Community Care Partners, LLC	First lien senior secured revolving loan	S +	6.00%	10.92%	6/10/2026	75		37	37	0.02	%
Community Care Partners, LLC	First lien senior secured term loan	S +	6.00%	10.92%	6/10/2026	951		941	944	0.48	%
Dermatology Medical Partners OpCo, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.63%	10/29/2026	97		48	48	0.02	%
Dermatology Medical Partners OpCo, LLC	First lien senior secured revolving loan	S +	6.50%	11.58%	10/29/2026	38		22	22	0.01	%
Dermatology Medical Partners OpCo, LLC	First lien senior secured term loan	S +	6.50%	11.66%	10/29/2026	320		313	314	0.16	%
EH Management Company, LLC	First lien senior secured revolving loan	S +	5.50%	10.66%	7/15/2026	38		22	22	0.01	%
EH Management Company, LLC	First lien senior secured term loan	S +	5.50%	10.66%	7/15/2026	968		954	955	0.48	%

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

11

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity  Date	Principal/ Par Amount(3)	Amortized Cost(4)	Fair  Value	Percentage of Net Assets
Endodontic Practice Partners, LLC	First lien senior secured delayed draw term loan	S +	5.75%	11.16%	11/2/2027	374	288	288	0.15	%
Endodontic Practice Partners, LLC (6)	First lien senior secured revolving loan	S +	5.75%	10.89%	11/2/2027	38	(1)	(1)	0.00	%
Endodontic Practice Partners, LLC	First lien senior secured term loan	S +	5.75%	10.89%	11/2/2027	660	648	649	0.33	%
Geriatric Medical and Surgical Supply, LLC (6)	First lien senior secured revolving loan	S +	6.00%	11.16%	12/21/2025	300	(4)	(4)	0.00	%
Geriatric Medical and Surgical Supply, LLC	First lien senior secured term loan	S +	6.00%	11.16%	12/21/2025	941	928	929	0.47	%
Golden Bear PT Partners, LLC	First lien senior secured delayed draw term loan	S +	7.75%	12.91%	10/22/2026	174	170	168	0.09	%
Golden Bear PT Partners, LLC	First lien senior secured revolving loan	S +	7.75%	12.83%	10/22/2026	38	11	10	0.01	%
Golden Bear PT Partners, LLC	First lien senior secured term loan	S +	7.75%	12.91%	10/22/2026	1,495	1,457	1,443	0.74	%
Golden Bear PT Partners, LLC	First lien senior secured term loan	S +	12.00%	17.16%	10/22/2026	49	48	48	0.02	%
Guardian Dentistry Practice Management, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.42%	8/20/2026	318	313	315	0.16	%
Guardian Dentistry Practice Management, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.42%	8/20/2026	179	177	177	0.09	%
Guardian Dentistry Practice Management, LLC (6)	First lien senior secured revolving loan	S +	6.50%	11.42%	8/20/2026	23	—	—	0.00	%
Guardian Dentistry Practice Management, LLC	First lien senior secured term loan	S +	6.50%	11.42%	8/20/2026	519	510	514	0.26	%
IPC Pain Acquistion, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	10.92%	5/19/2024	278	(2)	(2)	0.00	%
IPC Pain Acquistion, LLC (6)	First lien senior secured revolving loan	S +	6.00%	10.92%	5/19/2027	25	—	—	0.00	%
IPC Pain Acquistion, LLC	First lien senior secured term loan	S +	6.00%	10.92%	5/19/2027	177	174	175	0.09	%
Network Partners Acquisition, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	10.99%	12/30/2026	113	(2)	(2)	0.00	%
Network Partners Acquisition, LLC (6)	First lien senior secured revolving loan	S +	6.00%	10.99%	12/30/2026	38	(1)	(1)	0.00	%
Network Partners Acquisition, LLC	First lien senior secured term loan	S +	6.00%	10.99%	12/30/2026	391	385	385	0.19	%
NH Kronos Buyer, Inc. (6)	First lien senior secured revolving loan	S +	6.25%	11.30%	11/1/2028	263	(7)	(6)	0.00	%
NH Kronos Buyer, Inc.	First lien senior secured term loan	S +	6.25%	11.30%	11/1/2028	1,835	1,783	1,789	0.92	%
Peak Dental Services, LLC	First lien senior secured delayed draw term loan	S +	6.75%	11.72%	12/31/2025	96	57	57	0.03	%
Peak Dental Services, LLC	First lien senior secured delayed draw term loan	S +	6.75%	11.85%	12/31/2025	523	516	516	0.26	%
Peak Dental Services, LLC	First lien senior secured revolving loan	S +	6.75%	11.86%	12/31/2025	133	131	131	0.07	%
Peak Dental Services, LLC	First lien senior secured term loan	S +	6.75%	11.89%	12/31/2025	584	575	577	0.29	%
Peak Investment Holdings, LLC	First lien senior secured delayed draw term loan	L +	7.00%	12.16%	12/6/2024	603	14	9	0.00	%
Peak Investment Holdings, LLC (6)	First lien senior secured revolving loan	L +	7.00%	12.16%	12/6/2024	324	(2)	(5)	0.00	%
Peak Investment Holdings, LLC	First lien senior secured term loan	L +	7.00%	12.16%	12/6/2024	1,284	1,273	1,264	0.65	%
Pentec Acquisition Corp. (6)	First lien senior secured revolving loan	S +	6.00%	11.09%	10/8/2026	75	(1)	(1)	0.00	%
Pentec Acquisition Corp.	First lien senior secured term loan	S +	6.00%	11.09%	10/8/2026	993	978	985	0.51	%
Propio LS, LLC	First lien senior secured revolving loan	S +	5.50%	10.55%	8/2/2027	75	20	20	0.01	%
Propio LS, LLC	First lien senior secured term loan	S +	5.50%	10.38%	8/2/2027	1,190	1,169	1,171	0.60	%
Purpose Home Health Acquisition, LLC (6)	First lien senior secured delayed draw term loan	S +	6.25%	11.19%	11/3/2027	150	(3)	(3)	0.00	%
Purpose Home Health Acquisition, LLC (6)	First lien senior secured revolving loan	S +	6.25%	11.19%	11/3/2027	38	(1)	(1)	0.00	%
Purpose Home Health Acquisition, LLC	First lien senior secured term loan	S +	6.25%	11.19%	11/3/2027	352	345	345	0.17	%
Revival Animal Health, LLC	First lien senior secured revolving loan	S +	6.50%	11.66%	4/6/2026	131	43	43	0.02	%
Revival Animal Health, LLC	First lien senior secured term loan	S +	6.50%	11.66%	4/6/2026	1,019	1,005	1,007	0.52	%

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

12

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity  Date	Principal/ Par Amount(3)	Amortized Cost(4)	Fair  Value	Percentage of Net Assets
RQM Buyer, Inc.	First lien senior secured delayed draw term loan	S +	5.75%	10.97%	8/12/2026	84	83	83	0.04	%
RQM Buyer, Inc.	First lien senior secured revolving loan	S +	5.75%	10.67%	8/12/2026	206	16	17	0.01	%
RQM Buyer, Inc.	First lien senior secured term loan	S +	5.75%	10.97%	8/12/2026	1,689	1,665	1,679	0.86	%
Sage Dental Management, LLC (6)	First lien senior secured revolving loan	P +	4.75%	12.50%	4/1/2024	75	—	—	0.00	%
Sage Dental Management, LLC	First lien senior secured term loan	S +	5.75%	11.04%	4/1/2024	944	939	940	0.49	%
SAMGI Buyer, Inc. (6)	First lien senior secured revolving loan	S +	5.50%	10.62%	4/14/2025	138	(2)	(1)	0.00	%
SAMGI Buyer, Inc.	First lien senior secured term loan	S +	5.50%	10.62%	4/14/2025	718	709	711	0.36	%
SCP ENT and Allergy Services, LLC	First lien senior secured delayed draw term loan	S +	5.75%	11.00%	9/25/2025	158	11	13	0.01	%
SCP ENT and Allergy Services, LLC	First lien senior secured revolving loan	S +	5.75%	10.82%	9/25/2025	256	47	48	0.02	%
SCP ENT and Allergy Services, LLC	First lien senior secured term loan	S +	5.75%	10.91%	9/25/2025	2,775	2,726	2,739	1.41	%
Signature Dental Partners LLC	First lien senior secured delayed draw term loan	S +	6.25%	11.17%	10/29/2026	179	148	149	0.08	%
Signature Dental Partners LLC	First lien senior secured revolving loan	P +	5.25%	13.25%	10/29/2026	38	12	12	0.01	%
Signature Dental Partners LLC	First lien senior secured term loan	S +	6.25%	11.17%	10/29/2026	859	842	844	0.43	%
Silver Falls MSO, LLC	First lien senior secured revolving loan	S +	6.75%	11.91%	8/30/2024	235	136	125	0.06	%
Silver Falls MSO, LLC	First lien senior secured term loan	S +	6.75%	11.91%	8/30/2025	1,289	1,267	1,209	0.62	%
SimiTree Acquisition LLC	First lien senior secured delayed draw term loan	S +	6.75%	11.67%	5/17/2026	13	4	4	0.00	%
SimiTree Acquisition LLC	First lien senior secured delayed draw term loan	S +	6.75%	11.69%	5/17/2026	876	862	867	0.44	%
SimiTree Acquisition LLC (6)	First lien senior secured revolving loan	S +	6.75%	11.69%	5/17/2026	178	(3)	(2)	0.00	%
SimiTree Acquisition LLC	First lien senior secured term loan	S +	6.75%	11.69%	5/17/2026	1,224	1,207	1,212	0.62	%
SIMKO Merger Sub, LLC	First lien senior secured delayed draw term loan	S +	7.00%	12.16%	4/7/2027	187	63	63	0.03	%
SIMKO Merger Sub, LLC	First lien senior secured revolving loan	S +	7.00%	11.94%	4/7/2027	56	5	5	0.00	%
SIMKO Merger Sub, LLC	First lien senior secured term loan	S +	7.00%	12.16%	4/7/2027	653	640	641	0.32	%
Southeast Primary Care Partners, LLC	First lien senior secured delayed draw term loan	S +	6.25%	11.41%	12/30/2025	297	292	292	0.15	%
Southeast Primary Care Partners, LLC	First lien senior secured delayed draw term loan	S +	6.25%	11.38%	12/30/2025	224	198	198	0.10	%
Southeast Primary Care Partners, LLC	First lien senior secured revolving loan	S +	6.25%	11.41%	12/30/2025	225	119	119	0.06	%
Southeast Primary Care Partners, LLC	First lien senior secured term loan	S +	6.25%	11.41%	12/30/2025	860	845	847	0.43	%
Southern Orthodontic Partners Management, LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.16%	1/27/2026	78	78	78	0.04	%
Southern Orthodontic Partners Management, LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.16%	5/25/2024	112	58	58	0.03	%
Southern Orthodontic Partners Management, LLC	First lien senior secured revolving loan	S +	6.00%	11.16%	1/27/2026	171	97	99	0.05	%
Southern Orthodontic Partners Management, LLC	First lien senior secured term loan	S +	6.00%	11.16%	1/27/2026	1,351	1,331	1,343	0.69	%
Southern Sports Medicine Partners, LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.16%	2/23/2027	171	29	24	0.01	%
Southern Sports Medicine Partners, LLC	First lien senior secured revolving loan	S +	6.00%	11.04%	2/23/2027	60	24	23	0.01	%
Southern Sports Medicine Partners, LLC	First lien senior secured term loan	S +	6.00%	11.16%	2/23/2027	636	629	611	0.31	%
Varsity DuvaSawko Operating Corp. (6)	First lien senior secured revolving loan	L +	6.25%	11.41%	11/27/2024	474	(3)	(3)	0.00	%
Varsity DuvaSawko Operating Corp.	First lien senior secured term loan	L +	6.25%	11.41%	11/27/2024	2,547	2,529	2,533	1.30	%
Vital Care Buyer, LLC (6)	First lien senior secured revolving loan	S +	5.25%	10.17%	10/19/2025	580	(5)	(5)	0.00	%
Vital Care Buyer, LLC	First lien senior secured term loan	S +	5.25%	10.17%	10/19/2025	905	896	897	0.45	%

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

13

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity  Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair  Value		Percentage of Net Assets
Western Veterinary Partners, LLC	First lien senior secured delayed draw term loan	S +	6.25%	11.41%	10/29/2026	506		498		500		0.25	%
Western Veterinary Partners, LLC (6)	First lien senior secured revolving loan	S +	6.25%	11.41%	10/29/2026	24		—		—		0.00	%
Western Veterinary Partners, LLC	First lien senior secured term loan	S +	6.25%	11.41%	10/29/2026	1,312		1,289		1,296		0.67	%
								47,518		47,405		24.18	%
Health care technology
AHR Intermediate, Inc (6)	First lien senior secured delayed draw term loan	S +	5.25%	10.40%	7/29/2027	$	117	$	(1)	$	(1)	0.00	%
AHR Intermediate, Inc	First lien senior secured revolving loan	S +	5.25%	10.40%	7/29/2027	150		12		14		0.01	%
AHR Intermediate, Inc	First lien senior secured term loan	S +	5.25%	10.40%	7/29/2027	1,454		1,439		1,441		0.74	%
Millennia Patient Services, LLC	First lien senior secured revolving loan	S +	6.50%	11.42%	3/8/2026	134		25		25		0.01	%
Millennia Patient Services, LLC	First lien senior secured term loan	S +	6.50%	11.42%	3/8/2026	988		975		976		0.49	%
								2,450		2,455		1.25	%
Household durables
Storm Smart Buyer LLC (6)	First lien senior secured revolving loan	S +	6.00%	11.16%	4/5/2026	$	131	$	(2)	$	(2)	0.00	%
Storm Smart Buyer LLC	First lien senior secured term loan	S +	6.00%	11.16%	4/5/2026	906		893		895		0.45	%
Trademark Global, LLC	First lien senior secured revolving loan	L +	7.50%	12.34%	7/30/2024	115		105		99		0.05	%
Trademark Global, LLC	First lien senior secured term loan	L +	7.50%	12.34%	7/30/2024	1,851		1,832		1,750		0.90	%
								2,828		2,742		1.40	%
Industrial Conglomerates
Hultec Buyer, LLC	First lien senior secured revolving loan	S +	6.25%	11.16%	3/31/2029	$	140	$	15	$	15	0.01	%
Hultec Buyer, LLC	First lien senior secured term loan	S +	6.25%	11.23%	3/31/2029	855		829		829		0.42	%
								$	844	844		0.43	%
Internet and direct marketing retail
Aquatic Sales Solutions, LLC	First lien senior secured revolving loan	L +	6.50%	11.47%	12/18/2025	$	188	$	180	$	178	0.09	%
Aquatic Sales Solutions, LLC	First lien senior secured term loan	L +	6.50%	11.40%	12/18/2025	2,509		2,472		2,447		1.25	%
DealerOn Inc. (6)	First lien senior secured revolving loan	S +	5.50%	10.42%	11/19/2024	314		(2)		(2)		0.00	%
DealerOn Inc.	First lien senior secured term loan	S +	5.50%	10.42%	11/19/2024	1,600		1,586		1,592		0.81	%
								4,236		4,215		2.15	%
IT services
ARC Healthcare Technologies, LLC	First lien senior secured delayed draw term loan	S +	5.25%	10.54%	6/22/2025	$	187	$	17	$	17	0.01	%
ARC Healthcare Technologies, LLC (6)	First lien senior secured revolving loan	S +	5.25%	10.54%	6/22/2025	75		(1)		(1)		0.00	%
ARC Healthcare Technologies, LLC	First lien senior secured term loan	S +	5.25%	10.54%	6/22/2025	1,407		1,393		1,395		0.71	%
E-Phoenix Acquisition Co. Inc.	First lien senior secured revolving loan	L +	5.75%	10.67%	6/23/2027	75		14		14		0.01	%
E-Phoenix Acquisition Co. Inc.	First lien senior secured term loan	L +	5.75%	10.91%	6/23/2027	1,427		1,413		1,416		0.72	%
FreshAddress, LLC (6)	First lien senior secured revolving loan	L +	5.50%	10.66%	10/5/2025	30		—		—		0.00	%
FreshAddress, LLC	First lien senior secured term loan	L +	5.50%	10.66%	10/5/2025	1,685		1,668		1,670		0.86	%
Icreon Holdings, LLC (6)	First lien senior secured revolving loan	S +	6.50%	11.66%	10/26/2027	23		(1)		—		0.00	%
Icreon Holdings, LLC	First lien senior secured term loan	S +	6.50%	11.66%	10/26/2027	366		358		358		0.18	%

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

14

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity  Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair  Value		Percentage of Net Assets
P and R Dental Strategies, LLC (6)	First lien senior secured revolving loan	S +	6.00%	10.92%	12/22/2026	23		—		—		0.00	%
P and R Dental Strategies, LLC	First lien senior secured term loan	S +	6.00%	10.92%	12/22/2026	652		642		642		0.32	%
								5,503		5,511		2.81	%
Leisure equipment and products
MacNeill Pride Group Corp.	First lien senior secured delayed draw term loan	S +	6.50%	11.66%	4/22/2026	$	499	$	451	$	452	0.23	%
MacNeill Pride Group Corp.	First lien senior secured revolving loan	S +	6.50%	11.66%	4/22/2026	287		63		63		0.03	%
MacNeill Pride Group Corp.	First lien senior secured term loan	S +	6.50%	11.66%	4/22/2026	865		858		861		0.44	%
Champion Motorsports Group, LLC (6)	First lien senior secured revolving loan	S +	6.25%	11.41%	10/8/2026	56		(1)		(1)		0.00	%
Champion Motorsports Group, LLC	First lien senior secured term loan	S +	6.25%	11.41%	10/8/2026	1,684		1,657		1,656		0.85	%
								3,028		3,031		1.55	%
Leisure products
PHGP MB Purchaser, Inc. (6)	First lien senior secured delayed draw term loan	S +	6.00%	11.16%	5/27/2027	$	113	$	(1)	$	(1)	0.00	%
PHGP MB Purchaser, Inc.	First lien senior secured revolving loan	S +	6.00%	11.16%	5/20/2027	75		12		12		0.01	%
PHGP MB Purchaser, Inc.	First lien senior secured term loan	S +	6.00%	11.16%	5/20/2027	1,100		1,082		1,084		0.55	%
								1,093		1,095		0.56	%
Life sciences tools and services
Aptitude Health Holdings, LLC (6)	First lien senior secured revolving loan	S +	5.25%	10.41%	5/3/2026	$	267	$	(3)	$	(3)	0.00	%
Aptitude Health Holdings, LLC	First lien senior secured term loan	S +	5.25%	10.41%	5/3/2026	1,100		1,086		1,087		0.55	%
								1,083		1,084		0.55	%
Machinery
Abrasive Technology Intermediate, LLC	First lien senior secured revolving loan	L +	6.25%	11.24%	4/30/2026	$	173	$	32	$	33	0.02	%
Abrasive Technology Intermediate, LLC	First lien senior secured term loan	L +	6.25%	11.29%	4/30/2026	933		921		922		0.47	%
DNS IMI Acquisition Corp (6)	First lien senior secured delayed draw term loan	L +	5.75%	10.91%	11/23/2026	75		(1)		(1)		0.00	%
DNS IMI Acquisition Corp	First lien senior secured revolving loan	P +	4.75%	12.75%	11/23/2026	56		8		8		0.00	%
DNS IMI Acquisition Corp	First lien senior secured term loan	L +	5.75%	10.91%	11/23/2026	1,644		1,620		1,622		0.83	%
Double E Company, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	11.05%	6/21/2028	49		—		—		0.00	%
Double E Company, LLC	First lien senior secured revolving loan	S +	6.00%	11.04%	6/21/2028	66		22		22		0.01	%
Double E Company, LLC	First lien senior secured term loan	S +	6.00%	11.05%	6/21/2028	1,047		1,038		1,040		0.53	%
								3,640		3,646		1.86	%
Media
ALM Media, LLC (6)(17)	First lien senior secured revolving loan	L +	6.00%	11.16%	11/25/2024	$	971	$	(8)	$	(4)	0.00	%
ALM Media, LLC	First lien senior secured term loan	L +	6.00%	11.16%	11/25/2024	2,435		2,412		2,422		1.24	%
Exclusive Concepts, LLC	First lien senior secured delayed draw term loan	L +	6.00%	10.97%	12/9/2026	224		169		169		0.09	%
Exclusive Concepts, LLC (6)	First lien senior secured revolving loan	L +	6.00%	11.15%	12/9/2026	23		—		—		0.00	%
Exclusive Concepts, LLC	First lien senior secured term loan	L +	6.00%	11.15%	12/9/2026	625		615		616		0.31	%
Infolinks Media Buyco, LLC (6)	First lien senior secured delayed draw term loan	L +	5.50%	10.66%	11/1/2026	39		—		—		0.00	%

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

15

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity  Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair  Value		Percentage of Net Assets
Infolinks Media Buyco, LLC (6)	First lien senior secured revolving loan	L +	5.50%	10.66%	11/1/2026	38		(1)		—		0.00	%
Infolinks Media Buyco, LLC	First lien senior secured term loan	L +	5.50%	10.66%	11/1/2026	1,149		1,132		1,134		0.57	%
The Channel Company, LLC	First lien senior secured revolving loan	S +	5.50%	10.62%	11/1/2027	62		34		34		0.02	%
The Channel Company, LLC	First lien senior secured term loan	S +	5.50%	10.66%	11/1/2027	2,341		2,308		2,317		1.18	%
								6,661		6,688		3.41	%
Metals and mining
Copperweld Group, Inc.	First lien senior secured revolving loan	S +	6.00%	11.05%	9/27/2024	$	462	$	115	$	120	0.06	%
Copperweld Group, Inc.	First lien senior secured term loan	S +	6.00%	11.16%	9/27/2024	2,279		2,234		2,263		1.16	%
								2,349		2,383		1.22	%
Personal products
Cosmetic Solutions, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.42%	10/17/2025	$	363	$	359	$	349	0.18	%
Cosmetic Solutions, LLC (6)	First lien senior secured revolving loan	S +	6.50%	11.42%	10/17/2025	344		(4)		(13)		(0.01)	%
Cosmetic Solutions, LLC	First lien senior secured term loan	S +	6.50%	11.42%	10/17/2025	2,776		2,740		2,671		1.36	%
								3,095		3,007		1.53	%
Pharmaceuticals
Bio Agri Mix Holdings Inc. (6)(7)	First lien senior secured revolving loan	C +	5.75%	10.78%	7/23/2026	$	30	$	—	$	—	0.00	%
Bio Agri Mix Holdings Inc. (6)(7)	First lien senior secured revolving loan	C +	5.75%	10.78%	7/23/2026	C$	75	(1)		(1)		0.00	%
Bio Agri Mix Holdings Inc. (7)	First lien senior secured term loan	C +	5.75%	10.78%	7/23/2026	C$	1,241	973		906		0.46	%
Formulated Buyer, LLC	First lien senior secured delayed draw term loan	L +	5.25%	10.38%	9/22/2026	299		121		121		0.06	%
Formulated Buyer, LLC	First lien senior secured revolving loan	L +	5.25%	10.33%	9/22/2026	188		91		91		0.05	%
Formulated Buyer, LLC	First lien senior secured term loan	L +	5.25%	10.40%	9/22/2026	460		453		453		0.23	%
								1,637		1,570		0.80	%
Professional services
Stax Holding Company, LLC (6)(18)	First lien senior secured revolving loan	L +	5.00%	10.16%	10/29/2026	$	60	$	(1)	$	(1)	0.00	%
Stax Holding Company, LLC	First lien senior secured term loan	L +	5.00%	10.16%	10/29/2026	815		806		807		0.41	%
								805		806		0.41	%
Real estate management and development
BBG Intermediate Holdings, Inc. (19)	First lien senior secured revolving loan	S +	6.50%	11.53%	1/8/2026	$	233	$	226	$	222	0.11	%
BBG Intermediate Holdings, Inc.	First lien senior secured term loan	S +	6.50%	11.45%	1/8/2026	1,879		1,855		1,820		0.93	%
MetaSource, LLC (6)	First lien senior secured delayed draw term loan	S +	6.25%	11.17%	5/17/2027	49		—		—		0.00	%
MetaSource, LLC	First lien senior secured revolving loan	S +	6.25%	11.17%	5/17/2027	75		14		15		0.01	%
MetaSource, LLC	First lien senior secured term loan	S +	6.25%	11.17%	5/17/2027	934		926		928		0.47	%
								3,021		2,985		1.52	%
Semiconductors and semiconductor equipment
Altamira Material Solutions, LP (6)	First lien senior secured revolving loan	L +	5.50%	10.70%	9/2/2026	$	45	$	(1)	$	(1)	0.00	%
Altamira Material Solutions, LP	First lien senior secured term loan	L +	5.50%	10.70%	9/2/2026	720		708		710		0.36	%
								707		709		0.36	%

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

16

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity  Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair  Value		Percentage of Net Assets
Software
Affinitiv, Inc. (6)	First lien senior secured revolving loan	S +	6.50%	11.66%	8/26/2024	$	248	$	(2)	$	(1)	0.00	%
Affinitiv, Inc.	First lien senior secured term loan	S +	6.50%	11.66%	8/26/2024	2,260		2,241		2,248		1.15	%
ShiftKey, LLC	First lien senior secured revolving loan	S +	5.75%	10.62%	6/21/2027	110		43		43		0.02	%
ShiftKey, LLC	First lien senior secured term loan	S +	5.75%	10.91%	6/21/2027	3,731		3,698		3,719		1.90	%
								5,980		6,009		3.07	%
Specialty retail
Dykstra's Auto, LLC	First lien senior secured delayed draw term loan	S +	5.75%	10.83%	10/22/2026	$	186	$	183	$	183	0.09	%
Dykstra's Auto, LLC (6)	First lien senior secured revolving loan	P +	4.75%	12.25%	10/22/2026	38		(1)		(1)		0.00	%
Dykstra's Auto, LLC	First lien senior secured term loan	S +	5.75%	10.91%	10/22/2026	490		482		483		0.24	%
Kaizen Auto Care, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.69%	12/22/2026	223		219		220		0.11	%
Kaizen Auto Care, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.66%	12/22/2023	224		220		221		0.11	%
Kaizen Auto Care, LLC	First lien senior secured revolving loan	P +	5.00%	13.00%	12/22/2026	38		29		29		0.01	%
Kaizen Auto Care, LLC	First lien senior secured term loan	S +	6.50%	11.66%	12/22/2026	857		841		845		0.44	%
Leonard Group, Inc. (6)	First lien senior secured revolving loan	S +	6.50%	11.66%	2/26/2026	234		(5)		(1)		0.00	%
Leonard Group, Inc.	First lien senior secured term loan	S +	6.50%	11.66%	2/26/2026	1,559		1,542		1,550		0.79	%
Pink Lily Holdings, LLC (6)	First lien senior secured revolving loan	L +	6.50%	11.34%	11/16/2027	63		(1)		(1)		0.00	%
Pink Lily Holdings, LLC	First lien senior secured term loan	L +	6.50%	11.34%	11/16/2027	1,354		1,335		1,337		0.69	%
Soccer Post Acquisition, LLC	First lien senior secured delayed draw term loan	S +	5.50%	10.66%	6/30/2027	37		35		35		0.02	%
Soccer Post Acquisition, LLC	First lien senior secured revolving loan	S +	5.50%	10.60%	6/30/2027	38		33		33		0.02	%
Soccer Post Acquisition, LLC	First lien senior secured term loan	S +	5.50%	10.66%	6/30/2027	703		693		694		0.35	%
								5,605		5,627		2.87	%
Trading companies and distributors
AFC Industries, Inc.	First lien senior secured delayed draw term loan	S +	6.25%	11.30%	4/9/2027	$	351	$	347	$	342	0.17	%
AFC Industries, Inc.	First lien senior secured delayed draw term loan	S +	6.25%	11.24%	4/9/2027	128		127		125		0.06	%
AFC Industries, Inc.	First lien senior secured delayed draw term loan	S +	6.25%	11.21%	4/9/2027	106		103		103		0.05	%
AFC Industries, Inc. (20)	First lien senior secured revolving loan	S +	6.25%	11.30%	10/9/2026	156		65		63		0.03	%
AFC Industries, Inc.	First lien senior secured term loan	S +	6.25%	11.07%	4/9/2027	765		757		746		0.38	%
Banner Buyer, LLC	First lien senior secured delayed draw term loan	S +	5.75%	10.66%	10/31/2025	568		564		567		0.29	%
Banner Buyer, LLC	First lien senior secured revolving loan	S +	5.75%	10.66%	10/31/2025	370		71		72		0.04	%
Banner Buyer, LLC	First lien senior secured term loan	S +	5.75%	10.66%	10/31/2025	1,368		1,356		1,360		0.70	%
Empire Equipment Company, LLC	First lien senior secured revolving loan	S +	5.50%	10.42%	1/17/2025	439		153		153		0.08	%
Empire Equipment Company, LLC	First lien senior secured term loan	S +	5.50%	10.43%	1/17/2025	1,545		1,530		1,532		0.79	%
Montway LLC	First lien senior secured delayed draw term loan	S +	6.25%	11.54%	11/4/2025	673		664		664		0.34	%
Montway LLC (6)	First lien senior secured revolving loan	S +	6.25%	11.47%	11/4/2025	150		(2)		(2)		0.00	%
Montway LLC	First lien senior secured term loan	S +	6.25%	11.47%	11/4/2025	714		703		704		0.36	%
Shearer Supply, LLC	First lien senior secured revolving loan	P +	4.25%	12.00%	9/17/2027	113		88		90		0.05	%

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

17

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity  Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair  Value		Percentage of Net Assets
Shearer Supply, LLC	First lien senior secured term loan	P +	4.25%	12.25%	9/17/2027	922		907		922		0.47	%
Triad Technologies, LLC	First lien senior secured revolving loan	S +	6.00%	11.05%	6/8/2026	332		61		61		0.03	%
Triad Technologies, LLC	First lien senior secured term loan	S +	6.00%	11.15%	6/8/2026	1,352		1,326		1,330		0.67	%
								8,820		8,832		4.51	%
Water utilities
Diamondback Buyer, LLC	First lien senior secured revolving loan	S +	5.50%	10.45%	7/22/2026	$	75	$	40	$	40	0.02	%
Diamondback Buyer, LLC	First lien senior secured term loan	S +	5.50%	10.60%	7/22/2026	1,198		1,178		1,185		0.60	%
								1,218		1,225		0.62	%
Total non-controlled/non-affiliated senior secured debt								$	175,863	$	174,487	89.00	%
Non-controlled/non-affiliated sponsor subordinated notes
Trading companies and distributors
Empire Equipment Company, LLC	Sponsor subordinated note	12.50% + 7.00% PIK		19.50%	7/17/2025			$	11	$	12	0.01	%
Shearer Supply, LLC	Sponsor subordinated note	12.50% + 7.00% PIK		19.50%	9/17/2027			5		6		0.00	%
Total non-controlled/non-affiliated sponsor subordinated notes								16		18		0.01	%
Total non-controlled/non-affiliated investments								$	175,879	$	174,505	89.01	%
Non-controlled/affiliated investments
Multisector holdings
Twin Brook Equity Holdings, LLC (21)(22)(23)	Equity - 1.73% membership interest							$	7,030	$	9,592	4.89	%
Twin Brook Segregated Equity Holdings, LLC (21)(22)(23)	Equity - 2.11% membership interest							14		18		0.01	%
Total non-controlled/affiliated investments								$	7,044	$	9,610	4.90	%

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

18

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)	Interest Rate	Maturity  Date	Principal/ Par Amount(3)	Amortized Cost(4)		Fair  Value		Percentage of Net Assets
Total investments						$	182,923	$	184,115	93.91	%

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

19

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2023

(Amounts in thousands)

(Unaudited)

(1)	Unless otherwise indicated, all investments are considered Level 3 investments. Amounts shown in thousands for principal/par amount, amortized cost and fair value.
(2)	Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.
(3)	Principal/par amount is denominated in U.S. Dollars (“$”) unless otherwise noted, Canadian Dollars (“C$”).
(4)	The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(5)	Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the London Interbank Offered Rate (“LIBOR” or “L”), the Term Secured Overnight Financing Rate (“Term SOFR” or S”) and/or an alternate base rate (e.g. prime rate (“P”)), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the applicable margin has been provided over Term SOFR based on each respective credit agreement. As of March 31, 2023, the reference rates for the floating rate loans were the 3 Month L of 5.19%, 3 Month CDOR of 5.03%, Term SOFR of 4.87% and the Prime Rate of 8.00%.
(6)	Represents revolvers and delayed draw term loans where the entire balance is unfunded as of March 31, 2023. The negative fair value is a result of the commitment being valued below par. Refer to Note 8 for further information.
(7)	Represents investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of March 31, 2023, non-qualifying assets (foreign investments and derivative contracts) represented approximately 2.95% of the total assets of the Company.
(8)	Principal balance includes reserve for letter of credit of $1,875 on which the borrower pays 5.75%.
(9)	Principal balance includes reserve for letter of credit of $15,654 on which the borrower pays 7.00%.
(10)	Principal balance includes reserve for letter of credit of $10,663 on which the borrower pays 5.50%.
(11)	Principal balance includes reserve for letter of credit of $2,145 on which the borrower pays 6.75%.
(12)	Principal balance includes reserve for letter of credit of $9,735 on which the borrower pays 6.00%.
(13)	Principal balance includes reserve for letter of credit of $2,851 on which the borrower pays 6.25%.
(14)	Principal balance includes reserve for letter of credit of $3,930 on which the borrower pays 7.00%.
(15)	Principal balance includes reserve for letter of credit of $3,337 on which the borrower pays 6.00%.
(16)	Principal balance includes reserve for letter of credit of $5,410 on which the borrower pays 7.50%.
(17)	Principal balance includes reserve for letter of credit of $141,677 on which the borrower pays 0.00%.
(18)	Principal balance includes reserve for letter of credit of $2,248 on which the borrower pays 5.00%.
(19)	Principal balance includes reserve for letter of credit of $3,517 on which the borrower pays 6.50%.
(20)	Principal balance includes reserve for letter of credit of $6,240 on which the borrower pays 6.25%.
(21)	As a practical expedient, the Company uses net asset value (“NAV”) to determine the fair value of this investment. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels. This represents an investment in an affiliated fund.
(22)	Securities exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of March 31, 2023, the aggregate fair value of these securities is $9,610 or 4.90% of the Company's net assets.
(23)	Non-income producing investment.

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

20

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2023

(Amounts in thousands)

(Unaudited)

Foreign currency forward contracts

Counterparty	Currency Purchased	Currency Sold	Settlement	Unrealized Appreciation/ (Depreciation)
Wells Fargo Bank, National Association	USD 1,491	CAD 2,002	4/24/2023	$	8
Total				$	8
Currency Abbreviations:
USD - U.S. Dollar
CAD - Canadian Dollar

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

21

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Investments
Non-controlled/non-affiliated senior secured debt
Aerospace and defense
Mattco Forge, Inc. (6)	First lien senior secured revolving loan	L +	6.25%	10.42%	12/6/2024	$	506	$	(5)	$	(11)	(0.01)	%
Mattco Forge, Inc.	First lien senior secured term loan	L +	6.25%	10.42%	12/6/2024	2,168		2,142		2,119		1.08	%
								2,137		2,108		1.07	%
Air freight and logistics
Load One Purchaser Corporation (6)	First lien senior secured delayed draw term loan	S +	6.00%	10.84%	6/21/2028	$	150	$	(3)	$	(2)	—	%
Load One Purchaser Corporation	First lien senior secured revolving loan	S +	6.00%	10.84%	6/21/2028	75		6		6		—	%
Load One Purchaser Corporation	First lien senior secured term loan	S +	6.00%	10.84%	6/21/2028	810		795		797		0.41	%
								798		801		0.41	%
Auto components
AvCarb, LLC	First lien senior secured delayed draw term loan	L +	6.00%	10.57%	11/12/2026	$	665	$	222	$	222	0.11	%
AvCarb, LLC	First lien senior secured revolving loan	L +	6.00%	10.17%	11/12/2026	38		3		3		—	%
AvCarb, LLC	First lien senior secured term loan	L +	6.00%	10.17%	11/12/2026	495		486		487		0.25	%
CCG Acquisition, Inc. (6)	First lien senior secured revolving loan	S +	6.00%	10.84%	5/17/2027	19		—		—		—	%
CCG Acquisition, Inc.	First lien senior secured term loan	S +	6.00%	10.84%	5/17/2027	425		419		420		0.21	%
Raneys, LLC (6)	First lien senior secured revolving loan	S +	5.75%	10.59%	6/7/2027	38		(1)		(1)		—	%
Raneys, LLC	First lien senior secured term loan	S +	5.75%	10.59%	6/7/2027	453		444		445		0.23	%
Vehicle Accessories, Inc. (6)	First lien senior secured revolving loan	P +	4.50%	12.00%	11/30/2026	38		—		—		—	%
Vehicle Accessories, Inc.	First lien senior secured term loan	S +	5.50%	10.34%	11/30/2026	1,666		1,655		1,659		0.85	%
								3,228		3,235		1.65	%
Chemicals
AM Buyer, LLC (6)	First lien senior secured revolving loan	S +	6.75%	11.59%	5/1/2025	$	111	$	(1)	$	(1)	—	%
AM Buyer, LLC	First lien senior secured term loan	S +	6.75%	11.59%	5/1/2025	474		467		469		0.24	%
Answer Acquisition, LLC (6)	First lien senior secured revolving loan	L +	5.50%	10.23%	12/30/2026	38		(1)		(1)		—	%
Answer Acquisition, LLC	First lien senior secured term loan	L +	5.50%	10.23%	12/30/2026	1,699		1,671		1,673		0.86	%
Custom Agronomics Holdings, LLC (6)	First lien senior secured revolving loan	S +	6.50%	11.34%	8/26/2027	45		(1)		(1)		—	%
Custom Agronomics Holdings, LLC	First lien senior secured term loan	S +	6.50%	11.34%	8/26/2027	236		231		232		0.12	%
SASE Company, LLC (6)	First lien senior secured revolving loan	S +	5.75%	10.19%	11/15/2026	38		(1)		(1)		—	%
SASE Company, LLC	First lien senior secured term loan	S +	5.75%	10.19%	11/15/2026	1,615		1,588		1,592		0.81	%
Teel Plastics, LLC (6)	First lien senior secured revolving loan	S +	5.00%	9.44%	1/24/2025	324		(3)		(1)		—	%
Teel Plastics, LLC	First lien senior secured term loan	S +	5.00%	9.44%	1/24/2025	1,787		1,767		1,779		0.91	%
USALCO, LLC	First lien senior secured revolving loan	L +	6.00%	10.38%	10/19/2026	100		42		42		0.02	%
USALCO, LLC	First lien senior secured term loan	L +	6.00%	10.73%	10/19/2027	1,884		1,867		1,872		0.96	%

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

22

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
								7,626		7,654		3.92	%
Commercial services and supplies
Alliance Environmental Group, LLC	First lien senior secured delayed draw term loan	L +	6.00%	11.15%	12/30/2027	$	75	$	53	$	53	0.03	%
Alliance Environmental Group, LLC	First lien senior secured revolving loan	L +	6.00%	10.47%	12/30/2027	38		35		35		0.02	%
Alliance Environmental Group, LLC	First lien senior secured term loan	L +	6.00%	11.15%	12/30/2027	1,451		1,426		1,428		0.73	%
Edko Acquisition, LLC (8)	First lien senior secured revolving loan	S +	6.00%	10.84%	6/25/2026	38		3		3		—	%
Edko Acquisition, LLC	First lien senior secured term loan	S +	5.75%	10.59%	6/25/2026	1,139		1,122		1,124		0.57	%
Franchise Fastlane, LLC (6)	First lien senior secured revolving loan	S +	5.50%	10.38%	5/2/2027	15		—		—		—	%
Franchise Fastlane, LLC	First lien senior secured term loan	S +	5.50%	10.38%	5/2/2027	1,170		1,149		1,151		0.59	%
Gold Medal Holdings, Inc. (9)	First lien senior secured revolving loan	S +	7.00%	11.74%	3/17/2027	50		23		23		0.01	%
Gold Medal Holdings, Inc.	First lien senior secured term loan	S +	7.00%	11.84%	3/17/2027	722		713		716		0.37	%
Green Monster Acquisition, LLC (6)	First lien senior secured revolving loan	L +	5.50%	10.23%	12/28/2026	38		(1)		(1)		—	%
Green Monster Acquisition, LLC	First lien senior secured term loan	L +	5.50%	10.23%	12/28/2026	1,176		1,157		1,158		0.59	%
HLSG Intermediate, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.03%	3/31/2028	96		94		95		0.05	%
HLSG Intermediate, LLC (6)	First lien senior secured revolving loan	S +	6.50%	10.94%	3/31/2028	60		(1)		(1)		—	%
HLSG Intermediate, LLC	First lien senior secured term loan	S +	6.50%	10.94%	3/31/2028	1,004		993		995		0.51	%
Nimlok Company, LLC (6)(10)	First lien senior secured revolving loan	S +	5.50%	10.16%	11/27/2024	320		(3)		(4)		—	%
Nimlok Company, LLC	First lien senior secured term loan	S +	5.50%	10.16%	11/27/2025	2,678		2,641		2,645		1.35	%
Steel City Wash, LLC	First lien senior secured delayed draw term loan	S +	6.25%	11.09%	12/27/2026	143		141		141		0.07	%
Steel City Wash, LLC	First lien senior secured revolving loan	S +	6.25%	10.90%	12/27/2026	38		15		15		0.01	%
Steel City Wash, LLC	First lien senior secured term loan	S +	6.25%	11.09%	12/27/2026	794		781		783		0.40	%
								10,341		10,359		5.30	%
Construction and engineering
BCI Burke Holding Corp.	First lien senior secured delayed draw term loan	L +	5.50%	9.70%	12/14/2027	$	131	$	24	$	24	0.01	%
BCI Burke Holding Corp. (6)	First lien senior secured revolving loan	L +	5.50%	10.23%	12/14/2027	79		(1)		(1)		—	%
BCI Burke Holding Corp.	First lien senior secured term loan	L +	5.50%	10.23%	12/14/2027	874		863		865		0.44	%
CPS HVAC Group, LLC	First lien senior secured delayed draw term loan	L +	6.75%	11.37%	12/15/2026	150		32		32		0.02	%
CPS HVAC Group, LLC (11)	First lien senior secured revolving loan	L +	6.75%	11.90%	12/15/2026	38		8		8		—	%
CPS HVAC Group, LLC	First lien senior secured term loan	L +	6.75%	11.90%	12/15/2026	272		268		268		0.14	%
Domino Equipment Company, LLC (6)	First lien senior secured revolving loan	S +	6.25%	11.13%	4/1/2026	79		(1)		(1)		—	%
Domino Equipment Company, LLC	First lien senior secured term loan	S +	6.25%	11.13%	4/1/2026	575		565		566		0.29	%
Highland Acquisition, Inc. (6)	First lien senior secured revolving loan	S +	5.50%	10.34%	3/9/2027	30		(1)		—		—	%
Highland Acquisition, Inc.	First lien senior secured term loan	S +	5.50%	10.34%	3/9/2027	937		921		922		0.47	%
Rose Paving, LLC	First lien senior secured revolving loan	S +	5.75%	10.57%	11/7/2028	94		50		50		0.03	%
Rose Paving, LLC	First lien senior secured term loan	S +	5.75%	10.55%	11/7/2028	751		732		732		0.37	%

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

23

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
								3,460		3,465		1.77	%
Containers and packaging
Bulk Lift International, LLC (6)(7)	First lien senior secured revolving loan	S +	6.75%	11.28%	11/15/2027	$	38	$	(1)	$	(1)	—	%
Bulk Lift International, LLC (7)	First lien senior secured term loan	S +	6.75%	11.28%	11/15/2027	258		252		252		0.13	%
Innovative FlexPak, LLC	First lien senior secured revolving loan	S +	7.00%	11.36%	1/23/2025	627		464		325		0.17	%
Innovative FlexPak, LLC	First lien senior secured term loan	S +	7.00%	11.44%	1/23/2025	2,616		2,574		1,998		1.00	%
MRC Keeler Acquisition, LLC	First lien senior secured delayed draw term loan	L +	5.75%	10.48%	12/4/2025	75		74		74		0.04	%
MRC Keeler Acquisition, LLC	First lien senior secured revolving loan	L +	5.75%	10.07%	12/4/2025	150		73		73		0.04	%
MRC Keeler Acquisition, LLC	First lien senior secured term loan	L +	5.75%	10.48%	12/4/2025	952		940		941		0.48	%
Vanguard Packaging, LLC	First lien senior secured revolving loan	L +	5.00%	9.66%	8/9/2024	535		51		50		0.03	%
Vanguard Packaging, LLC	First lien senior secured term loan	L +	5.00%	9.73%	8/9/2024	1,193		1,186		1,185		0.61	%
								5,613		4,897		2.50	%
Distributors
RTP Acquisition, LLC	First lien senior secured revolving loan	S +	6.25%	10.69%	8/17/2026	$	38	$	3	$	3	—	%
RTP Acquisition, LLC	First lien senior secured term loan	S +	6.25%	10.69%	8/17/2026	918		902		905		0.46	%
								905		908		0.46	%
Diversified consumer services
50Floor, LLC (6)	First lien senior secured revolving loan	L +	6.25%	10.98%	12/31/2025	$	199	$	(2)	$	(2)	—	%
50Floor, LLC	First lien senior secured term loan	L +	6.25%	10.98%	12/31/2026	953		939		941		0.48	%
ACES Intermediate, LLC (6)	First lien senior secured revolving loan	S +	5.75%	10.63%	7/27/2027	150		(3)		(3)		—	%
ACES Intermediate, LLC	First lien senior secured term loan	S +	5.75%	10.63%	7/27/2027	1,887		1,851		1,856		0.95	%
Groundworks Operations, LLC	First lien senior secured delayed draw term loan	L +	4.75%	9.48%	1/17/2026	1,866		1,814		1,821		0.93	%
Groundworks Operations, LLC (6)	First lien senior secured revolving loan	L +	4.75%	9.48%	1/17/2026	387		(4)		(2)		—	%
Groundworks Operations, LLC	First lien senior secured term loan	L +	4.75%	9.48%	1/17/2026	2,479		2,449		2,463		1.26	%
Home Brands Group Holdings, Inc. (6)	First lien senior secured revolving loan	L +	4.75%	9.16%	11/8/2026	48		(1)		(1)		—	%
Home Brands Group Holdings, Inc.	First lien senior secured term loan	L +	4.75%	9.16%	11/8/2026	1,900		1,867		1,873		0.96	%
ISSA, LLC (6)	First lien senior secured revolving loan	S +	6.25%	11.09%	3/1/2027	131		(2)		(2)		—	%
ISSA, LLC	First lien senior secured term loan	S +	6.25%	11.09%	3/1/2027	922		906		908		0.46	%
Juniper Landscaping Holdings LLC	First lien senior secured delayed draw term loan	L +	6.00%	11.14%	12/29/2026	88		69		69		0.04	%
Juniper Landscaping Holdings LLC (12)	First lien senior secured revolving loan	L +	6.00%	10.54%	12/29/2026	44		10		11		0.01	%
Juniper Landscaping Holdings LLC	First lien senior secured term loan	L +	6.00%	11.15%	12/29/2026	1,314		1,295		1,297		0.66	%
Kalkomey Enterprises, LLC (6)	First lien senior secured revolving loan	L +	6.75%	11.48%	4/24/2025	77		(1)		(1)		—	%
Kalkomey Enterprises, LLC	First lien senior secured term loan	L +	6.75%	11.48%	4/24/2026	1,050		1,033		1,037		0.53	%
PPW Acquisition, LLC	First lien senior secured revolving loan	L +	6.25%	10.85%	9/30/2026	38		37		37		0.02	%
PPW Acquisition, LLC	First lien senior secured term loan	L +	6.25%	10.98%	9/30/2026	605		595		596		0.30	%

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

24

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
United Land Services Opco Parent, LLC	First lien senior secured delayed draw term loan	S +	6.00%	10.84%	3/23/2026	1,069		658		659		0.34	%
United Land Services Opco Parent, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	10.84%	3/23/2026	188		(4)		(3)		—	%
United Land Services Opco Parent, LLC	First lien senior secured revolving loan	S +	6.00%	10.44%	3/23/2026	150		37		38		0.02	%
United Land Services Opco Parent, LLC	First lien senior secured term loan	S +	6.00%	10.84%	3/23/2026	303		298		298		0.15	%
Yard-Nique, Inc (6)	First lien senior secured delayed draw term loan	S +	6.00%	9.71%	4/30/2026	150		(2)		(2)		—	%
Yard-Nique, Inc	First lien senior secured revolving loan	S +	5.00%	8.71%	4/30/2026	19		5		5		—	%
Yard-Nique, Inc	First lien senior secured term loan	S +	6.00%	9.71%	4/30/2026	405		400		401		0.21	%
								14,244		14,294		7.32	%
Electrical equipment
AEP Passion Intermediate Holdings, Inc.	First lien senior secured delayed draw term loan	L +	5.50%	9.88%	10/5/2027	$	71	$	42	$	42	0.02	%
AEP Passion Intermediate Holdings, Inc.	First lien senior secured revolving loan	L +	5.50%	9.88%	10/5/2027	48		28		28		0.01	%
AEP Passion Intermediate Holdings, Inc.	First lien senior secured term loan	L +	5.50%	9.91%	10/5/2027	1,281		1,265		1,267		0.65	%
								1,335		1,337		0.68	%
Electronic equipment, instruments and components
Advanced Lighting Acquisition, LLC (6)	First lien senior secured revolving loan	S +	5.00%	9.44%	11/22/2025	$	324	$	(3)	$	(1)	—	%
Advanced Lighting Acquisition, LLC	First lien senior secured term loan	S +	5.00%	9.44%	11/22/2025	1,133		1,120		1,131		0.58	%
ITSavvy LLC (6)	First lien senior secured delayed draw term loan	S +	5.25%	8.76%	8/8/2028	75		(1)		(1)		—	%
ITSavvy LLC (6)	First lien senior secured revolving loan	S +	5.25%	9.68%	8/8/2028	38		—		—		—	%
ITSavvy LLC	First lien senior secured term loan	S +	5.25%	8.76%	8/8/2028	676		670		671		0.34	%
Nelson Name Plate Company	First lien senior secured delayed draw term loan	L +	5.50%	10.23%	10/18/2026	119		102		102		0.05	%
Nelson Name Plate Company	First lien senior secured revolving loan	L +	5.50%	10.23%	10/18/2026	90		15		15		0.01	%
Nelson Name Plate Company	First lien senior secured term loan	L +	5.50%	10.23%	10/18/2026	768		756		757		0.39	%
								2,659		2,674		1.37	%
Food and staples retailing
Engelman Baking Co., LLC	First lien senior secured revolving loan	L +	5.50%	9.88%	2/28/2025	$	207	$	31	$	30	0.02	%
Engelman Baking Co., LLC	First lien senior secured term loan	L +	5.50%	9.88%	2/28/2025	713		701		703		0.36	%
Mad Rose Company, LLC (13)	First lien senior secured revolving loan	S +	6.25%	10.69%	5/7/2026	119		58		59		0.03	%
Mad Rose Company, LLC	First lien senior secured term loan	S +	6.25%	10.69%	5/7/2026	931		916		919		0.47	%
Main Street Gourmet, LLC	First lien senior secured delayed draw term loan	L +	5.50%	9.89%	11/10/2025	666		34		35		0.02	%
Main Street Gourmet, LLC	First lien senior secured revolving loan	L +	5.50%	10.23%	11/10/2025	38		18		18		0.01	%
Main Street Gourmet, LLC	First lien senior secured term loan	L +	5.50%	10.23%	11/10/2025	1,121		1,108		1,110		0.57	%
NutriScience Innovations, LLC (6)(14)	First lien senior secured revolving loan	L +	7.00%	11.73%	4/21/2026	131		(2)		(2)		—	%
NutriScience Innovations, LLC	First lien senior secured term loan	L +	7.00%	11.73%	4/21/2026	434		428		428		0.22	%
Qin's Buffalo, LLC (6)	First lien senior secured delayed draw term loan	S +	5.75%	10.59%	5/5/2027	75		(1)		(1)		—	%
Qin's Buffalo, LLC (6)	First lien senior secured revolving loan	S +	5.75%	10.59%	5/5/2027	38		(1)		(1)		—	%

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

25

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Qin's Buffalo, LLC	First lien senior secured term loan	S +	5.75%	10.59%	5/5/2027	536		526		528		0.27	%
SCP Beverage Buyer, LLC	First lien senior secured revolving loan	S +	5.75%	10.11%	11/24/2026	38		14		14		0.01	%
SCP Beverage Buyer, LLC	First lien senior secured term loan	S +	5.75%	10.11%	11/24/2026	412		404		405		0.21	%
Universal Pure, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	10.24%	10/31/2028	128		(3)		(3)		—	%
Universal Pure, LLC (6)(15)	First lien senior secured revolving loan	S +	6.00%	10.24%	10/31/2028	150		(4)		(4)		—	%
Universal Pure, LLC	First lien senior secured term loan	S +	6.00%	10.24%	10/31/2028	1,328		1,292		1,292		0.66	%
								5,519		5,530		2.85	%
Food products
Icelandirect, LLC	First lien senior secured revolving loan	L +	6.00%	10.73%	7/30/2026	$	38	$	35	$	36	0.02	%
Icelandirect, LLC	First lien senior secured term loan	L +	6.00%	10.73%	7/30/2026	684		674		675		0.35	%
Starwest Botanicals Acquisition, LLC	First lien senior secured revolving loan	L +	5.25%	9.83%	4/30/2027	174		172		168		0.09	%
Starwest Botanicals Acquisition, LLC	First lien senior secured term loan	L +	5.25%	9.63%	4/30/2027	807		796		779		0.40	%
Sun Orchard, LLC	First lien senior secured revolving loan	S +	5.25%	9.69%	7/8/2027	113		5		6		—	%
Sun Orchard, LLC	First lien senior secured term loan	S +	5.25%	10.09%	7/8/2027	2,074		2,035		2,039		1.04	%
								3,717		3,703		1.90	%
Gas utilities
Hydromax USA, LLC	First lien senior secured delayed draw term loan	S +	6.75%	11.48%	12/30/2026	$	112	$	110	$	107	0.05	%
Hydromax USA, LLC	First lien senior secured revolving loan	S +	6.75%	11.48%	12/30/2026	228		156		149		0.08	%
Hydromax USA, LLC	First lien senior secured term loan	S +	6.75%	11.48%	12/30/2026	1,235		1,216		1,181		0.60	%
								1,482		1,437		0.73	%
Health care equipment and supplies
626 Holdings Equity, LLC	First lien senior secured delayed draw term loan	S +	5.50%	10.17%	2/14/2028	$	315	$	105	$	105	0.05	%
626 Holdings Equity, LLC	First lien senior secured revolving loan	P +	4.50%	12.00%	2/14/2027	75		49		49		0.03	%
626 Holdings Equity, LLC	First lien senior secured term loan	S +	5.50%	10.72%	2/14/2028	884		868		870		0.44	%
EMSAR Acquisition LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.34%	3/30/2026	216		212		213		0.11	%
EMSAR Acquisition LLC	First lien senior secured revolving loan	S +	6.50%	11.34%	3/30/2026	134		118		118		0.06	%
EMSAR Acquisition LLC	First lien senior secured term loan	S +	6.50%	11.34%	3/30/2026	638		628		629		0.32	%
Medical Technology Associates, Inc. (6)	First lien senior secured revolving loan	S +	6.00%	10.84%	7/25/2028	38		(1)		(1)		—	%
Medical Technology Associates, Inc.	First lien senior secured term loan	S +	6.00%	10.84%	7/25/2028	403		395		396		0.20	%
Reliable Medical Supply LLC	First lien senior secured delayed draw term loan	S +	7.00%	11.44%	4/8/2025	67		66		66		0.03	%
Reliable Medical Supply LLC	First lien senior secured revolving loan	S +	7.00%	11.44%	4/8/2025	138		39		40		0.02	%
Reliable Medical Supply LLC	First lien senior secured term loan	S +	7.00%	11.44%	4/8/2025	751		737		743		0.38	%
SCA Buyer, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.38%	1/20/2026	396		273		271		0.14	%
SCA Buyer, LLC	First lien senior secured revolving loan	S +	6.50%	11.38%	1/20/2026	133		77		76		0.04	%
SCA Buyer, LLC	First lien senior secured term loan	S +	6.50%	11.38%	1/20/2026	757		740		737		0.38	%

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

26

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Spectrum Solutions, LLC (6)	First lien senior secured revolving loan	L +	6.00%	10.38%	3/5/2026	267		(5)		(23)		(0.01)	%
Spectrum Solutions, LLC	First lien senior secured term loan	L +	6.00%	10.38%	3/5/2026	478		470		438		0.22	%
								4,771		4,727		2.41	%
Health care providers and services
Agility Intermediate, Inc.	First lien senior secured delayed draw term loan	S +	6.50%	10.77%	4/15/2026	$	401	$	104	$	105	0.05	%
Agility Intermediate, Inc.	First lien senior secured revolving loan	S +	6.50%	11.34%	4/15/2026	134		38		38		0.02	%
Agility Intermediate, Inc.	First lien senior secured term loan	S +	6.50%	11.34%	4/15/2026	242		238		238		0.12	%
Apex Dental Partners, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.16%	11/23/2025	112		15		15		0.01	%
Apex Dental Partners, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.16%	11/23/2025	445		438		440		0.22	%
Apex Dental Partners, LLC	First lien senior secured revolving loan	S +	6.50%	11.04%	11/23/2025	150		65		66		0.03	%
Apex Dental Partners, LLC	First lien senior secured term loan	S +	6.50%	11.38%	11/23/2025	622		612		614		0.31	%
ASC Ortho Management, LLC	First lien senior secured delayed draw term loan	L +	6.00%	10.73%	12/31/2026	359		322		322		0.16	%
ASC Ortho Management, LLC (6)	First lien senior secured revolving loan	L +	6.00%	10.73%	12/31/2026	38		(1)		(1)		—	%
ASC Ortho Management, LLC	First lien senior secured term loan	L +	6.00%	10.73%	12/31/2026	519		510		511		0.26	%
ASP Global Acquisition, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.34%	1/21/2025	562		555		552		0.28	%
ASP Global Acquisition, LLC (6)	First lien senior secured revolving loan	S +	6.50%	11.34%	1/21/2025	647		(10)		(12)		(0.01)	%
ASP Global Acquisition, LLC	First lien senior secured term loan	S +	6.50%	11.34%	1/21/2025	2,306		2,270		2,263		1.16	%
Beacon Oral Specialists Management LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.34%	12/14/2025	838		790		791		0.40	%
Beacon Oral Specialists Management LLC	First lien senior secured revolving loan	S +	6.50%	11.34%	12/14/2025	188		69		69		0.04	%
Beacon Oral Specialists Management LLC	First lien senior secured term loan	S +	6.50%	11.34%	12/14/2025	940		926		928		0.47	%
Behavior Frontiers, LLC (16)	First lien senior secured revolving loan	S +	7.50%	12.34%	5/21/2026	38		18		15		0.01	%
Behavior Frontiers, LLC	First lien senior secured term loan	S +	7.50%	12.34%	5/21/2026	656		645		597		0.31	%
Benefit Plan Administrators of Eau Claire, LLC (6)	First lien senior secured delayed draw term loan	S +	5.50%	9.19%	6/7/2026	188		(2)		(2)		—	%
Benefit Plan Administrators of Eau Claire, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.19%	6/7/2026	38		(1)		—		—	%
Benefit Plan Administrators of Eau Claire, LLC	First lien senior secured term loan	S +	5.50%	9.19%	6/7/2026	824		812		814		0.42	%
Brightview, LLC	First lien senior secured delayed draw term loan	L +	5.75%	10.13%	12/14/2026	107		47		47		0.02	%
Brightview, LLC (6)	First lien senior secured revolving loan	L +	5.75%	10.13%	12/14/2026	52		(1)		—		—	%
Brightview, LLC	First lien senior secured term loan	L +	5.75%	10.13%	12/14/2026	692		685		686		0.35	%
Canadian Orthodontic Partners Corp. (6)(7)	First lien senior secured delayed draw term loan	C +	7.00%	11.88%	3/19/2026	140		(1)		(3)		—	%
Canadian Orthodontic Partners Corp. (7)	First lien senior secured delayed draw term loan	C +	7.00%	11.88%	3/19/2026	358		212		195		0.10	%
Canadian Orthodontic Partners Corp. (7)	First lien senior secured revolving loan	S +	7.00%	11.84%	3/19/2026	107		105		104		0.05	%
Canadian Orthodontic Partners Corp. (7)	First lien senior secured revolving loan	C +	7.00%	11.88%	3/19/2026	268		204		190		0.10	%
Canadian Orthodontic Partners Corp. (7)	First lien senior secured term loan	C +	7.00%	11.88%	3/19/2026	225		176		162		0.08	%
Change Academy at Lake of the Ozarks, LLC (6)	First lien senior secured revolving loan	S +	5.25%	9.98%	8/2/2027	113		(2)		(2)		—	%
Change Academy at Lake of the Ozarks, LLC	First lien senior secured term loan	S +	5.25%	9.98%	8/2/2027	1,773		1,740		1,743		0.89	%

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

27

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)	Amortized Cost(4)	Fair Value	Percentage of Net Assets
Community Care Partners, LLC	First lien senior secured delayed draw term loan	S +	6.00%	10.44%	6/10/2026	223	163	165	0.08	%
Community Care Partners, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	10.44%	6/10/2026	19	—	—	—	%
Community Care Partners, LLC	First lien senior secured revolving loan	S +	6.00%	10.44%	6/10/2026	75	14	14	0.01	%
Community Care Partners, LLC	First lien senior secured term loan	S +	6.00%	10.44%	6/10/2026	953	942	946	0.48	%
Dermatology Medical Partners OpCo, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.21%	10/29/2026	97	39	39	0.02	%
Dermatology Medical Partners OpCo, LLC	First lien senior secured revolving loan	S +	6.50%	11.08%	10/29/2026	38	16	16	0.01	%
Dermatology Medical Partners OpCo, LLC	First lien senior secured term loan	S +	6.50%	11.34%	10/29/2026	321	314	314	0.16	%
EH Management Company, LLC	First lien senior secured revolving loan	S +	5.50%	10.34%	7/15/2026	38	22	22	0.01	%
EH Management Company, LLC	First lien senior secured term loan	S +	5.50%	10.34%	7/15/2026	970	954	957	0.49	%
Endodontic Practice Partners, LLC	First lien senior secured delayed draw term loan	S +	5.75%	10.90%	11/2/2027	375	261	261	0.13	%
Endodontic Practice Partners, LLC (6)	First lien senior secured revolving loan	S +	5.75%	10.64%	11/2/2027	38	(1)	(1)	—	%
Endodontic Practice Partners, LLC	First lien senior secured term loan	S +	5.75%	10.64%	11/2/2027	662	649	649	0.33	%
Geriatric Medical and Surgical Supply, LLC (6)	First lien senior secured revolving loan	S +	6.00%	10.84%	12/21/2025	300	(4)	(4)	—	%
Geriatric Medical and Surgical Supply, LLC	First lien senior secured term loan	S +	6.00%	10.84%	12/21/2025	943	929	930	0.48	%
Golden Bear PT Partners, LLC	First lien senior secured delayed draw term loan	S +	7.75%	12.59%	10/22/2026	333	167	162	0.08	%
Golden Bear PT Partners, LLC	First lien senior secured revolving loan	S +	7.75%	12.59%	10/22/2026	38	7	6	—	%
Golden Bear PT Partners, LLC	First lien senior secured term loan	S +	7.75%	12.59%	10/22/2026	1,544	1,510	1,488	0.76	%
Guardian Dentistry Practice Management, LLC	First lien senior secured delayed draw term loan	S +	6.50%	10.94%	8/20/2026	67	66	67	0.03	%
Guardian Dentistry Practice Management, LLC	First lien senior secured delayed draw term loan	S +	6.50%	10.94%	8/20/2026	112	111	111	0.06	%
Guardian Dentistry Practice Management, LLC	First lien senior secured delayed draw term loan	S +	6.50%	10.94%	8/20/2026	319	314	316	0.16	%
Guardian Dentistry Practice Management, LLC (6)	First lien senior secured revolving loan	S +	6.50%	10.94%	8/20/2026	23	—	—	—	%
Guardian Dentistry Practice Management, LLC	First lien senior secured term loan	S +	6.50%	10.94%	8/20/2026	521	511	515	0.26	%
IPC Pain Acquistion, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	10.44%	5/19/2027	278	(3)	(3)	—	%
IPC Pain Acquistion, LLC (6)	First lien senior secured revolving loan	S +	6.00%	10.44%	5/19/2027	25	—	—	—	%
IPC Pain Acquistion, LLC	First lien senior secured term loan	S +	6.00%	10.44%	5/19/2027	177	174	175	0.09	%
Network Partners Acquisition, LLC (6)	First lien senior secured delayed draw term loan	L +	6.00%	10.73%	12/30/2026	113	(2)	(2)	—	%
Network Partners Acquisition, LLC (6)	First lien senior secured revolving loan	L +	6.00%	10.73%	12/30/2026	38	(1)	(1)	—	%
Network Partners Acquisition, LLC	First lien senior secured term loan	L +	6.00%	10.73%	12/30/2026	392	386	386	0.20	%
NH Kronos Buyer, Inc. (6)	First lien senior secured revolving loan	S +	10.00%	14.24%	11/1/2028	263	(8)	(8)	—	%
NH Kronos Buyer, Inc.	First lien senior secured term loan	S +	6.25%	10.49%	11/1/2028	2,229	2,163	2,173	1.11	%
Peak Dental Services, LLC	First lien senior secured delayed draw term loan	S +	6.75%	11.18%	12/31/2025	603	13	8	—	%
Peak Dental Services, LLC	First lien senior secured delayed draw term loan	S +	6.75%	11.18%	12/31/2025	885	572	571	0.29	%
Peak Dental Services, LLC	First lien senior secured revolving loan	S +	6.75%	11.48%	12/31/2025	133	131	131	0.07	%
Peak Dental Services, LLC	First lien senior secured term loan	S +	6.75%	11.56%	12/31/2025	585	576	578	0.30	%
Peak Investment Holdings, LLC	First lien senior secured delayed draw term loan	L +	7.00%	11.73%	12/6/2024	603	13	8	—	%

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

28

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)	Amortized Cost(4)	Fair Value	Percentage of Net Assets
Peak Investment Holdings, LLC (6)	First lien senior secured revolving loan	L +	7.00%	11.73%	12/6/2024	324	(3)	(6)	—	%
Peak Investment Holdings, LLC	First lien senior secured term loan	L +	7.00%	11.73%	12/6/2024	1,288	1,275	1,265	0.65	%
Pentec Acquisition Corp. (6)	First lien senior secured revolving loan	L +	6.00%	10.38%	10/8/2026	75	(1)	(1)	—	%
Pentec Acquisition Corp.	First lien senior secured term loan	L +	6.00%	10.38%	10/8/2026	996	980	988	0.51	%
Propio LS, LLC	First lien senior secured revolving loan	S +	5.50%	10.46%	8/2/2027	75	55	55	0.03	%
Propio LS, LLC	First lien senior secured term loan	S +	5.50%	10.38%	8/2/2027	1,193	1,171	1,173	0.60	%
Purpose Home Health Acquisition, LLC (6)	First lien senior secured delayed draw term loan	S +	6.25%	11.19%	11/3/2027	150	(3)	(3)	—	%
Purpose Home Health Acquisition, LLC (6)	First lien senior secured revolving loan	S +	6.25%	11.19%	11/3/2027	38	(1)	(1)	—	%
Purpose Home Health Acquisition, LLC	First lien senior secured term loan	S +	6.25%	11.19%	11/3/2027	353	345	345	0.18	%
Revival Animal Health, LLC	First lien senior secured revolving loan	S +	6.50%	11.23%	4/6/2026	131	43	43	0.02	%
Revival Animal Health, LLC	First lien senior secured term loan	S +	6.50%	11.34%	4/6/2026	1,021	1,006	1,009	0.52	%
RQM Buyer, Inc.	First lien senior secured delayed draw term loan	S +	5.75%	10.59%	8/12/2026	84	83	84	0.04	%
RQM Buyer, Inc.	First lien senior secured revolving loan	S +	5.75%	10.52%	8/12/2026	206	12	14	0.01	%
RQM Buyer, Inc.	First lien senior secured term loan	S +	5.75%	10.59%	8/12/2026	1,694	1,668	1,682	0.86	%
Sage Dental Management, LLC (6)	First lien senior secured revolving loan	P +	4.25%	11.25%	4/1/2024	75	—	—	—	%
Sage Dental Management, LLC	First lien senior secured term loan	S +	5.75%	10.59%	4/1/2024	947	940	941	0.48	%
SAMGI Buyer, Inc. (6)	First lien senior secured revolving loan	L +	5.50%	10.23%	4/14/2025	138	(2)	(2)	—	%
SAMGI Buyer, Inc.	First lien senior secured term loan	L +	5.50%	10.23%	4/14/2025	720	709	712	0.36	%
SCP ENT and Allergy Services, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	10.84%	9/25/2025	158	(4)	(2)	—	%
SCP ENT and Allergy Services, LLC (6)	First lien senior secured revolving loan	S +	6.00%	10.84%	9/25/2025	256	(5)	(3)	—	%
SCP ENT and Allergy Services, LLC	First lien senior secured term loan	S +	6.00%	10.84%	9/25/2025	2,782	2,728	2,744	1.40	%
Signature Dental Partners LLC	First lien senior secured delayed draw term loan	S +	6.25%	10.69%	10/29/2026	179	148	149	0.08	%
Signature Dental Partners LLC (6)	First lien senior secured revolving loan	S +	6.25%	10.69%	10/29/2026	38	(1)	(1)	—	%
Signature Dental Partners LLC	First lien senior secured term loan	S +	6.25%	10.69%	10/29/2026	861	843	845	0.43	%
Silver Falls MSO, LLC	First lien senior secured revolving loan	S +	6.75%	11.59%	8/30/2024	235	231	226	0.12	%
Silver Falls MSO, LLC	First lien senior secured term loan	S +	6.75%	11.59%	8/30/2024	1,290	1,277	1,253	0.64	%
SimiTree Acquisition LLC	First lien senior secured delayed draw term loan	S +	6.75%	11.59%	5/17/2026	13	4	4	—	%
SimiTree Acquisition LLC	First lien senior secured delayed draw term loan	S +	6.75%	11.59%	5/17/2026	878	863	870	0.44	%
SimiTree Acquisition LLC (6)	First lien senior secured revolving loan	S +	6.75%	11.11%	5/17/2026	178	(3)	(2)	—	%
SimiTree Acquisition LLC	First lien senior secured term loan	S +	6.75%	11.11%	5/17/2026	1,227	1,208	1,216	0.62	%
SIMKO Merger Sub, LLC	First lien senior secured delayed draw term loan	S +	7.00%	11.84%	4/7/2027	187	63	63	0.03	%
SIMKO Merger Sub, LLC	First lien senior secured revolving loan	S +	7.00%	11.36%	4/7/2027	56	5	6	—	%
SIMKO Merger Sub, LLC	First lien senior secured term loan	S +	7.00%	11.84%	4/7/2027	654	641	643	0.33	%
Southeast Primary Care Partners, LLC	First lien senior secured delayed draw term loan	S +	6.25%	10.81%	12/30/2025	523	464	465	0.24	%
Southeast Primary Care Partners, LLC	First lien senior secured revolving loan	S +	6.25%	11.09%	12/30/2025	225	94	94	0.05	%

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

29

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Southeast Primary Care Partners, LLC	First lien senior secured term loan	S +	6.25%	11.09%	12/30/2025	862		847		849		0.43	%
Southern Orthodontic Partners Management, LLC	First lien senior secured delayed draw term loan	S +	6.00%	10.84%	1/27/2026	78		78		78		0.04	%
Southern Orthodontic Partners Management, LLC	First lien senior secured delayed draw term loan	S +	6.00%	10.84%	1/27/2026	112		47		47		0.02	%
Southern Orthodontic Partners Management, LLC	First lien senior secured revolving loan	S +	6.00%	10.84%	1/27/2026	171		97		99		0.05	%
Southern Orthodontic Partners Management, LLC	First lien senior secured term loan	S +	6.00%	10.84%	1/27/2026	1,355		1,333		1,345		0.69	%
Southern Sports Medicine Partners, LLC	First lien senior secured delayed draw term loan	S +	6.00%	10.84%	2/23/2027	171		29		29		0.01	%
Southern Sports Medicine Partners, LLC	First lien senior secured revolving loan	S +	6.00%	10.55%	2/23/2027	60		24		24		0.01	%
Southern Sports Medicine Partners, LLC	First lien senior secured term loan	S +	6.00%	10.84%	2/23/2027	638		629		630		0.32	%
Varsity DuvaSawko Operating Corp. (6)	First lien senior secured revolving loan	L +	6.25%	10.98%	11/27/2024	474		(4)		(3)		—	%
Varsity DuvaSawko Operating Corp.	First lien senior secured term loan	L +	6.25%	10.98%	11/27/2024	2,553		2,532		2,536		1.30	%
Vital Care Buyer, LLC	First lien senior secured revolving loan	P +	4.25%	11.75%	10/19/2025	580		91		92		0.05	%
Vital Care Buyer, LLC	First lien senior secured term loan	L +	5.25%	9.98%	10/19/2025	907		897		898		0.46	%
Western Veterinary Partners, LLC	First lien senior secured delayed draw term loan	S +	7.25%	12.09%	10/29/2026	508		499		501		0.26	%
Western Veterinary Partners, LLC	First lien senior secured revolving loan	S +	7.25%	12.09%	10/29/2026	24		1		1		—	%
Western Veterinary Partners, LLC	First lien senior secured term loan	S +	7.25%	12.09%	10/29/2026	1,315		1,292		1,299		0.66	%
								47,801		47,767		24.40	%
Health care technology
AHR Intermediate, Inc (6)	First lien senior secured delayed draw term loan	S +	5.75%	10.19%	7/29/2027	$	117	$	(1)	$	(1)	—	%
AHR Intermediate, Inc	First lien senior secured revolving loan	S +	5.75%	10.19%	7/29/2027	150		12		14		0.01	%
AHR Intermediate, Inc	First lien senior secured term loan	S +	5.75%	10.19%	7/29/2027	1,458		1,441		1,443		0.74	%
Millennia Patient Services, LLC (6)	First lien senior secured delayed draw term loan	L +	6.00%	10.38%	3/8/2026	267		(3)		(3)		—	%
Millennia Patient Services, LLC	First lien senior secured revolving loan	L +	6.00%	10.38%	3/8/2026	134		32		32		0.02	%
Millennia Patient Services, LLC	First lien senior secured term loan	L +	6.00%	10.38%	3/8/2026	990		976		978		0.50	%
								2,457		2,463		1.27	%
Household durables
Storm Smart Buyer LLC	First lien senior secured revolving loan	L +	6.00%	10.73%	4/5/2026	$	131	$	77	$	77	0.04	%
Storm Smart Buyer LLC	First lien senior secured term loan	L +	6.00%	10.73%	4/5/2026	908		895		896		0.46	%
Trademark Global, LLC	First lien senior secured revolving loan	L +	7.50%	11.88%	7/30/2024	114		103		99		0.05	%
Trademark Global, LLC	First lien senior secured term loan	L +	7.50%	11.88%	7/30/2024	1,835		1,813		1,743		0.89	%
								2,888		2,815		1.44	%
Internet and direct marketing retail
Aquatic Sales Solutions, LLC	First lien senior secured revolving loan	L +	6.50%	11.01%	12/18/2025	$	188	$	105	$	105	0.05	%
Aquatic Sales Solutions, LLC	First lien senior secured term loan	L +	6.50%	11.16%	12/18/2025	2,515		2,475		2,481		1.27	%
DealerOn Inc. (6)	First lien senior secured revolving loan	S +	5.50%	9.94%	11/19/2024	314		(3)		(2)		—	%
DealerOn Inc.	First lien senior secured term loan	S +	5.50%	9.94%	11/19/2024	1,603		1,586		1,594		0.81	%

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

30

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
								4,163		4,178		2.13	%
IT services
ARC Healthcare Technologies, LLC	First lien senior secured delayed draw term loan	S +	5.25%	10.09%	6/22/2025	$	188	$	17	$	17	0.01	%
ARC Healthcare Technologies, LLC (6)	First lien senior secured revolving loan	S +	5.25%	10.09%	6/22/2025	75		(1)		(1)		—	%
ARC Healthcare Technologies, LLC	First lien senior secured term loan	S +	5.25%	10.09%	6/22/2025	1,410		1,395		1,398		0.71	%
E-Phoenix Acquisition Co. Inc. (6)	First lien senior secured revolving loan	L +	5.50%	10.23%	6/23/2027	75		(1)		(1)		—	%
E-Phoenix Acquisition Co. Inc.	First lien senior secured term loan	L +	5.50%	10.23%	6/23/2027	1,430		1,416		1,419		0.73	%
FreshAddress, LLC (6)	First lien senior secured revolving loan	L +	5.25%	9.98%	10/5/2025	30		—		—		—	%
FreshAddress, LLC	First lien senior secured term loan	L +	5.25%	9.98%	10/5/2025	1,689		1,670		1,673		0.86	%
Icreon Holdings, LLC (6)	First lien senior secured revolving loan	S +	6.50%	10.94%	10/26/2027	23		(1)		(1)		—	%
Icreon Holdings, LLC	First lien senior secured term loan	S +	6.50%	10.94%	10/26/2027	367		358		358		0.18	%
P and R Dental Strategies, LLC (6)	First lien senior secured revolving loan	L +	6.50%	10.88%	12/22/2026	23		—		—		—	%
P and R Dental Strategies, LLC	First lien senior secured term loan	L +	6.50%	10.88%	12/22/2026	653		642		643		0.33	%
								5,495		5,505		2.82	%
Leisure equipment and products
MacNeill Pride Group Corp.	First lien senior secured delayed draw term loan	S +	6.25%	11.09%	4/22/2026	$	501	$	452	$	453	0.23	%
MacNeill Pride Group Corp.	First lien senior secured revolving loan	S +	6.25%	11.09%	4/22/2026	287		106		106		0.05	%
MacNeill Pride Group Corp.	First lien senior secured term loan	S +	6.25%	11.09%	4/22/2026	867		860		863		0.44	%
Performance PowerSports Group Purchaser, Inc. (6)	First lien senior secured revolving loan	P +	4.75%	11.75%	10/8/2026	56		(1)		(1)		—	%
Performance PowerSports Group Purchaser, Inc.	First lien senior secured term loan	S +	5.75%	10.59%	10/8/2026	1,684		1,654		1,657		0.85	%
								3,071		3,078		1.57	%
Leisure products
PHGP MB Purchaser, Inc. (6)	First lien senior secured delayed draw term loan	S +	6.00%	10.84%	5/27/2027	$	113	$	(2)	$	(2)	—	%
PHGP MB Purchaser, Inc.	First lien senior secured revolving loan	S +	6.00%	10.84%	5/20/2027	75		20		21		0.01	%
PHGP MB Purchaser, Inc.	First lien senior secured term loan	S +	6.00%	10.84%	5/20/2027	1,103		1,083		1,085		0.55	%
								1,101		1,104		0.56	%
Life sciences tools and services
Aptitude Health Holdings, LLC (6)	First lien senior secured revolving loan	L +	5.25%	9.98%	5/3/2026	$	267	$	(4)	$	(3)	—	%
Aptitude Health Holdings, LLC	First lien senior secured term loan	L +	5.25%	9.98%	5/3/2026	1,103		1,087		1,089		0.56	%
								1,083		1,086		0.56	%
Machinery
Abrasive Technology Intermediate, LLC	First lien senior secured revolving loan	L +	6.25%	10.88%	4/30/2026	$	173	$	50	$	50	0.03	%
Abrasive Technology Intermediate, LLC	First lien senior secured term loan	L +	6.25%	10.40%	4/30/2026	935		922		923		0.47	%
DNS IMI Acquisition Corp (6)	First lien senior secured delayed draw term loan	L +	5.75%	10.48%	11/23/2026	75		(1)		(1)		—	%

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

31

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
DNS IMI Acquisition Corp	First lien senior secured revolving loan	P +	4.75%	12.25%	11/23/2026	56		8		9		—	%
DNS IMI Acquisition Corp	First lien senior secured term loan	L +	5.75%	10.48%	11/23/2026	1,648		1,621		1,624		0.83	%
Double E Company, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	10.55%	6/21/2028	49		—		—		—	%
Double E Company, LLC	First lien senior secured revolving loan	P +	5.00%	12.50%	6/21/2028	66		14		15		0.01	%
Double E Company, LLC	First lien senior secured term loan	S +	6.00%	10.55%	6/21/2028	1,050		1,040		1,043		0.53	%
								3,654		3,663		1.87	%
Media
ALM Media, LLC (6)(17)	First lien senior secured revolving loan	L +	6.50%	10.91%	11/25/2024	$	971	$	(9)	$	(9)	—	%
ALM Media, LLC	First lien senior secured term loan	L +	6.50%	10.91%	11/25/2024	2,471		2,443		2,447		1.25	%
Exclusive Concepts, LLC	First lien senior secured delayed draw term loan	L +	6.00%	10.97%	12/9/2026	225		169		170		0.09	%
Exclusive Concepts, LLC (6)	First lien senior secured revolving loan	L +	6.00%	11.15%	12/9/2026	23		—		—		—	%
Exclusive Concepts, LLC	First lien senior secured term loan	L +	6.00%	11.15%	12/9/2026	626		616		617		0.32	%
Infolinks Media Buyco, LLC (6)	First lien senior secured delayed draw term loan	L +	5.50%	10.23%	11/1/2026	39		—		—		—	%
Infolinks Media Buyco, LLC (6)	First lien senior secured revolving loan	L +	5.50%	10.23%	11/1/2026	38		(1)		(1)		—	%
Infolinks Media Buyco, LLC	First lien senior secured term loan	L +	5.50%	10.23%	11/1/2026	1,152		1,134		1,135		0.58	%
The Channel Company, LLC	First lien senior secured revolving loan	S +	5.50%	9.94%	11/1/2027	62		3		3		—	%
The Channel Company, LLC	First lien senior secured term loan	S +	5.50%	10.34%	11/1/2027	2,347		2,311		2,321		1.19	%
								6,666		6,683		3.43	%
Metals and mining
Copperweld Group, Inc.	First lien senior secured revolving loan	P +	5.00%	12.50%	9/27/2024	$	462	$	52	$	58	0.03	%
Copperweld Group, Inc.	First lien senior secured term loan	S +	6.00%	10.84%	9/27/2024	2,285		2,234		2,268		1.16	%
								2,286		2,326		1.19	%
Personal products
Cosmetic Solutions, LLC	First lien senior secured delayed draw term loan	L +	5.75%	10.48%	10/17/2025	$	364	$	360	$	357	0.18	%
Cosmetic Solutions, LLC (6)	First lien senior secured revolving loan	L +	5.75%	10.48%	10/17/2025	344		(4)		(6)		—	%
Cosmetic Solutions, LLC	First lien senior secured term loan	L +	5.75%	10.48%	10/17/2025	2,775		2,742		2,726		1.39	%
								3,098		3,077		1.57	%
Pharmaceuticals
Bio Agri Mix Holdings Inc. (6)(7)	First lien senior secured revolving loan	C +	5.75%	10.63%	7/23/2026	$	30	$	—	$	—	—	%
Bio Agri Mix Holdings Inc. (6)(7)	First lien senior secured revolving loan	C +	5.75%	10.63%	7/23/2026	75		(1)		(1)		—	%
Bio Agri Mix Holdings Inc. (7)	First lien senior secured term loan	C +	5.75%	10.63%	7/23/2026	1,244		973		906		0.46	%
Formulated Buyer, LLC	First lien senior secured delayed draw term loan	L +	5.25%	10.40%	9/22/2026	299		111		111		0.06	%
Formulated Buyer, LLC	First lien senior secured revolving loan	L +	5.25%	10.46%	9/22/2026	188		72		72		0.04	%
Formulated Buyer, LLC	First lien senior secured term loan	L +	5.25%	10.40%	9/22/2026	461		454		454		0.23	%
Maxor National Pharmacy Services, LLC (6)	First lien senior secured revolving loan	L +	5.25%	9.98%	12/6/2027	84		(1)		(1)		—	%

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

32

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Maxor National Pharmacy Services, LLC	First lien senior secured term loan	L +	5.25%	9.98%	12/6/2027	1,785		1,768		1,758		0.90	%
								3,376		3,299		1.69	%
Professional services
Stax Holding Company, LLC (6)(18)	First lien senior secured revolving loan	L +	5.00%	9.73%	10/29/2026	$	60	$	(1)	$	(1)	—	%
Stax Holding Company, LLC	First lien senior secured term loan	L +	5.00%	9.73%	10/29/2026	817		807		809		0.41	%
								806		808		0.41	%
Real estate management and development
BBG Intermediate Holdings, Inc. (19)	First lien senior secured revolving loan	S +	6.00%	10.84%	1/8/2026	$	233	$	—	$	1	—	%
BBG Intermediate Holdings, Inc.	First lien senior secured term loan	S +	6.00%	10.27%	1/8/2026	1,884		1,857		1,867		0.95	%
MetaSource, LLC (6)	First lien senior secured delayed draw term loan	S +	6.25%	10.69%	5/17/2027	49		—		—		—	%
MetaSource, LLC	First lien senior secured revolving loan	S +	6.25%	10.69%	5/17/2027	75		14		14		0.01	%
MetaSource, LLC	First lien senior secured term loan	S +	6.25%	10.69%	5/17/2027	936		927		930		0.48	%
								2,798		2,812		1.44	%
Semiconductors and semiconductor equipment
Altamira Material Solutions, LP (6)	First lien senior secured revolving loan	L +	5.50%	9.84%	9/2/2026	$	45	$	(1)	$	(1)	—	%
Altamira Material Solutions, LP	First lien senior secured term loan	L +	5.50%	9.84%	9/2/2026	722		710		711		0.36	%
								709		710		0.36	%
Software
Affinitiv, Inc. (6)	First lien senior secured revolving loan	S +	6.00%	10.41%	8/26/2024	$	248	$	(2)	$	(1)	—	%
Affinitiv, Inc.	First lien senior secured term loan	S +	6.00%	10.41%	8/26/2024	2,265		2,243		2,255		1.15	%
ShiftKey, LLC (6)	First lien senior secured revolving loan	S +	5.75%	10.59%	6/21/2027	110		(1)		(1)		—	%
ShiftKey, LLC	First lien senior secured term loan	S +	5.75%	10.59%	6/21/2027	3,740		3,705		3,706		1.88	%
								5,945		5,959		3.03	%
Specialty retail
Dykstra's Auto, LLC	First lien senior secured delayed draw term loan	S +	5.75%	10.39%	10/22/2026	$	186	$	183	$	183	0.09	%
Dykstra's Auto, LLC	First lien senior secured revolving loan	P +	4.50%	10.75%	10/22/2026	38		15		15		0.01	%
Dykstra's Auto, LLC	First lien senior secured term loan	S +	5.75%	10.59%	10/22/2026	492		482		483		0.25	%
Kaizen Auto Care, LLC	First lien senior secured delayed draw term loan	S +	6.00%	10.84%	12/22/2023	225		162		163		0.08	%
Kaizen Auto Care, LLC	First lien senior secured delayed draw term loan	S +	6.00%	10.84%	12/22/2023	223		220		220		0.11	%
Kaizen Auto Care, LLC	First lien senior secured revolving loan	S +	6.00%	10.84%	12/22/2026	38		29		29		0.01	%
Kaizen Auto Care, LLC	First lien senior secured term loan	S +	6.00%	10.84%	12/22/2026	842		828		830		0.42	%
Leonard Group, Inc.	First lien senior secured revolving loan	S +	6.00%	10.79%	2/26/2026	234		25		30		0.02	%
Leonard Group, Inc.	First lien senior secured term loan	S +	6.00%	10.84%	2/26/2026	1,718		1,696		1,706		0.87	%

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

33

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Pink Lily Holdings, LLC (6)	First lien senior secured revolving loan	L +	6.50%	10.88%	11/16/2027	63		(1)		(1)		—	%
Pink Lily Holdings, LLC	First lien senior secured term loan	L +	6.50%	10.88%	11/16/2027	1,357		1,337		1,339		0.68	%
Soccer Post Acquisition, LLC	First lien senior secured delayed draw term loan	S +	5.75%	10.91%	6/30/2027	38		35		35		0.02	%
Soccer Post Acquisition, LLC	First lien senior secured revolving loan	S +	5.75%	10.59%	6/30/2027	38		22		22		0.01	%
Soccer Post Acquisition, LLC	First lien senior secured term loan	S +	5.75%	10.59%	6/30/2027	705		694		695		0.36	%
								5,727		5,749		2.93	%
Trading companies and distributors
AFC Industries, Inc.	First lien senior secured delayed draw term loan	S +	6.25%	10.80%	4/9/2027	$	352	$	348	$	343	0.18	%
AFC Industries, Inc.	First lien senior secured delayed draw term loan	S +	6.25%	10.80%	4/9/2027	234		189		188		0.10	%
AFC Industries, Inc. (20)	First lien senior secured revolving loan	S +	6.25%	10.79%	10/9/2026	156		64		62		0.03	%
AFC Industries, Inc.	First lien senior secured term loan	S +	6.25%	10.68%	4/9/2027	767		758		748		0.38	%
Banner Buyer, LLC	First lien senior secured delayed draw term loan	L +	5.75%	10.13%	10/31/2025	569		565		568		0.29	%
Banner Buyer, LLC	First lien senior secured revolving loan	L +	5.75%	10.13%	10/31/2025	370		71		72		0.04	%
Banner Buyer, LLC	First lien senior secured term loan	L +	5.75%	10.13%	10/31/2025	1,371		1,358		1,363		0.70	%
Empire Equipment Company, LLC	First lien senior secured revolving loan	S +	5.50%	9.80%	1/17/2025	439		215		215		0.11	%
Empire Equipment Company, LLC	First lien senior secured term loan	S +	5.50%	9.94%	1/17/2025	1,547		1,530		1,533		0.78	%
Montway LLC	First lien senior secured delayed draw term loan	S +	6.25%	11.06%	11/4/2025	675		665		665		0.34	%
Montway LLC (6)	First lien senior secured revolving loan	S +	6.25%	11.47%	11/4/2025	150		(2)		(2)		—	%
Montway LLC	First lien senior secured term loan	S +	6.25%	11.47%	11/4/2025	716		704		705		0.36	%
Shearer Supply, LLC	First lien senior secured revolving loan	P +	4.25%	11.75%	9/17/2027	113		81		81		0.04	%
Shearer Supply, LLC	First lien senior secured term loan	S +	5.25%	10.09%	9/17/2027	924		909		911		0.47	%
Triad Technologies, LLC (6)	First lien senior secured revolving loan	L +	4.75%	9.48%	10/31/2025	314		(3)		(3)		—	%
Triad Technologies, LLC	First lien senior secured term loan	S +	5.50%	10.23%	10/31/2025	931		921		923		0.47	%
								8,373		8,372		4.29	%
Water utilities
Diamondback Buyer, LLC (6)	First lien senior secured revolving loan	S +	5.50%	10.38%	7/22/2026	$	75	$	(1)	$	(1)	—	%
Diamondback Buyer, LLC	First lien senior secured term loan	S +	5.50%	10.17%	7/22/2026	1,201		1,179		1,186		0.61	%
								1,178		1,185		0.61	%
Total non-controlled/non-affiliated senior secured debt								$	180,510	$	179,768	91.91	%
Non-controlled/non-affiliated sponsor subordinated note
Trading companies and distributors
Empire Equipment Company, LLC	Sponsor subordinated note	12.50% + 7.00% PIK			7/17/2025			$	11	$	12	0.01	%
Shearer Supply, LLC	Sponsor subordinated note	12.50% + 7.00% PIK			3/17/2028			5		5		—	%

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

34

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)	Interest Rate	Maturity Date	Principal/ Par Amount(3)	Amortized Cost(4)		Fair Value		Percentage of Net Assets
Total non-controlled/non-affiliated sponsor subordinated note						16		17		0.01	%
Total non-controlled/non-affiliated investments						$	180,526	$	179,785	91.92	%
Non-controlled/affiliated investments
Multisector holdings
Twin Brook Equity Holdings, LLC (21) (22) (23)	Equity - 1.90% membership interest					$	7,123	10,333		5.28	%
Twin Brook Segregated Equity Holdings, LLC (21) (22) (23)	Equity - 2.11% membership interest					14		21		0.01	%
Total non-controlled/affiliated investments						$	7,137	$	10,354	5.29	%
Total investments						$	187,663	$	190,139	97.21	%

(1)Unless otherwise indicated, all investments are considered Level 3 investments.

(2)Unless otherwise indicated, all investments represent co-investments made with the Company's affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

(3)Principal/par amount is denominated in U.S. Dollars ("$") unless otherwise noted, Canadian Dollars ("C$").

(4)The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(5)Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the Term Secured Overnight Financing Rate (“Term SOFR” or “S”) and/or an alternate base rate (e.g. prime rate (“P”)), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the applicable margin has been provided over Term SOFR based on each respective credit agreement. As of December 31, 2022, the reference rates for the floating rate loans were the Term SOFR of 4.30% and the Prime Rate of 7.50%.

(6)Represents revolvers and delayed draw term loans where the entire balance is unfunded as of December 31, 2022. The negative fair value is a result of the commitment being valued below par. Refer to Note 8 for further information.

(7)Represents investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2022, non-qualifying assets (foreign investments and derivative contracts) represented approximately 5.55% of the total assets of the Company.

(8)Principal balance includes reserve for letter of credit of $1,875 on which the borrower pays 6.00%.

(9)Principal balance includes reserve for letter of credit of $15,654 on which the borrower pays 7.00%.

(10)Principal balance includes reserve for letter of credit of $10,663 on which the borrower pays 5.50%.

(11)Principal balance includes reserve for letter of credit of $2,145 on which the borrower pays 6.75%.

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

35

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

(12)Principal balance includes reserve for letter of credit of $9,735 on which the borrower pays 6.00%.

(13)Principal balance includes reserve for letter of credit of $2,851 on which the borrower pays 6.25%.

(14)Principal balance includes reserve for letter of credit of $2,620 on which the borrower pays 7.00%.

(15)Principal balance includes reserve for letter of credit of $3,337 on which the borrower pays 6.00%.

(16)Principal balance includes reserve for letter of credit of $5,410 on which the borrower pays 7.50%.

(17)Principal balance includes reserve for letter of credit of $141,677 on which the borrower pays 0.00%.

(18)Principal balance includes reserve for letter of credit of $1,013 on which the borrower pays 5.00%.

(19)Principal balance includes reserve for letter of credit of $3,517 on which the borrower pays 6.00%.

(20)Principal balance includes reserve for letter of credit of $6,240 on which the borrower pays 6.25%

(21)As a practical expedient, the Company uses net asset value ("NAV") to determine the fair value of this investment. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels. This represents an investment in an affiliated fund.

(22)Securities exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2022, the aggregate fair value of these securities is $10,354 or 5.29% of the Company's net assets.

(23)Non-income producing investment.

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

36

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Additional Information

Foreign currency forward contracts

Counterparty	Currency Purchased	Currency Sold	Settlement	Unrealized Appreciation/ (Depreciation)
Wells Fargo Bank, National Association	CAD 48	USD 35	1/23/2023	$	—
Wells Fargo Bank, National Association	USD 640	CAD 872	1/23/2023	(4)
Wells Fargo Bank, National Association	USD 921	CAD 1,262	1/23/2023	(11)
Total				$	(15)
Currency Abbreviations:
USD - U.S. Dollar
CAD - Canadian Dollar

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

37

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

Note 1. Organization

AG Twin Brook BDC, Inc. (the “Company”), formerly known as 1889 BDC, Inc., is a Delaware corporation which was formed on February 4, 2016. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for tax purposes, the Company has elected to be treated as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company seeks to provide risk-adjusted returns and current income to investors by investing primarily in senior secured debt of middle market companies. The Company may also invest opportunistically in other parts of the capital structure, including senior secured stretch and unitranche facilities, second lien loans, mezzanine and mezzanine-related loans, and equity investments, as well as select other subordinated instruments either directly or through acquisitions in the secondary market.

AG Twin Brook Manager, LLC (the “Advisor”), a wholly-owned subsidiary of Angelo, Gordon & Co., L.P. (“Angelo Gordon”), serves as the investment adviser of the Company. The Advisor is registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940.

Twin Brook Capital Partners, LLC (“TBCP”) is an affiliate of Angelo Gordon and provides collateral agent, administrative and other services with respect to certain investments held by the Company. Twin Brook Capital Servicer, LLC (“TBCS”) is an affiliate of Angelo Gordon and provides loan servicing with respect to certain investments held by the Company.

The Company conducts private offerings (each, a “Private Offering”), where investors make a capital commitment to purchase shares of the Company’s common stock pursuant to a subscription agreement entered into with the Company. Investors will be required to make capital contributions to purchase shares of the Company’s common stock each time the Company delivers a drawdown notice. The initial closing of the Private Offering occurred on July 19, 2019 (the “Initial Closing”), and additional closings of the Private Offering are expected to occur from time to time as determined by the Company. Upon the earlier to occur of (i) a Qualified IPO (as defined below), and (ii) the five year anniversary of the Initial Closing, investors will be released from any further obligation to purchase additional shares, subject to certain exceptions. A “Qualified IPO” is an initial public offering (“IPO”) of the Company’s common stock that results in an unaffiliated public float of at least the lower of (A) $60 million and (B) 17.5% of the aggregate capital commitments received prior to the date of such initial public offering.

The Company commenced its loan origination and investment activities with the initial drawdown from investors in the Private Offering on July 29, 2019 (the commencement of operations). The Company made its first portfolio company investment in August 2019.

Note 2. Significant Accounting Policies

Basis of Accounting

The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the financial position and results of operations for the periods presented herein. The Company commenced operations on July 29, 2019 and its fiscal year ends on December 31.

38

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) — Continued

The interim consolidated 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 Article 6, 10 and 12 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, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2023.

Principles of Consolidation

The Company conducts certain of its activities through its wholly-owned subsidiaries Twin Brook Capital Funding XVIII, LLC and Twin Brook Equity XVIII Corp. The Company consolidates wholly-owned subsidiaries that are controlled by the Company. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Cash

Cash is comprised of cash on deposit with major financial institutions. The Company places its cash with high credit quality institutions to minimize credit risk exposure.

Investment Related Transactions, Revenue Recognition and Expenses

Investment transactions and the related revenue and expenses are recorded on a trade-date basis. Realized gains and losses on investment transactions are determined using the specific identification method. All costs associated with consummated investments are included in the cost of such investments. Broken deal expenses incurred in connection with investment transactions which are not successfully consummated are expensed as a component of “Other” expense on the consolidated statement of operations.

Interest income and interest expense are recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Company and calculated using the effective interest method. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income.

Paydown gains and losses on investments in debt instruments are reported in “Interest” income on the consolidated statement of operations. Interest received in-kind, computed at the contractual rate specified in each investment agreement, is added to the principal balance of the investment and reported as “Interest” income on the consolidated statement of operations. The Company records dividend income from private securities pursuant to the terms of the respective investments.

The Company may earn various fees during the life of the loans. Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Company on an ongoing basis. These fees and any other income are recognized as earned as a component of "Other" income on the consolidated statement of operations.

39

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) — Continued

Investments at Fair Value

The Company applies Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, the Company discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). ASC 820 establishes three levels of the fair value hierarchy as follows:

Level 1Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date;

Level 2Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active;

Level 3Inputs that are unobservable.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, interest rates, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement; however, the determination of what constitutes “observable” requires significant judgment by the Company. The Company considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Company’s perceived risk of that instrument.

The availability of observable inputs can vary from product to product and is affected by a wide variety of factors, including for example, the type of product, whether the product is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company, the Board, and the Advisor in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.

Investments in investment funds include vehicles structured for the purpose of investing in privately held common and preferred equity interests. Fair values are generally determined utilizing the NAV supplied by, or on behalf of, management of each investment fund, which is net of management and incentive fees or allocations charged by the investment fund, if applicable, and is in accordance with the “practical expedient”, as defined by FASB Accounting Standards Update (“ASU”) 2009-12, Investments in Certain Entities that Calculate Net Asset Value per Share. NAVs received by, or on behalf of, management of each investment fund are based on the fair value of the investment funds’ underlying investments in accordance with policies established by management of each investment fund, as described in each of their financial statements and offering memorandum. Withdrawals and distributions from investments in investment funds are at the discretion of the Advisor and may depend on the liquidation of underlying assets. Investments which are valued using NAV as a practical expedient are excluded from the above hierarchy.

The Board has designated the Advisor as its “valuation designee” pursuant to Rule 2a-5 under the 1940 Act (“Rule 2a-5”), and in that role, the Advisor is responsible for performing fair value determinations relating to all

40

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) — Continued

of the Company’s investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. Even though the Board designated the Advisor as “valuation designee” the Board ultimately responsible for fair value determinations under the 1940 Act.

Under the valuation policies and procedures that have been approved by the Board, the Advisor conducts a multi-step valuation process, which includes, among other procedures, the following:

•The valuation process begins with each investment being initially valued by using certain inputs provided by, among other inputs, the investment professionals responsible for the portfolio investment in conjunction with the portfolio management team.

•The Advisor’s management reviews the preliminary valuations with the investment professionals.

•The Advisor determines the fair value of each investment; valuations that are not based on readily available market quotations are valued in good faith, based on, among other things, the input of the Advisor and, where applicable, other third parties. Valuation determinations are presented to the Board.

When determining the fair value of Level 3 investments, the Advisor may take into account the following factors, where relevant: recent transactions, the enterprise value of the underlying company, the nature and realizable value of any collateral, the underlying company’s ability to make payments and its earnings and discounted cash flows, the markets in which the underlying company does business, financial covenants, the seniority of the financial instrument in the capital structure of the company, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”). The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Advisor will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Advisor uses a market interest rate yield analysis to determine fair value.

The Company’s investments trade infrequently and when they are traded, the price may be unobservable, and as a result, multiple external pricing sources may not be available. In such instances, the Advisor may use an internal pricing model as either a corroborating or sole data point in determining the price. Pricing models take into account the contractual terms of the financial instrument, as well as relevant inputs, including where applicable, equity prices, interest rate yield curves, credit curves, correlation, and the creditworthiness of the counterparty. The Advisor generally engages third party firm(s) to assist in validating certain financial instruments where multiple external prices cannot be obtained. The third party firm(s) either independently determine prices or assess the reasonableness of the Advisor’s prices. The analyses provided by such third party firm(s) are reviewed and considered by the Advisor. As part of the risk management process, the Advisor reviews and analyzes the prices obtained from external pricing sources to evaluate their reliability and accuracy, which includes identifying and excluding vendor prices and broker quotations that the Advisor believes does not reflect fair value. In addition, the Advisor’s valuation committee meets regularly and engages in ongoing reviews of the valuation processes and procedures including reviews of methodology, ongoing accuracy, source quality and independence. Such reviews include, but are not limited to, comparison of current vendor prices and broker quotations against ongoing daily trading activity, vendor due diligence, and back testing.

Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the assumptions are set to reflect those that the Company believes market participants would use in pricing the asset or liability at the measurement date.

41

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) — Continued

Foreign Currency Translation

Amounts denominated in foreign currencies are translated into USD on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into USD based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into USD based upon currency exchange rates prevailing on the transaction dates.

The Company does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within net realized and unrealized gain (loss) on investments on the consolidated statement of operations. Unrealized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates are included in the net change in unrealized gain (loss) on foreign currency translation on the consolidated statements of operations. Net realized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to changes in foreign currency exchange rates are included in net realized gain (loss) on foreign currency transactions on the consolidated statements of operations.

Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Foreign Currency Forward Contracts

The Company may enter into foreign currency forward contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Forward foreign currency contracts are marked-to-market at the applicable forward rate. Unrealized gain (loss) on foreign currency forward contracts are recorded on the consolidated statements of assets and liabilities on a gross basis, not taking into account collateral posted which is recorded separately, if applicable. Notional amounts of foreign currency forward contract assets and liabilities are presented separately on the consolidated schedules of investments. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date.

The Company does not utilize hedge accounting and as such, the Company recognizes its derivatives at fair value with changes in the net unrealized gain (loss) on foreign currency forward contracts recorded on the consolidated statements of operations.

Offering Costs

Offering costs in connection with the offering of common shares of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the commencement of operations. These expenses consist primarily of legal fees and other costs incurred with the Company’s share offerings, the preparation of the Company’s registration statement, and registration fees.

Deferred Financing Costs

Deferred financing costs consist of financing costs incurred in connection with obtaining the Company’s subscription facility. Such financing costs are capitalized and amortized over the life of the facility utilizing the straight-line method. For the three months ended March 31, 2022, the Company amortized approximately $47,000 of financing costs which have been included in “Interest” expense on the consolidated statements of operations. As of March 31, 2023, there were no such facilities outstanding.

42

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) — Continued

Deferred Income

Deferred income consists of annual administrative agent fees received in connection with the servicing of certain loan investments. Such fees are deferred when received and recognized as earned over the applicable period. For the three months ended March 31, 2023, the Company received approximately $69,000 of agent fees. During the three months ended March 31, 2023, approximately $83,000 of agent fees, respectively, have been recognized as earned and included in “Other” income on the consolidated statements of operations. For the three months ended March 31, 2022, the Company received approximately $59,000 of agent fees, respectively. During the three months ended March 31, 2022, approximately $68,000 of agent fees have been recognized as earned and included in “Other” income on the consolidated statements of operations.

Income Taxes

The Company has elected to be regulated as a BDC under the 1940 Act. The Company also has elected to be treated as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended. As a RIC, the Company generally will not have to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes timely to its shareholders as dividends. To the extent the Company continues to qualify as a RIC, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company.

To continue to qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to continue to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. The Company will generally be subject to a 4% non-deductible U.S. federal excise tax on certain undistributed income or gains in respect of any calendar year, unless it distributes annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the one-year period ending on October 31 in such calendar year and (iii) any net ordinary income and capital gain net income recognized, but not distributed, in preceding years. The Company, at its discretion, may carry forward taxable income for distribution in the following taxable year and pay the applicable U.S. federal excise tax. For the three months ended March 31, 2023 and 2022, the Company did not accrue U.S. federal excise tax.

The Company conducts certain of its activities through its wholly-owned subsidiary, Twin Brook Equity XVIII Corp., a Delaware C corporation. Twin Brook Equity XVIII Corp. is treated as a corporation for United States federal income tax purposes and is subject to U.S. federal, state or local income tax. For the three months ended March 31, 2023, the Company accrued a current federal tax provision of $206,000 and a deferred federal tax provision of $536,000 related to Twin Brook Equity XVIII Corp. The Company did not accrue any U.S. federal tax expense for the three months ended March 31, 2022, related to Twin Brook Equity XVIII Corp.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no tax penalties, and no interest associated with income taxes was incurred through March 31, 2023.

43

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) — Continued

Loan Syndications and Participations

The Company may originate certain loans and then syndicate all or a portion of those loans to a third party. For the three months ended March 31, 2023, the Company earned approximately $16,000 of syndication and other origination fee income, which is included in “Other” income on the consolidated statement of operations. For the three months ended March 31, 2022, the Company earned approximately $81,000 of syndication and other origination fee income, which is included in “Other” income on the consolidated statement of operations.

The Company follows the guidance in Accounting Standards Codification (“ASC”) Topic 860 Transfers and Servicing when accounting for loan participations and other partial loan sales. Such guidance requires a participation or other partial loan sale to meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales that do not meet the definition of a participating interest remain on the consolidated statement of assets and liabilities and the proceeds are recorded as a secured borrowing until the definition is met. Secured borrowings are carried at fair value to correspond with the related investments, which are carried at fair value. There were no participations that were accounted for as secured borrowings during the period.

Dividends

Dividends to common stockholders are recorded on the record date. The amount to be distributed, if any, is determined by the Board each quarter. The Company intends to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such dividends. However, the Company may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed dividends to stockholders.

Note 3. Investments

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, "non-affiliated investments" are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the consolidated financial statements, including the consolidated schedule of investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled affiliated investments.

Investments at fair value and amortized cost consisted of the following as of March 31, 2023 and December 31, 2022:

	March 31, 2023				December 31, 2022
(Amounts in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First lien senior secured debt	$	175,863	$	174,487	$	180,510	$	179,768
Sponsor subordinated note	16		18		16		17
Investment in affiliated funds	7,044		9,610		7,137		10,354
Total investments	$	182,923	$	184,115	$	187,663	$	190,139

44

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) — Continued

The industry composition of investments based on fair value as of March 31, 2023 and December 31, 2022 was as follows:

	March 31, 2023		December 31, 2022
Aerospace and defense	1.2	%	1.1	%
Air freight and logistics	0.4	%	0.4	%
Auto components	1.8	%	1.7	%
Chemicals	4.2	%	4.0	%
Commercial services and supplies	5.6	%	5.4	%
Construction and engineering	1.9	%	1.8	%
Containers and packaging	2.6	%	2.6	%
Distributors	0.5	%	0.5	%
Diversified consumer services	5.6	%	7.5	%
Electrical equipment	0.7	%	0.7	%
Electronic equipment, instruments and components	1.5	%	1.4	%
Food and staples retailing	2.7	%	2.9	%
Food products	2.0	%	1.9	%
Gas utilities	0.8	%	0.8	%
Health care equipment and supplies	2.6	%	2.5	%
Health care providers and services	25.7	%	25.2	%
Health care technology	1.3	%	1.3	%
Household durables	1.5	%	1.5	%
Industrial Conglomerates	0.5	%	—	%
Internet and direct marketing retail	2.3	%	2.2	%
IT services	3.0	%	2.9	%
Leisure equipment and products	1.6	%	1.6	%
Leisure products	0.6	%	0.6	%
Life sciences tools and services	0.6	%	0.6	%
Machinery	2.0	%	1.9	%
Media	3.6	%	3.6	%
Metals and mining	1.3	%	1.2	%
Multisector holdings	5.2	%	5.5	%
Personal products	1.6	%	1.6	%
Pharmaceuticals	0.9	%	1.7	%
Professional services	0.4	%	0.4	%
Real estate management and development	1.6	%	1.5	%
Semiconductors and semiconductor equipment	0.4	%	0.4	%
Software	3.3	%	3.1	%
Specialty retail	3.1	%	3.0	%
Trading companies and distributors	4.8	%	4.4	%
Water utilities	0.7	%	0.6	%
Total	100.0	%	100.0	%

45

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) — Continued

As of March 31, 2023, 99.1% of investments held were based in the United States and 0.9% were based in Canada. As of December 31, 2022, 99.2% of investments were based in the United States and 0.8% were based in Canada.

Note 4. Fair Value of Investments

Fair Value Disclosures

The following tables present the fair value hierarchy of financial instruments as of March 31, 2023:

	Assets at Fair Value as of March 31, 2023
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
First lien senior secured debt	$	—	$	—	$	174,487	$	174,487
Sponsor subordinated note	—		—		18		18
Foreign currency forward contracts	—		8		—		8
Total	$	—	$	8	$	174,505	$	174,513
Investments measured at net asset value(1)							9,610
Total financial instruments, at fair value							$	184,123

(1)Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

The following tables present the fair value hierarchy of financial instruments as of December 31, 2022:

	Assets at Fair Value as of December 31, 2022
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
First lien senior secured debt	$	—	$	—	$	179,768	$	179,768
Sponsor subordinated note	—		—		17		17
Total	$	—	$	—	$	179,785	$	179,785
Investments measured at net asset value(1)							10,354
Total financial instruments, at fair value							$	190,139

(1)Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

	Liabilities at Fair Value as of December 31, 2022
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
Foreign currency forward contracts	$	—	$	15	$	—	$	15

46

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) — Continued

The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2023 and 2022:

	Level 3 Assets at Fair Value for the Three Months Ended March 31, 2023*
(Amounts in thousands)	Balance 1/1/2023		Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 3/31/2023		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 3/31/2023
First lien senior secured debt	$	179,768	$	4,718	$	(9,740)	$	376	$	(1)	$	(634)	$	174,487	$	(633)
Sponsor subordinated notes	17		—		—		—		—		1		18		—
Total	$	179,785	$	4,718	$	(9,740)	$	376	$	(1)	$	(633)	$	174,505	$	(633)

*Gains and losses are included in their respective captions in the consolidated statement of operations.

**Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable.

	Level 3 Assets at Fair Value for the Three Months Ended March 31, 2022*
(Amounts in thousands)	Balance 1/1/2022		Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 3/31/2022		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 3/31/2022
First lien senior secured debt	$	151,105	$	13,043	$	(10,888)	$	229	$	35	$	188	$	153,712	$	176
Sponsor subordinated note	16		—		—		—		—		—		16		—
Total	$	151,121	$	13,043	$	(10,888)	$	229	$	35	$	188	$	153,728	$	176

*Gains and losses are included in their respective captions in the consolidated statement of operations.

**Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable.

Significant Unobservable Inputs

In accordance with ASC 820, the following tables provide quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of March 31, 2023 and December 31, 2022. The table is not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

47

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) — Continued

Asset Class	Fair Value as of 3/31/23		Valuation Techniques	Significant Unobservable Inputs	Input Ranges	Weighted Average (1)		Impact to Valuation from an Increase in Input
	(Amounts in thousands)
First lien senior secured debt	$	171,360	Discounted cash flow	Yield	9.2% - 17.7%	11.0	%	Decrease
	2,283		Market comparable	Forward EBITDA multiple	41.9x	41.9x		Increase
Sponsor subordinated notes	18		Market comparable	LTM EBITDA multiple	7.0x - 7.6x	7.4x		Increase
	$	173,661

Asset Class	Fair Value as of  12/31/22		Valuation Techniques	Significant Unobservable Inputs	Input Ranges	Weighted Average (1)		Impact to Valuation from an Increase in Input
	(Amounts in thousands)
First lien senior secured debt	$	171,353	Discounted cash flow	Yield	9.6% - 16.9%	11.1	%	Decrease
	2,323		Market comparable	Forward EBITDA multiple	8.8x	8.8x		Increase
Sponsor subordinated notes	17		Market comparable	LTM EBITDA multiple	7.1x	7.1x		Increase
	$	173,693

(1)Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

The Company’s other Level 3 investments have been valued primarily using recent transactions. The significant unobservable input used in the discounted cash flow is the yield. The yield is used to discount the estimated future cash flows expected to be received from the underlying investment. The Company considers the portfolio company performance since close, the leverage used by the portfolio company relative to its total enterprise value and other risks associated with an investment in determining the yield. The significant unobservable input used in the market comparable is the latest twelve month “LTM” EBITDA multiple.

Note 5. Subscription Facility

In accordance with the 1940 Act, the Company can borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowings, subject to certain limitations. There were no outstanding borrowings as of March 31, 2023 and December 31, 2022.

On August 14, 2019, the Company entered into a revolving credit facility (the “Subscription Facility”) with Wells Fargo Bank, National Association (the “Lender”). The Subscription Facility enabled the Company to request loans from the Lender up to a maximum commitment of $15 million. The borrowings under the Subscription Facility are collateralized by the eligible unfunded capital commitments of investors in the Company. The total amount available under the Subscription Facility may be reduced as a result of decreases in

48

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) — Continued

the unfunded capital commitments of investors in the Company as well as other provisions of the Subscription Facility. On May 4, 2022, the Company terminated the Subscription Facility's revolving credit agreement.

Borrowings under the Subscription Facility bore interest at either (i) LIBOR plus the applicable margin of 1.50%, if the borrowing was a LIBOR Rate Loan or (ii) the Prime Rate plus the applicable margin of 0.50%, if the borrowing was a Reference Rate Loan. In addition, the Company paid an unused commitment fee of 0.20% per annum on the daily unused commitments of the Lender. The maturity date of the Subscription Facility was August 12, 2022.

The Subscription Facility contained representations, warranties, covenants, including financial covenants, events of default and indemnities that are customary for agreements of this type.

There were no debt obligations as of March 31, 2023 and December 31, 2022.

For the three months ended March 31, 2023 and 2022, the components of interest expense were as follows:

(Amounts in thousands)	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Interest expense	$	—	$	8
Amortization of deferred financing costs	—		47
Total interest expense	$	—	$	55
Average interest rate	N/A		N/A
Average daily borrowings	N/A		N/A

Note 6. Agreements and Related Party Transactions

Administration Agreement

On June 26, 2019, the Company entered into an Administration Agreement (the “Administration Agreement”) with Angelo Gordon (the “Administrator”). Under the terms of the Administration Agreement, the Administrator performs, or oversees the performance of, required administrative services, which include providing office space, equipment and office services, maintaining financial records, preparing reports to shareholders and reports filed with the SEC, and managing the payment of expenses and the performance of administrative and professional services rendered by others.

The Company reimburses the Administrator for services performed for it pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Administrator for any services performed for it by such affiliate or third party.

Unless earlier terminated as described below, the Administration Agreement will remain in effect until June 26, 2023 and from year to year thereafter if approved annually by the vote of the Board of Directors of the Company and the vote of a majority of the Company’s Independent Directors. The Administration Agreement may be terminated by either party without penalty upon not less than 60 days’ written notice to the other.

No person who is an officer, director, or employee of the Administrator or its affiliates and who serves as a director of the Company receives any compensation from the Company for his or her services as a director. However, the Company reimburses the Administrator (or its affiliates) for an allocable portion of the

49

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) — Continued

compensation paid by the Administrator or its affiliates to the Company’s officers who provide operational and administrative services, as well as their respective staffs and other professionals who provide services to the Company, who assist with the preparation, coordination and administration of the foregoing or provide other “back office” or “middle office” financial or operational services to the Company (based on the percentage of time those individuals devote, on an estimated basis, to the business and affairs of the Company). Directors who are not affiliated with the Administrator receive compensation for their services and reimbursement of expenses incurred to attend meetings.

For the three months ended March 31, 2023, the Administrator charged approximately $15,000 for certain costs and expenses allocable to the Company under the terms of the Administration agreement. For the three months ended March 31, 2022, the Administrator charged approximately $54,000 for certain costs and expenses allocable to the Company under the terms of the Administration agreement.

Investment Management Agreement

On June 26, 2019, the Company entered into an Investment Management Agreement (the “Investment Management Agreement”) with the Advisor. Under the terms of the Investment Management Agreement, the Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company’s investments and monitoring the Company’s investments and portfolio companies on an ongoing basis.

Unless earlier terminated as described below, the Investment Management Agreement will remain in effect until June 26, 2023 and from year to year thereafter if approved annually by (a) the vote of the Board of Directors of the Company or by the vote of a majority of the outstanding voting securities of the Company and (b) the vote of a majority of the Company’s Independent Directors. The Investment Management Agreement will automatically terminate in the event of assignment. The Investment Management Agreement may be terminated without penalty upon not less than 60 days’ written notice by the vote of a majority of the outstanding voting securities of the Company, or by the vote of the Company’s Directors or by the Advisor.

From time to time, the Advisor may pay amounts owed by the Company to third-party providers of goods or services and the Company will subsequently reimburse the Advisor for such amounts paid on its behalf. Amounts payable to the Advisor are settled in the normal course of business without formal payment terms.

The Investment Management Agreement also provides that the Company reimburses the Advisor for certain organizational costs incurred prior to the commencement of the Company’s operations, and for certain offering costs. The Company has agreed to repay the Advisor for initial organizational costs and offering costs up to a maximum of $1.25 million, with the Advisor bearing any organizational and offering costs in excess of such amount.

As of March 31, 2023, the Company had approximately $843,000 payable to Angelo Gordon for operating costs which is included in “Accrued expenses and other liabilities payable to affiliate” on the consolidated statements of assets and liabilities. As of December 31, 2022, the Company had approximately $677,000 payable to Angelo Gordon for operating costs which is included in “Accrued expenses and other liabilities payable to affiliate” on the consolidated statements of assets and liabilities.

Under the terms of the Investment Management Agreement, the Company will pay the Advisor a base management fee and may also pay to it certain incentive fees. The cost of both the base management fee and the incentive fee will ultimately be borne by the Company’s shareholders.

The base management fee is calculated at an annual rate of 0.60% of the Company’s gross assets, excluding cash and cash equivalents. For services rendered under the Investment Management Agreement, the base management fee is payable quarterly in arrears. The base management fee is calculated based on the average

50

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) — Continued

value of the Company’s gross assets (excluding cash and cash equivalents) at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter. Base management fees for any partial month or quarter will be appropriately pro-rated. For purposes of the Investment Management Agreement, cash equivalents means U.S. government securities and commercial paper instruments maturing within one year of purchase. Upon the occurrence of a Qualified IPO, the base management fee will be calculated at an annual rate of 1.25% of the Company’s gross assets, excluding cash and cash equivalents.

For the three months ended March 31, 2023, the Company accrued approximately $281,000 of base management fees payable to the Advisor. For the three months ended March 31, 2022, the Company accrued approximately $241,000 of base management fees payable to the Advisor. As of March 31, 2023 and December 31, 2022, base management fees payable by the Company to the Advisor were approximately $281,000 and $281,000, respectively.

Pursuant to the Investment Management Agreement, the Advisor is entitled to an incentive fee (“Incentive Fee”), which consists of two components; an incentive fee based on income and an incentive fee based on capital gains.

The first part, the income incentive fee, is calculated and payable quarterly in arrears and equals (a) 100% of the excess of the Company’s pre-incentive fee net investment income for the immediately preceding calendar quarter, over a preferred return of 1.00% per quarter (4% annualized) (the “Hurdle”), until the Advisor has received a “catch-up” equal to 16.75% of the pre-incentive fee net investment income for the current quarter; and (b) 16.75% of all remaining pre-incentive fee net investment income above the “catch-up.”

The second part, the capital gains incentive fee, is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Investment Management Agreement), and equals 16.75% of the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of the fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees (the “Cumulative Capital Gains”). We will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if we were to sell the relevant investment and realize a capital gain.

For the three months ended March 31, 2023, the Company accrued approximately $662,000 of income incentive fees payable to the Advisor. For the three months ended March 31, 2022, the Company accrued approximately $381,000 of income incentive fees payable to the Advisor. As of March 31, 2023 and December 31, 2022, the Company had approximately $662,000 and $1,295,000, respectively, of income incentive fees payable to the Advisor.

As of March 31, 2023, the Company had $497,000 of capital gains incentive fees, of which none were paid or payable to the Advisor, representing a decrease in accrued capital gains incentive fees of $86,000 for the three months ended March 31, 2023. As of December 31, 2022, the Company accrued approximately $583,000, of which $583,000 were unpaid and none of which were payable to the Advisor.

Affiliated Transactions

The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the Company’s Independent Directors, and in some cases, the prior approval of the SEC. The Company intends to rely on exemptive relief that has been granted by the SEC to the Company, the Advisor, and Angelo Gordon to permit the Company to co-invest with other funds managed by the Advisor or Angelo Gordon, in a manner consistent with the Company’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.

51

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) — Continued

Pursuant to such exemptive relief, the Company is generally permitted to co-invest with certain of its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Company and its shareholders and do not involve overreaching of the Company or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Company’s shareholders and is consistent with its investment objective and strategies, and (3) the investment by its affiliates would not disadvantage the Company, and the Company’s participation would not be on a basis different from or less advantageous than that on which its affiliates are investing. In certain situations where co-investment with one or more funds managed by Angelo Gordon is not permitted or appropriate, Angelo Gordon will need to decide which funds will proceed with the investment. Angelo Gordon will make these determinations based on its policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations.

Investment in Affiliated Funds

The Company holds equity investments through its interest in the affiliated fund, Twin Brook Equity Holdings, LLC. Twin Brook Equity Holdings, was created to hold equity interest that are purchased alongside the underlying portfolio companies' debt.

Fair value as of March 31, 2023 and 2022 and transactions during the three months ended March 31, 2023 and 2022 of the Company’s investments in affiliates were as follows:

	Investment in Affiliated Funds at Fair Value for the Three Months Ended March 31, 2023
(Amounts in thousands)	Fair Value as of January 1, 2023		Gross Additions		Gross Reductions		Net Realized Gain (Loss)		Net Change in Unrealized  Appreciation (Depreciation)		Fair Value as of March 31, 2023		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	10,333	$	109	$	(978)	$	776	$	(648)	$	9,592	$	—
Twin Brook Segregated Equity Holdings, LLC	21		—		—		—		(3)		18		—
Total non-controlled/affiliated investments	$	10,354	$	109	$	(978)	$	776	$	(651)	$	9,610	$	—

	Investment in Affiliated Funds at Fair Value for the Three Months Ended March 31, 2022
(Amounts in thousands)	Fair Value as of January 1, 2022		Gross Additions		Gross Reductions		Net Realized Gain (Loss)		Net Change in Unrealized  Appreciation (Depreciation)		Fair Value as of March 31, 2022		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	7,972	$	238	$	(8)	$	—	$	245	$	8,447	$	—
Twin Brook Segregated Equity Holdings, LLC	14		—		—		—		4		18		—
Total non-controlled/affiliated investments	$	7,986	$	238	$	(8)	$	—	$	249	$	8,465	$	—

Note 7. Derivatives

The Company may enter into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies.

52

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) — Continued

In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or a similar agreement with its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Company and a counterparty that governs OTC derivatives, including foreign currency forward contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

For the three months ended March 31, 2023 and March 31, 2022, the Company’s average USD notional exposure to foreign currency forward contracts was approximately $1,491,000 and $1,882,000.

The following table presents both gross and net information about derivative instruments eligible for offset in the consolidated statements of assets and liabilities as of March 31, 2023:

Counterparty	Gross Amount of Assets	Gross Amount of Liabilities		Net Amount of Assets/(Liabilities)		Collateral Received/Pledged(1)		Net Amounts(2)
Wells Fargo Bank, National Association	8	$	—	$	8	$	—	$	8

(1)Amount excludes excess cash collateral paid.

(2)Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable.

The following table presents both gross and net information about derivative instruments eligible for offset in the consolidated statements of assets and liabilities as of December 31, 2022:

Counterparty	Gross Amount of Assets	Gross Amount of Liabilities		Net Amount of Assets/(Liabilities)		Collateral Received/Pledged(1)		Net Amounts(2)
Wells Fargo Bank, National Association	—	$	15	$	(15)	$	—	$	(15)

(1)Amount excludes excess cash collateral paid.

(2)Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable.

The effect of transactions in derivative instruments on the consolidated statements of operations during the three months ended March 31, 2023 was as follows:

	Three Months Ended March 31, 2023
Net change in unrealized gain (loss) on foreign currency forward contracts	$	23
Realized (loss) on foreign currency forward contracts	(22)

53

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) — Continued

The effect of transactions in derivative instruments on the consolidated statements of operations during the three months ended March 31, 2022 was as follows:

	Three Months Ended March 31, 2022
Net change in unrealized gain (loss) on foreign currency forward contracts	$	(18)
Realized (loss) on foreign currency forward contracts	(2)

Note 8. Commitments and Contingencies

Commitments

The Company’s investment portfolio may contain debt investments that are in the form of revolving lines of credit and unfunded delayed draw commitments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements.

Unfunded portfolio company commitments and funded debt investments are presented on the consolidated schedule of investments and are fair valued. Unrealized appreciation or depreciation, if any, is included in the consolidated statement of assets and liabilities and consolidated statement of operations.

As of March 31, 2023 and December 31, 2022, the Company had the following outstanding commitments to fund investments in current portfolio companies:

Portfolio Company	March 31, 2023		December 31, 2022
First lien senior secured debt(1)	(Amounts in thousands)		(Amounts in thousands)
50Floor, LLC	$	90	$	199
626 Holdings Equity, LLC	185		229
Abrasive Technology Intermediate, LLC	138		121
ACES Intermediate, LLC	150		150
Advanced Lighting Acquisition, LLC	324		324
AEP Passion Intermediate Holdings, Inc.	37		48
AFC Industries, Inc.	89		131
Affinitiv, Inc.	248		248
Agility Intermediate, Inc.	343		383
AHR Intermediate, Inc	252		252
Alliance Environmental Group, LLC	24		23
ALM Media, LLC	971		971
Altamira Material Solutions, LP	45		45
AM Buyer, LLC	64		111
Answer Acquisition, LLC	38		38
Apex Dental Partners, LLC	152		179
Aptitude Health Holdings, LLC	267		267
Aquatic Sales Solutions, LLC	5		80
ARC Healthcare Technologies, LLC	244		244
ASC Ortho Management, LLC	57		69

54

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) — Continued

Portfolio Company	March 31, 2023	December 31, 2022
ASP Global Acquisition, LLC	550	647
AvCarb, LLC	455	467
Banner Buyer, LLC	296	296
BBG Intermediate Holdings, Inc.	4	229
BCI Burke Holding Corp.	185	185
Beacon Oral Specialists Management LLC	188	152
Behavior Frontiers, LLC	38	19
Benefit Plan Administrators of Eau Claire, LLC	225	225
Bio Agri Mix Holdings Inc.	85	85
Brightview, LLC	96	111
Bulk Lift International, LLC	38	38
Canadian Orthodontic Partners Corp.	23	168
CCG Acquisition, Inc.	19	19
Champion Motorsports Group, LLC	56	—
Change Academy at Lake of the Ozarks, LLC	94	113
Community Care Partners, LLC	113	136
Copperweld Group, Inc.	339	401
Cosmetic Solutions, LLC	344	344
CPS HVAC Group, LLC	135	144
Custom Agronomics Holdings, LLC	23	45
DealerOn Inc.	314	314
Dermatology Medical Partners OpCo, LLC	62	78
Diamondback Buyer, LLC	34	75
DNS IMI Acquisition Corp	122	122
Domino Equipment Company, LLC	79	79
Double E Company, LLC	92	99
Dykstra's Auto, LLC	38	22
Edko Acquisition, LLC	34	34
EH Management Company, LLC	15	15
Empire Equipment Company, LLC	282	219
EMSAR Acquisition LLC	13	13
Endodontic Practice Partners, LLC	118	145
Engelman Baking Co., LLC	175	174
E-Phoenix Acquisition Co. Inc.	60	75
Exclusive Concepts, LLC	74	74
Formulated Buyer, LLC	268	297
Franchise Fastlane, LLC	15	15
FreshAddress, LLC	30	30
Geriatric Medical and Surgical Supply, LLC	300	300
Gold Medal Holdings, Inc.	19	26
Golden Bear PT Partners, LLC	26	188

55

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) — Continued

Portfolio Company	March 31, 2023	December 31, 2022
Green Monster Acquisition, LLC	38	38
Groundworks Operations, LLC	—	420
Guardian Dentistry Practice Management, LLC	23	23
Highland Acquisition, Inc.	30	30
HLSG Intermediate, LLC	44	60
Home Brands Group Holdings, Inc.	48	48
Hultec Buyer, LLC	121	—
Hydromax USA, LLC	68	68
Icelandirect, LLC	2	2
Icreon Holdings, LLC	23	23
Infolinks Media Buyco, LLC	77	77
Innovative FlexPak, LLC	188	154
IPC Pain Acquistion, LLC	303	303
ISSA, LLC	131	131
ITSavvy LLC	43	113
Juniper Landscaping Holdings LLC	54	51
Kaizen Auto Care, LLC	8	66
Kalkomey Enterprises, LLC	39	77
Leonard Group, Inc.	234	203
Load One Purchaser Corporation	218	218
MacNeill Pride Group Corp.	268	225
Mad Rose Company, LLC	52	58
Main Street Gourmet, LLC	643	643
Mattco Forge, Inc.	506	506
Maxor National Pharmacy Services, LLC	—	84
Medical Technology Associates, Inc.	38	38
MetaSource, LLC	109	109
Millennia Patient Services, LLC	107	367
Montway LLC	150	150
MRC Keeler Acquisition, LLC	150	75
Nelson Name Plate Company	70	89
Network Partners Acquisition, LLC	150	150
NH Kronos Buyer, Inc.	263	263
Nimlok Company, LLC	320	320
NutriScience Innovations, LLC	131	131
P and R Dental Strategies, LLC	23	23
Peak Dental Services, LLC	38	303
Peak Investment Holdings, LLC	908	908
Pentec Acquisition Corp.	75	75
Performance PowerSports Group Purchaser, Inc.	—	56
PHGP MB Purchaser, Inc.	174	166

56

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) — Continued

Portfolio Company	March 31, 2023	December 31, 2022
Pink Lily Holdings, LLC	63	63
PPW Acquisition, LLC	28	—
Propio LS, LLC	54	19
Purpose Home Health Acquisition, LLC	188	188
Qin's Buffalo, LLC	113	113
Raneys, LLC	38	38
Reliable Medical Supply LLC	97	97
Revival Animal Health, LLC	86	86
Rose Paving, LLC	94	41
RQM Buyer, Inc.	188	191
RTP Acquisition, LLC	34	34
Sage Dental Management, LLC	75	75
SAMGI Buyer, Inc.	138	138
SASE Company, LLC	30	38
SCA Buyer, LLC	167	167
SCP Beverage Buyer, LLC	23	23
SCP ENT and Allergy Services, LLC	347	413
Shearer Supply, LLC	23	30
ShiftKey, LLC	66	110
Signature Dental Partners LLC	52	65
Silver Falls MSO, LLC	95	2
SimiTree Acquisition LLC	186	186
SIMKO Merger Sub, LLC	171	170
Soccer Post Acquisition, LLC	6	17
Southeast Primary Care Partners, LLC	125	177
Southern Orthodontic Partners Management, LLC	125	136
Southern Sports Medicine Partners, LLC	175	175
Spectrum Solutions, LLC	267	267
Stax Holding Company, LLC	60	60
Steel City Wash, LLC	16	22
Storm Smart Buyer LLC	131	52
Sun Orchard, LLC	98	105
Teel Plastics, LLC	324	324
The Channel Company, LLC	27	58
Trademark Global, LLC	9	9
Triad Technologies, LLC	266	314
United Land Services Opco Parent, LLC	366	693
Universal Pure, LLC	140	278
USALCO, LLC	70	58
Vanguard Packaging, LLC	481	481
Varsity DuvaSawko Operating Corp.	474	474

57

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) — Continued

Portfolio Company	March 31, 2023		December 31, 2022
Vehicle Accessories, Inc.	11		38
Vital Care Buyer, LLC	580		483
Western Veterinary Partners, LLC	24		22
Yard-Nique, Inc	169		163
Total unfunded portfolio company commitments	$	21,366	$	23,867

(1)Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date.

As of March 31, 2023 and December 31, 2022, approximately $209,000 and $207,000, respectively, of the Company's unfunded revolver commitments are reserved for letters of credit issued to third party beneficiaries on behalf of the Company's investments.

Investor Commitments

As of March 31, 2023 and December 31, 2022, the Company had $216.0 million in total capital commitments from investors ($21.6 million undrawn). These undrawn capital commitments will no longer remain in effect following the completion of a Qualified IPO.

Four investors in the Company have aggregate capital commitments representing 100% of the Company’s total capital commitments. Such concentration of investor commitments could have a material effect on the Company.

Other Commitments and Contingencies

From time to time, the Company may become a party to certain legal proceedings during the normal course of business. As of March 31, 2023, and December 31, 2022, management was not aware of any material pending or threatened litigation.

Note 9. Net Assets

Subscriptions and Drawdowns

As of March 31, 2023, the Company had 9,672,358 shares issued and outstanding with a par value of $0.001 per share.

The Company has entered into subscription agreements with investors providing for the private placement of the Company’s common shares. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase the Company’s common shares up to the amount of their respective capital commitment on an as-needed basis each time the Advisor delivers a drawdown notice to such investors.

During the three months ended March 31, 2023 and 2022, there were no capital call notices delivered to investors.

Dividends

The following table reflects dividends declared on shares of the Company's common stock during the three months ended March 31, 2023:

For the Three Months Ended March 31, 2023
Date Declared	Record Date	Payment Date	Dividend per Share
March 14, 2023	March 31, 2023	April 28, 2023	$	0.25

58

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) — Continued

There were no dividends declared during the three months ended March 31, 2022.

Note 10. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per common share for the three months ended March 31, 2023 and 2022:

(Amounts in thousands, except share and per share amounts)	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Net increase (decrease) in net assets resulting from operations	$	2,865	$	2,347
Weighted average shares of common stock outstanding - basic and diluted	9,672,358		9,141,176
Earnings (loss) per common share - basic and diluted	$	0.30	$	0.26

Note 11. Income Taxes

Taxable income generally differs from net increase (decrease) in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized.

The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital or total distributable earnings (losses), as appropriate. For the three months ended March 31, 2023, permanent differences were approximately $21,000, primarily related to net income from wholly-owned subsidiary. There were no permanent differences for the three months ended March 31, 2022.

59

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) — Continued

Note 12. Financial Highlights

The following are financial highlights for a common share outstanding during the three months ended March 31, 2023 and 2022:

(Amounts in thousands, except share and per share amounts)	Three Months Ended March 31, 2023			Three Months Ended March 31, 2022
Per share data:
Net asset value, beginning of period	$	20.22		$	20.14
Net investment income (loss)(1)	0.35			0.21
Net realized and unrealized gain (loss) on investment transactions(1)	(0.05)			0.05
Total from operations	0.30			0.26
Dividends declared	(0.25)			—
Total increase (decrease) in net assets	0.05			0.26
Net asset value, end of period	$	20.27		$	20.40
Shares outstanding, end of period	9,672,358			9,141,176
Total return(2)(3)	1.5		%	1.3		%
Ratios / supplemental data
Ratio of gross expenses to average net assets(3)(4)(5)	1.0		%	0.6		%
Ratio of net expenses to average net assets(3)(4)(6)	1.0		%	0.6		%
Ratio of net investment income (loss) to average net assets(3)(4)	1.7		%	1.0		%
Net assets, end of period	$	196,034		$	186,445
Weighted average shares outstanding	9,672,358			9,141,176
Total capital commitments, end of period	$	216,000		$	216,000
Ratio of total contributed capital to total committed capital, end of period	90.0		%	85.0		%
Portfolio turnover rate(7)	2.6		%	6.8		%
Asset coverage ratio(8)	N/A			N/A

(1)The per share data was derived using the weighted average shares outstanding during the period.

(2)Total return is calculated as the change in net asset value ("NAV") per share during the period, plus dividends per share, if any, divided by the NAV per share at the beginning of the period.

(3)Not annualized.

(4)Average net assets are computed using the average balance of net assets at the end of each month of the reporting period.

(5)Ratio of gross expenses to average net assets is computed using expenses before waivers from the Administrator, if applicable.

(6)Ratio of net expenses to average net assets is computed using total expenses net of waivers from the Administrator, if applicable.

(7)Portfolio turnover rate is calculated using the lesser of total sales or total purchases over the average of the investments at fair value for the periods reported.

(8)Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) total debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period. The ratio is not applicable as of March 31, 2023 or March 31, 2022 as there was no debt outstanding during the period.

60

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) — Continued

Note 13. Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of these consolidated financial statements. There have been no subsequent events that occurred that would require disclosure in, or would be required to be recognized in, these consolidated financial statements, except as discussed below:

Dividend Declaration

On May 10, 2023, the Company's Board declared dividends of $0.25 per share, payable on July 31, 2023 to shareholders of record as of June 30, 2023.

61

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

In this quarterly report on Form 10-Q, or this "report," we refer to AG Twin Brook BDC, Inc and it’s consolidated subsidiaries. as "we," "us," the "Company," or "our," unless we specifically state otherwise or the context indicates otherwise. We refer to our investment adviser, AG Twin Brook Manager, LLC, as our "Advisor," and we refer to the direct parent company of our Advisor, Angelo, Gordon & Co., L.P., as "Angelo Gordon." Angelo Gordon serves as the Company’s Administrator and may also be referred to herein as “Administrator”.

Forward-Looking Statements

This report includes estimates, projections, statements relating to our business plans, objectives, and expected operating results that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may appear throughout this report, including the following sections: “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” (Part II, Item 1A of this Form 10-Q). These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, returns, results of operations, plans, yields, objectives, the composition of our portfolio, actions by governmental entities, including the U.S. Department of the Treasury and the Federal Reserve, and the potential effects of actual and proposed legislation on us, our views on certain macroeconomic trends, and the impact of COVID-19. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied by the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements, which speak only as of the date made, and urge you to carefully consider the risks identified under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2022 (our “2022 10-K”). Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise.

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help the reader understand the results of operations and financial condition of AG Twin Brook BDC, Inc. This MD&A is provided as a supplement to, and should be read in conjunction with our 2022 10-K, our consolidated financial statements and the accompanying notes to consolidated financial statements (Part I, Item 1 of this report).

Overview

AG Twin Brook BDC, Inc. is a Delaware corporation formed on February 4, 2016. We have elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for tax purposes, we have elected to be treated as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). We were formed to provide risk-adjusted returns and current income to investors by investing primarily in middle market companies.

We are managed by our Advisor, a wholly-owned subsidiary of Angelo Gordon. The Advisor is registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940. Subject to the overall supervision of our board of directors (the “Board”), our Advisor manages our day-to-day operations, and provides investment advisory and management services to us. Our Advisor will be responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring our investments, and monitoring our investments and portfolio companies on an ongoing basis.

62

We conduct private offerings (each, a “Private Offering”), where investors make a capital commitment to purchase shares of our common stock pursuant to a subscription agreement entered into with us. Investors will be required to make capital contributions to purchase shares of our common stock each time the Company delivers a drawdown notice. The initial closing of the Private Offering occurred on July 19, 2019 (the “Initial Closing”). As of March 31, 2023, we had $216 million in total capital commitments from investors. Upon the earlier to occur of (i) a Qualified IPO (as defined below), and (ii) the five year anniversary of the Initial Closing, investors will be released from any further obligation to purchase additional shares, subject to certain exceptions. A “Qualified IPO” is an initial public offering (“IPO”) of our common stock that results in an unaffiliated public float of at least the lower of (A) $60 million and (B) 17.5% of the aggregate capital commitments received prior to the date of such initial public offering.

As a BDC, we must invest at least 70% of our assets in “eligible portfolio companies,” generally, U.S. private operating companies (or small U.S. public operating companies with a market capitalization of less than $250 million). As a BDC, we may also invest up to 30% of our portfolio in non-eligible portfolio company investments, such as investments in non-U.S. companies, which may include investments in a “passive foreign investment company” (a “PFIC”). Because we have elected to be regulated as a BDC, and we intend to continue to qualify as a RIC under the Code, our portfolio will also be subject to the diversification and other requirements under the Code.

Investments

We invest principally in privately originated senior secured loans to U.S. middle market companies, which we believe have consistent capital needs and have not only been underserved in recent years by traditional providers of capital such as banks and the public debt markets, but also for a variety of reasons may prefer working with experienced non-bank lenders. Our origination strategy focuses on the middle market private equity community. This financing is utilized for a variety of purposes, including to fund organic growth, acquisitions, recapitalizations, management buyouts and leveraged buyouts for companies with revenue generally under $500 million. In describing our business, we generally use the term “middle market” to refer to companies with EBITDA of between $3 million and $50 million annually; however, we typically invest in companies with EBITDA of less than $25 million. Notwithstanding the foregoing, the Advisor may determine whether companies qualify as “middle market” in its sole discretion, and we may from time to time invest in larger or smaller companies.

By investing predominantly in senior secured debt, we expect to reduce our risk of principal loss and deliver more stable returns over time as compared with investments in bonds, unsecured loans, mezzanine investments and public, private and project equity. However, we may also invest opportunistically in other parts of the capital structure, including senior secured stretch and unitranche facilities, second lien loans, mezzanine and mezzanine-related loans, and equity investments, as well as select other subordinated instruments either directly or through acquisitions in the secondary market.

The level of our investment activity depends on many factors, including the amount of debt and equity capital available to prospective portfolio companies, the level of merger, acquisition and refinancing activity for such companies, the availability of credit to finance transactions, the general economic environment and the competitive environment for the types of investments we make, all of which have been, and may continue to be, impacted by COVID-19.

Revenues

We generate revenues primarily through the receipt of interest income from the investments we hold. In addition, we generate income from various loan origination and other fees and from dividends on direct equity investments. In addition, we may generate revenue in the form of commitment, origination, administration, amendment, and loan servicing fees. Loan origination fees, original issue discount and market discount or premium are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income. We record contractual prepayment premiums on loans and debt securities as interest income.

63

Our debt investment portfolio consists of primarily floating rate loans. As of March 31, 2023, 100% of our debt investments, based on fair value, bore interest at floating rates, which may be subject to interest rate floors. Variable-rate investments subject to a floor generally reset periodically to the applicable floor, only if the floor exceeds the index. Trends in base interest rates, such as LIBOR and Term SOFR, may affect our net investment income over the long term. In addition, our results may vary from period to period depending on the interest rates of new investments made during the period compared to investments that were sold or repaid during the period; these results reflect the characteristics of the particular portfolio companies that we invested in or exited during the period and not necessarily any trends in our business or macroeconomic trends.

Dividend income that we receive from our ownership of private securities is recorded pursuant to the terms of the respective investments.

Expenses

Our primary operating expenses include the payment of fees to the Advisor under the Investment Management Agreement, our allocable portion of overhead expenses under the Administration Agreement and other operating costs described below.

We are responsible for all costs and expenses incurred in connection with the operations of the Company and locating, structuring, evaluating, consummating, maintaining and disposing of investments and potential investments (whether or not the acquisition is consummated), including but not limited to legal, regulatory, accounting and other professional or third-party costs or disbursements including travel, rent or lodging, out-of-pocket expenses of the Advisor, the fees and expenses of any independent counsel engaged by the Advisor and out-of-pocket expenses related to third-party service providers (including loan servicer fees), placement agent fees and expenses, advertising expenses, litigation expenses, brokerage commissions, clearing and settlement charges and other transaction costs, custody fees, interest expenses, financing charges, initial and variation margin, broken deal expenses, compensation (which may include fees or performance-based compensation) of advisors, consultants and finders, joint venture partners, or other professionals relating to the Company’s operations and investments or potential investments (whether or not completed), which may include costs incurred to attend or sponsor networking and other similar events hosted by both for-profit and not-for-profit organizations (which may include organizations affiliated with current or prospective investors), specific expenses incurred in obtaining, developing or maintaining market data technology systems, research and other information and information service subscriptions utilized with respect to the Company’s investment program including fees to third party providers of research, portfolio risk management services (including the costs of risk management software or database packages), fees of pricing and valuation services, appraisal costs and brokerage expenses. We will also bear all commitment fees and any transfer or recording taxes, registration fees and other expenses in connection with acquisitions and dispositions of investments, and all expenses relating to the ownership and operation of investments, including taxes, interest, insurance, and other fees and expenses. Travel expenses may include first-class airfare and limited use of private or charter aircraft, as well as premium accommodations, in accordance with our Advisor’s policies related thereto.

In addition, we will bear all costs of the administration of the Company, including but not limited to accounting expenses (including accounting systems) and expenses relating to audit, legal and regulatory expenses (including filings with U.S. and non-U.S. regulators and compliance obligations), costs associated with our reporting and compliance obligations under the 1940 Act and other applicable U.S. federal and state securities laws, fees and expenses of any administrators in connection with the administration of the Company, expenses relating to the maintenance of registered offices of the Company to the extent provided by unaffiliated service providers, temporary office space of non-employee consultants or auditors, blue sky and corporate filing fees and expenses, corporate licensing expenses, indemnification expenses, costs of holding any meetings or conferences of investors or their delegates or advisors (including meetings of the Advisor and related activities), Independent Directors’ fees and expenses, costs of any litigation or threatened litigation or costs of any investigation or legal inquiries involving Company activities (including regulatory sweeps), the cost of any liability insurance or fidelity coverage for the Company, including any directors’ and officers’ liability insurance and key-person life insurance policies, maintained with respect to liabilities arising in connection with

64

the activities of our directors and officers conducted on behalf of the Company, costs associated with reporting and providing information to existing and prospective investors, including printing and mailing costs, wind-up and liquidation expenses, and any extraordinary expenses arising in connection with the operations of the Company.

We have agreed to repay the Advisor for initial organization and offering costs up to a maximum of $1.25 million, of which the Advisor has incurred approximately $1.1 million as of March 31, 2023.

From time to time, the Administrator or its affiliates may pay third-party providers of goods or services. We will reimburse the Administrator or such affiliates thereof for any such amounts paid on our behalf.

Leverage

Currently, we do not intend to utilize leverage. We may borrow money from time to time within the levels permitted by the 1940 Act.

Portfolio and Investment Activity

As of March 31, 2023, based on fair value, our portfolio consisted of 94.77% first lien senior secured debt investments, 0.01% sponsor subordinated note investments, and 5.22% investments in affiliated funds.

As of March 31, 2023, we had investments in one hundred forty-five portfolio companies with an aggregate fair value of $184.1 million. As of December 31, 2022, we had investments in one hundred forty-six portfolio companies with an aggregate fair value of $190.1 million.

Our investment activity for the three months ended March 31, 2023 and 2022 is presented below (information presented herein is at par value unless otherwise indicated).

(Amounts in thousands)	Three Months Ended March 31, 2023			Three Months Ended March 31, 2022
Principal amount of investments committed (including add-ons):
First lien senior secured debt investments	$	1,811		$	10,526
Investment in affiliated funds	109			238
Total principal amount of investments committed	$	1,920		$	10,764
Principal amount of investments sold or repaid:
First lien senior secured debt investments	$	(9,164)		$	(11,335)
Investment in affiliated funds	(978)			(8)
Total principal amount of investments sold or repaid	$	(10,142)		$	(11,343)
New debt investments(1):
New commitments	$	995		$	5,468
Number of new commitments in new portfolio companies(2)	1			5
Average new commitment amount	$	995		$	1,094
Weighted average term for new commitments (in years)	6.0			5.4
Percentage of new commitments at floating rates	100.0		%	100.0		%
Percentage of new commitments at fixed rates	0.0		%	0.0		%

(1)Amounts shown exclude add-on transactions to existing portfolio companies during the period.

(2)Number of new debt investment commitments represent commitments to a particular portfolio company.

65

As of March 31, 2023 and December 31, 2022, our investments consisted of the following:

	March 31, 2023				December 31, 2022
(Amounts in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First lien senior secured debt	$	175,863	$	174,487	$	180,510	$	179,768
Sponsor subordinated note	16		18		16		17
Investment in affiliated funds	7,044		9,610		7,137		10,354
Total investments	$	182,923	$	184,115	$	187,663	$	190,139

66

The table below describes investments by industry composition based on fair value as of March 31, 2023 and December 31, 2022:

	March 31, 2023		December 31, 2022
Aerospace and defense	1.2	%	1.1	%
Air freight and logistics	0.4	%	0.4	%
Auto components	1.8	%	1.7	%
Chemicals	4.2	%	4.0	%
Commercial services and supplies	5.6	%	5.4	%
Construction and engineering	1.9	%	1.8	%
Containers and packaging	2.6	%	2.6	%
Distributors	0.5	%	0.5	%
Diversified consumer services	5.6	%	7.5	%
Electrical equipment	0.7	%	0.7	%
Electronic equipment, instruments and components	1.5	%	1.4	%
Food and staples retailing	2.7	%	2.9	%
Food products	2.0	%	1.9	%
Gas utilities	0.8	%	0.8	%
Health care equipment and supplies	2.6	%	2.5	%
Health care providers and services	25.7	%	25.2	%
Health care technology	1.3	%	1.3	%
Household durables	1.5	%	1.5	%
Industrial Conglomerates	0.5	%	—	%
Internet and direct marketing retail	2.3	%	2.2	%
IT services	3.0	%	2.9	%
Leisure equipment and products	1.6	%	1.6	%
Leisure products	0.6	%	0.6	%
Life sciences tools and services	0.6	%	0.6	%
Machinery	2.0	%	1.9	%
Media	3.6	%	3.6	%
Metals and mining	1.3	%	1.2	%
Multisector holdings	5.2	%	5.5	%
Personal products	1.6	%	1.6	%
Pharmaceuticals	0.9	%	1.7	%
Professional services	0.4	%	0.4	%
Real estate management and development	1.6	%	1.5	%
Semiconductors and semiconductor equipment	0.4	%	0.4	%
Software	3.3	%	3.1	%
Specialty retail	3.1	%	3.0	%
Textiles, apparel and luxury goods	—	%	—	%
Trading companies and distributors	4.8	%	4.4	%
Water utilities	0.7	%	0.6	%
Total	100.0	%	100.0	%

67

As of March 31, 2023, 99.1% of investments held were based in the United States and 0.9% were based in Canada. As of December 31, 2022, 99.2% of investments held were based in the United States and 0.8% were based in Canada.

The weighted average yields and interest rates of our funded debt investments as of March 31, 2023 and December 31, 2022 were as follows:

	March 31, 2023		December 31, 2022
Weighted average total yield of funded debt investments at cost	10.9	%	11.2	%
Weighted average total yield of funded debt investments at fair value	11.3	%	11.4	%
Weighted average interest rate of funded debt investments (1)	11.1	%	10.6	%
Weighted average spread over reference rates of all floating rate funded debt investments	6.0	%	6.0	%

(1)Calculated using actual interest rates in effect as of March 31, 2023 and December 31, 2022 based on borrower elections.

The weighted average yield of our funded debt investments is not the same as a return on investment for our shareholders but, rather, relates to a portion of our investment portfolio and is calculated before the payment of all of our and our subsidiaries’ fees and expenses. The weighted average yield was computed using the effective interest rates of each investment as of each respective date, including accretion of original issue discount, but excluding investments on non-accrual status, if any. There can be no assurance that the weighted average yield will remain at its current level.

Our Advisor monitors our portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action with respect to each portfolio company. Our Advisor has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

•assessment of success of the portfolio company in adhering to its business plan and compliance with covenants;

•periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments;

•comparisons to other companies in the portfolio company’s industry; and

•review of monthly or quarterly financial statements and financial projections for portfolio companies.

As part of the monitoring process, our Advisor employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Advisor rates the credit risk of all debt investments on a scale of A to F. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of

68

origination or acquisition), although it may also take into account the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. The rating system is as follows:

Investment Ratings	Description
A	A loan supported by exceptional financial strength, stability and liquidity;
B	As a general rule, a new transaction will be risk rated a “B” loan. Overtime, a “B” loan is supported by good financial strength, stability and liquidity;
C	A loan that is exhibiting deteriorating trends, which if not corrected could jeopardize repayment of the debt. In general, a default by the borrower of one of its financial performance covenants (leverage or coverage ratios) would warrant downgrade of a loan to a risk rating of “C”;
D	A loan that has a well-defined weakness that jeopardizes the repayment of the debt or the ongoing enterprise value of the borrower;
E	A loan that has an uncured payment default; and
F	An asset that is considered uncollectible or of such little value that its continuance as a booked asset is unwarranted.

Our Advisor rates the investments in our portfolio at least quarterly and it is possible that the rating of a portfolio investment may be reduced or increased over time. For investments rated C through F, our Advisor enhances its level of scrutiny over the monitoring of such portfolio company.

The following table shows the composition of our debt investments on the A to F rating scale as of March 31, 2023 and December 31, 2022:

	March 31, 2023				December 31, 2022
Investment Rating	Investments at Fair Value		Percentage of Total Debt Investments		Investments at Fair Value		Percentage of Total Debt Investments
(Amounts in thousands)
A	$	—	—		$	—	—
B	155,280		89.0	%	161,211		89.7	%
C	16,924		9.7	%	16,234		9.0	%
D	2,283		1.3	%	2,323		1.3	%
E	—		—		—		—
F	—		—		—		—
Total	$	174,487	100.0	%	$	179,768	100.0	%

The following table shows the amortized cost of our performing and non-accrual debt investments as of March 31, 2023 and December 31, 2022:

	March 31, 2023				December 31, 2022
(Amounts in thousands)	Amortized Cost		Percentage		Amortized Cost		Percentage
Performing	$	175,863	100.0	%	$	180,510	100.0	%
Non-accrual	—		—		—		—
Total	$	175,863	100.0	%	$	180,510	100.0	%

69

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued 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 the Advisor’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in the Advisor’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Results of Operations

The following table represents the operating results for the three months ended March 31, 2023 and 2022:

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including the level of new investment commitments, expenses, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio.

(Amounts in thousands)	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Total investment income	$	5,349	$	3,072
Less: expenses	(1,976)		(1,175)
Net investment income (loss)	3,373		1,897
Net change in unrealized gain (loss)	(1,261)		417
Net realized gain (loss)	753		33
Net increase (decrease) in net assets resulting from operations	$	2,865	$	2,347

Investment Income

Investment income for the three months ended March 31, 2023 and 2022 were as follows:

(Amounts in thousands)	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Interest income	$	5,250	$	2,923
Other income	99		149
Total investment income	$	5,349	$	3,072

Total investment income increased to $5.3 million for the three months ended March 31, 2023 from $3.1 million for the same period in the prior year primarily driven by our deployment of capital, increased balance of our investments and increase in yields. The size of our investment portfolio at fair value increased to $184.1 million at March 31, 2023 from $162.2 million at March 31, 2022.

70

Expenses

Expenses for the three months ended March 31, 2023 and 2022 were as follows:

(Amounts in thousands)	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Incentive fees	$	576	$	381
Deferred tax expense	536		—
Management fees	281		241
Current tax expense	206		—
Accounting fees	113		104
Other	44		86
Administrative fees	15		54
Insurance fees	68		90
Directors' fees	45		45
Professional fees	92		119
Interest	—		55
Total net expenses	$	1,976	$	1,175

Under the terms of the Administration Agreement and Investment Management Agreement, we reimburse the Administrator and Advisor, respectively, for services performed for us. In addition, pursuant to the terms of these agreements, the Administrator and Advisor may delegate its obligations under these agreements to an affiliate or to a third party and we reimburse the Administrator and Advisor for any services performed for us by such affiliate or third party.

For the three months ended March 31, 2023, the Administrator charged approximately $0.02 million for certain costs and expenses allocable to the Company under the terms of the Administration Agreement. For the three months ended March 31, 2022, the Administrator charged approximately $0.1 million for certain costs and expenses allocable to the Company under the terms of the Administration Agreement.

Total net expenses increased to approximately $2.0 million from $1.2 million, for the three months ended March 31, 2023 and 2022, respectively, primarily due to increases in incentive fees, management fees, and current and deferred tax expenses. These increases in fees were largely driven by our deployment of capital and increased balance of our investments.

Income Taxes, including Excise Taxes

We have elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To continue to qualify for tax treatment as a RIC, we must, among other things, distribute to our shareholders in each taxable year generally at least 90% of our investment company taxable income, as defined by the Code, and net tax-exempt income for that taxable year. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite dividends to our shareholders, which generally relieves us from corporate-level U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, we will accrue excise tax on

71

estimated excess taxable income. For the three months ended March 31, 2023 and 2022, we did not accrue U.S. federal excise tax.

We conduct certain activities through our wholly-owned subsidiary, Twin Brook Equity XVIII Corp., a Delaware C corporation. Twin Brook Equity XVIII Corp. is treated as a corporation for United States federal income tax purposes and is subject to U.S. federal, state or local income tax. For the three months ended March 31, 2023, the Company accrued a current federal tax provision of $206,000 and a deferred federal tax provision of $536,000 related to Twin Brook Equity XVIII Corp. The Company did not accrue any U.S. federal tax expense for the three months ended March 31, 2022, related to Twin Brook Equity XVIII Corp.

Net Change in Unrealized Gains (Losses) on Investment Transactions

We fair value our portfolio investments quarterly and any changes in fair value are recorded as unrealized gains or losses. During the three months ended March 31, 2023 and 2022, net unrealized gains (losses) on our investment transactions were as follows:

(Amounts in thousands)	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Net change in unrealized gain (loss) on investments	$	(1,284)	$	437
Net change in unrealized gain (loss) on foreign currency forward contracts	23		(18)
Net change in unrealized gain (loss) on foreign currency translation	—		(2)
Net change in unrealized gain (loss) on investment transactions	$	(1,261)	$	417

For the three months ended March 31, 2023, the net unrealized loss was primarily driven by an decrease in the fair value of our investments as compared to December 31, 2022.

For the three months ended March 31, 2022, the net unrealized gain was primarily driven by an increase in the fair value of our investments as compared to December 31, 2021. The unrealized gains were also driven by improved performance of our portfolio companies including equity investments held by Twin Brook Equity Holdings, LLC, that increased our net asset value in the affiliated fund during the three months ended March 31, 2022.

Net Realized Gains (Losses) on Investment Transactions

The realized gains and losses on fully and partially exited portfolio companies and foreign currency transactions during the three months ended March 31, 2023 and 2022, were as follows:

(Amounts in thousands)	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Net realized gain (loss) on investments	$	775	$	35
Net realized gain (loss) on foreign currency forward contracts	(22)		(2)
Net realized gain (loss) on investment transactions	$	753	$	33

The increase in realized gains during the three months ended March 31, 2023 as compared to the three months ended March 31, 2022 was primarily due to realizing certain equity investments.

72

Financial Condition, Liquidity, and Capital Resources

Our liquidity and capital resources are generated primarily from the proceeds of capital drawdowns of our privately placed capital commitments, cash flows from interest, dividends and fees earned from our investments and principal repayments. The primary uses of our cash are (1) investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (2) the cost of operations (including paying our Advisor and Administrator or its affiliates), (3) debt service of any borrowings and (4) cash dividends to the holders of our stock.

We may enter into another subscription facility. Any such incurrence would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 200%. There were no outstanding borrowings as of March 31, 2023 and December 31, 2022. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage.

Cash as of March 31, 2023, taken together with our uncalled capital commitments of $21.6 million, is expected to be sufficient for our investing activities and to conduct our operations.

As of March 31, 2023 we had $16.6 million in cash. During the three months ended March 31, 2023, cash provided by operating activities was $9.6 million, primarily as a result of sales and paydowns of portfolio investments of $10.7 million, partially offset by funding portfolio investments of $4.8 million and other operating activities of $3.7 million. Cash used for financing activities was $5.0 million during the period, which was the result of dividend payments.

As of March 31, 2022, we had $25.3 million in cash. During the three months ended March 31, 2022, we used $0.6 million in cash for operating activities, primarily as a result of funding portfolio investments of $13.3 million, partially offset by sales of portfolio investments of $10.9 million, and other operating activities of $1.8 million. Cash used for financing activities was $1.8 million during the period, which was the result of dividend payments.

Subscriptions and Drawdowns

As of March 31, 2023, we had 9,672,358 shares issued and outstanding with a par value of $0.001 per share.

We have entered into subscription agreements with investors providing for the private placement of our common shares. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase our common shares up to the amount of their respective Capital Commitment on an as-needed basis each time our Advisor delivers a capital call notice to such investors.

During the three months ended March 31, 2023 and 2022, there were no capital call notices delivered to investors.

Dividends

The following table reflects dividends declared on shares of the Company's common stock during the three months ended March 31, 2023:

For the Three Months Ended March 31, 2023
Date Declared	Record Date	Payment Date	Dividend per Share
March 14, 2023	March 31, 2023	April 28, 2023	$	0.25

There were no dividends declared during the three months ended March 31, 2022.

73

Debt

In accordance with the 1940 Act, we can borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 200% after such borrowings, subject to certain limitations.

Subscription Facility

On August 14, 2019, we entered into a revolving credit facility (the “Subscription Facility”), pursuant to a Revolving Credit Agreement, as amended, with Wells Fargo Bank, National Association (the “Lender”). The Subscription Facility enables us to request loans from the Lender up to a maximum commitment of $15 million. The borrowings under the Subscription Facility are collateralized by the eligible unfunded capital commitments of our investors. The total amount available under the Subscription Facility may be reduced as a result of decreases in the unfunded capital commitments of our investors as well as other provisions of the Subscription Facility agreement. On May 4, 2022, we terminated the Subscription Facility’s revolving credit agreement.

Borrowings under the Subscription Facility bore interest at either (i) LIBOR plus the applicable margin of 1.50%, if the borrowing was a LIBOR Rate Loan or (ii) the Prime Rate plus the applicable margin of 0.50%, if the borrowing was a Reference Rate Loan. In addition, we paid an unused commitment fee of 0.20% per annum on the daily unused commitments of the Lender. The maturity date of the Subscription Facility was August 12, 2022.

The Subscription Facility agreement subjected us to certain covenants including, but not limited to, providing financial information and requirements concerning compliance with certain financial tests and investor attributes.

There were no debt obligations as of March 31, 2023 and December 31, 2022.

For the three months ended March 31, 2023 and 2022 the components of interest expense were as follows:

(Amounts in thousands)	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Interest expense	$	—	$	8
Amortization of deferred financing costs	—		47
Total interest expense	$	—	$	55
Average interest rate	N/A		N/A
Average daily borrowings	N/A		N/A

Off-Balance Sheet Arrangements

Portfolio Company Commitments

Our investment portfolio may contain debt investments that are in the form of revolving lines of credit and unfunded delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements. Unfunded portfolio company commitments and funded debt investments are presented on the consolidated schedule of investments at fair value. Unrealized appreciation or depreciation, if any, is included in the consolidated statement of assets and liabilities and consolidated statement of operations.

74

As of March 31, 2023 and December 31, 2022, the Company had the following outstanding commitments to fund investments in current portfolio companies:

Portfolio Company	March 31, 2023		December 31, 2022
First lien senior secured debt(1)	(Amounts in thousands)		(Amounts in thousands)
50Floor, LLC	$	90	$	199
626 Holdings Equity, LLC	185		229
Abrasive Technology Intermediate, LLC	138		121
ACES Intermediate, LLC	150		150
Advanced Lighting Acquisition, LLC	324		324
AEP Passion Intermediate Holdings, Inc.	37		48
AFC Industries, Inc.	89		131
Affinitiv, Inc.	248		248
Agility Intermediate, Inc.	343		383
AHR Intermediate, Inc	252		252
Alliance Environmental Group, LLC	24		23
ALM Media, LLC	971		971
Altamira Material Solutions, LP	45		45
AM Buyer, LLC	64		111
Answer Acquisition, LLC	38		38
Apex Dental Partners, LLC	152		179
Aptitude Health Holdings, LLC	267		267
Aquatic Sales Solutions, LLC	5		80
ARC Healthcare Technologies, LLC	244		244
ASC Ortho Management, LLC	57		69
ASP Global Acquisition, LLC	550		647
AvCarb, LLC	455		467
Banner Buyer, LLC	296		296
BBG Intermediate Holdings, Inc.	4		229
BCI Burke Holding Corp.	185		185
Beacon Oral Specialists Management LLC	188		152
Behavior Frontiers, LLC	38		19
Benefit Plan Administrators of Eau Claire, LLC	225		225
Bio Agri Mix Holdings Inc.	85		85
Brightview, LLC	96		111
Bulk Lift International, LLC	38		38
Canadian Orthodontic Partners Corp.	23		168
CCG Acquisition, Inc.	19		19
Champion Motorsports Group, LLC	56		—
Change Academy at Lake of the Ozarks, LLC	94		113
Community Care Partners, LLC	113		136
Copperweld Group, Inc.	339		401
Cosmetic Solutions, LLC	344		344

75

Portfolio Company	March 31, 2023	December 31, 2022
CPS HVAC Group, LLC	135	144
Custom Agronomics Holdings, LLC	23	45
DealerOn Inc.	314	314
Dermatology Medical Partners OpCo, LLC	62	78
Diamondback Buyer, LLC	34	75
DNS IMI Acquisition Corp	122	122
Domino Equipment Company, LLC	79	79
Double E Company, LLC	92	99
Dykstra's Auto, LLC	38	22
Edko Acquisition, LLC	34	34
EH Management Company, LLC	15	15
Empire Equipment Company, LLC	282	219
EMSAR Acquisition LLC	13	13
Endodontic Practice Partners, LLC	118	145
Engelman Baking Co., LLC	175	174
E-Phoenix Acquisition Co. Inc.	60	75
Exclusive Concepts, LLC	74	74
Formulated Buyer, LLC	268	297
Franchise Fastlane, LLC	15	15
FreshAddress, LLC	30	30
Geriatric Medical and Surgical Supply, LLC	300	300
Gold Medal Holdings, Inc.	19	26
Golden Bear PT Partners, LLC	26	188
Green Monster Acquisition, LLC	38	38
Groundworks Operations, LLC	—	420
Guardian Dentistry Practice Management, LLC	23	23
Highland Acquisition, Inc.	30	30
HLSG Intermediate, LLC	44	60
Home Brands Group Holdings, Inc.	48	48
Hultec Buyer, LLC	121	—
Hydromax USA, LLC	68	68
Icelandirect, LLC	2	2
Icreon Holdings, LLC	23	23
Infolinks Media Buyco, LLC	77	77
Innovative FlexPak, LLC	188	154
IPC Pain Acquistion, LLC	303	303
ISSA, LLC	131	131
ITSavvy LLC	43	113
Juniper Landscaping Holdings LLC	54	51
Kaizen Auto Care, LLC	8	66
Kalkomey Enterprises, LLC	39	77
Leonard Group, Inc.	234	203

76

Portfolio Company	March 31, 2023	December 31, 2022
Load One Purchaser Corporation	218	218
MacNeill Pride Group Corp.	268	225
Mad Rose Company, LLC	52	58
Main Street Gourmet, LLC	643	643
Mattco Forge, Inc.	506	506
Maxor National Pharmacy Services, LLC	—	84
Medical Technology Associates, Inc.	38	38
MetaSource, LLC	109	109
Millennia Patient Services, LLC	107	367
Montway LLC	150	150
MRC Keeler Acquisition, LLC	150	75
Nelson Name Plate Company	70	89
Network Partners Acquisition, LLC	150	150
NH Kronos Buyer, Inc.	263	263
Nimlok Company, LLC	320	320
NutriScience Innovations, LLC	131	131
P and R Dental Strategies, LLC	23	23
Peak Dental Services, LLC	38	303
Peak Investment Holdings, LLC	908	908
Pentec Acquisition Corp.	75	75
Performance PowerSports Group Purchaser, Inc.	—	56
PHGP MB Purchaser, Inc.	174	166
Pink Lily Holdings, LLC	63	63
PPW Acquisition, LLC	28	—
Propio LS, LLC	54	19
Purpose Home Health Acquisition, LLC	188	188
Qin's Buffalo, LLC	113	113
Raneys, LLC	38	38
Reliable Medical Supply LLC	97	97
Revival Animal Health, LLC	86	86
Rose Paving, LLC	94	41
RQM Buyer, Inc.	188	191
RTP Acquisition, LLC	34	34
Sage Dental Management, LLC	75	75
SAMGI Buyer, Inc.	138	138
SASE Company, LLC	30	38
SCA Buyer, LLC	167	167
SCP Beverage Buyer, LLC	23	23
SCP ENT and Allergy Services, LLC	347	413
Shearer Supply, LLC	23	30
ShiftKey, LLC	66	110
Signature Dental Partners LLC	52	65

77

Portfolio Company	March 31, 2023		December 31, 2022
Silver Falls MSO, LLC	95		2
SimiTree Acquisition LLC	186		186
SIMKO Merger Sub, LLC	171		170
Soccer Post Acquisition, LLC	6		17
Southeast Primary Care Partners, LLC	125		177
Southern Orthodontic Partners Management, LLC	125		136
Southern Sports Medicine Partners, LLC	175		175
Spectrum Solutions, LLC	267		267
Stax Holding Company, LLC	60		60
Steel City Wash, LLC	16		22
Storm Smart Buyer LLC	131		52
Sun Orchard, LLC	98		105
Teel Plastics, LLC	324		324
The Channel Company, LLC	27		58
Trademark Global, LLC	9		9
Triad Technologies, LLC	266		314
United Land Services Opco Parent, LLC	366		693
Universal Pure, LLC	140		278
USALCO, LLC	70		58
Vanguard Packaging, LLC	481		481
Varsity DuvaSawko Operating Corp.	474		474
Vehicle Accessories, Inc.	11		38
Vital Care Buyer, LLC	580		483
Western Veterinary Partners, LLC	24		22
Yard-Nique, Inc	169		163
Total unfunded portfolio company commitments	$	21,366	$	23,867

(1)Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date.

As of March 31, 2023 and December 31, 2022, approximately $209,000 and $207,000, respectively, of the Company's unfunded revolver commitments are reserved for letters of credit issued to third party beneficiaries on behalf of the Company's investments.

We maintain sufficient undrawn capital commitments of our investors to cover outstanding unfunded portfolio company commitments that we may be required to fund.

Investor Commitments

As of March 31, 2023 and December 31, 2022, the Company had $216.0 million in total capital commitments from investors ($21.6 million undrawn). These undrawn capital commitments will no longer remain in effect following the completion of a Qualified IPO.

Related Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the Investment Management Agreement, the Administration Agreement, and the Resource Sharing Agreement.

78

In addition to the aforementioned agreements, we intend to rely on exemptive relief that has been granted to us, our Advisor, and Angelo Gordon to permit us to co-invest with other funds managed by Angelo Gordon in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as any regulatory requirements and other pertinent factors. See “Item 1. – Notes to Consolidated Financial Statements – Note 6. Agreements and Related Party Transactions” for further description of our related party transactions.

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 in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 16, 2022, and elsewhere in our filings with the SEC. There have been no significant changes this quarter in our critical accounting policies and practices.

Good Faith Determinations of Fair Value (“Rule 2a-5”) under the 1940 Act was adopted by the SEC in December 2020 and establishes requirements for determining fair value in good faith for purposes of the 1940 Act.

The Board has designated the Adviser as its “valuation designee’ pursuant to Rule 2a-5, and in that role the Adviser is responsible for performing fair value determinations relating to all of our investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies in accordance with valuation policies and procedures that have been approved by the Board. Even though the Board designated the Adviser as “valuation designee” the Board is ultimately responsible for the fair value determinations under the 1940 Act.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Uncertainty with respect to the economic effects of the COVID-19 outbreak has introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks, including those listed below. We are subject to financial market risks, including valuation risk and interest rate risk.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and therefore, we will value these investments at fair value as determined in good faith by our Board, based on, among other things, the input of our Advisor and independent third party valuation firm(s) engaged at the direction of the Board, and in accordance with our valuation policy. There is no single standard for determining fair value. 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. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We may fund portions of our investments with borrowings on a short term basis, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure you that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of March 31, 2023, 100% of our debt investments based on fair value in our portfolio were at floating rates.

79

Based on our Consolidated Statement of Assets and Liabilities as of March 31, 2023, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates on our debt investments and leverage (considering interest rate floors for floating rate instruments) assuming each floating rate investment is subject to 3-month LIBOR or Term SOFR – contingent on the investment’s credit agreement – and there are no changes in our investment and borrowing structure:

(Amounts in millions)	Interest Income		Interest Expense		Net Income
Up 200 basis points	$	3.6	$	—	$	3.6
Up 100 basis points	$	1.8	$	—	$	1.8
Down 100 basis points	$	(1.8)	$	—	$	(1.8)
Down 200 basis points	$	(3.6)	$	—	$	(3.6)

To a limited extent, we may in the future hedge against interest rate fluctuations by using hedging instruments such as futures, options, swaps and forward contracts, and credit hedging contracts, such as credit default swaps. However, no assurance can be given that such hedging transactions will be entered into or, if they are, that they will be effective.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

Changes in Internal Controls over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the period ended March 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

80

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

Item 1A. Risk Factors.

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. The Company is providing the following additional risk factors to supplement the risk factors included in Item 1A. of our Annual Report.

We may be subject to risks related to bank impairments or failures either directly or through our portfolio companies, which, in turn, could indirectly impact our performance and results of operations.

In March 2023, the U.S. Federal Deposit Insurance Corporation (“FDIC”) took control of Silicon Valley Bank and Signature Bank, and in May 2023, the FDIC took control of First Republic Bank due to liquidity concerns. The impairment or failure of one or more banks with whom any of our portfolio companies transact may inhibit the ability of our portfolio companies to access depository accounts, investment accounts or credit facilities at such banks, which, in turn, may cause them to default on their debt obligations to us, resulting in impacts to our performance. In the event of such a failure of a banking institution where one or more of our portfolio companies holds depository accounts, access to such accounts could be restricted and FDIC protection may not be available for balances in excess of amounts insured by the FDIC. In such instances, our affected portfolio companies may not be able to recover such excess, uninsured amounts, and they may not be able to cure any defaults. Additionally, unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing our investments and harm business, financial condition, operating results and prospects. We closely monitor activity in the banking sector as it relates to any of our borrowers and continually assess any potential indirect impact to us as a result of the same.

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

Except as previously reported by the Company on its current reports on Form 8-K, we did not sell any securities during the period covered by this Quarterly Report on Form 10-Q that were not registered under the Securities Act.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

81

Item 6. Exhibits.

Exhibit No.	Description
3.1	Amended and Restated Certificate of Incorporation, dated June 20, 2019 (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 10, filed on July 2, 2019)
3.2	By-laws, dated May 6, 2019 (incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form 10, filed on July 2, 2019)
31.1*	Certification of Trevor Clark pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	Certification of Terrence Walters pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*	Certification of Trevor Clark pursuant to Securities Exchange Act Rule 13a-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*	Certification of Terrence Walters pursuant to Securities Exchange Act Rule 13a-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

______________

*Filed herewith

82

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused his report to be signed on its behalf by the undersigned thereunto duly authorized.

	AG TWIN BROOK BDC, INC.
May 12, 2023	By:	/s/ Trevor Clark
		Trevor Clark
		Chief Executive Officer
		(Principal Executive Officer)

May 12, 2023	By:	/s/ Terrence Walters
		Terrence Walters
		Chief Financial Officer and Treasurer
		(Principal Financial Officer and Principal Accounting Officer)

83