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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period to Commission File No. 814-00995 TCG BDC, INC. (Exact name of Registrant as specified in its charter) Maryland 80-0789789 (State or other jurisdiction of incorporation or orga ...

TCG BDC, Inc. (NASDAQ:CGBD) Q1 2020 Earnings Conference Call May 6, 2020 11:00 AM ET Company Participants Daniel Harris - Head, IR Linda Pace - Chairperson, CEO & President Taylor Boswell - CIO, Direct Lending Thomas Hennigan - CFO & Chief Risk Officer Conference Call Participants Richard Shane - JPMorgan Chase & Co. Arren Cyganovich - Citigroup Finian O'Shea - Wells Fargo Securities Ryan Lynch - KBW Operator Ladies and gentlemen, thank you for standing by, and welcome to TCG BDC's First Quarter 2020 Earnin ...

```markdown Part I - Financial Information [Consolidated Financial Statements](index=3&type=section&id=Consolidated%20Financial%20Statements) For the quarter ended March 31, 2020, TCG BDC, Inc. reported a significant net decrease in net assets of $121.1 million, a sharp contrast to the $33.7 million increase in the same period of 2019. This was primarily driven by a substantial net change in unrealized depreciation on investments of $145.6 million. Total assets decreased to $2.13 billion from $2.19 billion at year-end 2019, while total liabilities increased, leading to a reduction in net assets from $956.5 million to $798.5 million. Net assets per share fell from $16.56 to $14.18 during the quarter [Consolidated Statements of Assets and Liabilities](index=3&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) As of March 31, 2020, total assets were $2.127 billion, a decrease from $2.188 billion at December 31, 2019, primarily due to a decline in the fair value of investments. Total liabilities increased to $1.328 billion from $1.231 billion, driven by higher secured borrowings. Consequently, total net assets decreased to $798.5 million from $956.5 million, with net assets per share falling to $14.18 from $16.56 Consolidated Assets and Liabilities (in thousands) | Account | March 31, 2020 (unaudited) | December 31, 2019 | | :--- | :--- | :--- | | **Total investments, at fair value** | **$2,024,277** | **$2,123,964** | | Cash and cash equivalents | $65,525 | $36,751 | | **Total assets** | **$2,126,826** | **$2,187,533** | | Secured borrowings | $701,609 | $616,543 | | **Total liabilities** | **$1,328,292** | **$1,231,062** | | **Total net assets** | **$798,534** | **$956,471** | | **NET ASSETS PER SHARE** | **$14.18** | **$16.56** | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) For the three months ended March 31, 2020, the company reported a net decrease in net assets of $121.1 million, or ($2.12) per share, compared to a net increase of $33.7 million, or $0.55 per share, in the prior year period. The significant loss was driven by a $145.1 million net realized and unrealized loss on investments, a stark reversal from a $6.2 million gain in Q1 2019. Total investment income decreased to $50.5 million from $55.2 million year-over-year, while total expenses remained relatively flat Consolidated Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | | :--- | :--- | :--- | | **Total investment income** | **$50,545** | **$55,187** | | Total expenses | $26,521 | $27,565 | | **Net investment income (loss)** | **$23,972** | **$27,562** | | Net realized/unrealized gain (loss) on investments | ($145,072) | $6,164 | | **Net increase (decrease) in net assets** | **($121,100)** | **$33,726** | | **Basic and diluted earnings per common share** | **($2.12)** | **$0.55** | [Consolidated Statements of Changes in Net Assets](index=5&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets) Net assets decreased by $157.9 million during the three months ended March 31, 2020, from $956.5 million to $798.5 million. The decrease was primarily due to a $121.1 million net loss from operations and $36.8 million in capital transactions, which included $16.0 million in common stock repurchases and $20.8 million in dividends declared Changes in Net Assets (in thousands) | Description | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | | :--- | :--- | :--- | | **Net Assets at beginning of period** | **$956,471** | **$1,063,218** | | Net decrease in net assets from operations | ($121,100) | ($3,031) | | Repurchase of common stock | ($16,003) | ($14,085) | | Dividends declared | ($20,834) | ($22,672) | | **Net Assets at end of period** | **$798,534** | **$1,060,187** | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the three months ended March 31, 2020, net cash used in operating activities was $10.2 million. Net cash provided by financing activities was $39.0 million, resulting from $226.5 million in borrowings offset by $139.4 million in repayments and $16.0 million in stock repurchases. This led to a net increase in cash and cash equivalents of $28.8 million, ending the period with a balance of $65.5 million Cash Flow Summary (in thousands) | Activity | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | ($10,211) | ($143,511) | | Net cash provided by (used in) financing activities | $38,985 | $96,396 | | **Net increase (decrease) in cash** | **$28,774** | **($47,115)** | | Cash and cash equivalents, beginning of period | $36,751 | $87,186 | | **Cash and cash equivalents, end of period** | **$65,525** | **$40,071** | [Consolidated Schedules of Investments](index=7&type=section&id=Consolidated%20Schedules%20of%20Investments) The company's total investment portfolio had a fair value of $2.02 billion as of March 31, 2020, down from $2.12 billion at December 31, 2019. The portfolio remains heavily concentrated in debt, with First Lien Debt comprising 73.0% and Second Lien Debt comprising 13.6% of the portfolio's fair value at the end of the quarter. The portfolio is diversified across numerous industries, with Software (11.0%), High Tech Industries (10.5%), and Investment Fund (9.2%) being the largest concentrations [As of March 31, 2020](index=7&type=section&id=As%20of%20March%2031%2C%202020) As of March 31, 2020, the total investment portfolio was valued at $2.024 billion, with an amortized cost of $2.247 billion. The portfolio was primarily composed of First Lien Debt (73.0% of fair value) and Second Lien Debt (13.6%). The largest industry exposures were Software, High Tech Industries, and Business Services. Geographically, 91.5% of the portfolio was invested in the United States. The company also had $104.0 million in unfunded commitments Portfolio Composition by Investment Type (March 31, 2020) | Type | Amortized Cost | Fair Value | % of Fair Value | | :--- | :--- | :--- | :--- | | First Lien Debt (excluding First Lien/Last Out) | $1,597,780 | $1,478,357 | 73.02% | | First Lien/Last Out Unitranche | $93,178 | $56,408 | 2.79% | | Second Lien Debt | $308,563 | $275,055 | 13.59% | | Equity Investments | $31,805 | $29,323 | 1.45% | | Investment Fund | $216,001 | $185,134 | 9.15% | | **Total** | **$2,247,327** | **$2,024,277** | **100.00%** | - The company had total unfunded commitments of **$103,988 thousand** at par value as of March 31, 2020[29](index=29&type=chunk) - The investment portfolio is geographically concentrated in the United States, which accounts for **91.46%** of the total fair value[33](index=33&type=chunk) [As of December 31, 2019](index=19&type=section&id=As%20of%20December%2031%2C%202019) As of December 31, 2019, the total investment portfolio had a fair value of $2.124 billion and an amortized cost of $2.201 billion. The portfolio consisted mainly of First Lien Debt (74.6% of fair value) and Second Lien Debt (11.0%). The largest industry concentrations were Software, High Tech Industries, and Healthcare & Pharmaceuticals. The vast majority of investments (94.9%) were located in the United States. Unfunded commitments totaled $149.9 million Portfolio Composition by Investment Type (December 31, 2019) | Type | Amortized Cost | Fair Value | % of Fair Value | | :--- | :--- | :--- | :--- | | First Lien Debt (excluding First Lien/Last Out) | $1,649,721 | $1,585,042 | 74.63% | | First Lien/Last Out Unitranche | $78,951 | $78,096 | 3.68% | | Second Lien Debt | $234,006 | $234,532 | 11.04% | | Equity Investments | $22,272 | $21,698 | 1.02% | | Investment Fund | $216,501 | $204,596 | 9.63% | | **Total** | **$2,201,451** | **$2,123,964** | **100.00%** | - The company had total unfunded commitments of **$149,890 thousand** at par value as of December 31, 2019[52](index=52&type=chunk) [Notes to Consolidated Financial Statements](index=31&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the company's organization as a BDC, significant accounting policies including fair value measurement for its Level 3 assets, and related party transactions with its Investment Adviser, Carlyle. Key details are provided on its investment in the Middle Market Credit Fund, LLC, its various borrowing facilities and notes payable, commitments, and shareholder equity activities, including a stock repurchase program. The notes also cover financial highlights, tax status as a RIC, and significant subsequent events, such as the issuance of preferred stock [Note 1. Organization](index=31&type=section&id=Note%201.%20Organization) TCG BDC, Inc. is an externally managed, non-diversified closed-end investment company regulated as a Business Development Company (BDC). Its primary investment objective is to generate current income and capital appreciation by lending to U.S. middle-market companies, defined as those with $25 million to $100 million in EBITDA. The company is managed by Carlyle Global Credit Investment Management L.L.C., a subsidiary of The Carlyle Group Inc - The company's core strategy is lending to U.S. middle market companies, with an expectation that **70% to 80%** of its assets will be invested in Middle Market Senior Loans[58](index=58&type=chunk) - The company has elected to be treated as a Regulated Investment Company (RIC) for tax purposes, which generally allows it to avoid corporate-level taxes on distributed income[58](index=58&type=chunk) [Note 3. Fair Value Measurements](index=35&type=section&id=Note%203.%20Fair%20Value%20Measurements) The company's investments are measured at fair value, with all investments classified as Level 3 in the fair value hierarchy as of March 31, 2020, and December 31, 2019. This indicates that their valuation relies on significant unobservable inputs. The valuation process involves initial review by investment professionals, review by a management valuation committee, engagement of a third-party valuation firm for positive assurance on a rolling basis, and final determination by the Board of Directors - All of the company's investments, totaling **$2.024 billion** as of March 31, 2020, were categorized as Level 3, meaning their fair value is determined using significant unobservable inputs like discounted cash flow models and comparable company multiples[109](index=109&type=chunk) Changes in Level 3 Investments (in thousands) for Q1 2020 | Description | Amount | | :--- | :--- | | Balance, beginning of period | $2,123,964 | | Purchases | $331,932 | | Sales & Paydowns | ($286,945) | | Net realized gains (losses) | ($1,697) | | Net change in unrealized depreciation | ($145,563) | | **Balance, end of period** | **$2,024,277** | [Note 4. Related Party Transactions](index=41&type=section&id=Note%204.%20Related%20Party%20Transactions) The company is externally managed by Carlyle Global Credit Investment Management L.L.C. (the "Investment Adviser"). For Q1 2020, the company incurred $7.4 million in base management fees and $5.1 million in incentive fees. The base management fee is 1.50% annually on gross assets, reduced to 1.00% for gross assets exceeding 200% of net asset value. The incentive fee has two parts: one based on pre-incentive fee net investment income exceeding a 6% annualized hurdle rate, and another based on realized capital gains Management and Incentive Fees (in thousands) | Fee Type | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | | :--- | :--- | :--- | | Base management fees | $7,386 | $7,685 | | Incentive fees | $5,086 | $5,846 | | **Total** | **$12,472** | **$13,531** | [Note 5. Middle Market Credit Fund, LLC](index=44&type=section&id=Note%205.%20Middle%20Market%20Credit%20Fund%2C%20LLC) The company co-manages and holds a 50% economic interest in Middle Market Credit Fund, LLC ("Credit Fund"), which is not consolidated. As of March 31, 2020, Credit Fund's investment portfolio had a fair value of $1.20 billion. For Q1 2020, Credit Fund generated $21.6 million in total investment income and had a net decrease from operations of $79.1 million, primarily due to unrealized depreciation. The company's investment in Credit Fund had a fair value of $185.1 million at quarter-end Credit Fund Selected Financial Data (in thousands) | Metric | As of March 31, 2020 | As of December 31, 2019 | | :--- | :--- | :--- | | Investments, at fair value | $1,199,183 | $1,246,839 | | Total assets | $1,326,422 | $1,320,995 | | Secured borrowings & Notes payable | $949,487 | $969,484 | | **Net increase (decrease) from operations (Q1)** | **($79,131)** | **$16,928 (Q1 2019)** | [Note 6. Borrowings](index=58&type=section&id=Note%206.%20Borrowings) As of March 31, 2020, the company had $701.6 million in outstanding secured borrowings under its SPV Credit Facility and Credit Facility, an increase from $616.5 million at year-end 2019. The total capacity of these facilities is $963.0 million, with $127.3 million available for borrowing at quarter-end based on collateral and covenants. The company's asset coverage ratio was 163.08%, above the required 150% Credit Facilities Summary (in thousands) | Facility | Total Capacity | Borrowings Outstanding (Mar 31, 2020) | Amount Available | | :--- | :--- | :--- | :--- | | SPV Credit Facility | $275,000 | $201,026 | $4,497 | | Credit Facility | $688,000 | $500,583 | $122,832 | | **Total** | **$963,000** | **$701,609** | **$127,329** | - The company's asset coverage ratio was **163.08%** as of March 31, 2020, compliant with the regulatory minimum of **150%**[185](index=185&type=chunk) [Note 7. Notes Payable](index=60&type=section&id=Note%207.%20Notes%20Payable) The company has two series of notes payable: $115.0 million of 4.750% Senior Unsecured Notes due 2024 and $449.2 million (par value) of 2015-1R Notes from a term debt securitization. The 2015-1R Notes are secured by a portfolio of senior secured loans held by a consolidated subsidiary. As of March 31, 2020, the fair value of the 2015-1R Notes was $413.2 million, below their carrying value - In December 2019, the company issued **$115.0 million** in **4.750%** Senior Unsecured Notes due 2024[194](index=194&type=chunk) - The **2015-1R Notes**, with a carrying value of **$449.2 million**, are secured by a portfolio of first and second lien senior secured loans with a total fair value of approximately **$513.3 million**[207](index=207&type=chunk) [Note 8. Commitments and Contingencies](index=63&type=section&id=Note%208.%20Commitments%20and%20Contingencies) As of March 31, 2020, the company had total unfunded commitments of $104.0 million, consisting of $65.2 million in delayed draw term loans and $38.8 million in revolving term loans. This is a decrease from $149.9 million in total unfunded commitments at the end of 2019 Unfunded Commitments (Par Value, in thousands) | Commitment Type | March 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Unfunded delayed draw commitments | $65,237 | $75,874 | | Unfunded revolving term loan commitments | $38,751 | $74,016 | | **Total unfunded commitments** | **$103,988** | **$149,890** | [Note 9. Net Assets](index=63&type=section&id=Note%209.%20Net%20Assets) During Q1 2020, the company repurchased 1,455,195 shares of its common stock for $16.0 million under its stock repurchase program. This activity reduced shares outstanding to 56,308,616. The company declared a quarterly dividend of $0.37 per share for the quarter - The company repurchased **1,455,195** shares for **$16.0 million** in Q1 2020. Since the program's inception, **6,260,043** shares have been repurchased for **$85.6 million**, resulting in a **$0.34** accretion to NAV per share[214](index=214&type=chunk)[216](index=216&type=chunk) - A quarterly dividend of **$0.37** per share was declared on February 24, 2020[218](index=218&type=chunk) [Note 10. Consolidated Financial Highlights](index=66&type=section&id=Note%2010.%20Consolidated%20Financial%20Highlights) For the three months ended March 31, 2020, the company's net asset value (NAV) per share decreased from $16.56 to $14.18. The total return based on NAV was -12.14%, and the total return based on market price was -58.22%. The ratio of net investment income to average net assets was 2.66% for the quarter Per Share Data and Returns | Metric | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | | :--- | :--- | :--- | | NAV per share, beginning of period | $16.56 | $17.09 | | Net increase (decrease) from operations | ($2.15) | $0.54 | | **NAV per share, end of period** | **$14.18** | **$17.30** | | **Total return based on net asset value** | **(12.14)%** | **3.39%** | | **Total return based on market price** | **(58.22)%** | **19.76%** | [Note 13. Subsequent Events](index=67&type=section&id=Note%2013.%20Subsequent%20Events) Subsequent to quarter-end, the company declared a quarterly dividend of $0.37 per share. On May 5, 2020, the company issued and sold $50.0 million of cumulative convertible preferred stock to an affiliate of Carlyle in a private placement. The proceeds are intended for debt repayment and general corporate purposes - On May 4, 2020, the Board declared a quarterly dividend of **$0.37** per share, payable on July 17, 2020[226](index=226&type=chunk) - On May 5, 2020, the company raised **$50.0 million** through a private placement of convertible preferred stock to Carlyle. The stock has an initial dividend rate of **7.00%** (cash) or **9.00%** (PIK) and a conversion price of **$9.50** per common share[227](index=227&type=chunk)[228](index=228&type=chunk)[399](index=399&type=chunk) Part I - Other Information [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=68&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the significant net loss in Q1 2020 to unrealized depreciation on investments, driven by higher market spreads related to the COVID-19 pandemic. Investment income decreased year-over-year due to lower LIBOR rates and more loans on non-accrual status. The portfolio's fair value decreased to $2.02 billion, with debt investments on non-accrual status rising to 2.18% of the portfolio. Despite market volatility, management believes the company has sufficient liquidity, bolstered by a subsequent $50 million preferred stock issuance, to meet obligations and support its investment objectives [Portfolio and Investment Activity](index=71&type=section&id=Portfolio%20and%20Investment%20Activity) As of March 31, 2020, the investment portfolio's fair value was $2.02 billion across 110 portfolio companies. Secured debt constituted 89.4% of the portfolio, with 99.2% of debt investments being floating rate. During the quarter, new investment purchases totaled $331.9 million at amortized cost, while sales and repayments were $286.9 million. The weighted average yield on debt investments decreased to 7.74% from 8.22% at year-end, primarily due to lower LIBOR. Investments on non-accrual status increased to 2.18% of the portfolio's fair value Portfolio Composition by Fair Value | Investment Type | March 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | First lien debt | 73.0% | 74.6% | | First lien/last out loans | 2.8% | 3.7% | | Second lien debt | 13.6% | 11.0% | | **Total secured debt** | **89.4%** | **89.3%** | | Credit Fund | 9.2% | 9.6% | | Equity investments | 1.5% | 1.0% | Internal Risk Ratings of Debt Portfolio (% of Fair Value) | Rating | March 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | 1 (Low Risk) | 2.13% | 2.06% | | 2 (Stable) | 76.94% | 79.12% | | 3 (Mgmt Notice) | 11.37% | 7.00% | | 4 (Watch List) | 5.34% | 8.38% | | 5 (Possible Loss) | 1.80% | 3.44% | | 6 (Probable Loss) | 2.42% | 0.00% | | **Total** | **100.00%** | **100.00%** | [Consolidated Results of Operations](index=75&type=section&id=Consolidated%20Results%20of%20Operations) For Q1 2020, total investment income fell to $50.5 million from $55.2 million in Q1 2019, attributed to lower LIBOR, more non-accrual loans, and reduced income from the Credit Fund. Net expenses decreased slightly to $26.6 million. The key driver of the period's results was the net change in unrealized depreciation of $145.6 million, primarily due to higher market spreads from the COVID-19 pandemic, leading to a net loss of $121.1 million - The decrease in investment income was primarily driven by a decline in LIBOR, an increase in loans on non-accrual status, and lower interest and dividend income from the Credit Fund[271](index=271&type=chunk) - The significant net change in unrealized depreciation was primarily due to higher market spreads related to the COVID-19 pandemic, as well as changes in other valuation inputs like enterprise value multiples and borrower ratings[283](index=283&type=chunk) [Financial Condition, Liquidity and Capital Resources](index=91&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) As of March 31, 2020, the company had $65.5 million in cash and $127.3 million available for borrowing under its credit facilities. Total outstanding debt was $1.27 billion. Management believes current liquidity is sufficient to meet obligations, supported by a post-quarter-end $50 million preferred stock issuance. The company's asset coverage ratio stood at 163.08%, compliant with the 150% regulatory minimum. The stock repurchase program was temporarily suspended to preserve capital - Management believes its current cash position, available credit, and operating cash flow provide sufficient resources to meet obligations, despite market disruption from COVID-19[317](index=317&type=chunk) Liquidity Position (in thousands) | Item | March 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Cash and cash equivalents | $65,525 | $36,751 | | Available borrowings | $127,329 | $268,423 | | Total outstanding debt | $1,265,809 | $1,180,743 | - The company temporarily suspended its stock repurchase program to preserve capital[328](index=328&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=100&type=section&id=Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to valuation risk, as its investments are primarily illiquid Level 3 assets, and interest rate risk. As of March 31, 2020, 99.2% of its debt investments were floating rate. A sensitivity analysis shows that a 100 basis point increase in interest rates would increase annual net investment income by an estimated $7.8 million, while a 100 basis point decrease would increase it by $3.6 million, due to the effect of interest rate floors on assets and the cost of floating-rate liabilities - As of March 31, 2020, approximately **99.2%** of the company's debt investments bear interest at floating rates, while its credit facilities are also subject to floating rates[373](index=373&type=chunk) Annualized Interest Rate Sensitivity Analysis (in thousands, as of March 31, 2020) | Basis Point Change | Change in Interest Income | Change in Interest Expense | Change in Net Investment Income | | :--- | :--- | :--- | :--- | | +300 bps | $57,263 | ($33,774) | $23,489 | | +200 bps | $38,175 | ($22,516) | $15,659 | | +100 bps | $19,088 | ($11,258) | $7,830 | | -100 bps | ($7,697) | $11,258 | $3,561 | [Controls and Procedures](index=100&type=section&id=Controls%20and%20Procedures) Based on an evaluation as of the end of the period, the company's Chief Executive Officer and Chief Financial Officer concluded that disclosure controls and procedures were effective. There were no material changes in internal control over financial reporting during the quarter - Management concluded that the company's disclosure controls and procedures are effective as of March 31, 2020[379](index=379&type=chunk) - No material changes to internal control over financial reporting occurred during the three-month period ended March 31, 2020[380](index=380&type=chunk) Part II - Other Information [Risk Factors](index=102&type=section&id=Risk%20Factors) The company highlights significant new and updated risks related to the COVID-19 pandemic. These include potential adverse effects on portfolio companies' operations and financial health, increased market volatility and illiquidity, and disruptions to the company's own operations. There is concern that the pandemic could lead to a global economic downturn, increasing funding costs and limiting access to capital. The company also notes the risk of its stock trading at a significant discount to NAV, which could limit its ability to raise equity capital - The COVID-19 pandemic is expected to disrupt the businesses of portfolio companies, potentially leading to increased defaults, amendment requests, and difficulty refinancing[384](index=384&type=chunk) - Disruptions in U.S. capital markets due to the pandemic have increased volatility and illiquidity, which could adversely affect the company's business, funding costs, and the fair value of its investments[385](index=385&type=chunk) - The company's common stock has recently traded significantly below Net Asset Value (NAV), a risk that could limit its ability to raise additional equity capital[388](index=388&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=103&type=section&id=Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the three months ended March 31, 2020, the company repurchased a total of 1,455,195 shares of its common stock at an average price of approximately $11.00 per share. These purchases were made under its publicly announced stock repurchase program, which had approximately $14.4 million remaining in authorization at the end of the quarter Issuer Purchases of Equity Securities (Q1 2020) | Period | Total Shares Purchased | Average Price Paid Per Share | Approx. Dollar Value Remaining in Program | | :--- | :--- | :--- | :--- | | January 2020 | 582,188 | $13.74 | $22,406 | | February 2020 | 40,861 | $12.24 | $21,906 | | March 2020 | 832,146 | $9.02 | $14,403 | | **Total** | **1,455,195** | - | **$14,403** | [Other Information](index=104&type=section&id=Other%20Information) On May 5, 2020, the company issued and sold 2,000,000 shares of cumulative convertible preferred stock to an affiliate of Carlyle for total proceeds of $50.0 million. The preferred stock has a liquidation preference of $25 per share and an initial dividend rate of 7.00% (cash) or 9.00% (PIK). It is convertible into common stock at an initial conversion price of $9.50 per share - The company raised **$50.0 million** on May 5, 2020, through a private placement of **2,000,000** shares of convertible preferred stock to a Carlyle affiliate[398](index=398&type=chunk) - Key terms of the preferred stock include a **$25** liquidation preference, a **7.00%** cash dividend (or **9.00%** PIK), and an initial conversion price of **$9.50** per common share[398](index=398&type=chunk)[399](index=399&type=chunk) ```

TCG BDC, Inc. (NASDAQ:CGBD) Q4 2019 Earnings Conference Call February 26, 2020 8:30 AM ET Company Participants Daniel Harris - Head of Investor Relations Linda Pace - Chief Executive Officer Taylor Boswell - Chief Investment Officer Thomas Hennigan - Chief Financial Officer and Chief Risk Officer Conference Call Participants Finian O’Shea - Wells Fargo Securities Ryan Lynch - Keefe Bruyette & Woods, Inc. Arren Cyganovich - Citigroup Inc. Operator Ladies and gentlemen, thank you for standing by, and welcome ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 000-54899 TCG BDC, INC. (Exact name of Registrant as specified in its charter) Maryland 80-0789789 (State or other jurisdiction of in ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period to Commission File No. 814-00995 TCG BDC, INC. (Exact name of Registrant as specified in its charter) Maryland 80-0789789 (State or other jurisdiction of incorporation or ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period to Commission File No. 814-00995 | --- | --- | |------------------------------------------------------------------------------|------------------------------------------------ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period to | --- | --- | |--------------------------------------------------------------------------------|----------------------------------------------------------------| | Commiss ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 000-54899 TCG BDC, INC. (Exact name of Registrant as specified in its charter) Maryland 80-0789789 (State or other jurisdiction of in ...