TCG BDC, Inc. (NASDAQ:CGBD) Q4 2021 Earnings Conference Call February 23, 2022 11:00 AM ET Company Participants Allison Rudary - Head of Investor Relations Linda Pace - Chief Executive Officer Taylor Boswell - Chief Investment Officer Tom Hennigan - Chief Financial Officer Conference Call Participants Melissa Wedel - JPMorgan Ryan Lynch - KBW Derek Hewett - Bank of America Operator Good day, and thank you for standing by. Welcome to the TCG BDC, Inc. Fourth Quarter 2021 Earnings Call. At this time, all part ...

| --- | --- | --- | |------------------------------------------------------------------|-------|-------| | | | | | | | | | TCG BDC, Inc. Quarterly Earnings Presentation DECEMBER 31, 2021 | | | 1 Disclaimer and Forward-Looking Statement This presentation (the "Presentation") has been prepared by TCG BDC, Inc. (together with its consolidated subsidiaries, "we," "us," "our," "TCG BDC" or the "Company") (NASDAQ: CGBD) and may only be used for informational purposes only. This Presentation should be viewed in co ...

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, 2021 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 ...

Financial Data and Key Metrics Changes - The company reported a net asset value (NAV) per share of $16.65, an increase of $0.51 or 3.2% from the previous quarter's $16.14, and above the NAV reported in Q4 2019 [6] - Net investment income for the quarter was $21 million or $0.39 per common share, exceeding recent performance and guidance [29] - The total investment income for Q3 was $44 million, up from $43 million in the prior quarter, driven by an increase in core interest income [28] Business Line Data and Key Metrics Changes - The portfolio stands at just under $2 billion, with $270 million of new investments funded during the quarter [9] - The company repurchased $6.8 million of its common stock, resulting in $0.02 of accretion to NAV [7] - Total dividend income from joint ventures was $7.5 million, consistent with the last two quarters, yielding about 11% [31] Market Data and Key Metrics Changes - The company noted a robust activity in corporate transactional markets, with the third quarter being one of the busiest in its history [17] - The U.S. labor force participation rate remains approximately 2% below its pre-pandemic peak, impacting certain sectors [16] Company Strategy and Development Direction - The company aims to leverage the Carlyle platform to enhance its investment process, focusing on origination, credit, and portfolio management [12] - The strategy includes maintaining a high degree of investment selectivity and identifying conviction investments while ensuring a defensive approach to portfolio construction [13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a complicated macro environment due to the COVID-19 Delta variant and global supply chain disruptions, but noted that borrowers are generally able to pass through cost increases [15][16] - The company expects continued positive fundamental performance and sees opportunities for improvements in non-accrual investments in 2022 [10] Other Important Information - The Board of Directors reapproved a stock repurchase authorization for $150 million, indicating ongoing confidence in the stock's valuation [8] - The company has maintained a stable non-accrual rate at 3.5% based on fair value, with no new non-accruals reported for five consecutive quarters [37] Q&A Session Summary Question: Impact of supply chain shortages and inflation on industry focus - Management indicated that while supply chain issues influence due diligence, they do not significantly change the industries targeted for new capital deployment [44][45] Question: Expectations for portfolio activity in Q4 - Management expects robust activity levels to continue into Q4, with typical seasonality affecting transaction timing [48][50] Question: Share repurchase strategy heading into 2022 - The company plans to continue steady repurchases, adjusting based on the discount to NAV [62] Question: Interest rate sensitivity and inflation impact - The portfolio primarily consists of floating-rate loans with LIBOR floors, which could affect earnings as interest rates rise [68]

Financial Performance - Net investment income was $039 per common share, exceeding the quarterly base dividend of $032[22] - Net realized/unrealized gains of $26 million, or $048 per share[22] - NAV per common share increased 32% to $1665 at 3Q21, from $1614 at 2Q21[22] - Paid 3Q21 base dividend of $032 plus a supplemental dividend of $006 per share, resulting in a LTM dividend yield of 88% based on quarter-end NAV[22] - Share repurchases in 3Q21 totaled 05 million shares for $68 million, contributing $002 per share of accretion to net asset value[22] Portfolio and Investment Activity - Total investments at fair value of $19 billion at 3Q21, up 41% compared to 2Q21[22] - New investment activity of $273 million with a weighted average yield on debt investments of 80%[22] - Repayments of $135 million and strategic sales of $88 million, with a combined weighted average yield on debt investments of 76%[22] Portfolio Composition - Top 10 borrowers represent 20% of exposure[20,25] - Top 3 industries represent 29% of exposure[20] - First lien debt accounts for 66% of the asset mix[25] - Investment funds account for 14% of the asset mix[25,89] - Floating rate investments constitute 985% of the portfolio[24] Credit Fund Performance - Credit Fund has total investments at fair value of $1078 million with a yield of 61%[90] - Credit Fund II has total investments at fair value of $244 million with a yield of 73%[91]

Financial Performance - Total net assets reached $944,394,000 as of September 30, 2021, up from $901,363,000 as of December 31, 2020, reflecting a growth of 4.78%[6]. - Total distributable earnings improved to a loss of $165,465,000 as of September 30, 2021, compared to a loss of $228,993,000 as of December 31, 2020, indicating a reduction in losses[6]. - Basic earnings per common share for the three months ended September 30, 2021, were $0.87, compared to $0.58 in the same period last year[8]. - The net increase in net assets resulting from operations for the nine months ended September 30, 2021, was $126,392, a significant improvement from a decrease of $31,334 in the same period last year[10]. - Net investment income before taxes for the nine months ended September 30, 2021, was $64,402, compared to $66,898 for the same period in 2020[10]. Assets and Liabilities - Total assets increased to $2,044,170,000 as of September 30, 2021, up from $1,922,613,000 as of December 31, 2020, representing a growth of 6.34%[6]. - Total liabilities rose to $1,099,776,000 as of September 30, 2021, compared to $1,021,250,000 as of December 31, 2020, indicating an increase of 7.68%[6]. - Cash and cash equivalents decreased to $46,164,000 as of September 30, 2021, down from $68,419,000 as of December 31, 2020, a decline of 32.54%[6]. - Secured borrowings increased to $425,545,000 as of September 30, 2021, up from $347,949,000 as of December 31, 2020, an increase of 22.31%[6]. Investment Portfolio - Total investments at fair value amounted to $1,948,206,000 as of September 30, 2021, compared to $1,825,749,000 as of December 31, 2020, marking an increase of 6.71%[6]. - TCG BDC, Inc. has a total investment amount of $5,784,000 in Advanced Web Company Technologies Holding, representing 0.64% of net assets[15]. - The company holds $44,444,000 in Appriss Health, LLC, which accounts for 4.64% of net assets[15]. - The investment in Aurora Lux FinCo S.Á.R.L. amounts to $32,571,000, which is 3.13% of net assets[15]. - The company has a total of $10,223,000 invested in Captive Resources Midco, LLC, representing 1.08% of net assets[15]. Investment Income and Expenses - Total investment income for the three months ended September 30, 2021, was $43,762, an increase from $42,784 in the same period last year[8]. - Total expenses for the three months ended September 30, 2021, were $21,513, slightly up from $21,163 in the previous year[8]. - The company reported a dividend interest income of $22,539,000 from controlled/affiliated investments as of September 30, 2021[30]. Cash Flow and Dividends - Cash provided by operating activities for the nine months ended September 30, 2021, was $(18,539), a decrease from $145,247 in the previous year[13]. - Preferred stock dividends declared during the nine months ended September 30, 2021, totaled $62,864, slightly down from $63,912 in the same period last year[13]. - The company declared and paid a dividend on the Preferred Stock of $875 for the three-month period ended September 30, 2021, compared to $856 in the same period of 2020, indicating a 2.2% increase[171]. Market Presence and Strategy - TCG BDC, Inc. has a diverse portfolio with investments in high-tech industries, healthcare, aerospace, and more, indicating a broad market presence[19]. - The company continues to focus on expanding its investment in high-growth sectors, particularly in technology and telecommunications[44]. - The company’s investments include a mix of controlled and non-controlled entities, enhancing its investment strategy and risk management[19]. Valuation and Fair Value - The fair value of the Company's investments may fluctuate significantly due to inherent uncertainties in valuation, especially for illiquid investments[116]. - The Company engaged a third-party valuation firm to review non-traded investments at least once on a rolling twelve-month basis, ensuring independent assessment of fair value[113]. - The total fair value of Level 1 investments was $0, while Level 2 investments were also $0, indicating reliance on Level 3 inputs for valuation[125]. Debt and Borrowings - TCG BDC, Inc. reported a total first lien debt of $1,269,406,000, representing 131.13% of net assets[21]. - The total principal amount for the first lien debt is $1,081,365,000[185]. - The Credit Fund Sub Facility allows secured borrowings up to $640 million, with a maturity date of May 22, 2024[200]. Regulatory Compliance - TCG BDC, Inc. is structured as a business development company (BDC) and must comply with regulatory requirements, including maintaining at least 70% of its total assets in qualifying assets[80]. - The company intends to distribute at least 90% of its investment company taxable income (ICTI) to stockholders to maintain its status as a RIC[99].

TCG BDC, Inc. (NASDAQ:CGBD) Q2 2021 Earnings Conference Call August 4, 2021 11:00 AM ET Company Participants Allison Rudary - Head of Investor Relations Linda Pace - Chief Executive Officer Taylor Boswell - Chief Investment Officer Tom Hennigan - Chief Financial Officer Conference Call Participants Ryan Lynch - KBW Finian O'Shea - Wells Fargo Operator Thank you for standing by, and welcome to TCG BDC's Second Quarter 2021 Earnings Call. At this time, all participants are in a listen-only mode. After the spe ...

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, 2021 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 2021 Earnings Conference Call May 5, 2021 11:00 AM ET Company Participants Allison Rudary - Investor Relations Linda Pace - Chief Executive Officer Taylor Boswell - Chief Investment Officer Tom Hennigan - Chief Financial Officer Conference Call Participants Melissa Wedel - JPMorgan Paul Johnson - KBW Operator Ladies and gentlemen, thank you for standing by and welcome to the TCG BDC First Quarter 2021 Earnings Conference Call. [Operator Instructions] I would now like to turn t ...

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