Investment Portfolio - The fair value of investments as of March 31, 2021, was $1,841,634, compared to $1,825,749 on December 31, 2020[296]. - The count of investments increased to 164 as of March 31, 2021, from 160 on December 31, 2020[296]. - The percentage of total investment fair value in first lien debt (excluding first lien/last out debt) was 63.2% as of March 31, 2021, down from 63.6% on December 31, 2020[296]. - Total secured debt represented 82.9% of the investment fair value as of March 31, 2021, compared to 82.6% on December 31, 2020[296]. - The portfolio included 119 portfolio companies/investment funds as of March 31, 2021, up from 117 on December 31, 2020[296]. - Floating rate debt investments accounted for 99.1% of the debt investment fair value as of March 31, 2021, consistent with the previous period[296]. - Total investments decreased from $2,247,327 million as of March 31, 2020, to $1,924,992 million as of March 31, 2021[310]. - The fair value of non-accrual investments was $60,376 million as of March 31, 2021, representing approximately 3.3% of total investments at fair value[311]. - The weighted average Internal Risk Rating of the debt investment portfolio was 2.3 as of March 31, 2021, compared to 2.4 as of December 31, 2020[307]. - The principal amount of new investments purchased was $148,927 million for the three months ended March 31, 2021, compared to $331,932 million in the same period of 2020[298]. - The average amount of new funded investments increased from $10,277 million in 2020 to $12,583 million in 2021[298]. - The percentage of new funded debt investments at floating interest rates increased to 100% in 2021 from 90% in 2020[298]. Financial Performance - Investment income for the three months ended March 31, 2021, was $40,848 million, down from $50,545 million in the same period of 2020, primarily due to lower average loan balances and decreased LIBOR[310]. - Total investment income for the three month period ended March 31, 2021 was $40,848, down 19% from $50,545 in 2020, while net investment income decreased to $20,679 from $23,972, a decline of 14%[314]. - For the three month period ended March 31, 2021, the Company earned $1,470 in other income, a decrease of 37% from $2,344 in the same period of 2020, primarily due to lower prepayment and underwriting fees[312]. - Dividend and interest income from Investment Funds increased to $7,528 for the three month period ended March 31, 2021, up 15% from $6,549 in 2020, driven by the formation of Credit Fund II and higher dividends from Credit Fund[313]. - Total expenses for the three month period ended March 31, 2021 were $20,169, a decrease of 24% from $26,573 in 2020, primarily due to lower interest expenses[316]. - Interest expense for the three month period ended March 31, 2021 was $6,975, down 43% from $12,179 in 2020, attributed to lower LIBOR and average principal balances[316]. - The Company reported net realized gains of $1,673 for the three month period ended March 31, 2021, compared to a net loss of $1,697 in the same period of 2020[322]. - The net change in unrealized appreciation on investments for the three month period ended March 31, 2021 was $13,859, a significant improvement compared to a depreciation of $145,563 in 2020[322]. Asset and Debt Management - As of March 31, 2021, total assets of Credit Fund were $1,058,005, a decrease of 10.6% from $1,183,730 as of December 31, 2020[330]. - Secured borrowings for Credit Fund decreased to $446,301 as of March 31, 2021, down 13.2% from $514,261 at the end of 2020[330]. - The fair value of the Company's ownership interest in subordinated loans and members' equity was $202,695 as of March 31, 2021, slightly down from $205,891 as of December 31, 2020[330]. - The company maintained compliance with all covenants and requirements of its credit facility agreements as of March 31, 2021[347]. - The total outstanding consolidated indebtedness was $948,597, down from $987,149 as of December 31, 2020, representing a decrease of approximately 3.9%[406]. - The annualized interest cost as of March 31, 2021, was 2.83%, a slight decrease from 2.89% as of December 31, 2020[406]. - Total unfunded commitments as of March 31, 2021, were $149,152, slightly down from $149,508 as of December 31, 2020[394]. - The company has a first lien security interest in substantially all of its portfolio investments under the Credit Facility[379]. Investment Strategy - The company aims to generate current income and capital appreciation primarily through debt investments in U.S. middle market companies[283]. - The investment strategy focuses on lending to U.S. middle market companies with approximately $25 million to $100 million of EBITDA[283]. - The company has made strategic investments in various sectors, including healthcare, automotive, and media, diversifying its portfolio[338]. - The geographical composition of investments as of December 31, 2020, was 97.2% in the United States and 2.8% in Canada[344]. - The company has a maturity date for several loans extending to 2026, indicating long-term financing strategies[338]. Interest Rate Sensitivity - The company assesses interest rate risk by comparing interest rate sensitive assets to liabilities and may engage in hedging transactions as necessary[439]. - As of March 31, 2021, a 300 basis point increase in interest rates would result in net investment income of $12,716,000[440]. - A 200 basis point increase would yield net investment income of $5,027,000[440]. - A 100 basis point increase would lead to a net investment income loss of $2,652,000[440]. - A 100 basis point decrease would generate net investment income of $1,208,000[440]. - Interest income at a 300 basis point increase is projected to be $34,724,000[440]. - Interest expense at a 300 basis point increase is estimated at $22,008,000[440]. - Interest income at a 200 basis point increase is $19,699,000[440]. - Interest expense at a 200 basis point increase is $14,672,000[440]. - Interest income at a 100 basis point increase is $4,684,000[440]. - Interest expense at a 100 basis point increase is $7,336,000[440].

| --- | --- | --- | |------------------------------------------------------------------|-------|-------| | | | | | | | | | TCG BDC, Inc. Quarterly Earnings Presentation DECEMBER 31, 2020 | | | 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 ...

Financial Data and Key Metrics Changes - The company generated net investment income of $0.38 per common share and declared a total dividend of $0.37 per share, which includes a base dividend of $0.32 and a supplemental dividend of $0.05 [9][28] - Net asset value per share increased by 2.5% quarter-over-quarter from $15.01 to $15.39, driven by improved loan valuations and credit performance [10] - Total investment income for the fourth quarter was $44 million, up from $43 million in the prior quarter, attributed to increased OID accretion, prepayment fees, and higher fee income [26] Business Line Data and Key Metrics Changes - The fourth quarter saw an active origination environment with $205 million deployed across 26 transactions at an average yield of 8.1%, outpacing repayments of $133 million at an approximate yield of 7.8% [20] - Total dividend income from joint ventures was $6.5 million, up over 10% versus the prior quarter, while total assets at the JVs remained flat at about $1.3 billion [29] Market Data and Key Metrics Changes - The U.S. GDP growth has slowed somewhat in the first quarter of 2021, but a strong rebound is expected due to fiscal stimulus and vaccinations [18] - The leverage finance markets have shown buoyant conditions, with demand for high yield and syndicated loans outstripping supply [19] Company Strategy and Development Direction - The company aims to leverage its relationship with Carlyle to enhance origination capabilities and diversify risk factors in its portfolio [13] - The focus remains on defensive asset selection and portfolio construction to generate sustainable income for shareholders [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the credit trajectory of the portfolio and prospects for sustained income generation entering 2021 [7] - The company remains vigilant on risk but believes that COVID-impacted borrowers have largely addressed their liquidity issues [24] Other Important Information - The company resumed its share repurchase program, repurchasing 1 million shares, resulting in $0.08 of accretion to net asset value [10] - Total debt outstanding was approximately $1 billion at quarter end, down from $1.1 billion, providing flexibility to invest in new opportunities [34] Q&A Session Summary Question: Can you provide insights on the amendments and the recovery of portfolio companies? - Management noted that borrowers have generally addressed liquidity issues, with some sectors like travel and aerospace starting to show signs of recovery [40][41] Question: What happens at maturity of the convert? - The convert has no maturity date, allowing for various optional redemption or conversion scenarios [43] Question: Will the core dividend be restored? - Management plans to maintain the current dividend policy of $0.32 regular plus supplemental dividends, without immediate plans to change [46][45] Question: How do you expect the average size of your borrower to change? - The company does not anticipate a significant change in borrower size but will adjust based on market conditions [49] Question: Are you experiencing any pressure on LIBOR floors? - In the core middle market, there is stability in LIBOR floors, while some pressure is noted in the upmarket segment [53] Question: What is the current average floor on your debt investments? - The average floor across the total portfolio is approximately 80 to 90 basis points, with most loans having a typical floor of 1% [56][57] Question: Do you anticipate any sizable repayments in the near term? - Management expects a return to more normalized levels of repayments throughout 2021, with limited repayments noted in the first quarter [59]

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, 2020 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 ...

R-0 G-74 B-13 6 R-8 G-51 B-94 R-9 G-10 2 B-11 2 R-11 8 G-92 B-15 0 R-23 4 G234 B-23 4 R-20 8 G-23 2 B-24 7 R-88 G-15 9 B-16 5 R-13 6 G-18 0 B-83 R-97 G-16 1 B-22 R-23 4 7 G-21 7 B-15 7 R-14 7 G-19 5 B-19 7 R-14 0 G-14 1 B-15 2 R-12 0 G-16 9 B-22 2 Old Color s R-16 3 G-14 3 B-18 7 R-14 7 G-19 5 B-19 7 R-65 G-64 B-66 NOVEMBER 4, 2020 EXHIBIT 99.2 R-18 5 G-21 1 B-15 3 R-88 G-89 B-91 R-16 7 G-16 9 B-17 1 R-22 0 G-22 1 B-23 2 R-22 0 G-22 1 B-22 2 TCG BDC, INC. REPORTS THIRD QUARTER 2020 FINANCIAL RESULTS C A R L ...

TCG BDC, Inc. (NASDAQ:CGBD) Q3 2020 Earnings Conference Call November 5, 2020 11:00 AM ET Company Participants Daniel Harris - Head, IR Linda Pace - Chairperson, CEO & President Taylor Boswell - CIO, Direct Lending, The Carlyle Group Inc. Thomas Hennigan - MD, The Carlyle Group Inc. Conference Call Participants Richard Shane - JPMorgan Chase & Co. Finian O'Shea - Wells Fargo Securities Paul Johnson - KBW Derek Hewett - Bank of America Merrill Lynch Operator Ladies and gentlemen, thank you for standing by an ...

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, 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) | --- | --- | --- | --- | |----------------------------------------- ...

TCG BDC, Inc. (NASDAQ:CGBD) Q2 2020 Earnings Conference Call August 5, 2020 11:00 AM ET Company Participants Daniel Harris - Head, Investor Relations Linda Pace - Chairperson, Chief Executive Officer & President Taylor Boswell - Chief Investment Officer, Direct Lending Thomas Hennigan - Chief Financial Officer & Chief Risk Officer Conference Call Participants Rick Shane - JPMorgan Chase & Co. Ryan Lynch - KBW Finian O'Shea - Wells Fargo Securities Operator Ladies and gentlemen, thank you for standing by, an ...

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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 ...