TCG BDC : Q2 2020 Earnings Presentation

Quarterly Earnings Presentation

June 30, 2020

Disclaimer and Forward-Looking Statements

This presentation (the "Presentation") has been prepared by TCG BDC, Inc. (together with its consolidated subsidiaries, "we," "us," "our," "TCG BDC" or the "Company") (NASDAQ: CGBD) and may only be used for informational purposes only. This Presentation should be viewed in conjunction with the earnings conference call of the Company held on August 5, 2020 and the Company's Quarterly Report on Form 10-Q for the period ended June 30, 2020. The information contained herein may not be used, reproduced, referenced, quoted, linked by website, or distributed to others, in whole or in part, except as agreed in writing by the Company.

This Presentation does not constitute a prospectus and should under no circumstances be understood as an offer to sell or the solicitation of an offer to buy our common stock or any other securities nor will there be any sale of the common stock or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.

This Presentation provides limited information regarding the Company and is not intended to be taken by, and should not be taken by, any individual recipient as investment advice, a recommendation to buy, hold or sell, or an offer to sell or a solicitation of offers to purchase, our common stock or any other securities that may be issued by the Company, or as legal, accounting or tax advice. An investment in securities of the type described herein presents certain risks.

This Presentation may contain forward-looking statements that involve substantial risks and uncertainties, including the impact of COVID-19 on the business. You can identify these statements by the use of forward-looking terminology such as "anticipates," "believes," "expects," "intends," "will," "should," "may," "plans," "continue," "believes," "seeks," "estimates," "would," "could," "targets," "projects," "outlook," "potential," "predicts" and variations of these words and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations to our investors. There may be events in the future, however, that we are not able to predict accurately or control. You should not place undue reliance on these forward-looking statements, which speak only as of the date on which we make them. Factors or events that could cause our actual results to differ, possibly materially from our expectations, include, but are not limited to, the risks, uncertainties and other factors we identify in the sections entitled "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements" in filings we make with the Securities and Exchange Commission (the "SEC"), and it is not possible for us to predict or identify all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Information throughout the Presentation provided by sources other than the Company (including information relating to portfolio companies) has not been independently verified and, accordingly, the Company makes no representation or warranty in respect of this information.

The following slides contain summaries of certain financial and statistical information about the Company. The information contained in this Presentation is summary information that is intended to be considered in the context of our SEC filings and other public announcements that we may make, by press release or otherwise, from time to time. We undertake no duty or obligation to publicly update or revise the information contained in this Presentation.

TCG BDC is managed by Carlyle Global Credit Investment Management L.L.C. (the "Investment Adviser"), an SEC-registered investment adviser and a wholly owned subsidiary of The Carlyle Group Inc. (together with its affiliates, "Carlyle").

This Presentation contains information about the Company and certain of its affiliates and includes the Company's historical performance. You should not view information related to the past performance of the Company as indicative of the Company's future results, the achievement of which is dependent on many factors, many of which are beyond the control of the Company and the Investment Adviser and cannot be assured. There can be no assurances that future dividends will match or exceed historical rates or will be paid at all. Further, an investment in the Company is discrete from, and does not represent an interest in, any other Carlyle entity. Nothing contained herein shall be relied upon as a promise or representation whether as to the past or future performance of the Company or any other Carlyle entity.

2

TCG BDC Highlights

TCG BDC

Overview

Investment

Strategy

Benefits of

Carlyle

Defensively

Positioned Portfolio

• Middle-marketlending focused BDC externally managed by The Carlyle Group (1)
• Current market capitalization of $464 million(2) (NASDAQ listed; ticker: CGBD)
• Track record of consistent dividend delivery to shareholders - LTM dividend yield on quarter-end net asset value ("NAV") of 11.2%
• Directly originate private credit investments, with a focus on U.S. private equity finance
• Maintain appropriately diversified, defensively oriented portfolio of primarily senior secured debt instruments
• Utilize Carlyle's extensive platform resources to generate differentiated results for TCG BDC shareholders
• Founded in 1987, Carlyle is a leading global investment firm with $221bn of AUM
• Carlyle's Global Credit segment, with $50bn of AUM, has a 20-year track record of successful credit investing
• Carlyle's broad capabilities, scaled capital base and depth of expertise create sustainable competitive advantages across market environments
• Well-diversifiedby issuer and industry: top 10 borrowers and top 3 industries 23% and 26% of exposure, respectively
• Heavy portfolio tilt to 1st lien loans: historically 70% of portfolio, of which, >90% contain a financial covenant (3)
• Approximately half the exposure of broader markets to cyclical industries

3

Source: The Carlyle Group Inc. As of June 30, 2020 unless otherwise stated.

1. TCG BDC is externally managed by the Investment Adviser, which is a wholly-owned subsidiary of The Carlyle Group Inc. (2) As of August 3, 2020 (3) LTM average of approximately 70% of fair value, and excludes loans categorized as first lien last out.

Stock and Dividend Information

	CGBD	$464 Million	Nasdaq
	Ticker	Market Cap (2)	Exchange
$1.9 billion	142	69%	11.2%	$86 Million
Current Portfolio Size	Unique Investments	1st Lien Debt (3)	LTM Dividend Yield	Inception-to-date
				Share Repurchases

																				12.3%
																		10.6%			11.2%
				10.1%	10.1%	10.2%											10.3%	10.5%
			9.9%	9.6%	9.6%							9.8%	9.7%
							9.2%	9.0%	9.1%			9.1%
	8.8%	8.7%							8.8%	8.9%
7.9%
			$0.18												$0.20				$0.18
							$0.07				$0.12						$0.08
$0.37	$0.37	$0.42	$0.40	$0.40	$0.40	$0.40	$0.41	$0.41	$0.37	$0.37	$0.37	$0.37	$0.37	$0.37	$0.37	$0.37	$0.37	$0.37	$0.37	$0.37	$0.37
Q1'15	Q2'15	Q3'15	Q4'15	Q1'16	Q2'16	Q3'16	Q4'16	Q1'17	Q2'17	Q3'17	Q4'17	Q1'18	Q2'18	Q3'18	Q4'18	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20
							Dividend	Special Dividend		LTM Dividend Yield

Note: Historical dividend data for dividends declared prior to the period shown are available on the Company's website at tcgbdc.com. There can be no assurance that the Company will continue
to achieve comparable results.	4
(1)	Last-twelve-month ("LTM ") dividend yield is calculated by dividing the sum of the declared dividends for the most recent four quarters by the ending net asset value. (2) As of August 3, 2020
(3)	Based on fair value, and excludes loans categorized as first lien last out.

Q2 2020 Quarterly Results

2nd Quarter Results

Portfolio &

Investment

Activity

Dividend &

Capital

Activity

• Net investment income per common share, net of the preferred dividend, was $0.38, exceeding the regular $0.37 quarterly dividend despite the volatile market environment
• Net realized and unrealized gains totaled $34 million, or approximately $0.61 per common share
• NAV per common share increased 4.4% to $14.80 (from $14.18 last quarter), driven principally by the mark-to-market impact of tightening yields
• Total investments at fair value stood at $1.9 billion, as compared to $2.0 billion last quarter
• In an undeniably difficult environment, underlying borrower performance exceeded expectations on strong cost containment and liquidity preservation actions by management teams
• New fundings, a combination of pre- and post-COVD commitments, totaled $63 million with a yield of 7.52%
• Repayment/sale activity totaled $264 million with a yield of 7.65%, largely driven by asset sale activities in April
• Market conditions improved in the second quarter for new originations, including higher yields, lower leverage and improved documentation
• Paid Q2 regular dividend of $0.37 per common share, resulting in a LTM dividend yield of 11.2% based on quarter-end NAV
• Declared Q3 dividend at new regular level of $0.32 per common share, plus a special $0.05 dividend per common share
• Reestablished leverage comfortably within target range, aided by proactive balance sheet management and recovery in valuations

5

Portfolio Highlights

Key Statistics (1)			Portfolio Composition (1)
Total Investments and Commitments ($mm)	$2,025		Diversification by Borrower
Unfunded Commitments (1) ($mm)	$118
Investments at Fair Value ($mm)	$1,908
Yield of Debt Investments at Cost (2) (%)	7.34%
Yield of Debt Investments at Fair Value (2) (%)	7.90%
Number of Investments	142
Number of Portfolio Companies	111
Floating / Fixed (3) (%)	99.1% / 0.9%
Asset Mix			Industry

(1) Excludes the Company's commitments to fund capital to Middle Market Credit Fund, LLC ("Credit Fund"), which is not consolidated with the Company. (2) Weighted

average yields of the debt investments include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of period end. Actual6 yields earned over the life of each investment could differ materially from the yields presented above. Weighted average yields for TCG BDC do not include TCG BDC's

investment in Credit Fund. (3) % of fair value of first and second lien debt.

Financial Performance Summary

(Dollar amounts in thousands, except per share data)	Q2 2019	Q3 2019	Q4 2019	Q1 2020	Q2 2020
Net Asset Value Per Common Share
Net Investment Income Per Common Share (1)	$ 0.46	$0.45	$0.43	$0.42	$0.38
Net Realized & Unrealized Gain (Loss) Per Common Share	(0.29)	(0.60)	0.02	(2.57)	0.61
Net Income (Loss) Per Common Share	0.16	(0.15)	0.46	(2.15)	1.00
Dividends Paid Per Common Share	0.45	0.37	0.55	0.37	0.37
Impact of Share Repurchases Per Common Share	0.04	0.04	0.06	0.14	-
Net Asset Value Per Common Share	$17.06	$16.58	$16.56	$14.18	$14.80
Common Shares Outstanding (in thousands)
Weighted Average Common Shares Outstanding for the Period	60,596	59,588	58,785	59,588	56,309
Common Shares Outstanding at End of Period	60,182	59,013	57,764	56,309	56,309
Portfolio Highlights
Total Fair Value of Investments	$ 2,075,614	$2,126,688	$2,123,964	$2,024,277	$1,907,555
Number of Portfolio Companies	106	110	112	110	111
Average Size of Investment in Portfolio Company (Notional) (2)	$ 20,563	$20,828	$19,848	$20,337	$18,380
Weighted Average all-in Yield on Investments at Amortized Cost (3)	8.97%	8.88%	8.22%	7.74%	7.34%
Weighted Average all-in Yield on Investments at Fair Value (3)	9.32%	9.33%	8.50%	8.56%	7.90%
Debt to Equity
Net Assets	$1,026,592	$978,601	$956,471	$798,534	$883,304
Debt	$1,095,563	$1,202,739	$1,177,832	$1,262,960	$1,035,799
Debt to Equity at Quarter End	1.07x	1.23x	1.23x	1.58x	1.17x
Statutory Debt To Equity at Quarter End (4)	1.07x	1.23x	1.23x	1.58x	1.31x

Note: The net asset value per common share and dividends declared per common share are based on the common shares outstanding at each respective quarter-end. Net investment income per common share and net change in realized and unrealized gain (loss) per common share are based on the weighted average number of common shares outstanding for the period. (1) Net of the preferred dividend. (2) Excludes equity investments. (3) Weighted average yields include the effect of accretion of discounts and amortization of premiums and are

based on interest rates as of each respective period end. Actual yields earned over the life of each investment could differ materially from the yields presented above. (4) Reflects7 cumulative convertible preferred securities as debt. These securities are considered "senior securities" for the purposes of calculating asset coverage pursuant to the Investment

Company Act.

Origination Activity Detail

(Dollar amounts in thousands and based on par/principal)	Q2 2019		Q3 2019		Q4 2019		Q1 2020		Q2 2020
TCG BDC Originations and Net Investment Activity
Investment Fundings	$ 231,361	$	237,004	$	289,763	$	328,119	$	63,080
Unfunded Commitments, Net Change	24,789		719		(23,963)		(45,902)		13,630
Sales and Repayments	(305,398)		(165,672)		(319,882)		(288,190)		(264,200)
Net Investment Activity	$ (49,248)	$	72,051	$	(54,082)	$	(5,973)	$	(187,490)
TCG BDC Originations by Asset Type
First Lien Debt	74.65%		68.10%		87.80%		43.87%		65.43%
First Lien, Last-out Debt	7.64%		12.25%		3.50%		-%		33.17%
Second Lien Debt	17.43%		19.32%		7.92%		50.03%		0.58%
Equity Investments	0.29%		0.33%		0.78%		6.10%		0.82%
TCG BDC Total Investment Portfolio at Fair Value (1)
First Lien Debt	69.51%		68.05%		74.63%		73.02%		69.03%
First Lien, Last-out Debt	10.08%		10.04%		3.68%		2.79%		4.10%
Second Lien Debt	9.79%		10.92%		11.04%		13.59%		14.61%
Equity Investments	1.40%		1.44%		1.02%		1.45%		1.66%
Investment Fund / Credit Fund	9.22%		9.55%		9.63%		9.15%		10.60%

Please refer to the Company's Form 10-Q for the period ended ended June 30, 2020 ("Form 10-Q") for more information. No assurance is given that the Company will continue to achieve
comparable results.
(1) At quarter end.	8

Quarterly Operating Results Detail

(Dollar amounts in thousands)	Q2 2019	Q3 2019	Q4 2019	Q1 2020	Q2 2020
Investment Income
Interest Income	$45,468	$45,168	$44,248	$41,009	$35,026
Payment-In-Kind Interest Income	2,140	2,396	910	643	1,202
Income From Credit Fund	6,993	6,459	7,028	6,549	5,500
Other Income	2,266	1,756	1,279	2,344	3,547
Total Investment Income	$56,867	$55,779	$53,465	$50,545	$45,275

(Dollar amounts in thousands)	Q2 2019	Q3 2019	Q4 2019	Q1 2020	Q2 2020
Expenses
Management Fees (1)	7,913	8,016	7,702	7,386	7,065
Incentive Fees (2)	5,933	5,710	5,383	5,086	4,667
Interest Expense & Credit Facility Fees	13,703	14,083	13,321	12,769	10,231
Other Expenses	1,287	1,166	1,447	1,280	1,520
Excise Tax Expense	60	49	235	52	100
Net Expenses	28,896	29,024	28,088	26,573	23,583

Net Investment Income	27,971	26,755	25,377	23,972	21,692
Net Realized and Unrealized Gains (Losses)	(18,214)	(35,744)	1,459	(145,072)	34,466
Net Income (Loss)	$9,757	$(8,989)	$26,836	$(121,100)	$56,158
(1) Beginning October 1, 2017, the base management fee is calculated at an annual rate of 1.50% of the Company's gross assets, excluding cash and cash equivalents but including assets acquired
through the use of leverage. In addition, on August 6, 2018, the Company's Board of Directors approved a one-third (0.50%) reduction in the 1.50% annual base management fee rate charged by the
Investment Adviser on assets financed using leverage in excess of 1.0x debt to equity. Effective July 1, 2018, the reduced annual fee of 1.00% applies to the average value of the Company's gross
assets as of the end of the two most recently completed calendar quarters that exceeds the product of (i) 200% and (ii) the average value of the Company's net asset value at the end of the two most
recently completed calendar quarters.
(2) Effective October 1, 2017, the Investment Adviser agreed to charge 17.5% instead of 20% with respect to the entire calculation of the incentive fee.			9
Note: There can be no assurance that we will continue to earn income at this rate and our income may decline. If our income declines, we may reduce the dividend we pay and the yield you earn may

decline. Refer to the consolidated financial statements included in Part I, Item 1 of the Company's Form 10-Q for additional details.

Quarterly Balance Sheet Detail

(Dollar amounts in thousands, except per share data)	Q2 2019	Q3 2019	Q4 2019	Q1 2020	Q2 2020
Assets
Investments-non-controlled/non-affiliated, at fair value	$1,840,979	$1,893,216	$1,897,057	$1,826,422	$1,692,073
Investments-non-controlled/affiliated, at fair value	20,925	6,607	-	-	-
Investments-controlled/affiliated, at fair value	213,710	226,865	226,907	197,855	215,482
Total investments, at fair value	2,075,614	2,126,688	2,123,964	2,024,277	1,907,555
Cash and cash equivalents	62,324	70,281	36,751	65,525	29,916
Receivable for investment sold	14,854	5,725	6,162	15,655	53
Deferred financing costs	4,869	4,687	4,032	4,026	3,749
Interest Receivable from Non-Controlled/Non-Affiliated/Affiliated Investments	8,300	11,561	9,462	10,406	10,873
Interest and Dividend Receivable from Controlled/Affiliated Investments	6,652	6,951	6,845	6,350	5,589
Prepaid expenses and other assets	143	97	317	587	899
Total assets	$2,172,756	$2,225,990	$2,187,533	$2,126,826	$1,958,634
Liabilities
Payable for investments purchased	$-	$11	$-	$24,345	$61
Secured borrowings	649,397	756,511	616,543	701,609	474,386
2015-1 Notes payable, net of unamortized debt issuance costs	446,166	446,228	446,289	446,351	446,413
Senior Notes	-	-	115,000	115,000	115,000
Due to Investment Adviser	228	142	-	-	-
Interest and credit facility fees payable	7,563	7,680	6,764	6,100	4,532
Dividend payable	27,082	21,825	31,760	20,824	21,379
Base management and incentive fees payable	13,846	13,726	13,236	12,333	11,572
Administrative service fees payable	128	66	77	98	129
Other accrued expenses and liabilities	1,754	1,200	1,393	1,632	1,858
Total liabilities	1,146,164	1,247,389	1,231,062	1,328,292	1,075,330
Net assets	1,026,592	978,601	956,471	798,534	883,304
Total liabilities & net assets	$2,172,756	$2,225,990	$2,187,533	$2,126,826	$1,958,634
Net Asset Value Per Common Share	$17.06	$16.58	$16.56	$14.18	$14.80
Please refer to the Company's Form 10-Q for more information.				10

Credit Fund Update (11% of TCG BDC Portfolio)

	Credit Fund Key Statistics				Portfolio Composition
	Total Investments and Commitments ($mm)	$1,324			Diversification by Borrower
	Unfunded Commitments ($mm)	$66
	Investments at Fair Value ($mm)	$1,258
	Yield of Debt Investments (%) (1)	5.56%
	Number of Investments	63
	First Lien Exposure (%) (2)	96%
	Floating / Fixed (%) (3)	98.3% / 1.7%
	Dividend Yield to TCG BDC	10%

(Dollar amounts in thousands and based on par/principal)	Q2 2019		Q3 2019		Q4 2019		Q1 2020		Q2 2020
Credit Fund Originations and Net Investment Activity
Investment Fundings	$ 121,117	$	93,821	$	139,134	$	179,383	$	56,795
Unfunded Commitments, Net Change	(16,635)		1,429		11,101		(33,615)		(26,933)
Sales and Repayments	(43,351)		(154,969)		(165,292)		(141,762)		(39,584)
Net Investment Activity	$61,131	$	(59,719)	$	(15,057)	$	4,006	$	(9,722)

(1) Weighted average yields at cost of the debt investments include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of period end. Actual

yields earned over the life of each investment could differ materially from the yields presented above. (2) First lien, excluding loans categorized as first lien last out, as a % of fair value. (3) % of 11 fair value of first and second lien debt.

Net Asset Value Per Common Share Bridge

Second Quarter 2020

YTD 2Q 2020

									$0.80
		$0.61
						$14.80
$0.38	$16.56		$(0.74)

$(0.37)

$0.14

$14.80

$14.18

$(1.96)

March 31, 2020

Net Investment

Dividend

Net Realized and

June 30, 2020

December 31,

Net

Dividend

Net Realized

Impact of

June 30, 2020

NAV

Income

Declared

Unrealized Gain

NAV

2019 NAV

Investment

Declared

and

Share

NAV

(Loss)

Income

Unrealized

Repurchases

Gain (Loss)

Note: The net asset value per common share and dividends declared per common share are based on the common shares outstanding at each respective quarter-end. Net investment
income per common share and net realized and unrealized gain (loss) per common share are based on the weighted average number of common shares outstanding for the period. Net	12
investment Income is also net of the preferred dividend.

Risk Rating Distribution

• During the second quarter, the Investment Adviser reevaluated and revised its Internal Risk Ratings and policies across the Carlyle Direct Lending platform to more appropriately assess portfolio risk across all market conditions, including the current COVID-19 environment. The revised methodology incorporates greater focus on expectations for future company performance and industry outlook, and creates greater consistency in risk rating assignment across all investments by removing the direct tie of historical financial results to the "base case" projections derived at the time of our initial investment. Key drivers of internal risk rating used in the revised methodology are substantially the same as those used in the legacy methodology, and include financial metrics, financial covenants, liquidity and enterprise value coverage.
• As of June 30, 2020, 5 borrowers were on non-accrual status, representing 3.7% of total investments at fair value and 6.0% at amortized cost

Internal Risk Ratings	Fair Value	% of
as of June 30, 2020 (1)	(in millions)	Fair Value
1	Borrower is operating above expectations, and the trends and risk factors are generally favorable.	$37.3	2.23%
	Borrower is operating generally as expected or at an acceptable level of performance. The level of
2	risk to our initial cost bases is similar to the risk to our initial cost basis at the time of origination. This	1,145.7	68.45%
	is the initial risk rating assigned to all new borrowers.
	Borrower is operating below expectations and level of risk to our cost basis has increased since the
3	time of origination. The borrower may be out of compliance with debt covenants. Payments are	412.4	24.65%
	generally current although there may be higher risk of payment default.
	Borrower is operating materially below expectations and the loan's risk has increased materially since
4	origination. In addition to the borrower being generally out of compliance with debt covenants, loan	36.8	2.20%
payments may be past due, but generally not by more than 120 days. It is anticipated that we may
	not recoup our initial cost basis and may realize a loss of our initial cost basis upon exit.
	Borrower is operating substantially below expectations and the loan's risk has increased substantially
5	since origination. Most or all of the debt covenants are out of compliance and payments are	41.3	2.47%
substantially delinquent. It is anticipated that we will not recoup our initial cost basis and may realize
	a substantial loss of our initial cost basis upon exit.
	Total	$1,673.5	100.00%

(1) Given the forward-looking nature of certain elements of the revised methodology, it is impracticable to recast the risk ratings for the portfolio using the revised methodology as of December	13
31, 2019 and March 31, 2020.

Funding and Capital Management Overview

Overview of Financing Facilities (1)

Debt on Company's Balance Sheet (in millions)

	Credit	SPV Credit	2015-1R	Senior Unsecured
	Facility (2)	Facility (2)	Notes (2) (6)	Notes
Size	$688 million	$275 million	$449 million	$115 million
Original Tenor /	5 years (4 year	5 years (3 years
revolving); maturity	revolving); maturity	10/15/2031	12/31/2024
Maturity Date
date 6/14/2024	date 5/23/2023
Pricing	L + 225 bps / 37.5 bps	L +200bps / 50-75bps	238 bps (3)	475 bps
	unused fee	unused fee		Fixed
	Credit Fund Sub	2017-1	2019-2	Credit Fund Warehouse
	Facility (2) (3)	Notes (4)	Notes (5)	II Facility (7)
Size	$640 million	$181 million	$267 million	$150 million
outstanding	outstanding
Original Tenor /	6 years (3 years			3 years (2 years
revolving); maturity	1/15/2028	4/15/2029	revolving); maturity date
Maturity Date
date 5/22/2024			8/16/2022
Pricing	L + 225 bps / 50-75	274 bps (3)	293 bps (3)	L + 105 bps
	bps unused fee

Cumulative Convertible Preferred Stock (8)

$2,000

$1,600			$1,527
$1,200	$1,038
$800
$400
$-
	Leverage		Leverage
		Utilized		Committed

Mark to Market vs. Non-Mark to Market Debt

100%
80%
54%
60%
	46%
40%

Price	Shares Outstanding	Dividend	Convertible Feature	20%
$25 per share /		7.0% Cash or	Convertible at the option of the holder
2,000,000	beginning 11/5/2020 at the Liquidation	-%
$50 million total	9.0% PIK
	Preference divided by $9.50		MTM		Non-MTM

(1) Refer to Notes 6 and 7 to the consolidated financial statements included in Part I, Item 1 of the Company's Form 10-Q for additional details regarding the financing

maximum principal amount of the facility and is subject to availability under the facility, which is based on certain advance rates multiplied by the value of certain portfolio investments of the Company or Credit Fund (subject to certain concentration limitations) and may be net of certain other indebtedness that the Company or Credit Fund may incur in accordance with the terms of the facility. Middle Market Credit Fund SPV, LLC (the "Credit Fund Sub"), a Delaware limited liability company, was formed on April 5, 2016. Credit Fund Sub is a wholly-owned subsidiary of Credit Fund and is consolidated in Credit Fund's consolidated financial statements commencing from the date of its formation. (3) Weighted average interest rate, including amortization of debt issuance costs on the

2015-1R Notes, 2017-1 Notes and 2019-2 Notes, respectively, for the quarter ended June 30, 2020. (4) MMCF CLO 2017-1 LLC, the issuer, is a wholly-owned and consolidated subsidiary of Credit 14 Fund. (5) MMCF CLO 2019-2 LLC, the issuer, is a wholly-owned and consolidated subsidiary of Credit Fund. (6) Carlyle Direct Lending CLO 2015-1R LLC, the issuer, is a wholly-owned and

consolidated subsidiary of the Company. (7) MMCF Warehouse II, LLC, is a wholly-owned and consolidated subsidiary of Credit Fund. (8) Refer to Note 9 to the consolidated financial statements included in Part I, Item 1 of the Company's Form 10-Q for full details regarding the terms of the cumulative convertible preferred stock.