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 September 30, 2022


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

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

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

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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 November 10, 2022, the registrant had 9,672,358 shares of common stock, $0.001 par value per share, outstanding.

Table of Contents

TABLE OF CONTENTS


PART I	CONSOLIDATED FINANCIAL INFORMATION	2
Item 1.	Consolidated Financial Statements	2
	Consolidated Statements of Assets and Liabilities as of September 30, 2022 (Unaudited) and December 31, 2021	2
	Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2022 and September 30, 2021 (Unaudited)	3
	Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2022 and September 30, 2021 (Unaudited)	4
	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and September 30, 2021 (Unaudited)	5
	Consolidated Schedules of Investments as of September 30, 2022 (Unaudited) and December 31, 2021	6
	Notes to Consolidated Financial Statements (Unaudited)	35
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	61
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

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AG Twin Brook BDC, Inc.

Consolidated Statements of Assets and Liabilities

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


	September 30, 2022		December 31, 2021
	(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments at fair value (amortized cost of $174,287 and $151,070, respectively)	$	174,059	$	151,121
Non-controlled/affiliated investments at fair value (amortized cost of $7,063 and $6,210, respectively)	10,327		7,986
Unrealized gain on foreign currency forward contracts	136		39
Cash	16,134		27,711
Interest receivable	474		261
Prepaid expenses	157		142
Deferred financing costs	—		47
Total assets	$	201,287	$	187,307
Liabilities
Unrealized loss on foreign currency forward contracts	$	10	$	3
Dividend payable	1,934		1,814
Accrued expenses and other liabilities payable to affiliate	753		677
Income incentive fees payable	579		345
Management fees payable	273		196
Deferred income	132		167
Interest payable	—		7
Total liabilities	3,681		3,209
Commitments and contingencies (Note 8)
Net assets
Common shares $0.001 par value, 100,000,000 shares authorized; 9,672,358 and 9,141,176 shares issued and outstanding, respectively	$	10	$	9
Additional paid-in-capital	193,632		182,850
Total distributable earnings (loss)	3,964		1,239
Total net assets	197,606		184,098
Total liabilities and net assets	$	201,287	$	187,307
Net asset value per share	$	20.43	$	20.14

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

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AG Twin Brook BDC, Inc.

Consolidated Statements of Operations

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

(Unaudited)


	Three Months Ended September 30, 2022		Three Months Ended September 30, 2021		Nine Months Ended September 30, 2022		Nine Months Ended September 30, 2021
Investment income
Investment income from non-controlled, non-affiliated investments:
Interest	$	4,129	$	2,013	$	10,228	$	5,424
Other	140		94		577		301
Total investment income from non-controlled, non-affiliated investments:	4,269		2,107		10,805		5,725
Total investment income	4,269		2,107		10,805		5,725
Expenses
Income incentive fees	$	579	$	214	$	1,402	$	568
Management fees	273		155		768		416
Professional fees	92		143		373		309
Accounting fees	106		107		315		317
Other	93		25		310		110
Administrative fees(1)	135		97		252		267
Insurance fees	70		90		226		312
Directors' fees	45		45		135		135
Interest	—		66		55		190
Total net expenses	1,393		942		3,836		2,624
Net investment income (loss)	2,876		1,165		6,969		3,101
Net realized and unrealized gain (loss) on investment transactions
Net realized gain (loss) on investment transactions:
Non-controlled, non-affiliated investments	$	—	$	30	$	57	$	124
Non-controlled, affiliated investments	32		—		32		—
Foreign currency forward transactions	20		12		48		(47)
Net change in unrealized gain (loss) on investment transactions:
Non-controlled, non-affiliated investments	(221)		87		(279)		562
Non-controlled, affiliated investments	424		220		1,488		772
Foreign currency forward contracts	90		4		90		8
Total net realized and unrealized gain (loss) on investment transactions	345		353		1,436		1,419
Net increase (decrease) in net assets resulting from operations	$	3,221	$	1,518	$	8,405	$	4,520
Net investment income (loss) per share - basic and diluted	$	0.30	$	0.20	$	0.74	$	0.61
Earnings (loss) per share - basic and diluted	$	0.33	$	0.26	$	0.90	$	0.89
Weighted average shares outstanding - basic and diluted	9,672,358		5,754,844		9,388,282		5,092,922

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

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

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AG Twin Brook BDC, Inc.

Consolidated Statements of Changes in Net Assets

(Amounts in thousands, except share amounts)

(Unaudited)


	Three Months Ended September 30, 2022		Three Months Ended September 30, 2021		Nine Months Ended September 30, 2022		Nine Months Ended September 30, 2021
Increase (decrease) in net assets resulting from operations
Net investment income (loss)	$	2,876	$	1,165	$	6,969	$	3,101
Net realized gain (loss)	52		42		137		77
Net change in unrealized gain (loss)	293		311		1,299		1,342
Net increase in net assets resulting from operations	3,221		1,518		8,405		4,520
Dividends
Dividends declared from earnings	(1,934)		(1,165)		(5,697)		(2,169)
Net decrease in net assets resulting from dividends	(1,934)		(1,165)		(5,697)		(2,169)
Capital share transactions
Issuance of common shares	—		23,760		10,800		34,560
Net increase in net assets resulting from capital share transactions	—		23,760		10,800		34,560
Total increase in net assets	1,287		24,113		13,508		36,911
Net assets, at beginning of period	196,319		101,299		184,098		88,501
Net assets, at end of period	$	197,606	$	125,412	$	197,606	$	125,412
Capital share activity
Shares issued	—		1,177,809		531,182		1,717,809
Net increase in shares outstanding	—		1,177,809		531,182		1,717,809
Dividends declared per share	$	0.20	$	0.20	$	0.60	$	0.40

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

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AG Twin Brook BDC, Inc.

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)


	Nine Months Ended September 30, 2022		Nine Months Ended September 30, 2021
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	8,405	$	4,520
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Net realized (gain) loss on investments	(89)		(122)
Net change in unrealized (appreciation) depreciation on investments	(1,209)		(1,334)
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts	(90)		(8)
Net accretion on debt instruments	(523)		(309)
Net paydown gain on debt instruments	(251)		(146)
Interest received in-kind	(29)		(22)
Purchases and drawdowns of investments	(59,957)		(55,199)
Proceeds from sales and paydowns of investments	36,779		25,269
Amortization of deferred financing costs	47		167
Change in operating assets and liabilities:
(Increase) decrease in interest receivable	(213)		(52)
(Increase) decrease in prepaid expenses	(15)		(75)
Increase (decrease) in accrued expenses and other liabilities payable to affiliate	76		221
Increase (decrease) in management fees payable	77		50
Increase (decrease) in income incentive fees payable	234		115
Increase (decrease) in deferred income	(35)		(13)
Increase (decrease) in interest payable	(7)		(13)
Net cash used in operating activities	(16,800)		(26,951)
Cash flows from financing activities
Proceeds from issuance of common shares	10,800		34,560
Dividends paid	(5,577)		(3,325)
Borrowings on subscription facility	—		3,100
Payments on subscription facility	—		(3,100)
Payments for deferred financing costs	—		(38)
Net cash provided by (used in) financing activities	5,223		31,197
Net change in cash	(11,577)		4,246
Cash
Cash, beginning of period	27,711		10,320
Cash, end of period	$	16,134	$	14,566

Supplemental and non-cash information
Cash paid during the period for interest	$	15	$	36
Dividend payable	1,934		$	—

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

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AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2022

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread	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 (5)
Aerospace and defense
Mattco Forge, Inc. (6)	First lien senior secured revolving loan	L + 6.25%	9.92	%	12/6/2024	$	506	$	(6)	$	(20)	(0.01)	%
Mattco Forge, Inc.	First lien senior secured term loan	L + 6.25%	9.92	%	12/6/2024	2,174		2,145		2,089		1.06	%
								2,139		2,069		1.05	%
Air Freight & Logistics
Load One Purchaser Corporation (6)	First lien senior secured delayed draw term loan	S + 6.00%	9.81	%	6/21/2024	150		$	(3)	$	(3)	0.00	%
Load One Purchaser Corporation	First lien senior secured revolving loan	S + 6.00%	9.81	%	6/21/2028	75		6		6		0.00	%
Load One Purchaser Corporation	First lien senior secured term loan	S + 6.00%	9.81	%	6/21/2028	812		797		798		0.41	%
								800		801		0.41	%
Auto components
AvCarb, LLC	First lien senior secured delayed draw term loan	L + 6.00%	9.67	%	11/12/2026	$	665	$	222	$	222	0.11	%
AvCarb, LLC	First lien senior secured revolving loan	L + 6.00%	9.67	%	11/12/2026	38		3		3		0.00	%
AvCarb, LLC	First lien senior secured term loan	L + 6.00%	9.67	%	11/12/2026	496		487		488		0.25	%
CCG Acquisition, Inc. (6)	First lien senior secured revolving loan	S + 6.00%	9.81	%	5/17/2027	19		—		—		0.00	%
CCG Acquisition, Inc.	First lien senior secured term loan	S + 6.00%	9.81	%	5/17/2027	426		420		421		0.21	%
Raneys, LLC (6)	First lien senior secured revolving loan	S + 5.75%	9.56	%	6/7/2027	38		(1)		(1)		0.00	%
Raneys, LLC	First lien senior secured term loan	S + 5.75%	9.56	%	6/7/2027	421		413		414		0.21	%
Vehicle Accessories, Inc.	First lien senior secured revolving loan	P + 4.75%	9.50	%	11/30/2026	38		20		20		0.01	%
Vehicle Accessories, Inc.	First lien senior secured term loan	S + 5.75%	9.56	%	11/30/2026	1,670		1,659		1,663		0.84	%
								3,223		3,230		1.63	%
Chemicals
AM Buyer, LLC (6)	First lien senior secured revolving loan	S + 6.75%	10.56	%	5/1/2025	$	111	$	(1)	$	(1)	0.00	%
AM Buyer, LLC	First lien senior secured term loan	S + 6.75%	10.56	%	5/1/2025	475		468		470		0.24	%
Answer Acquisition, LLC (6)	First lien senior secured revolving loan	L + 5.75%	9.42	%	12/30/2026	38		(1)		(1)		0.00	%
Answer Acquisition, LLC	First lien senior secured term loan	L + 5.75%	9.42	%	12/30/2026	1,703		1,673		1,676		0.85	%
Custom Agronomics Holdings, LLC (6)	First lien senior secured revolving loan	S + 6.50%	10.01	%	8/30/2027	45		(1)		(1)		0.00	%
Custom Agronomics Holdings, LLC	First lien senior secured term loan	S + 6.50%	10.01	%	8/30/2027	236		232		232		0.12	%
SASE Company, LLC	First lien senior secured term loan	S + 6.00%	9.15	%	11/15/2026	1,618		1,591		1,594		0.81	%
SASE Company, LLC (6)	First lien senior secured revolving loan	S + 6.00%	9.15	%	11/15/2026	38		(1)		(1)		0.00	%
Teel Plastics, LLC (6)	First lien senior secured revolving loan	S + 5.00%	8.15	%	1/24/2025	324		(4)		(1)		0.00	%
Teel Plastics, LLC	First lien senior secured term loan	S + 5.00%	8.15	%	1/24/2025	1,792		1,770		1,783		0.90	%
USALCO, LLC	First lien senior secured revolving loan	L + 6.00%	9.67	%	10/19/2026	100		44		45		0.02	%
USALCO, LLC	First lien senior secured term loan	L + 6.00%	9.67	%	10/19/2027	1,889		1,872		1,876		0.94	%
								7,642		7,671		3.88	%

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

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AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2022

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread	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%	9.67	%	12/30/2023	$	75	$	53	$	53	0.03	%
Alliance Environmental Group, LLC	First lien senior secured revolving loan	L + 6.00%	9.67	%	12/30/2027	38		16		16		0.01	%
Alliance Environmental Group, LLC	First lien senior secured term loan	L + 6.00%	9.67	%	12/30/2027	1,454		1,428		1,431		0.72	%
Edko Acquisition, LLC (8)	First lien senior secured revolving loan	S + 5.75%	9.56	%	6/25/2026	38		3		3		0.00	%
Edko Acquisition, LLC	First lien senior secured term loan	S + 5.75%	9.56	%	6/25/2026	1,142		1,122		1,126		0.57	%
Franchise Fastlane, LLC (6)	First lien senior secured revolving loan	S + 5.50%	7.55	%	5/2/2027	15		—		—		0.00	%
Franchise Fastlane, LLC	First lien senior secured term loan	S + 5.50%	7.55	%	5/2/2027	1,173		1,151		1,153		0.58	%
Gold Medal Holdings, Inc. (9)	First lien senior secured revolving loan	S + 7.00%	10.81	%	3/17/2027	50		18		18		0.01	%
Gold Medal Holdings, Inc.	First lien senior secured term loan	S + 7.00%	10.81	%	3/17/2027	722		712		715		0.36	%
Green Monster Acquisition, LLC	First lien senior secured revolving loan	L + 5.50%	9.17	%	12/28/2026	38		2		3		0.00	%
Green Monster Acquisition, LLC	First lien senior secured term loan	L + 5.50%	9.17	%	12/28/2026	1,179		1,159		1,160		0.59	%
HLSG Intermediate, LLC	First lien senior secured delayed draw term loan	S + 6.25%	10.06	%	3/31/2028	96		71		71		0.04	%
HLSG Intermediate, LLC	First lien senior secured revolving loan	S + 6.25%	10.06	%	3/31/2028	60		29		29		0.01	%
HLSG Intermediate, LLC	First lien senior secured term loan	S + 6.25%	10.06	%	3/31/2028	1,007		995		997		0.50	%
Nimlok Company, LLC	First lien senior secured term loan	S + 6.25%	9.41	%	11/27/2025	2,685		2,644		2,649		1.34	%
Nimlok Company, LLC (6)(10)	First lien senior secured revolving loan	S + 6.25%	9.41	%	11/27/2024	320		(3)		(4)		0.00	%
Steel City Wash, LLC	First lien senior secured delayed draw term loan	S + 6.00%	9.81	%	12/27/2026	143		140		141		0.07	%
Steel City Wash, LLC	First lien senior secured revolving loan	S + 6.00%	9.81	%	12/27/2026	38		11		11		0.01	%
Steel City Wash, LLC	First lien senior secured term loan	S + 6.00%	9.81	%	12/27/2026	796		782		784		0.40	%
								10,333		10,356		5.24	%
Construction and engineering
BCI Burke Holding Corp.	First lien senior secured delayed draw term loan	L + 5.50%	9.70	%	12/14/2027	$	132	$	25	$	25	0.01	%
BCI Burke Holding Corp.	First lien senior secured revolving loan	P + 4.50%	10.75	%	12/14/2027	79		24		24		0.01	%
BCI Burke Holding Corp.	First lien senior secured term loan	L + 5.50%	9.70	%	12/14/2027	910		898		900		0.46	%
CPS HVAC Group, LLC (6)	First lien senior secured delayed draw term loan	L + 6.75%	10.42	%	12/15/2026	150		(3)		(2)		0.00	%
CPS HVAC Group, LLC (11)	First lien senior secured revolving loan	L + 6.75%	10.42	%	12/15/2026	38		1		1		0.00	%
CPS HVAC Group, LLC	First lien senior secured term loan	L + 6.75%	10.42	%	12/15/2026	273		268		268		0.14	%
Domino Equipment Company, LLC (6)	First lien senior secured revolving loan	S + 6.25%	9.40	%	4/1/2026	79		(1)		(1)		0.00	%
Domino Equipment Company, LLC	First lien senior secured term loan	S + 6.25%	9.40	%	4/1/2026	576		566		567		0.29	%
Highland Acquisition, Inc. (6)	First lien senior secured revolving loan	S + 5.50%	9.31	%	3/9/2027	30		(1)		—		0.00	%
Highland Acquisition, Inc.	First lien senior secured term loan	S + 5.50%	9.31	%	3/9/2027	940		922		924		0.46	%
								2,699		2,706		1.37	%
Containers and packaging
Innovative FlexPak, LLC	First lien senior secured revolving loan	S + 7.00%	10.81	%	1/23/2025	$	627	$	275	$	257	0.13	%
Innovative FlexPak, LLC	First lien senior secured term loan	S + 7.00%	10.81	%	1/23/2025	2,616		2,582		2,514		1.27	%
MRC Keeler Acquisition, LLC	First lien senior secured delayed draw term loan	L + 5.75%	9.42	%	12/4/2025	150		73		73		0.04	%

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

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AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2022

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread	Interest Rate		Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
MRC Keeler Acquisition, LLC (6)	First lien senior secured revolving loan	L + 5.75%	9.42	%	12/4/2025	$	150	$	(2)	$	(2)	0.00	%
MRC Keeler Acquisition, LLC	First lien senior secured term loan	L + 5.75%	9.42	%	12/4/2025	952		939		940		0.48	%
Vanguard Packaging, LLC	First lien senior secured revolving loan	L + 5.00%	8.01	%	8/9/2024	535		122		121		0.06	%
Vanguard Packaging, LLC	First lien senior secured term loan	L + 5.00%	8.01	%	8/9/2024	1,196		1,189		1,187		0.60	%
								5,178		5,090		2.58	%
Distributors
RTP Acquisition, LLC (6)	First lien senior secured revolving loan	S + 6.50%	10.31	%	8/17/2026	$	38	$	(1)	$	(1)	0.00	%
RTP Acquisition, LLC	First lien senior secured term loan	S + 6.50%	10.31	%	8/17/2026	920		904		906		0.46	%
								903		905		0.46	%
Diversified consumer services
50Floor, LLC (6)	First lien senior secured revolving loan	L + 5.75%	9.42	%	12/31/2025	$	199	$	(3)	$	(2)	0.00	%
50Floor, LLC	First lien senior secured term loan	L + 5.75%	9.42	%	12/31/2026	953		939		940		0.48	%
ACES Intermediate, LLC (6)	First lien senior secured revolving loan	S + 5.50%	8.29	%	7/27/2027	150		(3)		(3)		0.00	%
ACES Intermediate, LLC	First lien senior secured term loan	S + 5.50%	8.29	%	7/27/2027	1,891		1,854		1,854		0.94	%
Groundworks Operations, LLC	First lien senior secured delayed draw term loan	L + 5.00%	7.08	%	1/17/2026	1,870		1,817		1,825		0.92	%
Groundworks Operations, LLC	First lien senior secured term loan	L + 5.00%	7.08	%	1/17/2026	2,485		2,454		2,467		1.24	%
Groundworks Operations, LLC (6)	First lien senior secured revolving loan	L + 5.00%	7.08	%	1/17/2026	387		(4)		(3)		0.00	%
Home Brands Group Holdings, Inc. (6)	First lien senior secured revolving loan	L + 4.75%	7.56	%	11/8/2026	48		(1)		(1)		0.00	%
Home Brands Group Holdings, Inc.	First lien senior secured term loan	L + 4.75%	7.56	%	11/8/2026	2,020		1,984		1,989		1.01	%
ISSA, LLC	First lien senior secured revolving loan	S + 6.00%	9.81	%	3/1/2027	131		77		77		0.04	%
ISSA, LLC	First lien senior secured term loan	S + 6.00%	9.81	%	3/1/2027	924		910		911		0.46	%
Juniper Landscaping Holdings LLC (6)	First lien senior secured delayed draw term loan	L + 6.00%	9.67	%	12/29/2026	88		(1)		(1)		0.00	%
Juniper Landscaping Holdings LLC (6)(12)	First lien senior secured revolving loan	L + 6.00%	9.67	%	12/29/2026	44		(1)		(1)		0.00	%
Juniper Landscaping Holdings LLC	First lien senior secured term loan	L + 6.00%	9.67	%	12/29/2026	1,317		1,297		1,299		0.66	%
Kalkomey Enterprises, LLC (6)	First lien senior secured revolving loan	L + 6.75%	10.42	%	4/24/2025	77		(1)		(1)		0.00	%
Kalkomey Enterprises, LLC	First lien senior secured term loan	L + 6.75%	10.42	%	4/24/2026	1,052		1,034		1,040		0.53	%
PPW Acquisition, LLC	First lien senior secured revolving loan	L + 6.00%	9.67	%	9/30/2026	38		5		5		0.00	%
PPW Acquisition, LLC	First lien senior secured term loan	L + 6.00%	9.67	%	9/30/2026	606		596		597		0.30	%
United Land Services Opco Parent, LLC	First lien senior secured delayed draw term loan	L + 6.00%	9.67	%	3/23/2026	1,071		511		512		0.26	%
United Land Services Opco Parent, LLC	First lien senior secured revolving loan	L + 6.00%	9.67	%	3/23/2026	131		125		125		0.06	%
United Land Services Opco Parent, LLC	First lien senior secured term loan	L + 6.00%	9.67	%	3/23/2026	303		299		299		0.15	%
Yard-Nique, Inc (6)	First lien senior secured delayed draw term loan	S + 5.00%	8.71	%	8/3/2024	150		(2)		(2)		0.00	%
Yard-Nique, Inc	First lien senior secured revolving loan	S + 5.00%	8.71	%	4/20/2026	19		6		6		0.00	%
Yard-Nique, Inc	First lien senior secured term loan	S + 5.00%	8.71	%	4/30/2026	406		400		400		0.20	%
								14,292		14,332		7.25	%

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

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2022

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread	Interest Rate		Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Electrical equipment
AEP Passion Intermediate Holdings, Inc.	First lien senior secured delayed draw term loan	L + 5.50%	8.62	%	10/5/2027	$	71	$	28	$	28	0.01	%
AEP Passion Intermediate Holdings, Inc.	First lien senior secured revolving loan	L + 5.50%	8.62	%	10/5/2027	48		28		28		0.01	%
AEP Passion Intermediate Holdings, Inc.	First lien senior secured term loan	L + 5.50%	8.62	%	10/5/2027	1,284		1,267		1,269		0.65	%
								1,323		1,325		0.67	%
Electronic equipment, instruments and components
Advanced Lighting Acquisition, LLC (6)	First lien senior secured revolving loan	S + 5.00%	8.15	%	11/22/2025	$	324	$	(4)	$	(2)	0.00	%
Advanced Lighting Acquisition, LLC	First lien senior secured term loan	S + 5.00%	8.15	%	11/22/2025	1,202		1,187		1,196		0.61	%
ITSavvy LLC (6)	First lien senior secured delayed draw term loan	S + 5.50%	9.01	%	8/8/2024	75		(1)		(1)		0.00	%
ITSavvy LLC (6)	First lien senior secured revolving loan	S + 5.50%	9.01	%	8/8/2028	38		—		—		0.00	%
ITSavvy LLC	First lien senior secured term loan	S + 5.50%	9.01	%	8/8/2028	678		671		671		0.34	%
Nelson Name Plate Company	First lien senior secured delayed draw term loan	L + 5.50%	8.62	%	10/18/2026	119		102		102		0.05	%
Nelson Name Plate Company	First lien senior secured revolving loan	L + 5.50%	8.62	%	10/18/2026	90		15		15		0.01	%
Nelson Name Plate Company	First lien senior secured term loan	L + 5.50%	8.62	%	10/18/2026	770		757		758		0.38	%
								2,727		2,739		1.39	%
Food and staples retailing
Engelman Baking Co., LLC	First lien senior secured revolving loan	L + 5.75%	8.87	%	2/28/2025	$	207	$	30	$	30	0.02	%
Engelman Baking Co., LLC	First lien senior secured term loan	L + 5.75%	8.87	%	2/28/2025	715		702		704		0.36	%
Mad Rose Company, LLC (13)	First lien senior secured revolving loan	L + 6.25%	9.09	%	5/7/2026	119		20		21		0.01	%
Mad Rose Company, LLC	First lien senior secured term loan	L + 6.25%	9.09	%	5/7/2026	933		917		920		0.47	%
Main Street Gourmet, LLC (6)	First lien senior secured delayed draw term loan	L + 5.75%	9.42	%	11/10/2025	666		(8)		(7)		0.00	%
Main Street Gourmet, LLC	First lien senior secured revolving loan	L + 5.75%	9.42	%	11/10/2025	38		18		18		0.01	%
Main Street Gourmet, LLC	First lien senior secured term loan	L + 5.75%	9.42	%	11/10/2025	1,124		1,110		1,112		0.54	%
NutriScience Innovations, LLC (6)(14)	First lien senior secured revolving loan	L + 7.00%	10.67	%	4/21/2026	131		(2)		(2)		0.00	%
NutriScience Innovations, LLC	First lien senior secured term loan	L + 7.00%	10.67	%	4/21/2026	478		471		471		0.24	%
Qin's Buffalo, LLC (6)	First lien senior secured delayed draw term loan	S + 5.75%	9.56	%	5/5/2024	75		(1)		(1)		0.00	%
Qin's Buffalo, LLC	First lien senior secured revolving loan	S + 5.75%	9.56	%	5/5/2027	38		7		7		0.00	%
Qin's Buffalo, LLC	First lien senior secured term loan	S + 5.75%	9.56	%	5/5/2027	538		527		529		0.27	%
SCP Beverage Buyer, LLC	First lien senior secured revolving loan	S + 5.50%	8.65	%	11/24/2026	38		14		14		0.01	%
SCP Beverage Buyer, LLC	First lien senior secured term loan	S + 5.50%	8.65	%	11/24/2026	413		405		406		0.21	%
								4,210		4,222		2.14	%
Food products
Icelandirect, LLC	First lien senior secured revolving loan	L + 6.00%	8.25	%	7/30/2026	$	38	$	35	$	35	0.02	%
Icelandirect, LLC	First lien senior secured term loan	L + 6.00%	8.25	%	7/30/2026	686		675		676		0.34	%
Starwest Botanicals Acquisition, LLC	First lien senior secured revolving loan	L + 5.25%	8.92	%	4/30/2027	174		172		169		0.09	%
Starwest Botanicals Acquisition, LLC	First lien senior secured term loan	L + 5.25%	8.92	%	4/30/2027	809		798		786		0.40	%

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

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2022

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread	Interest Rate		Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Sun Orchard, LLC (6)	First lien senior secured revolving loan	S + 5.25%	9.06	%	7/8/2027	$	113	$	(2)	$	(2)	0.00	%
Sun Orchard, LLC	First lien senior secured term loan	S + 5.25%	9.06	%	7/8/2027	2,079		2,039		2,043		1.03	%
								3,717		3,707		1.88	%
Gas utilities
Hydromax USA, LLC	First lien senior secured delayed draw term loan	L + 6.25%	9.37	%	12/30/2026	$	112	$	111	$	108	0.05	%
Hydromax USA, LLC	First lien senior secured revolving loan	L + 6.25%	9.37	%	12/30/2026	228		157		151		0.08	%
Hydromax USA, LLC	First lien senior secured term loan	L + 6.25%	9.37	%	12/30/2026	1,237		1,221		1,192		0.60	%
								1,489		1,451		0.73	%
Health care equipment and supplies
626 Holdings Equity, LLC	First lien senior secured delayed draw term loan	S + 5.25%	8.41	%	2/14/2028	$	315	$	92	$	92	0.05	%
626 Holdings Equity, LLC	First lien senior secured revolving loan	P + 4.25%	10.50	%	2/14/2027	75		40		40		0.02	%
626 Holdings Equity, LLC	First lien senior secured term loan	S + 5.25%	8.41	%	2/14/2028	886		869		871		0.42	%
EMSAR Acquisition LLC	First lien senior secured delayed draw term loan	L + 6.50%	8.06	%	3/30/2026	665		207		208		0.11	%
EMSAR Acquisition LLC	First lien senior secured revolving loan	L + 6.50%	8.06	%	3/30/2026	134		118		118		0.06	%
EMSAR Acquisition LLC	First lien senior secured term loan	L + 6.50%	8.06	%	3/30/2026	640		630		631		0.32	%
Medical Technology Associates, Inc. (6)	First lien senior secured revolving loan	S + 6.00%	9.81	%	7/25/2028	38		(1)		(1)		0.00	%
Medical Technology Associates, Inc.	First lien senior secured term loan	S + 6.00%	9.81	%	7/25/2028	404		396		396		0.20	%
Reliable Medical Supply LLC	First lien senior secured delayed draw term loan	L + 6.75%	10.42	%	4/8/2025	67		53		53		0.03	%
Reliable Medical Supply LLC	First lien senior secured revolving loan	L + 6.75%	10.42	%	4/8/2025	138		39		40		0.02	%
Reliable Medical Supply LLC	First lien senior secured term loan	L + 6.75%	10.42	%	4/8/2025	753		739		744		0.38	%
SCA Buyer, LLC	First lien senior secured delayed draw term loan	L + 6.50%	8.58	%	1/20/2026	396		273		276		0.14	%
SCA Buyer, LLC	First lien senior secured revolving loan	L + 6.50%	8.58	%	1/20/2026	133		77		77		0.04	%
SCA Buyer, LLC	First lien senior secured term loan	L + 6.50%	8.58	%	1/20/2026	758		747		747		0.38	%
Spectrum Solutions, LLC (6)	First lien senior secured revolving loan	L + 6.00%	9.12	%	3/5/2026	267		(4)		(9)		0.00	%
Spectrum Solutions, LLC	First lien senior secured term loan	L + 6.00%	9.12	%	3/5/2026	537		528		519		0.26	%
								4,803		4,802		2.43	%
Health care providers and services
Agility Intermediate, Inc. (6)	First lien senior secured delayed draw term loan	L + 6.50%	9.38	%	4/15/2026	$	401	$	(6)	$	(5)	0.00	%
Agility Intermediate, Inc.	First lien senior secured revolving loan	L + 6.50%	9.38	%	4/15/2026	134		25		25		0.01	%
Agility Intermediate, Inc.	First lien senior secured term loan	L + 6.50%	9.38	%	4/15/2026	243		239		239		0.12	%
Apex Dental Partners, LLC	First lien senior secured delayed draw term loan	S + 6.50%	9.34	%	4/22/2024	559		453		455		0.23	%
Apex Dental Partners, LLC	First lien senior secured revolving loan	S + 6.50%	9.34	%	11/23/2025	150		13		13		0.01	%
Apex Dental Partners, LLC	First lien senior secured term loan	S + 6.50%	9.34	%	11/23/2025	623		613		614		0.31	%
ASC Ortho Management, LLC	First lien senior secured delayed draw term loan	L + 6.00%	9.67	%	12/31/2026	360		241		242		0.12	%
ASC Ortho Management, LLC (6)	First lien senior secured revolving loan	L + 6.00%	9.67	%	12/31/2026	38		(1)		(1)		0.00	%
ASC Ortho Management, LLC	First lien senior secured term loan	L + 6.00%	9.67	%	12/31/2026	520		511		512		0.26	%
ASP Global Acquisition, LLC	First lien senior secured delayed draw term loan	L + 6.00%	9.67	%	1/21/2025	678		672		653		0.33	%

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

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2022

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread	Interest Rate		Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
ASP Global Acquisition, LLC (6)	First lien senior secured revolving loan	L + 6.00%	9.67	%	1/21/2025	$	485	$	(4)	$	(18)	(0.01)	%
ASP Global Acquisition, LLC	First lien senior secured term loan	L + 6.00%	9.67	%	1/21/2025	2,781		2,749		2,679		1.36	%
Beacon Oral Specialists Management LLC	First lien senior secured delayed draw term loan	S + 6.00%	8.89	%	12/14/2025	840		760		761		0.39	%
Beacon Oral Specialists Management LLC	First lien senior secured revolving loan	S + 6.00%	8.89	%	12/14/2025	188		68		69		0.03	%
Beacon Oral Specialists Management LLC	First lien senior secured term loan	S + 6.00%	8.89	%	12/14/2025	943		928		931		0.47	%
Behavior Frontiers, LLC (15)	First lien senior secured revolving loan	S + 7.50%	11.31	%	5/21/2026	38		18		15		0.01	%
Behavior Frontiers, LLC	First lien senior secured term loan	S + 7.50%	11.31	%	5/21/2026	656		644		597		0.30	%
Benefit Plan Administrators of Eau Claire, LLC (6)	First lien senior secured delayed draw term loan	S + 5.50%	9.19	%	6/7/2024	188		(3)		(3)		0.00	%
Benefit Plan Administrators of Eau Claire, LLC (6)	First lien senior secured revolving loan	S + 5.50%	9.19	%	6/7/2026	38		(1)		(1)		0.00	%
Benefit Plan Administrators of Eau Claire, LLC	First lien senior secured term loan	S + 5.50%	9.19	%	6/7/2026	826		813		815		0.41	%
Brightview, LLC	First lien senior secured delayed draw term loan	L + 5.75%	8.63	%	12/14/2026	107		21		22		0.01	%
Brightview, LLC (6)	First lien senior secured revolving loan	L + 5.75%	8.63	%	12/14/2026	52		(1)		—		0.00	%
Brightview, LLC	First lien senior secured term loan	L + 5.75%	8.63	%	12/14/2026	694		685		688		0.35	%
Change Academy at Lake of the Ozarks, LLC (6)	First lien senior secured revolving loan	S + 5.50%	9.20	%	8/2/2027	113		(2)		(2)		0.00	%
Change Academy at Lake of the Ozarks, LLC	First lien senior secured term loan	S + 5.50%	9.20	%	8/2/2027	1,773		1,739		1,739		0.88	%
Canadian Orthodontic Partners Corp. (7)	First lien senior secured delayed draw term loan	C + 7.00%	11.18	%	3/19/2026	C$	498	211		187		0.09	%
Canadian Orthodontic Partners Corp. (7)	First lien senior secured revolving loan	C + 7.00%	11.18	%	3/19/2026	C$	267	204		186		0.10	%
Canadian Orthodontic Partners Corp. (7)	First lien senior secured term loan	C + 7.00%	11.18	%	3/19/2026	C$	225	176		158		0.08	%
Canadian Orthodontic Partners Corp. (7)	First lien senior secured revolving loan	C + 7.00%	11.18	%	3/19/2026	107		105		104		0.05	%
Community Care Partners, LLC	First lien senior secured delayed draw term loan	S + 5.75%	8.90	%	6/10/2026	243		163		166		0.08	%
Community Care Partners, LLC (6)	First lien senior secured revolving loan	S + 5.75%	8.90	%	6/10/2026	75		(1)		(1)		0.00	%
Community Care Partners, LLC	First lien senior secured term loan	S + 5.75%	8.90	%	6/10/2026	956		944		948		0.48	%
Dermatology Medical Partners OpCo, LLC	First lien senior secured delayed draw term loan	L + 6.50%	9.31	%	10/29/2026	97		31		31		0.02	%
Dermatology Medical Partners OpCo, LLC	First lien senior secured revolving loan	L + 6.50%	9.31	%	10/29/2026	38		16		16		0.01	%
Dermatology Medical Partners OpCo, LLC	First lien senior secured term loan	L + 6.50%	9.31	%	10/29/2026	322		315		316		0.16	%
EH Management Company, LLC	First lien senior secured revolving loan	P + 4.50%	10.75	%	7/15/2026	38		22		22		0.01	%
EH Management Company, LLC	First lien senior secured term loan	S + 5.50%	9.31	%	7/15/2026	972		956		959		0.49	%
Geriatric Medical and Surgical Supply, LLC (6)	First lien senior secured revolving loan	S + 6.00%	9.81	%	12/21/2025	300		(5)		(4)		0.00	%
Geriatric Medical and Surgical Supply, LLC	First lien senior secured term loan	S + 6.00%	9.81	%	12/21/2025	945		930		931		0.47	%
Golden Bear PT Partners, LLC	First lien senior secured term loan	S + 7.75%	11.56	%	10/22/2026	1,544		1,509		1,495		0.76	%
Golden Bear PT Partners, LLC	First lien senior secured delayed draw term loan	S + 7.75%	11.56	%	10/22/2026	333		167		164		0.08	%
Golden Bear PT Partners, LLC	First lien senior secured revolving loan	S + 7.75%	11.56	%	10/22/2026	38		3		3		0.00	%
Guardian Dentistry Practice Management, LLC	First lien senior secured delayed draw term loan	S + 6.00%	9.15	%	12/14/2023	500		470		472		0.24	%
Guardian Dentistry Practice Management, LLC (6)	First lien senior secured revolving loan	S + 6.00%	9.15	%	8/20/2026	23		—		—		0.00	%
Guardian Dentistry Practice Management, LLC	First lien senior secured term loan	S + 6.00%	9.15	%	8/20/2026	522		513		517		0.26	%
IPC Pain Acquistion, LLC (6)	First lien senior secured delayed draw term loan	S + 6.00%	9.15	%	5/19/2024	278		(3)		(3)		0.00	%
IPC Pain Acquistion, LLC (6)	First lien senior secured revolving loan	S + 6.00%	9.15	%	5/19/2027	$	25	$	—	$	—	0.00	%

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

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2022

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread	Interest Rate		Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
IPC Pain Acquistion, LLC	First lien senior secured term loan	S + 6.00%	9.15	%	5/19/2027	177		175		175		0.09	%
Network Partners Acquisition, LLC (6)	First lien senior secured delayed draw term loan	L + 6.00%	9.67	%	12/30/2026	113		(2)		(2)		0.00	%
Network Partners Acquisition, LLC (6)	First lien senior secured revolving loan	L + 6.00%	9.67	%	12/30/2026	38		(1)		(1)		0.00	%
Network Partners Acquisition, LLC	First lien senior secured term loan	L + 6.00%	9.67	%	12/30/2026	393		386		387		0.20	%
Peak Dental Services, LLC	First lien senior secured delayed draw term loan	S + 6.50%	9.34	%	5/2/2024	886		571		572		0.29	%
Peak Dental Services, LLC	First lien senior secured revolving loan	S + 6.50%	9.34	%	12/31/2025	133		48		49		0.02	%
Peak Dental Services, LLC	First lien senior secured term loan	S + 6.50%	9.34	%	12/31/2025	587		577		579		0.29	%
Peak Investment Holdings, LLC	First lien senior secured delayed draw term loan	L + 7.00%	11.17	%	12/6/2024	603		12		7		0.00	%
Peak Investment Holdings, LLC (6)	First lien senior secured revolving loan	L + 7.00%	11.17	%	12/6/2024	324		(3)		(6)		0.00	%
Peak Investment Holdings, LLC	First lien senior secured term loan	L + 7.00%	11.17	%	12/6/2024	1,291		1,277		1,266		0.64	%
Pentec Acquisition Corp. (6)	First lien senior secured revolving loan	L + 6.00%	9.12	%	10/8/2026	75		(1)		(1)		0.00	%
Pentec Acquisition Corp.	First lien senior secured term loan	L + 6.00%	9.12	%	10/8/2026	998		982		990		0.50	%
Propio LS, LLC	First lien senior secured revolving loan	S + 5.50%	8.30	%	8/2/2027	75		30		30		0.02	%
Propio LS, LLC	First lien senior secured term loan	S + 5.50%	8.30	%	8/2/2027	1,196		1,173		1,173		0.59	%
Revival Animal Health, LLC	First lien senior secured revolving loan	S + 6.50%	10.31	%	4/6/2026	131		30		30		0.02	%
Revival Animal Health, LLC	First lien senior secured term loan	S + 6.50%	10.31	%	4/6/2026	1,024		1,008		1,010		0.51	%
RQM Buyer, Inc.	First lien senior secured term loan	S + 5.50%	9.31	%	8/12/2026	1,697		1,671		1,684		0.85	%
RQM Buyer, Inc.	First lien senior secured delayed draw term loan	S + 5.50%	9.31	%	8/12/2026	84		83		84		0.04	%
RQM Buyer, Inc. (6)	First lien senior secured revolving loan	S + 5.50%	9.31	%	8/12/2026	206		(3)		(2)		0.00	%
Sage Dental Management, LLC (6)	First lien senior secured revolving loan	S + 5.25%	8.26	%	4/1/2024	75		(1)		—		0.00	%
Sage Dental Management, LLC	First lien senior secured term loan	S + 5.25%	8.26	%	4/1/2024	949		942		943		0.48	%
SAMGI Buyer, Inc. (6)	First lien senior secured revolving loan	L + 5.50%	9.17	%	4/14/2025	138		(2)		(2)		0.00	%
SAMGI Buyer, Inc.	First lien senior secured term loan	L + 5.50%	9.17	%	4/14/2025	876		863		866		0.44	%
SCP ENT and Allergy Services, LLC	First lien senior secured delayed draw term loan	S + 5.50%	8.65	%	12/15/2023	1,427		1,402		1,413		0.72	%
SCP ENT and Allergy Services, LLC (6)	First lien senior secured revolving loan	S + 5.50%	8.65	%	9/25/2025	256		(5)		(3)		0.00	%
SCP ENT and Allergy Services, LLC	First lien senior secured term loan	S + 5.50%	8.65	%	9/25/2025	941		926		932		0.47	%
Signature Dental Partners LLC	First lien senior secured delayed draw term loan	S + 6.25%	9.40	%	10/29/2026	179		149		149		0.08	%
Signature Dental Partners LLC	First lien senior secured revolving loan	P + 5.25%	11.50	%	10/29/2026	38		18		18		0.01	%
Signature Dental Partners LLC	First lien senior secured term loan	S + 6.25%	9.40	%	10/29/2026	863		847		848		0.43	%
Silver Falls MSO, LLC	First lien senior secured revolving loan	S + 6.00%	9.81	%	8/30/2024	235		231		227		0.11	%
Silver Falls MSO, LLC	First lien senior secured term loan	S + 6.00%	9.81	%	8/30/2024	1,294		1,278		1,259		0.64	%
SimiTree Acquisition LLC	First lien senior secured delayed draw term loan	S + 6.50%	9.34	%	5/17/2026	880		865		871		0.44	%
SimiTree Acquisition LLC (6)	First lien senior secured revolving loan	S + 6.50%	9.34	%	5/17/2026	178		(3)		(2)		0.00	%
SimiTree Acquisition LLC	First lien senior secured term loan	S + 6.50%	9.34	%	5/17/2026	1,230		1,212		1,217		0.62	%
SIMKO Merger Sub, LLC	First lien senior secured delayed draw term loan	S + 6.00%	9.81	%	4/7/2024	188		64		64		0.03	%
SIMKO Merger Sub, LLC	First lien senior secured revolving loan	S + 6.00%	9.81	%	4/7/2027	56		6		7		0.00	%
SIMKO Merger Sub, LLC	First lien senior secured term loan	S + 6.00%	9.81	%	4/7/2027	$	659	$	647	$	648	0.33	%

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

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2022

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread	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 delayed draw term loan	S + 6.25%	10.06	%	12/30/2025	523		320		320		0.16	%
Southeast Primary Care Partners, LLC	First lien senior secured revolving loan	S + 6.25%	10.06	%	12/30/2025	225		199		199		0.10	%
Southeast Primary Care Partners, LLC	First lien senior secured term loan	S + 6.25%	10.06	%	12/30/2025	864		850		852		0.43	%
Southern Orthodontic Partners Management, LLC	First lien senior secured delayed draw term loan	S + 6.00%	9.81	%	4/8/2024	190		112		112		0.06	%
Southern Orthodontic Partners Management, LLC	First lien senior secured revolving loan	S + 6.00%	9.81	%	1/27/2026	171		76		77		0.04	%
Southern Orthodontic Partners Management, LLC	First lien senior secured term loan	S + 6.00%	9.81	%	1/27/2026	1,358		1,335		1,348		0.68	%
Southern Sports Medicine Partners, LLC	First lien senior secured delayed draw term loan	S + 6.00%	9.81	%	2/23/2027	171		29		29		0.01	%
Southern Sports Medicine Partners, LLC	First lien senior secured revolving loan	S + 6.00%	9.81	%	2/23/2027	60		10		11		0.01	%
Southern Sports Medicine Partners, LLC	First lien senior secured term loan	S + 6.00%	9.81	%	2/23/2027	639		631		632		0.32	%
Varsity DuvaSawko Operating Corp. (6)	First lien senior secured revolving loan	L + 6.00%	9.67	%	11/27/2024	474		(4)		(3)		0.00	%
Varsity DuvaSawko Operating Corp.	First lien senior secured term loan	L + 6.00%	9.67	%	11/27/2024	2,676		2,651		2,656		1.31	%
Vital Care Buyer, LLC (6)	First lien senior secured revolving loan	L + 5.75%	9.42	%	10/19/2025	580		(6)		(6)		0.00	%
Vital Care Buyer, LLC	First lien senior secured term loan	L + 5.75%	9.42	%	10/19/2025	909		899		900		0.46	%
Western Veterinary Partners, LLC	First lien senior secured delayed draw term loan	S + 6.50%	10.31	%	10/29/2026	509		433		435		0.22	%
Western Veterinary Partners, LLC	First lien senior secured revolving loan	S + 6.50%	10.31	%	10/29/2026	24		5		5		0.00	%
Western Veterinary Partners, LLC	First lien senior secured term loan	S + 6.50%	10.31	%	10/29/2026	1,318		1,296		1,303		0.66	%
								44,188		44,055		22.29	%
Health care technology
AHR Intermediate, Inc (6)	First lien senior secured delayed draw term loan	S + 5.75%	8.48	%	7/29/2024	$	117	$	(1)	$	(1)	0.00	%
AHR Intermediate, Inc	First lien senior secured revolving loan	S + 5.75%	8.48	%	7/29/2027	150		12		14		0.01	%
AHR Intermediate, Inc	First lien senior secured term loan	S + 5.75%	8.48	%	7/29/2027	1,461		1,444		1,447		0.72	%
Millennia Patient Services, LLC (6)	First lien senior secured delayed draw term loan	L + 6.00%	9.67	%	3/8/2026	267		(4)		(3)		0.00	%
Millennia Patient Services, LLC	First lien senior secured revolving loan	L + 6.00%	9.67	%	3/8/2026	134		10		10		0.01	%
Millennia Patient Services, LLC	First lien senior secured term loan	L + 6.00%	9.67	%	3/8/2026	993		978		979		0.50	%
Spear Education, LLC	First lien senior secured revolving loan	L + 5.75%	9.42	%	2/26/2025	414		108		104		0.05	%
Spear Education, LLC	First lien senior secured term loan	L + 5.75%	9.42	%	2/26/2025	855		851		842		0.43	%
								3,398		3,392		1.72	%
Household durables
Storm Smart Buyer LLC (6)	First lien senior secured revolving loan	L + 6.00%	9.67	%	4/5/2026	$	131	$	(2)	$	(2)	0.00	%
Storm Smart Buyer LLC	First lien senior secured term loan	L + 6.00%	9.67	%	4/5/2026	910		897		898		0.45	%
Trademark Global, LLC (6)	First lien senior secured delayed draw term loan	L + 6.25%	9.37	%	7/30/2024	61		—		(3)		0.00	%
Trademark Global, LLC	First lien senior secured revolving loan	L + 6.25%	9.37	%	7/30/2024	113		108		103		0.05	%
Trademark Global, LLC	First lien senior secured term loan	L + 6.25%	9.37	%	7/30/2024	1,820		1,815		1,732		0.88	%
								2,818		2,728		1.38	%
Internet and direct marketing retail
Aquatic Sales Solutions, LLC	First lien senior secured revolving loan	L + 6.50%	9.31	%	12/18/2025	$	188	$	67	$	68	0.03	%
Aquatic Sales Solutions, LLC	First lien senior secured term loan	L + 6.50%	9.31	%	12/18/2025	2,522		2,478		2,485		1.26	%

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

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2022

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread	Interest Rate		Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
DealerOn Inc. (6)	First lien senior secured revolving loan	S + 5.50%	8.65	%	11/19/2024	314		(3)		(2)		0.00	%
DealerOn Inc.	First lien senior secured term loan	S + 5.50%	8.65	%	11/19/2024	1,606		1,588		1,596		0.81	%
								4,130		4,147		2.10	%
IT services
ARC Healthcare Technologies, LLC (6)	First lien senior secured delayed draw term loan	S + 5.25%	8.19	%	6/22/2024	$	188	$	(2)	$	(2)	0.00	%
ARC Healthcare Technologies, LLC (6)	First lien senior secured revolving loan	S + 5.25%	8.19	%	6/22/2025	75		(1)		(1)		0.00	%
ARC Healthcare Technologies, LLC	First lien senior secured term loan	S + 5.25%	8.19	%	6/22/2025	1,414		1,397		1,400		0.71	%
E-Phoenix Acquisition Co. Inc. (6)	First lien senior secured revolving loan	L + 5.75%	9.42	%	6/23/2027	75		(1)		(1)		0.00	%
E-Phoenix Acquisition Co. Inc.	First lien senior secured term loan	L + 5.75%	9.42	%	6/23/2027	1,434		1,419		1,422		0.72	%
FreshAddress, LLC (6)	First lien senior secured revolving loan	L + 5.25%	8.92	%	10/5/2025	30		—		—		0.00	%
FreshAddress, LLC	First lien senior secured term loan	L + 5.25%	8.92	%	10/5/2025	1,693		1,674		1,676		0.84	%
P and R Dental Strategies, LLC (6)	First lien senior secured revolving loan	L + 6.50%	9.62	%	12/22/2026	23		—		—		0.00	%
P and R Dental Strategies, LLC	First lien senior secured term loan	L + 6.50%	9.62	%	12/22/2026	655		644		645		0.33	%
								5,130		5,139		2.60	%
Leisure equipment and products
MacNeill Pride Group Corp.	First lien senior secured delayed draw term loan	L + 6.25%	10.06	%	4/22/2026	$	501	$	453	$	453	0.23	%
MacNeill Pride Group Corp.	First lien senior secured revolving loan	L + 6.25%	10.06	%	4/22/2026	287		163		164		0.08	%
MacNeill Pride Group Corp.	First lien senior secured term loan	L + 6.25%	10.06	%	4/22/2026	869		862		867		0.44	%
Performance PowerSports Group Purchaser, Inc.	First lien senior secured revolving loan	P + 4.75%	9.50	%	10/8/2026	56		35		35		0.02	%
Performance PowerSports Group Purchaser, Inc.	First lien senior secured term loan	S + 5.75%	8.91	%	10/8/2026	1,791		1,759		1,758		0.89	%
								3,272		3,277		1.66	%
Leisure products
PHGP MB Purchaser, Inc. (6)	First lien senior secured delayed draw term loan	S + 6.00%	9.15	%	5/20/2024	$	113	$	(2)	$	(2)	0.00	%
PHGP MB Purchaser, Inc.	First lien senior secured revolving loan	P + 5.00%	10.50	%	5/20/2027	75		23		23		0.01	%
PHGP MB Purchaser, Inc.	First lien senior secured term loan	S + 6.00%	9.15	%	5/20/2027	1,106		1,085		1,087		0.55	%
								1,106		1,108		0.56	%
Life sciences tools and services
Aptitude Health Holdings, LLC (6)	First lien senior secured revolving loan	L + 5.25%	8.92	%	5/3/2026	$	267	$	(4)	$	(4)	0.00	%
Aptitude Health Holdings, LLC	First lien senior secured term loan	L + 5.25%	8.92	%	5/3/2026	1,106		$	1,089	$	1,091	0.55	%
								1,085		1,087		0.55	%
Machinery
Abrasive Technology Intermediate, LLC	First lien senior secured revolving loan	L + 6.25%	8.08	%	4/30/2026	$	173	$	49	$	50	0.03	%
Abrasive Technology Intermediate, LLC	First lien senior secured term loan	L + 6.25%	8.08	%	4/30/2026	938		923		925		0.47	%
DNS IMI Acquisition Corp (6)	First lien senior secured delayed draw term loan	L + 5.75%	9.42	%	11/23/2026	75		(1)		(1)		0.00	%
DNS IMI Acquisition Corp	First lien senior secured revolving loan	P + 4.75%	11.00	%	11/23/2026	$	56	$	10	$	10	0.01	%
DNS IMI Acquisition Corp	First lien senior secured term loan	L + 5.75%	9.42	%	11/23/2026	1,653		1,624		1,627		0.81	%
Double E Company, LLC (6)	First lien senior secured delayed draw term loan	S + 6.00%	8.73	%	6/21/2024	49		—		—		0.00	%

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

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2022

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread	Interest Rate		Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Double E Company, LLC	First lien senior secured revolving loan	S + 6.00%	8.73	%	6/21/2028	66		9		9		0.00	%
Double E Company, LLC	First lien senior secured term loan	S + 6.00%	8.73	%	6/21/2028	1,052		1,042		1,044		0.53	%
								3,656		3,664		1.85	%
Media
ALM Media, LLC (6)(16)	First lien senior secured revolving loan	L + 6.50%	9.31	%	11/25/2024	$	971	$	(10)	$	(10)	(0.01)	%
ALM Media, LLC	First lien senior secured term loan	L + 6.50%	9.31	%	11/25/2024	2,507		2,476		2,477		1.25	%
Exclusive Concepts, LLC	First lien senior secured delayed draw term loan	L + 6.00%	8.88	%	12/9/2026	225		139		139		0.07	%
Exclusive Concepts, LLC (6)	First lien senior secured revolving loan	L + 6.00%	8.88	%	12/9/2026	23		—		—		0.00	%
Exclusive Concepts, LLC	First lien senior secured term loan	L + 6.00%	8.88	%	12/9/2026	628		617		618		0.31	%
Infolinks Media Buyco, LLC (6)	First lien senior secured delayed draw term loan	L + 5.75%	9.42	%	11/1/2026	39		—		—		0.00	%
Infolinks Media Buyco, LLC (6)	First lien senior secured revolving loan	L + 5.75%	9.42	%	11/1/2026	38		(1)		(1)		0.00	%
Infolinks Media Buyco, LLC	First lien senior secured term loan	L + 5.75%	9.42	%	11/1/2026	1,155		1,136		1,137		0.58	%
The Channel Company, LLC	First lien senior secured term loan	S + 5.50%	9.31	%	11/1/2027	2,353		2,316		2,325		1.18	%
The Channel Company, LLC	First lien senior secured revolving loan	S + 5.50%	9.31	%	11/1/2027	62		3		3		0.00	%
								6,676		6,688		3.38	%
Metals and mining
Copperweld Group, Inc.	First lien senior secured revolving loan	S + 5.50%	9.31	%	9/27/2024	$	456	$	142	$	145	0.07	%
Copperweld Group, Inc.	First lien senior secured term loan	S + 5.50%	9.31	%	9/27/2024	2,141		2,110		2,125		1.08	%
								2,252		2,270		1.15	%
Personal products
Cosmetic Solutions, LLC	First lien senior secured delayed draw term loan	L + 5.75%	9.42	%	10/17/2025	$	365	$	361	$	361	0.18	%
Cosmetic Solutions, LLC (6)	First lien senior secured revolving loan	L + 5.75%	9.42	%	10/17/2025	344		(4)		(3)		0.00	%
Cosmetic Solutions, LLC	First lien senior secured term loan	L + 5.75%	9.42	%	10/17/2025	2,775		2,740		2,747		1.39	%
								3,097		3,105		1.57	%
Pharmaceuticals
Bio Agri Mix Holdings Inc. (6)(7)	First lien senior secured revolving loan	C + 5.75%	8.43	%	7/23/2026	$	75	$	(1)	$	(1)	0.00	%
Bio Agri Mix Holdings Inc. (7)	First lien senior secured term loan	C + 5.75%	8.43	%	7/23/2026	C$	1,247	975		890		0.45	%
Bio Agri Mix Holdings Inc. (6)(7)	First lien senior secured revolving loan	C + 5.75%	8.43	%	7/23/2026	C$	30	—		—		0.00	%
Formulated Buyer, LLC	First lien senior secured delayed draw term loan	L + 5.25%	8.13	%	9/22/2026	300		111		111		0.06	%
Formulated Buyer, LLC	First lien senior secured revolving loan	L + 5.25%	8.13	%	9/22/2026	188		53		54		0.03	%
Formulated Buyer, LLC	First lien senior secured term loan	L + 5.25%	8.13	%	9/22/2026	462		454		455		0.23	%
Maxor National Pharmacy Services, LLC	First lien senior secured term loan	L + 5.50%	9.17	%	12/6/2027	1,791		1,769		1,762		0.88	%
Maxor National Pharmacy Services, LLC (6)	First lien senior secured revolving loan	L + 5.50%	9.17	%	12/6/2027	84		(1)		(1)		0.00	%
								$	3,360	$	3,270	1.65	%
Professional services
Stax Holding Company, LLC (6)(17)	First lien senior secured revolving loan	L + 5.25%	8.92	%	10/29/2026	$	60	$	(1)	$	(1)	0.00	%

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

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2022

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread	Interest Rate		Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Stax Holding Company, LLC	First lien senior secured term loan	L + 5.25%	8.92	%	10/29/2026	819		809		810		0.41	%
								808		809		0.41	%
Real estate management and development
BBG Intermediate Holdings, Inc. (18)	First lien senior secured revolving loan	S + 6.25%	10.06	%	1/8/2026	$	233	$	80	$	81	0.04	%
BBG Intermediate Holdings, Inc.	First lien senior secured term loan	S + 6.25%	10.06	%	1/8/2026	1,889		1,860		1,869		0.95	%
MetaSource, LLC (6)	First lien senior secured delayed draw term loan	S + 6.25%	9.40	%	5/17/2024	49		—		—		0.00	%
MetaSource, LLC	First lien senior secured revolving loan	S + 6.25%	9.40	%	5/17/2027	75		14		14		0.01	%
MetaSource, LLC	First lien senior secured term loan	S + 6.25%	9.40	%	5/17/2027	939		929		932		0.47	%
								2,883		2,896		1.47	%
Semiconductors and semiconductor equipment
Altamira Material Solutions, LP (6)	First lien senior secured revolving loan	L + 5.25%	8.92	%	9/2/2026	$	45	$	(1)	$	(1)	0.00	%
Altamira Material Solutions, LP	First lien senior secured term loan	L + 5.25%	8.92	%	9/2/2026	723		711		713		0.36	%
								710		712		0.36	%
Software
Affinitiv, Inc. (6)	First lien senior secured revolving loan	S + 6.50%	10.91	%	8/26/2024	$	248	$	(2)	$	(1)	0.00	%
Affinitiv, Inc.	First lien senior secured term loan	S + 6.50%	10.91	%	8/26/2024	2,265		2,241		2,253		1.14	%
ShiftKey, LLC (6)	First lien senior secured revolving loan	S + 5.75%	9.56	%	6/21/2027	110		(1)		(1)		0.00	%
ShiftKey, LLC	First lien senior secured term loan	S + 5.75%	9.56	%	6/21/2027	3,750		3,720		3,721		1.88	%
								5,958		5,972		3.02	%
Specialty retail
Dykstra's Auto, LLC	First lien senior secured delayed draw term loan	L + 5.25%	7.98	%	10/22/2026	$	187	$	167	$	167	0.08	%
Dykstra's Auto, LLC	First lien senior secured revolving loan	L + 5.25%	7.98	%	10/22/2026	38		11		11		0.01	%
Dykstra's Auto, LLC	First lien senior secured term loan	L + 5.25%	7.98	%	10/22/2026	493		483		484		0.24	%
Kaizen Auto Care, LLC	First lien senior secured delayed draw term loan	S + 6.00%	9.81	%	12/22/2026	449		254		253		0.13	%
Kaizen Auto Care, LLC	First lien senior secured revolving loan	S + 6.00%	9.81	%	12/22/2026	38		14		14		0.01	%
Kaizen Auto Care, LLC	First lien senior secured term loan	S + 6.00%	9.81	%	12/22/2026	844		829		831		0.42	%
Leonard Group, Inc. (6)	First lien senior secured revolving loan	S + 6.00%	9.81	%	2/26/2026	234		(6)		(2)		0.00	%
Leonard Group, Inc.	First lien senior secured term loan	S + 6.00%	9.81	%	2/26/2026	1,722		1,699		1,710		0.86	%
Pink Lily Holdings, LLC (6)	First lien senior secured revolving loan	L + 6.50%	9.62	%	11/16/2027	63		(1)		(1)		0.00	%
Pink Lily Holdings, LLC	First lien senior secured term loan	L + 6.50%	9.62	%	11/16/2027	1,361		1,340		1,342		0.68	%
Soccer Post Acquisition, LLC (6)	First lien senior secured delayed draw term loan	S + 5.75%	8.76	%	6/30/2027	38		(1)		(1)		0.00	%
Soccer Post Acquisition, LLC	First lien senior secured revolving loan	S + 5.75%	8.76	%	6/30/2027	38		14		14		0.01	%
Soccer Post Acquisition, LLC	First lien senior secured term loan	S + 5.75%	8.76	%	6/30/2027	707		695		696		0.35	%
								5,498		5,518		2.79	%
Trading companies and distributors
AFC Industries, Inc.	First lien senior secured delayed draw term loan	L + 6.25%	8.07	%	12/20/2023	$	128	$	106	$	106	0.05	%
AFC Industries, Inc.	First lien senior secured delayed draw term loan	L + 6.25%	8.07	%	4/9/2027	352		348		350		0.18	%

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

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2022

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread	Interest Rate		Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
AFC Industries, Inc. (19)	First lien senior secured revolving loan	L + 6.25%	8.07	%	10/9/2026	131		89		90		0.05	%
AFC Industries, Inc.	First lien senior secured term loan	L + 6.25%	8.07	%	4/9/2027	743		734		737		0.37	%
Banner Buyer, LLC	First lien senior secured delayed draw term loan	L + 5.75%	8.87	%	10/31/2025	1,039		562		569		0.29	%
Banner Buyer, LLC	First lien senior secured revolving loan	L + 5.75%	8.87	%	10/31/2025	370		169		170		0.09	%
Banner Buyer, LLC	First lien senior secured term loan	L + 5.75%	8.87	%	10/31/2025	1,375		1,360		1,366		0.69	%
Empire Equipment Company, LLC	First lien senior secured revolving loan	S + 5.50%	8.51	%	1/17/2025	439		340		340		0.17	%
Empire Equipment Company, LLC	First lien senior secured term loan	S + 5.50%	8.51	%	1/17/2025	1,548		1,529		1,532		0.76	%
Montway LLC (6)	First lien senior secured delayed draw term loan	L + 6.25%	9.92	%	11/4/2025	675		(9)		(9)		0.00	%
Montway LLC (6)	First lien senior secured revolving loan	L + 6.25%	9.92	%	11/4/2025	150		(2)		(2)		0.00	%
Montway LLC	First lien senior secured term loan	L + 6.25%	9.92	%	11/4/2025	717		707		707		0.36	%
Shearer Supply, LLC (6)	First lien senior secured revolving loan	S + 5.25%	9.06	%	9/17/2027	113		(2)		(2)		0.00	%
Shearer Supply, LLC	First lien senior secured term loan	S + 5.25%	9.06	%	9/17/2027	924		908		910		0.46	%
Triad Technologies, LLC	First lien senior secured revolving loan	L + 4.75%	7.63	%	10/31/2025	314		153		154		0.08	%
Triad Technologies, LLC	First lien senior secured term loan	L + 4.75%	7.63	%	10/31/2025	934		923		926		0.47	%
								7,915		7,944		4.02	%
Water utilities
Diamondback Buyer, LLC	First lien senior secured revolving loan	L + 5.25%	8.92	%	7/22/2026	$	75	$	18	$	18	0.01	%
Diamondback Buyer, LLC	First lien senior secured term loan	L + 5.25%	8.92	%	7/22/2026	848		835		838		0.42	%
								853		856		0.43	%
Total non-controlled/non-affiliated senior secured debt								$	174,271	$	174,043	88.07	%

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	$	11	0.01	%
Shearer Supply, LLC	Sponsor subordinated note	12.50% + 7.00% PIK	19.50	%	3/17/2028			5		5		0.00	%
Total non-controlled/non-affiliated sponsor subordinated notes								16		16		0.01	%
Total non-controlled/non-affiliated investments								$	174,287	$	174,059	88.08	%

Non-controlled/affiliated investments
Multisector holdings
Twin Brook Equity Holdings, LLC (20)(21)	Equity - 1.38% membership interest							$	7,049	$	10,308	5.22	%
Twin Brook Segregated Equity Holdings, LLC (20)(21)	Equity - 3.35% membership interest							14		19		0.01	%

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

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2022

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread	Interest Rate	Maturity Date	Principal/ Par Amount(3)	Amortized Cost(4)		Fair Value		Percentage of Net Assets
Total non-controlled/affiliated investments						$	7,063	$	10,327	5.23	%
Total investments						$	181,350	$	184,386	93.31	%

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

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2022

(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)

AG Twin Brook BDC, Inc. 10-Q