TCG BDC Announces Fiscal Nature of Fourth Quarter 2021 Dividend to Non-U.S. Shareholders

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NEW YORK, NY (January 14, 2022) – The tax character of the distribution payable by TCG BDC, Inc. (together with its consolidated subsidiaries, “we”, “us”, “our”, “TCG BDC” or the “Company”) (NASDAQ: CGBD / CUSIP: 872280102) for the fiscal quarter ended December 31, 2021 is shown below.

For tax purposes, the Company has elected to be treated, and intends to continue to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under sub-chapter M of the Tax Code 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”).

The following table summarizes the tax character of the distribution payable by the Company for the fiscal quarter ended December 31, 2021, including, for non-U.S. shareholders, the Company’s determination of qualifying net interest income (“QII”) paid out as interest-related dividends as a percentage of the total distribution:

Registration

Dated

Payment

Dated

Dividends per share

Ordinary dividends

Long-term capital gains

Qualified dividends

Non-qualified dividends

For non-US investors:

QII %

31/12/2021

01/14/2022

$0.3900

$0.3800

$0.0000

$0.0000

$0.3900

87.44%

Distributions that have been reinvested under the Company’s dividend reinvestment plan are treated, for tax purposes, as if the distributions had been paid in cash.

Tax issues are very complicated and the tax consequences to an investor of an investment in our common shares will depend on the facts of their particular situation. We encourage investors to consult their own tax advisors regarding the specific consequences of such an investment, including tax reporting requirements, applicability of U.S. federal, state, local and foreign tax laws, eligibility for benefits of any applicable tax treaty and the effect of any changes in tax laws.

For non-US shareholders

Pursuant to Section 871(k) of the Code, certain designated dividends received by a non-U.S. shareholder are generally exempt from U.S. federal income tax withholding when (1) paid under our “QII (generally our U.S. Source Interest Income, other than certain contingent interest and interest from debentures of a corporation or partnership in which we or the non-U.S. shareholder of our common stock are at least 10 % of shareholders, less any expenses that are attributable to that income), or (2) are paid out in respect of our “eligible short-term capital gains” (generally, the excess of our net short-term capital gain over our long-term capital loss for that taxation year). For the fiscal quarter ended December 31, 2021, the Company generated qualifying net interest income (“QII”). The Company has not generated eligible short-term capital gains. No assurance can be given as to whether any of our future distributions will qualify for this exemption from US federal income tax withholding or, if eligible, will be designated as such by us.

About TCG BDC, Inc.

TCG BDC is an externally managed specialty finance company focused on middle market business lending. TCG BDC is managed by Carlyle Global Credit Investment Management LLC, an SEC-registered investment adviser and a wholly-owned subsidiary of The Carlyle Group Inc. Since commencing investment operations in May 2013 until September 30, 2021 , TCG BDC invested approximately $6.9 billion. as the total amount of debt principal and equity investments prior to any exit or subsequent redemption. The investment objective of TCG BDC is to generate current income and capital appreciation primarily by investing in debt securities of middle market US companies. TCG BDC has elected to be regulated as a business development company under the Investment Companies Act 1940, as amended.

Web: www.tcgbdc.com

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “anticipate”, “believe”, “expect”, “intend”, “will”, “should”, “may”. , “expects”, “continues”, “believes”, “seeks”, “estimates”, “would”, “could”, “target”, “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 carefully read statements containing these words, as they discuss our plans, strategies, outlook and expectations regarding our business , our results of operations, our financial condition and other similar matters. We believe in communicating our future expectations to our investors. However, there may be future events that we are not able to accurately predict or control. You must not place undue reliance on these forward-looking statements, which speak only as of the date 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 titled “Risk Factors” and “Caution Regarding Forecast Looking Statements” in documents filed with the Securities and Exchange Commission, and it is not possible for us to predict or identify all of them. We undertake no obligation to update or publicly revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

contacts:

Investors:

Media:

L. Allison Rudary

Berliners from Brittany

+1-212-813-4756

[email protected]

+1-212-813-4839

[email protected]

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