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 June 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 August 12, 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 June 30, 2022 (Unaudited) and December 31, 2021	2
	Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and June 30, 2021 (Unaudited)	3
	Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2022 and June 30, 2021 (Unaudited)	4
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and June 30, 2021 (Unaudited)	5
	Consolidated Schedules of Investments as of June 30, 2022 (Unaudited) and December 31, 2021	6
	Notes to Consolidated Financial Statements (Unaudited)	34
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	60
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	78
Item 4.	Controls and Procedures	78
PART II	OTHER INFORMATION	80
Item 1.	Legal Proceedings	80
Item 1A.	Risk Factors	80
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	80
Item 3.	Defaults Upon Senior Securities	80
Item 4.	Mine Safety Disclosures	80
Item 5.	Other Information	80
Item 6.	Exhibits	81
Signatures		82

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Statements of Assets and Liabilities

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


	June 30, 2022		December 31, 2021
	(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments at fair value (amortized cost of $170,054 and $151,070, respectively)	$	170,047	$	151,121
Non-controlled/affiliated investments at fair value (amortized cost of $6,878 and $6,210, respectively)	9,718		7,986
Unrealized gain on foreign currency forward contracts	44		39
Cash	19,732		27,711
Interest receivable	261		261
Prepaid expenses	18		142
Deferred financing costs	—		47
Total assets	$	199,820	$	187,307
Liabilities
Unrealized loss on foreign currency forward contracts	$	8	$	3
Dividend payable	1,934		1,814
Accrued expenses and other liabilities payable to affiliate	709		677
Income incentive fees payable	442		345
Management fees payable	254		196
Deferred income	154		167
Interest payable	—		7
Total liabilities	3,501		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	193,637		182,850
Total distributable earnings (loss)	2,672		1,239
Total net assets	196,319		184,098
Total liabilities and net assets	$	199,820	$	187,307
Net asset value per share	$	20.30	$	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 June 30, 2022		Three Months Ended June 30, 2021		Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
Investment income
Investment income from non-controlled, non-affiliated investments:
Interest	$	3,176	$	1,789	$	6,099	$	3,411
Other	288		153		437		207
Total investment income from non-controlled, non-affiliated investments:	3,464		1,942		6,536		3,618
Total investment income	3,464		1,942		6,536		3,618
Expenses
Income incentive fees	$	442	$	207	$	823	$	354
Management fees	254		138		495		261
Professional fees	162		122		281		166
Other	131		47		217		85
Accounting fees	105		106		209		210
Insurance fees	66		100		156		222
Administrative fees(1)	63		82		117		170
Directors' fees	45		45		90		90
Interest	—		64		55		124
Total net expenses	1,268		911		2,443		1,682
Net investment income (loss)	2,196		1,031		4,093		1,936
Net realized and unrealized gain (loss) on investment transactions
Net realized gain (loss) on investment transactions:
Non-controlled, non-affiliated investments	$	22	$	84	$	57	$	94
Foreign currency forward transactions	30		(59)		28		(59)
Net change in unrealized gain (loss) on investment transactions:
Non-controlled, non-affiliated investments	(246)		315		(58)		475
Non-controlled, affiliated investments	815		340		1,064		552
Foreign currency forward contracts	18		(12)		—		4
Foreign currency translation	2		—		—		—
Total net realized and unrealized gain (loss) on investment transactions	641		668		1,091		1,066
Net increase (decrease) in net assets resulting from operations	$	2,837	$	1,699	$	5,184	$	3,002
Net investment income (loss) per share - basic and diluted	$	0.23	$	0.21	$	0.44	$	0.41
Earnings (loss) per share - basic and diluted	$	0.30	$	0.34	$	0.56	$	0.63
Weighted average shares outstanding - basic and diluted	9,345,477		5,022,000		9,243,891		4,756,475

(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 June 30, 2022		Three Months Ended June 30, 2021		Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
Increase (decrease) in net assets resulting from operations
Net investment income (loss)	$	2,196	$	1,031	$	4,093	$	1,936
Net realized gain (loss)	52		25		85		35
Net change in unrealized gain (loss)	589		643		1,006		1,031
Net increase in net assets resulting from operations	2,837		1,699		5,184		3,002
Dividends
Dividends declared from earnings	(3,763)		(1,004)		(3,763)		(1,004)
Net decrease in net assets resulting from dividends	(3,763)		(1,004)		(3,763)		(1,004)
Capital share transactions
Issuance of common shares	10,800		—		10,800		10,800
Net increase in net assets resulting from capital share transactions	10,800		—		10,800		10,800
Total increase in net assets	9,874		695		12,221		12,798
Net assets, at beginning of period	186,445		100,604		184,098		88,501
Net assets, at end of period	$	196,319	$	101,299	$	196,319	$	101,299
Capital share activity
Shares issued	531,182		—		531,182		540,000
Net increase in shares outstanding	531,182		—		531,182		540,000
Dividends declared per share	$	0.40	$	0.20	$	0.40	$	0.20

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)


	Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	5,184	$	3,002
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	(57)		(94)
Net change in unrealized (appreciation) depreciation on investments	(1,006)		(1,027)
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts	—		(4)
Net accretion on debt instruments	(357)		(204)
Net paydown gain on debt instruments	(93)		(103)
Interest received in-kind	(25)		(7)
Purchases and drawdowns of investments	(42,140)		(34,931)
Proceeds from sales and paydowns of investments	23,020		17,813
Amortization of deferred financing costs	47		109
Change in operating assets and liabilities:
(Increase) decrease in interest receivable	—		(37)
(Increase) decrease in prepaid expenses	124		(158)
Increase (decrease) in accrued expenses and other liabilities payable to affiliate	32		83
Increase (decrease) in management fees payable	58		33
Increase (decrease) in income incentive fees payable	97		108
Increase (decrease) in deferred income	(13)		(12)
Increase (decrease) in interest payable	(7)		(13)
Net cash used in operating activities	(15,136)		(15,442)
Cash flows from financing activities
Proceeds from issuance of common shares	10,800		10,800
Dividends paid	(3,643)		(2,160)
Borrowings on subscription facility	—		3,100
Payments on subscription facility	—		(2,400)
Payments for deferred financing costs	—		(23)
Net cash provided by (used in) financing activities	7,157		9,317
Net change in cash	(7,979)		(6,125)
Cash
Cash, beginning of period	27,711		10,320
Cash, end of period	$	19,732	$	4,195

Supplemental and non-cash information
Cash paid during the period for interest	$	15	$	28
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 June 30, 2022

(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 + 7.25%	9.50	%	12/6/2024	$	506	$	(6)	$	(22)	(0.01)	%
Mattco Forge, Inc.	First lien senior secured term loan	L + 7.25%	9.50	%	12/6/2024	2,179		2,148		2,086		1.06	%
								2,142		2,064		1.05	%
Air Freight & Logistics
Load One Purchaser Corporation (6)	First lien senior secured delayed draw term loan	S + 6.00%	8.21	%	6/21/2024	150		$	(3)	$	(3)	0.00	%
Load One Purchaser Corporation	First lien senior secured revolving loan	S + 6.00%	8.21	%	6/21/2028	75		9		9		0.00	%
Load One Purchaser Corporation	First lien senior secured term loan	S + 6.00%	8.21	%	6/21/2028	815		798		798		0.41	%
								804		804		0.41	%
Auto components
AvCarb, LLC	First lien senior secured delayed draw term loan	L + 6.00%	8.25	%	11/12/2026	$	666	$	56	$	56	0.03	%
AvCarb, LLC	First lien senior secured revolving loan	L + 6.00%	8.25	%	11/12/2026	38		3		3		0.00	%
AvCarb, LLC	First lien senior secured term loan	L + 6.00%	8.25	%	11/12/2026	497		488		489		0.25	%
CCG Acquisition, Inc. (6)	First lien senior secured revolving loan	S + 6.00%	8.32	%	5/17/2027	19		—		—		0.00	%
CCG Acquisition, Inc.	First lien senior secured term loan	S + 6.00%	8.32	%	5/17/2027	427		421		421		0.21	%
Raneys, LLC (6)	First lien senior secured revolving loan	P + 4.75%	9.50	%	6/7/2027	38		(1)		(1)		0.00	%
Raneys, LLC	First lien senior secured term loan	P + 4.75%	9.50	%	6/7/2027	423		414		414		0.21	%
Vehicle Accessories, Inc.	First lien senior secured revolving loan	P + 4.50%	8.00	%	11/30/2026	38		24		24		0.01	%
Vehicle Accessories, Inc.	First lien senior secured term loan	S + 5.75%	8.07	%	11/30/2026	1,675		1,663		1,667		0.85	%
								3,068		3,073		1.56	%
Chemicals
AM Buyer, LLC(6)	First lien senior secured revolving loan	L + 6.75%	9.00	%	5/1/2025	$	111	$	(2)	$	(1)	0.00	%
AM Buyer, LLC	First lien senior secured term loan	L + 6.75%	9.00	%	5/1/2025	476		469		471		0.24	%
Answer Acquisition, LLC (6)	First lien senior secured revolving loan	L + 5.75%	8.00	%	12/30/2026	38		(1)		(1)		0.00	%
Answer Acquisition, LLC	First lien senior secured term loan	L + 5.75%	8.00	%	12/30/2026	1,707		1,676		1,679		0.86	%
SASE Company, LLC(6)	First lien senior secured revolving loan	S + 6.00%	8.32	%	11/15/2026	38		(1)		(1)		0.00	%
SASE Company, LLC	First lien senior secured term loan	S + 6.00%	8.32	%	11/15/2026	1,622		1,593		1,596		0.81	%
Teel Plastics, LLC(6)	First lien senior secured revolving loan	L + 5.00%	6.67	%	1/24/2025	324		(3)		(3)		0.00	%
Teel Plastics, LLC	First lien senior secured term loan	L + 5.00%	6.67	%	1/24/2025	1,805		1,785		1,789		0.91	%
USALCO, LLC	First lien senior secured revolving loan	L + 6.00%	8.25	%	10/19/2026	100		47		47		0.02	%
USALCO, LLC	First lien senior secured term loan	L + 6.00%	8.25	%	10/19/2027	1,894		1,876		1,881		0.96	%
								7,439		7,457		3.80	%
Commercial services and supplies
Alliance Environmental Group, LLC	First lien senior secured delayed draw term loan	L + 6.00%	7.63	%	12/30/2023	$	75	$	53	$	53	0.03	%

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 June 30, 2022

(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
Alliance Environmental Group, LLC	First lien senior secured revolving loan	L + 6.00%	7.63	%	12/30/2027	38		16		16		0.01	%
Alliance Environmental Group, LLC	First lien senior secured term loan	L + 6.00%	7.63	%	12/30/2027	1,458		1,431		1,434		0.73	%
Edko Acquisition, LLC	First lien senior secured revolving loan	S + 5.75%	8.07	%	6/25/2026	38		7		7		0.00	%
Edko Acquisition, LLC	First lien senior secured term loan	S + 5.75%	8.07	%	6/25/2026	1,145		1,124		1,128		0.57	%
Franchise Fastlane, LLC	First lien senior secured revolving loan	S + 5.50%	7.14	%	5/2/2027	15		7		7		0.00	%
Franchise Fastlane, LLC	First lien senior secured term loan	S + 5.50%	7.14	%	5/2/2027	1,176		1,153		1,153		0.59	%
Gold Medal Holdings, Inc.(17)	First lien senior secured revolving loan	S + 7.00%	9.32	%	3/17/2027	50		14		15		0.01	%
Gold Medal Holdings, Inc.	First lien senior secured term loan	S + 7.00%	9.32	%	3/17/2027	722		711		715		0.36	%
Green Monster Acquisition, LLC	First lien senior secured revolving loan	L + 5.50%	7.75	%	12/28/2026	38		7		7		0.00	%
Green Monster Acquisition, LLC	First lien senior secured term loan	L + 5.50%	7.75	%	12/28/2026	1,182		1,161		1,162		0.59	%
HLSG Intermediate, LLC(6)	First lien senior secured delayed draw term loan	S + 6.25%	7.74	%	3/31/2028	96		(1)		—		0.00	%
HLSG Intermediate, LLC	First lien senior secured revolving loan	S + 6.25%	7.74	%	3/31/2028	60		15		15		0.01	%
HLSG Intermediate, LLC	First lien senior secured term loan	S + 6.25%	7.74	%	3/31/2028	1,009		997		999		0.51	%
Nimlok Company, LLC (6)(10)	First lien senior secured revolving loan	S + 6.25%	7.89	%	11/27/2024	320		(4)		(4)		0.00	%
Nimlok Company, LLC	First lien senior secured term loan	S + 6.25%	7.89	%	11/27/2025	2,692		2,649		2,652		1.35	%
Steel City Wash, LLC	First lien senior secured delayed draw term loan	S + 6.00%	8.32	%	12/27/2026	143		107		107		0.05	%
Steel City Wash, LLC(6)	First lien senior secured revolving loan	S + 6.00%	8.32	%	12/27/2026	38		(1)		(1)		0.00	%
Steel City Wash, LLC	First lien senior secured term loan	S + 6.00%	8.32	%	12/27/2026	798		783		785		0.40	%
								10,229		10,250		5.21	%
Construction and engineering
BCI Burke Holding Corp.(6)	First lien senior secured delayed draw term loan	L + 5.75%	7.32	%	12/14/2027	$	132	$	(2)	$	(2)	0.00	%
BCI Burke Holding Corp.	First lien senior secured revolving loan	L + 5.75%	7.32	%	12/14/2027	79		2		2		0.00	%
BCI Burke Holding Corp.	First lien senior secured term loan	L + 5.75%	7.32	%	12/14/2027	912		900		902		0.46	%
CPS HVAC Group, LLC(6)	First lien senior secured delayed draw term loan	L + 6.75%	9.00	%	12/15/2026	150		(3)		(2)		0.00	%
CPS HVAC Group, LLC(6)	First lien senior secured revolving loan	L + 6.75%	9.00	%	12/15/2026	38		(1)		(1)		0.00	%
CPS HVAC Group, LLC	First lien senior secured term loan	L + 6.75%	9.00	%	12/15/2026	273		268		269		0.14	%
Domino Equipment Company, LLC(6)	First lien senior secured revolving loan	S + 6.25%	8.57	%	4/1/2026	79		(1)		(1)		0.00	%
Domino Equipment Company, LLC	First lien senior secured term loan	S + 6.25%	8.57	%	4/1/2026	578		567		568		0.29	%
Highland Acquisition, Inc. (6)	First lien senior secured revolving loan	S + 5.50%	7.82	%	3/9/2027	30		(1)		(1)		0.00	%
Highland Acquisition, Inc.	First lien senior secured term loan	S + 5.50%	7.82	%	3/9/2027	942		924		925		0.47	%
								2,653		2,659		1.36	%
Containers and packaging
Innovative FlexPak, LLC	First lien senior secured revolving loan	L + 7.00%	9.25	%	1/23/2025	$	627	$	275	$	268	0.14	%
Innovative FlexPak, LLC	First lien senior secured term loan	L + 7.00%	9.25	%	1/23/2025	2,633		2,597		2,576		1.31	%
Jansy Packaging, LLC(6)	First lien senior secured revolving loan	S + 6.00%	7.29	%	9/30/2023	470		(4)		—		0.00	%
Jansy Packaging, LLC	First lien senior secured term loan	S + 6.00%	7.29	%	9/30/2023	1,125		1,110		1,125		0.57	%
MRC Keeler Acquisition, LLC(6)	First lien senior secured delayed draw term loan	L + 5.75%	8.00	%	12/4/2025	150		(2)		(2)		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 June 30, 2022

(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%	8.00	%	12/4/2025	150		(2)		(2)		0.00	%
MRC Keeler Acquisition, LLC	First lien senior secured term loan	L + 5.75%	8.00	%	12/4/2025	952		938		939		0.48	%
Vanguard Packaging, LLC	First lien senior secured revolving loan	L + 5.25%	7.50	%	8/9/2024	535		50		48		0.02	%
Vanguard Packaging, LLC	First lien senior secured term loan	L + 5.25%	7.50	%	8/9/2024	1,199		1,191		1,188		0.61	%
								6,153		6,140		3.13	%
Distributors
RTP Acquisition, LLC(6)	First lien senior secured revolving loan	L + 6.50%	8.75	%	8/17/2026	$	38	$	(1)	$	(1)	0.00	%
RTP Acquisition, LLC	First lien senior secured term loan	L + 6.50%	8.75	%	8/17/2026	534		525		525		0.27	%
								524		524		0.27	%
Diversified consumer services
50Floor, LLC(6)	First lien senior secured revolving loan	L + 5.75%	8.00	%	12/31/2025	$	199	$	(3)	$	(3)	0.00	%
50Floor, LLC	First lien senior secured term loan	L + 5.75%	8.00	%	12/31/2026	953		938		940		0.48	%
Groundworks Operations, LLC	First lien senior secured delayed draw term loan	L + 5.00%	6.67	%	1/17/2026	1,875		1,818		1,825		0.93	%
Groundworks Operations, LLC(6)	First lien senior secured revolving loan	L + 5.00%	6.67	%	1/17/2026	387		(4)		(3)		0.00	%
Groundworks Operations, LLC	First lien senior secured term loan	L + 5.00%	6.67	%	1/17/2026	2,491		2,460		2,473		1.26	%
Home Brands Group Holdings, Inc.(6)	First lien senior secured revolving loan	L + 5.00%	6.67	%	11/8/2026	48		(1)		(1)		0.00	%
Home Brands Group Holdings, Inc.	First lien senior secured term loan	L + 5.00%	6.67	%	11/8/2026	2,020		1,984		1,988		1.01	%
ISSA, LLC	First lien senior secured revolving loan	L + 6.00%	8.10	%	3/1/2027	131		37		37		0.02	%
ISSA, LLC	First lien senior secured term loan	L + 6.00%	8.10	%	3/1/2027	927		911		913		0.47	%
Juniper Landscaping Holdings LLC(6)	First lien senior secured delayed draw term loan	L + 6.00%	8.25	%	12/29/2026	88		(1)		(1)		0.00	%
Juniper Landscaping Holdings LLC(6)(16)	First lien senior secured revolving loan	L + 6.00%	8.25	%	12/29/2026	44		(1)		(1)		0.00	%
Juniper Landscaping Holdings LLC	First lien senior secured term loan	L + 6.00%	8.25	%	12/29/2026	1,320		1,299		1,301		0.66	%
Kalkomey Enterprises, LLC	First lien senior secured revolving loan	L + 6.75%	9.00	%	4/24/2025	77		30		30		0.02	%
Kalkomey Enterprises, LLC	First lien senior secured term loan	L + 6.75%	9.00	%	4/24/2026	1,055		1,036		1,042		0.53	%
PPW Acquisition, LLC	First lien senior secured revolving loan	L + 6.25%	7.92	%	9/30/2026	38		5		5		0.00	%
PPW Acquisition, LLC	First lien senior secured term loan	L + 6.25%	7.92	%	9/30/2026	608		597		598		0.30	%
United Land Services Opco Parent, LLC	First lien senior secured delayed draw term loan	L + 6.00%	8.25	%	3/23/2026	1,072		511		512		0.26	%
United Land Services Opco Parent, LLC	First lien senior secured revolving loan	L + 6.00%	8.25	%	3/23/2026	131		83		83		0.04	%
United Land Services Opco Parent, LLC	First lien senior secured term loan	L + 6.00%	8.25	%	3/23/2026	304		299		300		0.15	%
								11,998		12,038		6.13	%
Electrical equipment
AEP Passion Intermediate Holdings, Inc.	First lien senior secured delayed draw term loan	L + 5.50%	7.02	%	10/5/2027	$	72	$	28	$	28	0.01	%
AEP Passion Intermediate Holdings, Inc.	First lien senior secured revolving loan	L + 5.50%	7.02	%	10/5/2027	48		23		23		0.01	%
AEP Passion Intermediate Holdings, Inc.	First lien senior secured term loan	L + 5.50%	7.02	%	10/5/2027	1,287		1,270		1,272		0.65	%
								1,321		1,323		0.67	%

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 June 30, 2022

(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
Electronic equipment, instruments and components
Advanced Lighting Acquisition, LLC(6)	First lien senior secured revolving loan	S + 5.50%	7.14	%	11/22/2025	$	324	$	(4)	$	(3)	0.00	%
Advanced Lighting Acquisition, LLC	First lien senior secured term loan	S + 5.50%	7.14	%	11/22/2025	1,304		1,287		1,294		0.66	%
Nelson Name Plate Company	First lien senior secured delayed draw term loan	L + 5.50%	7.17	%	10/18/2026	119		102		103		0.05	%
Nelson Name Plate Company	First lien senior secured revolving loan	L + 5.50%	7.17	%	10/18/2026	90		15		15		0.01	%
Nelson Name Plate Company	First lien senior secured term loan	L + 5.50%	7.17	%	10/18/2026	772		759		760		0.39	%
								2,159		2,169		1.11	%
Food and staples retailing
Engelman Baking Co., LLC	First lien senior secured revolving loan	L + 6.25%	7.92	%	2/28/2025	$	207	$	30	$	30	0.02	%
Engelman Baking Co., LLC	First lien senior secured term loan	L + 6.25%	7.92	%	2/28/2025	717		703		704		0.36	%
Mad Rose Company, LLC (6)(15)	First lien senior secured revolving loan	L + 6.50%	7.79	%	5/7/2026	119		34		35		0.02	%
Mad Rose Company, LLC	First lien senior secured term loan	L + 6.50%	7.79	%	5/7/2026	935		919		922		0.47	%
Main Street Gourmet, LLC(6)	First lien senior secured delayed draw term loan	L + 5.75%	8.00	%	11/10/2025	666		(8)		(7)		0.00	%
Main Street Gourmet, LLC	First lien senior secured revolving loan	L + 5.75%	8.00	%	11/10/2025	38		18		18		0.01	%
Main Street Gourmet, LLC	First lien senior secured term loan	L + 5.75%	8.00	%	11/10/2025	1,127		1,112		1,114		0.57	%
NutriScience Innovations, LLC (6)(15)	First lien senior secured revolving loan	L + 7.00%	9.25	%	4/21/2026	131		(2)		(2)		0.00	%
NutriScience Innovations, LLC	First lien senior secured term loan	L + 7.00%	9.25	%	4/21/2026	479		472		472		0.24	%
Qin's Buffalo, LLC (6)	First lien senior secured delayed draw term loan	S + 5.75%	8.07	%	5/5/2024	75		(1)		(1)		0.00	%
Qin's Buffalo, LLC	First lien senior secured revolving loan	S + 5.75%	8.07	%	5/5/2027	38		7		7		0.00	%
Qin's Buffalo, LLC	First lien senior secured term loan	S + 5.75%	8.07	%	5/5/2027	539		528		528		0.27	%
SCP Beverage Buyer, LLC	First lien senior secured revolving loan	L + 6.00%	8.25	%	11/24/2026	38		14		14		0.01	%
SCP Beverage Buyer, LLC	First lien senior secured term loan	L + 6.00%	8.25	%	11/24/2026	414		407		407		0.21	%
								4,233		4,241		2.18	%
Food products
Icelandirect, LLC	First lien senior secured revolving loan	L + 6.00%	8.25	%	7/30/2026	$	38	$	24	$	24	0.01	%
Icelandirect, LLC	First lien senior secured term loan	L + 6.00%	8.25	%	7/30/2026	688		676		677		0.34	%
Starwest Botanicals Acquisition, LLC	First lien senior secured revolving loan	L + 5.25%	7.50	%	4/30/2027	174		128		128		0.07	%
Starwest Botanicals Acquisition, LLC	First lien senior secured term loan	L + 5.25%	7.50	%	4/30/2027	811		799		801		0.41	%
								1,627		1,630		0.83	%
Gas utilities
Hydromax USA, LLC	First lien senior secured delayed draw term loan	L + 6.25%	7.92	%	12/30/2026	$	112	$	111	$	111	0.06	%
Hydromax USA, LLC	First lien senior secured revolving loan	L + 6.25%	7.92	%	12/30/2026	228		156		157		0.08	%
Hydromax USA, LLC	First lien senior secured term loan	L + 6.25%	7.92	%	12/30/2026	1,241		1,223		1,225		0.62	%
								1,490		1,493		0.76	%
Health care equipment and supplies
626 Holdings Equity, LLC	First lien senior secured delayed draw term loan	S + 5.50%	6.65	%	2/14/2028	$	315	$	92	$	92	0.05	%

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 June 30, 2022

(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
626 Holdings Equity, LLC(6)	First lien senior secured revolving loan	S + 5.50%	6.65	%	2/14/2027	75		(1)		(1)		0.00	%
626 Holdings Equity, LLC	First lien senior secured term loan	S + 5.50%	6.65	%	2/14/2028	888		871		873		0.44	%
EMSAR Acquisition LLC	First lien senior secured delayed draw term loan	L + 6.50%	7.99	%	3/30/2026	665		207		208		0.11	%
EMSAR Acquisition LLC	First lien senior secured revolving loan	L + 6.50%	7.99	%	3/30/2026	134		91		92		0.05	%
EMSAR Acquisition LLC	First lien senior secured term loan	L + 6.50%	7.99	%	3/30/2026	641		631		632		0.32	%
Reliable Medical Supply LLC	First lien senior secured delayed draw term loan	L + 7.00%	8.40	%	4/8/2025	67		53		53		0.03	%
Reliable Medical Supply LLC	First lien senior secured revolving loan	L + 7.00%	8.40	%	4/8/2025	138		39		40		0.02	%
Reliable Medical Supply LLC	First lien senior secured term loan	L + 7.00%	8.40	%	4/8/2025	755		740		745		0.38	%
SCA Buyer, LLC	First lien senior secured delayed draw term loan	L + 6.00%	8.25	%	1/20/2026	397		215		218		0.11	%
SCA Buyer, LLC	First lien senior secured revolving loan	L + 6.00%	8.25	%	1/20/2026	133		77		78		0.04	%
SCA Buyer, LLC	First lien senior secured term loan	L + 6.00%	8.25	%	1/20/2026	760		744		750		0.38	%
Spectrum Solutions, LLC(6)	First lien senior secured revolving loan	L + 6.00%	7.67	%	3/5/2026	267		(4)		(9)		0.00	%
Spectrum Solutions, LLC	First lien senior secured term loan	L + 6.00%	7.67	%	3/5/2026	652		642		631		0.32	%
								4,397		4,402		2.26	%
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)	$	(6)	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		240		0.12	%
Apex Dental Partners, LLC	First lien senior secured delayed draw term loan	S + 6.50%	8.14	%	11/23/2025	560		438		438		0.22	%
Apex Dental Partners, LLC	First lien senior secured revolving loan	P + 5.50%	10.25	%	11/23/2025	150		35		35		0.02	%
Apex Dental Partners, LLC	First lien senior secured term loan	S + 6.50%	8.14	%	11/23/2025	625		615		615		0.31	%
ASC Ortho Management, LLC	First lien senior secured delayed draw term loan	L + 6.00%	8.25	%	12/31/2026	360		17		17		0.01	%
ASC Ortho Management, LLC(6)	First lien senior secured revolving loan	L + 6.00%	8.25	%	12/31/2026	38		(1)		(1)		0.00	%
ASC Ortho Management, LLC	First lien senior secured term loan	L + 6.00%	8.25	%	12/31/2026	521		512		513		0.26	%
ASP Global Acquisition, LLC	First lien senior secured delayed draw term loan	L + 6.00%	8.25	%	1/21/2025	680		673		655		0.33	%
ASP Global Acquisition, LLC (6)	First lien senior secured revolving loan	L + 6.00%	8.25	%	1/21/2025	485		(5)		(18)		(0.01)	%
ASP Global Acquisition, LLC	First lien senior secured term loan	L + 6.00%	8.25	%	1/21/2025	2,788		2,753		2,688		1.37	%
Beacon Oral Specialists Management LLC	First lien senior secured delayed draw term loan	S + 6.00%	7.00	%	12/14/2025	842		763		765		0.39	%
Beacon Oral Specialists Management LLC	First lien senior secured revolving loan	S + 6.00%	7.00	%	12/14/2025	188		69		69		0.04	%
Beacon Oral Specialists Management LLC	First lien senior secured term loan	S + 6.00%	7.00	%	12/14/2025	947		932		935		0.48	%
Behavior Frontiers, LLC(13)	First lien senior secured revolving loan	S + 7.50%	9.82	%	5/21/2026	38		18		16		0.01	%
Behavior Frontiers, LLC	First lien senior secured term loan	S + 7.50%	9.82	%	5/21/2026	655		643		603		0.31	%
Benefit Plan Administrators of Eau Claire, LLC (6)	First lien senior secured delayed draw term loan	S + 5.50%	7.23	%	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%	7.23	%	6/7/2026	38		(1)		(1)		0.00	%
Benefit Plan Administrators of Eau Claire, LLC	First lien senior secured term loan	S + 5.50%	7.23	%	6/7/2026	828		815		815		0.42	%
Brightview, LLC(6)	First lien senior secured delayed draw term loan	L + 5.75%	8.00	%	12/14/2026	107		(2)		(1)		0.00	%
Brightview, LLC(6)	First lien senior secured revolving loan	L + 5.75%	8.00	%	12/14/2026	52		(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 June 30, 2022

(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
Brightview, LLC	First lien senior secured term loan	L + 5.75%	8.00	%	12/14/2026	696		686	689	0.35	%
Canadian Orthodontic Partners Corp.(7)	First lien senior secured delayed draw term loan	C + 7.00%	9.68	%	3/19/2026	C$	499	210	201	0.10	%
Canadian Orthodontic Partners Corp.(7)	First lien senior secured revolving loan	C + 7.00%	9.68	%	3/19/2026	C$	267	204	199	0.10	%
Canadian Orthodontic Partners Corp.(7)	First lien senior secured term loan	C + 7.00%	9.68	%	3/19/2026	C$	225	176	170	0.09	%
Canadian Orthodontic Partners Corp.(7)	First lien senior secured revolving loan	C + 7.00%	9.68	%	3/19/2026	107		105	103	0.05	%
Community Care Partners, LLC	First lien senior secured delayed draw term loan	S + 5.75%	7.39	%	6/10/2026	258		163	166	0.08	%
Community Care Partners, LLC(6)	First lien senior secured revolving loan	S + 5.75%	7.39	%	6/10/2026	75		(1)	(1)	0.00	%
Community Care Partners, LLC	First lien senior secured term loan	S + 5.75%	7.39	%	6/10/2026	1,280		1,263	1,269	0.65	%
Dermatology Medical Partners OpCo, LLC	First lien senior secured delayed draw term loan	L + 6.50%	8.75	%	10/29/2026	97		12	12	0.01	%
Dermatology Medical Partners OpCo, LLC	First lien senior secured revolving loan	L + 6.50%	8.75	%	10/29/2026	38		16	16	0.01	%
Dermatology Medical Partners OpCo, LLC	First lien senior secured term loan	L + 6.50%	8.75	%	10/29/2026	322		317	317	0.16	%
EH Management Company, LLC(6)	First lien senior secured revolving loan	S + 5.50%	7.82	%	7/15/2026	38		(1)	(1)	0.00	%
EH Management Company, LLC	First lien senior secured term loan	S + 5.50%	7.82	%	7/15/2026	975		958	960	0.49	%
Geriatric Medical and Surgical Supply, LLC(6)	First lien senior secured revolving loan	S + 6.00%	8.32	%	12/21/2025	300		(5)	(5)	0.00	%
Geriatric Medical and Surgical Supply, LLC	First lien senior secured term loan	S + 6.00%	8.32	%	12/21/2025	948		932	933	0.48	%
Golden Bear PT Partners, LLC	First lien senior secured delayed draw term loan	S + 7.75%	10.07	%	10/22/2026	333		166	165	0.08	%
Golden Bear PT Partners, LLC(6)	First lien senior secured revolving loan	S + 7.75%	10.07	%	10/22/2026	38		(1)	(1)	0.00	%
Golden Bear PT Partners, LLC	First lien senior secured term loan	S + 7.75%	10.07	%	10/22/2026	1,544		1,507	1,499	0.71	%
Guardian Dentistry Practice Management, LLC	First lien senior secured delayed draw term loan	L + 6.00%	7.67	%	12/14/2023	388		335	336	0.17	%
Guardian Dentistry Practice Management, LLC(6)	First lien senior secured revolving loan	L + 6.00%	7.67	%	8/20/2026	23		—	—	0.00	%
Guardian Dentistry Practice Management, LLC	First lien senior secured term loan	L + 6.00%	7.67	%	8/20/2026	523		515	516	0.26	%
IPC Pain Acquistion, LLC (6)	First lien senior secured delayed draw term loan	S + 6.00%	7.64	%	5/19/2024	278		(4)	(4)	0.00	%
IPC Pain Acquistion, LLC (6)	First lien senior secured revolving loan	S + 6.00%	7.64	%	5/19/2027	25		—	—	0.00	%
IPC Pain Acquistion, LLC	First lien senior secured term loan	S + 6.00%	7.64	%	5/19/2027	178		175	175	0.09	%
Network Partners Acquisition, LLC(6)	First lien senior secured delayed draw term loan	L + 6.00%	8.25	%	12/30/2026	113		(2)	(2)	0.00	%
Network Partners Acquisition, LLC(6)	First lien senior secured revolving loan	L + 6.00%	8.25	%	12/30/2026	38		(1)	(1)	0.00	%
Network Partners Acquisition, LLC	First lien senior secured term loan	L + 6.00%	8.25	%	12/30/2026	394		387	388	0.20	%
Novum Orthopedic Partners Management, LLC(6)	First lien senior secured delayed draw term loan	L + 5.25%	6.75	%	12/29/2027	143		(2)	(1)	0.00	%
Novum Orthopedic Partners Management, LLC(6)	First lien senior secured revolving loan	L + 5.25%	6.75	%	12/29/2026	48		(1)	(1)	0.00	%
Novum Orthopedic Partners Management, LLC	First lien senior secured term loan	L + 5.25%	6.75	%	12/29/2027	1,035		1,015	1,019	0.52	%
Peak Dental Services, LLC	First lien senior secured delayed draw term loan	S + 6.50%	8.82	%	5/2/2024	887		521	522	0.27	%
Peak Dental Services, LLC	First lien senior secured revolving loan	S + 6.50%	8.82	%	12/31/2025	133		24	25	0.01	%
Peak Dental Services, LLC	First lien senior secured term loan	S + 6.50%	8.82	%	12/31/2025	588		578	580	0.30	%
Peak Investment Holdings, LLC	First lien senior secured delayed draw term loan	L + 6.50%	8.17	%	12/6/2024	603		12	5	0.00	%
Peak Investment Holdings, LLC(6)	First lien senior secured revolving loan	L + 6.50%	8.17	%	12/6/2024	324		(3)	(7)	0.00	%
Peak Investment Holdings, LLC	First lien senior secured term loan	L + 6.50%	8.17	%	12/6/2024	1,294		1,279	1,266	0.64	%
Pentec Acquisition Corp.(6)	First lien senior secured revolving loan	L + 6.00%	7.67	%	10/8/2026	75		(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 June 30, 2022

(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
Pentec Acquisition Corp.	First lien senior secured term loan	L + 6.00%	7.67	%	10/8/2026	1,001	984	992	0.51	%
Revival Animal Health, LLC(6)	First lien senior secured revolving loan	S + 6.50%	8.82	%	4/6/2026	131	(2)	(2)	0.00	%
Revival Animal Health, LLC	First lien senior secured term loan	S + 6.50%	8.82	%	4/6/2026	1,026	1,009	1,012	0.52	%
RQM Buyer, Inc.(6)	First lien senior secured delayed draw term loan	L + 5.75%	6.75	%	8/12/2026	84	(1)	(1)	0.00	%
RQM Buyer, Inc.(6)	First lien senior secured revolving loan	L + 5.75%	6.75	%	8/12/2026	150	(2)	(1)	0.00	%
RQM Buyer, Inc.	First lien senior secured term loan	L + 5.75%	6.75	%	8/12/2026	1,156	1,137	1,146	0.58	%
Sage Dental Management, LLC	First lien senior secured revolving loan	P + 4.25%	9.00	%	4/1/2024	75	18	18	0.01	%
Sage Dental Management, LLC	First lien senior secured term loan	S + 5.25%	6.67	%	4/1/2024	951	943	944	0.48	%
SAMGI Buyer, Inc.(6)	First lien senior secured revolving loan	L + 5.50%	7.75	%	4/14/2025	138	(2)	(2)	0.00	%
SAMGI Buyer, Inc.	First lien senior secured term loan	L + 5.50%	7.75	%	4/14/2025	878	864	867	0.44	%
SCP ENT and Allergy Services, LLC	First lien senior secured delayed draw term loan	S + 5.50%	7.14	%	12/15/2023	1,431	1,364	1,376	0.70	%
SCP ENT and Allergy Services, LLC (6)	First lien senior secured revolving loan	S + 5.50%	7.14	%	9/25/2025	256	(5)	(3)	0.00	%
SCP ENT and Allergy Services, LLC	First lien senior secured term loan	S + 5.50%	7.14	%	9/25/2025	944	927	933	0.48	%
Signature Dental Partners LLC	First lien senior secured delayed draw term loan	S + 6.25%	7.89	%	10/29/2026	180	124	124	0.06	%
Signature Dental Partners LLC(6)	First lien senior secured revolving loan	S + 6.25%	7.89	%	10/29/2026	38	(1)	(1)	0.00	%
Signature Dental Partners LLC	First lien senior secured term loan	S + 6.25%	7.89	%	10/29/2026	865	849	851	0.43	%
Silver Falls MSO, LLC	First lien senior secured revolving loan	P + 5.75%	10.50	%	8/30/2024	235	152	149	0.08	%
Silver Falls MSO, LLC	First lien senior secured term loan	S + 6.75%	9.07	%	8/30/2024	1,297	1,280	1,264	0.64	%
SimiTree Acquisition LLC	First lien senior secured delayed draw term loan	S + 6.25%	7.25	%	12/21/2024	897	868	873	0.44	%
SimiTree Acquisition LLC	First lien senior secured revolving loan	S+ 6.25%	7.25	%	5/17/2026	178	(3)	(2)	0.00	%
SimiTree Acquisition LLC	First lien senior secured term loan	S + 6.25%	7.25	%	5/17/2026	1,239	1,219	1,224	0.62	%
SIMKO Merger Sub, LLC (6)	First lien senior secured delayed draw term loan	S + 6.00%	8.32	%	4/7/2024	188	(3)	(3)	0.00	%
SIMKO Merger Sub, LLC (6)	First lien senior secured revolving loan	S + 6.00%	8.32	%	4/7/2027	56	(1)	(1)	0.00	%
SIMKO Merger Sub, LLC	First lien senior secured term loan	S + 6.00%	8.32	%	4/7/2027	661	648	649	0.33	%
Southeast Primary Care Partners, LLC	First lien senior secured delayed draw term loan	S + 6.25%	8.57	%	12/30/2025	524	290	292	0.15	%
Southeast Primary Care Partners, LLC	First lien senior secured revolving loan	S + 6.25%	8.57	%	12/30/2025	225	131	132	0.07	%
Southeast Primary Care Partners, LLC	First lien senior secured term loan	S + 6.25%	8.57	%	12/30/2025	867	851	854	0.44	%
Southern Orthodontic Partners Management, LLC	First lien senior secured delayed draw term loan	S + 5.75%	8.07	%	4/8/2024	191	95	95	0.05	%
Southern Orthodontic Partners Management, LLC	First lien senior secured revolving loan	S + 5.75%	8.07	%	1/27/2026	171	75	77	0.04	%
Southern Orthodontic Partners Management, LLC	First lien senior secured term loan	S + 5.75%	8.07	%	1/27/2026	1,361	1,337	1,348	0.69	%
Southern Sports Medicine Partners, LLC(6)	First lien senior secured delayed draw term loan	S + 6.00%	8.32	%	2/23/2027	171	29	29	0.01	%
Southern Sports Medicine Partners, LLC	First lien senior secured revolving loan	S + 6.00%	8.32	%	2/23/2027	60	7	7	0.00	%
Southern Sports Medicine Partners, LLC	First lien senior secured term loan	S + 6.00%	8.32	%	2/23/2027	641	632	633	0.32	%
Varsity DuvaSawko Operating Corp.(6)	First lien senior secured revolving loan	L + 6.00%	7.67	%	11/27/2024	474	(5)	(4)	0.00	%
Varsity DuvaSawko Operating Corp.	First lien senior secured term loan	L + 6.00%	7.67	%	11/27/2024	2,676	2,649	2,655	1.35	%
Vital Care Buyer, LLC	First lien senior secured revolving loan	L + 5.75%	8.00	%	10/19/2025	580	90	91	0.05	%
Vital Care Buyer, LLC	First lien senior secured term loan	L + 5.75%	8.00	%	10/19/2025	912	901	902	0.46	%

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 June 30, 2022

(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
Western Veterinary Partners, LLC	First lien senior secured delayed draw term loan	S + 6.25%	8.57	%	10/29/2026	509		203		207		0.11	%
Western Veterinary Partners, LLC(6)	First lien senior secured revolving loan	S + 6.25%	8.57	%	10/29/2026	24		—		—		0.00	%
Western Veterinary Partners, LLC	First lien senior secured term loan	S + 6.25%	8.57	%	10/29/2026	1,322		1,298		1,305		0.66	%
								41,011		40,934		20.83	%
Health care technology
Millennia Patient Services, LLC(6)	First lien senior secured delayed draw term loan	L + 6.00%	8.25	%	3/8/2026	$	267	$	(4)	$	(4)	0.00	%
Millennia Patient Services, LLC(6)	First lien senior secured revolving loan	L + 6.00%	8.25	%	3/8/2026	134		(2)		(2)		0.00	%
Millennia Patient Services, LLC	First lien senior secured term loan	L + 6.00%	8.25	%	3/8/2026	995		980		981		0.50	%
Spear Education, LLC	First lien senior secured revolving loan	L + 5.75%	6.75	%	2/26/2025	414		108		101		0.05	%
Spear Education, LLC	First lien senior secured term loan	L + 5.75%	6.75	%	2/26/2025	858		852		839		0.43	%
								1,934		1,915		0.98	%
Household durables
Storm Smart Buyer LLC(6)	First lien senior secured revolving loan	L + 6.00%	8.25	%	4/5/2026	$	131	$	(2)	$	(2)	0.00	%
Storm Smart Buyer LLC	First lien senior secured term loan	L + 6.00%	8.25	%	4/5/2026	912		898		900		0.46	%
Trademark Global, LLC(6)	First lien senior secured delayed draw term loan	L + 6.25%	7.92	%	7/30/2024	61		—		(2)		0.00	%
Trademark Global, LLC	First lien senior secured revolving loan	L + 6.25%	7.92	%	7/30/2024	113		108		103		0.05	%
Trademark Global, LLC	First lien senior secured term loan	L + 6.25%	7.92	%	7/30/2024	1,825		1,818		1,749		0.89	%
								2,822		2,748		1.40	%
Internet and direct marketing retail
Aquatic Sales Solutions, LLC	First lien senior secured revolving loan	L + 6.50%	7.50	%	12/18/2025	$	188	$	67	$	67	0.03	%
Aquatic Sales Solutions, LLC	First lien senior secured term loan	L + 6.50%	7.50	%	12/18/2025	2,528		2,481		2,488		1.27	%
DealerOn Inc.(6)	First lien senior secured revolving loan	S + 5.50%	7.14	%	11/19/2024	314		(3)		(2)		0.00	%
DealerOn Inc.	First lien senior secured term loan	S + 5.50%	7.14	%	11/19/2024	1,609		1,589		1,598		0.81	%
								4,134		4,151		2.11	%
IT services
ARC Healthcare Technologies, LLC (6)	First lien senior secured delayed draw term loan	S + 5.25%	7.45	%	6/22/2024	$	188	$	(2)	$	(2)	0.00	%
ARC Healthcare Technologies, LLC (6)	First lien senior secured revolving loan	S + 5.25%	7.45	%	6/22/2025	75		(1)		(1)		0.00	%
ARC Healthcare Technologies, LLC	First lien senior secured term loan	S + 5.25%	7.45	%	6/22/2025	1,418		1,400		1,400		0.71	%
Data Source Intermediate Holdings, LLC(6)	First lien senior secured revolving loan	L + 5.50%	7.07	%	2/11/2025	123		(1)		(1)		0.00	%
Data Source Intermediate Holdings, LLC	First lien senior secured term loan	L + 5.50%	7.07	%	2/11/2025	777		769		771		0.39	%
E-Phoenix Acquisition Co. Inc. (6)	First lien senior secured revolving loan	L + 5.75%	8.00	%	6/23/2027	75		(1)		(1)		0.00	%
E-Phoenix Acquisition Co. Inc.	First lien senior secured term loan	L + 5.75%	8.00	%	6/23/2027	1,437		1,422		1,425		0.73	%
FreshAddress, LLC(6)	First lien senior secured revolving loan	L + 5.25%	7.50	%	10/5/2025	30		—		—		0.00	%
FreshAddress, LLC	First lien senior secured term loan	L + 5.25%	7.50	%	10/5/2025	1,698		1,677		1,679		0.86	%
P and R Dental Strategies, LLC(6)	First lien senior secured revolving loan	L + 6.50%	8.17	%	12/22/2026	23		—		—		0.00	%
P and R Dental Strategies, LLC	First lien senior secured term loan	L + 6.50%	8.17	%	12/22/2026	657		645		646		0.33	%
The Stratix Corporation	First lien senior secured delayed draw term loan	L + 6.00%	8.25	%	11/19/2027	75		73		74		0.04	%

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 June 30, 2022

(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
The Stratix Corporation(6)	First lien senior secured revolving loan	L + 6.00%	8.25	%	11/19/2027	75		(1)		(1)		0.00	%
The Stratix Corporation	First lien senior secured term loan	L + 6.00%	8.25	%	11/19/2027	1,160		1,139		1,141		0.58	%
								7,119		7,130		3.64	%
Leisure equipment and products
MacNeill Pride Group Corp.	First lien senior secured delayed draw term loan	L + 6.25%	8.57	%	4/22/2026	$	503	$	454	$	455	0.23	%
MacNeill Pride Group Corp.	First lien senior secured revolving loan	L + 6.25%	8.57	%	4/22/2026	287		163		163		0.08	%
MacNeill Pride Group Corp.	First lien senior secured term loan	L + 6.25%	8.57	%	4/22/2026	871		864		866		0.44	%
Performance PowerSports Group Purchaser, Inc.	First lien senior secured revolving loan	P + 4.75%	8.75	%	10/8/2026	56		49		49		0.02	%
Performance PowerSports Group Purchaser, Inc.	First lien senior secured term loan	S + 5.75%	8.07	%	10/8/2026	1,611		1,582		1,584		0.81	%
								3,112		3,117		1.58	%
Leisure products
PHGP MB Purchaser, Inc. (6)	First lien senior secured delayed draw term loan	S + 6.00%	8.32	%	5/20/2024	$	113	$	(2)	$	(2)	0.00	%
PHGP MB Purchaser, Inc.	First lien senior secured revolving loan	S + 6.00%	8.32	%	5/20/2027	75		2		2		0.00	%
PHGP MB Purchaser, Inc.	First lien senior secured term loan	S + 6.00%	8.32	%	5/20/2027	1,109		1,087		1,087		0.55	%
								1,087		1,087		0.55	%
Life sciences tools and services
Aptitude Health Holdings, LLC (6)	First lien senior secured revolving loan	L + 5.25%	7.50	%	5/3/2026	$	267	$	(4)	$	(4)	0.00	%
Aptitude Health Holdings, LLC	First lien senior secured term loan	L + 5.25%	7.50	%	5/3/2026	1,109		1,091		1,093		0.56	%
								1,087		1,089		0.56	%
Machinery
Abrasive Technology Intermediate, LLC	First lien senior secured revolving loan	L + 6.25%	7.49	%	4/30/2026	$	173	$	32	$	32	0.02	%
Abrasive Technology Intermediate, LLC	First lien senior secured term loan	L + 6.25%	7.49	%	4/30/2026	940		925		926		0.47	%
DNS IMI Acquisition Corp(6)	First lien senior secured delayed draw term loan	L + 5.75%	8.00	%	11/23/2026	75		(1)		(1)		0.00	%
DNS IMI Acquisition Corp(6)	First lien senior secured revolving loan	L + 5.75%	8.00	%	11/23/2026	56		(1)		(1)		0.00	%
DNS IMI Acquisition Corp	First lien senior secured term loan	L + 5.75%	8.00	%	11/23/2026	1,657		1,627		1,630		0.83	%
Double E Company, LLC (6)	First lien senior secured delayed draw term loan	S + 6.00%	7.61	%	6/21/2024	49		—		—		0.00	%
Double E Company, LLC	First lien senior secured revolving loan	S + 6.00%	7.61	%	6/21/2028	66		9		9		0.00	%
Double E Company, LLC	First lien senior secured term loan	S + 6.00%	7.61	%	6/21/2028	1,055		1,044		1,044		0.53	%
Industrial Dynamics Company, Ltd. (6)(9)	First lien senior secured revolving loan	S + 6.25%	7.54	%	8/20/2024	141		(1)		(2)		0.00	%
Industrial Dynamics Company, Ltd.	First lien senior secured term loan	S + 6.25%	7.54	%	8/20/2024	889		880		878		0.45	%
								4,514		4,515		2.30	%
Media
ALM Media, LLC (6)(8)	First lien senior secured revolving loan	L + 6.50%	8.17	%	11/25/2024	$	971	$	(11)	$	(11)	(0.01)	%
ALM Media, LLC	First lien senior secured term loan	L + 6.50%	8.17	%	11/25/2024	2,544		2,510		2,513		1.28	%
Exclusive Concepts, LLC(6)	First lien senior secured delayed draw term loan	L + 6.00%	8.25	%	12/9/2026	225		(4)		(4)		0.00	%
Exclusive Concepts, LLC(6)	First lien senior secured revolving loan	L + 6.00%	8.25	%	12/9/2026	23		—		—		0.00	%
Exclusive Concepts, LLC	First lien senior secured term loan	L + 6.00%	8.25	%	12/9/2026	630		618		619		0.32	%

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 June 30, 2022

(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
Infolinks Media Buyco, LLC(6)	First lien senior secured delayed draw term loan	L + 5.75%	8.00	%	11/1/2026	39		—		—		0.00	%
Infolinks Media Buyco, LLC(6)	First lien senior secured revolving loan	L + 5.75%	8.00	%	11/1/2026	38		(1)		(1)		0.00	%
Infolinks Media Buyco, LLC	First lien senior secured term loan	L + 5.75%	8.00	%	11/1/2026	1,158		1,138		1,140		0.58	%
The Channel Company, LLC(6)	First lien senior secured revolving loan	S + 5.50%	7.82	%	11/1/2027	62		(1)		(1)		0.00	%
The Channel Company, LLC	First lien senior secured term loan	S + 5.50%	7.82	%	11/1/2027	2,359		2,321		2,330		1.19	%
								6,570		6,585		3.36	%
Metals and mining
Copperweld Group, Inc.(6)	First lien senior secured revolving loan	S + 5.50%	7.82	%	9/27/2024	$	456	$	73	$	76	0.04	%
Copperweld Group, Inc.	First lien senior secured term loan	S + 5.50%	7.82	%	9/27/2024	2,146		2,112		2,130		1.08	%
								2,185		2,206		1.12	%
Personal products
Cosmetic Solutions, LLC	First lien senior secured delayed draw term loan	L + 5.75%	6.75	%	10/17/2025	$	365	$	361	$	361	0.18	%
Cosmetic Solutions, LLC(6)	First lien senior secured revolving loan	L + 5.75%	6.75	%	10/17/2025	344		(4)		(4)		0.00	%
Cosmetic Solutions, LLC	First lien senior secured term loan	L + 5.75%	6.75	%	10/17/2025	2,775		2,738		2,745		1.40	%
								3,095		3,102		1.58	%
Pharmaceuticals
Bio Agri Mix Holdings Inc. (6)(7)	First lien senior secured revolving loan	C + 5.75%	8.43	%	7/23/2026	$	30	$	—	$	—	0.00	%
Bio Agri Mix Holdings Inc.(7)	First lien senior secured term loan	C + 5.75%	8.43	%	7/23/2026	C$	1,251	977		957		0.49	%
Bio Agri Mix Holdings Inc. (6)(7)	First lien senior secured revolving loan	C + 5.75%	8.43	%	7/23/2026	C$	75	(1)		(1)		0.00	%
Formulated Buyer, LLC	First lien senior secured delayed draw term loan	L + 5.50%	6.50	%	9/22/2026	300		73		74		0.04	%
Formulated Buyer, LLC	First lien senior secured revolving loan	L + 5.50%	6.50	%	9/22/2026	188		64		65		0.03	%
Formulated Buyer, LLC	First lien senior secured term loan	L + 5.50%	6.50	%	9/22/2026	463		455		456		0.23	%
Maxor National Pharmacy Services, LLC(6)	First lien senior secured revolving loan	L + 5.50%	7.75	%	12/6/2027	84		(2)		(1)		0.00	%
Maxor National Pharmacy Services, LLC	First lien senior secured term loan	L + 5.50%	7.75	%	12/6/2027	1,796		1,770		1,766		0.90	%
								3,336		3,316		1.69	%
Professional services
Stax Holding Company, LLC(6)	First lien senior secured revolving loan	L + 5.25%	7.50	%	10/29/2026	$	60	$	(1)	$	(1)	0.00	%
Stax Holding Company, LLC	First lien senior secured term loan	L + 5.25%	7.50	%	10/29/2026	821		811		812		0.41	%
								810		811		0.41	%
Real estate management and development
BBG Intermediate Holdings, Inc.(12)	First lien senior secured revolving loan	S + 6.50%	8.82	%	1/8/2026	$	233	$	146	$	148	0.08	%
BBG Intermediate Holdings, Inc.	First lien senior secured term loan	S + 6.50%	8.82	%	1/8/2026	1,765		1,736		1,745		0.89	%
MetaSource, LLC (6)	First lien senior secured delayed draw term loan	S + 6.25%	7.89	%	5/17/2024	49		—		—		0.00	%
MetaSource, LLC (6)	First lien senior secured revolving loan	S + 6.25%	7.89	%	5/17/2027	75		(1)		(1)		0.00	%
MetaSource, LLC	First lien senior secured term loan	S + 6.25%	7.89	%	5/17/2027	941		932		932		0.47	%
								2,813		2,824		1.44	%

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 June 30, 2022

(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
Semiconductors and semiconductor equipment
Altamira Material Solutions, LP	First lien senior secured revolving loan	L + 5.50%	7.17	%	9/2/2026	$	45	$	14	$	14	0.01	%
Altamira Material Solutions, LP	First lien senior secured term loan	L + 5.50%	7.17	%	9/2/2026	725		713		714		0.36	%
								727		728		0.37	%
Software
Affinitiv, Inc.(6)	First lien senior secured revolving loan	S + 6.50%	8.82	%	8/26/2024	$	248	$	(2)	$	(1)	0.00	%
Affinitiv, Inc.	First lien senior secured term loan	S + 6.50%	8.82	%	8/26/2024	2,265		2,239		2,252		1.15	%
ShiftKey, LLC(6)	First lien senior secured revolving loan	S + 5.75%	7.96	%	6/21/2027	110		(1)		(1)		0.00	%
ShiftKey, LLC	First lien senior secured term loan	S + 5.75%	7.96	%	6/21/2027	5,229		5,188		5,182		2.64	%
								7,424		7,432		3.79	%
Specialty retail
Dykstra’s Auto, LLC	First lien senior secured delayed draw term loan	L + 5.25%	7.50	%	10/22/2026	$	187	$	116	$	116	0.06	%
Dykstra’s Auto, LLC(6)	First lien senior secured revolving loan	P + 4.25%	9.00	%	10/22/2026	38		(1)		(1)		0.00	%
Dykstra’s Auto, LLC	First lien senior secured term loan	L + 5.25%	7.50	%	10/22/2026	494		485		486		0.25	%
Kaizen Auto Care, LLC	First lien senior secured delayed draw term loan	L + 6.00%	7.24	%	12/22/2026	450		253		254		0.13	%
Kaizen Auto Care, LLC	First lien senior secured revolving loan	P + 5.00%	9.00	%	12/22/2026	38		7		7		0.00	%
Kaizen Auto Care, LLC	First lien senior secured term loan	L + 6.00%	7.24	%	12/22/2026	846		830		832		0.42	%
Leonard Group, Inc.	First lien senior secured revolving loan	S + 6.50%	8.82	%	2/26/2026	234		(7)		(2)		0.00	%
Leonard Group, Inc.	First lien senior secured term loan	S + 6.50%	8.82	%	2/26/2026	1,726		1,703		1,713		0.87	%
Pink Lily Holdings, LLC	First lien senior secured revolving loan	P + 5.50%	9.00	%	11/16/2027	63		(1)		(1)		0.00	%
Pink Lily Holdings, LLC	First lien senior secured term loan	L + 6.50%	8.17	%	11/16/2027	1,364		1,342		1,345		0.69	%
Soccer Post Acquisition, LLC (6)	First lien senior secured delayed draw term loan	S + 5.75%	8.07	%	6/30/2027	38		(1)		(1)		0.00	%
Soccer Post Acquisition, LLC	First lien senior secured revolving loan	S + 5.75%	8.07	%	6/30/2027	38		1		1		0.00	%
Soccer Post Acquisition, LLC	First lien senior secured term loan	S + 5.75%	8.07	%	6/30/2027	709		696		696		0.35	%
								5,423		5,445		2.77	%
Textiles, apparel and luxury goods
Lakeshirts LLC	First lien senior secured revolving loan	S + 4.75%	5.75	%	12/23/2024	$	398	$	395	$	393	0.20	%
Lakeshirts LLC	First lien senior secured term loan	S + 4.75%	5.75	%	12/23/2025	1,667		1,649		1,647		0.84	%
								2,044		2,040		1.04	%
Trading companies and distributors
AFC Industries, Inc.	First lien senior secured delayed draw term loan	L + 6.25%	7.49	%	12/20/2023	$	353	$	349	$	350	0.18	%
AFC Industries, Inc.	First lien senior secured delayed draw term loan	L + 6.25%	7.49	%	4/9/2027	129		106		107		0.05	%
AFC Industries, Inc.(13)	First lien senior secured revolving loan	L + 6.25%	7.49	%	10/9/2026	131		47		47		0.02	%
AFC Industries, Inc.	First lien senior secured term loan	L + 6.25%	7.49	%	4/9/2027	745		735		738		0.38	%
Banner Buyer, LLC	First lien senior secured delayed draw term loan	L + 5.75%	7.42	%	10/31/2025	1,040		562		570		0.29	%
Banner Buyer, LLC	First lien senior secured revolving loan	L + 5.75%	7.42	%	10/31/2025	370		119		121		0.06	%
Banner Buyer, LLC	First lien senior secured term loan	L + 5.75%	7.42	%	10/31/2025	1,378		1,363		1,369		0.70	%

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 June 30, 2022

(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
Empire Equipment Company, LLC	First lien senior secured revolving loan	P + 4.50%	9.25	%	1/17/2025	439		402		402		0.20	%
Empire Equipment Company, LLC	First lien senior secured term loan	L + 5.50%	6.79	%	1/17/2025	1,472		1,452		1,454		0.74	%
Montway LLC(6)	First lien senior secured delayed draw term loan	L + 6.25%	8.50	%	11/4/2025	675		(10)		(10)		(0.01)	%
Montway LLC(6)	First lien senior secured revolving loan	L + 6.25%	8.50	%	11/4/2025	150		(2)		(2)		0.00	%
Montway LLC	First lien senior secured term loan	L + 6.25%	8.50	%	11/4/2025	719		708		709		0.36	%
Shearer Supply, LLC(6)	First lien senior secured revolving loan	S + 5.50%	7.82	%	9/17/2027	113		(2)		(2)		0.00	%
Shearer Supply, LLC	First lien senior secured term loan	S + 5.50%	7.82	%	9/17/2027	924		907		910		0.46	%
Triad Technologies, LLC(6)	First lien senior secured revolving loan	L + 4.75%	6.93	%	10/31/2025	314		59		60		0.03	%
Triad Technologies, LLC	First lien senior secured term loan	L + 4.75%	6.93	%	10/31/2025	936		924		928		0.47	%
								7,719		7,751		3.93	%
Water utilities
Diamondback Buyer, LLC(6)	First lien senior secured revolving loan	L + 5.25%	7.50	%	7/22/2026	$	75	$	(1)	$	(1)	0.00	%
Diamondback Buyer, LLC	First lien senior secured term loan	L + 5.25%	7.50	%	7/22/2026	850		836		839		0.43	%
								835		838		0.43	%
Total non-controlled/non-affiliated senior secured debt								$	170,038	$	170,031	86.61	%

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								$	170,054	$	170,047	86.62	%

Non-controlled/affiliated investments
Multisector holdings
Twin Brook Equity Holdings, LLC(18)(19)	Equity - 2.12% membership interest							$	6,864	$	9,697	4.94	%
Twin Brook Segregated Equity Holdings, LLC(18)(19)	Equity - 2.11% membership interest							14		21		0.01	%
Total non-controlled/affiliated investments								$	6,878	$	9,718	4.95	%
Total investments								$	176,932	$	179,765	91.57	%

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 June 30, 2022

(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)			Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.
(3)			Principal/par amount is denominated in U.S. Dollars (“$”) unless otherwise noted, Canadian Dollars (“C$”).
(4)			The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(5)			Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the London Interbank Offered Rate (“LIBOR” or “L”), the Term Secured Overnight Financing Rate (“Term SOFR” or S”) and/or an alternate base rate (e.g. prime rate (“P”)), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the applicable margin has been provided over Term SOFR based on each respective credit agreement. As of June 30, 2022, the reference rates for the floating rate loans were the 1 Month L of 1.79%, 3 Month L of 2.29%, 6 Month L of 2.94%, 3 Month CDOR of 2.76%, Term SOFR of 1.50% and the Prime Rate of 4.75%.
(6)			Represents revolvers and delayed draw term loans where the entire balance is unfunded as of June 30, 2022. The negative fair value is a result of the commitment being valued below par. Refer to Note 8 for further information.
(7)			Represents investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of June 30, 2022, non-qualifying assets represented approximately 2.95% of the total assets of the Company.
(8)			Principal balance includes reserve for letter of credit of $141,677 on which the borrower pays 0.00%.
(9)			Principal balance includes reserve for letter of credit of $11,568 on which the borrower pays 6.25%.
(10)			Principal balance includes reserve for letter of credit of $10,663 on which the borrower pays 6.25%.
(11)			Principal balance includes reserve for letter of credit of $3,516 on which the borrower pays 6.50%.
(12)			Principal balance includes reserve for letter of credit of $8,733 on which the borrower pays 6.25%.
(13)			Principal balance includes reserve for letter of credit of $2,620 on which the borrower pays 7.00%.
(14)			Principal balance includes reserve for letter of credit of $5,410 on which the borrower pays 7.50%.
(15)			Principal balance includes reserve for letter of credit of $2,851 on which the borrower pays 6.50%.
(16)			Principal balance includes reserve for letter of credit of $6,305 on which the borrower pays 6.00%.
(17)			Principal balance includes reserve for letter of credit of $15,464 on which the borrower pays 7.00%.
(18)			As a practical expedient, the Company uses net asset value (“NAV”) to determine the fair value of this investment. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels. This represents an investment in an affiliated fund.
(19)			Securities exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of June 30, 2022, the aggregate fair value of these securities is $9,718 or 4.95% of the Company's net asset.

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 June 30, 2022

(Unaudited)

Foreign currency forward contracts

Counterparty

Currency Purchased

Currency Sold

Settlement

Unrealized Appreciation/ (Depreciation)

Wells Fargo Bank, National Association

USD 1,112

CAD 1,375

10/21/2022

Wells Fargo Bank, National Association

CAD 68

USD 54

10/21/2022

(1)

Wells Fargo Bank, National Association

USD 229

CAD 299

7/21/2022

(3)

Wells Fargo Bank, National Association

USD 442

USD 574

7/27/2022

(3)

Wells Fargo Bank, National Association

CAD 45

USD 36

12/21/2022

(1)

Total

Currency Abbreviations:

USD - U.S. Dollar

AG Twin Brook BDC, Inc. 10-Q