tcap-20260630

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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, 2026


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

For the transition period from to

Commission File Number: 814-01520

TPG Twin Brook Capital Income Fund

(Exact name of registrant as specified in its charter)


Delaware			88-6102187

(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 Shares, 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

The number of shares of the Registrant’s common shares of beneficial interest (“Common Shares”), $0.001 par value per share, outstanding as of August 10, 2026 was 97,362,725, 12,210,333 and 122,764 of Class I, Class S and Class D Common Shares, respectively. Common Shares outstanding exclude August 1, 2026 subscriptions since the issuance price is not yet finalized at the date of this filing.

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TABLE OF CONTENTS


PART I	FINANCIAL INFORMATION	2
Item 1.	Financial Statements	2
	Consolidated Statements of Assets and Liabilities as of June 30, 2026 (Unaudited) and December 31, 2025	2
	Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)	4
	Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)	6
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025 (Unaudited)	7
	Consolidated Schedules of Investments as of June 30, 2026 (Unaudited) and December 31, 2025	9
	Notes to Consolidated Financial Statements (Unaudited)	69
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	130
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	151
Item 4.	Controls and Procedures	152

PART II	OTHER INFORMATION	153
Item 1.	Legal Proceedings	153
Item 1A.	Risk Factors	153
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	153
Item 3.	Defaults Upon Senior Securities	153
Item 4.	Mine Safety Disclosures	153
Item 5.	Other Information	153
Item 6.	Exhibits	155
Signatures		156

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PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

TPG Twin Brook Capital Income Fund

Consolidated Statements of Assets and Liabilities

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


	June 30, 2026		December 31, 2025
	(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments at fair value (amortized cost of $4,698,956 and $4,190,298, respectively)	$	4,685,649	$	4,174,054
Non-controlled/affiliated investments at fair value (amortized cost of $88,338 and $87,345, respectively)	103,083		103,670
Controlled/affiliated investments at fair value (amortized cost of $32,550 and $—, respectively)	32,615		—
Cash (restricted cash of $65,738 and $85,873, respectively)	227,679		162,795
Cash equivalents	7,003		22,007
Deferred financing costs	27,545		27,232
Interest receivable	18,151		17,997
Other assets	2,062		781
Deferred offering costs	734		402
Unrealized gain on derivative contracts	493		3,552
Prepaid expenses	—		278
Total assets	$	5,105,014	$	4,512,768
Liabilities
Debt (Note 5)	$	2,280,212	$	2,031,988
Payable for share repurchase	52,625		21,115
Interest payable	26,246		27,830
Dividend payable	21,529		18,959
Unrealized loss on derivative contracts	9,931		2,672
Income incentive fee payable	8,588		7,758
Management fees payable	8,039		6,880
Deferred tax liability	3,643		3,937
Accrued expenses and other liabilities payable to affiliate	3,266		4,029
Deferred income	2,931		2,710
Capital gains incentive fee payable	469		—
Total liabilities	$	2,417,479	$	2,127,878
Commitments and contingencies (Note 8)
Net assets
Common shares $0.001 par value, unlimited shares authorized; 106,651,371 and 94,659,223 shares issued and outstanding, respectively	$	107	$	95
Additional paid-in-capital	2,691,344		2,389,737
Total distributable earnings (loss)	(3,916)		(4,942)
Total net assets	2,687,535		2,384,890
Total liabilities and net assets	$	5,105,014	$	4,512,768
Net asset value per share	$	25.20	$	25.19

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

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TPG Twin Brook Capital Income Fund

Consolidated Statements of Assets and Liabilities

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


	June 30, 2026		December 31, 2025
	(Unaudited)
Net Asset Value per Share
Class I Shares:
Net assets	$	2,381,263	$	2,104,653
Common shares $0.001 par value, unlimited shares authorized	94,497,394		83,536,270
Net asset value per share	$	25.20	$	25.19
Class S Shares:
Net assets	$	303,185	$	277,290
Common shares $0.001 par value, unlimited shares authorized	12,031,489		11,005,998
Net asset value per share	$	25.20	$	25.19
Class D Shares:
Net assets	$	3,087	$	2,947
Common shares $0.001 par value, unlimited shares authorized	122,489		116,955
Net asset value per share	$	25.20	$	25.19

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

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TPG Twin Brook Capital Income Fund

Consolidated Statements of Operations

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

(Unaudited)


	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Investment income
Investment income from non-controlled, non-affiliated investments:
Interest	$	112,064	$	93,239	$	218,087	$	179,783
Payment-in-kind interest	1,582		1,277		3,030		2,244
Other	2,279		1,437		4,007		2,781
Dividends	163		—		603		—
Total investment income from non-controlled, non-affiliated investments	116,088		95,953		225,727		184,808
Investment income from non-controlled, affiliated investments:
Dividends	21		—		21		—
Total investment income from non-controlled, affiliated investments	21		—		21		—
Investment income from controlled, affiliated investments:
Dividends	393		—		393		—
Total investment income from controlled, affiliated investments	393		—		393		—
Total investment income	116,502		95,953		226,141		184,808
Expenses
Interest	$	35,433	$	32,605	$	67,924	$	64,558
Income incentive fees(1)	8,588		6,718		16,815		12,804
Management fees(1)	8,039		5,580		15,587		10,502
Professional fees	1,600		597		2,783		1,123
Other	887		1,306		2,046		2,301
Administrative fees(1)	424		454		932		830
Offering costs	454		486		873		1,098
Capital gains incentive fees(1)	125		277		469		277
Insurance fees	162		77		334		265
Accounting fees	63		255		242		428
Trustees' fees	58		58		117		116
Distribution and shareholder servicing fees:
Class S	648		374		1,257		631
Class D	2		1		5		2
Total expenses	56,483		48,788		109,384		94,935
Distribution and shareholder servicing fees waived
Class S	—		(113)		—		(187)
Class D	—		(1)		—		(2)
Net expenses	56,483		48,674		109,384		94,746
Net investment income (loss) before taxes	$	60,019	$	47,279	116,757		90,062

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

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Deferred federal tax provision(2)	630		720		(294)		1,000
Current federal tax(2)	53		76		1,076		163
Net investment income (loss) after taxes	59,336		46,483		115,975		88,899
Net realized and change in unrealized gain (loss) on investment transactions
Net realized gain (loss) on investment transactions:
Non-controlled, non-affiliated investments	1,006		2		(299)		50
Non-controlled, affiliated investments	2		369		4,799		714
Foreign currency forward contracts	(1)		(11)		(7)		36
Net change in unrealized gain (loss) on investment transactions:
Non-controlled, non-affiliated investments	(2,522)		(655)		2,937		(2,068)
Non-controlled, affiliated investments	2,641		3,210		(1,580)		4,809
Controlled, affiliated investments	65		—		65		—
Interest rate swaps and options	(346)		(110)		(84)		326
Foreign currency forward contracts	—		(7)		9		(52)
Total net realized and change in unrealized gain (loss) on investment transactions	845		2,798		5,840		3,815
Net increase (decrease) in net assets resulting from operations	$	60,181	$	49,281	$	121,815	$	92,714

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

(2)Related to the Company’s wholly-owned, consolidated subsidiary, Twin Brook Equity XXXIII Corp., which is treated as a corporation for United States federal income tax purposes

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

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TPG Twin Brook Capital Income Fund

Consolidated Statements of Changes in Net Assets

(Amounts in thousands, except share amounts)

(Unaudited)


	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Increase (decrease) in net assets resulting from operations
Net investment income (loss)	$	59,336	$	46,483	$	115,975	$	88,899
Net realized gain (loss)	1,007		360		4,493		800
Net change in unrealized gain (loss)	(162)		2,438		1,347		3,015
Net increase (decrease) in net assets resulting from operations	60,181		49,281		121,815		92,714
Dividends
Class I	(55,555)		(43,669)		(108,405)		(84,321)
Class S	(6,625)		(4,338)		(12,939)		(7,399)
Class D	(74)		(55)		(146)		(105)
Net increase (decrease) in net assets resulting from dividends	(62,254)		(48,062)		(121,490)		(91,825)
Capital share transactions
Class I
Proceeds from shares sold	161,590		156,731		319,468		294,160
Share transfers between classes	1,599		175		2,112		251
Distributions reinvested	14,506		10,108		29,008		19,380
Repurchased shares, net of early repurchase deduction	(44,708)		(31,268)		(74,264)		(37,728)
Class S
Proceeds from shares sold	13,395		47,201		31,009		92,732
Share transfers between classes	(1,599)		(175)		(2,112)		(175)
Distributions reinvested	3,086		2,072		5,994		3,718
Repurchased shares, net of early repurchase deduction	(7,727)		(120)		(9,035)		(175)
Class D
Proceeds from shares sold	10		315		226		607
Share transfers between classes	—		—		—		(76)
Distributions reinvested	21		17		41		32
Repurchased shares, net of early repurchase deduction	(127)		(142)		(127)		(192)
Net increase (decrease) in net assets resulting from capital share transactions	140,046		184,914		302,320		372,534
Total increase (decreases) in net assets	137,973		186,133		302,645		373,423
Net assets, at beginning of period	2,549,562		1,728,522		2,384,890		1,541,232
Net assets, at end of period	$	2,687,535	$	1,914,655	$	2,687,535	$	1,914,655

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

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TPG Twin Brook Capital Income Fund

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)


	Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	121,815	$	92,714
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	(4,500)		(764)
Net realized (gain) loss on foreign currency forward contracts	7		(36)
Net change in unrealized (appreciation) depreciation on investments	(1,422)		(2,741)
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts	(9)		52
Net change in unrealized (appreciation) depreciation on interest rate swaps and options, inclusive of hedging effects	(956)		(1,298)
Net accretion on debt instruments	(9,943)		(8,641)
Net paydown gain on debt instruments	(3,844)		(2,649)
Interest received in-kind	(3,030)		(2,244)
Purchases and drawdowns of investments	(991,249)		(690,798)
Proceeds from sales and paydowns of investments	470,365		264,656
Net settlements on derivative contracts	—		36
Amortization of deferred financing costs	3,635		3,570
Amortization of deferred offering costs	873		1,098
Change in operating assets and liabilities:
(Increase) decrease in interest receivable	(154)		(2,500)
(Increase) decrease in other assets	(1,281)		(81)
(Increase) decrease in prepaid expenses	278		553
Increase (decrease) in interest payable	(1,584)		(5,161)
Increase (decrease) in accrued expenses and other liabilities payable to affiliate	(763)		(90)
Increase (decrease) in income incentive fees payable	830		1,253
Increase (decrease) in management fees payable	1,159		1,002
Increase (decrease) in deferred tax liability	(294)		999
Increase (decrease) in deferred income	221		(287)
Increase (decrease) in capital gains incentive fees payable	469		277
Net cash used in operating activities	(419,377)		(351,080)
Cash flows from financing activities
Dividends paid	(83,877)		(66,747)
Payments for repurchase of common shares	(51,916)		(38,095)
Proceeds from issuance of common shares	350,703		387,499
Borrowings on debt	842,000		807,700
Payments on debt	(582,500)		(761,500)
Payments for deferred financing costs	(3,948)		(1,763)
Payments for deferred offering costs	(1,205)		(880)
Net cash provided by financing activities	469,257		326,214
Net change in cash	49,880		(24,866)

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

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	Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash, beginning of period	184,802		161,064
Cash, cash equivalents and restricted cash, end of period	$	234,682	$	136,198

Supplemental and non-cash information
Distributions reinvested	$	35,043	$	23,130
Cash paid during the period for interest	$	66,916	$	67,121
Dividends payable	$	21,529	$	16,550
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated statements of assets and liabilities:
Cash and cash equivalents	$	168,944	$	73,634
Restricted cash	65,738		62,564
Total cash, cash equivalents and restricted cash	$	234,682	$	136,198

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

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TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Investments
Non-controlled/non-affiliated senior secured debt
Aerospace and defense
AlphaCoin LLC	First lien senior secured delayed draw term loan	S +	4.75%	8.41%	7/29/2024	7/29/2030	$	2,997	$	2,954	$	2,985	0.11	%
AlphaCoin LLC (6)	First lien senior secured delayed draw term loan	S +	4.75%	8.41%	5/6/2025	7/29/2030	2,610		(15)		(11)		0.00	%
AlphaCoin LLC	First lien senior secured term loan	S +	4.75%	8.41%	7/29/2024	7/29/2030	18,419		18,142		18,224		0.68	%
AlphaCoin LLC	First lien senior secured term loan	S +	4.75%	8.41%	5/6/2025	7/29/2030	1,895		1,872		1,875		0.07	%
Mattco Forge, Inc	First lien senior secured term loan	S +	5.25%	8.98%	12/19/2024	12/19/2030	37,666		37,216		37,272		1.39	%
Third Holdco, LLC (6)	First lien senior secured delayed draw term loan	S +	4.75%	8.39%	6/13/2025	6/13/2031	3,624		(45)		(39)		0.00	%
Third Holdco, LLC	First lien senior secured term loan	S +	4.75%	8.39%	6/13/2025	6/13/2031	24,390		24,081		24,121		0.90	%
									84,205		84,427		3.15	%
Air freight and logistics
Load One Purchaser Corporation	First lien senior secured revolving loan	S +	7.25%	11.10%	6/21/2022	6/21/2028	$	3,557	$	857	$	852	0.03	%
Load One Purchaser Corporation	First lien senior secured term loan	S +	0.25% + 7.00% PIK	11.10%	10/23/2024	6/21/2028	1,033		1,014		1,017		0.04	%
Load One Purchaser Corporation	First lien senior secured term loan	S +	0.25% + 7.00% PIK	11.10%	6/21/2022	6/21/2028	14,749		14,516		14,522		0.53	%
Load One Purchaser Corporation	First lien senior secured term loan	12.00%		12.00%	11/21/2025	6/21/2028	51		51		49		0.00	%
Zipline Logistics, LLC	First lien senior secured revolving loan	S +	3.00% + 3.00% PIK	9.76%	9/19/2022	9/19/2027	1,749		1,319		861		0.03	%
Zipline Logistics, LLC	First lien senior secured term loan	S +	3.00% + 3.00% PIK	9.76%	9/19/2022	9/19/2027	7,029		6,923		5,092		0.19	%
									24,680		22,393		0.82	%
Auto components
A.P.A. Industries, LLC	First lien senior secured term loan	S +	5.25%	8.89%	1/10/2023	1/10/2029	$	13,495	$	13,354	$	13,408	0.50	%
AirPro Diagnostics, LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.91%	2/21/2025	2/21/2030	3,163		11		15		0.00	%
AirPro Diagnostics, LLC	First lien senior secured term loan	S +	5.25%	8.92%	2/21/2025	2/21/2030	8,435		8,339		8,348		0.31	%
AvCarb, LLC	First lien senior secured delayed draw term loan	S +	2.00% + 5.00% PIK	10.99%	7/28/2023	11/12/2026	261		259		201		0.01	%
AvCarb, LLC	First lien senior secured revolving loan	S +	7.00%	10.97%	7/28/2023	11/12/2026	38		37		29		0.00	%
AvCarb, LLC	First lien senior secured term loan	S +	2.00% + 5.00% PIK	10.99%	7/28/2023	11/12/2026	557		553		428		0.02	%
Bestop, Inc	First lien senior secured term loan	S +	5.50%	9.23%	3/29/2024	3/29/2029	43,360		42,780		42,890		1.60	%
BSC ASI BUYER, LLC	First lien senior secured term loan	S +	5.25%	8.98%	12/31/2024	12/31/2027	29,236		29,097		29,120		1.08	%

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

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TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Raneys, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.23%	2/17/2023	6/7/2027	4,762		4,734		4,737		0.18	%
Raneys, LLC	First lien senior secured term loan	S +	5.50%	9.23%	6/7/2022	6/7/2027	13,032		12,947		12,962		0.48	%
									112,111		112,138		4.18	%
Building products
US Anchors Group Inc	First lien senior secured delayed draw term loan	S +	5.25%	8.98%	12/31/2025	12/31/2026	$	2,133	$	2,119	$	2,117	0.08	%
US Anchors Group Inc	First lien senior secured term loan	S +	5.25%	8.98%	7/15/2024	7/15/2029	20,693		20,352		20,478		0.76	%
									22,471		22,595		0.84	%
Chemicals
A. P. Nonweiler Co. Inc (6)	First lien senior secured revolving loan	S +	5.00%	8.73%	9/30/2025	9/30/2030	$	1,523	$	(19)	$	(17)	0.00	%
A. P. Nonweiler Co. Inc	First lien senior secured term loan	S +	5.00%	8.73%	9/30/2025	9/30/2030	12,981		12,813		12,836		0.48	%
AM Buyer, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.17%	3/6/2025	5/1/2027	851		(2)		(2)		0.00	%
AM Buyer, LLC	First lien senior secured term loan	S +	5.50%	9.17%	3/6/2025	5/1/2027	4,269		4,254		4,258		0.16	%
Answer Acquisition, LLC	First lien senior secured revolving loan	S +	6.00%	9.85%	7/28/2023	6/30/2028	759		485		485		0.02	%
Answer Acquisition, LLC	First lien senior secured term loan	S +	6.00%	9.88%	7/28/2023	6/30/2028	1,639		1,634		1,626		0.06	%
Answer Acquisition, LLC	First lien senior secured term loan	S +	6.00%	9.88%	1/16/2024	6/30/2028	838		835		832		0.03	%
Answer Acquisition, LLC	First lien senior secured term loan	S +	6.00%	9.88%	6/7/2024	6/30/2028	9,773		9,715		9,698		0.36	%
Custom Agronomics Holdings, LLC	First lien senior secured term loan	S +	6.50%	10.49%	9/25/2025	8/30/2027	487		485		485		0.02	%
Custom Agronomics Holdings, LLC	First lien senior secured term loan	S +	6.50%	10.49%	3/25/2024	8/30/2027	2,479		2,462		2,470		0.09	%
Custom Agronomics Holdings, LLC	First lien senior secured term loan	S +	6.50%	10.49%	8/30/2022	8/30/2027	4,019		3,992		4,004		0.15	%
Fralock Buyer LLC	First lien senior secured term loan	S +	6.00%	9.73%	3/25/2026	3/31/2028	332		331		332		0.01	%
Polycorp Ltd	First lien senior secured delayed draw term loan	S +	5.00%	8.64%	1/24/2024	1/24/2030	10,038		9,906		9,938		0.37	%
Polycorp Ltd	First lien senior secured term loan	S +	5.00%	8.64%	1/24/2024	1/24/2030	17,782		17,556		17,605		0.66	%
Polycorp Ltd	First lien senior secured term loan	S +	5.00%	8.64%	2/28/2025	1/24/2030	5,311		5,250		5,258		0.20	%
Teel Plastics, LLC	First lien senior secured term loan	S +	4.75%	8.48%	4/22/2025	4/22/2030	31,423		31,165		31,225		1.16	%
									100,862		101,033		3.77	%
Commercial services and supplies
Alliance Environmental Group, LLC	First lien senior secured delayed draw term loan	S +	7.00%	10.99%	7/28/2023	12/31/2028	$	62	$	60	$	22	0.00	%
Alliance Environmental Group, LLC	First lien senior secured revolving loan	S +	7.00%	10.94%	6/17/2025	12/30/2028	8		5		5		0.00	%
Alliance Environmental Group, LLC	First lien senior secured revolving loan	S +	7.00%	10.99%	7/28/2023	12/30/2028	41		41		15		0.00	%
Alliance Environmental Group, LLC	First lien senior secured term loan	S +	7.00%	10.99%	7/28/2023	12/30/2028	2,468		2,372		893		0.03	%
Capstone Mechanical LLC	First lien senior secured delayed draw term loan	S +	4.75%	8.48%	11/20/2025	11/20/2030	6,161		3,423		3,434		0.13	%
Capstone Mechanical LLC	First lien senior secured term loan	S +	4.75%	8.48%	11/20/2025	11/20/2030	2,488		2,460		2,465		0.09	%
Centennial Environmental Acquisition, LLC (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.64%	6/2/2026	6/2/2031	8,006		(170)		(170)		(0.01)	%
Centennial Environmental Acquisition, LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.64%	6/2/2026	6/2/2031	1,209		(18)		(18)		0.00	%
Centennial Environmental Acquisition, LLC	First lien senior secured term loan	S +	5.00%	8.64%	6/2/2026	6/2/2031	4,925		4,852		4,851		0.18	%
Franchise Fastlane, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.60%	7/28/2023	5/4/2027	15		—		—		0.00	%
Franchise Fastlane, LLC	First lien senior secured term loan	S +	5.50%	9.60%	7/28/2023	5/4/2027	7,174		7,115		7,123		0.27	%

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

Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Gold Medal Holdings, Inc	First lien senior secured delayed draw term loan	S +	5.75%	9.48%	6/14/2024	3/17/2027	2,822		2,809		2,811		0.10	%
Gold Medal Holdings, Inc	First lien senior secured term loan	S +	5.75%	9.48%	7/28/2023	9/17/2028	14,541		14,453		14,466		0.54	%
Green Monster Acquisition, LLC	First lien senior secured revolving loan	S +	6.00%	9.93%	7/28/2023	12/28/2026	38		21		20		0.00	%
Green Monster Acquisition, LLC	First lien senior secured term loan	S +	6.00%	9.93%	7/28/2023	12/28/2026	1,128		1,126		1,118		0.04	%
Innovative Discovery Acquisition, LLC (6)	First lien senior secured delayed draw term loan	S +	5.50%	9.14%	12/31/2025	12/31/2030	8,901		(60)		(31)		0.00	%
Innovative Discovery Acquisition, LLC	First lien senior secured term loan	S +	5.50%	9.14%	12/31/2025	12/31/2030	16,834		16,610		16,713		0.62	%
NEPEZ Acquisition, LLC (6)	First lien senior secured delayed draw term loan	S +	5.25%	8.99%	6/26/2026	6/28/2032	5,726		(29)		(29)		0.00	%
NEPEZ Acquisition, LLC (6)	First lien senior secured revolving loan	S +	5.25%	8.99%	6/26/2026	6/26/2032	2,969		(30)		(30)		0.00	%
NEPEZ Acquisition, LLC	First lien senior secured term loan	S +	5.25%	8.99%	6/26/2026	6/26/2032	9,734		9,637		9,637		0.36	%
Nimlok Company, LLC	First lien senior secured term loan	S +	5.25%	8.91%	11/3/2025	11/27/2027	30,272		30,124		30,151		1.12	%
Polaris Labs Acquisition, LLC	First lien senior secured term loan	S +	5.00%	8.70%	9/17/2024	9/17/2029	6,345		6,257		6,267		0.23	%
Precision Point Metrics, Inc	First lien senior secured delayed draw term loan	S +	5.00%	8.70%	7/1/2025	7/1/2031	7,229		4,093		4,107		0.15	%
Precision Point Metrics, Inc	First lien senior secured term loan	S +	5.00%	8.70%	7/1/2025	7/1/2031	8,075		7,971		7,985		0.30	%
Quality Liaison Services of North America, Inc (6)	First lien senior secured revolving loan	S +	6.00%	9.82%	5/2/2023	5/2/2028	1,629		(18)		(18)		0.00	%
Quality Liaison Services of North America, Inc	First lien senior secured term loan	S +	6.00%	9.81%	5/2/2023	5/2/2028	12,136		12,002		12,006		0.45	%
Rapid Fire Safety and Security, LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.91%	2/27/2026	1/2/2030	10,576		330		348		0.01	%
Rapid Fire Safety and Security, LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.95%	1/2/2025	1/2/2030	5,426		5,359		5,372		0.20	%
Rapid Fire Safety and Security, LLC	First lien senior secured term loan	S +	5.25%	8.97%	1/2/2025	1/2/2030	4,543		4,486		4,498		0.17	%
Superscapes Holdco, LLC	First lien senior secured term loan	S +	5.50%	9.23%	4/7/2025	4/7/2030	17,728		17,519		17,547		0.65	%
TCG Services, LLC (6)	First lien senior secured delayed draw term loan	S +	5.50%	9.17%	7/31/2025	7/31/2031	7,250		(46)		(32)		0.00	%
TCG Services, LLC	First lien senior secured term loan	S +	5.50%	9.17%	7/31/2025	7/31/2031	7,376		7,281		7,293		0.27	%
									160,035		158,819		5.90	%
Construction and engineering
AKS Engineering and Forestry, LLC	First lien senior secured delayed draw term loan	S +	4.75%	8.48%	5/1/2026	1/7/2031	$	1,104	$	1,093	$	1,093	0.04	%
AKS Engineering and Forestry, LLC	First lien senior secured term loan	S +	4.75%	8.48%	1/7/2025	1/7/2031	19,728		19,501		19,530		0.73	%
AKS Engineering and Forestry, LLC	First lien senior secured term loan	S +	4.75%	8.48%	10/2/2025	1/7/2031	4,258		4,203		4,215		0.16	%
BCI Burke Holding Corp	First lien senior secured delayed draw term loan	S +	5.75%	9.39%	7/28/2023	12/14/2027	1,421		1,413		1,415		0.05	%
BCI Burke Holding Corp (6)	First lien senior secured delayed draw term loan	S +	5.75%	9.39%	10/10/2024	12/14/2027	6,588		(30)		(27)		0.00	%
BCI Burke Holding Corp	First lien senior secured term loan	S +	5.75%	9.39%	7/28/2023	12/14/2027	5,831		5,796		5,806		0.22	%
BCI Burke Holding Corp	First lien senior secured term loan	S +	5.75%	9.39%	10/10/2024	12/14/2027	10,812		10,759		10,767		0.40	%
Capital Construction, LLC	First lien senior secured delayed draw term loan	S +	5.75%	9.59%	6/30/2025	10/22/2026	3,153		3,141		3,140		0.12	%
Capital Construction, LLC	First lien senior secured term loan	S +	5.75%	9.59%	6/30/2025	10/22/2026	5,959		5,938		5,935		0.22	%
CHS Holdco, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.73%	5/27/2025	5/27/2031	18,041		7,644		7,674		0.29	%

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

Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
CHS Holdco, LLC (9)	First lien senior secured revolving loan	S +	5.00%	8.69%	5/27/2025	5/27/2031	6,089		5,709		5,719		0.21	%
CHS Holdco, LLC	First lien senior secured term loan	S +	5.00%	8.73%	5/27/2025	5/27/2031	17,939		17,699		17,737		0.66	%
Compass Restoration Intermediary Holdings, LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.89%	1/31/2025	1/31/2030	2,487		702		711		0.03	%
Compass Restoration Intermediary Holdings, LLC	First lien senior secured term loan	S +	5.25%	8.89%	1/31/2025	1/31/2030	6,888		6,774		6,796		0.25	%
Highland Acquisition, Inc	First lien senior secured revolving loan	S +	5.75%	9.44%	7/28/2023	3/9/2027	2,213		983		982		0.04	%
Highland Acquisition, Inc	First lien senior secured term loan	S +	5.75%	9.41%	7/28/2023	3/9/2027	10,685		10,619		10,615		0.39	%
Ironhorse Purchaser dba Mersino, Inc	First lien senior secured delayed draw term loan	S +	6.00%	9.73%	9/30/2022	9/30/2027	8,503		8,434		8,426		0.31	%
Ironhorse Purchaser dba Mersino, Inc (6)	First lien senior secured delayed draw term loan	S +	6.00%	9.73%	4/15/2026	3/31/2029	730		(7)		(7)		0.00	%
Ironhorse Purchaser dba Mersino, Inc	First lien senior secured term loan	S +	6.00%	9.73%	9/30/2022	3/31/2029	32,463		32,263		32,219		1.20	%
Redwood Buyer, LLC (6)	First lien senior secured delayed draw term loan	S +	4.75%	8.48%	1/3/2025	1/3/2030	7,615		(107)		(99)		0.00	%
Redwood Buyer, LLC	First lien senior secured term loan	S +	4.75%	8.48%	1/3/2025	1/3/2030	8,983		8,852		8,862		0.33	%
Rose Paving, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.64%	11/27/2024	11/7/2029	3,695		3,657		3,661		0.14	%
Rose Paving, LLC	First lien senior secured term loan	S +	5.00%	8.64%	5/1/2024	11/7/2029	1,759		1,733		1,742		0.06	%
Rose Paving, LLC	First lien senior secured term loan	S +	5.00%	8.64%	11/27/2024	11/7/2029	12,958		12,826		12,836		0.48	%
Rose Paving, LLC	First lien senior secured term loan	S +	5.00%	8.64%	3/10/2026	11/7/2029	2,000		1,982		1,981		0.07	%
Rose Paving, LLC	First lien senior secured term loan	S +	5.00%	8.64%	11/7/2022	11/7/2029	16,987		16,737		16,827		0.63	%
									188,314		188,556		7.03	%
Containers and packaging
Bulk Lift International, LLC	First lien senior secured delayed draw term loan	S +	5.75%	9.48%	3/2/2026	11/15/2029	$	9,278	$	9,025	$	9,025	0.34	%
Bulk Lift International, LLC	First lien senior secured term loan	S +	5.75%	9.48%	3/2/2026	11/15/2029	16,061		15,947		15,947		0.59	%
Innovative FlexPak, LLC (8)	First lien senior secured delayed draw term loan	20.00% PIK		20.00%	7/31/2025	1/23/2027	493		382		138		0.01	%
Innovative FlexPak, LLC (8)	First lien senior secured revolving loan	S +	7.00%	10.76%	7/28/2023	1/23/2027	627		512		233		0.01	%
Innovative FlexPak, LLC (8)	First lien senior secured term loan	S +	7.00%	10.76%	7/28/2023	1/23/2027	2,616		2,274		1,109		0.04	%
Innovative FlexPak, LLC (8)	First lien senior secured term loan	20.00% PIK		20.00%	7/28/2023	1/23/2027	989		567		419		0.02	%
Johns Byrne LLC	First lien senior secured delayed draw term loan	S +	6.25%	9.98%	8/31/2023	8/31/2029	2,562		2,529		2,530		0.09	%
Johns Byrne LLC	First lien senior secured term loan	S +	6.25%	9.98%	8/31/2023	8/31/2029	9,252		9,115		9,120		0.34	%
K-1 Packaging Group LLC	First lien senior secured revolving loan	S +	6.25%	9.99%	10/6/2022	10/6/2027	6,748		463		466		0.02	%
K-1 Packaging Group LLC	First lien senior secured term loan	S +	6.25%	10.24%	10/6/2022	10/6/2027	30,606		30,376		30,396		1.13	%
MRC Keeler Acquisition LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.38%	7/28/2023	6/4/2027	4		4		4		0.00	%
MRC Keeler Acquisition LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.38%	7/28/2023	6/4/2027	150		—		(2)		0.00	%
MRC Keeler Acquisition LLC	First lien senior secured term loan	S +	5.50%	9.38%	7/28/2023	6/4/2027	908		908		894		0.03	%
SCP Cold Chain Packaging Buyer Corp (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.73%	6/27/2025	6/27/2031	7,248		(38)		(23)		0.00	%
SCP Cold Chain Packaging Buyer Corp	First lien senior secured term loan	S +	5.00%	8.73%	6/27/2025	6/27/2031	19,015		18,809		18,844		0.70	%
Sixarp, LLC (6)	First lien senior secured delayed draw term loan	S +	5.25%	8.98%	9/22/2025	8/5/2029	1,722		(14)		(11)		0.00	%

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

Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Sixarp, LLC	First lien senior secured term loan	S +	5.25%	8.98%	9/22/2025	8/5/2029	20,306		20,142		20,179		0.75	%
Vanguard Packaging, LLC	First lien senior secured revolving loan	S +	5.50%	9.26%	3/29/2024	2/9/2028	4,408		714		715		0.03	%
Vanguard Packaging, LLC	First lien senior secured term loan	S +	5.50%	9.26%	3/29/2024	2/9/2028	10,000		9,981		9,929		0.37	%
									121,696		119,912		4.47	%
Distributors
RTP Acquisition, LLC (6)	First lien senior secured revolving loan	S +	7.00% + 2.25% PIK	13.18%	7/28/2023	8/17/2028	$	42	$	4	$	(7)	0.00	%
RTP Acquisition, LLC	First lien senior secured term loan	S +	7.00% + 2.25% PIK	13.18%	7/28/2023	8/17/2028	3,049		2,960		2,211		0.08	%
									2,964		2,204		0.08	%
Diversified consumer services
50Floor, LLC	First lien senior secured revolving loan	S +	6.00% PIK	9.85%	7/28/2023	3/31/2028	$	216	$	15	$	7	0.00	%
50Floor, LLC	First lien senior secured term loan	S +	6.00% PIK	9.85%	7/28/2023	3/31/2028	1,156		1,145		1,101		0.04	%
ACES Intermediate, Inc	First lien senior secured term loan	S +	5.25%	9.01%	7/27/2022	7/27/2027	42,995		42,659		42,805		1.59	%
Arctic Acquisition Sub, LLC (6)	First lien senior secured delayed draw term loan	S +	5.75%	9.48%	6/3/2026	6/3/2031	10,574		(78)		(78)		0.00	%
Arctic Acquisition Sub, LLC (6)	First lien senior secured revolving loan	S +	5.75%	9.48%	6/3/2026	6/3/2031	1,209		(18)		(18)		0.00	%
Arctic Acquisition Sub, LLC	First lien senior secured term loan	S +	5.75%	9.48%	6/3/2026	6/3/2031	7,739		7,625		7,622		0.28	%
CL Services Acquisition, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.73%	4/25/2023	4/25/2028	7,100		7,002		7,029		0.26	%
CL Services Acquisition, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.71%	5/7/2024	4/25/2028	8,410		8,303		8,327		0.31	%
CL Services Acquisition, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.67%	9/19/2025	4/25/2028	32,224		18,471		18,498		0.69	%
CL Services Acquisition, LLC	First lien senior secured term loan	S +	5.00%	8.66%	4/25/2023	4/25/2028	13,520		13,318		13,385		0.50	%
Esquire Deposition Solutions, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.73%	9/20/2023	12/30/2028	6,639		6,575		6,589		0.25	%
Esquire Deposition Solutions, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.73%	12/30/2022	12/30/2028	6,860		6,786		6,808		0.25	%
Esquire Deposition Solutions, LLC	First lien senior secured term loan	S +	5.00%	8.73%	12/30/2022	12/30/2028	47,507		46,976		47,144		1.75	%
Foundation Repair Purchaser, INC. (6)	First lien senior secured delayed draw term loan	S +	4.75%	8.48%	1/20/2026	1/20/2032	15,220		(89)		(55)		0.00	%
Foundation Repair Purchaser, INC.	First lien senior secured term loan	S +	4.75%	8.48%	1/20/2026	1/20/2032	4,699		4,645		4,653		0.17	%
Harley Exteriors Acquisition, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.16%	8/2/2024	8/1/2029	3,915		2,758		2,762		0.10	%
Harley Exteriors Acquisition, LLC	First lien senior secured revolving loan	S +	5.50%	9.20%	8/2/2024	8/2/2029	1,322		863		864		0.03	%
Harley Exteriors Acquisition, LLC	First lien senior secured term loan	S +	5.50%	9.16%	8/2/2024	8/2/2029	8,396		8,274		8,284		0.31	%
Home Brands Group Holdings, Inc	First lien senior secured term loan	S +	5.25%	8.89%	7/28/2023	1/8/2028	11,957		11,916		11,900		0.44	%
HTI Intermediate, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.68%	3/1/2024	3/1/2030	2,337		2,304		2,310		0.09	%
HTI Intermediate, LLC	First lien senior secured revolving loan	S +	5.00%	10.40%	3/1/2024	3/1/2030	2,588		1,004		1,006		0.04	%
HTI Intermediate, LLC	First lien senior secured term loan	S +	5.00%	8.68%	7/2/2025	3/1/2030	1,764		1,742		1,744		0.06	%

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

Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
HTI Intermediate, LLC	First lien senior secured term loan	S +	5.00%	8.68%	1/16/2026	3/1/2030	1,495		1,475		1,478		0.05	%
HTI Intermediate, LLC	First lien senior secured term loan	S +	5.00%	8.66%	3/1/2024	3/1/2030	4,983		4,915		4,927		0.18	%
ISSA, LLC	First lien senior secured term loan	S +	6.25%	9.98%	7/28/2023	3/1/2028	1,810		1,800		1,792		0.07	%
Juniper Landscaping Holdings LLC	First lien senior secured delayed draw term loan	S +	5.75%	9.40%	11/13/2023	12/29/2026	5,813		5,785		5,779		0.22	%
Juniper Landscaping Holdings LLC	First lien senior secured delayed draw term loan	S +	5.75%	9.41%	5/23/2025	12/29/2026	8,003		4,334		4,327		0.16	%
Juniper Landscaping Holdings LLC	First lien senior secured delayed draw term loan	S +	5.75%	9.39%	7/28/2023	12/29/2026	85		85		84		0.00	%
Juniper Landscaping Holdings LLC	First lien senior secured term loan	S +	5.75%	9.39%	7/28/2023	12/29/2027	3,945		3,907		3,922		0.15	%
Lawn Care Holdings Purchaser, Inc	First lien senior secured delayed draw term loan	S +	5.50%	9.23%	10/24/2023	10/24/2028	4,497		4,428		4,469		0.17	%
Lawn Care Holdings Purchaser, Inc	First lien senior secured delayed draw term loan	S +	5.50%	9.23%	11/22/2024	10/24/2028	13,852		9,910		9,926		0.37	%
Lawn Care Holdings Purchaser, Inc	First lien senior secured term loan	S +	5.50%	9.23%	10/24/2023	10/24/2028	7,084		7,000		7,040		0.26	%
PPW Acquisition, LLC	First lien senior secured revolving loan	S +	6.75%	10.73%	7/28/2023	3/31/2028	38		18		17		0.00	%
PPW Acquisition, LLC	First lien senior secured term loan	S +	4.25% + 2.50% PIK	10.74%	7/28/2023	3/31/2028	627		619		604		0.02	%
Premier Early Childhood Education Partners LLC (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.92%	5/1/2026	11/22/2028	12,477		(87)		(87)		0.00	%
Premier Early Childhood Education Partners LLC	First lien senior secured term loan	S +	5.00%	8.92%	5/1/2026	11/22/2028	34,789		34,543		34,539		1.29	%
Therapy Spot Acquisition, LLC (6)	First lien senior secured delayed draw term loan	S +	4.50%	8.23%	2/20/2026	2/20/2031	7,422		(43)		(27)		0.00	%
Therapy Spot Acquisition, LLC	First lien senior secured term loan	S +	4.50%	8.23%	2/20/2026	2/20/2031	4,367		4,317		4,324		0.16	%
TSR Concrete Intermediate, LLC	First lien senior secured delayed draw term loan	S +	4.50%	8.19%	12/31/2025	12/31/2031	12,868		1,862		1,894		0.07	%
TSR Concrete Intermediate, LLC	First lien senior secured term loan	S +	4.50%	8.35%	12/31/2025	12/31/2031	25,186		24,960		25,009		0.93	%
United Land Services Opco Parent, LLC	First lien senior secured delayed draw term loan	S +	6.00%	9.93%	7/28/2023	3/23/2027	370		369		369		0.01	%
United Land Services Opco Parent, LLC	First lien senior secured delayed draw term loan	S +	6.00%	9.93%	12/11/2025	3/23/2027	8,020		4,371		4,383		0.16	%
United Land Services Opco Parent, LLC	First lien senior secured delayed draw term loan	S +	6.00%	9.93%	7/28/2023	3/23/2027	1,215		1,211		1,213		0.05	%
United Land Services Opco Parent, LLC	First lien senior secured term loan	S +	6.00%	9.93%	7/28/2023	3/23/2027	347		345		346		0.01	%
									308,320		309,015		11.49	%
Diversified financial services
Allied Credit Acquisition Corp (6)	First lien senior secured delayed draw term loan	S +	4.75%	8.48%	3/23/2026	3/23/2032	$	7,544	$	(45)	$	(28)	0.00	%
Allied Credit Acquisition Corp	First lien senior secured term loan	S +	4.75%	8.48%	3/23/2026	3/23/2032	14,770		14,587		14,622		0.54	%
									14,542		14,594		0.54	%
Electrical equipment
AEP Passion Intermediate Holdings, Inc	First lien senior secured delayed draw term loan	S +	6.50%	10.24%	7/28/2023	10/5/2027	$	73	$	73	$	72	0.00	%
AEP Passion Intermediate Holdings, Inc	First lien senior secured revolving loan	S +	1.75% + 4.75% PIK	10.31%	7/28/2023	10/5/2027	49		9		9		0.00	%

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

Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)			Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
AEP Passion Intermediate Holdings, Inc	First lien senior secured term loan	S +	1.75% + 4.75% PIK		10.32%		7/28/2023	10/5/2027	1,316		1,304		1,302		0.05	%
BPCP NSA Intermedco, Inc	First lien senior secured delayed draw term loan	S +	4.75%		8.48%		12/15/2025	5/17/2030	8,943		3,945		3,979		0.15	%
BPCP NSA Intermedco, Inc	First lien senior secured delayed draw term loan	S +	4.75%		8.39%		5/17/2024	5/17/2030	12,143		12,012		12,087		0.45	%
BPCP NSA Intermedco, Inc	First lien senior secured term loan	S +	4.75%		8.39%		5/17/2024	5/17/2030	36,431		36,062		36,264		1.35	%
Raffel Systems, LLC (6)	First lien senior secured delayed draw term loan	S +	5.50%		9.23%		3/24/2026	3/24/2032	9,408		(68)		(47)		0.00	%
Raffel Systems, LLC	First lien senior secured term loan	S +	5.50%		9.23%		3/24/2026	3/24/2032	11,385		11,219		11,243		0.42	%
Sure Power, LLC (6)	First lien senior secured revolving loan	S +	4.75%		8.48%		4/21/2026	4/21/2032	1,430		(14)		(14)		0.00	%
Sure Power, LLC	First lien senior secured term loan	S +	4.75%		8.48%		4/21/2026	4/21/2032	7,305		7,234		7,233		0.27	%
WCI Volt Purchaser, LLC	First lien senior secured term loan	S +	4.75%		8.51%		9/15/2022	9/15/2029	14,716		14,588		14,642		0.53	%
SENS Intermediate Holdings LLC (6)	First lien senior secured delayed draw term loan	S +	4.75%		8.48%		3/10/2025	3/10/2031	3,468		(20)		(14)		0.00	%
SENS Intermediate Holdings LLC	First lien senior secured term loan	S +	4.75%		8.48%		3/10/2025	3/10/2031	9,704		9,584		9,601		0.36	%
Sure Power, LLC (6)	First lien senior secured delayed draw term loan	S +	4.75%		8.48%		4/21/2026	4/21/2032	3,010		(15)		(15)		0.00	%
											95,913		96,342		3.58	%
Electronic equipment, instruments and components
ADC Purchaser Inc	First lien senior secured revolving loan	S +	4.50%		8.16%		7/16/2025	7/16/2031	$	6,013	$	2,492	$	2,503	0.09	%
ADC Purchaser Inc	First lien senior secured term loan	S +	4.50%		8.23%		7/16/2025	7/16/2031	30,648		30,317		30,380		1.13	%
Advanced Lighting Acquisition, LLC	First lien senior secured term loan	S +	5.50%		9.14%		2/27/2025	11/22/2027	8,296		8,248		8,259		0.31	%
Nelson Name Plate Company	First lien senior secured delayed draw term loan	S +	5.75%		9.74%		7/28/2023	10/18/2026	115		115		115		0.00	%
Nelson Name Plate Company	First lien senior secured term loan	S +	5.75%		9.74%		7/28/2023	10/18/2026	3,404		3,394		3,396		0.13	%
											44,566		44,653		1.66	%
Electric utilities
T&D AcquisitionCo, LLC (6)	First lien senior secured delayed draw term loan	S +	5.00	%	8.64	%	6/12/2026	6/12/2032	6,042		(37)		(37)		0.00	%
T&D AcquisitionCo, LLC (6)	First lien senior secured revolving loan	S +	5.00	%	8.64	%	6/12/2026	6/12/2032	1,813		(22)		(22)		0.00	%
T&D AcquisitionCo, LLC	First lien senior secured term loan	S +	5.00	%	8.64	%	6/12/2026	6/12/2032	10,201		10,074		10,073		0.37	%
											10,015		10,014		0.37	%
Food and staples retailing
Ever Fresh Fruit Company, LLC	First lien senior secured delayed draw term loan	S +	6.50%		10.24%		6/5/2024	11/17/2028	$	1,344	$	1,330	$	1,331	0.05	%
Ever Fresh Fruit Company, LLC (6)	First lien senior secured revolving loan	S +	6.50%		10.24%		11/17/2023	11/17/2028	1,380		(17)		(14)		0.00	%
Ever Fresh Fruit Company, LLC	First lien senior secured term loan	S +	6.50%		10.24%		11/17/2023	11/17/2028	7,178		7,079		7,107		0.26	%
Mad Rose Company, LLC	First lien senior secured term loan	S +	6.50%		10.43%		7/28/2023	11/7/2026	2,854		2,851		2,846		0.11	%
NutriScience Innovations, LLC	First lien senior secured term loan	S +	6.00%		9.70%		7/28/2023	6/30/2027	1,332		1,326		1,327		0.05	%
Premier Produce One, LLC	First lien senior secured delayed draw term loan	S +	5.25%		8.99%		3/21/2025	3/21/2030	4,251		4,190		4,236		0.16	%
Premier Produce One, LLC (6)	First lien senior secured delayed draw term loan	S +	5.25%		8.99%		11/24/2025	9/21/2030	10,460		(57)		(36)		0.00	%

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

Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Premier Produce One, LLC	First lien senior secured term loan	S +	5.25%	8.99%	3/21/2025	9/21/2030	5,625		5,545		5,571		0.21	%
Premier Produce One, LLC	First lien senior secured term loan	S +	5.25%	8.99%	11/24/2025	9/21/2030	13,646		13,496		13,514		0.50	%
Qin's Buffalo, LLC	First lien senior secured delayed draw term loan	S +	2.00% + 4.00% PIK	9.66%	7/28/2023	5/5/2027	74		73		71		0.00	%
Qin's Buffalo, LLC	First lien senior secured delayed draw term loan	S +	2.00% + 4.00% PIK	9.66%	5/24/2024	5/5/2027	5,483		5,453		5,312		0.20	%
Qin's Buffalo, LLC	First lien senior secured revolving loan	S +	2.00% + 4.00% PIK	9.66%	7/28/2023	5/5/2028	38		37		36		0.00	%
Qin's Buffalo, LLC	First lien senior secured term loan	S +	2.00% + 4.00% PIK	9.66%	7/28/2023	5/5/2028	519		516		503		0.02	%
SCP Beverage Buyer, LLC	First lien senior secured revolving loan	S +	6.00%	9.93%	7/28/2023	5/24/2028	38		37		37		0.00	%
SCP Beverage Buyer, LLC	First lien senior secured term loan	S +	6.00%	9.93%	7/28/2023	5/24/2028	8,202		8,166		8,152		0.30	%
TruSource Foods LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.73%	8/1/2025	8/1/2031	3,317		3,270		3,276		0.12	%
TruSource Foods LLC (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.73%	12/5/2025	8/1/2031	2,510		(34)		(31)		0.00	%
TruSource Foods LLC	First lien senior secured term loan	S +	5.00%	8.73%	8/1/2025	8/1/2031	9,554		9,421		9,435		0.35	%
Universal Pure, LLC	First lien senior secured delayed draw term loan	S +	4.25% + 2.00% PIK	10.13%	10/31/2022	10/31/2028	369		363		363		0.01	%
Universal Pure, LLC (10)	First lien senior secured revolving loan	S +	4.25% + 2.00% PIK	10.13%	10/31/2022	10/31/2028	7,297		6,996		7,000		0.26	%
Universal Pure, LLC	First lien senior secured term loan	S +	4.25%	8.13%	4/3/2026	10/31/2028	643		627		631		0.02	%
Universal Pure, LLC	First lien senior secured term loan	S +	4.25% + 2.00% PIK	10.13%	10/31/2022	10/31/2028	17,718		17,390		17,392		0.65	%
									88,058		88,059		3.27	%
Food products
BPCP WLF Intermedco LLC	First lien senior secured delayed draw term loan	S +	6.25%	10.13%	12/20/2024	8/19/2028	$	7,601	$	5,410	$	5,418	0.20	%
BPCP WLF Intermedco LLC	First lien senior secured delayed draw term loan	S +	6.25%	10.12%	8/19/2022	8/19/2028	5,798		5,724		5,759		0.21	%
BPCP WLF Intermedco LLC	First lien senior secured term loan	S +	6.25%	10.13%	8/19/2022	8/19/2028	24,007		23,722		23,846		0.89	%
Icelandirect, LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.92%	12/31/2025	7/31/2029	2,858		2,037		2,042		0.08	%
Icelandirect, LLC	First lien senior secured term loan	S +	5.25%	8.98%	12/31/2025	7/31/2029	1,924		1,908		1,910		0.07	%
Starwest Botanicals Acquisition, LLC	First lien senior secured revolving loan	S +	5.25%	9.01%	7/28/2023	4/30/2028	174		171		138		0.01	%
Starwest Botanicals Acquisition, LLC	First lien senior secured term loan	S +	5.25%	9.01%	7/28/2023	4/30/2028	779		761		619		0.02	%
Sun Orchard, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.16%	8/2/2024	7/8/2028	6,063		5,990		6,022		0.22	%
Sun Orchard, LLC	First lien senior secured term loan	S +	5.50%	9.16%	7/8/2022	1/8/2029	34,360		33,950		34,130		1.27	%
Treat Planet Acquisition, LLC	First lien senior secured term loan	S +	6.00%	9.73%	1/11/2023	1/11/2028	8,231		8,136		8,195		0.30	%

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

Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Treat Planet Acquisition, LLC	First lien senior secured term loan	S +	6.00%	9.73%	3/7/2025	1/11/2028	5,472		5,441		5,448		0.20	%
Westminster Cracker Company, Inc	First lien senior secured revolving loan	S +	6.25%	10.07%	8/30/2023	3/31/2027	460		228		228		0.01	%
Westminster Cracker Company, Inc	First lien senior secured term loan	S +	6.25%	10.07%	8/30/2023	3/31/2027	9,440		9,401		9,360		0.35	%
									102,879		103,115		3.83	%
Gas utilities
Hydromax USA, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.82%	7/28/2023	12/30/2027	$	108	$	107	$	108	0.00	%
Hydromax USA, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.80%	6/3/2025	6/3/2027	1,296		1,098		1,099		0.04	%
Hydromax USA, LLC	First lien senior secured term loan	S +	5.00%	8.82%	7/28/2023	12/30/2027	1,170		1,152		1,166		0.04	%
									2,357		2,373		0.08	%
Health care equipment and supplies
3BC Matrix Acquisition, LLC	First lien senior secured term loan	S +	5.50%	9.14%	5/13/2025	5/13/2030	$	4,742	$	4,665	$	4,671	0.17	%
626 Holdings Equity LLC	First lien senior secured delayed draw term loan	S +	5.75%	9.68%	7/28/2023	2/14/2028	219		217		216		0.01	%
626 Holdings Equity LLC	First lien senior secured revolving loan	S +	5.75%	9.90%	7/28/2023	2/14/2028	75		74		74		0.00	%
626 Holdings Equity LLC	First lien senior secured term loan	S +	5.75%	9.68%	7/28/2023	2/14/2028	853		845		843		0.03	%
AHP Caliber Purchaser, Inc	First lien senior secured term loan	S +	4.75%	8.48%	4/8/2026	4/8/2032	6,072		5,999		5,999		0.22	%
Alcresta Buyer, Inc	First lien senior secured delayed draw term loan	S +	5.25%	8.95%	12/4/2025	3/12/2031	36,279		13,543		13,612		0.51	%
Alcresta Buyer, Inc	First lien senior secured term loan	S +	5.25%	8.92%	3/12/2024	3/12/2031	27,964		27,590		27,769		1.03	%
EMSAR Acquisition LLC	First lien senior secured delayed draw term loan	S +	6.50% PIK	10.49%	7/28/2023	9/30/2027	236		233		208		0.01	%
EMSAR Acquisition LLC	First lien senior secured revolving loan	S +	6.50% PIK	11.51%	7/28/2023	9/30/2027	146		91		75		0.00	%
EMSAR Acquisition LLC	First lien senior secured term loan	S +	6.50% PIK	10.49%	7/28/2023	9/30/2027	1,147		1,141		1,012		0.04	%
EMSAR Acquisition LLC	First lien senior secured term loan	20.00% PIK		20.00%	3/4/2026	9/30/2027	173		171		152		0.01	%
Medical Technology Associates, LLC	First lien senior secured term loan	S +	5.50%	9.23%	7/25/2022	7/25/2028	28,136		27,855		27,991		1.04	%
Nasco Healthcare Inc.	First lien senior secured term loan	S +	5.75%	9.41%	12/13/2024	6/30/2028	11,616		11,549		11,560		0.43	%
NWI Merger Sub, Inc	First lien senior secured delayed draw term loan	S +	5.00%	8.68%	12/4/2024	12/4/2029	6,438		1,199		1,206		0.04	%
NWI Merger Sub, Inc	First lien senior secured term loan	S +	5.00%	8.64%	12/4/2024	12/4/2029	16,699		16,481		16,493		0.61	%
SCA Buyer, LLC	First lien senior secured delayed draw term loan	S +	6.50%	10.43%	7/28/2023	1/20/2027	274		271		252		0.01	%
SCA Buyer, LLC	First lien senior secured revolving loan	S +	6.50%	10.43%	7/28/2023	1/20/2027	134		132		123		0.00	%
SCA Buyer, LLC	First lien senior secured term loan	S +	6.50%	10.43%	7/28/2023	1/20/2027	2,800		2,775		2,575		0.10	%
SCA Buyer, LLC	First lien senior secured term loan	S +	6.50%	10.43%	12/16/2024	1/20/2027	735		729		675		0.03	%
Spectrum Solutions, LLC (8)	First lien senior secured delayed draw term loan	S +	6.25%	10.24%	7/28/2023	9/30/2026	146		127		146		0.01	%
Spectrum Solutions, LLC (8)	First lien senior secured delayed draw term loan	18.00% PIK		18.00%	5/3/2024	9/30/2026	294		258		291		0.01	%
Spectrum Solutions, LLC (8)	First lien senior secured delayed draw term loan	18.00% PIK		18.00%	4/10/2025	9/30/2026	186		156		41		0.00	%
Spectrum Solutions, LLC (6) (8)	First lien senior secured revolving loan	S +	6.25%	10.65%	7/28/2023	9/30/2026	317		262		(9)		0.00	%

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

Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Spectrum Solutions, LLC (8)	First lien senior secured term loan	S +	6.25%	10.24%	7/28/2023	9/30/2026	678		579		25		0.00	%
Surplus Solutions, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.91%	9/30/2024	11/30/2027	4,631		4,598		4,590		0.17	%
Surplus Solutions, LLC	First lien senior secured term loan	S +	5.00%	8.99%	11/30/2022	11/30/2027	17,123		16,949		16,970		0.63	%
									138,489		137,560		5.11	%
Health care providers and services
ACS Midco LLC (6)	First lien senior secured delayed draw term loan	S +	4.75%	8.43%	6/22/2026	6/22/2031	$	6,058	$	(34)	$	(34)	0.00	%
ACS Midco LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.43%	6/22/2026	6/22/2031	2,361		(27)		(27)		0.00	%
ACS Midco LLC	First lien senior secured term loan	S +	4.75%	8.43%	6/22/2026	6/22/2031	7,573		7,488		7,487		0.28	%
ADVI Health, LLC	First lien senior secured term loan	S +	5.25%	8.91%	5/28/2026	11/29/2027	15,293		15,236		15,236		0.57	%
Advocate RCM Acquisition Corp (6)	First lien senior secured revolving loan	S +	6.25%	10.08%	12/22/2023	12/22/2026	2,902		(8)		(8)		0.00	%
Advocate RCM Acquisition Corp	First lien senior secured term loan	S +	6.25%	10.08%	12/22/2023	12/22/2026	18,226		18,160		18,161		0.68	%
Agility Intermediate, Inc	First lien senior secured delayed draw term loan	S +	7.00%	10.99%	7/28/2023	4/15/2027	113		113		110		0.00	%
Agility Intermediate, Inc	First lien senior secured revolving loan	S +	7.00%	10.99%	7/28/2023	4/15/2027	139		112		109		0.00	%
Agility Intermediate, Inc	First lien senior secured term loan	S +	7.00%	10.99%	7/28/2023	4/15/2027	247		244		239		0.01	%
Aligned Dental Management Services, LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.97%	2/7/2025	2/7/2030	4,964		4,892		4,898		0.18	%
Aligned Dental Management Services, LLC	First lien senior secured term loan	S +	5.25%	9.24%	2/7/2025	2/7/2030	7,852		7,733		7,744		0.29	%
AMCP SAMGI Intermediate, Inc (6)	First lien senior secured delayed draw term loan	S +	4.50%	8.23%	12/12/2025	12/12/2031	12,910		(73)		(45)		0.00	%
AMCP SAMGI Intermediate, Inc	First lien senior secured term loan	S +	4.50%	8.23%	12/12/2025	12/12/2031	25,607		25,306		25,356		0.94	%
AMCP Treatment Intermediate, LLC (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.73%	8/29/2025	8/29/2031	6,608		(57)		(45)		0.00	%
AMCP Treatment Intermediate, LLC	First lien senior secured term loan	S +	5.00%	8.73%	8/29/2025	8/29/2031	17,706		17,393		17,426		0.65	%
American Family Care, LLC	First lien senior secured delayed draw term loan	S +	4.75%	8.39%	9/10/2025	2/28/2029	7,325		814		797		0.03	%
American Family Care, LLC	First lien senior secured delayed draw term loan	S +	4.75%	8.41%	2/29/2024	2/28/2029	3,385		3,337		3,362		0.13	%
American Family Care, LLC	First lien senior secured term loan	S +	4.75%	8.48%	2/29/2024	2/28/2029	23,005		22,746		22,855		0.85	%
ARC Health OPCO, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.65%	10/10/2025	10/10/2030	13,691		4,002		4,026		0.15	%
ARC Health OPCO, LLC	First lien senior secured term loan	S +	5.00%	8.64%	10/10/2025	10/10/2030	9,348		9,248		9,264		0.34	%
ASC Ortho Management Company, LLC (8)	First lien senior secured delayed draw term loan	S +	9.00%	12.99%	7/28/2023	12/31/2026	327		303		31		0.00	%
ASC Ortho Management Company, LLC (8)	First lien senior secured revolving loan	S +	9.00%	12.99%	7/28/2023	12/31/2026	38		35		4		0.00	%
ASC Ortho Management Company, LLC (8)	First lien senior secured term loan	S +	9.00%	12.99%	7/28/2023	12/31/2026	517		480		50		0.00	%
Ascend Plastic Surgery Partners MSO LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.16%	5/3/2024	5/3/2029	4,948		4,881		4,882		0.18	%
Ascend Plastic Surgery Partners MSO LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.23%	5/3/2024	5/3/2029	4,197		(57)		(53)		0.00	%
Ascend Plastic Surgery Partners MSO LLC	First lien senior secured term loan	S +	5.50%	9.23%	5/3/2024	5/3/2029	6,756		6,658		6,665		0.25	%
ASP Global Holdings, LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.89%	7/31/2024	7/31/2029	18,998		13,254		13,273		0.49	%
ASP Global Holdings, LLC	First lien senior secured revolving loan	S +	5.25%	8.89%	7/31/2024	7/31/2029	6,555		6,471		6,478		0.24	%

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

Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)	Fair Value	Percentage of Net Assets
ASP Global Holdings, LLC	First lien senior secured term loan	S +	5.25%	8.89%	7/31/2024	7/31/2029	40,352		39,825	39,874	1.48	%
Beacon Oral Specialists Management LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.23%	7/28/2023	12/14/2026	808		807	808	0.03	%
Beacon Oral Specialists Management LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.22%	6/27/2025	12/14/2026	10,307		10,282	10,302	0.38	%
Beacon Oral Specialists Management LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.17%	9/12/2025	12/14/2026	13,659		2,808	2,819	0.10	%
Beacon Oral Specialists Management LLC	First lien senior secured term loan	S +	5.50%	9.23%	7/28/2023	12/14/2026	891		888	890	0.03	%
Beghou Consulting, LLC	First lien senior secured term loan	S +	4.75%	8.48%	5/1/2023	5/1/2028	15,002		14,812	14,815	0.55	%
BPCP EE Intermedco LLC	First lien senior secured delayed draw term loan	S +	6.25%	10.13%	4/3/2023	4/3/2028	2,008		1,986	1,987	0.07	%
BPCP EE Intermedco LLC	First lien senior secured revolving loan	S +	6.25%	10.07%	4/3/2023	4/3/2028	2,244		938	939	0.03	%
BPCP EE Intermedco LLC	First lien senior secured term loan	S +	6.25%	10.13%	4/3/2023	4/3/2028	6,331		6,255	6,257	0.23	%
Brightview, LLC	First lien senior secured delayed draw term loan	S +	4.75%	8.40%	3/30/2026	12/14/2029	16,776		12,495	12,535	0.47	%
Brightview, LLC (6)	First lien senior secured delayed draw term loan	S +	4.75%	8.39%	3/30/2026	12/14/2029	4,364		(20)	(22)	0.00	%
Brightview, LLC	First lien senior secured term loan	S +	4.75%	8.39%	3/30/2026	12/14/2029	17,394		17,229	17,264	0.64	%
Canadian Orthodontic Partners Corp (6)(7)(8)	First lien senior secured delayed draw term loan	T +	9.00%	11.64%	4/5/2024	12/31/2026	C$	12	(6)	—	0.00	%
Canadian Orthodontic Partners Corp (6)(7)(8)	First lien senior secured delayed draw term loan	T +	9.00% PIK	11.64%	7/28/2023	12/31/2026	C$	29	—	(18)	0.00	%
Canadian Orthodontic Partners Corp (7)(8)	First lien senior secured delayed draw term loan	T +	9.00%	12.99%	7/28/2023	12/31/2026	C$	394	259	29	0.00	%
Canadian Orthodontic Partners Corp (7)(8)	First lien senior secured revolving loan	T +	9.00%	11.64%	7/28/2023	12/31/2026	C$	264	173	19	0.00	%
Canadian Orthodontic Partners Corp (7)(8)	First lien senior secured revolving loan	T +	9.00%	11.64%	3/19/2021	12/31/2026	C$	122	140	9	0.00	%
Canadian Orthodontic Partners Corp (8)	First lien senior secured revolving loan	T +	9.00%	12.99%	7/28/2023	12/31/2026	107		91	11	0.00	%
Canadian Orthodontic Partners Corp (8)	First lien senior secured revolving loan	T +	9.00% PIK	12.99%	3/19/2021	12/31/2026	54		46	6	0.00	%
Canadian Orthodontic Partners Corp (7)(8)	First lien senior secured term loan	T +	9.00%	11.64%	7/28/2023	12/31/2026	C$	324	209	24	0.00	%
Captive Radiology Acquisition, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.67%	4/29/2026	4/29/2031	5,555		886	889	0.03	%
Captive Radiology Acquisition, LLC	First lien senior secured term loan	S +	5.00%	8.67%	4/29/2026	4/29/2031	3,231		3,191	3,191	0.12	%
Change Academy at Lake of the Ozarks, LLC	First lien senior secured term loan	S +	5.25%	9.13%	5/16/2025	2/2/2029	3,528		3,497	3,504	0.13	%
Change Academy at Lake of the Ozarks, LLC	First lien senior secured term loan	S +	5.25%	9.13%	8/2/2022	2/2/2029	31,320		30,922	31,106	1.16	%
CNS Purchaser, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.23%	12/30/2024	12/30/2029	10,997		10,867	10,885	0.41	%
CNS Purchaser, LLC (6)	First lien senior secured delayed draw term loan	S +	5.50%	9.23%	1/13/2026	12/30/2029	17,376		(96)	(95)	0.00	%
CNS Purchaser, LLC	First lien senior secured term loan	S +	5.50%	9.23%	12/30/2024	12/30/2029	42,110		41,645	41,704	1.55	%
Community Care Partners, LLC	First lien senior secured delayed draw term loan	S +	6.00%	9.76%	7/28/2023	9/30/2026	161		161	161	0.01	%
Community Care Partners, LLC	First lien senior secured revolving loan	S +	6.00%	9.76%	7/28/2023	9/30/2026	75		75	75	0.00	%
Community Care Partners, LLC	First lien senior secured term loan	S +	6.00%	9.76%	7/28/2023	9/30/2026	920		919	917	0.03	%
DASCO HME, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.19%	6/6/2025	6/6/2030	5,339		1,096	1,103	0.04	%

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

Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)	Amortized Cost(4)	Fair Value	Percentage of Net Assets
DASCO HME, LLC	First lien senior secured term loan	S +	5.50%	9.23%	6/6/2025	6/6/2030	17,642	17,388	17,415	0.65	%
Dermatology Medical Partners OpCo LLC	First lien senior secured delayed draw term loan	S +	6.50%	10.49%	7/28/2023	10/29/2026	63	63	63	0.00	%
Dermatology Medical Partners OpCo LLC	First lien senior secured revolving loan	S +	6.50%	10.49%	7/28/2023	10/29/2026	38	29	29	0.00	%
Dermatology Medical Partners OpCo LLC	First lien senior secured term loan	S +	6.50%	10.49%	7/28/2023	10/29/2026	252	251	251	0.01	%
EH Management Company, LLC	First lien senior secured term loan	S +	4.50%	8.23%	12/30/2025	7/15/2028	23,605	23,496	23,533	0.88	%
Endodontic Practice Partners, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.23%	4/9/2024	11/2/2027	6,803	6,751	6,760	0.25	%
Endodontic Practice Partners, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.23%	11/2/2022	11/2/2027	16,370	16,258	16,266	0.61	%
Endodontic Practice Partners, LLC (6)	First lien senior secured delayed draw term loan	S +	5.50%	9.23%	2/14/2025	11/2/2027	4,130	(26)	(26)	0.00	%
Endodontic Practice Partners, LLC	First lien senior secured term loan	S +	5.50%	9.23%	11/2/2022	11/2/2027	14,901	14,788	14,806	0.55	%
ExperCare Management, LLC (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.73%	4/8/2026	4/8/2031	5,555	(40)	(40)	0.00	%
ExperCare Management, LLC	First lien senior secured term loan	S +	5.00%	8.73%	4/8/2026	4/8/2031	5,372	5,295	5,294	0.20	%
First Steps Recovery Acquisition, LLC (6)	First lien senior secured delayed draw term loan	S +	4.75%	8.48%	11/18/2025	11/18/2030	18,828	(104)	(65)	0.00	%
First Steps Recovery Acquisition, LLC	First lien senior secured term loan	S +	4.75%	8.48%	11/18/2025	11/18/2030	15,164	14,997	15,024	0.56	%
FYZICAL Buyer, LLC	First lien senior secured revolving loan	S +	5.50%	9.14%	6/26/2024	6/26/2028	2,710	1,574	1,576	0.06	%
FYZICAL Buyer, LLC	First lien senior secured term loan	S +	5.50%	9.14%	6/26/2024	6/26/2028	18,624	18,422	18,438	0.69	%
Geriatric Medical and Surgical Supply, LLC	First lien senior secured term loan	S +	5.50%	9.23%	7/28/2023	6/21/2027	18,720	18,608	18,613	0.69	%
Golden Bear PT Partners, LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.98%	7/28/2023	10/22/2027	172	170	170	0.01	%
Golden Bear PT Partners, LLC (6)	First lien senior secured delayed draw term loan	S +	5.25%	8.98%	5/15/2026	10/22/2027	6,114	(14)	(14)	0.00	%
Golden Bear PT Partners, LLC	First lien senior secured term loan	S +	5.25%	8.89%	5/15/2026	10/22/2027	663	660	660	0.02	%
Golden Bear PT Partners, LLC	First lien senior secured term loan	S +	5.25%	8.98%	7/28/2023	10/22/2027	1,468	1,461	1,462	0.05	%
Guardian Dentistry Practice Management, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.26%	7/28/2023	8/20/2026	363	362	361	0.01	%
Guardian Dentistry Practice Management, LLC (6)	First lien senior secured delayed draw term loan	S +	5.50%	9.26%	2/27/2026	8/20/2027	10,617	(82)	(40)	0.00	%
Guardian Dentistry Practice Management, LLC	First lien senior secured term loan	S +	5.50%	9.26%	7/28/2023	8/20/2027	378	378	377	0.01	%
H2 Holdco, Inc	First lien senior secured delayed draw term loan	S +	6.00%	10.17%	5/5/2023	5/5/2028	7,109	7,004	7,054	0.26	%
H2 Holdco, Inc	First lien senior secured delayed draw term loan	S +	6.00%	9.95%	6/25/2024	5/5/2028	18,804	18,632	18,658	0.69	%
H2 Holdco, Inc	First lien senior secured delayed draw term loan	S +	6.00%	9.68%	12/20/2024	5/5/2028	7,560	365	378	0.01	%
H2 Holdco, Inc	First lien senior secured term loan	S +	6.00%	10.17%	5/5/2023	5/5/2028	17,702	17,386	17,564	0.65	%
H2 Holdco, Inc	First lien senior secured term loan	S +	6.00%	9.93%	12/20/2024	5/5/2028	894	886	887	0.03	%
IMA Group Management Company, LLC	First lien senior secured delayed draw term loan	S +	6.75%	10.41%	7/28/2023	6/30/2028	10	10	10	0.00	%
IMA Group Management Company, LLC (6)	First lien senior secured delayed draw term loan	S +	6.75%	10.41%	9/25/2025	6/30/2028	4,088	(25)	(20)	0.00	%
IMA Group Management Company, LLC	First lien senior secured revolving loan	S +	6.75%	10.41%	7/28/2023	6/30/2028	35	31	31	0.00	%

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

Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)	Amortized Cost(4)	Fair Value	Percentage of Net Assets
IMA Group Management Company, LLC	First lien senior secured term loan	S +	6.75%	10.41%	7/28/2023	6/30/2028	1,534	1,519	1,526	0.06	%
Innovate 32 Services, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.31%	10/29/2025	10/29/2031	19,773	19,490	19,678	0.73	%
Innovate 32 Services, LLC (6)	First lien senior secured delayed draw term loan	S +	5.50%	9.16%	6/24/2026	10/29/2031	5,964	(45)	(45)	0.00	%
Innovate 32 Services, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.16%	6/4/2026	10/29/2031	485	(7)	(5)	0.00	%
Innovate 32 Services, LLC	First lien senior secured term loan	S +	5.50%	9.16%	10/29/2025	10/29/2031	6,507	6,415	6,446	0.24	%
Innovate 32 Services, LLC	First lien senior secured term loan	S +	5.50%	9.36%	6/24/2026	10/29/2031	1,514	1,491	1,491	0.06	%
Inreach Intermediate Holdings II, LLC (6)	First lien senior secured delayed draw term loan	S +	4.75%	8.48%	12/11/2025	12/11/2030	5,033	(34)	(24)	0.00	%
Inreach Intermediate Holdings II, LLC	First lien senior secured term loan	S +	4.75%	8.48%	12/11/2025	12/11/2030	9,970	9,834	9,847	0.37	%
IPC Pain Acquisition, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.14%	5/19/2022	5/19/2027	9,585	9,562	9,565	0.36	%
IPC Pain Acquisition, LLC	First lien senior secured term loan	S +	5.50%	9.14%	12/22/2025	5/19/2027	2,589	2,578	2,583	0.10	%
IPC Pain Acquisition, LLC	First lien senior secured term loan	S +	5.50%	9.14%	5/19/2022	5/19/2027	2,821	2,810	2,815	0.10	%
LSOMS Acquisition, LLC (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.73%	4/15/2026	4/15/2032	5,555	(33)	(33)	0.00	%
LSOMS Acquisition, LLC	First lien senior secured term loan	S +	5.00%	8.73%	4/15/2026	4/15/2032	2,585	2,554	2,553	0.09	%
MedOne LC	First lien senior secured term loan	S +	4.75%	8.48%	4/9/2026	4/9/2032	16,264	16,108	16,107	0.60	%
MS Pain, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.23%	12/4/2024	12/4/2029	6,027	4,011	4,017	0.15	%
MS Pain, LLC	First lien senior secured revolving loan	S +	5.50%	9.19%	12/4/2024	12/4/2029	861	433	434	0.02	%
MS Pain, LLC	First lien senior secured term loan	S +	5.50%	9.23%	12/4/2024	12/4/2029	3,330	3,281	3,285	0.12	%
MWEC Management, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.14%	2/14/2023	2/14/2028	751	744	746	0.03	%
MWEC Management, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.14%	7/3/2024	2/14/2028	2,532	907	909	0.03	%
MWEC Management, LLC	First lien senior secured term loan	S +	5.50%	9.14%	2/14/2023	2/14/2028	14,625	14,464	14,536	0.54	%
Network Partners Acquisitions, LLC	First lien senior secured term loan	S +	6.00%	9.99%	7/28/2023	12/30/2026	158	158	158	0.01	%
New SEES Holdings, LLC	First lien senior secured term loan	S +	2.25% + 5.00% PIK	10.98%	10/31/2025	6/30/2028	6,057	4,906	5,526	0.21	%
OneCare LTC, LLC	First lien senior secured term loan	S +	5.50%	9.16%	11/14/2025	11/14/2028	18,179	18,003	18,025	0.67	%
P1 DENTAL MSO, LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.97%	1/31/2025	1/31/2030	5,087	3,506	3,512	0.13	%
P1 DENTAL MSO, LLC	First lien senior secured term loan	S +	5.25%	8.91%	1/31/2025	1/31/2030	18,924	18,657	18,677	0.69	%
Peak Dental Services, LLC	First lien senior secured delayed draw term loan	S +	6.75%	10.74%	7/28/2023	7/31/2026	635	633	572	0.02	%
Peak Dental Services, LLC	First lien senior secured revolving loan	S +	6.75%	10.66%	7/28/2023	6/30/2026	144	143	129	0.00	%
Peak Dental Services, LLC	First lien senior secured term loan	S +	6.75%	10.74%	7/28/2023	6/30/2026	696	692	626	0.02	%
Peak Investment Holdings, LLC	First lien senior secured revolving loan	S +	7.50%	11.49%	7/28/2023	12/31/2026	372	306	301	0.01	%
Peak Investment Holdings, LLC	First lien senior secured term loan	S +	7.50%	11.49%	7/28/2023	12/31/2026	1,406	1,402	1,384	0.05	%
Periscope MAS Buyer, Inc	First lien senior secured term loan	S +	5.25%	8.91%	5/5/2026	5/5/2031	7,021	6,918	6,918	0.26	%
PharmaForceIQ INC.	First lien senior secured term loan	S +	5.25%	8.91%	8/2/2024	8/2/2029	14,663	14,483	14,537	0.54	%
PRM Management Company, LLC	First lien senior secured term loan	S +	6.00%	9.76%	1/25/2024	1/25/2029	6,005	5,910	5,961	0.22	%

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

Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)	Amortized Cost(4)	Fair Value	Percentage of Net Assets
Purpose Home Health Acquisition, LLC	First lien senior secured term loan	S +	5.50%	9.23%	4/17/2026	10/17/2029	33,668	33,430	33,427	1.24	%
Redwood MSO, LLC	First lien senior secured term loan	S +	5.75%	9.40%	5/18/2026	12/20/2029	3,889	3,850	3,851	0.14	%
RQM Buyer, Inc	First lien senior secured delayed draw term loan	S +	7.25% PIK	11.24%	7/28/2023	8/12/2029	94	90	57	0.00	%
RQM Buyer, Inc	First lien senior secured revolving loan	S +	7.25% PIK	11.24%	7/28/2023	8/12/2029	142	136	86	0.00	%
RQM Buyer, Inc	First lien senior secured term loan	S +	7.25% PIK	11.24%	7/28/2023	8/12/2029	1,953	1,879	1,178	0.04	%
Sage Dental Management, LLC	First lien senior secured delayed draw term loan	S +	4.75%	8.48%	12/15/2025	12/15/2031	11,178	1,538	1,560	0.06	%
Sage Dental Management, LLC	First lien senior secured term loan	S +	4.75%	8.48%	12/15/2025	12/15/2031	57,374	56,704	56,817	2.10	%
SCP ENT and Allergy Services, LLC	First lien senior secured delayed draw term loan	S +	6.00%	9.99%	7/28/2023	9/25/2026	153	153	153	0.01	%
SCP ENT and Allergy Services, LLC	First lien senior secured revolving loan	S +	6.00%	9.99%	7/28/2023	3/25/2027	256	191	191	0.01	%
SCP ENT and Allergy Services, LLC	First lien senior secured term loan	S +	6.00%	9.99%	7/16/2025	3/25/2027	917	915	916	0.03	%
SCP ENT and Allergy Services, LLC	First lien senior secured term loan	S +	6.00%	9.99%	7/28/2023	3/25/2027	2,684	2,679	2,681	0.10	%
SCP OMS Services, LLC	First lien senior secured delayed draw term loan	S +	4.75%	8.46%	3/7/2025	3/7/2030	9,942	5,337	5,354	0.20	%
SCP OMS Services, LLC	First lien senior secured term loan	S +	4.75%	8.48%	3/7/2025	3/7/2030	5,625	5,559	5,567	0.21	%
Signature Dental Partners LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.99%	3/16/2026	10/29/2028	10,394	727	764	0.03	%
Signature Dental Partners LLC	First lien senior secured term loan	S +	5.00%	8.99%	3/16/2026	10/29/2028	21,087	20,909	20,982	0.78	%
Silver Falls MSO, LLC (6)	First lien senior secured delayed draw term loan	S +	5.75%	9.41%	10/22/2025	12/31/2028	4,305	(31)	(24)	0.00	%
Silver Falls MSO, LLC	First lien senior secured term loan	S +	5.75%	9.41%	10/22/2025	12/31/2028	10,459	10,377	10,400	0.39	%
SimiTree Acquisition, LLC	First lien senior secured delayed draw term loan	S +	5.25% + 1.75% PIK	10.93%	7/28/2023	5/17/2027	894	891	881	0.03	%
SimiTree Acquisition, LLC	First lien senior secured revolving loan	S +	7.00%	10.93%	7/28/2023	5/17/2027	178	49	47	0.00	%
SimiTree Acquisition, LLC	First lien senior secured term loan	S +	5.25% + 0.0175 PIK	10.93%	7/28/2023	5/17/2027	1,244	1,238	1,226	0.05	%
SIMKO Merger Sub LLC	First lien senior secured delayed draw term loan	S +	6.00%	9.99%	7/28/2023	4/7/2027	179	178	178	0.01	%
SIMKO Merger Sub LLC	First lien senior secured delayed draw term loan	S +	6.00%	9.96%	9/19/2023	4/7/2027	6,701	6,662	6,663	0.25	%
SIMKO Merger Sub LLC	First lien senior secured term loan	S +	6.00%	9.99%	7/28/2023	4/7/2027	634	631	631	0.02	%
Singlepoint Healthcare Opco, LLC (6)	First lien senior secured delayed draw term loan	S +	4.75%	8.42%	6/11/2026	6/11/2032	12,556	(93)	(93)	0.00	%
Singlepoint Healthcare Opco, LLC	First lien senior secured revolving loan	S +	4.75%	8.49%	6/11/2026	6/11/2032	3,738	941	941	0.04	%
Singlepoint Healthcare Opco, LLC	First lien senior secured term loan	S +	4.75%	8.42%	6/11/2026	6/11/2032	17,516	17,255	17,253	0.64	%
Solace Healthcare Holdco, Inc	First lien senior secured term loan	S +	4.75%	8.39%	2/2/2026	2/2/2032	14,234	14,072	14,095	0.52	%
Southeast Primary Care Partners, LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.98%	12/16/2025	12/30/2027	508	51	52	0.00	%
Southeast Primary Care Partners, LLC	First lien senior secured term loan	S +	5.25%	8.98%	12/16/2025	12/30/2027	834	829	829	0.03	%
Southern Orthodontic Partners Management, LLC	First lien senior secured delayed draw term loan	S +	4.75%	8.48%	3/4/2026	7/27/2029	4,887	1,811	1,820	0.07	%

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

Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)	Amortized Cost(4)	Fair Value	Percentage of Net Assets
Southern Orthodontic Partners Management, LLC	First lien senior secured term loan	S +	4.75%	8.48%	3/4/2026	7/27/2029	29,455	29,224	29,276	1.09	%
Southern Sports Medicine Partners, LLC	First lien senior secured revolving loan	S +	4.00% + 4.00% PIK	11.93%	7/28/2023	2/23/2027	64	36	35	0.00	%
Southern Sports Medicine Partners, LLC	First lien senior secured term loan	S +	4.00% + 4.00% PIK	11.93%	7/28/2023	2/23/2027	768	760	743	0.03	%
Spa Medicca, LLC (6)	First lien senior secured delayed draw term loan	S +	5.50%	9.16%	8/8/2025	8/8/2030	5,576	(92)	(84)	0.00	%
Spa Medicca, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.16%	8/8/2025	8/8/2030	1,624	(27)	(25)	0.00	%
Spa Medicca, LLC	First lien senior secured term loan	S +	5.50%	9.16%	8/8/2025	8/8/2030	4,796	4,716	4,724	0.18	%
Spear Education Holdings, LLC	First lien senior secured term loan	S +	5.25%	9.13%	6/26/2024	12/15/2028	46,668	46,320	46,381	1.73	%
Spectrum Vision Holdings, LLC	First lien senior secured term loan	S +	6.50%	10.41%	5/14/2026	11/17/2026	428	426	428	0.02	%
Star Dental Partners LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.14%	12/22/2023	12/22/2028	10,848	10,683	10,728	0.40	%
Star Dental Partners LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.14%	11/8/2024	12/22/2028	12,031	9,610	9,619	0.36	%
Star Dental Partners LLC	First lien senior secured term loan	S +	5.50%	9.14%	12/22/2023	12/22/2028	14,998	14,778	14,833	0.55	%
The Chempetitive Group, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.14%	3/22/2024	3/22/2029	11,976	1,327	1,344	0.05	%
The Chempetitive Group, LLC	First lien senior secured term loan	S +	5.50%	9.14%	3/22/2024	3/22/2029	13,465	13,287	13,307	0.50	%
Therapy2000 Acquisition, LLC (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.70%	9/12/2025	9/12/2030	5,232	(27)	(17)	0.00	%
Therapy2000 Acquisition, LLC	First lien senior secured term loan	S +	5.00%	8.70%	9/12/2025	9/12/2030	15,427	15,247	15,282	0.57	%
Transitions Intermediate Holdings, LLC (6)	First lien senior secured delayed draw term loan	S +	5.50%	9.17%	10/25/2024	10/25/2027	687	(6)	(5)	0.00	%
Transitions Intermediate Holdings, LLC	First lien senior secured term loan	S +	5.50%	9.17%	10/25/2024	10/25/2027	10,430	10,346	10,386	0.39	%
U.S. BioTek Laboratories, LLC	First lien senior secured term loan	S +	5.50%	9.09%	2/20/2026	2/20/2029	12,314	12,203	12,224	0.45	%
US Foot and Ankle Specialists, LLC	First lien senior secured delayed draw term loan	S +	6.25%	10.24%	9/15/2022	9/15/2027	13,823	13,670	13,810	0.51	%
US Foot and Ankle Specialists, LLC	First lien senior secured term loan	S +	6.25%	10.24%	9/15/2022	9/15/2027	19,174	18,964	19,141	0.71	%
Varsity DuvaSawko Operating Corp	First lien senior secured term loan	S +	5.25%	8.92%	8/27/2025	5/27/2027	44,724	44,653	44,703	1.66	%
Varsity Rejuvenate Management, LLC	First lien senior secured delayed draw term loan	S +	6.75%	10.63%	12/29/2023	9/1/2028	3,241	3,198	3,200	0.12	%
Varsity Rejuvenate Management, LLC	First lien senior secured term loan	S +	6.75%	10.63%	9/1/2023	9/1/2028	5,868	5,777	5,793	0.22	%
VersiCare Management LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.92%	11/25/2024	11/25/2029	4,525	629	634	0.02	%
VersiCare Management LLC	First lien senior secured term loan	S +	5.25%	8.98%	11/25/2024	11/25/2029	7,587	7,476	7,486	0.28	%
VetEvolve Holdings, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.14%	7/8/2025	10/12/2028	16,490	8,134	8,160	0.30	%
VetEvolve Holdings, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.14%	10/12/2023	10/12/2028	11,468	11,328	11,335	0.42	%
VetEvolve Holdings, LLC	First lien senior secured term loan	S +	5.50%	9.16%	10/12/2023	10/12/2028	11,528	11,378	11,463	0.43	%
Vital Geriatrics Group Buyer, Inc (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.77%	6/15/2026	8/15/2031	7,428	(46)	(46)	0.00	%
Vital Geriatrics Group Buyer, Inc	First lien senior secured term loan	S +	5.00%	8.77%	8/15/2025	8/15/2031	18,877	18,609	18,642	0.69	%

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

Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	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 +	5.25%	8.98%	7/28/2023	10/29/2027	490		487		487		0.02	%
Western Veterinary Partners LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.98%	9/27/2024	10/29/2027	24,101		23,945		23,968		0.89	%
Western Veterinary Partners LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.98%	11/14/2025	10/29/2027	6,396		4,177		4,185		0.16	%
Western Veterinary Partners LLC	First lien senior secured term loan	S +	5.25%	8.98%	7/28/2023	10/29/2027	9,253		9,191		9,202		0.34	%
									1,267,142		1,268,286		47.16	%
Health care technology
AHR Intermediate, Inc	First lien senior secured delayed draw term loan	S +	6.00%	9.73%	12/16/2024	7/29/2027	$	7,888	$	749	$	763	0.03	%
AHR Intermediate, Inc	First lien senior secured delayed draw term loan	S +	6.00%	9.73%	7/29/2022	7/29/2027	5,163		5,147		5,151		0.19	%
AHR Intermediate, Inc (6)	First lien senior secured delayed draw term loan	S +	6.00%	9.73%	5/19/2025	7/29/2027	871		(2)		(2)		0.00	%
AHR Intermediate, Inc	First lien senior secured term loan	S +	6.00%	9.73%	7/29/2022	7/29/2027	31,531		31,431		31,457		1.17	%
Assembly Holdco, LLC (6)	First lien senior secured delayed draw term loan	S +	5.50%	9.23%	3/26/2026	3/26/2032	5,555		(33)		(21)		0.00	%
Assembly Holdco, LLC	First lien senior secured term loan	S +	5.50%	9.23%	3/26/2026	3/26/2032	4,942		4,880		4,892		0.18	%
ELMC RX Solutions, LLC (6)	First lien senior secured delayed draw term loan	S +	5.50%	9.23%	10/1/2025	10/1/2030	4,305		(66)		(59)		0.00	%
ELMC RX Solutions, LLC	First lien senior secured revolving loan	S +	5.50%	9.23%	10/1/2025	10/1/2030	914		93		94		0.00	%
ELMC RX Solutions, LLC	First lien senior secured term loan	S +	5.50%	9.23%	10/1/2025	10/1/2030	3,566		3,512		3,517		0.13	%
Gifthealth, Inc.	First lien senior secured delayed draw term loan	S +	5.50%	9.16%	7/29/2025	7/29/2028	7,994		7,927		7,954		0.30	%
Gifthealth, Inc.	First lien senior secured term loan	S +	5.50%	9.16%	7/29/2025	7/29/2028	79,023		78,610		78,629		2.93	%
Millennia Patient Services, LLC	First lien senior secured revolving loan	S +	6.50%	10.97%	7/28/2023	9/8/2027	134		73		73		0.00	%
Millennia Patient Services, LLC	First lien senior secured term loan	S +	6.50%	10.49%	7/28/2023	9/8/2027	1,668		1,655		1,663		0.06	%
									133,976		134,111		4.99	%
Household durables
CPS Power Buyer, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.23%	9/26/2022	9/26/2027	$	2,932	$	2,909	$	2,926	0.11	%
CPS Power Buyer, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.23%	10/20/2023	9/26/2027	2,280		2,274		2,275		0.08	%
CPS Power Buyer, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.23%	9/30/2025	9/26/2027	8,766		4,784		4,793		0.18	%
CPS Power Buyer, LLC (11)	First lien senior secured revolving loan	S +	5.50%	9.23%	9/26/2022	9/26/2027	4,406		2,790		2,810		0.10	%
CPS Power Buyer, LLC	First lien senior secured term loan	S +	5.50%	9.23%	9/26/2022	9/26/2027	19,564		19,408		19,522		0.73	%
Kravet Design LLC	First lien senior secured term loan	S +	5.00%	8.73%	11/26/2024	11/26/2030	18,233		18,024		18,051		0.67	%
Kwalu, LLC	First lien senior secured revolving loan	S +	5.75%	9.47%	9/23/2022	9/23/2027	5,061		634		644		0.02	%
Kwalu, LLC	First lien senior secured term loan	S +	5.75%	9.74%	9/23/2022	9/23/2027	29,808		29,541		29,625		1.10	%
MacKenzie Childs Acquisition, Inc	First lien senior secured term loan	S +	5.50%	9.38%	9/2/2022	9/2/2027	15,633		15,570		15,577		0.58	%
Renovation Systems, LLC	First lien senior secured delayed draw term loan	S +	4.00% + 2.50% PIK	10.35%	1/23/2023	7/23/2028	5,682		5,584		5,620		0.21	%

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

Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Renovation Systems, LLC	First lien senior secured delayed draw term loan	S +	4.00% + 2.50% PIK	10.35%	1/12/2024	7/23/2028	1,971		1,941		1,950		0.06	%
Renovation Systems, LLC	First lien senior secured delayed draw term loan	S +	4.00% + 2.50% PIK	10.35%	7/29/2024	7/23/2028	5,693		5,612		5,631		0.21	%
Renovation Systems, LLC	First lien senior secured delayed draw term loan	S +	4.00% + 2.50% PIK	10.35%	11/27/2024	7/23/2028	3,549		2,176		2,179		0.07	%
Renovation Systems, LLC	First lien senior secured revolving loan	P +	3.00%	9.75%	1/23/2023	7/23/2028	2,633		1,535		1,551		0.06	%
Renovation Systems, LLC	First lien senior secured term loan	S +	4.00% + 2.50% PIK	10.35%	1/23/2023	7/23/2028	32,356		31,873		32,005		1.19	%
Storm Smart Buyer LLC	First lien senior secured term loan	S +	5.25%	8.98%	12/31/2025	10/5/2028	878		871		872		0.03	%
Trademark Global, LLC (8)	First lien senior secured revolving loan	S +	8.50% PIK	12.49%	7/30/2021	6/30/2027	43		39		16		0.00	%
Trademark Global, LLC (6)(8)	First lien senior secured revolving loan	S +	8.50% PIK	12.49%	7/28/2023	6/30/2027	110		2		(62)		0.00	%
Trademark Global, LLC (8)	First lien senior secured term loan	S +	8.50%	12.43%	6/18/2026	6/30/2027	45		44		44		0.00	%
Trademark Global, LLC (8)	First lien senior secured term loan	S +	8.50%	12.49%	7/28/2023	6/30/2027	2,621		2,247		938		0.03	%
									147,858		146,967		5.43	%
Industrial conglomerates
Hultec Buyer, LLC	First lien senior secured term loan	S +	5.50%	9.19%	3/31/2023	3/31/2029	$	15,357	$	15,097	$	15,288	0.57	%
									15,097		15,288		0.57	%
Insurance
Superior Insurance Partners LLC	First lien senior secured delayed draw term loan	S +	4.75%	8.51%	10/25/2024	10/25/2029	$	14,800	$	14,587	$	14,697	0.55	%
Superior Insurance Partners LLC	First lien senior secured delayed draw term loan	S +	4.75%	8.50%	1/6/2026	10/25/2029	30,472		13,323		13,376		0.50	%
Superior Insurance Partners LLC	First lien senior secured term loan	S +	4.75%	8.42%	10/25/2024	10/25/2029	9,022		8,882		8,959		0.33	%
									36,792		37,032		1.38	%
Interactive media and services
Duggal Acquisition, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.66%	9/30/2024	9/30/2030	$	5,197	$	2,525	$	2,533	0.09	%
Duggal Acquisition, LLC	First lien senior secured term loan	S +	5.00%	8.73%	9/30/2024	9/30/2030	20,116		19,818		19,850		0.74	%
									22,343		22,383		0.83	%
Internet and direct marketing retail
Aquatic Sales Solutions, LLC	First lien senior secured revolving loan	S +	7.00%	10.88%	7/28/2023	5/31/2027	$	191	$	133	$	82	0.00	%
Aquatic Sales Solutions, LLC	First lien senior secured term loan	S +	7.00%	10.88%	7/28/2023	5/31/2027	2,669		2,669		1,949		0.07	%
DealerOn Holdco, Inc	First lien senior secured term loan	S +	5.75%	9.51%	7/28/2023	8/19/2026	19,606		19,496		19,569		0.73	%
									22,298		21,600		0.80	%
IT services
Brite Acquisition, LLC (6)	First lien senior secured delayed draw term loan	S +	4.75%	8.39%	1/5/2026	1/5/2032	$	6,125	$	(35)	$	(22)	0.00	%
Brite Acquisition, LLC	First lien senior secured term loan	S +	4.75%	8.39%	1/5/2026	1/5/2032	5,930		5,863		5,873		0.22	%

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

Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
BSC Top Shelf Blocker LLC	First lien senior secured term loan	S +	5.50%	9.14%	6/28/2024	6/28/2029	15,688		15,508		15,527		0.58	%
Dynamic Campus Acquisition, Inc.	First lien senior secured delayed draw term loan	S +	5.25%	8.98%	2/14/2025	2/14/2031	10,194		10,077		10,092		0.38	%
Dynamic Campus Acquisition, Inc. (6)	First lien senior secured delayed draw term loan	S +	5.25%	8.98%	2/18/2026	2/14/2031	9,698		(68)		(96)		0.00	%
Dynamic Campus Acquisition, Inc.	First lien senior secured term loan	S +	5.25%	8.98%	2/14/2025	2/14/2031	16,847		16,634		16,670		0.62	%
E-Phoenix Acquisition Co. Inc	First lien senior secured term loan	S +	5.25%	8.98%	11/24/2025	6/23/2030	18,326		18,201		18,234		0.68	%
Icreon Holdings, LLC	First lien senior secured revolving loan	S +	6.50%	10.51%	10/26/2022	10/26/2028	1,071		881		881		0.03	%
Icreon Holdings, LLC	First lien senior secured term loan	S +	6.50%	10.49%	10/26/2022	10/26/2028	11,241		11,115		11,120		0.41	%
Livefront, LLC (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.67%	12/12/2025	12/5/2030	4,188		(56)		(49)		0.00	%
Livefront, LLC	First lien senior secured term loan	S +	5.00%	8.67%	12/12/2025	12/12/2030	10,809		10,666		10,683		0.40	%
Milestone Technologies, Inc (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.73%	8/22/2025	8/22/2031	2,918		(14)		(10)		0.00	%
Milestone Technologies, Inc	First lien senior secured term loan	S +	5.00%	8.73%	8/22/2025	8/22/2031	19,547		19,292		19,330		0.72	%
P and R Dental Strategies, LLC	First lien senior secured term loan	S +	5.75%	9.74%	7/28/2023	12/22/2027	611		608		606		0.02	%
Palmetto Technology Group, LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.89%	1/3/2024	1/3/2029	10,643		10,517		10,562		0.39	%
Palmetto Technology Group, LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.89%	2/26/2024	1/3/2029	9,306		9,193		9,236		0.34	%
Palmetto Technology Group, LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.89%	5/20/2025	1/3/2029	11,279		9,151		9,165		0.34	%
Palmetto Technology Group, LLC (6)	First lien senior secured delayed draw term loan	S +	5.25%	8.89%	6/1/2026	1/3/2029	7,450		(72)		(56)		0.00	%
Palmetto Technology Group, LLC	First lien senior secured term loan	S +	5.25%	8.89%	1/3/2024	1/3/2029	6,213		6,136		6,166		0.23	%
									143,597		143,912		5.36	%
Leisure equipment and products
MacNeill Pride Group Corp	First lien senior secured term loan	S +	6.50%	10.49%	4/21/2026	4/22/2029	$	13,128	$	12,942	$	12,940	0.48	%
TruBlue LLC	First lien senior secured term loan	S +	5.50%	9.14%	1/11/2024	1/11/2029	5,095		5,039		5,043		0.19	%
									17,981		17,983		0.67	%
Leisure products
PHGP MB Purchaser, Inc	First lien senior secured delayed draw term loan	S +	6.00%+ 0.50% PIK	10.49%	7/28/2023	5/20/2027	$	78	$	78	$	57	0.00	%
PHGP MB Purchaser, Inc (12)	First lien senior secured revolving loan	S +	6.00% +0.50% PIK	10.49%	7/28/2023	5/20/2027	75		31		11		0.00	%
PHGP MB Purchaser, Inc	First lien senior secured term loan	S +	6.00% + 0.50% PIK	10.49%	7/28/2023	5/20/2027	1,053		1,046		766		0.03	%
									1,155		834		0.03	%
Life sciences tools and services
Aptitude Health Holdings, LLC	First lien senior secured term loan	S +	4.75%	8.48%	12/10/2025	5/3/2028	$	1,067	$	1,065	$	1,066	0.04	%
CR Services Intermediate, LLC	First lien senior secured delayed draw term loan	S +	7.00% PIK	10.99%	7/28/2023	7/28/2028	139		135		127		0.00	%

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

Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
CR Services Intermediate, LLC	First lien senior secured revolving loan	S +	7.00% PIK	10.99%	7/28/2023	7/28/2028	40		9		6		0.00	%
CR Services Intermediate, LLC	First lien senior secured term loan	S +	7.00% PIK	10.99%	7/28/2023	7/28/2028	255		248		233		0.01	%
CR Services Intermediate, LLC (7)	First lien senior secured term loan	S +	7.00% PIK	10.99%	7/28/2023	7/28/2028	C$	255	248		233		0.01	%
ERG Buyer, LLC	First lien senior secured delayed draw term loan	S +	6.25%	9.92%	2/26/2024	8/31/2027	353		352		335		0.01	%
ERG Buyer, LLC	First lien senior secured revolving loan	S +	6.25%	9.92%	2/26/2024	8/31/2027	5,406		5,379		5,126		0.19	%
ERG Buyer, LLC	First lien senior secured term loan	S +	6.25%	9.92%	2/26/2024	8/31/2027	37,070		36,818		35,158		1.31	%
Health and Wellness Partners LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.59%	3/12/2025	3/12/2030	5,808		4,573		4,579		0.17	%
Health and Wellness Partners LLC	First lien senior secured term loan	S +	5.00%	8.63%	3/12/2025	3/12/2030	21,508		21,216		21,242		0.79	%
VIT Nyckel Acquisition AB	First lien senior secured term loan	S +	4.50%	8.23%	12/18/2025	12/18/2031	7,976		7,883		7,897		0.29	%
									77,926		76,002		2.82	%
Machinery
Abrasive Technology Intermediate, LLC	First lien senior secured term loan	S +	5.75%	9.51%	7/28/2023	10/30/2027	$	2,194	$	2,194	$	2,173	0.08	%
Baker Manufacturing Company, LLC	First lien senior secured term loan	S +	5.25%	8.89%	11/1/2024	11/1/2028	16,620		16,468		16,492		0.61	%
Double E Company, LLC	First lien senior secured revolving loan	S +	6.75%	10.59%	6/21/2022	6/21/2028	3,110		2,860		2,694		0.10	%
Double E Company, LLC	First lien senior secured term loan	S +	4.00% + 2.25% PIK	10.59%	8/11/2025	6/21/2028	799		787		751		0.03	%
Double E Company, LLC	First lien senior secured term loan	S +	4.00% + 2.25% PIK	10.59%	6/21/2022	6/21/2028	19,135		18,948		17,978		0.67	%
L&J Holding Company LLC	First lien senior secured delayed draw term loan	S +	4.75%	8.48%	7/29/2024	7/29/2030	9,805		9,649		9,661		0.36	%
L&J Holding Company LLC	First lien senior secured delayed draw term loan	S +	4.75%	8.48%	4/1/2026	7/29/2026	7,150		7,123		7,045		0.26	%
L&J Holding Company LLC (6)	First lien senior secured delayed draw term loan	S +	4.75%	8.48%	4/1/2026	4/1/2028	9,408		(59)		(138)		(0.01)	%
L&J Holding Company LLC	First lien senior secured term loan	S +	4.75%	8.48%	7/29/2024	7/29/2030	11,581		11,412		11,432		0.43	%
Mearthane Products, LLC (6)	First lien senior secured delayed draw term loan	S +	4.75%	8.40%	5/6/2026	5/6/2030	1,651		(16)		(16)		0.00	%
Mearthane Products, LLC	First lien senior secured term loan	S +	4.75%	8.40%	5/6/2026	5/6/2030	8,052		7,975		7,974		0.30	%
My Buyer, LLC	First lien senior secured delayed draw term loan	S +	5.75%	9.48%	1/26/2024	1/26/2030	3,100		3,063		3,066		0.11	%
My Buyer, LLC	First lien senior secured term loan	S +	5.75%	9.48%	1/26/2024	1/26/2030	7,751		7,650		7,658		0.28	%
Spartaco Buyer, Inc	First lien senior secured term loan	S +	4.75%	8.41%	3/27/2026	3/27/2032	9,000		8,890		8,910		0.33	%
SPG Holdco, LLC	First lien senior secured delayed draw term loan	S +	6.25%	10.07%	5/16/2025	12/1/2028	1,770		1,208		1,210		0.05	%
SPG Holdco, LLC	First lien senior secured term loan	S +	6.25%	10.13%	12/1/2023	12/1/2028	10,420		10,280		10,325		0.38	%
USSC Holding Corp	First lien senior secured delayed draw term loan	S +	5.50%	9.17%	6/21/2024	6/21/2030	9,977		9,834		9,851		0.37	%
USSC Holding Corp	First lien senior secured term loan	S +	5.50%	9.23%	6/21/2024	6/21/2030	34,256		33,703		33,821		1.26	%
USSC Holding Corp	First lien senior secured term loan	S +	5.50%	9.23%	3/9/2026	6/21/2030	2,402		2,356		2,371		0.09	%

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

Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
									154,325		153,258		5.70	%
Media
Ansira Partners II, LLC	First lien senior secured revolving loan	S +	6.00%	9.67%	8/15/2025	8/15/2031	$	6,142	$	2,071	$	2,081	0.08	%
Ansira Partners II, LLC	First lien senior secured term loan	S +	6.00%	9.66%	8/15/2025	8/15/2031	46,092		45,503		45,589		1.70	%
Barkley, LLC (6)	First lien senior secured revolving loan	S +	6.00%	9.81%	9/29/2023	9/29/2028	2,300		(30)		(26)		0.00	%
Barkley, LLC	First lien senior secured term loan	S +	6.00%	9.81%	9/29/2023	9/29/2028	43,565		42,994		43,075		1.60	%
Best Version Media Acquisition, LLC	First lien senior secured term loan	S +	4.75%	8.39%	12/31/2024	12/31/2030	25,676		25,302		25,331		0.94	%
Creative Outdoor Holding Inc (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.73%	6/26/2025	6/26/2030	8,741		(87)		(74)		0.00	%
Creative Outdoor Holding Inc	First lien senior secured term loan	S +	5.00%	8.73%	6/26/2025	6/26/2030	18,173		17,978		18,014		0.67	%
Datum Acquisition, LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.73%	10/30/2024	4/30/2030	2,146		(32)		(22)		0.00	%
Datum Acquisition, LLC	First lien senior secured term loan	S +	5.00%	8.73%	10/30/2024	4/30/2030	23,890		23,568		23,636		0.88	%
Exclusive Concepts, LLC	First lien senior secured delayed draw term loan	S +	3.75%+ 3.00% PIK	10.74%	7/28/2023	12/9/2026	222		221		219		0.01	%
Exclusive Concepts, LLC	First lien senior secured delayed draw term loan	S +	3.75% + 3.00% PIK	10.74%	12/22/2023	12/9/2026	2,858		2,844		2,814		0.10	%
Exclusive Concepts, LLC	First lien senior secured delayed draw term loan	S +	3.75% + 3.00% PIK	10.74%	8/1/2024	12/9/2026	1,784		1,775		1,756		0.07	%
Exclusive Concepts, LLC	First lien senior secured revolving loan	S +	3.75% + 3.00% PIK	10.74%	7/28/2023	12/9/2026	22		11		11		0.00	%
Exclusive Concepts, LLC	First lien senior secured term loan	S +	3.75% + 3.00% PIK	10.74%	7/28/2023	12/9/2026	3,516		3,496		3,462		0.13	%
GM Services Buyer, LLC	First lien senior secured delayed draw term loan	S +	4.75%	8.42%	8/26/2025	8/26/2030	21,465		16,403		16,535		0.62	%
GM Services Buyer, LLC	First lien senior secured term loan	S +	4.75%	8.39%	8/26/2025	8/26/2030	5,823		5,751		5,759		0.21	%
Infolinks Media Buyco, LLC	First lien senior secured delayed draw term loan	S +	5.75%	9.48%	7/28/2023	5/1/2028	2,051		2,039		2,032		0.08	%
Infolinks Media Buyco, LLC	First lien senior secured revolving loan	S +	5.75%	9.48%	7/28/2023	5/1/2028	38		26		26		0.00	%
Infolinks Media Buyco, LLC	First lien senior secured term loan	S +	5.75%	9.48%	7/28/2023	5/1/2028	19,863		19,670		19,675		0.73	%
MediaMint Inc (6)	First lien senior secured revolving loan	S +	4.75%	8.48%	12/15/2025	12/15/2030	2,128		(24)		(20)		0.00	%
MediaMint Inc	First lien senior secured term loan	S +	4.75%	8.48%	12/15/2025	12/15/2030	15,314		15,139		15,167		0.56	%
Merge USA, Inc	First lien senior secured revolving loan	S +	4.75%	8.48%	2/28/2025	2/28/2030	2,515		978		982		0.04	%
Merge USA, Inc	First lien senior secured term loan	S +	4.75%	8.48%	2/28/2025	2/28/2030	11,106		10,976		10,994		0.41	%
North & Warren, LLC	First lien senior secured term loan	S +	5.00%	8.73%	1/31/2025	1/31/2030	6,807		6,721		6,734		0.25	%
Optimized Marketing Acquisition, LLC	First lien senior secured revolving loan	S +	6.00%	9.99%	8/19/2022	8/19/2027	3,383		2,572		2,536		0.09	%
Optimized Marketing Acquisition, LLC	First lien senior secured term loan	S +	6.00%	9.99%	8/19/2022	8/19/2027	24,980		24,801		24,557		0.91	%
Outerbox, LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.89%	6/7/2024	6/7/2028	4,058		4,020		4,030		0.15	%
Outerbox, LLC (6)	First lien senior secured revolving loan	S +	5.25%	8.89%	6/7/2024	6/7/2028	2,280		(21)		(15)		0.00	%
Outerbox, LLC	First lien senior secured term loan	S +	5.25%	8.89%	6/7/2024	6/7/2028	25,019		24,802		24,849		0.92	%

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

Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Peninsula MMGY Corporation	First lien senior secured term loan	S +	5.50%	9.23%	10/26/2023	4/26/2029	9,440		9,288		9,351		0.34	%
Peninsula MMGY Corporation	First lien senior secured term loan	S +	5.50%	9.23%	4/4/2025	4/26/2029	12,185		12,056		12,070		0.45	%
The Channel Company, LLC	First lien senior secured revolving loan	S +	6.75%	10.70%	7/28/2023	6/30/2030	62		22		18		0.00	%
The Channel Company, LLC	First lien senior secured term loan	S +	3.00% + 3.75% PIK	10.74%	7/28/2023	6/30/2030	2,470		2,446		2,264		0.08	%
Upswell Group, Inc	First lien senior secured term loan	S +	5.00%	8.73%	3/26/2026	3/26/2032	16,701		16,494		16,534		0.62	%
Walker Sands, LLC	First lien senior secured term loan	S +	5.00%	8.72%	10/1/2025	10/1/2030	10,147		10,013		10,029		0.37	%
WTWH Buyer, LLC	First lien senior secured term loan	S +	5.50%	9.14%	12/16/2022	6/16/2029	14,096		13,923		13,972		0.52	%
									363,709		363,945		13.53	%
Multiline retail
HEC Purchaser Corp.	First lien senior secured term loan	S +	5.00%	8.74%	6/17/2024	6/17/2029	$	53,135	$	52,533	$	52,777	1.96	%
									52,533		52,777		1.96	%
Personal products
Cosmetic Solutions LLC	First lien senior secured term loan	4.00% PIK		4.00%	7/18/2025	10/17/2028	$	1,542	$	1,483	$	684	0.03	%
									1,483		684		0.03	%
Pharmaceuticals
Formulated Buyer, LLC	First lien senior secured delayed draw term loan	S +	6.75%	10.74%	7/28/2023	9/22/2026	$	355	$	351	$	306	0.01	%
Formulated Buyer, LLC	First lien senior secured revolving loan	S +	6.75%	10.87%	7/28/2023	9/22/2029	200		157		133		0.00	%
Formulated Buyer, LLC	First lien senior secured term loan	S +	6.75%	10.74%	7/28/2023	9/22/2029	546		539		471		0.02	%
									1,047		910		0.03	%
Professional services
Bluebird Parent, INC (6)	First lien senior secured delayed draw term loan	S +	5.25%	8.91%	6/12/2026	6/12/2032	$	3,941	$	(24)	$	(24)	0.00	%
Bluebird Parent, INC	First lien senior secured revolving loan	S +	5.25%	8.95%	6/12/2026	6/12/2032	2,088		183		183		0.01	%
Bluebird Parent, INC	First lien senior secured term loan	S +	5.25%	8.91%	6/12/2026	6/12/2032	17,256		17,041		17,041		0.63	%
CSL Intermediate Acquisition LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.89%	11/8/2024	11/8/2029	1,679		1,659		1,661		0.06	%
CSL Intermediate Acquisition LLC (6)	First lien senior secured delayed draw term loan	S +	5.25%	8.89%	7/8/2025	11/8/2029	3,564		(41)		(39)		0.00	%
CSL Intermediate Acquisition LLC	First lien senior secured term loan	S +	5.25%	8.89%	11/8/2024	11/8/2029	9,124		9,014		9,023		0.34	%
Helpware, Inc	First lien senior secured term loan	S +	5.50%	9.49%	9/8/2022	9/8/2026	13,984		13,969		13,906		0.52	%
Monument Policy Group Holdings (6)	First lien senior secured revolving loan	S +	5.00%	8.64%	6/30/2026	6/30/2032	1,485		(19)		(19)		0.00	%
Monument Policy Group Holdings	First lien senior secured term loan	S +	5.00%	8.64%	6/30/2026	6/30/2032	7,014		6,927		6,927		0.26	%
									48,709		48,659		1.82	%
Real estate management and development

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

Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)			Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
BBG, Inc (13)	First lien senior secured revolving loan	S +	6.75%		10.74%		7/28/2023	1/8/2027	$	233	$	228	$	227	0.01	%
BBG, Inc	First lien senior secured term loan	S +	6.50% + 0.25% PIK		10.74%		7/28/2023	1/8/2027	1,957		1,925		1,937		0.07	%
MetaSource, LLC	First lien senior secured revolving loan	S +	6.75%		10.51%		7/28/2023	5/17/2027	75		29		29		0.00	%
MetaSource, LLC	First lien senior secured term loan	S +	6.25% + 0.50% PIK		10.74%		7/28/2023	5/17/2027	916		912		911		0.03	%
											3,094		3,104		0.11	%
Road and rail
Groome Transportation of Arizona, LLC	First lien senior secured term loan	S +	5.50	%	9.23	%	5/4/2026	11/15/2028	$	1,570	$	1,554	$	1,559	0.06	%
											1,554		1,559		0.06	%
Semiconductors and semiconductor equipment
Altamira Material Solutions, LP	First lien senior secured revolving loan	S +	6.00%		9.88%		7/28/2023	3/2/2028	$	45	$	18	$	18	0.00	%
Altamira Material Solutions, LP	First lien senior secured term loan	S +	6.00%		9.88%		7/28/2023	3/2/2028	1,238		1,236		1,226		0.05	%
											1,254		1,244		0.05	%
Software
Affinitiv Inc (6)	First lien senior secured revolving loan	S +	7.00%		10.99%		7/28/2023	7/26/2027	$	186	$	(1)	$	(1)	0.00	%
Affinitiv Inc	First lien senior secured term loan	S +	7.00%		10.99%		7/28/2023	7/26/2027	2,165		2,152		2,153		0.08	%
DemandTec, LLC (6)	First lien senior secured delayed draw term loan	S +	5.00%		8.67%		8/27/2025	8/27/2031	3,855		(50)		(43)		0.00	%
DemandTec, LLC	First lien senior secured revolving loan	S +	5.00%		8.67%		8/27/2025	8/27/2031	1,505		131		134		0.00	%
DemandTec, LLC	First lien senior secured term loan	S +	5.00%		8.67%		8/27/2025	8/27/2031	7,652		7,550		7,564		0.28	%
Genius Bidco, LLC	First lien senior secured delayed draw term loan	S +	5.00%		8.73%		5/1/2024	5/1/2030	4,637		4,564		4,591		0.17	%
Genius Bidco, LLC (6)	First lien senior secured revolving loan	S +	5.00%		8.73%		5/1/2024	5/1/2030	3,571		(46)		(36)		0.00	%
Genius Bidco, LLC	First lien senior secured term loan	S +	5.00%		8.73%		5/1/2024	5/1/2030	12,457		12,281		12,332		0.46	%
Genius Bidco, LLC	First lien senior secured term loan	S +	5.00%		8.73%		6/8/2026	5/1/2030	1,692		1,675		1,675		0.06	%
GPSTrackit Holdings, LLC	First lien senior secured delayed draw term loan	S +	5.75%		9.48%		3/29/2024	3/29/2029	1,938		1,911		1,910		0.07	%
GPSTrackit Holdings, LLC	First lien senior secured term loan	S +	5.75%		9.48%		3/29/2024	3/29/2029	31,994		31,517		31,532		1.16	%
GS XX Corporation	First lien senior secured term loan	S +	4.75%		8.48%		4/19/2024	4/19/2029	13,516		13,352		13,365		0.50	%
Shasta Buyer, LLC	First lien senior secured term loan	S +	4.50%		8.23%		11/12/2024	11/12/2030	18,850		18,636		18,663		0.69	%
ShiftKey, LLC (6)	First lien senior secured revolving loan	S +	5.75%		9.74%		7/28/2023	6/21/2027	110		—		(3)		0.00	%
ShiftKey, LLC	First lien senior secured term loan	S +	5.75% + 0.50% PIK		10.24%		7/28/2023	6/21/2027	3,450		3,436		3,356		0.12	%
											97,108		97,192		3.59	%
Specialty retail
Dykstras Auto LLC	First lien senior secured delayed draw term loan	S +	5.00%		8.73%		7/28/2023	10/22/2027	$	268	$	266	$	267	0.01	%
Dykstras Auto LLC	First lien senior secured delayed draw term loan	S +	5.00%		8.72%		12/23/2025	11/22/2027	20,050		13,245		13,266		0.49	%
Dykstras Auto LLC	First lien senior secured delayed draw term loan	S +	5.00%		8.71%		4/14/2025	10/22/2027	5,022		4,976		4,990		0.19	%

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

Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Dykstras Auto LLC	First lien senior secured term loan	S +	5.00%	8.73%	7/28/2023	10/22/2027	6,064		6,013		6,025		0.22	%
Fastlap, LLC	First lien senior secured revolving loan	S +	2.15% + 3.35% PIK	9.17%	6/20/2024	6/20/2029	2,329		2,267		2,201		0.08	%
Fastlap, LLC	First lien senior secured term loan	S +	2.15% + 3.35% PIK	9.17%	6/20/2024	6/20/2029	10,320		10,127		9,855		0.37	%
Good Feet Worldwide, LLC	First lien senior secured term loan	S +	6.00%	9.73%	2/25/2026	2/25/2032	24,923		24,568		24,617		0.92	%
Kaizen Auto Care, LLC	First lien senior secured revolving loan		5.00%	5.00%	3/1/2024	12/22/2027	152		152		95		0.00	%
Kaizen Auto Care, LLC	First lien senior secured term loan		5.00%	5.00%	7/28/2023	12/22/2027	1,359		1,354		845		0.03	%
Kaizen Auto Care, LLC	First lien senior secured term loan		5.00%	5.00%	2/20/2026	12/22/2027	66		65		65		0.00	%
Kaizen Auto Care, LLC	First lien senior secured term loan		5.00%	5.00%	6/18/2026	12/22/2027	68		67		67		0.00	%
Leonard Group, Inc	First lien senior secured revolving loan	S +	6.75%	10.72%	7/28/2023	2/26/2027	234		233		170		0.01	%
Leonard Group, Inc	First lien senior secured term loan	S +	6.75%	10.74%	7/28/2023	2/26/2027	1,161		1,155		842		0.03	%
									64,488		63,305		2.35	%
Textiles, apparel and luxury goods
Lakeshirts LLC (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.66%	12/30/2024	12/20/2030	$	7,989	$	(30)	$	(16)	0.00	%
Lakeshirts LLC	First lien senior secured term loan	S +	5.00%	8.66%	12/30/2024	12/30/2030	29,692		29,468		29,517		1.10	%
									29,438		29,501		1.09	%
Trading companies and distributors
AFC-Dell Holding Corp	First lien senior secured delayed draw term loan	S +	5.00%	8.73%	10/15/2025	4/9/2027	$	10,489	$	10,487	$	10,423	0.39	%
AFC-Dell Holding Corp	First lien senior secured delayed draw term loan	S +	5.00%	8.67%	10/15/2025	4/9/2027	17,843		6,939		6,847		0.25	%
AFC-Dell Holding Corp	First lien senior secured term loan	S +	5.00%	8.66%	10/15/2025	10/9/2028	12,751		12,742		12,672		0.47	%
Ascent Lifting, Inc	First lien senior secured term loan	S +	4.75%	8.49%	4/28/2023	9/9/2028	21,283		21,231		21,185		0.79	%
AWI Group, LLC	First lien senior secured delayed draw term loan	S +	5.75%	9.48%	8/1/2024	8/1/2029	4,422		4,356		4,132		0.15	%
AWI Group, LLC	First lien senior secured revolving loan	S +	5.75%	9.48%	8/1/2024	8/1/2029	10,420		4,847		4,311		0.16	%
AWI Group, LLC	First lien senior secured term loan	S +	5.75%	9.48%	8/1/2024	8/1/2029	56,647		55,771		52,929		1.97	%
Banner Buyer, LLC (8)	First lien senior secured delayed draw term loan	S +	2.75% + 3.50% PIK	10.24%	7/28/2023	5/31/2027	577		576		358		0.01	%
Banner Buyer, LLC (6)(8)	First lien senior secured revolving loan	S +	2.75% + 3.50% PIK	10.24%	7/28/2023	5/31/2027	372		113		(28)		0.00	%
Banner Buyer, LLC (8)	First lien senior secured term loan	S +	2.75% + 3.50% PIK	10.24%	7/28/2023	5/31/2027	1,391		1,382		862		0.03	%
CAP KSI Holdings LLC	First lien senior secured term loan	S +	5.25%	8.96%	6/28/2024	6/28/2030	60,026		59,403		59,634		2.22	%
Eastern Communications Solutions, Inc. (6)	First lien senior secured revolving loan	S +	5.00%	8.73%	12/30/2024	12/30/2030	3,240		(36)		(22)		0.00	%
Eastern Communications Solutions, Inc.	First lien senior secured term loan	S +	5.00%	8.73%	12/30/2024	12/30/2030	12,156		12,015		12,072		0.45	%
Eastern Communications Solutions, Inc.	First lien senior secured term loan	S +	5.00%	8.73%	11/4/2025	12/30/2030	1,656		1,642		1,645		0.06	%
Empire Equipment Company, LLC	First lien senior secured revolving loan	S +	6.25%	10.01%	5/5/2026	7/16/2029	439		436		436		0.02	%

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

Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Empire Equipment Company, LLC	First lien senior secured term loan	S +	6.25%	10.01%	5/5/2026	7/16/2029	1,596		1,585		1,585		0.06	%
Jacent Strategic Merchandising, LLC	First lien senior secured term loan	S +	5.75%	9.49%	9/19/2025	1/31/2027	13,468		13,440		13,455		0.50	%
Lehman Pipe Buyer, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.68%	6/13/2025	8/30/2030	5,424		5,142		5,150		0.19	%
Lehman Pipe Buyer, LLC	First lien senior secured term loan	S +	5.00%	8.73%	8/30/2024	8/30/2030	37,394		36,838		36,994		1.38	%
Rental Equipment Investment Corp	First lien senior secured term loan	S +	4.75%	8.49%	6/26/2026	10/8/2030	6,108		6,047		6,067		0.23	%
Rental Equipment Investment Corp	First lien senior secured term loan	S +	4.75%	8.60%	10/8/2025	10/8/2030	40,727		40,292		40,457		1.51	%
SupplySide BuyerCo, Inc (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.64%	6/11/2026	6/11/2031	7,553		(112)		(112)		(0.01)	%
SupplySide BuyerCo, Inc	First lien senior secured revolving loan	S +	5.00%	8.86%	6/11/2026	6/11/2031	1,209		465		465		0.02	%
SupplySide BuyerCo, Inc	First lien senior secured term loan	S +	5.00%	8.64%	6/11/2026	6/11/2031	5,863		5,776		5,775		0.21	%
Triad Technologies, LLC	First lien senior secured term loan	S +	5.25%	9.13%	7/28/2023	6/30/2027	1,134		1,129		1,127		0.04	%
Value Added Distributors, LLC	First lien senior secured term loan	S +	4.75%	8.41%	12/19/2024	12/19/2029	12,062		11,932		11,944		0.44	%
Vintage Parts, Inc	First lien senior secured term loan	S +	5.75%	9.48%	3/28/2025	3/28/2029	16,042		15,887		15,917		0.59	%
Wolf Gordon Inc	First lien senior secured term loan	S +	5.25%	8.92%	6/18/2026	5/1/2029	5,100		5,050		5,049		0.19	%
Wolf Gordon Inc	First lien senior secured term loan	S +	5.25%	8.92%	5/1/2024	5/1/2029	25,366		25,002		25,112		0.93	%
Woodson and Bozeman, LLC (6)	First lien senior secured delayed draw term loan	S +	4.75%	8.48%	10/1/2025	10/1/2031	6,590		(43)		(30)		0.00	%
Woodson and Bozeman, LLC	First lien senior secured term loan	S +	4.75%	8.48%	10/1/2025	10/1/2031	5,889		5,811		5,823		0.22	%
									366,145		362,234		13.47	%
Water utilities
Diamondback Buyer, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.67%	10/15/2024	8/3/2026	$	3,616	$	3,614	$	3,615	0.13	%
Diamondback Buyer, LLC	First lien senior secured term loan	S +	5.00%	8.71%	7/28/2023	8/3/2026	1,398		1,398		1,397		0.05	%
									5,012		5,012		0.17	%
Total non-controlled/non-affiliated senior secured debt									$	4,698,541	$	4,685,584	174.35	%
Non-controlled/non-affiliated sponsor subordinated notes
Personal products
Cosmetic Solutions LLC	Sponsor subordinated note	11.00%		11.00%	7/18/2025	10/17/2028	—		$	396	45		0.00	%
									396		45		0.00	%
Trading companies and distributors
Empire Equipment Company, LLC	Sponsor subordinated note	12.50% + 7.00% PIK		19.50%	7/28/2023	12/17/2026	$	21	$	19	$	20	0.00	%
									19		20		0.00	%
Total non-controlled/non-affiliated sponsor subordinated notes									415		65		0.00	%
Total non-controlled/non-affiliated investments									$	4,698,956	$	4,685,649	174.35	%
Non-controlled/affiliated investments
Multisector holdings
Twin Brook Equity Holdings, LLC (14) (15) (16)	Equity - 17.23% membership interest								$	88,319	$	103,067	3.84	%
Twin Brook Segregated Equity Holdings, LLC (14) (15) (16)	Equity - 2.11% membership interest								19		16		0.00	%
Total non-controlled/affiliated investments									88,338		103,083		3.84	%

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

Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)	Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)	Amortized Cost(4)		Fair Value		Percentage of Net Assets
Controlled/affiliated investments
Multisector holdings
TB Senior Loan Fund 1, LLC (7) (14) (15) (16)	LLC Interest			5/27/2026			$	32,550	$	32,615	1.21	%
Total controlled/affiliated investments							32,550		32,615		1.21	%
Total investments							$	4,819,844	$	4,821,347	179.40	%

Cash equivalents
Dreyfus Government Cash Management Money Market Fund - Institutional Shares			4.04%				$	7,000	$	7,000	0.26	%
JPMorgan U.S. Government Money Market Fund - Share Class: Capital			4.12%				3		3		0.00	%
Total cash equivalents							7,003		7,003		0.26	%
Total investments and cash equivalents							$	4,826,847	$	4,828,350	179.66	%

(1)Unless otherwise indicated, all investments are considered Level 3 investments.

(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 (“$”) unless otherwise noted, such as Canadian Dollars (“C$”).

(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 Term Secured Overnight Financing Rate (“Term SOFR” or “S”), the Canadian Overnight Repo Rate Average (“Term CORRA” or “T”) 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, 2026, the reference rates for the floating rate loans were the Term SOFR of 3.68%, the Prime Rate of 6.75%, and the Term CORRA of 2.34%. In some circumstances, interest may be paid-in-kind (“PIK”) rather than cash, resulting in an increased principal amount.

(6)The negative fair value is a result of the unfunded commitment being valued below par as of June 30, 2026. 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, 2026, non-qualifying assets represented approximately 4.46% of the total assets of the Company.

(8)Indicates Loan was on non-accrual status as of June 30, 2026.

(9)Principal balance includes reserve for letter of credit of $304,425 on which the borrower pays 5.00%.

(10)Principal balance includes reserve for letter of credit of $116,312 on which the borrower pays 4.25% + 2.00% PIK.

(11)Principal balance includes reserve for letter of credit of $1,409,936 on which the borrower pays 5.50%.

(12)Principal balance includes reserve for letter of credit of $10,500 on which the borrower pays 6.00% + 0.50% PIK.

(13)Principal balance includes reserve for letter of credit of $3,517 on which the borrower pays 6.75%.

(14)As a practical expedient, the Company uses net asset value 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.

(15)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, 2026, the aggregate fair value of these securities is $135,698 or 5.05% of the Company's net assets.

(16)Non-income producing investment.

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

Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)

Foreign currency forward contracts

Counterparty

Currency Purchased

Currency Sold

Settlement

Unrealized Appreciation/
(Depreciation)

Wells Fargo Bank, National Association

CAD 110

USD 150

7/28/2026

Wells Fargo Bank, National Association

USD 43

CAD 32

7/28/2026

(1)

Total

Currency Abbreviations:

USD - U.S. Dollar

CAD - Canadian Dollar

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

Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)


Interest Rate Swaps
Counterparty	Hedged Instrument	Company Receives	Company Pays	Maturity Date	Notional Amount		Fair Value		Upfront Payments/Receipts		Unrealized Appreciation/(Depreciation)
Morgan Stanley Capital Services, LLC	Series A, Tranche A Notes	7.6900%	S + 3.5470%	3/19/2027	$	90	$	124	$	—	$	124
Morgan Stanley Capital Services, LLC	Series A, Tranche B Notes	7.7800%	S + 3.8660%	3/19/2029	150		(88)		—		(88)
MUFG Bank, Ltd.	Series B, Tranche A Notes	6.4200%	S + 3.1224%	10/15/2028	20		(354)		—		(354)
MUFG Bank, Ltd.	Series B, Tranche A Notes	6.4200%	S + 3.1158%	10/15/2028	65		(1,141)		—		(1,141)
Wells Fargo Bank, N.A.	Series B, Tranche C Notes	6.5200%	S + 3.1810%	10/15/2029	100		(2,205)		—		(2,205)
Morgan Stanley Capital Services, LLC	Series B, Tranche C Notes	6.5200%	S + 3.3840%	10/15/2029	50		(1,215)		—		(1,215)
MUFG Bank, Ltd.	Series B, Tranche C Notes	6.5200%	S + 3.2432%	10/15/2029	50		(1,220)		—		(1,220)
MUFG Bank, Ltd.	Series B, Tranche C Notes	6.5200%	S + 3.2659%	10/15/2029	90		(2,257)		—		(2,257)
Regions Bank	Series C, Tranche A Notes	6.0500%	S + 2.5070%	5/30/2028	25		(241)		—		(241)
Regions Bank	Series C, Tranche B Notes	6.4000%	S + 2.8595%	3/30/2030	75		(1,160)		—		(1,160)
Regions Bank	Series D, Tranche A Notes	6.6700%	S + 2.5500%	5/4/2029	50		(49)		—		(49)
Regions Bank	Series D, Tranche B Notes	7.0300%	S + 2.8000%	12/4/2030	175		98		—		98
Total							$	(9,708)	$	—	$	(9,708)

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

Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands)

(Unaudited)


Interest Rate Options
Counterparty	Instrument	Company Receives	Company Sold	Maturity Date	Notional Amount		Fair Value		Upfront Payments/Receipts		Unrealized Appreciation/(Depreciation)
Wells Fargo Bank, N.A.	Sold SOFR Floor with Annnuitized Premium	0.08% Semiannual premium	1.00% 3M SOFR Floor	4/15/2029	$	100,000	53		—		53
Morgan Stanley Capital Services, LLC	Sold SOFR Floor with Annnuitized Premium	0.09% Quarterly premium	1.00% 3M SOFR Floor	4/15/2029	50,000		36		—		36
MUFG Bank, Ltd.	Sold SOFR Floor with Annnuitized Premium	0.06% Quarterly premium	1.00% 3M SOFR Floor	7/15/2028	20,000		5		—		5
MUFG Bank, Ltd.	Sold SOFR Floor with Annnuitized Premium	0.09% Quarterly premium	1.00% 3M SOFR Floor	4/15/2029	50,000		27		—		27
Morgan Stanley Capital Services, LLC	Sold SOFR Floor with Annnuitized Premium	0.07% Semiannual premium	1.00% 3M SOFR Floor	12/19/2026	90,000		1		—		1
MUFG Bank, Ltd.	Sold SOFR Floor with Annnuitized Premium	0.06% Quarterly premium	1.00% 3M SOFR Floor	7/15/2028	65,000		17		—		17
Morgan Stanley Capital Services, LLC	Sold SOFR Floor with Annnuitized Premium	0.11% Semiannual premium	1.00% 3M SOFR Floor	9/19/2028	150,000		79		—		79
MUFG Bank, Ltd.	Sold SOFR Floor with Annnuitized Premium	0.09% Quarterly premium	1.00% 3M SOFR Floor	4/15/2029	90,000		48		—		48
Total							$	266	$	—	$	266

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Investments
Non-controlled/non-affiliated senior secured debt
Aerospace and defense
AlphaCoin LLC (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.84	%	5/6/2025	7/29/2030	$	2,610	$	(17)	$	(12)	0.00	%
AlphaCoin LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.84	%	7/29/2024	7/29/2030	3,013		2,963		2,999		0.13	%
AlphaCoin LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.84	%	7/29/2024	7/29/2030	4,509		(69)		(53)		0.00	%
AlphaCoin LLC	First lien senior secured term loan	S +	5.00%	8.84	%	7/29/2024	7/29/2030	18,823		18,510		18,600		0.78	%
AlphaCoin LLC	First lien senior secured term loan	S +	5.00%	8.84	%	5/6/2025	7/29/2030	1,904		1,878		1,882		0.08	%
Mattco Forge, Inc	First lien senior secured revolving loan	S +	5.25%	8.95	%	12/19/2024	12/19/2030	3,691		2,415		2,421		0.10	%
Mattco Forge, Inc	First lien senior secured term loan	S +	5.25%	8.92	%	12/19/2024	12/19/2030	37,857		37,370		37,430		1.57	%
Third Holdco, LLC (6)	First lien senior secured delayed draw term loan	S +	4.75%	8.47	%	6/13/2025	6/13/2031	3,624		(49)		(43)		0.00	%
Third Holdco, LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.47	%	6/13/2025	6/13/2031	6,089		(83)		(72)		0.00	%
Third Holdco, LLC	First lien senior secured term loan	S +	4.75%	8.47	%	6/13/2025	6/13/2031	24,516		24,173		24,220		1.02	%
										87,091		87,372		3.68	%
Air freight and logistics
Load One Purchaser Corporation	First lien senior secured revolving loan	S +	7.25%	11.08	%	7/28/2023	6/21/2028	$	3,557	$	151	$	150	0.01	%
Load One Purchaser Corporation	First lien senior secured term loan	S +	0.25% + 7.00% PIK	11.88	%	10/23/2024	6/21/2028	1,002		981		984		0.04	%
Load One Purchaser Corporation	First lien senior secured term loan	S +	0.25% + 7.00% PIK	11.18	%	2/26/2025	6/21/2028	14,317		14,047		14,061		0.59	%
Load One Purchaser Corporation	First lien senior secured term loan	12.00%		12.00	%	11/21/2025	6/21/2028	48		48		47		0.00	%
Zipline Logistics, LLC	First lien senior secured revolving loan	S +	3.00% + 3.00% PIK	9.83	%	2/26/2025	9/19/2027	1,729		1,296		825		0.03	%
Zipline Logistics, LLC	First lien senior secured term loan	S +	3.00% + 3.00% PIK	9.83	%	2/26/2025	9/19/2027	6,958		6,842		4,959		0.21	%
										23,365		21,026		0.88	%
Auto components
A.P.A. Industries, LLC (6)(9)	First lien senior secured revolving loan	S +	5.25%	8.98	%	12/17/2025	1/10/2028	$	1,979	$	(28)	$	(20)	0.00	%
A.P.A. Industries, LLC	First lien senior secured term loan	S +	5.25%	8.98	%	12/17/2025	1/10/2028	14,186		13,986		14,044		0.59	%
AirPro Diagnostics, LLC	First lien senior secured delayed draw term loan	S +	5.25%	9.47	%	2/21/2025	2/21/2030	3,163		6		11		0.00	%
AirPro Diagnostics, LLC	First lien senior secured revolving loan	S +	5.25%	9.09	%	2/21/2025	2/21/2030	1,822		585		587		0.02	%
AirPro Diagnostics, LLC	First lien senior secured term loan	S +	5.25%	9.09	%	2/21/2025	2/21/2030	8,477		8,368		8,377		0.35	%
AvCarb, LLC	First lien senior secured delayed draw term loan	S +	2.00% + 5.00% PIK	10.93	%	7/28/2023	11/12/2026	255		252		213		0.01	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
AvCarb, LLC	First lien senior secured revolving loan	S +	7.00%	10.99	%	7/28/2023	11/12/2026	38		37		31		0.00	%
AvCarb, LLC	First lien senior secured term loan	S +	2.00% + 5.00% PIK	10.93	%	7/28/2023	11/12/2026	543		539		454		0.02	%
Bestop, Inc	First lien senior secured delayed draw term loan	S +	5.50%	9.17	%	3/29/2024	3/29/2029	6,767		1,253		1,265		0.05	%
Bestop, Inc (6)	First lien senior secured revolving loan	S +	5.50%	9.17	%	2/26/2025	3/29/2029	7,081		(100)		(87)		0.00	%
Bestop, Inc	First lien senior secured term loan	S +	5.50%	9.17	%	3/29/2024	3/29/2029	43,582		42,921		43,047		1.80	%
BSC ASI Buyer, LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.67	%	12/31/2024	12/31/2027	3,661		(24)		(20)		0.00	%
BSC ASI Buyer, LLC	First lien senior secured term loan	S +	5.00%	8.67	%	12/31/2024	12/31/2027	29,527		29,322		29,357		1.23	%
Raneys, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.17	%	2/26/2025	6/7/2027	4,786		4,744		4,752		0.20	%
Raneys, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.17	%	10/23/2024	6/7/2027	1,964		(16)		(14)		0.00	%
Raneys, LLC	First lien senior secured term loan	S +	5.50%	9.17	%	2/26/2025	6/7/2027	13,317		13,196		13,220		0.55	%
										115,041		115,217		4.82	%
Building products
US Anchors Group Inc (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.67	%	12/31/2025	7/16/2029	$	2,139	$	(13)	$	(21)	0.00	%
US Anchors Group Inc	First lien senior secured revolving loan	S +	5.00%	8.73	%	6/25/2025	7/16/2029	4,338		357		393		0.02	%
US Anchors Group Inc	First lien senior secured term loan	S +	5.00%	8.67	%	6/25/2025	7/16/2029	20,798		20,400		20,598		0.86	%
										20,744		20,970		0.88	%
Chemicals
A. P. Nonweiler Co. Inc. (6)	First lien senior secured revolving loan	S +	4.75%	8.42	%	9/30/2025	9/30/2030	$	1,523	$	(22)	$	(19)	0.00	%
A. P. Nonweiler Co. Inc	First lien senior secured term loan	S +	4.75%	8.42	%	9/30/2025	9/30/2030	13,046		12,856		12,883		0.54	%
AM Buyer, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.34	%	3/6/2025	5/1/2027	851		(4)		(3)		0.00	%
AM Buyer, LLC	First lien senior secured term loan	S +	5.50%	9.34	%	3/6/2025	5/1/2027	4,291		4,268		4,273		0.18	%
Answer Acquisition, LLC	First lien senior secured revolving loan	S +	6.00%	9.75	%	1/16/2024	6/30/2028	759		221		220		0.01	%
Answer Acquisition, LLC	First lien senior secured term loan	S +	6.00%	9.82	%	7/28/2023	6/30/2028	1,647		1,637		1,631		0.07	%
Answer Acquisition, LLC	First lien senior secured term loan	S +	6.00%	9.82	%	1/16/2024	6/30/2028	843		835		835		0.04	%
Answer Acquisition, LLC	First lien senior secured term loan	S +	6.00%	9.82	%	6/7/2024	6/30/2028	9,823		9,706		9,728		0.41	%
Custom Agronomics Holdings, LLC	First lien senior secured revolving loan	S +	6.50%	10.33	%	9/25/2025	8/30/2027	2,976		719		729		0.03	%
Custom Agronomics Holdings, LLC	First lien senior secured term loan	S +	6.50%	10.43	%	7/28/2023	8/30/2027	4,040		4,000		4,020		0.17	%
Custom Agronomics Holdings, LLC	First lien senior secured term loan	S +	6.50%	10.43	%	9/25/2025	8/30/2027	490		486		487		0.02	%
Custom Agronomics Holdings, LLC	First lien senior secured term loan	S +	6.50%	10.43	%	2/26/2025	8/30/2027	2,492		2,467		2,479		0.10	%
Polycorp Ltd	First lien senior secured delayed draw term loan	S +	4.75%	8.47	%	1/24/2024	1/24/2030	14,839		8,092		8,132		0.34	%
Polycorp Ltd (6)	First lien senior secured revolving loan	S +	4.75%	8.47	%	1/24/2024	1/24/2030	3,723		(58)		(42)		0.00	%
Polycorp Ltd	First lien senior secured term loan	S +	4.75%	8.47	%	1/24/2024	1/24/2030	17,873		17,613		17,670		0.74	%
Polycorp Ltd	First lien senior secured term loan	S +	4.75%	8.47	%	2/28/2025	1/24/2030	5,338		5,267		5,277		0.22	%
Teel Plastics, LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.42	%	4/22/2025	4/22/2030	3,909		(34)		(27)		0.00	%
Teel Plastics, LLC	First lien senior secured term loan	S +	4.75%	8.42	%	4/22/2025	4/22/2030	31,583		31,283		31,351		1.31	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
										99,332		99,624		4.18	%
Commercial services and supplies
Alliance Environmental Group, LLC	First lien senior secured delayed draw term loan	S +	7.00%	10.93	%	2/26/2025	12/30/2027	$	62	$	59	$	23	0.00	%
Alliance Environmental Group, LLC	First lien senior secured revolving loan	S +	7.00%	10.93	%	7/28/2023	12/30/2027	41		29		4		0.00	%
Alliance Environmental Group, LLC	First lien senior secured revolving loan	S +	7.00%	10.93	%	6/17/2025	12/30/2027	8		—		—		0.00	%
Alliance Environmental Group, LLC	First lien senior secured term loan	S +	7.00%	10.93	%	12/29/2023	12/30/2027	2,473		2,349		921		0.04	%
Capstone Mechanical LLC (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.67	%	11/20/2025	11/20/2030	6,161		(76)		(76)		0.00	%
Capstone Mechanical LLC	First lien senior secured revolving loan	S +	5.00%	8.72	%	11/20/2025	11/20/2030	1,492		71		71		0.00	%
Capstone Mechanical LLC	First lien senior secured term loan	S +	5.00%	8.67	%	11/20/2025	11/20/2030	2,500		2,469		2,469		0.10	%
Franchise Fastlane, LLC (6)	First lien senior secured revolving loan	S +	5.75%	9.58	%	7/28/2023	5/2/2027	15		—		—		0.00	%
Franchise Fastlane, LLC	First lien senior secured term loan	S +	5.75%	9.58	%	7/28/2023	5/2/2027	1,060		1,053		1,052		0.04	%
Gold Medal Holdings, Inc	First lien senior secured delayed draw term loan	S +	5.75%	9.42	%	6/14/2024	3/17/2027	2,827		965		968		0.04	%
Gold Medal Holdings, Inc (10)	First lien senior secured revolving loan	S +	5.75%	9.42	%	6/14/2024	3/17/2027	1,444		620		621		0.03	%
Gold Medal Holdings, Inc	First lien senior secured term loan	S +	5.75%	9.42	%	2/26/2025	3/17/2027	11,963		11,907		11,914		0.50	%
Green Monster Acquisition, LLC	First lien senior secured revolving loan	S +	6.00%	10.10	%	7/28/2023	12/28/2026	38		15		15		0.00	%
Green Monster Acquisition, LLC	First lien senior secured term loan	S +	6.00%	10.10	%	2/26/2025	12/28/2026	1,134		1,129		1,128		0.05	%
HLSG Intermediate, LLC	First lien senior secured delayed draw term loan	S +	5.25%	9.08	%	3/14/2025	3/31/2029	2,811		999		1,016		0.04	%
HLSG Intermediate, LLC	First lien senior secured delayed draw term loan	S +	5.25%	9.08	%	2/26/2025	3/31/2029	349		344		347		0.01	%
HLSG Intermediate, LLC (11)	First lien senior secured revolving loan	S +	5.25%	9.08	%	3/14/2025	3/31/2029	1,051		322		328		0.01	%
HLSG Intermediate, LLC	First lien senior secured term loan	S +	5.25%	9.08	%	3/14/2025	3/31/2029	3,395		3,361		3,376		0.14	%
HLSG Intermediate, LLC	First lien senior secured term loan	S +	5.25%	9.08	%	2/26/2025	3/31/2029	632		622		629		0.03	%
Innovative Discovery Acquisition, LLC (6)	First lien senior secured delayed draw term loan	S +	5.50%	9.17	%	12/31/2025	12/31/2030	10,230		(77)		(77)		0.00	%
Innovative Discovery Acquisition, LLC (6)(12)	First lien senior secured revolving loan	S +	5.50%	9.17	%	12/31/2025	12/31/2030	447		(7)		(7)		0.00	%
Innovative Discovery Acquisition, LLC	First lien senior secured term loan	S +	5.50%	9.17	%	12/31/2025	12/31/2030	19,444		19,152		19,152		0.80	%
Nimlok Company, LLC (6)(13)	First lien senior secured revolving loan	S +	5.25%	9.10	%	11/3/2025	11/27/2027	1,498		(11)		(11)		0.00	%
Nimlok Company, LLC	First lien senior secured term loan	S +	5.25%	9.10	%	11/3/2025	11/27/2027	30,431		30,221		30,209		1.27	%
Polaris Labs Acquisition, LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.67	%	9/17/2024	9/17/2029	2,123		(32)		(29)		0.00	%
Polaris Labs Acquisition, LLC	First lien senior secured term loan	S +	5.00%	8.67	%	9/17/2024	9/17/2029	6,378		6,279		6,289		0.26	%
PRA Acquisition, LLC (6)	First lien senior secured revolving loan	S +	6.50%	10.32	%	7/28/2023	5/12/2028	56		(1)		(1)		0.00	%
PRA Acquisition, LLC	First lien senior secured term loan	S +	6.50%	10.32	%	7/28/2023	5/12/2028	557		550		549		0.02	%
Precision Point Metrics, Inc	First lien senior secured delayed draw term loan	S +	4.75%	8.47	%	7/1/2025	7/1/2031	7,250		4,107		4,122		0.17	%
Precision Point Metrics, Inc (6)	First lien senior secured revolving loan	S +	4.75%	8.42	%	7/1/2025	7/1/2031	2,030		(28)		(24)		0.00	%
Precision Point Metrics, Inc	First lien senior secured term loan	S +	4.75%	8.42	%	7/1/2025	7/1/2031	8,115		8,000		8,016		0.34	%
Quality Liaison Services of North America, Inc	First lien senior secured revolving loan	S +	6.00%	9.99	%	7/28/2023	5/2/2028	1,629		698		699		0.03	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Quality Liaison Services of North America, Inc	First lien senior secured term loan	S +	6.00%	9.99	%	7/28/2023	5/2/2028	12,198		12,055		12,060		0.51	%
Rapid Fire Safety and Security, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.75	%	1/2/2025	1/2/2030	5,449		4,594		4,601		0.19	%
Rapid Fire Safety and Security, LLC	First lien senior secured revolving loan	S +	5.00%	8.67	%	1/2/2025	1/2/2030	1,885		1,557		1,559		0.07	%
Rapid Fire Safety and Security, LLC	First lien senior secured term loan	S +	5.00%	8.67	%	1/2/2025	1/2/2030	3,951		3,893		3,899		0.16	%
Superscapes Holdco, LLC	First lien senior secured revolving loan	S +	5.50%	9.34	%	4/7/2025	4/7/2030	2,166		251		254		0.01	%
Superscapes Holdco, LLC	First lien senior secured term loan	S +	5.50%	9.17	%	4/7/2025	4/7/2030	17,818		17,578		17,609		0.74	%
TCG Services, LLC (6)	First lien senior secured delayed draw term loan	S +	5.50%	9.34	%	7/31/2025	7/31/2031	7,250		(51)		(35)		0.00	%
TCG Services, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.34	%	7/31/2025	7/31/2031	2,030		(28)		(25)		0.00	%
TCG Services, LLC	First lien senior secured term loan	S +	5.50%	9.34	%	7/31/2025	7/31/2031	7,413		7,306		7,322		0.31	%
										142,244		140,937		5.91	%
Construction and engineering
AKS Engineering and Forestry, LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.47	%	1/7/2025	1/7/2031	$	2,890	$	(36)	$	(32)	0.00	%
AKS Engineering and Forestry, LLC	First lien senior secured term loan	S +	4.75%	8.47	%	1/7/2025	1/7/2031	19,827		19,568		19,601		0.82	%
AKS Engineering and Forestry, LLC	First lien senior secured term loan	S +	4.75%	8.47	%	11/3/2025	1/7/2031	4,279		4,217		4,230		0.18	%
BCI Burke Holding Corp	First lien senior secured delayed draw term loan	S +	5.75%	9.42	%	2/26/2025	12/14/2027	1,437		1,426		1,429		0.06	%
BCI Burke Holding Corp (6)	First lien senior secured delayed draw term loan	S +	5.75%	9.42	%	10/10/2024	12/14/2027	6,588		(40)		(34)		0.00	%
BCI Burke Holding Corp (6)	First lien senior secured revolving loan	S +	5.75%	9.42	%	10/10/2024	12/14/2027	2,447		(17)		(13)		0.00	%
BCI Burke Holding Corp	First lien senior secured term loan	S +	5.75%	9.42	%	10/10/2024	12/14/2027	16,829		16,721		16,743		0.70	%
Capital Construction, LLC (6)	First lien senior secured delayed draw term loan	S +	5.75%	9.89	%	6/30/2025	10/22/2026	9,173		(42)		(35)		0.00	%
Capital Construction, LLC	First lien senior secured delayed draw term loan	S +	5.75%	9.89	%	6/30/2025	10/22/2026	3,169		3,139		3,139		0.13	%
Capital Construction, LLC	First lien senior secured term loan	S +	5.75%	9.89	%	6/30/2025	10/22/2026	5,989		5,930		5,927		0.25	%
CHS Holdco, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.67	%	5/27/2025	5/27/2031	18,081		7,667		7,701		0.32	%
CHS Holdco, LLC	First lien senior secured revolving loan	S +	5.00%	8.65	%	5/27/2025	5/27/2031	6,089		3,469		3,480		0.15	%
CHS Holdco, LLC	First lien senior secured term loan	S +	5.00%	8.67	%	5/27/2025	5/27/2031	18,029		17,770		17,813		0.75	%
Compass Restoration Intermediary Holdings, LLC	First lien senior secured delayed draw term loan	S +	5.25%	9.09	%	1/31/2025	1/31/2030	2,491		707		710		0.03	%
Compass Restoration Intermediary Holdings, LLC (6)	First lien senior secured revolving loan	S +	5.25%	9.09	%	1/31/2025	1/31/2030	1,218		(20)		(18)		0.00	%
Compass Restoration Intermediary Holdings, LLC	First lien senior secured term loan	S +	5.25%	9.09	%	1/31/2025	1/31/2030	6,922		6,809		6,817		0.29	%
Highland Acquisition, Inc	First lien senior secured revolving loan	S +	5.75%	9.59	%	9/3/2024	3/9/2027	2,213		427		426		0.02	%
Highland Acquisition, Inc	First lien senior secured term loan	S +	5.75%	9.59	%	9/3/2024	3/9/2027	10,740		10,662		10,657		0.45	%
Ironhorse Purchaser, LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.97	%	9/30/2022	9/30/2027	8,563		8,504		8,508		0.36	%
Ironhorse Purchaser, LLC (6)(14)	First lien senior secured revolving loan	S +	5.25%	8.97	%	2/1/2023	9/30/2027	5,813		(49)		(38)		0.00	%
Ironhorse Purchaser, LLC	First lien senior secured term loan	S +	5.25%	8.97	%	2/26/2025	9/30/2027	29,251		29,009		29,033		1.22	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Redwood Buyer, LLC (6)	First lien senior secured delayed draw term loan	S +	4.75%	8.42	%	1/3/2025	1/3/2030	7,615		(122)		(112)		0.00	%
Redwood Buyer, LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.42	%	1/3/2025	1/3/2030	1,884		(30)		(28)		0.00	%
Redwood Buyer, LLC	First lien senior secured term loan	S +	4.75%	8.42	%	1/3/2025	1/3/2030	9,034		8,884		8,896		0.37	%
Rose Paving, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.84	%	11/27/2024	11/7/2029	3,714		3,595		3,599		0.15	%
Rose Paving, LLC	First lien senior secured revolving loan	S +	5.00%	8.88	%	2/26/2025	11/7/2029	8,626		5,152		5,175		0.22	%
Rose Paving, LLC	First lien senior secured term loan	S +	5.00%	8.84	%	7/28/2023	11/7/2029	17,075		16,785		16,888		0.71	%
Rose Paving, LLC	First lien senior secured term loan	S +	5.00%	8.84	%	5/1/2024	11/7/2029	1,767		1,738		1,748		0.07	%
Rose Paving, LLC	First lien senior secured term loan	S +	5.00%	8.84	%	11/27/2024	11/7/2029	13,024		12,868		12,881		0.54	%
										184,691		185,091		7.79	%
Containers and packaging
Bulk Lift International, LLC	First lien senior secured delayed draw term loan	S +	6.25%	10.18	%	7/28/2023	11/15/2027	$	125	$	123	$	123	0.01	%
Bulk Lift International, LLC	First lien senior secured revolving loan	S +	6.25%	10.35	%	7/28/2023	11/15/2027	1,801		236		233		0.01	%
Bulk Lift International, LLC	First lien senior secured term loan	S +	6.25%	10.18	%	1/17/2024	11/15/2027	8,042		7,927		7,932		0.33	%
Innovative FlexPak, LLC (8)	First lien senior secured delayed draw term loan	20.00% PIK		20.00	%	7/31/2025	1/23/2027	459		257		28		0.00	%
Innovative FlexPak, LLC (8)	First lien senior secured revolving loan	S +	7.00%	10.83	%	7/28/2023	1/23/2027	627		496		238		0.01	%
Innovative FlexPak, LLC (8)	First lien senior secured term loan	S +	7.00%	10.83	%	7/28/2023	1/23/2027	2,616		2,274		1,195		0.05	%
Innovative FlexPak, LLC (8)	First lien senior secured term loan	20.00% PIK		20.00	%	2/26/2025	1/23/2027	896		567		409		0.02	%
Johns Byrne LLC	First lien senior secured delayed draw term loan	S +	6.25%	9.95	%	8/31/2023	8/31/2029	2,575		2,536		2,538		0.11	%
Johns Byrne LLC (6)	First lien senior secured revolving loan	S +	6.25%	9.92	%	8/31/2023	8/31/2029	1,460		(22)		(21)		0.00	%
Johns Byrne LLC	First lien senior secured term loan	S +	6.25%	9.92	%	8/31/2023	8/31/2029	9,276		9,123		9,128		0.38	%
K-1 Packaging Group LLC	First lien senior secured revolving loan	S +	6.25%	10.35	%	10/6/2022	10/6/2027	6,748		1,206		1,209		0.05	%
K-1 Packaging Group LLC	First lien senior secured term loan	S +	6.25%	10.18	%	2/26/2025	10/6/2027	30,766		30,437		30,468		1.28	%
MRC Keeler Acquisition LLC	First lien senior secured delayed draw term loan	S +	6.50%	10.32	%	2/26/2025	6/4/2027	4		4		4		0.00	%
MRC Keeler Acquisition LLC (6)	First lien senior secured revolving loan	S +	6.50%	10.32	%	7/28/2023	6/4/2027	150		—		(2)		0.00	%
MRC Keeler Acquisition LLC	First lien senior secured term loan	S +	6.50%	10.32	%	7/28/2023	6/4/2027	908		908		898		0.04	%
SCP Cold Chain Packaging Buyer Corp (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.67	%	6/27/2025	6/27/2031	7,248		(41)		(26)		0.00	%
SCP Cold Chain Packaging Buyer Corp (6)	First lien senior secured revolving loan	S +	5.00%	8.67	%	6/27/2025	6/27/2031	3,247		(37)		(31)		0.00	%
SCP Cold Chain Packaging Buyer Corp	First lien senior secured term loan	S +	5.00%	8.67	%	6/27/2025	6/27/2031	19,111		18,891		18,927		0.79	%
Sixarp, LLC (6)	First lien senior secured delayed draw term loan	S +	5.25%	8.92	%	9/22/2025	8/5/2029	1,722		(16)		(13)		0.00	%
Sixarp, LLC	First lien senior secured revolving loan	S +	5.25%	8.92	%	9/22/2025	8/5/2029	3,045		306		312		0.01	%
Sixarp, LLC	First lien senior secured term loan	S +	5.25%	8.92	%	9/22/2025	8/5/2029	20,408		20,213		20,255		0.85	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Vanguard Packaging, LLC	First lien senior secured revolving loan	S +	5.25%	9.85	%	3/29/2024	8/9/2026	4,408		1,456		1,458		0.06	%
Vanguard Packaging, LLC	First lien senior secured term loan	S +	5.25%	9.08	%	3/29/2024	8/9/2026	10,064		10,029		10,033		0.42	%
										106,873		105,295		4.42	%
Distributors
RTP Acquisition, LLC	First lien senior secured revolving loan	S +	4.50% + 2.25% PIK	10.58	%	7/28/2023	8/17/2027	$	39	$	38	$	29	0.00	%
RTP Acquisition, LLC	First lien senior secured term loan	S +	4.50% + 2.25% PIK	10.85	%	12/13/2023	8/17/2027	2,764		2,743		2,074		0.09	%
										2,781		2,103		0.09	%
Diversified consumer services
50Floor, LLC	First lien senior secured revolving loan	S +	3.00%	7.12	%	7/28/2023	3/31/2028	$	214	$	105	$	89	0.00	%
50Floor, LLC	First lien senior secured term loan	S +	3.00%	7.12	%	7/28/2023	3/31/2028	1,137		1,116		1,039		0.04	%
ACES Intermediate, Inc (6)	First lien senior secured revolving loan	S +	5.00%	8.83	%	7/28/2023	7/27/2027	7,114		(63)		(36)		0.00	%
ACES Intermediate, Inc	First lien senior secured term loan	S +	5.00%	8.83	%	3/21/2025	7/27/2027	37,404		37,057		37,217		1.56	%
CL Services Acquisition, LLC	First lien senior secured delayed draw term loan	S +	4.75%	8.42	%	7/28/2023	4/25/2028	7,136		7,011		7,047		0.30	%
CL Services Acquisition, LLC	First lien senior secured delayed draw term loan	S +	4.75%	8.49	%	5/7/2024	4/25/2028	8,453		8,316		8,347		0.35	%
CL Services Acquisition, LLC	First lien senior secured delayed draw term loan	S +	4.75%	8.57	%	9/19/2025	4/25/2028	32,288		9,163		9,197		0.39	%
CL Services Acquisition, LLC	First lien senior secured revolving loan	S +	4.75%	8.42	%	9/19/2025	4/25/2028	5,435		416		429		0.02	%
CL Services Acquisition, LLC	First lien senior secured term loan	S +	4.75%	8.59	%	9/19/2025	4/25/2028	13,589		13,335		13,419		0.56	%
Esquire Deposition Solutions, LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.92	%	7/1/2024	12/30/2028	6,673		6,596		6,613		0.28	%
Esquire Deposition Solutions, LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.92	%	2/26/2025	12/30/2028	6,896		6,806		6,834		0.29	%
Esquire Deposition Solutions, LLC (6)	First lien senior secured revolving loan	S +	5.25%	8.92	%	7/1/2024	12/30/2028	7,666		(91)		(69)		0.00	%
Esquire Deposition Solutions, LLC	First lien senior secured term loan	S +	5.25%	8.92	%	2/26/2025	12/30/2028	47,749		47,212		47,319		1.98	%
Harley Exteriors Acquisition, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.34	%	8/2/2024	8/1/2029	3,929		2,763		2,768		0.12	%
Harley Exteriors Acquisition, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.34	%	8/2/2024	8/2/2029	1,322		(22)		(21)		0.00	%
Harley Exteriors Acquisition, LLC	First lien senior secured term loan	S +	5.50%	9.34	%	8/2/2024	8/2/2029	8,439		8,295		8,305		0.35	%
Home Brands Group Holdings, Inc (6)	First lien senior secured revolving loan	S +	5.00%	8.72	%	7/28/2023	1/8/2028	48		—		—		0.00	%
Home Brands Group Holdings, Inc	First lien senior secured term loan	S +	5.00%	8.72	%	6/10/2025	1/8/2028	12,034		11,928		11,957		0.50	%
HTI Intermediate, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.98	%	3/1/2024	3/1/2030	2,348		2,311		2,319		0.10	%
HTI Intermediate, LLC	First lien senior secured revolving loan	S +	5.00%	10.08	%	7/2/2025	3/1/2030	2,588		482		485		0.02	%
HTI Intermediate, LLC	First lien senior secured term loan	S +	5.00%	8.98	%	7/2/2025	3/1/2030	1,773		1,749		1,751		0.07	%
HTI Intermediate, LLC	First lien senior secured term loan	S +	5.00%	8.77	%	3/1/2024	3/1/2030	5,008		4,934		4,945		0.21	%
ISSA, LLC	First lien senior secured revolving loan	S +	6.50%	10.28	%	7/28/2023	3/1/2028	131		38		38		0.00	%
ISSA, LLC	First lien senior secured term loan	S +	6.50%	10.17	%	10/6/2023	3/1/2028	1,820		1,803		1,797		0.08	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)	Amortized Cost(4)	Fair Value	Percentage of Net Assets
Juniper Landscaping Holdings LLC	First lien senior secured delayed draw term loan	S +	5.75%	9.44	%	2/26/2025	12/29/2027	5,831	5,775	5,783	0.24	%
Juniper Landscaping Holdings LLC	First lien senior secured delayed draw term loan	S +	5.75%	9.56	%	5/23/2025	12/29/2027	8,014	1,896	1,884	0.08	%
Juniper Landscaping Holdings LLC	First lien senior secured delayed draw term loan	S +	5.75%	9.43	%	7/28/2023	12/29/2027	85	85	85	0.00	%
Juniper Landscaping Holdings LLC (15)	First lien senior secured revolving loan	S +	5.75%	9.51	%	5/23/2025	12/29/2027	3,103	771	781	0.03	%
Juniper Landscaping Holdings LLC	First lien senior secured term loan	S +	5.75%	9.43	%	5/23/2025	12/29/2027	3,965	3,917	3,933	0.16	%
Lawn Care Holdings Purchaser, Inc	First lien senior secured delayed draw term loan	S +	5.50%	9.17	%	10/24/2023	10/24/2028	4,520	4,436	4,486	0.19	%
Lawn Care Holdings Purchaser, Inc	First lien senior secured delayed draw term loan	S +	5.50%	9.17	%	11/22/2024	10/24/2028	13,901	9,238	9,258	0.39	%
Lawn Care Holdings Purchaser, Inc (16)	First lien senior secured revolving loan	P +	4.50%	11.25	%	11/22/2024	10/24/2028	2,698	507	519	0.02	%
Lawn Care Holdings Purchaser, Inc	First lien senior secured term loan	S +	5.50%	9.17	%	11/22/2024	10/24/2028	7,120	7,016	7,066	0.30	%
PPW Acquisition, LLC	First lien senior secured revolving loan	S +	6.75%	10.68	%	7/28/2023	3/31/2028	38	11	9	0.00	%
PPW Acquisition, LLC	First lien senior secured term loan	S +	4.25% + 2.50% PIK	10.68	%	7/28/2023	3/31/2028	622	612	590	0.02	%
Premier Early Childhood Education Partners LLC	First lien senior secured delayed draw term loan	S +	6.00%	9.93	%	11/22/2023	11/22/2028	10,809	10,642	10,717	0.45	%
Premier Early Childhood Education Partners LLC	First lien senior secured delayed draw term loan	S +	6.00%	9.93	%	9/25/2024	11/22/2028	8,973	8,855	8,896	0.37	%
Premier Early Childhood Education Partners LLC	First lien senior secured delayed draw term loan	S +	6.00%	9.92	%	3/27/2025	11/22/2028	8,403	6,335	6,346	0.27	%
Premier Early Childhood Education Partners LLC	First lien senior secured revolving loan	S +	6.00%	9.84	%	11/22/2023	11/22/2028	1,380	531	540	0.02	%
Premier Early Childhood Education Partners LLC	First lien senior secured term loan	S +	6.00%	9.93	%	11/22/2023	11/22/2028	8,146	8,006	8,077	0.34	%
TSR Concrete Intermediate, LLC (6)	First lien senior secured delayed draw term loan	S +	4.50%	8.17	%	12/31/2025	12/31/2031	12,868	(64)	(64)	0.00	%
TSR Concrete Intermediate, LLC (6)	First lien senior secured revolving loan	S +	4.50%	8.17	%	12/31/2025	12/31/2031	6,220	(62)	(62)	0.00	%
TSR Concrete Intermediate, LLC	First lien senior secured term loan	S +	4.50%	8.17	%	12/31/2025	12/31/2031	25,186	24,934	24,934	1.05	%
United Land Services Opco Parent, LLC	First lien senior secured delayed draw term loan	S +	6.00%	10.10	%	7/28/2023	3/23/2027	1,221	1,216	1,219	0.05	%
United Land Services Opco Parent, LLC	First lien senior secured delayed draw term loan	S +	6.00%	10.10	%	7/28/2023	3/23/2027	371	369	370	0.02	%
United Land Services Opco Parent, LLC	First lien senior secured delayed draw term loan	S +	6.00%	9.96	%	12/11/2025	3/23/2027	8,020	4,361	4,372	0.18	%
United Land Services Opco Parent, LLC (6)(17)	First lien senior secured revolving loan	S +	6.00%	10.10	%	7/28/2023	3/23/2027	150	(1)	—	0.00	%
United Land Services Opco Parent, LLC	First lien senior secured term loan	S +	6.00%	10.10	%	7/28/2023	3/23/2027	348	347	348	0.01	%
Yard-Nique, Inc	First lien senior secured delayed draw term loan	S +	6.50%	10.32	%	6/30/2025	4/30/2026	7,640	6,737	6,787	0.28	%
Yard-Nique, Inc	First lien senior secured delayed draw term loan	S +	6.50%	10.32	%	7/28/2023	4/30/2026	2,542	2,536	2,536	0.11	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Yard-Nique, Inc	First lien senior secured revolving loan	S +	6.50%	10.32	%	4/30/2024	4/30/2026	1,947		1,803		1,806		0.08	%
Yard-Nique, Inc	First lien senior secured term loan	S +	6.50%	10.32	%	2/26/2025	4/30/2026	6,928		6,904		6,903		0.29	%
										288,973		289,908		12.17	%
Electrical equipment
AEP Passion Intermediate Holdings, Inc	First lien senior secured delayed draw term loan	S +	1.75% + 4.75% PIK	10.32	%	2/26/2025	10/5/2027	$	72	$	71	$	71	0.00	%
AEP Passion Intermediate Holdings, Inc	First lien senior secured revolving loan	S +	6.50%	10.49	%	7/28/2023	10/5/2027	48		15		15		0.00	%
AEP Passion Intermediate Holdings, Inc	First lien senior secured revolving loan	S +	1.75% + 4.75% PIK	10.49	%	7/28/2023	10/5/2027	1		1		1		0.00	%
AEP Passion Intermediate Holdings, Inc	First lien senior secured term loan	S +	1.75% + 4.75% PIK	10.49	%	7/28/2023	10/5/2027	1,291		1,275		1,271		0.05	%
BPCP NSA Intermedco, Inc	First lien senior secured delayed draw term loan	S +	4.75%	8.42	%	5/17/2024	5/17/2030	12,205		12,056		12,117		0.51	%
BPCP NSA Intermedco, Inc (6)	First lien senior secured delayed draw term loan	S +	4.75%	8.42	%	12/15/2025	5/17/2030	8,953		(33)		(33)		0.00	%
BPCP NSA Intermedco, Inc (6)	First lien senior secured revolving loan	S +	4.75%	8.42	%	5/17/2024	5/17/2030	5,930		(65)		(43)		0.00	%
BPCP NSA Intermedco, Inc	First lien senior secured term loan	S +	4.75%	8.42	%	12/15/2025	5/17/2030	36,616		36,184		36,352		1.52	%
SENS Intermediate Holdings LLC (6)	First lien senior secured delayed draw term loan	S +	4.75%	8.42	%	3/10/2025	3/10/2031	3,468		(22)		(16)		0.00	%
SENS Intermediate Holdings LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.42	%	3/10/2025	3/10/2031	2,664		(35)		(30)		0.00	%
SENS Intermediate Holdings LLC	First lien senior secured term loan	S +	4.75%	8.42	%	3/10/2025	3/10/2031	9,753		9,624		9,643		0.40	%
WCI Volt Purchaser, LLC (6)	First lien senior secured revolving loan	S +	5.25%	9.08	%	9/15/2022	9/15/2028	2,249		(20)		(19)		0.00	%
WCI Volt Purchaser, LLC	First lien senior secured term loan	S +	5.25%	9.08	%	9/15/2022	9/15/2028	7,721		7,640		7,647		0.32	%
										66,691		66,976		2.80	%
Electronic equipment, instruments and components
ADC Purchaser Inc (6)	First lien senior secured revolving loan	S +	4.50%	8.17	%	7/16/2025	7/16/2031	$	6,013	$	(70)	$	(58)	0.00	%
ADC Purchaser Inc	First lien senior secured term loan	S +	4.50%	8.17	%	7/16/2025	7/16/2031	30,802		30,433		30,501		1.28	%
Advanced Lighting Acquisition, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.22	%	2/27/2025	11/22/2027	1,215		(8)		(7)		0.00	%
Advanced Lighting Acquisition, LLC	First lien senior secured term loan	S +	5.50%	9.22	%	2/27/2025	11/22/2027	6,956		6,903		6,913		0.29	%
Nelson Name Plate Company	First lien senior secured delayed draw term loan	S +	5.75%	9.68	%	7/28/2023	10/18/2026	115		115		115		0.00	%
Nelson Name Plate Company	First lien senior secured revolving loan	S +	5.75%	9.69	%	7/28/2023	10/18/2026	90		33		33		0.00	%
Nelson Name Plate Company	First lien senior secured term loan	S +	5.75%	9.68	%	5/30/2025	10/18/2026	3,422		3,394		3,401		0.14	%
										40,800		40,898		1.71	%
Food and staples retailing
Ever Fresh Fruit Company, LLC	First lien senior secured delayed draw term loan	S +	6.50%	10.32	%	6/5/2024	11/17/2028	$	1,351	$	1,333	$	1,335	0.06	%
Ever Fresh Fruit Company, LLC (6)	First lien senior secured revolving loan	S +	6.50%	10.32	%	11/17/2023	11/17/2028	1,380		(21)		(17)		0.00	%
Ever Fresh Fruit Company, LLC	First lien senior secured term loan	S +	6.50%	10.32	%	11/17/2023	11/17/2028	7,215		7,094		7,129		0.30	%
Mad Rose Company, LLC (18)	First lien senior secured revolving loan	S +	6.50%	10.51	%	12/5/2023	5/7/2026	395		141		141		0.01	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Mad Rose Company, LLC	First lien senior secured term loan	S +	6.50%	10.60	%	12/5/2023	5/7/2026	2,869		2,861		2,860		0.12	%
NutriScience Innovations, LLC (6)(19)	First lien senior secured revolving loan	S +	6.00%	9.67	%	7/28/2023	12/31/2026	131		(1)		(1)		0.00	%
NutriScience Innovations, LLC	First lien senior secured term loan	S +	6.00%	9.67	%	10/15/2024	12/31/2026	1,559		1,556		1,553		0.07	%
Premier Produce One, LLC (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.67	%	11/24/2025	9/21/2030	10,460		(64)		(64)		0.00	%
Premier Produce One, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.88	%	3/21/2025	9/21/2030	4,272		4,203		4,246		0.18	%
Premier Produce One, LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.67	%	11/24/2025	9/21/2030	3,972		(56)		(49)		0.00	%
Premier Produce One, LLC	First lien senior secured term loan	S +	5.00%	8.88	%	11/24/2025	9/21/2030	13,714		13,547		13,545		0.57	%
Premier Produce One, LLC	First lien senior secured term loan	S +	5.00%	8.67	%	3/21/2025	9/21/2030	5,653		5,565		5,584		0.23	%
Qin's Buffalo, LLC	First lien senior secured delayed draw term loan	S +	5.75%	9.47	%	7/28/2023	5/5/2027	74		73		73		0.00	%
Qin's Buffalo, LLC	First lien senior secured delayed draw term loan	S +	5.75%	9.47	%	5/24/2024	5/5/2027	7,898		5,435		5,439		0.23	%
Qin's Buffalo, LLC	First lien senior secured revolving loan	S +	5.75%	9.47	%	7/28/2023	5/5/2027	38		37		37		0.00	%
Qin's Buffalo, LLC	First lien senior secured term loan	S +	5.75%	9.47	%	7/28/2023	5/5/2027	520		515		516		0.02	%
SCP Beverage Buyer, LLC	First lien senior secured revolving loan	S +	6.00%	10.11	%	7/28/2023	5/24/2028	38		37		37		0.00	%
SCP Beverage Buyer, LLC	First lien senior secured term loan	S +	5.75%	10.12	%	11/3/2025	5/24/2028	8,244		8,184		8,184		0.34	%
TruSource Foods LLC (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.76	%	12/5/2025	8/1/2031	2,510		(37)		(34)		0.00	%
TruSource Foods LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.67	%	8/1/2025	8/1/2031	3,334		3,282		3,288		0.14	%
TruSource Foods LLC	First lien senior secured revolving loan	S +	5.00%	8.71	%	8/1/2025	8/1/2031	1,926		981		985		0.04	%
TruSource Foods LLC	First lien senior secured term loan	S +	5.00%	8.76	%	12/5/2025	8/1/2031	9,602		9,455		9,471		0.40	%
Universal Pure, LLC	First lien senior secured delayed draw term loan	S +	4.50% + 1.75% PIK	10.07	%	7/28/2023	10/31/2028	367		362		362		0.02	%
Universal Pure, LLC (20)	First lien senior secured revolving loan	S +	4.50% + 1.75% PIK	10.07	%	7/28/2023	10/31/2028	7,231		6,945		6,949		0.29	%
Universal Pure, LLC	First lien senior secured term loan	S +	4.50% + 1.75% PIK	10.07	%	2/26/2025	10/31/2028	17,641		17,338		17,343		0.73	%
										88,765		88,912		3.75	%
Food products
BPCP WLF Intermedco LLC	First lien senior secured delayed draw term loan	S +	6.00%	9.86	%	8/19/2022	8/19/2028	$	5,827	$	5,735	$	5,780	0.24	%
BPCP WLF Intermedco LLC	First lien senior secured delayed draw term loan	S +	6.00%	9.89	%	12/20/2024	8/19/2028	7,615		1,755		1,766		0.07	%
BPCP WLF Intermedco LLC (6)	First lien senior secured revolving loan	S +	6.00%	9.82	%	8/19/2022	8/19/2028	3,383		(41)		(27)		0.00	%
BPCP WLF Intermedco LLC	First lien senior secured term loan	S +	6.00%	9.82	%	2/26/2025	8/19/2028	24,132		23,777		23,936		1.00	%
Icelandirect, LLC (6)	First lien senior secured delayed draw term loan	S +	5.25%	8.92	%	12/31/2025	7/31/2029	2,858		(29)		(29)		0.00	%
Icelandirect, LLC (6)	First lien senior secured revolving loan	S +	5.25%	8.92	%	12/31/2025	7/31/2029	331		(3)		(3)		0.00	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Icelandirect, LLC	First lien senior secured term loan	S +	5.25%	8.92	%	12/31/2025	7/31/2029	1,934		1,914		1,914		0.08	%
Starwest Botanicals Acquisition, LLC	First lien senior secured revolving loan	S +	5.25%	9.08	%	7/28/2023	4/30/2028	174		166		143		0.01	%
Starwest Botanicals Acquisition, LLC	First lien senior secured term loan	S +	5.25%	9.08	%	2/26/2025	4/30/2028	783		761		665		0.03	%
Sun Orchard, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.37	%	8/2/2024	1/8/2029	6,093		6,002		6,034		0.25	%
Sun Orchard, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.35	%	11/24/2025	1/8/2029	6,851		(86)		(67)		0.00	%
Sun Orchard, LLC	First lien senior secured term loan	S +	5.50%	9.35	%	11/24/2025	1/8/2029	34,536		34,033		34,200		1.43	%
Treat Planet Acquisition, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.17	%	3/7/2025	1/11/2028	2,422		(33)		(15)		0.00	%
Treat Planet Acquisition, LLC	First lien senior secured term loan	S +	5.50%	9.17	%	3/7/2025	1/11/2028	5,499		5,457		5,465		0.23	%
Treat Planet Acquisition, LLC	First lien senior secured term loan	S +	5.50%	9.17	%	9/2/2025	1/11/2028	8,273		8,146		8,222		0.34	%
Westminster Cracker Company, Inc	First lien senior secured revolving loan	S +	6.25%	10.07	%	8/30/2023	8/30/2026	1,534		224		224		0.01	%
Westminster Cracker Company, Inc	First lien senior secured term loan	S +	6.25%	10.07	%	8/30/2023	8/30/2026	9,440		9,396		9,399		0.39	%
										97,174		97,607		4.08	%
Gas utilities
Hydromax USA, LLC	First lien senior secured delayed draw term loan	S +	6.00%	9.99	%	2/26/2025	12/30/2027	$	109	$	107	$	108	0.00	%
Hydromax USA, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	9.99	%	6/3/2025	12/30/2027	1,298		(9)		(8)		0.00	%
Hydromax USA, LLC	First lien senior secured revolving loan	S +	6.00%	9.99	%	2/26/2025	12/30/2027	228		88		90		0.00	%
Hydromax USA, LLC	First lien senior secured term loan	S +	6.00%	9.99	%	7/28/2023	12/30/2027	1,178		1,154		1,171		0.05	%
										1,340		1,361		0.05	%
Health care equipment and supplies
3BC Matrix Acquisition, LLC (6)(21)	First lien senior secured revolving loan	S +	5.50%	9.22	%	5/13/2025	5/13/2030	$	1,564	$	(27)	$	(25)	0.00	%
3BC Matrix Acquisition, LLC	First lien senior secured term loan	S +	5.50%	9.22	%	5/13/2025	5/13/2030	4,765		4,679		4,686		0.20	%
626 Holdings Equity LLC	First lien senior secured delayed draw term loan	S +	6.00%	10.10	%	7/28/2023	2/14/2028	220		218		217		0.01	%
626 Holdings Equity LLC	First lien senior secured revolving loan	S +	6.00%	10.31	%	7/28/2023	2/14/2028	75		74		74		0.00	%
626 Holdings Equity LLC	First lien senior secured term loan	S +	6.00%	10.10	%	7/28/2023	2/14/2028	857		849		847		0.04	%
Alcresta Buyer, Inc (6)	First lien senior secured delayed draw term loan	S +	5.50%	9.29	%	12/4/2025	3/12/2031	36,279		(358)		(357)		(0.01)	%
Alcresta Buyer, Inc	First lien senior secured revolving loan	S +	5.50%	9.24	%	12/4/2025	3/12/2031	3,155		158		179		0.01	%
Alcresta Buyer, Inc	First lien senior secured term loan	S +	5.50%	9.29	%	12/4/2025	3/12/2031	28,105		27,675		27,826		1.17	%
EMSAR Acquisition LLC	First lien senior secured delayed draw term loan	S +	4.50% + 2.00% PIK	10.43	%	7/28/2023	9/30/2027	215		212		203		0.01	%
EMSAR Acquisition LLC	First lien senior secured revolving loan	S +	6.50%	10.43	%	7/28/2023	9/30/2027	134		132		126		0.01	%
EMSAR Acquisition LLC	First lien senior secured term loan	S +	4.50% + 2.00% PIK	10.43	%	10/13/2023	9/30/2027	1,042		1,036		983		0.04	%
Medical Technology Associates, LLC	First lien senior secured revolving loan	S +	5.50%	9.17	%	6/27/2025	7/25/2028	2,981		1,397		1,412		0.06	%
Medical Technology Associates, LLC	First lien senior secured term loan	S +	5.50%	9.17	%	12/5/2025	7/25/2028	28,278		27,923		28,098		1.18	%
Nasco Healthcare Inc.	First lien senior secured revolving loan	S +	5.75%	9.59	%	12/13/2024	6/30/2028	2,937		713		718		0.03	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Nasco Healthcare Inc.	First lien senior secured term loan	S +	5.75%	9.59	%	12/13/2024	6/30/2028	11,675		11,593		11,605		0.49	%
NWI Merger Sub, Inc (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.84	%	12/4/2024	12/4/2029	6,438		(101)		(93)		0.00	%
NWI Merger Sub, Inc (6)	First lien senior secured revolving loan	S +	5.00%	8.84	%	12/4/2024	12/4/2029	2,495		(39)		(36)		0.00	%
NWI Merger Sub, Inc	First lien senior secured term loan	S +	5.00%	8.84	%	12/4/2024	12/4/2029	16,784		16,527		16,540		0.69	%
SCA Buyer, LLC	First lien senior secured delayed draw term loan	S +	6.50%	10.60	%	2/26/2025	1/20/2027	275		270		245		0.01	%
SCA Buyer, LLC	First lien senior secured revolving loan	S +	6.50%	10.60	%	7/28/2023	1/20/2027	134		131		119		0.00	%
SCA Buyer, LLC	First lien senior secured term loan	S +	6.50%	10.60	%	12/16/2024	1/20/2027	739		725		659		0.03	%
SCA Buyer, LLC	First lien senior secured term loan	S +	6.50%	10.60	%	4/26/2024	1/20/2027	2,815		2,758		2,510		0.11	%
Spectrum Solutions, LLC (8)	First lien senior secured delayed draw term loan	18.00%		18.00	%	4/10/2025	3/5/2026	134		128		134		0.01	%
Spectrum Solutions, LLC (8)	First lien senior secured delayed draw term loan	18.00% PIK		18.00	%	5/3/2024	3/5/2026	269		260		267		0.01	%
Spectrum Solutions, LLC (8)	First lien senior secured delayed draw term loan	15.00% PIK		18.00	%	4/10/2025	3/5/2026	38		36		38		0.00	%
Spectrum Solutions, LLC (8)	First lien senior secured delayed draw term loan	15.00% PIK		15.00	%	7/28/2023	3/5/2026	135		121		—		0.00	%
Spectrum Solutions, LLC (8)	First lien senior secured revolving loan	S +	6.25%	10.28	%	7/28/2023	3/5/2026	304		191		(53)		0.00	%
Spectrum Solutions, LLC (8)	First lien senior secured term loan	S +	6.25%	10.18	%	7/28/2023	3/5/2026	644		584		89		0.00	%
Surplus Solutions, LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.92	%	9/30/2024	11/30/2027	4,648		3,204		3,195		0.13	%
Surplus Solutions, LLC (6)	First lien senior secured revolving loan	S +	5.25%	9.18	%	9/9/2025	11/30/2027	2,227		(31)		(25)		0.00	%
Surplus Solutions, LLC	First lien senior secured term loan	S +	5.25%	9.18	%	9/9/2025	11/30/2027	17,211		16,974		17,013		0.71	%
										118,012		117,194		4.94	%
Health care providers and services
ADVI Health, LLC (6)	First lien senior secured revolving loan	S +	6.50%	10.33	%	11/29/2022	11/29/2027	$	1,062	$	(10)	$	(10)	0.00	%
ADVI Health, LLC	First lien senior secured term loan	S +	6.50%	10.33	%	11/29/2022	11/29/2027	6,055		5,986		5,990		0.25	%
Advocate RCM Acquisition Corp (6)	First lien senior secured revolving loan	S +	6.25%	10.02	%	12/22/2023	12/22/2026	2,902		(17)		(16)		0.00	%
Advocate RCM Acquisition Corp	First lien senior secured term loan	S +	6.25%	10.02	%	12/22/2023	12/22/2026	18,226		18,109		18,114		0.76	%
Agility Intermediate, Inc	First lien senior secured delayed draw term loan	S +	7.00%	10.93	%	7/28/2023	4/15/2026	107		107		102		0.00	%
Agility Intermediate, Inc	First lien senior secured revolving loan	S +	7.00%	10.93	%	7/28/2023	4/15/2026	134		106		100		0.00	%
Agility Intermediate, Inc	First lien senior secured term loan	S +	7.00%	10.93	%	7/28/2023	4/15/2026	235		234		222		0.01	%
Aligned Dental Management Services, LLC	First lien senior secured delayed draw term loan	S +	5.25%	9.16	%	2/7/2025	2/7/2030	4,978		1,509		1,515		0.06	%
Aligned Dental Management Services, LLC	First lien senior secured revolving loan	S +	5.25%	9.76	%	2/7/2025	2/7/2030	1,523		889		891		0.04	%
Aligned Dental Management Services, LLC	First lien senior secured term loan	S +	5.25%	9.18	%	2/7/2025	2/7/2030	7,891		7,755		7,767		0.33	%
AMCP SAMGI Intermediate, Inc (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.67	%	12/12/2025	12/12/2031	12,910		(80)		(80)		0.00	%
AMCP SAMGI Intermediate, Inc (6)	First lien senior secured revolving loan	S +	5.00%	8.67	%	12/12/2025	12/12/2031	3,458		(43)		(43)		0.00	%
AMCP SAMGI Intermediate, Inc	First lien senior secured term loan	S +	5.00%	8.67	%	12/12/2025	12/12/2031	25,736		25,417		25,414		1.07	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)	Amortized Cost(4)	Fair Value	Percentage of Net Assets
AMCP Treatment Intermediate, LLC (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.67	%	8/29/2025	8/29/2031	6,608	(62)	(49)	0.00	%
AMCP Treatment Intermediate, LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.67	%	8/29/2025	8/29/2031	3,045	(58)	(53)	0.00	%
AMCP Treatment Intermediate, LLC	First lien senior secured term loan	S +	5.00%	8.67	%	8/29/2025	8/29/2031	17,796	17,454	17,487	0.73	%
American Family Care, LLC (6)	First lien senior secured delayed draw term loan	S +	4.75%	8.42	%	9/10/2025	2/28/2029	7,325	(33)	(53)	0.00	%
American Family Care, LLC	First lien senior secured delayed draw term loan	S +	4.75%	8.42	%	9/10/2025	2/28/2029	5,661	467	519	0.02	%
American Family Care, LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.42	%	9/10/2025	2/28/2029	4,912	(50)	(36)	0.00	%
American Family Care, LLC	First lien senior secured term loan	S +	4.75%	8.42	%	9/10/2025	2/28/2029	23,104	22,808	22,933	0.96	%
ARC Health OPCO, LLC	First lien senior secured delayed draw term loan	S +	4.75%	8.64	%	10/10/2025	10/10/2030	13,707	2,966	2,966	0.12	%
ARC Health OPCO, LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.42	%	10/10/2025	10/10/2030	2,560	(31)	(31)	0.00	%
ARC Health OPCO, LLC	First lien senior secured term loan	S +	4.75%	8.42	%	10/10/2025	10/10/2030	9,395	9,281	9,280	0.39	%
ASC Ortho Management Company, LLC (8)	First lien senior secured delayed draw term loan	S +	6.50% + 2.50% PIK	12.93	%	7/28/2023	12/31/2026	329	323	64	0.00	%
ASC Ortho Management Company, LLC (8)	First lien senior secured revolving loan	S +	9.00%	12.84	%	9/19/2025	12/31/2026	16	9	9	0.00	%
ASC Ortho Management Company, LLC (8)	First lien senior secured revolving loan	S +	9.00%	12.93	%	7/28/2023	12/31/2026	38	37	7	0.00	%
ASC Ortho Management Company, LLC (8)	First lien senior secured term loan	S +	6.50% + 2.50% PIK	12.93	%	7/28/2023	12/31/2026	521	507	101	0.00	%
Ascend Plastic Surgery Partners MSO LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.34	%	5/3/2024	5/3/2029	20,657	4,697	4,701	0.20	%
Ascend Plastic Surgery Partners MSO LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.17	%	5/3/2024	5/3/2029	4,197	(56)	(52)	0.00	%
Ascend Plastic Surgery Partners MSO LLC	First lien senior secured term loan	S +	5.50%	9.17	%	5/3/2024	5/3/2029	6,791	6,693	6,701	0.28	%
ASP Global Holdings, LLC	First lien senior secured delayed draw term loan	S +	5.25%	9.09	%	7/31/2024	7/31/2029	19,067	13,291	13,313	0.56	%
ASP Global Holdings, LLC	First lien senior secured revolving loan	S +	5.25%	9.06	%	7/31/2024	7/31/2029	6,555	5,368	5,376	0.23	%
ASP Global Holdings, LLC	First lien senior secured term loan	S +	5.25%	9.09	%	7/31/2024	7/31/2029	40,558	40,519	40,004	1.68	%
Beacon Oral Specialists Management LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.17	%	7/28/2023	12/14/2026	145	144	145	0.01	%
Beacon Oral Specialists Management LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.17	%	2/26/2025	12/14/2026	667	665	666	0.03	%
Beacon Oral Specialists Management LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.16	%	6/27/2025	12/14/2026	10,912	10,302	10,347	0.43	%
Beacon Oral Specialists Management LLC (6)	First lien senior secured delayed draw term loan	S +	5.50%	9.17	%	9/12/2025	12/14/2026	13,666	(39)	(15)	0.00	%
Beacon Oral Specialists Management LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.17	%	7/28/2023	12/14/2026	188	(1)	—	0.00	%
Beacon Oral Specialists Management LLC	First lien senior secured term loan	S +	5.50%	9.17	%	7/28/2023	12/14/2026	898	892	897	0.04	%
Beghou Consulting, LLC (22)	First lien senior secured revolving loan	S +	4.75%	8.42	%	7/28/2023	5/1/2028	2,714	385	386	0.02	%
Beghou Consulting, LLC	First lien senior secured term loan	S +	4.75%	8.42	%	7/28/2023	5/1/2028	15,080	14,832	14,839	0.62	%
BPCP EE Intermedco LLC	First lien senior secured delayed draw term loan	S +	6.25%	10.07	%	4/3/2023	4/3/2028	2,018	1,991	1,992	0.08	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)	Fair Value	Percentage of Net Assets
BPCP EE Intermedco LLC (6)	First lien senior secured revolving loan	S +	6.25%	10.07	%	4/3/2023	4/3/2028	2,244		(31)	(30)	0.00	%
BPCP EE Intermedco LLC	First lien senior secured term loan	S +	6.25%	10.07	%	4/3/2023	4/3/2028	6,363		6,265	6,267	0.26	%
Brightview, LLC	First lien senior secured delayed draw term loan	S +	5.75%	9.58	%	7/28/2023	12/14/2026	47		47	47	0.00	%
Brightview, LLC	First lien senior secured revolving loan	S +	5.75%	9.58	%	7/28/2023	12/14/2026	52		41	42	0.00	%
Brightview, LLC	First lien senior secured term loan	S +	5.75%	9.58	%	2/26/2025	12/14/2026	671		670	669	0.03	%
Canadian Orthodontic Partners Corp (7)(8)	First lien senior secured delayed draw term loan	17.00%		17.00	%	2/26/2025	12/31/2026	C$	35	17	16	0.00	%
Canadian Orthodontic Partners Corp (7)(8)	First lien senior secured delayed draw term loan	T +	9.00%	11.62	%	2/26/2025	12/31/2026	C$	29	1	(14)	0.00	%
Canadian Orthodontic Partners Corp (7)(8)	First lien senior secured delayed draw term loan	T +	9.00% PIK	11.62	%	7/28/2023	3/19/2026	C$	372	258	73	0.00	%
Canadian Orthodontic Partners Corp (8)	First lien senior secured revolving loan	T +	9.00%	12.93	%	7/28/2023	12/31/2026	C$	151	137	41	0.00	%
Canadian Orthodontic Partners Corp (7)(8)	First lien senior secured revolving loan	T +	9.00%	11.62	%	7/28/2023	12/31/2026	C$	264	184	52	0.00	%
Canadian Orthodontic Partners Corp (7)(8)	First lien senior secured revolving loan	T +	9.00% PIK	12.93	%	7/28/2023	12/31/2026	C$	101	134	20	0.00	%
Canadian Orthodontic Partners Corp (7)(8)	First lien senior secured term loan	T +	9.00%	11.62	%	2/26/2025	12/31/2026	C$	307	202	60	0.00	%
Change Academy at Lake of the Ozarks, LLC	First lien senior secured revolving loan	S +	5.25%	9.07	%	7/28/2023	2/2/2029	5,898		2,959	2,980	0.12	%
Change Academy at Lake of the Ozarks, LLC	First lien senior secured term loan	S +	5.25%	9.07	%	7/28/2023	2/2/2029	31,320		30,841	31,069	1.30	%
Change Academy at Lake of the Ozarks, LLC	First lien senior secured term loan	S +	5.25%	9.07	%	5/16/2025	2/2/2029	3,546		3,510	3,518	0.15	%
CNS Purchaser, LLC (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.67	%	12/30/2024	12/30/2029	11,025		(66)	(46)	0.00	%
CNS Purchaser, LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.67	%	12/30/2024	12/30/2029	4,246		(51)	(45)	0.00	%
CNS Purchaser, LLC	First lien senior secured term loan	S +	5.00%	8.67	%	12/30/2024	12/30/2029	38,202		37,725	37,788	1.58	%
Community Care Partners, LLC	First lien senior secured delayed draw term loan	S +	6.00%	9.83	%	7/28/2023	6/10/2026	162		162	161	0.01	%
Community Care Partners, LLC	First lien senior secured revolving loan	S +	6.00%	9.83	%	7/28/2023	6/10/2026	75		75	75	0.00	%
Community Care Partners, LLC	First lien senior secured term loan	S +	6.00%	9.83	%	7/28/2023	6/10/2026	925		924	920	0.04	%
DASCO HME, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.17	%	6/6/2025	6/6/2030	5,344		414	422	0.02	%
DASCO HME, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.17	%	6/6/2025	6/6/2030	3,044		(47)	(43)	0.00	%
DASCO HME, LLC	First lien senior secured term loan	S +	5.50%	9.17	%	6/6/2025	6/6/2030	17,731		17,453	17,482	0.73	%
Dermatology Medical Partners OpCo LLC	First lien senior secured delayed draw term loan	S +	6.50%	10.43	%	7/28/2023	10/29/2026	64		64	64	0.00	%
Dermatology Medical Partners OpCo LLC	First lien senior secured revolving loan	S +	6.50%	10.43	%	7/28/2023	10/29/2026	38		29	29	0.00	%
Dermatology Medical Partners OpCo LLC	First lien senior secured term loan	S +	6.50%	10.43	%	7/28/2023	10/29/2026	257		256	255	0.01	%
EH Management Company, LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.47	%	12/30/2025	7/15/2028	2,505		(15)	(15)	0.00	%
EH Management Company, LLC	First lien senior secured term loan	S +	4.75%	8.47	%	12/30/2025	7/15/2028	23,784		23,643	23,643	0.99	%
Endodontic Practice Partners, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.17	%	7/28/2023	11/2/2027	16,616		16,460	16,472	0.69	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)	Amortized Cost(4)	Fair Value	Percentage of Net Assets
Endodontic Practice Partners, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.17	%	4/9/2024	11/2/2027	13,725	6,761	6,786	0.28	%
Endodontic Practice Partners, LLC (6)	First lien senior secured delayed draw term loan	S +	5.50%	9.17	%	2/14/2025	11/2/2027	4,130	(35)	(35)	0.00	%
Endodontic Practice Partners, LLC	First lien senior secured revolving loan	S +	5.50%	9.17	%	7/28/2023	11/2/2027	1,956	763	765	0.03	%
Endodontic Practice Partners, LLC	First lien senior secured term loan	S +	5.50%	9.17	%	7/28/2023	11/2/2027	15,120	14,954	14,989	0.63	%
First Steps Recovery Acquisition, LLC (6)	First lien senior secured delayed draw term loan	S +	4.75%	8.62	%	11/18/2025	11/18/2030	18,828	(116)	(116)	0.00	%
First Steps Recovery Acquisition, LLC	First lien senior secured revolving loan	S +	4.75%	8.62	%	11/18/2025	11/18/2030	4,476	840	840	0.04	%
First Steps Recovery Acquisition, LLC	First lien senior secured term loan	S +	4.75%	8.62	%	11/18/2025	11/18/2030	15,240	15,054	15,052	0.63	%
FYZICAL Buyer, LLC	First lien senior secured revolving loan	S +	5.50%	9.22	%	6/26/2024	6/26/2028	2,710	1,575	1,578	0.07	%
FYZICAL Buyer, LLC	First lien senior secured term loan	S +	5.50%	9.22	%	6/26/2024	6/26/2028	18,719	18,513	18,541	0.78	%
Geriatric Medical and Surgical Supply, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.17	%	7/28/2023	6/21/2027	300	—	—	0.00	%
Geriatric Medical and Surgical Supply, LLC	First lien senior secured term loan	S +	5.50%	9.17	%	2/26/2025	6/21/2027	19,722	19,565	19,714	0.83	%
Golden Bear PT Partners, LLC	First lien senior secured delayed draw term loan	S +	6.00%	9.93	%	2/26/2025	10/22/2026	172	171	171	0.01	%
Golden Bear PT Partners, LLC	First lien senior secured revolving loan	S +	6.00%	9.91	%	7/28/2023	10/22/2026	38	20	20	0.00	%
Golden Bear PT Partners, LLC	First lien senior secured term loan	S +	6.00%	9.93	%	7/28/2023	10/22/2026	1,476	1,465	1,464	0.06	%
Guardian Dentistry Practice Management, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.33	%	7/28/2023	8/20/2026	49	49	49	0.00	%
Guardian Dentistry Practice Management, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.33	%	2/26/2025	8/20/2026	315	315	314	0.01	%
Guardian Dentistry Practice Management, LLC	First lien senior secured revolving loan	P +	4.50%	11.25	%	4/30/2024	8/20/2027	4,188	811	815	0.03	%
Guardian Dentistry Practice Management, LLC	First lien senior secured term loan	S +	5.50%	9.33	%	7/28/2023	8/20/2027	380	379	378	0.02	%
H2 Holdco, Inc	First lien senior secured delayed draw term loan	S +	6.00%	10.30	%	7/28/2023	5/5/2028	7,145	7,014	7,074	0.30	%
H2 Holdco, Inc	First lien senior secured delayed draw term loan	S +	6.00%	10.13	%	6/25/2024	5/5/2028	18,883	14,154	14,179	0.59	%
H2 Holdco, Inc (6)	First lien senior secured delayed draw term loan	S +	6.00%	10.10	%	12/20/2024	5/5/2028	7,560	(89)	(75)	0.00	%
H2 Holdco, Inc (23)	First lien senior secured revolving loan	S +	6.00%	10.26	%	7/28/2023	5/5/2028	2,544	1,477	1,498	0.06	%
H2 Holdco, Inc	First lien senior secured term loan	S +	6.00%	10.30	%	7/28/2023	5/5/2028	17,791	17,429	17,614	0.74	%
H2 Holdco, Inc	First lien senior secured term loan	S +	6.00%	10.10	%	12/20/2024	5/5/2028	898	888	889	0.04	%
IMA Group Management Company, LLC	First lien senior secured delayed draw term loan	S +	6.75%	10.47	%	7/28/2023	6/30/2028	10	10	10	0.00	%
IMA Group Management Company, LLC (6)	First lien senior secured delayed draw term loan	S +	6.75%	10.58	%	9/25/2025	6/30/2028	4,088	(32)	(25)	0.00	%
IMA Group Management Company, LLC	First lien senior secured revolving loan	S +	6.75%	10.59	%	7/28/2023	6/30/2028	35	17	17	0.00	%
IMA Group Management Company, LLC	First lien senior secured term loan	S +	6.75%	10.58	%	9/25/2025	6/30/2028	1,542	1,524	1,532	0.06	%
Innovate 32 Services, LLC (6)	First lien senior secured delayed draw term loan	S +	4.75%	8.59	%	10/29/2025	10/29/2031	19,773	(120)	(120)	(0.01)	%
Innovate 32 Services, LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.59	%	10/29/2025	10/29/2031	2,436	(30)	(30)	0.00	%
Innovate 32 Services, LLC	First lien senior secured term loan	S +	4.75%	8.59	%	10/29/2025	10/29/2031	6,539	6,459	6,458	0.27	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)	Amortized Cost(4)	Fair Value	Percentage of Net Assets
Inreach Intermediate Holdings II, LLC (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.74	%	12/11/2025	12/11/2030	5,033	(37)	(37)	0.00	%
Inreach Intermediate Holdings II, LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.74	%	12/11/2025	12/11/2030	1,700	(25)	(25)	0.00	%
Inreach Intermediate Holdings II, LLC	First lien senior secured term loan	S +	5.00%	8.74	%	12/11/2025	12/11/2030	10,020	9,872	9,870	0.41	%
IPC Pain Acquisition, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.22	%	7/28/2023	5/19/2027	9,756	9,720	9,708	0.41	%
IPC Pain Acquisition, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.23	%	7/28/2023	5/19/2027	1,140	(6)	(6)	0.00	%
IPC Pain Acquisition, LLC	First lien senior secured term loan	S +	5.50%	9.23	%	12/22/2025	5/19/2027	2,641	2,628	2,628	0.11	%
IPC Pain Acquisition, LLC	First lien senior secured term loan	S +	5.50%	9.22	%	2/26/2025	5/19/2027	2,872	2,854	2,858	0.12	%
MS Pain, LLC (6)	First lien senior secured delayed draw term loan	S +	5.50%	9.17	%	12/4/2024	12/4/2029	6,038	(95)	(87)	0.00	%
MS Pain, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.17	%	12/4/2024	12/4/2029	861	(14)	(13)	0.00	%
MS Pain, LLC	First lien senior secured term loan	S +	5.50%	9.17	%	12/4/2024	12/4/2029	3,347	3,293	3,296	0.14	%
MWEC Management, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.22	%	2/14/2023	2/14/2028	1,422	425	432	0.02	%
MWEC Management, LLC (6)	First lien senior secured delayed draw term loan	S +	5.50%	9.22	%	7/3/2024	2/14/2028	2,532	(22)	(20)	0.00	%
MWEC Management, LLC	First lien senior secured revolving loan	S +	5.50%	9.22	%	2/14/2023	2/14/2028	1,924	1,240	1,251	0.05	%
MWEC Management, LLC	First lien senior secured term loan	S +	5.50%	9.22	%	2/26/2025	2/14/2028	14,733	14,520	14,617	0.61	%
Network Partners Acquisitions, LLC (6)	First lien senior secured revolving loan	S +	6.00%	9.93	%	7/28/2023	12/30/2026	38	—	—	0.00	%
Network Partners Acquisitions, LLC	First lien senior secured term loan	S +	6.00%	9.93	%	7/28/2023	12/30/2026	158	158	157	0.01	%
New SEES Holdings, LLC	First lien senior secured term loan	S +	7.25%	10.92	%	10/31/2025	6/30/2028	5,751	4,414	5,446	0.23	%
OneCare LTC, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.35	%	11/14/2025	11/14/2028	2,121	(25)	(25)	0.00	%
OneCare LTC, LLC	First lien senior secured term loan	S +	5.50%	9.35	%	11/14/2025	11/14/2028	18,270	18,049	18,046	0.76	%
P1 DENTAL MSO, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.67	%	1/31/2025	1/31/2030	5,102	2,464	2,471	0.10	%
P1 DENTAL MSO, LLC	First lien senior secured revolving loan	S +	5.00%	8.79	%	1/31/2025	1/31/2030	1,522	584	586	0.02	%
P1 DENTAL MSO, LLC	First lien senior secured term loan	S +	5.00%	8.84	%	1/31/2025	1/31/2030	19,019	18,708	18,730	0.79	%
Peak Dental Services, LLC	First lien senior secured delayed draw term loan	S +	6.75%	11.16	%	2/26/2025	3/31/2026	57	57	55	0.00	%
Peak Dental Services, LLC	First lien senior secured delayed draw term loan	S +	6.75%	10.84	%	7/28/2023	3/31/2026	511	510	498	0.02	%
Peak Dental Services, LLC	First lien senior secured revolving loan	S +	6.75%	10.68	%	7/28/2023	3/31/2026	133	66	63	0.00	%
Peak Dental Services, LLC	First lien senior secured term loan	S +	6.75%	10.72	%	10/3/2025	3/31/2026	626	624	611	0.03	%
Peak Investment Holdings, LLC	First lien senior secured revolving loan	S +	0.50% + 7.50% PIK	11.93	%	7/28/2023	12/31/2026	355	288	283	0.01	%
Peak Investment Holdings, LLC	First lien senior secured term loan	S +	7.50% PIK	11.43	%	2/26/2025	12/31/2026	1,332	1,331	1,304	0.05	%
PharmaForceIQ INC. (6)	First lien senior secured revolving loan	S +	5.25%	9.09	%	8/2/2024	8/2/2029	2,093	(30)	(26)	0.00	%
PharmaForceIQ INC.	First lien senior secured term loan	S +	5.25%	9.09	%	10/31/2025	8/2/2029	14,737	14,523	14,558	0.61	%
PRM Management Company, LLC (6)	First lien senior secured delayed draw term loan	S +	6.75%	10.69	%	1/25/2024	1/25/2029	1,180	(22)	(22)	0.00	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)	Amortized Cost(4)	Fair Value	Percentage of Net Assets
PRM Management Company, LLC (6)	First lien senior secured revolving loan	S +	6.75%	10.69	%	1/25/2024	1/25/2029	789	(15)	(14)	0.00	%
PRM Management Company, LLC	First lien senior secured term loan	S +	6.75%	10.69	%	1/25/2024	1/25/2029	4,035	3,950	3,952	0.17	%
Purpose Home Health Acquisition, LLC	First lien senior secured delayed draw term loan	S +	5.75%	9.95	%	12/23/2024	11/3/2027	9,069	952	961	0.04	%
Purpose Home Health Acquisition, LLC	First lien senior secured delayed draw term loan	S +	5.75%	9.74	%	3/8/2024	11/3/2027	8,000	7,929	7,943	0.33	%
Purpose Home Health Acquisition, LLC	First lien senior secured delayed draw term loan	S +	5.75%	9.41	%	7/28/2023	11/3/2027	6,695	6,626	6,648	0.28	%
Purpose Home Health Acquisition, LLC (6)	First lien senior secured revolving loan	S +	5.75%	9.45	%	7/28/2023	11/3/2027	1,956	(20)	(14)	0.00	%
Purpose Home Health Acquisition, LLC	First lien senior secured term loan	S +	5.75%	9.45	%	2/26/2025	11/3/2027	17,333	17,159	17,210	0.72	%
RQM Buyer, Inc	First lien senior secured delayed draw term loan	S +	2.00% + 4.75% PIK	10.68	%	2/26/2025	8/12/2026	86	85	63	0.00	%
RQM Buyer, Inc	First lien senior secured revolving loan	S +	2.00% + 4.75% PIK	10.68	%	7/28/2023	8/12/2026	130	128	95	0.00	%
RQM Buyer, Inc	First lien senior secured term loan	S +	2.00% + 4.75% PIK	10.68	%	7/28/2023	8/12/2026	1,732	1,715	1,270	0.05	%
RQM Buyer, Inc	First lien senior secured term loan	S +	2.00% + 4.75% PIK	10.68	%	2/26/2025	8/12/2026	52	52	38	0.00	%
Sage Dental Management, LLC	First lien senior secured delayed draw term loan	S +	4.75%	8.42	%	12/15/2025	12/15/2031	11,178	46	49	0.00	%
Sage Dental Management, LLC	First lien senior secured revolving loan	S +	4.75%	8.42	%	12/15/2025	12/15/2031	8,220	1,337	1,337	0.06	%
Sage Dental Management, LLC	First lien senior secured term loan	S +	4.75%	8.42	%	12/15/2025	12/15/2031	57,663	56,943	56,943	2.39	%
SCP ENT and Allergy Services, LLC	First lien senior secured delayed draw term loan	S +	6.00%	9.93	%	7/28/2023	3/25/2027	154	153	154	0.01	%
SCP ENT and Allergy Services, LLC	First lien senior secured revolving loan	S +	6.00%	9.93	%	7/28/2023	3/25/2027	256	190	191	0.01	%
SCP ENT and Allergy Services, LLC	First lien senior secured term loan	S +	6.00%	9.98	%	7/16/2025	3/25/2027	922	919	921	0.04	%
SCP ENT and Allergy Services, LLC	First lien senior secured term loan	S +	6.00%	9.98	%	2/26/2025	3/25/2027	2,698	2,681	2,695	0.11	%
SCP OMS Services, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.69	%	3/7/2025	3/7/2030	9,961	3,762	3,796	0.16	%
SCP OMS Services, LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.67	%	3/7/2025	3/7/2030	2,645	(33)	(29)	0.00	%
SCP OMS Services, LLC	First lien senior secured term loan	S +	5.00%	8.67	%	3/7/2025	3/7/2030	5,653	5,581	5,590	0.23	%
Signature Dental Partners LLC	First lien senior secured delayed draw term loan	S +	5.75%	9.58	%	7/28/2023	10/29/2026	174	173	173	0.01	%
Signature Dental Partners LLC	First lien senior secured delayed draw term loan	S +	5.75%	9.58	%	4/22/2024	10/29/2026	17,129	14,074	14,063	0.59	%
Signature Dental Partners LLC	First lien senior secured revolving loan	S +	5.75%	11.09	%	7/28/2023	10/29/2026	38	28	28	0.00	%
Signature Dental Partners LLC	First lien senior secured term loan	S +	5.75%	9.58	%	4/22/2024	10/29/2026	4,220	4,196	4,195	0.18	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)	Amortized Cost(4)	Fair Value	Percentage of Net Assets
Signature MD, Inc	First lien senior secured delayed draw term loan	S +	5.75%	9.42	%	7/15/2024	7/15/2027	6,932	4,892	4,897	0.21	%
Signature MD, Inc (6)	First lien senior secured revolving loan	S +	5.75%	9.42	%	7/15/2024	7/15/2027	3,297	(21)	(19)	0.00	%
Signature MD, Inc	First lien senior secured term loan	S +	5.75%	9.42	%	7/15/2024	7/15/2027	18,164	18,032	18,056	0.76	%
Silver Falls MSO, LLC (6)	First lien senior secured delayed draw term loan	S +	5.50%	9.36	%	10/22/2025	12/31/2028	4,305	(37)	(37)	0.00	%
Silver Falls MSO, LLC	First lien senior secured revolving loan	S +	5.50%	10.62	%	10/22/2025	12/31/2028	1,523	444	444	0.02	%
Silver Falls MSO, LLC	First lien senior secured term loan	S +	5.50%	9.36	%	10/22/2025	12/31/2028	10,512	10,418	10,422	0.44	%
SimiTree Acquisition, LLC	First lien senior secured delayed draw term loan	S +	5.25% + 1.75% PIK	11.10	%	7/28/2023	5/17/2026	4	4	4	0.00	%
SimiTree Acquisition, LLC	First lien senior secured delayed draw term loan	S +	5.25% + 1.75% PIK	11.10	%	2/26/2025	5/17/2026	886	884	881	0.04	%
SimiTree Acquisition, LLC	First lien senior secured revolving loan	S +	7.00%	11.10	%	7/28/2023	5/17/2026	178	49	49	0.00	%
SimiTree Acquisition, LLC	First lien senior secured term loan	S +	5.25% + 1.75% PIK	11.10	%	2/26/2025	5/17/2026	1,239	1,236	1,232	0.05	%
SIMKO Merger Sub LLC	First lien senior secured delayed draw term loan	S +	6.00%	9.93	%	7/28/2023	4/7/2027	180	178	178	0.01	%
SIMKO Merger Sub LLC	First lien senior secured delayed draw term loan	S +	6.00%	10.01	%	9/19/2023	4/7/2027	6,735	6,671	6,673	0.28	%
SIMKO Merger Sub LLC	First lien senior secured revolving loan	S +	6.00%	10.01	%	7/28/2023	4/7/2027	56	28	28	0.00	%
SIMKO Merger Sub LLC	First lien senior secured term loan	S +	6.00%	9.93	%	7/28/2023	4/7/2027	638	632	632	0.03	%
Southeast Primary Care Partners, LLC (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.71	%	12/16/2025	12/30/2027	508	(4)	(4)	0.00	%
Southeast Primary Care Partners, LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.71	%	12/16/2025	12/30/2027	225	(2)	(2)	0.00	%
Southeast Primary Care Partners, LLC	First lien senior secured term loan	S +	5.00%	8.71	%	12/16/2025	12/30/2027	838	831	831	0.03	%
Southern Orthodontic Partners Management, LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.92	%	7/28/2023	7/27/2026	185	185	185	0.01	%
Southern Orthodontic Partners Management, LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.92	%	5/17/2024	7/27/2026	7,112	7,094	7,108	0.30	%
Southern Orthodontic Partners Management, LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.92	%	6/26/2025	7/27/2026	8,257	3,548	3,558	0.15	%
Southern Orthodontic Partners Management, LLC	First lien senior secured revolving loan	S +	5.25%	8.94	%	7/28/2023	7/27/2026	171	21	21	0.00	%
Southern Orthodontic Partners Management, LLC	First lien senior secured term loan	S +	5.25%	8.92	%	5/17/2024	7/27/2026	2,993	2,986	2,991	0.13	%
Southern Sports Medicine Partners, LLC	First lien senior secured revolving loan	S +	8.00% PIK	12.10	%	7/28/2023	2/23/2027	63	34	33	0.00	%
Southern Sports Medicine Partners, LLC	First lien senior secured term loan	S +	8.00% PIK	12.10	%	7/28/2023	2/23/2027	742	728	716	0.03	%
Spa Medicca, LLC (6)	First lien senior secured delayed draw term loan	S +	5.50%	9.34	%	8/8/2025	8/8/2030	5,576	(103)	(94)	0.00	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)	Amortized Cost(4)	Fair Value	Percentage of Net Assets
Spa Medicca, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.34	%	8/8/2025	8/8/2030	1,624	(30)	(27)	0.00	%
Spa Medicca, LLC	First lien senior secured term loan	S +	5.50%	9.34	%	8/8/2025	8/8/2030	4,820	4,729	4,737	0.20	%
Spear Education Holdings, LLC	First lien senior secured revolving loan	S +	5.25%	9.07	%	6/26/2024	12/15/2028	7,290	3,439	3,448	0.14	%
Spear Education Holdings, LLC	First lien senior secured term loan	S +	5.25%	9.07	%	6/26/2024	12/15/2028	46,906	46,473	46,556	1.95	%
Star Dental Partners LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.22	%	12/22/2023	12/22/2028	10,903	10,720	10,777	0.45	%
Star Dental Partners LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.22	%	11/8/2024	12/22/2028	12,069	5,984	5,997	0.25	%
Star Dental Partners LLC	First lien senior secured revolving loan	S +	5.50%	9.22	%	12/22/2023	12/22/2028	1,451	846	854	0.04	%
Star Dental Partners LLC	First lien senior secured term loan	S +	5.50%	9.22	%	11/8/2024	12/22/2028	15,075	14,828	14,901	0.62	%
The Chempetitve Group, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.22	%	3/22/2024	3/22/2029	11,983	1,323	1,335	0.06	%
The Chempetitve Group, LLC	First lien senior secured revolving loan	S +	5.50%	9.22	%	3/22/2024	3/22/2029	3,414	297	301	0.01	%
The Chempetitve Group, LLC	First lien senior secured term loan	S +	5.50%	9.22	%	2/26/2025	3/22/2029	13,534	13,339	13,356	0.56	%
Therapy2000 Acquisition, LLC (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.67	%	9/12/2025	9/12/2030	5,232	(31)	(19)	0.00	%
Therapy2000 Acquisition, LLC	First lien senior secured revolving loan	S +	5.00%	8.67	%	9/12/2025	9/12/2030	2,258	575	580	0.02	%
Therapy2000 Acquisition, LLC	First lien senior secured term loan	S +	5.00%	8.67	%	9/12/2025	9/12/2030	10,072	9,951	9,971	0.42	%
Transitions Intermediate Holdings, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	9.72	%	10/25/2024	10/25/2027	687	(8)	(5)	0.00	%
Transitions Intermediate Holdings, LLC (6)	First lien senior secured revolving loan	S +	6.00%	9.72	%	12/19/2025	10/25/2027	2,097	(19)	(15)	0.00	%
Transitions Intermediate Holdings, LLC	First lien senior secured term loan	S +	6.00%	9.72	%	12/19/2025	10/25/2027	10,483	10,367	10,409	0.44	%
US Foot and Ankle Specialists, LLC	First lien senior secured delayed draw term loan	S +	5.75%	9.68	%	2/26/2025	9/15/2026	13,894	13,846	13,851	0.58	%
US Foot and Ankle Specialists, LLC (6)	First lien senior secured revolving loan	S +	5.75%	9.68	%	9/15/2022	9/15/2026	2,699	(10)	(9)	0.00	%
US Foot and Ankle Specialists, LLC	First lien senior secured term loan	S +	5.75%	9.68	%	2/26/2025	9/15/2026	19,274	19,188	19,190	0.80	%
Varsity DuvaSawko Operating Corp (24)	First lien senior secured revolving loan	S +	5.00%	8.84	%	8/27/2025	5/27/2027	4,568	1,512	1,520	0.06	%
Varsity DuvaSawko Operating Corp	First lien senior secured term loan	S +	5.00%	8.84	%	8/27/2025	5/27/2027	44,836	44,744	44,819	1.88	%
Varsity Rejuvenate Management, LLC	First lien senior secured delayed draw term loan	S +	6.75%	10.57	%	12/29/2023	9/1/2028	3,258	3,204	3,206	0.13	%
Varsity Rejuvenate Management, LLC (6)	First lien senior secured revolving loan	S +	6.75%	10.57	%	12/29/2023	9/1/2028	1,245	(22)	(20)	0.00	%
Varsity Rejuvenate Management, LLC	First lien senior secured term loan	S +	6.75%	10.57	%	2/26/2025	9/1/2028	5,898	5,790	5,805	0.24	%
VersiCare Management LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.99	%	11/25/2024	11/25/2029	4,529	623	629	0.03	%
VersiCare Management LLC	First lien senior secured revolving loan	S +	5.25%	9.11	%	11/25/2024	11/25/2029	1,505	538	541	0.02	%
VersiCare Management LLC	First lien senior secured term loan	S +	5.25%	8.92	%	11/25/2024	11/25/2029	7,771	7,640	7,652	0.32	%
VetEvolve Holdings, LLC	First lien senior secured delayed draw term loan	S +	5.75%	9.47	%	10/12/2023	10/12/2028	11,527	11,355	11,363	0.48	%
VetEvolve Holdings, LLC	First lien senior secured delayed draw term loan	S +	5.75%	9.47	%	7/8/2025	10/12/2028	16,520	4,281	4,312	0.18	%
VetEvolve Holdings, LLC (6)	First lien senior secured revolving loan	S +	5.75%	9.59	%	10/12/2023	10/12/2028	3,067	(46)	(22)	0.00	%
VetEvolve Holdings, LLC	First lien senior secured term loan	S +	5.75%	9.59	%	7/8/2025	10/12/2028	11,587	11,406	11,505	0.48	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Vital Geriatrics Group Buyer, Inc (6)	First lien senior secured revolving loan	S +	4.75%	8.59	%	8/15/2025	8/15/2031	2,408		(34)		(29)		0.00	%
Vital Geriatrics Group Buyer, Inc	First lien senior secured term loan	S +	4.75%	8.59	%	8/15/2025	8/15/2031	10,568		10,414		10,437		0.44	%
Western Veterinary Partners LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.92	%	7/28/2023	10/29/2027	315		312		312		0.01	%
Western Veterinary Partners LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.92	%	2/26/2025	10/29/2027	24,401		24,184		24,217		1.02	%
Western Veterinary Partners LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.95	%	11/14/2025	10/29/2027	6,411		1,776		1,787		0.07	%
Western Veterinary Partners LLC (6)	First lien senior secured revolving loan	S +	5.25%	8.92	%	7/28/2023	10/29/2027	24		—		—		0.00	%
Western Veterinary Partners LLC	First lien senior secured term loan	S +	5.25%	8.92	%	9/27/2024	10/29/2027	9,300		9,214		9,230		0.39	%
										1,071,398		1,072,428		44.98	%
Health care technology
AHR Intermediate, Inc	First lien senior secured delayed draw term loan	S +	5.75%	9.42	%	7/28/2023	7/29/2027	$	5,190	$	5,165	$	5,172	0.22	%
AHR Intermediate, Inc	First lien senior secured delayed draw term loan	S +	5.75%	9.42	%	12/16/2024	7/29/2027	7,892		737		759		0.03	%
AHR Intermediate, Inc (6)	First lien senior secured delayed draw term loan	S +	5.75%	9.42	%	5/19/2025	7/29/2027	871		(3)		(3)		0.00	%
AHR Intermediate, Inc	First lien senior secured revolving loan	S +	5.50%	9.19	%	5/19/2025	7/29/2027	9,888		1,129		1,152		0.05	%
AHR Intermediate, Inc	First lien senior secured term loan	S +	5.75%	9.42	%	2/26/2025	7/29/2027	31,694		31,541		31,585		1.32	%
ELMC RX Solutions, LLC (6)	First lien senior secured delayed draw term loan	S +	5.50%	9.17	%	10/1/2025	10/1/2030	4,305		(73)		(65)		0.00	%
ELMC RX Solutions, LLC	First lien senior secured revolving loan	S +	5.50%	9.36	%	10/1/2025	10/1/2030	914		91		93		0.00	%
ELMC RX Solutions, LLC	First lien senior secured term loan	S +	5.50%	9.17	%	10/1/2025	10/1/2030	3,584		3,523		3,530		0.15	%
Gifthealth, Inc. (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.84	%	7/29/2025	7/29/2028	7,994		(34)		(19)		0.00	%
Gifthealth, Inc. (6)	First lien senior secured revolving loan	S +	5.00%	8.84	%	7/29/2025	7/29/2028	2,841		(24)		(20)		0.00	%
Gifthealth, Inc.	First lien senior secured term loan	S +	5.00%	8.84	%	7/29/2025	7/29/2028	9,272		9,187		9,206		0.39	%
Millennia Patient Services, LLC	First lien senior secured revolving loan	S +	6.00%	9.93	%	7/28/2023	9/8/2027	134		53		53		0.00	%
Millennia Patient Services, LLC	First lien senior secured term loan	S +	6.00%	9.93	%	10/1/2025	9/8/2027	1,677		1,669		1,666		0.07	%
										52,961		53,109		2.23	%
Household durables
CPS Power Buyer, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.17	%	9/26/2022	9/26/2027	$	2,947	$	2,915	$	2,940	0.12	%
CPS Power Buyer, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.17	%	10/20/2023	9/26/2027	2,291		2,273		2,286		0.10	%
CPS Power Buyer, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.22	%	9/30/2025	9/26/2027	8,788		4,795		4,811		0.20	%
CPS Power Buyer, LLC (25)	First lien senior secured revolving loan	S +	5.50%	9.25	%	9/30/2025	9/26/2027	4,406		1,016		1,046		0.04	%
CPS Power Buyer, LLC	First lien senior secured term loan	S +	5.50%	9.17	%	9/30/2025	9/26/2027	19,664		19,459		19,614		0.82	%
Kravet Design LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.67	%	11/26/2024	11/26/2030	4,349		(53)		(46)		0.00	%
Kravet Design LLC	First lien senior secured term loan	S +	5.00%	8.67	%	11/26/2024	11/26/2030	18,636		18,393		18,425		0.77	%
Kwalu, LLC	First lien senior secured revolving loan	S +	5.75%	10.13	%	9/23/2022	9/23/2027	5,061		1,644		1,661		0.07	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Kwalu, LLC	First lien senior secured term loan	S +	5.75%	9.77	%	12/31/2024	9/23/2027	29,967		29,699		29,815		1.25	%
MacKenzie Childs Acquisition, Inc (6)	First lien senior secured revolving loan	S +	5.50%	9.49	%	9/2/2022	9/2/2027	3,374		(17)		(15)		0.00	%
MacKenzie Childs Acquisition, Inc	First lien senior secured term loan	S +	5.50%	9.32	%	9/2/2022	9/2/2027	15,633		15,552		15,560		0.65	%
Renovation Systems, LLC	First lien senior secured delayed draw term loan	S +	6.00%	9.67	%	1/12/2024	1/23/2028	1,972		1,945		1,956		0.08	%
Renovation Systems, LLC	First lien senior secured delayed draw term loan	S +	6.00%	9.67	%	1/23/2023	1/23/2028	5,684		5,593		5,639		0.24	%
Renovation Systems, LLC	First lien senior secured delayed draw term loan	S +	6.00%	9.67	%	7/29/2024	1/23/2028	5,695		5,625		5,650		0.24	%
Renovation Systems, LLC	First lien senior secured delayed draw term loan	S +	6.00%	10.08	%	11/27/2024	1/23/2028	3,559		2,195		2,199		0.09	%
Renovation Systems, LLC	First lien senior secured revolving loan	S +	6.00%	9.88	%	1/12/2024	1/23/2028	2,633		2,591		2,612		0.11	%
Renovation Systems, LLC	First lien senior secured term loan	S +	6.00%	9.67	%	11/27/2024	1/23/2028	32,368		31,916		32,112		1.35	%
Storm Smart Buyer LLC	First lien senior secured revolving loan	S +	5.00%	8.67	%	12/31/2025	10/5/2028	131		64		64		0.00	%
Storm Smart Buyer LLC	First lien senior secured term loan	S +	5.00%	8.67	%	12/31/2025	10/5/2028	882		874		874		0.04	%
Trademark Global, LLC	First lien senior secured revolving loan	S +	8.50%	12.43	%	7/28/2023	6/30/2027	113		87		19		0.00	%
Trademark Global, LLC	First lien senior secured revolving loan	S +	8.50% PIK	12.43	%	7/28/2023	6/30/2027	35		32		11		0.00	%
Trademark Global, LLC	First lien senior secured term loan	S +	8.50%	12.43	%	7/28/2023	6/30/2027	2,465		2,216		809		0.03	%
										148,814		148,042		6.20	%
Industrial Conglomerates
Hultec Buyer, LLC	First lien senior secured revolving loan	S +	5.50%	9.46	%	7/28/2023	3/31/2029	$	3,915	$	3,140	$	3,142	0.13	%
Hultec Buyer, LLC	First lien senior secured term loan	S +	5.50%	9.32	%	7/28/2023	3/31/2029	14,126		13,838		13,854		0.58	%
										16,978		16,996		0.71	%
Insurance
Superior Insurance Partners LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.75	%	10/25/2024	10/25/2029	$	15,177	$	10,877	$	10,897	0.46	%
Superior Insurance Partners LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.70	%	10/25/2024	10/25/2029	1,347		(21)		(19)		0.00	%
Superior Insurance Partners LLC	First lien senior secured term loan	S +	5.00%	8.70	%	10/25/2024	10/25/2029	9,259		9,107		9,119		0.38	%
										19,963		19,997		0.84	%
Interactive Media & Services
Duggal Acquisition, LLC (6)	First lien senior secured delayed draw term loan	S +	4.75%	8.42	%	9/30/2024	9/30/2030	$	5,224	$	(41)	$	(32)	0.00	%
Duggal Acquisition, LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.42	%	9/30/2024	9/30/2030	7,319		(116)		(106)		0.00	%
Duggal Acquisition, LLC	First lien senior secured term loan	S +	4.75%	8.42	%	9/30/2024	9/30/2030	20,375		20,033		20,070		0.84	%
										19,876		19,932		0.84	%
Internet and direct marketing retail
Aquatic Sales Solutions, LLC	First lien senior secured revolving loan	S +	7.00%	10.82	%	7/28/2023	2/18/2026	$	191	$	133	$	80	0.00	%
Aquatic Sales Solutions, LLC	First lien senior secured term loan	S +	7.00%	10.82	%	2/26/2025	2/18/2026	2,669		2,663		1,919		0.08	%
DealerOn Holdco, Inc (6)	First lien senior secured revolving loan	S +	6.25%	10.08	%	7/28/2023	5/19/2026	314		(1)		(1)		0.00	%
DealerOn Holdco, Inc	First lien senior secured term loan	S +	6.25%	10.08	%	9/25/2024	5/19/2026	20,388		20,388		20,316		0.85	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
										23,183		22,314		0.93	%
IT services
BSC Top Shelf Blocker LLC (6)	First lien senior secured revolving loan	S +	5.25%	8.97	%	6/28/2024	6/28/2029	$	2,256	$	(28)	$	(25)	0.00	%
BSC Top Shelf Blocker LLC	First lien senior secured term loan	S +	5.25%	8.97	%	6/28/2024	6/28/2029	15,910		15,695		15,721		0.66	%
Dynamic Campus Acquisition, Inc. (6)	First lien senior secured delayed draw term loan	S +	4.75%	8.42	%	2/14/2025	2/14/2031	10,220		(131)		(114)		0.00	%
Dynamic Campus Acquisition, Inc. (6)	First lien senior secured revolving loan	S +	4.75%	8.42	%	2/14/2025	2/14/2031	3,044		(39)		(34)		0.00	%
Dynamic Campus Acquisition, Inc.	First lien senior secured term loan	S +	4.75%	8.42	%	2/14/2025	2/14/2031	11,158		11,011		11,029		0.46	%
E-Phoenix Acquisition Co. Inc (6)	First lien senior secured revolving loan	S +	5.25%	8.92	%	11/24/2025	6/23/2030	2,984		(22)		(22)		0.00	%
E-Phoenix Acquisition Co. Inc	First lien senior secured term loan	S +	5.25%	8.92	%	11/24/2025	6/23/2030	18,557		18,421		18,420		0.77	%
FreshAddress, LLC (6)	First lien senior secured revolving loan	S +	5.25%	9.07	%	7/28/2023	4/5/2026	30		—		—		0.00	%
FreshAddress, LLC	First lien senior secured term loan	S +	5.25%	9.07	%	7/28/2023	4/5/2026	1,630		1,628		1,626		0.07	%
Icreon Holdings, LLC (6)	First lien senior secured revolving loan	S +	6.50%	10.43	%	7/28/2023	10/26/2027	1,071		(15)		(16)		0.00	%
Icreon Holdings, LLC	First lien senior secured term loan	S +	6.50%	10.43	%	12/15/2023	10/26/2027	11,241		11,066		11,073		0.46	%
Livefront, LLC (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.73	%	12/12/2025	12/5/2030	4,188		(62)		(62)		0.00	%
Livefront, LLC	First lien senior secured revolving loan	S +	5.00%	8.73	%	12/12/2025	12/5/2030	2,991		404		405		0.02	%
Livefront, LLC	First lien senior secured term loan	S +	5.00%	8.73	%	12/12/2025	12/5/2030	10,863		10,702		10,700		0.45	%
Milestone Technologies, Inc (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.67	%	8/22/2025	8/22/2031	2,918		(19)		(14)		0.00	%
Milestone Technologies, Inc (6)	First lien senior secured revolving loan	S +	5.00%	8.67	%	8/22/2025	8/22/2031	2,595		(37)		(32)		0.00	%
Milestone Technologies, Inc	First lien senior secured term loan	S +	5.00%	8.67	%	8/22/2025	8/22/2031	20,232		19,939		19,980		0.84	%
P and R Dental Strategies, LLC	First lien senior secured revolving loan	S +	5.50%	9.43	%	7/28/2023	12/22/2026	23		8		8		0.00	%
P and R Dental Strategies, LLC	First lien senior secured term loan	S +	5.50%	9.43	%	7/28/2023	12/22/2026	614		612		611		0.03	%
Palmetto Technology Group, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.72	%	1/3/2024	1/3/2029	10,697		10,546		10,600		0.44	%
Palmetto Technology Group, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.72	%	2/26/2024	1/3/2029	9,353		9,217		9,268		0.39	%
Palmetto Technology Group, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.72	%	5/20/2025	1/3/2029	11,314		6,774		6,790		0.28	%
Palmetto Technology Group, LLC (6)(26)	First lien senior secured revolving loan	S +	5.00%	8.72	%	1/3/2024	1/3/2029	2,860		(40)		(26)		0.00	%
Palmetto Technology Group, LLC	First lien senior secured term loan	S +	5.00%	8.72	%	2/26/2025	1/3/2029	6,245		6,152		6,189		0.26	%
										121,782		122,075		5.13	%
Leisure equipment and products
MacNeill Pride Group Corp	First lien senior secured delayed draw term loan	S +	6.25%	10.18	%	7/28/2023	4/22/2026	$	293	$	293	$	293	0.01	%
MacNeill Pride Group Corp	First lien senior secured delayed draw term loan	S +	6.25%	10.18	%	2/26/2025	4/22/2026	50		50		50		0.00	%
MacNeill Pride Group Corp (6)	First lien senior secured revolving loan	S +	6.25%	10.18	%	7/28/2023	4/22/2026	287		—		—		0.00	%
MacNeill Pride Group Corp	First lien senior secured term loan	S +	6.25%	10.18	%	2/26/2025	4/22/2026	787		786		786		0.03	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
PHGP MB Purchaser, Inc	First lien senior secured delayed draw term loan	S +	6.00% + 0.50% PIK	10.43	%	7/28/2023	5/20/2027	78		77		70		0.00	%
PHGP MB Purchaser, Inc (27)	First lien senior secured revolving loan	S +	6.00% + 0.50% PIK	10.43	%	7/28/2023	5/20/2027	75		11		5		0.00	%
PHGP MB Purchaser, Inc	First lien senior secured term loan	S +	6.00% + 0.50% PIK	10.43	%	7/28/2023	5/20/2027	1,051		1,041		949		0.04	%
TruBlue LLC (6)	First lien senior secured delayed draw term loan	S +	5.25%	8.97	%	1/11/2024	1/11/2029	2,331		(28)		(26)		0.00	%
TruBlue LLC (6)	First lien senior secured revolving loan	S +	5.25%	8.97	%	1/11/2024	1/11/2029	1,430		(17)		(16)		0.00	%
TruBlue LLC	First lien senior secured term loan	S +	5.25%	8.97	%	1/11/2024	1/11/2029	5,121		5,053		5,058		0.21	%
										7,266		7,169		0.29	%
Life sciences tools and services
Aptitude Health Holdings, LLC	First lien senior secured revolving loan	S +	5.00%	6.00	%	12/10/2025	5/3/2028	$	267	$	44	$	44	0.00	%
Aptitude Health Holdings, LLC	First lien senior secured term loan	S +	5.00%	8.67	%	12/10/2025	5/3/2028	1,072		1,069		1,069		0.04	%
CR Services Intermediate, LLC	First lien senior secured delayed draw term loan	S +	6.50%	10.33	%	7/28/2023	7/28/2028	132		129		120		0.01	%
CR Services Intermediate, LLC	First lien senior secured revolving loan	S +	6.50%	10.43	%	7/28/2023	7/28/2028	39		27		24		0.00	%
CR Services Intermediate, LLC	First lien senior secured term loan	S +	6.50%	10.33	%	7/28/2023	7/28/2028	242		235		221		0.01	%
CR Services Intermediate, LLC (7)	First lien senior secured term loan	S +	6.50%	10.33	%	7/28/2023	7/28/2028	C$	242	235		221		0.01	%
ERG Buyer, LLC	First lien senior secured delayed draw term loan	S +	6.25%	10.07	%	2/26/2024	8/31/2027	354		352		279		0.01	%
ERG Buyer, LLC	First lien senior secured revolving loan	S +	6.25%	10.07	%	2/26/2024	8/31/2027	5,406		5,367		4,263		0.18	%
ERG Buyer, LLC	First lien senior secured term loan	S +	6.25%	10.07	%	6/14/2024	8/31/2027	37,252		37,146		29,375		1.23	%
Health and Wellness Partners LLC (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.84	%	3/12/2025	3/12/2030	5,808		(84)		(77)		0.00	%
Health and Wellness Partners LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.84	%	3/12/2025	3/12/2030	2,480		(36)		(33)		0.00	%
Health and Wellness Partners LLC	First lien senior secured term loan	S +	5.00%	8.84	%	3/12/2025	3/12/2030	21,617		21,287		21,316		0.89	%
VIT Nyckel Acquisition AB (6)	First lien senior secured revolving loan	S +	4.50%	8.23	%	12/18/2025	12/18/2031	2,719		(34)		(34)		0.00	%
VIT Nyckel Acquisition AB	First lien senior secured term loan	S +	4.50%	8.23	%	12/18/2025	12/18/2031	8,016		7,916		7,916		0.33	%
										73,653		64,704		2.71	%
Machinery
Abrasive Technology Intermediate, LLC	First lien senior secured revolving loan	S +	6.25%	10.08	%	7/28/2023	10/30/2027	$	173	$	33	$	32	0.00	%
Abrasive Technology Intermediate, LLC	First lien senior secured term loan	S +	6.25%	10.08	%	10/29/2025	10/30/2027	2,205		2,192		2,176		0.09	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Baker Manufacturing Company, LLC (6)	First lien senior secured revolving loan	S +	5.25%	8.97	%	11/1/2024	11/1/2028	2,898		(34)		(28)		0.00	%
Baker Manufacturing Company, LLC	First lien senior secured term loan	S +	5.25%	8.97	%	11/1/2024	11/1/2028	17,116		16,919		16,950		0.71	%
DNS-IMI Acquisition Corp (6)	First lien senior secured revolving loan	S +	5.25%	9.07	%	7/28/2023	11/23/2026	56		—		—		0.00	%
DNS-IMI Acquisition Corp	First lien senior secured term loan	S +	5.25%	9.07	%	7/28/2023	11/23/2026	1,332		1,328		1,326		0.06	%
Double E Company, LLC	First lien senior secured revolving loan	S +	6.25%	10.07	%	2/26/2025	6/21/2028	3,110		1,703		1,565		0.07	%
Double E Company, LLC	First lien senior secured term loan	S +	4.00% + 2.25% PIK	10.07	%	8/11/2025	6/21/2028	793		771		750		0.03	%
Double E Company, LLC	First lien senior secured term loan	S +	4.00% + 2.25% PIK	10.07	%	2/26/2025	6/21/2028	18,981		18,665		17,970		0.75	%
Kittyhawk, Inc (6)	First lien senior secured revolving loan	S +	5.25%	8.92	%	5/1/2024	5/1/2029	3,571		(48)		(44)		0.00	%
Kittyhawk, Inc	First lien senior secured term loan	S +	5.25%	8.92	%	5/1/2024	5/1/2029	14,925		14,710		14,726		0.62	%
L&J Holding Company LLC	First lien senior secured delayed draw term loan	S +	4.75%	8.59	%	7/29/2024	7/29/2030	9,823		3,427		3,443		0.14	%
L&J Holding Company LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.42	%	7/29/2024	7/29/2030	2,204		(34)		(31)		0.00	%
L&J Holding Company LLC	First lien senior secured term loan	S +	4.75%	8.42	%	7/29/2024	7/29/2030	11,640		11,449		11,472		0.48	%
My Buyer, LLC	First lien senior secured delayed draw term loan	S +	5.50%	9.17	%	1/26/2024	1/26/2030	3,115		3,073		3,077		0.13	%
My Buyer, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.17	%	1/26/2024	1/26/2030	2,360		(32)		(29)		0.00	%
My Buyer, LLC	First lien senior secured term loan	S +	5.50%	9.17	%	1/26/2024	1/26/2030	7,791		7,674		7,683		0.32	%
SPG Holdco, LLC	First lien senior secured delayed draw term loan	S +	6.00%	9.99	%	5/16/2025	12/1/2028	1,776		1,210		1,213		0.05	%
SPG Holdco, LLC (28)	First lien senior secured revolving loan	S +	6.00%	9.77	%	12/1/2023	12/1/2028	2,070		1,350		1,357		0.06	%
SPG Holdco, LLC	First lien senior secured term loan	S +	6.00%	9.82	%	2/26/2025	12/1/2028	10,474		10,304		10,358		0.43	%
USSC Holding Corp	First lien senior secured delayed draw term loan	S +	5.25%	9.09	%	6/21/2024	6/21/2030	10,028		9,879		9,911		0.42	%
USSC Holding Corp	First lien senior secured revolving loan	S +	5.25%	8.99	%	6/21/2024	6/21/2030	7,177		3,661		3,684		0.15	%
USSC Holding Corp	First lien senior secured term loan	S +	5.25%	8.92	%	6/21/2024	6/21/2030	34,431		33,876		34,004		1.43	%
										142,076		141,565		5.94	%
Media
Ansira Partners II, LLC (6)	First lien senior secured revolving loan	P +	5.00%	11.75	%	8/15/2025	8/15/2031	$	6,142	$	(86)	$	(75)	0.00	%
Ansira Partners II, LLC	First lien senior secured term loan	S +	6.00%	9.84	%	8/15/2025	8/15/2031	46,324		45,658		45,752		1.92	%
Barkley, LLC (6)	First lien senior secured revolving loan	S +	6.00%	9.99	%	9/29/2023	9/29/2028	2,300		(33)		(28)		0.00	%
Barkley, LLC	First lien senior secured term loan	S +	6.00%	9.99	%	5/1/2024	9/29/2028	43,565		42,935		43,029		1.80	%
Best Version Media Acquisition, LLC (6)	First lien senior secured revolving loan	S +	5.25%	8.97	%	12/31/2024	12/31/2030	2,897		(42)		(38)		0.00	%
Best Version Media Acquisition, LLC	First lien senior secured term loan	S +	5.25%	8.97	%	12/31/2024	12/31/2030	28,124		27,701		27,740		1.16	%
Creative Outdoor Holding Inc (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.67	%	6/26/2025	6/26/2030	8,741		(98)		(83)		0.00	%
Creative Outdoor Holding Inc (6)(29)	First lien senior secured revolving loan	S +	5.00%	8.67	%	6/26/2025	6/26/2030	4,168		(56)		(39)		0.00	%
Creative Outdoor Holding Inc	First lien senior secured term loan	S +	5.00%	8.67	%	6/26/2025	6/26/2030	18,265		18,052		18,091		0.76	%
Datum Acquisition, LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.67	%	6/23/2025	4/30/2030	2,146		(37)		(25)		0.00	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)	Amortized Cost(4)	Fair Value	Percentage of Net Assets
Datum Acquisition, LLC	First lien senior secured term loan	S +	5.00%	8.67	%	6/23/2025	4/30/2030	24,011	23,645	23,720	0.99	%
Exclusive Concepts, LLC	First lien senior secured delayed draw term loan	S +	6.50%	10.43	%	7/28/2023	12/9/2026	219	217	217	0.01	%
Exclusive Concepts, LLC	First lien senior secured delayed draw term loan	S +	6.50%	10.43	%	12/22/2023	12/9/2026	2,815	2,793	2,795	0.12	%
Exclusive Concepts, LLC	First lien senior secured delayed draw term loan	S +	6.50%	10.43	%	8/1/2024	12/9/2026	5,099	1,713	1,722	0.07	%
Exclusive Concepts, LLC	First lien senior secured revolving loan	S +	6.50%	10.60	%	7/28/2023	12/9/2026	23	22	22	0.00	%
Exclusive Concepts, LLC	First lien senior secured term loan	S +	6.50%	10.60	%	12/22/2023	12/9/2026	3,463	3,435	3,440	0.14	%
GM Services Buyer, LLC	First lien senior secured delayed draw term loan	S +	4.75%	8.59	%	8/26/2025	8/26/2030	21,538	14,357	14,505	0.61	%
GM Services Buyer, LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.59	%	8/26/2025	8/26/2030	3,070	(43)	(38)	0.00	%
GM Services Buyer, LLC	First lien senior secured term loan	S +	4.75%	8.59	%	8/26/2025	8/26/2030	5,852	5,770	5,780	0.24	%
Infolinks Media Buyco, LLC	First lien senior secured delayed draw term loan	S +	5.75%	9.42	%	6/6/2024	11/1/2026	2,062	2,051	2,050	0.09	%
Infolinks Media Buyco, LLC	First lien senior secured revolving loan	S +	5.75%	9.42	%	7/28/2023	11/1/2026	38	26	26	0.00	%
Infolinks Media Buyco, LLC	First lien senior secured term loan	S +	5.75%	9.42	%	6/6/2024	11/1/2026	19,863	19,748	19,747	0.83	%
MediaMint Inc (6)	First lien senior secured revolving loan	S +	4.75%	8.47	%	12/15/2025	12/15/2030	2,128	(26)	(26)	0.00	%
MediaMint Inc	First lien senior secured term loan	S +	4.75%	8.47	%	12/15/2025	12/15/2030	15,391	15,200	15,199	0.64	%
Merge USA, Inc (6)	First lien senior secured revolving loan	S +	4.75%	8.42	%	2/28/2025	2/28/2030	2,515	(31)	(28)	0.00	%
Merge USA, Inc	First lien senior secured term loan	S +	4.75%	8.42	%	2/28/2025	2/28/2030	11,178	11,035	11,054	0.46	%
North & Warren, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.37	%	1/31/2025	1/31/2030	954	(12)	(11)	0.00	%
North & Warren, LLC	First lien senior secured term loan	S +	5.50%	9.37	%	8/29/2025	1/31/2030	4,474	4,414	4,425	0.19	%
Optimized Marketing Acquisition, LLC	First lien senior secured revolving loan	S +	6.25%	10.18	%	8/19/2022	8/19/2027	3,383	2,287	2,250	0.09	%
Optimized Marketing Acquisition, LLC	First lien senior secured term loan	S +	6.25%	10.18	%	2/26/2025	8/19/2027	25,379	25,113	24,872	1.04	%
Outerbox, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.72	%	6/7/2024	6/7/2028	4,077	3,489	3,494	0.15	%
Outerbox, LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.72	%	6/7/2024	6/7/2028	2,280	(21)	(18)	0.00	%
Outerbox, LLC	First lien senior secured term loan	S +	5.00%	8.72	%	6/7/2024	6/7/2028	17,617	17,446	17,468	0.73	%
Peninsula MMGY Corporation (30)	First lien senior secured revolving loan	S +	5.50%	9.19	%	10/26/2023	4/26/2029	3,691	231	254	0.01	%
Peninsula MMGY Corporation	First lien senior secured term loan	S +	5.50%	9.17	%	4/4/2025	4/26/2029	12,185	12,031	12,048	0.51	%
Peninsula MMGY Corporation	First lien senior secured term loan	S +	5.50%	9.17	%	2/26/2025	4/26/2029	9,440	9,262	9,334	0.39	%
The Channel Company, LLC	First lien senior secured revolving loan	S +	6.75%	10.70	%	7/28/2023	11/1/2027	62	35	32	0.00	%
The Channel Company, LLC	First lien senior secured term loan	S +	2.50% + 4.25% PIK	10.68	%	7/28/2023	11/1/2027	1,990	1,977	1,892	0.08	%
The Channel Company, LLC	First lien senior secured term loan	S +	2.50% + 4.25% PIK	10.68	%	2/26/2025	11/1/2027	495	492	471	0.02	%
Walker Sands, LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.67	%	10/1/2025	10/1/2030	1,553	(22)	(19)	0.00	%
Walker Sands, LLC	First lien senior secured term loan	S +	5.00%	8.67	%	10/1/2025	10/1/2030	8,841	8,714	8,731	0.37	%
WTWH Buyer, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.22	%	12/16/2022	6/16/2029	1,638	(23)	(26)	0.00	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
WTWH Buyer, LLC	First lien senior secured term loan	S +	5.50%	9.22	%	2/26/2025	6/16/2029	13,996		13,769		13,773		0.58	%
										333,088		333,479		14.00	%
Multiline Retail
HEC Purchaser Corp. (6)	First lien senior secured revolving loan	S +	5.00%	8.83	%	8/6/2025	6/17/2029	$	8,250	$	(97)	$	(61)	0.00	%
HEC Purchaser Corp.	First lien senior secured term loan	S +	5.00%	8.83	%	8/6/2025	6/17/2029	57,802		57,062		57,371		2.41	%
										56,965		57,310		2.41	%
Pharmaceuticals
Formulated Buyer, LLC	First lien senior secured delayed draw term loan	S +	6.75%	10.68	%	7/28/2023	9/22/2026	$	337	$	330	$	296	0.01	%
Formulated Buyer, LLC	First lien senior secured revolving loan	S +	6.75%	10.81	%	7/28/2023	9/22/2029	200		119		97		0.00	%
Formulated Buyer, LLC	First lien senior secured term loan	S +	6.75%	10.68	%	7/28/2023	9/22/2029	518		508		455		0.02	%
										957		848		0.03	%
Personal products
Cosmetic Solutions LLC (8)	First lien senior secured term loan	4.00% PIK		4.00	%	7/18/2025	10/17/2028	$	1,512	$	1,483	$	663	0.03	%
										1,483		663		0.03	%
Professional services
CSL Intermediate Acquisition LLC (6)	First lien senior secured delayed draw term loan	S +	5.25%	8.97	%	7/8/2025	11/8/2029	$	3,564	$	(47)	$	(45)	0.00	%
CSL Intermediate Acquisition LLC	First lien senior secured delayed draw term loan	S +	5.25%	8.97	%	11/8/2024	11/8/2029	1,688		1,665		1,667		0.07	%
CSL Intermediate Acquisition LLC	First lien senior secured revolving loan	S +	5.25%	8.97	%	7/8/2025	11/8/2029	1,673		396		398		0.02	%
CSL Intermediate Acquisition LLC	First lien senior secured term loan	S +	5.25%	8.97	%	7/8/2025	11/8/2029	9,170		9,042		9,053		0.38	%
Helpware, Inc	First lien senior secured revolving loan	S +	6.00%	10.30	%	9/8/2022	9/8/2026	5,061		3,295		3,266		0.14	%
Helpware, Inc	First lien senior secured term loan	S +	5.75% + 0.25% PIK	9.93	%	2/26/2025	9/8/2026	14,040		13,997		13,928		0.58	%
Keystone Partners, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.60	%	10/25/2024	10/25/2028	2,118		690		692		0.03	%
Keystone Partners, LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.84	%	10/25/2024	10/25/2028	1,347		(14)		(13)		0.00	%
Keystone Partners, LLC	First lien senior secured term loan	S +	5.00%	8.84	%	10/25/2024	10/25/2028	10,889		10,765		10,780		0.45	%
										39,789		39,726		1.67	%
Real estate management and development
BBG, Inc (31)	First lien senior secured revolving loan	S +	6.75%	10.68	%	7/28/2023	1/8/2026	$	233	$	228	$	225	0.01	%
BBG, Inc	First lien senior secured term loan	S +	6.00% + 0.25% PIK	10.68	%	2/26/2025	1/8/2026	1,964		1,959		1,930		0.08	%
MetaSource, LLC	First lien senior secured revolving loan	S +	6.75%	10.58	%	7/28/2023	5/17/2027	75		36		36		0.00	%
MetaSource, LLC	First lien senior secured term loan	S +	6.25% + 0.50% PIK	10.68	%	7/28/2023	5/17/2027	919		913		912		0.04	%
										3,136		3,103		0.13	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	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	S +	6.00%	10.61	%	7/28/2023	3/2/2028	$	45	$	45	$	45	0.00	%
Altamira Material Solutions, LP	First lien senior secured term loan	S +	6.00%	9.82	%	12/31/2025	3/2/2028	1,245		1,243		1,236		0.05	%
										1,288		1,281		0.05	%
Software
Affinitiv Inc (6)	First lien senior secured revolving loan	S +	7.00%	10.93	%	7/28/2023	7/26/2027	$	186	$	(1)	$	(1)	0.00	%
Affinitiv Inc	First lien senior secured term loan	S +	7.00%	10.93	%	7/28/2023	7/26/2027	2,178		2,158		2,164		0.09	%
DemandTec, LLC (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.84	%	8/27/2025	8/27/2031	3,855		(55)		(47)		0.00	%
DemandTec, LLC	First lien senior secured revolving loan	S +	5.00%	8.71	%	8/27/2025	8/27/2031	1,505		355		358		0.02	%
DemandTec, LLC	First lien senior secured term loan	S +	5.00%	8.84	%	8/27/2025	8/27/2031	7,691		7,578		7,595		0.32	%
Genius Bidco LLC (6)	First lien senior secured delayed draw term loan	S +	5.25%	8.92	%	5/1/2024	5/1/2030	4,661		(34)		(26)		0.00	%
Genius Bidco LLC (32)	First lien senior secured revolving loan	S +	5.25%	8.92	%	5/1/2024	5/1/2030	3,571		425		429		0.02	%
Genuis Bico LLC	First lien senior secured term loan	S +	5.25%	8.92	%	5/1/2024	5/1/2030	12,520		12,320		12,343		0.52	%
GPSTrackit Holdings, LLC	First lien senior secured delayed draw term loan	S +	6.00%	9.67	%	3/29/2024	3/29/2029	1,948		1,916		1,916		0.08	%
GPSTrackit Holdings, LLC	First lien senior secured revolving loan	S +	6.00%	9.73	%	12/2/2024	3/29/2029	4,429		2,292		2,289		0.10	%
GPSTrackit Holdings, LLC	First lien senior secured term loan	S +	6.00%	9.67	%	12/2/2024	3/29/2029	32,157		31,614		31,630		1.33	%
GS XX Corporation (6)	First lien senior secured revolving loan	S +	4.75%	8.42	%	4/19/2024	4/19/2029	2,381		(32)		(29)		0.00	%
GS XX Corporation	First lien senior secured term loan	S +	4.75%	8.42	%	4/19/2024	4/19/2029	16,694		16,453		16,472		0.69	%
Shasta Buyer, LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.42	%	11/12/2024	11/12/2030	4,307		(51)		(45)		0.00	%
Shasta Buyer, LLC	First lien senior secured term loan	S +	4.75%	8.42	%	11/12/2024	11/12/2030	20,191		19,933		19,964		0.84	%
ShiftKey, LLC (6)	First lien senior secured revolving loan	S +	5.75%	9.68	%	7/28/2023	6/21/2027	110		(1)		(3)		0.00	%
ShiftKey, LLC	First lien senior secured term loan	S +	5.75% + 0.50% PIK	10.18	%	7/28/2023	6/21/2027	3,460		3,442		3,367		0.14	%
										98,312		98,376		4.15	%
Specialty retail
Dykstras Auto LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.67	%	7/28/2023	10/22/2027	$	270	$	267	$	267	0.01	%
Dykstras Auto LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.71	%	4/14/2025	10/22/2027	5,042		2,823		2,836		0.12	%
Dykstras Auto LLC (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.74	%	12/23/2025	11/22/2027	20,050		(201)		(201)		(0.01)	%
Dykstras Auto LLC	First lien senior secured revolving loan	S +	5.00%	8.69	%	4/14/2025	10/22/2027	1,992		440		445		0.02	%
Dykstras Auto LLC	First lien senior secured term loan	S +	5.00%	8.74	%	11/6/2025	10/22/2027	6,095		6,023		6,034		0.25	%
Fastlap, LLC	First lien senior secured revolving loan	S +	2.15% + 3.35% PIK	9.20	%	6/20/2024	6/20/2029	2,292		1,908		1,911		0.08	%
Fastlap, LLC	First lien senior secured term loan	S +	2.15% + 3.35% PIK	9.17	%	6/20/2024	6/20/2029	10,198		9,985		9,998		0.42	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Kaizen Auto Care, LLC	First lien senior secured revolving loan	5.00%		5.00	%	2/26/2025	12/22/2027	152		146		105		0.00	%
Kaizen Auto Care, LLC	First lien senior secured term loan	5.00%		5.00	%	12/27/2023	12/22/2027	1,342		1,335		980		0.04	%
Leonard Group, Inc	First lien senior secured revolving loan	S +	6.75%	10.97	%	7/28/2023	2/26/2027	234		232		232		0.01	%
Leonard Group, Inc	First lien senior secured term loan	S +	6.75%	10.68	%	7/28/2023	2/26/2027	1,305		1,302		1,294		0.05	%
Pink Lily Holdings, LLC	First lien senior secured revolving loan	S +	7.00% PIK	10.99	%	7/28/2023	11/16/2027	31		16		(8)		0.00	%
Pink Lily Holdings, LLC	First lien senior secured term loan	S +	7.00% PIK	10.99	%	7/28/2023	11/16/2027	1,404		1,375		290		0.01	%
										25,651		24,183		1.00	%
Textiles, apparel and luxury goods
Lakeshirts LLC (6)	First lien senior secured delayed draw term loan	S +	5.00%	8.84	%	12/30/2024	12/20/2030	$	7,989	$	(33)	$	(17)	0.00	%
Lakeshirts LLC	First lien senior secured revolving loan	S +	5.00%	8.77	%	12/30/2024	12/30/2030	11,650		3,107		3,128		0.13	%
Lakeshirts LLC	First lien senior secured term loan	S +	5.00%	8.84	%	12/30/2024	12/30/2030	29,843		29,593		29,645		1.24	%
										32,667		32,756		1.37	%
Trading companies and distributors
AFC-Dell Holding Corp	First lien senior secured delayed draw term loan	S +	5.00%	8.84	%	10/15/2025	10/9/2028	$	6,435	$	6,427	$	6,374	0.27	%
AFC-Dell Holding Corp	First lien senior secured delayed draw term loan	S +	5.00%	8.67	%	10/15/2025	10/9/2028	10,543		10,542		10,444		0.44	%
AFC-Dell Holding Corp	First lien senior secured delayed draw term loan	S +	5.00%	8.84	%	10/15/2025	10/9/2028	11,428		519		435		0.02	%
AFC-Dell Holding Corp (6)	First lien senior secured revolving loan	S +	5.00%	8.67	%	10/15/2025	10/9/2028	2,872		(27)		(27)		0.00	%
AFC-Dell Holding Corp (33)	First lien senior secured revolving loan	S +	5.00%	8.82	%	10/15/2025	10/9/2028	2,525		2,019		1,996		0.08	%
AFC-Dell Holding Corp	First lien senior secured term loan	S +	5.00%	8.84	%	10/15/2025	10/9/2028	12,818		12,804		12,697		0.53	%
Ascent Lifting, Inc (6)	First lien senior secured revolving loan	S +	4.75%	8.69	%	4/28/2023	9/9/2027	2,500		(29)		(28)		0.00	%
Ascent Lifting, Inc	First lien senior secured term loan	S +	4.75%	8.57	%	2/26/2025	9/9/2027	16,605		16,562		16,394		0.69	%
AWI Group, LLC	First lien senior secured delayed draw term loan	S +	5.75%	9.42	%	8/1/2024	8/1/2029	4,444		4,381		4,301		0.18	%
AWI Group, LLC	First lien senior secured revolving loan	S +	5.75%	9.52	%	8/1/2024	8/1/2029	10,420		7,353		7,164		0.30	%
AWI Group, LLC	First lien senior secured term loan	S +	5.75%	9.42	%	8/1/2024	8/1/2029	54,645		53,804		52,883		2.22	%
Banner Buyer, LLC	First lien senior secured delayed draw term loan	S +	2.75% + 3.50% PIK	10.07	%	7/28/2023	5/31/2027	572		569		386		0.02	%
Banner Buyer, LLC	First lien senior secured revolving loan	S +	2.75% + 3.50% PIK	10.07	%	7/28/2023	5/31/2027	371		111		(8)		0.00	%
Banner Buyer, LLC	First lien senior secured term loan	S +	2.75% + 3.50% PIK	10.07	%	7/28/2023	5/31/2027	1,379		1,371		931		0.04	%
CAP KSI Holdings LLC (34)	First lien senior secured revolving loan	S +	5.25%	9.48	%	6/28/2024	6/28/2030	7,145		2,778		2,807		0.12	%
CAP KSI Holdings LLC	First lien senior secured term loan	S +	5.25%	8.98	%	7/1/2025	6/28/2030	59,730		59,049		59,306		2.49	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)	Amortized Cost(4)	Fair Value	Percentage of Net Assets
Eastern Communications Solutions, Inc. (6)	First lien senior secured revolving loan	S +	5.00%	8.67	%	12/30/2024	12/30/2030	3,240	(41)	(32)	0.00	%
Eastern Communications Solutions, Inc.	First lien senior secured term loan	S +	5.00%	8.67	%	11/4/2025	12/31/2030	1,701	1,685	1,685	0.07	%
Eastern Communications Solutions, Inc.	First lien senior secured term loan	S +	5.00%	8.67	%	12/30/2024	12/30/2030	12,486	12,323	12,363	0.52	%
Empire Equipment Company, LLC	First lien senior secured revolving loan	S +	6.25%	10.08	%	7/28/2023	7/17/2026	439	439	439	0.02	%
Empire Equipment Company, LLC	First lien senior secured term loan	S +	6.25%	10.08	%	2/26/2025	7/17/2026	1,599	1,598	1,598	0.07	%
Jacent Strategic Merchandising, LLC	First lien senior secured revolving loan	S +	6.50%	10.32	%	9/19/2025	1/31/2027	2,436	1,096	1,100	0.05	%
Jacent Strategic Merchandising, LLC	First lien senior secured term loan	S +	5.75%	9.57	%	9/19/2025	1/31/2027	13,537	13,484	13,503	0.57	%
Lehman Pipe Buyer, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.67	%	6/13/2025	8/30/2030	5,432	1,518	1,527	0.06	%
Lehman Pipe Buyer, LLC	First lien senior secured revolving loan	S +	5.00%	8.72	%	6/13/2025	8/30/2030	6,324	2,011	2,034	0.09	%
Lehman Pipe Buyer, LLC	First lien senior secured term loan	S +	5.00%	8.67	%	6/13/2025	8/30/2030	37,584	36,988	37,140	1.56	%
NEFCO Holding Company, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.78	%	2/26/2025	8/5/2028	4,625	4,544	4,587	0.19	%
NEFCO Holding Company, LLC	First lien senior secured delayed draw term loan	S +	5.00%	9.24	%	3/29/2024	8/5/2028	7,118	6,993	7,060	0.30	%
NEFCO Holding Company, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.83	%	10/31/2024	8/5/2028	4,179	4,140	4,145	0.17	%
NEFCO Holding Company, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.63	%	2/26/2025	8/5/2028	2,646	2,613	2,625	0.11	%
NEFCO Holding Company, LLC	First lien senior secured delayed draw term loan	S +	5.00%	9.18	%	2/26/2025	8/5/2028	2,667	2,630	2,646	0.11	%
NEFCO Holding Company, LLC	First lien senior secured delayed draw term loan	S +	5.00%	9.07	%	2/26/2025	8/5/2028	3,160	3,130	3,135	0.13	%
NEFCO Holding Company, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.84	%	10/31/2024	8/5/2028	4,196	4,157	4,162	0.17	%
NEFCO Holding Company, LLC	First lien senior secured revolving loan	P +	4.00%	10.75	%	2/26/2025	8/5/2028	7,269	2,431	2,457	0.10	%
NEFCO Holding Company, LLC	First lien senior secured term loan	S +	5.00%	9.02	%	2/26/2025	8/5/2028	646	634	641	0.03	%
NEFCO Holding Company, LLC	First lien senior secured term loan	S +	5.00%	9.06	%	8/13/2024	8/5/2028	2,551	2,529	2,531	0.11	%
NEFCO Holding Company, LLC	First lien senior secured term loan	S +	5.00%	9.06	%	2/26/2025	8/5/2028	17,382	17,096	17,241	0.72	%
NEFCO Holding Company, LLC	First lien senior secured term loan	S +	5.00%	9.20	%	10/31/2024	8/5/2028	3,376	3,343	3,349	0.14	%
NEFCO Holding Company, LLC	First lien senior secured term loan	S +	5.00%	8.74	%	12/10/2025	8/5/2028	3,293	3,261	3,266	0.14	%
Rental Equipment Investment Corp	First lien senior secured revolving loan	S +	4.50%	8.15	%	10/8/2025	10/8/2030	7,917	2,598	2,632	0.11	%
Rental Equipment Investment Corp	First lien senior secured term loan	S +	4.50%	8.17	%	10/8/2025	10/8/2030	40,932	40,437	40,625	1.70	%
Triad Technologies, LLC (6)	First lien senior secured revolving loan	S +	5.25%	9.07	%	7/28/2023	6/30/2027	332	(2)	(2)	0.00	%
Triad Technologies, LLC	First lien senior secured term loan	S +	5.25%	9.07	%	2/26/2025	6/30/2027	1,138	1,135	1,127	0.05	%
Value Added Distributors, LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.44	%	12/19/2024	12/19/2029	3,768	(48)	(40)	0.00	%
Value Added Distributors, LLC	First lien senior secured term loan	S +	4.75%	8.44	%	11/20/2025	12/19/2029	12,123	11,976	11,987	0.50	%
Vintage Parts, Inc (6)	First lien senior secured revolving loan	S +	5.75%	9.42	%	3/28/2025	3/28/2029	1,564	(16)	(14)	0.00	%
Vintage Parts, Inc	First lien senior secured term loan	S +	5.75%	9.42	%	3/28/2025	3/28/2029	16,125	15,952	15,983	0.67	%
Wolf Gordon Inc (6)	First lien senior secured revolving loan	S +	5.25%	9.09	%	5/1/2024	5/1/2029	3,809	(59)	(55)	0.00	%
Wolf Gordon Inc	First lien senior secured term loan	S +	5.25%	9.09	%	5/21/2025	5/1/2029	25,504	25,099	25,139	1.05	%
Woodson and Bozeman, LLC (6)	First lien senior secured delayed draw term loan	S +	4.75%	8.42	%	10/1/2025	10/1/2031	6,590	(47)	(33)	0.00	%

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Woodson and Bozeman, LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.42	%	10/1/2025	10/1/2031	2,436		(35)		(30)		0.00	%
Woodson and Bozeman, LLC	First lien senior secured term loan	S +	4.75%	8.42	%	10/1/2025	10/1/2031	5,919		5,833		5,845		0.25	%
										409,658		408,421		17.16	%
Water utilities
Diamondback Buyer, LLC	First lien senior secured delayed draw term loan	S +	5.00%	8.84	%	10/15/2024	7/22/2026	$	3,634	$	3,622	$	3,626	0.15	%
Diamondback Buyer, LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.72	%	7/28/2023	7/22/2026	75		—		—		0.00	%
Diamondback Buyer, LLC	First lien senior secured term loan	S +	5.00%	8.72	%	10/15/2024	7/22/2026	1,406		1,402		1,401		0.06	%
										5,024		5,027		0.21	%
Total non-controlled/non-affiliated senior secured debt										$	4,189,885	$	4,173,995	175.02	%
Non-controlled/non-affiliated sponsor subordinated notes
Trading companies and distributors
Empire Equipment Company, LLC	Sponsor subordinated note	12.50% + 7.00% PIK		12.50	%	7/28/2023	7/17/2026	$	19	$	17	$	16	0.00	%
Cosmetic Solutions LLC (8)	Sponsor subordinated note	11.00%		11.00	%	7/18/2025	10/17/2028	—		396		43		0.00	%
Total non-controlled/non-affiliated sponsor subordinated notes										413		59		0.00	%
Total non-controlled/non-affiliated investments										4,190,298		4,174,054		175.02	%
Non-controlled/affiliated investments
Multisector holdings
Twin Brook Equity Holdings, LLC (35) (36) (37)	Equity - 17.41% membership interest									$	87,326	$	103,655	4.35	%
Twin Brook Segregated Equity Holdings, LLC (35) (36) (37)	Equity - 2.11% membership interest									19		15		0.00	%
Total non-controlled/affiliated investments										87,345		103,670		4.35	%
Total investments										$	4,277,643	$	4,277,724	179.37	%

Cash equivalents
Dreyfus Government Cash Management Money Market Fund - Institutional Shares				3.65	%					22,000		22,000		0.92	%
JPMorgan U.S. Government Money Market Fund - Share Class: Capital				3.66	%					7		7		0.00	%
Total cash equivalents										$	22,007	$	22,007	0.92	%
Total investments and cash equivalents										4,299,650		4,299,731		180.29	%

(1)Unless otherwise indicated, all investments are considered Level 3 investments.

(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.

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)

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 December 31, 2025, the reference rates for the floating rate loans were the Term SOFR of 3.87%, the Prime Rate of 6.75%, and CORRA of 2.30%.

(6)Represents revolvers and delayed draw term loans where the entire balance is unfunded as of December 31, 2025. 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 December 31, 2025, non-qualifying assets represented approximately 3.04% of the total assets of the Company.

(8)Indicates loan was on non-accrual status as of December 31, 2025.

(9)Principal balance includes reserve for letter of credit of $49,465 on which the borrower pays 5.25%.

(10)Principal balance includes reserve for letter of credit of $3,659 on which the borrower pays 5.75%.

(11)Principal balance includes reserve for letter of credit of $94,608 on which the borrower pays 5.25%.

(12)Principal balance includes reserve for letter of credit of $27,687 on which the borrower pays 5.50%.

(13)Principal balance includes reserve for letter of credit of $49,938 on which the borrower pays 5.25%.

(14)Principal balance includes reserve for letter of credit of $248,440 on which the borrower pays 5.25%.

(15)Principal balance includes reserve for letter of credit of $1,233,299 on which the borrower pays 5.75%.

(16)Principal balance includes reserve for letter of credit of $45,563 on which the borrower pays 5.50%.

(17)Principal balance includes reserve for letter of credit of $30,948 on which the borrower pays 6.00%.

(18)Principal balance includes reserve for letter of credit of $7,896 on which the borrower pays 6.50%.

(19)Principal balance includes reserve for letter of credit of $7,860 on which the borrower pays 6.00%.

(20)Principal balance includes reserve for letter of credit of $116,312 on which the borrower pays 4.50% + 1.75% PIK.

(21)Principal balance includes reserve for letter of credit of $147,760 on which the borrower pays 5.50%.

(22)Principal balance includes reserve for letter of credit of $16,960 on which the borrower pays 4.75%.

(23)Principal balance includes reserve for letter of credit of $168,934 on which the borrower pays 6.00%.

(24)Principal balance includes reserve for letter of credit of $532,875 on which the borrower pays 5.00%.

(25)Principal balance includes reserve for letter of credit of $881,210 on which the borrower pays 5.50%.

(26)Principal balance includes reserve for letter of credit of $400,400 on which the borrower pays 5.00%.

(27)Principal balance includes reserve for letter of credit of $7,875 on which the borrower pays 6.00% + 0.50% PIK.

(28)Principal balance includes reserve for letter of credit of $60,610 on which the borrower pays 6.00%.

(29)Principal balance includes reserve for letter of credit of $927,380 on which the borrower pays 5.00%.

(30)Principal balance includes reserve for letter of credit of $62,209 on which the borrower pays 5.50%.

(31)Principal balance includes reserve for letter of credit of $3,517 on which the borrower pays 6.75%.

(32)Principal balance includes reserve for letter of credit of $238,050 on which the borrower pays 5.25%.

(33)Principal balance includes reserve for letter of credit of $101,000 on which the borrower pays 5.00%.

(34)Principal balance includes reserve for letter of credit of $505,140 on which the borrower pays 5.25%.

(35)As a practical expedient, the Company uses net asset value 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.

(36)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 December 31, 2025, the aggregate fair value of these securities is $103,670 or 4.35% of the Company's net assets. The “restricted securities,” Twin Brook Equity Holdings, LLC and Twin Brook Segregated Equity Holdings, LLC, were purchased on May 19, 2022 and July 28, 2023, respectively.

(37)Non-income producing investment.

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)

Foreign currency forward contracts

Counterparty

Currency Purchased

Currency Sold

Settlement

Unrealized Appreciation/
(Depreciation)

Wells Fargo Bank, National Association

USD 234

CAD 329

1/26/2026

(6)

Total

(6)

Currency Abbreviations:

USD - U.S. Dollar

CAD - Canadian Dollar


Interest Rate Swaps
Counterparty	Hedged Instrument	Company Receives		Company Pays	Maturity Date	Notional Amount		Fair Value		Upfront Payments/Receipts		Unrealized Appreciation/(Depreciation)
Morgan Stanley Capital Services, LLC	Series A, Tranche A Notes	7.6900	%	S + 3.547%	3/19/2027	$	90,000	593		—		593
Morgan Stanley Capital Services, LLC	Series A, Tranche B Notes	7.7800	%	S + 3.866%	3/19/2029	150,000		2,312		—		2,312
MUFG Bank, Ltd.	Series B, Tranche A Notes	6.4200	%	S + 3.122%	10/15/2028	20,000		(84)		—		(84)
MUFG Bank, Ltd.	Series B, Tranche A Notes	6.4200	%	S + 3.116%	10/15/2028	65,000		(261)		—		(261)
Wells Fargo Bank, N.A.	Series B, Tranche C Notes	6.5200	%	S + 3.181%	10/15/2029	100,000		(590)		—		(590)
Morgan Stanley Capital Services, LLC	Series B, Tranche C Notes	6.5200	%	S + 3.384%	10/15/2029	50,000		(463)		—		(463)
MUFG Bank, Ltd.	Series B, Tranche C Notes	6.5200	%	S + 3.243%	10/15/2029	50,000		(430)		—		(430)
MUFG Bank, Ltd.	Series B, Tranche C Notes	6.5200	%	S + 3.266%	10/15/2029	90,000		(844)		—		(844)
Regions Bank	Series C, Tranche A Notes	6.0500	%	S + 2.507%	5/30/2028	25,000		95		—		95
Regions Bank	Series C, Tranche B Notes	6.4000	%	S + 2.860%	3/30/2030	75,000		194		—		194
Total								$	522	$	—	$	522

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

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands)

(Unaudited)


Interest Rate Options
Counterparty	Instrument	Company Receives	Company Sold	Maturity Date	Notional Amount		Fair Value		Upfront Payments/Receipts		Unrealized Appreciation/(Depreciation)
Wells Fargo Bank, N.A.	Sold SOFR Floor with Annnuitized Premium	0.08%. Semiannual premium	1.00% 3M SOFR Floor	4/15/2029	$	100,000	68		—		68
Morgan Stanley Capital Services, LLC	Sold SOFR Floor with Annnuitized Premium	0.09% Quarterly premium	1.00% 3M SOFR Floor	4/15/2029	50,000		44		—		44
MUFG Bank, Ltd.	Sold SOFR Floor with Annnuitized Premium	0.0604% Quarterly premium	1.00% 3M SOFR Floor	7/15/2028	20,000		8		—		8
MUFG Bank, Ltd.	Sold SOFR Floor with Annnuitized Premium	0.0919% Quarterly premium	1.00% 3M SOFR Floor	4/15/2029	50,000		34		—		34
Morgan Stanley Capital Services, LLC	Sold SOFR Floor with Annnuitized Premium	0.0700% Semiannual premium	1.00% 3M SOFR Floor	12/19/2026	90,000		7		—		7
MUFG Bank, Ltd.	Sold SOFR Floor with Annnuitized Premium	0.0642% Quarterly premium	1.00% 3M SOFR Floor	7/15/2028	65,000		26		—		26
Morgan Stanley Capital Services, LLC	Sold SOFR Floor with Annnuitized Premium	0.1100% Semiannual premium	1.00% 3M SOFR Floor	9/19/2028	150,000		104		—		104
MUFG Bank, Ltd.	Sold SOFR Floor with Annnuitized Premium	0.0935% Quarterly premium	1.00% 3M SOFR Floor	4/15/2029	90,000		61		—		61
Total							$	352	$	—	$	352

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

Table of Contents

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

Note 1. Organization

TPG Twin Brook Capital Income Fund (“TCAP” or the “Company”) is a Delaware statutory trust which was formed on January 27, 2022 (date of inception). On September 25, 2024, the Company’s name was changed from “AG Twin Brook Capital Income Fund” to “TPG Twin Brook Capital Income Fund”. AGTB Fund Manager, LLC (the “Adviser”), an indirect wholly-owned subsidiary of TPG Inc. (“TPG”) (Nasdaq: TPG), a leading global alternative investment firm, serves as the investment adviser of the Company. The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Company has elected to be treated for federal income tax purposes and intends to qualify annually as a regulated investment company (“RIC”) as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

There were no operations other than those related to the Company’s organization and preparation for its public, ongoing offering prior to December 31, 2022. As of December 31, 2022, the Adviser contributed $50,000 of capital to the Company. In exchange for this contribution, the Adviser had received 2,000 Class I common shares of beneficial interest, par value $0.001 per share of TCAP (“Class I shares”), together with Class S common shares of beneficial interest (“Class S shares”) and Class D common shares of beneficial interest (“Class D shares”), par value $0.001, the “TCAP Common Shares”).

On December 15, 2022, the Company’s registration statement on Form N-2, registering the continuous offer and sale (the “Offering”) of up to $5 billion in the Company’s common shares of beneficial interest, was declared effective by the SEC.

The Company’s investment objective is to seek to generate attractive, consistent total returns, predominantly in the form of current income and, to a lesser extent, capital appreciation, by targeting investment opportunities with favorable risk-adjusted returns.

Note 2. Significant Accounting Policies

Basis of Accounting

The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the financial position and results of operations for the periods presented herein. On January 1, 2023, the Company completed the merger with AGTB Private BDC and commenced operations as the surviving company, with its fiscal year end on December 31.

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of the consolidated financial statements for the interim periods presented, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2026.

Certain prior period information has been reclassified to conform to the current period presentation.

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

Principles of Consolidation

The Company conducts certain of its activities through its wholly-owned subsidiaries Twin Brook Capital Funding XXXIII, LLC, Twin Brook Equity XXXIII Corp., Twin Brook Capital Funding XXXIII MSPV, LLC, Twin Brook Capital Funding XXXIII ASPV, LLC, and Twin Brook CLO 2024-1 LLC. The Company consolidates wholly-owned subsidiaries that are controlled by the Company. All intercompany balances and transactions have been eliminated in consolidation.

The Company does not consolidate its investment in the TB Senior Loan Fund 1, LLC (“TCAP JV”) joint venture. For further description of the Company’s joint venture, see “Note 11. Joint Ventures.”

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash is comprised of cash on deposit with major financial institutions. The Company classifies highly liquid investments with original maturities of three months or less from the date of purchase and investments in money market funds as cash equivalents. The Company places its cash with high credit quality institutions to minimize credit risk exposure.

Restricted Cash

Restricted cash represents cash held through certain of the Company’s wholly-owned subsidiaries or collateral accounts that may only be used to purchase additional collateral loans, pay accrued interest on advances, fund certain expenses, and prepay outstanding advances in connection with the Company’s asset facilities.

Investment Related Transactions, Revenue Recognition and Expenses

Investment transactions and the related revenue and expenses are recorded on a trade-date basis. Realized gains and losses on investment transactions are determined using the specific identification method. All costs associated with consummated investments are included in the cost of such investments. Broken deal expenses incurred in connection with investment transactions which are not successfully consummated are expensed as a component of “Other” expense on the consolidated statements of operations.

Interest income and interest expense are recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Company and calculated using the effective interest method. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income.

Upon prepayment of investments in debt instruments, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as “Interest” income on the consolidated statements of operations. Interest received in-kind, computed at the contractual rate specified in each investment agreement, is added to the principal balance of the investment and reported as “Interest” income on the consolidated statements of operations. The Company records dividend income from private securities pursuant to the terms of the respective investments. Dividend income on equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the earlier of record or payment date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies, as applicable. Each distribution received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Fund will not record distributions from equity investments in LLCs and LPs as dividend income unless there

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.

The Company may earn various fees during the life of the loans. Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Company on an ongoing basis. These fees and any other income are recognized as earned as a component of "Other" income on the consolidated statement of operations.

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon the Adviser’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in the Adviser’s judgment, are likely to remain current. The Adviser may make exceptions to this treatment and determine not to place a loan on non-accrual status if the loan has sufficient collateral value to cover principal and interest and if it is in the process of collection.

Investments at Fair Value

The Company applies Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, the Company discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). ASC 820 establishes three levels of the fair value hierarchy as follows:

Level 1Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date;

Level 2Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; and

Level 3Inputs that are unobservable.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, interest rates, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement; however, the determination of what constitutes “observable” requires significant judgment by the Company. The Company considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Company’s perceived risk of that instrument.

The availability of observable inputs can vary from product to product and is affected by a wide variety of factors, including for example, the type of product, whether the product is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company, the Board, and the Adviser in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.

Investments in investment funds include vehicles structured for the purpose of investing in privately held common and preferred equity interests. Fair values are generally determined utilizing the net asset value (“NAV”) supplied by, or on behalf of, management of each investment fund, which is net of management and incentive fees or allocations charged by the investment fund, if applicable, and is in accordance with the “practical expedient”, as defined by FASB Accounting

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

Standards Update (“ASU”) 2009-12, Investments in Certain Entities that Calculate NAV per Share. NAVs received by, or on behalf of, management of each investment fund are based on the fair value of the investment funds’ underlying investments in accordance with policies established by management of each investment fund, as described in each of their financial statements and offering memorandum. Withdrawals and distributions from investments in investment funds are at the discretion of the Adviser and may depend on the liquidation of underlying assets. Investments which are valued using NAV as a practical expedient are excluded from the above hierarchy.

The Board has designated the Adviser as its “valuation designee” pursuant to Rule 2a-5 under the 1940 Act (“Rule 2a-5”), and in that role, the Adviser is responsible for performing fair value determinations relating to all of the Company’s investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. Even though the Board designated the Adviser as “valuation designee,” the Board is ultimately responsible for fair value determinations under the 1940 Act.

Under the valuation policies and procedures that have been approved by the Board, the Adviser conducts a multi-step valuation process, which includes, among other procedures, the following:

•The valuation process begins with each investment being initially valued by using certain inputs provided by, among other inputs, the investment professionals responsible for the portfolio investment in conjunction with the portfolio management team.

•The Adviser’s management reviews the preliminary valuations with the investment professionals.

•The Adviser determines the fair value of each investment; valuations that are not based on readily available market quotations are valued in good faith, based on, among other things, the input of the Adviser and, where applicable, other third parties. Valuation determinations are presented to the Board.

When determining the fair value of Level 3 investments, the Adviser may take into account the following factors, where relevant: recent transactions, the enterprise value of the underlying company, the nature and realizable value of any collateral, the underlying company’s ability to make payments and its earnings and discounted cash flows, the markets in which the underlying company does business, financial covenants, the seniority of the financial instrument in the capital structure of the company, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”). The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Adviser will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Adviser uses a market interest rate yield analysis to determine fair value.

The Company’s investments trade infrequently and when they are traded, the price may be unobservable, and as a result, multiple external pricing sources may not be available. In such instances, the Adviser may use an internal pricing model as either a corroborating or sole data point in determining the price. Pricing models take into account the contractual terms of the financial instrument, as well as relevant inputs, including where applicable, equity prices, interest rate yield curves, credit curves, correlation, and the creditworthiness of the counterparty. The Adviser generally engages third party firm(s) to assist in validating certain financial instruments where multiple external prices cannot be obtained. The third party firm(s) either independently determine prices or assess the reasonableness of the Adviser’s prices. The analyses provided by such third party firm(s) are reviewed and considered by the Adviser. As part of the risk management process, the Adviser reviews and analyzes the prices obtained from external pricing sources to evaluate their reliability and accuracy, which includes identifying and excluding vendor prices and broker quotations that the Adviser believes does not reflect fair value. In addition, the Adviser’s valuation committee meets regularly and engages in ongoing reviews of the valuation processes and procedures including reviews of methodology, ongoing accuracy, source quality and independence. Such reviews include, but are not limited to, comparison of current vendor prices and broker quotations against ongoing daily trading activity, vendor due diligence, and back testing.

Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the assumptions are set to reflect those that the Company believes market participants would use in pricing the asset or liability at the measurement date.

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

Foreign Currency Translation

Amounts denominated in foreign currencies are translated into USD on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into USD based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into USD based upon currency exchange rates prevailing on the transaction dates.

The Company does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within net realized and change in unrealized gain (loss) on investments on the consolidated statements of operations. Net change in unrealized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates are included in the net change in unrealized gain (loss) on foreign currency translation on the consolidated statements of operations. Net realized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to changes in foreign currency exchange rates are included in net realized gain (loss) on foreign currency transactions on the consolidated statements of operations.

Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Derivative Instruments

The Company may enter into foreign currency forward contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Forward foreign currency contracts are marked-to-market at the applicable forward rate. Unrealized gain (loss) on foreign currency forward contracts are recorded on the consolidated statements of assets and liabilities on a gross basis, not taking into account collateral posted which is recorded separately, if applicable. Notional amounts of foreign currency forward contract assets and liabilities are presented separately on the consolidated schedules of investments. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date.

The Company does not utilize hedge accounting for foreign currency forward contracts, and as such, the Company recognizes its derivatives at fair value with changes in the net unrealized gain (loss) on foreign currency forward contracts recorded on the consolidated statements of operations.

Additionally, the Company uses interest rate swaps to mitigate interest rate risk associated with the Company's fixed interest rate debt liabilities. The fair value of the interest rate swaps are included as derivative assets at fair value or derivative liabilities at fair value on the consolidated statements of assets and liabilities. Changes in fair value of interest rate swaps entered into by the Company and not designated as hedging instruments are presented in net realized gains (losses) and net change in unrealized appreciation (depreciation) in the consolidated statements of operations, if applicable.

The Company designated certain interest rate swaps as the hedging instrument in a qualifying fair value hedge accounting relationship, and therefore the change in fair value of the hedging instrument and hedged item are recorded in interest expense and recognized as components of interest expense in the consolidated statements of operations. The change in fair value of the interest rate swap is offset by a change in the carrying value of the fixed rate debt.

Organizational Costs

Organizational costs to establish the Company are charged to expense as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company.

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

Offering Costs

Offering costs in connection with the offering of common shares of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over a 12-month period. These expenses consist primarily of legal fees and other costs incurred with the Company’s share offerings, the preparation of the Company’s registration statement, and registration fees.

Deferred Financing Costs

Deferred financing costs consist of financing costs incurred in connection with obtaining the Company’s financing facilities and unsecured notes. Such financing costs are capitalized and amortized over the life of the facility or the notes utilizing the straight-line method. For the three and six months ended June 30, 2026, the Company paid approximately $2.4 million and $3.9 million of financing costs. For the three and six months ended June 30, 2026, the Company amortized approximately $1.8 million and $3.6 million of financing costs which have been included in “Interest” expense on the consolidated statements of operations. For the three and six months ended June 30, 2025, the Company paid approximately $1.3 million and $1.8 million of financing costs. For the three and six months ended June 30, 2025, the Company amortized approximately $1.8 million and $3.6 million of financing costs which have been included in “Interest” expense on the consolidated statements of operations.

Deferred Income

Deferred income consists of annual administrative agent fees received in connection with the servicing of certain loan investments. Such fees are deferred when received and recognized as earned over the applicable period. For the three and six months ended June 30, 2026, the Company received approximately $1.6 million and $3.3 million of agent fees. During the three and six months ended June 30, 2026, approximately $1.6 million and $3.1 million of agent fees have been recognized as earned and included in “Other” income on the consolidated statements of operations. For the three and six months ended June 30, 2025, the Company received approximately $1.1 million and $2.1 million of agent fees. During the three and six months ended June 30, 2025, approximately $1.2 million and $2.4 million of agent fees have been recognized as earned and included in “Other” income on the consolidated statements of operations.

Income Taxes

The Company has elected to be regulated as a BDC under the 1940 Act. The Company also has elected to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended. As a RIC, the Company generally will not have to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes timely to its shareholders as dividends. To the extent the Company qualifies as a RIC, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company.

To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. The Company will generally be subject to a 4% non-deductible U.S. federal excise tax on certain undistributed income or gains in respect of any calendar year, unless it distributes annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the one-year period ending on October 31 in such calendar year and (iii) any net ordinary income and capital gain net income recognized, but not distributed, in preceding years. For these purposes, the Company will be deemed to have distributed any income or gains on which it paid U.S. federal income tax. The Company, at its discretion, may carry forward taxable income for distribution in the following taxable year and pay the applicable U.S. federal excise tax. For the three and six months ended June 30, 2026 the Company did not accrue U.S. federal excise tax.

The Company conducts certain of its activities through its wholly-owned subsidiary, Twin Brook Equity XXXIII Corp., a Delaware corporation. It is treated as a corporation for United States federal income tax purposes and is subject to U.S. federal, state or local income tax. For the three and six months ended June 30, 2026, the Company accrued $53,000 and $1,076,000 of current federal tax. For the three and six months ended June 30, 2026, the Company accrued approximately $630,000 and $(294,000) of deferred federal tax related to the corporations, which is included in “deferred federal tax

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

provision” on the consolidated statements of operations. For the three and six months ended June 30, 2025, the Company accrued $76,000 and $163,000 of current federal tax. For the three and six months ended June 30, 2025, the Company accrued approximately $720,000 and $1,000,000 of deferred federal tax related to Twin Brook Equity XXXIII Corp., which is included in “deferred federal tax provision” on the consolidated statements of operations.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no tax penalties, and no interest associated with income taxes incurred through June 30, 2026.

Loan Syndications and Participations

The Company may originate certain loans and then syndicate all or a portion of those loans to a third party. For the three and six months ended June 30, 2026, the Company earned approximately $0.8 million and $2.4 million of syndication and other origination fee income, which is included in “Other” income on the consolidated statements of operations. For the three and six months ended June 30, 2025, the Company earned approximately $936,000 and $1.5 million of syndication and other origination fee income, which is included in “Other” income on the consolidated statements of operations.

The Company follows the guidance in Accounting Standards Codification (“ASC”) Topic 860 Transfers and Servicing when accounting for loan participations and other partial loan sales. Such guidance requires a participation or other partial loan sale to meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales that do not meet the definition of a participating interest remain on the consolidated statements of assets and liabilities and the proceeds are recorded as a secured borrowing until the definition is met. Secured borrowings are carried at fair value to correspond with the related investments, which are carried at fair value. There were no participations that were accounted for as secured borrowings during the period.

Distributions

Distributions to common shareholders are recorded on the record date. The amount to be distributed, if any, is determined by the Board each month. The Company intends to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, the Company may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to shareholders.

Segment Reporting

In accordance with ASC Topic 280 - Segment Reporting (“ASC 280”), the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.

The Company operates through a single operating and reporting segment with an investment objective is to seek to generate attractive, consistent total returns, predominantly in the form of current income and, to a lesser extent, capital appreciation, by targeting investment opportunities with favorable risk-adjusted returns. The chief operating decision maker (“CODM”) is the Company’s chief executive officer and the CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase (decrease) in net assets resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company’s stockholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated statement of assets and liabilities as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations.

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

Note 3. Investments

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, "non-affiliated investments" are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the consolidated financial statements, including the consolidated schedules of investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled affiliated investments.

Investments at fair value and amortized cost consisted of the following as of June 30, 2026 and December 31, 2025:


	June 30, 2026				December 31, 2025
(Amounts in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First lien senior secured debt	$	4,698,541	$	4,685,584	$	4,189,885	$	4,173,995
Sponsor subordinated note	415		65		413		59
Investment in affiliated funds	88,338		103,083		87,345		103,670
Joint ventures	32,550		32,615		—		—
Total investments	$	4,819,844	$	4,821,347	$	4,277,643	$	4,277,724

The industry composition of investments based on fair value as of June 30, 2026 and December 31, 2025 was as follows:


	June 30, 2026(1)		December 31, 2025(1)
Aerospace and defense	1.8	%	2.0	%
Air freight and logistics	0.5	%	0.5	%
Auto components	2.3	%	2.7	%
Building products	0.5	%	0.5	%
Chemicals	2.1	%	2.3	%
Commercial services and supplies	3.3	%	3.3	%
Construction and engineering	3.9	%	4.3	%
Containers and packaging	2.5	%	2.5	%
Distributors	—	%	—	%
Diversified consumer services	6.4	%	6.8	%
Diversified financial services	0.3	%	—	%
Electrical equipment	2.0	%	1.6	%
Electronic equipment, instruments and components	0.9	%	1.0	%
Electric utilities	0.2	%	—	%
Food and staples retailing	1.8	%	2.1	%
Food products	2.1	%	2.3	%
Gas utilities	—	%	—	%
Health care equipment and supplies	3.0	%	2.7	%
Health care providers and services	26.2	%	25.2	%
Health care technology	2.8	%	1.1	%
Household durables	3.0	%	3.5	%
Industrial Conglomerates	0.3	%	0.4	%
Insurance	0.8	%	0.5	%
Interactive Media & Services	0.5	%	0.5	%

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


	June 30, 2026(1)		December 31, 2025(1)
Internet and direct marketing retail	0.4	%	0.5	%
IT services	3.0	%	2.9	%
Leisure equipment and products	0.4	%	0.2	%
Leisure products	—	%	—	%
Life sciences tools and services	1.6	%	1.5	%
Machinery	3.2	%	3.3	%
Media	7.5	%	7.8	%
Multiline Retail	1.1	%	1.3	%
Multisector holdings	2.8	%	2.4	%
Pharmaceuticals	—	%	—	%
Personal products	—	%	—	%
Professional services	1.0	%	0.9	%
Real estate management and development	0.1	%	0.1	%
Road and rail	—	%	—	%
Semiconductors and semiconductor equipment	—	%	—	%
Software	2.0	%	2.3	%
Specialty retail	1.3	%	0.6	%
Textiles, apparel and luxury goods	0.6	%	0.8	%
Trading companies and distributors	7.5	%	9.5	%
Water utilities	0.1	%	0.1	%
Total	100.0	%	100.0	%

(1)Certain industries round to less than 0.1% as of June 30, 2026 and December 31, 2025.

As of June 30, 2026, approximately 100.0% of investments held were based in the United States and approximately 0.0% were based in Canada. As of December 31, 2025, approximately 100.0% of investments held were based in the United States and approximately 0.0% were based in Canada.

Note 4. Fair Value of Investments

Fair Value Disclosures

The following table presents the fair value hierarchy of financial instruments as of June 30, 2026 and December 31, 2025:


	Assets at Fair Value as of June 30, 2026
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
First lien senior secured debt	$	—	$	—	$	4,685,584	$	4,685,584
Sponsor subordinated note	—		—		65		65
Interest rate swaps/options	—		489		—		489
Foreign currency forward contracts	—		4		—		4
Total	$	—	$	493	$	4,685,649	$	4,686,142
Investments measured at net asset value(1)							$	135,698
Total financial instruments, at fair value							$	4,821,840

(1)Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


	Liabilities at Fair Value as of June 30, 2026
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
Interest rate swaps/options	$	—	$	(9,931)	$	—	$	(9,931)
Total	$	—	$	(9,931)	$	—	$	(9,931)


	Assets at Fair Value as of December 31, 2025
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
First lien senior secured debt	$	—	$	—	$	4,173,995	$	4,173,995
Sponsor subordinated note	—		—		59		59
Interest rate swaps/options	—		3,552		—		3,552
Total	$	—	$	3,552	$	4,174,054	$	4,177,606
Investments measured at net asset value(1)							$	103,670
Total financial instruments, at fair value							$	4,281,276


	Liabilities at Fair Value as of December 31, 2025
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
Foreign currency forward contracts	$	—	$	(6)	$	—	$	(6)
Interest rate swaps/options	—		(2,666)		—		(2,666)
Total	$	—	$	(2,672)	$	—	$	(2,672)

The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three and six months ended June 30, 2026 and 2025:


	Level 3 Assets at Fair Value for the Three Months Ended June 30, 2026*
(Amounts in thousands)	Balance 4/1/2026		Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 6/30/2026		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2026
First lien senior secured debt	$	4,382,354	$	538,892	$	(242,509)	$	8,368	$	1,006	$	(2,527)	$	4,685,584	$	(439)
Sponsor subordinated note	59		—		—		1		—		5		65		5
Total	$	4,382,413	$	538,892	$	(242,509)	$	8,369	$	1,006	$	(2,522)	$	4,685,649	$	(434)


	Level 3 Assets at Fair Value for the Six Months Ended June 30, 2026*
(Amounts in thousands)	Balance 1/1/2026		Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 6/30/2026		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2026
First lien senior secured debt	$	4,173,995	$	953,542	$	(461,402)	$	16,815	$	(299)	$	2,933	$	4,685,584	$	—
Sponsor subordinated note	59				—		2		—		4		65		4
Total	$	4,174,054	$	953,542	$	(461,402)	$	16,817	$	(299)	$	2,937	$	4,685,649	$	4

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


	Level 3 Assets at Fair Value for the Three Months Ended June 30, 2025*
(Amounts in thousands)	Balance 4/1/2025		Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 6/30/2025		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2025
First lien senior secured debt	$	3,298,945	$	367,790	$	(161,034)	$	7,472	$	2	$	(655)	$	3,512,520	$	(759)
Sponsor subordinated note	16		—		—		—		—		—		16		—
Total	$	3,298,961	$	367,790	$	(161,034)	$	7,472	$	2	$	(655)	$	3,512,536	$	(759)


	Level 3 Assets at Fair Value for the Six Months Ended June 30, 2025*
(Amounts in thousands)	Balance 1/1/2025		Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 6/30/2025		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2025
First lien senior secured debt	$	3,080,554	$	683,023	$	(262,572)	$	13,534	$	50	$	(2,069)	$	3,512,520	$	(461)
Sponsor subordinated note	15		—		—		—		—		1		16		1
Total	$	3,080,569	$	683,023	$	(262,572)	$	13,534	$	50	$	(2,068)	$	3,512,536	$	(460)

*Gains and losses are included in their respective captions in the consolidated statements of operations.

**Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable.

Significant Unobservable Inputs

In accordance with ASC 820, the following tables provide quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of June 30, 2026 and December 31, 2025. The table is not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

Asset Class

Fair Value
as of
6/30/26

Valuation
Techniques

Significant
Unobservable Inputs

Input Ranges

Weighted

Average (1)

Impact to Valuation
from an Increase
in Input

(Amounts in thousands)

First lien senior secured debt

4,468,076

Discounted cash flow

Yield

6.3% - 38.3%

10.3

Decrease

2,226

Discounted cash flow

Yield

19.0% - 23.5%

21.9

Decrease

Market comparable

LTM Revenue multiple

0.9x

Increase

1,327

Discounted cash flow

Yield

69.1% - 69.3%

69.2

Decrease

Market comparable

Forward EBITDA multiple

6.8x

Increase

598

Discounted cash flow

Yield

17.3

Decrease

Market comparable

LTM EBITDA multiple

12.5x

Increase

5,953

Discounted cash flow

Yield

46.1% - 46.2%

46.2

Decrease

Market comparable

LTM Revenue multiple

0.3x

Increase

Forward Revenue multiple

0.3x

Increase

3,215

Market comparable

LTM EBITDA multiple

9.5x - 12.0x

11.2x

Increase

5,526

Market comparable

Forward EBITDA multiple

10.3x

Increase

4,167

Market comparable

Forward Revenue multiple

0.3x - 4.3x

1.1x

Increase

3,531

Market comparable

LTM Revenue multiple

0.2x - 1.6x

1.1x

Increase

3,090

Market comparable

Forward Revenue multiple

0.5x

Increase

Forward EBITDA multiple

5.5x - 9.3x

6.9x

Increase

1,624

Market comparable

LTM Revenue multiple

0.6x - 0.9x

0.9x

Increase

Forward Revenue multiple

0.8x

Increase

Sponsor subordinated note

Market comparable

LTM EBITDA multiple

7.6x

Increase

4,499,353

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

Asset Class

Fair Value as of 12/31/25

Valuation
Techniques

Significant
Unobservable Inputs

Input Ranges

Weighted

Average (1)

Impact to Valuation
from an Increase
in Input

(Amounts in thousands)

First lien senior secured debt

3,798,639

Discounted cash flow

Yield

8.5% - 37.2%

9.7%

Decrease

586

Discounted cash flow

Yield

11.2

Decrease

Market comparable

Forward Revenue multiple

1.3x

Increase

35,225

Market comparable

Forward EBITDA multiple

7.5x - 9.5x

9.5x

Increase

1,871

Market comparable

Forward EBITDA multiple

5.5x

Increase

Forward Revenue multiple

0.5x

Increase

5,446

Market comparable

Forward EBITDA multiple

10.0x

Increase

LTM EBITDA multiple

11.0x

Increase

7,663

Market comparable

Forward Revenue multiple

0.3x - 3.3x

0.4x

Increase

1,924

Market comparable

Forward Revenue multiple

0.6x - 0.9x

0.7x

Increase

LTM Revenue multiple

0.6x - 0.9x

0.7x

Increase

2,283

Market comparable

LTM EBITDA multiple

9.0x - 12.0x

11.8x

Increase

3,748

Market comparable

LTM Revenue multiple

0.3x - 2.3x

1.4x

Increase

749

Market comparable

LTM Revenue multiple

1.0x

Increase

Discounted cash flow

Yield

16.0

Decrease

Sponsor subordinated note

Market comparable

LTM EBITDA multiple

7.6x

Increase

3,858,150

(1)Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

The Company’s other Level 3 investments, which represented $186.296 million as of June 30, 2026 and $315.904 million as of December 31, 2025, have been valued primarily using recent transactions. The significant unobservable input used in the discounted cash flow is the yield. The yield is used to discount the estimated future cash flows expected to be received from the underlying investment. The Company considers the portfolio company performance since close, the leverage used by the portfolio company relative to its total enterprise value and other risks associated with an investment in determining the yield. The significant unobservable inputs used in the market comparable valuation techniques include the next twelve months forward and latest twelve month (“LTM”) EBITDA (net income before net interest expense, income tax expense, depreciation and amortization) multiple. Forward or LTM EBITDA for comparable portfolio companies are multiplied by

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

the portfolio companies most recent available EBITDA to derive the portfolio company fair value. Pricing models take into account the contractual terms of the financial instrument, as well as relevant inputs, including where applicable, equity prices, interest rate yield curves, credit curves, correlation, and the creditworthiness of the counterparty.

Other Assets and Liabilities

As of June 30, 2026 and December 31, 2025, the carrying amounts of the Company’s other assets and liabilities, other than investments at fair value and debt obligations listed in Note 5, approximate fair value due to their short maturities. These financial instruments, would be categorized as Level 3, with the exception of cash equivalents which would be categorized as Level 1.

Note 5. Debt

In accordance with the 1940 Act, the Company can borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowings, subject to certain limitations.

The carrying values of borrowings outstanding under the debt facilities approximate fair value. As of June 30, 2026 and December 31, 2025, the asset coverage ratio was 217.7% and 217.8%, respectively.

For the three and six months ended June 30, 2026 and 2025 the components of interest expense were as follows:


(Amounts in thousands)	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025			Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
Interest expense	$	34,021		$	31,333		$	65,332		$	61,960
Amortization of deferred financing costs	1,836			1,787			3,635			3,570
Interest rate swaps	5,846			(5,084)			10,232			(13,695)
Hedged items	(6,270)			4,569			(11,275)			12,723
Total interest expense	$	35,433		$	32,605		$	67,924		$	64,558
Average interest rate	6.21		%	6.73		%	6.22		%	6.77		%
Average daily borrowings	$	2,078,510		$	1,705,966		$	2,014,318		$	1,707,548

Credit Facilities

On June 17, 2022, Twin Brook Capital Funding XXXIII MSPV, LLC, as borrower (the “MSPV Borrower”), an indirect, wholly-owned subsidiary of the Company, entered into a new loan and servicing agreement (as amended, supplemented or otherwise modified from time to time, the “MSPV Credit Facility”). The MSPV Credit Facility is secured by the MSPV Borrower’s investments. The obligation of the lenders to make revolving commitments under the MSPV Credit Facility will terminate on June 17, 2027 (the “Reinvestment Period”) with a scheduled final maturity date of May 28, 2029. The revolving loans are subject to an interest rate, during the Reinvestment Period, of Term SOFR plus 2.20% per annum and thereafter, Term SOFR plus 2.70% per annum.

On December 13, 2022, Twin Brook Capital Funding XXXIII ASPV, LLC, as borrower (the “ASPV Borrower”), an indirect, wholly-owned subsidiary of the Company, entered into a new Loan, Security and Collateral Management Agreement (as amended, supplemented or otherwise modified from time to time, the “ASPV Credit Facility”). The ASPV Credit Facility is secured by the ASPV Borrower’s investments. The obligation of the lenders to make revolving commitments under the ASPV Credit Facility will terminate on October 2, 2028 (the “Reinvestment Period”) with a scheduled final maturity date of October 2, 2030. The revolving loans are subject to an interest rate of daily simple SOFR plus 1.90% per annum.

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

On November 17, 2023, the Company, as borrower, entered into a new Senior Secured Revolving Credit Agreement (as amended, supplemented or otherwise modified from time to time, the “SMBC Truist Credit Facility”), with the lenders and issuing banks party thereto and Truist Bank, as administrative agent. On February 19, 2026, the Company entered into an Agency Transfer Agreement with Truist Bank and Sumitomo Mitsui Banking Corporation (“SMBC”), where SMBC replaced Truist as Administrative Agent and Collateral Agent. The SMBC Truist Credit Facility is guaranteed by Twin Brook Capital Funding XXXIII, LLC (the “Guarantor”), a direct and wholly owned subsidiary of the Company, and will be guaranteed by certain domestic subsidiaries of the Company that are formed or acquired by the Company in the future. The termination date of the lenders’ obligation to make loans under the SMBC Truist Credit Facility is October 1, 2029 and the final scheduled maturity date is October 1, 2030. The revolving loans will be subject to an interest rate of, at the Company’s option, adjusted term SOFR plus 1.875% or the alternate base rate plus 0.875%. The SMBC Truist Credit Facility is secured by all assets of the Company and the Guarantor. The Company is subject to meet financial covenants under the SMBC Truist Credit Facility agreement and is in compliance with such covenants as of June 30, 2026.

Private Placement Notes - Series A

On March 19, 2024, the Company entered into a Note Purchase Agreement, governing the issuance of $90 million aggregate principal amount of 7.69% Series A Senior Notes, Tranche A, due March 19, 2027 (the “Tranche A Notes”) and $150 million aggregate principal amount of 7.78% Series A Senior Notes, Tranche B, due March 19, 2029 (the “Tranche B Notes”), to qualified institutional investors in a private placement. The Tranche A Notes and the Tranche B Notes bear interest at a rate equal to 7.69% per annum and 7.78% per annum, respectively. The Tranche A Notes and the Tranche B Notes are guaranteed by Twin Brook Capital Funding XXXIII, LLC, a subsidiary of the Company.

In connection with the Tranche A Notes and the Tranche B Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the investment portfolio, which consists of predominately floating rate loans. The Company designated this interest rate swap and the Tranche A Notes and the Tranche B Notes in a qualifying hedge accounting relationship.

Private Placement Notes - Series B

On October 15, 2024, the Company, entered into a First Supplement to the Master Note Purchase Agreement dated as of March 19, 2024 , governing the issuance of $400 million aggregate principal amount of Series B Notes consisting of (i) $85 million aggregate principal amount of 6.42% Series B Senior Notes, Tranche A, due October 15, 2028 (the “Series B Tranche A Notes”), (ii) $25 million aggregate principal amount of Series B Senior Notes, Tranche B, due October 15, 2029 to be issued at a floating rate (the “Series B Tranche B Notes”), and (iii) $290 million aggregate principal amount of 6.52% Series B Senior Notes, Tranche C, due October 15, 2029 (the “Series B Tranche C Notes,” collectively with the Series B Tranche A Notes and Series B Tranche B Notes, the “Series B Notes”), to qualified institutional investors in a private placement. The Series B Tranche B Notes bear interest at a floating interest rate equal to three-month SOFR plus 3.24% per annum. The Series B Notes are guaranteed by Twin Brook Capital Funding XXXIII, LLC, a subsidiary of the Company.

Private Placement Notes - Series C

On June 30, 2025, the Company entered into a Second Supplement to the Master Note Purchase Agreement dated as of March 19, 2024, governing the issuance of $100 million aggregate principal amount of Series C Notes consisting of (i) $25 million aggregate principal amount of 6.05% Series C Senior Notes, Tranche A, due June 30, 2028 (the “Series C Tranche A Notes”), and (ii) $75 million aggregate principal amount of 6.40% Series C Senior Notes, Tranche B, due June 30, 2030 (the “Series C Tranche B Notes,” together with the Tranche A Notes, the “Series C Notes”), to qualified institutional investors in a private placement. The Series C Tranche A Notes and the Series C Tranche B Notes bear interest at a rate equal to 6.05% per annum and 6.40% per annum, respectively. The Series C Notes are guaranteed by Twin Brook Capital Funding XXXIII, LLC, a subsidiary of the Company.

Private Placement Notes - Series D

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

A Notes”), and (ii) $175 million aggregate principal amount of 7.03% Series D Senior Notes, Tranche B, due June 4, 2031 (the “Series D Tranche B Notes,” together with the Series D Tranche A Notes, the “Series D Notes”), to qualified institutional investors in a private placement. The Series D Tranche A Notes and the Series D Tranche B Notes bear interest at a rate equal to 6.67% per annum and 7.03% per annum, respectively. The Series D Notes are guaranteed by Twin Brook Capital Funding XXXIII, LLC, a subsidiary of the Company.

Debt Securitizations

On May 30, 2024, the Company completed an approximately $445.0 million term debt securitization (the “CLO Transaction”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by a subsidiary of the Company, which is consolidated by the Company and subject to the Company’s overall asset coverage requirements. The secured notes issued in the CLO Transaction and the secured loan borrowed in the CLO Transaction were issued and incurred, as applicable, by Twin Brook CLO 2024-1 LLC (the “Issuer”), an indirect, wholly-owned, consolidated subsidiary of the Company, and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the Issuer.

The following table presents information on the secured notes and equity interests in the CLO Transaction:

As of June 30, 2026

(Amounts in thousands)

Principal Outstanding

Interest Rate

Credit Rating

Class A Senior Secured Floating Rate Notes

$161,000

SOFR + 1.90%

AAA(sf)

Class A-L Senior Secured Floating Rate Loans

$100,000

SOFR + 1.90%

AAA(sf)

Class B Senior Secured Floating Rate Notes

$45,000

SOFR + 2.30%

AA(sf)

Class C Senior Secured Floating Rate Notes

$36,000

SOFR + 2.95%

A(sf)

Class D Senior Secured Floating Rate Notes

$27,000

SOFR + 4.95%

BBB(sf)

Equity Interests1

$76,000

None

Not Rated

Total CLO Transaction

$445,000

(1) Equity Interests were retained by the Company as of June 30, 2026.

The secured notes are scheduled to mature on July 20, 2036, unless redeemed by the Issuer, at the direction of the Adviser, serving as collateral manager, on any business day after July 20, 2026.

The Class A Notes, Class A-L Loans, Class B Notes, Class C Notes and Class D Notes (collectively, the “Secured Debt”) are the secured obligations of the Issuer and the Equity Interests are the unsecured obligations of Issuer. The Class A-L Loans may be exchanged by the lenders for Class A Notes at any time, subject to certain conditions under the indenture and related agreements. The indenture governing the CLO Transaction includes customary covenants and events of default.

As part of the CLO Transaction, a wholly owned subsidiary of the Company (the “Retention Holder”) sold and transferred certain middle market loans to the Issuer for the purchase price and other consideration set forth in a loan sale agreement and for future sales from the Retention Holder to the Issuer on an ongoing basis. Such loans constituted the initial portfolio of assets securing the Secured Debt. In connection with such sale and transfer, the Retention Holder made customary representations, warranties and covenants to the Issuer.

The Notes have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Adviser serves as collateral manager to Issuer under a collateral management agreement and is entitled to receive fees for providing the services; however, the Adviser has waived its right to receive such fees but may rescind such waiver at any time.

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

Short-Term Debt

In order to finance certain investment transactions, the Company may, from time to time, enter into financing agreements, whereby the Company transfers to a third party an investment that it holds in exchange for cash for a period of time, generally not to exceed 180-days from the date it was transferred (each a “Short Term Financing Transaction”). At the expiration of the agreement, the Company returns the cash and interest to the third party and receives the original investment transferred.

As of June 30, 2026 and December 31, 2025, the Company did not have borrowings under Short-Term Financing Transactions.

Total debt consisted of the following as of June 30, 2026:


	As of June 30, 2026
(Amounts in thousands)	Maximum Principal Amount Committed		Principal Amount Outstanding		Principal Amount Available(1)		Carrying Value(2)		Assets Pledged as Collateral(3)		Fair Value		Fair Value Hierarchy
ASPV Credit Facility	$	500,000	$	254,000	$	229,348	$	254,000	$	731,610	$	254,000	Level 3
MSPV Credit Facility	500,000		390,000		110,000		390,000		881,286		390,000		Level 3
SMBC Truist Credit Facility	975,000		306,000		631,023		306,000		2,625,399		306,000		Level 3
Series A Tranche A Notes	90,000		90,000		—		90,000		—		90,266		Level 3
Series A Tranche B Notes	150,000		150,000		—		149,411		—		150,590		Level 3
Series B Tranche A Notes	85,000		85,000		—		84,661		—		83,824		Level 3
Series B Tranche B Notes	25,000		25,000		—		25,000		—		24,999		Level 3
Series B Tranche C Notes	290,000		290,000		—		288,496		—		284,354		Level 3
Series C Tranche A Notes	25,000		25,000		—		23,834		—		24,854		Level 3
Series C Tranche B Notes	75,000		75,000		—		74,757		—		74,402		Level 3
Series D Tranche A Notes	50,000		50,000		—		49,944		—		50,000		Level 3
Series D Tranche B Notes	175,000		175,000		—		175,109		—		175,000		Level 3
CLO Transaction	369,000		369,000		—		369,000		447,354		369,000		Level 3
Total	$	3,309,000	$	2,284,000	$	970,371	$	2,280,212	$	4,685,649	$	2,277,289

(1)The amount available reflects any limitations related to the facilities borrowing bases.

(2)Carrying value is inclusive of adjustments for the change in fair value of the effective hedge relationship, if applicable.

(3)Fair market value of the assets held as collateral in the respective credit facility.

Total debt consisted of the following as of December 31, 2025:

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


	As of December 31, 2025
(Amounts in thousands)	Maximum Principal Amount Committed		Principal Amount Outstanding		Principal Amount Available(1)		Carrying Value		Assets Pledged as Collateral(2)		Fair Value		Fair Value Hierarchy
ASPV Credit Facility	$	500,000	$	272,600	$	59,321	$	272,600	$	494,373	$	272,600	Level 3
MSPV Credit Facility	500,000		386,400		57,296		386,400		684,938		386,400		Level 3
Truist Credit Facility	975,000		256,500		661,179		256,500		2,550,658		256,500		Level 3
Series A Tranche A Notes	90,000		90,000		—		90,406		—		90,965		Level 3
Series A Tranche B Notes	150,000		150,000		—		151,856		—		153,212		Level 3
Series B Tranche A Notes	85,000		85,000		—		86,045		—		84,981		Level 3
Series B Tranche B Notes	25,000		25,000		—		25,000		—		24,999		Level 3
Series B Tranche C Notes	290,000		290,000		—		293,911		—		289,100		Level 3
Series C Tranche A Notes	25,000		25,000		—		25,178		—		25,190		Level 3
Series C Tranche B Notes	75,000		75,000		—		75,092		—		75,786		Level 3
CLO Transaction	369,000		369,000		—		369,000		444,085		369,000		Level 3
Total	$	3,084,000	$	2,024,500	$	777,796	$	2,031,988	$	4,174,054	$	2,028,733

(1)The amount available reflects any limitations related to the facilities borrowing bases.

(2)Fair market value of the assets held as collateral in the respective credit facility.

Average debt outstanding and weighted average interest rates of outstanding debt for the three and six months ended June 30, 2026 and 2025 were as follows:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
	Weighted Average Interest Rate	Average Debt Outstanding (in thousands)		Weighted Average Interest Rate	Average Debt Outstanding (in thousands)
ASPV Credit Facility	5.53%	$	254,000	6.72%	$	295,252
MSPV Credit Facility	5.85%	$	402,204	6.41%	$	361,976
SMBC Truist Credit Facility	5.52%	$	246,548	7.09%	$	38,640
Series A Tranche A Notes(1)	7.69%	$	90,000	7.69%	$	90,000
Series A Tranche B Notes(1)	7.78%	$	150,000	7.78%	$	150,000
Series B Tranche A Notes(1)	6.42%	$	85,000	6.42%	$	85,000
Series B Tranche B Notes	6.95%	$	25,000	7.59%	$	25,000
Series B Tranche C Notes(1)	6.52%	$	290,000	6.52%	$	290,000
Series C Tranche A Notes(1)	6.05%	$	25,000	6.05%	$	275
Series C Tranche B Notes(1)	6.40%	$	75,000	6.40%	$	824
Series D Tranche A Notes(1)	6.67%	$	14,835	—%	$	—
Series D Tranche B Notes(1)	7.03%	$	51,923	—%	$	—
CLO Transaction	5.95%	$	369,000	6.55%	$	369,000
Total Weighted Average	6.21%	$	2,078,510	6.73%	$	1,705,967

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

(1) The Company has entered into fixed to floating interest rate swaps to more closely align the interest rates of such fixed rate notes with the Company’s investment portfolio, which consists primarily of floating rate loans. See “Note 7. Derivatives” for additional information.


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
	Weighted Average Interest Rate	Average Debt Outstanding (in thousands)		Weighted Average Interest Rate	Average Debt Outstanding (in thousands)
ASPV Credit Facility	5.55%	$	258,419	6.73%	$	296,762
MSPV Credit Facility	5.86%	$	400,510	6.45%	$	336,326
SMBC Truist Credit Facility	5.56%	$	212,825	6.76%	$	64,907
Series A Tranche A Notes	7.69%	$	90,000	7.69%	$	90,000
Series A Tranche B Notes	7.78%	$	150,000	7.78%	$	150,000
Series B Tranche A Notes	6.42%	$	85,000	6.42%	$	85,000
Series B Tranche B Notes	6.95%	$	25,000	7.59%	$	25,000
Series B Tranche C Notes	6.52%	$	290,000	6.52%	$	290,000
Series C Tranche A Notes	6.05%	$	25,000	6.05%	$	138
Series C Tranche B Notes	6.40%	$	75,000	6.40%	$	414
Series D Tranche A Notes	6.67%	$	7,459	—%	$	—
Series D Tranche B Notes	7.03%	$	26,105	—%	$	—
CLO Transaction	5.97%	$	369,000	6.67%	$	369,000
Total Weighted Average	6.22%	$	2,014,318	6.77%	$	1,707,547

Note 6. Agreements and Related Party Transactions

Administration Agreement

Under the terms of the administration agreement (as may be amended from time to time, the “Administration Agreement”) between the Company and AGTB Fund Manager, LLC (the “Administrator”), the Administrator performs, or oversees the performance of, required administrative services, which include providing office space, equipment and office services, maintaining financial records, preparing reports to shareholders and reports filed with the SEC, and managing the payment of expenses and the performance of administrative and professional services rendered by others.

The Company reimburses the Administrator for services performed for it pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Administrator for any services performed for it by such affiliate or third party.

Unless earlier terminated as described below, the Administration Agreement will remain in effect until May 8, 2028 and from year to year thereafter if approved annually by the vote of the Board of Trustees and the vote of a majority of the Company’s independent trustees (the “Independent Trustees”). The Administration Agreement may be terminated by either party without penalty upon not less than 60 days’ written notice to the other.

No person who is an officer, trustee, or employee of the Administrator or its affiliates and who serves as a trustee of the Company receives any compensation from the Company for his or her services as a trustee. However, the Company reimburses the Administrator (or its affiliates) for an allocable portion of the compensation paid by the Administrator or its affiliates to the Company’s officers who provide operational and administrative services, as well as their respective staffs and other professionals who provide services to the Company, who assist with the preparation, coordination and administration of the foregoing or provide other “back office” or “middle office” financial or operational services to the Company (based on the percentage of time those individuals devote, on an estimated basis, to the business and affairs of the Company). Trustees who are not affiliated with the Administrator receive compensation for their services and reimbursement of expenses incurred to attend meetings.

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

For the three and six months ended June 30, 2026, the Administrator charged approximately $424,000 and $932,000 for certain costs and expenses allocable to the Company under the terms of the Administration Agreement. For the three and six months ended June 30, 2025, the Administrator charged approximately $454,000 and $830,000 for certain costs and expenses allocable to the Company under the terms of the Administration Agreement.

Investment Management Agreement

Under the terms of the investment management agreement (as may be amended and restated from time to time, the "Investment Management Agreement") between the Company and the Adviser, the Adviser is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company’s investments and monitoring the Company’s investments and portfolio companies on an ongoing basis.

Unless earlier terminated as described below, the Investment Management Agreement remains in effect until May 8, 2028 and from year to year thereafter if approved annually by the vote of the Board of Trustees of the Company or by the vote of a majority of the outstanding voting securities of the Company, and the vote of a majority of the Company’s Independent Trustees. The Investment Management Agreement will automatically terminate in the event of assignment. The Investment Management Agreement may be terminated by (1) the Company without penalty on 60 days’ written notice, (2) by the vote of a majority of the outstanding voting securities of the Company or by the vote of the Company’s trustees, or (3) the Adviser on 120 days’ written notice.

From time to time, the Adviser may pay amounts owed by the Company to third-party providers of goods or services, including the Board, and the Company will subsequently reimburse the Adviser for such amounts paid on its behalf. Amounts payable to the Adviser are settled in the normal course of business without formal payment terms.

The Investment Management Agreement also provides that the Company reimburses the Adviser for certain organizational costs incurred prior to the commencement of the Company’s operations, and for certain offering costs.

As of June 30, 2026 and December 31, 2025, the Company has approximately $3.3 million and $4.0 million, respectively, payable to the Adviser for offering and operating costs, which is included in “accrued expenses and other liabilities payable to affiliate” and “due to affiliate” on the statements of assets and liabilities.

Under the terms of the Investment Management Agreement, the Company pays the Adviser a base management fee and certain incentive fees. The cost of both the base management fee and the incentive fee will ultimately be borne by the Company’s shareholders.

The base management fee is calculated at an annual rate of 1.25% of the Company’s net assets. For services rendered under the Investment Management Agreement, the base management fee is payable monthly in arrears. The base management fee is calculated based on the Company’s net assets at the first business day of the applicable month.

For the three and six months ended June 30, 2026, the Company accrued approximately $8.0 million and $15.6 million of base management fees payable to the Adviser. For the three and six months ended June 30, 2025, the Company accrued approximately $5.6 million and $10.5 million of base management fees payable to the Adviser. As of June 30, 2026 and December 31, 2025, base management fees payable by the Company to the Adviser were approximately $8.0 million and $6.9 million, respectively.

Pursuant to the Investment Management Agreement, the Adviser is entitled to an incentive fee (“Incentive Fee”), which consists of two components; an incentive fee based on income and an incentive fee based on capital gains.

The portion based on the Company’s income is based on Pre-Incentive Fee Net Investment Income Returns. “Pre-Incentive Fee Net Investment Income Returns” means, as the context requires, either the dollar value of, or percentage rate of return on the value of the Company’s net assets at the end of the immediate preceding quarter from, interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement entered into between the Company and the Administrator, and any interest expense or fees

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any shareholder servicing and/or distribution fees).

Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount (“OID”), debt instruments with payment-in-kind (“PIK”) interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Company’s net assets at the end of the immediate preceding quarter, is compared to a “hurdle rate” of return of 1.25% per quarter (5.0% annualized).

The Company will pay the Adviser an incentive fee quarterly in arrears with respect to the Company’s Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

•No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized) (the “hurdle rate” or “Hurdle”);

•100% of the dollar amount of the Company’s Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the Hurdle but is less than a rate of return of 1.43% (5.72% annualized). The Company refers to this portion of its Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) as the “catch-up.” The “catch-up” is meant to provide the Adviser with approximately 12.5% of the Company’s Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and 12.5% of the dollar amount of the Company’s Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized). This reflects that once the Hurdle is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser.

These calculations are pro-rated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter.

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable equals 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP. The Company will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if the Company were to sell the relevant investment and realize a capital gain.

For the three and six months ended June 30, 2026, the Company accrued approximately $8.6 million and $16.8 million of income incentive fees. For the three and six months ended June 30, 2025, the Company accrued approximately $6.7 million and $12.8 million of income incentive fees. As of June 30, 2026 and December 31, 2025, the Company had approximately $8.6 million and $7.8 million, respectively, of income incentive fees payable.

As of June 30, 2026, the Company had approximately $0.5 million of accrued capital gains incentive fees, of which none were paid or payable to the Adviser. As of December 31, 2025, the Company had no accrued capital gains incentive fees, of which none were paid or payable to the Adviser, representing no change in accrued capital gains incentive fees.

Shareholder Servicing and/or Distribution Fees — Class S and Class D

On March 1, 2023, the Company entered into an Intermediary Manager Agreement with Foreside Financial Services, LLC, as its “Intermediary Manager” and principal underwriter in connection with the offering of the shares of the Company.

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

The Intermediary Manager is a broker-dealer registered with the SEC is a member of the Financial Industry Regulatory Authority (“FINRA”).

The following table shows the shareholder servicing and/or distribution fees we pay the Intermediary Manager under the Intermediary Manager Agreement with respect to the Class S, Class D and Class I shares on an annualized basis as a percentage of our NAV for such class. The shareholder servicing and/or distribution fees will be paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month.


			Shareholder Servicing and/or Distribution Fee as a % of NAV
Class S shares			0.85%
Class D shares			0.25%
Class I shares			—%

Subject to FINRA and other limitations on underwriting compensation, we will pay a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV for the Class S shares and a shareholder servicing and/or distribution fee equal to 0.25% per annum of the aggregate NAV for the Class D shares, in each case, payable monthly.

The Adviser voluntarily agreed to pay up to 0.6% of the shareholder servicing and/or distribution fee on Class S shares sold for the one-year period beginning October 1, 2023 and ending October 1, 2024. The Adviser has voluntarily agreed to pay up to 0.25% of the shareholder servicing and/or distribution fee on Class S shares sold for the period between October 1, 2024 through September 30, 2025. The Adviser has voluntarily agreed to pay up to 0.25% of the shareholder servicing and/or distribution fee on Class D shares sold in the Company’s continuous offering of Common Shares for the period between December 1, 2024 and September 30, 2025.

The shareholder servicing and/or distribution fees will be paid monthly in arrears. The shareholder servicing and/or distribution fees are similar to sales commissions. The distribution and servicing expenses borne by the participating brokers may be different from and substantially less than the amount of shareholder servicing and/ or distribution fees charged. The Intermediary Manager will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and, at the request of the Fund, will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. Because the shareholder servicing and/or distribution fees with respect to Class S shares and Class D shares are calculated based on the aggregate NAV for all of the outstanding shares of each such class, it reduces the NAV with respect to all shares of each such class, including shares issued under our DRIP. The distribution and servicing plan adopted in compliance with Rule 12b-1 is a compensation plan, which means that the Intermediary Manager is compensated regardless of its expenses, as opposed to a reimbursement plan which reimburses only for expenses incurred. The Intermediary Manager does not retain any shareholder servicing and/or distribution fees for profit. All shareholder servicing and/or distribution fees are held in a retention account by the Intermediary Manager to pay for and/or reimburse the Adviser for distribution-related expenditures.

Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class S or Class D shares: assistance with recordkeeping, answering investor inquiries regarding us, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Intermediary Manager, at the request of the Fund, will waive the shareholder servicing and/or distribution fee that broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase.

For the three and six months ended June 30, 2026, the Company accrued approximately $648,000 and $1,257,000 of Class S shareholder servicing and distribution fees. For the three and six months ended June 30, 2026, the Company accrued approximately $2,000 and $5,000 of Class D shareholder servicing and distribution fees. For the three and six months ended June 30, 2025, the Company accrued approximately $374,000 and $631,000 of Class S shareholder servicing and

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

distribution fees, of which $113,000 and $187,000, respectively, of servicing fees were waived as they were borne by the Adviser.

Expense Support and Conditional Reimbursement Agreement

The Company entered into an expense support and conditional reimbursement agreement (the “Expense Support Agreement”) with the Adviser on October 25, 2022. The Adviser may elect to pay certain expenses (each, an “Expense Payment”), provided that no portion of the payment will be used to pay any interest or distributions and/or shareholder servicing fees of the Company. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment”. “Available Operating Funds” means the sum of (i) net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

No Reimbursement Payment for any month will be made if: (1) the “Effective Rate of Distributions Per Share” (as defined below) declared by the Company at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the “Operating Expense Ratio” (as defined below) at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. Pursuant to the Expense Support Agreement, “Effective Rate of Distributions Per Share” means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder fees, and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing operating expenses, less organizational and offering expenses, base management and incentive fees owed to Adviser, and interest expense, by net assets.

The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.

For the three and six months ended June 30, 2026 and 2025, no such Expense Payments were made by the Adviser.

Affiliated Transactions

The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the Company’s Independent Trustees, and in some cases, the prior approval of the SEC. The Company intends to rely on exemptive relief that has been granted by the SEC to the Company, the Adviser, and TPG Angelo Gordon to permit the Company to co-invest with other funds managed by the Adviser or TPG Angelo Gordon, in a manner consistent with the Company’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.

Pursuant to such exemptive relief, the Company is generally permitted to co-invest with certain of its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board of Trustees make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Company and its shareholders and do not involve overreaching of the Company or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Company’s shareholders and is consistent with its investment objective and strategies, and (3) the investment by its affiliates would not

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

disadvantage the Company, and the Company’s participation would not be on a basis different from or less advantageous than that on which its affiliates are investing. In certain situations where co-investment with one or more funds managed by TPG Angelo Gordon is not permitted or appropriate, TPG Angelo Gordon will need to decide which funds will proceed with the investment. TPG Angelo Gordon will make these determinations based on its policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations.

Investment in Affiliated Funds

The Company holds equity investments through its interest in the affiliated funds, Twin Brook Equity Holdings, LLC and Twin Brook Segregated Equity Holdings, LLC. These were created to hold equity interests that are purchased alongside the underlying portfolio companies’ debt.

In addition, the Company has made investments in joint ventures that have been considered controlled/affiliated companies, including the TCAP JV. From time to time, the Company may purchase investments from or sell investments to the TCAP JV. For further description of the the TCAP JV, see “Note 11. Joint Ventures.”

Fair value for the three and six months ended June 30, 2026 and 2025, and transactions of the Company’s investments in affiliates were as follows:


	Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2026
(Amounts in thousands)	Fair Value as of April 1, 2026		Gross Additions		Gross Reductions		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of June 30, 2026		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	98,589	$	2,337	$	(502)	$	2	$	2,641	$	103,067	$	21
Twin Brook Segregated Equity Holdings, LLC	16		—		—		—		—		16		—
Total non-controlled/affiliated investments	$	98,605	$	2,337	$	(502)	$	2	$	2,641	$	103,083	$	21
Controlled/affiliated investments
TB Senior Loan Fund 1, LLC	$	—	$	32,550	$	—	$	—	$	65	$	32,615	$	393
Total controlled/affiliated investments	$	—	$	32,550	$	—	$	—	$	65	$	32,615	$	393

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


	Investment in Affiliated Funds at Fair Value for the Six Months Ended June 30, 2026
(Amounts in thousands)	Fair Value as of January 1, 2026		Gross Additions		Gross Reductions		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of June 30, 2026		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	103,655	$	5,157	$	(8,963)	$	4,799	$	(1,581)	$	103,067	$	21
Twin Brook Segregated Equity Holdings, LLC	15		—		—		—		1		16		—
Total non-controlled/affiliated investments	$	103,670	$	5,157	$	(8,963)	$	4,799	$	(1,580)	$	103,083	$	21
Controlled/affiliated investments
TB Senior Loan Fund 1, LLC	$	—	$	32,550	$	—	$	—	$	65	$	32,615	$	393
Total controlled/affiliated investments	$	—	$	32,550	$	—	$	—	$	65	$	32,615	$	393


	Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2025
(Amounts in thousands)	Fair Value as of April 1, 2025		Gross Additions		Gross Reductions		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of June 30, 2025		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	85,539	$	4,271	$	(1,540)	$	369	$	3,214	$	91,853	$	—
Twin Brook Segregated Equity Holdings, LLC	19		—		—		—		(4)		15		—
Total non-controlled/affiliated investments	$	85,558	$	4,271	$	(1,540)	$	369	$	3,210	$	91,868	$	—

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


	Investment in Affiliated Funds at Fair Value for the Six Months Ended June 30, 2025
(Amounts in thousands)	Fair Value as of January 1, 2025		Gross Additions		Gross Reductions		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of June 30, 2025		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	80,638	$	7,775	$	(2,084)	$	714	$	4,810	$	91,853	$	—
Twin Brook Segregated Equity Holdings, LLC	16		—		—		—		(1)		15		—
Total non-controlled/affiliated investments	$	80,654	$	7,775	$	(2,084)	$	714	$	4,809	$	91,868	$	—

Note 7. Derivatives

The Company may enter into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies.

In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or a similar agreement with its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Company and a counterparty that governs OTC derivatives, including foreign currency forward contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

For the three and six months ended June 30, 2026, the Company’s monthly average USD notional exposure to derivatives was approximately $865.1 million and $790.2 million . For the three and six months ended June 30, 2025, the Company’s monthly average USD notional exposure to derivatives was approximately $648.7 million and $632.0 million .

The tables below present derivatives contracts as of June 30, 2026 and their respective classification on the consolidated statement of assets and liabilities:

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


Derivative Contracts/Hedged Items	Fair Value (Amounts in Thousands)		Statement of Assets and Liabilities Classification
Foreign currency forward contracts	$	5	Unrealized gain on derivative contracts
Foreign currency forward contracts	(1)		Unrealized loss on derivative contracts
Interest rate swaps(1)	222		Unrealized gain on derivative contracts
Interest rate swaps(1)	(9,930)		Unrealized loss on derivative contracts
Interest rate options	266		Unrealized gain on derivative contracts
Hedged items(2)	(3,788)		Debt

(1) The interest rate swaps above are designated in a qualifying hedging relationship with unsecured borrowings.

(2) The hedged items above represent the carrying value adjustment to unsecured borrowings in a designated hedging relationship as further described in the hedging note below.

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

The table below presents the impact to the consolidated statements of operations from derivative contracts that were not designated in a qualifying hedging relationship during the three and six months ended June 30, 2026 and 2025:


(Amounts in thousands)	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Net change in unrealized gain (loss) on foreign currency forward contracts	$	—	$	(7)	$	9	$	(52)
Net change in unrealized gain (loss) on interest rate swaps and options	(346)		(110)		(84)		326
Realized (loss) on foreign currency forward contracts	(1)		(11)		(7)		36

The Company has not applied counterparty netting or collateral netting; as such, the amounts of cash collateral received and posted are not offset against the derivative assets and derivative liabilities in the consolidated statements of assets and liabilities.

The following tables present the Company’s assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of June 30, 2026:


(Amounts in thousands)	As of June 30, 2026
Assets	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets(1)
Morgan Stanley Capital Services, LLC	$	240	$	(240)	$	—	$	—	$	—
MUFG Bank, Ltd.	97		(97)		—		—		—
Wells Fargo Bank, N.A.	58		(58)		—		—		—
Regions Bank	98		(98)		—		—		—
Total	$	493	$	(493)	$	—	$	—	$	—


(Amounts in thousands)	As of June 30, 2026
Liabilities	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Non-Cash Collateral Received		Cash Collateral Pledged(2)		Net Amount of Derivative Liabilities(3)
Morgan Stanley Capital Services, LLC	$	(1,303)	$	240	$	—	$	1,063	$	—
MUFG Bank, Ltd.	(4,972)		97		—		4,875		—
Wells Fargo Bank, N.A.	(2,206)		58		—		2,148		—
Regions Bank	(1,450)		98		—		1,352		—
Total	$	(9,931)	$	493	$	—	$	9,438	$	—

(1) Net amount of derivative assets represents the net amount due from the counterparty to the Company.

(2) The actual collateral pledged could be more than the amount shown due to over collateralization.

(3) Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.

Hedging

In connection with certain fixed rate unsecured notes issued by the Company, the Company has entered into fixed to floating interest rate swaps to more closely align the interest rates of such liabilities with the Company’s investment

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

portfolio, which consists primarily of floating rate loans. For derivative instruments designated in qualifying hedge relationships, the change in fair value of the hedging instrument are recorded as interest expense and in the consolidated statements of operations.

The table below presents the impact to the consolidated statements of operations from derivative assets and liabilities designated in a qualifying hedge accounting relationship for the three and six months ended June 30, 2026 and 2025:


(Amounts in thousands)	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		Six Months Ended June 30, 2025		Financial Statement Location
Interest rate swaps	$	5,846	$	(5,084)	$	10,232	$	(13,695)	Interest expense
Hedged items	$	(6,270)	$	4,569	$	(11,275)	$	12,723	Interest expense

The table below presents the carrying value of unsecured borrowings as of June 30, 2026 that are designated in a qualifying hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values:


Description	Principal Amount (Amounts in thousands)		Carrying Value (Amounts in thousands)		Cumulative Hedging Adjustments (Amounts in thousands)
Series A Tranche A Notes	$	90,000	$	90,000	$	—
Series A Tranche B Notes	150,000		149,411		(589)
Series B, Tranche A Notes	85,000		84,661		(339)
Series B, Tranche C Notes	290,000		288,496		(1,504)
Series C, Tranche A Notes	25,000		23,834		(1,166)
Series C, Tranche B Notes	75,000		74,757		(243)
Series D, Tranche A Notes	50,000		49,944		(56)
Series D, Tranche B Notes	175,000		175,109		109
Total	$	940,000	$	936,212	$	(3,788)

The table below presents the carrying value of unsecured borrowings as of December 31, 2025 that are designated in a qualifying hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values:


Description	Principal Amount (Amounts in thousands)		Carrying Value (Amounts in thousands)		Cumulative Hedging Adjustments (Amounts in thousands)
Series A, Tranche A Notes	$	90,000	$	90,406	$	406
Series A, Tranche B Notes	150,000		151,856		1,856
Series B, Tranche A Notes	85,000		86,045		1,045
Series B, Tranche C Notes	290,000		293,911		3,911
Series C, Tranche A Notes	25,000		25,178		178
Series C, Tranche B Notes	75,000		75,092		92
Total	$	715,000	$	722,488	$	7,488

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

Note 8. Commitments and Contingencies

Commitments

The Company’s investment portfolio contains debt investments that are in the form of revolving lines of credit and unfunded delayed draw commitments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements.

Unfunded portfolio company commitments and funded debt investments are presented on the consolidated schedule of investments and are fair valued. Unrealized appreciation or depreciation, if any, is included in the consolidated statements of assets and liabilities and consolidated statements of operations.

As of June 30, 2026 and December 31, 2025, the Company had the following outstanding commitments to fund investments in current portfolio companies:


Portfolio Company	June 30, 2026		December 31, 2025
First lien senior secured debt	(Amounts in thousands)		(Amounts in thousands)
3BC Matrix Acquisition, LLC	$	—	$	1,564
50Floor, LLC	199		106
A. P. Nonweiler Co. Inc.	1,523		1,523
A.P.A Industries, LLC	—		1,979
Abrasive Technology Intermediate, LLC	—		138
ACES Intermediate, LLC	—		7,114
ACS Midco LLC	8,419		—
ADC Purchaser Inc	3,458		6,013
Advanced Lighting Acquisition, LLC	—		1,215
ADVI Health, LLC	—		1,062
Advocate RCM Acquisition Corp	2,902		2,902
AEP Passion Intermediate Holdings, Inc.	39		32
AFC Industries, Inc.	—		14,262
AFC-Dell Holding Corp	10,885		—
Affinitiv, Inc.	186		186
Agility Intermediate, Inc.	27		27
AHR Intermediate, Inc	7,978		16,679
AirPro Diagnostics, LLC	3,118		4,332
AKS Engineering and Forestry, LLC	—		2,890
Alcresta Buyer, Inc	22,412		39,224
Aligned Dental Management Services, LLC	—		3,997
Alliance Environmental Group, LLC	2		19
Allied Credit Acquisition Corp	7,544		—
AlphaCoin LLC	2,610		7,119
Altamira Material Solutions, LP	26		—
AM Buyer, LLC	851		851
AMCP SAMGI Intermediate, Inc	12,910		16,368
AMCP Treatment Intermediate, LLC	6,608		9,653
American Family Care, LLC	6,482		17,337
Ansira Partners II, LLC	3,992		6,142
Answer Acquisition, LLC	268		531

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


Portfolio Company	June 30, 2026	December 31, 2025
Aptitude Health Holdings, LLC	—	223
Aquatic Sales Solutions, LLC	58	58
ARC Health OPCO, LLC	9,543	13,138
Arctic Acquisition Sub, LLC	11,782	—
ASC Ortho Management, LLC	—	7
Ascend Plastic Surgery Partners MSO LLC	4,197	19,880
Ascent Lifting, Inc.	—	2,500
ASP Global Holdings, LLC	5,502	6,595
Assembly Holdco, LLC	5,555	—
AWI Group, LLC	5,418	2,918
Baker Manufacturing Company, LLC	—	2,898
Banner Buyer, LLC	259	259
Barkley, LLC	2,300	2,300
BBG Intermediate Holdings, Inc.	4	4
BCI Burke Holding Corp.	6,588	9,036
Beacon Oral Specialists Management LLC	10,833	14,407
Beghou Consulting, LLC	—	2,290
Best Version Media Acquisition, LLC	—	2,897
Bestop, Inc	—	12,499
Bluebird Parent, INC	5,821	—
BPCP EE Intermedco LLC	1,282	2,244
BPCP NSA Intermedco, Inc	4,954	14,883
BPCP WLF Intermedco LLC	2,132	9,170
Brightview, LLC	8,512	10
Brite Acquisition, LLC	6,125	—
BSC ASI BUYER, LLC	—	3,661
BSC Top Shelf Blocker LLC	—	2,256
Bulk Lift International, LLC	189	1,543
Canadian Orthodontic Partners Corp	28	29
CAP KSI Holdings LLC	—	4,287
Capital Construction, LLC	—	9,173
Capstone Mechanical LLC	2,670	7,563
Captive Radiology Acquisition, LLC	4,629	—
Centennial Environmental Acquisition, LLC	9,214	—
Change Academy at Lake of the Ozarks, LLC	—	2,870
CHS Holdco, LLC	10,542	12,775
CL Services Acquisition, LLC	13,410	27,625
CNS Purchaser, LLC	17,376	15,271
Compass Restoration Intermediary Holdings, LLC	1,744	2,961
CPS Power Buyer, LLC	5,541	7,303
CR Services Intermediate, LLC	30	11
Creative Outdoor Holding Inc	8,741	12,909
CSL Intermediate Acquisition LLC	3,564	4,819
Custom Agronomics Holdings, LLC	—	2,232
DASCO HME, LLC	4,170	7,891

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


Portfolio Company	June 30, 2026	December 31, 2025
Datum Acquisition, LLC	2,146	2,146
DealerOn Inc.	—	314
DemandTec, LLC	5,210	4,984
Dermatology Medical Partners OpCo, LLC	9	9
Diamondback Buyer, LLC	—	75
DNS IMI Acquisition Corp	—	56
Double E Company, LLC	230	1,382
Duggal Acquisition, LLC	2,612	12,543
Dykstra's Auto, LLC	6,657	23,732
Dynamic Campus Acquisition, Inc.	9,698	13,264
Eastern Communications Solutions, Inc.	3,240	3,240
EH Management Company, LLC	—	2,505
ELMC RX Solutions, LLC	5,112	5,112
EMSAR Acquisition LLC	53	—
Endodontic Practice Partners, LLC	4,130	12,123
E-Phoenix Acquisition Co. Inc.	—	2,984
Esquire Deposition Solutions, LLC	—	7,666
Ever Fresh Fruit Company, LLC	1,380	1,380
Exclusive Concepts, LLC	11	3,343
ExperCare Management, LLC	5,555	—
Fastlap, LLC	23	338
First Steps Recovery Acquisition, LLC	18,828	22,409
Formulated Buyer, LLC	39	76
Foundation Repair Purchaser, INC.	15,220	—
Franchise Fastlane, LLC	15	15
FreshAddress, LLC	—	30
FYZICAL Buyer, LLC	1,107	1,107
Genius Bidco LLC	3,571	7,755
Geriatric Medical and Surgical Supply, LLC	—	300
Gifthealth, Inc.	—	10,835
GM Services Buyer, LLC	4,836	9,997
Gold Medal Holdings, Inc.	—	2,668
Golden Bear PT Partners, LLC	6,115	17
GPSTrackit Holdings, LLC	—	2,067
Green Monster Acquisition, LLC	17	23
GS XX Corporation	—	2,381
Guardian Dentistry Practice Management, LLC	10,617	3,351
H2 Holdco, Inc.	7,123	13,098
Harley Exteriors Acquisition, LLC	1,541	2,423
Health and Wellness Partners LLC	1,162	8,288
HEC Purchaser Corp.	—	8,250
Helpware, Inc.	—	1,754
Highland Acquisition, Inc.	1,217	1,771
HLSG Intermediate, LLC	—	2,496
Home Brands Group Holdings, Inc.	—	48

100

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


Portfolio Company	June 30, 2026	December 31, 2025
HTI Intermediate, LLC	1,553	2,070
Hultec Buyer, LLC	—	705
Hydromax USA, LLC	191	1,435
Icelandirect, LLC	796	3,189
Icreon Holdings, LLC	179	1,071
IMA Group Management Company, LLC	4,091	4,105
Infolinks Media Buyco, LLC	11	11
Innovate 32 Services, LLC	6,449	22,209
Innovative Discovery Acquisition, LLC	8,901	10,677
Innovative FlexPak, LLC	104	230
Inreach Intermediate Holdings II, LLC	5,033	6,733
IPC Pain Acquisition, LLC	—	1,140
Ironhorse Purchaser, LLC	730	5,813
ISSA, LLC	—	92
Jacent Strategic Merchandising, LLC	—	1,330
Johns Byrne LLC	—	1,460
Juniper Landscaping Holdings LLC	3,628	8,360
K-1 Packaging Group, LLC.	6,242	5,483
Kaizen Auto Care, LLC	—	6
Keystone Partners, LLC	—	2,753
Kittyhawk, Inc	—	3,571
Kravet Design LLC	—	4,349
Kwalu, LLC	4,386	3,374
L&J Holding Company LLC	9,408	8,490
Lakeshirts LLC	7,989	16,435
Lawn Care Holdings Purchaser, Inc	3,840	6,696
Lehman Pipe Buyer, LLC	217	8,057
Livefront, LLC	4,188	6,730
Load One Purchaser Corporation	2,650	3,344
LSOMS Acquisition, LLC	5,555	—
MacKenzie Childs Acquisition, Inc.	—	3,374
MacNeill Pride Group Corp.	—	287
Mad Rose Company, LLC	—	253
Mattco Forge, Inc.	—	1,230
Mearthane Products, LLC	1,651	—
MediaMint Inc	2,128	2,128
Medical Technology Associates, LLC	—	1,550
Merge USA, Inc	1,509	2,515
MetaSource, LLC	45	38
Milestone Technologies, Inc	2,918	5,513
Millennia Patient Services, LLC	60	80
Monument Policy Group Holdings	1,485	—
MRC Keeler Acquisition, LLC	150	150
MS Pain, LLC	2,350	6,899
MWEC Management, LLC	1,608	4,168

101

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


Portfolio Company	June 30, 2026	December 31, 2025
My Buyer, LLC	—	2,360
Nasco Healthcare Inc.	—	2,203
NEFCO Holding Company, LLC	—	4,753
NEPEZ Acquisition, LLC	8,695	56
Network Partners Acquisition, LLC	—	38
Nimlok Company, LLC	—	1,498
North & Warren, LLC	—	954
NutriScience Innovations, LLC	—	131
NWI Merger Sub, Inc	5,150	8,933
OneCare LTC, LLC	—	2,121
Optimized Marketing Acquisition, LLC	790	1,066
Outerbox, LLC	2,280	2,830
P and R Dental Strategies, LLC	—	14
P1 DENTAL MSO, LLC	1,507	3,468
Palmetto Technology Group, LLC	9,479	7,281
Peak Dental Services, LLC	—	66
Peak Investment Holdings, LLC	65	65
Peninsula MMGY Corporation	—	3,395
PharmaForceIQ INC.	—	2,093
PHGP MB Purchaser, Inc.	44	63
Pink Lily Holdings, LLC	—	15
Polaris Labs Acquisition, LLC	—	2,123
Polycorp Ltd	—	10,261
PPW Acquisition, LLC	19	26
PRA Acquisition, LLC	—	56
Precision Point Metrics, Inc	3,063	5,093
Premier Early Childhood Education Partners LLC	12,477	2,813
Premier Produce One, LLC	10,460	14,432
PRM Management Company, LLC	—	1,969
Purpose Home Health Acquisition, LLC	—	9,999
Qin's Buffalo, LLC	—	2,393
Quality Liaison Services of North America, Inc	1,629	912
Raffel Systems, LLC	9,408	—
Raneys, LLC	—	1,964
Rapid Fire Safety and Security, LLC	10,125	1,080
Redwood Buyer, LLC	7,615	9,499
Renovation Systems, LLC	2,384	1,331
Rental Equipment Investment Corp	—	5,225
Rose Paving, LLC	—	3,431
RTP Acquisition, LLC	38	—
Sage Dental Management, LLC	9,567	17,773
SCP Cold Chain Packaging Buyer Corp	7,248	10,495
SCP ENT and Allergy Services, LLC	64	64
SCP OMS Services, LLC	4,514	8,754
SENS Intermediate Holdings LLC	3,468	6,132

102

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


Portfolio Company	June 30, 2026	December 31, 2025
Shasta Buyer, LLC	—	4,307
ShiftKey, LLC	110	110
Signature Dental Partners LLC	9,579	2,974
Signature MD, Inc	—	5,292
Silver Falls MSO, LLC	4,305	5,371
SimiTree Acquisition LLC	128	128
SIMKO Merger Sub, LLC	—	27
Singlepoint Healthcare Opco, LLC	15,297	—
Sixarp, LLC	1,722	4,432
Southeast Primary Care Partners, LLC	454	733
Southern Orthodontic Partners Management, LLC	3,037	4,843
Southern Sports Medicine Partners, LLC	27	27
Spa Medicca, LLC	7,199	7,199
Spear Education Holdings, LLC	—	3,791
Spectrum Solutions, LLC	21	95
SPG Holdco, LLC	544	1,234
Star Dental Partners LLC	2,279	6,513
Starwest Botanicals Acquisition, LLC	—	4
Storm Smart Buyer LLC	—	66
Sun Orchard, LLC	—	6,851
Superior Insurance Partners LLC	16,883	5,414
Superscapes Holdco, LLC	—	1,888
SupplySide BuyerCo, Inc	8,278	—
Sure Power, LLC	4,441	—
Surplus Solutions, LLC	—	3,626
T&D AcquisitionCo, LLC	7,855	—
TCG Services, LLC	7,250	9,280
Teel Plastics, LLC	—	3,909
The Channel Company, LLC	39	27
The Chempetitive Group, LLC	10,505	13,578
Therapy Spot Acquisition, LLC	7,422	—
Therapy2000 Acquisition, LLC	5,232	6,888
Third Holdco, LLC	3,624	9,713
Trademark Global, LLC	101	18
Transitions Intermediate Holdings, LLC	687	2,784
Treat Planet Acquisition, LLC	—	2,422
Triad Technologies, LLC	—	332
TruBlue LLC	—	3,761
TruSource Foods LLC	2,510	3,425
TSR Concrete Coatings, LLC	10,938	19,088
U.S. BioTek Laboratories, LLC	—	—
United Land Services Opco Parent, LLC	3,629	3,779
Universal Pure, LLC	179	179
US Anchors Group Inc	—	6,043
US Foot and Ankle Specialists, LLC	—	2,699

103

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


Portfolio Company	June 30, 2026		December 31, 2025
USSC Holding Corp	—		3,409
Value Added Distributors, LLC	—		3,768
Vanguard Packaging, LLC	3,674		2,939
Varsity DuvaSawko Operating Corp.	—		3,045
Varsity Rejuvenate Partners, LLC	—		1,245
VersiCare Management LLC	3,834		4,775
VetEvolve Holdings, LLC	8,265		15,217
Vintage Parts, Inc	—		1,564
VIT Nyckel Acquisition AB	—		2,719
Vital Geriatrics Group Buyer, Inc	7,428		2,408
Walker Sands, LLC	—		1,553
WCI Volt Purchaser, LLC	—		2,249
Western Veterinary Partners, LLC	2,175		4,599
Westminster Cracker Company, Inc.	230		1,303
Wolf Gordon Inc	—		3,809
Woodson and Bozeman, LLC	6,590		9,026
WTWH Buyer, LLC	—		1,638
Yard-Nique, Inc	—		973
Zipline Logistics, LLC	405		405
Total unfunded portfolio company commitments	$	759,636	$	1,151,840

Other Commitments and Contingencies

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of business. As of June 30, 2026, management was not aware of any material pending or threatened litigation.

As of June 30, 2026, $184.4 million of capital remained uncalled from the Company at the TCAP JV.

104

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

Note 9. Net Assets

Equity Issuances

As of June 30, 2026 and December 31, 2025, the Company had 106,651,371 and 94,659,223, respectively, shares issued and outstanding with a par value of $0.001 per share.

The following tables summarize transactions in common shares during the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026	Six Months Ended June 30, 2026
	Shares	Amount in Thousands		Shares	Amount in Thousands
Class I:
Proceeds from shares sold	6,468,705	$	161,590	12,734,192	$	319,468
Share transfers between classes	3,976	1,599		24,350	2,112
Distributions reinvested	575,329	14,506		1,150,997	29,008
Repurchased shares, net of early repurchase reduction	(1,776,368)	(44,708)		(2,948,413)	(74,264)
Net increase (decrease)	5,271,642	$	132,987	10,961,126	$	276,324


	Three Months Ended June 30, 2026			Six Months Ended June 30, 2026
	Shares	Amount in Thousands		Shares	Amount in Thousands
Class S:
Proceeds from shares sold	531,239	$	13,395	1,230,342	$	31,009
Share transfers between classes	(3,976)	(1,599)		(24,350)	(2,112)
Distributions reinvested	122,371	3,086		237,775	5,994
Repurchased shares, net of early repurchase reduction	(306,906)	(7,727)		(358,765)	(9,035)
Net increase (decrease)	342,728	$	7,155	1,085,002	$	25,856

105

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


	Three Months Ended June 30, 2026			Six Months Ended June 30, 2026
	Shares	Amount in Thousands		Shares	Amount in Thousands
Class D:
Proceeds from shares sold	397	$	10	8,972	$	226
Share transfers between classes	—	—		—	—
Distributions reinvested	830	21		1,623	41
Repurchased shares, net of early repurchase reduction	(5,059)	(127)		(5,059)	(127)
Net increase (decrease)	(3,832)	$	(96)	5,536	$	140


	Three Months Ended June 30, 2025			Six Months Ended June 30, 2025
	Shares	Amount in Thousands		Shares	Amount in Thousands
Class I:
Proceeds from shares sold	6,196,561	$	156,731	11,631,597	$	294,160
Share transfers between classes	6,911	175		9,899	251
Distributions reinvested	399,643	10,108		766,317	19,380
Repurchased shares, net of early repurchase reduction	(1,238,312)	(31,268)		(1,493,833)	(37,728)
Net increase (decrease)	5,364,803	$	135,746	10,913,980	$	276,063


	Three Months Ended June 30, 2025			Six Months Ended June 30, 2025
	Shares	Amount in Thousands		Shares	Amount in Thousands
Class S:
Proceeds from shares sold	1,866,111	$	47,201	3,666,854	$	92,732
Share transfers between classes	(6,911)	(175)		(6,911)	(175)
Distributions reinvested	81,918	2,072		147,020	3,718
Repurchased shares, net of early repurchase reduction	(4,954)	(120)		(7,143)	(175)
Net increase (decrease)	1,936,164	$	48,978	3,799,820	$	96,100

106

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


	Three Months Ended June 30, 2025			Six Months Ended June 30, 2025
	Shares	Amount in Thousands		Shares	Amount in Thousands
Class D:
Proceeds from shares sold	12,452	$	315	23,992	$	607
Share transfers between classes	—	—		(2,989)	(76)
Distributions reinvested	678	17		1,284	32
Repurchased shares, net of early repurchase reduction	(5,626)	(142)		(7,597)	(192)
Net increase (decrease)	7,504	$	190	14,690	$	371

Dividends

The following table reflects dividends declared on common shares during the six months ended June 30, 2026 and 2025:


For the Six Months Ended June 30, 2026
			Class I
Date Declared	Record Date	Payment Date	Dividend per Share		Amount in Thousands
January 28, 2026	January 31, 2026	February 25, 2026	$	0.2000	$	17,035
February 26, 2026	February 27, 2026	March 27, 2026	$	0.2000	$	17,734
March 26, 2026	March 31, 2026	April 28, 2026	$	0.2000	$	18,081
April 27, 2026	April 30, 2026	May 29, 2026	$	0.2000	$	18,071
May 26, 2026	May 29, 2026	June 30, 2026	$	0.2000	$	18,229
June 27, 2026	June 30, 2026	July 29, 2026	$	0.2000	$	19,255


For the Six Months Ended June 30, 2026
			Class S
Date Declared	Record Date	Payment Date	Dividend per Share		Amount in Thousands
January 28, 2026	January 31, 2026	February 25, 2026	$	0.1818	$	2,050
February 26, 2026	February 27, 2026	March 27, 2026	$	0.1836	$	2,119
March 26, 2026	March 31, 2026	April 28, 2026	$	0.1818	$	2,145
April 27, 2026	April 30, 2026	May 29, 2026	$	0.1824	$	2,176
May 26, 2026	May 29, 2026	June 30, 2026	$	0.1818	$	2,199
June 27, 2026	June 30, 2026	July 29, 2026	$	0.1824	$	2,250

107

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


For the Six Months Ended June 30, 2026
			Class D
Date Declared	Record Date	Payment Date	Dividend per Share		Amount in Thousands
January 28, 2026	January 31, 2026	February 25, 2026	$	0.1947	$	23
February 26, 2026	February 27, 2026	March 27, 2026	$	0.1952	$	24
March 26, 2026	March 31, 2026	April 28, 2026	$	0.1947	$	25
April 27, 2026	April 30, 2026	May 29, 2026	$	0.1948	$	25
May 26, 2026	May 29, 2026	June 30, 2026	$	0.1947	$	25
June 27, 2026	June 30, 2026	July 29, 2026	$	0.1948	$	24


For the Six Months Ended June 30, 2025
			Class I
Date Declared	Record Date	Payment Date	Dividend per Share		Amount in Thousands
January 28, 2025	January 31, 2025	February 26, 2025	$	0.2300	$	13,438
February 25, 2025	February 28, 2025	March 27, 2025	$	0.2200	$	13,365
March 28, 2025	March 31, 2025	April 28, 2025	$	0.2200	$	13,788
April 27, 2025	April 30, 2025	May 28, 2025	$	0.2200	$	14,121
May 28, 2025	May 31, 2025	June 26, 2025	$	0.2200	$	14,580
June 27, 2025	June 30, 2025	July 29, 2025	$	0.2200	$	14,969


For the Six Months Ended June 30, 2025
			Class S
Date Declared	Record Date	Payment Date	Dividend per Share		Amount in Thousands
January 28, 2025	January 31, 2025	February 26, 2025	$	0.2171	$	933
February 25, 2025	February 28, 2025	March 27, 2025	$	0.2084	$	969
March 28, 2025	March 31, 2025	April 28, 2025	$	0.2071	$	1,159
April 27, 2025	April 30, 2025	May 28, 2025	$	0.2075	$	1,307
May 28, 2025	May 31, 2025	June 26, 2025	$	0.2071	$	1,467
June 27, 2025	June 30, 2025	July 29, 2025	$	0.2075	$	1,563


For the Six Months Ended June 30, 2025
			Class D
Date Declared	Record Date	Payment Date	Dividend per Share		Amount in Thousands
January 28, 2025	January 31, 2025	February 26, 2025	$	0.2300	$	16
February 25, 2025	February 28, 2025	March 27, 2025	$	0.2200	$	17
March 28, 2025	March 31, 2025	April 28, 2025	$	0.2200	$	17
April 27, 2025	April 30, 2025	May 28, 2025	$	0.2200	$	17
May 28, 2025	May 31, 2025	June 26, 2025	$	0.2200	$	19
June 27, 2025	June 30, 2025	July 29, 2025	$	0.2200	$	19

Distribution Reinvestment Plan

108

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

shares as described below, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.

Share Repurchase Plan

The Company has implemented a share repurchase program under which, at the discretion of the Board, the Company may repurchase, in each quarter, up to 5% of the NAV of the Company’s Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. For the avoidance of doubt, such target amount is assessed each calendar quarter. The Board may amend or suspend the share repurchase program at any time (including to offer to purchase fewer shares) if in its reasonable judgment it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect the Company’s operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter, or may only be available in an amount less than 5% of our Common Shares outstanding.

The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase plan, to the extent we offer to repurchase shares in any particular quarter, we expect to repurchase shares pursuant to tender offers on or around the last business day of that quarter (the “Repurchase Date”) using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

The following table presents the share repurchases completed during the six months ended June 30, 2026:


Tender Offer Expiration Date	Total Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Repurchased(1)		Price paid Per Share		Tender Offer Valuation Date	Amount Repurchased (all classes) (in thousands)(2)		Maximum number of shares that may yet be purchased under the repurchase plan(3)
March 5, 2026	1,223,904	1.3	%	$	25.22	March 31, 2026	$	30,801	0
June 2, 2026	2,088,333	2.1	%	$	25.20	June 30, 2026	$	52,523	0

(1) Percentage is based on total shares as of the close of the previous calendar quarter.

(2) Amounts shown net of Early Repurchase Deduction.

(3) All repurchases were satisfied in full.

The following table presents the share repurchases completed during the six months ended June 30, 2025:

109

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


Tender Offer Expiration Date	Total Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Repurchased(1)		Price paid Per Share		Tender Offer Valuation Date	Amount Repurchased (all classes) (in thousands)(2)		Maximum number of shares that may yet be purchased under the repurchase plan(3)
January 29, 2025	259,680	0.4	%	$	25.30	December 31, 2024	$	7	0
April 25, 2025	1,248,893	1.7	%	$	25.29	March 31, 2025	$	31,530	0

(1) Percentage is based on total shares as of the close of the previous calendar quarter.

(2) Amounts shown net of Early Repurchase Deduction.

(3) All repurchases were satisfied in full.

Character of Distributions

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment.

All of the dividends declared during the six months ended June 30, 2026 and 2025 were derived from ordinary income, as determined on a tax basis. Taxable income is an estimate and is not fully determined until the Company's tax return is filed.

110

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

Note 10. Income Taxes

Taxable income generally differs from net increase (decrease) in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized.

The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital or total distributable earnings (losses), as appropriate. There were $282,000 and $701,000 of permanent book-to-tax differences for the three and six months ended June 30, 2026. In addition, there were $510,000 and $1,122,000 of permanent book-to-tax differences for the three and six months ended June 30, 2025.

Note 11. Joint Ventures

TB Senior Loan Fund 1, LLC

TB Senior Loan Fund 1, LLC (“TCAP JV”), a Delaware limited liability company, was formed as a joint venture between the Company and an alternative investment management firm (the “TCAP JV Partner”). TCAP JV commenced operations on May 27, 2026 and operates under a limited liability company agreement. TCAP JV’s principal purpose is to make investments, primarily revolving lines of credit, to middle-market companies.

The Company and the TCAP JV Partner, through their joint control of the Board of Managers of the TCAP JV (“TCAP JV Board”), have equal control of the TCAP JV’s investment decisions (including purchases and sales of the Company’s investments to or from the TCAP JV), the decision to call additional capital up to the amounts committed by the Company and the TCAP JV Partner, the decision to return capital or to make distributions, and generally all other major decisions in respect of the TCAP JV. The TCAP JV Board consists of an equal number of representatives of the Company and the TCAP JV Partner. The TCAP JV shall be dissolved once all investments are liquidated or when all assets are distributed. The Company’s investment in the TCAP JV cannot be transferred without approval of the TCAP JV Board.

On May 27, 2026, the Company and the TCAP JV Partner initially committed to contribute up to $217.0 million and $33.0 million of capital, respectively, to the TCAP JV.

As of June 30, 2026, the Company had made capital contributions of $32.6 million and the TCAP JV Partner had made capital contributions of $5.0 million. As of June 30, 2026, $184.4 million of capital remained uncalled from the Company and $28.0 million of capital remained uncalled from the TCAP JV Partner. The Company and the TCAP JV Partner may, from time-to-time, make additional contributions of capital or may receive returns of capital from TCAP JV.

As of June 30, 2026, the Company’s and the TCAP JV Partner’s equity ownership interests in the TCAP JV were 86.8% and 13.2%, respectively.

For the three and six months ended June 30, 2026, the TCAP JV purchased investments from the Company for a total cash purchase price based on then-current fair value (at the time of purchase) of $92.5 million.

The Company has determined that the TCAP JV is an investment company under ASC 946, and in accordance with ASC 946, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Further, the Company has a variable interest in the TCAP JV and has determined that the TCAP JV is a variable interest entity under ASC 810 - Consolidation (“ASC 810”). However, the Company is not deemed to be the primary beneficiary of the TCAP JV as there is equal power between the Company and the TCAP JV Partner. Accordingly, the Company does not consolidate the TCAP JV.

111

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

The following table presents the selected consolidated statements of assets and liabilities information of the TCAP JV as of June 30, 2026:


	June 30, 2026
	(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments at fair value (amortized cost of $98,126)	$	98,199
Restricted cash	17,647
Deferred financing costs	2,882
Interest receivable	378
Other assets	27
Total assets	$	119,133
Liabilities
Debt	$	80,600
Interest payable	439
Deferred income	53
Accrued expenses and other liabilities payable to affiliate	13
Current tax liability	1
Total liabilities	$	81,106
Commitments and contingencies
Net assets
Total net assets	$	38,027
Total liabilities and net assets	$	119,133

112

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

The following table presents the selected consolidated statements of operations information of the TCAP JV for the period from May 27, 2026 (Commencement of Operations) through June 30, 2026:



	Period from May 27, 2026 (Commencement of Operations) through June 30, 2026
Investment income
Investment income from non-controlled, non-affiliated investments:
Interest	$	959
Other	5
Total investment income from non-controlled, non-affiliated investments:	964
Total investment income	964
Expenses
Interest expense	497
Professional fees	10
Other expenses	2
Total expenses	509
Net investment income (loss) before taxes	$	455
Current federal tax(1)	1
Net investment income (loss) after taxes	$	454
Net realized and change in unrealized gain (loss) on investment transactions
Net change in unrealized gain (loss) on investment transactions:
Non-controlled, non-affiliated investments	73
Total net realized and change in unrealized gain (loss) on investment transactions	73
Net increase (decrease) in net assets resulting from operations	$	527

(1)Related to the TCAP JV’s wholly-owned, consolidated subsidiary, TB Senior Loan Fund 1 Corp., which is treated as a corporation for United States federal income tax purposes

The Company’s investment in the TCAP JV is disclosed on the Company’s Condensed Consolidated Schedule of Investments as of June 30, 2026.

113

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Investments
Non-controlled/non-affiliated senior secured debt
Aerospace and defense
AlphaCoin LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.41%	6/4/2026	7/29/2030	$	4,509	$	(47)	$	(48)	(0.13)	%
Mattco Forge, Inc	First lien senior secured revolving loan	S +	5.25%	8.98%	6/4/2026	12/19/2030	3,691		2,425		2,425		6.38	%
Third Holdco, LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.39%	6/4/2026	6/13/2031	6,089		(66)		(66)		(0.17)	%
									2,312		2,311		6.08	%
Auto components
A.P.A. Industries, LLC (6) (7)	First lien senior secured revolving loan	S +	5.25%	8.89%	6/4/2026	1/10/2029	$	1,979	$	(13)	$	(13)	(0.03)	%
AirPro Diagnostics, LLC	First lien senior secured revolving loan	S +	5.25%	8.92%	6/4/2026	2/21/2030	1,822		1,075		1,075		2.83	%
Bestop, Inc (6)	First lien senior secured revolving loan	S +	5.50%	9.23%	6/4/2026	3/29/2029	7,081		(76)		(77)		(0.20)	%
BSC ASI BUYER, LLC (6)	First lien senior secured revolving loan	S +	5.25%	8.98%	6/4/2026	12/31/2027	3,661		(15)		(15)		(0.04)	%
Raneys, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.23%	6/4/2026	6/7/2027	1,964		(10)		(11)		(0.03)	%
									961		959		2.53	%
Building products
US Anchors Group Inc	First lien senior secured revolving loan	S +	5.25%	8.96%	6/4/2026	7/15/2029	$	4,338	$	1,691	$	1,691	4.45	%
									1,691		1,691		4.45	%
Chemicals
Custom Agronomics Holdings, LLC	First lien senior secured revolving loan	S +	6.50%	10.26%	6/4/2026	8/30/2027	$	2,976	$	1,105	1,105		2.91	%
Polycorp Ltd (6)	First lien senior secured revolving loan	S +	5.00%	8.64%	6/4/2026	1/24/2030	3,723		(37)		(37)		(0.10)	%
Teel Plastics, LLC	First lien senior secured revolving loan	P +	3.75%	10.50%	6/4/2026	4/22/2030	3,909		582		$	582	1.53	%
									1,650		1,650		4.34	%
Commercial services and supplies
Capstone Mechanical LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.48%	6/4/2026	11/20/2030	$	1,492	$	(14)	$	(14)	(0.04)	%
Gold Medal Holdings, Inc (8)	First lien senior secured revolving loan	S +	5.75%	9.48%	6/4/2026	9/17/2028	1,444		187		187		0.49	%
Innovative Discovery Acquisition, LLC (6) (9)	First lien senior secured revolving loan	S +	5.50%	9.14%	6/4/2026	12/31/2030	389		(3)		(3)		(0.01)	%
Nimlok Company, LLC (6) (10)	First lien senior secured revolving loan	S +	5.25%	8.91%	6/4/2026	11/27/2027	1,498		(6)		(6)		(0.02)	%
Polaris Labs Acquisition, LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.73%	6/4/2026	9/17/2029	2,123		(25)		(25)		(0.07)	%
Precision Point Metrics, Inc (6)	First lien senior secured revolving loan	S +	5.00%	8.73%	6/4/2026	7/1/2031	2,030		(22)		(22)		(0.06)	%
Rapid Fire Safety and Security, LLC	First lien senior secured revolving loan	S +	5.25%	8.95%	6/4/2026	1/2/2030	1,885		1,678		1,678		4.41	%
Superscapes Holdco, LLC	First lien senior secured revolving loan	P +	4.50%	11.25%	6/4/2026	4/7/2030	2,166		365		365		0.96	%
TCG Services, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.17%	6/4/2026	7/31/2031	2,030		(22)		(22)		(0.06)	%
									2,138		2,138		5.60	%
Construction and engineering
AKS Engineering and Forestry, LLC	First lien senior secured revolving loan	S +	4.75%	8.44%	6/4/2026	1/7/2031	$	2,890	$	925	$	925	2.43	%
BCI Burke Holding Corp	First lien senior secured revolving loan	S +	5.75%	9.45%	6/4/2026	12/14/2027	2,447		657		657		1.73	%
Compass Restoration Intermediary Holdings, LLC (6)	First lien senior secured revolving loan	S +	5.25%	8.89%	6/4/2026	1/31/2030	1,218		(19)		(16)		(0.04)	%
Ironhorse Purchaser dba Mersino, Inc (11)	First lien senior secured revolving loan	S +	6.00%	9.66%	6/4/2026	3/31/2029	6,093		442		442		1.16	%
Redwood Buyer, LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.48%	6/4/2026	1/3/2030	1,884		(24)		(24)		(0.06)	%
Rose Paving, LLC	First lien senior secured revolving loan	S +	5.00%	8.65%	6/4/2026	11/7/2029	8,626		6,444		6,443		16.94	%

114

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
									8,425		8,427		22.16	%
Containers and packaging
Bulk Lift International, LLC	First lien senior secured revolving loan	S +	5.75%	9.42%	6/4/2026	11/15/2029	$	2,529	$	236	$	236	0.62	%
Johns Byrne LLC (6)	First lien senior secured revolving loan	S +	6.25%	9.98%	6/4/2026	8/31/2029	1,460		(18)		(18)		(0.05)	%
SCP Cold Chain Packaging Buyer Corp (6)	First lien senior secured revolving loan	S +	5.00%	8.73%	6/4/2026	6/27/2031	3,247		(28)		(28)		(0.07)	%
Sixarp, LLC	First lien senior secured revolving loan	S +	5.25%	8.98%	6/4/2026	8/5/2029	3,045		315		315		0.83	%
									505		505		1.33	%
Diversified consumer services
ACES Intermediate, Inc (6)	First lien senior secured revolving loan	S +	5.25%	9.01%	6/4/2026	7/27/2027	$	7,114	$	(31)	$	(31)	(0.08)	%
CL Services Acquisition, LLC	First lien senior secured revolving loan	S +	5.00%	8.70%	6/4/2026	4/25/2028	5,435		1,686		1,686		4.43	%
Esquire Deposition Solutions, LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.73%	6/4/2026	12/30/2028	7,666		(58)		(59)		(0.16)	%
Foundation Repair Purchaser, INC. (6)	First lien senior secured revolving loan	S +	4.75%	8.48%	6/4/2026	1/20/2032	1,809		(18)		(18)		(0.05)	%
Home Brands Group Holdings, Inc	First lien senior secured revolving loan	S +	5.25%	8.89%	6/4/2026	1/8/2028	48		36		36		0.09	%
ISSA, LLC	First lien senior secured revolving loan	S +	6.25%	9.95%	6/4/2026	3/1/2028	131		64		64		0.17	%
Juniper Landscaping Holdings LLC (12)	First lien senior secured revolving loan	S +	5.75%	9.42%	6/4/2026	12/29/2027	3,103		1,346		1,347		3.54	%
Lawn Care Holdings Purchaser, Inc (13)	First lien senior secured revolving loan	P +	4.50%	11.25%	6/4/2026	10/24/2028	2,698		711		712		1.87	%
Premier Early Childhood Education Partners LLC	First lien senior secured revolving loan	S +	5.00%	8.92%	6/4/2026	11/22/2028	2,572		496		496		1.30	%
Therapy Spot Acquisition, LLC	First lien senior secured revolving loan	S +	4.50%	8.23%	6/4/2026	2/20/2031	1,214		170		170		0.45	%
TSR Concrete Intermediate, LLC	First lien senior secured revolving loan	S +	4.50%	8.26%	6/4/2026	12/31/2031	6,220		2,854		2,854		7.51	%
United Land Services Opco Parent, LLC (14)	First lien senior secured revolving loan	S +	6.00%	9.92%	6/4/2026	3/23/2027	150		40		40		0.11	%
									7,296		7,297		19.18	%
Diversified financial services
Allied Credit Acquisition Corp	First lien senior secured revolving loan	S +	4.75%	8.41%	6/4/2026	3/23/2032	$	2,428	$	942	$	947	2.49	%
									942		947		2.49	%
Electrical equipment
BPCP NSA Intermedco, Inc (6)	First lien senior secured revolving loan	S +	4.75%	8.39%	6/4/2026	5/17/2030	$	5,930	$	(27)	$	(27)	(0.07)	%
Raffel Systems, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.23%	6/4/2026	3/24/2032	2,384		(34)		(30)		(0.08)	%
SENS Intermediate Holdings LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.48%	6/4/2026	3/10/2031	2,664		(27)		(27)		(0.07)	%
WCI Volt Purchaser, LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.51%	6/4/2026	9/15/2029	2,249		(20)		(11)		(0.03)	%
									(108)		(95)		(0.25)	%
Electronic equipment, instruments and components
Advanced Lighting Acquisition, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.14%	6/4/2026	11/22/2027	1,215		$	(5)	$	(5)	(0.01)	%
Nelson Name Plate Company	First lien senior secured revolving loan	S +	5.75%	9.74%	6/4/2026	10/18/2026	90		30		30		0.08	%
									25		25		0.07	%
Food and staples retailing
Mad Rose Company, LLC (15)	First lien senior secured revolving loan	S +	6.50%	11.61%	6/4/2026	11/7/2026	$	395	$	358	$	358	0.94	%
NutriScience Innovations, LLC (6) (16)	First lien senior secured revolving loan	S +	6.00%	9.70%	6/4/2026	6/30/2027	131		—		—		0.00	%
Premier Produce One, LLC (6)	First lien senior secured revolving loan	S +	5.25%	8.99%	6/4/2026	9/21/2030	3,972		(38)		(38)		(0.10)	%
TruSource Foods LLC	First lien senior secured revolving loan	S +	5.00%	8.73%	6/4/2026	8/1/2031	1,926		891		891		2.34	%
									1,211		1,211		3.18	%

115

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Food products
BPCP WLF Intermedco LLC (6)	First lien senior secured revolving loan	S +	6.25%	10.13%	6/4/2026	8/19/2028	$	3,383	$	(23)	$	(23)	(0.06)	%
Icelandirect, LLC	First lien senior secured revolving loan	S +	5.25%	8.91%	6/4/2026	7/31/2029	331		81		81		0.21	%
Sun Orchard, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.16%	6/4/2026	1/8/2029	6,851		(45)		(46)		(0.12)	%
Treat Planet Acquisition, LLC (6)	First lien senior secured revolving loan	S +	6.00%	9.73%	6/4/2026	1/11/2028	2,422		(11)		(11)		(0.03)	%
									2		1		0.00	%
Gas utilities
Hydromax USA, LLC	First lien senior secured revolving loan	S +	5.00%	8.82%	6/4/2026	12/30/2027	$	228	$	90	$	90	0.24	%
									90		90		0.24	%
Health care equipment and supplies
3BC Matrix Acquisition, LLC	First lien senior secured revolving loan	S +	5.50%	9.14%	6/4/2026	5/13/2030	$	1,564	$	1,346	$	1,346	3.54	%
AHP Caliber Purchaser, Inc (6)	First lien senior secured revolving loan	S +	4.75%	8.48%	6/4/2026	4/8/2032	1,907		(23)		(23)		(0.06)	%
Alcresta Buyer, Inc	First lien senior secured revolving loan	S +	5.25%	8.92%	6/4/2026	3/12/2031	3,155		714		714		1.88	%
Medical Technology Associates, LLC	First lien senior secured revolving loan	S +	5.50%	9.23%	6/4/2026	7/25/2028	2,981		1,415		1,415		3.72	%
Nasco Healthcare Inc.	First lien senior secured revolving loan	S +	5.75%	9.42%	6/4/2026	6/30/2028	2,937		2,630		2,630		6.92	%
NWI Merger Sub, Inc (6)	First lien senior secured revolving loan	S +	5.00%	8.64%	6/4/2026	12/4/2029	2,495		(32)		(32)		(0.08)	%
Surplus Solutions, LLC	First lien senior secured revolving loan	S +	5.00%	8.73%	6/4/2026	11/30/2027	2,227		324		324		0.85	%
									6,374		6,374		16.77	%
Health care providers and services
ADVI Health, LLC (6)	First lien senior secured revolving loan	S +	5.25%	8.91%	6/4/2026	11/29/2027	$	1,557	$	(5)	$	(6)	(0.02)	%
Aligned Dental Management Services, LLC	First lien senior secured revolving loan	S +	5.25%	9.24%	6/4/2026	2/7/2030	1,523		893		893		2.35	%
AMCP SAMGI Intermediate, Inc (6)	First lien senior secured revolving loan	S +	4.50%	8.23%	6/4/2026	12/12/2030	3,458		(33)		(33)		(0.09)	%
AMCP Treatment Intermediate, LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.73%	6/4/2026	8/29/2030	3,045		(48)		(48)		(0.13)	%
American Family Care, LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.48%	6/4/2026	2/28/2029	4,912		(30)		(30)		(0.08)	%
ARC Health OPCO, LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.64%	6/4/2026	10/10/2030	2,560		(23)		(23)		(0.06)	%
Beacon Oral Specialists Management LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.23%	6/4/2026	12/14/2026	188		—		—		0.00	%
Beghou Consulting, LLC (17)	First lien senior secured revolving loan	S +	4.75%	8.40%	6/4/2026	5/1/2028	2,714		140		140		0.37	%
Brightview, LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.39%	6/4/2026	12/14/2029	1,658		(15)		(12)		(0.03)	%
Captive Radiology Acquisition, LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.67%	6/4/2026	4/29/2031	1,192		(14)		(14)		(0.04)	%
Change Academy at Lake of the Ozarks, LLC	First lien senior secured revolving loan	S +	5.25%	9.13%	6/4/2026	2/2/2029	5,898		2,201		2,201		5.79	%
CNS Purchaser, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.23%	6/4/2026	12/30/2029	4,246		(39)		(39)		0.10	%
DASCO HME, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.23%	6/4/2026	6/6/2030	3,044		(38)		(38)		(0.10)	%
EH Management Company, LLC (6)	First lien senior secured revolving loan	S +	4.50%	8.23%	6/4/2026	7/15/2028	2,505		(8)		(8)		(0.02)	%
Endodontic Practice Partners, LLC	First lien senior secured revolving loan	S +	5.50%	9.23%	6/4/2026	11/2/2027	1,956		770		770		2.02	%
ExperCare Management, LLC	First lien senior secured revolving loan	S +	5.00%	8.67%	6/4/2026	4/8/2031	1,192		460		460		1.21	%
First Steps Recovery Acquisition, LLC	First lien senior secured revolving loan	S +	4.75%	8.48%	6/4/2026	11/18/2030	4,476		854		854		2.25	%
Geriatric Medical and Surgical Supply, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.23%	6/4/2026	6/21/2027	300		(2)		(2)		(0.01)	%
Golden Bear PT Partners, LLC	First lien senior secured revolving loan	S +	5.25%	8.89%	6/4/2026	10/22/2027	38		2		2		0.01	%
Guardian Dentistry Practice Management, LLC	First lien senior secured revolving loan	P +	4.50%	11.25%	6/4/2026	8/20/2027	4,574		715		715		1.88	%
H2 Holdco, Inc (18)	First lien senior secured revolving loan	S +	6.00%	10.08%	6/4/2026	5/5/2028	2,544		1,165		1,165		3.06	%

116

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Innovate 32 Services, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.16%	6/4/2026	10/29/2031	2,436		(29)		(23)		(0.06)	%
Inreach Intermediate Holdings II, LLC	First lien senior secured revolving loan	S +	4.75%	8.40%	6/4/2026	12/11/2030	1,700		524		524		1.38	%
IPC Pain Acquisition, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.14%	6/4/2026	5/19/2027	1,140		(2)		(2)		(0.01)	%
LSOMS Acquisition, LLC	First lien senior secured revolving loan	S +	5.00%	8.66%	6/4/2026	4/15/2032	954		166		166		0.44	%
MedOne LC (6)	First lien senior secured revolving loan	S +	4.75%	8.48%	6/4/2026	4/9/2032	3,576		(34)		(34)		(0.09)	%
MWEC Management, LLC	First lien senior secured revolving loan	S +	5.50%	9.14%	6/4/2026	2/14/2028	1,924		1,062		1,062		2.79	%
Network Partners Acquisitions, LLC (6)	First lien senior secured revolving loan	S +	6.00%	9.99%	6/4/2026	12/30/2026	38		—		—		0.00	%
OneCare LTC, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.16%	6/4/2026	11/14/2028	2,121		(18)		(18)		(0.05)	%
P1 DENTAL MSO, LLC (6)	First lien senior secured revolving loan	S +	5.25%	8.91%	6/4/2026	1/31/2030	1,522		(20)		(20)		(0.05)	%
Periscope MAS Buyer, Inc	First lien senior secured revolving loan	S +	5.25%	8.90%	6/4/2026	5/5/2031	1,084		635		635		1.67	%
PharmaForceIQ INC. (6)	First lien senior secured revolving loan	S +	5.25%	8.91%	6/4/2026	8/2/2029	2,093		(18)		(18)		(0.05)	%
PRM Management Company, LLC	First lien senior secured revolving loan	S +	6.00%	9.79%	6/4/2026	1/25/2029	1,337		584		584		1.54	%
Purpose Home Health Acquisition, LLC	First lien senior secured revolving loan	S +	5.50%	9.23%	6/4/2026	10/17/2029	1,173		159		159		0.42	%
Sage Dental Management, LLC	First lien senior secured revolving loan	S +	4.75%	8.48%	6/4/2026	12/15/2031	8,220		3,209		3,209		8.44	%
SCP OMS Services, LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.48%	6/4/2026	3/7/2030	2,645		(26)		(26)		(0.07)	%
Signature Dental Partners LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.99%	6/4/2026	10/29/2028	38		—		—		0.00	%
Silver Falls MSO, LLC	First lien senior secured revolving loan	S +	5.75%	9.47%	6/4/2026	12/31/2028	1,523		829		829		2.18	%
SIMKO Merger Sub LLC	First lien senior secured revolving loan	S +	6.00%	10.30%	6/4/2026	4/7/2027	56		39		39		0.10	%
Solace Healthcare Holdco, Inc (6) (19)	First lien senior secured revolving loan	S +	4.75%	8.39%	6/4/2026	2/2/2032	2,412		(23)		(23)		(0.06)	%
Southeast Primary Care Partners, LLC (6)	First lien senior secured revolving loan	S +	5.25%	8.98%	6/4/2026	12/30/2027	225		(1)		(1)		0.00	%
Southern Orthodontic Partners Management, LLC	First lien senior secured revolving loan	S +	4.75%	8.41%	6/4/2026	7/27/2029	2,467		556		561		1.48	%
Spear Education Holdings, LLC	First lien senior secured revolving loan	S +	5.25%	9.13%	6/4/2026	12/15/2028	7,290		3,455		3,455		9.09	%
Star Dental Partners LLC	First lien senior secured revolving loan	S +	5.50%	9.14%	6/4/2026	12/22/2028	1,451		855		855		2.25	%
The Chempetitive Group, LLC	First lien senior secured revolving loan	S +	5.50%	9.14%	6/4/2026	3/22/2029	3,414		303		305		0.80	%
Therapy2000 Acquisition, LLC	First lien senior secured revolving loan	S +	5.00%	8.73%	6/4/2026	9/12/2030	2,258		582		582		1.53	%
Transitions Intermediate Holdings, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.17%	6/4/2026	10/25/2027	2,097		(8)		(8)		(0.02)	%
U.S. BioTek Laboratories, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.09%	6/4/2026	2/20/2029	1,214		(9)		(9)		(0.02)	%
US Foot and Ankle Specialists, LLC	First lien senior secured revolving loan	P +	5.25%	12.00%	6/4/2026	9/15/2027	2,699		1,320		1,347		3.54	%
Varsity DuvaSawko Operating Corp	First lien senior secured revolving loan	S +	5.25%	8.92%	6/4/2026	5/27/2027	4,568		1,521		1,520		4.00	%
Varsity Rejuvenate Management, LLC (6)	First lien senior secured revolving loan	S +	6.75%	10.63%	6/4/2026	9/1/2028	1,245		(16)		(16)		(0.04)	%
VersiCare Management LLC	First lien senior secured revolving loan	S +	5.25%	8.91%	6/4/2026	11/25/2029	1,505		1,033		1,033		2.72	%
VetEvolve Holdings, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.16%	6/4/2026	10/12/2028	3,067		(17)		(17)		(0.04)	%
Vital Geriatrics Group Buyer, Inc (6)	First lien senior secured revolving loan	S +	5.00%	8.77%	6/4/2026	8/15/2031	2,408		(33)		(30)		(0.08)	%
Western Veterinary Partners LLC (6)	First lien senior secured revolving loan	S +	5.25%	8.98%	6/4/2026	10/29/2027	24		—		—		0.00	%
									23,523		23,567		62.19	%
Health care technology
AHR Intermediate, Inc (6)	First lien senior secured revolving loan	S +	6.00%	9.74%	6/4/2026	7/29/2027	$	9,888	$	4,624	$	4,624	12.16	%
Assembly Holdco, LLC (6)	First lien senior secured revolving loan	P +	4.50%	11.25%	6/4/2026	3/26/2032	1,669		338		341		0.90	%
Gifthealth, Inc. (6)	First lien senior secured revolving loan	S +	5.50%	9.16%	6/4/2026	7/29/2028	2,841		(16)		(14)		(0.04)	%
									4,946		4,951		13.02	%

117

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Household durables
Kravet Design LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.73%	6/4/2026	11/26/2030	$	4,349	$	(42)	$	(42)	(0.11)	%
MacKenzie Childs Acquisition, Inc	First lien senior secured revolving loan	S +	5.50%	9.39%	6/4/2026	9/2/2027	3,374		664		664		1.75	%
Storm Smart Buyer LLC	First lien senior secured revolving loan	S +	5.25%	8.98%	6/4/2026	10/5/2028	131		104		104		0.27	%
									726		726		1.91	%
Industrial conglomerates
Hultec Buyer, LLC	First lien senior secured revolving loan	S +	5.50%	9.17%	6/4/2026	3/31/2029	$	3,915	$	168	$	168	0.44	%
									168		168		0.44	%
Insurance
Superior Insurance Partners LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.42%	6/4/2026	10/25/2029	$	1,347	$	(9)	$	(9)	(0.02)	%
									(9)		(9)		(0.02)	%
Interactive media and services
Duggal Acquisition, LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.73%	6/4/2026	9/30/2030	$	7,319	$	(95)	$	(95)	(0.25)	%
									(95)		(95)		(0.25)	%
Internet and direct marketing retail
DealerOn Holdco, Inc (6)	First lien senior secured revolving loan	S +	5.75%	9.51%	6/4/2026	8/19/2026	$	314	$	(1)	$	(1)	0.00	%
									(1)		(1)		0.00	%
IT services
Brite Acquisition, LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.39%	6/4/2026	1/5/2032	$	1,469	$	(14)	$	(14)	(0.04)	%
BSC Top Shelf Blocker LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.14%	6/4/2026	6/28/2029	2,256		(22)		(22)		(0.06)	%
Dynamic Campus Acquisition, Inc. (6)	First lien senior secured revolving loan	S +	5.25%	8.98%	6/4/2026	2/14/2031	3,044		(31)		(31)		(0.08)	%
E-Phoenix Acquisition Co. Inc	First lien senior secured revolving loan	S +	5.25%	9.65%	6/4/2026	6/23/2030	2,984		881		881		2.32	%
Livefront, LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.67%	6/4/2026	12/12/2030	2,991		(35)		(35)		(0.09)	%
Milestone Technologies, Inc	First lien senior secured revolving loan	S +	5.00%	8.73%	6/4/2026	8/22/2031	2,595		1,320		1,320		3.47	%
P and R Dental Strategies, LLC	First lien senior secured revolving loan	S +	5.75%	9.63%	6/4/2026	12/22/2027	23		16		16		0.04	%
Palmetto Technology Group, LLC (6) (20)	First lien senior secured revolving loan	S +	5.25%	8.89%	6/4/2026	1/3/2029	2,860		(22)		(22)		(0.06)	%
									2,093		2,093		5.50	%
Leisure equipment and products
MacNeill Pride Group Corp (6)	First lien senior secured revolving loan	S +	6.50%	10.49%	6/4/2026	4/22/2029	$	997	$	(14)	$	(14)	(0.04)	%
TruBlue LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.14%	6/4/2026	1/11/2029	1,430		(13)		(13)		(0.03)	%
									(27)		(27)		(0.07)	%
Life sciences tools and services
Aptitude Health Holdings, LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.48%	6/4/2026	5/3/2028	$	267	$	—	$	—	0.00	%
Health and Wellness Partners LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.63%	6/4/2026	3/12/2030	2,480		(29)		(29)		(0.08)	%
VIT Nyckel Acquisition AB (6)	First lien senior secured revolving loan	S +	4.50%	8.15%	6/4/2026	12/18/2031	2,719		1,334		1,334		3.51	%
									1,305		1,305		3.43	%
Machinery
Abrasive Technology Intermediate, LLC	First lien senior secured revolving loan	S +	5.75%	9.51%	6/4/2026	10/30/2027	$	173	$	71	$	71	0.19	%
Baker Manufacturing Company, LLC	First lien senior secured revolving loan	S +	5.25%	8.90%	6/4/2026	11/1/2028	2,898		1,831		1,831		4.81	%
L&J Holding Company LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.48%	6/4/2026	7/29/2030	2,204		(27)		(27)		(0.07)	%

118

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Mearthane Products, LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.40%	6/4/2026	5/6/2030	848		(8)		(8)		(0.02)	%
My Buyer, LLC	First lien senior secured revolving loan	S +	5.75%	9.39%	6/4/2026	1/26/2030	2,360		2,334		2,334		6.14	%
Spartaco Buyer, Inc	First lien senior secured revolving loan	S +	4.75%	8.41%	6/4/2026	3/27/2032	1,788		1,266		1,269		3.34	%
SPG Holdco, LLC (21)	First lien senior secured revolving loan	S +	6.25%	9.94%	6/4/2026	12/1/2028	2,070		1,554		1,554		4.09	%
USSC Holding Corp	First lien senior secured revolving loan	S +	5.50%	9.21%	6/4/2026	6/21/2030	7,177		3,683		3,677		9.67	%
									10,704		10,701		28.15	%
Media
Best Version Media Acquisition, LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.39%	6/4/2026	12/31/2030	$	2,897	$	(37)	$	(37)	(0.10)	%
Creative Outdoor Holding Inc (6) (22)	First lien senior secured revolving loan	S +	5.00%	8.73%	6/4/2026	6/26/2030	4,168		(35)		(35)		(0.09)	%
GM Services Buyer, LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.39%	6/4/2026	8/26/2030	3,070		(34)		(34)		(0.09)	%
North & Warren, LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.73%	6/4/2026	1/31/2030	1,199		(11)		(13)		(0.03)	%
Peninsula MMGY Corporation (6) (23)	First lien senior secured revolving loan	S +	5.50%	9.23%	6/4/2026	4/26/2029	3,691		(35)		(35)		(0.09)	%
Upswell Group, Inc (6)	First lien senior secured revolving loan	S +	5.00%	8.73%	6/4/2026	3/26/2032	1,814		(22)		(18)		(0.05)	%
Walker Sands, LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.72%	6/4/2026	10/1/2030	1,553		(17)		(18)		(0.05)	%
WTWH Buyer, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.14%	6/4/2026	6/16/2029	1,638		(14)		(14)		(0.04)	%
									(205)		(204)		(0.54)	%
Multiline retail
HEC Purchaser Corp. (6)	First lien senior secured revolving loan	S +	5.00%	8.74%	6/4/2026	6/17/2029	$	8,250	$	(55)	$	(56)	(0.15)	%
									(55)		(56)		(0.15)	%
Professional services
CSL Intermediate Acquisition LLC	First lien senior secured revolving loan	S +	5.25%	8.89%	6/4/2026	11/8/2029	$	1,673	$	191	$	191	0.50	%
Helpware, Inc	First lien senior secured revolving loan	S +	5.50%	9.49%	6/4/2026	9/8/2026	5,061		2,261		2,264		5.95	%
									2,452		2,455		6.45	%
Software
GPSTrackit Holdings, LLC	First lien senior secured revolving loan	S +	5.75%	9.46%	6/4/2026	3/29/2029	$	4,429	$	2,298	$	2,298	6.04	%
GS XX Corporation (6)	First lien senior secured revolving loan	S +	4.75%	8.48%	6/4/2026	4/19/2029	2,381		(25)		(25)		(0.07)	%
Shasta Buyer, LLC (6)	First lien senior secured revolving loan	S +	4.50%	8.23%	6/4/2026	11/12/2030	4,307		(41)		(41)		(0.11)	%
									2,232		2,232		5.86	%
Specialty retail
Dykstras Auto LLC	First lien senior secured revolving loan	S +	5.00%	8.73%	6/4/2026	10/22/2027	$	1,992	$	452	$	452	1.19	%
Good Feet Worldwide, LLC (6)	First lien senior secured revolving loan	S +	6.00%	9.73%	6/4/2026	2/25/2032	2,972		(37)		(37)		(0.10)	%
									415		415		1.09	%
Textiles, apparel and luxury goods
Lakeshirts LLC	First lien senior secured revolving loan	S +	5.00%	8.66%	6/4/2026	12/30/2030	$	11,650	$	3,718	$	3,718	9.78	%
									3,718		3,718		9.78	%
Trading companies and distributors
AFC-Dell Holding Corp (24)	First lien senior secured revolving loan	S +	5.00%	8.67%	6/4/2026	10/9/2028	$	5,397	$	2,400	$	2,397	6.30	%
Ascent Lifting, Inc (6)	First lien senior secured revolving loan	S +	4.75%	8.49%	6/4/2026	9/9/2028	2,500		(11)		(11)		(0.03)	%
CAP KSI Holdings LLC (25)	First lien senior secured revolving loan	S +	5.25%	8.97%	6/4/2026	6/28/2030	7,812		6,139		6,138		16.14	%

119

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Purchase Date	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Jacent Strategic Merchandising, LLC	First lien senior secured revolving loan	S +	6.50%	10.60%	6/4/2026	1/31/2027	2,436		1,931		1,931		5.08	%
Lehman Pipe Buyer, LLC	First lien senior secured revolving loan	S +	5.00%	8.73%	6/4/2026	8/30/2030	6,324		778		778		2.05	%
Rental Equipment Investment Corp	First lien senior secured revolving loan	S +	4.75%	8.61%	6/4/2026	10/8/2030	7,917		1,609		1,609		4.23	%
Triad Technologies, LLC (6)	First lien senior secured revolving loan	S +	5.25%	9.13%	6/4/2026	6/30/2027	332		(1)		(1)		0.00	%
Value Added Distributors, LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.41%	6/4/2026	12/19/2029	3,768		(35)		(35)		(0.09)	%
Vintage Parts, Inc (6)	First lien senior secured revolving loan	S +	5.75%	9.48%	6/4/2026	3/28/2029	1,564		(11)		(11)		(0.03)	%
Wolf Gordon Inc (6)	First lien senior secured revolving loan	P +	4.25%	11.00%	6/4/2026	5/1/2029	3,809		(49)		(38)		(0.10)	%
Woodson and Bozeman, LLC (6)	First lien senior secured revolving loan	S +	4.75%	8.48%	6/4/2026	10/1/2031	2,436		(28)		(28)		(0.07)	%
									12,722		12,729		33.48	%
Water utilities
Diamondback Buyer, LLC (6)	First lien senior secured revolving loan	S +	5.00%	8.71%	6/4/2026	8/3/2026	$	75	$	—	$	—	0.00	%
									—		—		0.00	%
Total non-controlled/non-affiliated senior secured debt									$	98,126	$	98,199	258.23	%
Total non-controlled/affiliated investments									98,126		98,199		258.23	%
Total investments									$	98,126	$	98,199	258.23	%

(1)Unless otherwise indicated, all investments are considered Level 3 investments.

(3)Principal/par amount is denominated in U.S. Dollars (“$”) unless otherwise noted, such as Canadian Dollars (“C$”).

(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.

(6)Represents revolvers and delayed draw term loans where the entire balance is unfunded as of June 30, 2026. The negative fair value is a result of the commitment being valued below par. Refer to note 26 of this schedule below for further information.

(7)Principal balance includes reserve for letter of credit of $49,465 on which the borrower pays 5.25%.

(8)Principal balance includes reserve for letter of credit of $3,659 on which the borrower pays 5.75%.

(9)Principal balance includes reserve for letter of credit of $24,091 on which the borrower pays 5.50%.

(10)Principal balance includes reserve for letter of credit of $49,938 on which the borrower pays 5.25%.

(11)Principal balance includes reserve for letter of credit of $395,260 on which the borrower pays 6.00%.

(12)Principal balance includes reserve for letter of credit of $1,634,261 on which the borrower pays 5.75%.

(13)Principal balance includes reserve for letter of credit of $34,172 on which the borrower pays 5.50%.

(14)Principal balance includes reserve for letter of credit of $57,903 on which the borrower pays 6.00%.

(15)Principal balance includes reserve for letter of credit of $4,926 on which the borrower pays 6.50%.

(16)Principal balance includes reserve for letter of credit of $7,860 on which the borrower pays 6.00%.

(17)Principal balance includes reserve for letter of credit of $16,960 on which the borrower pays 4.75%.

(18)Principal balance includes reserve for letter of credit of $135,680 on which the borrower pays 6.00%

120

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Notes to Consolidated Financial Statements (Unaudited)

(19)Principal balance includes reserve for letter of credit of $177,996 on which the borrower pays 4.75%.

(20)Principal balance includes reserve for letter of credit of $400,400 on which the borrower pays 5.25%.

(21)Principal balance includes reserve for letter of credit of $60,610 on which the borrower pays 6.25%.

(22)Principal balance includes reserve for letter of credit of $927,380 on which the borrower pays 5.00%.

(23)Principal balance includes reserve for letter of credit of $62,209 on which the borrower pays 5.50%.

(24)Principal balance includes reserve for letter of credit of $404,000 on which the borrower pays 5.00%.

(25)Principal balance includes reserve for letter of credit of $1,622,952 on which the borrower pays 5.25%.

(26)As of June 30, 2026, TCAP JV had the following outstanding commitments to fund investments in current portfolio companies:


Portfolio Company	June 30, 2026
First lien senior secured debt	(Amounts in thousands)
3BC Matrix Acquisition, LLC	$	195
A.P.A. Industries, LLC	1,979
Abrasive Technology Intermediate, LLC	100
ACES Intermediate, Inc	7,114
Advanced Lighting Acquisition, LLC	1,215
ADVI Health, LLC	1,557
AFC-Dell Holding Corp	2,967
AHP Caliber Purchaser, Inc	1,907
AHR Intermediate, Inc	5,240
AirPro Diagnostics, LLC	729
AKS Engineering and Forestry, LLC	1,936
Alcresta Buyer, Inc	2,419
Aligned Dental Management Services, LLC	609
Allied Credit Acquisition Corp	1,457
AlphaCoin LLC	4,509
AMCP SAMGI Intermediate, Inc	3,458
AMCP Treatment Intermediate, LLC	3,045
American Family Care, LLC	4,912
Aptitude Health Holdings, LLC	267
ARC Health OPCO, LLC	2,560
Ascent Lifting, Inc	2,500
Assembly Holdco, LLC	1,311
Baker Manufacturing Company, LLC	1,043
BCI Burke Holding Corp	1,780

121

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


Portfolio Company			June 30, 2026
Beacon Oral Specialists Management LLC			188
Beghou Consulting, LLC			2,544
Best Version Media Acquisition, LLC			2,897
Bestop, Inc			7,081
BPCP NSA Intermedco, Inc			5,930
BPCP WLF Intermedco LLC			3,383
Brightview, LLC			1,658
Brite Acquisition, LLC			1,469
BSC ASI BUYER, LLC			3,661
BSC Top Shelf Blocker LLC			2,256
Bulk Lift International, LLC			2,276
CAP KSI Holdings LLC			1,623
Capstone Mechanical LLC			1,492
Captive Radiology Acquisition, LLC			1,192
Change Academy at Lake of the Ozarks, LLC			3,657
CL Services Acquisition, LLC			3,696
CNS Purchaser, LLC			4,246
Compass Restoration Intermediary Holdings, LLC			1,218
Creative Outdoor Holding Inc			4,168
CSL Intermediate Acquisition LLC			1,464
Custom Agronomics Holdings, LLC			1,860
DASCO HME, LLC			3,044
DealerOn Holdco, Inc			314
Diamondback Buyer, LLC			75
Duggal Acquisition, LLC			7,319
Dykstras Auto LLC			1,527
Dynamic Campus Acquisition, Inc.			3,044
EH Management Company, LLC			2,505
Endodontic Practice Partners, LLC			1,173
E-Phoenix Acquisition Co. Inc			2,089
Esquire Deposition Solutions, LLC			7,666
ExperCare Management, LLC			715
First Steps Recovery Acquisition, LLC			3,581

122

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


Portfolio Company			June 30, 2026
Foundation Repair Purchaser, INC.			1,809
Geriatric Medical and Surgical Supply, LLC			300
Gifthealth, Inc.			2,841
GM Services Buyer, LLC			3,070
Gold Medal Holdings, Inc			1,252
Golden Bear PT Partners, LLC			35
Good Feet Worldwide, LLC			2,972
GPSTrackit Holdings, LLC			2,067
GS XX Corporation			2,381
Guardian Dentistry Practice Management, LLC			3,842
H2 Holdco, Inc			1,360
Health and Wellness Partners LLC			2,480
HEC Purchaser Corp.			8,250
Helpware, Inc			2,767
Home Brands Group Holdings, Inc			12
Hultec Buyer, LLC			3,729
Hydromax USA, LLC			137
Icelandirect, LLC			248
Innovate 32 Services, LLC			2,436
Innovative Discovery Acquisition, LLC			389
Inreach Intermediate Holdings II, LLC			1,156
IPC Pain Acquisition, LLC			1,140
Ironhorse Purchaser dba Mersino, Inc			5,606
ISSA, LLC			66
Jacent Strategic Merchandising, LLC			502
Johns Byrne LLC			1,460
Juniper Landscaping Holdings LLC			1,738
Kravet Design LLC			4,349
L&J Holding Company LLC			2,204
Lakeshirts LLC			7,864
Lawn Care Holdings Purchaser, Inc			1,969
Lehman Pipe Buyer, LLC			5,480
Livefront, LLC			2,991

123

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


Portfolio Company			June 30, 2026
LSOMS Acquisition, LLC			776
MacKenzie Childs Acquisition, Inc			2,699
MacNeill Pride Group Corp			997
Mad Rose Company, LLC			36
Mattco Forge, Inc			1,230
Mearthane Products, LLC			848
Medical Technology Associates, LLC			1,550
MedOne LC			3,576
Milestone Technologies, Inc			1,246
MWEC Management, LLC			850
Nasco Healthcare Inc.			294
Nelson Name Plate Company			60
Network Partners Acquisitions, LLC			38
Nimlok Company, LLC			1,498
NORTH & WARREN, LLC			1,199
NutriScience Innovations, LLC			131
NWI Merger Sub, Inc			2,495
OneCare LTC, LLC			2,121
P and R Dental Strategies, LLC			7
P1 Dental MSO, LLC			1,522
Palmetto Technology Group, LLC			2,860
Peninsula MMGY Corporation			3,691
Periscope MAS Buyer, Inc			434
PharmaForceIQ INC.			2,093
Polaris Labs Acquisition, LLC			2,123
Polycorp Ltd			3,723
Precision Point Metrics, Inc			2,030
Premier Early Childhood Education Partners LLC			2,058
Premier Produce One, LLC			3,972
PRM Management Company, LLC			743
Purpose Home Health Acquisition, LLC			1,006
Raffel Systems, LLC			2,384
Raneys, LLC			1,964

124

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


Portfolio Company			June 30, 2026
Rapid Fire Safety and Security, LLC			188
Redwood Buyer, LLC			1,884
Rental Equipment Investment Corp			6,254
Rose Paving, LLC			2,102
Sage Dental Management, LLC			4,932
SCP Cold Chain Packaging Buyer Corp			3,247
SCP OMS Services, LLC			2,645
SENS Intermediate Holdings LLC			2,664
Shasta Buyer, LLC			4,307
Signature Dental Partners LLC			38
Silver Falls MSO, LLC			685
SIMKO Merger Sub LLC			17
Sixarp, LLC			2,710
Solace Healthcare Holdco, Inc			2,412
Southeast Primary Care Partners, LLC			225
Southern Orthodontic Partners Management, LLC			1,891
Spartaco Buyer, Inc			501
Spear Education Holdings, LLC			3,791
SPG Holdco, LLC			497
Star Dental Partners LLC			580
Storm Smart Buyer LLC			26
Sun Orchard, LLC			6,851
Superior Insurance Partners LLC			1,347
Superscapes Holdco, LLC			1,779
Surplus Solutions, LLC			1,885
TCG Services, LLC			2,030
Teel Plastics, LLC			3,303
The Chempetitive Group, LLC			3,073
Therapy Spot Acquisition, LLC			1,032
Therapy2000 Acquisition, LLC			1,656
Third Holdco, LLC			6,089
Transitions Intermediate Holdings, LLC			2,097
Treat Planet Acquisition, LLC			2,422

125

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)


Portfolio Company			June 30, 2026
Triad Technologies, LLC			332
TruBlue LLC			1,430
TruSource Foods LLC			1,011
TSR Concrete Intermediate, LLC			3,321
U.S. BioTek Laboratories, LLC			1,214
United Land Services Opco Parent, LLC			110
Upswell Group, Inc			1,814
US Anchors Group Inc			2,603
US Foot and Ankle Specialists, LLC			1,350
USSC Holding Corp			3,409
Value Added Distributors, LLC			3,768
Varsity DuvaSawko Operating Corp			3,045
Varsity Rejuvenate Management, LLC			1,245
VersiCare Management LLC			452
VetEvolve Holdings, LLC			3,067
Vintage Parts, Inc			1,564
VIT Nyckel Acquisition AB			1,360
Vital Geriatrics Group Buyer, Inc			2,408
Walker Sands, LLC			1,553
WCI Volt Purchaser, LLC			2,249
Western Veterinary Partners LLC			24
Wolf Gordon Inc			3,809
Woodson and Bozeman, LLC			2,436
WTWH Buyer, LLC			1,638
Total unfunded portfolio company commitments			397,348

126

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

Note 12. Financial Highlights

The following are financial highlights for a common share outstanding for Class I, S, and D for the six months ended June 30, 2026 and 2025.


(Amounts in thousands, except share and per share amounts)	Six Months Ended June 30, 2026
	Class I			Class S			Class D
Per share data:
Net asset value, beginning of period	$	25.19		$	25.19		$	25.19
Net investment income (loss)(1)	1.15			1.04			1.12
Net realized and unrealized gain (loss)(2)	0.06			0.06			0.06
Total from operations	1.21			1.10			1.18
Dividends declared	(1.20)			(1.09)			(1.17)
Total increase (decrease) in net assets	0.01			0.01			0.01
Net asset value, end of period	$	25.20		$	25.20		$	25.20
Shares outstanding, end of period	94,497,394			12,031,489			122,489
Total return(3)(12)	4.9%			4.5%			4.8%
Ratios / supplemental data
Ratio of total expenses to average net assets(4)(5)(6)	8.5		%	9.4		%	8.8		%
Ratio of total net operating expenses to average net assets(4)(5)(7)	0.5%			0.5%			0.5%
Ratio of net investment income (loss) before taxes to average net assets(4)(5)(8)	9.3%			8.4%			9.0%
Ratio of net investment income (loss) after taxes to average net assets(4)(5)(9)	9.2%			8.4%			9.0%
Net assets, end of period	$	2,381,263		$	303,185		$	3,087
Weighted average shares outstanding	90,279,845			11,825,098			124,711
Portfolio turnover rate(10)	10.5		%	10.5		%	10.5		%
Asset coverage ratio(11)	217.7		%	217.7		%	217.7		%

127

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Notes to Consolidated Financial Statements (Unaudited)


(Amounts in thousands, except share and per share amounts)	Six Months Ended June 30, 2025
	Class I			Class S			Class D
Per share data:
Net asset value, beginning of period	$	25.30		$	25.30		$	25.30
Net investment income (loss)(1)	1.29			1.21			1.29
Net realized and unrealized gain (loss)(2)	0.05			0.05			0.05
Total from operations	1.34			1.26			1.34
Dividends declared	(1.33)			(1.25)			(1.33)
Total increase (decrease) in net assets	0.01			0.01			0.01
Net asset value, end of period	$	25.31		$	25.31		$	25.31
Shares outstanding, end of period	68,037,249			7,530,387			87,069
Total return(3)(12)	5.4%			5.1%			5.4%
Ratios / supplemental data
Ratio of total expenses to average net assets(4)(5)(6)	10.9%			11.9		%	11.0		%
Ratio of total net operating expenses to average net assets(4)(5)(7)	0.6%			0.6%			0.6%
Ratio of net investment income (loss) before taxes to average net assets(4)(5)(9)	10.5		%	10.2		%	10.6		%
Ratio of net investment income (loss) after taxes to average net assets(4)(5)(9)	10.3		%	10.0		%	10.4		%
Net assets, end of period	$	1,722		$	191		$	22
Weighted average shares outstanding	63,530,289			5,879,913			80,415
Portfolio turnover rate(10)	7.9		%	7.9		%	7.9		%
Asset coverage ratio(11)	206.1		%	206.1		%	206.1		%

(1)The per share data was derived using the weighted average shares outstanding during the period.

(2)The amount shown at this caption includes the balancing amount derived from other figures in the schedule. The amount shown does not correspond with the aggregate amount for the period due to the effect of the timing of capital transactions.

(3)Total return is calculated as the change in NAV per share during the period, assuming dividends and distributions, if any, are reinvested in accordance with the Company’s distribution reinvestment plan, divided by the opening NAV per share. Total return does not include upfront transaction fee, if any.

(4)Annualized.

(5)Average net assets are computed using the average monthly net assets during the reporting period.

(6)Ratio of total expenses to average net assets is computed using total expenses net of waivers from the Administrator, if applicable. Included in total expenses are annualized incentive fees of 1.3% , 1.3%, and 1.3%, as a percent of average net assets for the six months ended June 30, 2026 for Class I, Class S, and Class D respectively. Included in total expenses are incentive fees of 0.7%, 0.8%, and 0.7%, respectively, as a percent of average net assets for the six months ended June 30, 2025 for Class I, Class S, and Class D respectively. The impact of the waiver included in total expenses net of waivers was not applicable for Class I, Class S and Class D shares, respectively, for the six months ended June 30, 2026. The impact of the waiver included in total expenses net of waivers was 0.2% and 0.1% for Class S and Class D shares, respectively, and was not applicable to Class I shares for the six months ended June 30, 2025.

(7)Ratio of net operating expenses to average net assets is computed using total operating expenses net of interest expense, tax expense, organizational expense, offering expense, management fees, incentive fees, shareholder servicing fees, and waivers from the Administrator, if applicable.

(8)Ratio of net investment income (loss) before taxes to average net assets does not include applicable tax expenses that are not attributable to the Company itself but are taxes to a consolidated subsidiary to the Company and thus shown on the Consolidated Statements of Operations.

128

TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

(9)Ratio of net investment income (loss) after taxes to average net assets includes applicable tax expenses that are not attributable to the Company itself, but are taxes to a consolidated subsidiary to the Company and thus shown on the Consolidated Statements of Operations.

(10)Portfolio turnover rate is calculated using the lesser of total sales or total purchases over the average of the investments at fair value for the periods reported.

(11)Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) total debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period.

(12)Not annualized.

Note 13. Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of these consolidated financial statements. There have been no subsequent events that occurred that would require disclosure in, or would be required to be recognized in, these consolidated financial statements, except as discussed below:

Subsequent Activity, Subscriptions and Dividend Declarations

The Company received approximately $77 million of net proceeds, inclusive of distributions reinvested through the Company’s distribution reinvestment plan, relating to the issuance of Class I shares, Class S shares and Class D shares for subscriptions effective July 1, 2026. Additionally, the Company received approximately $24 million of net proceeds relating to the issuance of Class I shares, Class S shares and Class D shares for subscriptions effective August 1, 2026.

On July 29, 2026, the Company’s Board declared net distributions of $0.2000, $0.1818, and $0.1947 per Class I share, Class S share, and Class D share, respectively, payable on August 27, 2026 to shareholders of record as of July 31, 2026.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

In this quarterly report on Form 10-Q, or this "report," we refer to TPG Twin Brook Capital Income Fund (formerly known as, “AG Twin Brook Capital Income Fund”) and its consolidated subsidiaries as "we," "us," the "Company," "TCAP," or "our," unless we specifically state otherwise or the context indicates otherwise. We refer to our investment adviser, AGTB Fund Manager, LLC, as our "Adviser," and we refer to the direct parent company of our Adviser, Angelo, Gordon & Co., L.P., as "TPG Angelo Gordon." The Adviser serves as the Company’s Administrator and may also be referred to herein as "Administrator".

Forward-Looking Statements

The information contained in this section should be read in conjunction with “Item 1. Financial Statements.” This discussion contains forward-looking statements, which relate to future events our future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those set forth in "Risk Factors" in Part I, Item 1A of our annual report on Form 10-K for the year ended December 31, 2025 and Part II, Item 1A of and elsewhere in this Form 10-Q. Actual results could differ materially from those implied or expressed in any forward-looking statements.

These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about TCAP, our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statements in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Item 1A. Risk Factors” and elsewhere in this report. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements, except as required by applicable law. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the U.S. Securities and Exchange Commission (the “SEC”) including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K. This quarterly report on 10-Q contains statistics and other data that have been obtained from or compiled from information made available by third-party service providers. We have not independently verified such statistics or data. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934 Act, as amended (the “1934 Act”).

Overview

We are an externally managed, non-diversified closed-end management investment company that has elected to be treated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). Formed as a Delaware statutory trust on January 27, 2022, we are externally managed by the Adviser, an indirect wholly-owned subsidiary of TPG Inc. (“TPG”) (Nasdaq: TPG), a leading global alternative investment firm. Our Adviser is registered as an investment adviser with the SEC. We have elected to be treated and intend to qualify annually as a RIC under the Code.

Pursuant to our Investment Management Agreement, subject to the overall supervision of the Board, our Adviser manages our day-to-day operations, and provides investment advisory and management services to us. Our Adviser is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring our investments, and monitoring our investments and portfolio companies on an ongoing basis.

Under our Investment Management Agreement, we have agreed to pay the Adviser an annual management fee as well as an incentive fee based on our investment performance. Also, under the Administration Agreement, we have agreed to reimburse the Administrator for the allocable portion of expenses incurred by the Administrator in performing its

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obligations under the Administration Agreement, including our allocable portion of the costs of compensation and related expenses of our chief compliance officer, chief financial officer, general counsel and their respective staffs.

Investments

We invest principally in privately originated senior secured loans to U.S. middle market companies, which we believe have consistent capital needs and have not only been underserved in recent years by traditional providers of capital such as banks and the public debt markets, but also for a variety of reasons may prefer working with experienced non-bank lenders. Our origination strategy focuses on the middle market private equity community. This financing is utilized for a variety of purposes, including to fund organic growth, acquisitions, recapitalizations, management buyouts and leveraged buyouts for companies with revenue generally under $500 million. In describing our business, we generally use the term “middle market” to refer to companies with EBITDA of between $3 million and $50 million annually; however, we typically invest in companies with EBITDA of less than $25 million. Notwithstanding the foregoing, the Adviser may determine whether companies qualify as “middle market” in its sole discretion, and we may from time to time invest in larger or smaller companies.

By investing predominantly in senior secured debt, we expect to reduce our risk of principal loss and deliver more stable returns over time as compared with investments in bonds, unsecured loans, mezzanine investments and public, private and project equity. However, we may also invest opportunistically in other parts of the capital structure, including senior secured stretch and unitranche facilities, second lien loans, mezzanine and mezzanine-related loans, and equity investments, as well as select other subordinated instruments either directly or through acquisitions in the secondary market.

The level of our investment activity depends on many factors, including the amount of debt and equity capital available to prospective portfolio companies, the level of merger, acquisition and refinancing activity for such companies, the availability of credit to finance transactions, the general economic environment and the competitive environment for the types of investments we make.

As a BDC, we must invest at least 70% of our assets in “eligible portfolio companies,” generally, U.S. private operating companies (or small U.S. public operating companies with a market capitalization of less than $250 million). As a BDC, we may also invest up to 30% of our portfolio in non-eligible portfolio company investments, such as investments in non-U.S. companies, which may include investments in a “passive foreign investment company.” Because we have elected to be regulated as a BDC, and we have elected to be treated, and intend to qualify annually thereafter, as a RIC under the Code, our portfolio will also be subject to the diversification and other requirements under the Code. Subject to the limitations of the 1940 Act, we may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other funds within TPG’s credit platform. From time to time, we co-invest with other TPG credit funds.

Revenues

We generate revenues primarily through the receipt of interest income from the investments we hold. In addition, we generate income from various loan origination and other fees and from dividends on direct equity investments. In addition, we may generate revenue in the form of commitment, origination, administration, amendment, and loan servicing fees. Loan origination fees, original issue discount and market discount or premium are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income. We record contractual prepayment premiums on loans and debt securities as interest income.

Our debt investment portfolio consists of primarily floating rate loans. As of June 30, 2026, 99.9% of our debt investments, based on fair value, bore interest at floating rates, which may be subject to interest rate floors. Variable-rate investments subject to a floor generally reset periodically to the applicable floor, only if the floor exceeds the index. Trends in base interest rates, such as Term SOFR, may affect our net investment income over the long term. In addition, our results may vary from period to period depending on the interest rates of new investments made during the period compared to investments that were sold or repaid during the period; these results reflect the characteristics of the particular portfolio companies that we invested in or exited during the period and not necessarily any trends in our business or macroeconomic trends.

Dividend income that we receive from our ownership of private securities is recorded pursuant to the terms of the respective investments.

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Expenses

Our primary operating expenses include the payment of fees to the Adviser under the Investment Management Agreement, our allocable portion of expenses under the Administration Agreement, interest expense related to borrowings outstanding, and other operating costs described below.

We are responsible for all costs and expenses incurred in connection with the operations of the Company and locating, structuring, consummating, maintaining and disposing of investments and potential investments (whether or not the acquisition is consummated), including but not limited to legal, regulatory, accounting and other professional or third-party costs or disbursements including travel, rent or lodging, out-of-pocket expenses of the Adviser, the fees and expenses of any independent counsel engaged by the Adviser and out-of-pocket expenses related to third-party service providers (including loan servicer fees), placement agent fees and expenses, advertising expenses, litigation expenses, brokerage commissions, clearing and settlement charges and other transaction costs, custody fees, interest expenses, financing charges, initial and variation margin, broken deal expenses, compensation (which may include fees or performance-based compensation) of Advisers, consultants and finders, joint venture partners, or other professionals relating to the Company’s operations and investments or potential investments (whether or not completed), which may include costs incurred to attend or sponsor networking and other similar events hosted by both for-profit and not-for-profit organizations (which may include organizations affiliated with current or prospective investors), specific expenses incurred in connection with the Company’s information and data technology systems, fees of pricing and valuation services, appraisal costs and brokerage expenses. We will also bear all commitment fees and any transfer or recording taxes, registration fees and other expenses in connection with acquisitions and dispositions of investments, and all expenses relating to the ownership and operation of investments, including taxes, interest, insurance, and other fees and expenses. Travel expenses may include first-class airfare and limited use of private or charter aircraft, as well as premium accommodations, in accordance with our Adviser’s policies related thereto.

In addition, we will bear all costs of the administration of the Company, including but not limited to accounting expenses (including accounting systems) and expenses relating to audit, legal and regulatory expenses (including filings with U.S. and non-U.S. regulators and compliance obligations), costs associated with our reporting and compliance obligations under the 1940 Act and other applicable U.S. federal and state securities laws, fees and expenses of any administrators in connection with the administration of the Company, expenses relating to the maintenance of registered offices of the Company to the extent provided by unaffiliated service providers, temporary office space of non-employee consultants or auditors, blue sky and corporate filing fees and expenses, corporate licensing expenses, indemnification expenses, costs of holding any meetings or conferences of investors or their delegates or Advisers (including meetings of the Adviser and related activities), Independent Trustees’ fees and expenses, costs of any litigation or threatened litigation or costs of any investigation or legal inquiries involving Company activities (including regulatory sweeps), the cost of any liability insurance or fidelity coverage for the Company, including any trustees’ and officers’ liability insurance and key-person life insurance policies, maintained with respect to liabilities arising in connection with the activities of our trustees and officers conducted on behalf of the Company, costs associated with reporting and providing information to existing and prospective investors, including printing and mailing costs, wind-up and liquidation expenses, and any extraordinary expenses arising in connection with the operations of the Company.

From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services. We will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on our behalf. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders, subject to the cap on organization and offering expenses described above.

Leverage

In accordance with the 1940 Act, we can borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 150% after such borrowings, subject to certain limitations. As market conditions permit and at the discretion of our Adviser, we currently estimate that our portfolio will be approximately 1.00-1.10x levered consistent with our target leverage profile of 0.90x – 1.25x. We may from time to time increase the size of our existing credit facilities, enter into new credit facilities or issue new debt securities. Any such incurrence would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

As of June 30, 2026, we had borrowings of $2.28 billion outstanding at an average all-in rate of 6.22%, which is included in debt on the consolidated statements of assets and liabilities. As of December 31, 2025, the Company had borrowings of $2.02 billion outstanding at an average all-in rate of 6.71%. We incurred approximately $34.0 million and $65.3 million

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and $31.3 million and $62.0 million of interest and unused commitment fees for the three and six months ended June 30, 2026 and 2025, respectively, which is included in interest expense on the consolidated statements of operations. The carrying values of borrowings outstanding under the debt facilities approximate fair value. See Note 5 to the consolidated financial statements for information on the Company’s debt.

Portfolio and Investment Activity

As of June 30, 2026, based on fair value, our portfolio consisted of 97.18% first lien senior secured debt investments, 2.14% investments in non-controlled, affiliated funds that hold our equity co-investments, and 0.68% investments in joint ventures. As of December 31, 2025, based on fair value, our portfolio consisted of 97.58% first lien senior secured debt investments and 2.42% investments in affiliated funds that hold our equity co-investments.

As of June 30, 2026, we had investments in 287 portfolio companies with an aggregate fair value of $4.8 billion. As of December 31, 2025, we had investments in 265 portfolio companies with an aggregate fair value of $4.3 billion.

Our investment activity for the three months ended June 30, 2026 and 2025 is presented below (information presented herein is at par value unless otherwise indicated).


(Amounts in thousands)	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
Principal amount of investments committed (including add-ons):
First lien senior secured debt investments	$	562,667		$	400,453
Investment in non-controlled, affiliated funds	2,337			4,271
Joint ventures	217,000			—
Total principal amount of investments committed	$	782,004		$	404,724
Principal amount of investments sold or repaid:
First lien senior secured debt investments	$	(678,054)		$	(148,174)
Investment in non-controlled, affiliated funds	(502)			(1,540)
Total principal amount of investments sold or repaid	$	(678,556)		$	(149,714)
New debt investments(1):
New commitments	$	261,722		$	209,360
Number of new commitments in new portfolio companies(2)	20			8
Average new commitment amount	$	13,086		$	26,170
Weighted average term for new commitments (in years)	5.5			4.6
Percentage of new commitments at floating rates	100.0		%	100.0		%
Percentage of new commitments at fixed rates	—		%	—		%

(1)Amounts shown exclude add-on transactions to existing portfolio companies during the period.

(2)Number of new debt investment commitments represent commitments to a particular portfolio company.

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As of June 30, 2026 and December 31, 2025 our investments consisted of the following:


	June 30, 2026				December 31, 2025
(Amounts in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First lien senior secured debt	$	4,698,541	$	4,685,584	$	4,189,885	$	4,173,995
Sponsor subordinated note	415		65		413		59
Investment in affiliated funds	88,338		103,083		87,345		103,670
Joint ventures	32,550		32,615		—		—
Total investments	$	4,819,844	$	4,821,347	$	4,277,643	$	4,277,724

The table below describes investments by industry composition based on fair value as of June 30, 2026 and December 31, 2025:


	June 30, 2026(1)		December 31, 2025(1)
Aerospace and defense	1.8	%	2.0	%
Air freight and logistics	0.5	%	0.5	%
Auto components	2.3	%	2.7	%
Building products	0.5	%	0.5	%
Chemicals	2.1	%	2.3	%
Commercial services and supplies	3.3	%	3.3	%
Construction and engineering	3.9	%	4.3	%
Containers and packaging	2.5	%	2.5	%
Distributors	—	%	—	%
Diversified consumer services	6.4	%	6.8	%
Diversified financial services	0.3	%	—	%
Electrical equipment	2.0	%	1.6	%
Electronic equipment, instruments and components	0.9	%	1.0	%
Food and staples retailing	1.8	%	2.1	%
Food products	2.1	%	2.3	%
Gas utilities	—	%	—	%
Health care equipment and supplies	3.0	%	2.7	%
Health care providers and services	26.2	%	25.2	%
Health care technology	2.8	%	1.1	%
Household durables	3.0	%	3.5	%
Industrial Conglomerates	0.3	%	0.4	%
Insurance	0.8	%	0.5	%
Interactive Media & Services	0.5	%	0.5	%
Internet and direct marketing retail	0.4	%	0.5	%
IT services	3.0	%	2.9	%
Leisure equipment and products	0.4	%	0.2	%
Leisure products	—	%	—	%
Life sciences tools and services	1.6	%	1.5	%
Machinery	3.2	%	3.3	%
Media	7.5	%	7.8	%
Multiline Retail	1.1	%	1.3	%
Multisector holdings	2.8	%	2.4	%
Pharmaceuticals	—	%	—	%

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	June 30, 2026(1)		December 31, 2025(1)
Personal products	—	%	—	%
Professional services	1.0	%	0.9	%
Real estate management and development	0.1	%	0.1	%
Road and rail	—	%	—	%
Semiconductors and semiconductor equipment	—	%	—	%
Software	2.0	%	2.3	%
Specialty retail	1.3	%	0.6	%
Textiles, apparel and luxury goods	0.6	%	0.8	%
Trading companies and distributors	7.5	%	9.5	%
Water utilities	0.1	%	0.1	%
Total	100.0	%	100.0	%

(1)Certain industries round to less than 0.1%

As of June 30, 2026, approximately 100.0% of our investments were based in the United States and approximately 0.0% were based in Canada. As of December 31, 2025, approximately 100.0% of our investments were based in the United States and approximately 0.0% were based in Canada.

The weighted average yields and interest rates of our funded debt investments as of June 30, 2026 and December 31, 2025 were as follows:


	June 30, 2026		December 31, 2025
Weighted average total yield of funded debt investments at cost (1)	9.1	%	9.1	%
Weighted average total yield of funded debt investments at fair value(1)	9.1	%	9.1	%
Weighted average spread over reference rates of all floating rate funded debt investments	5.4	%	5.3	%

(1)Calculated using actual interest rates in effect as of June 30, 2026 and December 31, 2025 based on borrower elections.

The weighted average yield of our funded debt investments is not the same as a return on investment for our shareholders but, rather, relates to a portion of our investment portfolio and is calculated before the payment of all of our and our subsidiaries’ fees and expenses. The weighted average yield was computed using the effective interest rates of each investment as of each respective date, including accretion of original issue discount, but excluding investments on non-accrual status, if any. There can be no assurance that the weighted average yield will remain at its current level.

Our Adviser monitors our portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action with respect to each portfolio company. Our Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

•assessment of success of the portfolio company in adhering to its business plan and compliance with covenants;

•periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments;

•comparisons to other companies in the portfolio company’s industry; and

•review of monthly or quarterly financial statements and financial projections for portfolio companies.

As part of the monitoring process, our Adviser employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Adviser rates the credit risk of all debt investments on a scale of A to F. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also

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take into account the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. The rating system is as follows:


Investment Rating						Description
A						A loan supported by exceptional financial strength, stability and liquidity;
B						As a general rule, a new transaction will be risk rated a “B” loan. Overtime, a “B” loan is supported by good financial strength, stability and liquidity;
C						A loan that is exhibiting deteriorating trends, which if not corrected could jeopardize repayment of the debt. In general, a default by the borrower of one of its financial performance covenants (leverage or coverage ratios) would warrant a downgrade of a loan to a risk rating of “C”;
D						A loan that has a well-defined weakness that jeopardizes the repayment of the debt or the ongoing enterprise value of the borrower;
E						A loan that has an uncured payment default; and
F						An asset that is considered uncollectible or of such little value that its continuance as a booked asset is unwarranted.

Our Adviser rates the investments in our portfolio at least quarterly and it is possible that the rating of a portfolio investment may be reduced or increased over time. For investments rated C through F, our Adviser enhances its level of scrutiny over the monitoring of such portfolio company.

The following table shows the composition of our debt investments on the A to F rating scale as of June 30, 2026 and December 31, 2025:


	June 30, 2026				December 31, 2025
Investment Rating	Investments at Fair Value		Percentage of Total Debt Investments		Investments at Fair Value		Percentage of Total Debt Investments
(Amounts in thousands)
A	$	—	—		$	—	—
B	4,563,279		97.4	%	4,035,067		96.7	%
C	100,602		2.1	%	117,907		2.8	%
D	14,724		0.3	%	12,377		0.3	%
E	7,044		0.2	%	8,703		0.2	%
F	—		—		—		—
Total	$	4,685,649	100.0	%	$	4,174,054	100.0	%

The following table shows the amortized cost of our performing and non-accrual debt investments as of June 30, 2026 and December 31, 2025:


	June 30, 2026				December 31, 2025
(Amounts in thousands)	Amortized Cost		Percentage		Amortized Cost		Percentage
Performing	$	4,687,289	99.8	%	$	4,269,041	99.8	%
Non-accrual	11,252		0.2	%	8,602		0.2	%
Total	$	4,698,541	100.0	%	$	4,277,643	100.0	%

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon the Adviser’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in the Adviser’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

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Results of Operations

The following table represents the operating results for the three and six months ended June 30, 2026 and 2025:


(Amounts in thousands)	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Total investment income	$	116,502	$	95,953	$	226,141	$	184,808
Less: expenses and taxes	57,166		49,471		110,166		95,909
Net investment income (loss)	59,336		46,483		115,975		88,899
Net realized gain (loss)	1,007		360		4,493		800
Net change in unrealized gain (loss)	(162)		2,438		1,347		3,015
Net increase (decrease) in net assets resulting from operations	$	60,181	$	49,281	$	121,815	$	92,714

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including the level of new investment commitments, expenses, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio.

Investment Income

Investment income for the three and six months ended June 30, 2026 and 2025, were as follows:


(Amounts in thousands)	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Interest	$	112,064	$	93,239	$	218,087	$	179,783
Payment-in-kind interest	1,582		1,277		3,030		2,244
Other	2,279		1,437		4,007		2,781
Dividends	577		—		1,017		—
Total investment income	$	116,502	$	95,953	$	226,141	$	184,808

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Increases in interest and other investment income were driven by deployment of capital and an increase in investment activity. Total investments as of June 30, 2026 were $4.8 billion as compared to $3.6 billion as of June 30, 2025.

Expenses

Expenses for the three and six months ended June 30, 2026, and 2025, were as follows:


(Amounts in thousands)	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Interest	$	35,433	$	32,605	$	67,924	$	64,558
Income incentive fees	8,588		6,718		16,815		12,804
Capital gains incentive fees	125		277		469		277
Management fees	8,039		5,580		15,587		10,502
Other	887		1,306		2,046		2,301
Professional fees	1,600		597		2,783		1,123
Administrative fees	424		454		873		1,098
Offering costs	454		486		932		830
Accounting fees	63		255		242		428
Insurance fees	162		77		334		265
Trustees' fees	58		58		117		116
Distribution and shareholder servicing fees:
Class S	648		374		1,257		631
Class D	2		1		5		2
Total expenses	$	56,483	$	48,788	$	109,384	$	94,935
Distribution and shareholder servicing fees waived
Class S	—		(113)		—		(187)
Class D	—		(1)		—		(2)
Net expenses	$	56,483	$	48,674	$	109,384	$	94,746

Increases in interest and other expenses were driven by the Company’s continued deployment of capital, elevated interest rates and an increase in investment activity and leverage.

Increases in incentive fees are correlated to an increase in results from operations. For the three and six months ended June 30, 2026, there were net increases in net assets resulting from operations of $60.2 million and $121.8 million, driving the increase in incentive fees, compared to the three and six months ended June 30, 2025, there were net increases in net assets resulting from operations of $49.3 million and $92.7 million. Increases in management fees were driven by the increase in net assets during the periods presented. The increase in net assets was primarily driven by net capital activity.

Under the terms of the Administration Agreement and Investment Management Agreement, we reimburse the Administrator and Adviser, respectively, for services performed for us. In addition, pursuant to the terms of these agreements, the Administrator and Adviser may delegate its obligations under these agreements to an affiliate or to a third party and we reimburse the Administrator and Adviser for any services performed for us by such affiliate or third party.

Income Taxes, including Excise Taxes

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We have elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To continue to qualify for tax treatment as a RIC, we must, among other things, distribute to our shareholders in each taxable year generally at least 90% of our investment company taxable income, as defined by the Code, and net tax-exempt income for that taxable year. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our shareholders, which generally relieves us from corporate-level U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we may carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, we will accrue excise tax on estimated excess taxable income. For the three and six months ended June 30, 2026 and 2025, we did not accrue U.S. federal excise tax.

We conduct certain activities through our wholly-owned subsidiary, Twin Brook Equity XXXIII Corp., a Delaware corporation. It is treated as a corporation for United States federal income tax purposes and is subject to U.S. federal, state or local income tax. For the three and six months ended June 30, 2026, the Company accrued $0.1 million and $1.1 million of current federal tax. For the three and six months ended June 30, 2025, the Company accrued $76,000 and $163,000 current federal tax. For the three and six months ended June 30, 2026 the Company had an increase/(decrease) of $630,000 and $(294,000) of deferred federal tax related to the corporation. For the three and six months ended June 30, 2025, the Company had an increase/(decrease) of $720,000, and $1,000,000 respectively, of deferred federal tax related to the corporations, which is included in “deferred federal tax provision” on the consolidated statements of operations.

Net Change in Unrealized Gains (Losses) on Investment Transactions

We fair value our portfolio investments quarterly and any changes in fair value are recorded as unrealized gains or losses. During the three and six months ended June 30, 2026 and 2025, net unrealized gains (losses) on our investment transactions were as follows:


(Amounts in thousands)	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Non-controlled, non-affiliated investments	(2,522)		(655)		$	2,937	$	(2,068)
Non-controlled, affiliated investments	2,641		3,210		(1,580)		4,809
Controlled, affiliated investments	65		—		65		—
Interest rate swaps and options	(346)		(110)		(84)		326
Foreign currency forward contracts	—		(7)		9		(52)
Net change in unrealized gain (loss) on investment transactions	$	(162)	$	2,438	$	1,347	$	3,015

For the three months ended June 30, 2026, the net unrealized gains from investments were primarily driven unrealized gains on equity investments held through our interest in the affiliated funds, Twin Brook Equity Holdings, LLC and Twin Brook Segregated Equity Holdings, LLC, as well as net increases in the value of the TCAP JV. The gains were partially offset by unrealized losses on non-affiliated debt investments driven by increased market volatility. The unrealized loss on interest rate swaps and options represents the unrealized losses on interest rate options from changes in SOFR.

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Net Realized Gains (Losses) on Investment Transactions

The realized gains and losses on fully and partially exited portfolio companies during the three and six months ended June 30, 2026 and 2025, were as follows:


(Amounts in thousands)	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Non-controlled, non-affiliated investments	$	1,006	$	2	$	(299)	$	50
Non-controlled, affiliated investments	2		369		4,799		714
Foreign currency forward contracts	(1)		(11)		(7)		36
Net realized gain (loss) on investments	$	1,007	$	360	$	4,493	$	800

Financial Condition, Liquidity, and Capital Resources

Our liquidity and capital resources are generated primarily from the net proceeds of our continuous offering of common shares, cash flows from interest, dividends and fees earned from our investments and principal repayments, and credit facilities. The primary uses of our cash are (1) investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (2) the cost of operations (including paying our Adviser and Administrator or its affiliates), (3) debt service of any borrowings and (4) cash distributions to the holders of our shares.

We may from time to time increase the size of our existing credit facilities. Any such incurrence would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As market conditions permit and at the discretion of our Adviser, we currently estimate that our portfolio will be approximately 1.00-1.10x levered consistent with our target leverage profile of 0.90x – 1.25x. There were $2.3 billion outstanding borrowings as of June 30, 2026. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation to cover any outstanding unfunded commitments we are required to fund.

Cash and cash equivalents as of June 30, 2026, taken together with our available debt capacity of $970.4 million, is expected to be sufficient for our investing activities and to conduct our operations.

As of June 30, 2026 we had $234.7 million in cash and cash equivalents. During the six months ended June 30, 2026, we used $419.4 million in cash for operating activities, primarily as a result of funding portfolio investments of $991.2 million and partially offset by other operating activities of $571.9 million. Net cash provided by financing activities was $469.3 million during the period, primarily the result of proceeds from the issuance of common shares and debt borrowings.

Equity

As of June 30, 2026, the Company had 106,651,371 shares issued and outstanding with a par value of $0.001 per share.

The following tables summarize transactions in common shares during the three and six months ended June 30, 2026 and 2025:

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	Three Months Ended June 30, 2026			Six Months Ended June 30, 2026
	Shares	Amount in Thousands		Shares	Amount in Thousands
Class I:
Proceeds from shares sold	6,468,705	$	161,590	12,734,192	$	319,468
Share transfers between classes	3,976	1,599		24,350	2,112
Distributions reinvested	575,329	14,506		1,150,997	29,008
Repurchased shares, net of early repurchase reduction	(1,776,368)	(44,708)		(2,948,413)	(74,264)
Net increase (decrease)	5,271,642	$	132,987	10,961,126	$	276,324


	Three Months Ended June 30, 2026			Six Months Ended June 30, 2026
	Shares	Amount in Thousands		Shares	Amount in Thousands
Class S:
Proceeds from shares sold	531,239	$	13,395	1,230,342	$	31,009
Share transfers between classes	(3,976)	(1,599)		(24,350)	(2,112)
Distributions reinvested	122,371	3,086		237,775	5,994
Repurchased shares, net of early repurchase reduction	(306,906)	(7,727)		(358,765)	(9,035)
Net increase (decrease)	342,728	$	7,155	1,085,002	$	25,856


	Three Months Ended June 30, 2026			Six Months Ended June 30, 2026
	Shares	Amount in Thousands		Shares	Amount in Thousands
Class D:
Proceeds from shares sold	397	$	10	8,972	$	226
Share transfers between classes	—	—		—	—
Distributions reinvested	830	21		1,623	41
Repurchased shares, net of early repurchase reduction	(5,059)	(127)		(5,059)	(127)
Net increase (decrease)	(3,832)	$	(96)	5,536	$	140


	Three Months Ended June 30, 2025			Six Months Ended June 30, 2025
	Shares	Amount in Thousands		Shares	Amount in Thousands
Class I:
Proceeds from shares sold	6,196,561	$	156,731	11,631,597	$	294,160
Share transfers between classes	6,911	175		9,899	251
Distributions reinvested	399,643	10,108		766,317	19,380
Repurchased shares, net of early repurchase reduction	(1,238,312)	(31,268)		(1,493,833)	(37,728)
Net increase (decrease)	5,364,803	$	135,746	10,913,980	$	276,063

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	Three Months Ended June 30, 2025			Six Months Ended June 30, 2025
	Shares	Amount in Thousands		Shares	Amount in Thousands
Class S:
Proceeds from shares sold	1,866,111	$	47,201	3,666,854	$	92,732
Share transfers between classes	(6,911)	(175)		(6,911)	(175)
Distributions reinvested	81,918	2,072		147,020	3,718
Repurchased shares, net of early repurchase reduction	(4,954)	(120)		(7,143)	(175)
Net increase (decrease)	1,936,164	$	48,978	3,799,820	$	96,100


	Three Months Ended June 30, 2025			Six Months Ended June 30, 2025
	Shares	Amount in Thousands		Shares	Amount in Thousands
Class D:
Proceeds from shares sold	12,452	$	315	23,992	$	607
Share transfers between classes	—	—		(2,989)	(76)
Distributions reinvested	678	17		1,284	32
Repurchased shares, net of early repurchase reduction	(5,626)	(142)		(7,597)	(192)
Net increase (decrease)	7,504	$	190	14,690	$	371

Net Asset Value per Share and Offering Price

The Company determines net asset value (“NAV”) for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV). The following table presents each month-end NAV per share for the common shares during the six months ended June 30, 2026:


	NAV Per Share
For the Months Ended	Class I		Class S		Class D
January 31, 2026	$	25.21	$	25.21	$	25.21
February 28, 2026	$	25.19	$	25.19	$	25.19
March 31, 2026	$	25.22	$	25.22	$	25.22
April 30, 2026	$	25.21	$	25.21	$	25.21
May 31, 2026	$	25.21	$	25.21	$	25.21
June 30, 2026	$	25.20	$	25.20	$	25.20

Dividends

We plan to make monthly dividends at the Board’s discretion. The following tables reflect dividends declared on common shares during the six months ended June 30, 2026.

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For the Six Months Ended June 30, 2026
			Class I
Date Declared	Record Date	Payment Date	Dividend per Share		Amount in Thousands
January 28, 2026	January 31, 2026	February 25, 2026	$	0.2000	$	17,035
February 26, 2026	February 27, 2026	March 27, 2026	$	0.2000	$	17,734
March 26, 2026	March 31, 2026	April 28, 2026	$	0.2000	$	18,081
April 27, 2026	April 30, 2026	May 29, 2026	$	0.2000	$	18,071
May 26, 2026	May 29, 2026	June 30, 2026	$	0.2000	$	18,229
June 27, 2026	June 30, 2026	July 29, 2026	$	0.2000	$	19,255


For the Six Months Ended June 30, 2026
			Class S
Date Declared	Record Date	Payment Date	Dividend per Share		Amount in Thousands
January 28, 2026	January 31, 2026	February 25, 2026	$	0.1818	$	2,050
February 26, 2026	February 27, 2026	March 27, 2026	$	0.1836	$	2,119
March 26, 2026	March 31, 2026	April 28, 2026	$	0.1818	$	2,145
April 27, 2026	April 30, 2026	May 29, 2026	$	0.1824	$	2,176
May 26, 2026	May 29, 2026	June 30, 2026	$	0.1818	$	2,199
June 27, 2026	June 30, 2026	July 29, 2026	$	0.1824	$	2,250


For the Six Months Ended June 30, 2026
			Class D
Date Declared	Record Date	Payment Date	Dividend per Share		Amount in Thousands
January 28, 2026	January 31, 2026	February 25, 2026	$	0.1947	$	23
February 26, 2026	February 27, 2026	March 27, 2026	$	0.1952	$	24
March 26, 2026	March 31, 2026	April 28, 2026	$	0.1947	$	25
April 27, 2026	April 30, 2026	May 29, 2026	$	0.1948	$	25
May 26, 2026	May 29, 2026	June 30, 2026	$	0.1947	$	25
June 27, 2026	June 30, 2026	July 29, 2026	$	0.1948	$	24

The following tables reflect dividends declared on common shares for the six months ended June 30, 2025:


For the Six Months Ended June 30, 2025
			Class I
Date Declared	Record Date	Payment Date	Dividend per Share		Amount in Thousands
January 28, 2025	January 31, 2025	February 26, 2025	$	0.2300	$	13,438
February 25, 2025	February 28, 2025	March 27, 2025	$	0.2200	$	13,365
March 28, 2025	March 31, 2025	April 28, 2025	$	0.2200	$	13,788
April 27, 2025	April 30, 2025	May 28, 2025	$	0.2200	$	14,121
May 28, 2025	May 31, 2025	June 26, 2025	$	0.2200	$	14,580
June 27, 2025	June 30, 2025	July 29, 2025	$	0.2200	$	14,969

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For the Six Months Ended June 30, 2025
			Class S
Date Declared	Record Date	Payment Date	Dividend per Share		Amount in Thousands
January 28, 2025	January 31, 2025	February 26, 2025	$	0.2171	$	933
February 25, 2025	February 28, 2025	March 27, 2025	$	0.2084	$	969
March 28, 2025	March 31, 2025	April 28, 2025	$	0.2071	$	1,159
April 27, 2025	April 30, 2025	May 28, 2025	$	0.2075	$	1,307
May 28, 2025	May 31, 2025	June 26, 2025	$	0.2071	$	1,467
June 27, 2025	June 30, 2025	July 29, 2025	$	0.2075	$	1,563


For the Six Months Ended June 30, 2025
			Class D
Date Declared	Record Date	Payment Date	Dividend per Share		Amount in Thousands
January 28, 2025	January 31, 2025	February 26, 2025	$	0.2300	$	16
February 25, 2025	February 28, 2025	March 27, 2025	$	0.2200	$	17
March 28, 2025	March 31, 2025	April 30, 2025	$	0.2200	$	17
April 27, 2025	April 30, 2025	May 28, 2025	$	0.2200	$	17
May 28, 2025	May 31, 2025	June 26, 2025	$	0.2200	$	19
June 27, 2025	June 30, 2025	July 29, 2025	$	0.2200	$	19

Character of Distributions

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and fee and expense reimbursement waivers from the Adviser, which is subject to recoupment, or the Administrator, if any.

All of the dividends declared for the three and six months ended June 30, 2026 and 2025 and were derived from ordinary income, as determined on a tax basis. Taxable income is an estimate and is not fully determined until the Company’s tax return is filed.

Distribution Reinvestment Plan

The Company has adopted a distribution reinvestment plan, pursuant to which it reinvests all cash dividends declared by the Board on behalf of its shareholders who do not elect to receive their dividends in cash. As a result, if the Board authorizes, and the Company declares, a cash dividend or other distribution, then shareholders who have not opted out of our Company’s distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.

Share Repurchase Plan

The Company has commenced a share repurchase program under which, at the discretion of the Board, the Company may repurchase, in each quarter, up to 5% of the NAV of the Company’s Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. For the avoidance of doubt, such target amount is assessed each calendar quarter. The Board may amend or suspend the share repurchase program at any time (including to offer to purchase fewer shares) if in its reasonable judgment it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect the Company’s operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter, or may only be available in an amount less than 5% of our Common Shares outstanding.

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The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 under the Exchange Act and the 1940 Act. All shares purchased by us pursuant to the terms of a tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase plan, to the extent the Company offers to repurchase shares in any particular quarter, the Company expects to repurchase shares pursuant to tender offers on or around the last business day of that quarter (the “Repurchase Date”) using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

The following table presents the share repurchases completed during the six months ended June 30, 2026:


Tender Offer Expiration Date	Total Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Repurchased(1)		Price paid Per Share		Tender Offer Valuation Date	Amount Repurchased (all classes) (in thousands)(2)		Maximum number of shares that may yet be purchased under the repurchase plan(3)
March 5, 2026	1,223,904	1.3	%	$	25.22	March 31, 2026	$	30,801	0
June 2, 2026	2,088,333	2.1	%	$	25.20	June 30, 2026	$	52,523	0

(1) Percentage is based on total shares as of the close of the previous calendar quarter.

(2) Amounts shown net of Early Repurchase Deduction.

(3) All repurchases were satisfied in full.

The following table presents the share repurchases completed during the six months ended June 30, 2025:


Tender Offer Expiration Date	Total Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Repurchased(1)		Price paid Per Share		Tender Offer Valuation Date	Amount Repurchased (all classes) (in thousands)(2)		Maximum number of shares that may yet be purchased under the repurchase plan(3)
January 29, 2025	259,680	0.4	%	$	25.30	December 31, 2024	$	7	0
April 25, 2025	1,248,893	1.7	%	$	25.29	March 31, 2025	$	31,530	0

(1) Percentage is based on total shares as of the close of the previous calendar quarter.

(2) Amounts shown net of Early Repurchase Deduction.

(3) All repurchases were satisfied in full.

Debt

In accordance with the 1940 Act, we can borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 150% after such borrowings, subject to certain limitations.

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For the three and six months ended June 30, 2026 and 2025, the components of interest expense were as follows:


(Amounts in thousands)	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025			Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
Interest expense	$	34,021		$	31,333		$	65,332		$	61,960
Amortization of deferred financing costs	1,836			1,787			3,635			3,570
(Gain) loss from interest rate swaps accounted for as hedges and related hedged items

Interest rate swaps	5,846			(5,084)			10,232			(13,695)
Hedged items	(6,270)			4,569			(11,275)			12,723
Total interest expense	$	35,433		$	32,605		$	67,924		$	64,558
Average interest rate	6.21		%	6.73		%	6.22		%	6.77		%
Average daily borrowings	$	2,078,510		$	1,705,966		$	2,014,318		$	1,707,548

Credit Facilities

Private Placement Notes - Series A

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interest at a rate equal to 7.69% per annum and 7.78% per annum, respectively. The Tranche A Notes and the Tranche B Notes are guaranteed by Twin Brook Capital Funding XXXIII, LLC, a subsidiary of the Company.

Private Placement Notes - Series B

On October 15, 2024, the Company, entered into a First Supplement to the Master Note Purchase Agreement dated as of March 19, 2024 , governing the issuance of $400 million aggregate principal amount of Series B Notes consisting of (i) $85 million aggregate principal amount of 6.42% Series B Senior Notes, Tranche A, due October 15, 2028 (the “Tranche A Notes”), (ii) $25 million aggregate principal amount of Series B Senior Notes, Tranche B, due October 15, 2029 to be issued at a floating rate (the “Tranche B Notes”), and (iii) $290 million aggregate principal amount of 6.52% Series B Senior Notes, Tranche C, due October 15, 2029 (the “Tranche C Notes,” collectively with the Tranche A Notes and Tranche B Notes, the “Series B Notes”), to qualified institutional investors in a private placement. The Tranche B Notes bear interest at a floating interest rate equal to three-month SOFR plus 3.24% per annum. The Series B Notes are guaranteed by Twin Brook Capital Funding XXXIII, LLC, a subsidiary of the Company.

Private Placement Notes - Series C

On June 30, 2025, the Company entered into a Second Supplement to the Master Note Purchase Agreement dated as of March 19, 2024, governing the issuance of $100 million aggregate principal amount of Series C Notes consisting of (i) $25 million aggregate principal amount of 6.05% Series C Senior Notes, Tranche A, due June 30, 2028 (the “Series C Tranche A Notes”), and (ii) $75 million aggregate principal amount of 6.40% Series C Senior Notes, Tranche B, due June 30, 2030 (the “Series C Tranche B Notes,” together with the Series C Tranche A Notes, the “Series C Notes”), to qualified institutional investors in a private placement. The Series C Tranche A Notes and the Series C Tranche B Notes bear interest at a rate equal to 6.05% per annum and 6.40% per annum, respectively. The Series C Notes are guaranteed by Twin Brook Capital Funding XXXIII, LLC, a subsidiary of the Company.

Private Placement Notes - Series D

On June 4, 2026, the Company entered into a Third Supplement to the Master Note Purchase Agreement dated as of March 19, 2024, governing the issuance of $225 million aggregate principal amount of Series D Notes consisting of (i) $50 million aggregate principal amount of 6.67% Series D Senior Notes, Tranche A, due June 4, 2029 (the “Series D Tranche A Notes”), and (ii) $175 million aggregate principal amount of 7.03% Series D Senior Notes, Tranche B, due June 4, 2031 (the “Series D Tranche B Notes,” together with the Series D Tranche A Notes, the “Series D Notes”), to qualified institutional investors in a private placement. The Series D Tranche A Notes and the Series D Tranche B Notes bear interest at a rate equal to 6.67% per annum and 7.03% per annum, respectively. The Series D Notes are guaranteed by Twin Brook Capital Funding XXXIII, LLC, a subsidiary of the Company.

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Total debt consisted of the following as of June 30, 2026:


	As of June 30, 2026
(Amounts in thousands)	Maximum Principal Amount Committed		Principal Amount Outstanding		Principal Amount Available(1)		Carrying Value(2)		Assets Pledged as Collateral(3)		Fair Value		Fair Value Hierarchy
ASPV Credit Facility	$	500,000	$	254,000	$	229,348	$	254,000	$	731,610	$	254,000	Level 3
MSPV Credit Facility	500,000		390,000		110,000		390,000		881,286		390,000		Level 3
SMBC Truist Credit Facility	975,000		306,000		631,023		306,000		2,625,399		306,000		Level 3
Series A Tranche A Notes	90,000		90,000		—		90,000		—		90,266		Level 3
Series A Tranche B Notes	150,000		150,000		—		149,411		—		150,590		Level 3
Series B Tranche A Notes	85,000		85,000		—		84,661		—		83,824		Level 3
Series B Tranche B Notes	25,000		25,000		—		25,000		—		24,999		Level 3
Series B Tranche C Notes	290,000		290,000		—		288,496		—		284,354		Level 3
Series C Tranche A Notes	25,000		25,000		—		23,834		—		24,854		Level 3
Series C Tranche B Notes	75,000		75,000		—		74,757		—		74,402		Level 3
Series D Tranche A Notes	50,000		50,000		—		49,944		—		50,000		Level 3
Series D Tranche B Notes	175,000		175,000		—		175,109		—		175,000		Level 3
CLO Transaction	369,000		369,000		—		369,000		447,354		369,000		Level 3
Total	$	3,309,000	$	2,284,000	$	970,371	$	2,280,212	$	4,685,649	$	2,277,289

(1)The amount available reflects any limitations related to the facilities borrowing bases.

(2)Carrying value is inclusive of adjustments for the change in fair value of the effective hedge relationship

(3)Fair market value of the assets held as collateral in the respective credit facility.

Total debt consisted of the following as of December 31, 2025:


	As of December 31, 2025
(Amounts in thousands)	Maximum Principal Amount Committed		Principal Amount Outstanding		Principal Amount Available(1)		Carrying Value		Assets Pledged as Collateral(2)		Fair Value		Fair Value Hierarchy
ASPV Credit Facility	$	500,000	$	272,600	$	59,321	$	272,600	$	494,373	$	272,600	Level 3
MSPV Credit Facility	500,000		386,400		57,296		386,400		684,938		386,400		Level 3
Truist Credit Facility	975,000		256,500		661,179		256,500		2,550,658		256,500		Level 3
Series A Tranche A Notes	90,000		90,000		—		90,406		—		90,965		Level 3
Series A Tranche B Notes	150,000		150,000		—		151,856		—		153,212		Level 3
Series B Tranche A Notes	85,000		85,000		—		86,045		—		84,981		Level 3
Series B Tranche B Notes	25,000		25,000		—		25,000		—		24,999		Level 3
Series B Tranche C Notes	290,000		290,000		—		293,911		—		289,100		Level 3
Series C Tranche A Notes	25,000		25,000		—		25,178		—		25,190		Level 3
Series C Tranche B Notes	75,000		75,000		—		75,092		—		75,786		Level 3
CLO Transaction	369,000		369,000		—		369,000		444,085		369,000		Level 3
Total	$	3,084,000	$	2,024,500	$	777,796	$	2,031,988	$	4,174,054	$	2,028,733

(1)The amount available reflects any limitations related to the facilities borrowing bases.

(2)Fair market value of the assets held as collateral in the respective credit facility.

Debt Securitizations

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The following table presents information on the secured notes and equity interests in the CLO Transaction:

As of June 30, 2026

(Amounts in thousands)

Principal Outstanding

Interest Rate

Credit Rating

Class A Senior Secured Floating Rate Notes

161,000

SOFR + 1.90%

AAA(sf)

Class A-L Senior Secured Floating Rate Loans

100,000

SOFR + 1.90%

AAA(sf)

Class B Senior Secured Floating Rate Notes

45,000

SOFR + 2.30%

AA(sf)

Class C Senior Secured Floating Rate Notes

36,000

SOFR + 2.95%

A(sf)

Class D Senior Secured Floating Rate Notes

27,000

SOFR + 4.95%

BBB(sf)

Equity Interests1

76,000

None

Not Rated

Total CLO Transaction

445,000

(1) Equity Interests were retained by the Company as of June 30, 2026.

The secured notes are scheduled to mature on July 20, 2036, unless redeemed by the Issuer, at the direction of the Adviser, serving as collateral manager, on any business day after July 20, 2026.

Short-Term Debt

As of June 30, 2026 and December 31, 2025, the Company did not have borrowings under Short-Term Financing Transactions.

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Off-Balance Sheet Arrangements

Portfolio Company Commitments

Our investment portfolio may contain debt investments that are in the form of revolving lines of credit and unfunded delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements. Unfunded portfolio company commitments and funded debt investments are presented on the consolidated schedule of investments at fair value. Unrealized appreciation or depreciation, if any, is included in the consolidated statements of assets and liabilities and consolidated statements of operations.

As of June 30, 2026 and December 31, 2025, we had unfunded commitments, including delayed draw term loans and revolvers, with an aggregate principal amount of $760 million and $1,152 million, respectively.

We seek to carefully manage our unfunded portfolio company commitments for purposes of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage ratio, to cover any outstanding portfolio company unfunded commitments we are required to fund.

Other Commitments and Contingencies

As of June 30, 2026, $184.4 million of capital remained uncalled from the Company at the TCAP JV.

Contractual Obligations

A summary of our contractual payment obligations under our borrowing arrangements as of June 30, 2026 is as follows:


	Payment Due by Period
(Amounts in millions)	Total		Less than 1 year		1-3		3-5		More than 5 years
ASPV Credit Facility	$	254.0	$	—	$	—	$	254.0	$	—
MSPV Credit Facility	$	390.0	$	—	$	—	$	390.0	$	—
SMBC Truist Credit Facility	$	306.0	$	—	$	—	$	306.0	$	—
Series A Tranche A Notes	$	90.0	$	—	$	90.0	$	—	$	—
Series A Tranche B Notes	$	150.0	$	—	$	150.0	$	—	$	—
CLO Transaction	$	369.0	$	—	$	—	$	—	$	369.0
Series B Tranche A Notes	$	85.0	$	—	$	85.0	$	—	$	—
Series B Tranche B Notes	$	25.0	$	—	$	—	$	25.0	$	—
Series B Tranche C Notes	$	290.0	$	—	$	—	$	290.0	$	—
Series C Tranche A Notes	$	25.0	$	—	$	25.0	$	—	$	—
Series C Tranche B Notes	$	75.0	$	—	$	—	$	75.0	$	—
Series D Tranche A Notes	$	50.0	$	—	$	50.0	$	—	$	—
Series D Tranche B Notes	$	175.0	$	—	$	—	$	175.0	$	—
Total	$	2,284.0	$	—	$	400.0	$	1,515.0	$	369.0

Related Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the Investment Management Agreement, the Administration Agreement, Expense Support and Conditional Reimbursement Agreement and the Resource Sharing Agreement.

In addition to the aforementioned agreements, we intend to rely on exemptive relief that has been granted to us, our Adviser, and TPG Angelo Gordon to permit us to co-invest with other funds managed by TPG Angelo Gordon in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as any regulatory requirements and other pertinent factors. See “Item 1. – Notes to Consolidated Financial Statements – Note 6. Agreements and Related Party Transactions” for further description of our related party transactions.

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Critical Accounting Policies

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies, including those relating to the valuation of our investment portfolio, are described in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 16, 2026, and elsewhere in our filings with the SEC. There have been no significant changes this quarter in our critical accounting policies and practices.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Uncertainty with respect to the economic effects of elevated interest rates in response to inflation, the Israel-Hamas war, the war in Russia and Ukraine, and continued political unrest and escalating conflicts in various other countries around the globe has introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks, including those listed below. We are subject to financial market risks, including valuation risk and interest rate risk.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and therefore, we will value these investments at fair value as determined in good faith by Adviser, pursuant to Rule 2a-5, based on, among other things, the input of independent third party valuation firm(s) engaged by the Adviser, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We may fund portions of our investments with borrowings on a short term basis, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure you that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of June 30, 2026, 99.9% of our debt investments based on fair value in our portfolio were at floating rates. Our credit facilities bear interest at floating rates with no interest rate floor. Our unsecured notes, which bear interest at fixed rates, are hedged by fixed to floating interest rate swaps in order to align the interest rates of our liabilities with our investment portfolio.

Based on our Consolidated Statements of Assets and Liabilities as of June 30, 2026, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates on our debt investments and leverage (considering interest rate floors for floating rate instruments) assuming each floating rate investment is subject to Term SOFR and there are no changes in our investment and borrowing structure:


(Amounts in millions)	Interest Income		Interest Expense		Net Income
Up 200 basis points	$	95.0	$	26.9	$	68.1
Up 100 basis points	$	47.5	$	13.4	$	34.1
Down 100 basis points	$	(47.5)	$	(13.4)	$	(34.1)
Down 200 basis points	$	(94.9)	$	(26.9)	$	(68.0)

To a limited extent, we may in the future hedge against interest rate fluctuations by using hedging instruments such as futures, options, swaps and forward contracts, and credit hedging contracts, such as credit default swaps. However, no assurance can be given that such hedging transactions will be entered into or, if they are, that they will be effective.

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Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Exchange Act, we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

Changes in Internal Controls over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the period ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

Item 1A. Risk Factors.

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 16, 2026 which could materially affect our business, financial condition and/or operating results. The risks are not the only risks we face. Additional risks and uncertainties are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

We did not sell any securities during the period covered by this Quarterly Report on Form 10-Q that were not registered under the Securities Act. In addition to other information set forth in this report, you should carefully consider the information regarding repurchases discussed in Part I, “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Share Repurchase Plan”, herein.

The following table sets forth information regarding repurchases of our Common Shares pursuant to a tender offer during the three months ended June 30, 2026 (dollar amounts in thousands, except per share amounts).


Tender Offer Expiration Date	Total Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Repurchased(1)		Price paid Per Share		Tender Offer Valuation Date	Amount Repurchased (all classes) (in thousands)(2)		Maximum number of shares that may yet be purchased under the repurchase plan(3)
March 5, 2026	1,223,904	1.29	%	$	25.22	March 31, 2026	$	30,801	0
June 2, 2026	2,088,333	2.07	%	$	25.20	June 30, 2026	$	52,523	0

(1) Percentage is based on total shares as of the close of the previous calendar quarter.

(2) Amounts shown net of Early Repurchase Deduction.

(3) All repurchases were satisfied in full.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Trading Arrangements

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During the fiscal quarter ended June 30, 2026, none of our trustees or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement”.

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Item 6. Exhibits.


Exhibit No.						Description
3.1						Sixth Amended and Restated Agreement and Declaration of Trust , dated May 8, 2026 (incorporated by reference to Exhibit 3.1 to the Compa n y ’s Quarterly Report on Form 10-Q, filed with the SEC on May 12, 2026)
3.2						Fifth Amended and Restated Bylaws, dated May 8, 2026 (incorporated by reference to Exhibit 3.2 to the Company's Quarterly Report on Form 10-Q, filed with the SEC on May 12, 2026)
10.1						Third Supplement to Master Note Purchase Agreement, dated June 4, 2026, by and among Twin Brook Capital Income Fund and the purchasers party thereto (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on June 10, 2026)
10.2						Amended and Restated Investment Management Agreement, by and between TPG Twin Brook Capital Income Fund and AGTB Fund Manager, LLC (incorporated by reference to Exhibit 10.1 to the Company ’s Qu arterly Report on Form 10-Q filed with the SEC on May 12, 2026)
10.3						Amended and Restated Administration Agreement, by and between TPG Twin Brook Capital Income Fund and AGTB Fund Manager, LLC (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 12, 2026)
10.4						Amended and Restated Distribution Reinvestment Plan (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 12, 2026)
31.1*						Certification of Trevor Clark pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*						Certification of Terrence Walters pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*						Certification of Trevor Clark pursuant to Securities Exchange Act Rule 13a-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*						Certification of Terrence Walters pursuant to Securities Exchange Act Rule 13a-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

___________________

*Filed herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused his report to be signed on its behalf by the undersigned thereunto duly authorized.


	TPG Twin Brook Capital Income Fund

August 10, 2026	By:	/s/ Trevor Clark
		Trevor Clark
		Chief Executive Officer
		(Principal Executive Officer)

August 10, 2026	By:	/s/ Terrence Walters
		Terrence Walters
		Chief Financial Officer and Treasurer
		(Principal Financial Officer and Principal Accounting Officer)