Private company

TPG Twin Brook Capital Income Fund

Fund registered in the United States, based in New York, active since 20222

In its 2026 annual report the company says: “We are a non-diversified, closed-end management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended. We are externally managed by the Adviser, who also serves as our administrator. We have elected to be treated for federal income tax purposes, and intend to qualify annually as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended.”6

Last updated Oct 20, 2026.

Overview

$193.5MNet income, fiscal 20253
  • HeadquartersNew York, United States2
  • Incorporated inDE4
  • Business address245 Park Avenue, 26Th Floor, New York, Ny 101674
  • Filer category, Emerging growth company4
  • Legal formFUND2
  • Kind of organizationFund2
  • LEI254900LCG1X7XKKLXF532
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O CSC DELAWARE TRUST COMPANY, 19808 Wilmington, United States2
  • Registered withSecurities and Exchange Commission, 00019137242

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TPG Twin Brook Capital Income Fund (together, with its consolidated subsidiaries, the “Company,” the “Fund,” “TCAP,” “we,” “us,” or “our”) was formed on January 27, 2022 as a Delaware statutory trust. On September 25, 2024, the Company’s name was changed from “AG Twin Brook Capital Income Fund” to “TPG Twin Brook Capital Income Fund”. We are a non-diversified, closed-end management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). We are externally managed by the Adviser, who also serves as our administrator (the “Administrator”). The Adviser is an affiliate of TPG Inc. (“TPG”), a leading global alternative asset management firm. We have elected to be treated for federal income tax purposes, and intend to qualify annually as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue C…6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

8.1%Return on equity3

Financial statements

Net income3$193.5M in 2025+214% since 2023
0$50.0M$100.0M$150.0M$200.0M2023: $61.6M$61.6M20232024: $130.5M$130.5M2024+112%2025: $193.5M$193.5M2025+48%
Fiscal year2022202320242025
Interest$43.0M10
Net income$61.6M3$130.5M3$193.5M3

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Corporate structure

TPG Twin Brook Capital Income Fund sits at the top of its group. 6 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of TPG Twin Brook Capital Income Fund

  • TPG GP A, LLC Filed SCHEDULE 13D/A on TPG Twin Brook Capital Income Fund, latest Jul 31, 2026 (4 filings since Dec 30, 2025)
  • NOMURA ASSET MANAGEMENT CO LTD Filed SCHEDULE 13G/A on TPG Twin Brook Capital Income Fund, latest May 15, 2026 (5 filings since Feb 9, 2024)
  • Ohio Strs Filed SCHEDULE 13G/A on TPG Twin Brook Capital Income Fund, latest Dec 9, 2025 (4 filings since Jun 14, 2023)
  • ANGELO GORDON & CO., L.P. Filed SC 13D/A on TPG Twin Brook Capital Income Fund, latest Aug 30, 2023 (2 filings since Jan 9, 2023)
  • TPG Twin Brook Capital Income Fund New York, New York, United States
    • Twin Brook Capital Funding XXXIII ASPV, LLC Subsidiary · Delaware, United States
    • Twin Brook Capital Funding XXXIII MSPV, LLC Subsidiary · Delaware, United States
    • Twin Brook Capital Funding XXXIII, LLC Subsidiary · Delaware, United States
    • Twin Brook CLO 2024-1 LLC Subsidiary · Delaware, United States
    • Twin Brook Equity XXXIII Corp. Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What TPG Twin Brook Capital Income Fund reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$98.9M3 Dec 31, 2025$89.2M3 Dec 31, 2024+10.9%

Properties, in its own words

We maintain our principal executive offices at 245 Park Avenue, 26th Floor, New York, New York 10167. We do not own any real estate. We believe that our present facilities are adequate to meet our current needs.

Item 2 of the 10-K filed Mar 16, 2026.6

Leadership

Who has led TPG Twin Brook Capital Income Fund, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Trevor Clark2022

Chair

  1. Trevor Clark2022

President

  1. Trevor Clark2022

Chief financial officer

  1. Terrence Walters2022
2025
Board members and other officers (7)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Twin Brook CLO 2024-1 LLC Delaware5
  • Twin Brook Capital Funding XXXIII ASPV, LLC Delaware5
  • Twin Brook Capital Funding XXXIII MSPV, LLC Delaware5
  • Twin Brook Capital Funding XXXIII, LLC Delaware5
  • Twin Brook Equity XXXIII Corp. Delaware5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • AG Twin Brook Capital Income FundMar 2, 2022 to Aug 16, 20244

Timeline

  1. Oct 2, 20268-K Entered a material agreement; New debt or obligation21
  2. Sep 29, 20268-K Regulation FD disclosure; Other events22
  3. Sep 16, 20268-K Regulation FD disclosure23
  4. Sep 10, 20268-K Regulation FD disclosure24
  5. Aug 28, 20268-K Regulation FD disclosure; Other events25
  6. Aug 25, 20268-K Entered a material agreement; New debt or obligation26
  7. Jul 29, 20268-K Regulation FD disclosure; Other events27
  8. Jun 29, 20268-K Regulation FD disclosure; Other events28
  9. Jun 10, 20268-K Entered a material agreement; New debt or obligation29
  10. Jun 8, 20268-K Regulation FD disclosure30
  11. Jun 2, 20268-K Shareholder vote31
  12. May 28, 20268-K Regulation FD disclosure; Other events32
  13. Dec 20, 2022New chief executive Trevor Clark becomes CEO13
  14. Jan 27, 2022Founded TPG Twin Brook Capital Income Fund is founded2

Filings

199 filings to the SEC since October 2021: 4 annual reports, 11 quarterly reports, 45 major events, 16 insider forms, 17 large holders, 106 other. The latest 20:

  1. Oct 2, 20268-K EDGAR
  2. Sep 29, 20268-K EDGAR
  3. Sep 16, 20268-K EDGAR
  4. Sep 10, 20268-K EDGAR
  5. Aug 28, 20268-K EDGAR
  6. Aug 25, 20268-K EDGAR
  7. Aug 12, 2026424B3 EDGAR
  8. Aug 10, 202610-Q EDGAR
  9. Aug 5, 2026SC TO-I EDGAR
  10. Aug 3, 2026SC TO-I/A EDGAR
  11. Jul 31, 2026SCHEDULE 13D/A EDGAR
  12. Jul 31, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP EDGAR
  13. Jul 29, 20268-K EDGAR
  14. Jul 1, 2026SCHEDULE 13D/A EDGAR
  15. Jul 1, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP EDGAR
  16. Jun 29, 20268-K EDGAR
  17. Jun 15, 202640-17G EDGAR
  18. Jun 10, 20268-K EDGAR
  19. Jun 8, 20268-K EDGAR
  20. Jun 2, 20268-K EDGAR

The 199 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

6 open-market trades by officers, directors and large owners since October 2021: 6 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 29, 2026WINKELRIED JON10% ownerBuy1,984,182$25.20$50.0MForm 4
Jun 29, 2026WINKELRIED JON10% ownerBuy3,966,554$25.21$100.0MForm 4
Jan 29, 2026TPG GP A, LLC10% ownerBuy396,912$25.19$10.0MForm 4
Dec 29, 2025COULTER JAMES G10% ownerBuy3,976,001$25.15$100.0MForm 4
Jul 1, 2024AG GP LLC10% ownerBuy982,886$25.44$25.0MForm 4
Aug 28, 2023AG GP LLC10% ownerBuy2,718,616$25.75$70.0MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How TPG Twin Brook Capital Income Fund is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARTPG Twin Brook Capital Income Fund1
  • CIK0001913724
  • Employer ID (EIN)88-61036226
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company6
  • Incorporated inDelaware6
  • Fiscal year endsDecember 311
  • Business address245 Park Avenue, 26Th Floor, New York, NY 101671
  • Phone(212) 692-82371
  • Shares outstanding88,674,617 Common Class I shares; 11,538,574 Common Class S shares; 121,881 Common Class D shares as of Mar 16, 20266
  • Public float$0 as of Dec 31, 20253
  • AuditorDELOITTE & TOUCHE LLP, New York, New York PCAOB ID 34; no auditor attestation of internal control over financial reporting6
  • On EDGAR sinceMar 2, 20221
  • Filings201 in all: 8-K (45), 424B3 (24), SC TO-I (14), SC TO-I/A (14), 10-Q (11), 3 (10), POS EX (7), 4 (6)1
    All 36 form types

    DEFA14A (6), 40-APP/A (5), CORRESP (5), DEF 14A (5), SCHEDULE 13G/A (5), 10-K (4), 40-17G (4), ARS (4), SCHEDULE 13D/A (4), 486BPOS (3), SC 13D/A (3), 40-APP (2), DRS/A (2), N-2 (2), SC 13G (2), SC 13G/A (2), 8-A12G (1), APP NTC (1), APP ORDR (1), DEFM14A (1), DRS (1), EFFECT (1), N-2/A (1), N-54A (1), N-6F (1), PRE 14A (1), PREM14A (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Mar 16, 2026
    Quarterly report (10-Q) Aug 10, 2026
    Proxy statement (DEF 14A) Apr 10, 2026
    Latest 8-K (8-K) Oct 2, 2026

Risk factors and legal proceedings

The risks TPG Twin Brook Capital Income Fund names in Item 1A of its 10-K filed Mar 16, 2026: 76 risks under these headings, as written.6

  • Risks Related to Our Business and Structure
  • General economic, political and market conditions could adversely affect the performance of our investments and implementation of our investment strategy.
  • We cannot guarantee that we will be able to replicate the historical results achieved by other TPG Angelo Gordon products.
  • Our ability to achieve our investment objective depends on the ability of the Adviser to manage and support our investment process. If the Adviser or TPG Angelo Gordon were to lose any members of their respective senior management teams, our ability to achieve our investment objective could be significantly harmed.
  • Because our business model depends to a significant extent upon relationships with private equity sponsors, investment banks and commercial banks, the inability of the Adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.
  • We may face increasing competition for investment opportunities, which could delay deployment of our capital, reduce returns and result in losses.
  • As required by the 1940 Act, a significant portion of our investment portfolio is and will be recorded at fair value as determined in good faith and, as a result, there is and will be uncertainty as to the value of our portfolio investments.
  • The amount of any distributions we may make is uncertain and there is a risk that investors in our shares may not receive distributions or that our distributions may decrease over time. Our distributions may exceed our earnings, particularly during the period before we have substantially invested the net proceeds from our public offering. Therefore, portions of the distributions that we make may represent a return of capital to shareholders that will lower their tax basis in their shares and reduce the amount of funds we have for investment in targeted assets.
  • Our distributions to shareholders may be funded from expense reimbursements or waivers of investment advisory fees that are subject to repayment pursuant to our Expense Support and Conditional Reimbursement Agreement.
  • We have not established any limit on the amount of funds we may use from available sources, such as borrowings, if any, or proceeds from our continuous offering, to fund distributions (which may reduce the amount of capital we ultimately invest in assets).
  • Although we have implemented a share repurchase program, we have discretion to not repurchase shares, and our Board of Trustees has the ability to amend or to suspend the program.
  • The timing of our repurchase offers pursuant to our share repurchase program may be at a time that is disadvantageous to our shareholders.
The other 65 risks
  • As a public company, we are subject to regulations not applicable to private companies, such as provisions of the Sarbanes-Oxley Act. Efforts to comply with such regulations will involve significant expenditures, and non-compliance with such regulations may adversely affect us.
  • We may experience fluctuations in our quarterly results.
  • We are exposed to risks associated with changes in interest rates, including the current elevated interest rate environment.
  • Inflation has adversely affected and may continue to adversely affect the business, results of operations and financial condition of our portfolio companies.
  • It may be difficult to bring suit or foreclosure in non-U.S. countries.
  • The nature of bankruptcy proceedings may impact the value of the Fund’s investments.
  • The insolvency of a portfolio company and related proceedings may have a materially adverse effect on the performance of the Fund.
  • The Fund may invest in portfolio companies whose capital structures may have significant leverage, which may impair these companies’ ability to finance their future operations and capital needs.
  • We are an “emerging growth company” under the JOBS Act, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our shares less attractive to investors.
  • Failure of the U.S. federal government to manage its fiscal matters or to raise or further suspend the debt ceiling, and changes in the amount of federal debt, may negatively impact the economic environment and adversely impact our results of operations.
  • Any unrealized losses we experience on our portfolio may be an indication of future realized losses, which could reduce our income available for distribution.
  • Terrorist attacks, acts of war, global health emergencies or natural disasters may adversely affect our operations.
  • Ongoing armed conflicts, such as between Russia and Ukraine and Israel and Hamas, including recent escalations of the conflict in the Middle East and Southwest Asia, and continued and escalating political unrest in various other countries around the globe may have a material adverse impact on us and our portfolio companies.
  • Force Majeure events may adversely affect our operations.
  • Governmental intervention in the financial markets may increase volatility.
  • The current period of capital markets disruption and economic uncertainty may make it difficult to obtain indebtedness and any failure to do so could have a material adverse effect on our business, financial condition or results of operations.
  • We may face a breach of our cybersecurity, which could result in adverse consequences to our operations and exposure of confidential information.
  • Rapidly developing and changing data security and privacy laws and regulations could increase compliance costs and subject us to enforcement risks and reputational damage.
  • We may not be able to obtain all required state licenses or in any other jurisdiction where they may be required in the future.
  • We are subject to risks related to corporate social responsibility.
  • Compliance with the SEC’s Regulation Best Interest may negatively impact our ability to raise capital in our continuous offering, which would harm our ability to achieve our investment objectives.
  • We are subject to risks associated with artificial intelligence, including the application of various forms of artificial intelligence such as machine learning technology.
  • Changes in laws or regulations governing our business or the businesses of our portfolio companies, changes in the interpretation thereof or newly enacted laws or regulations, and any failure by us or our portfolio companies to comply with these laws or regulations may adversely affect our business and the businesses of our portfolio
  • Our Board of Trustees may change our operating policies and strategies without prior notice or shareholder approval, the effects of which may be adverse to our results of operations and financial condition.
  • Our Board of Trustees may amend our Declaration of Trust without prior shareholder approval.
  • We and/or our portfolio companies may be materially and adversely impacted by global climate change.
  • Risks Related to an Investment in the Common Shares
  • We may have difficulty paying distributions and the tax character of any distributions is uncertain.
  • Shareholders may experience dilution.
  • The NAV of our shares may fluctuate significantly.
  • Provisions of our Declaration of Trust and bylaws could deter takeover attempts.
  • Risks Related to Our Investments
  • Our investments in prospective portfolio companies may be risky, and we could lose all or part of our investment.
  • Risk Associated with Unspecified Transactions; No Assurance of Investment Return.
  • Distressed Investments; Restructurings.
  • Distressed/Defaulted Securities.
  • Nature of Mezzanine Debt and Other Junior Unsecured Securities.
  • Price declines in the medium-sized U.S. corporate debt market may adversely affect the fair value of our portfolio, reducing our NAV through increased net unrealized depreciation.
  • Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.
  • There could be circumstances in which the Fund may not be able to control the modification, waiver or amendment of the terms and conditions of a loan agreement if a sufficient number of the other lenders act contrary to the Fund’s preferences.
  • There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.
  • We generally will not control our portfolio companies and, due to the illiquid nature of our holdings in our portfolio companies, we may not be able to dispose of our interests in our portfolio companies.
  • We will be exposed to risks associated with changes in interest rates.
  • Any inaccuracy, incompleteness or breach of covenants by a portfolio company may adversely affect the valuation of the collateral underlying the loans or the ability of the lenders to perfect or effectuate a lien on the collateral securing the loan or the Fund’s ability to otherwise realize on or avoid losses in respect of the investment.
  • Second priority liens on collateral securing debt investments that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.
  • The portfolio investments in which the Fund invests and TPG Angelo Gordon’s portfolio companies will be subject to various laws for the protection of creditors in the jurisdictions of the portfolio companies concerned.
  • Limited amortization requirements may extend the expected weighted average life of the investment.
  • Economic recessions or downturns could impair our portfolio companies and adversely affect our operating results.
  • Our ability to successfully implement the Fund’s strategy is dependent in part on the extent of market dislocation impacting the global credit markets.
  • A covenant breach or other default by our portfolio companies may adversely affect our operating results.
  • Our portfolio companies may be highly leveraged.
  • Risks related to potential failure to make follow-on investments in our portfolio companies.
  • We may not realize gains from our equity investments.
  • An investment strategy focused primarily on privately-held companies presents certain challenges, including, but not limited to, the lack of available information about these companies.
  • Our investments in securities or assets of publicly-traded companies are subject to the risks inherent in investing in public securities.
  • A lack of liquidity in our investments may adversely affect our business.
  • Our investments may include original issue discount and payment-in-kind instruments.
  • The prices of the debt instruments and other securities in which we invest may decline substantially.
  • We may from time to time enter into credit default swaps or other derivative transactions which expose us to certain risks, including credit risk, market risk, liquidity risk and other risks similar to those associated with the use of leverage.
  • We may acquire various financial instruments for purposes of “hedging” or reducing our risks, which may be costly and ineffective and could reduce our cash available for distribution to our shareholders.
  • Our investments in the healthcare and pharmaceutical services industry sector are subject to extensive federal, state and local healthcare laws and regulations and certain other risks particular to that industry.
  • Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.
  • Technological innovations and industry disruptions could adversely impact our business.
  • We may not be successful in the syndication of co-investments.
  • We invest in middle market companies, including lower middle market companies, which involves a number of significant risks, any one of which could have a material adverse effect on our operating results.
  • Risks Related to the Adviser and Its Affiliates; Conflicts of Interest
  • The Adviser and its affiliates, including our officers and some of our Trustees, face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in actions that are not in the best interests of our shareholders.
  • We may be obligated to pay the Adviser incentive compensation even if we incur a net loss due to a decline in the value of our portfolio.

Legal proceedings

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 loans to or other contracts with our portfolio companies. We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us.

The opening of Item 3, Legal Proceedings.6

Sources

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