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TPG TWIN BROOK CAPITAL INCOME FUND

SUPPLEMENT NO. 1 DATED MAY 13, 2026

TO THE PROSPECTUS DATED APRIL 30, 2026

This prospectus supplement (the “Supplement”) is part of and should be read in conjunction with the prospectus of TPG Twin Brook Capital Income Fund (“we,” “us,” “our,” or the “Fund”), dated April 30, 2026 (as supplemented to date, the “Prospectus”). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus.

The purpose of this Supplement is:

•to update the Prospectus; and

•to include our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.

Updates to Prospectus

The following is added to the end of the final paragraph under the response to “What is the difference between the Class S, Class D and Class I Common Shares being offered?” in the “Prospectus Summary” section of the Prospectus:

If a class of shares were to be listed on an exchange in the future, in accordance with the conditions of our multi class relief order, all other then-existing classes of shares of the listing Fund will be converted into the listed class, without the imposition of any sales load, fee, or other charge. For example, if Class I shares were to be listed, then Class S and Class D shares will automatically convert into Class I shares because Class I shares are the lowest cost share class. Class S and Class D shares will not be afforded the right to vote on a proposed listing of Class I shares and the Board of Trustees is entitled to list Class I shares without concurrence of the shareholders.

The following paragraph is added under the tables presenting information with respect to Class S and Class D shares in the “Use of Proceeds” section of the Prospectus:

Neither the Fund nor the Intermediary Manager will charge an upfront sales load with respect to Class S shares, Class D shares or Class I shares, however, if you buy Class S shares or Class D shares through certain financial intermediaries, they may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 1.5% cap on NAV for Class D shares and 3.5% cap on NAV for Class S shares.

The following replaces the first paragraph under “Access to Records” in the “Description of Our Shares” section of the Prospectus:

Any shareholder will be permitted access to all of our records to which they are entitled under applicable law at all reasonable times and subject to reasonable conditions, and may inspect and copy any of them for a reasonable copying charge. Such records may include, but are not limited to, certain of the Fund’s legal and governance documents, certain financial and accounting records and the Fund’s stock ledger. Inspection of our records by the office or agency administering the securities laws of a jurisdiction will be provided upon reasonable notice and during normal business hours. An alphabetical list of the names, addresses and business telephone numbers of our shareholders, along with the number of Common Shares held by each of them, will be maintained as part of our books and records and will be available for inspection by any shareholder or the shareholder’s designated agent at our office. The shareholder list will be updated at least quarterly to reflect changes in the information contained therein. A copy of the list will be mailed to any shareholder who requests the list within ten days of the request. A shareholder may request a copy of the shareholder list for any proper and legitimate purpose, including, without limitation, in connection with matters relating to voting rights and the exercise of shareholder rights under federal proxy laws. A shareholder requesting a list will be required to pay reasonable costs of postage and duplication. Such copy of the shareholder list shall be printed in alphabetical order, on white paper, and in readily readable type size (no smaller than 10 point font).

The following replaces the second to last sentence of the “Common Shares” paragraph in the “Description of Our Shares” section of the Prospectus:

Subject to the special rights of the holders of any class or series of preferred shares to elect Trustees, each Trustee will be elected by a majority of the votes cast with respect to such Trustee’s election.

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The following replaces the third and the fourth sentences of the “Board of Trustees” paragraph in the “Management of the Fund” section of the Prospectus:

Our bylaws provide that for both contested and uncontested elections, each Trustee of the Fund must be elected by a majority of votes cast.

The following is added under the “Board of Trustees” paragraph in the “Management of the Fund” section of the Prospectus:

Determinations by Our Board of Trustees

Our Declaration of Trust contains a provision that codifies the authority of our Board to manage our business and affairs. This provision enumerates certain matters and states that the determination as to any such enumerated matters made by or pursuant to the direction of our Board (consistent with our Declaration of Trust) is final and conclusive and binding upon us and our shareholders. This provision does not alter the duties our Board owes to us or our shareholders pursuant to our Declaration of Trust and under Delaware law. Further, it would not restrict the ability of a shareholder to challenge an action by our Board which was taken in a manner that is inconsistent with our Declaration of Trust or the Board’s duties under Delaware law or which did not comply with the requirements of the provision.

The following is added to the end of the third paragraph under the “Payment of Our Expenses Under the Investment Management Agreement and the Administration Agreement” heading in the “Investment Management Agreement and Administration Agreement” section of the Prospectus:

Total base management fees, incentive fees and total expense and cost reimbursements and payments to the Adviser, the Administrator, and any Affiliate thereof for the year ended December 31, 2025 was equal to 2.7% of our NAV as of December 31, 2025.

The form of subscription agreement included as Appendix A in the Prospectus is hereby deleted and replaced with the following:

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APPENDIX A: FORM OF SUBSCRIPTION AGREEMENT

Not for Execution

Subscription Agreement for Shares of

TPG Twin Brook Capital Income Fund

 

1.    Your Investment

A. Investment Information

Investment Amount $                                                  

B. Investment Method

☐    By mail: Please make checks payable to TPG TWIN BROOK CAPITAL INCOME FUND and attach to this agreement.*

☐    By wire: Please wire funds according to the instructions below.

Name: TPG TWIN BROOK CAPITAL INCOME FUND

Bank Name: [    ]

ABA: [    ]

DDA: [    ]

☐ Broker / Financial advisor will make payment on your behalf

* Cash, cashier’s checks/official bank checks, temporary checks, foreign checks, money orders, third party checks, or travelers checks are not accepted.

C. Share Class Selection

 

☐    Share Class S			☐    Share Class D **			☐    Share Class I **
(The minimum investment is $2,500 (unless waived))			(The minimum investment is $2,500 (unless waived))			(The minimum investment is $1,000,000 (unless waived))

**    Available for certain fee-based wrap accounts and other eligible investors as disclosed in the prospectus, as amended and supplemented.

 

2.    Ownership Type (Select only one)

 

A. Taxable Accounts   Brokerage Account Number                                                           ☐    Individual or Joint Tenant With Rights of Survivorship ☐    Transfer on Death (Optional Designation. Not Available for Louisiana Residents. See Section 3C.) ☐    Tenants in Common ☐ Community Property ☐    Uniform Gift/Transfer to Minors State of                                                                   Date of Birth                                                           ☐    Trust (Include Certification of Investment Powers Form or First and Last page of Trust Documents) ☐    C Corporation ☐    S Corporation ☐    Profit-Sharing Plan ☐    Non-Profit Organization ☐    Limited Liability Corporation ☐    Corporation / Partnership / Other (Corporate Resolution or Partnership Agreement Required)						B. Non-Taxable Accounts   Custodian Account Number                                                   ☐    IRA (Custodian Signature Required) ☐    Roth IRA (Custodian Signature Required) ☐    SEP IRA (Custodian Signature Required) ☐    Rollover IRA (Custodian Signature Required) ☐    Inherited IRA ☐    Pension Plan (Include Certification of Investment Powers Form) ☐    Other
						C. Custodian Information (To Be Completed By Custodian)   Custodian Name                                                             Custodian Tax ID #                                                         Custodian Phone #
						Custodian Stamp Here

D. Entity Name – Retirement Plan / Trust / Corporation / Partnership / Other

Trustee(s) and/or authorized signatory(s) information MUST be provided in Sections 3A and 3B

 

Entity Name

Tax ID Number

Date of Formation

Exemptions (See Form W-9 instructions at www.irs.gov)

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Entity Address (Legal Address. Required)                         

Entity Type (Select one. Required)

☐ Retirement Plan     ☐ Trust      ☐ S-Corp      ☐ C-Corp      ☐ LLC      ☐ Partnership              Exempt payee code (if any)                          

 

☐ Other			☐ Jurisdiction (if Non-U.S.)                                           (Attach a completed applicable Form W-8)

Exemption from FATCA reporting code (if any)                                 

 

3.    Investor Information

A. Investor Name (Investor / Trustee / Executor / Authorized Signatory Information)

Residential street address MUST be provided. See Section 4 if mailing address is different than residential street address

 

First Name                                                                  (MI)

Last Name

Gender

Social Security Number / Tax ID

Date of Birth (MM/DD/YYYY)

Daytime Phone Number

Residential Street Address

City

State

Zip Code

Email Address

If you are a non-U.S. citizen, please specify your country of citizenship (required):

 

☐ Resident Alien			☐ Non-Resident Alien (Attach a completed Form W-8BEN, Rev. October 2021)
						Country of Citizenship

 

Please specify if you are a TPG employee/officer/director/affiliate (required):

☐ TPG Employee

☐ TPG Officer/Director

☐ Immediate Family Member of TPG Officer or Director

☐ TPG Affiliate

☐ Not Applicable

B. Co-Investor Name (Co-Investor / Co-Trustee / Co-Authorized Signatory Information, if applicable)

 

First Name                                                                  (MI)

Last Name

Gender

Social Security Number / Tax ID

Date of Birth (MM/DD/YYYY)

Daytime Phone Number

Residential Street Address

City

State

Zip Code

Email Address

If you are a non-U.S. citizen, please specify country of citizenship (required):

 

☐ Resident Alien			☐ Non-Resident Alien (Attach a completed Form W-8BEN, Rev. October 2021)
						Country of Citizenship

 

Please specify if you are a TPG employee/officer/director/affiliate (required):

☐ TPG Employee

☐ TPG Officer/Director

☐ Immediate Family Member of TPG Officer or Director

☐ TPG Affiliate

☐ Not Applicable

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C. Transfer on Death Beneficiary Information (Individual or Joint Account with rights of survivorship only. Not available for Louisiana residents. Beneficiary date of birth required. Whole percentages only; must equal 100%.)

 

First Name

(MI)

Last Name

SSN

Date of Birth (MM/DD/YYYY)

☐ Primary ☐ Secondary         %

First Name

(MI)

Last Name

SSN

Date of Birth (MM/DD/YYYY)

☐ Primary ☐ Secondary         %

First Name

(MI)

Last Name

SSN

Date of Birth (MM/DD/YYYY)

☐ Primary ☐ Secondary         %

First Name

(MI)

Last Name

SSN

Date of Birth (MM/DD/YYYY)

☐ Primary ☐ Secondary         %

Custodian/Guardian for a minor Beneficiary (required, cannot be same as Investor or Co-Investor):                         

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D. ERISA Plan Asset Regulations

All investors are required to complete Appendix B attached hereto.

 

			4.    Contact Information (If different than provided in Section 3A)

 

Mailing Address			City			State			Zip Code

 

			5.    Select How You Want to Receive Your Distributions (Please Read Entire Section and Select only one)

You are automatically enrolled in our Distribution Reinvestment Plan, unless you are a resident of ALABAMA, ARKANSAS, CALIFORNIA, IDAHO, KANSAS, KENTUCKY, MAINE, MARYLAND, MASSACHUSETTS, NEBRASKA, NEW JERSEY, NORTH CAROLINA, OHIO, OKLAHOMA, OREGON, TENNESSEE, VERMONT OR WASHINGTON.

☐ If you are not a resident of the states listed above, you are automatically enrolled in the Distribution Reinvestment Plan; please check here if you DO NOT wish to be enrolled in the Distribution Reinvestment Plan and complete the Cash Distribution Information section below.

ONLY complete the following information if you do not wish to enroll in the Distribution Reinvestment Plan. For custodial held accounts, if you elect cash distributions the funds must be sent to the custodian.

A.    ☐  Check mailed to street address in 3A (only available for non-custodial investors).

B.    ☐  Check mailed to secondary address in 3B (only available for non-custodial investors).

C.    ☐  Direct Deposit by ACH (only available for non-custodial investors). PLEASE ATTACH A PRE-VOIDED CHECK

D.    ☐  Check mailed to Third party Financial Institution (complete section below)

E. ☐  Manual International Wire (only available for non-custodial international investors). PLEASE FILL OUT APPENDIX C

☐ If you ARE a resident of Alabama, Arkansas, California, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oklahoma, Oregon, Tennessee, Vermont or Washington, you are not automatically enrolled in the Distribution Reinvestment Plan. Please check here if you wish to enroll in the Distribution Reinvestment Plan. You will automatically receive cash distributions unless you elect to enroll in the Distribution Reinvestment Plan.

I authorize TPG Twin Brook Capital Income Fund or its agent to deposit my distribution into my checking or savings account. This authority will remain in force until I notify TPG Twin Brook Capital Income Fund in writing to cancel it. In the event that TPG Twin Brook Capital Income Fund deposits funds erroneously into my account, they are authorized to debit my account for an amount not to exceed the amount of the erroneous deposit.

 

Financial Institution Name

Mailing Address

City

State

Zip Code

Your Bank’s ABA Routing Number

Your Bank Account Number

 

			6.    Broker / Financial Advisor Information (Required Information. All fields must be completed.)

The Financial Advisor must sign below to complete the order. The Financial Advisor hereby warrants that he/she is duly licensed and may lawfully sell shares in the state designated as the investor’s legal residence.

 

Broker						Financial Advisor Name
Advisor Mailing Address
City						State			Zip Code
Financial Advisor Number						Branch Number			Telephone Number
E-mail Address						Fax Number
Operations Contact Name						Operations Contact Email Address

Please note that unless previously agreed to in writing by TPG Twin Brook Capital Income Fund, all sales of securities must be made through a Broker, including when an RIA has introduced the sale. In all cases, Section 6 must be completed.

The undersigned confirm(s), which confirmation is made on behalf of the Broker with respect to sales of securities made through a Broker, that they (i) have reasonable grounds to believe that the information and representations concerning the investor identified herein are true, correct and complete in all respects; (ii) have discussed such investor’s prospective purchase of shares with such investor; (iii) have advised such investor of all pertinent facts with regard to the lack of liquidity and marketability of the shares; (iv) have delivered or made available a current prospectus and related supplements, if any, to such investor; (v) have reasonable grounds to

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believe that the investor is purchasing these shares for his or her own account; (vi) have reasonable grounds to believe that the purchase of shares is a suitable investment for such investor, taking into account such investor’s age, investment objectives, investment experience, income, net worth, financial situation and other investments of the prospective investor, as well as any other pertinent factors, that such investor meets the suitability standards applicable to such investor set forth in the prospectus and related supplements, if any, and that such investor is in a financial position to enable such investor to realize the benefits of such an investment and to suffer any loss that may occur with respect thereto; and (vii) have advised such investor that the shares have not been registered and are not expected to be registered under the laws of any country or jurisdiction outside of the United States except as otherwise described in the prospectus. The undersigned Broker, Financial Advisor or Financial Representative listed in Section 6 further represents and certifies that, in connection with this subscription for shares, he/she has complied with and has followed all applicable policies and procedures of his or her firm relating to, and performed functions required by, federal and state securities laws, rules promulgated under the Securities Exchange Act of 1934, as amended, including, but not limited to Rule 15l-1 (“Regulation Best Interest”) and FINRA rules and regulations including, but not limited to Know Your Customer, Suitability and PATRIOT Act (Anti Money Laundering, Customer Identification) as required by its relationship with the investor(s) identified on this document.

THIS SUBSCRIPTION AGREEMENT AND ALL RIGHTS HEREUNDER SHALL BE GOVERNED BY, AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

If you do not have another broker or other financial intermediary introducing you to TPG Twin Brook Capital Income Fund, then Foreside Financial Services, LLC (“Foreside”) may be deemed to act as your broker of record in connection with any investment in TPG Twin Brook Capital Income Fund. Foreside is not a full-service broker-dealer and may not provide the kinds of financial services that you might expect from another financial intermediary, such as holding securities in an account. If Foreside is your broker of record, then your shares will be held in your name on the books of TPG Twin Brook Capital Income Fund. Foreside will not monitor your investments, and has not and will not make any recommendation regarding your investments. If you want to receive financial advice regarding a prospective investment in the shares, contact your broker or other financial intermediary.

 

X

X

Financial Advisor Signature

Date

Branch Manager Signature (If required by Broker)

Date

 

			7.    Electronic Delivery Opt-Out Form (Optional)

Instead of receiving paper copies of the prospectus, prospectus supplements, annual reports, proxy statements, and other shareholder communications and reports, you will receive electronic delivery of shareholder communications from TPG Twin Brook Capital Income Fund. If you would like to opt out of electronic delivery, including pursuant to email, please check the box below for this election.

We encourage you to reduce printing and mailing costs and to conserve natural resources by receiving electronic delivery of shareholder communications and statement notifications. By leaving the box below blank, you consent to electronically receive shareholder communications, including your account-specific information, and you authorize said offering(s) to either (i) email shareholder communications to you directly or (ii) make them available on our website and notify you by email when and where such documents are available.

You will not receive paper copies of these electronic materials unless specifically requested, the delivery of electronic materials is prohibited or we, in our sole discretion, elect to send paper copies of the materials.

By consenting to electronic access, you will be responsible for certain costs, such as your customary internet service provider charges, and may be required to download software in connection with access to these materials. You understand this electronic delivery program may be changed or discontinued and that the terms of this agreement may be amended at any time. You understand that there are possible risks associated with electronic delivery such as emails not transmitting, links failing to function properly and system failure of online service providers, and that there is no warranty or guarantee given concerning the transmissions of email, the availability of the website, or information on it, other than as required by law.

 

Initial here to opt out of electronic delivery

E-mail Address

If blank, the email provided in Section 4 will be used.

 

			8.    Subscriber Signatures

TPG Twin Brook Capital Income Fund is required by law to obtain, verify and record certain personal information from you or persons on your behalf in order to establish the account. Required information includes name, date of birth, permanent residential address and social security/taxpayer identification number. We may also ask to see other identifying documents. If you do not provide the information, TPG Twin Brook Capital Income Fund may not be able to open your account. By signing the Subscription Agreement, you agree to provide this information and confirm that this information is true and correct. If we are unable to verify your identity, or that of another person(s) authorized to act on your behalf, or if we believe we have identified potentially criminal activity, we reserve the right to take action as we deem appropriate which may include closing your account.

Please separately initial each of the representations below. Except in the case of fiduciary accounts, you may not grant any person a power of attorney to make the representations on your behalf. In order to induce TPG Twin Brook Capital Income Fund to accept this subscription, I hereby represent and warrant to you as follows:

8.a. Please Note: All Items in this section 8.a. must be read and initialed

 

			Primary   Investor  Initials						Co-   Investor  Initials
(i)    I have received the prospectus (as amended or supplemented) for TPG Twin Brook Capital Income Fund at least five business days prior to the date hereof.
			Initials						Initials
(ii)    I have (A) a minimum net worth (not including home, home furnishings and personal automobiles) of at least $250,000, or (B) a minimum net worth (as previously described) of at least $70,000 and a minimum annual gross income of at least $70,000.

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			Initials						Initials
(iii)    In addition to the general suitability requirements described above, I meet the higher suitability requirements, if any, imposed by my state of primary residence as set forth in the prospectus under “SUITABILITY STANDARDS.”
			Initials						Initials
(iv)    If I am an entity that was formed for the purpose of purchasing shares, each individual that owns an interest in such entity meets the general suitability requirements described above.
			Initials						Initials
(v)    I acknowledge that there is no public market for the shares, shares of this offering are not liquid and appropriate only as a long-term investment.
			Initials						Initials
(vi)    I acknowledge that the shares have not been registered and are not expected to be registered under the laws of any country or jurisdiction outside of the United States except as otherwise described in the prospectus.
			Initials						Initials
(vii)    I am purchasing the shares for my own account, or if I am purchasing shares on behalf of a trust or other entity of which I am a trustee or authorized agent, I have due authority to execute this subscription agreement and do hereby legally bind the trust or other entity of which I am trustee or authorized agent.
			Initials						Initials
(viii)    I acknowledge that subscriptions must be submitted at least five business days prior to first day of each month my investment will be executed as of the first day of the applicable month at the NAV per share as of the preceding day. I acknowledge that I will not know the NAV per share at which my investment will be executed at the time I subscribe and the NAV per share will generally be made available at www.AGTBCAP.com as of the last day of each month within 20 business days of the last day of each month.
			Initials						Initials
(ix)    I acknowledge that my subscription request will not be accepted any earlier than two business days before the first calendar day of each month. I acknowledge that I am not committed to purchase shares at the time my subscription order is submitted and I may cancel my subscription at any time before the time it has been accepted as described in the previous sentence. I understand that I may withdraw my purchase request by notifying the transfer agent, through my financial intermediary or directly on TPG Twin Brook Capital Income Fund’s toll-free, automated telephone line, 1-844-298-1372.
			Initials						Initials
(x)    If I am a New Jersey investor, I acknowledge that, assuming a constant NAV per share of $25.00, TPG Twin Brook Capital Income Fund expects that a one-time investment in 400 shares of each class of shares of TPG Twin Brook Capital Income Fund (representing an aggregate net asset value of $10,000 for each class) over a course of 5 years would be subject to the following shareholder servicing and/or distribution fees: $425 for Class S shares, $125 for Class D shares and $0 for Class I shares. In addition, although neither TPG Twin Brook Capital Income Fund nor the Intermediary Manager will charge an upfront sales load with respect to Class S shares, Class D shares or Class I shares, if I buy Class S shares or Class D shares through certain financial intermediaries, they may directly charge me transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 1.5% cap on NAV for Class D shares and 3.5% cap on NAV for Class S shares. Selling agents will not charge such fees on Class I shares.
			Initials						Initials

 

8.b. If you live in any of the following states, please complete Appendix A to TPG Twin Brook Capital Income Fund Subscription Agreement: Alabama, California, Idaho, Iowa, Kansas, Kentucky, Maine, Massachusetts, Missouri, Nebraska, New Jersey, New Mexico, Ohio, Oregon, Pennsylvania, Puerto Rico, Tennessee and Vermont.

In the case of sales to fiduciary accounts, the minimum standards in Appendix A shall be met by the beneficiary, the fiduciary, account, or, by the donor or grantor, who directly or indirectly supplies the funds to purchase the shares if the donor or grantor is the fiduciary.

If you do not have another broker or other financial intermediary introducing you to TPG Twin Brook Capital Income Fund, then Foreside may be deemed to be acting as your broker of record in connection with any investment in TPG Twin Brook Capital Income Fund. For important information in this respect, see Section 6 above. I declare that the information supplied in this Subscription Agreement is true and correct and may be relied upon by TPG Twin Brook Capital Income Fund. I acknowledge that the Broker / Financial Advisor (Broker / Financial Advisor of record) indicated in Section 6 of this Subscription Agreement and its designated clearing agent, if any, will have full access to my account information, including the number of shares I own, tax information (including the Form 1099) and redemption information. Investors may change the Broker / Financial Advisor of record at any time by contacting TPG Twin Brook Capital Income Fund Investor Relations at the number indicated below.

SUBSTITUTE IRS FORM W-9 CERTIFICATIONS (required for U.S. investors):

Under penalties of perjury, I certify that:

(1)    The number shown on this Subscription Agreement is my correct taxpayer identification number (or I am waiting for a number to be issued to me); and

(2)    I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding; and

(3)    I am a U.S. citizen or other U.S. person (including a resident alien) (defined in IRS Form W-9); and

(4)    The FATCA code(s) entered on this form (if any) indicating that I am exempt from FATCA reporting is correct.

Certification instructions. You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return.

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The Internal Revenue Service does not require your consent to any provision of this document other than the certifications required to avoid backup withholding.

 

X

X

Signature of Investor

Date

Signature of Co-Investor or Custodian (If applicable)

Date

(MUST BE SIGNED BY CUSTODIAN OR TRUSTEE IF PLAN IS ADMINISTERED BY A THIRD PARTY)

 

9.    Miscellaneous

If investors participating in the Distribution Reinvestment Plan or making subsequent purchases of shares of TPG Twin Brook Capital Income Fund experience a material adverse change in their financial condition or can no longer make the representations or warranties set forth in Section 8 above, they are asked to promptly notify TPG Twin Brook Capital Income Fund and the Broker in writing. The Broker may notify TPG Twin Brook Capital Income Fund if an investor participating in the Distribution Reinvestment Plan can no longer make the representations or warranties set forth in Section 8 above, and TPG Twin Brook Capital Income Fund may rely on such notification to terminate such investor’s participation in the Distribution Reinvestment Plan.

No sale of shares may be completed until at least five business days after you receive the final prospectus. To be accepted, a subscription request must be made with a completed and executed subscription agreement in good order and payment of the full purchase price at least five business days prior to the first calendar day of the month (unless waived). You will receive a written confirmation of your purchase.

All items on the Subscription Agreement must be completed in order for your subscription to be processed. Subscribers are encouraged to read the prospectus in its entirety for a complete explanation of an investment in the shares of TPG Twin Brook Capital Income Fund.

PO Box:

Street Address (overnight):

Toll Free Number

TPG Angelo Gordon PO Box 219400 Kansas City, MO 64121-9400

TPG Angelo Gordon 430 W 7th Street Suite 219400 Kansas City, MO 64105-1407

(844) 298-1372 Fax Number (833) 967-4138

 

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Appendix A

For purposes of determining whether you satisfy the standards below, your net worth is calculated excluding the value of your home, home furnishings and automobiles, and, unless otherwise indicated, “liquid net worth” is defined as that portion of net worth that consists of cash, cash equivalents and readily marketable investments.

Investors in the following states have the additional suitability standards as set forth below.

			Primary Investor Initials						Co-Investor Initials
If I am an Alabama investor I must have either (a) a minimum annual gross income of $100,000 and a minimum net worth of $100,000 or (b) a minimum net worth of $350,000. In addition, an investment in this offering and other non-traded direct participating programs shall not exceed 10% of investors’ liquid net worth at the time of investment. “Liquid net worth” is defined as that portion of net worth consisting of cash, cash equivalents, and readily marketable securities. Investors who are accredited investors as defined in Regulation D under the Securities Act are not subject to the foregoing concentration limit.
			Initials						Initials
If I am a California resident, in addition to the suitability standards set forth above, I may not invest more than 10% of my net worth in TPG Twin Brook Capital Income Fund.
			Initials						Initials
If I am an Idaho investor I must have either (a) a minimum annual gross income of $100,000 and a minimum net worth of $100,000; or (b) a minimum net worth of $350,000.
			Initials						Initials
If I am an Iowa resident, I (i) have either (a) an annual gross income of at least $100,000 and a net worth of at least $100,000, or (b) a net worth of at least $350,000 (net worth should be determined exclusive of home, auto and home furnishings); and (ii) limit my aggregate investment in this offering and in the securities of other non-traded business development companies to 10% of my liquid net worth (liquid net worth should be determined as that portion of net worth that consists of cash, cash equivalents and readily marketable securities). Purchasers who are accredited investors as defined in Regulation D under the Securities Act of 1933, as amended, are not subject to the foregoing concentration limit.
			Initials						Initials
If I am a Kansas resident, I understand that the Securities Division of the Kansas Department of Insurance recommends that Kansas investors limit their aggregate investment in our securities and other similar investments to not more than 10 percent of their liquid net worth.
			Initials						Initials
If I am a Kentucky resident, I may not invest more than 10% of my liquid net worth in TPG Twin Brook Capital Income Fund or its affiliates. “Liquid net worth” is defined as that portion of net worth that is comprised of cash, cash equivalents and readily marketable securities. Investors who are accredited investors as defined in Regulation D under the Securities Act are not subject to the foregoing concentration limit.
			Initials						Initials
If I am a Maine resident, I acknowledge that it is recommended by the Maine Office of Securities that my aggregate investment in this offering and other similar direct participation investments not exceed 10% of my liquid net worth. For this purpose, “liquid net worth” is defined as that portion of net worth that consists of cash, cash equivalents and readily marketable securities.
			Initials						Initials
If I am a Massachusetts resident, I have either (a) a minimum liquid net worth of $100,000 and a minimum annual gross income of $85,000, or (b) a minimum liquid net worth of $350,000. For these purposes, “liquid net worth” is defined as that portion of net worth (total assets exclusive of home, home furnishings and automobiles, minus total liabilities) that consists of cash, cash equivalents and readily marketable securities. In addition, a Massachusetts investor’s investment in us, our affiliates and other non-publicly-traded direct investment programs (including real estate investment trusts, business development companies, oil and gas programs, equipment leasing programs and commodity pools, but excluding unregistered, federally and state exempt private offerings) may not exceed 10% of his or her liquid net worth.
			Initials						Initials
If I am a Missouri resident, in addition to the suitability standards set forth above, I may not invest more than 10% of my liquid net worth in the securities registered in this offering.
			Initials						Initials
If I am a Nebraska resident, in addition to the suitability standards set forth above, I must limit my aggregate investment in this offering and the securities of other business development companies to 10% of such investor’s net worth. Investors who are accredited investors as defined in Regulation D under the Securities Act of 1933 are not subject to the foregoing investment concentration limit.

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			Initials						Initials
If I am a New Jersey resident, (1) I have either (a) a minimum liquid net worth of at least $100,000 and a minimum annual gross income of not less than $85,000, or (b) a minimum liquid net worth of $350,000. For these purposes, “liquid net worth” is defined as that portion of net worth (total assets exclusive of home, home furnishings, and automobiles, minus total liabilities) that consists of cash, cash equivalents and readily marketable securities. In addition, my total investment in TPG Twin Brook Capital Income Fund, its affiliates and other non-publicly traded direct investment programs (including real estate investment trusts, business development companies, oil and gas programs, equipment leasing programs and commodity pools, but excluding unregistered, federally and state exempt private offerings) may not exceed 10% of my liquid net worth, and (2) I acknowledge that although AGTB Fund Manager, LLC (the “Adviser”), the investment adviser to TPG Twin Brook Capital Income Fund, will advance all organization and offering expenses of TPG Twin Brook Capital Income Fund, and may elect to pay certain of TPG Twin Brook Capital Income Fund’s expenses, TPG Twin Brook Capital Income Fund is obligated to reimburse the Adviser, and this will reduce the returns available to investors.
			Initials						Initials
If I am a New Mexico resident, in addition to the general suitability standards listed above, I may not invest more than ten percent (10%) of my liquid net worth in shares of TPG Twin Brook Capital Income Fund, its affiliates and in other non-traded business development companies. Liquid net worth is defined as that portion of net worth which consists of cash, cash equivalents and readily marketable securities. This requirement shall not apply to any person that is an accredited investor as defined by Rule 501(a) of Regulation D.
			Initials						Initials
If I am an Ohio resident, it is unsuitable to invest more than 10% of my liquid net worth in the issuer, affiliates of the issuer, and in any other non-traded business development company. “Liquid net worth” is defined as that portion of net worth (total assets exclusive of primary residence, home furnishings and automobiles minus, total liabilities) comprised of cash, cash equivalents and readily marketable securities. This condition does not apply, directly or indirectly, to federally covered securities. This condition also does not apply to purchasers who meet the definition of an accredited investor as defined in rule 501(a) of Regulation D under the Securities Act of 1933, 15 U.S.C.A. 77a, as amended.
			Initials						Initials
If I am an Oregon resident, in addition to the suitability standards set forth above, I may not invest more than 10% of my liquid net worth. Liquid net worth is defined as net worth excluding the value of the investor’s home, home furnishings and automobile. Investors who are accredited investors as defined in Regulation D under the Securities Act are not subject to the foregoing concentration limit.
			Initials						Initials
If I am a Pennsylvania resident, I may not invest more than ten percent (10%) of my liquid net worth. “Liquid net worth” is defined as that portion of net worth that consists of cash, cash equivalents and readily marketable investments.
			Initials						Initials
If I am a Puerto Rico resident, I may not invest more than 10% of my liquid net worth in TPG Twin Brook Capital Income Fund, its affiliates and other non-traded business development companies. For these purposes, “liquid net worth” is defined as that portion of net worth (total assets exclusive of primary residence, home furnishings and automobiles minus total liabilities) consisting of cash, cash equivalents and readily marketable securities.
			Initials						Initials
If I am a Tennessee resident, I must have a liquid net worth of at least ten times my investment in TPG Twin Brook Capital Income Fund.
			Initials						Initials
If I am a Vermont resident and I am an accredited investor in Vermont, as defined in 17 C.F.R. § 230.501, I may invest freely in this offering. In addition to the suitability standards described above, if I am non-accredited Vermont investors, I may not purchase an amount in this offering that exceeds 10% of my liquid net worth. For these purposes, “liquid net worth” is defined as an investor’s total assets (not including home, home furnishings or automobiles) minus total liabilities.
			Initials						Initials

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Appendix B: Additional Questionnaire

Instructions: All purchasers please complete this Appendix B in its entirety.

    1.    Are you a “benefit plan investor” within the meaning of the Plan Asset Regulations1 or will you use the assets of a “benefit plan investor”2 to invest in TPG Twin Brook Capital Income Fund?

                □    Yes     □    No

    2.    If Question (1) above is “yes” please indicate what percentage of the purchaser’s assets invested in TPG Twin Brook Capital Income Fund are considered to be the assets of “benefit plan investors” within the meaning of the Plan Asset Regulations:

                _______%

    3.    If you are investing the assets of an insurance company general account please indicate what percentage of the insurance company general account’s assets invested in TPG Twin Brook Capital Income Fund are the assets of “benefit plan investors” within the meaning of Section 401(c)(1)(A) of the Employee Retirement Income Security Act of 1974, as amended, or the regulations promulgated thereunder?

_______%

4.    Please indicate if you are “Controlling Person” defined as: (i) a person (including an entity), other than a “benefit plan investor” who has discretionary authority or control with respect to the assets of TPG Twin Brook Capital Income Fund, a person who provides investment advice for a fee (direct or indirect) with respect to such assets, or any “affiliate” of such a person. An “affiliate” of a person includes any person, directly or indirectly, through one or more intermediaries, controlling, controlled by, or under common control with the person. For purposes of this definition, “control,” with respect to a person other than an individual, means the power to exercise a controlling influence over the management or policies of such person.

□    Yes     □    No

1 “Plan Asset Regulations” means the regulations issued by the United States Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the United States Code of Federal Regulations, as modified by Section 3(42) of ERISA, as the same may be amended from time to time.

2 The term “benefit plan investor” includes, for e.g.: (i) an “employee benefit plan” as defined in section 3(3) of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that is subject to Title I of ERISA (such as employee welfare benefit plans (generally, plans that provide for health, medical or other welfare benefits) and employee pension benefit plans (generally, plans that provide for retirement or pension income)); (ii) “plans” described in section 4975(e)(1) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), that is subject to section 4975 of the Code (including, for e.g., an “individual retirement account”, an “individual retirement annuity”, a “Keogh” plan, a pension plan, an Archer MSA described in section 220(d) of the Code, a Coverdell education savings account described in section 530 of the Code and a health savings account described in section 223(d) of the Code) and (iii) an entity that is, or whose assets would be deemed to constitute the assets of, one or more “employee benefit plans” or “plans” (such as for e.g., a master trust or a plan assets fund) under ERISA or the Plan Asset Regulations.

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Appendix C: International Wire Instructions

Intermediary (US) Bank Name			Intermediary (US) Bank ABA / SWIFT

Beneficiary Name			Receiving Bank Name (final destination)			Receiving Bank Acct # (DDA)			Beneficiary Info

SWIFT / BIC Code			FFC / Reference / Details of Payment			Intl Bank Acct # IBAN

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Quarterly Report on Form 10-Q for the Quarter Ended March 31, 2026

On May 12, 2026, we filed our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 with the Securities and Exchange Commission. The report (without exhibits) is attached to this Supplement.

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Table of Contents

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 March 31, 2026

OR

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

None

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

o

Accelerated filer

o

Non-accelerated filer

x

Smaller reporting company

o

Emerging growth company

x

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 May 12, 2026 was 90,354,872, 11,928,729 and 126,596 of Class I, Class S and Class D Common Shares, respectively. Common Shares outstanding exclude May 1, 2026 subscriptions since the issuance price is not yet finalized at the date of this filing.

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Table of Contents

TABLE OF CONTENTS

PART I			FINANCIAL INFORMATION			2
Item 1.			Financial Statements			2
			Consolidated Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and December 31, 2025			2
			Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025 (Unaudited)			4
			Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2026 and 2025 (Unaudited)			6
			Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (Unaudited)			7
			Consolidated Schedules of Investments as of March 31, 2026 (Unaudited) and December 31, 2025			9
			Notes to Consolidated Financial Statements (Unaudited)			73
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			113
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			133
Item 4.			Controls and Procedures			133
PART II			OTHER INFORMATION			135
Item 1.			Legal Proceedings			135
Item 1A.			Risk Factors			135
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			135
Item 3.			Defaults Upon Senior Securities			135
Item 4.			Mine Safety Disclosures			135
Item 5.			Other Information			135
Item 6.			Exhibits			137
Signatures						138

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Table of Contents

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)

			March 31, 2026			December 31, 2025
			(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments at fair value (amortized cost of $4,393,198 and $4,190,298, respectively)			$	4,382,413		$	4,174,054
Non-controlled/affiliated investments at fair value (amortized cost of $86,501 and $87,345, respectively)			98,605			103,670
Cash (restricted cash of $51,705 and $85,873, respectively)			125,263			162,795
Cash equivalents			7,006			22,007
Deferred financing costs			26,991			27,232
Interest receivable			17,220			17,997
Unrealized gain on derivative contracts			2,167			3,552
Other assets			1,094			781
Deferred offering costs			1,188			402
Prepaid expenses			113			278
Total assets			$	4,662,060		$	4,512,768
Liabilities
Debt (Note 5)			$	2,008,483		$	2,031,988
Payable for share repurchase			30,864			21,115
Interest payable			21,827			27,830
Dividend payable			20,245			18,959
Income incentive fee payable			8,227			7,758
Management fees payable			7,549			6,880
Unrealized loss on derivative contracts			5,416			2,672
Accrued expenses and other liabilities payable to affiliate			3,563			4,029
Deferred tax liability			3,013			3,937
Deferred income			2,967			2,710
Capital gains incentive fee payable			344			—
Total liabilities			$	2,112,498		$	2,127,878
Commitments and contingencies (Note 8)
Net assets
Common shares $0.001 par value, unlimited shares authorized; 101,100,349 and 94,659,223 shares issued and outstanding, respectively			$	101		$	95
Additional paid-in-capital			2,538,420			2,389,737
Total distributable earnings (loss)			11,041			(4,942)
Total net assets			2,549,562			2,384,890
Total liabilities and net assets			$	4,662,060		$	4,512,768
Net asset value per share			$	25.22		$	25.19

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

2

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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)

			March 31, 2026			December 31, 2025
			(Unaudited)
Net Asset Value per Share
Class I Shares:
Net assets			$	2,250,167		$	2,104,653
Common shares $0.001 par value, unlimited shares authorized			89,225,755			83,536,270
Net asset value per share			$	25.22		$	25.19
Class S Shares:
Net assets			$	296,270		$	277,290
Common shares $0.001 par value, unlimited shares authorized			11,748,271			11,005,998
Net asset value per share			$	25.22		$	25.19
Class D Shares:
Net assets			$	3,186		$	2,947
Common shares $0.001 par value, unlimited shares authorized			126,323			116,955
Net asset value per share			$	25.22		$	25.19

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

3

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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 March 31, 2026						Three Months Ended March 31, 2025
Investment income
Investment income from non-controlled, non-affiliated investments:
Interest			$	106,023					$	86,544
Payment-in-kind interest			1,448						967
Other			1,728						1,344
Total investment income from non-controlled, non-affiliated investments:			109,199						88,855
Investment income from non-controlled, affiliated investments:
Dividends			440						—
Total investment income from non-controlled, affiliated investments			440						—
Total investment income			109,639						88,855
Expenses
Interest			$	32,491					$	31,953
Income incentive fees(1)			8,227						6,086
Capital gains incentive fees(1)			344						—
Management fees(1)			7,549						4,922
Other			1,666						995
Professional fees			675						526
Administrative fees(1)			508						376
Offering costs			419						612
Accounting fees			180						173
Insurance fees			172						188
Trustees' fees			58						58
Distribution and shareholder servicing fees:
Class S			610						257
Class D			2						1
Total expenses			52,901						46,147
Distribution and shareholder servicing fees waived
Class S			—						(74)
Class D			—						(1)
Net expenses			52,901						46,072
Net investment income (loss) before taxes			$	56,738					$	42,783
Deferred federal tax provision(2)			(924)						280
Current federal tax(2)			1,023						87
Net investment income (loss) after taxes			$	56,639					$	42,416
Net realized and change in unrealized gain (loss) on investment transactions
Net realized gain (loss) on investment transactions:
Non-controlled, non-affiliated investments			(1,305)						48
Non-controlled, affiliated investments			4,797						345
Foreign currency forward contracts			(6)						47
Net change in unrealized gain (loss) on investment transactions:
Non-controlled, non-affiliated investments			5,459						(1,413)
Non-controlled, affiliated investments			(4,221)						1,599
Interest rate swaps and options			262						436
Foreign currency forward contracts			9						(45)

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

4

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Total net realized and change in unrealized gain (loss) on investment transactions			4,995						1,017
Net increase (decrease) in net assets resulting from operations			$	61,634					$	43,433

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

(2)Related to the Company’s wholly-owned, consolidated subsidiaries, Twin Brook Equity XVIII Corp. and Twin Brook Equity XXXIII Corp., which are treated as corporations for United States federal income tax purposes

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

5

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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 March 31, 2026						Three Months Ended March 31, 2025
Increase (decrease) in net assets resulting from operations
Net investment income (loss)			$	56,639					$	42,416
Net realized gain (loss)			3,486						440
Net change in unrealized gain (loss)			1,509						577
Net increase (decrease) in net assets resulting from operations			61,634						43,433
Dividends
Class I			(52,850)						(40,652)
Class S			(6,314)						(3,061)
Class D			(72)						(50)
Net increase (decrease) in net assets resulting from dividends			(59,236)						(43,763)
Capital share transactions
Class I
Proceeds from shares sold			157,878						137,433
Share transfers between classes			513						76
Distributions reinvested			14,502						9,272
Repurchased shares, net of early repurchase deduction			(29,556)						(6,464)
Class S
Proceeds from shares sold			17,614						45,531
Share transfers between classes			(513)						—
Distributions reinvested			2,908						1,646
Repurchased shares, net of early repurchase deduction			(1,308)						(55)
Class D
Proceeds from shares sold			216						292
Share transfers between classes			—						(76)
Distributions reinvested			20						15
Repurchased shares, net of early repurchase deduction			—						(50)
Net increase (decrease) in net assets resulting from capital share transactions			162,274						187,620
Total increase (decreases) in net assets			164,672						187,290
Net assets, at beginning of period			2,384,890						1,541,232
Net assets, at end of period			$	2,549,562					$	1,728,522

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

6

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TPG Twin Brook Capital Income Fund

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)

						Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations						$	61,634					$	43,433
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						(3,492)						(393)
Net realized (gain) loss on foreign currency forward contracts						6						(47)
Net change in unrealized (appreciation) depreciation on investments						(1,238)						(186)
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts						(9)						45
Net change in unrealized (appreciation) depreciation on interest rate swaps and options, inclusive of hedging effects						(873)						(892)
Net accretion on debt instruments						(4,898)						(4,511)
Net paydown gain on debt instruments						(2,102)						(536)
Interest received in-kind						(1,448)						(967)
Purchases and drawdowns of investments						(417,470)						(318,737)
Proceeds from sales and paydowns of investments						227,354						102,082
Amortization of deferred financing costs						1,799						1,783
Amortization of deferred offering costs						419						612
Change in operating assets and liabilities:
(Increase) decrease in interest receivable						777						189
(Increase) decrease in other assets						(313)						545
(Increase) decrease in prepaid expenses						165						483
Increase (decrease) in interest payable						(6,003)						(14,909)
Increase (decrease) in accrued expenses and other liabilities payable to affiliate						(466)						(230)
Increase (decrease) in income incentive fees payable						469						621
Increase (decrease) in management fees payable						669						344
Increase (decrease) in deferred tax liability						(924)						280
Increase (decrease) in deferred income						257						(102)
Increase (decrease) in capital gains incentive fees payable						344						—
Net cash used in operating activities						(145,343)						(191,093)
Cash flows from financing activities
Dividends paid						(40,520)						(32,468)
Payments for repurchase of common shares						(21,115)						(6,564)
Proceeds from issuance of common shares						175,708						183,251
Borrowings on debt						235,500						363,700
Payments on debt						(254,000)						(398,000)
Payments for deferred financing costs						(1,558)						(502)
Payments for deferred offering costs						(1,205)						(550)
Net cash provided by financing activities						92,810						108,867
Net change in cash						(52,533)						(82,226)
Cash, cash equivalents and restricted cash

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

7

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						Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
Cash, cash equivalents and restricted cash, beginning of period						184,802						161,064
Cash, cash equivalents and restricted cash, end of period						$	132,269					$	78,838
Supplemental and non-cash information
Distributions reinvested						$	17,430					$	10,933
Cash paid during the period for interest						$	37,314					$	45,535
Dividends payable						$	20,245					$	14,964
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						$	80,564					$	27,703
Restricted cash						51,705						51,135
Total cash, cash equivalents and restricted cash						$	132,269					$	78,838

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

8

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TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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 (6)			First lien senior secured delayed draw term loan			S +			5.00%			8.67%			5/6/2025			7/29/2030			$	2,610					$	(16)					$	(11)					0.00		%
AlphaCoin LLC			First lien senior secured delayed draw term loan			S +			5.00%			8.67%			7/29/2024			7/29/2030			3,005						2,959						2,992						0.12		%
AlphaCoin LLC (6)			First lien senior secured revolving loan			S +			5.00%			8.67%			7/29/2024			7/29/2030			4,509						(65)						(50)						0.00		%
AlphaCoin LLC			First lien senior secured term loan			S +			5.00%			8.67%			7/29/2024			7/29/2030			18,469						18,181						18,265						0.72		%
AlphaCoin LLC			First lien senior secured term loan			S +			5.00%			8.67%			5/6/2025			7/29/2030			1,900						1,875						1,879						0.07		%
Mattco Forge, Inc			First lien senior secured revolving loan			S +			5.25%			8.95%			12/19/2024			12/19/2030			3,691						2,417						2,423						0.10		%
Mattco Forge, Inc			First lien senior secured term loan			S +			5.25%			8.95%			12/19/2024			12/19/2030			37,761						37,294						37,353						1.47		%
Third Holdco, LLC (6)			First lien senior secured delayed draw term loan			S +			4.75%			8.42%			6/13/2025			6/13/2031			3,624						(47)						(41)						0.00		%
Third Holdco, LLC (6)			First lien senior secured revolving loan			S +			4.75%			8.42%			6/13/2025			6/13/2031			6,089						(79)						(69)						0.00		%
Third Holdco, LLC			First lien senior secured term loan			S +			4.75%			8.42%			6/13/2025			6/13/2031			24,453						24,127						24,172						0.95		%
																											86,646						86,913						3.43		%
Air freight and logistics
Load One Purchaser Corporation			First lien senior secured revolving loan			S +			7.25%			11.19%			6/21/2022			6/21/2028			$	3,557					$	353					$	350					0.01		%
Load One Purchaser Corporation			First lien senior secured term loan			S +			0.25% + 7.00% PIK			11.21%			10/23/2024			6/21/2028			1,017						998						1,001						0.04		%
Load One Purchaser Corporation			First lien senior secured term loan			S +			0.25% + 7.00% PIK			11.21%			6/21/2022			6/21/2028			14,529						14,277						14,288						0.55		%
Load One Purchaser Corporation			First lien senior secured term loan			12.00%						12.00%			11/21/2025			6/21/2027			49						49						48						0.00		%
Zipline Logistics, LLC			First lien senior secured revolving loan			S +			3.00% + 3.00% PIK			9.78%			9/19/2022			9/19/2027			1,739						1,308						890						0.03		%
Zipline Logistics, LLC			First lien senior secured term loan			S +			3.00% + 3.00% PIK			9.78%			9/19/2022			9/19/2027			6,993						6,881						5,215						0.20		%
																											23,866						21,792						0.83		%
Auto components
A.P.A. Industries, LLC (9)			First lien senior secured revolving loan			S +			5.25%			8.92%			1/10/2023			1/10/2028			$	1,979					$	272					$	282					0.01		%
A.P.A. Industries, LLC			First lien senior secured term loan			S +			5.25%			8.92%			1/10/2023			1/10/2028			14,169						13,997						14,063						0.55		%
AirPro Diagnostics, LLC			First lien senior secured delayed draw term loan			S +			5.25%			8.92%			2/21/2025			2/21/2030			3,163						8						13						0.00		%
AirPro Diagnostics, LLC			First lien senior secured revolving loan			S +			5.25%			8.92%			2/21/2025			2/21/2030			1,822						1,072						1,074						0.04		%
AirPro Diagnostics, LLC			First lien senior secured term loan			S +			5.25%			8.92%			2/21/2025			2/21/2030			8,456						8,356						8,365						0.33		%
AvCarb, LLC			First lien senior secured delayed draw term loan			S +			2.00% + 5.00% PIK			10.96%			7/28/2023			11/12/2026			258						255						208						0.01		%

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

9

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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
AvCarb, LLC			First lien senior secured revolving loan			S +			7.00%			10.95%			7/28/2023			11/12/2026			38						37						30						0.00		%
AvCarb, LLC			First lien senior secured term loan			S +			2.00% + 5.00% PIK			10.96%			7/28/2023			11/12/2026			550						546						444						0.02		%
Bestop, Inc (6)			First lien senior secured revolving loan			S +			5.50%			9.20%			3/29/2024			3/29/2029			7,081						(92)						(82)						0.00		%
Bestop, Inc			First lien senior secured term loan			S +			5.50%			9.20%			3/29/2024			3/29/2029			43,471						42,851						42,970						1.68		%
BSC ASI Buyer, LLC (6)			First lien senior secured revolving loan			S +			5.00%			8.70%			12/31/2024			12/31/2027			3,661						(21)						(18)						0.00		%
BSC ASI Buyer, LLC			First lien senior secured term loan			S +			5.00%			8.70%			12/31/2024			12/31/2027			29,452						29,280						29,308						1.15		%
Raneys, LLC			First lien senior secured delayed draw term loan			S +			5.50%			9.20%			2/17/2023			6/7/2027			4,774						4,739						4,744						0.19		%
Raneys, LLC (6)			First lien senior secured revolving loan			S +			5.50%			9.20%			6/7/2022			6/7/2027			1,964						(13)						(11)						0.00		%
Raneys, LLC			First lien senior secured term loan			S +			5.50%			9.20%			6/7/2022			6/7/2027			13,282						13,179						13,199						0.52		%
																											114,466						114,589						4.50		%
Building products
US Anchors Group Inc			First lien senior secured delayed draw term loan			S +			5.25%			8.95%			12/31/2025			12/31/2026			$	2,139					$	2,118					$	2,115					0.08		%
US Anchors Group Inc			First lien senior secured revolving loan			S +			5.25%			8.93%			7/15/2024			7/15/2029			4,338						1,230						1,254						0.05		%
US Anchors Group Inc			First lien senior secured term loan			S +			5.25%			8.95%			7/15/2024			7/15/2029			20,745						20,379						20,513						0.80		%
																											23,727						23,882						0.93		%
Chemicals
A. P. Nonweiler Co. Inc (6)			First lien senior secured revolving loan			S +			5.00%			8.70%			9/30/2025			9/30/2030			$	1,523					$	(21)					(18)						0.00		%
A. P. Nonweiler Co. Inc			First lien senior secured term loan			S +			5.00%			8.70%			9/30/2025			9/30/2030			13,013						12,836						12,860						0.50		%
AM Buyer, LLC (6)			First lien senior secured revolving loan			S +			5.50%			9.17%			3/6/2025			5/1/2027			851						(3)						$	(2)					0.00		%
AM Buyer, LLC			First lien senior secured term loan			S +			5.50%			9.17%			3/6/2025			5/1/2027			4,280						4,263						4,267						0.17		%
Answer Acquisition, LLC			First lien senior secured revolving loan			S +			6.00%			9.85%			7/28/2023			6/30/2028			759						297						297						0.01		%
Answer Acquisition, LLC			First lien senior secured term loan			S +			6.00%			9.85%			7/28/2023			6/30/2028			1,643						1,635						1,629						0.06		%
Answer Acquisition, LLC			First lien senior secured term loan			S +			6.00%			9.85%			1/16/2024			6/30/2028			841						835						833						0.03		%
Answer Acquisition, LLC			First lien senior secured term loan			S +			6.00%			9.85%			6/7/2024			6/30/2028			9,798						9,708						9,713						0.38		%
Custom Agronomics Holdings, LLC (6)			First lien senior secured revolving loan			S +			6.50%			10.28%			8/30/2022			8/30/2027			2,976						1,466						1,476						0.06		%
Custom Agronomics Holdings, LLC			First lien senior secured term loan			S +			6.50%			10.46%			9/25/2025			8/30/2027			488						486						486						0.02		%
Custom Agronomics Holdings, LLC			First lien senior secured term loan			S +			6.50%			10.46%			3/25/2024			8/30/2027			2,485						2,466						2,475						0.10		%
Custom Agronomics Holdings, LLC			First lien senior secured term loan			S +			6.50%			10.46%			8/30/2022			8/30/2027			4,030						3,998						4,013						0.16		%
Fralock Buyer LLC			First lien senior secured term loan			S +			6.00%			9.70%			3/25/2026			9/30/2026			333						331						332						0.01		%
Polycorp Ltd			First lien senior secured delayed draw term loan			S +			4.75%			8.42%			1/24/2024			1/24/2030			10,063						9,922						9,957						0.39		%
Polycorp Ltd (6)			First lien senior secured revolving loan			S +			4.75%			8.42%			1/24/2024			1/24/2030			3,723						(55)						(39)						0.00		%
Polycorp Ltd			First lien senior secured term loan			S +			4.75%			8.42%			1/24/2024			1/24/2030			17,827						17,585						17,639						0.69		%
Polycorp Ltd			First lien senior secured term loan			S +			4.75%			8.42%			2/28/2025			1/24/2030			5,324						5,259						5,268						0.21		%
Teel Plastics, LLC			First lien senior secured revolving loan			S +			3.75%			10.50%			4/22/2025			4/22/2030			3,909						750						757						0.03		%
Teel Plastics, LLC			First lien senior secured term loan			S +			4.75%			8.45%			4/22/2025			4/22/2030			31,503						31,228						31,289						1.23		%
																											102,986						103,232						4.05		%
Commercial services and supplies

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

10

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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
Alliance Environmental Group, LLC			First lien senior secured delayed draw term loan			S +			7.00%			10.96%			7/28/2023			12/30/2027			$	62					$	59					$	24					0.00		%
Alliance Environmental Group, LLC			First lien senior secured revolving loan			S +			7.00%			10.96%			6/17/2025			12/30/2027			8						—						—						0.00		%
Alliance Environmental Group, LLC			First lien senior secured revolving loan			S +			7.00%			10.96%			7/28/2023			12/30/2027			41						36						11						0.00		%
Alliance Environmental Group, LLC			First lien senior secured term loan			S +			7.00%			10.96%			7/28/2023			12/30/2027			2,468						2,357						946						0.04		%
Capstone Mechanical LLC (6)			First lien senior secured delayed draw term loan			S +			5.00%			8.70%			11/20/2025			11/20/2030			6,161						(72)						(60)						0.00		%
Capstone Mechanical LLC (6)			First lien senior secured revolving loan			S +			5.00%			8.70%			11/20/2025			11/20/2030			1,492						(17)						(15)						0.00		%
Capstone Mechanical LLC			First lien senior secured term loan			S +			5.00%			8.70%			11/20/2025			11/20/2030			2,494						2,465						2,470						0.10		%
Franchise Fastlane, LLC (6)			First lien senior secured revolving loan			S +			5.50%			9.28%			7/28/2023			5/2/2027			15						—						—						0.00		%
Franchise Fastlane, LLC			First lien senior secured term loan			S +			5.50%			9.28%			7/28/2023			5/2/2027			7,194						7,122						7,122						0.28		%
Gold Medal Holdings, Inc			First lien senior secured delayed draw term loan			S +			5.75%			9.45%			6/14/2024			3/17/2027			2,825						965						967						0.04		%
Gold Medal Holdings, Inc (10)			First lien senior secured revolving loan			S +			5.75%			9.45%			7/28/2023			3/17/2027			1,444						476						477						0.02		%
Gold Medal Holdings, Inc			First lien senior secured term loan			S +			5.75%			9.45%			7/28/2023			3/17/2027			11,932						11,885						11,891						0.47		%
Green Monster Acquisition, LLC			First lien senior secured revolving loan			S +			6.00%			10.43%			7/28/2023			12/28/2026			38						20						20						0.00		%
Green Monster Acquisition, LLC			First lien senior secured term loan			S +			6.00%			9.93%			7/28/2023			12/28/2026			1,131						1,128						1,127						0.04		%
Innovative Discovery Acquisition, LLC (6)			First lien senior secured delayed draw term loan			S +			5.50%			9.17%			12/31/2025			12/31/2030			8,901						(63)						(33)						0.00		%
Innovative Discovery Acquisition, LLC (6)(11)			First lien senior secured revolving loan			S +			5.50%			9.17%			12/31/2025			12/31/2030			389						(6)						(3)						0.00		%
Innovative Discovery Acquisition, LLC			First lien senior secured term loan			S +			5.50%			9.17%			12/31/2025			12/31/2030			16,876						16,639						16,750						0.66		%
Nimlok Company, LLC (6)(12)			First lien senior secured revolving loan			S +			5.25%			8.92%			11/3/2025			11/27/2028			1,498						(10)						(7)						0.00		%
Nimlok Company, LLC			First lien senior secured term loan			S +			5.25%			8.92%			11/3/2025			11/27/2028			30,351						30,178						30,213						1.19		%
Polaris Labs Acquisition, LLC (6)			First lien senior secured revolving loan			S +			5.00%			8.70%			9/17/2024			9/17/2029			2,123						(30)						(27)						0.00		%
Polaris Labs Acquisition, LLC			First lien senior secured term loan			S +			5.00%			8.70%			9/17/2024			9/17/2029			6,361						6,268						6,278						0.25		%
PRA Acquisition, LLC (6)			First lien senior secured revolving loan			S +			6.50%			10.35%			7/28/2023			5/12/2028			56						(1)						(1)						0.00		%
PRA Acquisition, LLC			First lien senior secured term loan			S +			6.50%			10.35%			7/28/2023			5/12/2028			557						551						550						0.02		%
Precision Point Metrics, Inc			First lien senior secured delayed draw term loan			S +			5.00%			8.70%			7/1/2025			7/1/2031			7,240						4,100						4,114						0.16		%
Precision Point Metrics, Inc			First lien senior secured revolving loan			S +			4.00%			10.75%			7/1/2025			7/1/2031			2,030						379						383						0.02		%
Precision Point Metrics, Inc			First lien senior secured term loan			S +			5.00%			8.70%			7/1/2025			7/1/2031			8,095						7,987						8,001						0.31		%
Quality Liaison Services of North America, Inc			First lien senior secured revolving loan			S +			6.00%			9.82%			5/2/2023			5/2/2028			1,629						696						697						0.03		%
Quality Liaison Services of North America, Inc			First lien senior secured term loan			S +			6.00%			9.82%			5/2/2023			5/2/2028			12,167						12,016						12,018						0.47		%
Rapid Fire Safety and Security, LLC			First lien senior secured delayed draw term loan			S +			5.00%			8.68%			1/2/2025			1/2/2030			5,437						4,587						4,594						0.18		%
Rapid Fire Safety and Security, LLC (6)			First lien senior secured delayed draw term loan			S +			5.00%			8.69%			2/27/2026			1/2/2030			10,576						(129)						(129)						(0.01)		%
Rapid Fire Safety and Security, LLC			First lien senior secured revolving loan			S +			5.00%			8.70%			1/2/2025			1/2/2030			1,885						1,106						1,108						0.04		%
Rapid Fire Safety and Security, LLC			First lien senior secured term loan			S +			5.00%			8.69%			1/2/2025			1/2/2030			4,554						4,492						4,498						0.18		%
Superscapes Holdco, LLC (6)			First lien senior secured revolving loan			S +			5.50%			9.20%			4/7/2025			4/7/2030			2,166						(26)						(23)						0.00		%
Superscapes Holdco, LLC			First lien senior secured term loan			S +			5.50%			9.20%			4/7/2025			4/7/2030			17,773						17,550						17,579						0.69		%

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

11

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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
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						(48)						(34)						0.00		%
TCG Services, LLC (6)			First lien senior secured revolving loan			S +			5.50%			9.17%			7/31/2025			7/31/2031			2,030						(27)						(24)						0.00		%
TCG Services, LLC			First lien senior secured term loan			S +			5.50%			9.17%			7/31/2025			7/31/2031			7,394						7,295						7,310						0.29		%
																											139,928						138,792						5.47		%
Construction and engineering
AKS Engineering and Forestry, LLC (6)			First lien senior secured revolving loan			S +			4.75%			8.42%			1/7/2025			1/7/2031			$	2,890					$	(34)					$	(30)					0.00		%
AKS Engineering and Forestry, LLC			First lien senior secured term loan			S +			4.75%			8.42%			1/7/2025			1/7/2031			19,777						19,536						19,568						0.77		%
AKS Engineering and Forestry, LLC			First lien senior secured term loan			S +			4.75%			8.42%			10/2/2025			1/7/2031			4,268						4,210						4,223						0.17		%
BCI Burke Holding Corp			First lien senior secured delayed draw term loan			S +			5.75%			9.45%			7/28/2023			12/14/2027			1,426						1,416						1,419						0.06		%
BCI Burke Holding Corp (6)			First lien senior secured delayed draw term loan			S +			5.75%			9.45%			10/10/2024			12/14/2027			6,588						(35)						(30)						0.00		%
BCI Burke Holding Corp			First lien senior secured revolving loan			S +			5.75%			9.42%			7/28/2023			12/14/2027			2,447						255						258						0.01		%
BCI Burke Holding Corp			First lien senior secured term loan			S +			5.75%			9.45%			7/28/2023			12/14/2027			5,855						5,817						5,828						0.23		%
BCI Burke Holding Corp			First lien senior secured term loan			S +			5.75%			9.45%			10/10/2024			12/14/2027			10,845						10,786						10,795						0.42		%
Capital Construction, LLC			First lien senior secured delayed draw term loan			S +			5.75%			9.56%			6/30/2025			10/22/2026			3,161						3,140						3,140						0.12		%
Capital Construction, LLC			First lien senior secured term loan			S +			5.75%			9.56%			6/30/2025			10/22/2026			5,974						5,934						5,931						0.23		%
CHS Holdco, LLC			First lien senior secured delayed draw term loan			S +			5.00%			8.60%			5/27/2025			5/27/2031			18,061						7,656						7,687						0.30		%
CHS Holdco, LLC (13)			First lien senior secured revolving loan			S +			5.00%			8.62%			5/27/2025			5/27/2031			6,089						5,705						5,716						0.22		%
CHS Holdco, LLC			First lien senior secured term loan			S +			5.00%			8.60%			5/27/2025			5/27/2031			17,984						17,736						17,776						0.70		%
Compass Restoration Intermediary Holdings, LLC			First lien senior secured delayed draw term loan			S +			5.25%			8.92%			1/31/2025			1/31/2030			2,489						707						710						0.03		%
Compass Restoration Intermediary Holdings, LLC			First lien senior secured revolving loan			S +			5.25%			8.92%			1/31/2025			1/31/2030			1,218						514						515						0.02		%
Compass Restoration Intermediary Holdings, LLC			First lien senior secured term loan			S +			5.25%			8.92%			1/31/2025			1/31/2030			6,905						6,801						6,807						0.27		%
Highland Acquisition, Inc			First lien senior secured revolving loan			S +			5.75%			10.11%			7/28/2023			3/9/2027			2,213						978						977						0.04		%
Highland Acquisition, Inc			First lien senior secured term loan			S +			5.75%			9.42%			7/28/2023			3/9/2027			10,712						10,625						10,621						0.42		%
Ironhorse Purchaser, LLC			First lien senior secured delayed draw term loan			S +			5.25%			8.95%			9/30/2022			9/30/2027			8,186						8,138						8,141						0.32		%
Ironhorse Purchaser, LLC (6)(14)			First lien senior secured revolving loan			S +			5.25%			8.95%			9/30/2022			9/30/2027			5,813						(42)						(33)						0.00		%
Ironhorse Purchaser, LLC			First lien senior secured term loan			S +			5.25%			8.95%			9/30/2022			9/30/2027			29,251						29,048						29,068						1.14		%
Redwood Buyer, LLC (6)			First lien senior secured delayed draw term loan			S +			4.75%			8.45%			1/3/2025			1/3/2030			7,615						(115)						(105)						0.00		%
Redwood Buyer, LLC (6)			First lien senior secured revolving loan			S +			4.75%			8.45%			1/3/2025			1/3/2030			1,884						(28)						(26)						0.00		%
Redwood Buyer, LLC			First lien senior secured term loan			S +			4.75%			8.45%			1/3/2025			1/3/2030			9,009						8,869						8,879						0.35		%
Rose Paving, LLC			First lien senior secured delayed draw term loan			S +			5.00%			8.67%			11/27/2024			11/7/2029			3,705						3,663						3,654						0.14		%
Rose Paving, LLC			First lien senior secured revolving loan			S +			5.00%			8.67%			11/7/2022			11/7/2029			8,626						2,180						2,205						0.09		%
Rose Paving, LLC			First lien senior secured term loan			S +			5.00%			8.67%			5/1/2024			11/7/2029			1,763						1,736						1,746						0.07		%
Rose Paving, LLC			First lien senior secured term loan			S +			5.00%			8.67%			11/27/2024			11/7/2029			12,991						12,849						12,863						0.50		%
Rose Paving, LLC			First lien senior secured term loan			S +			5.00%			8.67%			11/7/2022			11/7/2029			17,031						16,765						16,863						0.66		%
Rose Paving, LLC			First lien senior secured term loan			S +			5.00%			8.67%			3/10/2026			11/7/2029			2,005						1,986						1,985						0.08		%

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

12

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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
																											186,796						187,151						7.36		%
Containers and packaging
Bulk Lift International, LLC (6)			First lien senior secured delayed draw term loan			S +			5.75%			9.42%			3/2/2026			11/15/2029			$	9,278					$	(68)					$	(68)					0.00		%
Bulk Lift International, LLC			First lien senior secured revolving loan			S +			5.75%			9.42%			3/2/2026			11/15/2029			2,529						234						234						0.01		%
Bulk Lift International, LLC			First lien senior secured term loan			S +			5.75%			9.45%			3/2/2026			11/15/2029			16,061						15,942						15,941						0.63		%
Innovative FlexPak, LLC			First lien senior secured delayed draw term loan			20.00% PIK						20.00%			7/31/2025			1/23/2027			475						331						88						0.00		%
Innovative FlexPak, LLC			First lien senior secured revolving loan			S +			7.00%			10.78%			7/28/2023			1/23/2027			627						496						217						0.01		%
Innovative FlexPak, LLC			First lien senior secured term loan			S +			7.00%			10.78%			7/28/2023			1/23/2027			2,616						2,274						1,108						0.04		%
Innovative FlexPak, LLC			First lien senior secured term loan			20.00% PIK						20.00%			7/28/2023			1/23/2027			941						511						399						0.02		%
Johns Byrne LLC			First lien senior secured delayed draw term loan			S +			6.25%			9.95%			8/31/2023			8/31/2029			2,568						2,532						2,534						0.10		%
Johns Byrne LLC (6)			First lien senior secured revolving loan			S +			6.25%			9.95%			8/31/2023			8/31/2029			1,460						(21)						(20)						0.00		%
Johns Byrne LLC			First lien senior secured term loan			S +			6.25%			9.95%			8/31/2023			8/31/2029			9,252						9,107						9,113						0.36		%
K-1 Packaging Group LLC			First lien senior secured revolving loan			S +			6.25%			10.21%			10/6/2022			10/6/2027			6,748						877						879						0.03		%
K-1 Packaging Group LLC			First lien senior secured term loan			S +			6.25%			10.21%			10/6/2022			10/6/2027			30,686						30,411						30,433						1.19		%
MRC Keeler Acquisition LLC			First lien senior secured delayed draw term loan			S +			6.00%			9.85%			7/28/2023			6/4/2027			4						4						4						0.00		%
MRC Keeler Acquisition LLC (6)			First lien senior secured revolving loan			S +			6.00%			9.85%			7/28/2023			6/4/2027			150						—						(1)						0.00		%
MRC Keeler Acquisition LLC			First lien senior secured term loan			S +			6.00%			9.85%			7/28/2023			6/4/2027			908						908						899						0.04		%
SCP Cold Chain Packaging Buyer Corp (6)			First lien senior secured delayed draw term loan			S +			5.00%			8.70%			6/27/2025			6/27/2031			7,248						(40)						(24)						0.00		%
SCP Cold Chain Packaging Buyer Corp (6)			First lien senior secured revolving loan			S +			5.00%			8.70%			6/27/2025			6/27/2031			3,247						(36)						(30)						0.00		%
SCP Cold Chain Packaging Buyer Corp			First lien senior secured term loan			S +			5.00%			8.70%			6/27/2025			6/27/2031			19,063						18,851						18,886						0.74		%
Sixarp, LLC (6)			First lien senior secured delayed draw term loan			S +			5.25%			8.95%			9/22/2025			8/5/2029			1,722						(15)						(12)						0.00		%
Sixarp, LLC			First lien senior secured revolving loan			S +			5.25%			8.95%			9/22/2025			8/5/2029			3,045						308						314						0.01		%
Sixarp, LLC			First lien senior secured term loan			S +			5.25%			8.95%			9/22/2025			8/5/2029			20,357						20,184						20,222						0.79		%
Vanguard Packaging, LLC			First lien senior secured revolving loan			S +			5.25%			9.04%			3/29/2024			8/9/2026			4,408						3,592						3,593						0.14		%
Vanguard Packaging, LLC			First lien senior secured term loan			S +			5.25%			9.03%			3/29/2024			8/9/2026			10,032						10,013						10,015						0.39		%
																											116,395						114,724						4.50		%
Distributors
RTP Acquisition, LLC			First lien senior secured revolving loan			S +			6.50% + 2.25% PIK			12.53%			7/28/2023			8/17/2027			$	39					$	38					$	30					0.00		%
RTP Acquisition, LLC			First lien senior secured term loan			S +			6.50% + 2.25% PIK			12.68%			7/28/2023			8/17/2027			2,779						2,765						2,146						0.08		%
																											2,803						2,176						0.08		%
Diversified consumer services
50Floor, LLC			First lien senior secured revolving loan			S +			3.00%			6.85%			7/28/2023			3/31/2028			$	216					$	107					$	96					0.00		%
50Floor, LLC			First lien senior secured term loan			S +			3.00%			6.85%			7/28/2023			3/31/2028			1,156						1,140						1,084						0.04		%
ACES Intermediate, Inc (6)			First lien senior secured revolving loan			S +			5.00%			8.78%			7/27/2022			7/27/2027			7,114						(53)						(36)						0.00		%

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

13

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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
ACES Intermediate, Inc			First lien senior secured term loan			S +			5.00%			8.78%			7/27/2022			7/27/2027			37,299						37,012						37,112						1.46		%
CL Services Acquisition, LLC			First lien senior secured delayed draw term loan			S +			5.00%			8.70%			4/25/2023			4/25/2028			7,118						7,006						7,039						0.28		%
CL Services Acquisition, LLC			First lien senior secured delayed draw term loan			S +			5.00%			8.69%			5/7/2024			4/25/2028			8,432						8,310						8,338						0.33		%
CL Services Acquisition, LLC			First lien senior secured delayed draw term loan			S +			5.00%			8.67%			9/19/2025			4/25/2028			32,263						15,256						15,286						0.60		%
CL Services Acquisition, LLC			First lien senior secured revolving loan			S +			5.00%			8.69%			4/25/2023			4/25/2028			5,435						2,909						2,921						0.11		%
CL Services Acquisition, LLC			First lien senior secured term loan			S +			5.00%			8.67%			4/25/2023			4/25/2028			13,554						13,329						13,404						0.53		%
Esquire Deposition Solutions, LLC			First lien senior secured delayed draw term loan			S +			5.25%			8.95%			12/30/2022			12/30/2028			6,878						6,796						6,820						0.27		%
Esquire Deposition Solutions, LLC			First lien senior secured delayed draw term loan			S +			5.25%			8.95%			9/20/2023			12/30/2028			6,656						6,585						6,600						0.26		%
Esquire Deposition Solutions, LLC (6)			First lien senior secured revolving loan			S +			5.25%			8.95%			12/30/2022			12/30/2028			7,666						(84)						(65)						0.00		%
Esquire Deposition Solutions, LLC			First lien senior secured term loan			S +			5.25%			8.95%			12/30/2022			12/30/2028			47,628						47,035						47,226						1.85		%
Foundation Repair Purchaser, INC. (6)			First lien senior secured delayed draw term loan			S +			4.75%			8.45%			1/20/2026			1/20/2032			15,220						(93)						(93)						0.00		%
Foundation Repair Purchaser, INC. (6)			First lien senior secured revolving loan			S +			4.75%			8.45%			1/20/2026			1/20/2032			1,809						(22)						(22)						0.00		%
Foundation Repair Purchaser, INC.			First lien senior secured term loan			S +			4.75%			8.45%			1/20/2026			1/20/2032			4,711						4,654						4,654						0.18		%
Harley Exteriors Acquisition, LLC			First lien senior secured delayed draw term loan			S +			5.50%			9.17%			8/2/2024			8/1/2029			3,922						2,761						2,765						0.11		%
Harley Exteriors Acquisition, LLC			First lien senior secured revolving loan			S +			5.50%			9.21%			8/2/2024			8/2/2029			1,322						420						422						0.02		%
Harley Exteriors Acquisition, LLC			First lien senior secured term loan			S +			5.50%			9.17%			8/2/2024			8/2/2029			8,417						8,287						8,295						0.33		%
Home Brands Group Holdings, Inc (6)			First lien senior secured revolving loan			S +			5.00%			8.67%			7/28/2023			1/8/2028			48						—						—						0.00		%
Home Brands Group Holdings, Inc			First lien senior secured term loan			S +			5.00%			8.67%			7/28/2023			1/8/2028			11,996						11,923						11,930						0.47		%
HTI Intermediate, LLC			First lien senior secured delayed draw term loan			S +			5.00%			8.66%			3/1/2024			3/1/2030			2,342						2,308						2,314						0.09		%
HTI Intermediate, LLC			First lien senior secured revolving loan			S +			5.00%			10.06%			3/1/2024			3/1/2030			2,588						484						487						0.02		%
HTI Intermediate, LLC			First lien senior secured term loan			S +			5.00%			8.66%			7/2/2025			3/1/2030			1,769						1,746						1,747						0.07		%
HTI Intermediate, LLC			First lien senior secured term loan			S +			5.00%			8.67%			1/16/2026			3/1/2030			1,499						1,477						1,481						0.06		%
HTI Intermediate, LLC			First lien senior secured term loan			S +			5.00%			8.67%			3/1/2024			3/1/2030			4,996						4,924						4,936						0.19		%
ISSA, LLC			First lien senior secured revolving loan			S +			6.50%			10.17%			7/28/2023			3/1/2028			131						64						64						0.00		%
ISSA, LLC			First lien senior secured term loan			S +			6.50%			10.20%			7/28/2023			3/1/2028			1,815						1,801						1,795						0.07		%
Juniper Landscaping Holdings LLC			First lien senior secured delayed draw term loan			S +			5.75%			9.45%			11/13/2023			12/29/2026			5,822						5,780						5,782						0.23		%
Juniper Landscaping Holdings LLC			First lien senior secured delayed draw term loan			S +			5.75%			9.42%			5/23/2025			12/29/2026			8,009						2,551						2,542						0.10		%
Juniper Landscaping Holdings LLC			First lien senior secured delayed draw term loan			S +			5.75%			9.45%			7/28/2023			12/29/2026			85						85						85						0.00		%
Juniper Landscaping Holdings LLC (15)			First lien senior secured revolving loan			S +			5.75%			9.43%			7/28/2023			12/29/2027			3,103						775						786						0.03		%
Juniper Landscaping Holdings LLC			First lien senior secured term loan			S +			5.75%			9.45%			7/28/2023			12/29/2027			3,955						3,912						3,928						0.15		%
Lawn Care Holdings Purchaser, Inc			First lien senior secured delayed draw term loan			S +			5.50%			9.20%			10/24/2023			10/24/2028			4,509						4,432						4,478						0.18		%
Lawn Care Holdings Purchaser, Inc			First lien senior secured delayed draw term loan			S +			5.50%			9.20%			11/22/2024			10/24/2028			13,878						9,924						9,942						0.39		%

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

14

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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
Lawn Care Holdings Purchaser, Inc (16)			First lien senior secured revolving loan			S +			4.50%			11.25%			10/24/2023			10/24/2028			2,698						105						116						0.00		%
Lawn Care Holdings Purchaser, Inc			First lien senior secured term loan			S +			5.50%			9.20%			10/24/2023			10/24/2028			7,102						7,009						7,053						0.28		%
PPW Acquisition, LLC			First lien senior secured revolving loan			S +			6.75%			10.70%			7/28/2023			9/30/2027			38						28						26						0.00		%
PPW Acquisition, LLC			First lien senior secured term loan			S +			4.25% + 2.50% PIK			10.71%			7/28/2023			9/30/2027			625						615						596						0.02		%
Premier Early Childhood Education Partners LLC			First lien senior secured delayed draw term loan			S +			6.25%			10.21%			11/22/2023			11/22/2028			10,782						10,629						10,697						0.42		%
Premier Early Childhood Education Partners LLC			First lien senior secured delayed draw term loan			S +			6.25%			10.21%			9/25/2024			11/22/2028			8,950						8,842						8,880						0.35		%
Premier Early Childhood Education Partners LLC			First lien senior secured delayed draw term loan			S +			6.25%			10.21%			3/27/2025			11/22/2028			8,387						6,943						6,954						0.27		%
Premier Early Childhood Education Partners LLC			First lien senior secured revolving loan			S +			6.25%			9.92%			11/22/2023			11/22/2028			1,380						1,084						1,093						0.04		%
Premier Early Childhood Education Partners LLC			First lien senior secured term loan			S +			6.25%			10.21%			11/22/2023			11/22/2028			8,125						8,001						8,062						0.32		%
Therapy Spot Acquisition, LLC (6)			First lien senior secured delayed draw term loan			S +			4.50%			8.16%			2/20/2026			2/20/2031			7,422						(46)						(46)						0.00		%
Therapy Spot Acquisition, LLC			First lien senior secured revolving loan			S +			4.50%			8.20%			2/20/2026			2/20/2031			1,214						289						289						0.01		%
Therapy Spot Acquisition, LLC			First lien senior secured term loan			S +			4.50%			8.16%			2/20/2026			2/20/2031			4,378						4,325						4,324						0.17		%
TSR Concrete Intermediate, LLC			First lien senior secured delayed draw term loan			S +			4.50%			8.13%			12/31/2025			12/31/2031			12,868						212						212						0.01		%
TSR Concrete Intermediate, LLC			First lien senior secured revolving loan			S +			4.50%			8.57%			12/31/2025			12/31/2031			6,220						2,839						2,839						0.11		%
TSR Concrete Intermediate, LLC			First lien senior secured term loan			S +			4.50%			8.20%			12/31/2025			12/31/2031			25,186						24,950						24,947						0.98		%
United Land Services Opco Parent, LLC			First lien senior secured delayed draw term loan			S +			6.00%			9.91%			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%			9.78%			12/11/2025			3/23/2027			8,020						4,365						4,381						0.17		%
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			1,218						1,214						1,216						0.05		%
United Land Services Opco Parent, LLC (6)(17)			First lien senior secured revolving loan			S +			6.00%			9.93%			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%			9.93%			7/28/2023			3/23/2027			347						347						347						0.01		%
																											295,660						296,498						11.64		%
Diversified financial services
Allied Credit Acquisition Corp (6)			First lien senior secured delayed draw term loan			S +			4.75%			8.44%			3/23/2026			3/23/2032			$	7,544					$	(47)					$	(47)					0.00		%
Allied Credit Acquisition Corp			First lien senior secured revolving loan			S +			4.75%			8.42%			3/23/2026			3/23/2032			2,428						698						698						0.03		%
Allied Credit Acquisition Corp			First lien senior secured term loan			S +			4.75%			8.44%			3/23/2026			3/23/2032			14,807						14,622						14,622						0.57		%
																											15,273						15,273						0.60		%
Electrical equipment
AEP Passion Intermediate Holdings, Inc			First lien senior secured delayed draw term loan			S +			1.75% + 4.75% PIK			10.35%			7/28/2023			10/5/2027			$	73					$	72					$	72					0.00		%
AEP Passion Intermediate Holdings, Inc			First lien senior secured revolving loan			S +			1.75%			5.57%			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			10.35%			7/28/2023			10/5/2027			1						1						1						0.00		%

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

15

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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			1,303						1,290						1,287						0.05		%
BPCP NSA Intermedco, Inc			First lien senior secured delayed draw term loan			S +			4.75%			8.46%			12/15/2025			5/17/2030			8,953						3,952						3,988						0.16		%
BPCP NSA Intermedco, Inc			First lien senior secured delayed draw term loan			S +			4.75%			8.42%			5/17/2024			5/17/2030			12,174						12,034						12,113						0.48		%
BPCP NSA Intermedco, Inc (6)			First lien senior secured revolving loan			S +			4.75%			8.42%			5/17/2024			5/17/2030			5,930						(62)						(30)						0.00		%
BPCP NSA Intermedco, Inc			First lien senior secured term loan			S +			4.75%			8.42%			5/17/2024			5/17/2030			36,524						36,129						36,341						1.43		%
SENS Intermediate Holdings LLC (6)			First lien senior secured delayed draw term loan			S +			4.75%			8.45%			3/10/2025			3/10/2031			3,468						(21)						(15)						0.00		%
SENS Intermediate Holdings LLC (6)			First lien senior secured revolving loan			S +			4.75%			8.45%			3/10/2025			3/10/2031			2,664						(33)						(29)						0.00		%
SENS Intermediate Holdings LLC			First lien senior secured term loan			S +			4.75%			8.45%			3/10/2025			3/10/2031			9,728						9,604						9,621						0.37		%
Raffel Systems, LLC (6)			First lien senior secured delayed draw term loan			S +			5.50%			9.18%			3/24/2026			3/24/2032			9,408						(71)						(71)						0.00		%
Raffel Systems, LLC (6)			First lien senior secured revolving loan			S +			5.50%			9.18%			3/24/2026			3/24/2032			2,384						(36)						(36)						0.00		%
Raffel Systems, LLC			First lien senior secured term loan			S +			5.50%			9.18%			3/24/2026			3/24/2032			11,414						11,243						11,242						0.44		%
WCI Volt Purchaser, LLC (6)			First lien senior secured revolving loan			S +			5.00%			8.79%			9/15/2022			9/15/2028			2,249						(24)						(17)						0.00		%
WCI Volt Purchaser, LLC			First lien senior secured term loan			S +			5.00%			8.79%			9/15/2022			9/15/2028			14,758						14,614						14,647						0.57		%
																											88,707						89,129						3.50		%
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						$	685					$	696					0.03		%
ADC Purchaser Inc			First lien senior secured term loan			S +			4.50%			8.20%			7/16/2025			7/16/2031			30,725						30,378						30,443						1.19		%
Advanced Lighting Acquisition, LLC (6)			First lien senior secured revolving loan			S +			5.50%			9.17%			2/27/2025			11/22/2027			$	1,215					(7)						(6)						0.00		%
Advanced Lighting Acquisition, LLC			First lien senior secured term loan			S +			5.50%			9.17%			2/27/2025			11/22/2027			8,614						8,555						8,570						0.34		%
Nelson Name Plate Company			First lien senior secured delayed draw term loan			S +			5.75%			9.71%			7/28/2023			10/18/2026			115						115						115						0.00		%
Nelson Name Plate Company			First lien senior secured revolving loan			S +			5.75%			9.71%			7/28/2023			10/18/2026			90						33						33						0.00		%
Nelson Name Plate Company			First lien senior secured term loan			S +			5.75%			9.71%			7/28/2023			10/18/2026			3,413						3,395						3,398						0.13		%
																											43,154						43,249						1.69		%
Food and staples retailing
Ever Fresh Fruit Company, LLC			First lien senior secured delayed draw term loan			S +			6.50%			10.27%			6/5/2024			11/17/2028			$	1,347					$	1,332					$	1,333					0.05		%
Ever Fresh Fruit Company, LLC (6)			First lien senior secured revolving loan			S +			6.50%			10.27%			11/17/2023			11/17/2028			1,380						(19)						(15)						0.00		%
Ever Fresh Fruit Company, LLC			First lien senior secured term loan			S +			6.50%			10.27%			11/17/2023			11/17/2028			7,197						7,087						7,118						0.28		%
Mad Rose Company, LLC (18)			First lien senior secured revolving loan			S +			6.50%			10.45%			7/28/2023			11/7/2026			395						128						128						0.01		%
Mad Rose Company, LLC			First lien senior secured term loan			S +			6.50%			10.43%			7/28/2023			11/7/2026			2,861						2,859						2,859						0.11		%
NutriScience Innovations, LLC (6)(19)			First lien senior secured revolving loan			S +			6.00%			9.70%			7/28/2023			6/30/2027			131						(1)						(1)						0.00		%
NutriScience Innovations, LLC			First lien senior secured term loan			S +			6.00%			9.70%			7/28/2023			6/30/2027			1,332						1,331						1,325						0.05		%
Premier Produce One, LLC (6)			First lien senior secured delayed draw term loan			S +			5.00%			8.70%			11/24/2025			9/21/2030			10,460						(61)						(38)						0.00		%
Premier Produce One, LLC			First lien senior secured delayed draw term loan			S +			5.00%			8.70%			3/21/2025			3/21/2030			4,261						4,196						4,246						0.17		%
Premier Produce One, LLC (6)			First lien senior secured revolving loan			S +			5.00%			8.70%			3/21/2025			3/21/2030			3,972						(53)						(39)						0.00		%

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

16

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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 +			5.00%			8.70%			3/21/2025			3/21/2030			5,639						5,555						5,583						0.22		%
Premier Produce One, LLC			First lien senior secured term loan			S +			5.00%			8.67%			11/24/2025			9/21/2030			13,680						13,522						13,545						0.53		%
Qin's Buffalo, LLC			First lien senior secured delayed draw term loan			S +			2.00% + 4.00% PIK			9.67%			7/28/2023			5/5/2027			74						73						73						0.00		%
Qin's Buffalo, LLC			First lien senior secured delayed draw term loan			S +			2.00% + 4.00% PIK			9.67%			5/24/2024			5/5/2027			7,889						5,439						5,443						0.21		%
Qin's Buffalo, LLC			First lien senior secured revolving loan			S +			2.00% + 4.00% PIK			9.67%			7/28/2023			5/5/2027			38						37						37						0.00		%
Qin's Buffalo, LLC			First lien senior secured term loan			S +			2.00% + 4.00% PIK			9.67%			7/28/2023			5/5/2027			519						515						515						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			8,223						8,164						8,186						0.32		%
TruSource Foods LLC (6)			First lien senior secured delayed draw term loan			S +			5.00%			8.70%			12/5/2025			8/1/2031			2,510						(36)						(32)						0.00		%
TruSource Foods LLC			First lien senior secured delayed draw term loan			S +			5.00%			8.70%			8/1/2025			8/1/2031			3,325						3,276						3,282						0.13		%
TruSource Foods LLC			First lien senior secured revolving loan			S +			5.00%			8.70%			8/1/2025			8/1/2031			1,926						886						890						0.03		%
TruSource Foods LLC			First lien senior secured term loan			S +			5.00%			8.70%			8/1/2025			8/1/2031			9,578						9,440						9,455						0.37		%
Universal Pure, LLC			First lien senior secured delayed draw term loan			S +			6.00% + 2.00% PIK			11.85%			10/31/2022			10/31/2028			368						363						363						0.01		%
Universal Pure, LLC (20)			First lien senior secured revolving loan			S +			6.00% + 2.00% PIK			11.85%			10/31/2022			10/31/2028			7,262						6,985						6,989						0.27		%
Universal Pure, LLC			First lien senior secured term loan			S +			6.25% + 1.75% PIK			11.85%			10/31/2022			10/31/2028			17,674						17,403						17,404						0.68		%
																											88,458						88,686						3.46		%
Food products
BPCP WLF Intermedco LLC			First lien senior secured delayed draw term loan			S +			6.25%			10.09%			8/19/2022			8/19/2028			$	5,812					$	5,729					$	5,769					0.23		%
BPCP WLF Intermedco LLC			First lien senior secured delayed draw term loan			S +			6.25%			10.10%			12/20/2024			8/19/2028			7,610						3,585						3,594						0.14		%
BPCP WLF Intermedco LLC (6)			First lien senior secured revolving loan			S +			6.25%			10.10%			8/19/2022			8/19/2028			3,383						(37)						(25)						0.00		%
BPCP WLF Intermedco LLC			First lien senior secured term loan			S +			6.25%			10.10%			8/19/2022			8/19/2028			24,069						23,758						23,889						0.94		%
Icelandirect, LLC			First lien senior secured delayed draw term loan			S +			5.25%			8.91%			12/31/2025			7/31/2029			2,858						1,749						1,749						0.07		%
Icelandirect, LLC (6)			First lien senior secured revolving loan			S +			5.25%			8.95%			12/31/2025			7/31/2029			331						(3)						(3)						0.00		%
Icelandirect, LLC			First lien senior secured term loan			S +			5.25%			8.95%			12/31/2025			7/31/2029			1,929						1,912						1,911						0.07		%
Starwest Botanicals Acquisition, LLC			First lien senior secured revolving loan			S +			5.25%			9.03%			7/28/2023			4/30/2028			174						170						150						0.01		%
Starwest Botanicals Acquisition, LLC			First lien senior secured term loan			S +			5.25%			9.03%			7/28/2023			4/30/2028			781						761						673						0.03		%

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

17

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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
Sun Orchard, LLC			First lien senior secured delayed draw term loan			S +			5.50%			9.17%			8/2/2024			7/8/2028			6,078						5,996						6,033						0.24		%
Sun Orchard, LLC (6)			First lien senior secured revolving loan			S +			5.50%			9.17%			7/8/2022			7/8/2028			6,851						(78)						(50)						0.00		%
Sun Orchard, LLC			First lien senior secured term loan			S +			5.50%			9.17%			7/8/2022			7/8/2028			34,448						33,997						34,196						1.34		%
Treat Planet Acquisition, LLC (6)			First lien senior secured revolving loan			S +			5.75%			9.45%			1/11/2023			1/11/2028			2,422						(29)						(13)						0.00		%
Treat Planet Acquisition, LLC			First lien senior secured term loan			S +			5.75%			9.45%			3/7/2025			1/11/2028			5,485						5,450						5,457						0.21		%
Treat Planet Acquisition, LLC			First lien senior secured term loan			S +			5.75%			9.45%			1/11/2023			1/11/2028			8,252						8,142						8,209						0.32		%
Westminster Cracker Company, Inc			First lien senior secured revolving loan			S +			6.25%			10.07%			8/30/2023			8/30/2026			1,534						226						227						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						9,416						9,414						0.37		%
																											100,744						101,180						3.98		%
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			1,298						998						999						0.04		%
Hydromax USA, LLC			First lien senior secured revolving loan			S +			5.00%			8.82%			7/28/2023			12/30/2027			228						88						90						0.00		%
Hydromax USA, LLC			First lien senior secured term loan			S +			5.00%			8.82%			7/28/2023			12/30/2027			1,175						1,154						1,169						0.05		%
																											2,347						2,366						0.09		%
Health care equipment and supplies
3BC Matrix Acquisition, LLC (6)(21)			First lien senior secured revolving loan			S +			5.50%			9.17%			5/13/2025			5/13/2030			$	1,564					$	(26)					$	(24)					0.00		%
3BC Matrix Acquisition, LLC			First lien senior secured term loan			S +			5.50%			9.17%			5/13/2025			5/13/2030			4,753						4,672						4,679						0.18		%
626 Holdings Equity LLC			First lien senior secured delayed draw term loan			S +			6.00%			9.93%			7/28/2023			2/14/2028			219						217						217						0.01		%
626 Holdings Equity LLC			First lien senior secured revolving loan			S +			6.00%			10.16%			7/28/2023			2/14/2028			75						74						74						0.00		%
626 Holdings Equity LLC			First lien senior secured term loan			S +			6.00%			9.93%			7/28/2023			2/14/2028			855						848						846						0.03		%
Alcresta Buyer, Inc (6)			First lien senior secured delayed draw term loan			S +			5.25%			8.92%			12/4/2025			3/12/2031			36,279						(341)						(268)						(0.01)		%
Alcresta Buyer, Inc			First lien senior secured revolving loan			S +			5.25%			8.92%			3/12/2024			3/12/2031			3,155						686						713						0.03		%
Alcresta Buyer, Inc			First lien senior secured term loan			S +			5.25%			8.92%			3/12/2024			3/12/2031			28,034						27,632						27,825						1.09		%
EMSAR Acquisition LLC			First lien senior secured delayed draw term loan			S +			6.50% PIK			10.46%			7/28/2023			9/30/2027			230						227						211						0.00		%
EMSAR Acquisition LLC			First lien senior secured revolving loan			S +			6.50% PIK			11.97%			7/28/2023			9/30/2027			144						62						52						0.00		%
EMSAR Acquisition LLC			First lien senior secured term loan			S +			6.50% PIK			10.46%			7/28/2023			9/30/2027			1,117						1,115						1,023						0.04		%
EMSAR Acquisition LLC			First lien senior secured term loan			20.00% PIK						20.00%			3/4/2026			9/30/2027			164						164						151						0.01		%
Medical Technology Associates, LLC			First lien senior secured revolving loan			S +			5.50%			9.20%			7/25/2022			7/25/2028			2,981						1,401						1,414						0.06		%
Medical Technology Associates, LLC			First lien senior secured term loan			S +			5.50%			9.20%			7/25/2022			7/25/2028			28,207						27,892						28,044						1.10		%
Nasco Healthcare Inc.			First lien senior secured revolving loan			S +			5.75%			9.42%			12/13/2024			6/30/2028			2,937						1,743						1,747						0.07		%
Nasco Healthcare Inc.			First lien senior secured term loan			S +			5.75%			9.42%			12/13/2024			6/30/2028			11,645						11,574						11,585						0.45		%
NWI Merger Sub, Inc (6)			First lien senior secured delayed draw term loan			S +			5.00%			8.67%			12/4/2024			12/4/2029			6,438						(95)						(87)						0.00		%
NWI Merger Sub, Inc (6)			First lien senior secured revolving loan			S +			5.00%			8.67%			12/4/2024			12/4/2029			2,495						(37)						(34)						0.00		%

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

18

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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
NWI Merger Sub, Inc			First lien senior secured term loan			S +			5.00%			8.67%			12/4/2024			12/4/2029			16,741						16,503						16,516						0.65		%
SCA Buyer, LLC			First lien senior secured delayed draw term loan			S +			6.50%			10.43%			7/28/2023			1/20/2027			275						270						249						0.01		%
SCA Buyer, LLC			First lien senior secured revolving loan			S +			6.50%			10.43%			7/28/2023			1/20/2027			134						132						121						0.00		%
SCA Buyer, LLC			First lien senior secured term loan			S +			6.50%			10.43%			7/28/2023			1/20/2027			2,808						2,768						2,543						0.10		%
SCA Buyer, LLC			First lien senior secured term loan			S +			6.50%			10.43%			12/16/2024			1/20/2027			737						727						667						0.03		%
Spectrum Solutions, LLC (8)			First lien senior secured delayed draw term loan			18.00%						18.00%			4/10/2025			4/30/2026			140						127						140						0.01		%
Spectrum Solutions, LLC (8)			First lien senior secured delayed draw term loan			18.00% PIK						18.00%			5/3/2024			4/30/2026			281						258						280						0.01		%
Spectrum Solutions, LLC (8)			First lien senior secured delayed draw term loan			18.00% PIK						18.00%			4/10/2025			4/30/2026			40						36						40						0.00		%
Spectrum Solutions, LLC (8)			First lien senior secured delayed draw term loan			15.00% PIK						15.00%			7/28/2023			4/30/2026			140						120						—						0.00		%
Spectrum Solutions, LLC (8)			First lien senior secured revolving loan			S +			6.25%			10.50%			7/28/2023			4/30/2026			310						236						(3)						0.00		%
Spectrum Solutions, LLC (8)			First lien senior secured term loan			S +			6.25%			10.21%			7/28/2023			4/30/2026			661						579						96						0.00		%
Surplus Solutions, LLC			First lien senior secured delayed draw term loan			S +			5.25%			9.21%			9/30/2024			11/30/2027			4,640						3,201						3,193						0.13		%
Surplus Solutions, LLC (6)			First lien senior secured revolving loan			S +			5.25%			9.21%			11/30/2022			11/30/2027			2,227						(27)						(22)						0.00		%
Surplus Solutions, LLC			First lien senior secured term loan			S +			5.25%			9.21%			11/30/2022			11/30/2027			17,167						16,963						16,992						0.67		%
																											119,701						118,980						4.67		%
Health care providers and services
ADVI Health, LLC (6)			First lien senior secured revolving loan			S +			6.50%			10.28%			11/29/2022			11/29/2027			$	1,062					$	(9)					$	(8)					0.00		%
ADVI Health, LLC			First lien senior secured term loan			S +			6.50%			10.28%			11/29/2022			11/29/2027			6,039						5,982						5,983						0.23		%
Advocate RCM Acquisition Corp (6)			First lien senior secured revolving loan			S +			6.25%			10.05%			12/22/2023			12/22/2026			2,902						(12)						(12)						0.00		%
Advocate RCM Acquisition Corp			First lien senior secured term loan			S +			6.25%			10.05%			12/22/2023			12/22/2026			18,226						18,134						18,138						0.71		%
Agility Intermediate, Inc			First lien senior secured delayed draw term loan			S +			7.00% PIK			10.96%			7/28/2023			4/15/2026			110						110						107						0.00		%
Agility Intermediate, Inc			First lien senior secured revolving loan			S +			7.00% PIK			10.96%			7/28/2023			4/15/2026			136						109						106						0.00		%
Agility Intermediate, Inc			First lien senior secured term loan			S +			7.00% PIK			10.96%			7/28/2023			4/15/2026			240						240						233						0.01		%
Aligned Dental Management Services, LLC			First lien senior secured delayed draw term loan			S +			5.25%			8.95%			2/7/2025			2/7/2030			4,974						4,026						4,032						0.16		%
Aligned Dental Management Services, LLC			First lien senior secured revolving loan			S +			5.25%			9.21%			2/7/2025			2/7/2030			1,523						890						892						0.03		%
Aligned Dental Management Services, LLC			First lien senior secured term loan			S +			5.25%			9.21%			2/7/2025			2/7/2030			7,872						7,746						7,757						0.30		%
AMCP SAMGI Intermediate, Inc (6)			First lien senior secured delayed draw term loan			S +			5.00%			8.70%			12/12/2025			12/12/2031			12,910						(77)						(47)						0.00		%
AMCP SAMGI Intermediate, Inc (6)			First lien senior secured revolving loan			S +			5.00%			8.70%			12/12/2025			12/12/2031			3,458						(41)						(34)						0.00		%
AMCP SAMGI Intermediate, Inc			First lien senior secured term loan			S +			5.00%			8.70%			12/12/2025			12/12/2031			25,671						25,363						25,414						1.00		%
AMCP Treatment Intermediate, LLC (6)			First lien senior secured delayed draw term loan			S +			5.00%			8.70%			8/29/2025			8/29/2031			6,608						(60)						(47)						0.00		%
AMCP Treatment Intermediate, LLC (6)			First lien senior secured revolving loan			S +			5.00%			8.70%			8/29/2025			8/29/2031			3,045						(55)						(50)						0.00		%
AMCP Treatment Intermediate, LLC			First lien senior secured term loan			S +			5.00%			8.70%			8/29/2025			8/29/2031			17,751						17,427						17,460						0.68		%

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

19

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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
American Family Care, LLC (6)			First lien senior secured delayed draw term loan			S +			4.75%			8.45%			9/10/2025			2/28/2029			7,325						(31)						(49)						0.00		%
American Family Care, LLC			First lien senior secured delayed draw term loan			S +			4.75%			8.42%			2/29/2024			2/28/2029			3,393						3,341						3,370						0.13		%
American Family Care, LLC (6)			First lien senior secured revolving loan			S +			4.75%			8.45%			2/29/2024			2/28/2029			4,912						(46)						(33)						0.00		%
American Family Care, LLC			First lien senior secured term loan			S +			4.75%			8.45%			2/29/2024			2/28/2029			23,055						22,777						22,895						0.90		%
ARC Health OPCO, LLC			First lien senior secured delayed draw term loan			S +			4.75%			8.45%			10/10/2025			10/10/2030			13,699						2,966						2,992						0.12		%
ARC Health OPCO, LLC (6)			First lien senior secured revolving loan			S +			4.75%			8.45%			10/10/2025			10/10/2030			2,560						(29)						(24)						0.00		%
ARC Health OPCO, LLC			First lien senior secured term loan			S +			4.75%			8.45%			10/10/2025			10/10/2030			9,371						9,265						9,283						0.36		%
ASC Ortho Management Company, LLC (8)			First lien senior secured delayed draw term loan			S +			9.00%			12.96%			7/28/2023			12/31/2026			327						323						42						0.00		%
ASC Ortho Management Company, LLC (8)			First lien senior secured revolving loan			S +			9.00%			12.67%			9/19/2025			12/31/2026			16						16						16						0.00		%
ASC Ortho Management Company, LLC (8)			First lien senior secured revolving loan			S +			9.00%			12.96%			7/28/2023			12/31/2026			38						37						5						0.00		%
ASC Ortho Management Company, LLC (8)			First lien senior secured term loan			S +			9.00%			12.96%			7/28/2023			12/31/2026			517						512						67						0.00		%
Ascend Plastic Surgery Partners MSO LLC			First lien senior secured delayed draw term loan			S +			5.50%			9.17%			5/3/2024			5/3/2029			20,645						4,655						4,662						0.18		%
Ascend Plastic Surgery Partners MSO LLC (6)			First lien senior secured revolving loan			S +			5.50%			9.20%			5/3/2024			5/3/2029			4,197						(62)						(58)						0.00		%
Ascend Plastic Surgery Partners MSO LLC			First lien senior secured term loan			S +			5.50%			9.20%			5/3/2024			5/3/2029			6,773						6,669						6,676						0.26		%
ASP Global Holdings, LLC			First lien senior secured delayed draw term loan			S +			5.25%			8.92%			7/31/2024			7/31/2029			19,033						13,269						13,296						0.52		%
ASP Global Holdings, LLC			First lien senior secured revolving loan			S +			5.25%			8.92%			7/31/2024			7/31/2029			6,555						6,464						6,474						0.25		%
ASP Global Holdings, LLC			First lien senior secured term loan			S +			5.25%			8.92%			7/31/2024			7/31/2029			40,455						39,882						39,949						1.57		%
Beacon Oral Specialists Management LLC			First lien senior secured delayed draw term loan			S +			5.50%			9.20%			7/28/2023			12/14/2026			810						808						810						0.03		%
Beacon Oral Specialists Management LLC			First lien senior secured delayed draw term loan			S +			5.50%			9.20%			6/27/2025			12/14/2026			10,333						10,294						10,325						0.40		%
Beacon Oral Specialists Management LLC			First lien senior secured delayed draw term loan			S +			5.50%			9.17%			9/12/2025			12/14/2026			13,666						2,805						2,822						0.11		%
Beacon Oral Specialists Management LLC (6)			First lien senior secured revolving loan			S +			5.50%			9.20%			7/28/2023			12/14/2026			188						(1)						—						0.00		%
Beacon Oral Specialists Management LLC			First lien senior secured term loan			S +			5.50%			9.20%			7/28/2023			12/14/2026			894						890						894						0.04		%
Beghou Consulting, LLC (6)(22)			First lien senior secured revolving loan			S +			4.75%			8.45%			5/1/2023			5/1/2028			2,714						(35)						(34)						0.00		%
Beghou Consulting, LLC			First lien senior secured term loan			S +			4.75%			8.45%			5/1/2023			5/1/2028			15,041						14,825						14,829						0.58		%
BPCP EE Intermedco LLC			First lien senior secured delayed draw term loan			S +			6.25%			10.10%			4/3/2023			4/3/2028			2,013						1,989						1,990						0.08		%
BPCP EE Intermedco LLC (6)			First lien senior secured revolving loan			S +			6.25%			10.10%			4/3/2023			4/3/2028			2,244						(28)						(27)						0.00		%
BPCP EE Intermedco LLC			First lien senior secured term loan			S +			6.25%			10.10%			4/3/2023			4/3/2028			6,347						6,261						6,263						0.25		%
Brightview, LLC (6)			First lien senior secured delayed draw term loan			S +			4.75%			8.45%			3/30/2026			12/14/2029			21,140						(64)						(64)						0.00		%
Brightview, LLC (6)			First lien senior secured revolving loan			S +			4.75%			8.45%			3/30/2026			12/14/2029			1,658						(17)						(17)						0.00		%
Brightview, LLC			First lien senior secured term loan			S +			4.75%			8.45%			3/30/2026			12/14/2029			17,438						17,264						17,264						0.68		%
Canadian Orthodontic Partners Corp (7)(8)			First lien senior secured delayed draw term loan			17.00%						17.00%			4/5/2024			12/31/2026			C$	36					17						17						0.00		%

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

20

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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
Canadian Orthodontic Partners Corp (7)(8)			First lien senior secured delayed draw term loan			T +			9.00%			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% PIK			11.64%			7/28/2023			12/31/2026			C$	383					258						32						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					178						22						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$	111					139						9						0.00		%
Canadian Orthodontic Partners Corp (8)			First lien senior secured revolving loan			T +			9.00%			12.96%			7/28/2023			12/31/2026			C$	107					94						13						0.00		%
Canadian Orthodontic Partners Corp (8)			First lien senior secured revolving loan			T +			9.00% PIK			12.96%			3/19/2021			12/31/2026			C$	49					43						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$	315					208						27						0.00		%
Change Academy at Lake of the Ozarks, LLC			First lien senior secured revolving loan			S +			5.25%			9.10%			8/2/2022			2/2/2029			5,898						2,178						2,198						0.09		%
Change Academy at Lake of the Ozarks, LLC			First lien senior secured term loan			S +			5.25%			9.10%			5/16/2025			2/2/2029			3,537						3,503						3,511						0.14		%
Change Academy at Lake of the Ozarks, LLC			First lien senior secured term loan			S +			5.25%			9.10%			8/2/2022			2/2/2029			31,320						30,891						31,090						1.22		%
CNS Purchaser, LLC (6)			First lien senior secured delayed draw term loan			S +			5.50%			9.20%			1/13/2026			12/30/2029			17,376						(103)						(102)						0.00		%
CNS Purchaser, LLC			First lien senior secured delayed draw term loan			S +			5.50%			9.20%			12/30/2024			12/30/2029			11,025						10,885						10,904						0.43		%
CNS Purchaser, LLC (6)			First lien senior secured revolving loan			S +			5.50%			9.20%			12/30/2024			12/30/2029			4,246						(48)						(42)						0.00		%
CNS Purchaser, LLC			First lien senior secured term loan			S +			5.50%			9.20%			12/30/2024			12/30/2029			42,217						41,711						41,778						1.64		%
Community Care Partners, LLC			First lien senior secured delayed draw term loan			S +			6.00%			9.78%			7/28/2023			6/10/2026			162						162						161						0.01		%
Community Care Partners, LLC			First lien senior secured revolving loan			S +			6.00%			9.78%			7/28/2023			6/10/2026			75						75						75						0.00		%
Community Care Partners, LLC			First lien senior secured term loan			S +			6.00%			9.78%			7/28/2023			6/10/2026			922						922						920						0.04		%
DASCO HME, LLC			First lien senior secured delayed draw term loan			S +			5.25%			8.93%			6/6/2025			6/6/2030			5,342						1,094						1,102						0.04		%
DASCO HME, LLC (6)			First lien senior secured revolving loan			S +			5.25%			8.95%			6/6/2025			6/6/2030			3,044						(45)						(40)						0.00		%
DASCO HME, LLC			First lien senior secured term loan			S +			5.25%			8.95%			6/6/2025			6/6/2030			17,686						17,421						17,449						0.68		%
Dermatology Medical Partners OpCo LLC			First lien senior secured delayed draw term loan			S +			6.50%			10.46%			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%			10.46%			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%			10.46%			7/28/2023			10/29/2026			257						256						256						0.01		%
EH Management Company, LLC (6)			First lien senior secured revolving loan			S +			4.75%			8.45%			12/30/2025			7/15/2028			2,505						(13)						(10)						0.00		%
EH Management Company, LLC			First lien senior secured term loan			S +			4.75%			8.45%			12/30/2025			7/15/2028			23,665						23,542						23,570						0.92		%
Endodontic Practice Partners, LLC			First lien senior secured delayed draw term loan			S +			5.50%			9.20%			11/2/2022			11/2/2027			16,574						16,439						16,449						0.65		%
Endodontic Practice Partners, LLC			First lien senior secured delayed draw term loan			S +			5.50%			9.20%			4/9/2024			11/2/2027			13,708						6,763						6,784						0.27		%
Endodontic Practice Partners, LLC (6)			First lien senior secured delayed draw term loan			S +			5.50%			9.20%			2/14/2025			11/2/2027			4,130						(30)						(31)						0.00		%

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

21

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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
Endodontic Practice Partners, LLC			First lien senior secured revolving loan			S +			5.50%			9.20%			11/2/2022			11/2/2027			1,956						765						767						0.03		%
Endodontic Practice Partners, LLC			First lien senior secured term loan			S +			5.50%			9.20%			11/2/2022			11/2/2027			15,081						14,944						14,968						0.59		%
First Steps Recovery Acquisition, LLC (6)			First lien senior secured delayed draw term loan			S +			4.75%			8.45%			11/18/2025			11/18/2030			18,828						(110)						(68)						0.00		%
First Steps Recovery Acquisition, LLC			First lien senior secured revolving loan			S +			4.75%			8.45%			11/18/2025			11/18/2030			4,476						843						852						0.03		%
First Steps Recovery Acquisition, LLC			First lien senior secured term loan			S +			4.75%			8.45%			11/18/2025			11/18/2030			15,202						15,028						15,055						0.59		%
FYZICAL Buyer, LLC			First lien senior secured revolving loan			S +			5.50%			9.17%			6/26/2024			6/26/2028			2,710						1,578						1,579						0.06		%
FYZICAL Buyer, LLC			First lien senior secured term loan			S +			5.50%			9.17%			6/26/2024			6/26/2028			18,671						18,491						18,512						0.73		%
Geriatric Medical and Surgical Supply, LLC (6)			First lien senior secured revolving loan			S +			6.00%			9.70%			7/28/2023			6/21/2027			300						—						(2)						0.00		%
Geriatric Medical and Surgical Supply, LLC			First lien senior secured term loan			S +			6.00%			9.70%			7/28/2023			6/21/2027			19,672						19,537						19,542						0.77		%
Golden Bear PT Partners, LLC			First lien senior secured delayed draw term loan			S +			6.00%			9.96%			7/28/2023			10/22/2026			172						171						170						0.01		%
Golden Bear PT Partners, LLC			First lien senior secured revolving loan			S +			6.00%			9.93%			7/28/2023			10/22/2026			38						9						9						0.00		%
Golden Bear PT Partners, LLC			First lien senior secured term loan			S +			6.00%			9.96%			7/28/2023			10/22/2026			1,472						1,465						1,462						0.06		%
Guardian Dentistry Practice Management, LLC			First lien senior secured delayed draw term loan			S +			5.50%			9.28%			7/28/2023			8/20/2026			364						363						362						0.01		%
Guardian Dentistry Practice Management, LLC (6)			First lien senior secured delayed draw term loan			S +			5.50%			9.28%			2/27/2026			8/20/2027			10,617						(100)						(48)						0.00		%
Guardian Dentistry Practice Management, LLC			First lien senior secured revolving loan			S +			4.50%			11.25%			7/28/2023			8/20/2027			4,574						705						711						0.03		%
Guardian Dentistry Practice Management, LLC			First lien senior secured term loan			S +			5.50%			9.28%			7/28/2023			8/20/2027			379						379						378						0.01		%
H2 Holdco, Inc			First lien senior secured delayed draw term loan			S +			6.00%			9.94%			6/25/2024			5/5/2028			18,847						16,968						16,996						0.67		%
H2 Holdco, Inc			First lien senior secured delayed draw term loan			S +			6.00%			10.17%			5/5/2023			5/5/2028			7,127						7,010						7,066						0.28		%
H2 Holdco, Inc (6)			First lien senior secured delayed draw term loan			S +			6.00%			9.93%			12/20/2024			5/5/2028			7,560						(79)						(65)						0.00		%
H2 Holdco, Inc (23)			First lien senior secured revolving loan			S +			6.00%			10.08%			5/5/2023			5/5/2028			2,544						1,821						1,841						0.07		%
H2 Holdco, Inc			First lien senior secured term loan			S +			6.00%			9.93%			12/20/2024			5/5/2028			896						887						888						0.03		%
H2 Holdco, Inc			First lien senior secured term loan			S +			6.00%			10.17%			5/5/2023			5/5/2028			17,746						17,417						17,594						0.69		%
IMA Group Management Company, LLC			First lien senior secured delayed draw term loan			S +			6.75%			10.42%			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%			10.42%			9/25/2025			6/30/2028			4,088						(28)						(22)						0.00		%
IMA Group Management Company, LLC			First lien senior secured revolving loan			S +			6.75%			10.42%			7/28/2023			6/30/2028			35						31						31						0.00		%
IMA Group Management Company, LLC			First lien senior secured term loan			S +			6.75%			10.42%			7/28/2023			6/30/2028			1,538						1,522						1,530						0.06		%
Innovate 32 Services, LLC (6)			First lien senior secured delayed draw term loan			S +			4.75%			8.42%			10/29/2025			10/29/2031			19,773						(115)						(71)						0.00		%
Innovate 32 Services, LLC (6)			First lien senior secured revolving loan			S +			4.75%			8.42%			10/29/2025			10/29/2031			2,436						(28)						(24)						0.00		%
Innovate 32 Services, LLC			First lien senior secured term loan			S +			4.75%			8.42%			10/29/2025			10/29/2031			6,523						6,446						6,460						0.25		%
Inreach Intermediate Holdings II, LLC (6)			First lien senior secured delayed draw term loan			S +			5.00%			8.70%			12/11/2025			12/11/2030			5,033						(35)						(25)						0.00		%
Inreach Intermediate Holdings II, LLC			First lien senior secured revolving loan			S +			5.00%			8.67%			12/11/2025			12/11/2030			1,700						197						200						0.01		%
Inreach Intermediate Holdings II, LLC			First lien senior secured term loan			S +			5.00%			8.70%			12/11/2025			12/11/2030			9,995						9,853						9,870						0.39		%
IPC Pain Acquisition, LLC			First lien senior secured delayed draw term loan			S +			5.50%			9.17%			5/19/2022			5/19/2027			9,731						9,702						9,707						0.38		%

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

22

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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
IPC Pain Acquisition, LLC (6)			First lien senior secured revolving loan			S +			5.50%			9.17%			5/19/2022			5/19/2027			1,140						(5)						(3)						0.00		%
IPC Pain Acquisition, LLC			First lien senior secured term loan			S +			5.50%			9.17%			12/22/2025			5/19/2027			2,628						2,616						2,621						0.10		%
IPC Pain Acquisition, LLC			First lien senior secured term loan			S +			5.50%			9.17%			5/19/2022			5/19/2027			2,865						2,850						2,858						0.11		%
MS Pain, LLC			First lien senior secured delayed draw term loan			S +			5.50%			9.20%			12/4/2024			12/4/2029			6,038						4,015						4,022						0.16		%
MS Pain, LLC			First lien senior secured revolving loan			S +			5.50%			9.19%			12/4/2024			12/4/2029			861						188						189						0.01		%
MS Pain, LLC			First lien senior secured term loan			S +			5.50%			9.20%			12/4/2024			12/4/2029			3,339						3,287						3,291						0.13		%
MWEC Management, LLC			First lien senior secured delayed draw term loan			S +			5.50%			9.17%			2/14/2023			2/14/2028			1,420						741						746						0.03		%
MWEC Management, LLC (6)			First lien senior secured delayed draw term loan			S +			5.50%			9.17%			7/3/2024			2/14/2028			2,532						(20)						(18)						0.00		%
MWEC Management, LLC			First lien senior secured revolving loan			S +			5.50%			9.17%			2/14/2023			2/14/2028			1,924						1,371						1,381						0.05		%
MWEC Management, LLC			First lien senior secured term loan			S +			5.50%			9.17%			2/14/2023			2/14/2028			14,696						14,509						14,593						0.57		%
Network Partners Acquisitions, LLC (6)			First lien senior secured revolving loan			S +			6.00%			9.96%			7/28/2023			12/30/2026			38						—						—						0.00		%
Network Partners Acquisitions, LLC			First lien senior secured term loan			S +			6.00%			9.96%			7/28/2023			12/30/2026			158						158						158						0.01		%
New SEES Holdings, LLC			First lien senior secured term loan			S +			7.25%			10.95%			10/31/2025			6/30/2028			5,894						4,645						5,351						0.21		%
OneCare LTC, LLC (6)			First lien senior secured revolving loan			S +			5.50%			9.17%			11/14/2025			11/14/2028			2,121						(23)						(20)						0.00		%
OneCare LTC, LLC			First lien senior secured term loan			S +			5.50%			9.17%			11/14/2025			11/14/2028			18,224						18,026						18,051						0.71		%
P1 DENTAL MSO, LLC			First lien senior secured delayed draw term loan			S +			5.25%			8.95%			1/31/2025			1/31/2030			5,096						3,510						3,516						0.14		%
P1 DENTAL MSO, LLC			First lien senior secured revolving loan			S +			5.00%			8.92%			1/31/2025			1/31/2030			1,522						281						283						0.01		%
P1 DENTAL MSO, LLC			First lien senior secured term loan			S +			5.25%			8.92%			1/31/2025			1/31/2030			18,971						18,687						18,706						0.73		%
Peak Dental Services, LLC			First lien senior secured delayed draw term loan			S +			6.75% + 6.75% PIK			21.42%			7/28/2023			4/30/2026			618						617						557						0.02		%
Peak Dental Services, LLC			First lien senior secured revolving loan			S +			6.75% + 6.75% PIK			21.42%			7/28/2023			4/30/2026			141						101						87						0.00		%
Peak Dental Services, LLC			First lien senior secured term loan			S +			6.75% + 6.75% PIK			21.42%			7/28/2023			4/30/2026			678						675						610						0.02		%
Peak Investment Holdings, LLC			First lien senior secured revolving loan			S +			7.50%			11.46%			7/28/2023			12/31/2026			363						297						293						0.00		%
Peak Investment Holdings, LLC			First lien senior secured term loan			S +			7.50%			11.46%			7/28/2023			12/31/2026			1,367						1,361						1,345						0.05		%
PharmaForceIQ INC. (6)			First lien senior secured revolving loan			S +			5.25%			8.92%			8/2/2024			8/2/2029			2,093						(28)						(20)						0.00		%
PharmaForceIQ INC.			First lien senior secured term loan			S +			5.25%			8.92%			8/2/2024			8/2/2029			14,700						14,507						14,562						0.57		%
PRM Management Company, LLC (6)			First lien senior secured revolving loan			S +			6.00%			9.75%			1/25/2024			1/25/2029			789						(15)						(8)						0.00		%
PRM Management Company, LLC			First lien senior secured term loan			S +			6.00%			9.75%			1/25/2024			1/25/2029			6,005						5,903						5,946						0.23		%
Purpose Home Health Acquisition, LLC			First lien senior secured delayed draw term loan			S +			5.75%			9.38%			12/23/2024			11/3/2027			9,067						959						967						0.04		%
Purpose Home Health Acquisition, LLC			First lien senior secured delayed draw term loan			S +			5.75%			9.37%			3/8/2024			11/3/2027			7,980						7,918						7,931						0.31		%

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

23

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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 delayed draw term loan			S +			5.75%			9.35%			11/3/2022			11/3/2027			6,678						6,619						6,637						0.26		%
Purpose Home Health Acquisition, LLC			First lien senior secured revolving loan			S +			5.75%			9.35%			11/3/2022			11/3/2027			1,956						765						770						0.03		%
Purpose Home Health Acquisition, LLC			First lien senior secured term loan			S +			5.75%			9.40%			11/3/2022			11/3/2027			17,289						17,138						17,183						0.67		%
RQM Buyer, Inc			First lien senior secured delayed draw term loan			S +			7.25% PIK			11.21%			7/28/2023			8/12/2029			92						88						60						0.00		%
RQM Buyer, Inc			First lien senior secured revolving loan			S +			7.25% PIK			11.21%			7/28/2023			8/12/2029			138						133						91						0.00		%
RQM Buyer, Inc			First lien senior secured term loan			S +			7.25% PIK			11.21%			7/28/2023			8/12/2029			1,899						1,848						1,251						0.05		%
Sage Dental Management, LLC			First lien senior secured delayed draw term loan			S +			4.75%			8.45%			12/15/2025			12/15/2031			11,178						119						142						0.01		%
Sage Dental Management, LLC			First lien senior secured revolving loan			S +			4.75%			8.45%			12/15/2025			12/15/2031			8,220						2,574						2,589						0.10		%
Sage Dental Management, LLC			First lien senior secured term loan			S +			4.75%			8.45%			12/15/2025			12/15/2031			57,519						56,828						56,944						2.23		%
SCP ENT and Allergy Services, LLC			First lien senior secured delayed draw term loan			S +			6.00%			9.96%			7/28/2023			9/25/2026			154						153						153						0.01		%
SCP ENT and Allergy Services, LLC			First lien senior secured revolving loan			S +			6.00%			9.96%			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%			9.96%			7/28/2023			3/25/2027			2,691						2,681						2,688						0.11		%
SCP ENT and Allergy Services, LLC			First lien senior secured term loan			S +			6.00%			9.96%			7/16/2025			3/25/2027			919						917						918						0.04		%
SCP OMS Services, LLC			First lien senior secured delayed draw term loan			S +			5.00%			8.70%			3/7/2025			3/7/2030			9,951						3,758						3,776						0.15		%
SCP OMS Services, LLC (6)			First lien senior secured revolving loan			S +			5.00%			8.70%			3/7/2025			3/7/2030			2,645						(31)						(27)						0.00		%
SCP OMS Services, LLC			First lien senior secured term loan			S +			5.00%			8.70%			3/7/2025			3/7/2030			5,639						5,570						5,579						0.22		%
Signature Dental Partners LLC			First lien senior secured delayed draw term loan			S +			5.00%			8.79%			3/16/2026			10/29/2028			10,395						241						260						0.01		%
Signature Dental Partners LLC (6)			First lien senior secured revolving loan			S +			5.00%			8.79%			3/16/2026			10/29/2028			38						—						—						0.00		%
Signature Dental Partners LLC			First lien senior secured term loan			S +			5.00%			8.79%			3/16/2026			10/29/2028			21,140						20,944						20,981						0.82		%
Silver Falls MSO, LLC (6)			First lien senior secured delayed draw term loan			S +			5.25%			8.92%			10/22/2025			12/31/2028			4,305						(34)						(26)						0.00		%
Silver Falls MSO, LLC			First lien senior secured revolving loan			S +			5.25%			8.94%			10/22/2025			12/31/2028			1,523						825						828						0.03		%
Silver Falls MSO, LLC			First lien senior secured term loan			S +			5.25%			8.92%			10/22/2025			12/31/2028			10,485						10,400						10,422						0.41		%
SimiTree Acquisition, LLC			First lien senior secured delayed draw term loan			S +			5.25% + 1.75% PIK			10.93%			7/28/2023			5/17/2026			893						892						889						0.03		%
SimiTree Acquisition, LLC			First lien senior secured revolving loan			S +			7.00%			10.93%			7/28/2023			5/17/2026			178						50						49						0.00		%
SimiTree Acquisition, LLC			First lien senior secured term loan			S +			5.25% + 1.75% PIK			10.93%			7/28/2023			5/17/2026			1,242						1,241						1,237						0.05		%
SIMKO Merger Sub LLC			First lien senior secured delayed draw term loan			S +			6.00%			9.96%			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%			9.95%			9/19/2023			4/7/2027			6,718						6,667						6,668						0.26		%

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

24

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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
SIMKO Merger Sub LLC			First lien senior secured revolving loan			S +			6.00%			9.95%			7/28/2023			4/7/2027			56						32						32						0.00		%
SIMKO Merger Sub LLC			First lien senior secured term loan			S +			6.00%			9.96%			7/28/2023			4/7/2027			636						632						631						0.02		%
Solace Healthcare Holdco, Inc (6)			First lien senior secured revolving loan			S +			4.75%			8.41%			2/2/2026			2/2/2032			2,412						(29)						(29)						0.00		%
Solace Healthcare Holdco, Inc			First lien senior secured term loan			S +			4.75%			8.41%			2/2/2026			2/2/2032			14,269						14,099						14,097						0.55		%
Southeast Primary Care Partners, LLC			First lien senior secured delayed draw term loan			S +			5.25%			8.92%			12/16/2025			12/30/2027			508						51						51						0.00		%
Southeast Primary Care Partners, LLC (6)			First lien senior secured revolving loan			S +			5.25%			8.95%			12/16/2025			12/30/2027			225						(2)						(1)						0.00		%
Southeast Primary Care Partners, LLC			First lien senior secured term loan			S +			5.25%			8.95%			12/16/2025			12/30/2027			836						830						831						0.03		%
Southern Orthodontic Partners Management, LLC			First lien senior secured delayed draw term loan			S +			4.75%			8.43%			3/4/2026			7/27/2029			4,887						1,404						1,404						0.06		%
Southern Orthodontic Partners Management, LLC (6)			First lien senior secured revolving loan			S +			4.75%			8.41%			3/4/2026			7/27/2029			2,467						(21)						(21)						0.00		%
Southern Orthodontic Partners Management, LLC			First lien senior secured term loan			S +			4.75%			8.41%			3/4/2026			7/27/2029			29,529						29,277						29,271						1.15		%
Southern Sports Medicine Partners, LLC			First lien senior secured revolving loan			S +			8.00% PIK			11.93%			7/28/2023			2/23/2027			63						35						34						0.00		%
Southern Sports Medicine Partners, LLC			First lien senior secured term loan			S +			8.00% PIK			11.93%			7/28/2023			2/23/2027			755						744						735						0.03		%
Spa Medicca, LLC (6)			First lien senior secured delayed draw term loan			S +			5.50%			9.17%			8/8/2025			8/8/2030			5,576						(97)						(89)						0.00		%
Spa Medicca, LLC (6)			First lien senior secured revolving loan			S +			5.50%			9.17%			8/8/2025			8/8/2030			1,624						(28)						(26)						0.00		%
Spa Medicca, LLC			First lien senior secured term loan			S +			5.50%			9.17%			8/8/2025			8/8/2030			4,808						4,724						4,731						0.19		%
Spear Education Holdings, LLC			First lien senior secured revolving loan			S +			5.25%			9.02%			6/26/2024			12/15/2028			7,290						3,444						3,451						0.14		%
Spear Education Holdings, LLC			First lien senior secured term loan			S +			5.25%			9.02%			6/26/2024			12/15/2028			46,787						46,403						46,475						1.82		%
Star Dental Partners LLC			First lien senior secured delayed draw term loan			S +			5.50%			9.17%			12/22/2023			12/22/2028			10,875						10,693						10,744						0.42		%
Star Dental Partners LLC			First lien senior secured delayed draw term loan			S +			5.50%			9.17%			11/8/2024			12/22/2028			12,053						8,742						8,753						0.34		%
Star Dental Partners LLC			First lien senior secured revolving loan			S +			5.50%			9.17%			12/22/2023			12/22/2028			1,451						846						853						0.03		%
Star Dental Partners LLC			First lien senior secured term loan			S +			5.50%			9.17%			12/22/2023			12/22/2028			15,036						14,794						14,854						0.58		%
The Chempetitive Group, LLC			First lien senior secured delayed draw term loan			S +			5.50%			9.17%			3/22/2024			3/22/2029			11,980						1,325						1,342						0.05		%
The Chempetitive Group, LLC			First lien senior secured revolving loan			S +			5.50%			9.17%			3/22/2024			3/22/2029			3,414						299						304						0.01		%
The Chempetitive Group, LLC			First lien senior secured term loan			S +			5.50%			9.17%			3/22/2024			3/22/2029			13,499						13,313						13,337						0.52		%
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						(29)						(18)						0.00		%
Therapy2000 Acquisition, LLC			First lien senior secured revolving loan			S +			5.00%			8.70%			9/12/2025			9/12/2030			2,258						577						581						0.02		%
Therapy2000 Acquisition, LLC			First lien senior secured term loan			S +			5.00%			8.70%			9/12/2025			9/12/2030			10,021						9,906						9,925						0.39		%
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						(7)						(6)						0.00		%
Transitions Intermediate Holdings, LLC (6)			First lien senior secured revolving loan			S +			5.50%			9.17%			10/25/2024			10/25/2027			2,097						(17)						(9)						0.00		%
Transitions Intermediate Holdings, LLC			First lien senior secured term loan			S +			5.50%			9.17%			10/25/2024			10/25/2027			10,456						10,358						10,409						0.41		%
U.S. BioTek Laboratories, LLC			First lien senior secured revolving loan			S +			4.50%			11.25%			2/20/2026			2/20/2029			1,214						110						110						0.00		%
U.S. BioTek Laboratories, LLC			First lien senior secured term loan			S +			5.50%			9.09%			2/20/2026			2/20/2029			12,345						12,225						12,224						0.48		%

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

25

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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
US Foot and Ankle Specialists, LLC			First lien senior secured delayed draw term loan			S +			5.75%			9.71%			9/15/2022			9/15/2026			13,859						13,827						13,830						0.54		%
US Foot and Ankle Specialists, LLC (6)			First lien senior secured revolving loan			S +			5.75%			9.71%			9/15/2022			9/15/2026			2,699						(7)						(6)						0.00		%
US Foot and Ankle Specialists, LLC			First lien senior secured term loan			S +			5.75%			9.71%			9/15/2022			9/15/2026			19,224						19,165						19,166						0.75		%
Varsity DuvaSawko Operating Corp			First lien senior secured revolving loan			S +			5.50%			9.17%			8/27/2025			5/27/2027			4,568						1,514						1,520						0.06		%
Varsity DuvaSawko Operating Corp			First lien senior secured term loan			S +			5.50%			9.17%			8/27/2025			5/27/2027			44,724						44,710						44,705						1.75		%
Varsity Rejuvenate Management, LLC			First lien senior secured delayed draw term loan			S +			6.75%			10.60%			12/29/2023			9/1/2028			3,249						3,201						3,203						0.13		%
Varsity Rejuvenate Management, LLC (6)			First lien senior secured revolving loan			S +			6.75%			10.60%			9/1/2023			9/1/2028			1,245						(20)						(18)						0.00		%
Varsity Rejuvenate Management, LLC			First lien senior secured term loan			S +			6.75%			10.60%			9/1/2023			9/1/2028			5,883						5,783						5,799						0.23		%
VersiCare Management LLC			First lien senior secured delayed draw term loan			S +			5.25%			8.92%			11/25/2024			11/25/2029			4,527						626						632						0.02		%
VersiCare Management LLC			First lien senior secured revolving loan			S +			5.25%			8.92%			11/25/2024			11/25/2029			1,505						540						543						0.02		%
VersiCare Management LLC			First lien senior secured term loan			S +			5.25%			8.95%			11/25/2024			11/25/2029			7,751						7,632						7,642						0.30		%
VetEvolve Holdings, LLC			First lien senior secured delayed draw term loan			S +			5.75%			9.42%			10/12/2023			10/12/2028			11,497						11,341						11,349						0.45		%
VetEvolve Holdings, LLC			First lien senior secured delayed draw term loan			S +			5.75%			9.42%			7/8/2025			10/12/2028			16,509						7,383						7,416						0.29		%
VetEvolve Holdings, LLC (6)			First lien senior secured revolving loan			S +			5.75%			9.42%			10/12/2023			10/12/2028			3,067						(42)						(19)						0.00		%
VetEvolve Holdings, LLC			First lien senior secured term loan			S +			5.75%			9.42%			10/12/2023			10/12/2028			11,558						11,395						11,487						0.45		%
Vital Geriatrics Group Buyer, Inc			First lien senior secured revolving loan			S +			4.75%			8.42%			8/15/2025			8/15/2031			2,408						720						724						0.03		%
Vital Geriatrics Group Buyer, Inc			First lien senior secured term loan			S +			4.75%			8.42%			8/15/2025			8/15/2031			10,541						10,397						10,420						0.41		%
Western Veterinary Partners LLC			First lien senior secured delayed draw term loan			S +			5.25%			8.95%			7/28/2023			10/29/2027			491						488						488						0.02		%
Western Veterinary Partners LLC			First lien senior secured delayed draw term loan			S +			5.25%			8.95%			9/27/2024			10/29/2027			24,162						23,976						24,004						0.94		%
Western Veterinary Partners LLC			First lien senior secured delayed draw term loan			S +			5.25%			8.94%			11/14/2025			10/29/2027			6,406						4,179						4,189						0.16		%
Western Veterinary Partners LLC (6)			First lien senior secured revolving loan			S +			5.25%			8.95%			7/28/2023			10/29/2027			24						—						—						0.00		%
Western Veterinary Partners LLC			First lien senior secured term loan			S +			5.25%			8.95%			7/28/2023			10/29/2027			9,277						9,204						9,216						0.36		%
																											1,155,582						1,156,696						45.34		%
Health care technology
AHR Intermediate, Inc			First lien senior secured delayed draw term loan			S +			5.75%			9.45%			12/16/2024			7/29/2027			$	7,892					$	745					$	763					0.03		%
AHR Intermediate, Inc			First lien senior secured delayed draw term loan			S +			5.75%			9.45%			7/29/2022			7/29/2027			5,177						5,156						5,162						0.20		%
AHR Intermediate, Inc (6)			First lien senior secured delayed draw term loan			S +			5.75%			9.45%			5/19/2025			7/29/2027			871						(3)						(3)						0.00		%
AHR Intermediate, Inc			First lien senior secured revolving loan			S +			5.50%			9.22%			7/29/2022			7/29/2027			9,888						3,313						3,333						0.13		%
AHR Intermediate, Inc			First lien senior secured term loan			S +			5.75%			9.45%			7/29/2022			7/29/2027			31,613						31,489						31,521						1.24		%
Assembly Holdco, LLC (6)			First lien senior secured delayed draw term loan			S +			5.50%			9.21%			3/26/2026			3/26/2032			5,555						(35)						(35)						0.00		%
Assembly Holdco, LLC (6)			First lien senior secured revolving loan			S +			5.50%			9.21%			3/26/2026			3/26/2032			1,669						(21)						(21)						0.00		%
Assembly Holdco, LLC			First lien senior secured term loan			S +			5.50%			9.21%			3/26/2026			3/26/2032			4,954						4,892						4,892						0.19		%

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

26

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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
ELMC RX Solutions, LLC (6)			First lien senior secured delayed draw term loan			S +			5.50%			9.20%			10/1/2025			10/1/2030			4,305						(70)						(61)						0.00		%
ELMC RX Solutions, LLC			First lien senior secured revolving loan			S +			5.50%			9.20%			10/1/2025			10/1/2030			914						92						94						0.00		%
ELMC RX Solutions, LLC			First lien senior secured term loan			S +			5.50%			9.20%			10/1/2025			10/1/2030			3,575						3,518						3,524						0.14		%
Gifthealth, Inc. (6)			First lien senior secured delayed draw term loan			S +			5.00%			8.67%			7/29/2025			7/29/2028			7,994						(31)						(17)						0.00		%
Gifthealth, Inc. (6)			First lien senior secured revolving loan			S +			5.00%			8.67%			7/29/2025			7/29/2028			2,841						(22)						(18)						0.00		%
Gifthealth, Inc.			First lien senior secured term loan			S +			5.00%			8.67%			7/29/2025			7/29/2028			9,249						9,173						9,191						0.36		%
Millennia Patient Services, LLC			First lien senior secured revolving loan			S +			6.50%			10.46%			7/28/2023			9/8/2027			134						53						53						0.00		%
Millennia Patient Services, LLC			First lien senior secured term loan			S +			6.50%			10.46%			7/28/2023			9/8/2027			1,672						1,669						1,667						0.07		%
																											59,918						60,045						2.36		%
Household durables
CPS Power Buyer, LLC			First lien senior secured delayed draw term loan			S +			5.50%			9.20%			9/26/2022			9/26/2027			$	2,940					$	2,912					$	2,933					0.12		%
CPS Power Buyer, LLC			First lien senior secured delayed draw term loan			S +			5.50%			9.20%			10/20/2023			9/26/2027			2,286						2,273						2,280						0.09		%
CPS Power Buyer, LLC			First lien senior secured delayed draw term loan			S +			5.50%			9.20%			9/30/2025			9/26/2027			8,776						4,788						4,801						0.19		%
CPS Power Buyer, LLC (24)			First lien senior secured revolving loan			S +			5.50%			9.20%			9/26/2022			9/26/2027			4,406						2,432						2,457						0.10		%
CPS Power Buyer, LLC			First lien senior secured term loan			S +			5.50%			9.20%			9/26/2022			9/26/2027			19,614						19,434						19,568						0.77		%
Kravet Design LLC (6)			First lien senior secured revolving loan			S +			5.00%			8.70%			11/26/2024			11/26/2030			4,349						(51)						(44)						0.00		%
Kravet Design LLC			First lien senior secured term loan			S +			5.00%			8.70%			11/26/2024			11/26/2030			18,584						18,360						18,389						0.72		%
Kwalu, LLC (6)			First lien senior secured revolving loan			S +			5.75%			9.88%			9/23/2022			9/23/2027			5,061						(50)						(23)						0.00		%
Kwalu, LLC			First lien senior secured term loan			S +			5.75%			9.77%			9/23/2022			9/23/2027			29,887						29,577						29,752						1.17		%
MacKenzie Childs Acquisition, Inc			First lien senior secured revolving loan			S +			5.50%			9.17%			9/2/2022			9/2/2027			3,374						548						550						0.02		%
MacKenzie Childs Acquisition, Inc			First lien senior secured term loan			S +			5.50%			9.35%			9/2/2022			9/2/2027			15,633						15,561						15,569						0.60		%
Renovation Systems, LLC			First lien senior secured delayed draw term loan			S +			6.00%			9.70%			1/12/2024			1/23/2028			1,967						1,944						1,953						0.08		%
Renovation Systems, LLC			First lien senior secured delayed draw term loan			S +			6.00%			9.70%			7/29/2024			1/23/2028			5,680						5,619						5,641						0.21		%
Renovation Systems, LLC			First lien senior secured delayed draw term loan			S +			6.00%			9.64%			11/27/2024			1/23/2028			3,553						2,194						2,197						0.09		%
Renovation Systems, LLC			First lien senior secured delayed draw term loan			S +			6.00%			9.70%			1/23/2023			1/23/2028			5,670						5,590						5,630						0.22		%
Renovation Systems, LLC			First lien senior secured revolving loan			S +			6.00%			9.67%			1/23/2023			1/23/2028			2,633						2,596						2,615						0.10		%
Renovation Systems, LLC			First lien senior secured term loan			S +			6.00%			9.70%			1/23/2023			1/23/2028			32,286						31,895						32,061						1.26		%
Storm Smart Buyer LLC			First lien senior secured revolving loan			S +			5.00%			8.68%			12/31/2025			10/5/2028			131						104						104						0.00		%
Storm Smart Buyer LLC			First lien senior secured term loan			S +			5.00%			8.70%			12/31/2025			10/5/2028			880						872						872						0.03		%
Trademark Global, LLC (8)			First lien senior secured revolving loan			S +			8.50%			12.46%			7/28/2023			6/30/2027			113						86						18						0.00		%
Trademark Global, LLC (8)			First lien senior secured revolving loan			S +			8.50% PIK			12.46%			7/30/2021			6/30/2027			39						36						13						0.00		%
Trademark Global, LLC (8)			First lien senior secured term loan			S +			8.50%			12.46%			7/28/2023			6/30/2027			2,541						2,271						815						0.03		%
																											148,991						148,151						5.80		%
Industrial conglomerates

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

27

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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
Hultec Buyer, LLC			First lien senior secured revolving loan			S +			5.50%			9.32%			3/31/2023			3/31/2029			$	3,915					$	3,145					$	3,147					0.12		%
Hultec Buyer, LLC			First lien senior secured term loan			S +			5.50%			9.30%			3/31/2023			3/31/2029			14,089						13,825						13,838						0.54		%
																											16,970						16,985						0.66		%
Insurance
Superior Insurance Partners LLC			First lien senior secured delayed draw term loan			S +			4.75%			8.43%			10/25/2024			10/25/2029			$	15,149					$	14,913					$	15,007					0.59		%
Superior Insurance Partners LLC			First lien senior secured delayed draw term loan			S +			4.75%			8.40%			1/6/2026			10/25/2029			30,623						1,713						1,714						0.07		%
Superior Insurance Partners LLC (6)			First lien senior secured revolving loan			S +			4.75%			8.45%			10/25/2024			10/25/2029			1,347						(21)						(13)						0.00		%
Superior Insurance Partners LLC			First lien senior secured term loan			S +			4.75%			8.45%			10/25/2024			10/25/2029			9,235						9,082						9,149						0.36		%
																											25,687						25,857						1.02		%
Interactive media and services
Duggal Acquisition, LLC			First lien senior secured delayed draw term loan			S +			4.75%			8.39%			9/30/2024			9/30/2030			$	5,224					$	2,547					$	2,556					0.10		%
Duggal Acquisition, LLC (6)			First lien senior secured revolving loan			S +			4.75%			8.45%			9/30/2024			9/30/2030			7,319						(110)						(100)						0.00		%
Duggal Acquisition, LLC			First lien senior secured term loan			S +			4.75%			8.45%			9/30/2024			9/30/2030			20,324						20,003						20,037						0.79		%
																											22,440						22,493						0.89		%
Internet and direct marketing retail
Aquatic Sales Solutions, LLC			First lien senior secured revolving loan			S +			7.00%			10.85%			7/28/2023			4/17/2026			$	191					$	133					$	82					0.00		%
Aquatic Sales Solutions, LLC			First lien senior secured term loan			S +			7.00%			10.85%			7/28/2023			4/17/2026			2,669						2,669						1,948						0.08		%
DealerOn Holdco, Inc (6)			First lien senior secured revolving loan			S +			6.00%			9.78%			7/28/2023			5/19/2026			314						—						—						0.00		%
DealerOn Holdco, Inc			First lien senior secured term loan			S +			6.00%			9.78%			7/28/2023			5/19/2026			20,335						20,318						20,306						0.80		%
																											23,120						22,336						0.88		%
IT services
Brite Acquisition, LLC (6)			First lien senior secured delayed draw term loan			S +			4.75%			8.42%			1/5/2026			1/5/2032			$	6,125					$	(37)					$	(37)					0.00		%
Brite Acquisition, LLC (6)			First lien senior secured revolving loan			S +			4.75%			8.42%			1/5/2026			1/5/2032			1,469						(18)						(18)						0.00		%
Brite Acquisition, LLC			First lien senior secured term loan			S +			4.75%			8.42%			1/5/2026			1/5/2032			5,945						5,874						5,874						0.23		%
BSC Top Shelf Blocker LLC (6)			First lien senior secured revolving loan			S +			5.25%			8.92%			6/28/2024			6/28/2029			2,256						(26)						(24)						0.00		%
BSC Top Shelf Blocker LLC			First lien senior secured term loan			S +			5.25%			8.92%			6/28/2024			6/28/2029			15,869						15,672						15,692						0.62		%
Dynamic Campus Acquisition, Inc. (6)			First lien senior secured delayed draw term loan			S +			5.00%			8.70%			2/18/2026			2/14/2031			9,698						(71)						(103)						0.00		%
Dynamic Campus Acquisition, Inc.			First lien senior secured delayed draw term loan			S +			5.00%			8.70%			2/14/2025			2/14/2031			10,220						10,095						10,112						0.40		%
Dynamic Campus Acquisition, Inc. (6)			First lien senior secured revolving loan			S +			5.00%			8.70%			2/14/2025			2/14/2031			3,044						(37)						(32)						0.00		%
Dynamic Campus Acquisition, Inc.			First lien senior secured term loan			S +			5.00%			8.70%			2/14/2025			2/14/2031			16,890						16,668						16,704						0.66		%
E-Phoenix Acquisition Co. Inc			First lien senior secured revolving loan			S +			5.25%			8.92%			11/24/2025			6/23/2030			2,984						1,024						1,030						0.04		%
E-Phoenix Acquisition Co. Inc			First lien senior secured term loan			S +			5.25%			8.95%			11/24/2025			6/23/2030			18,506						18,377						18,414						0.72		%
Icreon Holdings, LLC (6)			First lien senior secured revolving loan			S +			6.50%			10.46%			10/26/2022			10/26/2027			1,071						(13)						(14)						0.00		%
Icreon Holdings, LLC			First lien senior secured term loan			S +			6.50%			10.46%			10/26/2022			10/26/2027			11,241						11,092						11,097						0.44		%
Livefront, LLC (6)			First lien senior secured delayed draw term loan			S +			5.00%			8.67%			12/12/2025			12/5/2030			4,188						(59)						(52)						0.00		%
Livefront, LLC			First lien senior secured revolving loan			S +			5.00%			8.67%			12/12/2025			12/5/2030			2,991						406						412						0.02		%

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

28

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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
Livefront, LLC			First lien senior secured term loan			S +			5.00%			8.67%			12/12/2025			12/5/2030			10,836						10,684						10,701						0.42		%
Milestone Technologies, Inc (6)			First lien senior secured delayed draw term loan			S +			5.00%			8.70%			8/22/2025			8/22/2031			2,918						(16)						(12)						0.00		%
Milestone Technologies, Inc (6)			First lien senior secured revolving loan			S +			5.00%			8.70%			8/22/2025			8/22/2031			2,595						(35)						(31)						0.00		%
Milestone Technologies, Inc			First lien senior secured term loan			S +			5.00%			8.70%			8/22/2025			8/22/2031			19,598						19,335						19,371						0.76		%
P and R Dental Strategies, LLC			First lien senior secured revolving loan			S +			5.75%			9.71%			7/28/2023			12/22/2027			23						8						8						0.00		%
P and R Dental Strategies, LLC			First lien senior secured term loan			S +			5.75%			9.71%			7/28/2023			12/22/2027			613						609						610						0.02		%
Palmetto Technology Group, LLC			First lien senior secured delayed draw term loan			S +			5.00%			8.67%			1/3/2024			1/3/2029			10,670						10,531						10,581						0.42		%
Palmetto Technology Group, LLC			First lien senior secured delayed draw term loan			S +			5.00%			8.67%			2/26/2024			1/3/2029			9,329						9,205						9,252						0.36		%
Palmetto Technology Group, LLC			First lien senior secured delayed draw term loan			S +			5.00%			8.67%			5/20/2025			1/3/2029			11,297						9,159						9,173						0.36		%
Palmetto Technology Group, LLC (6)(25)			First lien senior secured revolving loan			S +			5.00%			8.67%			1/3/2024			1/3/2029			2,860						(37)						(24)						0.00		%
Palmetto Technology Group, LLC			First lien senior secured term loan			S +			5.00%			8.67%			1/3/2024			1/3/2029			6,229						6,144						6,177						0.24		%
																											144,534						144,861						5.71		%
Leisure equipment and products
MacNeill Pride Group Corp			First lien senior secured delayed draw term loan			S +			6.00%			9.78%			7/28/2023			4/22/2026			$	342					$	342					$	342					0.01		%
MacNeill Pride Group Corp (6)			First lien senior secured revolving loan			S +			6.00%			9.78%			7/28/2023			4/22/2026			287						—						—						0.00		%
MacNeill Pride Group Corp			First lien senior secured term loan			S +			6.00%			9.78%			7/28/2023			4/22/2026			785						785						785						0.03		%
TruBlue LLC (6)			First lien senior secured revolving loan			S +			5.25%			8.92%			1/11/2024			1/11/2029			1,430						(16)						(15)						0.00		%
TruBlue LLC			First lien senior secured term loan			S +			5.25%			8.92%			1/11/2024			1/11/2029			5,108						5,047						5,051						0.20		%
																											6,158						6,163						0.24		%
Leisure products
PHGP MB Purchaser, Inc			First lien senior secured delayed draw term loan			S +			6.00%+ 0.50% PIK			10.46%			7/28/2023			5/20/2027			$	78					$	77					$	59					0.00		%
PHGP MB Purchaser, Inc (26)			First lien senior secured revolving loan			S +			6.00% +0.50% PIK			10.46%			7/28/2023			5/20/2027			75						23						5						0.00		%
PHGP MB Purchaser, Inc			First lien senior secured term loan			S +			6.00% + 0.50% PIK			10.46%			7/28/2023			5/20/2027			1,052						1,044						794						0.03		%
																											1,144						858						0.03		%
Life sciences tools and services
Aptitude Health Holdings, LLC (6)			First lien senior secured revolving loan			S +			4.75%			8.45%			12/10/2025			5/3/2028			$	267					$	(1)					$	—					0.00		%
Aptitude Health Holdings, LLC			First lien senior secured term loan			S +			4.75%			8.45%			12/10/2025			5/3/2028			1,070						1,067						1,069						0.04		%
CR Services Intermediate, LLC			First lien senior secured delayed draw term loan			S +			7.00%			10.96%			7/28/2023			7/28/2028			135						132						120						0.00		%
CR Services Intermediate, LLC			First lien senior secured revolving loan			S +			7.00%			10.96%			7/28/2023			7/28/2028			39						8						5						0.00		%
CR Services Intermediate, LLC			First lien senior secured term loan			S +			7.00%			10.96%			7/28/2023			7/28/2028			248						241						220						0.01		%
CR Services Intermediate, LLC (7)			First lien senior secured term loan			S +			7.00%			10.96%			7/28/2023			7/28/2028			C$	248					241						220						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						351						332						0.01		%

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

29

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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
ERG Buyer, LLC			First lien senior secured revolving loan			S +			6.25%			9.92%			2/26/2024			8/31/2027			5,406						5,373						5,072						0.20		%
ERG Buyer, LLC			First lien senior secured term loan			S +			6.25%			9.92%			2/26/2024			8/31/2027			37,161						36,855						34,874						1.37		%
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						4,568						4,574						0.18		%
Health and Wellness Partners LLC (6)			First lien senior secured revolving loan			S +			5.00%			8.63%			3/12/2025			3/12/2030			2,480						(34)						(31)						0.00		%
Health and Wellness Partners LLC			First lien senior secured term loan			S +			5.00%			8.63%			3/12/2025			3/12/2030			21,562						21,251						21,280						0.83		%
VIT Nyckel Acquisition AB (6)			First lien senior secured revolving loan			S +			4.50%			8.20%			12/18/2025			12/18/2031			2,719						(33)						(27)						0.00		%
VIT Nyckel Acquisition AB			First lien senior secured term loan			S +			4.50%			8.20%			12/18/2025			12/18/2031			7,996						7,900						7,916						0.31		%
																											77,919						75,624						2.96		%
Machinery
Abrasive Technology Intermediate, LLC			First lien senior secured revolving loan			S +			5.75%			9.53%			7/28/2023			10/30/2027			$	173					$	72					$	71					0.00		%
Abrasive Technology Intermediate, LLC			First lien senior secured term loan			S +			5.75%			9.53%			7/28/2023			10/30/2027			2,199						2,196						2,175						0.09		%
Baker Manufacturing Company, LLC			First lien senior secured revolving loan			S +			5.00%			8.66%			11/1/2024			11/1/2028			2,898						1,186						1,191						0.05		%
Baker Manufacturing Company, LLC			First lien senior secured term loan			S +			5.00%			8.67%			11/1/2024			11/1/2028			17,072						16,896						16,924						0.66		%
DNS-IMI Acquisition Corp			First lien senior secured revolving loan			S +			4.25%			11.00%			7/28/2023			11/23/2026			56						17						17						0.00		%
DNS-IMI Acquisition Corp			First lien senior secured term loan			S +			4.25%			11.00%			7/28/2023			11/23/2026			1,328						1,326						1,324						0.05		%
Double E Company, LLC			First lien senior secured revolving loan			S +			6.25%			10.10%			6/21/2022			6/21/2028			3,110						1,936						1,780						0.07		%
Double E Company, LLC			First lien senior secured term loan			S +			4.00% + 2.25% PIK			10.10%			8/11/2025			6/21/2028			795						775						749						0.03		%
Double E Company, LLC			First lien senior secured term loan			S +			4.00% + 2.25% PIK			10.10%			6/21/2022			6/21/2028			19,041						18,846						17,935						0.70		%
Kittyhawk, Inc (6)			First lien senior secured revolving loan			S +			5.25%			6.25%			5/1/2024			5/1/2029			3,571						(44)						(41)						0.00		%
Kittyhawk, Inc			First lien senior secured term loan			S +			5.25%			6.25%			5/1/2024			5/1/2029			14,925						14,731						14,744						0.58		%
L&J Holding Company LLC			First lien senior secured delayed draw term loan			S +			4.75%			8.42%			7/29/2024			7/29/2030			9,814						3,424						3,440						0.13		%
L&J Holding Company LLC (6)			First lien senior secured revolving loan			S +			4.75%			8.45%			7/29/2024			7/29/2030			2,204						(32)						(29)						0.00		%
L&J Holding Company LLC			First lien senior secured term loan			S +			4.75%			8.45%			7/29/2024			7/29/2030			11,610						11,432						11,452						0.45		%
My Buyer, LLC			First lien senior secured delayed draw term loan			S +			5.75%			9.45%			1/26/2024			1/26/2030			3,108						3,068						3,071						0.12		%
My Buyer, LLC			First lien senior secured revolving loan			S +			5.75%			9.42%			1/26/2024			1/26/2030			2,360						1,386						1,388						0.05		%
My Buyer, LLC			First lien senior secured term loan			S +			5.75%			9.45%			1/26/2024			1/26/2030			7,771						7,663						7,671						0.30		%
Spartaco Buyer, Inc			First lien senior secured revolving loan			S +			4.75%			8.43%			3/27/2026			3/27/2032			1,788						1,265						1,265						0.05		%
Spartaco Buyer, Inc			First lien senior secured term loan			S +			4.75%			8.43%			3/27/2026			3/27/2032			9,022						8,910						8,909						0.35		%
SPG Holdco, LLC			First lien senior secured delayed draw term loan			S +			6.25%			10.07%			5/16/2025			12/1/2028			1,773						1,209						1,211						0.05		%
SPG Holdco, LLC (27)			First lien senior secured revolving loan			S +			6.25%			9.92%			12/1/2023			12/1/2028			2,070						1,352						1,359						0.05		%
SPG Holdco, LLC			First lien senior secured term loan			S +			6.25%			10.10%			12/1/2023			12/1/2028			10,447						10,295						10,341						0.41		%
USSC Holding Corp			First lien senior secured delayed draw term loan			S +			5.50%			9.17%			6/21/2024			6/21/2030			10,003						9,850						9,880						0.39		%
USSC Holding Corp			First lien senior secured revolving loan			S +			5.50%			9.19%			6/21/2024			6/21/2030			7,177						3,658						3,680						0.14		%

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

30

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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
USSC Holding Corp			First lien senior secured term loan			S +			5.50%			9.20%			6/21/2024			6/21/2030			34,343						33,765						33,893						1.33		%
USSC Holding Corp			First lien senior secured term loan			S +			5.50%			9.20%			3/9/2026			6/21/2030			2,408						2,360						2,376						0.09		%
																											157,542						156,776						6.14		%
Media
Ansira Partners II, LLC			First lien senior secured revolving loan			S +			6.00%			9.67%			8/15/2025			8/15/2031			$	6,142					$	1,760					$	1,771					0.07		%
Ansira Partners II, LLC			First lien senior secured term loan			S +			6.00%			9.67%			8/15/2025			8/15/2031			46,208						45,593						45,676						1.79		%
Barkley, LLC (6)			First lien senior secured revolving loan			S +			6.00%			9.82%			9/29/2023			9/29/2028			2,300						(33)						(26)						0.00		%
Barkley, LLC			First lien senior secured term loan			S +			6.00%			9.82%			9/29/2023			9/29/2028			43,565						42,935						43,078						1.69		%
Best Version Media Acquisition, LLC (6)			First lien senior secured revolving loan			S +			4.75%			8.42%			12/31/2024			12/31/2030			2,897						(44)						(36)						0.00		%
Best Version Media Acquisition, LLC			First lien senior secured term loan			S +			4.75%			8.42%			12/31/2024			12/31/2030			26,518						26,110						26,176						1.03		%
Creative Outdoor Holding Inc (6)			First lien senior secured delayed draw term loan			S +			5.00%			6.00%			6/26/2025			6/26/2030			8,741						(93)						(78)						0.00		%
Creative Outdoor Holding Inc (6)(28)			First lien senior secured revolving loan			S +			5.00%			6.00%			6/26/2025			6/26/2030			4,168						(53)						(37)						0.00		%
Creative Outdoor Holding Inc			First lien senior secured term loan			S +			5.00%			6.00%			6/26/2025			6/26/2030			18,219						18,016						18,053						0.71		%
Datum Acquisition, LLC (6)			First lien senior secured revolving loan			S +			5.00%			8.70%			10/30/2024			4/30/2030			2,146						(34)						(24)						0.00		%
Datum Acquisition, LLC			First lien senior secured term loan			S +			5.00%			8.70%			10/30/2024			4/30/2030			23,950						23,613						23,682						0.93		%
Exclusive Concepts, LLC			First lien senior secured delayed draw term loan			S +			3.75% + 3.00% PIK			10.71%			7/28/2023			12/9/2026			221						219						219						0.01		%
Exclusive Concepts, LLC			First lien senior secured delayed draw term loan			S +			3.75% + 3.00% PIK			10.71%			12/22/2023			12/9/2026			2,843						2,822						2,824						0.11		%
Exclusive Concepts, LLC			First lien senior secured delayed draw term loan			S +			3.75% + 3.00% PIK			10.71%			8/1/2024			12/9/2026			1,775						1,754						1,762						0.07		%
Exclusive Concepts, LLC			First lien senior secured revolving loan			S +			3.75% + 3.00% PIK			10.71%			7/28/2023			12/9/2026			23						11						11						0.00		%
Exclusive Concepts, LLC			First lien senior secured term loan			S +			3.75% + 3.00% PIK			10.71%			7/28/2023			12/9/2026			3,498						3,470						3,474						0.14		%
GM Services Buyer, LLC			First lien senior secured delayed draw term loan			S +			4.75%			8.42%			8/26/2025			8/26/2030			21,501						14,334						14,474						0.57		%
GM Services Buyer, LLC (6)			First lien senior secured revolving loan			S +			4.75%			8.42%			8/26/2025			8/26/2030			3,070						(41)						(36)						0.00		%
GM Services Buyer, LLC			First lien senior secured term loan			S +			4.75%			8.42%			8/26/2025			8/26/2030			5,837						5,761						5,771						0.23		%
Infolinks Media Buyco, LLC			First lien senior secured delayed draw term loan			S +			5.75%			9.45%			7/28/2023			5/1/2028			2,057						2,043						2,035						0.08		%
Infolinks Media Buyco, LLC			First lien senior secured revolving loan			S +			5.75%			9.45%			7/28/2023			5/1/2028			38						26						26						0.00		%
Infolinks Media Buyco, LLC			First lien senior secured term loan			S +			5.75%			9.45%			7/28/2023			5/1/2028			19,863						19,650						19,654						0.77		%
MediaMint Inc (6)			First lien senior secured revolving loan			S +			4.75%			8.45%			12/15/2025			12/15/2030			2,128						(25)						(21)						0.00		%
MediaMint Inc			First lien senior secured term loan			S +			4.75%			8.45%			12/15/2025			12/15/2030			15,352						15,171						15,199						0.60		%
Merge USA, Inc			First lien senior secured revolving loan			S +			4.75%			8.45%			2/28/2025			2/28/2030			2,515						976						980						0.04		%
Merge USA, Inc			First lien senior secured term loan			S +			4.75%			8.45%			2/28/2025			2/28/2030			11,150						11,013						11,032						0.43		%
North & Warren, LLC (6)			First lien senior secured revolving loan			S +			5.50%			9.20%			1/31/2025			1/31/2030			954						(11)						(10)						0.00		%
North & Warren, LLC			First lien senior secured term loan			S +			5.50%			9.20%			1/31/2025			1/31/2030			4,463						4,408						4,418						0.17		%

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

31

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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
Optimized Marketing Acquisition, LLC			First lien senior secured revolving loan			S +			6.00%			9.96%			8/19/2022			8/19/2027			3,383						1,383						1,340						0.05		%
Optimized Marketing Acquisition, LLC			First lien senior secured term loan			S +			6.00%			9.96%			8/19/2022			8/19/2027			25,313						25,099						24,797						0.96		%
Outerbox, LLC			First lien senior secured delayed draw term loan			S +			5.00%			8.67%			6/7/2024			6/7/2028			4,068						4,025						4,031						0.16		%
Outerbox, LLC (6)			First lien senior secured revolving loan			S +			5.00%			8.67%			6/7/2024			6/7/2028			2,280						(24)						(21)						0.00		%
Outerbox, LLC			First lien senior secured term loan			S +			5.00%			8.67%			6/7/2024			6/7/2028			25,884						25,624						25,646						1.01		%
Peninsula MMGY Corporation (29)			First lien senior secured revolving loan			S +			5.50%			9.19%			10/26/2023			4/26/2029			3,691						974						996						0.04		%
Peninsula MMGY Corporation			First lien senior secured term loan			S +			5.50%			9.20%			10/26/2023			4/26/2029			9,440						9,276						9,343						0.37		%
Peninsula MMGY Corporation			First lien senior secured term loan			S +			5.50%			9.20%			4/4/2025			4/26/2029			12,185						12,045						12,060						0.47		%
The Channel Company, LLC			First lien senior secured revolving loan			S +			6.75%			10.70%			7/28/2023			11/1/2027			62						55						52						0.00		%
The Channel Company, LLC			First lien senior secured term loan			S +			3.00% + 3.75% PIK			10.71%			7/28/2023			11/1/2027			2,505						2,490						2,370						0.09		%
Upswell Group, Inc (6)			First lien senior secured revolving loan			S +			5.00%			8.71%			3/26/2026			3/26/2032			1,814						(23)						(23)						0.00		%
Upswell Group, Inc			First lien senior secured term loan			S +			5.00%			8.71%			3/26/2026			3/26/2032			16,743						16,534						16,534						0.65		%
Walker Sands, LLC (6)			First lien senior secured revolving loan			S +			5.00%			8.70%			10/1/2025			10/1/2030			1,553						(21)						(18)						0.00		%
Walker Sands, LLC			First lien senior secured term loan			S +			0.05			8.70%			10/1/2025			10/1/2030			8,819						8,700						8,715						0.34		%
WTWH Buyer, LLC (6)			First lien senior secured revolving loan			S +			5.50%			9.17%			12/16/2022			12/16/2027			1,638						(20)						(23)						0.00		%
WTWH Buyer, LLC			First lien senior secured term loan			S +			5.50%			9.17%			12/16/2022			12/16/2027			13,960						13,763						13,767						0.54		%
																											359,231						359,613						14.12		%
Multiline retail
HEC Purchaser Corp. (6)			First lien senior secured revolving loan			S +			5.00%			8.74%			6/17/2024			6/17/2029			$	8,250					$	(90)					$	(59)					0.00		%
HEC Purchaser Corp.			First lien senior secured term loan			S +			5.00%			8.74%			6/17/2024			6/17/2029			55,935						55,264						55,538						2.18		%
																											55,174						55,479						2.18		%
Personal products
Cosmetic Solutions LLC (8)			First lien senior secured term loan			4.00% PIK						4.00%			7/18/2025			10/17/2028			1,527						1,483						688						0.03		%
																											1,483						688						0.03		%
Pharmaceuticals
Formulated Buyer, LLC			First lien senior secured delayed draw term loan			S +			6.75%			10.71%			7/28/2023			9/22/2026			$	345					$	340					$	301					0.01		%
Formulated Buyer, LLC			First lien senior secured revolving loan			S +			6.75%			10.78%			7/28/2023			9/22/2029			200						142						120						0.00		%
Formulated Buyer, LLC			First lien senior secured term loan			S +			6.75%			10.71%			7/28/2023			9/22/2029			531						523						455						0.02		%
																											1,005						876						0.03		%
Professional services
CSL Intermediate Acquisition LLC (6)			First lien senior secured delayed draw term loan			S +			5.25%			8.92%			7/8/2025			11/8/2029			$	3,564					$	(44)					$	(42)					0.00		%
CSL Intermediate Acquisition LLC			First lien senior secured delayed draw term loan			S +			5.25%			8.92%			11/8/2024			11/8/2029			1,683						1,662						1,664						0.07		%
CSL Intermediate Acquisition LLC			First lien senior secured revolving loan			S +			5.25%			8.92%			11/8/2024			11/8/2029			1,673						188						190						0.01		%
CSL Intermediate Acquisition LLC			First lien senior secured term loan			S +			5.25%			8.92%			11/8/2024			11/8/2029			9,147						9,028						9,039						0.35		%
Helpware, Inc			First lien senior secured revolving loan			S +			6.00%			7.26%			9/8/2022			9/8/2026			5,061						2,455						2,415						0.09		%

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

32

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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
Helpware, Inc			First lien senior secured term loan			S +			5.75% + 0.25% PIK			7.26%			9/8/2022			9/8/2026			14,014						13,984						13,881						0.54		%
																											27,273						27,147						1.06		%
Real estate management and development
BBG, Inc (30)			First lien senior secured revolving loan			S +			6.75%			10.71%			7/28/2023			1/8/2027			$	233					$	228					$	225					0.01		%
BBG, Inc			First lien senior secured term loan			S +			6.50% + 0.25% PIK			10.71%			7/28/2023			1/8/2027			1,961						1,913						1,927						0.08		%
MetaSource, LLC			First lien senior secured revolving loan			S +			6.75%			10.53%			7/28/2023			5/17/2027			75						37						37						0.00		%
MetaSource, LLC			First lien senior secured term loan			S +			6.25% + 0.50% PIK			10.71%			7/28/2023			5/17/2027			917						912						912						0.04		%
																											3,090						3,101						0.13		%
Semiconductors and semiconductor equipment
Altamira Material Solutions, LP			First lien senior secured revolving loan			S +			6.00%			9.85%			7/28/2023			3/2/2028			$	45					$	18					$	18					0.00		%
Altamira Material Solutions, LP			First lien senior secured term loan			S +			6.00%			9.85%			7/28/2023			3/2/2028			1,241						1,236						1,228						0.05		%
																											1,254						1,246						0.05		%
Software
Affinitiv Inc (6)			First lien senior secured revolving loan			S +			7.00%			10.78%			7/28/2023			7/26/2027			$	186					$	(1)					$	(1)					0.00		%
Affinitiv Inc			First lien senior secured term loan			S +			7.00%			10.78%			7/28/2023			7/26/2027			2,173						2,156						2,157						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						(52)						(45)						0.00		%
DemandTec, LLC (6)			First lien senior secured revolving loan			S +			5.00%			8.67%			8/27/2025			8/27/2031			1,505						(20)						(18)						0.00		%
DemandTec, LLC			First lien senior secured term loan			S +			5.00%			8.67%			8/27/2025			8/27/2031			7,671						7,565						7,579						0.30		%
Genius Bidco, LLC			First lien senior secured delayed draw term loan			S +			5.25%			8.95%			5/1/2024			5/1/2030			4,649						4,571						4,610						0.18		%
Genius Bidco, LLC (31)			First lien senior secured revolving loan			S +			5.25%			8.95%			5/1/2024			5/1/2030			3,571						904						908						0.04		%
Genius Bidco, LLC			First lien senior secured term loan			S +			5.25%			8.95%			5/1/2024			5/1/2030			12,489						12,304						12,325						0.48		%
GPSTrackit Holdings, LLC			First lien senior secured delayed draw term loan			S +			5.75%			9.45%			3/29/2024			3/29/2029			1,943						1,913						1,913						0.08		%
GPSTrackit Holdings, LLC			First lien senior secured revolving loan			S +			5.75%			9.44%			3/29/2024			3/29/2029			4,429						2,297						2,294						0.09		%
GPSTrackit Holdings, LLC			First lien senior secured term loan			S +			5.75%			9.45%			3/29/2024			3/29/2029			32,075						31,566						31,582						1.23		%
GS XX Corporation (6)			First lien senior secured revolving loan			S +			4.75%			8.45%			4/19/2024			4/19/2029			2,381						(29)						(27)						0.00		%
GS XX Corporation			First lien senior secured term loan			S +			4.75%			8.45%			4/19/2024			4/19/2029			16,651						16,432						16,448						0.65		%
Shasta Buyer, LLC (6)			First lien senior secured revolving loan			S +			4.75%			8.45%			11/12/2024			11/12/2030			4,307						(48)						(43)						0.00		%
Shasta Buyer, LLC			First lien senior secured term loan			S +			4.75%			8.45%			11/12/2024			11/12/2030			20,140						19,902						19,931						0.78		%
ShiftKey, LLC (6)			First lien senior secured revolving loan			S +			5.75%			9.71%			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			10.21%			7/28/2023			6/21/2027			3,455						3,439						3,357						0.13		%
																											102,898						102,967						4.04		%
Specialty retail
Dykstras Auto LLC			First lien senior secured delayed draw term loan			S +			5.00%			8.70%			7/28/2023			10/22/2027			$	269					$	266					$	267					0.01		%

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

33

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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 delayed draw term loan			S +			5.00%			8.69%			4/14/2025			10/22/2027			5,035						4,945						4,963						0.19		%
Dykstras Auto LLC (6)			First lien senior secured delayed draw term loan			S +			5.00%			8.70%			12/23/2025			11/22/2027			20,050						(174)						(150)						(0.01)		%
Dykstras Auto LLC			First lien senior secured revolving loan			S +			5.00%			8.70%			7/28/2023			10/22/2027			1,992						443						450						0.02		%
Dykstras Auto LLC			First lien senior secured term loan			S +			5.00%			8.70%			7/28/2023			10/22/2027			6,079						6,018						6,034						0.24		%
Fastlap, LLC			First lien senior secured revolving loan			S +			2.15% + 3.35% PIK			9.20%			6/20/2024			6/20/2029			2,310						2,245						2,248						0.09		%
Fastlap, LLC			First lien senior secured term loan			S +			2.15% + 3.35% PIK			9.20%			6/20/2024			6/20/2029			10,258						10,047						10,068						0.39		%
Good Feet Worldwide, LLC (6)			First lien senior secured revolving loan			S +			6.00%			9.70%			2/25/2026			2/25/2032			2,972						(44)						(44)						0.00		%
Good Feet Worldwide, LLC			First lien senior secured term loan			S +			6.00%			9.70%			2/25/2026			2/25/2032			24,985						24,619						24,616						0.97		%
Kaizen Auto Care, LLC			First lien senior secured revolving loan			5.00%						5.00%			3/1/2024			12/22/2027			152						152						101						0.00		%
Kaizen Auto Care, LLC			First lien senior secured term loan			5.00%						5.00%			7/28/2023			12/22/2027			1,359						1,353						898						0.04		%
Kaizen Auto Care, LLC			First lien senior secured term loan			5.00%						5.00%			2/20/2026			12/22/2027			66						65						66						0.00		%
Leonard Group, Inc			First lien senior secured revolving loan			S +			6.75%			10.70%			7/28/2023			2/26/2027			234						232						192						0.01		%
Leonard Group, Inc			First lien senior secured term loan			S +			6.75%			10.71%			7/28/2023			2/26/2027			1,302						1,295						1,071						0.04		%
																											51,462						50,780						1.99		%
Textiles, apparel and luxury goods
Lakeshirts LLC (6)			First lien senior secured delayed draw term loan			S +			5.00%			8.67%			12/30/2024			12/20/2030			$	7,989					$	(32)					$	(16)					0.00		%
Lakeshirts LLC			First lien senior secured revolving loan			S +			5.00%			8.67%			12/30/2024			12/30/2030			11,650						4,276						4,296						0.17		%
Lakeshirts LLC			First lien senior secured term loan			S +			5.00%			8.67%			12/30/2024			12/30/2030			29,767						29,533						29,585						1.15		%
																											33,777						33,865						1.32		%
Trading companies and distributors
AFC-Dell Holding Corp			First lien senior secured delayed draw term loan			S +			5.00%			8.67%			10/15/2025			4/9/2027			$	6,426					$	6,419					$	6,382					0.25		%
AFC-Dell Holding Corp			First lien senior secured delayed draw term loan			S +			5.00%			8.70%			10/15/2025			4/9/2027			10,516						10,516						10,443						0.41		%
AFC-Dell Holding Corp			First lien senior secured delayed draw term loan			S +			5.00%			8.67%			10/15/2025			4/9/2027			11,427						522						463						0.02		%
AFC-Dell Holding Corp			First lien senior secured revolving loan			S +			5.00%			8.67%			10/15/2025			10/9/2028			2,872						386						390						0.02		%
AFC-Dell Holding Corp (32)			First lien senior secured revolving loan			S +			5.00%			8.67%			10/15/2025			10/9/2026			2,525						2,020						2,003						0.08		%
AFC-Dell Holding Corp			First lien senior secured term loan			S +			5.00%			8.67%			10/15/2025			4/9/2027			12,784						12,775						12,696						0.50		%
Ascent Lifting, Inc (6)			First lien senior secured revolving loan			S +			4.75%			8.52%			9/9/2022			9/9/2027			2,500						(33)						(16)						0.00		%
Ascent Lifting, Inc			First lien senior secured term loan			S +			4.75%			8.52%			4/28/2023			9/9/2027			21,337						21,239						21,197						0.83		%
AWI Group, LLC			First lien senior secured delayed draw term loan			S +			5.75%			9.45%			8/1/2024			8/1/2029			4,433						4,374						4,179						0.16		%
AWI Group, LLC			First lien senior secured revolving loan			S +			5.75%			9.43%			8/1/2024			8/1/2029			10,420						7,363						6,899						0.27		%
AWI Group, LLC			First lien senior secured term loan			S +			5.75%			9.45%			8/1/2024			8/1/2029			54,507						53,745						51,378						2.02		%
Banner Buyer, LLC (8)			First lien senior secured delayed draw term loan			S +			2.75% + 3.50% PIK			10.24%			7/28/2023			5/31/2026			576						573						345						0.01		%

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

34

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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
Banner Buyer, LLC (8)			First lien senior secured revolving loan			S +			2.75% +3.50% PIK			10.24%			7/28/2023			5/31/2026			372						112						(36)						0.00		%
Banner Buyer, LLC (8)			First lien senior secured term loan			S +			2.75% + 3.50% PIK			10.24%			7/28/2023			5/31/2026			1,387						1,379						832						0.03		%
CAP KSI Holdings LLC (33)			First lien senior secured revolving loan			S +			5.25%			8.94%			6/28/2024			6/28/2030			7,812						5,274						5,305						0.21		%
CAP KSI Holdings LLC			First lien senior secured term loan			S +			5.25%			8.94%			6/28/2024			6/28/2030			60,179						59,525						59,776						2.34		%
Eastern Communications Solutions, Inc. (6)			First lien senior secured revolving loan			S +			5.00%			8.70%			12/30/2024			12/30/2030			3,240						(39)						(24)						0.00		%
Eastern Communications Solutions, Inc.			First lien senior secured term loan			S +			5.00%			8.70%			11/4/2025			12/31/2030			1,697						1,682						1,684						0.07		%
Eastern Communications Solutions, Inc.			First lien senior secured term loan			S +			5.00%			8.70%			12/30/2024			12/30/2030			12,454						12,298						12,362						0.48		%
Empire Equipment Company, LLC			First lien senior secured revolving loan			S +			6.25%			10.31%			7/28/2023			7/16/2026			439						438						437						0.02		%
Empire Equipment Company, LLC			First lien senior secured term loan			S +			6.25%			10.03%			7/28/2023			7/16/2026			1,596						1,592						1,590						0.06		%
Jacent Strategic Merchandising, LLC			First lien senior secured revolving loan			S +			6.50%			10.27%			9/19/2025			1/31/2027			2,436						1,586						1,589						0.05		%
Jacent Strategic Merchandising, LLC			First lien senior secured term loan			S +			5.75%			9.52%			9/19/2025			1/31/2027			13,502						13,465						13,482						0.53		%
Lehman Pipe Buyer, LLC			First lien senior secured delayed draw term loan			S +			5.00%			8.70%			6/13/2025			8/30/2030			5,428						1,518						1,526						0.06		%
Lehman Pipe Buyer, LLC			First lien senior secured revolving loan			S +			5.00%			8.70%			8/30/2024			8/30/2030			6,324						2,017						2,038						0.08		%
Lehman Pipe Buyer, LLC			First lien senior secured term loan			S +			5.00%			8.70%			8/30/2024			8/30/2030			37,489						36,909						37,071						1.45		%
Rental Equipment Investment Corp			First lien senior secured revolving loan			S +			4.50%			8.19%			10/8/2025			10/8/2030			7,917						1,257						1,290						0.05		%
Rental Equipment Investment Corp			First lien senior secured term loan			S +			4.50%			8.20%			10/8/2025			10/8/2030			40,829						40,369						40,543						1.59		%
Triad Technologies, LLC (6)			First lien senior secured revolving loan			S +			5.25%			9.10%			7/28/2023			6/30/2027			332						(2)						(2)						0.00		%
Triad Technologies, LLC			First lien senior secured term loan			S +			5.25%			9.10%			7/28/2023			6/30/2027			1,138						1,138						1,129						0.04		%
Value Added Distributors, LLC (6)			First lien senior secured revolving loan			S +			4.75%			8.41%			12/19/2024			12/19/2029			3,768						(45)						(38)						0.00		%
Value Added Distributors, LLC			First lien senior secured term loan			S +			4.75%			8.41%			12/19/2024			12/19/2029			12,093						11,954						11,967						0.47		%
Vintage Parts, Inc			First lien senior secured revolving loan			S +			4.75%			11.50%			3/28/2025			3/28/2029			1,564						454						457						0.02		%
Vintage Parts, Inc			First lien senior secured term loan			S +			5.75%			9.45%			3/28/2025			3/28/2029			16,084						15,921						15,952						0.62		%
Wolf Gordon Inc (6)			First lien senior secured revolving loan			S +			4.25%			11.00%			5/1/2024			5/1/2029			3,809						(55)						(51)						0.00		%
Wolf Gordon Inc			First lien senior secured term loan			S +			5.25%			8.92%			5/1/2024			5/1/2029			25,435						25,067						25,106						0.98		%
Woodson and Bozeman, LLC (6)			First lien senior secured delayed draw term loan			S +			4.75%			8.45%			10/1/2025			10/1/2031			6,590						(45)						(32)						0.00		%
Woodson and Bozeman, LLC (6)			First lien senior secured revolving loan			S +			4.75%			8.45%			10/1/2025			10/1/2031			2,436						(34)						(29)						0.00		%
Woodson and Bozeman, LLC			First lien senior secured term loan			S +			4.75%			8.45%			10/1/2025			10/1/2031			5,904						5,823						5,834						0.23		%
																											359,457						356,117						13.95		%
Water utilities

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

35

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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
Diamondback Buyer, LLC			First lien senior secured delayed draw term loan			S +			5.00%			8.67%			10/15/2024			7/22/2026			$	3,625					$	3,618					$	3,620					0.14		%
Diamondback Buyer, LLC (6)			First lien senior secured revolving loan			S +			5.00%			8.69%			7/28/2023			7/22/2026			75						—						—						0.00		%
Diamondback Buyer, LLC			First lien senior secured term loan			S +			5.00%			8.69%			7/28/2023			7/22/2026			1,402						1,400						1,399						0.04		%
																											5,018						5,019						0.18		%
Total non-controlled/non-affiliated senior secured debt																											$	4,392,784					$	4,382,355					171.89		%
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						$	396					44						0.00		%
																											396						44						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			$	20					$	18					$	14					0.00		%
																											18						14						0.00		%
Total non-controlled/non-affiliated sponsor subordinated notes																											414						58						0.00		%
Total non-controlled/non-affiliated investments																											$	4,393,198					$	4,382,413					171.89		%
Non-controlled/affiliated investments
Multisector holdings
Twin Brook Equity Holdings, LLC (34) (35) (36)			Equity - 16.73% membership interest																								$	86,482					$	98,589					3.87		%
Twin Brook Segregated Equity Holdings, LLC (34) (35) (36)			Equity - 2.11% membership interest																								19						16						0.00		%
Total non-controlled/affiliated investments																											86,501						98,605						3.87		%
Total investments																											$	4,479,699					$	4,481,018					175.76		%
Cash equivalents
Dreyfus Government Cash Management Money Market Fund - Institutional Shares												4.04%															$	7,000					$	7,000					0.27		%
JPMorgan U.S. Government Money Market Fund - Share Class: Capital												4.12%															6						6						0.00		%
Total cash equivalents																											7,006						7,006						0.27		%
Total investments and cash equivalents																											$	4,486,705					$	4,488,024					176.03		%

(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 March 31, 2026, the reference rates for the

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

36

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TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 2026

(Amounts in thousands)

(Unaudited)

floating rate loans were the Term SOFR of 3.68%, the Prime Rate of 6.75%, and the Term CORRA of 2.27%. In some circumstances, interest may be paid-in-kind (“PIK”) rather than cash, resulting in an increased principal amount.

(6)Represents revolvers and delayed draw term loans where the entire balance is unfunded as of March 31, 2026. 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 March 31, 2026, non-qualifying assets represented approximately 4.41% of the total assets of the Company.

(8)Indicates Loan was on non-accrual status as of March 31, 2026.

(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 $24,091 on which the borrower pays 5.50%.

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

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

(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 $1,634,261 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 $4,926 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 6.00% + 2.00% PIK.

(21)Principal balance includes reserve for letter of credit of $147,760 on which the borrower pays 0.00%.

(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 $1,409,936 on which the borrower pays 5.50%.

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

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

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

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

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

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

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

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

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

(34)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.

(35)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 March 31, 2026, the aggregate fair value of these securities is $98,605 or 3.87% of the Company's net assets.

(36)Non-income producing investment.

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

37

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 2026

(Amounts in thousands)

(Unaudited)

Foreign currency forward contracts

Counterparty

Currency Purchased

Currency Sold

Settlement

Unrealized Appreciation/ (Depreciation)

Wells Fargo Bank, National Association

CAD 240

USD 329

4/28/2026

$

3

Total

$

3

Currency Abbreviations:

USD - U.S. Dollar

CAD - Canadian Dollar

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

38

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TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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 + 3.547%			3/19/2027			$	90,000		$	305		$	—		$	305
Morgan Stanley Capital Services, LLC			Series A, Tranche B Notes			7.7800%			S + 3.8660%			3/19/2029			150,000			1,248			—			1,248
MUFG Bank, Ltd.			Series B, Tranche A Notes			6.4200%			S + 3.1224%			10/15/2028			20,000			(209)			—			(209)
MUFG Bank, Ltd.			Series B, Tranche A Notes			6.4200%			S + 3.1158%			10/15/2028			65,000			(670)			—			(670)
Wells Fargo Bank, N.A.			Series B, Tranche C Notes			6.5200%			S + 3.1810%			10/15/2029			100,000			(1,240)			—			(1,240)
Morgan Stanley Capital Services, LLC			Series B, Tranche C Notes			6.5200%			S + 3.3840%			10/15/2029			50,000			(760)			—			(760)
MUFG Bank, Ltd.			Series B, Tranche C Notes			6.5200%			S + 3.2432%			10/15/2029			50,000			(746)			—			(746)
MUFG Bank, Ltd.			Series B, Tranche C Notes			6.5200%			S + 3.2659%			10/15/2029			90,000			(1,408)			—			(1,408)
Regions Bank			Series C, Tranche A Notes			6.0500%			S + 2.5070%			5/30/2028			25,000			(71)			—			(71)
Regions Bank			Series C, Tranche B Notes			6.4000%			S + 2.8595%			3/30/2030			75,000			(312)			—			(312)
Total																		$	(3,863)		$	—		$	(3,863)

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

39

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Table of Contents

TPG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of March 31, 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 Annuitized Premium			0.08% Semiannual premium			1.00% 3M SOFR Floor			4/15/2029			$	100,000		120			—			120
Morgan Stanley Capital Services, LLC			Sold SOFR Floor with Annuitized Premium			0.09% Quarterly premium			1.00% 3M SOFR Floor			4/15/2029			50,000			76			—			76
MUFG Bank, Ltd.			Sold SOFR Floor with Annuitized Premium			0.06% Quarterly premium			1.00% 3M SOFR Floor			7/15/2028			20,000			14			—			14
MUFG Bank, Ltd.			Sold SOFR Floor with Annuitized Premium			0.09% Quarterly premium			1.00% 3M SOFR Floor			4/15/2029			50,000			60			—			60
Morgan Stanley Capital Services, LLC			Sold SOFR Floor with Annuitized Premium			0.07% Semiannual premium			1.00% 3M SOFR Floor			12/19/2026			90,000			6			—			6
MUFG Bank, Ltd.			Sold SOFR Floor with Annuitized Premium			0.06% Quarterly premium			1.00% 3M SOFR Floor			7/15/2028			65,000			47			—			47
Morgan Stanley Capital Services, LLC			Sold SOFR Floor with Annuitized Premium			0.11% Semiannual premium			1.00% 3M SOFR Floor			9/19/2028			150,000			180			—			180
MUFG Bank, Ltd.			Sold SOFR Floor with Annuitized Premium			0.09% Quarterly premium			1.00% 3M SOFR Floor			4/15/2029			90,000			108			—			108
Total																		$	611		$	—		$	611

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

40

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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.

41

---

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.

42

---

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.

43

---

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.

44

---

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.

45

---

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.

46

---

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.

47

---

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.

48

---

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.

49

---

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.

50

---

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.

51

---

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.

52

---

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.

53

---

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.

54

---

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.

55

---

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.

56

---

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.

57

---

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.

58

---

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.

59

---

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.

60

---

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.

61

---

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.

62

---

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.

63

---

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.

64

---

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.

65

---

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.

66

---

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.

67

---

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.

68

---

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.

(2)Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

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

(4)The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(5)Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the 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,

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 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.

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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.

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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.

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TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

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.

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TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

Principles of Consolidation

The Company conducts certain of its activities through its wholly-owned subsidiaries Twin Brook Capital Funding XXXIII, LLC, Twin Brook Equity XVIII Corp., 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.

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 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.

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TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

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 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

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Notes to Consolidated Financial Statements (Unaudited) - Continued

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.

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TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

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.

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TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

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 months ended March 31, 2026, the Company paid approximately $1.6 million of financing costs. For the three months ended March 31, 2026, the Company amortized approximately $1.8 million of financing costs which have been included in “Interest” expense on the consolidated statements of operations. For the three months ended March 31, 2025, the Company paid approximately $502,000 of financing costs. For the three months ended March 31, 2025, the Company amortized approximately $1.8 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 months ended March 31, 2026, the Company received approximately $1.7 million of agent fees. During the three months ended March 31, 2026, approximately $1.4 million of agent fees have been recognized as earned and included in “Other” income on the consolidated statements of operations. For the three months ended March 31, 2025, the Company received approximately $1.0 million of agent fees. During the three months ended March 31, 2025, approximately $1.1 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 months ended March 31, 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 months ended March 31, 2026, the Company accrued $1,023,000 of current federal tax. For the three months ended March 31, 2026, the Company accrued approximately $(924,000) of deferred federal tax related to the corporations, which is included in “deferred federal tax provision” on the consolidated statements of operations. For the three months ended March 31, 2025, the Company accrued $87,000 of current federal tax. For the three months ended March 31, 2025, the Company accrued approximately $280,000 of deferred federal tax related to Twin

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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 March 31, 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 months ended March 31, 2026, the Company earned approximately $288,000 of syndication and other origination fee income, which is included in “Other” income on the consolidated statements of operations. For the three months ended March 31, 2025, the Company earned approximately $206,000 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.

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

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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 March 31, 2026 and December 31, 2025:

			March 31, 2026												December 31, 2025
(Amounts in thousands)			Amortized Cost						Fair Value						Amortized Cost						Fair Value
First lien senior secured debt			$	4,392,784					$	4,382,355					$	4,189,885					$	4,173,995
Sponsor subordinated note			414						58						413						59
Investment in affiliated funds			86,501						98,605						87,345						103,670
Total investments			$	4,479,699					$	4,481,018					$	4,277,643					$	4,277,724

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

			March 31, 2026(1)						December 31, 2025(1)
Aerospace and defense			1.9		%				2.0		%
Air freight and logistics			0.5		%				0.5		%
Auto components			2.6		%				2.7		%
Building products			0.5		%				0.5		%
Chemicals			2.3		%				2.3		%
Commercial services and supplies			3.1		%				3.3		%
Construction and engineering			4.2		%				4.3		%
Containers and packaging			2.6		%				2.5		%
Distributors			—		%				—		%
Diversified consumer services			6.6		%				6.8		%
Diversified financial services			0.3		%				—		%
Electrical equipment			2.0		%				1.6		%
Electronic equipment, instruments and components			1.0		%				1.0		%
Food and staples retailing			2.0		%				2.1		%
Food products			2.3		%				2.3		%
Gas utilities			0.1		%				—		%
Health care equipment and supplies			2.8		%				2.7		%
Health care providers and services			25.7		%				25.2		%
Health care technology			1.3		%				1.1		%
Household durables			3.3		%				3.5		%
Industrial Conglomerates			0.4		%				0.4		%
Insurance			0.6		%				0.5		%
Interactive Media & Services			0.5		%				0.5		%
Internet and direct marketing retail			0.5		%				0.5		%
IT services			3.2		%				2.9		%
Leisure equipment and products			0.1		%				0.2		%
Leisure products			—		%				—		%
Life sciences tools and services			1.7		%				1.5		%
Machinery			3.5		%				3.3		%

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			March 31, 2026(1)						December 31, 2025(1)
Media			8.1		%				7.8		%
Multiline Retail			1.2		%				1.3		%
Multisector holdings			2.2		%				2.4		%
Pharmaceuticals			—		%				—		%
Personal products			—		%				—		%
Professional services			0.6		%				0.9		%
Real estate management and development			0.1		%				0.1		%
Semiconductors and semiconductor equipment			—		%				—		%
Software			2.3		%				2.3		%
Specialty retail			1.1		%				0.6		%
Textiles, apparel and luxury goods			0.8		%				0.8		%
Trading companies and distributors			7.9		%				9.5		%
Water utilities			0.1		%				0.1		%
Total			100.0		%				100.0		%

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

As of March 31, 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 March 31, 2026 and December 31, 2025:

			Assets at Fair Value as of March 31, 2026
(Amounts in thousands)			Level 1						Level 2						Level 3						Total
First lien senior secured debt			$	—					$	—					$	4,382,355					$	4,382,355
Sponsor subordinated note			—						—						58						58
Interest rate swaps/options			—						2,164						—						2,164
Foreign currency forward contracts			—						3						—						3
Total			$	—					$	2,167					$	4,382,413					$	4,384,580
Investments measured at net asset value(1)																					$	98,605
Total financial instruments, at fair value																					$	4,483,185

(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.

			Liabilities at Fair Value as of March 31, 2026
(Amounts in thousands)			Level 1						Level 2						Level 3						Total
Interest rate swaps/options			$	—					$	(5,416)					$	—					$	(5,416)
Total			$	—					$	(5,416)					$	—					$	(5,416)

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			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

(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.

			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 months ended March 31, 2026 and 2025:

			Level 3 Assets at Fair Value for the Three Months Ended March 31, 2026*
(Amounts in thousands)			Balance 1/1/2026						Purchases and Drawdowns						Sales and Paydowns						Other**						Realized Gains/ (Losses)						Change in Unrealized Appreciation/(Depreciation)						Balance 3/31/2026						Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 3/31/2026
First lien senior secured debt			$	4,173,995					$	414,649					$	(218,893)					$	8,448					$	(1,305)					$	5,460					$	4,382,354					$	5,582
Sponsor subordinated note			59						1						—						—						—						(1)						59						(1)
Total			$	4,174,054					$	414,650					$	(218,893)					$	8,448					$	(1,305)					$	5,459					$	4,382,413					$	5,581

			Level 3 Assets at Fair Value for the Three Months Ended March 31, 2025*
(Amounts in thousands)			Balance 1/1/2025						Purchases and Drawdowns						Sales and Paydowns						Other**						Realized Gains/ (Losses)						Change in Unrealized Appreciation/(Depreciation)						Balance 3/31/2025						Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 3/31/2025
First lien senior secured debt			$	3,080,554					$	315,233					$	(101,538)					$	6,062					$	48					$	(1,414)					$	3,298,945					$	(1,414)
Sponsor subordinated note			15						—						—						—						—						1						16						1
Total			$	3,080,569					$	315,233					$	(101,538)					$	6,062					$	48					$	(1,413)					$	3,298,961					$	(1,413)

*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.

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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 March 31, 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.

Asset Class

Fair Value as of 3/31/26

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

$

4,103,324

Discounted cash flow

Yield

8.3% - 56.4%

10.0

%

Decrease

6,105

Discounted cash flow

Yield

24.3% - 24.4%

24.3

%

Decrease

Market comparable

LTM Revenue multiple

0.2x

0.2x

Increase

1,253

Discounted cash flow

Yield

20.5% - 20.7%

20.6

%

Decrease

Market comparable

Forward EBITDA multiple

6.0x

6.0x

Increase

565

Discounted cash flow

Yield

12.7

%

12.7

%

Decrease

Market comparable

Forward Revenue multiple

0.9x

0.9x

Increase

3,440

Market comparable

LTM EBITDA multiple

9.5x - 12.0x

11.1x

Increase

5,351

Market comparable

Forward EBITDA multiple

10.0x

10.0x

Increase

2,024

Market comparable

Forward Revenue multiple

0.4x - 2.8x

0.6x

Increase

4,933

Market comparable

LTM Revenue multiple

0.4x - 2.3x

1.3x

Increase

2,955

Market comparable

Forward Revenue multiple

5.5x - 9.0x

6.9x

Increase

Forward EBITDA multiple

0.4x - 0.5x

0.5x

Increase

1,844

Market comparable

LTM Revenue multiple

0.6x - 0.9x

0.7x

Increase

Forward Revenue multiple

0.6x - 0.8x

0.7x

Increase

Sponsor subordinated note

14

Market comparable

LTM EBITDA multiple

7.6x

7.6x

Increase

$

4,131,808

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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

%

11.2

%

Decrease

Market comparable

Forward Revenue multiple

1.3x

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

5.5x

Increase

Forward Revenue multiple

0.5x

0.5x

Increase

5,446

Market comparable

Forward EBITDA multiple

10.0x

10.0x

Increase

LTM EBITDA multiple

11.0x

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

1.0x

Increase

Discounted cash flow

Yield

16.0

%

16.0

%

Decrease

Sponsor subordinated note

16

Market comparable

LTM EBITDA multiple

7.6x

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 $250.605 million as of March 31, 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

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multiplied by 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 March 31, 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 March 31, 2026 and December 31, 2025, the asset coverage ratio was 227.1% and 217.8%, respectively.

For the three months ended March 31, 2026 and 2025 the components of interest expense were as follows:

(Amounts in thousands)			Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
Interest expense			$	31,310					$	30,170
Amortization of deferred financing costs			1,799						1,783
(Gain) loss from interest rate swaps accounted for as hedges and related hedged items
Interest rate swaps			4,387						—
Hedged items			(5,005)						—
Total interest expense			$	32,491					$	31,953
Average interest rate			6.22		%				6.85		%
Average daily borrowings			$	1,949,412					$	1,709,148

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.

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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 “Truist Credit Facility”), with the lenders and issuing banks party thereto and Truist Bank, as administrative agent. The 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 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 Truist Credit Facility is secured by all assets of the Company and the Guarantor. The Company is subject to meet financial covenants under the Truist Credit Facility agreement.

Private Placement Notes - Series A

On March 19, 2024, the Company entered into a Note Purchase Agreement, governing the issuance of $90,000,000 aggregate principal amount of 7.69% Series A Senior Notes, Tranche A, due March 19, 2027 (the “Tranche A Notes”) and $150,000,000 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 “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 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.

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

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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 March 31, 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 March 31, 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.

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 March 31, 2026 and December 31, 2025, the Company did not have borrowings under Short-Term Financing Transactions.

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Total debt consisted of the following as of March 31, 2026:

			As of March 31, 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		$	60,372		$	254,000		$	482,334		$	254,000		Level 3
MSPV Credit Facility			500,000			410,500			7,672			410,500			679,425			410,500			Level 3
SMBC Truist Credit Facility			975,000			232,500			313,695			232,500			2,772,162			232,500			Level 3
Series A Tranche A Notes			90,000			90,000			—			90,121			—			90,548			Level 3
Series A Tranche B Notes			150,000			150,000			—			150,741			—			151,641			Level 3
Series B Tranche A Notes			85,000			85,000			—			85,386			—			84,434			Level 3
Series B Tranche B Notes			25,000			25,000			—			25,000			—			25,000			Level 3
Series B Tranche C Notes			290,000			290,000			—			291,624			—			286,999			Level 3
Series C Tranche A Notes			25,000			25,000			—			24,683			—			24,981			Level 3
Series C Tranche B Notes			75,000			75,000			—			74,928			—			74,870			Level 3
CLO Transaction			369,000			369,000			—			369,000			448,492			369,000			Level 3
Total			$	3,084,000		$	2,006,000		$	381,739		$	2,008,483		$	4,382,413		$	2,004,472

(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:

			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.

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Average debt outstanding and weighted average interest rates of outstanding debt for the three months ended March 31, 2026 and 2025 were as follows:

			Three Months Ended March 31, 2026									Three Months Ended March 31, 2025
			Weighted Average Interest Rate			Average Debt Outstanding (in thousands)						Weighted Average Interest Rate			Average Debt Outstanding (in thousands)
ASPV Credit Facility			5.56%			$	262,887					6.75%			$	298,290
MSPV Credit Facility			5.87%			$	398,798					6.78%			$	310,391
Truist Credit Facility			5.61%			$	178,728					6.61%			$	91,467
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			6.94%			$	25,000					7.58%			$	25,000
Series B Tranche C Notes			6.52%			$	290,000					6.52%			$	290,000
Series C Tranche A Notes			6.05%			$	25,000
Series C Tranche B Notes			6.40%			$	75,000
CLO Transaction			5.99%			$	369,000					6.79%			$	369,000
Total Weighted Average			6.22%			$	1,949,413					6.85%			$	1,709,148

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 September 6, 2026 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.

For the three months ended March 31, 2026, the Administrator charged approximately $508,000 for certain costs and expenses allocable to the Company under the terms of the Administration Agreement. For the three months ended March 31, 2025, the Administrator charged approximately $376,000 for certain costs and expenses allocable to the Company under the terms of the Administration Agreement.

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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 November 1, 2026 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 March 31, 2026 and December 31, 2025, the Company has approximately $3.6 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 months ended March 31, 2026, the Company accrued approximately $7.5 million of base management fees payable to the Adviser. For the three months ended March 31, 2025, the Company accrued approximately $4.9 million of base management fees payable to the Adviser. As of March 31, 2026 and December 31, 2025, base management fees payable by the Company to the Adviser were approximately $7.5 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 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

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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 months ended March 31, 2026, the Company accrued approximately $8.2 million of income incentive fees. For the three months ended March 31, 2025, the Company accrued approximately $6.1 million of income incentive fees. As of March 31, 2026 and December 31, 2025, the Company had approximately $8.2 million and $7.8 million, respectively, of income incentive fees payable.

As of March 31, 2026, the Company had approximately $0.3 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.

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.

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			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 months ended March 31, 2026, the Company accrued approximately $610,000 of Class S shareholder servicing and distribution fees. For the three months ended March 31, 2026, the Company accrued approximately $2,000 of Class D shareholder servicing and distribution fees. For the three months ended March 31, 2025, the Company accrued approximately $257,000 and $1,000 of Class S and Class D shareholder servicing and distribution fees, respectively, of which $74,000 and $1,000, respectively, 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

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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 months ended March 31, 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 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.

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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.

Fair value for the three months ended March 31, 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 March 31, 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 March 31, 2026						Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC			$	103,655					$	2,820					$	(8,461)					$	4,797					$	(4,222)					$	98,589					$	—
Twin Brook Segregated Equity Holdings, LLC			15						—						—						—						1						16						—
Total non-controlled/affiliated investments			$	103,670					$	2,820					$	(8,461)					$	4,797					$	(4,221)					$	98,605					$	—

			Investment in Affiliated Funds at Fair Value for the Three Months Ended March 31, 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 March 31, 2025						Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC			$	80,638					$	3,504					$	(544)					$	345					$	1,596					$	85,539					$	—
Twin Brook Segregated Equity Holdings, LLC			16						—						—						—						3						19						—
Total non-controlled/affiliated investments			$	80,654					$	3,504					$	(544)					$	345					$	1,599					$	85,558					$	—

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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 months ended March 31, 2026, the Company’s monthly average USD notional exposure to derivatives was approximately $715,240,000. For the three months ended March 31, 2025, the Company’s monthly average USD notional exposure to derivatives was approximately $615,424,385.

The tables below present derivatives contracts as of March 31, 2026 and their respective classification on the consolidated statement of assets and liabilities:

Derivative Contracts/Hedged Items			Fair Value (Amounts in Thousands)			Statement of Assets and Liabilities Classification
Foreign currency forward contracts			$	3		Unrealized gain on derivative contracts
Interest rate swaps(1)			1,553			Unrealized gain on derivative contracts
Interest rate swaps(1)			(5,416)			Unrealized loss on derivative contracts
Interest rate options			611			Unrealized gain on derivative contracts
Hedged items(2)			2,483			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.

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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 months ended March 31, 2026 and 2025:

(Amounts in thousands)			Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
Net change in unrealized gain (loss) on foreign currency forward contracts			$	9		$	(45)
Net change in unrealized gain (loss) on interest rate swaps and options			262			436
Realized (loss) on foreign currency forward contracts			(6)			47

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 March 31, 2026:

(Amounts in thousands)			As of March 31, 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			$	1,815		$	(760)		$	—		$	—		$	1,055
MUFG Bank, Ltd.			229			(229)			—			—			—
Wells Fargo Bank, N.A.			123			(123)			—			—			—
Regions Bank			—			—			—			—			—
Total			$	2,167		$	(1,112)		$	—		$	—		$	1,055

(Amounts in thousands)			As of March 31, 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			$	(760)		$	760		$	—		$	—		$	—
MUFG Bank, Ltd.			(3,033)			229			—			2,804			—
Wells Fargo Bank, N.A.			(1,240)			123			—			1,117			—
Regions Bank			(383)			—			—			383			—
Total			$	(5,416)		$	1,112		$	—		$	4,304		$	—

(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 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.

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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 months ended March 31, 2026 and 2025:

(Amounts in thousands)			Three Months Ended March 31, 2026			Three Months Ended March 31, 2025									Financial Statement Location
Interest rate swaps			$	4,387		$	(8,611)								Interest expense
Hedged items			$	(5,005)		$	8,155								Interest expense

The table below presents the carrying value of unsecured borrowings as of March 31, 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		$	90,121		$	121
Series A Tranche B Notes			150,000			150,741			741
Series B, Tranche A Notes			85,000			85,386			386
Series B, Tranche C Notes			290,000			291,624			1,624
Series C, Tranche A Notes			25,000			24,683			(317)
Series C, Tranche B Notes			75,000			74,928			(72)
Total			$	715,000		$	717,483		$	2,483

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

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.

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

Portfolio Company			March 31, 2026			December 31, 2025
First lien senior secured debt			(Amounts in thousands)			(Amounts in thousands)
3BC Matrix Acquisition, LLC			$	1,564		$	1,564
50Floor, LLC			106			106
A. P. Nonweiler Co. Inc.			1,523			1,523
A.P.A Industries, LLC			1,682			1,979
Abrasive Technology Intermediate, LLC			100			138
ACES Intermediate, LLC			7,114			7,114
ADC Purchaser Inc			5,262			6,013
Advanced Lighting Acquisition, LLC			1,215			1,215
ADVI Health, LLC			1,062			1,062
Advocate RCM Acquisition Corp			2,902			2,902
AEP Passion Intermediate Holdings, Inc.			32			32
AFC Industries, Inc.			13,852			14,262
Affinitiv, Inc.			186			186
Agility Intermediate, Inc.			27			27
AHR Intermediate, Inc			14,503			16,679
AirPro Diagnostics, LLC			3,846			4,332
AKS Engineering and Forestry, LLC			2,890			2,890
Alcresta Buyer, Inc			38,698			39,224
Aligned Dental Management Services, LLC			1,481			3,997
Alliance Environmental Group, LLC			13			19
Allied Credit Acquisition Corp			9,244			—
AlphaCoin LLC			7,119			7,119
Altamira Material Solutions, LP			26			—
AM Buyer, LLC			851			851
AMCP SAMGI Intermediate, Inc			16,368			16,368
AMCP Treatment Intermediate, LLC			9,653			9,653
American Family Care, LLC			12,237			17,337
Ansira Partners II, LLC			4,299			6,142
Answer Acquisition, LLC			455			531
Aptitude Health Holdings, LLC			267			223
Aquatic Sales Solutions, LLC			58			58
ARC Health OPCO, LLC			13,138			13,138
ASC Ortho Management, LLC			—			7
Ascend Plastic Surgery Partners MSO LLC			19,880			19,880
Ascent Lifting, Inc.			2,500			2,500
ASP Global Acquisition, LLC			5,502			6,595
Assembly Holdco, LLC			7,223			—
AWI Group, LLC			2,918			2,918

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Portfolio Company			March 31, 2026			December 31, 2025
Baker Manufacturing Company, LLC			1,681			2,898
Banner Buyer, LLC			259			259
Barkley, LLC			2,300			2,300
BBG Intermediate Holdings, Inc.			4			4
BCI Burke Holding Corp.			8,766			9,036
Beacon Oral Specialists Management LLC			11,020			14,407
Beghou Consulting, LLC			2,714			2,290
Best Version Media Acquisition, LLC			2,897			2,897
Bestop, Inc			7,081			12,499
BPCP EE Intermedco LLC			2,244			2,244
BPCP NSA Intermedco, Inc			10,884			14,883
BPCP WLF Intermedco LLC			7,343			9,170
Brightview, LLC			22,799			10
Brite Acquisition, LLC			7,593			—
BSC ASI BUYER, LLC			3,661			3,661
BSC Top Shelf Blocker LLC			2,256			2,256
Bulk Lift International, LLC			11,554			1,543
Canadian Orthodontic Partners Corp			29			29
CAP KSI Holdings LLC			2,455			4,287
Capital Construction, LLC			—			9,173
Capstone Mechanical LLC			7,653			7,563
Change Academy at Lake of the Ozarks, LLC			3,657			2,870
CHS Holdco, LLC			10,542			12,775
CL Services Acquisition, LLC			19,071			27,625
CNS Purchaser, LLC			21,622			15,271
Compass Restoration Intermediary Holdings, LLC			2,429			2,961
CPS Power Buyer, LLC			5,893			7,303
CR Services Intermediate, LLC			30			11
Creative Outdoor Holding Inc			12,909			12,909
CSL Intermediate Acquisition LLC			5,028			4,819
Custom Agronomics Holdings, LLC			1,488			2,232
DASCO HME, LLC			7,214			7,891
Datum Acquisition, LLC			2,146			2,146
DealerOn Inc.			314			314
DemandTec, LLC			5,360			4,984
Dermatology Medical Partners OpCo, LLC			9			9
Diamondback Buyer, LLC			75			75
DNS IMI Acquisition Corp			40			56
Double E Company, LLC			1,152			1,382
Duggal Acquisition, LLC			9,931			12,543
Dykstra's Auto, LLC			21,611			23,732
Dynamic Campus Acquisition, Inc.			12,742			13,264
Eastern Communications Solutions, Inc.			3,240			3,240
EH Management Company, LLC			2,505			2,505
ELMC RX Solutions, LLC			5,112			5,112

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Portfolio Company			March 31, 2026			December 31, 2025
EMSAR Acquisition LLC			80			—
Endodontic Practice Partners, LLC			12,123			12,123
E-Phoenix Acquisition Co. Inc.			1,940			2,984
Esquire Deposition Solutions, LLC			7,666			7,666
Ever Fresh Fruit Company, LLC			1,380			1,380
Exclusive Concepts, LLC			11			3,343
Fastlap, LLC			23			338
First Steps Recovery Acquisition, LLC			22,409			22,409
Formulated Buyer, LLC			54			76
Foundation Repair Purchaser, INC.			17,029			—
Franchise Fastlane, LLC			15			15
FreshAddress, LLC			—			30
FYZICAL Buyer, LLC			1,107			1,107
Genius Bidco LLC			2,619			7,755
Geriatric Medical and Surgical Supply, LLC			300			300
Gifthealth, Inc.			10,835			10,835
GM Services Buyer, LLC			9,997			9,997
Gold Medal Holdings, Inc.			2,812			2,668
Golden Bear PT Partners, LLC			28			17
Good Feet Worldwide, LLC			2,972			—
GPSTrackit Holdings, LLC			2,067			2,067
Green Monster Acquisition, LLC			17			23
GS XX Corporation			2,381			2,381
Guardian Dentistry Practice Management, LLC			14,459			3,351
H2 Holdco, Inc.			9,931			13,098
Harley Exteriors Acquisition, LLC			1,982			2,423
Health and Wellness Partners LLC			3,642			8,288
HEC Purchaser Corp.			8,250			8,250
Helpware, Inc.			2,598			1,754
Highland Acquisition, Inc.			1,217			1,771
HLSG Intermediate, LLC			—			2,496
Home Brands Group Holdings, Inc.			48			48
HTI Intermediate, LLC			2,070			2,070
Hultec Buyer, LLC			705			705
Hydromax USA, LLC			429			1,435
Icelandirect, LLC			1,413			3,189
Icreon Holdings, LLC			1,071			1,071
IMA Group Management Company, LLC			4,091			4,105
Infolinks Media Buyco, LLC			11			11
Innovate 32 Services, LLC			22,209			22,209
Innovative Discovery Acquisition, LLC			9,291			10,677
Innovative FlexPak, LLC			161			230
Inreach Intermediate Holdings II, LLC			6,512			6,733
IPC Pain Acquisition, LLC			1,140			1,140
Ironhorse Purchaser, LLC			5,813			5,813

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Portfolio Company			March 31, 2026			December 31, 2025
ISSA, LLC			66			92
Jacent Strategic Merchandising, LLC			843			1,330
Johns Byrne LLC			1,460			1,460
Juniper Landscaping Holdings LLC			7,709			8,360
K-1 Packaging Group, LLC.			5,820			5,483
Kaizen Auto Care, LLC			—			6
Keystone Partners, LLC			—			2,753
Kittyhawk, Inc			3,571			3,571
Kravet Design LLC			4,349			4,349
Kwalu, LLC			5,061			3,374
L&J Holding Company LLC			8,490			8,490
Lakeshirts LLC			15,270			16,435
Lawn Care Holdings Purchaser, Inc			6,402			6,696
Lehman Pipe Buyer, LLC			8,057			8,057
Livefront, LLC			6,730			6,730
Load One Purchaser Corporation			3,148			3,344
MacKenzie Childs Acquisition, Inc.			2,812			3,374
MacNeill Pride Group Corp.			287			287
Mad Rose Company, LLC			266			253
Mattco Forge, Inc.			1,230			1,230
MediaMint Inc			2,128			2,128
Medical Technology Associates, LLC			1,550			1,550
Merge USA, Inc			1,509			2,515
MetaSource, LLC			38			38
Milestone Technologies, Inc			5,513			5,513
Millennia Patient Services, LLC			80			80
MRC Keeler Acquisition, LLC			150			150
MS Pain, LLC			2,594			6,899
MWEC Management, LLC			3,725			4,168
My Buyer, LLC			944			2,360
Nasco Healthcare Inc.			1,175			2,203
NEFCO Holding Company, LLC			—			4,753
Nelson Name Plate Company			56			56
Network Partners Acquisition, LLC			38			38
Nimlok Company, LLC			1,498			1,498
North & Warren, LLC			954			954
NutriScience Innovations, LLC			131			131
NWI Merger Sub, Inc			8,933			8,933
OneCare LTC, LLC			2,121			2,121
Optimized Marketing Acquisition, LLC			1,974			1,066
Outerbox, LLC			2,280			2,830
P and R Dental Strategies, LLC			14			14
P1 DENTAL MSO, LLC			2,725			3,468
Palmetto Technology Group, LLC			4,889			7,281
Peak Dental Services, LLC			40			66

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Portfolio Company			March 31, 2026			December 31, 2025
Peak Investment Holdings, LLC			65			65
Peninsula MMGY Corporation			2,657			3,395
PharmaForceIQ INC.			2,093			2,093
PHGP MB Purchaser, Inc.			51			63
Pink Lily Holdings, LLC			—			15
Polaris Labs Acquisition, LLC			2,123			2,123
Polycorp Ltd			3,723			10,261
PPW Acquisition, LLC			9			26
PRA Acquisition, LLC			56			56
Precision Point Metrics, Inc			4,687			5,093
Premier Early Childhood Education Partners LLC			1,644			2,813
Premier Produce One, LLC			14,432			14,432
PRM Management Company, LLC			789			1,969
Purpose Home Health Acquisition, LLC			9,217			9,999
Qin's Buffalo, LLC			2,393			2,393
Quality Liaison Services of North America, Inc			912			912
Raffel Systems, LLC			11,792			—
Raneys, LLC			1,964			1,964
Rapid Fire Safety and Security, LLC			12,109			1,080
Redwood Buyer, LLC			9,499			9,499
Renovation Systems, LLC			1,331			1,331
Rental Equipment Investment Corp			6,571			5,225
Rose Paving, LLC			6,336			3,431
Sage Dental Management, LLC			16,540			17,773
SCP Cold Chain Packaging Buyer Corp			10,495			10,495
SCP ENT and Allergy Services, LLC			64			64
SCP OMS Services, LLC			8,754			8,754
SENS Intermediate Holdings LLC			6,132			6,132
Shasta Buyer, LLC			4,307			4,307
ShiftKey, LLC			110			110
Signature Dental Partners LLC			10,095			2,974
Signature MD, Inc			—			5,292
Silver Falls MSO, LLC			4,990			5,371
SimiTree Acquisition LLC			128			128
SIMKO Merger Sub, LLC			24			27
Sixarp, LLC			4,432			4,432
Solace Healthcare Holdco, Inc			2,412			—
Southeast Primary Care Partners, LLC			679			733
Southern Orthodontic Partners Management, LLC			5,908			4,843
Southern Sports Medicine Partners, LLC			27			27
Spa Medicca, LLC			7,199			7,199
Spartaco Buyer, Inc			501			—
Spear Education Holdings, LLC			3,791			3,791
Spectrum Solutions, LLC			48			95
SPG Holdco, LLC			1,234			1,234

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Portfolio Company			March 31, 2026			December 31, 2025
Star Dental Partners LLC			3,735			6,513
Starwest Botanicals Acquisition, LLC			—			4
Storm Smart Buyer LLC			26			66
Sun Orchard, LLC			6,851			6,851
Superior Insurance Partners LLC			29,969			5,414
Superscapes Holdco, LLC			2,166			1,888
Surplus Solutions, LLC			3,626			3,626
TCG Services, LLC			9,280			9,280
Teel Plastics, LLC			3,127			3,909
The Channel Company, LLC			6			27
The Chempetitive Group, LLC			13,578			13,578
Therapy Spot Acquisition, LLC			8,333			—
Therapy2000 Acquisition, LLC			6,888			6,888
Third Holdco, LLC			9,713			9,713
Trademark Global, LLC			18			18
Transitions Intermediate Holdings, LLC			2,784			2,784
Treat Planet Acquisition, LLC			2,422			2,422
Triad Technologies, LLC			332			332
TruBlue LLC			1,430			3,761
TruSource Foods LLC			3,522			3,425
TSR Concrete Coatings, LLC			15,916			19,088
U.S. BioTek Laboratories, LLC			1,093			—
United Land Services Opco Parent, LLC			3,779			3,779
Universal Pure, LLC			179			179
Upswell Group, Inc			1,814			—
US Anchors Group Inc			3,037			6,043
US Foot and Ankle Specialists, LLC			2,699			2,699
USSC Holding Corp			3,409			3,409
Value Added Distributors, LLC			3,768			3,768
Vanguard Packaging, LLC			808			2,939
Varsity DuvaSawko Operating Corp.			3,045			3,045
Varsity Rejuvenate Partners, LLC			1,245			1,245
VersiCare Management LLC			4,775			4,775
VetEvolve Holdings, LLC			12,096			15,217
Vintage Parts, Inc			1,095			1,564
VIT Nyckel Acquisition AB			2,719			2,719
Vital Geriatrics Group Buyer, Inc			1,656			2,408
Walker Sands, LLC			1,553			1,553
WCI Volt Purchaser, LLC			2,249			2,249
Western Veterinary Partners, LLC			2,199			4,599
Westminster Cracker Company, Inc.			1,303			1,303
Wolf Gordon Inc			3,809			3,809
Woodson and Bozeman, LLC			9,026			9,026
WTWH Buyer, LLC			1,638			1,638
Yard-Nique, Inc			—			973

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Portfolio Company			March 31, 2026			December 31, 2025
Zipline Logistics, LLC			405			405
Total unfunded portfolio company commitments			$	1,176,091		$	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 March 31, 2026, management was not aware of any material pending or threatened litigation.

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Note 9.  Net Assets

Equity Issuances

As of March 31, 2026 and December 31, 2025, the Company had 101,100,349 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 months ended March 31, 2026 and 2025:

						Three Months Ended March 31, 2026
												Shares			Amount in Thousands
Class I:
Proceeds from shares sold												6,265,487			$	157,878
Share transfers between classes												20,374			513
Distributions reinvested												575,668			14,502
Repurchased shares, net of early repurchase reduction												(1,172,045)			(29,556)
Net increase (decrease)												5,689,484			$	143,337

						Three Months Ended March 31, 2026
												Shares			Amount in Thousands
Class S:
Proceeds from shares sold												699,103			$	17,614
Share transfers between classes												(20,374)			(513)
Distributions reinvested												115,404			2,908
Repurchased shares, net of early repurchase reduction												(51,859)			(1,308)
Net increase (decrease)												742,274			$	18,701

						Three Months Ended March 31, 2026
												Shares			Amount in Thousands
Class D:
Proceeds from shares sold												8,575			$	216
Share transfers between classes												—			—
Distributions reinvested												793			20
Repurchased shares, net of early repurchase reduction												—			—
Net increase (decrease)												9,368			$	236

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TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

			Three Months Ended March 31, 2025
			Shares						Amount in Thousands
Class I:
Proceeds from shares sold			5,435,339						$	137,433
Share transfers between classes			2,989						76
Distributions reinvested			366,673						9,272
Repurchased shares, net of early repurchase reduction			(255,521)						(6,464)
Net increase (decrease)			5,549,480						$	140,317

			Three Months Ended March 31, 2025
			Shares						Amount in Thousands
Class S:
Proceeds from shares sold			1,800,742						$	45,531
Share transfers between classes			—						—
Distributions reinvested			65,102						1,646
Repurchased shares, net of early repurchase reduction			(2,189)						(55)
Net increase (decrease)			1,863,655						$	47,122

			Three Months Ended March 31, 2025
			Shares						Amount in Thousands
Class D:
Proceeds from shares sold			11,540						$	292
Share transfers between classes			(2,989)						(76)
Distributions reinvested			606						15
Repurchased shares, net of early repurchase reduction			(1,971)						(50)
Net increase (decrease)			7,186						$	181

Dividends

The following table reflects dividends declared on common shares during the three months ended March 31, 2026 and 2025:

For the Three Months Ended March 31, 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

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TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

For the Three Months Ended March 31, 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

For the Three Months Ended March 31, 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

For the Three Months Ended March 31, 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

For the Three Months Ended March 31, 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

For the Three Months Ended March 31, 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

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

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TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

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 three months ended March 31, 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

(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 three months ended March 31, 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			$	6,564		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

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TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

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 three months ended March 31, 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.

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TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

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 $419,000 of permanent book-to-tax differences for the three months ended March 31, 2026. In addition, there were $612,000 of permanent book-to-tax differences for the three months ended March 31, 2025.

Note 11.  Financial Highlights

The following are financial highlights for a common share outstanding for Class I, S, and D for the three months ended March 31, 2026 and 2025.

(Amounts in thousands, except share and per share amounts)			Three Months Ended March 31, 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)			0.57			0.52			0.55
Net realized and unrealized gain (loss)(2)			0.06			0.06			0.06
Total from operations			0.63			0.58			0.61
Dividends declared			(0.60)			(0.55)			(0.58)
Total increase (decrease) in net assets			0.03			0.03			0.03
Net asset value, end of period			$	25.22		$	25.22		$	25.22
Shares outstanding, end of period			89,225,755			11,748,271			126,323
Total return(3)(12)			2.5%			2.3%			2.5%
Ratios / supplemental data
Ratio of total expenses to average net assets(4)(5)(6)			8.5		%	9.3		%	8.7		%
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)			9.2%			8.3%			8.9%
Ratio of net investment income (loss) after taxes to average net assets(4)(5)(9)			9.2%			8.3%			8.9%
Net assets, end of period			$	2,250,167		$	296,270		$	3,186
Weighted average shares outstanding			87,974,309			11,528,747			122,313
Portfolio turnover rate(10)			5.2		%	5.2		%	5.2		%
Asset coverage ratio(11)			227.1		%	227.1		%	227.1		%

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TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

(Amounts in thousands, except share and per share amounts)			Three Months Ended March 31, 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)			0.65			0.61			0.65
Net realized and unrealized gain (loss)(2)			0.01			0.01			0.01
Total from operations			0.66			0.62			0.66
Dividends declared			(0.67)			(0.63)			(0.67)
Total increase (decrease) in net assets			(0.01)			(0.01)			(0.01)
Net asset value, end of period			$	25.29		$	25.29		$	25.29
Shares outstanding, end of period			62,673,057			5,593,418			79,564
Total return(3)(12)			2.6%			2.5%			2.6%
Ratios / supplemental data
Ratio of total expenses to average net assets(4)(5)(6)			11.2%			12.3		%	11.3		%
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		%	10.3		%	10.5		%
Ratio of net investment income (loss) after taxes to average net assets(4)(5)(9)			10.4		%	10.2		%	10.4		%
Net assets, end of period			$	1,585,048		$	141,462		$	2,012
Weighted average shares outstanding			60,612,620			4,798,726			75,516
Portfolio turnover rate(10)			3.1		%	3.1		%	3.1		%
Asset coverage ratio(11)			200.5		%	200.5		%	200.5		%

(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 1.4% , 1.4%, and 1.4%, as a percent of average net assets for the three months ended March 31, 2026 for Class I, Class S, and Class D. Included in total expenses are incentive fees of 2.7%, 2.7%, and 2.7%, respectively, as a percent of average net assets for the three months ended March 31, 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 three months ended March 31, 2026. The impact of the waiver included in total expenses net of waivers was 2.7% for Class S shares and was not applicable to Class D or Class I shares for the three months ended March 31, 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.

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TPG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

(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.

(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 12.  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 $33 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 April 1, 2026. Additionally, the Company received approximately $17 million of net proceeds relating to the issuance of Class I shares, Class S shares and Class D shares for subscriptions effective May 1, 2026.

On April 23, 2026, the Company’s Board declared net distributions of $0.2000, $0.1824, and $0.1948 per Class I share, Class S share, and Class D share, respectively, payable on May 27, 2026 to shareholders of record as of April 30, 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 March 31, 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 March 31, 2026, we had borrowings of $2.01 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 $31.3 million and $30.2 million of

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interest and unused commitment fees for the three months ended March 31, 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 March 31, 2026, based on fair value, our portfolio consisted of 97.80% first lien senior secured debt investments and 2.20% investments in affiliated funds that hold our equity co-investments. 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 March 31, 2026, we had investments in 270 portfolio companies with an aggregate fair value of $4.5 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 March 31, 2026 and 2025 is presented below (information presented herein is at par value unless otherwise indicated).

(Amounts in thousands)			Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
Principal amount of investments committed (including add-ons):
First lien senior secured debt investments			$	462,322		$	350,015
Investment in affiliated funds			2,820			3,504
Total principal amount of investments committed			$	465,142		$	353,519
Principal amount of investments sold or repaid:
First lien senior secured debt investments			$	(236,357)		$	(86,125)
Investment in affiliated funds			(8,461)			(544)
Total principal amount of investments sold or repaid			$	(244,818)		$	(86,669)
New debt investments(1):
New commitments			$	196,383		$	263,890
Number of new commitments in new portfolio companies(2)			12			15
Average new commitment amount			$	16,365		$	17,593
Weighted average term for new commitments (in years)			5.7			5.2
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 March 31, 2026 and December 31, 2025 our investments consisted of the following:

			March 31, 2026												December 31, 2025
(Amounts in thousands)			Amortized Cost						Fair Value						Amortized Cost						Fair Value
First lien senior secured debt			$	4,392,784					$	4,382,355					$	4,189,885					$	4,173,995
Sponsor subordinated note			414						58						413						59
Investment in affiliated funds			86,501						98,605						87,345						103,670
Total investments			$	4,479,699					$	4,481,018					$	4,277,643					$	4,277,724

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

			March 31, 2026(1)			December 31, 2025(1)
Aerospace and defense			1.9		%	2.0		%
Air freight and logistics			0.5		%	0.5		%
Auto components			2.6		%	2.7		%
Building products			0.5		%	0.5		%
Chemicals			2.3		%	2.3		%
Commercial services and supplies			3.1		%	3.3		%
Construction and engineering			4.2		%	4.3		%
Containers and packaging			2.6		%	2.5		%
Distributors			—		%	—		%
Diversified consumer services			6.6		%	6.8		%
Diversified financial services			0.3		%	—		%
Electrical equipment			2.0		%	1.6		%
Electronic equipment, instruments and components			1.0		%	1.0		%
Food and staples retailing			2.0		%	2.1		%
Food products			2.3		%	2.3		%
Gas utilities			0.1		%	—		%
Health care equipment and supplies			2.8		%	2.7		%
Health care providers and services			25.7		%	25.2		%
Health care technology			1.3		%	1.1		%
Household durables			3.3		%	3.5		%
Industrial Conglomerates			0.4		%	0.4		%
Insurance			0.6		%	0.5		%
Interactive Media & Services			0.5		%	0.5		%
Internet and direct marketing retail			0.5		%	0.5		%
IT services			3.2		%	2.9		%
Leisure equipment and products			0.1		%	0.2		%
Leisure products			—		%	—		%
Life sciences tools and services			1.7		%	1.5		%
Machinery			3.5		%	3.3		%
Media			8.1		%	7.8		%
Multiline Retail			1.2		%	1.3		%
Multisector holdings			2.2		%	2.4		%
Pharmaceuticals			—		%	—		%
Personal products			—		%	—		%

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			March 31, 2026(1)			December 31, 2025(1)
Professional services			0.6		%	0.9		%
Real estate management and development			0.1		%	0.1		%
Semiconductors and semiconductor equipment			—		%	—		%
Software			2.3		%	2.3		%
Specialty retail			1.1		%	0.6		%
Textiles, apparel and luxury goods			0.8		%	0.8		%
Trading companies and distributors			7.9		%	9.5		%
Water utilities			0.1		%	0.1		%
Total			100.0		%	100.0		%

(1)Certain industries round to less than 0.1%

As of March 31, 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 March 31, 2026 and December 31, 2025 were as follows:

			March 31, 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 March 31, 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 March 31, 2026 and December 31, 2025:

						March 31, 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						4,280,154						97.7		%				4,035,067						96.7		%
C						80,528						1.8		%				117,907						2.8		%
D						13,343						0.3		%				12,377						0.3		%
E						8,389						0.2		%				8,703						0.2		%
F						—						—						—						—
Total						$	4,382,414					100.0		%				$	4,174,054					100.0		%

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

			March 31, 2026												December 31, 2025
(Amounts in thousands)			Amortized Cost						Percentage						Amortized Cost						Percentage
Performing			$	4,387,707					99.9		%				$	4,269,041					99.8		%
Non-accrual			5,491						0.1		%				8,602						0.2		%
Total			$	4,393,198					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

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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.

Results of Operations

The following table represents the operating results for the three months ended March 31, 2026 and 2025:

(Amounts in thousands)			Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
Total investment income			$	109,639					$	88,855
Less: expenses and taxes			53,000						46,440
Net investment income (loss)			56,639						42,415
Net realized gain (loss)			3,486						440
Net change in unrealized gain (loss)			1,509						577
Net increase (decrease) in net assets resulting from operations			$	61,634					$	43,432

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 months ended March 31, 2026 and 2025, were as follows:

(Amounts in thousands)			Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
Interest			$	106,023					$	86,544
Payment-in-kind interest			1,448						967
Other			1,728						1,344
Dividends			440						—
Total investment income			$	109,639					$	88,855

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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 March 31, 2026 were $4.5 billion as compared to $3.4 billion as of March 31, 2025.

Expenses

Expenses for the three months ended March 31, 2026, and 2025, were as follows:

(Amounts in thousands)			Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
Interest			$	32,491					$	31,953
Income incentive fees			8,227						6,086
Capital gains incentive fees			344						—
Management fees			7,549						4,922
Other			1,666						995
Professional fees			675						526
Administrative fees			508						376
Offering costs			419						612
Accounting fees			180						173
Insurance fees			172						188
Trustees' fees			58						58
Distribution and shareholder servicing fees:
Class S			610						257
Class D			2						1
Total expenses			$	52,901					$	46,147
Distribution and shareholder servicing fees waived
Class S			—						(74)
Class D			—						(1)
Net expenses			$	52,901					$	46,072

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 months ended March 31, 2026, there were net increases in net assets resulting from operations of $61.6 million, driving the increase in incentive fees, compared to the three months ended March 31, 2025, there were net increases in net assets resulting from operations of $43.4 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.

For the three months ended March 31, 2026, the Administrator charged approximately $508,000 for certain costs and expenses allocable to the Company under the terms of the Administration Agreement. For the three months ended March 31, 2025, the Administrator charged approximately $376,000 for certain costs and expenses allocable to the Company under the terms of the Administration Agreement.

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 months ended March 31, 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. They are treated as corporations for United States federal income tax purposes and are subject to U.S. federal, state or local income tax. For the three months ended March 31, 2026, the Company accrued $1.0 million current federal tax. For the three months ended March 31, 2025, the Company accrued $87,000 current federal tax. For the three months ended March 31, 2026 and 2025, the Company had an increase/(decrease) of $(924,000) and $280,000, respectively, of deferred federal tax related to the corporations, which is included in “deferred federal tax provision” on the consolidated statements of operations. On December 23, 2024, Twin Brook Equity XVIII Corp. was merged with and into its direct parent, Twin Brook Equity XXXIII Corp., with Twin Brook Equity XXXIII Corp. continuing as the surviving entity.

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 months ended March 31, 2026 and 2025, net unrealized gains (losses) on our investment transactions were as follows:

(Amounts in thousands)			Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
Non-controlled, non-affiliated investments			5,459						(1,413)
Non-controlled, affiliated investments			(4,221)						1,599
Interest rate swaps and options			262						436
Foreign currency forward contracts			9						(45)
Net change in unrealized gain (loss) on investment transactions			$	1,509					$	577

For the three months ended March 31, 2026, the net unrealized losses from non-affiliated investments were primarily driven by increased market volatility, offset by unrealized gains driven on equity investments held through our interest in the affiliated funds, Twin Brook Equity Holdings, LLC and Twin Brook Segregated Equity Holdings, LLC. 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 months ended March 31, 2026 and 2025, were as follows:

(Amounts in thousands)			Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
Non-controlled, non-affiliated investments			$	(1,305)					$	48
Non-controlled, affiliated investments			4,797						345
Foreign currency forward contracts			(6)						47
Net realized gain (loss) on investments			$	3,486					$	440

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 $2.0 billion outstanding borrowings as of March 31, 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 March 31, 2026, taken together with our available debt capacity of $381.7 million, is expected to be sufficient for our investing activities and to conduct our operations.

As of March 31, 2026 we had $132.3 million in cash and cash equivalents. During the three months ended March 31, 2026, we used $145.3 million in cash for operating activities, primarily as a result of funding portfolio investments of $417.5 million and partially offset by other operating activities of $272.1 million. Net cash provided by financing activities was $92.8 million during the period, primarily the result of proceeds from the issuance of common shares and debt borrowings.

Equity

As of March 31, 2026, the Company had 101,100,349 shares issued and outstanding with a par value of $0.001 per share.

The following tables summarize transactions in common shares during the three months ended March 31, 2026 and 2025:

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			Three Months Ended March 31, 2026
			Shares						Amount in Thousands
Class I:
Proceeds from shares sold			6,265,487						$	157,878
Share transfers between classes			20,374						513
Distributions reinvested			575,668						14,502
Repurchased shares, net of early repurchase reduction			(1,172,045)						(29,556)
Net increase (decrease)			5,689,484						$	143,337

			Three Months Ended March 31, 2026
			Shares						Amount in Thousands
Class S:
Proceeds from shares sold			699,103						$	17,614
Share transfers between classes			(20,374)						(513)
Distributions reinvested			115,404						2,908
Repurchased shares, net of early repurchase reduction			(51,859)						(1,308)
Net increase (decrease)			742,274						$	18,701

			Three Months Ended March 31, 2026
			Shares						Amount in Thousands
Class D:
Proceeds from shares sold			8,575						$	216
Share transfers between classes			—						—
Distributions reinvested			793						20
Repurchased shares, net of early repurchase reduction			—						—
Net increase (decrease)			9,368						$	236

			Three Months Ended March 31, 2025
			Shares						Amount in Thousands
Class I:
Proceeds from shares sold			5,435,339						$	137,433
Share transfers between classes			2,989						76
Distributions reinvested			366,673						9,272
Repurchased shares, net of early repurchase reduction			(255,521)						(6,464)
Net increase (decrease)			5,549,480						$	140,317

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			Three Months Ended March 31, 2025
			Shares						Amount in Thousands
Class S:
Proceeds from shares sold			1,800,742						$	45,531
Distributions reinvested			65,102						1,646
Repurchased shares, net of early repurchase reduction			(2,189)						(55)
Net increase (decrease)			1,863,655						$	47,122

			Three Months Ended March 31, 2025
			Shares						Amount in Thousands
Class D:
Proceeds from shares sold			11,540						$	292
Share transfers between classes			(2,989)						(76)
Distributions reinvested			606						15
Repurchased shares, net of early repurchase reduction			(1,971)						(50)
Net increase (decrease)			7,186						$	181

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 three months ended March 31, 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

Dividends

We plan to make monthly dividends at the Board’s discretion. The following tables reflect dividends declared on common shares during the three months ended March 31, 2026.

For the Three Months Ended March 31, 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

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For the Three Months Ended March 31, 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

For the Three Months Ended March 31, 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

The following tables reflect dividends declared on common shares for the three months ended March 31, 2025:

For the Three Months Ended March 31, 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

For the Three Months Ended March 31, 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

For the Three Months Ended March 31, 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

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 months ended March 31, 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.

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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.

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 three months ended March 31, 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

(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 three months ended March 31, 2025:

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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			$	6,564		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.

For the three months ended March 31, 2026 and 2025, the components of interest expense were as follows:

(Amounts in thousands)			Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
Interest expense			$	31,310					$	30,170
Amortization of deferred financing costs			1,799						1,783
(Gain) loss from interest rate swaps accounted for as hedges and related hedged items
Interest rate swaps			4,387						—
Hedged items			(5,005)						—
Total interest expense			$	32,491					$	31,953
Average interest rate			6.22		%				6.85		%
Average daily borrowings			$	1,949,412					$	1,709,148

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.

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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 “Truist Credit Facility”), with the lenders and issuing banks party thereto and Truist Bank, as administrative agent. The 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 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 Truist Credit Facility is secured by all assets of the Company and the Guarantor. The Company is subject to meet financial covenants under the Truist Credit Facility agreement.

Private Placement Notes - Series A

On March 19, 2024, the Company entered into a Note Purchase Agreement, governing the issuance of $90,000,000 aggregate principal amount of 7.69% Series A Senior Notes, Tranche A, due March 19, 2027 (the “Tranche A Notes”) and $150,000,000 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 “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 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.

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Total debt consisted of the following as of March 31, 2026:

			As of March 31, 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		$	60,372		$	254,000		$	482,334		$	254,000		Level 3
MSPV Credit Facility			500,000			410,500			7,672			410,500			679,425			410,500			Level 3
SMBC Truist Credit Facility			975,000			232,500			313,695			232,500			2,772,162			232,500			Level 3
Series A Tranche A Notes			90,000			90,000			—			90,121			—			90,548			Level 3
Series A Tranche B Notes			150,000			150,000			—			150,741			—			151,641			Level 3
Series B Tranche A Notes			85,000			85,000			—			85,386			—			84,434			Level 3
Series B Tranche B Notes			25,000			25,000			—			25,000			—			25,000			Level 3
Series B Tranche C Notes			290,000			290,000			—			291,624			—			286,999			Level 3
Series C Tranche A Notes			25,000			25,000			—			24,683			—			24,981			Level 3
Series C Tranche B Notes			75,000			75,000			—			74,928			—			74,870			Level 3
CLO Transaction			369,000			369,000			—			369,000			448,492			369,000			Level 3
Total			$	3,084,000		$	2,006,000		$	381,739		$	2,008,483		$	4,382,413		$	2,004,472

(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.

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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 March 31, 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

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.

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 March 31, 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 March 31, 2026 and December 31, 2025, we had unfunded commitments, including delayed draw term loans and revolvers, with an aggregate principal amount of $1,176 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.

Contractual Obligations

A summary of our contractual payment obligations under our borrowing arrangements as of March 31, 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			$	410.5					$	—					$	—					$	410.5					$	—
Truist Credit Facility			$	232.5					$	—					$	—					$	232.5					$	—
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					$	—
Total			$	2,006.0					$	—					$	350.0					$	1,287.0					$	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.

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

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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 March 31, 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 March 31, 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			$	89.0					$	25.8					$	63.2
Up 100 basis points			$	44.4					$	12.9					$	31.5
Down 100 basis points			$	(44.4)					$	(12.9)					$	(31.5)
Down 200 basis points			$	(88.9)					$	(25.8)					$	(63.1)

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.

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

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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 March 31, 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 March 31, 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

(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 March 31, 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”.

Sixth Amended and Restated Declaration of Trust

On May 8, 2026, the Board adopted the Sixth Amended and Restated Agreement and Declaration of Trust (the “Sixth Amended and Restated Declaration of Trust”) in response to comments issued by certain state securities regulators in connection with their review of the offering of the shares of the Company. As amended, the Sixth Amended and Restated Declaration of Trust: (i) updates the voting threshold in connection with the appointment of a new investment adviser for the Company, in accordance with the North American Securities Administrators Association Guidelines; (ii) states that any fiduciary duties owed to the Company or its shareholders under Delaware law by the Company’s investment adviser or its affiliates may not be limited, modified or waived; and (iii) clarifies that in a conflict of law situation, the Investment Company Act of 1940, as amended (the “1940 Act”), will only govern to the extent it is a mandatory provision as opposed to in all instances of a conflict. The other material terms of the Sixth Amended and Restated Declaration of Trust were unchanged.

Fifth Amended and Restated Bylaws

On May 8, 2026, the Board adopted the Fifth Amended and Restated Bylaws (the “Fifth Amended and Restated Bylaws”), effective the same day, in response to comments issued by certain state securities regulators in connection with their review of the offering of the shares of the Company. As amended, the Fifth Amended and Restated Bylaws: (i) increases the quorum requirement for the Company’s shareholder meetings from one-third of outstanding shares to one-half of outstanding shares; (ii) updates the voting threshold for the election of the trustees to the Board in an uncontested election from a plurality of the votes cast to a majority of the votes cast; and (iii) clarifies that in a conflict of law situation, the 1940 Act, will only govern to the extent it is a mandatory provision as opposed to in all instances of a conflict. The other material terms of the Fifth Amended and Restated Bylaws were unchanged.

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Item 6. Exhibits.

Exhibit No.						Description
3.1*						Sixth Amended and Restated Agreement and Declaration of Trust
3.2*						Fifth Amended and Restated Bylaws
10.1*						Amended and Restated Investment Management Agreement, by and between TPG Twin Brook Capital Income Fund and AGTB Fund Manager, LLC.
10.2*						Amended and Restated Administration Agreement, by and between TPG Twin Brook Capital Income Fund and AGTB Fund Manager, LLC.
10.3*						Amended and Restated Distribution Reinvestment Plan
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
May 12, 2026			By:			/s/ Trevor Clark
						Trevor Clark
						Chief Executive Officer
						(Principal Executive Officer)
May 12, 2026			By:			/s/ Terrence Walters
						Terrence Walters
						Chief Financial Officer and Treasurer
						(Principal Financial Officer and Principal Accounting Officer)

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