# EDGAR Filing Document

**Accession Number:** 0001913724
**File Stem:** 0001628280-26-034673
**Filing Date:** 2026-5
**Character Count:** 83789
**Document Hash:** 6f2ebc09906d7effc3541012a6556573
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-034673.hdr.sgml**: 20260513

**ACCESSION NUMBER**: 0001628280-26-034673

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260513

**DATE AS OF CHANGE**: 20260513

**EFFECTIVENESS DATE**: 20260513

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TPG Twin Brook Capital Income Fund
- **CENTRAL INDEX KEY:** 0001913724

**ORGANIZATION NAME:**
- **EIN:** 886103622
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-286873
- **FILM NUMBER:** 26974449

**BUSINESS ADDRESS:**
- **STREET 1:** 245 PARK AVENUE, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10167
- **BUSINESS PHONE:** (212) 692-8237

**MAIL ADDRESS:**
- **STREET 1:** 245 PARK AVENUE, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10167

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AG Twin Brook Capital Income Fund
- **DATE OF NAME CHANGE:** 20220225

**As filed with the Securities and Exchange Commission on May 13, 2026**

**Securities Act File No. 333-286873**

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM N-2** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

---

| | |
|:---|:---|
| **Pre-Effective Amendment No.** | ☐ |
| **Post-Effective Amendment No. 3** | ☒ |

---

**TPG Twin Brook Capital Income Fund**

**(Exact name of registrant as specified in charter)** 

**245 Park Avenue, 26**<sup>th</sup> **Floor**

**New York, NY 10167**

**(212) 692-2000**

**(Address and telephone number, including area code, of principal executive offices)** 

**<br>Jenny B. Neslin**

**TPG Twin Brook Capital Income Fund**

**245 Park Avenue, 26th Floor**

**New York, NY 10167** 

**(Name and address of agent for service)** 

***COPIES TO:***

**Rajib Chanda, Esq.** 

**Steven Grigoriou, Esq.** 

**Simpson Thacher & Bartlett LLP** 

**900 G Street, N.W.** 

**Washington, DC 20001** 

------

**Approximate Date of Proposed Public Offering:** From time to time after the effective date of this Registration Statement.

If any of the securities being registered on this form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933, other than securities offered in connection with a dividend reinvestment plan, check the following box. ☒

It is proposed that this filing will become effective (check appropriate box)

☒ This post-effective amendment will become effective immediately pursuant to Rule 462(d) under the Securities Act of 1933, as amended.

**EXPLANATORY NOTE** 

This Post-Effective Amendment No. 3 to the Registration Statement on Form N-2 (File No. 333-286873) of TPG Twin Brook Capital Income Fund (the "Registration Statement") is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the "Securities Act"), solely for the purpose of filing exhibits to the Registration Statement. Accordingly, this Post-Effective Amendment No. 3 consists only of a facing page, this explanatory note and Part C of the Registration Statement setting forth the exhibits to the Registration Statement. This Post-Effective Amendment No. 3 does not modify any other part of the Registration Statement. Pursuant to Rule 462(d) under the Securities Act, this Post-Effective Amendment No. 3 shall become effective immediately upon filing with the Securities and Exchange Commission. The contents of the Registration Statement are hereby incorporated by reference.

**PART C** 

**Other Information** 

**Item 25. Financial Statements And Exhibits** 

*(1) Financial Statements* 

The following financial statements of TPG Twin Brook Capital Income Fund are included in Part A of this Registration Statement.

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**INDEX TO FINANCIAL STATEMENT** 

***TPG Twin Brook Capital Income Fund***

---

| | |
|:---|:---|
| | PAGE |
| <u>Report of Independent Registered Public Accounting Firm (PCAOB ID No.</u> 34<u>)</u> | <u>F-2</u> |
| <u>Report of Independent Registered Public Accounting Firm (PCAOB ID No. 238)</u> | <u>F-3</u> |
| <u>Consolidated Statement of Assets and Liabilities as of December 31, 2025 and December 31, 2024</u> | <u>F-4</u> |
| <u>Consolidated Statement of Operations for the Years Ended December 31, 2025, December 31, 2024 and December 31, 2023</u> | <u>F-6</u> |
| <u>Consolidated Statement of Changes of Net Assets for the Years Ended December 31, 2025, December 31, 2024 and December 31, 2023</u>  | <u>F-8</u> |
| <u>Consolidated Statement of Cash Flows for the Years Ended December 31, 2025, December 31, 2024 and December 31, 2023</u> | <u>F-9</u> |
| <u>Consolidated Schedule of Investments as of December 31, 2025 and December 31, 2024</u> | <u>F-11</u> |
| <u>Notes to the Consolidated Financial Statements</u> | <u>F-70</u> |

---

*(2) Exhibits* 

---

| | |
|:---|:---|
| (a)(1) | <u>[Six](https://www.sec.gov/Archives/edgar/data/1913724/000191372426000015/exhibit31q126.htm)[th](https://www.sec.gov/Archives/edgar/data/1913724/000191372426000015/exhibit31q126.htm)[Amended and Restated Declaration of Trust of the Registrant](https://www.sec.gov/Archives/edgar/data/1913724/000191372426000015/exhibit31q126.htm)</u><sup>(21)</sup> |
| (b) | <u>[F](https://www.sec.gov/Archives/edgar/data/1913724/000191372426000015/exhibit32q126.htm)[ifth](https://www.sec.gov/Archives/edgar/data/1913724/000191372426000015/exhibit32q126.htm)[Amended and Restated Bylaws of the Registrant](https://www.sec.gov/Archives/edgar/data/1913724/000191372426000015/exhibit32q126.htm)</u><sup>(21)</sup> |
| (d) | <u>[Form of Subscription Agreement\*](tcap-51326exhibitd.htm)</u> |
| (e) | <u>[Amended and Restated](https://www.sec.gov/Archives/edgar/data/1913724/000191372426000015/exhibit103q126.htm)[Distribution Reinvestment Plan of the Registrant, dated](https://www.sec.gov/Archives/edgar/data/1913724/000191372426000015/exhibit103q126.htm)[May 8](https://www.sec.gov/Archives/edgar/data/1913724/000191372426000015/exhibit103q126.htm)[, 202](https://www.sec.gov/Archives/edgar/data/1913724/000191372426000015/exhibit103q126.htm)[6](https://www.sec.gov/Archives/edgar/data/1913724/000191372426000015/exhibit103q126.htm)</u><sup>(21)</sup> |
| (g) | <u>[Second](https://www.sec.gov/Archives/edgar/data/1913724/000191372426000015/exhibit101q126.htm)[Amended and Restated Investment Management Agreement by and between the Fund and the Adviser, dated](https://www.sec.gov/Archives/edgar/data/1913724/000191372426000015/exhibit101q126.htm)[May 8](https://www.sec.gov/Archives/edgar/data/1913724/000191372426000015/exhibit101q126.htm)[, 202](https://www.sec.gov/Archives/edgar/data/1913724/000191372426000015/exhibit101q126.htm)[6](https://www.sec.gov/Archives/edgar/data/1913724/000191372426000015/exhibit101q126.htm)</u><sup>(21)</sup> |
| (h)(1) | <u>[Amended and Restated Intermediary Manager Agreement, dated March 1, 2023, by and between the Fund and Foreside Financial Services, LLC](https://www.sec.gov/Archives/edgar/data/1913724/000191372423000019/a2022ex102tcaparintermedia.htm)</u><sup>(6)</sup> |
| (h)(2) | <u>[Form of Selected Intermediary Agreement](https://www.sec.gov/Archives/edgar/data/1913724/000191372425000038/exhibith2-selectedintermed.htm)</u><sup>(17)</sup> |
| (h)(3) | <u>[Distribution and Shareholder Servicing Plan of the Registrant, dated March 10, 2026](https://www.sec.gov/Archives/edgar/data/1913724/000191372426000007/a2025exhibit104.htm)</u><sup>(18)</sup> |
| (j) | <u>[Global Custody Agreement, dated December 15, 2022, between the Fund and The Bank of New York Mellon Trust Company, National Association](https://www.sec.gov/Archives/edgar/data/1913724/000191372423000019/a2022exhibit105tcapgca.htm)</u><sup>(6)</sup> |
| (k)(1) | <u>[Second](https://www.sec.gov/Archives/edgar/data/1913724/000191372426000015/exhibit102q126.htm)[Amended and Restated Administration Agreement by and between the Fund and the Administrator, dated](https://www.sec.gov/Archives/edgar/data/1913724/000191372426000015/exhibit102q126.htm)[May 8](https://www.sec.gov/Archives/edgar/data/1913724/000191372426000015/exhibit102q126.htm)[, 202](https://www.sec.gov/Archives/edgar/data/1913724/000191372426000015/exhibit102q126.htm)[6](https://www.sec.gov/Archives/edgar/data/1913724/000191372426000015/exhibit102q126.htm)</u><sup>(21)</sup> |
| (k)(2) | <u>[Transfer Agent Agreement by and between the Fund and DST Systems, Inc., dated October 24, 2022](https://www.sec.gov/Archives/edgar/data/1913724/000119312522286345/d305989dex99k2.htm)</u><sup>(1)</sup> |
| (k)(3) | <u>[Multi-Class Plan of the Registrant, dated October 25, 2022](https://www.sec.gov/Archives/edgar/data/1913724/000119312522286345/d305989dex99k3.htm)</u><sup>(1)</sup> |
| (k)(4) | <u>[Expense Support and Conditional Reimbursement Agreement by and between the Registrant and the Adviser, dated October 25, 2022](https://www.sec.gov/Archives/edgar/data/1913724/000119312522286345/d305989dex99k4.htm)</u><sup>(1)</sup> |
| (k)(5) | <u>[Loan and Servicing Agreement, dated as of June 17, 2022, by and among Twin Brook Capital Funding XXXIII MSPV, LLC, Twin Brook Capital Funding XXXIII, LLC, AGTB Fund Manager, LLC, the Lenders (as defined therein) party thereto, Morgan Stanley Asset Funding Inc. and The Bank of New York Mellon Trust Company, National Association](https://www.sec.gov/Archives/edgar/data/1913721/000113542822000048/ex-101.htm)</u><sup>(3)</sup> |
| (k)(6) | <u>[Amendment No. 1 to Loan and Servicing Agreement, dated as of October 28, 2022, by and among Twin Brook Capital Funding XXXIII MSPV, LLC, Twin Brook Capital Funding XXXIII, LLC, AGTB Fund Manager, LLC, the Lenders (defined therein) party thereto, Morgan Stanley Asset Funding Inc. and The Bank of New York Mellon Trust Company, National Association](https://www.sec.gov/Archives/edgar/data/1913721/000191372122000023/use-ex101xmsupsizeamendment.htm)</u><sup>(4)</sup> |
| (k)(7) | <u>[Amendment No. 3 to Loan and Servicing Agreement, dated as of May 28, 2024, by and among Twin Brook Capital Funding XXXIII MSPV, LLC, AGTB Fund Manager, LLC, the Lenders (defined therein) party thereto, Morgan Stanley Asset Funding, Inc. and the Bank of New York Mellon Trust Company, National Association](https://www.sec.gov/Archives/edgar/data/1913724/000191372424000049/exhibit101-msfacilityamend.htm)</u><sup>(11)</sup> |
| (k)(8) | <u>[Loan, Security and Collateral Management Agreement, dated as of December 13, 2022, by and among Twin Brook Capital Funding XXXIII ASPV, LLC, Twin Brook Capital Funding XXXIII, LLC, AGTB Fund Manager, LLC, the Lenders (defined therein) party thereto, Ally Bank and Computershare Trust Company, National Association](https://www.sec.gov/Archives/edgar/data/1913721/000191372122000031/exhibit101-lscma.htm)</u><sup>(5)</sup> |

---

------

---

| | |
|:---|:---|
| (k)(9) | <u>[First Amendment to Loan, Security and Collateral Management Agreement, dated as of August 9, 2024, by and among Twin Brook Capital Funding XXXIII ASPV, LLC, as the Borrower, AGTB Fund Manager, LLC, as the Collateral Manager, Ally Bank, as the Administrative Agent and as the Swingline Lender, the Required Lenders party thereto and Western Alliance Trust Company, N.A., as the Collateral Custodian](https://www.sec.gov/Archives/edgar/data/1913724/000191372424000076/exhibit107-lscmaamd1.htm)</u><sup>(13)</sup> |
| (k)(10) | <u>[Second Amendment to Loan, Security and Collateral Management Agreement, dated as of October 2, 2025, by and among Twin Brook Capital Income Funding XXXIII ASPV, LLC, as the Borrower, AGTB Fund Manager, LLC, as the Collateral Manager, Ally Bank, as the Administrative Agent and as the Swingline Lender, the Lenders party thereto and Western Alliance Trust Company, N.A., as the Collateral Custodian](https://www.sec.gov/Archives/edgar/data/1913724/000162828025044521/exhibit102ally-twinbrookxs.htm)</u><sup>(20)</sup> |
| (k)(11) | <u>[Senior Secured Revolving Credit Agreement, dated as of November 17, 2023, by and among the Fund, the Lenders and Issuing Banks (as defined therein) party thereto and Truist Bank](https://www.sec.gov/Archives/edgar/data/1913724/000191372423000147/exhibit101-truistca.htm)</u><sup>(10)</sup> |
| (k)(12) | <u>[First Amendment to Senior Secured Revolving Credit Agreement, dated as of August 16, 2024, by and among the Fund, the Lenders and Issuing Banks (as defined therein) party thereto and Truist Bank](https://www.sec.gov/Archives/edgar/data/1913724/000191372424000081/exhibit101-firstamendmentt.htm)</u><sup>(14)</sup> |
| (k)(13) | <u>[Second Amendment to Senior Secured Revolving Credit Agreement, dated as of October 1, 2025, by and among TPG Twin Brook Capital Income Fund, the Lenders, and Issuing Banks (as defined therein) party thereto and Truist Bank](https://www.sec.gov/Archives/edgar/data/1913724/000162828025044521/exhibit101truist-twinbrook.htm)</u><sup>(20)</sup> |
| (k)(14) | <u>[Note Purchase Agreement, dated as of March 19, 2024, by and among the Fund and the purchasers party thereto](https://www.sec.gov/Archives/edgar/data/1913724/000191372425000015/exhibit1016-npa.htm)</u><sup>(16)</sup> |
| (k)(15) | <u>[First Supplement to Master Note Purchase Agreement, dated October 15, 2024, by and among the Fund and the purchasers party thereto](https://www.sec.gov/Archives/edgar/data/1913724/000191372424000093/tcap-ex101npasupplementno1.htm)</u><sup>(15)</sup> |
| (k)(16) | <u>[Second Supplement to Master Note Purchase Agreement, dated June 30, 2025, by and among TPG Twin Brook Capital Income Fund and the purchasers party thereto](https://www.sec.gov/Archives/edgar/data/1913724/000191372425000060/exhibit101-npasupplementno2.htm)</u><sup>(19)</sup> |
| (k)(17) | <u>[Purchase and Placement Agency Agreement, dated as of May 30, 2024, by and among Twin Brook CLO 2024-1 LLC, Twin Brook Capital Funding XXXIII, LLC, Morgan Stanley & Co. LLC and KeyBanc Capital Markets Inc.](https://www.sec.gov/Archives/edgar/data/1913724/000191372424000055/tcap-ex101xpurchaseandplac.htm)</u><sup>(12)</sup> |
| (k)(18) | <u>[Indenture, dated as of May 30, 2024, by and between Twin Brook CLO 2024-1 LLC, as Issuer and Computershare Trust Company, N.A., as Trustee](https://www.sec.gov/Archives/edgar/data/1913724/000191372424000055/tcap-exhibit102xindenture.htm)</u><sup>(12)</sup> |
| (k)(19) | <u>[Credit Agreement, dated as of May 30, 2024, by and between Twin Brook CLO 2024-1 LLC, as Borrower, Various Financial Institutions and Other Persons, as Lenders, Computershare Trust Company, N.A., as Loan Agent, and Computershare Trust Company, N.A., as Collateral Trustee](https://www.sec.gov/Archives/edgar/data/1913724/000191372424000055/tcap-ex103xcreditagreement.htm)</u><sup>(12)</sup> |
| (k)(20) | <u>[Collateral Management Agreement, dated as of May 30, 2024, by and between Twin Brook CLO 2024-1 LLC and AGTB Fund Manager, LLC](https://www.sec.gov/Archives/edgar/data/1913724/000191372424000055/tcap-ex104xcollateralmgmta.htm)</u><sup>(12)</sup> |
| (k)(21) | <u>[Loan Sale Agreement, dated as of May 30, 2024, by and between Twin Brook Capital Funding XXXIII, LLC, as the Seller, and Twin Brook CLO 2024-1 LLC, as the Issuer](https://www.sec.gov/Archives/edgar/data/1913724/000191372424000055/tcap-ex105xloanandsaleagre.htm)</u><sup>(12)</sup> |
| (l) | <u>[Opinion of Richards, Layton & Finger, P.A.](https://www.sec.gov/Archives/edgar/data/1913724/000191372425000038/exhibitlrlfopinion.htm)</u><sup>(17)</sup> |
| (n)(1) | <u>[Consent of Independent Registered Public Accounting Firm for the Fund Deloitte & Touche LLP](https://www.sec.gov/Archives/edgar/data/1913724/000162828026028995/exhibitn1-deloitteconsent26.htm)</u><sup>(22)</sup> |
| (n)(2) | <u>[Consent of Independent Registered Public Accounting Firm for the Fund PricewaterhouseCoopers LLP](https://www.sec.gov/Archives/edgar/data/1913724/000162828026028995/exhibitn2-pwcconsent26.htm)</u><sup>(22)</sup> |
| (n)(3) | <u>[Power of Attorney](https://www.sec.gov/Archives/edgar/data/1913724/000191372425000038/exhibitn3-poa.htm)</u><sup>(17)</sup> |
| (p) | <u>[Subscription Agreement for Seed Capital, dated February 17, 2022](https://www.sec.gov/Archives/edgar/data/1913724/000119312522286345/d305989dex99p.htm)</u><sup>(1)</sup> |
| (r) | <u>[Joint Code of Ethics of the Fund and the Adviser](https://www.sec.gov/Archives/edgar/data/1913724/000191372425000015/a2024ex141-jointcodeofethi.htm)</u><sup>(16)</sup> |
| (s) | <u>[Calculation of Filing Fee Tables](https://www.sec.gov/Archives/edgar/data/1913724/000191372425000038/exhibits-filingfees.htm)</u><sup>(17)</sup> |
| \* | Filed herewith. |
| (1) | Previously filed as an exhibit to the Registration Statement on Form N-2 (File No. 333-268405), filed on November 16, 2022 and incorporated herein by reference. |
| (2) | Previously filed as an exhibit to the Registration Statement on Form N-2 (File No. 333-268405), filed on December 12, 2022 and incorporated herein by reference. |
| (3) | Previously filed as an exhibit to AGTB Private BDC's Current Report on Form 8-K (File No. 814-01520), filed on June 24, 2022 and incorporated herein by reference. |
| (4) | Previously filed as an exhibit to AGTB Private BDC's Current Report on Form 8-K (File No. 814-01520), filed on November 1, 2022 and incorporated herein by reference. |
| (5) | Previously filed as an exhibit to AGTB Private BDC's Current Report on Form 8-K (File No. 814-01520), filed on December 19, 2022 and incorporated herein by reference. |
| (6) | Previously filed as an exhibit to TPG Twin Brook Capital Income Fund's Annual Report on Form 10-K (File No. 814-01523), filed on March 17, 2023 and incorporated herein by reference. |
| (7) | Previously filed as an exhibit to TPG Twin Brook Capital Income Fund's Current Report on Form 8-K (File No. 814-01523), filed on September 8, 2023 and incorporated herein by reference. |

---

------

(8) Previously filed as an exhibit to TPG Twin Brook Capital Income Fund's Post-Effective Amendment No. 6 to the Registration Statement on Form N-2 (File No. 333-268405), filed on May 1, 2024 and incorporated herein by reference.

(9) Previously filed as an exhibit to TPG Twin Brook Capital Income Fund's Current Report on Form 8-K (File No. 814-01523), filed on November 2, 2023 and incorporated herein by reference.

(10) Previously filed as an exhibit to TPG Twin Brook Capital Income Fund's Current Report on Form 8-K (File No. 814-01523), filed on November 22, 2023 and incorporated herein by reference.

(11) Previously filed as an exhibit to TPG Twin Brook Capital Income Fund's Current Report on Form 8-K (File No. 814-01523), filed on June 3, 2024 and incorporated herein by reference.

(12) Previously filed as an exhibit to TPG Twin Brook Capital Income Fund's Current Report on Form 8-K (File No. 814-01523), filed on June 5, 2024 and incorporated herein by reference.

(13) Previously filed as an exhibit to TPG Twin Brook Capital Income Fund's Quarterly Report on Form 10-Q (File No. 814-01523), filed on August 13, 2024 and incorporated herein by reference.

(14) Previously filed as an exhibit to TPG Twin Brook Capital Income Fund's Current Report on Form 8-K (File No. 814-01523), filed on August 16, 2024 and incorporated herein by reference.

(15) Previously filed as an exhibit to TPG Twin Brook Capital Income Fund's Current Report on Form 8-K (File No. 814-01523), filed on October 21, 2024 and incorporated herein by reference.

(16) Previously filed as an exhibit to TPG Twin Brook Capital Income Fund's Annual Report on Form 10-K (File No. 814-01523), filed on March 17, 2025 and incorporated herein by reference.

(17) Previously filed as an exhibit to the Registration Statement on Form N-2 (File No. 333-286873), filed on April 30, 2025 and incorporated herein by reference.

(18) Previously filed as an exhibit to TPG Twin Brook Capital Income Fund's Annual Report on Form 10-K (File No. 814-01523), filed on March 16, 2026 and incorporated herein by reference.

(19) Previously filed as an exhibit to TPG Twin Brook Capital Income Fund's Current Report on Form 8-K (File No. 814-01523), filed on July 2, 2025 and incorporated herein by reference.

(20) Previously filed as an exhibit to TPG Twin Brook Capital Income Fund's Current Report on Form 8-K (File No. 814-01523), filed on October 7, 2025 and incorporated herein by reference.

(21) Previously filed as an exhibit to TPG Twin Brook Capital Income Fund's Quarterly Report on Form 10-Q (File No. 814-01523) filed on May 12, 2026 and incorporated herein by reference.

(22) Previously filed as an exhibit to the Registration Statement on Form N-2 (File No. 333-286873), filed on April 30, 2026 and incorporated herein by reference.

**Item 26. Marketing Arrangements** 

The information contained under the heading "Plan of Distribution" in this Registration Statement is incorporated herein by reference.

**Item 27. Other Expenses Of Issuance And Distribution** 

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| | |
|:---|:---|
| SEC registration fee | $551000 |
| FINRA filing fee | $225500 |
| Legal | $5000000 |
| Printing | $700000 |
| Accounting | $100000 |
| Blue Sky Expenses | $350000 |
| Advertising and sales literature | $700000 |
| Due Diligence | $300000 |
| Miscellaneous fees and expenses | $850000 |
| Total | $8776500 |

---

**Item 28. Persons Controlled By Or Under Common Control** 

------

None.

**Item 29. Number Of Holders Of Securities** 

The following table sets forth the number of record holders of the Registrant's common shares at March 31, 2026.

---

| | |
|:---|:---|
| **Title of Class** | **Number of Record Holder** |
| Class I Common shares of beneficial interest, $0.001 par value | 3218 |
| Class S Common shares of beneficial interest, $0.001 par value | 2031 |
| Class D Common shares of beneficial interest, $0.001 par value | 53 |

---

**Item 30. Indemnification** 

The information contained under the heading "*Description of our Shares*." "*Investment Management Agreement and Administration Agreement*" and "*Plan of Distribution—Indemnification*" in this Registration Statement is incorporated herein by reference.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to Trustees, officers and controlling persons of the Registrant pursuant to the provisions described above, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a Trustee, officer or controlling person in the successful defense of an action suit or proceeding) is asserted by a Trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is again public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

Prior to the date on which we consummate the initial sales pursuant to this offering, the Registrant expects to obtain liability insurance for the benefit of its Trustees and officers (other than with respect to claims resulting from the willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office) on a claims-made basis.

**Item 31. Business and Other Connections of Adviser** 

A description of any other business, profession, vocation or employment of a substantial nature in which AGTB Fund Manager, LLC, and each managing director, director or executive officer of AGTB Fund Manager, LLC, is or has been, during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, partner or trustee, is set forth in Part A of this Registration Statement in the section entitled "Management of the Fund." Additional information regarding AGTB Fund Manager, LLC and its officers and managing member is set forth in its Form ADV, as filed with the Securities and Exchange Commission (SEC File No. 801-123304), and is incorporated herein by reference.

**Item 32. Location of Accounts and Records** 

All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, and the rules thereunder are maintained at the offices of:

4) the Registrant;

5) the transfer agent;

6) the Custodian;

7) the Adviser; and

8) the Administrator.

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**Item 33. Management Services** 

Not Applicable.

**Item 34. Undertakings** 

We hereby undertake:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment will be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time will be deemed to be the initial bona fide offering thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) that, for the purpose of determining liability under the Securities Act to any purchaser, if the Registrant is subject to Rule 430C 17 CFR 230.430C: Each prospectus filed pursuant to Rule 497(b), (c), (d) or (e) under the Securities Act 17 CFR 230.497(b), (c), (d) or (e) as part of a registration statement relating to an offering, other than prospectuses filed in reliance on Rule 430A under the Securities Act 17 CFR 230.430A, will be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) that for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of securities. The undersigned Registrant undertakes that in an offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 497 under the Securities Act 17 CFR 230.497;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the portion of any advertisement pursuant to Rule 482 under the Securities Act 17 CFR 230.482 relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, as amended (the "Securities Act"), the Registrant has caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Chicago, State of Illinois on the 13th day of May, 2026.

---

| | |
|:---|:---|
| TPG TWIN BROOK CAPITAL INCOME FUND | TPG TWIN BROOK CAPITAL INCOME FUND |
| By: | /s/ Trevor Clark |
| Name: | Trevor Clark |
| Title: | Chief Executive Officer and President |

---

Pursuant to the requirements of the Securities Act, this registration statement on Form N-2 has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | &nbsp;&nbsp;**Title** | &nbsp;&nbsp;**Date** |
| /s/ Trevor Clark | &nbsp;&nbsp;&nbsp;Chairman, Chief Executive Officer and President | &nbsp;&nbsp;&nbsp;May 13, 2026 |
| Trevor Clark |  |  |
| /s/ Terrence Walters | &nbsp;&nbsp;&nbsp;Chief Financial Officer and Treasurer | &nbsp;&nbsp;&nbsp;May 13, 2026 |
| Terrence Walters |  |  |
| /s/ James E. Bowers\* | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;May 13, 2026 |
| James E. Bowers |  |  |
| /s/ James N. Hallene\* | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;May 13, 2026 |
| James N. Hallene |  |  |
| /s/ Lance A. Ludwick\* | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;May 13, 2026 |
| Lance A. Ludwick |  |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Terrence Walters  |
|  | Terrence Walters |
|  | As Agent or Attorney-in-Fact |

---

May 13, 2026

The original powers of attorney authorizing Trevor Clark, Terrence Walters and Jenny B. Neslin to execute the Registration Statement, and any amendments thereto, for the trustees of the Registrant on whose behalf this Amendment is filed have been executed and filed as an Exhibit to the Registration Statement on Form N-2 (File No. 333-286873), filed on April 30, 2026, and incorporated herein by reference.

## Ex-99.(D)

**Exhibit (d)**

**APPENDIX A: FORM OF SUBSCRIPTION AGREEMENT** 

*Not for Execution* 

**Subscription Agreement for Shares of** 

**TPG Twin Brook Capital Income Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;**1.**&nbsp;&nbsp;&nbsp;&nbsp;**Your Investment**<br>

**A. Investment Information** 

Investment Amount $<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

**B. Investment Method** 

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

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

Name: TPG TWIN BROOK CAPITAL INCOME FUND

Bank Name: [&nbsp;&nbsp;&nbsp;&nbsp;]

ABA: [&nbsp;&nbsp;&nbsp;&nbsp;]

DDA: [&nbsp;&nbsp;&nbsp;&nbsp;]

☐ 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** 

---

| | | |
|:---|:---|:---|
| ☐&nbsp;&nbsp;&nbsp;&nbsp;Share Class S | ☐&nbsp;&nbsp;&nbsp;&nbsp;Share Class D \*\* | ☐&nbsp;&nbsp;&nbsp;&nbsp;Share Class I \*\* |
| (The minimum investment is *$2,500*<br> (unless waived)) | (The minimum investment is *$2,500*<br>(unless waived)) | (The minimum investment is *$1,000,000* (unless waived)) |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**2.**&nbsp;&nbsp;&nbsp;&nbsp;**Ownership Type (Select only one)** <br>

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;**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**<br> *(See Form W-9 instructions at www.irs.gov)* |

---

------

**Exhibit (d)**

Entity Address (*Legal Address.* ***Required****)* <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Entity Type *(Select one.* ***Required****)* 

☐ Retirement Plan&nbsp;&nbsp;&nbsp;&nbsp; ☐ Trust &nbsp;&nbsp;&nbsp;&nbsp; ☐ S-Corp &nbsp;&nbsp;&nbsp;&nbsp; ☐ C-Corp &nbsp;&nbsp;&nbsp;&nbsp; ☐ LLC &nbsp;&nbsp;&nbsp;&nbsp; ☐ Partnership &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exempt payee code (if any) <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

---

| | |
|:---|:---|
| ☐ Other <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> | ☐ Jurisdiction (if Non-U.S.) <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>&nbsp;&nbsp;&nbsp;&nbsp;*(Attach a completed applicable Form W-8)*&nbsp;&nbsp;&nbsp;&nbsp; |

---

Exemption from FATCA reporting code *(if any)* <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;**3.**&nbsp;&nbsp;&nbsp;&nbsp;**Investor Information**<br>

**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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (MI) | Last Name |  | Gender |
| Social Security Number / Tax ID | Date of Birth (MM/DD/YYYY) | Daytime Phone Number | 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*) <br> Country of Citizenship

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

☐ 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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (MI) | Last Name |  | Gender |
| Social Security Number / Tax ID | Date of Birth (MM/DD/YYYY) | Daytime Phone Number | 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*) <br> Country of Citizenship

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

☐ TPG Employee ☐ TPG Officer/Director ☐ Immediate Family Member of TPG Officer or Director ☐ TPG Affiliate ☐ Not Applicable

------

**Exhibit (d)**

**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%.)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;First Name | (MI) | &nbsp;&nbsp;&nbsp;Last Name | &nbsp;&nbsp;&nbsp;SSN | &nbsp;&nbsp;&nbsp;Date of Birth<br>(MM/DD/YYYY) | ☐ Primary<br>☐ Secondary <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>% |
| &nbsp;&nbsp;&nbsp;First Name | (MI) | &nbsp;&nbsp;&nbsp;Last Name | &nbsp;&nbsp;&nbsp;SSN | &nbsp;&nbsp;&nbsp;Date of Birth<br>(MM/DD/YYYY) | ☐ Primary<br>☐ Secondary <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>% |
| &nbsp;&nbsp;&nbsp;First Name | (MI) | &nbsp;&nbsp;&nbsp;Last Name | &nbsp;&nbsp;&nbsp;SSN | &nbsp;&nbsp;&nbsp;Date of Birth<br>(MM/DD/YYYY) | ☐ Primary<br>☐ Secondary <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>% |
| &nbsp;&nbsp;&nbsp;First Name | (MI) | &nbsp;&nbsp;&nbsp;Last Name | &nbsp;&nbsp;&nbsp;SSN | &nbsp;&nbsp;&nbsp;Date of Birth<br>(MM/DD/YYYY) | ☐ Primary<br>☐ Secondary <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>% |

---

Custodian/Guardian for a minor Beneficiary ***(required****, cannot be same as Investor or Co-Investor****)***: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

------

**Exhibit (d)**

**D. ERISA Plan Asset Regulations** 

*All investors are required to complete Appendix B attached hereto.* 

**4.**&nbsp;&nbsp;&nbsp;&nbsp;**Contact Information (If different than provided in Section 3A)**<br>

Mailing Address City State Zip Code

**5.**&nbsp;&nbsp;&nbsp;&nbsp;**Select How You Want to Receive Your Distributions (Please Read Entire Section and Select only one)**<br>

**You are <u>automatically</u> 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 <u>DO NOT</u>** wish to be enrolled in the Distribution Reinvestment Plan and complete the Cash Distribution Information section below**.** 

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;**D.**&nbsp;&nbsp;&nbsp;&nbsp;☐ **Check mailed to Third party Financial Institution (complete section below)**

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

☐ **If you <u>ARE</u>** a resident of <u>Alabama</u>, <u>Arkansas</u>, <u>California</u>, <u>Idaho</u>, <u>Kansas</u>, <u>Kentucky</u>, <u>Maine</u>, <u>Maryland</u>, <u>Massachusetts</u>, <u>Nebraska</u>, <u>New Jersey</u>, <u>North Carolina</u>, <u>Ohio</u>, <u>Oklahoma,</u> <u>Oregon</u>, <u>Tennessee, Vermont</u> or <u>Washington</u>, 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.***

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Institution Name | &nbsp;&nbsp;&nbsp;&nbsp;Mailing Address | &nbsp;&nbsp;&nbsp;&nbsp;City | &nbsp;&nbsp;&nbsp;&nbsp;State | &nbsp;&nbsp;&nbsp;&nbsp;Zip Code |
| &nbsp;&nbsp;&nbsp;&nbsp;Your Bank's ABA Routing Number | &nbsp;&nbsp;&nbsp;&nbsp;Your Bank's ABA Routing Number | &nbsp;&nbsp;&nbsp;&nbsp;Your Bank Account Number | &nbsp;&nbsp;&nbsp;&nbsp;Your Bank Account Number | &nbsp;&nbsp;&nbsp;&nbsp;Your Bank Account Number |

---

**6.**&nbsp;&nbsp;&nbsp;&nbsp;**Broker / Financial Advisor Information (Required Information. All fields must be completed.)**<br>

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.

---

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

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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 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

------

**Exhibit (d)**

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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| X | | | X | | |
|  | *Financial Advisor Signature* | *Date* |  | *Branch Manager Signature*<br>*(If required by Broker)* | *Date* |

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**7.**&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Delivery Opt-Out Form (Optional)**<br>

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.**&nbsp;&nbsp;&nbsp;&nbsp;**Subscriber Signatures**<br>

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** 

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Primary<br> Investor <br>Initials** | &nbsp;&nbsp;&nbsp;**Co-<br> Investor <br>Initials** |
| (i)&nbsp;&nbsp;&nbsp;&nbsp;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. |  |  |
|  | &nbsp;&nbsp;&nbsp;*Initials*  | &nbsp;&nbsp;&nbsp;*Initials*  |
| (ii)&nbsp;&nbsp;&nbsp;&nbsp;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. |  |  |
|  | &nbsp;&nbsp;&nbsp;*Initials*  | &nbsp;&nbsp;&nbsp;*Initials*  |

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**Exhibit (d)**

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| | |
|:---|:---|
| (iii)&nbsp;&nbsp;&nbsp;&nbsp;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." |  |
|  | &nbsp;&nbsp;&nbsp;*Initials*  |
| (iv)&nbsp;&nbsp;&nbsp;&nbsp;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. |  |
|  | &nbsp;&nbsp;&nbsp;*Initials*  |
| (v)&nbsp;&nbsp;&nbsp;&nbsp;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.  |  |
|  | &nbsp;&nbsp;&nbsp;*Initials*  |
| (vi)&nbsp;&nbsp;&nbsp;&nbsp;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. |  |
|  | &nbsp;&nbsp;&nbsp;*Initials*  |
| (vii)&nbsp;&nbsp;&nbsp;&nbsp;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. |  |
|  | &nbsp;&nbsp;&nbsp;*Initials*  |
| (viii)&nbsp;&nbsp;&nbsp;&nbsp;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. |  |
|  | &nbsp;&nbsp;&nbsp;*Initials*  |
| (ix)&nbsp;&nbsp;&nbsp;&nbsp;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. |  |
|  | &nbsp;&nbsp;*Initials* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;If I am a New Jersey investor, I acknowledge that, assuming a constant NAV per share of $25.00, TPG Twin<br>Brook Capital Income Fund expects that a one-time investment in 400 shares of each class of shares of<br>TPG Twin Brook Capital Income Fund (representing an aggregate net asset value of $10,000 for each class)<br>over a course of 5 years would be subject to the following shareholder servicing and/or distribution fees:<br>$425 for Class S shares, $125 for Class D shares and $0 for Class I shares. In addition, although neither<br>TPG Twin Brook Capital Income Fund nor the Intermediary Manager will charge an upfront sales load with<br>respect to Class S shares, Class D shares or Class I shares, if I buy Class S shares or Class D shares through<br>certain financial intermediaries, they may directly charge me transaction or other fees, including upfront<br>placement fees or brokerage commissions, in such amount as they may determine, provided that selling<br>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.<br>Selling agents will not charge such fees on Class I shares. |  |
|  | &nbsp;&nbsp;*Initials* |

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**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:

&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;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

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

&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;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.

------

**Exhibit (d)**

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| X | | | &nbsp;&nbsp;&nbsp;X | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Signature of Investor* | *Date* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Signature of Co-Investor or Custodian*<br>*(If applicable)* | *Date* |

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

**9.**&nbsp;&nbsp;&nbsp;&nbsp;**Miscellaneous**<br>

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.

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| | | |
|:---|:---|:---|
| **PO Box:** | **Street Address (overnight):** | **Toll Free Number** |
| TPG Angelo Gordon<br>PO Box 219400<br>Kansas City, MO 64121-9400 | TPG Angelo Gordon<br>430 W 7th Street Suite 219400<br>Kansas City, MO 64105-1407 | (844) 298-1372<br>**Fax Number**<br>(833) 967-4138 |

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**Exhibit (d)**

**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.

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| | | |
|:---|:---|:---|
| | **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.  |  |  |
|  | *Initials* | *Initials* |

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**Exhibit (d)**

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| | |
|:---|:---|
| 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* |
| 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* |
| 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* |
| 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* |
| 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* |
| 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* |
| 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* |
| 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* |

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**Exhibit (d)**

**Appendix B: Additional Questionnaire**<br>

***Instructions: <u>All</u> purchasers please complete this <u>Appendix B</u> in its entirety.***

**&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Are you a "benefit plan investor" within the meaning of the Plan Asset Regulations**<sup>1</sup> **or will you use the assets of a "benefit plan investor"**<sup>2</sup> **to invest in TPG Twin Brook Capital Income Fund?**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□&nbsp;&nbsp;&nbsp;&nbsp;**Yes **&nbsp;&nbsp;&nbsp;&nbsp;□&nbsp;&nbsp;&nbsp;&nbsp;**No

&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;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:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_______%

&nbsp;&nbsp;&nbsp;&nbsp;**3.&nbsp;&nbsp;&nbsp;&nbsp;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**?**

_______%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.&nbsp;&nbsp;&nbsp;&nbsp;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.

**□&nbsp;&nbsp;&nbsp;&nbsp;**Yes **&nbsp;&nbsp;&nbsp;&nbsp;□&nbsp;&nbsp;&nbsp;&nbsp;**No

<sup>1</sup> "**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.

<sup>2</sup> 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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**Exhibit (d)**

**Appendix C: International Wire Instructions**<br>

Intermediary (US) Bank Name Intermediary (US) Bank ABA / SWIFT <br>  

Beneficiary Name Receiving Bank Name*(final destination)* Receiving Bank Acct #<br>(DDA) Beneficiary Info <br>    

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

<br>