# EDGAR Filing Document

**Accession Number:** 0001913724
**File Stem:** 0001913724-25-000072
**Filing Date:** 2025-8
**Character Count:** 633278
**Document Hash:** 1d4f93985a646d6503a1567ea40e5a6b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001913724-25-000072.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001913724-25-000072

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 81

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250811

**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:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01523
- **FILM NUMBER:** 251203545

**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

?xml version='1.0' encoding='ASCII'? tcap-20250630

<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM 10-Q**

**(Mark One)**

⌧ **QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended June 30, 2025**

**OR**

□ **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

**<u>TPG Twin Brook Capital Income Fund</u>**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **88-6102187** |
| (State or other jurisdiction of incorporation or <br>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<br>Symbol(s)** | **Name of each exchange<br>on which registered** |

---

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** ⌧ **No** □

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** ⌧ **No** □

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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Large accelerated filer** | □ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Accelerated filer** | □ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Non-accelerated filer** | ⌧ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Smaller reporting company** | □ |
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Emerging growth company** | ⌧ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

**Yes** □ **No** ⌧

The number of shares of the Registrant's common shares of beneficial interest ("Common Shares"), $0.001 par value per share, outstanding as of August 11, 2025 was 70,609,408, 8,165,427 and 96,643 of Class I, Class S and Class D Common Shares, respectively. Common Shares outstanding exclude August 1, 2025 subscriptions since the issuance price is not yet finalized at the date of this filing.

------

<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| <u>[PART I](#i0806bb0f32364600b5bab6343dc9bfbb_10)</u> | <u>[FINANCIAL INFORMATION](#i0806bb0f32364600b5bab6343dc9bfbb_10)</u> | <u>[2](#i0806bb0f32364600b5bab6343dc9bfbb_10)</u> |
| <u>[Item 1.](#i0806bb0f32364600b5bab6343dc9bfbb_13)</u> | <u>[Financial Statements](#i0806bb0f32364600b5bab6343dc9bfbb_13)</u> | <u>[2](#i0806bb0f32364600b5bab6343dc9bfbb_13)</u> |
|  | <u>[Consolidated Statements of Assets and Liabilities as of](#i0806bb0f32364600b5bab6343dc9bfbb_16)June 30, 2025[(Unaudited)](#i0806bb0f32364600b5bab6343dc9bfbb_16) and December 31, 2024</u> | <u>[2](#i0806bb0f32364600b5bab6343dc9bfbb_16)</u> |
|  | <u>[Consolidated Statements of Operations for the](#i0806bb0f32364600b5bab6343dc9bfbb_19)Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)</u> | <u>[4](#i0806bb0f32364600b5bab6343dc9bfbb_19)</u> |
|  | <u>[Consolidated Statements of Changes in Net Assets for the](#i0806bb0f32364600b5bab6343dc9bfbb_22)Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)</u> | <u>[6](#i0806bb0f32364600b5bab6343dc9bfbb_22)</u> |
|  | <u>[Consolidated Statements of Cash Flows for the](#i0806bb0f32364600b5bab6343dc9bfbb_25)Six Months Ended June 30, 2025 and 2024 (Unaudited)</u> | <u>[7](#i0806bb0f32364600b5bab6343dc9bfbb_25)</u> |
|  | <u>[Consolidated Schedules of Investments as of](#i0806bb0f32364600b5bab6343dc9bfbb_28)June 30, 2025[(Unaudited)](#i0806bb0f32364600b5bab6343dc9bfbb_28) and December 31, 2024</u>  | <u>[9](#i0806bb0f32364600b5bab6343dc9bfbb_28)</u> |
|  | <u>[Notes to Consolidated Financial Statements (Unaudited)](#i0806bb0f32364600b5bab6343dc9bfbb_40)</u> | <u>[66](#i0806bb0f32364600b5bab6343dc9bfbb_40)</u> |
| <u>[Item 2.](#i0806bb0f32364600b5bab6343dc9bfbb_82)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i0806bb0f32364600b5bab6343dc9bfbb_82)</u> | <u>[108](#i0806bb0f32364600b5bab6343dc9bfbb_82)</u> |
| <u>[Item 3.](#i0806bb0f32364600b5bab6343dc9bfbb_124)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i0806bb0f32364600b5bab6343dc9bfbb_124)</u> | <u>[129](#i0806bb0f32364600b5bab6343dc9bfbb_124)</u> |
| <u>[Item 4.](#i0806bb0f32364600b5bab6343dc9bfbb_127)</u> | <u>[Controls and Procedures](#i0806bb0f32364600b5bab6343dc9bfbb_127)</u> | <u>[130](#i0806bb0f32364600b5bab6343dc9bfbb_127)</u> |
| <u>[PART II](#i0806bb0f32364600b5bab6343dc9bfbb_130)</u> | <u>[OTHER INFORMATION](#i0806bb0f32364600b5bab6343dc9bfbb_130)</u> | <u>[131](#i0806bb0f32364600b5bab6343dc9bfbb_130)</u> |
| <u>[Item 1.](#i0806bb0f32364600b5bab6343dc9bfbb_133)</u> | <u>[Legal Proceedings](#i0806bb0f32364600b5bab6343dc9bfbb_133)</u> | <u>[131](#i0806bb0f32364600b5bab6343dc9bfbb_133)</u> |
| <u>[Item 1A.](#i0806bb0f32364600b5bab6343dc9bfbb_136)</u> | <u>[Risk Factors](#i0806bb0f32364600b5bab6343dc9bfbb_136)</u> | <u>[131](#i0806bb0f32364600b5bab6343dc9bfbb_136)</u> |
| <u>[Item 2.](#i0806bb0f32364600b5bab6343dc9bfbb_139)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i0806bb0f32364600b5bab6343dc9bfbb_139)</u> | <u>[131](#i0806bb0f32364600b5bab6343dc9bfbb_139)</u> |
| <u>[Item 3.](#i0806bb0f32364600b5bab6343dc9bfbb_142)</u> | <u>[Defaults Upon Senior Securities](#i0806bb0f32364600b5bab6343dc9bfbb_142)</u> | <u>[131](#i0806bb0f32364600b5bab6343dc9bfbb_142)</u> |
| <u>[Item 4.](#i0806bb0f32364600b5bab6343dc9bfbb_145)</u> | <u>[Mine Safety Disclosures](#i0806bb0f32364600b5bab6343dc9bfbb_145)</u> | <u>[131](#i0806bb0f32364600b5bab6343dc9bfbb_145)</u> |
| <u>[Item 5.](#i0806bb0f32364600b5bab6343dc9bfbb_148)</u> | <u>[Other Information](#i0806bb0f32364600b5bab6343dc9bfbb_148)</u> | <u>[131](#i0806bb0f32364600b5bab6343dc9bfbb_148)</u> |
| <u>[Item 6.](#i0806bb0f32364600b5bab6343dc9bfbb_151)</u> | <u>[Exhibits](#i0806bb0f32364600b5bab6343dc9bfbb_151)</u> | <u>[132](#i0806bb0f32364600b5bab6343dc9bfbb_151)</u> |
| <u>[Signatures](#i0806bb0f32364600b5bab6343dc9bfbb_154)</u> | <u>[Signatures](#i0806bb0f32364600b5bab6343dc9bfbb_154)</u> | <u>[133](#i0806bb0f32364600b5bab6343dc9bfbb_154)</u> |

---

------

<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**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)**

---

| | | |
|:---|:---|:---|
| | | **December 31, 2024** |
| | **June 30, 2025**<br>**(Unaudited)** | **December 31, 2024** |
| **Assets** | | |
| Investments at fair value: |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments at fair value (amortized cost of $3,518,654 and $3,084,619, respectively) | $3512536 | $3080569 |
| &nbsp;&nbsp;Non-controlled/affiliated investments at fair value (amortized cost of $80,957 and $74,552, respectively) | 91868 | 80654 |
| Cash and cash equivalents (restricted cash of $62,564 and $71,863, respectively) | 136198 | 161064 |
| Deferred financing costs | 26190 | 27997 |
| Interest receivable | 14979 | 12479 |
| Unrealized gain on derivative contracts | 4630 | 1021 |
| Deferred offering costs | 818 | 1035 |
| Prepaid expenses | 504 | 1057 |
| Other assets | 693 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $3788416 | $3366488 |
| **Liabilities** |  |  |
| Debt (Note 5) | 1804922 | 1745999 |
| Interest payable | 28385 | 33546 |
| Dividend payable | 16550 | 14602 |
| Income incentive fee payable | 6718 | 5465 |
| Capital gains incentive fee payable | 277 |  |
| Management fees payable | 5580 | 4578 |
| Unrealized loss on derivative contracts | 3641 | 14000 |
| Accrued expenses and other liabilities payable to affiliate | 3028 | 3118 |
| Deferred tax liability | 2574 | 1575 |
| Deferred income | 2086 | 2373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | $1873761 | $1825256 |
| Commitments and contingencies (Note 8) |  |  |
| **Net assets** |  |  |
| Common shares $0.001 par value, unlimited shares authorized; 75,654,705 and 60,925,719 shares issued and outstanding, respectively | $76 | $61 |
| Additional paid-in-capital | 1916242 | 1544845 |
| Total distributable earnings (loss) | (1663) | (3674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net assets** | 1914655 | 1541232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and net assets** | $3788416 | $3366488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net asset value per share** | $25.31 | $25.30 |

---

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

------

<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Statements of Assets and Liabilities**

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

---

| | | |
|:---|:---|:---|
| | | **December 31, 2024** |
| | **June 30, 2025**<br>**(Unaudited)** | **December 31, 2024** |
| **Net Asset Value per Share** | | |
| **Class I Shares:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1721873 | $1445050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common shares $0.001 par value, unlimited shares authorized | 68037249 | 57123580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $25.31 | $25.30 |
| **Class S Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $190578 | $94351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common shares $0.001 par value, unlimited shares authorized | 7530387 | 3729761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $25.31 | $25.30 |
| **Class D Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $2204 | $1831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common shares $0.001 par value, unlimited shares authorized | 87069 | 72378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $25.31 | $25.30 |

---

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

------

<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Statements of Operations**

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

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months <br>Ended<br>June 30,<br>2025** | **Three Months <br>Ended<br>June 30,<br>2024** | **Six Months <br>Ended<br>June 30,<br>2025** | **Six Months <br>Ended<br>June 30,<br>2024** |
| **Investment income** | | | | |
| Investment income from non-controlled, non-affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $93239 | $60839 | $179783 | $107587 |
| &nbsp;&nbsp;&nbsp;Payment-in-kind interest | 1277 | 471 | 2244 | 1278 |
| &nbsp;&nbsp;&nbsp;Other | 1437 | 2409 | 2781 | 3616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income from non-controlled, non-affiliated investments: | 95953 | 63719 | 184808 | 112481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 95953 | 63719 | 184808 | 112481 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $32605 | $19669 | $64558 | $35127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income incentive fees<sup>(1)</sup> | 6718 | 4807 | 12804 | 8390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains incentive fees<sup>(1)</sup> | 277 | 62 | 277 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees<sup>(1)</sup> | 5580 | 3437 | 10502 | 6084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1306 | 458 | 2301 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 597 | 531 | 1123 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs | 486 | 377 | 1098 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative fees<sup>(1)</sup> | 454 | 363 | 830 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting fees | 255 | 141 | 428 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 77 | 308 | 265 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | 58 | 45 | 116 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and shareholder servicing fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 374 | 123 | 631 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class D | 1 | 1 | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 48788 | 30322 | 94935 | 53743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and shareholder servicing fees waived |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | (113) | (87) | (187) | (149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class D | (1) |  | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net expenses** | 48674 | 30235 | 94746 | 53594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss) before taxes** | 47279 | 33484 | 90062 | 58887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred federal tax provision<sup>(2)</sup> | 720 | (95) | 1000 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current federal tax<sup>(2)</sup> | 76 | 32 | 163 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss) after taxes** | 46483 | 33547 | 88899 | 58639 |
| **Net realized and change in unrealized gain (loss) on investment transactions** |  |  |  |  |
| Net realized gain (loss) on investment transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | 2 | 230 | 50 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments | 369 | 35 | 714 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | (11) | 46 | 36 | 14 |

---

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

------

<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Net change in unrealized gain (loss) on investment transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | (655) | 729 | (2068) | (1086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments | 3210 | (510) | 4809 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps and options | (110) |  | 326 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | (7) | (30) | (52) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net realized and change in unrealized gain (loss) on investment transactions** | 2798 | 500 | 3815 | 319 |
| **Net increase (decrease) in net assets resulting from operations** | $49281 | $34047 | $92714 | $58958 |

---

*(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.

------

<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Statements of Changes in Net Assets**

**(Amounts in thousands, except share amounts)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months <br>Ended<br>June 30,<br>2025** | **Three Months <br>Ended<br>June 30,<br>2024** | **Six Months <br>Ended<br>June 30,<br>2025** | **Six Months <br>Ended<br>June 30,<br>2024** |
| **Increase (decrease) in net assets resulting from operations** | | | | |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $46483 | $33547 | $88899 | $58639 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 360 | 311 | 800 | 279 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized gain (loss) | 2438 | 189 | 3015 | 40 |
| **Net increase (decrease) in net assets resulting from operations** | 49281 | 34047 | 92714 | 58958 |
| **Dividends** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (43669) | (30490) | (84321) | (54718) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | (4338) | (1545) | (7399) | (2647) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class D | (55) | (26) | (105) | (52) |
| **Net increase (decrease) in net assets resulting from dividends** | (48062) | (32061) | (91825) | (57417) |
| **Capital share transactions** |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 156731 | 206631 | 294160 | 436398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share transfers between classes | 175 | 495 | 251 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | 10108 | 5020 | 19380 | 9080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (31268) |  | (37728) | (487) |
| **Class S** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 47201 | 17811 | 92732 | 33464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share transfers between classes | (175) | (105) | (175) | (105) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | 2072 | 785 | 3718 | 1514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (120) |  | (175) |  |
| **Class D** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 315 | 141 | 607 | 771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share transfers between classes |  | (390) | (76) | (390) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | 17 | 15 | 32 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (142) |  | (192) |  |
| **Net increase (decrease) in net assets resulting from capital share transactions** | 184914 | 230403 | 372534 | 480775 |
| **Total increase (decreases) in net assets** | 186133 | 232389 | 373423 | 482316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, at beginning of period | 1728522 | 1048778 | 1541232 | 798851 |
| **Net assets, at end of period** | $1914655 | $1281167 | $1914655 | $1281167 |

---

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

------

<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

 **TPG Twin Brook Capital Income Fund**

**Consolidated Statements of Cash Flows**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Six Months <br>Ended<br>June 30,<br>2025** | **Six Months <br>Ended<br>June 30,<br>2024** |
| **Cash flows from operating activities** | | |
| Net increase (decrease) in net assets resulting from operations | $92714 | $58958 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | (764) | (265) |
| &nbsp;&nbsp;&nbsp;Net realized (gain) loss on foreign currency forward contracts | (36) | (14) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | (2741) | (3) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on foreign currency forward contracts | 52 | (37) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on interest rate swaps and options, inclusive of hedging effects | (1298) |  |
| &nbsp;&nbsp;&nbsp;Net accretion on debt instruments | (8641) | (5053) |
| &nbsp;&nbsp;&nbsp;Net paydown gain on debt instruments | (2649) | (861) |
| &nbsp;&nbsp;&nbsp;Interest received in-kind | (2244) | (1278) |
| &nbsp;&nbsp;&nbsp;Purchases and drawdowns of investments | (690798) | (1066731) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales and paydowns of investments | 264656 | 135803 |
| &nbsp;&nbsp;&nbsp;Net settlements on derivative contracts | 36 | 14 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 3570 | 1424 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred offering costs | 1098 | 497 |
| Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;(Increase) decrease in interest receivable | (2500) | (5225) |
| &nbsp;&nbsp;&nbsp;(Increase) decrease in other assets | (81) | (1340) |
| &nbsp;&nbsp;&nbsp;(Increase) decrease in prepaid expenses | 553 | 413 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in interest payable | (5161) | 863 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in accrued expenses and other liabilities payable to affiliate | (90) | (612) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in income incentive fees payable | 1253 | 2013 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in management fees payable | 1002 | 1108 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in deferred tax liability | 999 | 216 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in deferred income | (287) | 104 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in capital gains incentive fees payable | 277 | 55 |
| &nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | (351080) | (879951) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends paid | (66747) | (53134) |
| &nbsp;&nbsp;&nbsp;Payments for repurchase of common shares | (38095) | (487) |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common shares | 387499 | 470633 |
| &nbsp;&nbsp;&nbsp;Borrowings on debt | 807700 | 1309408 |
| &nbsp;&nbsp;&nbsp;Payments on debt | (761500) | (722200) |
| &nbsp;&nbsp;&nbsp;Payments for deferred financing costs | (1763) | (7838) |
| &nbsp;&nbsp;&nbsp;Payments for deferred offering costs | (880) | (627) |
| **Net cash provided by financing activities** | 326214 | 995755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in cash | (24866) | 115804 |

---

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

------

<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

---

| | | |
|:---|:---|:---|
| | **Six Months <br>Ended<br>June 30,<br>2025** | **Six Months <br>Ended<br>June 30,<br>2024** |
| **Cash and restricted cash** | | |
| Cash and restricted cash, beginning of period | 161064 | 62706 |
| Cash and restricted cash, end of period | $136198 | $178510 |
| **Supplemental and non-cash information** |  |  |
| Distributions reinvested | $23130 | $10629 |
| Cash paid during the period for interest | $67121 | $32033 |
| Dividends payable | $16550 | $11567 |
| The following table provides a reconciliation of cash and restricted cash reported within the consolidated statements of assets and liabilities: |  |  |
| Cash | $73634 | $144701 |
| Restricted cash | 62564 | 33809 |
| Total cash and restricted cash | $136198 | $178510 |

---

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

 **&nbsp;&nbsp;&nbsp;&nbsp;**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)(2)</sup> | **Investment** | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount**<sup>(3)</sup> | **Amortized Cost**<sup>(4)</sup> | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| **Investments** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;**Non-controlled/non-affiliated senior secured debt** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace and defense** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AlphaCoin LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 9.24% | 5/6/2025 | 7/29/2030 | $2610 | $(19) | $(19) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AlphaCoin LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 9.26% | 7/29/2024 | 7/29/2030 | 3028 | 2973 | 3006 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AlphaCoin LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 9.24% | 7/29/2024 | 7/29/2030 | 4509 | (76) | (67) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AlphaCoin LLC | First lien senior secured term loan | S + | 5.00% | 9.24% | 7/29/2024 | 7/29/2030 | 19125 | 18786 | 18843 | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AlphaCoin LLC | First lien senior secured term loan | S + | 5.00% | 9.26% | 5/6/2025 | 7/29/2030 | 1914 | 1886 | 1886 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mattco Forge, Inc (6) | First lien senior secured revolving loan | S + | 5.00% | 9.30% | 12/19/2024 | 12/19/2030 | 3691 | (51) | (44) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mattco Forge, Inc | First lien senior secured term loan | S + | 5.00% | 9.30% | 12/19/2024 | 12/19/2030 | 38048 | 37516 | 37583 | 1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Holdco, LLC (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 9.07% | 6/13/2025 | 6/13/2031 | 3624 | (54) | (54) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Holdco, LLC | First lien senior secured revolving loan | S + | 4.75% | 9.07% | 6/13/2025 | 6/13/2031 | 6089 | 1208 | 1208 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Holdco, LLC | First lien senior secured term loan | S + | 4.75% | 9.07% | 6/13/2025 | 6/13/2031 | 25368 | 24989 | 24987 | 1.31% |
|  |  |  |  |  |  |  |  | 87158 | 87329 | 4.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Air freight and logistics** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Load One Purchaser Corporation | First lien senior secured revolving loan | S + | 6.25% | 11.97% | 6/21/2022 | 6/21/2028 | $3557 | $844 | $843 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Load One Purchaser Corporation | First lien senior secured term loan | S + | 6.25% | 10.92% | 10/23/2024 | 6/21/2028 | 992 | 976 | 979 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Load One Purchaser Corporation | First lien senior secured term loan | S + | 6.25% | 10.81% | 6/21/2022 | 6/21/2028 | 13929 | 13728 | 13748 | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zipline Logistics, LLC | First lien senior secured revolving loan | S + | 4.00% + 2.00% PIK | 10.44% | 9/19/2022 | 9/19/2027 | 1707 | 1279 | 1161 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zipline Logistics, LLC | First lien senior secured term loan | S + | 4.00% + 2.00% PIK | 10.44% | 9/19/2022 | 9/19/2027 | 6878 | 6786 | 6313 | 0.33% |
|  |  |  |  |  |  |  |  | 23613 | 23044 | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto components** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.P.A. Industries, LLC (6)(9) | First lien senior secured revolving loan | S + | 5.00% | 9.33% | 1/10/2023 | 1/10/2028 | $1523 | $(24) | $(23) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.P.A. Industries, LLC | First lien senior secured term loan | S + | 5.00% | 9.33% | 1/10/2023 | 1/10/2028 | 8349 | 8203 | 8208 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AirPro Diagnostics, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 9.56% | 2/21/2025 | 2/21/2030 | 3164 | (44) | (39) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AirPro Diagnostics, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.56% | 2/21/2025 | 2/21/2030 | 1822 | (25) | (22) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AirPro Diagnostics, LLC | First lien senior secured term loan | S + | 5.25% | 9.56% | 2/21/2025 | 2/21/2030 | 8520 | 8399 | 8414 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvCarb, LLC | First lien senior secured delayed draw term loan | S + | 2.00% + 5.00% PIK | 11.56% | 7/28/2023 | 11/12/2026 | 248 | 246 | 233 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvCarb, LLC | First lien senior secured revolving loan | S + | 7.00% | 11.58% | 7/28/2023 | 11/12/2026 | 38 | 37 | 35 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvCarb, LLC | First lien senior secured term loan | S + | 2.00% + 5.00% PIK | 11.56% | 7/28/2023 | 11/12/2026 | 530 | 526 | 497 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bestop, Inc | First lien senior secured delayed draw term loan | S + | 5.50% | 9.80% | 3/29/2024 | 3/29/2029 | 6774 | 1253 | 1268 | 0.07% |

---

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)(2)</sup> | **Investment** | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount**<sup>(3)</sup> | **Amortized Cost**<sup>(4)</sup> | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bestop, Inc (6) | First lien senior secured revolving loan | S + | 5.50% | 9.80% | 3/29/2024 | 3/29/2029 | 7081 | (106) | (91) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bestop, Inc | First lien senior secured term loan | S + | 5.50% | 9.80% | 3/29/2024 | 3/29/2029 | 43804 | 43094 | 43242 | 2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSC ASI BUYER, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 9.30% | 12/31/2024 | 12/31/2027 | 3661 | (31) | (25) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSC ASI BUYER, LLC | First lien senior secured term loan | S + | 5.00% | 9.30% | 12/31/2024 | 12/31/2027 | 29676 | 29435 | 29477 | 1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certified Collision Group Acquisition Corp (6) | First lien senior secured revolving loan | S + | 5.00% | 9.30% | 7/28/2023 | 5/17/2027 | 19 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certified Collision Group Acquisition Corp | First lien senior secured term loan | S + | 5.00% | 9.30% | 7/28/2023 | 5/17/2027 | 1097 | 1091 | 1089 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raneys, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.80% | 2/17/2023 | 6/7/2027 | 4811 | 4753 | 4766 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raneys, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.80% | 6/7/2022 | 6/7/2027 | 1964 | (22) | (18) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raneys, LLC | First lien senior secured term loan | S + | 5.50% | 9.80% | 6/7/2022 | 6/7/2027 | 13385 | 13229 | 13261 | 0.69% |
|  |  |  |  |  |  |  |  | 110014 | 110272 | 5.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building products** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Anchors Group Inc (6) | First lien senior secured revolving loan | S + | 5.00% | 9.30% | 7/15/2024 | 7/15/2029 | $4338 | $(75) | $(54) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Anchors Group Inc | First lien senior secured term loan | S + | 5.00% | 9.30% | 7/15/2024 | 7/15/2029 | 20903 | 20524 | 20642 | 1.08% |
|  |  |  |  |  |  |  |  | 20449 | 20588 | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AM Buyer, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.83% | 3/6/2025 | 5/1/2027 | $851 | $(5) | $(4) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AM Buyer, LLC | First lien senior secured term loan | S + | 5.50% | 9.83% | 3/6/2025 | 5/1/2027 | 4313 | 4283 | 4291 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Answer Acquisition, LLC | First lien senior secured revolving loan | S + | 6.00% | 10.46% | 7/28/2023 | 12/30/2026 | 759 | 247 | 248 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Answer Acquisition, LLC | First lien senior secured term loan | S + | 6.00% | 10.45% | 7/28/2023 | 12/30/2026 | 847 | 840 | 842 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Answer Acquisition, LLC | First lien senior secured term loan | S + | 6.00% | 10.45% | 1/16/2024 | 12/30/2026 | 9873 | 9752 | 9814 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Answer Acquisition, LLC | First lien senior secured term loan | S + | 6.00% | 10.45% | 6/7/2024 | 12/30/2026 | 1656 | 1649 | 1646 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custom Agronomics Holdings, LLC | First lien senior secured revolving loan | S + | 6.50% | 11.06% | 8/30/2022 | 8/30/2027 | 2357 | 1155 | 1153 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custom Agronomics Holdings, LLC | First lien senior secured term loan | S + | 6.50% | 11.06% | 8/30/2022 | 8/30/2027 | 2504 | 2478 | 2477 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custom Agronomics Holdings, LLC | First lien senior secured term loan | S + | 6.50% | 11.06% | 3/25/2024 | 8/30/2027 | 4061 | 4017 | 4017 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polycorp Ltd (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 9.33% | 1/24/2024 | 1/24/2030 | 14860 | (148) | (183) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polycorp Ltd (6) | First lien senior secured revolving loan | S + | 5.00% | 9.33% | 1/24/2024 | 1/24/2030 | 3723 | (66) | (46) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polycorp Ltd | First lien senior secured term loan | S + | 5.00% | 9.33% | 1/24/2024 | 1/24/2030 | 17964 | 17682 | 17742 | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polycorp Ltd | First lien senior secured term loan | S + | 5.00% | 9.33% | 2/28/2025 | 1/24/2030 | 5365 | 5288 | 5298 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teel Plastics, LLC | First lien senior secured revolving loan | S + | 4.75% | 9.02% | 4/22/2025 | 4/22/2030 | 3909 | 353 | 353 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teel Plastics, LLC | First lien senior secured term loan | S + | 4.75% | 9.02% | 4/22/2025 | 4/22/2030 | 31742 | 31427 | 31427 | 1.64% |
|  |  |  |  |  |  |  |  | 78952 | 79075 | 4.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial services and supplies** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliance Environmental Group, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.56% | 7/28/2023 | 12/30/2027 | $57 | $56 | $31 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliance Environmental Group, LLC | First lien senior secured revolving loan | S + | 6.00% | 10.56% | 7/28/2023 | 12/30/2027 | 38 | 37 | 21 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliance Environmental Group, LLC | First lien senior secured revolving loan | S + | 6.00% | 10.58% | 6/17/2025 | 12/30/2027 | 8 | 1 | 1 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliance Environmental Group, LLC | First lien senior secured term loan | S + | 6.00% | 10.56% | 7/28/2023 | 12/30/2027 | 2255 | 2221 | 1246 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cards Acquisition, Inc | First lien senior secured delayed draw term loan | S + | 6.00% | 10.33% | 8/12/2024 | 8/12/2029 | 23837 | 2730 | 2760 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cards Acquisition, Inc | First lien senior secured revolving loan | S + | 6.00% | 10.60% | 8/12/2024 | 8/12/2029 | 8843 | 8173 | 8184 | 0.43% |

---

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)(2)</sup> | **Investment** | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount**<sup>(3)</sup> | **Amortized Cost**<sup>(4)</sup> | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cards Acquisition, Inc | First lien senior secured term loan | S + | 6.00% | 10.30% | 8/12/2024 | 8/12/2029 | 41008 | 40210 | 40291 | 2.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edko Acquisition, LLC (10) | First lien senior secured revolving loan | S + | 6.00% | 10.56% | 7/28/2023 | 6/25/2026 | 38 | 11 | 11 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edko Acquisition, LLC | First lien senior secured term loan | S + | 6.00% | 10.56% | 7/28/2023 | 6/25/2026 | 1110 | 1105 | 1103 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franchise Fastlane, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 10.19% | 7/28/2023 | 5/2/2027 | 15 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franchise Fastlane, LLC | First lien senior secured term loan | S + | 5.75% | 10.19% | 7/28/2023 | 5/2/2027 | 1060 | 1051 | 1049 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold Medal Holdings, Inc | First lien senior secured delayed draw term loan | S + | 5.75% | 10.05% | 6/14/2024 | 3/17/2027 | 2831 | 398 | 401 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold Medal Holdings, Inc (11) | First lien senior secured revolving loan | S + | 5.75% | 10.05% | 7/28/2023 | 3/17/2027 | 1444 | 328 | 330 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold Medal Holdings, Inc | First lien senior secured term loan | S + | 5.75% | 10.05% | 7/28/2023 | 3/17/2027 | 12025 | 11943 | 11956 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Monster Acquisition, LLC | First lien senior secured revolving loan | S + | 6.00% | 10.59% | 7/28/2023 | 12/28/2026 | 38 | 20 | 20 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Monster Acquisition, LLC | First lien senior secured term loan | S + | 6.00% | 10.59% | 7/28/2023 | 12/28/2026 | 1140 | 1132 | 1133 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HLSG Intermediate, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.69% | 7/28/2023 | 3/31/2029 | 705 | 696 | 700 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HLSG Intermediate, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.69% | 10/6/2023 | 3/31/2029 | 351 | 345 | 348 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HLSG Intermediate, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 9.69% | 3/14/2025 | 3/31/2029 | 2111 | (29) | (14) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HLSG Intermediate, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.69% | 7/28/2023 | 3/31/2029 | 1051 | 267 | 274 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HLSG Intermediate, LLC | First lien senior secured term loan | S + | 5.25% | 9.69% | 7/28/2023 | 3/31/2029 | 2130 | 2108 | 2116 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HLSG Intermediate, LLC | First lien senior secured term loan | S + | 5.25% | 9.69% | 10/6/2023 | 3/31/2029 | 636 | 624 | 631 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HLSG Intermediate, LLC | First lien senior secured term loan | S + | 5.25% | 9.69% | 3/14/2025 | 3/31/2029 | 1282 | 1265 | 1274 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Air Flow Dynamics, Inc | First lien senior secured revolving loan | S + | 6.25% | 10.68% | 8/5/2022 | 8/5/2028 | 2537 | 820 | 823 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Air Flow Dynamics, Inc | First lien senior secured term loan | S + | 6.25% | 10.53% | 8/5/2022 | 8/5/2028 | 18367 | 18170 | 18202 | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nimlok Company, LLC (6)(12) | First lien senior secured revolving loan | S + | 5.50% | 10.06% | 7/28/2023 | 11/27/2025 | 320 |  | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nimlok Company, LLC | First lien senior secured term loan | S + | 5.50% | 10.06% | 7/28/2023 | 11/27/2025 | 2562 | 2559 | 2557 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nimlok Company, LLC | First lien senior secured term loan | S + | 5.50% | 10.06% | 5/1/2024 | 11/27/2025 | 3043 | 3038 | 3037 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polaris Labs Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 9.30% | 9/17/2024 | 9/17/2029 | 2123 | (36) | (33) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polaris Labs Acquisition, LLC | First lien senior secured term loan | S + | 5.00% | 9.30% | 9/17/2024 | 9/17/2029 | 6410 | 6301 | 6310 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRA Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 10.95% | 7/28/2023 | 5/12/2028 | 56 | (1) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRA Acquisition, LLC | First lien senior secured term loan | S + | 6.50% | 10.95% | 7/28/2023 | 5/12/2028 | 578 | 569 | 568 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quality Liaison Services of North America, Inc | First lien senior secured revolving loan | S + | 6.00% | 10.48% | 5/2/2023 | 5/2/2028 | 1629 | 693 | 695 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quality Liaison Services of North America, Inc | First lien senior secured term loan | S + | 6.00% | 10.43% | 5/2/2023 | 5/2/2028 | 12260 | 12087 | 12095 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rapid Fire Safety and Security, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 9.31% | 1/2/2025 | 1/2/2030 | 5466 | 3270 | 3279 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rapid Fire Safety and Security, LLC | First lien senior secured revolving loan | S + | 5.00% | 9.30% | 1/2/2025 | 1/2/2030 | 1885 | 988 | 991 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rapid Fire Safety and Security, LLC | First lien senior secured term loan | S + | 5.00% | 9.30% | 1/2/2025 | 1/2/2030 | 3971 | 3908 | 3914 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superscapes Holdco, LLC | First lien senior secured revolving loan | P + | 4.75% | 12.25% | 4/7/2025 | 4/7/2030 | 2166 | 356 | 356 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superscapes Holdco, LLC | First lien senior secured term loan | S + | 5.75% | 10.05% | 4/7/2025 | 4/7/2030 | 17908 | 17651 | 17649 | 0.92% |
|  |  |  |  |  |  |  |  | 145065 | 144307 | 7.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction and engineering** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AKS Engineering and Forestry, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 9.30% | 1/7/2025 | 1/7/2031 | $2890 | $(40) | $(35) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AKS Engineering and Forestry, LLC | First lien senior secured term loan | S + | 5.00% | 9.30% | 1/7/2025 | 1/7/2031 | 19927 | 19654 | 19688 | 1.03% |

---

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)(2)</sup> | **Investment** | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount**<sup>(3)</sup> | **Amortized Cost**<sup>(4)</sup> | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp | First lien senior secured delayed draw term loan | S + | 6.00% | 10.30% | 7/28/2023 | 12/14/2027 | 1564 | 1549 | 1553 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 10.30% | 10/10/2024 | 12/14/2027 | 6588 | (51) | (44) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp (6) | First lien senior secured revolving loan | S + | 6.00% | 10.30% | 7/28/2023 | 12/14/2027 | 2447 | (21) | (17) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp | First lien senior secured term loan | S + | 6.00% | 10.30% | 7/28/2023 | 12/14/2027 | 6438 | 6377 | 6394 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp | First lien senior secured term loan | S + | 6.00% | 10.30% | 10/10/2024 | 12/14/2027 | 11881 | 11786 | 11800 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Construction, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.75% | 11.20% | 6/30/2025 | 10/22/2026 | 12342 | (93) | (93) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Construction, LLC | First lien senior secured term loan | S + | 6.75% | 11.20% | 6/30/2025 | 10/22/2026 | 6004 | 5914 | 5914 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHS Holdco, LLC | First lien senior secured delayed draw term loan | S + | 4.75% | 9.07% | 5/27/2025 | 5/27/2031 | 18120 | 7690 | 7690 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHS Holdco, LLC | First lien senior secured revolving loan | S + | 4.75% | 9.08% | 5/27/2025 | 5/27/2031 | 6089 | 1432 | 1432 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHS Holdco, LLC | First lien senior secured term loan | S + | 4.75% | 9.08% | 5/27/2025 | 5/27/2031 | 18120 | 17848 | 17848 | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Restoration Intermediary Holdings, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 9.53% | 1/31/2025 | 1/31/2030 | 2491 | (46) | (42) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Restoration Intermediary Holdings, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.53% | 1/31/2025 | 1/31/2030 | 1218 | (22) | (21) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Restoration Intermediary Holdings, LLC | First lien senior secured term loan | S + | 5.25% | 9.53% | 1/31/2025 | 1/31/2030 | 6957 | 6831 | 6839 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highland Acquisition, Inc | First lien senior secured revolving loan | S + | 5.50% | 9.78% | 7/28/2023 | 3/9/2027 | 2213 | 420 | 418 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highland Acquisition, Inc | First lien senior secured term loan | S + | 5.25% | 9.78% | 7/28/2023 | 3/9/2027 | 10795 | 10679 | 10676 | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ironhorse Purchaser, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.58% | 9/30/2022 | 9/30/2027 | 9064 | 8983 | 8988 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ironhorse Purchaser, LLC (6)(13) | First lien senior secured revolving loan | S + | 5.25% | 9.58% | 9/30/2022 | 9/30/2027 | 5813 | (63) | (49) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ironhorse Purchaser, LLC | First lien senior secured term loan | S + | 5.25% | 9.58% | 9/30/2022 | 9/30/2027 | 29470 | 29176 | 29204 | 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Buyer, LLC (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 9.05% | 1/3/2025 | 1/3/2030 | 7615 | (137) | (127) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Buyer, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 9.05% | 1/3/2025 | 1/3/2030 | 1884 | (34) | (31) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Buyer, LLC | First lien senior secured term loan | S + | 4.75% | 9.05% | 1/3/2025 | 1/3/2030 | 9086 | 8922 | 8935 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 9.29% | 11/27/2024 | 11/7/2029 | 3735 | 3610 | 3615 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | First lien senior secured revolving loan | S + | 5.00% | 8.34% | 11/7/2022 | 11/7/2029 | 8626 | 5607 | 5637 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | First lien senior secured term loan | S + | 5.00% | 9.33% | 11/7/2022 | 11/7/2029 | 17163 | 16842 | 16958 | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | First lien senior secured term loan | S + | 5.00% | 9.33% | 11/27/2024 | 11/7/2029 | 13090 | 12917 | 12933 | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | First lien senior secured term loan | S + | 5.00% | 9.33% | 5/1/2024 | 11/7/2029 | 1776 | 1738 | 1755 | 0.09% |
|  |  |  |  |  |  |  |  | 177468 | 177818 | 9.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Containers and packaging** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulk Lift International, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 10.81% | 7/28/2023 | 11/15/2027 | $125 | $124 | $123 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulk Lift International, LLC | First lien senior secured revolving loan | S + | 6.25% | 10.72% | 11/15/2022 | 11/15/2027 | 1801 | 616 | 614 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulk Lift International, LLC | First lien senior secured term loan | S + | 6.25% | 10.81% | 11/15/2022 | 11/15/2027 | 8083 | 7945 | 7952 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative FlexPak, LLC (8) | First lien senior secured revolving loan | S + | 7.00% | 11.44% | 7/28/2023 | 1/23/2026 | 627 | 413 | 159 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative FlexPak, LLC (8) | First lien senior secured term loan | S + | 7.00% | 11.44% | 7/28/2023 | 1/23/2026 | 2616 | 2274 | 1215 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative FlexPak, LLC (8) | First lien senior secured term loan | 20.00% PIK | 20.00% PIK | 20.00% | 7/28/2023 | 1/23/2026 | 811 | 567 | 377 | 0.02% |

---

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)(2)</sup> | **Investment** | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount**<sup>(3)</sup> | **Amortized Cost**<sup>(4)</sup> | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johns Byrne LLC (6) | First lien senior secured delayed draw term loan | S + | 6.25% | 10.55% | 8/31/2023 | 8/31/2029 | 2578 | (44) | (42) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johns Byrne LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 10.55% | 8/31/2023 | 8/31/2029 | 1460 | (25) | (24) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johns Byrne LLC | First lien senior secured term loan | S + | 6.25% | 10.55% | 8/31/2023 | 8/31/2029 | 9325 | 9151 | 9158 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K-1 Packaging Group LLC | First lien senior secured revolving loan | P + | 5.25% | 12.75% | 10/6/2022 | 10/6/2027 | 6748 | 261 | 265 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K-1 Packaging Group LLC | First lien senior secured term loan | S + | 6.25% | 10.81% | 10/6/2022 | 10/6/2027 | 30926 | 30529 | 30565 | 1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRC Keeler Acquisition LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 10.95% | 7/28/2023 | 12/4/2025 | 4 | 4 | 4 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRC Keeler Acquisition LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 10.95% | 7/28/2023 | 12/4/2025 | 150 | (1) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRC Keeler Acquisition LLC | First lien senior secured term loan | S + | 6.50% | 10.95% | 7/28/2023 | 12/4/2025 | 908 | 903 | 892 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Cold Chain Packaging Buyer Corp (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 9.30% | 6/27/2025 | 6/27/2031 | 7248 | (45) | (45) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Cold Chain Packaging Buyer Corp (6) | First lien senior secured revolving loan | S + | 5.00% | 9.30% | 6/27/2025 | 6/27/2031 | 3247 | (41) | (41) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Cold Chain Packaging Buyer Corp | First lien senior secured term loan | S + | 5.00% | 9.30% | 6/27/2025 | 6/27/2031 | 19207 | 18967 | 18967 | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixarp, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.81% | 8/5/2022 | 8/5/2027 | 3732 | 2880 | 2882 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixarp, LLC | First lien senior secured term loan | S + | 5.25% | 9.81% | 8/5/2022 | 8/5/2027 | 19328 | 19130 | 19146 | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard Packaging, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.69% | 3/29/2024 | 8/9/2026 | 4408 | 1150 | 1154 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard Packaging, LLC | First lien senior secured term loan | S + | 5.25% | 9.69% | 3/29/2024 | 8/9/2026 | 10129 | 10072 | 10078 | 0.53% |
|  |  |  |  |  |  |  |  | 104830 | 103396 | 5.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distributors** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTP Acquisition, LLC | First lien senior secured revolving loan | S + | 4.50% + 2.25% PIK | 11.19% | 7/28/2023 | 8/17/2027 | $38 | $38 | $37 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTP Acquisition, LLC | First lien senior secured term loan | S + | 4.50% + 2.25% PIK | 11.29% | 7/28/2023 | 8/17/2027 | 2732 | 2691 | 2658 | 0.14% |
|  |  |  |  |  |  |  |  | 2729 | 2695 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified consumer services** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50Floor, LLC | First lien senior secured revolving loan | S + | 3.00% | 7.45% | 7/28/2023 | 3/31/2028 | $210 | $101 | $72 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50Floor, LLC | First lien senior secured term loan | S + | 3.00% | 7.45% | 7/28/2023 | 3/31/2028 | 1095 | 1073 | 933 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACES Intermediate, Inc (6) | First lien senior secured revolving loan | S + | 5.25% | 9.69% | 7/27/2022 | 7/27/2027 | 7114 | (83) | (36) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACES Intermediate, Inc | First lien senior secured term loan | S + | 5.25% | 9.69% | 7/27/2022 | 7/27/2027 | 39315 | 38869 | 39118 | 2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CL Services Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.20% | 4/25/2023 | 4/25/2028 | 7172 | 7059 | 7064 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CL Services Acquisition, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.75% | 10.18% | 5/7/2024 | 4/25/2028 | 8474 | (120) | (128) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CL Services Acquisition, LLC | First lien senior secured revolving loan | S + | 5.75% | 10.20% | 4/25/2023 | 4/25/2028 | 1629 | 495 | 496 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CL Services Acquisition, LLC | First lien senior secured term loan | S + | 5.75% | 10.18% | 4/25/2023 | 4/25/2028 | 10067 | 9884 | 9915 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esquire Deposition Solutions, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.55% | 12/30/2022 | 12/30/2028 | 6707 | 6616 | 6639 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esquire Deposition Solutions, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.55% | 9/20/2023 | 12/30/2028 | 6931 | 6825 | 6861 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esquire Deposition Solutions, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.55% | 12/30/2022 | 12/30/2028 | 7666 | 1120 | 1149 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esquire Deposition Solutions, LLC | First lien senior secured term loan | S + | 5.25% | 9.55% | 12/30/2022 | 12/30/2028 | 47992 | 47269 | 47505 | 2.48% |

---

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)(2)</sup> | **Investment** | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount**<sup>(3)</sup> | **Amortized Cost**<sup>(4)</sup> | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harley Exteriors Acquisition, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.78% | 8/2/2024 | 8/1/2029 | 3929 | (64) | (59) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harley Exteriors Acquisition, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.83% | 8/2/2024 | 8/2/2029 | 1322 | 419 | 421 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harley Exteriors Acquisition, LLC | First lien senior secured term loan | S + | 5.50% | 9.78% | 8/2/2024 | 8/2/2029 | 8481 | 8341 | 8353 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Brands Group Holdings, Inc (6) | First lien senior secured revolving loan | S + | 5.00% | 9.30% | 7/28/2023 | 11/8/2026 | 48 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Brands Group Holdings, Inc | First lien senior secured term loan | S + | 5.00% | 9.30% | 7/28/2023 | 11/8/2026 | 12580 | 12410 | 12471 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTI Intermediate, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 9.57% | 3/1/2024 | 3/1/2030 | 2354 | (18) | (14) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTI Intermediate, LLC | First lien senior secured revolving loan | S + | 5.25% | 11.02% | 3/1/2024 | 3/1/2030 | 1573 | 447 | 449 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTI Intermediate, LLC | First lien senior secured term loan | S + | 5.25% | 9.57% | 3/1/2024 | 3/1/2030 | 5034 | 4950 | 4960 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISSA, LLC | First lien senior secured revolving loan | S + | 6.25% | 10.55% | 7/28/2023 | 3/1/2028 | 131 | 58 | 57 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISSA, LLC | First lien senior secured term loan | S + | 6.25% | 10.55% | 7/28/2023 | 3/1/2028 | 1829 | 1808 | 1807 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juniper Landscaping Holdings LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.04% | 11/13/2023 | 12/29/2026 | 5849 | 5764 | 5785 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juniper Landscaping Holdings LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.08% | 5/23/2025 | 12/29/2026 | 8018 | 738 | 714 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juniper Landscaping Holdings LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.05% | 7/28/2023 | 12/29/2026 | 86 | 85 | 85 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juniper Landscaping Holdings LLC (14) | First lien senior secured revolving loan | S + | 5.75% | 10.05% | 7/28/2023 | 12/29/2026 | 3103 | 141 | 152 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juniper Landscaping Holdings LLC | First lien senior secured term loan | S + | 5.75% | 10.05% | 7/28/2023 | 12/29/2026 | 3986 | 3926 | 3942 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lawn Care Holdings Purchaser, Inc | First lien senior secured delayed draw term loan | S + | 5.25% | 9.55% | 10/24/2023 | 10/24/2028 | 4543 | 4443 | 4502 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lawn Care Holdings Purchaser, Inc | First lien senior secured delayed draw term loan | S + | 5.25% | 10.99% | 11/22/2024 | 10/24/2028 | 13942 | 6743 | 6765 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lawn Care Holdings Purchaser, Inc (6) | First lien senior secured revolving loan | S + | 5.25% | 9.55% | 10/24/2023 | 10/24/2028 | 2698 | (38) | (25) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lawn Care Holdings Purchaser, Inc | First lien senior secured term loan | S + | 5.25% | 9.55% | 10/24/2023 | 10/24/2028 | 7156 | 7039 | 7091 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPW Acquisition, LLC | First lien senior secured revolving loan | S + | 6.75% | 11.31% | 7/28/2023 | 9/30/2027 | 38 | 14 | 13 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPW Acquisition, LLC | First lien senior secured term loan | S + | 4.25% + 2.50% PIK | 11.31% | 7/28/2023 | 9/30/2027 | 617 | 608 | 580 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Early Childhood Education Partners LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.56% | 9/25/2024 | 11/22/2028 | 9018 | 8879 | 8928 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Early Childhood Education Partners LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.55% | 3/27/2025 | 11/22/2028 | 8418 | 1929 | 1943 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Early Childhood Education Partners LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.56% | 11/22/2023 | 11/22/2028 | 10864 | 10667 | 10755 | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Early Childhood Education Partners LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.56% | 11/22/2023 | 11/22/2028 | 1380 | (25) | (14) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Early Childhood Education Partners LLC | First lien senior secured term loan | S + | 6.00% | 10.56% | 11/22/2023 | 11/22/2028 | 8188 | 8030 | 8106 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSR Concrete Coatings, LLC | First lien senior secured revolving loan | S + | 6.00% | 10.44% | 9/22/2023 | 9/22/2028 | 1534 | 665 | 672 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSR Concrete Coatings, LLC | First lien senior secured term loan | S + | 6.00% | 10.45% | 9/22/2023 | 9/22/2028 | 7073 | 6951 | 6989 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Land Services Opco Parent, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.54% | 7/28/2023 | 3/23/2026 | 1228 | 1222 | 1221 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Land Services Opco Parent, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.55% | 7/28/2023 | 3/23/2026 | 372 | 244 | 245 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Land Services Opco Parent, LLC (6)(15) | First lien senior secured revolving loan | S + | 6.00% | 10.54% | 7/28/2023 | 3/23/2026 | 150 | (1) | (1) | —% |

---

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)(2)</sup> | **Investment** | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount**<sup>(3)</sup> | **Amortized Cost**<sup>(4)</sup> | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Land Services Opco Parent, LLC | First lien senior secured term loan | S + | 6.00% | 10.54% | 7/28/2023 | 3/23/2026 | 350 | 348 | 348 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yard-Nique, Inc | First lien senior secured delayed draw term loan | S + | 6.00% | 10.45% | 8/8/2022 | 4/30/2026 | 2555 | 2544 | 2545 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yard-Nique, Inc | First lien senior secured delayed draw term loan | S + | 6.00% | 10.45% | 6/30/2025 | 4/30/2026 | 7663 | 2040 | 2099 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yard-Nique, Inc | First lien senior secured revolving loan | S + | 6.00% | 10.45% | 8/8/2022 | 4/30/2026 | 1947 | 569 | 575 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yard-Nique, Inc | First lien senior secured term loan | S + | 6.00% | 10.45% | 8/8/2022 | 4/30/2026 | 6964 | 6927 | 6929 | 0.36% |
|  |  |  |  |  |  |  |  | 227911 | 228977 | 11.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified telecommunication services** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISPN Intermediate, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.58% | 12/6/2024 | 12/6/2030 | $861 | $132 | $133 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISPN Intermediate, LLC | First lien senior secured term loan | S + | 5.25% | 9.58% | 12/6/2024 | 12/6/2030 | 6921 | 6827 | 6838 | 0.36% |
|  |  |  |  |  |  |  |  | 6959 | 6971 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electrical equipment** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Passion Intermediate Holdings, Inc | First lien senior secured delayed draw term loan | S + | 4.60% + 1.90% PIK | 10.95% | 7/28/2023 | 10/5/2027 | $71 | $70 | $70 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Passion Intermediate Holdings, Inc | First lien senior secured revolving loan | S + | 6.50% | 10.94% | 7/28/2023 | 10/5/2027 | 48 | 39 | 39 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Passion Intermediate Holdings, Inc | First lien senior secured term loan | S + | 4.60% + 1.90% PIK | 10.98% | 7/28/2023 | 10/5/2027 | 1267 | 1250 | 1246 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP NSA Intermedco, Inc | First lien senior secured delayed draw term loan | S + | 4.75% | 9.05% | 5/17/2024 | 5/17/2030 | 12251 | 6821 | 6874 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP NSA Intermedco, Inc (6) | First lien senior secured revolving loan | S + | 4.75% | 9.05% | 5/17/2024 | 5/17/2030 | 5930 | (73) | (63) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP NSA Intermedco, Inc | First lien senior secured term loan | S + | 4.75% | 9.05% | 5/17/2024 | 5/17/2030 | 34837 | 34394 | 34455 | 1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SENS Intermediate Holdings LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 9.33% | 3/10/2025 | 3/10/2031 | 3468 | (25) | (17) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SENS Intermediate Holdings LLC | First lien senior secured revolving loan | S + | 5.00% | 9.32% | 3/10/2025 | 3/10/2031 | 2664 | 335 | 340 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SENS Intermediate Holdings LLC | First lien senior secured term loan | S + | 5.00% | 9.33% | 3/10/2025 | 3/10/2031 | 9802 | 9660 | 9680 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCI Volt Purchaser, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.69% | 9/15/2022 | 9/15/2028 | 2249 | (24) | (22) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCI Volt Purchaser, LLC | First lien senior secured term loan | S + | 5.25% | 9.69% | 9/15/2022 | 9/15/2028 | 8476 | 8375 | 8383 | 0.44% |
|  |  |  |  |  |  |  |  | 60822 | 60985 | 3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic equipment, instruments and components** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Lighting Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 10.08% | 2/27/2025 | 11/22/2027 | $1215 | $(11) | $(9) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Lighting Acquisition, LLC | First lien senior secured term loan | S + | 5.75% | 10.08% | 2/27/2025 | 11/22/2027 | 7492 | 7425 | 7438 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelson Name Plate Company | First lien senior secured delayed draw term loan | S + | 5.50% | 10.06% | 7/28/2023 | 10/18/2026 | 116 | 115 | 115 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelson Name Plate Company | First lien senior secured revolving loan | S + | 5.50% | 10.09% | 7/28/2023 | 10/18/2026 | 90 | 28 | 28 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelson Name Plate Company | First lien senior secured term loan | S + | 5.50% | 10.06% | 7/28/2023 | 10/18/2026 | 3439 | 3398 | 3407 | 0.18% |
|  |  |  |  |  |  |  |  | 10955 | 10979 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food and staples retailing** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ever Fresh Fruit Company, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 10.93% | 6/5/2024 | 11/17/2028 | $2509 | $1320 | $1322 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ever Fresh Fruit Company, LLC | First lien senior secured revolving loan | S + | 6.50% | 10.93% | 11/17/2023 | 11/17/2028 | 1380 | 113 | 119 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ever Fresh Fruit Company, LLC | First lien senior secured term loan | S + | 6.50% | 10.93% | 11/17/2023 | 11/17/2028 | 7252 | 7115 | 7150 | 0.37% |

---

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)(2)</sup> | **Investment** | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount**<sup>(3)</sup> | **Amortized Cost**<sup>(4)</sup> | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mad Rose Company, LLC (16) | First lien senior secured revolving loan | S + | 6.50% | 11.08% | 7/28/2023 | 5/7/2026 | 395 | 199 | 199 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mad Rose Company, LLC | First lien senior secured term loan | S + | 6.50% | 11.09% | 7/28/2023 | 5/7/2026 | 2883 | 2868 | 2870 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NutriScience Innovations, LLC (6)(17) | First lien senior secured revolving loan | S + | 6.00% | 10.30% | 7/28/2023 | 12/31/2026 | 131 | (1) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NutriScience Innovations, LLC | First lien senior secured term loan | S + | 6.00% | 10.30% | 7/28/2023 | 12/31/2026 | 2213 | 2202 | 2201 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Produce One, LLC (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 9.05% | 3/21/2025 | 3/21/2030 | 4272 | (30) | (21) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Produce One, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 9.05% | 3/21/2025 | 3/21/2030 | 2480 | (35) | (31) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Produce One, LLC | First lien senior secured term loan | S + | 4.75% | 9.05% | 3/21/2025 | 3/21/2030 | 5682 | 5598 | 5611 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qin's Buffalo, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.08% | 7/28/2023 | 5/5/2027 | 74 | 74 | 74 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qin's Buffalo, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.08% | 5/24/2024 | 5/5/2027 | 7915 | 3363 | 3370 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qin's Buffalo, LLC | First lien senior secured revolving loan | S + | 5.75% | 10.06% | 7/28/2023 | 5/5/2027 | 38 | 30 | 30 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qin's Buffalo, LLC | First lien senior secured term loan | S + | 5.75% | 10.08% | 7/28/2023 | 5/5/2027 | 523 | 518 | 518 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Beverage Buyer, LLC | First lien senior secured revolving loan | S + | 5.75% | 10.30% | 7/28/2023 | 11/24/2026 | 38 | 37 | 37 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Beverage Buyer, LLC | First lien senior secured term loan | S + | 5.75% | 10.29% | 7/28/2023 | 11/24/2026 | 7075 | 7030 | 7015 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Pure, LLC | First lien senior secured delayed draw term loan | S + | 4.50% + 1.75% PIK | 10.70% | 10/31/2022 | 10/31/2028 | 366 | 359 | 360 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Pure, LLC (18) | First lien senior secured revolving loan | S + | 4.50% + 1.75% PIK | 10.70% | 10/31/2022 | 10/31/2028 | 7191 | 3673 | 3678 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Pure, LLC | First lien senior secured term loan | S + | 4.50% + 1.75% PIK | 10.70% | 10/31/2022 | 10/31/2028 | 17573 | 17234 | 17241 | 0.90% |
|  |  |  |  |  |  |  |  | 51667 | 51742 | 2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food products** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP WLF Intermedco LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 10.45% | 12/20/2024 | 8/19/2028 | $7615 | $(66) | $(53) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP WLF Intermedco LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.48% | 8/19/2022 | 8/19/2028 | 5846 | 2855 | 2882 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP WLF Intermedco LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.45% | 8/19/2022 | 8/19/2028 | 3383 | (39) | (24) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP WLF Intermedco LLC | First lien senior secured term loan | S + | 6.00% | 10.45% | 8/19/2022 | 8/19/2028 | 24256 | 23917 | 24088 | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icelandirect, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.02% | 7/28/2023 | 7/30/2026 | 38 | 32 | 32 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icelandirect, LLC | First lien senior secured term loan | S + | 6.00% | 10.56% | 7/28/2023 | 7/30/2026 | 697 | 694 | 693 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwest Botanicals Acquisition, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.69% | 7/28/2023 | 4/30/2028 | 174 | 104 | 78 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwest Botanicals Acquisition, LLC | First lien senior secured term loan | S + | 5.25% | 9.69% | 7/28/2023 | 4/30/2028 | 787 | 765 | 647 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Orchard, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.83% | 8/2/2024 | 7/8/2028 | 6098 | 866 | 882 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Orchard, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.79% | 7/8/2022 | 7/8/2028 | 5336 | (69) | (66) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Orchard, LLC | First lien senior secured term loan | S + | 5.50% | 9.79% | 7/8/2022 | 7/8/2028 | 26253 | 25839 | 25928 | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treat Planet Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.80% | 1/11/2023 | 1/11/2028 | 2422 | (41) | (18) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treat Planet Acquisition, LLC | First lien senior secured term loan | S + | 5.50% | 9.80% | 1/11/2023 | 1/11/2028 | 7119 | 6974 | 7066 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treat Planet Acquisition, LLC | First lien senior secured term loan | S + | 5.50% | 9.80% | 3/7/2025 | 1/11/2028 | 5527 | 5478 | 5487 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westminster Cracker Company, Inc | First lien senior secured revolving loan | S + | 6.25% | 10.68% | 8/30/2023 | 8/30/2026 | 1534 | 143 | 144 | 0.01% |

---

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)(2)</sup> | **Investment** | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount**<sup>(3)</sup> | **Amortized Cost**<sup>(4)</sup> | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westminster Cracker Company, Inc | First lien senior secured term loan | S + | 6.25% | 10.68% | 8/30/2023 | 8/30/2026 | 9571 | 9497 | 9501 | 0.50% |
|  |  |  |  |  |  |  |  | 76949 | 77267 | 4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gas utilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydromax USA, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.48% | 7/28/2023 | 12/30/2026 | $109 | $107 | $108 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydromax USA, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 10.48% | 6/3/2025 | 5/16/2027 | 1298 | (13) | (13) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydromax USA, LLC | First lien senior secured revolving loan | S + | 6.00% | 10.46% | 7/28/2023 | 12/30/2026 | 228 | 64 | 66 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydromax USA, LLC | First lien senior secured term loan | S + | 6.00% | 10.48% | 7/28/2023 | 12/30/2026 | 1185 | 1161 | 1173 | 0.06% |
|  |  |  |  |  |  |  |  | 1319 | 1334 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health care equipment and supplies** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3BC Matrix Acquisition, LLC (19) | First lien senior secured revolving loan | S + | 5.75% | 10.06% | 5/13/2025 | 5/13/2030 | $1564 | $165 | $165 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3BC Matrix Acquisition, LLC | First lien senior secured term loan | S + | 5.75% | 10.06% | 5/13/2025 | 5/13/2030 | 4789 | 4695 | 4695 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 Holdings Equity LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.54% | 7/28/2023 | 2/14/2028 | 221 | 219 | 219 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 Holdings Equity LLC | First lien senior secured revolving loan | S + | 6.00% | 10.81% | 7/28/2023 | 2/14/2028 | 75 | 74 | 74 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 Holdings Equity LLC | First lien senior secured term loan | S + | 6.00% | 10.54% | 7/28/2023 | 2/14/2028 | 862 | 853 | 851 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcresta Buyer, Inc (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.83% | 3/12/2024 | 3/12/2030 | 14036 | (220) | (201) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcresta Buyer, Inc (6) | First lien senior secured revolving loan | S + | 5.50% | 9.83% | 3/12/2024 | 3/12/2030 | 2761 | (43) | (39) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcresta Buyer, Inc | First lien senior secured term loan | S + | 5.50% | 9.83% | 3/12/2024 | 3/12/2030 | 12832 | 12631 | 12655 | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMSAR Acquisition LLC | First lien senior secured delayed draw term loan | S + | 4.50% + 2.00% PIK | 11.06% | 7/28/2023 | 9/30/2027 | 212 | 210 | 209 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMSAR Acquisition LLC | First lien senior secured revolving loan | S + | 6.50% | 11.06% | 7/28/2023 | 9/30/2027 | 134 | 132 | 131 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMSAR Acquisition LLC | First lien senior secured term loan | S + | 4.50% + 2.00% PIK | 11.06% | 7/28/2023 | 9/30/2027 | 1031 | 1019 | 1013 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Technology Associates, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.81% | 7/25/2022 | 7/25/2028 | 2981 | 1629 | 1647 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Technology Associates, LLC | First lien senior secured term loan | S + | 5.50% | 9.80% | 7/25/2022 | 7/25/2028 | 27312 | 26923 | 27108 | 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nasco Healthcare Inc. | First lien senior secured revolving loan | S + | 5.75% | 10.05% | 12/13/2024 | 6/30/2028 | 2937 | 2031 | 2036 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nasco Healthcare Inc. | First lien senior secured term loan | S + | 5.75% | 10.05% | 12/13/2024 | 6/30/2028 | 11734 | 11639 | 11654 | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWI Merger Sub, Inc (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 9.58% | 12/4/2024 | 12/4/2029 | 6438 | (114) | (105) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWI Merger Sub, Inc (6) | First lien senior secured revolving loan | S + | 5.25% | 9.58% | 12/4/2024 | 12/4/2029 | 2495 | (44) | (41) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWI Merger Sub, Inc | First lien senior secured term loan | S + | 5.25% | 9.58% | 12/4/2024 | 12/4/2029 | 16869 | 16571 | 16592 | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliable Medical Supply LLC | First lien senior secured revolving loan | S + | 5.75% | 11.16% | 2/14/2025 | 4/8/2027 | 2283 | 2006 | 2015 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliable Medical Supply LLC | First lien senior secured term loan | S + | 5.75% | 10.31% | 2/14/2025 | 4/8/2027 | 20990 | 20818 | 20899 | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCA Buyer, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.04% | 7/28/2023 | 1/20/2027 | 275 | 269 | 269 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCA Buyer, LLC | First lien senior secured revolving loan | S + | 6.50% | 11.05% | 7/28/2023 | 1/20/2027 | 133 | 130 | 130 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCA Buyer, LLC | First lien senior secured term loan | S + | 6.50% | 11.04% | 7/28/2023 | 1/20/2027 | 2816 | 2743 | 2747 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCA Buyer, LLC | First lien senior secured term loan | S + | 6.50% | 11.04% | 12/16/2024 | 1/20/2027 | 739 | 721 | 721 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Solutions, LLC | First lien senior secured delayed draw term loan | 15.00% PIK | 15.00% PIK | 15.00% | 7/28/2023 | 3/5/2026 | 125 | 117 | 64 | —% |

---

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)(2)</sup> | **Investment** | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount**<sup>(3)</sup> | **Amortized Cost**<sup>(4)</sup> | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Solutions, LLC | First lien senior secured delayed draw term loan | 18.00% PIK | 18.00% PIK | 18.00% | 5/3/2024 | 3/5/2026 | 247 | 242 | 242 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Solutions, LLC | First lien senior secured delayed draw term loan | 18.00% PIK | 18.00% PIK | 18.00% | 4/10/2025 | 3/5/2026 | 36 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Solutions, LLC | First lien senior secured delayed draw term loan | 18.00% | 18.00% | 18.00% | 4/10/2025 | 3/5/2026 | 124 | 96 | 98 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Solutions, LLC | First lien senior secured revolving loan | S + | 6.25% | 10.83% | 7/28/2023 | 3/5/2026 | 294 | 170 | 44 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Solutions, LLC | First lien senior secured term loan | S + | 6.25% | 10.81% | 7/28/2023 | 3/5/2026 | 610 | 563 | 314 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surplus Solutions, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.80% | 9/30/2024 | 11/30/2027 | 4664 | 3208 | 3200 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surplus Solutions, LLC | First lien senior secured revolving loan | S + | 5.50% | 10.00% | 11/30/2022 | 11/30/2027 | 1771 | 1563 | 1569 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surplus Solutions, LLC | First lien senior secured term loan | S + | 5.50% | 10.06% | 11/30/2022 | 11/30/2027 | 16200 | 15930 | 15975 | 0.83% |
|  |  |  |  |  |  |  |  | 126946 | 126950 | 6.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health care providers and services** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADVI Health, LLC (6) | First lien senior secured revolving loan | S + | 7.00% | 11.56% | 11/29/2022 | 11/29/2027 | $1062 | $(13) | $(12) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADVI Health, LLC | First lien senior secured term loan | S + | 7.00% | 11.56% | 11/29/2022 | 11/29/2027 | 6086 | 6003 | 6008 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advocate RCM Acquisition Corp (6) | First lien senior secured revolving loan | S + | 6.25% | 10.65% | 12/22/2023 | 12/22/2026 | 2902 | (25) | (24) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advocate RCM Acquisition Corp | First lien senior secured term loan | S + | 6.25% | 10.65% | 12/22/2023 | 12/22/2026 | 18226 | 18046 | 18059 | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agility Intermediate, Inc | First lien senior secured delayed draw term loan | S + | 7.00% | 11.56% | 7/28/2023 | 4/15/2026 | 108 | 107 | 101 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agility Intermediate, Inc | First lien senior secured revolving loan | S + | 7.00% | 11.56% | 7/28/2023 | 4/15/2026 | 134 | 79 | 72 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agility Intermediate, Inc | First lien senior secured term loan | S + | 7.00% | 11.56% | 7/28/2023 | 4/15/2026 | 236 | 234 | 221 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aligned Dental Management Services, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.69% | 2/7/2025 | 2/7/2030 | 4982 | 232 | 239 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aligned Dental Management Services, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.69% | 2/7/2025 | 2/7/2030 | 1523 | 276 | 279 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aligned Dental Management Services, LLC | First lien senior secured term loan | S + | 5.25% | 9.55% | 2/7/2025 | 2/7/2030 | 7931 | 7784 | 7797 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Family Care, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.40% | 2/29/2024 | 2/28/2029 | 4422 | 359 | 363 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Family Care, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.40% | 2/29/2024 | 2/28/2029 | 1775 | (33) | (31) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Family Care, LLC | First lien senior secured term loan | S + | 6.00% | 10.40% | 2/29/2024 | 2/28/2029 | 11458 | 11233 | 11248 | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASC Ortho Management Company, LLC | First lien senior secured delayed draw term loan | S + | 4.50% + 2.50% PIK | 11.56% | 7/28/2023 | 12/31/2026 | 324 | 321 | 294 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASC Ortho Management Company, LLC | First lien senior secured revolving loan | S + | 7.00% | 11.56% | 7/28/2023 | 12/31/2026 | 38 | 37 | 34 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASC Ortho Management Company, LLC | First lien senior secured term loan | S + | 4.50% + 2.50% PIK | 11.56% | 7/28/2023 | 12/31/2026 | 514 | 509 | 465 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascend Plastic Surgery Partners MSO LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.37% | 5/3/2024 | 5/3/2029 | 20682 | 4680 | 4701 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascend Plastic Surgery Partners MSO LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.55% | 5/3/2024 | 5/3/2029 | 4197 | (64) | (59) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascend Plastic Surgery Partners MSO LLC | First lien senior secured term loan | S + | 5.25% | 9.55% | 5/3/2024 | 5/3/2029 | 6825 | 6717 | 6727 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Global Holdings, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.53% | 7/31/2024 | 7/31/2029 | 19136 | 13321 | 13345 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Global Holdings, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.74% | 7/31/2024 | 7/31/2029 | 6555 | 4481 | 4490 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Global Holdings, LLC | First lien senior secured term loan | S + | 5.25% | 9.53% | 7/31/2024 | 7/31/2029 | 40763 | 40443 | 40139 | 2.10% |

---

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)(2)</sup> | **Investment** | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount**<sup>(3)</sup> | **Amortized Cost**<sup>(4)</sup> | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beacon Oral Specialists Management LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.80% | 7/28/2023 | 12/14/2026 | 817 | 811 | 811 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beacon Oral Specialists Management LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.74% | 6/27/2025 | 12/14/2026 | 10942 | 5964 | 5948 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beacon Oral Specialists Management LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.80% | 7/28/2023 | 12/14/2026 | 188 | (2) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beacon Oral Specialists Management LLC | First lien senior secured term loan | S + | 5.50% | 9.80% | 7/28/2023 | 12/14/2026 | 905 | 896 | 899 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beghou Consulting, LLC (20) | First lien senior secured revolving loan | S + | 4.75% | 9.06% | 5/1/2023 | 5/1/2028 | 2714 | 1309 | 1311 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beghou Consulting, LLC | First lien senior secured term loan | S + | 4.75% | 9.05% | 5/1/2023 | 5/1/2028 | 15158 | 14868 | 14878 | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP EE Intermedco LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 10.70% | 4/3/2023 | 4/3/2028 | 2028 | 1998 | 1999 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP EE Intermedco LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 10.70% | 4/3/2023 | 4/3/2028 | 2244 | (34) | (33) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP EE Intermedco LLC | First lien senior secured term loan | S + | 6.25% | 10.70% | 4/3/2023 | 4/3/2028 | 6396 | 6289 | 6292 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightview, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.19% | 7/28/2023 | 12/14/2026 | 47 | 47 | 47 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightview, LLC | First lien senior secured revolving loan | S + | 5.75% | 10.19% | 7/28/2023 | 12/14/2026 | 52 | 52 | 52 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightview, LLC | First lien senior secured term loan | S + | 5.75% | 10.19% | 7/28/2023 | 12/14/2026 | 675 | 674 | 672 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp (7) | First lien senior secured delayed draw term loan |  | 15.00% | 15.00% | 4/5/2024 | 12/31/2026 | 33 | 15 | 15 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp (7) | First lien senior secured delayed draw term loan | T + | 7.00% | 10.07% | 7/28/2023 | 12/31/2026 | 29 |  | (11) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp (7) | First lien senior secured delayed draw term loan | T + | 7.00% PIK | 10.07% | 7/28/2023 | 3/19/2026 | 353 | 254 | 120 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp | First lien senior secured revolving loan | S + | 7.00% | 11.56% | 7/28/2023 | 12/31/2026 | 107 | 101 | 50 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp | First lien senior secured revolving loan | S + | 7.00% PIK | 11.56% | 3/19/2021 | 12/31/2026 | 35 | 33 | 16 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp (7) | First lien senior secured revolving loan | T + | 7.00% | 10.07% | 7/28/2023 | 12/31/2026 | 264 | 189 | 90 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp (7) | First lien senior secured revolving loan | T + | 7.00% PIK | 10.07% | 3/19/2021 | 12/31/2026 | 81 | 59 | 28 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp (7) | First lien senior secured term loan | T + | 7.00% | 10.07% | 7/28/2023 | 12/31/2026 | 290 | 206 | 99 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change Academy at Lake of the Ozarks, LLC (6) | First lien senior secured revolving loan | P + | 4.25% | 11.75% | 8/2/2022 | 2/2/2029 | 5898 | (80) | (66) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change Academy at Lake of the Ozarks, LLC | First lien senior secured term loan | S + | 5.25% | 9.67% | 5/16/2025 | 2/2/2029 | 3564 | 3525 | 3524 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change Academy at Lake of the Ozarks, LLC | First lien senior secured term loan | S + | 5.25% | 9.67% | 8/2/2022 | 2/2/2029 | 31320 | 30806 | 30971 | 1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNS Purchaser, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 9.55% | 12/30/2024 | 12/30/2029 | 11025 | (74) | (52) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNS Purchaser, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.55% | 12/30/2024 | 12/30/2029 | 4246 | (57) | (50) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNS Purchaser, LLC | First lien senior secured term loan | S + | 5.25% | 9.55% | 12/30/2024 | 12/30/2029 | 38395 | 37874 | 37942 | 1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Care Partners, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.44% | 7/28/2023 | 6/10/2026 | 163 | 163 | 161 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Care Partners, LLC | First lien senior secured revolving loan | S + | 6.00% | 10.44% | 7/28/2023 | 6/10/2026 | 75 | 58 | 57 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Care Partners, LLC | First lien senior secured term loan | S + | 6.00% | 10.44% | 7/28/2023 | 6/10/2026 | 929 | 928 | 920 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DASCO HME, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.82% | 6/6/2025 | 6/6/2030 | 5346 | 407 | 407 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DASCO HME, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.82% | 6/6/2025 | 6/6/2030 | 3044 | (53) | (53) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DASCO HME, LLC | First lien senior secured term loan | S + | 5.50% | 9.82% | 6/6/2025 | 6/6/2030 | 17820 | 17511 | 17508 | 0.91% |

---

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)(2)</sup> | **Investment** | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount**<sup>(3)</sup> | **Amortized Cost**<sup>(4)</sup> | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dermatology Medical Partners OpCo LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.06% | 7/28/2023 | 10/29/2026 | 64 | 64 | 64 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dermatology Medical Partners OpCo LLC | First lien senior secured revolving loan | S + | 6.50% | 11.06% | 7/28/2023 | 10/29/2026 | 38 | 29 | 28 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dermatology Medical Partners OpCo LLC | First lien senior secured term loan | S + | 6.50% | 11.06% | 7/28/2023 | 10/29/2026 | 257 | 255 | 254 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EH Management Company, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 10.06% | 7/28/2023 | 7/15/2026 | 38 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EH Management Company, LLC | First lien senior secured term loan | S + | 5.50% | 10.06% | 7/28/2023 | 7/15/2026 | 4461 | 4440 | 4440 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endodontic Practice Partners, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.80% | 11/2/2022 | 11/2/2027 | 16702 | 16502 | 16517 | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endodontic Practice Partners, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.80% | 4/9/2024 | 11/2/2027 | 13756 | 5098 | 5130 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endodontic Practice Partners, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.80% | 2/14/2025 | 11/2/2027 | 4130 | (45) | (45) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endodontic Practice Partners, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.80% | 11/2/2022 | 11/2/2027 | 1956 | 757 | 761 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endodontic Practice Partners, LLC | First lien senior secured term loan | S + | 5.50% | 9.80% | 11/2/2022 | 11/2/2027 | 15198 | 14997 | 15030 | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FYZICAL Buyer, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.83% | 6/26/2024 | 6/26/2028 | 2710 | 1609 | 1612 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FYZICAL Buyer, LLC | First lien senior secured term loan | S + | 5.50% | 9.83% | 6/26/2024 | 6/26/2028 | 18814 | 18579 | 18606 | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geriatric Medical and Surgical Supply, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.80% | 7/28/2023 | 12/21/2025 | 300 | (1) | (2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geriatric Medical and Surgical Supply, LLC | First lien senior secured term loan | S + | 5.50% | 9.80% | 7/28/2023 | 12/21/2025 | 19822 | 19709 | 19705 | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden Bear PT Partners, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.06% | 7/28/2023 | 10/22/2026 | 173 | 171 | 170 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden Bear PT Partners, LLC | First lien senior secured revolving loan | S + | 6.50% | 11.06% | 7/28/2023 | 10/22/2026 | 38 | 15 | 14 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden Bear PT Partners, LLC | First lien senior secured term loan | S + | 6.50% | 11.06% | 7/28/2023 | 10/22/2026 | 1483 | 1467 | 1461 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardian Dentistry Practice Management, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.19% | 7/28/2023 | 8/20/2026 | 367 | 365 | 364 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardian Dentistry Practice Management, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 10.19% | 7/28/2023 | 8/20/2027 | 4188 | (34) | (29) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardian Dentistry Practice Management, LLC | First lien senior secured term loan | S + | 5.75% | 10.19% | 7/28/2023 | 8/20/2027 | 382 | 381 | 380 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H2 Holdco, Inc | First lien senior secured delayed draw term loan | S + | 6.00% | 10.56% | 5/5/2023 | 5/5/2028 | 7181 | 7032 | 7103 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H2 Holdco, Inc | First lien senior secured delayed draw term loan | S + | 6.00% | 10.56% | 6/25/2024 | 5/5/2028 | 18944 | 11749 | 11772 | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H2 Holdco, Inc (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 10.56% | 12/20/2024 | 5/5/2028 | 7560 | (97) | (83) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H2 Holdco, Inc (21) | First lien senior secured revolving loan | S + | 6.00% | 10.59% | 5/5/2023 | 5/5/2028 | 2544 | 2183 | 2208 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H2 Holdco, Inc | First lien senior secured term loan | S + | 6.00% | 10.56% | 5/5/2023 | 5/5/2028 | 17880 | 17467 | 17685 | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H2 Holdco, Inc | First lien senior secured term loan | S + | 6.00% | 10.56% | 12/20/2024 | 5/5/2028 | 903 | 891 | 893 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMA Group Management Company, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 10.95% | 7/28/2023 | 6/30/2028 | 10 | 10 | 10 | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMA Group Management Company, LLC | First lien senior secured revolving loan | S + | 6.50% | 10.98% | 7/28/2023 | 6/30/2028 | 35 | 17 | 17 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMA Group Management Company, LLC | First lien senior secured term loan | S + | 6.50% | 10.93% | 7/28/2023 | 6/30/2028 | 845 | 832 | 831 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPC Pain Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.94% | 5/19/2022 | 5/19/2027 | 9807 | 9773 | 9751 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPC Pain Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.94% | 5/19/2022 | 5/19/2027 | 1140 | (6) | (6) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPC Pain Acquisition, LLC | First lien senior secured term loan | S + | 5.50% | 9.94% | 5/19/2022 | 5/19/2027 | 2887 | 2869 | 2871 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MS Pain, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.80% | 12/4/2024 | 12/4/2029 | 6038 | (107) | (98) | (0.01)% |

---

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)(2)</sup> | **Investment** | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount**<sup>(3)</sup> | **Amortized Cost**<sup>(4)</sup> | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MS Pain, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.80% | 12/4/2024 | 12/4/2029 | 861 | (16) | (14) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MS Pain, LLC | First lien senior secured term loan | S + | 5.50% | 9.80% | 12/4/2024 | 12/4/2029 | 3364 | 3303 | 3307 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MWEC Management, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.08% | 2/14/2023 | 2/14/2028 | 1424 | 423 | 431 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MWEC Management, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.75% | 10.08% | 7/3/2024 | 2/14/2028 | 2532 | (28) | (25) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MWEC Management, LLC | First lien senior secured revolving loan | S + | 5.75% | 10.08% | 2/14/2023 | 2/14/2028 | 1924 | 1233 | 1248 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MWEC Management, LLC | First lien senior secured term loan | S + | 5.75% | 10.08% | 2/14/2023 | 2/14/2028 | 14789 | 14535 | 14644 | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Network Partners Acquisitions, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.56% | 7/28/2023 | 12/30/2026 | 38 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Network Partners Acquisitions, LLC | First lien senior secured term loan | S + | 6.00% | 10.56% | 7/28/2023 | 12/30/2026 | 212 | 211 | 210 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P1 Dental MSO, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 9.30% | 1/31/2025 | 1/31/2030 | 5109 | 1055 | 1063 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P1 Dental MSO, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 9.28% | 1/31/2025 | 1/31/2030 | 1522 | (28) | (26) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P1 Dental MSO, LLC | First lien senior secured term loan | S + | 5.00% | 9.28% | 1/31/2025 | 1/31/2030 | 19115 | 18767 | 18791 | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Dental Services, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 11.41% | 7/28/2023 | 12/31/2025 | 57 | 57 | 57 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Dental Services, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 11.34% | 7/28/2023 | 12/31/2025 | 511 | 510 | 510 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Dental Services, LLC | First lien senior secured revolving loan | S + | 6.75% | 11.34% | 7/28/2023 | 12/31/2025 | 133 | 132 | 132 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Dental Services, LLC | First lien senior secured term loan | S + | 6.75% | 11.32% | 7/28/2023 | 12/31/2025 | 570 | 569 | 569 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Investment Holdings, LLC | First lien senior secured revolving loan | S + | 7.50% PIK | 12.06% | 7/28/2023 | 12/31/2026 | 338 | 271 | 264 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Investment Holdings, LLC | First lien senior secured term loan | S + | 7.50% | 12.06% | 7/28/2023 | 12/31/2026 | 1261 | 1255 | 1228 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PharmaForceIQ INC. (6) | First lien senior secured revolving loan | S + | 5.25% | 9.53% | 8/2/2024 | 8/2/2029 | 2093 | (34) | (32) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PharmaForceIQ INC. | First lien senior secured term loan | S + | 5.25% | 9.53% | 8/2/2024 | 8/2/2029 | 13613 | 13386 | 13407 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRM Management Company, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.75% | 11.13% | 1/25/2024 | 1/25/2029 | 1180 | (26) | (25) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRM Management Company, LLC (6) | First lien senior secured revolving loan | S + | 6.75% | 11.13% | 1/25/2024 | 1/25/2029 | 789 | (17) | (17) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRM Management Company, LLC | First lien senior secured term loan | S + | 6.75% | 11.13% | 1/25/2024 | 1/25/2029 | 4102 | 4005 | 4009 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose Home Health Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.74% | 3/8/2024 | 11/3/2027 | 8041 | 7949 | 7968 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose Home Health Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.68% | 11/3/2022 | 11/3/2027 | 6730 | 6641 | 6669 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose Home Health Acquisition, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.66% | 12/23/2024 | 11/3/2027 | 9072 | (94) | (82) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose Home Health Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.66% | 11/3/2022 | 11/3/2027 | 1956 | (26) | (18) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose Home Health Acquisition, LLC | First lien senior secured term loan | S + | 5.50% | 9.66% | 11/3/2022 | 11/3/2027 | 17422 | 17205 | 17264 | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RMS Health Care Management, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 11.41% | 10/6/2023 | 10/6/2026 | 2693 | 1354 | 1355 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RMS Health Care Management, LLC | First lien senior secured revolving loan | S + | 6.75% | 11.40% | 10/6/2023 | 10/6/2026 | 920 | 605 | 604 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RMS Health Care Management, LLC | First lien senior secured term loan | S + | 6.75% | 11.39% | 10/6/2023 | 10/6/2026 | 4255 | 4206 | 4207 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RQM Buyer, Inc | First lien senior secured delayed draw term loan | S + | 2.00% + 4.75% PIK | 11.31% | 7/28/2023 | 8/12/2029 | 84 | 83 | 81 | 0.00% |

---

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)(2)</sup> | **Investment** | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount**<sup>(3)</sup> | **Amortized Cost**<sup>(4)</sup> | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RQM Buyer, Inc | First lien senior secured revolving loan | S + | 2.00% + 4.75% PIK | 11.31% | 7/28/2023 | 8/12/2029 | 127 | 125 | 122 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RQM Buyer, Inc | First lien senior secured term loan | S + | 2.00% + 4.75% PIK | 11.31% | 7/28/2023 | 8/12/2029 | 1742 | 1727 | 1677 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sage Dental Management, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.80% | 9/25/2024 | 6/30/2026 | 9136 | 4163 | 4172 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sage Dental Management, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.79% | 9/25/2024 | 6/30/2026 | 8220 | 5124 | 5132 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sage Dental Management, LLC | First lien senior secured term loan | S + | 5.50% | 9.80% | 9/25/2024 | 6/30/2026 | 57954 | 57653 | 57715 | 3.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAMGI Buyer, Inc (6) | First lien senior secured revolving loan | S + | 5.50% | 10.06% | 7/28/2023 | 12/31/2025 | 138 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAMGI Buyer, Inc | First lien senior secured term loan | S + | 5.50% | 10.06% | 7/28/2023 | 12/31/2025 | 390 | 389 | 389 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP ENT and Allergy Services, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.44% | 7/28/2023 | 9/25/2026 | 155 | 154 | 154 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP ENT and Allergy Services, LLC | First lien senior secured revolving loan | S + | 6.00% | 10.44% | 7/28/2023 | 9/25/2026 | 256 | 254 | 254 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP ENT and Allergy Services, LLC | First lien senior secured term loan | S + | 6.00% | 10.44% | 7/28/2023 | 9/25/2026 | 2712 | 2693 | 2688 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP OMS Services, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 9.30% | 3/7/2025 | 3/7/2030 | 9968 | 1146 | 1167 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP OMS Services, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 9.30% | 3/7/2025 | 3/7/2030 | 2645 | (37) | (33) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP OMS Services, LLC | First lien senior secured term loan | S + | 5.00% | 9.30% | 3/7/2025 | 3/7/2030 | 5682 | 5601 | 5611 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Dental Partners LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.19% | 4/22/2024 | 10/29/2026 | 17185 | 8912 | 8910 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Dental Partners LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.31% | 7/28/2023 | 10/29/2026 | 175 | 174 | 173 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Dental Partners LLC | First lien senior secured revolving loan | P + | 4.75% | 12.25% | 7/28/2023 | 10/29/2026 | 38 | 1 | 1 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Dental Partners LLC | First lien senior secured term loan | S + | 5.75% | 10.31% | 7/28/2023 | 10/29/2026 | 4242 | 4209 | 4208 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature MD, Inc | First lien senior secured delayed draw term loan | S + | 5.75% | 10.07% | 7/15/2024 | 7/15/2027 | 6953 | 3617 | 3623 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature MD, Inc (6) | First lien senior secured revolving loan | S + | 5.75% | 10.08% | 7/15/2024 | 7/15/2027 | 3297 | (28) | (25) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature MD, Inc | First lien senior secured term loan | S + | 5.75% | 10.08% | 7/15/2024 | 7/15/2027 | 18256 | 18094 | 18124 | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Falls MSO, LLC | First lien senior secured revolving loan | S + | 6.75% | 11.30% | 7/28/2023 | 8/30/2025 | 235 | 234 | 232 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Falls MSO, LLC | First lien senior secured term loan | S + | 4.25% + 2.25% PIK | 11.31% | 7/28/2023 | 8/30/2025 | 1333 | 1325 | 1320 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SimiTree Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.25% + 1.75% PIK | 11.54% | 7/28/2023 | 5/17/2026 | 887 | 886 | 876 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SimiTree Acquisition, LLC | First lien senior secured revolving loan | S + | 7.00% | 11.59% | 7/28/2023 | 5/17/2026 | 178 | 49 | 48 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SimiTree Acquisition, LLC | First lien senior secured term loan | S + | 5.25% + 1.75% PIK | 11.54% | 7/28/2023 | 5/17/2026 | 1234 | 1233 | 1219 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simko Merger Sub LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 10.81% | 7/28/2023 | 4/7/2027 | 181 | 178 | 178 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simko Merger Sub LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 10.84% | 9/19/2023 | 4/7/2027 | 6748 | 1857 | 1860 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simko Merger Sub LLC | First lien senior secured revolving loan | S + | 6.25% | 10.81% | 7/28/2023 | 4/7/2027 | 56 | 26 | 26 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simko Merger Sub LLC | First lien senior secured term loan | S + | 6.25% | 10.81% | 7/28/2023 | 4/7/2027 | 641 | 634 | 633 | 0.03% |

---

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)(2)</sup> | **Investment** | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount**<sup>(3)</sup> | **Amortized Cost**<sup>(4)</sup> | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Primary Care Partners, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.56% | 7/28/2023 | 12/30/2025 | 510 | 509 | 508 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Primary Care Partners, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.69% | 7/28/2023 | 12/30/2025 | 225 | 180 | 179 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Primary Care Partners, LLC | First lien senior secured term loan | S + | 6.00% | 10.56% | 7/28/2023 | 12/30/2025 | 840 | 838 | 837 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Orthodontic Partners Management, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.80% | 7/28/2023 | 7/27/2026 | 186 | 186 | 186 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Orthodontic Partners Management, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.80% | 5/17/2024 | 7/27/2026 | 3151 | 3135 | 3144 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Orthodontic Partners Management, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.80% | 5/17/2024 | 7/27/2026 | 3990 | 909 | 921 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Orthodontic Partners Management, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.80% | 6/26/2025 | 7/27/2026 | 8263 | (29) | (17) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Orthodontic Partners Management, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.80% | 7/28/2023 | 7/27/2026 | 171 | 20 | 20 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Orthodontic Partners Management, LLC | First lien senior secured term loan | S + | 5.50% | 9.80% | 7/28/2023 | 7/27/2026 | 3009 | 2998 | 3003 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Sports Medicine Partners, LLC | First lien senior secured revolving loan | S + | 8.00% PIK | 12.54% | 7/28/2023 | 2/23/2027 | 61 | 33 | 31 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Sports Medicine Partners, LLC | First lien senior secured term loan | S + | 8.00% PIK | 12.54% | 7/28/2023 | 2/23/2027 | 715 | 697 | 684 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spear Education Holdings, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.68% | 6/26/2024 | 12/15/2028 | 7290 | 1096 | 1106 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spear Education Holdings, LLC | First lien senior secured term loan | S + | 5.25% | 9.68% | 6/26/2024 | 12/15/2028 | 47144 | 46676 | 46754 | 2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Dental Partners LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.83% | 12/22/2023 | 12/22/2028 | 10956 | 9715 | 9782 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Dental Partners LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.83% | 11/8/2024 | 12/22/2028 | 12076 | (178) | (163) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Dental Partners LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.83% | 12/22/2023 | 12/22/2028 | 1451 | (28) | (20) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Dental Partners LLC | First lien senior secured term loan | S + | 5.50% | 9.83% | 12/22/2023 | 12/22/2028 | 15151 | 14874 | 14947 | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chempetitive Group, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.33% | 3/22/2024 | 3/22/2029 | 11991 | 1306 | 1320 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chempetitive Group, LLC | First lien senior secured revolving loan | S + | 6.00% | 10.33% | 3/22/2024 | 3/22/2029 | 3414 | 290 | 294 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chempetitive Group, LLC | First lien senior secured term loan | S + | 6.00% | 10.33% | 3/22/2024 | 3/22/2029 | 13603 | 13387 | 13406 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transitions Intermediate Holdings, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 10.30% | 10/25/2024 | 10/25/2027 | 687 | (7) | (6) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transitions Intermediate Holdings, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.30% | 10/25/2024 | 10/25/2027 | 1078 | (10) | (9) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transitions Intermediate Holdings, LLC | First lien senior secured term loan | S + | 6.00% | 10.30% | 10/25/2024 | 10/25/2027 | 8656 | 8569 | 8584 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Foot and Ankle Specialists, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.31% | 9/15/2022 | 9/15/2026 | 13966 | 13882 | 13891 | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Foot and Ankle Specialists, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 10.31% | 9/15/2022 | 9/15/2026 | 2699 | (17) | (16) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Foot and Ankle Specialists, LLC | First lien senior secured term loan | S + | 5.75% | 10.31% | 9/15/2022 | 9/15/2026 | 19373 | 19221 | 19230 | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varsity DuvaSawko Operating Corp | First lien senior secured delayed draw term loan | S + | 5.50% | 10.04% | 7/28/2023 | 5/27/2026 | 63 | 63 | 63 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varsity DuvaSawko Operating Corp (22) | First lien senior secured revolving loan | S + | 5.50% | 10.04% | 7/28/2023 | 5/27/2026 | 5189 | 1709 | 1692 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varsity DuvaSawko Operating Corp | First lien senior secured term loan | S + | 5.50% | 10.04% | 7/28/2023 | 5/27/2026 | 58477 | 58277 | 58072 | 3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varsity Rejuvenate Management, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 11.20% | 12/29/2023 | 9/1/2028 | 7107 | 3153 | 3159 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varsity Rejuvenate Management, LLC (6) | First lien senior secured revolving loan | S + | 6.75% | 11.20% | 9/1/2023 | 9/1/2028 | 1245 | (23) | (20) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varsity Rejuvenate Management, LLC | First lien senior secured term loan | S + | 6.75% | 11.20% | 9/1/2023 | 9/1/2028 | 5928 | 5814 | 5832 | 0.30% |

---

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)(2)</sup> | **Investment** | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount**<sup>(3)</sup> | **Amortized Cost**<sup>(4)</sup> | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VersiCare Management LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.80% | 11/25/2024 | 11/25/2029 | 4529 | (80) | (74) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VersiCare Management LLC | First lien senior secured revolving loan | S + | 5.50% | 9.83% | 11/25/2024 | 11/25/2029 | 1505 | 159 | 162 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VersiCare Management LLC | First lien senior secured term loan | S + | 5.50% | 9.80% | 11/25/2024 | 11/25/2029 | 7810 | 7668 | 7675 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VetEvolve Holdings, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.83% | 10/12/2023 | 10/12/2028 | 11580 | 9428 | 9438 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VetEvolve Holdings, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.77% | 10/12/2023 | 10/12/2028 | 3067 | (54) | (51) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VetEvolve Holdings, LLC | First lien senior secured term loan | S + | 5.50% | 9.77% | 10/12/2023 | 10/12/2028 | 9074 | 8896 | 8907 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Veterinary Partners LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.55% | 7/28/2023 | 10/29/2027 | 495 | 490 | 489 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Veterinary Partners LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.55% | 9/27/2024 | 10/29/2027 | 24345 | 24069 | 24110 | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Veterinary Partners LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.55% | 7/28/2023 | 10/29/2027 | 24 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Veterinary Partners LLC | First lien senior secured term loan | S + | 5.25% | 9.55% | 7/28/2023 | 10/29/2027 | 9348 | 9244 | 9258 | 0.48% |
|  |  |  |  |  |  |  |  | 861379 | 861962 | 45.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health care technology** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHR Intermediate, Inc | First lien senior secured delayed draw term loan | S + | 5.75% | 10.08% | 12/16/2024 | 7/29/2027 | $7896 | $726 | $754 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHR Intermediate, Inc | First lien senior secured delayed draw term loan | S + | 5.75% | 10.05% | 7/29/2022 | 7/29/2027 | 5217 | 5184 | 5177 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHR Intermediate, Inc (6) | First lien senior secured delayed draw term loan | S + | 5.75% | 10.05% | 5/19/2025 | 7/29/2027 | 871 | (4) | (4) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHR Intermediate, Inc (6) | First lien senior secured revolving loan | S + | 5.75% | 10.05% | 7/29/2022 | 7/29/2027 | 9888 | (76) | (44) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHR Intermediate, Inc | First lien senior secured term loan | S + | 5.75% | 10.05% | 7/29/2022 | 7/29/2027 | 31858 | 31676 | 31715 | 1.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Millennia Patient Services, LLC | First lien senior secured revolving loan | S + | 6.00% | 10.49% | 7/28/2023 | 3/8/2026 | 134 | 133 | 133 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Millennia Patient Services, LLC | First lien senior secured term loan | S + | 6.00% | 10.56% | 7/28/2023 | 3/8/2026 | 965 | 962 | 961 | 0.05% |
|  |  |  |  |  |  |  |  | 38601 | 38692 | 2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household durables** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPS Power Buyer, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.83% | 10/20/2023 | 9/26/2027 | $2297 | $136 | $126 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPS Power Buyer, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.78% | 9/26/2022 | 9/26/2027 | 2962 | 2921 | 2909 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPS Power Buyer, LLC (6)(23) | First lien senior secured revolving loan | S + | 5.50% | 9.79% | 9/26/2022 | 9/26/2027 | 3036 | (44) | (55) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPS Power Buyer, LLC | First lien senior secured term loan | S + | 5.50% | 9.79% | 9/26/2022 | 9/26/2027 | 12783 | 12556 | 12552 | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kravet Design LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.55% | 11/26/2024 | 11/26/2030 | 4349 | (59) | (51) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kravet Design LLC | First lien senior secured term loan | S + | 5.25% | 9.55% | 11/26/2024 | 11/26/2030 | 19639 | 19366 | 19403 | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kwalu, LLC | First lien senior secured revolving loan | S + | 5.50% | 11.03% | 9/23/2022 | 9/23/2027 | 5061 | 619 | 640 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kwalu, LLC | First lien senior secured term loan | S + | 5.50% | 10.14% | 9/23/2022 | 9/23/2027 | 30125 | 29785 | 29917 | 1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacKenzie Childs Acquisition, Inc | First lien senior secured revolving loan | S + | 5.50% | 9.95% | 9/2/2022 | 9/2/2027 | 3374 | 2227 | 2230 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacKenzie Childs Acquisition, Inc | First lien senior secured term loan | S + | 5.50% | 9.95% | 9/2/2022 | 9/2/2027 | 16035 | 15924 | 15937 | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renovation Systems, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.30% | 1/23/2023 | 1/23/2028 | 5713 | 5600 | 5656 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renovation Systems, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.30% | 1/12/2024 | 1/23/2028 | 1982 | 1949 | 1962 | 0.09% |

---

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)(2)</sup> | **Investment** | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount**<sup>(3)</sup> | **Amortized Cost**<sup>(4)</sup> | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renovation Systems, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.30% | 7/29/2024 | 1/23/2028 | 5723 | 5636 | 5666 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renovation Systems, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.21% | 11/27/2024 | 1/23/2028 | 3570 | 2199 | 2203 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renovation Systems, LLC | First lien senior secured revolving loan | S + | 6.00% | 10.31% | 1/23/2023 | 1/23/2028 | 2633 | 2055 | 2080 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renovation Systems, LLC | First lien senior secured term loan | S + | 6.00% | 10.30% | 1/23/2023 | 1/23/2028 | 32533 | 31996 | 32208 | 1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storm Smart Buyer LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.44% | 7/28/2023 | 10/5/2026 | 131 | (1) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storm Smart Buyer LLC | First lien senior secured term loan | S + | 6.00% | 10.44% | 7/28/2023 | 10/5/2026 | 885 | 880 | 877 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trademark Global, LLC | First lien senior secured revolving loan | S + | 8.50% | 13.06% | 7/28/2023 | 6/30/2027 | 113 | 89 | 27 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trademark Global, LLC | First lien senior secured revolving loan | S + | 8.50% PIK | 13.06% | 7/30/2021 | 6/30/2027 | 27 | 25 | 11 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trademark Global, LLC | First lien senior secured term loan | S + | 8.50% | 13.06% | 7/28/2023 | 6/30/2027 | 2310 | 2114 | 924 | 0.05% |
|  |  |  |  |  |  |  |  | 135973 | 135221 | 7.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial conglomerates** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hultec Buyer, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.95% | 3/31/2023 | 3/31/2029 | $3915 | $153 | $157 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hultec Buyer, LLC | First lien senior secured term loan | S + | 5.50% | 9.95% | 3/31/2023 | 3/31/2029 | 14171 | 13851 | 13867 | 0.72% |
|  |  |  |  |  |  |  |  | 14004 | 14024 | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superior Insurance Partners LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 9.31% | 10/25/2024 | 10/25/2029 | $15218 | $7055 | $7075 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superior Insurance Partners LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 9.28% | 10/25/2024 | 10/25/2029 | 1347 | (23) | (22) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superior Insurance Partners LLC | First lien senior secured term loan | S + | 5.00% | 9.28% | 10/25/2024 | 10/25/2029 | 9306 | 9141 | 9155 | 0.48% |
|  |  |  |  |  |  |  |  | 16173 | 16208 | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interactive media and services** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duggal Acquisition, LLC (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 9.05% | 9/30/2024 | 9/30/2030 | $5224 | $(46) | $(36) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duggal Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 9.05% | 9/30/2024 | 9/30/2030 | 7319 | (128) | (117) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duggal Acquisition, LLC | First lien senior secured term loan | S + | 4.75% | 9.05% | 9/30/2024 | 9/30/2030 | 20479 | 20113 | 20153 | 1.05% |
|  |  |  |  |  |  |  |  | 19939 | 20000 | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet and direct marketing retail** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aquatic Sales Solutions, LLC | First lien senior secured revolving loan | S + | 7.00% | 11.45% | 7/28/2023 | 12/18/2025 | $191 | $120 | $52 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aquatic Sales Solutions, LLC | First lien senior secured term loan | S + | 7.00% | 11.45% | 7/28/2023 | 12/18/2025 | 2669 | 2655 | 1710 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DealerOn Holdco, Inc (6) | First lien senior secured revolving loan | S + | 6.00% | 10.44% | 7/28/2023 | 5/19/2026 | 314 | (1) | (2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DealerOn Holdco, Inc | First lien senior secured term loan | S + | 6.00% | 10.44% | 7/28/2023 | 5/19/2026 | 20493 | 20392 | 20358 | 1.06% |
|  |  |  |  |  |  |  |  | 23166 | 22118 | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT services** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSC Top Shelf Blocker LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.58% | 6/28/2024 | 6/28/2029 | $2256 | $(32) | $(29) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSC Top Shelf Blocker LLC | First lien senior secured term loan | S + | 5.25% | 9.58% | 6/28/2024 | 6/28/2029 | 15990 | 15758 | 15783 | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynamic Campus Acquisition, Inc. (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 9.05% | 2/14/2025 | 2/14/2031 | 10220 | (144) | (125) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynamic Campus Acquisition, Inc. (6) | First lien senior secured revolving loan | S + | 4.75% | 9.05% | 2/14/2025 | 2/14/2031 | 3044 | (43) | (37) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynamic Campus Acquisition, Inc. | First lien senior secured term loan | S + | 4.75% | 9.05% | 2/14/2025 | 2/14/2031 | 11214 | 11057 | 11076 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-Phoenix Acquisition Co. Inc | First lien senior secured revolving loan | S + | 5.50% | 10.82% | 7/28/2023 | 6/23/2027 | 75 | 52 | 52 | —% |

---

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)(2)</sup> | **Investment** | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount**<sup>(3)</sup> | **Amortized Cost**<sup>(4)</sup> | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-Phoenix Acquisition Co. Inc | First lien senior secured term loan | S + | 5.50% | 9.95% | 7/28/2023 | 6/23/2027 | 1339 | 1335 | 1332 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FreshAddress, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.70% | 7/28/2023 | 10/5/2025 | 30 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FreshAddress, LLC | First lien senior secured term loan | S + | 5.25% | 9.70% | 7/28/2023 | 10/5/2025 | 1630 | 1629 | 1628 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icreon Holdings, LLC | First lien senior secured revolving loan | S + | 6.50% | 11.06% | 10/26/2022 | 10/26/2027 | 1071 | 522 | 522 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icreon Holdings, LLC | First lien senior secured term loan | S + | 6.50% | 11.06% | 10/26/2022 | 10/26/2027 | 12986 | 12810 | 12823 | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P and R Dental Strategies, LLC | First lien senior secured revolving loan | S + | 5.50% | 10.06% | 7/28/2023 | 12/22/2026 | 23 | 13 | 13 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P and R Dental Strategies, LLC | First lien senior secured term loan | S + | 5.50% | 10.06% | 7/28/2023 | 12/22/2026 | 618 | 614 | 613 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Technology Group, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 9.33% | 1/3/2024 | 1/3/2029 | 10751 | 10574 | 10620 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Technology Group, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 9.33% | 2/26/2024 | 1/3/2029 | 9400 | 9241 | 9285 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Technology Group, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 9.33% | 5/20/2025 | 1/3/2029 | 11325 | 478 | 478 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Technology Group, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 9.33% | 1/3/2024 | 1/3/2029 | 2860 | (47) | (35) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Technology Group, LLC | First lien senior secured term loan | S + | 5.00% | 9.33% | 1/3/2024 | 1/3/2029 | 6277 | 6171 | 6200 | 0.32% |
|  |  |  |  |  |  |  |  | 69988 | 70199 | 3.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure equipment and products** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Champion Motorsports Group, LLC (6) | First lien senior secured revolving loan | P + | 5.25% | 12.75% | 7/28/2023 | 10/8/2026 | $56 | $— | $— | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Champion Motorsports Group, LLC | First lien senior secured term loan | S + | 6.25% | 10.66% | 7/28/2023 | 10/8/2026 | 1646 | 1638 | 1633 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacNeill Pride Group Corp | First lien senior secured delayed draw term loan | S + | 6.25% | 10.81% | 7/28/2023 | 4/22/2026 | 351 | 350 | 350 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacNeill Pride Group Corp (6) | First lien senior secured revolving loan | S + | 6.25% | 10.81% | 7/28/2023 | 4/22/2026 | 287 | (1) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacNeill Pride Group Corp | First lien senior secured term loan | S + | 6.25% | 10.81% | 7/28/2023 | 4/22/2026 | 804 | 803 | 802 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TruBlue LLC (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 9.58% | 1/11/2024 | 1/11/2029 | 2331 | (33) | (30) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TruBlue LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.58% | 1/11/2024 | 1/11/2029 | 1430 | (20) | (19) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TruBlue LLC | First lien senior secured term loan | S + | 5.25% | 9.58% | 1/11/2024 | 1/11/2029 | 5147 | 5071 | 5076 | 0.27% |
|  |  |  |  |  |  |  |  | 7808 | 7811 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure products** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PHGP MB Purchaser, Inc | First lien senior secured delayed draw term loan | S + | 6.00%+ 0.50% PIK | 11.05% | 7/28/2023 | 5/20/2027 | $78 | $77 | $70 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PHGP MB Purchaser, Inc (6)(24) | First lien senior secured revolving loan | S + | 6.00% | 6.00% | 7/28/2023 | 5/20/2027 | 75 | (1) | (7) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PHGP MB Purchaser, Inc | First lien senior secured term loan | S + | 6.00% + 0.50% PIK | 11.06% | 7/28/2023 | 5/20/2027 | 1048 | 1036 | 947 | 0.05% |
|  |  |  |  |  |  |  |  | 1112 | 1010 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Life sciences tools and services** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptitude Health Holdings, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.81% | 7/28/2023 | 5/3/2026 | $267 | $(1) | $(1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptitude Health Holdings, LLC | First lien senior secured term loan | S + | 5.25% | 9.81% | 7/28/2023 | 5/3/2026 | 1075 | 1071 | 1071 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CR Services Intermediate, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.06% | 7/28/2023 | 7/28/2028 | 188 | 120 | 116 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CR Services Intermediate, LLC | First lien senior secured revolving loan | S + | 6.50% | 11.06% | 7/28/2023 | 7/28/2028 | 38 | 18 | 17 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CR Services Intermediate, LLC | First lien senior secured term loan | S + | 6.50% | 11.06% | 7/28/2023 | 7/28/2028 | 459 | 446 | 439 | 0.02% |

---

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)(2)</sup> | **Investment** | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount**<sup>(3)</sup> | **Amortized Cost**<sup>(4)</sup> | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERG Buyer, LLC | First lien senior secured delayed draw term loan | 6.00% Cash + 4.50% PIK | 6.00% Cash + 4.50% PIK | 10.50% | 2/26/2024 | 2/26/2026 | 349 | 347 | 342 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERG Buyer, LLC | First lien senior secured revolving loan | 6.00% Cash + 4.50% PIK | 6.00% Cash + 4.50% PIK | 10.50% | 2/26/2024 | 2/26/2026 | 5300 | 5269 | 5192 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERG Buyer, LLC | First lien senior secured term loan | 6.00% Cash + 4.50% PIK | 6.00% Cash + 4.50% PIK | 10.50% | 2/26/2024 | 2/26/2026 | 36704 | 36506 | 35966 | 1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health and Wellness Partners LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 9.18% | 3/12/2025 | 3/12/2030 | 5808 | (94) | (86) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health and Wellness Partners LLC | First lien senior secured revolving loan | S + | 5.00% | 9.18% | 3/12/2025 | 3/12/2030 | 2480 | 488 | 492 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health and Wellness Partners LLC | First lien senior secured term loan | S + | 5.00% | 9.18% | 3/12/2025 | 3/12/2030 | 21726 | 21364 | 21400 | 1.12% |
|  |  |  |  |  |  |  |  | 65534 | 64948 | 3.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abrasive Technology Intermediate, LLC | First lien senior secured revolving loan | S + | 6.25% | 10.81% | 7/28/2023 | 4/30/2026 | $173 | $155 | $155 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abrasive Technology Intermediate, LLC | First lien senior secured term loan | S + | 6.25% | 10.81% | 7/28/2023 | 4/30/2026 | 1975 | 1963 | 1963 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bakery Manufacturing Company (6) | First lien senior secured revolving loan | S + | 5.25% | 9.58% | 11/1/2024 | 11/1/2028 | 2898 | (40) | (33) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bakery Manufacturing Company | First lien senior secured term loan | S + | 5.25% | 9.58% | 11/1/2024 | 11/1/2028 | 17202 | 16981 | 17015 | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DNS-IMI Acquisition Corp | First lien senior secured revolving loan | P + | 4.25% | 11.75% | 7/28/2023 | 11/23/2026 | 56 | 3 | 3 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DNS-IMI Acquisition Corp | First lien senior secured term loan | S + | 5.25% | 9.70% | 7/28/2023 | 11/23/2026 | 1407 | 1401 | 1398 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Double E Company, LLC | First lien senior secured revolving loan | S + | 6.75% | 11.52% | 6/21/2022 | 6/21/2028 | 3110 | 2863 | 2548 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Double E Company, LLC | First lien senior secured term loan | S + | 4.00% + 2.75% PIK | 11.20% | 6/21/2022 | 6/21/2028 | 18817 | 18658 | 16766 | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kittyhawk, Inc (6) | First lien senior secured revolving loan | S + | 5.25% | 9.55% | 5/1/2024 | 5/1/2029 | 3571 | (55) | (50) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kittyhawk, Inc | First lien senior secured term loan | S + | 5.25% | 9.55% | 5/1/2024 | 5/1/2029 | 15101 | 14860 | 14879 | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L&J Holding Company LLC (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 9.05% | 7/29/2024 | 7/29/2030 | 9823 | (83) | (65) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L&J Holding Company LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 9.05% | 7/29/2024 | 7/29/2030 | 2204 | (37) | (34) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L&J Holding Company LLC | First lien senior secured term loan | S + | 4.75% | 9.05% | 7/29/2024 | 7/29/2030 | 11699 | 11495 | 11519 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;My Buyer, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.05% | 1/26/2024 | 1/26/2030 | 3131 | 3083 | 3087 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;My Buyer, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 10.05% | 1/26/2024 | 1/26/2030 | 2360 | (36) | (33) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;My Buyer, LLC | First lien senior secured term loan | S + | 5.75% | 10.05% | 1/26/2024 | 1/26/2030 | 7830 | 7705 | 7714 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPG Holdco, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.51% | 5/16/2025 | 12/1/2028 | 1782 | 1212 | 1212 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPG Holdco, LLC | First lien senior secured revolving loan | S + | 6.00% | 10.32% | 12/1/2023 | 12/1/2028 | 2070 | 379 | 384 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPG Holdco, LLC | First lien senior secured term loan | S + | 6.00% | 10.47% | 12/1/2023 | 12/1/2028 | 10527 | 10336 | 10373 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USSC Holding Corp | First lien senior secured delayed draw term loan | S + | 5.25% | 9.58% | 6/21/2024 | 6/21/2030 | 10079 | 9912 | 9947 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USSC Holding Corp | First lien senior secured revolving loan | S + | 5.25% | 9.55% | 6/21/2024 | 6/21/2030 | 7177 | 2034 | 2060 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USSC Holding Corp | First lien senior secured term loan | S + | 5.25% | 9.55% | 6/21/2024 | 6/21/2030 | 34605 | 33995 | 34137 | 1.78% |
|  |  |  |  |  |  |  |  | 136784 | 134945 | 7.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barkley, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.43% | 9/29/2023 | 9/29/2028 | $2300 | $(39) | $(33) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barkley, LLC | First lien senior secured term loan | S + | 6.00% | 10.43% | 9/29/2023 | 9/29/2028 | 43565 | 42829 | 42944 | 2.24% |

---

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)(2)</sup> | **Investment** | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount**<sup>(3)</sup> | **Amortized Cost**<sup>(4)</sup> | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Version Media Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.82% | 12/31/2024 | 12/31/2030 | 2897 | (46) | (42) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Version Media Acquisition, LLC | First lien senior secured term loan | S + | 5.50% | 9.82% | 12/31/2024 | 12/31/2030 | 30190 | 29709 | 29751 | 1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creative Outdoor Holding Inc (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 9.30% | 6/26/2025 | 6/26/2030 | 8741 | (109) | (109) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creative Outdoor Holding Inc (6) | First lien senior secured revolving loan | S + | 5.00% | 9.30% | 6/26/2025 | 6/26/2030 | 4168 | (63) | (52) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creative Outdoor Holding Inc | First lien senior secured term loan | S + | 5.00% | 9.30% | 6/26/2025 | 6/26/2030 | 18356 | 18127 | 18127 | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datum Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.57% | 10/30/2024 | 4/30/2030 | 2146 | (41) | (32) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datum Acquisition, LLC | First lien senior secured term loan | S + | 5.25% | 9.57% | 10/30/2024 | 4/30/2030 | 24131 | 23735 | 23770 | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclusive Concepts, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.06% | 12/22/2023 | 12/9/2026 | 2822 | 2789 | 2792 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclusive Concepts, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.06% | 8/1/2024 | 12/9/2026 | 5104 | 1693 | 1708 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclusive Concepts, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.06% | 7/28/2023 | 12/9/2026 | 219 | 217 | 217 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclusive Concepts, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 11.06% | 7/28/2023 | 12/9/2026 | 23 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclusive Concepts, LLC | First lien senior secured term loan | S + | 6.50% | 11.06% | 7/28/2023 | 12/9/2026 | 3472 | 3429 | 3436 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infolinks Media Buyco, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.80% | 7/28/2023 | 11/1/2026 | 2073 | 2055 | 2055 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infolinks Media Buyco, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.80% | 7/28/2023 | 11/1/2026 | 38 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infolinks Media Buyco, LLC | First lien senior secured term loan | S + | 5.50% | 9.80% | 7/28/2023 | 11/1/2026 | 19863 | 19694 | 19696 | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merge USA, Inc (6) | First lien senior secured revolving loan | S + | 4.75% | 9.05% | 2/28/2025 | 2/28/2030 | 2515 | (35) | (31) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merge USA, Inc | First lien senior secured term loan | S + | 4.75% | 9.05% | 2/28/2025 | 2/28/2030 | 11234 | 11075 | 11095 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North & Warren, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.75% | 1/31/2025 | 1/31/2030 | 954 | (13) | (12) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North & Warren, LLC | First lien senior secured term loan | S + | 5.50% | 9.75% | 1/31/2025 | 1/31/2030 | 2961 | 2921 | 2925 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTM Acquisition Corp (6) | First lien senior secured revolving loan | S + | 6.75% | 11.20% | 12/18/2023 | 6/18/2026 | 1809 | (12) | (13) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTM Acquisition Corp | First lien senior secured term loan | S + | 6.75% | 11.20% | 12/18/2023 | 6/18/2026 | 12096 | 11999 | 12003 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optimized Marketing Acquisition, LLC | First lien senior secured revolving loan | S + | 6.25% | 10.69% | 8/19/2022 | 8/19/2027 | 3383 | 3181 | 3112 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optimized Marketing Acquisition, LLC | First lien senior secured term loan | S + | 6.25% | 10.69% | 8/19/2022 | 8/19/2027 | 25511 | 25223 | 24745 | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outerbox, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 9.33% | 6/7/2024 | 6/7/2028 | 4077 | (45) | (40) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outerbox, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 9.33% | 6/7/2024 | 6/7/2028 | 2280 | (25) | (22) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outerbox, LLC | First lien senior secured term loan | S + | 5.00% | 9.33% | 6/7/2024 | 6/7/2028 | 18118 | 17914 | 17939 | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peninsula MMGY Corporation (6)(25) | First lien senior secured revolving loan | S + | 5.50% | 9.80% | 10/26/2023 | 4/26/2029 | 3691 | (74) | (53) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peninsula MMGY Corporation | First lien senior secured term loan | S + | 5.50% | 9.80% | 10/26/2023 | 4/26/2029 | 10261 | 10044 | 10115 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peninsula MMGY Corporation | First lien senior secured term loan | S + | 5.50% | 9.80% | 4/4/2025 | 4/26/2029 | 13246 | 13058 | 13057 | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Channel Company, LLC | First lien senior secured revolving loan | S + | 6.75% | 11.29% | 7/28/2023 | 11/1/2027 | 62 | 26 | 23 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Channel Company, LLC | First lien senior secured term loan | S + | 2.50% + 4.25% PIK | 11.31% | 7/28/2023 | 11/1/2027 | 2444 | 2428 | 2308 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WTWH Buyer, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 10.94% | 12/16/2022 | 12/16/2027 | 1638 | (21) | (24) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WTWH Buyer, LLC | First lien senior secured term loan | S + | 6.50% | 10.94% | 12/16/2022 | 12/16/2027 | 14068 | 13856 | 13862 | 0.72% |
|  |  |  |  |  |  |  |  | 255479 | 255217 | 13.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metals and mining** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copperweld Group, Inc | First lien senior secured revolving loan | S + | 6.00% | 10.56% | 7/28/2023 | 3/31/2026 | $1535 | $663 | $665 | 0.03% |

---

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)(2)</sup> | **Investment** | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount**<sup>(3)</sup> | **Amortized Cost**<sup>(4)</sup> | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copperweld Group, Inc | First lien senior secured term loan | S + | 6.00% | 10.56% | 7/28/2023 | 3/31/2026 | 2950 | 2943 | 2947 | 0.15% |
|  |  |  |  |  |  |  |  | 3606 | 3612 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiline retail** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEC Purchaser Corp. (6) | First lien senior secured revolving loan | S + | 5.50% | 9.72% | 6/17/2024 | 6/17/2029 | $7843 | $(94) | $(82) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEC Purchaser Corp. | First lien senior secured term loan | S + | 5.50% | 9.72% | 6/17/2024 | 6/17/2029 | 49955 | 49298 | 49391 | 2.58% |
|  |  |  |  |  |  |  |  | 49204 | 49309 | 2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Formulated Buyer, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 11.06% | 7/28/2023 | 9/22/2026 | $317 | $316 | $280 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Formulated Buyer, LLC | First lien senior secured revolving loan | S + | 5.75% | 11.33% | 7/28/2023 | 9/22/2026 | 200 | 86 | 63 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Formulated Buyer, LLC | First lien senior secured term loan | S + | 6.75% | 11.33% | 7/28/2023 | 9/22/2026 | 487 | 486 | 430 | 0.02% |
|  |  |  |  |  |  |  |  | 888 | 773 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Personal products** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosmetic Solutions LLC (8) | First lien senior secured delayed draw term loan | S + | 5.75% + 0.75% PIK | 11.06% | 7/28/2023 | 10/17/2025 | $380 | $373 | $92 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosmetic Solutions LLC (8) | First lien senior secured revolving loan | S + | 6.50% | 11.06% | 7/28/2023 | 10/17/2025 | 344 | 86 | (168) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosmetic Solutions LLC (8) | First lien senior secured term loan | S + | 5.75% + 0.75% PIK | 11.06% | 7/28/2023 | 10/17/2025 | 2907 | 2845 | 707 | 0.04% |
|  |  |  |  |  |  |  |  | 3304 | 631 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Professional services** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSL Intermediate Acquisition LLC (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 9.58% | 11/8/2024 | 11/8/2029 | $1692 | $(26) | $(23) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSL Intermediate Acquisition LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.58% | 11/8/2024 | 11/8/2029 | 861 | (13) | (12) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSL Intermediate Acquisition LLC | First lien senior secured term loan | S + | 5.25% | 9.58% | 11/8/2024 | 11/8/2029 | 3728 | 3671 | 3676 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helpware, Inc | First lien senior secured revolving loan | S + | 5.75% | 10.31% | 9/8/2022 | 9/8/2026 | 5061 | 2780 | 2733 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helpware, Inc | First lien senior secured term loan | S + | 5.75% + 1.25% PIK | 11.56% | 9/8/2022 | 9/8/2026 | 14033 | 13953 | 13845 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keystone Partners, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.55% | 10/25/2024 | 10/25/2028 | 2272 | 837 | 841 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keystone Partners, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.53% | 10/25/2024 | 10/25/2028 | 1347 | (17) | (15) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keystone Partners, LLC | First lien senior secured term loan | S + | 5.25% | 9.53% | 10/25/2024 | 10/25/2028 | 13243 | 13072 | 13094 | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stax Holding Company, LLC (6)(26) | First lien senior secured revolving loan | S + | 5.00% | 9.45% | 7/28/2023 | 10/29/2026 | 60 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stax Holding Company, LLC | First lien senior secured term loan | S + | 5.00% | 9.45% | 7/28/2023 | 10/29/2026 | 614 | 613 | 612 | 0.03% |
|  |  |  |  |  |  |  |  | 34870 | 34751 | 1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real estate management and development** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBG, Inc (27) | First lien senior secured revolving loan | S + | 6.75% | 11.31% | 7/28/2023 | 1/8/2026 | $233 | $225 | $221 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBG, Inc | First lien senior secured term loan | S + | 6.50% + 0.25% PIK | 11.31% | 7/28/2023 | 1/8/2026 | 1971 | 1933 | 1902 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetaSource, LLC | First lien senior secured revolving loan | S + | 6.75% | 11.19% | 7/28/2023 | 5/17/2027 | 75 | 36 | 36 | 0.00% |

---

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)(2)</sup> | **Investment** | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount**<sup>(3)</sup> | **Amortized Cost**<sup>(4)</sup> | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetaSource, LLC | First lien senior secured term loan | S + | 6.25% + 0.50% PIK | 11.31% | 7/28/2023 | 5/17/2027 | 921 | 915 | 913 | 0.05% |
|  |  |  |  |  |  |  |  | 3109 | 3072 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors and semiconductor equipment** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altamira Material Solutions, LP | First lien senior secured revolving loan | S + | 6.00% | 10.45% | 7/28/2023 | 9/2/2026 | $45 | $34 | $34 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altamira Material Solutions, LP | First lien senior secured term loan | S + | 6.00% | 10.45% | 7/28/2023 | 9/2/2026 | 1012 | 1008 | 1007 | 0.05% |
|  |  |  |  |  |  |  |  | 1042 | 1041 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affinitiv Inc (6) | First lien senior secured revolving loan | S + | 7.00% | 11.56% | 7/28/2023 | 7/26/2027 | $186 | $(2) | $(2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affinitiv Inc | First lien senior secured term loan | S + | 7.00% | 11.56% | 7/28/2023 | 7/26/2027 | 2240 | 2214 | 2222 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genius Bidco, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 9.55% | 5/1/2024 | 5/1/2030 | 4661 | (38) | (29) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genius Bidco, LLC (28) | First lien senior secured revolving loan | S + | 5.25% | 9.55% | 5/1/2024 | 5/1/2030 | 3571 | 419 | 423 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genius Bidco, LLC | First lien senior secured term loan | S + | 5.25% | 9.55% | 5/1/2024 | 5/1/2030 | 12584 | 12370 | 12395 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GPSTrackit Holdings, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.30% | 3/29/2024 | 3/29/2029 | 1958 | 1920 | 1921 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GPSTrackit Holdings, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.68% | 3/29/2024 | 3/29/2029 | 4429 | 2281 | 2280 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GPSTrackit Holdings, LLC | First lien senior secured term loan | S + | 6.00% | 10.30% | 3/29/2024 | 3/29/2029 | 32320 | 31700 | 31721 | 1.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS XX Corporation (6) | First lien senior secured revolving loan | S + | 4.75% | 9.05% | 4/19/2024 | 4/19/2029 | 2381 | (36) | (34) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS XX Corporation | First lien senior secured term loan | S + | 4.75% | 9.05% | 4/19/2024 | 4/19/2029 | 16779 | 16512 | 16534 | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shasta Buyer, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 9.05% | 11/12/2024 | 11/12/2030 | 4307 | (56) | (50) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shasta Buyer, LLC | First lien senior secured term loan | S + | 4.75% | 9.05% | 11/12/2024 | 11/12/2030 | 20293 | 20020 | 20054 | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ShiftKey, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 10.31% | 7/28/2023 | 6/21/2027 | 110 | (1) | (2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ShiftKey, LLC | First lien senior secured term loan | S + | 5.75% | 10.31% | 7/28/2023 | 6/21/2027 | 3640 | 3624 | 3560 | 0.19% |
|  |  |  |  |  |  |  |  | 90927 | 90993 | 4.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty retail** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dykstras Auto LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.80% | 7/28/2023 | 10/22/2027 | $182 | $180 | $179 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dykstras Auto LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.79% | 7/28/2023 | 10/22/2027 | 149 | 87 | 87 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dykstras Auto LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.80% | 4/14/2025 | 10/22/2027 | 5046 | (69) | (85) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dykstras Auto LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.80% | 7/28/2023 | 10/22/2027 | 1992 | (27) | (33) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dykstras Auto LLC | First lien senior secured term loan | S + | 5.50% | 9.80% | 7/28/2023 | 10/22/2027 | 3023 | 2982 | 2972 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastlap, LLC | First lien senior secured revolving loan | S + | 2.15% + 3.35% PIK | 9.82% | 6/20/2024 | 6/20/2029 | 2266 | 1538 | 1556 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastlap, LLC | First lien senior secured term loan | S + | 2.15% + 3.35% PIK | 9.80% | 6/20/2024 | 6/20/2029 | 10075 | 9838 | 9922 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaizen Auto Care, LLC | First lien senior secured revolving loan | 5.00% | 5.00% | 5.00% | 3/1/2024 | 12/22/2026 | 152 | 111 | 80 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaizen Auto Care, LLC | First lien senior secured term loan | 5.00% | 5.00% | 5.00% | 7/28/2023 | 12/22/2027 | 1345 | 1337 | 1070 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonard Group, Inc | First lien senior secured revolving loan | S + | 6.50% | 11.06% | 7/28/2023 | 2/26/2027 | 234 | 76 | 76 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonard Group, Inc | First lien senior secured term loan | S + | 6.50% | 11.06% | 7/28/2023 | 2/26/2027 | 1308 | 1300 | 1294 | 0.07% |

---

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)(2)</sup> | **Investment** | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount**<sup>(3)</sup> | **Amortized Cost**<sup>(4)</sup> | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pink Lily Holdings, LLC (6) | First lien senior secured revolving loan | S + | 7.00% PIK | 11.50% | 7/28/2023 | 11/16/2027 | 31 |  | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pink Lily Holdings, LLC | First lien senior secured term loan | S + | 7.00% PIK | 11.50% | 7/28/2023 | 11/16/2027 | 1357 | 1334 | 1233 | 0.06% |
|  |  |  |  |  |  |  |  | 18687 | 18348 | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Textiles, apparel and luxury goods** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakeshirts LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 9.33% | 12/30/2024 | 12/20/2030 | $7989 | $(37) | $(19) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakeshirts LLC | First lien senior secured revolving loan | S + | 5.00% | 9.33% | 12/30/2024 | 12/30/2030 | 11650 | 6883 | 6906 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakeshirts LLC | First lien senior secured term loan | S + | 5.00% | 9.33% | 12/30/2024 | 12/30/2030 | 29994 | 29723 | 29778 | 1.56% |
|  |  |  |  |  |  |  |  | 36569 | 36665 | 1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trading companies and distributors** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp | First lien senior secured delayed draw term loan | S + | 5.50% | 9.80% | 7/28/2023 | 4/9/2027 | $571 | $564 | $567 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp | First lien senior secured delayed draw term loan | S + | 5.50% | 9.83% | 7/28/2023 | 4/9/2027 | 100 | 99 | 99 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp | First lien senior secured delayed draw term loan | S + | 5.50% | 9.83% | 12/12/2023 | 4/9/2027 | 4128 | 4083 | 4092 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp | First lien senior secured delayed draw term loan | S + | 5.50% | 9.83% | 7/1/2024 | 4/9/2027 | 10255 | 55 | 63 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp (29) | First lien senior secured revolving loan | S + | 5.50% | 9.83% | 7/28/2023 | 10/9/2026 | 156 | 30 | 30 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp | First lien senior secured term loan | S + | 5.50% | 9.78% | 7/28/2023 | 4/9/2027 | 5447 | 5389 | 5399 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Equipment Systems LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.73% | 7/28/2023 | 11/5/2026 | 37 | 36 | 36 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Equipment Systems LLC | First lien senior secured term loan | S + | 6.00% | 10.74% | 7/28/2023 | 11/5/2026 | 69 | 69 | 69 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Equipment Systems LLC | First lien senior secured term loan | S + | 6.00% | 10.74% | 3/15/2024 | 11/5/2026 | 930 | 920 | 921 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Equipment Systems LLC | First lien senior secured term loan | S + | 6.00% | 10.73% | 7/28/2023 | 11/5/2026 | 315 | 312 | 312 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascent Lifting, Inc (6) | First lien senior secured revolving loan | S + | 5.25% | 9.68% | 9/9/2022 | 9/9/2027 | 2500 | (37) | (36) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascent Lifting, Inc | First lien senior secured term loan | S + | 5.25% | 9.68% | 9/9/2022 | 9/9/2027 | 16605 | 16491 | 16346 | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AWI Group, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.05% | 8/1/2024 | 8/1/2029 | 4467 | 4394 | 4399 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AWI Group, LLC | First lien senior secured revolving loan | S + | 5.75% | 10.04% | 8/1/2024 | 8/1/2029 | 10420 | 7332 | 7345 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AWI Group, LLC | First lien senior secured term loan | S + | 5.75% | 10.05% | 8/1/2024 | 8/1/2029 | 54922 | 54005 | 54082 | 2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner Buyer, LLC | First lien senior secured delayed draw term loan | S + | 2.75% + 3.50% PIK | 10.70% | 7/28/2023 | 5/31/2026 | 565 | 564 | 525 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner Buyer, LLC | First lien senior secured revolving loan | S + | 2.75% + 3.50% PIK | 10.70% | 7/28/2023 | 5/31/2026 | 370 |  | (25) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner Buyer, LLC | First lien senior secured term loan | S + | 2.75% + 3.50% PIK | 10.70% | 7/28/2023 | 5/31/2026 | 1361 | 1358 | 1266 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAP KSI Holdings LLC (30) | First lien senior secured revolving loan | S + | 5.25% | 9.56% | 6/28/2024 | 6/28/2030 | 7145 | 5864 | 5874 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAP KSI Holdings LLC | First lien senior secured term loan | S + | 5.25% | 9.54% | 6/28/2024 | 6/28/2030 | 51316 | 50639 | 50740 | 2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastern Communications Solutions, Inc. (6) | First lien senior secured revolving loan | S + | 5.00% | 9.30% | 12/30/2024 | 12/30/2030 | 3240 | (45) | (39) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastern Communications Solutions, Inc. | First lien senior secured term loan | S + | 5.00% | 9.30% | 12/30/2024 | 12/30/2030 | 12549 | 12376 | 12399 | 0.65% |

---

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)(2)</sup> | **Investment** | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount**<sup>(3)</sup> | **Amortized Cost**<sup>(4)</sup> | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empire Equipment Company, LLC | First lien senior secured revolving loan | S + | 6.25% | 10.69% | 7/28/2023 | 1/17/2026 | 439 | 188 | 186 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empire Equipment Company, LLC | First lien senior secured term loan | S + | 6.25% | 10.69% | 7/28/2023 | 1/17/2026 | 1603 | 1600 | 1597 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lehman Pipe Buyer, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 9.33% | 6/13/2025 | 8/30/2030 | 5436 | (81) | (81) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lehman Pipe Buyer, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 9.33% | 8/30/2024 | 8/30/2030 | 6324 | (107) | (95) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lehman Pipe Buyer, LLC | First lien senior secured term loan | S + | 5.00% | 9.33% | 8/30/2024 | 8/30/2030 | 37774 | 37144 | 37207 | 1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.06% | 8/5/2022 | 8/5/2028 | 3177 | 3149 | 3156 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.00% | 3/29/2024 | 8/5/2028 | 7154 | 7024 | 7106 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.97% | 10/31/2024 | 8/5/2028 | 8409 | 6617 | 6630 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.93% | 8/5/2022 | 8/5/2028 | 2660 | 2627 | 2642 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.01% | 8/5/2022 | 8/5/2028 | 2681 | 2644 | 2663 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.85% | 12/1/2023 | 8/5/2028 | 4648 | 4565 | 4617 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured revolving loan | P + | 4.75% | 12.25% | 8/5/2022 | 8/5/2028 | 7269 | 1556 | 1590 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured term loan | S + | 5.75% | 10.01% | 12/1/2023 | 8/5/2028 | 649 | 637 | 645 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured term loan | S + | 5.75% | 10.03% | 8/13/2024 | 8/5/2028 | 2564 | 2546 | 2547 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured term loan | S + | 5.75% | 10.00% | 8/5/2022 | 8/5/2028 | 17472 | 17195 | 17355 | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured term loan | S + | 5.75% | 9.99% | 10/31/2024 | 8/5/2028 | 3394 | 3364 | 3371 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triad Technologies, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.70% | 7/28/2023 | 6/8/2026 | 332 | (2) | (2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triad Technologies, LLC | First lien senior secured term loan | S + | 5.25% | 9.70% | 7/28/2023 | 6/8/2026 | 1176 | 1169 | 1167 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Added Distributors, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.97% | 12/19/2024 | 12/19/2029 | 3768 | (54) | (45) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Added Distributors, LLC | First lien senior secured term loan | S + | 4.75% | 8.97% | 12/19/2024 | 12/19/2029 | 11210 | 11060 | 11074 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vintage Parts, Inc (6) | First lien senior secured revolving loan | S + | 5.75% | 10.05% | 3/28/2025 | 3/28/2029 | 1564 | (18) | (16) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vintage Parts, Inc | First lien senior secured term loan | S + | 5.75% | 10.05% | 3/28/2025 | 3/28/2029 | 16550 | 16346 | 16385 | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wolf Gordon Inc | First lien senior secured revolving loan | P + | 4.25% | 11.75% | 5/1/2024 | 5/1/2029 | 3809 | 789 | 794 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wolf Gordon Inc | First lien senior secured term loan | S + | 5.25% | 9.58% | 5/1/2024 | 5/1/2029 | 27699 | 27193 | 27242 | 1.41% |
|  |  |  |  |  |  |  |  | 311649 | 312199 | 16.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Water utilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Buyer, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 9.33% | 10/15/2024 | 7/22/2026 | $3652 | $3629 | $3636 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Buyer, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 9.33% | 7/28/2023 | 7/22/2026 | 75 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Buyer, LLC | First lien senior secured term loan | S + | 5.00% | 9.31% | 7/28/2023 | 7/22/2026 | 1413 | 1408 | 1406 | 0.06% |
|  |  |  |  |  |  |  |  | 5037 | 5042 | 0.25% |
| &nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliated senior secured debt** |  |  |  |  |  |  |  | $3518638 | $3512520 | 183.47% |
| **Non-controlled/non-affiliated sponsor subordinated notes** |  |  |  |  |  |  |  |  |  |  |
| **Trading companies and distributors** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Empire Equipment Company, LLC | Sponsor subordinated note | 12.50% + 7.00% PIK | 12.50% + 7.00% PIK | 19.50% | 7/28/2023 | 7/17/2026 | $17 | $16 | $16 | 0.01% |

---

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)(2)</sup> | **Investment** | **Reference**<br>**Rate and Spread** <sup>(5)</sup> | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount**<sup>(3)</sup> | **Amortized Cost**<sup>(4)</sup> | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliated sponsor subordinated notes** |  |  |  |  |  |  | 16 | 16 | 0.01% |
| &nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliated investments** |  |  |  |  |  |  | $3518654 | $3512536 | 183.49% |
| &nbsp;&nbsp;&nbsp;**Non-controlled/affiliated investments** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multisector holdings** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twin Brook Equity Holdings, LLC (31)(32)(33) | Equity - 16.47% membership interest |  |  |  |  |  | $80938 | $91853 | 4.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twin Brook Segregated Equity Holdings, LLC (31)(32)(33) | Equity - 2.11% membership interest |  |  |  |  |  | 19 | 15 | 0.00% |
| &nbsp;&nbsp;&nbsp;**Total non-controlled/affiliated investments** |  |  |  |  |  |  | 80957 | 91868 | 4.80% |
| **Total investments** |  |  |  |  |  |  | $3599611 | $3604404 | 188.28% |

---

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

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

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

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

(5)Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the Term Secured Overnight Financing Rate ("Term SOFR" or "S"), the Canadian Overnight Repo Rate Average ("Term CORRA" or "T") and/or an alternate base rate (e.g. prime rate ("P")), which typically resets semiannually, quarterly, or monthly at the borrower's option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the applicable margin has been provided over Term SOFR based on each respective credit agreement. As of June 30, 2025, the reference rates for the floating rate loans were the Term SOFR of 4.45%, the Prime Rate of 7.50%, and the Term CORRA of 2.75%. 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 June 30, 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 June 30, 2025, non-qualifying assets represented approximately 3.17% of the total assets of the Company.

(8)Indicates Loan was on non-accrual status as of June 30, 2025.

(9)Principal balance includes reserve for letter of credit of $50,775 on which the borrower pays 5.00%.

(10)Principal balance includes reserve for letter of credit of $1,875 on which the borrower pays 6.00%.

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

(12)Principal balance includes reserve for letter of credit of $10,663 on which the borrower pays 5.50%.

(13)Principal balance includes reserve for letter of credit of $175,771 on which the borrower pays 5.25%.

(14)Principal balance includes reserve for letter of credit of $832,337 on which the borrower pays 5.75%.

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

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

(17)Principal balance includes reserve for letter of credit of $5,240 on which the borrower pays 6.00%.

(18)Principal balance includes reserve for letter of credit of $163,717 on which the borrower pays 6.25%.

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

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

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

(22)Principal balance includes reserve for letter of credit of $605,383 on which the borrower pays 5.50%.

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

(23)Principal balance includes reserve for letter of credit of $948,688 on which the borrower pays 5.50%.

(24)Principal balance includes reserve for letter of credit of $5,625 on which the borrower pays 6.00%.

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

(26)Principal balance includes reserve for letter of credit of $2,248 on which the borrower pays 5.00%.

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

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

(29)Principal balance includes reserve for letter of credit of $6,240 on which the borrower pays 5.50%.

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

(31)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.

(32)Securities exempt from registration under the Securities Act of 1933 (the "Securities Act"), and may be deemed to be "restricted securities" under the Securities Act. As of June 30, 2025, the aggregate fair value of these securities is $91,868 or 4.80% of the Company's net assets.

(33)Non-income producing investment.

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign currency forward contracts**<br>**Counterparty** |<br>**Currency Purchased** |<br>**Currency Sold** |<br>**Settlement** |<br>**Unrealized Appreciation/<br>(Depreciation)** |
| Wells Fargo Bank, National Association | USD 332 | CAD 459 | 7/25/2025 | $(6) |
| **Total** |  |  |  | $**(6)** |
| **Currency Abbreviations:** |  |  |  |  |
| USD - U.S. Dollar |  |  |  |  |
| CAD - Canadian Dollar |  |  |  |  |

---

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps**<br>**Counterparty** |<br>**Hedged Instrument** |<br>**Company Receives** |<br>**Company Pays** |<br>**Maturity Date** |<br>**Notional Amount** |<br>**Fair Value** |<br>**Upfront Payments/Receipts** |<br>**Unrealized Appreciation/(Depreciation)** |
| Morgan Stanley Capital Services, LLC | Series A, Tranche A Notes | 7.6900% | S + 3.547% | 3/19/2027 | $90000 | $721 | $— | $721 |
| Morgan Stanley Capital Services, LLC | Series A, Tranche B Notes | 7.7800% | S + 3.8660% | 3/19/2029 | 150000 | 2532 |  | 2532 |
| MUFG Bank, Ltd. | Series B, Tranche A Notes | 6.4200% | S + 3.1224% | 10/15/2028 | 20000 | (144) |  | (144) |
| MUFG Bank, Ltd. | Series B, Tranche A Notes | 6.4200% | S + 3.1158% | 10/15/2028 | 65000 | (457) |  | (457) |
| Wells Fargo Bank, N.A. | Series B, Tranche C Notes | 6.5200% | S + 3.1810% | 10/15/2029 | 100000 | (814) |  | (814) |
| Morgan Stanley Capital Services, LLC | Series B, Tranche C Notes | 6.5200% | S + 3.3840% | 10/15/2029 | 50000 | (579) |  | (579) |
| MUFG Bank, Ltd. | Series B, Tranche C Notes | 6.5200% | S + 3.2432% | 10/15/2029 | 50000 | (558) |  | (558) |
| MUFG Bank, Ltd. | Series B, Tranche C Notes | 6.5200% | S + 3.2659% | 10/15/2029 | 90000 | (1083) |  | (1083) |
| Regions Bank | Series C, Tranche A Notes | 6.0500% | S + 2.5070% | 5/30/2028 | 25000 | 53 |  | 53 |
| Regions Bank | Series C, Tranche B Notes | 6.4000% | S + 2.8595% | 3/30/2030 | 75000 | 187 |  | 187 |
| **Total** |  |  |  |  |  | $**(142)** | $**—** | $**(142)** |

---

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

------

<u>**Table of Contents**</u>

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of June 30, 2025**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Options** | **Interest Rate Options** | | | | | | | |
| **Counterparty** | **Instrument** |<br>**Company Receives** |<br>**Company Sold** |<br>**Maturity Date** |<br>**Notional Amount** |<br>**Fair Value** |<br>**Upfront Payments/Receipts** |<br>**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 | $100000 | 215 |  | 215 |
| Morgan Stanley Capital Services, LLC | Sold SOFR Floor with Annuitized Premium | 0.09% Quarterly premium | 1.00% 3M SOFR Floor | 4/15/2029 | 50000 | 131 |  | 131 |
| MUFG Bank, Ltd. | Sold SOFR Floor with Annuitized Premium | 0.06% Quarterly premium | 1.00% 3M SOFR Floor | 7/15/2028 | 20000 | 29 |  | 29 |
| MUFG Bank, Ltd. | Sold SOFR Floor with Annuitized Premium | 0.09% Quarterly premium | 1.00% 3M SOFR Floor | 4/15/2029 | 50000 | 108 |  | 108 |
| Morgan Stanley Capital Services, LLC | Sold SOFR Floor with Annuitized Premium | 0.07% Semiannual premium | 1.00% 3M SOFR Floor | 12/19/2026 | 90000 | 43 |  | 43 |
| MUFG Bank, Ltd. | Sold SOFR Floor with Annuitized Premium | 0.06% Quarterly premium | 1.00% 3M SOFR Floor | 7/15/2028 | 65000 | 93 |  | 93 |
| Morgan Stanley Capital Services, LLC | Sold SOFR Floor with Annuitized Premium | 0.11% Semiannual premium | 1.00% 3M SOFR Floor | 9/19/2028 | 150000 | 324 |  | 324 |
| MUFG Bank, Ltd. | Sold SOFR Floor with Annuitized Premium | 0.09% Quarterly premium | 1.00% 3M SOFR Floor | 4/15/2029 | 90000 | 194 |  | 194 |
| Total |  |  |  |  |  | $1137 | $— | $1137 |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)** | **Investment** | **Reference<br>Rate and Spread (5)** | **Reference<br>Rate and Spread (5)** | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount(3)** | **Amortized Cost(4)** | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| **Investments** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;**Non-controlled/non-affiliated senior secured debt** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace and defense** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AlphaCoin LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 9.59% | 7/29/2024 | 7/29/2030 | $3028 | $(28) | $(22) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AlphaCoin LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 9.52% | 7/29/2024 | 7/29/2030 | 4509 | (84) | (77) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AlphaCoin LLC | First lien senior secured term loan | S + | 5.00% | 9.59% | 7/29/2024 | 7/29/2030 | 19933 | 19549 | 19593 | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mattco Forge, Inc (6) | First lien senior secured revolving loan | S + | 5.00% | 9.35% | 12/19/2024 | 12/19/2030 | 4307 | (65) | (65) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mattco Forge, Inc | First lien senior secured term loan | S + | 5.00% | 9.35% | 12/19/2024 | 12/19/2030 | 46274 | 45583 | 45579 | 2.96% |
|  |  |  |  |  |  |  |  | 64955 | 65008 | 4.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Air freight and logistics** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Load One Purchaser Corporation | First lien senior secured revolving loan | P + | 5.25% | 12.75% | 6/21/2022 | 6/21/2027 | $3557 | $303 | $306 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Load One Purchaser Corporation | First lien senior secured term loan | S + | 6.25% | 11.14% | 10/23/2024 | 6/21/2028 | 997 | 978 | 982 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Load One Purchaser Corporation | First lien senior secured term loan | S + | 6.25% | 10.84% | 6/21/2022 | 6/21/2028 | 13999 | 13773 | 13786 | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zipline Logistics, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.01% | 9/19/2022 | 9/19/2027 | 1687 | 1088 | 1055 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zipline Logistics, LLC | First lien senior secured revolving loan | S + | 4.00% + 2.00% PIK | 11.01% | 9/19/2022 | 9/19/2027 | 6 | 6 | 6 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zipline Logistics, LLC | First lien senior secured term loan | S + | 4.00% + 2.00% PIK | 11.01% | 9/19/2022 | 9/19/2027 | 6843 | 6733 | 6610 | 0.43% |
|  |  |  |  |  |  |  |  | 22881 | 22745 | 1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto components** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.P.A. Industries, LLC (6)(9) | First lien senior secured revolving loan | S + | 6.00% | 10.47% | 1/10/2023 | 1/10/2028 | $1523 | $(23) | $(22) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.P.A. Industries, LLC | First lien senior secured term loan | S + | 6.00% | 10.47% | 1/10/2023 | 1/10/2028 | 8529 | 8386 | 8394 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvCarb, LLC | First lien senior secured delayed draw term loan | S + | 2.00% | 6.67% | 7/28/2023 | 11/12/2026 | 243 | 240 | 235 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvCarb, LLC | First lien senior secured revolving loan | S + | 7.00% | 11.71% | 7/28/2023 | 11/12/2026 | 38 | 5 | 4 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvCarb, LLC | First lien senior secured term loan | S + | 2.00% | 6.67% | 7/28/2023 | 11/12/2026 | 519 | 514 | 501 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bestop, Inc (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 9.58% | 3/29/2024 | 3/29/2029 | 6774 | (115) | (102) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bestop, Inc | First lien senior secured revolving loan | S + | 5.25% | 9.72% | 3/29/2024 | 3/29/2029 | 7081 | 1119 | 1133 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bestop, Inc | First lien senior secured term loan | S + | 5.25% | 9.58% | 3/29/2024 | 3/29/2029 | 44026 | 43252 | 43365 | 2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSC ASI BUYER, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 9.33% | 12/31/2024 | 12/31/2027 | 3661 | (37) | (37) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSC ASI BUYER, LLC | First lien senior secured term loan | S + | 5.00% | 9.33% | 12/31/2024 | 12/31/2027 | 29825 | 29527 | 29527 | 1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certified Collision Group Acquisition Corp (6) | First lien senior secured revolving loan | S + | 5.00% | 9.33% | 7/28/2023 | 5/17/2027 | 19 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certified Collision Group Acquisition Corp | First lien senior secured term loan | S + | 5.00% | 9.33% | 7/28/2023 | 5/17/2027 | 1103 | 1094 | 1093 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raneys, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.29% | 2/17/2023 | 6/7/2027 | 4835 | 4762 | 4774 | 0.31% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)** | **Investment** | **Reference<br>Rate and Spread (5)** | **Reference<br>Rate and Spread (5)** | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount(3)** | **Amortized Cost(4)** | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raneys, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 10.19% | 6/7/2022 | 6/7/2027 | 1964 | (27) | (25) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raneys, LLC | First lien senior secured term loan | S + | 5.75% | 10.19% | 6/7/2022 | 6/7/2027 | 13453 | 13262 | 13285 | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vehicle Accessories, Inc (6) | First lien senior secured revolving loan | S + | 5.25% | 9.72% | 7/28/2023 | 11/30/2026 | 877 | (9) | (9) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vehicle Accessories, Inc | First lien senior secured term loan | S + | 5.25% | 9.72% | 7/28/2023 | 11/30/2026 | 11238 | 11128 | 11120 | 0.72% |
|  |  |  |  |  |  |  |  | 113078 | 113236 | 7.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building products** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Anchors Group Inc (6) | First lien senior secured revolving loan | S + | 5.00% | 9.33% | 7/15/2024 | 7/15/2029 | 3275 | (59) | (55) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Anchors Group Inc | First lien senior secured term loan | S + | 5.00% | 9.33% | 7/15/2024 | 7/15/2029 | 17573 | 17242 | 17274 | 1.12% |
|  |  |  |  |  |  |  |  | 17183 | 17219 | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AM Buyer, LLC | First lien senior secured revolving loan | S + | 6.75% | 11.62% | 7/28/2023 | 5/1/2025 | $111 | $79 | $79 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AM Buyer, LLC | First lien senior secured term loan | S + | 6.75% | 11.34% | 7/28/2023 | 5/1/2025 | 460 | 459 | 459 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Answer Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.48% | 7/28/2023 | 12/30/2026 | 759 | (8) | (6) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Answer Acquisition, LLC | First lien senior secured term loan | S + | 6.00% | 10.48% | 7/28/2023 | 12/30/2026 | 1665 | 1655 | 1651 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Answer Acquisition, LLC | First lien senior secured term loan | S + | 6.00% | 10.48% | 1/16/2024 | 12/30/2026 | 851 | 842 | 845 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Answer Acquisition, LLC | First lien senior secured term loan | S + | 6.00% | 10.48% | 6/7/2024 | 12/30/2026 | 9923 | 9763 | 9845 | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custom Agronomics Holdings, LLC | First lien senior secured revolving loan | S + | 6.50% | 11.09% | 8/30/2022 | 8/26/2027 | 2357 | 1543 | 1541 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custom Agronomics Holdings, LLC | First lien senior secured term loan | S + | 6.50% | 11.09% | 8/30/2022 | 8/26/2027 | 4082 | 4026 | 4030 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custom Agronomics Holdings, LLC | First lien senior secured term loan | S + | 6.50% | 11.09% | 3/25/2024 | 8/26/2027 | 2517 | 2485 | 2485 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polycorp Ltd (6) | First lien senior secured delayed draw term loan | S + | 5.75% | 10.11% | 1/24/2024 | 1/24/2030 | 14860 | (126) | (98) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polycorp Ltd (6) | First lien senior secured revolving loan | S + | 5.75% | 10.11% | 1/24/2024 | 1/24/2030 | 3723 | (63) | (58) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polycorp Ltd | First lien senior secured term loan | S + | 5.75% | 10.11% | 1/24/2024 | 1/24/2030 | 18055 | 17785 | 17759 | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teel Plastics, LLC (6) | First lien senior secured revolving loan | P + | 4.00% | 11.50% | 7/28/2023 | 1/24/2025 | 324 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teel Plastics, LLC | First lien senior secured term loan | S + | 5.00% | 9.47% | 7/28/2023 | 1/24/2025 | 1751 | 1751 | 1750 | 0.11% |
|  |  |  |  |  |  |  |  | 40191 | 40282 | 2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial services and supplies** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliance Environmental Group, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.59% | 7/28/2023 | 12/30/2027 | $57 | $56 | $44 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliance Environmental Group, LLC | First lien senior secured revolving loan | S + | 6.00% | 10.59% | 7/28/2023 | 12/30/2027 | 38 | 37 | 29 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliance Environmental Group, LLC | First lien senior secured term loan | S + | 6.00% | 10.59% | 7/28/2023 | 12/30/2027 | 2255 | 2213 | 1771 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CARDS Acquisition, Inc (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 9.58% | 8/12/2024 | 8/12/2029 | 23837 | (439) | (405) | (0.03)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CARDS Acquisition, Inc | First lien senior secured revolving loan | S + | 5.25% | 9.65% | 8/12/2024 | 8/12/2029 | 8843 | 5506 | 5518 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CARDS Acquisition, Inc | First lien senior secured term loan | S + | 5.25% | 9.58% | 8/12/2024 | 8/12/2029 | 41214 | 40435 | 40503 | 2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edko Acquisition, LLC (10) | First lien senior secured revolving loan | S + | 6.00% | 10.59% | 7/28/2023 | 6/25/2026 | 38 | 11 | 11 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edko Acquisition, LLC | First lien senior secured term loan | S + | 6.00% | 10.59% | 7/28/2023 | 6/25/2026 | 1111 | 1105 | 1102 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franchise Fastlane, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.72% | 7/28/2023 | 5/2/2027 | 15 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franchise Fastlane, LLC | First lien senior secured term loan | S + | 5.25% | 9.72% | 7/28/2023 | 5/2/2027 | 1121 | 1112 | 1110 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold Medal Holdings, Inc (6) | First lien senior secured delayed draw term loan | S + | 5.75% | 10.08% | 6/14/2024 | 3/17/2027 | 2831 | (23) | (19) | 0.00% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)** | **Investment** | **Reference<br>Rate and Spread (5)** | **Reference<br>Rate and Spread (5)** | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount(3)** | **Amortized Cost(4)** | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold Medal Holdings, Inc (11) | First lien senior secured revolving loan | S + | 5.75% | 10.08% | 7/28/2023 | 3/17/2027 | 1444 | 277 | 279 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold Medal Holdings, Inc | First lien senior secured term loan | S + | 5.75% | 10.08% | 7/28/2023 | 3/17/2027 | 12086 | 11989 | 12005 | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Monster Acquisition, LLC | First lien senior secured revolving loan | S + | 6.00% | 10.78% | 7/28/2023 | 12/28/2026 | 38 | 37 | 37 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Monster Acquisition, LLC | First lien senior secured term loan | S + | 6.00% | 10.78% | 7/28/2023 | 12/28/2026 | 1146 | 1139 | 1136 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HLSG Intermediate, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 10.72% | 7/28/2023 | 3/31/2028 | 94 | 93 | 93 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HLSG Intermediate, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 10.72% | 10/6/2023 | 3/31/2028 | 352 | 347 | 350 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HLSG Intermediate, LLC | First lien senior secured revolving loan | S + | 6.25% | 10.72% | 7/28/2023 | 3/31/2028 | 60 | 43 | 43 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HLSG Intermediate, LLC | First lien senior secured term loan | S + | 6.25% | 10.72% | 7/28/2023 | 3/31/2028 | 639 | 628 | 635 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HLSG Intermediate, LLC | First lien senior secured term loan | S + | 6.25% | 10.72% | 10/6/2023 | 3/31/2028 | 984 | 981 | 979 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Air Flow Dynamics, Inc | First lien senior secured revolving loan | S + | 6.25% | 10.95% | 8/5/2022 | 8/5/2028 | 2537 | 2507 | 2510 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Air Flow Dynamics, Inc | First lien senior secured term loan | S + | 6.25% | 10.99% | 8/5/2022 | 8/5/2028 | 18461 | 18223 | 18260 | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nimlok Company, LLC (6)(12) | First lien senior secured revolving loan | S + | 5.50% | 10.09% | 7/28/2023 | 11/27/2025 | 320 | (1) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nimlok Company, LLC | First lien senior secured term loan | S + | 5.50% | 10.09% | 7/28/2023 | 11/27/2025 | 2606 | 2598 | 2595 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nimlok Company, LLC | First lien senior secured term loan | S + | 5.50% | 10.35% | 5/1/2024 | 11/27/2025 | 3104 | 3089 | 3090 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polaris Labs Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.77% | 9/17/2024 | 9/17/2029 | 2123 | (40) | (37) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polaris Labs Acquisition, LLC | First lien senior secured term loan | S + | 5.25% | 9.77% | 9/17/2024 | 9/17/2029 | 6442 | 6320 | 6329 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRA Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 10.98% | 7/28/2023 | 5/12/2028 | 56 | (1) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRA Acquisition, LLC | First lien senior secured term loan | S + | 6.50% | 10.98% | 7/28/2023 | 5/12/2028 | 599 | 588 | 587 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quality Liaison Services of North America, Inc (6) | First lien senior secured revolving loan | S + | 6.00% | 10.74% | 5/2/2023 | 5/2/2028 | 1629 | (27) | (26) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quality Liaison Services of North America, Inc | First lien senior secured term loan | S + | 6.00% | 10.74% | 5/2/2023 | 5/2/2028 | 12564 | 12347 | 12358 | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel City Wash, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.59% | 7/28/2023 | 12/27/2026 | 140 | 139 | 139 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel City Wash, LLC | First lien senior secured revolving loan | S + | 6.00% | 10.59% | 7/28/2023 | 12/27/2026 | 38 | 26 | 26 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel City Wash, LLC | First lien senior secured term loan | S + | 6.00% | 10.59% | 7/28/2023 | 12/27/2026 | 5557 | 5524 | 5533 | 0.36% |
|  |  |  |  |  |  |  |  | 116839 | 116583 | 7.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction and engineering** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp | First lien senior secured delayed draw term loan | S + | 5.75% | 10.08% | 7/28/2023 | 12/14/2027 | $1572 | $1554 | $1558 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp (6) | First lien senior secured delayed draw term loan | S + | 5.75% | 10.08% | 10/10/2024 | 12/14/2027 | 6588 | (61) | (61) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp (6) | First lien senior secured revolving loan | S + | 5.75% | 10.08% | 7/28/2023 | 12/14/2027 | 2447 | (25) | (23) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp | First lien senior secured term loan | S + | 5.75% | 10.08% | 7/28/2023 | 12/14/2027 | 6484 | 6413 | 6424 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp | First lien senior secured term loan | S + | 5.75% | 10.08% | 10/10/2024 | 12/14/2027 | 11942 | 11834 | 11831 | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highland Acquisition, Inc | First lien senior secured revolving loan | S + | 5.25% | 9.61% | 7/28/2023 | 3/9/2027 | 2213 | 414 | 412 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highland Acquisition, Inc | First lien senior secured term loan | S + | 5.25% | 9.61% | 7/28/2023 | 3/9/2027 | 10836 | 10692 | 10688 | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ironhorse Purchaser, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.61% | 9/30/2022 | 9/30/2027 | 9225 | 9125 | 9178 | 0.60% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)** | **Investment** | **Reference<br>Rate and Spread (5)** | **Reference<br>Rate and Spread (5)** | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount(3)** | **Amortized Cost(4)** | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ironhorse Purchaser, LLC (13) | First lien senior secured revolving loan | S + | 5.25% | 9.61% | 9/30/2022 | 9/30/2027 | 5813 | 1813 | 1830 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ironhorse Purchaser, LLC | First lien senior secured term loan | S + | 5.25% | 9.61% | 9/30/2022 | 9/30/2027 | 29993 | 29615 | 29653 | 1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 9.33% | 11/27/2024 | 11/7/2029 | 3741 | 1001 | 981 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | First lien senior secured revolving loan | S + | 5.00% | 9.52% | 11/7/2022 | 11/7/2028 | 8626 | 3238 | 3260 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | First lien senior secured term loan | S + | 5.00% | 9.52% | 11/7/2022 | 11/7/2028 | 17251 | 16918 | 16996 | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | First lien senior secured term loan | S + | 5.00% | 9.52% | 5/1/2024 | 11/7/2028 | 1785 | 1746 | 1759 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | First lien senior secured term loan | S + | 5.00% | 9.52% | 11/27/2024 | 11/7/2029 | 13155 | 12962 | 12961 | 0.84% |
|  |  |  |  |  |  |  |  | 107239 | 107447 | 6.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Containers and packaging** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulk Lift International, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 10.84% | 7/28/2023 | 11/15/2027 | $126 | $124 | $124 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulk Lift International, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 10.84% | 11/15/2022 | 11/15/2027 | 1801 | (28) | (30) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulk Lift International, LLC | First lien senior secured term loan | S + | 6.25% | 10.84% | 11/15/2022 | 11/15/2027 | 8124 | 7978 | 7987 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative FlexPak, LLC (8) | First lien senior secured revolving loan | S + | 7.00% | 11.47% | 7/28/2023 | 1/23/2026 | 627 | 313 | 127 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative FlexPak, LLC (8) | First lien senior secured term loan | S + | 7.00% | 11.47% | 7/28/2023 | 1/23/2026 | 2616 | 2274 | 1499 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative FlexPak, LLC (8) | First lien senior secured term loan | S + | 20.00% PIK | 20.00% | 7/28/2023 | 1/23/2026 | 735 | 567 | 421 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johns Byrne LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 10.33% | 8/31/2023 | 8/31/2029 | 2578 | (49) | (47) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johns Byrne LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.33% | 8/31/2023 | 8/31/2029 | 1460 | (28) | (27) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johns Byrne LLC | First lien senior secured term loan | S + | 6.00% | 10.33% | 8/31/2023 | 8/31/2029 | 9547 | 9354 | 9362 | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K-1 Packaging Group LLC | First lien senior secured revolving loan | S + | 6.25% | 10.70% | 10/6/2022 | 10/6/2027 | 6748 | 75 | 80 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K-1 Packaging Group LLC | First lien senior secured term loan | S + | 6.25% | 10.84% | 10/6/2022 | 10/6/2027 | 31086 | 30586 | 30635 | 1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRC Keeler Acquisition LLC | First lien senior secured delayed draw term loan | S + | 6.00% + 0.50% PIK | 10.98% | 7/28/2023 | 12/4/2025 | 4 | 4 | 4 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRC Keeler Acquisition LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.48% | 7/28/2023 | 12/4/2025 | 150 | (1) | (5) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRC Keeler Acquisition LLC | First lien senior secured term loan | S + | 6.00% + 0.50% PIK | 10.98% | 7/28/2023 | 12/4/2025 | 908 | 904 | 879 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixarp, LLC | First lien senior secured revolving loan | S + | 5.50% | 10.13% | 8/5/2022 | 8/5/2027 | 3732 | 1641 | 1644 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixarp, LLC | First lien senior secured term loan | S + | 5.50% | 10.09% | 8/5/2022 | 8/5/2027 | 19428 | 19180 | 19199 | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard Packaging, LLC | First lien senior secured revolving loan | S + | 5.00% | 9.47% | 3/29/2024 | 8/9/2026 | 4408 | 565 | 571 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard Packaging, LLC | First lien senior secured term loan | S + | 5.00% | 9.47% | 3/29/2024 | 8/9/2026 | 10194 | 10139 | 10143 | 0.66% |
|  |  |  |  |  |  |  |  | 83598 | 82566 | 5.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distributors** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTP Acquisition, LLC | First lien senior secured revolving loan | S + | 3.50% + 2.25% PIK | 13.25% | 7/28/2023 | 8/17/2026 | $38 | $22 | $22 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTP Acquisition, LLC | First lien senior secured term loan | S + | 4.50% + 2.25% PIK | 13.85% | 7/28/2023 | 8/17/2026 | 2715 | 2670 | 2642 | 0.17% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)** | **Investment** | **Reference<br>Rate and Spread (5)** | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount(3)** | **Amortized Cost(4)** | **Fair<br>Value** | **Percentage<br>of Net Assets** |
|  |  |  |  |  |  |  | 2692 | 2664 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified consumer services** |  |  |  |  |  |  |  |  |  |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)** | **Investment** | **Reference<br>Rate and Spread (5)** | **Reference<br>Rate and Spread (5)** | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount(3)** | **Amortized Cost(4)** | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50Floor, LLC | First lien senior secured revolving loan | S + | 3.00% + 3.00% PIK | 10.48% | 7/28/2023 | 12/31/2025 | $206 | $57 | $28 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50Floor, LLC | First lien senior secured term loan | S + | 3.00% + 3.00% PIK | 10.48% | 7/28/2023 | 12/31/2026 | 1055 | 1034 | 898 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACES Intermediate, Inc (6) | First lien senior secured revolving loan | S + | 5.50% | 9.97% | 7/27/2022 | 7/27/2027 | 7114 | (73) | (67) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACES Intermediate, Inc | First lien senior secured term loan | S + | 5.50% | 9.97% | 7/27/2022 | 7/27/2027 | 30388 | 30028 | 30049 | 1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CL Services Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 10.86% | 4/25/2023 | 4/25/2028 | 7205 | 5645 | 5651 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CL Services Acquisition, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.25% | 10.99% | 5/7/2024 | 4/25/2028 | 8474 | (142) | (151) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CL Services Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 10.92% | 4/25/2023 | 4/25/2028 | 1629 | (30) | (29) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CL Services Acquisition, LLC | First lien senior secured term loan | S + | 6.25% | 10.99% | 4/25/2023 | 4/25/2028 | 10118 | 9906 | 9938 | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esquire Deposition Solutions, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.58% | 12/30/2022 | 12/30/2027 | 6966 | 6843 | 6892 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esquire Deposition Solutions, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.58% | 9/20/2023 | 12/30/2027 | 6741 | 6635 | 6670 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esquire Deposition Solutions, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.58% | 12/30/2022 | 12/30/2027 | 7666 | (122) | (82) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esquire Deposition Solutions, LLC | First lien senior secured term loan | S + | 5.25% | 9.58% | 12/30/2022 | 12/30/2027 | 48234 | 47411 | 47720 | 3.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harley Exteriors Acquisition, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 10.09% | 8/2/2024 | 8/1/2029 | 3929 | (72) | (66) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harley Exteriors Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 10.09% | 8/2/2024 | 8/2/2029 | 1322 | (24) | (22) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harley Exteriors Acquisition, LLC | First lien senior secured term loan | S + | 5.50% | 10.09% | 8/2/2024 | 8/2/2029 | 8524 | 8364 | 8377 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Brands Group Holdings, Inc (6) | First lien senior secured revolving loan | S + | 4.75% | 9.49% | 7/28/2023 | 11/8/2026 | 48 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Brands Group Holdings, Inc | First lien senior secured term loan | S + | 4.75% | 9.49% | 7/28/2023 | 11/8/2026 | 1534 | 1526 | 1522 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTI Intermediate, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 9.47% | 3/1/2024 | 3/1/2030 | 2354 | (20) | (16) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTI Intermediate, LLC | First lien senior secured revolving loan | S + | 5.00% | 9.44% | 3/1/2024 | 3/1/2030 | 1573 | 130 | 132 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTI Intermediate, LLC | First lien senior secured term loan | S + | 5.00% | 9.47% | 3/1/2024 | 3/1/2030 | 5059 | 4969 | 4980 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISSA, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 10.58% | 7/28/2023 | 3/1/2027 | 131 | (2) | (2) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISSA, LLC | First lien senior secured term loan | S + | 6.25% | 10.58% | 7/28/2023 | 3/1/2027 | 1839 | 1817 | 1813 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juniper Landscaping Holdings LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 10.87% | 11/13/2023 | 12/29/2026 | 7032 | 5775 | 5814 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juniper Landscaping Holdings LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 10.85% | 7/28/2023 | 12/29/2026 | 86 | 86 | 86 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juniper Landscaping Holdings LLC (14) | First lien senior secured revolving loan | S + | 6.25% | 10.81% | 7/28/2023 | 12/29/2026 | 820 | 345 | 349 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juniper Landscaping Holdings LLC | First lien senior secured term loan | S + | 6.25% | 10.84% | 7/28/2023 | 12/29/2026 | 3002 | 2971 | 2977 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lawn Care Holdings Purchaser, Inc | First lien senior secured delayed draw term loan | S + | 5.00% | 9.33% | 10/24/2023 | 10/24/2028 | 4566 | 4450 | 4510 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lawn Care Holdings Purchaser, Inc | First lien senior secured delayed draw term loan | S + | 5.00% | 9.37% | 11/22/2024 | 10/24/2028 | 13962 | 3227 | 3227 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lawn Care Holdings Purchaser, Inc (6) | First lien senior secured revolving loan | S + | 5.00% | 9.44% | 10/24/2023 | 10/24/2028 | 2698 | (44) | (33) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lawn Care Holdings Purchaser, Inc | First lien senior secured term loan | S + | 5.00% | 9.44% | 10/24/2023 | 10/24/2028 | 7192 | 7057 | 7104 | 0.46% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)** | **Investment** | **Reference<br>Rate and Spread (5)** | **Reference<br>Rate and Spread (5)** | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount(3)** | **Amortized Cost(4)** | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPW Acquisition, LLC | First lien senior secured revolving loan | S + | 6.75% | 11.72% | 7/28/2023 | 9/30/2026 | 38 | 27 | 26 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPW Acquisition, LLC | First lien senior secured term loan | S + | 4.33% + 2.50% PIK | 11.34% | 7/28/2023 | 9/30/2026 | 613 | 600 | 583 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Early Childhood Education Partners LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.59% | 11/22/2023 | 11/22/2028 | 10919 | 10692 | 10755 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Early Childhood Education Partners LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.57% | 9/25/2024 | 11/22/2028 | 9048 | 2627 | 2651 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Early Childhood Education Partners LLC | First lien senior secured revolving loan | S + | 6.00% | 10.59% | 11/22/2023 | 11/22/2028 | 1380 | 1351 | 1359 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Early Childhood Education Partners LLC | First lien senior secured term loan | S + | 6.00% | 10.59% | 11/22/2023 | 11/22/2028 | 8229 | 8049 | 8106 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSR Concrete Coatings, LLC | First lien senior secured revolving loan | S + | 6.00% | 10.55% | 9/22/2023 | 9/22/2028 | 1534 | 968 | 970 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSR Concrete Coatings, LLC | First lien senior secured term loan | S + | 6.00% | 10.48% | 9/22/2023 | 9/22/2028 | 6148 | 6028 | 6033 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Land Services Opco Parent, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.59% | 7/28/2023 | 3/23/2026 | 1607 | 1376 | 1373 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Land Services Opco Parent, LLC (15) | First lien senior secured revolving loan | S + | 6.00% | 10.33% | 7/28/2023 | 3/23/2026 | 150 | 35 | 35 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Land Services Opco Parent, LLC | First lien senior secured term loan | S + | 6.00% | 10.59% | 7/28/2023 | 3/23/2026 | 352 | 349 | 349 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yard-Nique, Inc | First lien senior secured delayed draw term loan | S + | 7.00% | 11.48% | 8/8/2022 | 4/30/2026 | 2568 | 2550 | 2549 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yard-Nique, Inc | First lien senior secured revolving loan | S + | 7.00% | 11.48% | 8/8/2022 | 4/30/2026 | 1947 | 1117 | 1126 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yard-Nique, Inc | First lien senior secured term loan | S + | 7.00% | 11.48% | 8/8/2022 | 4/30/2026 | 7000 | 6940 | 6949 | 0.45% |
|  |  |  |  |  |  |  |  | 190456 | 191133 | 12.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified telecommunication services** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISPN Intermediate, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.61% | 12/6/2024 | 12/6/2030 | $861 | $131 | $131 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISPN Intermediate, LLC | First lien senior secured term loan | S + | 5.25% | 9.61% | 12/6/2024 | 12/6/2030 | 6938 | 6836 | 6834 | 0.44% |
|  |  |  |  |  |  |  |  | 6967 | 6965 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electrical equipment** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Passion Intermediate Holdings, Inc | First lien senior secured delayed draw term loan | S + | 4.60% + 1.90% PIK | 10.98% | 7/28/2023 | 10/5/2027 | $70 | $69 | $69 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Passion Intermediate Holdings, Inc | First lien senior secured revolving loan | S + | 6.50% | 11.13% | 7/28/2023 | 10/5/2027 | 48 | 33 | 33 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Passion Intermediate Holdings, Inc | First lien senior secured revolving loan | S + | 4.60% + 1.90% PIK | 10.98% | 7/28/2023 | 10/5/2027 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Passion Intermediate Holdings, Inc | First lien senior secured term loan | S + | 4.60% + 1.90% PIK | 11.17% | 7/28/2023 | 10/5/2027 | 1261 | 1240 | 1235 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP NSA Intermedco, Inc | First lien senior secured delayed draw term loan | S + | 4.75% | 9.11% | 5/17/2024 | 5/17/2030 | 12275 | 4591 | 4651 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP NSA Intermedco, Inc (6) | First lien senior secured revolving loan | S + | 4.75% | 9.11% | 5/17/2024 | 5/17/2030 | 5930 | (80) | (69) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP NSA Intermedco, Inc | First lien senior secured term loan | S + | 4.75% | 9.11% | 5/17/2024 | 5/17/2030 | 35013 | 34525 | 34594 | 2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCI Volt Purchaser, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.72% | 9/15/2022 | 9/15/2028 | 2249 | (28) | (25) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCI Volt Purchaser, LLC | First lien senior secured term loan | S + | 5.25% | 9.72% | 9/15/2022 | 9/15/2028 | 8828 | 8705 | 8716 | 0.57% |
|  |  |  |  |  |  |  |  | 49055 | 49204 | 3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic equipment, instruments and components** |  |  |  |  |  |  |  |  |  |  |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)** | **Investment** | **Reference<br>Rate and Spread (5)** | **Reference<br>Rate and Spread (5)** | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount(3)** | **Amortized Cost(4)** | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Lighting Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 10.22% | 7/28/2023 | 11/22/2025 | $324 | $— | $— | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Lighting Acquisition, LLC | First lien senior secured term loan | S + | 5.75% | 10.22% | 7/28/2023 | 11/22/2025 | 1094 | 1094 | 1093 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelson Name Plate Company | First lien senior secured delayed draw term loan | S + | 5.75% | 10.34% | 7/28/2023 | 10/18/2026 | 117 | 116 | 116 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelson Name Plate Company (6) | First lien senior secured revolving loan | S + | 5.75% | 10.34% | 7/28/2023 | 10/18/2026 | 90 | (1) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelson Name Plate Company | First lien senior secured term loan | S + | 5.75% | 10.34% | 7/28/2023 | 10/18/2026 | 883 | 878 | 874 | 0.06% |
|  |  |  |  |  |  |  |  | 2087 | 2082 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food and staples retailing** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ever Fresh Fruit Company, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.25% | 10.71% | 6/5/2024 | 11/17/2028 | $2513 | $(44) | $(41) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ever Fresh Fruit Company, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 10.71% | 11/17/2023 | 11/17/2028 | 1380 | (28) | (22) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ever Fresh Fruit Company, LLC | First lien senior secured term loan | S + | 6.25% | 10.71% | 11/17/2023 | 11/17/2028 | 7289 | 7131 | 7171 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mad Rose Company, LLC (16) | First lien senior secured revolving loan | S + | 6.25% | 11.03% | 7/28/2023 | 5/7/2026 | 395 | 50 | 50 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mad Rose Company, LLC | First lien senior secured term loan | S + | 6.25% | 11.03% | 7/28/2023 | 5/7/2026 | 2898 | 2875 | 2877 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main Street Gourmet, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.84% | 7/28/2023 | 11/10/2025 | 41 | 41 | 41 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main Street Gourmet, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.84% | 7/28/2023 | 11/10/2025 | 38 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main Street Gourmet, LLC | First lien senior secured term loan | S + | 5.25% | 9.84% | 7/28/2023 | 11/10/2025 | 1093 | 1091 | 1089 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NutriScience Innovations, LLC (6)(17) | First lien senior secured revolving loan | S + | 6.50% | 10.83% | 7/28/2023 | 4/21/2026 | 131 | (1) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NutriScience Innovations, LLC | First lien senior secured term loan | S + | 6.50% | 10.83% | 7/28/2023 | 4/21/2026 | 2336 | 2316 | 2314 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qin's Buffalo, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.43% | 5/24/2024 | 5/5/2027 | 7933 | 3360 | 3369 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qin's Buffalo, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.48% | 7/28/2023 | 5/5/2027 | 75 | 74 | 74 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qin's Buffalo, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.43% | 7/28/2023 | 5/5/2027 | 38 | (1) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qin's Buffalo, LLC | First lien senior secured term loan | S + | 6.00% | 10.36% | 7/28/2023 | 5/5/2027 | 526 | 520 | 520 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Beverage Buyer, LLC | First lien senior secured revolving loan | S + | 5.75% | 10.58% | 7/28/2023 | 11/24/2026 | 38 | 37 | 37 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Beverage Buyer, LLC | First lien senior secured term loan | S + | 5.75% | 10.60% | 7/28/2023 | 11/24/2026 | 7112 | 7064 | 7046 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Pure, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.56% | 10/31/2022 | 10/31/2028 | 363 | 38 | 39 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Pure, LLC (18) | First lien senior secured revolving loan | S + | 6.00% | 10.50% | 10/31/2022 | 10/31/2028 | 7142 | 5231 | 5237 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Pure, LLC | First lien senior secured term loan | S + | 6.00% | 10.48% | 10/31/2022 | 10/31/2028 | 17497 | 17157 | 17167 | 1.11% |
|  |  |  |  |  |  |  |  | 46911 | 46967 | 3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food products** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP WLF Intermedco LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 10.48% | 8/19/2022 | 8/19/2027 | $5846 | $(79) | $(58) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP WLF Intermedco LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 10.48% | 12/20/2024 | 8/19/2028 | 7615 | (76) | (76) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP WLF Intermedco LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.48% | 8/19/2022 | 8/19/2027 | 3383 | (46) | (34) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP WLF Intermedco LLC | First lien senior secured term loan | S + | 6.00% | 10.48% | 8/19/2022 | 8/19/2027 | 24381 | 24020 | 24137 | 1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icelandirect, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.06% | 7/28/2023 | 7/30/2026 | 38 | 32 | 32 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icelandirect, LLC | First lien senior secured term loan | S + | 6.00% | 10.59% | 7/28/2023 | 7/30/2026 | 700 | 696 | 694 | 0.05% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)** | **Investment** | **Reference<br>Rate and Spread (5)** | **Reference<br>Rate and Spread (5)** | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount(3)** | **Amortized Cost(4)** | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwest Botanicals Acquisition, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.72% | 7/28/2023 | 4/30/2028 | 174 | 81 | 58 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwest Botanicals Acquisition, LLC | First lien senior secured term loan | S + | 5.25% | 9.72% | 7/28/2023 | 4/30/2028 | 791 | 764 | 661 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Orchard, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.96% | 8/2/2024 | 7/8/2028 | 6099 | (106) | (87) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Orchard, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.96% | 7/8/2022 | 7/8/2028 | 5336 | (80) | (77) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Orchard, LLC | First lien senior secured term loan | S + | 5.50% | 9.96% | 7/8/2022 | 7/8/2028 | 26387 | 25933 | 26006 | 1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treat Planet Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 11.09% | 1/11/2023 | 1/11/2028 | 1965 | (36) | (34) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treat Planet Acquisition, LLC | First lien senior secured term loan | S + | 6.50% | 11.09% | 1/11/2023 | 1/11/2028 | 7155 | 7010 | 7015 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westminster Cracker Company, Inc | First lien senior secured revolving loan | S + | 6.25% | 10.71% | 8/30/2023 | 8/30/2026 | 1534 | 139 | 139 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westminster Cracker Company, Inc | First lien senior secured term loan | S + | 6.25% | 10.71% | 8/30/2023 | 8/30/2026 | 9595 | 9489 | 9496 | 0.62% |
|  |  |  |  |  |  |  |  | 67741 | 67872 | 4.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gas utilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydromax USA, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.46% | 7/28/2023 | 12/30/2026 | $110 | $107 | $108 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydromax USA, LLC | First lien senior secured revolving loan | S + | 6.00% | 10.62% | 7/28/2023 | 12/30/2026 | 228 | 40 | 43 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydromax USA, LLC | First lien senior secured term loan | S + | 6.00% | 10.46% | 7/28/2023 | 12/30/2026 | 1191 | 1163 | 1176 | 0.08% |
|  |  |  |  |  |  |  |  | 1310 | 1327 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health care equipment and supplies** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 Holdings Equity LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.85% | 7/28/2023 | 2/14/2028 | $222 | $220 | $219 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 Holdings Equity LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 10.85% | 4/15/2024 | 2/14/2028 | 36 |  | (1) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 Holdings Equity LLC | First lien senior secured revolving loan | S + | 6.00% | 10.97% | 7/28/2023 | 2/14/2027 | 75 | 71 | 71 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 Holdings Equity LLC | First lien senior secured term loan | S + | 6.00% | 10.85% | 7/28/2023 | 2/14/2028 | 866 | 856 | 853 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcresta Buyer, Inc (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 10.02% | 3/12/2024 | 3/12/2030 | 14036 | (243) | (222) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcresta Buyer, Inc (6) | First lien senior secured revolving loan | S + | 5.50% | 10.02% | 3/12/2024 | 3/12/2029 | 2761 | (48) | (44) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcresta Buyer, Inc | First lien senior secured term loan | S + | 5.50% | 10.02% | 3/12/2024 | 3/12/2030 | 13239 | 13007 | 13033 | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMSAR Acquisition LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.09% | 7/28/2023 | 3/30/2026 | 211 | 210 | 210 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMSAR Acquisition LLC | First lien senior secured revolving loan | S + | 6.50% | 11.12% | 7/28/2023 | 3/30/2026 | 134 | 133 | 133 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMSAR Acquisition LLC | First lien senior secured term loan | S + | 6.50% | 11.09% | 7/28/2023 | 3/30/2026 | 1026 | 1015 | 1018 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Technology Associates, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.83% | 7/25/2022 | 7/25/2028 | 1966 | (34) | (22) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Technology Associates, LLC | First lien senior secured term loan | S + | 5.50% | 9.83% | 7/25/2022 | 7/25/2028 | 22705 | 22301 | 22450 | 1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nasco Healthcare Inc. | First lien senior secured revolving loan | S + | 5.75% | 10.15% | 12/13/2024 | 6/30/2028 | 2937 | 925 | 926 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nasco Healthcare Inc. | First lien senior secured term loan | S + | 5.75% | 10.15% | 12/13/2024 | 6/30/2028 | 11793 | 11676 | 11675 | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWI Merger Sub, Inc (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 9.71% | 12/4/2024 | 12/4/2029 | 6438 | (127) | (127) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWI Merger Sub, Inc (6) | First lien senior secured revolving loan | S + | 5.25% | 9.71% | 12/4/2024 | 12/4/2029 | 2495 | (49) | (49) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWI Merger Sub, Inc | First lien senior secured term loan | S + | 5.25% | 9.71% | 12/4/2024 | 12/4/2029 | 16953 | 16619 | 16614 | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliable Medical Supply LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 11.34% | 7/28/2023 | 4/8/2025 | 140 | 140 | 140 | 0.01% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)** | **Investment** | **Reference<br>Rate and Spread (5)** | **Reference<br>Rate and Spread (5)** | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount(3)** | **Amortized Cost(4)** | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliable Medical Supply LLC | First lien senior secured revolving loan | S + | 6.75% | 11.60% | 7/28/2023 | 4/8/2025 | 2013 | 1998 | 1997 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliable Medical Supply LLC | First lien senior secured term loan | S + | 6.75% | 11.35% | 7/28/2023 | 4/8/2025 | 3282 | 3270 | 3267 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCA Buyer, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.35% | 7/28/2023 | 1/20/2026 | 277 | 272 | 272 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCA Buyer, LLC | First lien senior secured revolving loan | S + | 6.50% | 11.33% | 7/28/2023 | 1/20/2027 | 133 | 131 | 131 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCA Buyer, LLC | First lien senior secured term loan | S + | 6.50% | 11.32% | 7/28/2023 | 1/20/2026 | 3573 | 3494 | 3513 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Solutions, LLC | First lien senior secured delayed draw term loan | 18.00% PIK | 18.00% PIK | 18.00% | 5/3/2024 | 3/5/2026 | 116 | 109 | 62 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Solutions, LLC | First lien senior secured delayed draw term loan | 15.00% PIK | 15.00% PIK | 15.00% | 7/28/2023 | 3/5/2026 | 226 | 218 | 224 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Solutions, LLC | First lien senior secured revolving loan | S + | 6.25% | 10.95% | 7/28/2023 | 3/5/2026 | 283 | 155 | 44 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Solutions, LLC | First lien senior secured term loan | S + | 6.25% | 10.84% | 7/28/2023 | 3/5/2026 | 579 | 526 | 307 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surplus Solutions, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 9.84% | 9/30/2024 | 11/30/2027 | 4664 | (64) | (70) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surplus Solutions, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.84% | 11/30/2022 | 11/30/2027 | 1771 | 319 | 327 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surplus Solutions, LLC | First lien senior secured term loan | S + | 5.25% | 9.84% | 11/30/2022 | 11/30/2027 | 16283 | 15981 | 16037 | 1.04% |
|  |  |  |  |  |  |  |  | 93081 | 92988 | 6.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health care providers and services** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADVI Health, LLC (6) | First lien senior secured revolving loan | S + | 7.00% | 11.59% | 11/29/2022 | 11/29/2027 | $1062 | $(15) | $(15) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADVI Health, LLC | First lien senior secured term loan | S + | 7.00% | 11.59% | 11/29/2022 | 11/29/2027 | 6112 | 6013 | 6019 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advocate RCM Acquisition Corp (6) | First lien senior secured revolving loan | S + | 6.00% | 10.43% | 12/22/2023 | 12/22/2026 | 2902 | (34) | (32) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advocate RCM Acquisition Corp | First lien senior secured term loan | S + | 6.00% | 10.43% | 12/22/2023 | 12/22/2026 | 18226 | 18000 | 18017 | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agility Intermediate, Inc | First lien senior secured delayed draw term loan | S + | 7.00% | 11.59% | 7/28/2023 | 4/15/2026 | 109 | 107 | 103 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agility Intermediate, Inc | First lien senior secured revolving loan | S + | 7.00% | 11.59% | 7/28/2023 | 4/15/2026 | 134 | 78 | 74 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agility Intermediate, Inc | First lien senior secured term loan | S + | 7.00% | 11.59% | 7/28/2023 | 4/15/2026 | 237 | 233 | 226 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Family Care, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.43% | 2/29/2024 | 2/28/2029 | 4424 | 350 | 355 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Family Care, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.43% | 2/29/2024 | 2/28/2029 | 1775 | (37) | (35) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Family Care, LLC | First lien senior secured term loan | S + | 6.00% | 10.43% | 2/29/2024 | 2/28/2029 | 11516 | 11267 | 11284 | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASC Ortho Management Company, LLC | First lien senior secured delayed draw term loan | S + | 4.33% + 2.50% PIK | 11.43% | 7/28/2023 | 12/31/2026 | 322 | 318 | 316 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASC Ortho Management Company, LLC | First lien senior secured revolving loan | S + | 7.00% | 11.59% | 7/28/2023 | 12/31/2026 | 38 | 20 | 19 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASC Ortho Management Company, LLC | First lien senior secured term loan | S + | 4.33% + 2.50% PIK | 11.43% | 7/28/2023 | 12/31/2026 | 510 | 504 | 500 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascend Plastic Surgery Partners MSO LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 9.33% | 5/3/2024 | 5/3/2029 | 20682 | (359) | (335) | (0.02)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascend Plastic Surgery Partners MSO LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 9.33% | 5/3/2024 | 5/3/2029 | 4197 | (73) | (67) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascend Plastic Surgery Partners MSO LLC | First lien senior secured term loan | S + | 5.00% | 9.33% | 5/3/2024 | 5/3/2029 | 6860 | 6737 | 6748 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Global Holdings, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.61% | 7/31/2024 | 7/31/2029 | 19204 | 13350 | 13378 | 0.87% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)** | **Investment** | **Reference<br>Rate and Spread (5)** | **Reference<br>Rate and Spread (5)** | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount(3)** | **Amortized Cost(4)** | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Global Holdings, LLC | First lien senior secured revolving loan | S + | 5.25% | 10.03% | 7/31/2024 | 7/31/2029 | 6555 | 2065 | 2074 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Global Holdings, LLC | First lien senior secured term loan | S + | 5.25% | 9.61% | 7/31/2024 | 7/31/2029 | 40969 | 40358 | 40268 | 2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beacon Oral Specialists Management LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.33% | 7/28/2023 | 12/14/2026 | 821 | 815 | 813 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beacon Oral Specialists Management LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.33% | 7/28/2023 | 12/14/2026 | 188 | (2) | (2) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beacon Oral Specialists Management LLC | First lien senior secured term loan | S + | 6.00% | 10.33% | 7/28/2023 | 12/14/2026 | 912 | 904 | 903 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beghou Consulting, LLC (19) | First lien senior secured revolving loan | S + | 5.00% | 9.34% | 5/1/2023 | 5/1/2028 | 2714 | 1521 | 1523 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beghou Consulting, LLC | First lien senior secured term loan | S + | 5.00% | 9.33% | 5/1/2023 | 5/1/2028 | 15235 | 14895 | 14906 | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Behavior Frontiers, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 10.59% | 4/4/2024 | 5/21/2026 | 1306 | (13) | (13) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Behavior Frontiers, LLC (6)(20) | First lien senior secured revolving loan | S + | 6.00% | 10.59% | 7/28/2023 | 5/21/2026 | 38 | (1) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Behavior Frontiers, LLC | First lien senior secured term loan | S + | 6.00% | 10.59% | 7/28/2023 | 5/21/2026 | 572 | 557 | 566 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP EE Intermedco LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 10.73% | 4/3/2023 | 4/3/2028 | 3182 | 1982 | 1984 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP EE Intermedco LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 10.73% | 4/3/2023 | 4/3/2028 | 2244 | (40) | (38) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP EE Intermedco LLC | First lien senior secured term loan | S + | 6.25% | 10.73% | 4/3/2023 | 4/3/2028 | 6428 | 6302 | 6306 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightview, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.47% | 7/28/2023 | 12/14/2026 | 47 | 47 | 47 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightview, LLC | First lien senior secured revolving loan | S + | 6.00% | 10.47% | 7/28/2023 | 12/14/2026 | 52 | 52 | 52 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightview, LLC | First lien senior secured term loan | S + | 6.00% | 10.47% | 7/28/2023 | 12/14/2026 | 678 | 676 | 675 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp (7) | First lien senior secured delayed draw term loan - C$ | 15.00% | 15.00% | 15.00% | 4/5/2024 | 3/19/2026 | 32 | 12 | 11 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp (7) | First lien senior secured delayed draw term loan - C$ | C + | 7.00% | 10.63% | 7/28/2023 | 3/19/2026 | 363 | 244 | 139 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp (7) | First lien senior secured revolving loan | S + | 7.00% | 11.59% | 7/28/2023 | 12/31/2026 | 134 | 129 | 84 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp (7) | First lien senior secured revolving loan - C$ | C + | 7.00% | 10.63% | 7/28/2023 | 3/19/2026 | 264 | 193 | 115 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp (7) | First lien senior secured revolving loan - C$ | C + | 7.00% | 10.63% | 3/19/2021 | 12/31/2026 | 64 | 47 | 28 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp (7) | First lien senior secured term loan - C$ | C + | 7.00% | 10.63% | 7/28/2023 | 3/19/2026 | 276 | 200 | 120 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change Academy at Lake of the Ozarks, LLC | First lien senior secured revolving loan | S + | 5.25% | 10.64% | 8/2/2022 | 8/2/2027 | 5898 | 5837 | 5842 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change Academy at Lake of the Ozarks, LLC | First lien senior secured term loan | S + | 5.25% | 9.73% | 8/2/2022 | 8/2/2027 | 31320 | 30956 | 30980 | 2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNS Purchaser, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.82% | 12/30/2024 | 12/30/2029 | 11025 | (83) | (83) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNS Purchaser, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.82% | 12/30/2024 | 12/30/2029 | 4246 | 927 | 927 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNS Purchaser, LLC | First lien senior secured term loan | S + | 5.50% | 9.82% | 12/30/2024 | 12/30/2029 | 38587 | 38009 | 38009 | 2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Care Partners, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.47% | 7/28/2023 | 6/10/2026 | 164 | 163 | 161 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Care Partners, LLC | First lien senior secured revolving loan | S + | 6.00% | 10.62% | 7/28/2023 | 6/10/2026 | 75 | 52 | 51 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Care Partners, LLC | First lien senior secured term loan | S + | 6.00% | 10.47% | 7/28/2023 | 6/10/2026 | 934 | 931 | 920 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dermatology Medical Partners OpCo LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.09% | 7/28/2023 | 10/29/2026 | 64 | 64 | 64 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dermatology Medical Partners OpCo LLC | First lien senior secured revolving loan | S + | 6.50% | 11.09% | 7/28/2023 | 10/29/2026 | 38 | 29 | 28 | 0.00% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)** | **Investment** | **Reference<br>Rate and Spread (5)** | **Reference<br>Rate and Spread (5)** | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount(3)** | **Amortized Cost(4)** | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dermatology Medical Partners OpCo LLC | First lien senior secured term loan | S + | 6.50% | 11.09% | 7/28/2023 | 10/29/2026 | 257 | 255 | 254 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EH Management Company, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 10.09% | 7/28/2023 | 7/15/2026 | 38 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EH Management Company, LLC | First lien senior secured term loan | S + | 5.50% | 10.09% | 7/28/2023 | 7/15/2026 | 4461 | 4431 | 4429 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endodontic Practice Partners, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.34% | 11/2/2022 | 11/2/2027 | 16787 | 16596 | 16614 | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endodontic Practice Partners, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.44% | 4/9/2024 | 11/2/2027 | 13778 | 3332 | 3371 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endodontic Practice Partners, LLC | First lien senior secured revolving loan | S + | 5.75% | 10.34% | 11/2/2022 | 11/2/2027 | 1956 | 758 | 762 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endodontic Practice Partners, LLC | First lien senior secured term loan | S + | 5.75% | 10.34% | 11/2/2022 | 11/2/2027 | 15276 | 15078 | 15118 | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FYZICAL Buyer, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.61% | 6/26/2024 | 6/26/2028 | 2710 | 1019 | 1023 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FYZICAL Buyer, LLC | First lien senior secured term loan | S + | 5.25% | 9.61% | 6/26/2024 | 6/26/2028 | 18909 | 18631 | 18664 | 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geriatric Medical and Surgical Supply, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.33% | 7/28/2023 | 12/21/2025 | 300 | (3) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geriatric Medical and Surgical Supply, LLC | First lien senior secured term loan | S + | 6.00% | 10.33% | 7/28/2023 | 12/21/2025 | 20042 | 19845 | 19827 | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden Bear PT Partners, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.09% | 7/28/2023 | 10/22/2026 | 174 | 171 | 170 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden Bear PT Partners, LLC | First lien senior secured revolving loan | S + | 6.50% | 11.07% | 7/28/2023 | 10/22/2026 | 38 | 26 | 25 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden Bear PT Partners, LLC | First lien senior secured term loan | S + | 6.50% | 11.09% | 7/28/2023 | 10/22/2026 | 1491 | 1468 | 1461 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardian Dentistry Practice Management, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.72% | 7/28/2023 | 8/20/2026 | 368 | 366 | 365 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardian Dentistry Practice Management, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.72% | 7/28/2023 | 8/20/2027 | 4188 | (45) | (39) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardian Dentistry Practice Management, LLC | First lien senior secured term loan | S + | 5.25% | 9.72% | 7/28/2023 | 8/20/2027 | 384 | 382 | 381 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H2 Holdco, Inc | First lien senior secured delayed draw term loan | S + | 6.00% | 10.59% | 5/5/2023 | 5/5/2028 | 7217 | 7042 | 7134 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H2 Holdco, Inc | First lien senior secured delayed draw term loan | S + | 6.00% | 10.50% | 6/25/2024 | 5/5/2028 | 19004 | 11768 | 11819 | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H2 Holdco, Inc (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 10.48% | 12/20/2024 | 5/5/2028 | 7560 | (113) | (88) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H2 Holdco, Inc (21) | First lien senior secured revolving loan | S + | 6.00% | 11.55% | 5/5/2023 | 5/5/2028 | 2544 | 342 | 374 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H2 Holdco, Inc | First lien senior secured term loan | S + | 6.00% | 10.59% | 5/5/2023 | 5/5/2028 | 17970 | 17490 | 17761 | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H2 Holdco, Inc | First lien senior secured term loan | S + | 6.00% | 10.48% | 12/20/2024 | 5/5/2028 | 907 | 894 | 897 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMA Group Management Company, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.75% | 11.49% | 7/28/2023 | 6/30/2028 | 174 | (3) | (3) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMA Group Management Company, LLC | First lien senior secured revolving loan | S + | 6.75% | 11.21% | 7/28/2023 | 6/30/2028 | 35 | 17 | 17 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMA Group Management Company, LLC | First lien senior secured term loan | S + | 6.75% | 11.49% | 7/28/2023 | 6/30/2028 | 845 | 830 | 829 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPC Pain Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.34% | 5/19/2022 | 5/19/2027 | 9857 | 9815 | 9782 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPC Pain Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 10.34% | 5/19/2022 | 5/19/2027 | 1140 | (8) | (7) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPC Pain Acquisition, LLC | First lien senior secured term loan | S + | 5.75% | 10.34% | 5/19/2022 | 5/19/2027 | 2902 | 2877 | 2880 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MS Pain, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.96% | 12/4/2024 | 12/4/2029 | 6038 | (119) | (119) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MS Pain, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.96% | 12/4/2024 | 12/4/2029 | 861 | (17) | (17) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MS Pain, LLC | First lien senior secured term loan | S + | 5.50% | 9.96% | 12/4/2024 | 12/4/2029 | 3381 | 3314 | 3313 | 0.21% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)** | **Investment** | **Reference<br>Rate and Spread (5)** | **Reference<br>Rate and Spread (5)** | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount(3)** | **Amortized Cost(4)** | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MWEC Management, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.11% | 2/14/2023 | 2/14/2028 | 1426 | 421 | 431 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MWEC Management, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.75% | 10.11% | 7/3/2024 | 2/14/2028 | 2532 | (33) | (29) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MWEC Management, LLC | First lien senior secured revolving loan | S + | 5.75% | 10.11% | 2/14/2023 | 2/14/2028 | 1924 | 1227 | 1244 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MWEC Management, LLC | First lien senior secured term loan | S + | 5.75% | 10.11% | 2/14/2023 | 2/14/2028 | 14885 | 14581 | 14712 | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Network Partners Acquisitions, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.59% | 7/28/2023 | 12/30/2026 | 38 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Network Partners Acquisitions, LLC | First lien senior secured term loan | S + | 6.00% | 10.59% | 7/28/2023 | 12/30/2026 | 266 | 265 | 264 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Dental Services, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 12.15% | 7/28/2023 | 12/31/2025 | 57 | 57 | 57 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Dental Services, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 11.61% | 7/28/2023 | 12/31/2025 | 514 | 512 | 511 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Dental Services, LLC | First lien senior secured revolving loan | S + | 6.75% | 11.55% | 7/28/2023 | 12/31/2025 | 133 | 132 | 132 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Dental Services, LLC | First lien senior secured term loan | S + | 6.75% | 11.41% | 7/28/2023 | 12/31/2025 | 573 | 571 | 570 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Investment Holdings, LLC (6) | First lien senior secured delayed draw term loan | S + | 7.00% | 11.59% | 7/28/2023 | 12/31/2025 | 113 | (1) | (2) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Investment Holdings, LLC | First lien senior secured revolving loan | S + | 7.00% | 11.59% | 7/28/2023 | 12/31/2025 | 324 | 160 | 157 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Investment Holdings, LLC | First lien senior secured term loan | S + | 7.00% | 11.59% | 7/28/2023 | 12/31/2025 | 1196 | 1192 | 1178 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PharmaForceIQ INC. (6) | First lien senior secured revolving loan | S + | 5.25% | 9.84% | 8/2/2024 | 8/2/2029 | 2093 | (38) | (35) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PharmaForceIQ INC. | First lien senior secured term loan | S + | 5.25% | 9.84% | 8/2/2024 | 8/2/2029 | 13682 | 13427 | 13446 | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRM MANAGEMENT COMPANY, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.75% | 11.44% | 1/25/2024 | 1/25/2029 | 1180 | (26) | (25) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRM MANAGEMENT COMPANY, LLC (6) | First lien senior secured revolving loan | S + | 6.75% | 11.44% | 1/25/2024 | 1/25/2029 | 789 | (18) | (17) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRM MANAGEMENT COMPANY, LLC | First lien senior secured term loan | S + | 6.75% | 11.44% | 1/25/2024 | 1/25/2029 | 4123 | 4025 | 4029 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose Home Health Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 10.14% | 3/8/2024 | 11/3/2027 | 8081 | 7970 | 7982 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose Home Health Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.85% | 11/3/2022 | 11/3/2027 | 6764 | 6656 | 6679 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose Home Health Acquisition, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.91% | 12/23/2024 | 11/3/2027 | 9072 | (113) | (113) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose Home Health Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.91% | 11/3/2022 | 11/3/2027 | 1956 | (31) | (24) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose Home Health Acquisition, LLC | First lien senior secured term loan | S + | 5.50% | 9.91% | 11/3/2022 | 11/3/2027 | 17510 | 17249 | 17291 | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revival Animal Health, LLC | First lien senior secured revolving loan | S + | 6.00% | 10.78% | 7/28/2023 | 4/6/2026 | 131 | 78 | 77 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revival Animal Health, LLC | First lien senior secured term loan | S + | 6.00% | 10.72% | 7/28/2023 | 4/6/2026 | 16422 | 16246 | 16271 | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RMS Health Care Management, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 11.79% | 10/6/2023 | 10/6/2026 | 2700 | 1351 | 1352 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RMS Health Care Management, LLC | First lien senior secured revolving loan | S + | 6.75% | 11.55% | 10/6/2023 | 10/6/2026 | 920 | 601 | 602 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RMS Health Care Management, LLC | First lien senior secured term loan | S + | 6.75% | 11.42% | 10/6/2023 | 10/6/2026 | 4277 | 4214 | 4216 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RQM Buyer, Inc | First lien senior secured delayed draw term loan | S + | 2.00% + 4.75% PIK | 11.34% | 7/28/2023 | 8/12/2026 | 82 | 82 | 79 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RQM Buyer, Inc | First lien senior secured revolving loan | S + | 2.00% + 4.75% PIK | 11.34% | 7/28/2023 | 8/12/2026 | 124 | 122 | 119 | 0.01% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)** | **Investment** | **Reference<br>Rate and Spread (5)** | **Reference<br>Rate and Spread (5)** | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount(3)** | **Amortized Cost(4)** | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RQM Buyer, Inc | First lien senior secured term loan | S + | 2.00% + 4.75% PIK | 11.34% | 7/28/2023 | 8/12/2026 | 1710 | 1691 | 1639 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sage Dental Management, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.76% | 9/25/2024 | 6/30/2026 | 9143 | 1483 | 1497 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sage Dental Management, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.68% | 9/25/2024 | 6/30/2026 | 8220 | 3004 | 3016 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sage Dental Management, LLC | First lien senior secured term loan | S + | 5.25% | 9.58% | 9/25/2024 | 6/30/2026 | 58246 | 57883 | 57984 | 3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAMGI Buyer, Inc (6) | First lien senior secured revolving loan | S + | 5.50% | 10.09% | 7/28/2023 | 4/14/2025 | 138 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAMGI Buyer, Inc | First lien senior secured term loan | S + | 5.50% | 10.09% | 7/28/2023 | 4/14/2025 | 392 | 392 | 391 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP ENT and Allergy Services, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.59% | 7/28/2023 | 9/25/2026 | 156 | 154 | 154 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP ENT and Allergy Services, LLC | First lien senior secured revolving loan | S + | 6.00% | 10.59% | 7/28/2023 | 9/25/2026 | 256 | 202 | 202 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP ENT and Allergy Services, LLC | First lien senior secured term loan | S + | 6.00% | 10.59% | 7/28/2023 | 9/25/2026 | 2726 | 2702 | 2694 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Dental Partners LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.34% | 7/28/2023 | 10/29/2026 | 176 | 174 | 174 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Dental Partners LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.34% | 4/22/2024 | 10/29/2026 | 17218 | 6464 | 6460 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Dental Partners LLC | First lien senior secured revolving loan | P + | 4.75% | 12.25% | 7/28/2023 | 10/29/2026 | 38 | 13 | 13 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Dental Partners LLC | First lien senior secured term loan | S + | 5.75% | 10.34% | 7/28/2023 | 10/29/2026 | 4264 | 4217 | 4216 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature MD, Inc | First lien senior secured delayed draw term loan | S + | 5.75% | 10.08% | 7/15/2024 | 7/15/2027 | 6964 | 1912 | 1921 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature MD, Inc (6) | First lien senior secured revolving loan | S + | 5.75% | 10.08% | 7/15/2024 | 7/15/2027 | 3297 | (35) | (31) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature MD, Inc | First lien senior secured term loan | S + | 5.75% | 10.08% | 7/15/2024 | 7/15/2027 | 18348 | 18142 | 18179 | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Falls MSO, LLC | First lien senior secured revolving loan | S + | 6.75% | 11.45% | 7/28/2023 | 8/30/2024 | 235 | 222 | 218 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Falls MSO, LLC | First lien senior secured term loan | S + | 4.25% + 2.25% PIK | 11.45% | 7/28/2023 | 8/30/2024 | 1323 | 1291 | 1299 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SimiTree Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.25% + 1.75% PIK | 11.78% | 7/28/2023 | 5/17/2026 | 884 | 882 | 868 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SimiTree Acquisition, LLC | First lien senior secured revolving loan | S + | 7.00% | 11.78% | 7/28/2023 | 5/17/2026 | 178 | 49 | 46 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SimiTree Acquisition, LLC | First lien senior secured term loan | S + | 5.25% + 1.75% PIK | 11.78% | 7/28/2023 | 5/17/2026 | 1230 | 1225 | 1207 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIMKO Merger Sub LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.59% | 7/28/2023 | 4/7/2027 | 182 | 179 | 179 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIMKO Merger Sub LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.78% | 9/19/2023 | 4/7/2027 | 6758 | 1864 | 1867 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIMKO Merger Sub LLC | First lien senior secured revolving loan | S + | 6.00% | 10.95% | 7/28/2023 | 4/7/2027 | 56 | 25 | 26 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIMKO Merger Sub LLC | First lien senior secured term loan | S + | 6.00% | 10.59% | 7/28/2023 | 4/7/2027 | 644 | 637 | 636 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Primary Care Partners, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 10.84% | 7/28/2023 | 12/30/2025 | 512 | 510 | 509 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Primary Care Partners, LLC | First lien senior secured revolving loan | S + | 6.25% | 10.84% | 7/28/2023 | 12/30/2025 | 225 | 74 | 74 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Primary Care Partners, LLC | First lien senior secured term loan | S + | 6.25% | 10.84% | 7/28/2023 | 12/30/2025 | 845 | 841 | 839 | 0.05% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)** | **Investment** | **Reference<br>Rate and Spread (5)** | **Reference<br>Rate and Spread (5)** | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount(3)** | **Amortized Cost(4)** | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Orthodontic Partners Management, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.58% | 7/28/2023 | 7/27/2026 | 187 | 187 | 186 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Orthodontic Partners Management, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.59% | 5/17/2024 | 7/27/2026 | 3990 | 2149 | 2150 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Orthodontic Partners Management, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 9.58% | 5/17/2024 | 7/27/2026 | 3990 | (29) | (28) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Orthodontic Partners Management, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.57% | 7/28/2023 | 1/27/2026 | 171 | 69 | 68 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Orthodontic Partners Management, LLC | First lien senior secured term loan | S + | 5.25% | 9.58% | 7/28/2023 | 7/27/2026 | 3024 | 3010 | 3003 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Sports Medicine Partners, LLC | First lien senior secured revolving loan | S + | 8.00% | 12.85% | 7/28/2023 | 2/23/2027 | 60 | 31 | 30 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Sports Medicine Partners, LLC | First lien senior secured term loan | S + | 4.00% + 4.00% PIK | 12.85% | 7/28/2023 | 2/23/2027 | 691 | 672 | 662 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spear Education Holdings, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.73% | 6/26/2024 | 12/15/2028 | 7290 | (81) | (69) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spear Education Holdings, LLC | First lien senior secured term loan | S + | 5.25% | 9.73% | 6/26/2024 | 12/15/2028 | 47382 | 46854 | 46938 | 3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Dental Partners LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.61% | 12/22/2023 | 12/22/2028 | 11001 | 8877 | 8937 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Dental Partners LLC (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 9.61% | 11/8/2024 | 12/22/2028 | 12076 | (204) | (204) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Dental Partners LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.61% | 12/22/2023 | 12/22/2028 | 1451 | (32) | (24) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Dental Partners LLC | First lien senior secured term loan | S + | 5.25% | 9.61% | 12/22/2023 | 12/22/2028 | 15228 | 14909 | 14971 | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE CHEMPETITIVE GROUP, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.11% | 3/22/2024 | 3/22/2029 | 11998 | 1290 | 1306 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE CHEMPETITIVE GROUP, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 10.11% | 3/22/2024 | 3/22/2029 | 3414 | (58) | (53) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE CHEMPETITIVE GROUP, LLC | First lien senior secured term loan | S + | 5.75% | 10.11% | 3/22/2024 | 3/22/2029 | 13671 | 13426 | 13448 | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transitions Intermediate Holdings, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 10.33% | 10/25/2024 | 10/25/2027 | 687 | (8) | (8) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transitions Intermediate Holdings, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.33% | 10/25/2024 | 10/25/2027 | 1078 | (13) | (13) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transitions Intermediate Holdings, LLC | First lien senior secured term loan | S + | 6.00% | 10.33% | 10/25/2024 | 10/25/2027 | 7328 | 7238 | 7238 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Urology Partners, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 10.71% | 11/8/2023 | 11/8/2026 | 1401 | (13) | (12) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Urology Partners, LLC | First lien senior secured term loan | S + | 6.25% | 10.71% | 11/8/2023 | 11/8/2026 | 11600 | 11485 | 11497 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Foot and Ankle Specialists, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 10.09% | 9/15/2022 | 9/15/2026 | 14037 | 13919 | 13932 | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Foot and Ankle Specialists, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 10.09% | 9/15/2022 | 9/15/2026 | 2699 | (25) | (23) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Foot and Ankle Specialists, LLC | First lien senior secured term loan | S + | 5.50% | 10.09% | 9/15/2022 | 9/15/2026 | 19472 | 19270 | 19283 | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varsity DuvaSawko Operating Corp | First lien senior secured delayed draw term loan | S + | 6.00% | 10.85% | 7/28/2023 | 11/27/2024 | 63 | 63 | 63 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varsity DuvaSawko Operating Corp | First lien senior secured revolving loan | S + | 6.00% | 10.85% | 7/28/2023 | 11/27/2024 | 5189 | 1697 | 1669 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varsity DuvaSawko Operating Corp | First lien senior secured term loan | S + | 6.00% | 10.85% | 7/28/2023 | 11/27/2024 | 58822 | 58451 | 58150 | 3.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varsity Rejuvenate Management, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.67% | 12/29/2023 | 9/1/2028 | 7124 | 3151 | 3158 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varsity Rejuvenate Management, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.48% | 9/1/2023 | 9/1/2028 | 1245 | (27) | (23) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varsity Rejuvenate Management, LLC | First lien senior secured term loan | S + | 6.00% | 10.48% | 9/1/2023 | 9/1/2028 | 5958 | 5830 | 5847 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VersiCare Management LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 10.02% | 11/25/2024 | 11/25/2029 | 4529 | (89) | (89) | (0.01)% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)** | **Investment** | **Reference<br>Rate and Spread (5)** | **Reference<br>Rate and Spread (5)** | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount(3)** | **Amortized Cost(4)** | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VersiCare Management LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 10.02% | 11/25/2024 | 11/25/2029 | 1505 | (30) | (30) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VersiCare Management LLC | First lien senior secured term loan | S + | 5.50% | 10.02% | 11/25/2024 | 11/25/2029 | 7849 | 7696 | 7694 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VetEvolve Holdings, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.61% | 10/12/2023 | 10/12/2028 | 11614 | 5624 | 5636 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VetEvolve Holdings, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.61% | 10/12/2023 | 10/12/2028 | 3067 | (62) | (59) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VetEvolve Holdings, LLC | First lien senior secured term loan | S + | 5.25% | 9.61% | 10/12/2023 | 10/12/2028 | 9120 | 8920 | 8934 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Veterinary Partners LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 9.33% | 7/28/2023 | 10/29/2027 | 498 | 494 | 492 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Veterinary Partners LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 9.33% | 9/27/2024 | 10/29/2027 | 24383 | 3200 | 3250 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Veterinary Partners LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 9.33% | 7/28/2023 | 10/29/2027 | 24 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Veterinary Partners LLC | First lien senior secured term loan | S + | 5.00% | 9.33% | 7/28/2023 | 10/29/2027 | 9396 | 9275 | 9286 | 0.60% |
|  |  |  |  |  |  |  |  | 784918 | 785633 | 50.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health care technology** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHR Intermediate, Inc | First lien senior secured delayed draw term loan | S + | 5.75% | 10.08% | 7/29/2022 | 7/29/2027 | $5243 | $5203 | $5194 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHR Intermediate, Inc (6) | First lien senior secured delayed draw term loan | S + | 5.75% | 10.09% | 12/16/2024 | 7/29/2027 | 7896 | (79) | (46) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHR Intermediate, Inc | First lien senior secured revolving loan | S + | 5.50% | 10.08% | 7/29/2022 | 7/29/2027 | 7858 | 1884 | 1922 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHR Intermediate, Inc | First lien senior secured term loan | S + | 5.75% | 10.09% | 7/29/2022 | 7/29/2027 | 32021 | 31788 | 31833 | 2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Millennia Patient Services, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.52% | 7/28/2023 | 3/8/2026 | 134 | 79 | 79 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Millennia Patient Services, LLC | First lien senior secured term loan | S + | 6.50% | 11.09% | 7/28/2023 | 3/8/2026 | 970 | 966 | 964 | 0.06% |
|  |  |  |  |  |  |  |  | 39841 | 39946 | 2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household durables** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPS Power Buyer, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.83% | 10/20/2023 | 9/26/2027 | $2298 | $124 | $117 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPS Power Buyer, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 10.06% | 9/26/2022 | 9/26/2027 | 2977 | 2926 | 2911 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPS Power Buyer, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.95% | 9/26/2022 | 9/26/2027 | 3036 | 2034 | 2019 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPS Power Buyer, LLC | First lien senior secured term loan | S + | 5.50% | 10.00% | 9/26/2022 | 9/26/2027 | 12848 | 12575 | 12561 | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kravet Design LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.77% | 11/26/2024 | 11/26/2030 | 4349 | (64) | (64) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kravet Design LLC | First lien senior secured term loan | S + | 5.25% | 9.77% | 11/26/2024 | 11/26/2030 | 20940 | 20631 | 20629 | 1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kwalu, LLC | First lien senior secured revolving loan | P + | 4.50% | 12.00% | 9/23/2022 | 9/23/2027 | 5061 | 944 | 962 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kwalu, LLC | First lien senior secured term loan | S + | 5.50% | 10.09% | 9/23/2022 | 9/23/2027 | 30284 | 29877 | 29981 | 1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacKenzie Childs Acquisition, Inc (6) | First lien senior secured revolving loan | S + | 6.00% | 10.74% | 9/2/2022 | 9/2/2027 | 3374 | (27) | (24) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacKenzie Childs Acquisition, Inc | First lien senior secured term loan | S + | 6.00% | 10.48% | 9/2/2022 | 9/2/2027 | 16035 | 15906 | 15922 | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renovation Systems, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.33% | 1/23/2023 | 1/23/2028 | 5743 | 5614 | 5685 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renovation Systems, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.33% | 1/12/2024 | 1/23/2028 | 1992 | 1955 | 1972 | 0.13% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)** | **Investment** | **Reference<br>Rate and Spread (5)** | **Reference<br>Rate and Spread (5)** | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount(3)** | **Amortized Cost(4)** | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renovation Systems, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.33% | 7/29/2024 | 1/23/2028 | 5752 | 5655 | 5695 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renovation Systems, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.36% | 11/27/2024 | 1/23/2028 | 3579 | 1675 | 1682 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renovation Systems, LLC | First lien senior secured revolving loan | S + | 6.00% | 10.33% | 1/23/2023 | 1/23/2028 | 2633 | 1127 | 1158 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renovation Systems, LLC | First lien senior secured term loan | S + | 6.00% | 10.33% | 1/23/2023 | 1/23/2028 | 32698 | 32095 | 32371 | 2.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storm Smart Buyer LLC | First lien senior secured revolving loan | S + | 6.00% | 11.78% | 7/28/2023 | 4/5/2026 | 131 | 104 | 104 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storm Smart Buyer LLC | First lien senior secured term loan | S + | 6.00% | 10.59% | 7/28/2023 | 4/5/2026 | 889 | 886 | 884 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trademark Global, LLC | First lien senior secured revolving loan | S + | 8.50% | 13.09% | 7/28/2023 | 6/30/2027 | 113 | 91 | 48 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trademark Global, LLC | First lien senior secured revolving loan | S + | 8.50% | 13.09% | 7/30/2021 | 6/30/2027 | 20 | 19 | 12 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trademark Global, LLC | First lien senior secured term loan | S + | 8.50% | 13.09% | 7/28/2023 | 6/30/2027 | 2175 | 2027 | 1285 | 0.08% |
|  |  |  |  |  |  |  |  | 136174 | 135910 | 8.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Conglomerates** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hultec Buyer, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.85% | 3/31/2023 | 3/31/2029 | $3915 | $534 | $538 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hultec Buyer, LLC | First lien senior secured term loan | S + | 5.50% | 10.09% | 3/31/2023 | 3/31/2029 | 14171 | 13818 | 13832 | 0.90% |
|  |  |  |  |  |  |  |  | 14352 | 14370 | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superior Insurance Partners LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 9.50% | 10/25/2024 | 10/25/2029 | $15236 | $1885 | $1885 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superior Insurance Partners LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 9.63% | 10/25/2024 | 10/25/2029 | 1347 | (26) | (26) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superior Insurance Partners LLC | First lien senior secured term loan | S + | 5.00% | 9.63% | 10/25/2024 | 10/25/2029 | 9353 | 9170 | 9169 | 0.59% |
|  |  |  |  |  |  |  |  | 11029 | 11028 | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interactive Media & Services** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duggal Acquisition, LLC (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 9.08% | 9/30/2024 | 9/30/2030 | $5224 | $(50) | $(39) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duggal Acquisition, LLC | First lien senior secured revolving loan | S + | 4.75% | 9.08% | 9/30/2024 | 9/30/2030 | 7319 | 1324 | 1336 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duggal Acquisition, LLC | First lien senior secured term loan | S + | 4.75% | 9.08% | 9/30/2024 | 9/30/2030 | 20582 | 20180 | 20222 | 1.31% |
|  |  |  |  |  |  |  |  | 21454 | 21519 | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet and direct marketing retail** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aquatic Sales Solutions, LLC | First lien senior secured revolving loan | S + | 7.00% | 11.48% | 7/28/2023 | 12/18/2025 | $191 | $119 | $94 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aquatic Sales Solutions, LLC | First lien senior secured term loan | S + | 3.00% + 4.00% PIK | 11.48% | 7/28/2023 | 12/18/2025 | 2696 | 2665 | 2315 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DealerOn Holdco, Inc (6) | First lien senior secured revolving loan | S + | 6.00% | 10.47% | 7/28/2023 | 5/19/2026 | 314 | (2) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DealerOn Holdco, Inc | First lien senior secured term loan | S + | 6.00% | 10.47% | 7/28/2023 | 5/19/2026 | 20599 | 20599 | 20391 | 1.32% |
|  |  |  |  |  |  |  |  | 23381 | 22797 | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT services** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSC Top Shelf Blocker LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.58% | 6/28/2024 | 6/28/2029 | $2256 | $(35) | $(32) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSC Top Shelf Blocker LLC | First lien senior secured term loan | S + | 5.25% | 9.58% | 6/28/2024 | 6/28/2029 | 16071 | 15813 | 15841 | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-Phoenix Acquisition Co. Inc | First lien senior secured revolving loan | S + | 5.50% | 9.96% | 7/28/2023 | 6/23/2027 | 75 | 22 | 22 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-Phoenix Acquisition Co. Inc | First lien senior secured term loan | S + | 5.50% | 9.98% | 7/28/2023 | 6/23/2027 | 1346 | 1342 | 1339 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FreshAddress, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.73% | 7/28/2023 | 10/5/2025 | 30 |  |  | —% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)** | **Investment** | **Reference<br>Rate and Spread (5)** | **Reference<br>Rate and Spread (5)** | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount(3)** | **Amortized Cost(4)** | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FreshAddress, LLC | First lien senior secured term loan | S + | 5.25% | 9.73% | 7/28/2023 | 10/5/2025 | 1630 | 1627 | 1624 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icreon Holdings, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 10.97% | 10/26/2022 | 10/26/2027 | 1071 | (16) | (16) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icreon Holdings, LLC | First lien senior secured term loan | S + | 6.50% | 10.97% | 10/26/2022 | 10/26/2027 | 13053 | 12836 | 12860 | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P and R Dental Strategies, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.84% | 7/28/2023 | 12/22/2026 | 23 | 4 | 4 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P and R Dental Strategies, LLC | First lien senior secured term loan | S + | 5.25% | 9.84% | 7/28/2023 | 12/22/2026 | 621 | 617 | 615 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Technology Group, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.11% | 1/3/2024 | 1/3/2029 | 10806 | 10633 | 10641 | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Technology Group, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.11% | 2/26/2024 | 1/3/2029 | 9413 | 2335 | 2347 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Technology Group, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 10.11% | 1/3/2024 | 1/3/2029 | 2860 | (46) | (44) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Technology Group, LLC | First lien senior secured term loan | S + | 5.75% | 10.11% | 1/3/2024 | 1/3/2029 | 6309 | 6204 | 6208 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Label Communications,LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.36% | 10/11/2023 | 10/11/2029 | 1534 | (27) | (25) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Label Communications,LLC | First lien senior secured term loan | S + | 6.00% | 10.36% | 10/11/2023 | 10/11/2029 | 4690 | 4601 | 4607 | 0.30% |
|  |  |  |  |  |  |  |  | 55910 | 55991 | 3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure equipment and products** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Champion Motorsports Group, LLC (6) | First lien senior secured revolving loan | P + | 5.25% | 13.00% | 7/28/2023 | 10/8/2026 | $56 | $— | $(1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Champion Motorsports Group, LLC | First lien senior secured term loan | S + | 6.25% | 10.72% | 7/28/2023 | 10/8/2026 | 1654 | 1643 | 1637 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacNeill Pride Group Corp | First lien senior secured delayed draw term loan | S + | 6.75% | 11.34% | 7/28/2023 | 4/22/2026 | 52 | 52 | 51 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacNeill Pride Group Corp | First lien senior secured delayed draw term loan | S + | 6.75% | 11.34% | 7/28/2023 | 4/22/2026 | 301 | 301 | 300 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacNeill Pride Group Corp | First lien senior secured revolving loan | S + | 6.75% | 11.34% | 7/28/2023 | 4/22/2026 | 287 | 71 | 71 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacNeill Pride Group Corp | First lien senior secured term loan | S + | 6.75% | 11.34% | 7/28/2023 | 4/22/2026 | 808 | 807 | 805 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TruBlue LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.86% | 1/11/2024 | 1/11/2029 | 2331 | (38) | (35) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TruBlue LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.86% | 1/11/2024 | 1/11/2029 | 1430 | (23) | (21) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TruBlue LLC | First lien senior secured term loan | S + | 5.50% | 9.86% | 1/11/2024 | 1/11/2029 | 5173 | 5085 | 5092 | 0.33% |
|  |  |  |  |  |  |  |  | 7898 | 7899 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure products** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PHGP MB Purchaser, Inc | First lien senior secured delayed draw term loan | S + | 6.00% + 0.50% PIK | 11.22% | 7/28/2023 | 5/20/2027 | $80 | $79 | $73 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PHGP MB Purchaser, Inc (22) | First lien senior secured revolving loan | S + | 6.00% + 0.50% PIK | 11.09% | 7/28/2023 | 5/20/2027 | 75 | 16 | 10 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PHGP MB Purchaser, Inc | First lien senior secured term loan | S + | 6.00% + 0.50% PIK | 11.08% | 7/28/2023 | 5/20/2027 | 1088 | 1075 | 992 | 0.06% |
|  |  |  |  |  |  |  |  | 1170 | 1075 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Life sciences tools and services** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptitude Health Holdings, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.59% | 7/28/2023 | 5/3/2026 | $267 | $39 | $39 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptitude Health Holdings, LLC | First lien senior secured term loan | S + | 5.25% | 9.84% | 7/28/2023 | 5/3/2026 | 1081 | 1073 | 1074 | 0.07% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)** | **Investment** | **Reference<br>Rate and Spread (5)** | **Reference<br>Rate and Spread (5)** | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount(3)** | **Amortized Cost(4)** | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CR Services Intermediate, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.28% | 7/28/2023 | 7/28/2028 | 186 | 118 | 119 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CR Services Intermediate, LLC | First lien senior secured revolving loan | S + | 6.50% | 11.28% | 7/28/2023 | 7/28/2028 | 38 | 7 | 7 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CR Services Intermediate, LLC | First lien senior secured term loan | S + | 6.50% | 11.35% | 7/28/2023 | 7/28/2028 | 225 | 219 | 220 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CR Services Intermediate, LLC (7) | First lien senior secured term loan | S + | 6.50% | 11.35% | 7/28/2023 | 7/28/2028 | 225 | 219 | 220 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERG Buyer, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 10.77% | 2/26/2024 | 2/26/2026 | 343 | 340 | 340 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERG Buyer, LLC | First lien senior secured revolving loan | S + | 6.25% | 10.69% | 2/26/2024 | 2/26/2026 | 5181 | 5136 | 5133 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERG Buyer, LLC | First lien senior secured term loan | S + | 6.25% | 10.77% | 2/26/2024 | 2/26/2026 | 36056 | 35715 | 35724 | 2.32% |
|  |  |  |  |  |  |  |  | 42866 | 42876 | 2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abrasive Technology Intermediate, LLC | First lien senior secured revolving loan | S + | 6.25% | 10.90% | 7/28/2023 | 4/30/2026 | $173 | $68 | $68 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abrasive Technology Intermediate, LLC | First lien senior secured term loan | S + | 6.25% | 11.08% | 7/28/2023 | 4/30/2026 | 1985 | 1966 | 1967 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bakery Manufacturing Company (6) | First lien senior secured revolving loan | S + | 5.25% | 9.61% | 11/1/2024 | 11/1/2028 | 2898 | (43) | (43) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bakery Manufacturing Company | First lien senior secured term loan | S + | 5.25% | 9.61% | 11/1/2024 | 11/1/2028 | 17289 | 17033 | 17032 | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DNS-IMI Acquisition Corp | First lien senior secured revolving loan | P + | 4.25% | 11.75% | 7/28/2023 | 11/23/2026 | 56 | 18 | 18 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DNS-IMI Acquisition Corp | First lien senior secured term loan | S + | 5.25% | 9.73% | 7/28/2023 | 11/23/2026 | 1415 | 1407 | 1403 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Double E Company, LLC | First lien senior secured revolving loan | S + | 6.75% | 11.47% | 6/21/2022 | 6/21/2028 | 3110 | 2827 | 2532 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Double E Company, LLC | First lien senior secured term loan | S + | 4.00% + 2.75% PIK | 12.47% | 6/21/2022 | 6/21/2028 | 18651 | 18516 | 16721 | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kittyhawk, Inc (6) | First lien senior secured revolving loan | S + | 5.25% | 9.58% | 5/1/2024 | 5/1/2029 | 3571 | (62) | (57) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kittyhawk, Inc | First lien senior secured term loan | S + | 5.25% | 9.58% | 5/1/2024 | 5/1/2029 | 15177 | 14904 | 14925 | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L&J Holding Company LLC (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 9.34% | 7/29/2024 | 7/29/2030 | 9823 | (91) | (72) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L&J Holding Company LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 9.34% | 7/29/2024 | 7/29/2030 | 2204 | (41) | (37) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L&J Holding Company LLC | First lien senior secured term loan | S + | 4.75% | 9.34% | 7/29/2024 | 7/29/2030 | 11758 | 11531 | 11556 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;My Buyer, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.83% | 1/26/2024 | 1/25/2030 | 3139 | (53) | (49) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;My Buyer, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.83% | 1/26/2024 | 1/25/2030 | 2360 | 825 | 829 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;My Buyer, LLC | First lien senior secured term loan | S + | 5.50% | 9.83% | 1/26/2024 | 1/25/2030 | 7870 | 7730 | 7741 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPG Holdco, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.50% | 12/1/2023 | 12/1/2028 | 2070 | (41) | (38) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPG Holdco, LLC | First lien senior secured term loan | S + | 6.00% | 10.50% | 12/1/2023 | 12/1/2028 | 10581 | 10368 | 10379 | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USSC Holding Corp | First lien senior secured delayed draw term loan | S + | 5.25% | 9.76% | 6/21/2024 | 6/21/2030 | 10129 | 9945 | 9984 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USSC Holding Corp (6) | First lien senior secured revolving loan | S + | 5.25% | 9.58% | 6/21/2024 | 6/21/2030 | 7177 | (131) | (103) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USSC Holding Corp | First lien senior secured term loan | S + | 5.25% | 9.58% | 6/21/2024 | 6/21/2030 | 34780 | 34124 | 34281 | 2.22% |
|  |  |  |  |  |  |  |  | 130800 | 129037 | 8.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALM Media, LLC (23) | First lien senior secured revolving loan | S + | 5.50% | 9.84% | 2/21/2024 | 2/21/2029 | $3102 | $975 | $979 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALM Media, LLC | First lien senior secured term loan | S + | 5.50% | 9.83% | 2/21/2024 | 2/21/2029 | 38168 | 37404 | 37457 | 2.43% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)** | **Investment** | **Reference<br>Rate and Spread (5)** | **Reference<br>Rate and Spread (5)** | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount(3)** | **Amortized Cost(4)** | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barkley, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 10.49% | 9/29/2023 | 9/29/2028 | 2300 | (45) | (37) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barkley, LLC | First lien senior secured term loan | S + | 5.75% | 10.49% | 9/29/2023 | 9/29/2028 | 43565 | 42739 | 42866 | 2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Version Media Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.83% | 12/31/2024 | 12/31/2030 | 3976 | (70) | (70) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Version Media Acquisition, LLC | First lien senior secured term loan | S + | 5.50% | 9.83% | 12/31/2024 | 12/31/2030 | 50837 | 49947 | 49947 | 3.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datum Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 10.58% | 10/30/2024 | 4/30/2030 | 1312 | (25) | (25) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datum Acquisition, LLC | First lien senior secured term loan | S + | 6.25% | 10.58% | 10/30/2024 | 4/30/2030 | 5463 | 5355 | 5356 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclusive Concepts, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.09% | 8/1/2024 | 12/9/2026 | 5109 | 192 | 212 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclusive Concepts, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.09% | 7/28/2023 | 12/9/2026 | 220 | 218 | 218 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclusive Concepts, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.09% | 12/22/2023 | 12/9/2026 | 2836 | 2796 | 2800 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclusive Concepts, LLC | First lien senior secured revolving loan | S + | 6.50% | 11.28% | 7/28/2023 | 12/9/2026 | 23 | 22 | 22 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclusive Concepts, LLC | First lien senior secured term loan | S + | 6.50% | 11.09% | 7/28/2023 | 12/9/2026 | 3490 | 3440 | 3446 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infolinks Media Buyco, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.83% | 7/28/2023 | 11/1/2026 | 2083 | 2059 | 2061 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infolinks Media Buyco, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.83% | 7/28/2023 | 11/1/2026 | 38 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infolinks Media Buyco, LLC | First lien senior secured term loan | S + | 5.50% | 9.83% | 7/28/2023 | 11/1/2026 | 19863 | 19628 | 19649 | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTM Acquisition Corp | First lien senior secured revolving loan | S + | 6.75% | 11.23% | 12/18/2023 | 6/18/2026 | 1809 | 795 | 796 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTM Acquisition Corp | First lien senior secured term loan | S + | 6.75% | 11.23% | 12/18/2023 | 6/18/2026 | 13117 | 12973 | 12979 | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optimized Marketing Acquisition, LLC | First lien senior secured revolving loan | S + | 5.75% | 10.34% | 8/19/2022 | 8/19/2027 | 3383 | 3175 | 3178 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optimized Marketing Acquisition, LLC | First lien senior secured term loan | S + | 5.75% | 10.34% | 8/19/2022 | 8/19/2027 | 25642 | 25306 | 25336 | 1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outerbox, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 9.36% | 6/7/2024 | 6/7/2028 | 4077 | (52) | (47) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outerbox, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 9.36% | 6/7/2024 | 6/7/2028 | 2280 | (29) | (26) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outerbox, LLC | First lien senior secured term loan | S + | 5.00% | 9.36% | 6/7/2024 | 6/7/2028 | 18660 | 18409 | 18441 | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peninsula MMGY Corporation (6)(24) | First lien senior secured revolving loan | S + | 5.00% | 9.33% | 10/26/2023 | 4/26/2029 | 3691 | (74) | (69) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peninsula MMGY Corporation | First lien senior secured term loan | S + | 5.00% | 9.33% | 10/26/2023 | 4/26/2029 | 10261 | 10043 | 10064 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RKD Group, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.46% | 4/10/2024 | 8/17/2028 | 8074 | 6006 | 6042 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RKD Group, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.48% | 8/17/2022 | 8/17/2028 | 4905 | (44) | (39) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RKD Group, LLC | First lien senior secured term loan | S + | 6.00% | 10.48% | 8/17/2022 | 8/17/2028 | 33001 | 32663 | 32736 | 2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Channel Company, LLC | First lien senior secured revolving loan | S + | 6.75% | 11.36% | 7/28/2023 | 11/1/2027 | 62 | 18 | 16 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Channel Company, LLC | First lien senior secured term loan | S + | 2.50% + 4.25% PIK | 11.36% | 7/28/2023 | 11/1/2027 | 2404 | 2387 | 2304 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WTWH Buyer, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 11.09% | 12/16/2022 | 12/16/2027 | 1638 | (26) | (28) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WTWH Buyer, LLC | First lien senior secured term loan | S + | 6.50% | 11.09% | 12/16/2022 | 12/16/2027 | 14140 | 13890 | 13900 | 0.90% |
|  |  |  |  |  |  |  |  | 290075 | 290464 | 18.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metals and mining** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copperweld Group, Inc | First lien senior secured revolving loan | S + | 6.00% | 10.50% | 7/28/2023 | 3/31/2026 | $462 | $261 | $260 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copperweld Group, Inc | First lien senior secured term loan | S + | 6.00% | 10.59% | 7/28/2023 | 3/31/2026 | 2239 | 2235 | 2228 | 0.14% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)** | **Investment** | **Reference<br>Rate and Spread (5)** | **Reference<br>Rate and Spread (5)** | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount(3)** | **Amortized Cost(4)** | **Fair<br>Value** | **Percentage<br>of Net Assets** |
|  |  |  |  |  |  |  |  | 2496 | 2488 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiline Retail** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEC Purchaser Corp. (6) | First lien senior secured revolving loan | S + | 5.50% | 9.75% | 6/17/2024 | 6/17/2029 | $7843 | $(106) | $(93) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEC Purchaser Corp. | First lien senior secured term loan | S + | 5.50% | 9.75% | 6/17/2024 | 6/17/2029 | 50207 | 49512 | 49608 | 3.22% |
|  |  |  |  |  |  |  |  | 49406 | 49515 | 3.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Formulated Buyer, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.63% | 7/28/2023 | 9/22/2026 | 296 | 294 | 282 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Formulated Buyer, LLC | First lien senior secured revolving loan | S + | 5.75% | 10.88% | 7/28/2023 | 9/22/2026 | 188 | 185 | 177 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Formulated Buyer, LLC | First lien senior secured term loan | S + | 5.75% | 10.34% | 7/28/2023 | 9/22/2026 | 453 | 450 | 432 | 0.03% |
|  |  |  |  |  |  |  |  | 929 | 891 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Personal products** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosmetic Solutions LLC (8) | First lien senior secured delayed draw term loan | S + | 5.75% + 0.75% PIK | 11.09% | 7/28/2023 | 10/17/2025 | $379 | $373 | $87 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosmetic Solutions LLC (8) | First lien senior secured revolving loan | S + | 6.50% | 11.09% | 7/28/2023 | 10/17/2025 | 344 | 86 | (173) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosmetic Solutions LLC (8) | First lien senior secured term loan | S + | 5.75% + 0.75% PIK | 11.09% | 7/28/2023 | 10/17/2025 | 2901 | 2845 | 669 | 0.04% |
|  |  |  |  |  |  |  |  | 3304 | 583 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Professional services** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSL Intermediate Acquisition LLC (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 9.61% | 11/8/2024 | 11/8/2029 | $1692 | $(29) | $(29) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSL Intermediate Acquisition LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.61% | 11/8/2024 | 11/8/2029 | 861 | (15) | (15) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSL Intermediate Acquisition LLC | First lien senior secured term loan | S + | 5.25% | 9.61% | 11/8/2024 | 11/8/2029 | 3746 | 3682 | 3682 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helpware, Inc | First lien senior secured revolving loan | S + | 5.75% | 10.98% | 9/8/2022 | 9/8/2026 | 5061 | 2501 | 2382 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helpware, Inc | First lien senior secured term loan | S + | 5.75% + 1.25% PIK | 11.59% | 9/8/2022 | 9/8/2026 | 14016 | 13912 | 13603 | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keystone Partners, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 9.88% | 10/25/2024 | 10/25/2028 | 2344 | (34) | (34) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keystone Partners, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.88% | 10/25/2024 | 10/25/2028 | 1347 | (19) | (19) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keystone Partners, LLC | First lien senior secured term loan | S + | 5.25% | 9.88% | 10/25/2024 | 10/25/2028 | 14416 | 14206 | 14204 | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stax Holding Company, LLC (6)(25) | First lien senior secured revolving loan | S + | 5.00% | 9.48% | 7/28/2023 | 10/29/2026 | 60 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stax Holding Company, LLC | First lien senior secured term loan | S + | 5.00% | 9.48% | 7/28/2023 | 10/29/2026 | 668 | 666 | 664 | 0.04% |
|  |  |  |  |  |  |  |  | 34870 | 34438 | 2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real estate management and development** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBG, Inc (26) | First lien senior secured revolving loan | S + | 6.75% | 11.34% | 7/28/2023 | 1/8/2026 | $233 | $221 | $215 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBG, Inc | First lien senior secured term loan | S + | 1.00% + 5.75% PIK | 11.34% | 7/28/2023 | 1/8/2026 | 1978 | 1904 | 1858 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetaSource, LLC | First lien senior secured revolving loan | S + | 6.75% | 11.22% | 7/28/2023 | 5/17/2027 | 75 | 23 | 23 | 0.00% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)** | **Investment** | **Reference<br>Rate and Spread (5)** | **Reference<br>Rate and Spread (5)** | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount(3)** | **Amortized Cost(4)** | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetaSource, LLC | First lien senior secured term loan | S + | 6.75% + 0.50% PIK | 10.34% | 7/28/2023 | 5/17/2027 | 923 | 915 | 916 | 0.06% |
|  |  |  |  |  |  |  |  | 3063 | 3012 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors and semiconductor equipment** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altamira Material Solutions, LP | First lien senior secured revolving loan | S + | 6.00% | 10.48% | 7/28/2023 | 9/2/2026 | $45 | $34 | $34 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altamira Material Solutions, LP | First lien senior secured term loan | S + | 6.00% | 10.48% | 7/28/2023 | 9/2/2026 | 1018 | 1012 | 1010 | 0.07% |
|  |  |  |  |  |  |  |  | 1046 | 1044 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affinitiv Inc (6) | First lien senior secured revolving loan | S + | 7.00% | 11.59% | 7/28/2023 | 1/26/2025 | $186 | $(2) | $(2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affinitiv Inc | First lien senior secured term loan | S + | 7.00% | 11.59% | 7/28/2023 | 1/26/2025 | 2230 | 2198 | 2207 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genius Bidco LLC (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 9.58% | 5/1/2024 | 5/1/2030 | 4661 | (41) | (33) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genius Bidco LLC (6)(27) | First lien senior secured revolving loan | S + | 5.25% | 9.58% | 5/1/2024 | 5/1/2030 | 3571 | (63) | (58) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genius Bidco LLC | First lien senior secured term loan | S + | 5.25% | 9.58% | 5/1/2024 | 5/1/2030 | 12647 | 12410 | 12438 | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GPSTrackit Holdings, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.36% | 3/29/2024 | 3/29/2029 | 1968 | 1925 | 1928 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GPSTrackit Holdings, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.34% | 3/29/2024 | 3/29/2029 | 4429 | (92) | (90) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GPSTrackit Holdings, LLC | First lien senior secured term loan | S + | 6.00% | 10.34% | 3/29/2024 | 3/29/2029 | 32483 | 31786 | 31752 | 2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS XX Corporation (6) | First lien senior secured revolving loan | S + | 4.75% | 9.08% | 4/19/2024 | 4/19/2029 | 2381 | (41) | (38) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS XX Corporation | First lien senior secured term loan | S + | 4.75% | 9.08% | 4/19/2024 | 4/19/2029 | 16863 | 16560 | 16585 | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shasta Buyer, LLC | First lien senior secured revolving loan | S + | 4.75% | 9.11% | 11/12/2024 | 8/9/2028 | 4307 | 512 | 512 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shasta Buyer, LLC | First lien senior secured term loan | S + | 4.75% | 9.27% | 11/12/2024 | 8/9/2028 | 20344 | 20046 | 20047 | 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ShiftKey, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 10.34% | 7/28/2023 | 6/21/2027 | 110 | (1) | (2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ShiftKey, LLC | First lien senior secured term loan | S + | 5.75% | 10.34% | 7/28/2023 | 6/21/2027 | 3665 | 3647 | 3587 | 0.23% |
|  |  |  |  |  |  |  |  | 88844 | 88833 | 5.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty retail** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dykstras Auto LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 10.84% | 7/28/2023 | 10/22/2026 | $332 | $252 | $251 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dykstras Auto LLC | First lien senior secured revolving loan | S + | 6.25% | 10.84% | 7/28/2023 | 10/22/2026 | 38 | 26 | 26 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dykstras Auto LLC | First lien senior secured term loan | S + | 6.25% | 10.84% | 7/28/2023 | 10/22/2026 | 621 | 615 | 613 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastlap, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 9.53% | 6/20/2024 | 6/20/2029 | 14130 | (254) | (234) | (0.02)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastlap, LLC | First lien senior secured revolving loan | P + | 4.25% | 11.75% | 6/20/2024 | 6/20/2029 | 2256 | 1539 | 1542 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastlap, LLC | First lien senior secured term loan | S + | 5.25% | 9.53% | 6/20/2024 | 6/20/2029 | 10042 | 9856 | 9874 | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaizen Auto Care, LLC | First lien senior secured revolving loan | F + | 5.00% | 5.00% | 3/1/2024 | 12/22/2026 | 152 | 35 | 2 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaizen Auto Care, LLC | First lien senior secured term loan | F + | 5.00% | 5.00% | 7/28/2023 | 12/22/2027 | 1352 | 1342 | 1059 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonard Group, Inc | First lien senior secured revolving loan | S + | 6.50% | 11.09% | 7/28/2023 | 2/26/2026 | 234 | 77 | 77 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonard Group, Inc | First lien senior secured term loan | S + | 6.50% | 11.09% | 7/28/2023 | 2/26/2026 | 1308 | 1305 | 1303 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pink Lily Holdings, LLC (6) | First lien senior secured revolving loan | S + | 7.00% PIK | 11.74% | 7/28/2023 | 11/16/2027 | 31 | (1) | (2) | 0.00% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)** | **Investment** | **Reference<br>Rate and Spread (5)** | **Reference<br>Rate and Spread (5)** | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount(3)** | **Amortized Cost(4)** | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pink Lily Holdings, LLC | First lien senior secured term loan | S + | 7.00% PIK | 11.74% | 7/28/2023 | 11/16/2027 | 1309 | 1286 | 1207 | 0.08% |
|  |  |  |  |  |  |  |  | 16078 | 15718 | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Textiles, apparel and luxury goods** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakeshirts LLC (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 9.09% | 12/30/2024 | 12/20/2030 | $7989 | $(40) | $(40) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakeshirts LLC | First lien senior secured revolving loan | S + | 4.75% | 9.21% | 12/30/2024 | 12/30/2030 | 11650 | 1048 | 1048 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakeshirts LLC | First lien senior secured term loan | S + | 4.75% | 9.09% | 12/30/2024 | 12/30/2030 | 33098 | 32767 | 32767 | 2.13% |
|  |  |  |  |  |  |  |  | 33775 | 33775 | 2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trading companies and distributors** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp | First lien senior secured delayed draw term loan | S + | 5.50% | 10.02% | 7/28/2023 | 4/9/2027 | $330 | $326 | $326 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp | First lien senior secured delayed draw term loan | S + | 5.50% | 10.02% | 12/12/2023 | 4/9/2027 | 4128 | 4071 | 4082 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp | First lien senior secured delayed draw term loan | S + | 5.50% | 10.09% | 7/28/2023 | 4/9/2027 | 344 | 340 | 341 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp | First lien senior secured delayed draw term loan | S + | 5.50% | 10.09% | 7/1/2024 | 4/9/2027 | 10255 | 28 | 38 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp (6)(28) | First lien senior secured revolving loan | S + | 5.50% | 10.02% | 7/28/2023 | 10/9/2026 | 156 | (2) | (2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp | First lien senior secured term loan | S + | 5.50% | 10.09% | 7/28/2023 | 4/9/2027 | 5475 | 5402 | 5413 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Equipment Systems LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.60% | 7/28/2023 | 5/19/2025 | 37 | 37 | 36 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Equipment Systems LLC | First lien senior secured term loan | S + | 6.00% | 11.58% | 7/28/2023 | 11/5/2026 | 70 | 69 | 69 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Equipment Systems LLC | First lien senior secured term loan | S + | 6.00% | 10.50% | 3/15/2024 | 11/5/2026 | 935 | 921 | 922 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Equipment Systems LLC | First lien senior secured term loan | S + | 6.00% | 10.48% | 7/28/2023 | 11/5/2026 | 317 | 312 | 313 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascent Lifting, Inc (6) | First lien senior secured revolving loan | S + | 5.25% | 9.71% | 9/9/2022 | 9/9/2027 | 2500 | (45) | (44) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascent Lifting, Inc | First lien senior secured term loan | S + | 5.25% | 9.71% | 9/9/2022 | 9/9/2027 | 17020 | 16672 | 16696 | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AWI Group, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.34% | 8/1/2024 | 8/1/2029 | 4487 | 3937 | 3944 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AWI Group, LLC | First lien senior secured revolving loan | S + | 5.75% | 10.27% | 8/1/2024 | 8/1/2029 | 10420 | 3143 | 3158 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AWI Group, LLC | First lien senior secured term loan | S + | 5.75% | 10.08% | 8/1/2024 | 8/1/2029 | 55199 | 54165 | 54233 | 3.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner Buyer, LLC | First lien senior secured delayed draw term loan | S + | 5.75% + 0.50% PIK | 10.73% | 7/28/2023 | 10/31/2025 | 558 | 557 | 548 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner Buyer, LLC | First lien senior secured revolving loan | S + | 5.75% + 0.50% PIK | 10.73% | 7/28/2023 | 10/31/2025 | 370 | 72 | 66 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner Buyer, LLC | First lien senior secured term loan | S + | 5.75% + 0.50% PIK | 10.73% | 7/28/2023 | 10/31/2025 | 1345 | 1341 | 1317 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAP KSI Holdings LLC | First lien senior secured revolving loan | S + | 5.25% | 9.61% | 6/28/2024 | 6/28/2030 | 7145 | 1212 | 1224 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAP KSI Holdings LLC | First lien senior secured term loan | S + | 5.25% | 9.58% | 6/28/2024 | 6/28/2030 | 42547 | 41939 | 42034 | 2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastern Communications Solutions, Inc. (6) | First lien senior secured revolving loan | S + | 5.25% | 9.57% | 12/30/2024 | 12/30/2030 | 3240 | (49) | (49) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastern Communications Solutions, Inc. | First lien senior secured term loan | S + | 5.25% | 9.57% | 12/30/2024 | 12/30/2030 | 12612 | 12423 | 12422 | 0.81% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)** | **Investment** | **Reference<br>Rate and Spread (5)** | **Reference<br>Rate and Spread (5)** | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount(3)** | **Amortized Cost(4)** | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empire Equipment Company, LLC | First lien senior secured revolving loan | S + | 6.25% | 10.73% | 7/28/2023 | 1/17/2025 | 439 | 187 | 184 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empire Equipment Company, LLC | First lien senior secured term loan | S + | 6.25% | 10.72% | 7/28/2023 | 1/17/2025 | 1652 | 1651 | 1638 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lehman Pipe Buyer, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 9.52% | 8/30/2024 | 8/30/2030 | 5309 | (100) | (92) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lehman Pipe Buyer, LLC | First lien senior secured term loan | S + | 5.00% | 9.52% | 8/30/2024 | 8/30/2030 | 29550 | 28986 | 29037 | 1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montway LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 10.96% | 7/28/2023 | 11/4/2025 | 662 | 660 | 659 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montway LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 10.96% | 7/28/2023 | 11/4/2025 | 150 | (1) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montway LLC | First lien senior secured term loan | S + | 6.25% | 10.96% | 7/28/2023 | 11/4/2025 | 701 | 698 | 697 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.59% | 8/5/2022 | 8/5/2028 | 3193 | 3161 | 3169 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.08% | 8/5/2022 | 8/5/2028 | 2694 | 2652 | 2674 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.88% | 8/5/2022 | 8/5/2028 | 2673 | 2635 | 2654 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.20% | 12/1/2023 | 8/5/2028 | 4672 | 4574 | 4637 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.30% | 3/29/2024 | 8/5/2028 | 7190 | 7039 | 7136 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 6.75% | 10/31/2024 | 8/5/2028 | 4221 | 2459 | 2467 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.10% | 10/31/2024 | 8/5/2028 | 4221 | 4180 | 4190 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured revolving loan | P + | 4.75% | 12.25% | 8/5/2022 | 8/5/2028 | 7269 | 649 | 689 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured term loan | S + | 5.75% | 10.45% | 12/1/2023 | 8/5/2028 | 652 | 639 | 648 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured term loan | S + | 5.75% | 10.34% | 10/31/2024 | 8/5/2028 | 3419 | 3386 | 3394 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured term loan | S + | 5.75% | 10.27% | 8/13/2024 | 8/5/2028 | 2577 | 2555 | 2558 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured term loan | S + | 5.75% | 10.27% | 8/5/2022 | 8/5/2028 | 17561 | 17238 | 17430 | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triad Technologies, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.73% | 7/28/2023 | 10/31/2025 | 332 | (3) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triad Technologies, LLC | First lien senior secured term loan | S + | 5.25% | 9.73% | 7/28/2023 | 10/31/2025 | 1192 | 1183 | 1180 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Added Distributors, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 9.10% | 12/19/2024 | 12/19/2029 | 3768 | (57) | (57) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Added Distributors, LLC | First lien senior secured term loan | S + | 4.75% | 9.10% | 12/19/2024 | 12/19/2029 | 11267 | 11099 | 11098 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wolf Gordon Inc (6) | First lien senior secured revolving loan | P + | 4.25% | 11.75% | 5/1/2024 | 5/1/2029 | 3809 | (66) | (61) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wolf Gordon Inc | First lien senior secured term loan | S + | 5.25% | 9.58% | 5/1/2024 | 5/1/2029 | 20328 | 19969 | 19998 | 1.30% |
|  |  |  |  |  |  |  |  | 262244 | 263010 | 17.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Water utilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Buyer, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 9.36% | 10/15/2024 | 7/22/2026 | $3664 | $1005 | $1008 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Buyer, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 9.34% | 7/28/2023 | 7/22/2026 | 75 |  | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Buyer, LLC | First lien senior secured term loan | S + | 5.00% | 9.34% | 7/28/2023 | 7/22/2026 | 1421 | 1413 | 1407 | 0.09% |
|  |  |  |  |  |  |  |  | 2418 | 2414 | 0.16% |
| &nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliated senior secured debt** |  |  |  |  |  |  |  | $3084605 | $3080554 | 199.88% |
| **Non-controlled/non-affiliated sponsor subordinated notes** |  |  |  |  |  |  |  |  |  |  |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)** | **Investment** | **Reference<br>Rate and Spread (5)** | **Interest<br>Rate** | **Purchase Date** | **Maturity<br>Date** | **Principal/ Par Amount(3)** | **Amortized Cost(4)** | **Fair<br>Value** | **Percentage<br>of Net Assets** |
| **Trading companies and distributors** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Empire Equipment Company, LLC | Sponsor subordinated note | 12.50% + 7.00% PIK | 19.50% | 7/28/2023 | 7/17/2026 | $15 | $14 | $15 | 0.00% |
| &nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliated sponsor subordinated notes** |  |  |  |  |  |  | 14 | 15 | 0.00% |
| &nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliated investments** |  |  |  |  |  |  | 3084619 | 3080569 | 199.88% |
| &nbsp;&nbsp;&nbsp;**Non-controlled/affiliated investments** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multisector holdings** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twin Brook Equity Holdings, LLC (29) (30) (31) | Equity - 14.34% membership interest |  |  |  |  |  | $74533 | $80638 | 5.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twin Brook Segregated Equity Holdings, LLC (29) (30) (31) | Equity - 2.11% membership interest |  |  |  |  |  | 19 | 16 | 0.00% |
| &nbsp;&nbsp;&nbsp;**Total non-controlled/affiliated investments** |  |  |  |  |  |  | 74552 | 80654 | 5.23% |
| **Total investments** |  |  |  |  |  |  | $3159171 | $3161223 | 205.11% |

---

(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") 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 December 31, 2024, the reference rates for the floating rate loans were the Term SOFR of 4.49%, the Prime Rate of 7.50%, and CORRA of 3.32%.

(6)Represents revolvers and delayed draw term loans where the entire balance is unfunded as of December 31, 2024. 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, 2024, non-qualifying assets represented approximately 4.39% of the total assets of the Company.

(8)Indicates loan was on non-accrual status as of December 31, 2024.

(9)Principal balance includes reserve for letter of credit of $50,775 on which the borrower pays 6.00%.

(10)Principal balance includes reserve for letter of credit of $1,875 on which the borrower pays 6.00%.

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

(12)Principal balance includes reserve for letter of credit of $10,663 on which the borrower pays 5.50%.

(13)Principal balance includes reserve for letter of credit of $175,771 on which the borrower pays 5.25%.

(14)Principal balance includes reserve for letter of credit of $277,717 on which the borrower pays 6.25%.

(15)Principal balance includes reserve for letter of credit of $15,973 on which the borrower pays 6.00%.

(16)Principal balance includes reserve for letter of credit of $7,896 on which the borrower pays 6.25%.

(17)Principal balance includes reserve for letter of credit of $5,240 on which the borrower pays 6.50%.

(18)Principal balance includes reserve for letter of credit of $163,717 on which the borrower pays 6.00%.

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

(19)Principal balance includes reserve for letter of credit of $16,960 on which the borrower pays 5.75%.

(20)Principal balance includes reserve for letter of credit of $5,410 on which the borrower pays 6.00%.

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

(22)Principal balance includes reserve for letter of credit of $5,625 on which the borrower pays 6.00%.

(23)Principal balance includes reserve for letter of credit of $429,910 on which the borrower pays 5.50%.

(24)Principal balance includes reserve for letter of credit of $49,807 on which the borrower pays 5.00%.

(25)Principal balance includes reserve for letter of credit of $1,951 on which the borrower pays 5.00%.

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

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

(28)Principal balance includes reserve for letter of credit of $6,240 on which the borrower pays 5.50%.

(29)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.

(30)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, 2024, the aggregate fair value of these securities is $80,654 or 5.23% 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.

(31)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, 2024**

**(Amounts in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign currency forward contracts**<br>**Counterparty** |<br>**Currency Purchased** |<br>**Currency Sold** |<br>**Settlement** |<br>**Unrealized Appreciation/<br>(Depreciation)** |
| Wells Fargo Bank, National Association | USD 1,331 | CAD 941 | 1/24/2025 | $(14) |
| Wells Fargo Bank, National Association | CAD 1,408 | USD 1,935 | 1/24/2025 | 60 |
| **Total** |  |  |  | $**46** |
| **Currency Abbreviations:** |  |  |  |  |
| USD - U.S. Dollar |  |  |  |  |
| CAD - Canadian Dollar |  |  |  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps**<br>**Counterparty** |<br>**Hedged Instrument** |<br>**Company Receives** |<br>**Company Pays** |<br>**Maturity Date** |<br>**Notional Amount** |<br>**Fair Value** |<br>**Upfront Payments/Receipts** |<br>**Unrealized Appreciation/(Depreciation)** |
| Morgan Stanley Capital Services, LLC | Series A, Tranche A Notes | 7.6900% | S + 3.547% | 9/19/2026 | $90000 | 149 |  | 149 |
| Morgan Stanley Capital Services, LLC | Series A, Tranche B Notes | 7.7800% | S + 3.866% | 9/19/2028 | 150000 | (512) |  | (512) |
| MUFG Bank, Ltd. | Series B, Tranche A Notes | 6.4200% | S + 3.122% | 10/15/2028 | 20000 | (601) |  | (601) |
| MUFG Bank, Ltd. | Series B, Tranche A Notes | 6.4200% | S + 3.116% | 10/15/2028 | 65000 | (1939) |  | (1939) |
| Wells Fargo Bank, N.A. | Series B, Tranche C Notes | 6.5200% | S + 3.181% | 10/15/2029 | 100000 | (3527) |  | (3527) |
| Morgan Stanley Capital Services, LLC | Series B, Tranche C Notes | 6.5200% | S + 3.384% | 10/15/2029 | 50000 | (1940) |  | (1940) |
| MUFG Bank, Ltd. | Series B, Tranche C Notes | 6.5200% | S + 3.243% | 10/15/2029 | 50000 | (1925) |  | (1925) |
| MUFG Bank, Ltd. | Series B, Tranche C Notes | 6.5200% | S + 3.266% | 10/15/2029 | 90000 | (3542) |  | (3542) |
| **Total** |  |  |  |  |  | $**(13837)** | $**—** | $**(13837)** |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Options** | **Interest Rate Options** | | | | | | | |
| **Counterparty** | **Instrument** |<br>**Company Receives** |<br>**Company Sold** |<br>**Maturity Date** |<br>**Notional Amount** |<br>**Fair Value** |<br>**Upfront Payments/Receipts** |<br>**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 | $100000 | 152 |  | 152 |
| Morgan Stanley Capital Services, LLC | Sold SOFR Floor with Annuitized Premium | 0.09% Quarterly premium | 1.00% 3M SOFR Floor | 4/15/2029 | 50000 | 96 |  | 96 |
| MUFG Bank, Ltd. | Sold SOFR Floor with Annuitized Premium | 0.0604% Quarterly premium | 1.00% 3M SOFR Floor | 7/15/2028 | 20000 | 21 |  | 21 |
| MUFG Bank, Ltd. | Sold SOFR Floor with Annuitized Premium | 0.0919% Quarterly premium | 1.00% 3M SOFR Floor | 4/15/2029 | 50000 | 76 |  | 76 |
| Morgan Stanley Capital Services, LLC | Sold SOFR Floor with Annuitized Premium | 0.0700% Semiannual premium | 1.00% 3M SOFR Floor | 12/19/2026 | 90000 | 37 |  | 37 |
| MUFG Bank, Ltd. | Sold SOFR Floor with Annuitized Premium | 0.0642% Quarterly premium | 1.00% 3M SOFR Floor | 7/15/2028 | 65000 | 67 |  | 67 |
| Morgan Stanley Capital Services, LLC | Sold SOFR Floor with Annuitized Premium | 0.1100% Semiannual premium | 1.00% 3M SOFR Floor | 9/19/2028 | 150000 | 226 |  | 226 |
| MUFG Bank, Ltd. | Sold SOFR Floor with Annuitized Premium | 0.0935% Quarterly premium | 1.00% 3M SOFR Floor | 4/15/2029 | 90000 | 137 |  | 137 |
| Total |  |  |  |  |  | $812 | $— | $812 |

---

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

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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**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"), a wholly-owned subsidiary of Angelo, Gordon & Co., L.P. ("TPG Angelo Gordon"), a diversified credit and real estate investing platform within 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 intends to elect to be treated for federal income tax purposes, and intends to qualify annually thereafter, 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 financial statements for the interim period 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, 2025.

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

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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

**Principles of Conso**li**dation**

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.

On December 23, 2024, Twin Brook Equity XVIII Corp. and Twin Brook Equity XXXIII Corp., filed a Certificate of Ownership and Merger, effective immediately, with Twin Brook Equity XXXIII Corp. as the surviving entity.

**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

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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

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

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

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

**Investments at Fair Value** 

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

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

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

Level 3Inputs that are unobservable.

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

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

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

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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser's management reviews the preliminary valuations with the investment professionals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**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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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**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 and six months ended June 30, 2025, the Company paid approximately $1.3 million and $1.8 million of financing costs. For the three and six months ended June 30, 2025, the Company amortized approximately $1.8 million and $3.6 million of financing costs which have been included in "Interest" expense on the consolidated statements of operations. For the three and six months ended June 30, 2024, the Company paid approximately $6.2 million and $7.8 million of financing costs. For the three and six months ended June 30, 2024, the Company amortized approximately $0.8 million and $1.4 million of financing costs which have been included in "Interest" expense on the consolidated statements of operations.

**Deferred Income**

Deferred income consists of annual administrative agent fees received in connection with the servicing of certain loan investments. Such fees are deferred when received and recognized as earned over the applicable period. For the three and six months ended June 30, 2025, the Company received approximately $1.1 million and $2.1 million of agent fees. During the three and six months ended June 30, 2025, approximately $1.2 million and $2.4 million of agent fees have been recognized as earned and included in "Other" income on the consolidated statements of operations. For the three and six months ended June 30, 2024, the Company received approximately $811,000 and $1.4 million of agent fees. During the three and six months ended June 30, 2024, approximately $711,000 and $1.3 million of agent fees have been recognized as earned and included in "Other" income on the consolidated statements of operations.

**Income Taxes**

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

To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its "investment company taxable income" for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. The Company will generally be subject to a 4% non-deductible U.S. federal excise tax on certain undistributed income or gains in respect of any calendar year, unless it distributes annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the one-year period ending on October 31 in such calendar year and (iii) any net ordinary income and capital gain net income recognized, but not distributed, in preceding years. For these purposes, the Company will be deemed to have distributed any income or gains on which it paid U.S. federal income tax. The Company, at its discretion, may carry forward taxable income for distribution in the following taxable year and pay the applicable U.S. federal excise tax. For the three and six months ended June 30, 2025 the Company did not accrue U.S. federal excise tax.

The Company conducts certain of its activities through its wholly-owned subsidiaries, Twin Brook Equity XVIII Corp. and Twin Brook Equity XXXIII Corp., both of which are Delaware corporations. On December 23, 2024, Twin Brook Equity XVIII Corp. and Twin Brook Equity XXXIII Corp., filed a Certificate of Ownership and Merger, effective immediately, with Twin Brook Equity XXXIII Corp. as the surviving entity.They are treated as corporations for United States federal

------

<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

income tax purposes and are subject to U.S. federal, state or local income tax. For the three and six months ended June 30, 2025, the Company accrued $76,000 and $163,000 current federal tax. For the three and six months ended June 30, 2025, the Company accrued approximately $720,000 and $1.0 million 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 and six months ended June 30, 2024, the Company accrued $32,000 current federal tax. For the three and six months ended June 30, 2024, the Company accrued approximately $(95,000) and $216,000 of deferred federal tax related to Twin Brook Equity XXXIII Corp., which is included in "deferred federal tax provision" on the consolidated statements of operations.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no tax penalties, and no interest associated with income taxes incurred through June 30, 2025.

**Loan Syndications and Participations**

The Company may originate certain loans and then syndicate all or a portion of those loans to a third party. For the three and six months ended June 30, 2025, the Company earned approximately $936,000 and $1,546,000 of syndication and other origination fee income, which is included in "Other" income on the consolidated statements of operations. For the three and six months ended June 30, 2024, the Company earned approximately $1.7 million and $2.3 million of syndication and other origination fee income, which is included in "Other" income on the consolidated statements of operations.

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

**Distributions**

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

**Segment Reporting**

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

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

------

<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

**Note 3. Investments**

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

Investments at fair value and amortized cost consisted of the following as of June 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| (Amounts in thousands) | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| First lien senior secured debt | $3518638 | $3512520 | $3084605 | $3080554 |
| Sponsor subordinated note | 16 | 16 | 14 | 15 |
| Investment in affiliated funds | 80957 | 91868 | 74552 | 80654 |
| **Total investments** | $3599611 | $3604404 | $3159171 | $3161223 |

---

The industry composition of investments based on fair value as of June 30, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
| | **June 30, 2025**<sup>(1)</sup> | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aerospace and defense | 2.4% | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air freight and logistics | 0.6% | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auto components | 3.1% | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building products | 0.6% | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemicals | 2.2% | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial services and supplies | 4.0% | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction and engineering | 4.9% | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Containers and packaging | 2.9% | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributors | 0.1% | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified consumer services | 6.4% | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified telecommunication services | 0.2% | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical equipment | 1.7% | 1.6% |

---

------

<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic equipment, instruments and components | 0.3% | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and staples retailing | 1.4% | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food products | 2.1% | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas utilities | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care equipment and supplies | 3.6% | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care providers and services | 23.8% | 24.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care technology | 1.1% | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Household durables | 3.8% | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial conglomerates | 0.4% | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | 0.4% | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interactive media and services | 0.6% | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet and direct marketing retail | 0.6% | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IT services | 1.9% | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leisure equipment and products | 0.2% | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leisure products | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life sciences tools and services | 1.8% | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machinery | 3.7% | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media | 7.2% | 9.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals and mining | 0.1% | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multiline Retail | 1.4% | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multisector holdings | 2.5% | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal products | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional services | 1.0% | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate management and development | 0.1% | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semiconductors and semiconductor equipment | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software | 2.5% | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty retail | 0.5% | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Textiles, apparel and luxury goods | 1.0% | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading companies and distributors | 8.8% | 8.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water utilities | 0.1% | 0.1% |
| **Total** | 100.0% | 100.0% |

---

*(1)Certain industries round to less than 0.1% as of June 30, 2025*

As of June 30, 2025, approximately 100.0% of investments held were based in the United States and approximately 0.0% were based in Canada. As of December 31, 2024, approximately 100.0% of investments held were based in the United States and approximately 0.0% were based in Canada.

------

<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

**Note 4. Fair Value of Investments**

**Fair Value Disclosures**

The following table presents the fair value hierarchy of financial instruments as of June 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Assets at Fair Value as of June 30, 2025** | **Assets at Fair Value as of June 30, 2025** | **Assets at Fair Value as of June 30, 2025** | **Assets at Fair Value as of June 30, 2025** |
| (Amounts in thousands) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First lien senior secured debt | $— | $— | $3512520 | $3512520 |
| Sponsor subordinated note |  |  | 16 | 16 |
| Interest rate swaps/options |  | 4630 |  | 4630 |
| **Total** | $— | $4630 | $3512536 | $3517166 |
| Investments measured at net asset value<sup>(1)</sup> |  |  |  | $91868 |
| Total financial instruments, at fair value |  |  |  | $3609034 |

---

*(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 June 30, 2025** | **Liabilities at Fair Value as of June 30, 2025** | **Liabilities at Fair Value as of June 30, 2025** | **Liabilities at Fair Value as of June 30, 2025** |
| (Amounts in thousands) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Interest rate swaps/options | $— | $(3635) | $— | $(3635) |
| Foreign currency forward contracts |  | (6) |  | (6) |
| **Total** | $— | $(3641) | $— | $(3641) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Assets at Fair Value as of December 31, 2024** | **Assets at Fair Value as of December 31, 2024** | **Assets at Fair Value as of December 31, 2024** | **Assets at Fair Value as of December 31, 2024** |
| (Amounts in thousands) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First lien senior secured debt | $— | $— | $3080554 | $3080554 |
| Sponsor subordinated note |  |  | 15 | 15 |
| Foreign currency forward contracts |  | 60 |  | 60 |
| Interest rate swaps/options |  | 961 |  | 961 |
| **Total** | $— | $1021 | $3080569 | $3081590 |
| Investments measured at net asset value<sup>(1)</sup> |  |  |  | $80654 |
| Total financial instruments, at fair value |  |  |  | $3162244 |

---

*(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, 2024** | **Liabilities at Fair Value as of December 31, 2024** | **Liabilities at Fair Value as of December 31, 2024** | **Liabilities at Fair Value as of December 31, 2024** |
| (Amounts in thousands) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Foreign currency forward contracts | $— | $(14) | $— | $(14) |
| Interest rate swaps/options |  | (13986) |  | (13986) |
| **Total** | $— | $(14000) | $— | $(14000) |

---

The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three and six months ended June 30, 2025 and 2024:

------

<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Level 3 Assets at Fair Value for the Three Months Ended June 30, 2025\*** | **Level 3 Assets at Fair Value for the Three Months Ended June 30, 2025\*** | **Level 3 Assets at Fair Value for the Three Months Ended June 30, 2025\*** | **Level 3 Assets at Fair Value for the Three Months Ended June 30, 2025\*** | **Level 3 Assets at Fair Value for the Three Months Ended June 30, 2025\*** | **Level 3 Assets at Fair Value for the Three Months Ended June 30, 2025\*** | **Level 3 Assets at Fair Value for the Three Months Ended June 30, 2025\*** | **Level 3 Assets at Fair Value for the Three Months Ended June 30, 2025\*** |
| (Amounts in thousands) | **Balance 4/1/2025** | **Purchases and Drawdowns** | **Sales and Paydowns** | **Other\*\*** | **Realized Gains/ (Losses)** | **Change in Unrealized<br>Appreciation/(Depreciation)** | **Balance<br>6/30/2025** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>for Level 3<br>Assets Still<br>Held as of<br>6/30/2025** |
| First lien senior secured debt | $3298945 | $367790 | $(161034) | $7472 | $2 | $(655) | $3512520 | $(759) |
| Sponsor subordinated note | 16 |  |  |  |  |  | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $3298961 | $367790 | $(161034) | $7472 | $2 | $(655) | $3512536 | $(759) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Level 3 Assets at Fair Value for the Six Months Ended June 30, 2025\*** | **Level 3 Assets at Fair Value for the Six Months Ended June 30, 2025\*** | **Level 3 Assets at Fair Value for the Six Months Ended June 30, 2025\*** | **Level 3 Assets at Fair Value for the Six Months Ended June 30, 2025\*** | **Level 3 Assets at Fair Value for the Six Months Ended June 30, 2025\*** | **Level 3 Assets at Fair Value for the Six Months Ended June 30, 2025\*** | **Level 3 Assets at Fair Value for the Six Months Ended June 30, 2025\*** | **Level 3 Assets at Fair Value for the Six Months Ended June 30, 2025\*** |
| (Amounts in thousands) | **Balance 1/1/2025** | **Purchases and Drawdowns** | **Sales and Paydowns** | **Other\*\*** | **Realized Gains/ (Losses)** | **Change in Unrealized<br>Appreciation/(Depreciation)** | **Balance<br>6/30/2025** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>for Level 3<br>Assets Still<br>Held as of<br>6/30/2025** |
| First lien senior secured debt | $3080554 | $683023 | $(262572) | $13534 | $50 | $(2069) | $3512520 | $(461) |
| Sponsor subordinated note | 15 |  |  |  |  | 1 | 16 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $3080569 | $683023 | $(262572) | $13534 | $50 | $(2068) | $3512536 | $(460) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Level 3 Assets at Fair Value for the Three Months Ended June 30, 2024\*** | **Level 3 Assets at Fair Value for the Three Months Ended June 30, 2024\*** | **Level 3 Assets at Fair Value for the Three Months Ended June 30, 2024\*** | **Level 3 Assets at Fair Value for the Three Months Ended June 30, 2024\*** | **Level 3 Assets at Fair Value for the Three Months Ended June 30, 2024\*** | **Level 3 Assets at Fair Value for the Three Months Ended June 30, 2024\*** | **Level 3 Assets at Fair Value for the Three Months Ended June 30, 2024\*** | **Level 3 Assets at Fair Value for the Three Months Ended June 30, 2024\*** |
| (Amounts in thousands) | **Balance 4/1/2024** | **Purchases and Drawdowns** | **Sales and Paydowns** | **Other\*\*** | **Realized Gains/ (Losses)** | **Change in Unrealized<br>Appreciation/(Depreciation)** | **Balance<br>6/30/2024** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>for Level 3<br>Assets Still<br>Held as of<br>6/30/2024** |
| First lien senior secured debt | $1768175 | $601498 | $(107724) | $3973 | $230 | $733 | $2266885 | $729 |
| Sponsor subordinated note | 13 |  |  |  |  | (4) | 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $1768188 | $601498 | $(107724) | $3973 | $230 | $729 | $2266894 | $729 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Level 3 Assets at Fair Value for the Six Months Ended June 30, 2024\*** | **Level 3 Assets at Fair Value for the Six Months Ended June 30, 2024\*** | **Level 3 Assets at Fair Value for the Six Months Ended June 30, 2024\*** | **Level 3 Assets at Fair Value for the Six Months Ended June 30, 2024\*** | **Level 3 Assets at Fair Value for the Six Months Ended June 30, 2024\*** | **Level 3 Assets at Fair Value for the Six Months Ended June 30, 2024\*** | **Level 3 Assets at Fair Value for the Six Months Ended June 30, 2024\*** | **Level 3 Assets at Fair Value for the Six Months Ended June 30, 2024\*** |
| (Amounts in thousands) | **Balance 1/1/2024** | **Purchases and Drawdowns** | **Sales and Paydowns** | **Other\*\*** | **Realized Gains/ (Losses)** | **Change in Unrealized<br>Appreciation/(Depreciation)** | **Balance<br>6/30/2024** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>for Level 3<br>Assets Still<br>Held as of<br>6/30/2024** |
| First lien senior secured debt | $1343692 | $1052342 | $(135489) | $7191 | $230 | $(1081) | $2266885 | $(1086) |
| Sponsor subordinated note | 13 |  |  | 1 |  | (5) | 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $1343705 | $1052342 | $(135489) | $7192 | $230 | $(1086) | $2266894 | $(1086) |

---

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

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

**Significant Unobservable Inputs**

In accordance with ASC 820, the following tables provide quantitative information about the significant unobservable inputs of the Company's Level 3 investments as of June 30, 2025 and December 31, 2024. 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.

------

<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Asset Class | Fair Value<br>as of<br>6/30/25 | Valuation<br>Techniques | Significant<br>Unobservable Inputs | Input Ranges | Weighted<br>Average <sup>(1)</sup> | Impact to Valuation<br>from an Increase<br>in Input |
|  | (Amounts in thousands) |  |  |  |  |  |
| First lien senior secured debt | $3359972 | Discounted cash flow | Yield | 8.5% - 80.6% | 10.1% | Decrease |
|  | 1298 | Market comparable | Forward EBITDA multiple | 9.5x | 9.5x | Increase |
|  | 1445 | Market comparable | Forward Revenue multiple | 0.9x - 2.0x | 1.3x | Increase |
|  | 3513 | Market comparable | LTM Revenue multiple | 0.5x - 0.8x | 0.6x | Increase |
|  | 962 | Market comparable | LTM Revenue multiple | 0.6x | 0.6x | Increase |
|  |  |  | Forward Revenue multiple | 0.6x | 0.6x | Increase |
|  | 793 | Market comparable | LTM EBITDA multiple | 9.0x | 9.0x | Increase |
| Sponsor subordinated note | 16 | Market comparable | LTM EBITDA multiple | 7.6x | 7.6x | Increase |
|  | $3367999 |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Asset Class | Fair Value as of 12/31/24 | Valuation<br>Techniques | Significant<br>Unobservable Inputs | Input Ranges | Weighted<br>Average <sup>(1)</sup> | Impact to Valuation<br>from an Increase<br>in Input |
|  | (Amounts in thousands) |  |  |  |  |  |
| First lien senior secured debt | $2379881 | Discounted cash flow | Yield | 9.3% - 56.3% | 10.9% | Decrease |
| First lien senior secured debt | 1483 | Market comparable | Forward Revenue multiple | 0.9x - 2.0x | 1.3x | Increase |
| First lien senior secured debt | 1845 | Market comparable | LTM EBITDA multiple | 14.3x | 14.3x | Increase |
| First lien senior secured debt | 1345 | Market comparable | Forward EBITDA multiple | 8.4x | 8.4x | Increase |
| First lien senior secured debt | 2048 | Market comparable | LTM Revenue multiple | 0.6x | 0.6x | Increase |
| Sponsor subordinated note | 15 | Market comparable | LTM EBITDA multiple | 7.6x | 7.6x | Increase |
|  | $2386617 |  |  |  |  |  |

---

*(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 $144,537,300 as of June 30, 2025 and $693,952,000 as of December 31, 2024, have been valued primarily using recent transactions. The significant unobservable input used in the discounted cash flow is the yield. The yield is used to discount the estimated future cash flows expected to be received from the underlying investment. The Company considers the portfolio company performance since close, the leverage used by the portfolio company relative to its total enterprise value and other risks associated with an investment in determining the yield. The significant unobservable inputs used in the market comparable valuation techniques include the next twelve months forward and latest twelve month ("LTM") EBITDA (net income before net interest expense, income tax expense, depreciation and amortization) multiple. Forward or LTM EBITDA for comparable portfolio companies are multiplied by 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.

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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

**Note 5. Debt**

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

The carrying values of borrowings outstanding under the debt facilities approximate fair value. As of June 30, 2025 and December 31, 2024, the asset coverage ratio was 206.1% and 188.3%, respectively.

For the three and six months ended June 30, 2025 and 2024 the components of interest expense were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Amounts in thousands) | **Three Months Ended<br>June 30, 2025** | **Three Months <br>Ended<br>June 30,<br>2024** | **Six Months <br>Ended<br>June 30,<br>2025** | **Six Months <br>Ended<br>June 30,<br>2024** |
| Interest expense | $31333 | $18314 | $61960 | $32369 |
| Amortization of deferred financing costs | 1787 | 794 | 3570 | 1424 |
| (Gain) loss from interest rate swaps accounted for as hedges and related hedged items |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | (5084) | 561 | (13695) | 1334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hedged items | 4569 |  | 12723 |  |
| **Total interest expense** | $32605 | $19669 | $64558 | $35127 |
| Average interest rate | 6.73% | 7.89% | 6.77% | 7.85% |
| Average daily borrowings | $1705966 | $913532 | $1707548 | $789318 |

---

**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") with Twin Brook Capital Funding XXXIII, LLC, as the transferor (the "Transferor"), AGTB Fund Manager, LLC, as the servicer, Morgan Stanley Asset Funding, Inc., as administrative agent, the lenders from time to time party thereto and The Bank of New York Mellon Trust Company, National Association, as the collateral agent, account bank and collateral custodian.

From time to time, the Transferor expects to sell and/or contribute certain investments to the MSPV Borrower. Proceeds from the MSPV Credit Facility will be used to finance the origination and acquisition of loans by the MSPV Borrower, including the purchase of such assets from the Transferor. The Company retains a residual interest in assets contributed to or acquired by the MSPV Borrower through its ownership of the MSPV Borrower. The MSPV Borrower is required to meet financial covenants under the MSPV Credit Facility agreement. As of June 30, 2025 and December 31, 2024, the MSPV Borrower was in compliance with all such covenants.

The MSPV Credit Facility has a maximum principal amount of $500 million, subject to availability under a borrowing base which consists primarily of commercial loans acquired by the MSPV Borrower from the Transferor, a wholly-owned subsidiary of the Company. The MSPV Borrower may, subject to the applicable prepayment premium, prepay the loans and/or terminate or reduce the revolving commitments under the MSPV Credit Facility at any time without penalty. 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. Prior to May 28, 2024, when the MSPV Credit Facility was amended, the Reinvestment Period terminated on June 17, 2025, the final maturity date was June 17, 2027, and the revolving loans were subject to an interest rate of Term SOFR plus 2.50% per annum during the Reinvestment Period and Term SOFR plus 3.00% per annum during the period following the Reinvestment Period.

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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

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"), with the Transferor, AGTB Fund Manager, LLC, as the collateral manager, Ally Bank, as administrative agent and arranger, Computershare Trust Company, National Association, as the collateral custodian, and the lenders from time to time party thereto. On September 19, 2023 the ASPV Credit Facility was amended to appoint Western Alliance Trust Company, N.A., as the successor collateral custodian, and Computershare Trust Company, N.A. resigned as collateral custodian.

From time to time, the Transferor expects to sell and/or contribute certain investments to the ASPV Borrower. Proceeds from the ASPV Credit Facility will be used to finance the origination and acquisition of loans by the ASPV Borrower, including the purchase of such assets from the Transferor. The Company retains a residual interest in assets contributed to or acquired by the ASPV Borrower through its ownership of the ASPV Borrower.

The ASPV Credit Facility has a maximum principal amount of $500 million, subject to availability under a borrowing base which consists primarily of commercial loans acquired by the ASPV Borrower from the Transferor, a wholly-owned subsidiary of the Company. The ASPV Borrower may, subject to the applicable prepayment premium, prepay the loans and/or terminate or reduce the revolving commitments under the ASPV Credit Facility at any time without penalty. The obligation of the lenders to make revolving commitments under the ASPV Credit Facility will terminate on December 12, 2025 (the "Reinvestment Period") with a scheduled final maturity date of December 12, 2027. The revolving loans will be subject to an interest rate of daily simple SOFR plus 2.875% per annum.

On August 9, 2024, the ASPV Credit Facility was amended to, among other things: (i) increase the initial maximum principal amount from $300 million to $500 million, subject to availability under a borrowing base, (ii) reduce the interest rate on revolving loans from daily simple SOFR plus 2.875% per annum to daily simple SOFR plus 2.40% per annum and (iii) extend the termination date of the lenders' obligation to make revolving commitments under the ASPV Credit Facility from December 12, 2025 to August 9, 2027 and extend the final scheduled maturity date from December 12, 2027 to August 9, 2029.

The ASPV Credit Facility is secured by all of the assets of the ASPV Borrower and a pledge of equity interests in the ASPV Borrower. The ASPV Borrower is subject to meet financial covenants under the ASPV Credit Facility agreement. As of June 30, 2025 and December 31, 2024, the ASPV Borrower was in compliance with all such covenants.

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.

On August 16, 2024, the Truist Credit Facility was amended to, among other things: (i) increase the initial maximum principal amount from $300 million to $975 million, subject to availability under a borrowing base, (ii) increase the additional commitments that the Company may seek from new and existing lenders in the future, up to an aggregate facility size not to exceed $1,462,500,000, and (iii) extend the termination date of the lenders' obligation to make loans under the Truist Credit Facility from November 17, 2027 to August 16, 2028 and extend the final scheduled maturity date from November 17, 2028 to August 16, 2029.

The Company may prepay any class of loans and/or terminate or reduce the revolving commitments of any class under the Truist Credit Facility at any time without penalty. The revolving loans will be subject to an interest rate of, at the Company's option, adjusted term SOFR plus 2.00% or the alternate base rate plus 1.00%.

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 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. As of June 30, 2025 and December 31, 2024, the Company was in compliance with all such covenants.

As of June 30, 2025, there are approximately $277.3 million in borrowings outstanding on the ASPV Credit Facility, $360.0 million in borrowings outstanding on the MSPV Credit Facility and $51.2 million in borrowings outstanding on the

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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

Truist Credit Facility. Borrowings under the Company's facilities are considered the Company's borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

**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.

Interest on the Tranche A Notes and the Tranche B Notes will be due semiannually on March 19 and September 19 of each year, beginning on September 19, 2024. The Tranche A Notes and the Tranche B Notes may be redeemed in whole or in part at any time or from time to time at the Company's option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the Tranche A Notes and the Tranche B Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The Tranche A Notes and the Tranche B Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured and unsubordinated indebtedness issued by 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.

As of June 30, 2025 and December 31, 2024, the Company was in compliance with all financial covenants and other requirements of each of the Series A, Tranche A Notes and Tranche B Notes.

**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. All of the Series B Tranche A Notes and the Series B Tranche B Notes and $100 million of the Series B Tranche C Notes were delivered and paid for on October 15, 2024. Of the remaining Series B Tranche C Notes, $100 million and $90 million were delivered and paid for on November 14, 2024 and December 12, 2024, respectively.

**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. All of the Series C Tranche A Notes and the Series C Tranche B Notes were delivered and paid for on June 30, 2025.

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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

**Debt Securitizations**

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| (Amounts in thousands) | **Principal Outstanding** | **Interest Rate** | **Credit Rating** |
| Class A Senior Secured Floating Rate Notes | $161000 | SOFR + 1.90% | AAA(sf) |
| Class A-L Senior Secured Floating Rate Loans | $100000 | SOFR + 1.90% | AAA(sf) |
| Class B Senior Secured Floating Rate Notes | $45000 | SOFR + 2.30% | AA(sf) |
| Class C Senior Secured Floating Rate Notes | $36000 | SOFR + 2.95% | A(sf) |
| Class D Senior Secured Floating Rate Notes | $27000 | SOFR + 4.95% | BBB(sf) |
| Equity Interests<sup>1</sup> | $76000 |  | Not Rated |
| **Total CLO Transaction** | $445000 |  |  |

---

(1) Equity Interests were retained by the Company as of June 30, 2025.

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

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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

expiration of the agreement, the Company returns the cash and interest to the third party and receives the original investment transferred.

As of June 30, 2025 and December 31, 2024, the Company did not have borrowings under Short-Term Financing Transactions.

Total debt consisted of the following as of June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| (Amounts in thousands) | **Maximum Principal Amount<br>Committed** | **Principal Amount Outstanding** | **Principal Amount Available**<sup>(1)</sup> | **Carrying Value**<sup>(2)</sup> | **Assets Pledged as Collateral**<sup>(3)</sup> |
| ASPV Credit Facility | $500000 | $277300 | $46102 | $277300 | $503212 |
| MSPV Credit Facility | 500000 | 360000 | 100546 | 360000 | 737701 |
| Truist Credit Facility | 975000 | 51200 | 741165 | 51200 | 1830778 |
| Series A Tranche A Notes | 90000 | 90000 |  | 90349 |  |
| Series A Tranche B Notes | 150000 | 150000 |  | 151861 |  |
| Series B Tranche A Notes | 85000 | 85000 |  | 86025 |  |
| Series B Tranche B Notes | 25000 | 25000 |  | 25000 |  |
| Series B Tranche C Notes | 290000 | 290000 |  | 293962 |  |
| Series C Tranche A Notes | 25000 | 25000 |  | 25176 |  |
| Series C Tranche B Notes | 75000 | 75000 |  | 75049 |  |
| CLO Transaction | 369000 | 369000 |  | 369000 | 440845 |
| **Total** | $3084000 | $1797500 | $887813 | $1804922 | $3512536 |

---

(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, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| (Amounts in thousands) | **Maximum Principal Amount<br>Committed** | **Principal Amount Outstanding** | **Principal Amount Available**<sup>(1)</sup> | **Carrying Value** | **Assets Pledged as Collateral**<sup>(2)</sup> |
| ASPV Credit Facility | $500000 | $251300 | $69062 | $251300 | $493142 |
| MSPV Credit Facility | 500000 | 191400 | 101922 | 191400 | 505122 |
| Truist Credit Facility | 975000 | 299600 | 546860 | 299600 | 1639675 |
| Series A Tranche A Notes | 90000 | 90000 |  | 89732 |  |
| Series A Tranche B Notes | 150000 | 150000 |  | 148799 |  |
| Series B Tranche A Notes | 85000 | 85000 |  | 84330 |  |
| Series B Tranche B Notes | 25000 | 25000 |  | 25000 |  |
| Series B Tranche C Notes | 290000 | 290000 |  | 286838 |  |
| CLO Transaction | 369000 | 369000 |  | 369000 | 442629 |
| **Total** | $2984000 | $1751300 | $717844 | $1745999 | $3080569 |

---

(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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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

Average debt outstanding and weighted average interest rates of outstanding debt for the three and six months ended June 30, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
| | **Weighted Average Interest Rate** | **Average Debt Outstanding (in thousands)** | **Weighted Average Interest Rate** | **Average Debt Outstanding (in thousands)** |
| ASPV Credit Facility | 6.72% | $295252 | 8.19% | $251891 |
| MSPV Credit Facility | 6.41% | $361976 | 7.77% | $200502 |
| Truist Credit Facility | 7.09% | $38640 | 7.70% | $192451 |
| Series A Tranche A Notes | 7.69% | $90000 | 7.69% | $90000 |
| Series A Tranche B Notes | 7.78% | $150000 | 7.78% | $150000 |
| Series B Tranche A Notes | 6.42% | $85000 |  |  |
| Series B Tranche B Notes | 7.59% | $25000 |  |  |
| Series B Tranche C Notes | 6.52% | $290000 |  |  |
| Series C Tranche A Notes | 6.05% | $275 |  |  |
| Series C Tranche B Notes | 6.40% | $824 |  |  |
| CLO Transaction | 6.55% | $369000 | 7.57% | $369000 |
| **Total Weighted Average** | **6.73%** | $**1705967** | **7.78%** | $**1253844** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| | **Weighted Average Interest Rate** | **Average Debt Outstanding (in thousands)** | **Weighted Average Interest Rate** | **Average Debt Outstanding (in thousands)** |
| ASPV Credit Facility | 6.73% | $296762 | 8.16% | $222353 |
| MSPV Credit Facility | 6.45% | $336326 | 7.81% | $246270 |
| Truist Credit Facility | 6.76% | $64907 | 7.65% | $159134 |
| Series A Tranche A Notes | 7.69% | $90000 | 7.69% | $70820 |
| Series A Tranche B Notes | 7.78% | $150000 | 7.78% | $118033 |
| Series B Tranche A Notes | 6.42% | $85000 |  |  |
| Series B Tranche B Notes | 7.59% | $25000 |  |  |
| Series B Tranche C Notes | 6.52% | $290000 |  |  |
| Series C Tranche A Notes | 6.05% | $138 |  |  |
| Series C Tranche B Notes | 6.40% | $414 |  |  |
| CLO Transaction | 6.67% | $369000 | 7.57% | $369000 |
| **Total Weighted Average** | **6.77%** | $**1707547** | **7.77%** | $**1185610** |

---

**Note 6. Agreements and Related Party Transactions**

**Administration Agreement**

On October 25, 2022, the Company entered into an administration agreement (the "Original Administration Agreement") with AGTB Fund Manager, LLC (the "Administrator"). Under the terms of the Original Administration Agreement, 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.

On September 6, 2023, the Company entered into an amended and restated administration agreement (the "Administration Agreement") with the Administrator. The Administration Agreement amended and restated the Original Administration Agreement in response to comments issued by certain state securities regulators in connection with their review of the

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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

Company's continuous offering of Common Shares. The terms and conditions of the Administration Agreement are unchanged from those of the Original Administration Agreement, under which the Administrator has provided administrative services to the Company since its inception, except to (i) remove overhead expenses (including rent, office equipment and utilities) from the description of costs and expenses of the Administrator that are to be borne by the Company and (ii) clarify certain types of costs and expenses related to the Company's operations, administration and transactions that are to be borne by the Company.

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 and six months ended June 30, 2025, the Administrator charged approximately $454,000 and $830,000 for certain costs and expenses allocable to the Company under the terms of the Administration Agreement. For the three and six months ended June 30, 2024, the Administrator charged approximately $363,000 and $595,000 for certain costs and expenses allocable to the Company under the terms of the Administration Agreement.

**Investment Management Agreement**

On October 25, 2022, the Company entered into an investment management agreement (the "Original Investment Management Agreement") with the Adviser. Under the terms of the Original Investment Management Agreement, 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.

On September 6, 2023, the Company entered into an amended and restated investment management agreement (the "Prior Investment Management Agreement") with its Adviser, in response to comments issued by certain state securities regulators in connection with their review of the Company's continuous offering of Common Shares. The terms of the Prior Investment Management Agreement were unchanged from those of the Original Investment Management Agreement, except to (i) remove conditional language that sunsets certain provisions if the Company's securities become "covered securities," as defined in Section 18 of the Securities Act of 1933, as amended; (ii) remove overhead expenses (including rent, office equipment and utilities) from the costs and expenses of the Administrator that are to be borne by the Company; (iii) clarify certain types of costs and expenses related to the Company's operations, administration and transactions that are to be borne by the Company; and (iv) clarify the Adviser's indemnification standard is consistent with the NASAA Omnibus Guidelines.

In connection with the TPG Transaction closing on November 1, 2023, the Company entered into an amended and restated investment management agreement (the "Investment Management Agreement") with its Adviser. Under applicable law, the TPG Transaction resulted in an assignment and automatic termination of the Prior Investment Management Agreement. The Investment Management Agreement became effective upon the closing of the TPG Transaction and the terms of the Investment Management Agreement are identical to the Prior Investment Management Agreement. On September 26, 2023, the Company's shareholders approved the Investment Management Agreement.

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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

Unless earlier terminated as described below, the Investment Management Agreement will remain 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 June 30, 2025 and December 31, 2024, the Company has approximately $3.0 million and $3.1 million, respectively, payable to the Adviser for organizational, offering and operating costs, which is included in "accrued expenses and other liabilities payable to affiliate" and "due to affiliate" on the statements of assets and liabilities.

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

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

For the three and six months ended June 30, 2025, the Company accrued approximately $5.6 million and $10.5 million of base management fees payable to the Adviser. For the three and six months ended June 30, 2024, the Company accrued approximately $3.4 million and $6.1 million of base management fees payable to the Adviser. As of June 30, 2025 and December 31, 2024, base management fees payable by the Company to the Adviser were approximately $5.6 million and $4.6 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 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).

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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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");

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

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

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

For the three and six months ended June 30, 2025, the Company accrued approximately $6.7 million and $12.8 million of income incentive fees. For the three and six months ended June 30, 2024, the Company accrued approximately $4.8 and $8.4 million of income incentive fees. As of June 30, 2025 and December 31, 2024, the Company had approximately $6.7 million and $5.5 million, respectively, of income incentive fees payable.

As of June 30, 2025, 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, 2024, 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**<br>**and/or Distribution**<br>**Fee as a % of NAV**  |
| Class S shares | 0.85% |
| Class D shares | 0.25% |
| Class I shares | —% |

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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

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 0.60% of the shareholder servicing and/or distribution fee on Class S shares sold for the one-year period beginning October 1, 2023 and ending October 1, 2024. The Adviser has voluntarily agreed to pay up to 0.25% of the shareholder servicing and/or distribution fee on Class S shares sold for the period between October 1, 2024 through September 30, 2025. The Adviser has voluntarily agreed to pay up to 0.25% of the shareholder servicing and/or distribution fee on Class D shares sold in the Company's continuous offering of Common Shares for the period between December 1, 2024 and September 30, 2025.

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

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

For the three and six months ended June 30, 2025, the Company accrued approximately $374,000 and $631,000 of Class S shareholder servicing and distribution fees, of which $113,000 and $187,000, respectively, of servicing fees were waived as they were borne by the Adviser. For the three and six months ended June 30, 2024, the Company accrued approximately $123,000 and $211,000 of Class S shareholder servicing and distribution fees, of which $87,000 and $149,000, respectively, of servicing fees were waived as they were borne by the Adviser. For the three and six months ended June 30, 2024, the Company accrued approximately $1,000 of Class D shareholder servicing and distribution fees.

**Expense Support and Conditional Reimbursement Agreement**

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

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company's shareholders based on distributions declared with respect to record dates occurring in such

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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

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

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

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

For the three and six months ended June 30, 2025 and 2024, 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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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

**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 and six months ended June 30, 2025 and 2024, and transactions of the Company's investments in affiliates were as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2025** | **Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2025** | **Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2025** | **Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2025** | **Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2025** | **Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2025** | **Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2025** |
| (Amounts in thousands) | **Fair Value as of April 1, 2025** | **Gross Additions** | **Gross Reductions** | **Net Realized Gain (Loss)** | **Net Change in Unrealized<br>Appreciation (Depreciation)** | **Fair Value as of<br>June 30, 2025** | **Dividend, Interest, PIK and Other<br>Income** |
| **Non-controlled/affiliated investments** |  |  |  |  |  |  |  |
| Twin Brook Equity Holdings, LLC | $85539 | $4271 | $(1540) | $369 | $3214 | $91853 | $— |
| Twin Brook Segregated Equity Holdings, LLC | 19 |  |  |  | (4) | 15 |  |
| **Total non-controlled/affiliated investments** | $85558 | $4271 | $(1540) | $369 | $3210 | $91868 | $— |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Investment in Affiliated Funds at Fair Value for the Six Months Ended June 30, 2025** | **Investment in Affiliated Funds at Fair Value for the Six Months Ended June 30, 2025** | **Investment in Affiliated Funds at Fair Value for the Six Months Ended June 30, 2025** | **Investment in Affiliated Funds at Fair Value for the Six Months Ended June 30, 2025** | **Investment in Affiliated Funds at Fair Value for the Six Months Ended June 30, 2025** | **Investment in Affiliated Funds at Fair Value for the Six Months Ended June 30, 2025** | **Investment in Affiliated Funds at Fair Value for the Six Months Ended June 30, 2025** |
| (Amounts in thousands) | **Fair Value as of January 1, 2025** | **Gross Additions** | **Gross Reductions** | **Net Realized Gain (Loss)** | **Net Change in Unrealized<br>Appreciation (Depreciation)** | **Fair Value as of<br>June 30, 2025** | **Dividend, Interest, PIK and Other<br>Income** |
| **Non-controlled/affiliated investments** |  |  |  |  |  |  |  |
| Twin Brook Equity Holdings, LLC | $80638 | $7775 | $(2084) | $714 | $4810 | $91853 | $— |
| Twin Brook Segregated Equity Holdings, LLC | 16 |  |  |  | (1) | 15 |  |
| **Total non-controlled/affiliated investments** | $80654 | $7775 | $(2084) | $714 | $4809 | $91868 | $— |

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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2024** | **Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2024** | **Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2024** | **Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2024** | **Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2024** | **Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2024** | **Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2024** |
| (Amounts in thousands) | **Fair Value as of April 1, 2024** | **Gross Additions** | **Gross Reductions** | **Net Realized Gain (Loss)** | **Net Change in Unrealized<br>Appreciation (Depreciation)** | **Fair Value as of<br>June 30, 2024** | **Dividend, Interest, PIK and Other<br>Income** |
| **Non-controlled/affiliated investments** |  |  |  |  |  |  |  |
| Twin Brook Equity Holdings, LLC | $62105 | $8339 | $(77) | $35 | $(508) | $69894 | $— |
| Twin Brook Segregated Equity Holdings, LLC | 21 |  |  |  | (2) | 19 |  |
| **Total non-controlled/affiliated investments** | $62126 | $8339 | $(77) | $35 | $(510) | $69913 | $— |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Investment in Affiliated Funds at Fair Value for the Six Months Ended June 30, 2024** | **Investment in Affiliated Funds at Fair Value for the Six Months Ended June 30, 2024** | **Investment in Affiliated Funds at Fair Value for the Six Months Ended June 30, 2024** | **Investment in Affiliated Funds at Fair Value for the Six Months Ended June 30, 2024** | **Investment in Affiliated Funds at Fair Value for the Six Months Ended June 30, 2024** | **Investment in Affiliated Funds at Fair Value for the Six Months Ended June 30, 2024** | **Investment in Affiliated Funds at Fair Value for the Six Months Ended June 30, 2024** |
| (Amounts in thousands) | **Fair Value as of January 1, 2024** | **Gross Additions** | **Gross Reductions** | **Net Realized Gain (Loss)** | **Net Change in Unrealized<br>Appreciation (Depreciation)** | **Fair Value as of<br>June 30, 2024** | **Dividend, Interest, PIK and Other<br>Income** |
| **Non-controlled/affiliated investments** |  |  |  |  |  |  |  |
| Twin Brook Equity Holdings, LLC | $54697 | $14389 | $(314) | $35 | $1087 | $69894 | $— |
| Twin Brook Segregated Equity Holdings, LLC | 17 |  |  |  | 2 | 19 |  |
| **Total non-controlled/affiliated investments** | $54714 | $14389 | $(314) | $35 | $1089 | $69913 | $— |

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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.

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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

For the three and six months ended June 30, 2025, the Company's monthly average USD notional exposure to derivatives was approximately $648,665,000 and $632,045,000. For the three and six months ended June 30, 2024, the Company's monthly average USD notional exposure to derivatives was approximately $1,391,000 and $1,521,000.

The tables below present derivatives contracts as of June 30, 2025 and their respective classification on the consolidated statement of assets and liabilities:

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| | | |
|:---|:---|:---|
| **Derivative Contracts/Hedged Items** | **Fair Value (Amounts in Thousands)** | **Statement of Assets and Liabilities Classification** |
| Foreign currency forward contracts | $(6) | Unrealized loss on derivative contracts |
| Interest rate swaps<sup>(1)</sup> | 3493 | Unrealized gain on derivative contracts |
| Interest rate swaps<sup>(1)</sup> | (3635) | Unrealized loss on derivative contracts |
| Interest rate options | 1137 | Unrealized gain on derivative contracts |
| Hedged items<sup>(2)</sup> | 7422 | Debt |

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(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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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

The table below presents the impact to the consolidated statements of operations from derivative contracts that were not designated in a qualifying hedging relationship during the three and six months ended June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| (Amounts in thousands) | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2024** | **Six Months <br>Ended<br>June 30,<br>2025** | **Six Months Ended June 30, 2024** |
| Net change in unrealized gain (loss) on foreign currency forward contracts | $(7) | $(30) | $(52) | $37 |
| Net change in unrealized gain (loss) on interest rate options | (110) |  | 326 |  |
| Realized (loss) on foreign currency forward contracts | (11) | 46 | 36 | 14 |

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

The following tables present the Company's assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of June 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands) | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets** | **Derivative Assets Subject to Master Netting Agreement** | **Derivatives Available for Offset** | **Non-Cash Collateral Received** | **Cash Collateral Received** | **Net Amount of Derivative Assets**<sup>(1)</sup> |
| Morgan Stanley Capital Services, LLC | $3751 | $(579) | $— | $— | $3172 |
| MUFG Bank, Ltd. | 424 | (424) |  |  |  |
| Wells Fargo Bank, N.A. | 215 | (215) |  |  |  |
| Regions Bank | 240 |  |  |  | 240 |
| Total | $4630 | $(1218) | $— | $— | $3412 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands) | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Liabilities** | **Derivative Liabilities Subject to Master Netting Agreement** | **Derivatives Available for Offset** | **Non-Cash Collateral Received** | **Cash Collateral Pledged**<sup>(2)</sup> | **Net Amount of Derivative Liabilities**<sup>(3)</sup> |
| Morgan Stanley Capital Services, LLC | $(579) | $579 | $— | $— | $— |
| MUFG Bank, Ltd. | (2242) | 424 |  | 1818 |  |
| Wells Fargo Bank, N.A. | (820) | 215 |  | 605 |  |
| Regions Bank |  |  |  |  |  |
| Total | $(3641) | $1218 | $— | $2423 | $— |

---

(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

------

<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

relationships, the change in fair value of the hedging instrument are recorded as interest expense and in the consolidated statements of operations.

The table below presents the impact to the consolidated statements of operations from derivative assets and liabilities designated in a qualifying hedge accounting relationship for the three and six months ended June 30, 2025 and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands) | **Three Months Ended June 30, 2025** | **Three Months <br>Ended<br>June 30,<br>2024** | **Six Months <br>Ended<br>June 30,<br>2025** | **Six Months <br>Ended<br>June 30,<br>2024** | **Financial Statement Location** |
| Interest rate swaps | $(5084) | $(247) | $(13695) | $(526) | Interest expense |
| Hedged items | $4569 | $526 | $12723 | $526 | Interest expense |

---

The table below presents the carrying value of unsecured borrowings as of June 30, 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 | $90000 | $90349 | $349 |
| Series A Tranche B Notes | 150000 | 151861 | 1861 |
| Series B, Tranche A Notes | 85000 | 86025 | 1025 |
| Series B, Tranche C Notes | 290000 | 293962 | 3962 |
| Series C, Tranche A Notes | 25000 | 25176 | 176 |
| Series C, Tranche B Notes | 75000 | 75049 | 49 |
| Total | $715000 | $722422 | $7422 |

---

The table below presents the carrying value of unsecured borrowings as of December 31, 2024 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 | $90000 | $89732 | $(268) |
| Series A, Tranche B Notes | 150000 | 148799 | (1201) |
| Series B, Tranche A Notes | 85000 | 84330 | (670) |
| Series B, Tranche C Notes | 290000 | 286838 | (3162) |
| Total | $615000 | $609699 | $(5301) |

---

**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.

------

<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

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

As of June 30, 2025 and December 31, 2024, the Company had the following outstanding commitments to fund investments in current portfolio companies:

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **June 30, 2025** | **December 31, 2024** |
| **First lien senior secured debt** | (Amounts in thousands) | (Amounts in thousands) |
| 3BC Matrix Acquisition, LLC | $1368 | $— |
| 50Floor, LLC | 106 | 146 |
| 626 Holdings Equity, LLC |  | 39 |
| A.P.A Industries, LLC | 1523 | 1523 |
| Abrasive Technology Intermediate, LLC | 17 | 104 |
| ACES Intermediate, LLC | 7114 | 7114 |
| Advanced Lighting Acquisition, LLC | 1215 | 324 |
| ADVI Health, LLC | 1062 | 1062 |
| Advocate RCM Acquisition Corp | 2902 | 2902 |
| AEP Passion Intermediate Holdings, Inc. | 8 | 14 |
| AFC Industries, Inc. | 10226 | 10258 |
| Affinitiv, Inc. | 186 | 186 |
| Agility Intermediate, Inc. | 53 | 53 |
| AHR Intermediate, Inc | 17865 | 13790 |
| AirPro Diagnostics, LLC | 4985 |  |
| AKS Engineering and Forestry, LLC | 2890 |  |
| Alcresta Buyer, Inc | 16797 | 16797 |
| Aligned Dental Management Services, LLC | 5876 |  |
| Alliance Environmental Group, LLC | 7 |  |
| ALM Media, LLC |  | 2068 |
| AlphaCoin LLC | 7119 | 7537 |
| Altamira Material Solutions, LP | 11 | 11 |
| AM Buyer, LLC | 851 | 32 |
| American Family Care, LLC | 5756 | 5756 |
| Answer Acquisition, LLC | 506 | 759 |
| Aptitude Health Holdings, LLC | 267 | 227 |
| Aquatic Sales Solutions, LLC | 70 | 70 |
| ASC Ortho Management, LLC |  | 17 |
| Ascend Plastic Surgery Partners MSO LLC | 19880 | 24879 |
| Ascent Lifting, Inc. | 2500 | 2500 |
| ASP Global Acquisition, LLC | 7469 | 9872 |
| AvCarb, LLC |  | 32 |
| AWI Group, LLC | 2918 | 7553 |
| Baker Manufacturing Company, LLC | 2898 | 2898 |
| Banner Buyer, LLC | 370 | 296 |
| Barkley, LLC | 2300 | 2300 |
| BBG Intermediate Holdings, Inc. | 4 | 4 |

---

------

<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **June 30, 2025** | **December 31, 2024** |
| BCI Burke Holding Corp. | 9036 | 9036 |
| Beacon Oral Specialists Management LLC | 5106 | 188 |
| Beghou Consulting, LLC | 1357 | 1136 |
| Behavior Frontiers, LLC |  | 1344 |
| Best Version Media Acquisition, LLC | 2897 | 3976 |
| Bestop, Inc | 12499 | 12615 |
| BPCP EE Intermedco LLC | 2244 | 3387 |
| BPCP NSA Intermedco, Inc | 11237 | 13497 |
| BPCP WLF Intermedco LLC | 13921 | 16844 |
| BSC ASI Buyer, LLC | 3661 | 3661 |
| BSC Top Shelf Blocker LLC | 2256 | 2256 |
| Bulk Lift International, LLC | 1157 | 1801 |
| Canadian Orthodontic Partners Corp | 30 | 30 |
| CAP KSI Holdings LLC | 1191 | 5835 |
| Capital Construction, LLC | 12342 |  |
| CARDS Acquisition, Inc | 21163 | 27012 |
| Certified Collision Group Acquisition Corp | 19 | 19 |
| Champion Motorsports Group, LLC | 56 | 56 |
| Change Academy at Lake of the Ozarks, LLC | 5898 |  |
| CHS Holdco, LLC | 14804 |  |
| CL Services Acquisition, LLC | 9581 | 11529 |
| CNS Purchaser, LLC | 15271 | 14280 |
| Community Care Partners, LLC | 17 | 23 |
| Compass Restoration Intermediary Holdings, LLC | 3709 |  |
| Copperweld Group, Inc. | 868 | 200 |
| Cosmetic Solutions, LLC | 252 | 252 |
| CPS Power Buyer, LLC | 5166 | 3079 |
| CR Services Intermediate, LLC | 83 | 94 |
| Creative Outdoor Holding Inc | 12909 |  |
| CSL Intermediate Acquisition LLC | 2553 | 2553 |
| Custom Agronomics Holdings, LLC | 1179 | 786 |
| DASCO HME, LLC | 7891 |  |
| Datum Acquisition, LLC | 2146 | 1312 |
| DealerOn Inc. | 314 | 314 |
| Dermatology Medical Partners OpCo, LLC | 9 | 9 |
| Diamondback Buyer, LLC | 75 | 2713 |
| DNS IMI Acquisition Corp | 53 | 38 |
| Double E Company, LLC | 230 | 265 |
| Duggal Acquisition, LLC | 12543 | 11079 |
| Dykstra's Auto, LLC | 7098 | 88 |
| Dynamic Campus Acquisition, Inc. | 13264 |  |
| Eastern Communications Solutions, Inc. | 3240 | 3240 |
| Edko Acquisition, LLC | 26 | 26 |
| EH Management Company, LLC | 38 | 38 |
| Empire Equipment Company, LLC | 251 | 251 |

---

------

<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **June 30, 2025** | **December 31, 2024** |
| Endodontic Practice Partners, LLC | 13777 | 11438 |
| E-Phoenix Acquisition Co. Inc. | 23 | 53 |
| Esquire Deposition Solutions, LLC | 6439 | 7666 |
| Ever Fresh Fruit Company, LLC | 2394 | 3893 |
| Exclusive Concepts, LLC | 3365 | 4833 |
| Fastlap, LLC | 677 | 14806 |
| Formulated Buyer, LLC | 113 | 2 |
| Franchise Fastlane, LLC | 15 | 15 |
| FreshAddress, LLC | 30 | 30 |
| Fyzical Buyer, LLC | 1068 | 1653 |
| Genius Bidco, LLC | 7755 | 8231 |
| Geriatric Medical and Surgical Supply, LLC | 300 | 300 |
| Gold Medal Holdings, Inc. | 3523 | 3986 |
| Golden Bear PT Partners, LLC | 23 | 11 |
| GPSTrackit Holdings, LLC | 2067 | 4429 |
| Green Monster Acquisition, LLC | 17 |  |
| GS XX Corporation | 2381 | 2381 |
| Guardian Dentistry Practice Management, LLC | 4188 | 4188 |
| H2 Holdco, Inc. | 14833 | 16664 |
| Harley Exteriors Acquisition, LLC | 4811 | 5251 |
| Health and Wellness Partners LLC | 7759 |  |
| HEC Purchaser Corp. | 7843 | 7843 |
| Helpware, Inc. | 2261 | 2531 |
| Highland Acquisition, Inc. | 1771 | 1771 |
| HLSG Intermediate, LLC | 2881 | 16 |
| Home Brands Group Holdings, Inc. | 48 | 48 |
| HTI Intermediate, LLC | 3455 | 3770 |
| Hultec Buyer, LLC | 3680 | 3288 |
| Hydromax USA, LLC | 1458 | 182 |
| Icelandirect, LLC | 6 | 6 |
| Icreon Holdings, LLC | 536 | 1071 |
| IMA Group Management Company, LLC | 17 | 192 |
| Industrial Air Flow Dynamics, Inc. | 1692 |  |
| Infolinks Media Buyco, LLC | 38 | 38 |
| Innovative FlexPak, LLC | 132 | 232 |
| IPC Pain Acquisition, LLC | 1140 | 1140 |
| Ironhorse Purchaser, LLC | 5813 | 3924 |
| ISPN Intermediate, LLC | 718 | 718 |
| ISSA, LLC | 72 | 131 |
| Johns Byrne LLC | 4039 | 4039 |
| Juniper Landscaping Holdings LLC | 10134 | 1630 |
| K-1 Packaging Group, LLC. | 6411 | 6579 |
| Kaizen Auto Care, LLC | 41 | 117 |
| Keystone Partners, LLC | 2753 | 3691 |
| Kittyhawk, Inc | 3571 | 3571 |

---

------

<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **June 30, 2025** | **December 31, 2024** |
| Kravet Design LLC | 4349 | 4349 |
| Kwalu, LLC | 4386 | 4049 |
| L&J Holding Company LLC | 12027 | 12027 |
| Lakeshirts LLC | 12649 | 18474 |
| Lawn Care Holdings Purchaser, Inc | 9749 | 13262 |
| Lehman Pipe Buyer, LLC | 11760 | 5309 |
| Leonard Group, Inc. | 156 | 156 |
| Load One Purchaser Corporation | 2668 | 3201 |
| MacKenzie Childs Acquisition, Inc. | 1125 | 3374 |
| MacNeill Pride Group Corp. | 287 | 215 |
| Mad Rose Company, LLC | 194 | 342 |
| Main Street Gourmet, LLC |  | 38 |
| Mattco Forge, Inc. | 3691 | 4307 |
| Medical Technology Associates, Inc. | 1312 | 1966 |
| Merge USA, Inc | 2515 |  |
| MetaSource, LLC | 38 | 52 |
| Millennia Patient Services, LLC |  | 53 |
| Montway LLC |  | 150 |
| MRC Keeler Acquisition, LLC | 150 | 150 |
| MS Pain, LLC | 6899 | 6899 |
| MWEC Management, LLC | 4168 | 4168 |
| My Buyer, LLC | 2360 | 4633 |
| Nasco Healthcare Inc. | 881 | 1982 |
| NEFCO Holding Company, LLC | 7353 | 8248 |
| Nelson Name Plate Company | 62 | 90 |
| Network Partners Acquisition, LLC | 38 | 38 |
| Nimlok Company, LLC | 320 | 320 |
| North & Warren, LLC | 954 |  |
| NTM Acquisition Corp | 1809 | 995 |
| NutriScience Innovations, LLC | 131 | 131 |
| NWI Merger Sub, Inc | 8933 | 8933 |
| Optimized Marketing Acquisition, LLC | 169 | 169 |
| Outerbox, LLC | 6357 | 6357 |
| P and R Dental Strategies, LLC | 9 | 19 |
| P1 Dental MSO, LLC | 5482 |  |
| Palmetto Technology Group, LLC | 13569 | 9781 |
| Peak Investment Holdings, LLC | 65 | 274 |
| Peninsula MMGY Corporation | 3691 | 3691 |
| PharmaForceIQ INC. | 2093 | 2093 |
| PHGP MB Purchaser, Inc. | 75 | 58 |
| Pink Lily Holdings, LLC | 31 | 31 |
| Polaris Labs Acquisition, LLC | 2123 | 2123 |
| Polycorp Ltd | 18583 | 18583 |
| PPW Acquisition, LLC | 23 | 9 |
| PRA Acquisition, LLC | 56 | 56 |

---

------

<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **June 30, 2025** | **December 31, 2024** |
| Premier Early Childhood Education Partners LLC | 7771 | 6261 |
| Premier Produce One, LLC | 6752 |  |
| PRM Management Company, LLC | 1969 | 1969 |
| Purpose Home Health Acquisition, LLC | 11028 | 11028 |
| Qin's Buffalo, LLC | 4485 | 4515 |
| Quality Liaison Services of North America, Inc | 912 | 1629 |
| Raneys, LLC | 1964 | 1964 |
| Rapid Fire Safety and Security, LLC | 2976 |  |
| Redwood Buyer, LLC | 9499 |  |
| Reliable Medical Supply LLC | 259 | 7 |
| Renovation Systems, LLC | 1858 | 3309 |
| Revival Animal Health, LLC |  | 52 |
| RKD Group, LLC |  | 6872 |
| RMS Health Care Management, LLC | 1620 | 1620 |
| Rose Paving, LLC | 2961 | 7943 |
| RTP Acquisition, LLC |  | 15 |
| Sage Dental Management, LLC | 7978 | 12772 |
| SAMGI Buyer, Inc. | 138 | 138 |
| SCP Cold Chain Packaging Buyer Corp | 10495 |  |
| SCP ENT and Allergy Services, LLC |  | 51 |
| SCP OMS Services, LLC | 11388 |  |
| SENS Intermediate Holdings LLC | 5759 |  |
| Shasta Buyer, LLC | 4307 | 3732 |
| ShiftKey, LLC | 110 | 110 |
| Signature Dental Partners LLC | 8171 | 10589 |
| Signature MD, Inc | 6574 | 8274 |
| Silver Falls MSO, LLC |  | 12 |
| SimiTree Acquisition LLC | 128 | 128 |
| Simko Merger Sub LLC | 4835 | 4835 |
| Sixarp, LLC | 821 | 2053 |
| Southeast Primary Care Partners, LLC | 45 | 150 |
| Southern Orthodontic Partners Management, LLC | 11475 | 5905 |
| Southern Sports Medicine Partners, LLC | 27 | 27 |
| Spear Education Holdings, LLC | 6124 | 7290 |
| Spectrum Solutions, LLC | 169 | 107 |
| SPG Holdco, LLC | 2200 | 2070 |
| Star Dental Partners LLC | 14553 | 15405 |
| Starwest Botanicals Acquisition, LLC | 65 | 87 |
| Stax Holding Company, LLC | 60 | 60 |
| Steel City Wash, LLC |  | 12 |
| Storm Smart Buyer LLC | 131 | 26 |
| Sun Orchard, LLC | 10476 | 11435 |
| Superior Insurance Partners LLC | 9246 | 14403 |
| Superscapes Holdco, LLC | 1779 |  |
| Surplus Solutions, LLC | 1576 | 6080 |

---

------

<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **June 30, 2025** | **December 31, 2024** |
| Teel Plastics, LLC | 3518 | 324 |
| The Channel Company, LLC | 35 | 43 |
| The Chempetitive Group, LLC | 13578 | 13919 |
| Third Holdco, LLC | 8414 |  |
| Trademark Global, LLC | 18 | 18 |
| Transitions Intermediate Holdings, LLC | 1765 | 1765 |
| Treat Planet Acquisition, LLC | 2422 | 1965 |
| Triad Technologies, LLC | 332 | 332 |
| TruBlue LLC | 3761 | 3761 |
| TSR Concrete Coatings, LLC | 843 | 537 |
| U.S. Urology Partners, LLC |  | 1401 |
| United Land Services Opco Parent, LLC | 275 | 333 |
| Universal Pure, LLC | 3392 | 2104 |
| US Anchors Group Inc | 4338 | 3275 |
| US Foot and Ankle Specialists, LLC | 2699 | 2699 |
| USSC Holding Corp | 5024 | 7177 |
| Value Added Distributors, LLC | 3768 | 3768 |
| Vanguard Packaging, LLC | 3233 | 3821 |
| Varsity DuvaSawko Operating Corp. | 3459 | 3459 |
| Varsity Rejuvenate Partners, LLC | 5078 | 5078 |
| Vehicle Accessories, Inc. |  | 877 |
| VersiCare Management LLC | 5846 | 6034 |
| VetEvolve Holdings, LLC | 5014 | 8821 |
| Vintage Parts, Inc | 1564 |  |
| WCI Volt Purchaser, LLC | 2249 | 2249 |
| Western Veterinary Partners, LLC | 24 | 20872 |
| Westminster Cracker Company, Inc. | 1380 | 1380 |
| White Label Communications,LLC |  | 1534 |
| Wolf Gordon Inc | 2952 | 3809 |
| WTWH Buyer, LLC | 1638 | 1638 |
| Yard-Nique, Inc | 6887 | 807 |
| Zipline Logistics, LLC | 405 | 574 |
| **Total unfunded portfolio company commitments** | $**902712** | $**820807** |

---

**Other Commitments and Contingencies**

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of business. As of June 30, 2025, management was not aware of any material pending or threatened litigation.

**Note 9. Net Assets**

**Equity Issuances**

As of June 30, 2025 and December 31, 2024, the Company had 75,654,705 and 60,925,719, respectively, shares issued and outstanding with a par value of $0.001 per share.

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

------

<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| | **Shares** | **Amount in Thousands** | **Shares** | **Amount in Thousands** |
| **Class I:** | | | | |
| Proceeds from shares sold | 6196561 | $156731 | 11631597 | $294160 |
| Share transfers between classes | 6911 | 175 | 9899 | 251 |
| Distributions reinvested | 399643 | 10108 | 766317 | 19380 |
| Repurchased shares, net of early repurchase reduction | (1238312) | (31268) | (1493833) | (37728) |
| **Net increase (decrease)** | **5364803** | $**135746** | **10913980** | $**276063** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| | **Shares** | **Amount in Thousands** | **Shares** | **Amount in Thousands** |
| **Class S:** | | | | |
| Proceeds from shares sold | 1866111 | $47201 | 3666854 | $92732 |
| Share transfers between classes | (6911) | (175) | (6911) | (175) |
| Distributions reinvested | 81918 | 2072 | 147020 | 3718 |
| Repurchased shares, net of early repurchase reduction | (4954) | (120) | (7143) | (175) |
| **Net increase (decrease)** | **1936164** | **48978000** | **3799820** | $**96100** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| | **Shares** | **Amount in Thousands** | **Shares** | **Amount in Thousands** |
| **Class D:** | | | | |
| Proceeds from shares sold | 12452 | $315 | 23992 | $607 |
| Share transfers between classes |  |  | (2989) | (76) |
| Distributions reinvested | 678 | 17 | 1284 | 32 |
| Repurchased shares, net of early repurchase reduction | (5626) | (142) | (7597) | (192) |
| **Net increase (decrease)** | **7504** | $**190** | **14690** | $**371** |

---

------

<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| | **Shares** | **Amount in Thousands** | **Shares** | **Amount in Thousands** |
| **Class I:** | | | | |
| Proceeds from shares sold | 8146223 | $206631 | 17183789 | $436398 |
| Share transfers between classes | 19456 | 495 | 19456 | 495 |
| Distributions reinvested | 196973 | 5020 | 356714 | 9080 |
| Repurchased shares, net of early repurchase reduction |  |  | (19539) | (487) |
| **Net increase (decrease)** | **8362652** | $**212146** | **17540420** | $**445486** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| | **Shares** | **Amount in Thousands** | **Shares** | **Amount in Thousands** |
| **Class S:** | | | | |
| Proceeds from shares sold | 700503 | $17811 | 1316269 | $33464 |
| Share transfers between classes | (4112) | (105) | (4112) | (105) |
| Distributions reinvested | 30867 | 785 | 59556 | 1514 |
| **Net increase (decrease)** | **727258** | **$18491** | **1371713** | **$34873** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| | **Shares** | **Amount in Thousands** | **Shares** | **Amount in Thousands** |
| **Class D:** | | | | |
| Proceeds from shares sold | 5530 | $141 | 30306 | $771 |
| Share transfers between classes | (15344) | (390) | (15344) | (390) |
| Distributions reinvested | 721 | 15 | 1508 | 35 |
| **Net increase (decrease)** | **(9093)** | **$(234)** | **16470** | **$416** |

---

**Dividends**

The following table reflects dividends declared on common shares during the six months ended June 30, 2025 and 2024:

------

<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** |
| | | | **Class I** | **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 | $13438 |
| February 25, 2025 | February 28, 2025 | March 27, 2025 | $0.2200 | $13365 |
| March 28, 2025 | March 31, 2025 | April 28, 2025 | $0.2200 | $13788 |
| April 27, 2025 | April 30, 2025 | May 28, 2025 | $0.2200 | $14121 |
| May 28, 2025 | May 31, 2025 | June 26, 2025 | $0.2200 | $14580 |
| June 27, 2025 | June 30, 2025 | July 29, 2025 | $0.2200 | $14969 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** |
| | | | **Class S** | **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 | $1159 |
| April 27, 2025 | April 30, 2025 | May 28, 2025 | $0.2075 | $1307 |
| May 28, 2025 | May 31, 2025 | June 26, 2025 | $0.2071 | $1467 |
| June 27, 2025 | June 30, 2025 | July 29, 2025 | $0.2075 | $1563 |

---

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** |
| | | | **Class I** | **Class I** |
| **Date Declared** | **Record Date** | **Payment Date** | **Dividend per Share** | **Amount in Thousands** |
| January 28, 2024 | January 31, 2024 | February 29, 2024 | $0.2300 | $7355 |
| February 26, 2024 | February 29, 2024 | March 31, 2024 | $0.2300 | $7809 |
| March 28, 2024 | March 31, 2024 | April 30, 2024 | $0.2300 | $9064 |
| April 27, 2024 | April 30, 2024 | May 31, 2024 | $0.2300 | $9566 |
| May 28, 2024 | May 31, 2024 | June 30, 2024 | $0.2300 | $9937 |
| June 27, 2024 | June 30, 2024 | July 31, 2024 | $0.2300 | $10987 |

---

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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** |
| | | | **Class S** | **Class S** |
| **Date Declared** | **Record Date** | **Payment Date** | **Dividend per Share** | **Amount in Thousands** |
| January 28, 2024 | January 31, 2024 | February 29, 2024 | $0.2246 | $329 |
| February 26, 2024 | February 29, 2024 | March 31, 2024 | $0.2250 | $363 |
| March 28, 2024 | March 31, 2024 | April 30, 2024 | $0.2246 | $410 |
| April 27, 2024 | April 30, 2024 | May 31, 2024 | $0.2248 | $439 |
| May 28, 2024 | May 31, 2024 | June 30, 2024 | $0.2246 | $531 |
| June 27, 2024 | June 30, 2024 | July 31, 2024 | $0.2248 | $575 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** |
| | | | **Class D** | **Class D** |
| **Date Declared** | **Record Date** | **Payment Date** | **Dividend per Share** | **Amount in Thousands** |
| January 28, 2024 | January 31, 2024 | February 29, 2024 | $0.2246 | $3 |
| February 26, 2024 | February 29, 2024 | March 31, 2024 | $0.2250 | $11 |
| March 28, 2024 | March 31, 2024 | April 30, 2024 | $0.2246 | $12 |
| April 27, 2024 | April 30, 2024 | May 31, 2024 | $0.2248 | $10 |
| May 28, 2024 | May 31, 2024 | June 30, 2024 | $0.2246 | $10 |
| June 27, 2024 | June 30, 2024 | July 31, 2024 | $0.2248 | $6 |

---

**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 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 the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers 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

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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Tender Offer Expiration Date** | **Total Number of Shares Repurchased (all classes)** | **Percentage of Outstanding Shares Repurchased**<sup>(1)</sup> | **Price paid Per Share** | **Tender Offer Valuation Date** | **Amount Repurchased (all classes) (in thousands)**<sup>(2)</sup> | **Maximum number of shares that may yet be purchased under the repurchase plan**<sup>(3)</sup> |
| January 29, 2025 | 259680 | 0.4% | $25.30 | December 31, 2024 | $6564 | 0 |

---

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

(2) Amounts shown net of Early Repurchase Deduction.

(3) All repurchases were satisfied in full.

The following table presents the share repurchases completed during the six months ended June 30, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Tender Offer Expiration Date** | **Total Number of Shares Repurchased (all classes)** | **Percentage of Outstanding Shares Repurchased**<sup>(1)</sup> | **Price paid Per Share** | **Tender Offer Valuation Date** | **Amount Repurchased (all classes) (in thousands)**<sup>(2)</sup> | **Maximum number of shares that may yet be purchased under the repurchase plan**<sup>(3)</sup> |
| January 30, 2024 | 19539 | 0.1% | $25.43 | December 31, 2023 | $487 | 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.

For the three months ended June 30, 2024, no shares were tendered in the Company's quarterly tender offer.

**Character of Distributions**

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

All of the dividends declared during the six months ended June 30, 2025 and 2024 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.

**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

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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

capital or total distributable earnings (losses), as appropriate. There were $510,000 and $1,122,000 of permanent book-to-tax differences for the three and six months ended June 30, 2025. In addition, there were $776,000 and $1,366,000 of permanent book-to-tax differences for the three and six months ended June 30, 2024.

**Note 11. Financial Highlights**

The following are financial highlights for a common share outstanding for Class I, S, and D for the six months ended June 30, 2025 and 2024.

---

| | | | |
|:---|:---|:---|:---|
| (Amounts in thousands, except share and per share amounts) | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** |
|  | **Class I** | **Class S** | **Class D** |
| **Per share data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $25.30 | $25.30 | $25.30 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | 1.29 | 1.21 | 1.29 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>(2)</sup> | 0.05 | 0.05 | 0.05 |
| &nbsp;&nbsp;&nbsp;Total from operations | 1.34 | 1.26 | 1.34 |
| &nbsp;&nbsp;&nbsp;Dividends declared | (1.33) | (1.25) | (1.33) |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 0.01 | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $25.31 | $25.31 | $25.31 |
| **Shares outstanding, end of period** | 68037249 | 7530387 | 87069 |
| **Total return**<sup>(3)(12)</sup> | 5.4% | 5.1% | 5.4% |
| **Ratios / supplemental data** |  |  |  |
| Ratio of total expenses to average net assets<sup>(4)(5)(6)</sup> | 10.9% | 11.9% | 11.0% |
| Ratio of total net operating expenses to average net assets<sup>(4)(5)(7)</sup> | 0.6% | 0.6% | 0.6% |
| Ratio of net investment income (loss) before taxes to average net assets<sup>(4)(5)(8)</sup> | 10.5% | 10.2% | 10.6% |
| Ratio of net investment income (loss) after taxes to average net assets<sup>(4)(5)(9)</sup> | 10.3% | 10.0% | 10.4% |
| &nbsp;&nbsp;&nbsp;Net assets, end of period | $1721873 | $190578 | $2204 |
| &nbsp;&nbsp;&nbsp;Weighted average shares outstanding | 63530289 | 5879913 | 80415 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(10)</sup> | 7.9% | 7.9% | 7.9% |
| &nbsp;&nbsp;&nbsp;Asset coverage ratio<sup>(11)</sup> | 206.1% | 206.1% | 206.1% |

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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**TPG Twin Brook Capital Income Fund**

**Notes to Consolidated Financial Statements (Unaudited) - Continued**

---

| | | | |
|:---|:---|:---|:---|
| (Amounts in thousands, except share and per share amounts) | **Six Months Ended<br>June 30, 2024** | **Six Months Ended<br>June 30, 2024** | **Six Months Ended<br>June 30, 2024** |
|  | **Class I** | **Class S** | **Class D** |
| **Per share data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $25.41 | $25.41 | $25.41 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | 1.41 | 1.38 | 1.38 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>(2)</sup> | 0.01 | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;Total from operations | 1.42 | 1.39 | 1.39 |
| &nbsp;&nbsp;&nbsp;Dividends declared | (1.38) | (1.35) | (1.35) |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 0.04 | 0.04 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $25.45 | $25.45 | $25.45 |
| **Shares outstanding, end of period** | 47765958 | 2552923 | 29056 |
| **Total return**<sup>(3)(12)</sup> | 5.7% | 5.6% | 5.6% |
| **Ratios / supplemental data** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses to average net assets<sup>(4)(5)(6)</sup> | 10.1% | 10.4% | 10.4% |
| &nbsp;&nbsp;&nbsp;Ratio of total net operating expenses to average net assets<sup>(4)(5)(7)</sup> | 0.6% | 0.6% | 0.6% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) before taxes to average net assets<sup>(4)(5)(9)</sup> | 11.2% | 10.9% | 10.9% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after taxes to average net assets<sup>(4)(5)(9)</sup> | 11.1% | 10.9% | 10.8% |
| &nbsp;&nbsp;&nbsp;Net assets, end of period | $1215466 | $64962 | $739 |
| &nbsp;&nbsp;&nbsp;Weighted average shares outstanding | 39569758 | 1959048 | 34071 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(10)</sup> | 7.6% | 7.6% | 7.6% |
| &nbsp;&nbsp;&nbsp;Asset coverage ratio<sup>(11)</sup> | 204.3% | 204.3% | 204.3% |

---

(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 incentive fees of 0.7% , 0.8%, and 0.7% as a percent of average net assets for the six months ended June 30, 2025 for Class I, Class S, and Class D. Included in total expenses are incentive fees of 0.8%, 0.8%, and 0.8%, respectively, as a percent of average net assets for the six months ended June 30, 2024 for Class I, Class S, and Class D respectively. The impact of the waiver included in total expenses net of waivers was 0.2% and 0.1%for Class S and Class D shares, respectively, and was not applicable to Class I shares for the six months ended June 30, 2025. The impact of the waiver included in total expenses net of waivers was 0.3% for Class S shares and was not applicable to Class D or Class I shares for the six months ended June 30, 2024.

(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, 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 $81 million of net proceeds, inclusive of distributions reinvested through the Company's distribution reinvestment plan, relating to the issuance of Class I shares, Class S shares and Class D shares for subscriptions effective July 1, 2025. Additionally, the Company received approximately $70 million of net proceeds relating to the issuance of Class I shares, Class S shares and Class D shares for subscriptions effective August 1, 2025.

On July 24, 2025, the Company's Board declared net distributions of $0.2200, $0.2071, and $0.2200 per Class I share, Class S share, and Class D share, respectively, payable on August 27, 2025 to shareholders of record as of July 31, 2025.

Effective July 28, 2025, the Company repurchased 249,741 shares for $6,314,795, net of Early Repurchase Deductions, when applicable.

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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, 2024 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, a wholly-owned subsidiary of TPG Angelo Gordon, a diversified credit and real estate investing platform within TPG Inc. ("TPG") (Nasdaq: TPG), a leading global alternative investment firm. Our Adviser is registered as an investment adviser with the SEC. We also have elected to be treated, and intend to qualify annually thereafter, as a RIC under the Code.

On March 17, 2025, our board of trustees (the "Board") adopted the Fifth Amended and Restated Agreement and Declaration of Trust in order to address comments from certain state securities divisions. Further, to reflect comments from certain state securities divisions, on March 17, 2025, the Board adopted the Fourth Amended and Restated Bylaws (the "Fourth A&R Bylaws"), effective the same day.

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.

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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 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 intend to elect 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 TPG Angelo Gordon funds. From time to time, we may co-invest with other TPG Angelo Gordon funds.

**Revenues**

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

Our debt investment portfolio consists of primarily floating rate loans. As of June 30, 2025, 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.

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

**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.

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As of June 30, 2025, we had borrowings of $1.80 billion outstanding at an average all-in rate of 6.77%, which is included in debt on the consolidated statements of assets and liabilities. As of December 31, 2024, the Company had borrowings of $1.75 billion outstanding at an average all-in rate of 7.56%. We incurred approximately $31.3 million and $62.0 million and $18.3 million and $32.4 million of interest and unused commitment fees for the three and six months ended June 30, 2025 and 2024, respectively, which is included in interest expense on the consolidated statements of operations. The carrying values of borrowings outstanding under the debt facilities approximate fair value. See Note 5 to the consolidated financial statements for information on the Company's debt.

**Portfolio and Investment Activity**

As of June 30, 2025, based on fair value, our portfolio consisted of 97.45% first lien senior secured debt investments and 2.55% investments in affiliated funds that hold our equity co-investments. As of December 31, 2024, based on fair value, our portfolio consisted of 97.45% first lien senior secured debt investments and 2.55% investments in affiliated funds that hold our equity co-investments.

As of June 30, 2025, we had investments in 247 portfolio companies with an aggregate fair value of $3.6 billion. As of December 31, 2024, we had investments in 234 portfolio companies with an aggregate fair value of $3.2 billion.

Our investment activity for the three months ended June 30, 2025 and 2024 is presented below (information presented herein is at par value unless otherwise indicated).

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| | | |
|:---|:---|:---|
| (Amounts in thousands) | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2024** |
| **Principal amount of investments committed (including add-ons):** |  |  |
| &nbsp;&nbsp;&nbsp;First lien senior secured debt investments | $400453 | $779918 |
| &nbsp;&nbsp;&nbsp;Investment in affiliated funds | 4271 | 8339 |
| &nbsp;&nbsp;&nbsp;Total principal amount of investments committed | $404724 | $788257 |
| **Principal amount of investments sold or repaid:** |  |  |
| &nbsp;&nbsp;&nbsp;First lien senior secured debt investments | $(148174) | $(92880) |
| &nbsp;&nbsp;&nbsp;Investment in affiliated funds | (1540) | (77) |
| &nbsp;&nbsp;&nbsp;Total principal amount of investments sold or repaid | $(149714) | $(92957) |
| **New debt investments**<sup>(1)</sup>**:** |  |  |
| &nbsp;&nbsp;&nbsp;New commitments | $209360 | $311661 |
| &nbsp;&nbsp;&nbsp;Number of new commitments in new portfolio companies<sup>(2)</sup> | 8 | 12 |
| &nbsp;&nbsp;&nbsp;Average new commitment amount | $26170 | $25972 |
| &nbsp;&nbsp;&nbsp;Weighted average term for new commitments (in years) | 4.6 | 4.9 |
| &nbsp;&nbsp;&nbsp;Percentage of new commitments at floating rates | 100.0% | 100.0% |
| &nbsp;&nbsp;&nbsp;Percentage of new commitments at fixed rates | —% | —% |

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

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

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As of June 30, 2025 and December 31, 2024 our investments consisted of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| (Amounts in thousands) | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| First lien senior secured debt | $3518638 | $3512520 | $3084605 | $3080554 |
| Sponsor subordinated note | 16 | 16 | 14 | 15 |
| Investment in affiliated funds | 80957 | 91868 | 74552 | 80654 |
| **Total investments** | $3599611 | $3604404 | $3159171 | $3161223 |

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The table below describes investments by industry composition based on fair value as of June 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
| | **June 30, 2025**<sup>(1)</sup> | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aerospace and defense | 2.4% | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air freight and logistics | 0.6% | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auto components | 3.1% | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building products | 0.6% | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemicals | 2.2% | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial services and supplies | 4.0% | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction and engineering | 4.9% | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Containers and packaging | 2.9% | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributors | 0.1% | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified consumer services | 6.4% | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified telecommunication services | 0.2% | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical equipment | 1.7% | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic equipment, instruments and components | 0.3% | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and staples retailing | 1.4% | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food products | 2.1% | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas utilities | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care equipment and supplies | 3.6% | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care providers and services | 23.8% | 24.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care technology | 1.1% | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Household durables | 3.8% | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial conglomerates | 0.4% | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | 0.4% | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interactive media and services | 0.6% | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet and direct marketing retail | 0.6% | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IT services | 1.9% | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leisure equipment and products | 0.2% | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leisure products | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life sciences tools and services | 1.8% | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machinery | 3.7% | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media | 7.2% | 9.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals and mining | 0.1% | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multiline Retail | 1.4% | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multisector holdings | 2.5% | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals | —% | —% |

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| | | |
|:---|:---|:---|
| | **June 30, 2025**<sup>(1)</sup> | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal products | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional services | 1.0% | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate management and development | 0.1% | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semiconductors and semiconductor equipment | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software | 2.5% | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty retail | 0.5% | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Textiles, apparel and luxury goods | 1.0% | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading companies and distributors | 8.8% | 8.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water utilities | 0.1% | 0.1% |
| **Total** | 100.0% | 100.0% |

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*(1)Certain industries round to less than 0.1%*

As of June 30, 2025, approximately 100.0% of our investments were based in the United States and approximately 0.0% were based in Canada. As of December 31, 2024, approximately 100.0% of our investments were based in the United States and approximately 0.0% were based in Canada.

The weighted average yields and interest rates of our funded debt investments as of June 30, 2025 and December 31, 2024 were as follows:

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| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average total yield of funded debt investments at cost <sup>(1)</sup> | 9.9% | 10.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average total yield of funded debt investments at fair value<sup>(1)</sup> | 9.9% | 10.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average spread over reference rates of all floating rate funded debt investments | 5.4% | 5.6% |

---

<sup>(1)</sup> Calculated using actual interest rates in effect as of June 30, 2025 and December 31, 2024 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:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• comparisons to other companies in the portfolio company's industry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

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

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

The following table shows the composition of our debt investments on the A to F rating scale as of June 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|<br>**Investment Rating** | **Investments<br>at Fair Value** | **Percentage of<br>Total<br>Debt Investments** | **Investments<br>at Fair Value** | **Percentage of<br>Total<br>Debt Investments** |
| (Amounts in thousands) |  |  |  |  |
| A | $— |  | $— |  |
| B | 3461123 | 98.6% | 3037796 | 98.6% |
| C | 39968 | 1.1% | 29483 | 0.9% |
| D | 7030 | 0.2% | 8179 | 0.3% |
| E | 4415 | 0.1% | 5111 | 0.2% |
| F |  |  |  |  |
| **Total** | $3512536 | 100.0% | $3080569 | 100.0% |

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The following table shows the amortized cost of our performing and non-accrual debt investments as of June 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| (Amounts in thousands) | **Amortized Cost** | **Percentage** | **Amortized Cost** | **Percentage** |
| Performing | $3512096 | 99.8% | $3078161 | 99.8% |
| Non-accrual | 6558 | 0.2% | 6458 | 0.2% |
| **Total** | $3518654 | 100.0% | $3084619 | 100.0% |

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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 and six months ended June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| (Amounts in thousands) | **Three Months <br>Ended<br>June 30,<br>2025** | **Three Months <br>Ended<br>June 30,<br>2024** | **Six Months <br>Ended<br>June 30,<br>2025** | **Six Months <br>Ended<br>June 30,<br>2024** |
| Total investment income | $95953 | $63719 | $184808 | $112481 |
| Less: expenses and taxes | 49470 | 30172 | 95909 | 53842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 46483 | 33547 | 88899 | 58639 |
| Net realized gain (loss) | 360 | 311 | 800 | 279 |
| Net change in unrealized gain (loss) | 2438 | 189 | 3015 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | $49281 | $34047 | $92714 | $58958 |

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

*Investment Income*

Investment income for the three and six months ended June 30, 2025 and 2024, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| (Amounts in thousands) | **Three Months <br>Ended<br>June 30,<br>2025** | **Three Months <br>Ended<br>June 30,<br>2024** | **Six Months <br>Ended<br>June 30,<br>2025** | **Six Months <br>Ended<br>June 30,<br>2024** |
| &nbsp;&nbsp;&nbsp;Interest | $93239 | $60839 | $179783 | $107587 |
| &nbsp;&nbsp;&nbsp;Payment-in-kind interest | 1277 | 471 | 2244 | 1278 |
| &nbsp;&nbsp;&nbsp;Other | 1437 | 2409 | 2781 | 3616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | $95953 | $63719 | $184808 | $112481 |

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Increases in interest and other investment income were driven by deployment of capital and an increase in investment activity. Total investments as of June 30, 2025 were $3.6 billion as compared to $2.3 billion as of June 30, 2024.

*Expenses*

Expenses for the three and six months ended June 30, 2025, and 2024, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| (Amounts in thousands) | **Three Months <br>Ended<br>June 30,<br>2025** | **Three Months <br>Ended<br>June 30,<br>2024** | **Six Months <br>Ended<br>June 30,<br>2025** | **Six Months <br>Ended<br>June 30,<br>2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $32605 | $19669 | $64558 | $35127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income incentive fees | 6718 | 4807 | 12804 | 8390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains incentive fees | 277 | 62 | 277 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 5580 | 3437 | 10502 | 6084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1306 | 458 | 2301 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 597 | 531 | 1123 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs | 486 | 377 | 1098 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative fees<sup>(1)</sup> | 454 | 363 | 830 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting fees | 255 | 141 | 428 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 77 | 308 | 265 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | 58 | 45 | 116 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and shareholder servicing fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 374 | 123 | 631 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class D | 1 | 1 | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | $48788 | $30322 | $94935 | $53743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and shareholder servicing fees waived |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class S** | (113) | (87) | (187) | (149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class D** | (1) |  | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net expenses** | $48674 | $30235 | $94746 | $53594 |

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

Increases in incentive fees are correlated to an increase in results from operations. For the three and six months ended June 30, 2025, there were net increases in net assets resulting from operations of $49.3 million and $92.7 million, driving the increase in incentive fees, compared to the three and six months ended June 30, 2024, there were net increases in net assets resulting from operations of $34.0 million and $59.0 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 and six months ended June 30, 2025, the Administrator charged approximately $454,000 and $830,000 for certain costs and expenses allocable to the Company under the terms of the Administration Agreement. For the three and six months ended June 30, 2024, the Administrator charged approximately $363,000 and $595,000 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 intend to elect to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To continue to qualify for tax treatment as a RIC, we must, among other things, distribute to our shareholders in each taxable year generally at least 90% of our investment company taxable income, as defined by the Code, and net tax-exempt income for that taxable year. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our shareholders, which generally relieves us from corporate-level U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we may carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, we will accrue excise tax on estimated excess taxable income. For the three and six months ended June 30, 2025 and 2024, we did not accrue U.S. federal excise tax.

We conduct certain activities through our wholly-owned subsidiaries, Twin Brook Equity XVIII Corp., and Twin Brook Equity XXXIII Corp., both of which are Delaware corporations. 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 and six months ended June 30, 2025, the Company accrued $76,000 and 163,000 current federal tax. For the three and six months ended June 30, 2024, the Company accrued $32,000 current federal tax. For the three and six months ended June 30, 2025 and 2024, the Company accrued approximately $720,000, $1,000,000, $(95,000), and $216,000, 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 and six months ended June 30, 2025 and 2024, net unrealized gains (losses) on our investment transactions were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| (Amounts in thousands) | **Three Months <br>Ended<br>June 30,<br>2025** | **Three Months <br>Ended<br>June 30,<br>2024** | **Six Months <br>Ended<br>June 30,<br>2025** | **Six Months <br>Ended<br>June 30,<br>2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | (655) | 729 | $(2068) | $(1086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments | 3210 | (510) | 4809 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps and options | (110) |  | 326 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | (7) | (30) | (52) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net change in unrealized gain (loss) on investment transactions** | $2438 | $189 | $3015 | $40 |

---

For the three months ended June 30, 2025, 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 gain on interest rate swaps and options represents the unrealized gains on interest rate options from changes in SOFR.

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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

*Net Realized Gains (Losses) on Investment Transactions*

The realized gains and losses on fully and partially exited portfolio companies during the three and six months ended June 30, 2025 and 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Amounts in thousands) | **Three Months <br>Ended<br>June 30,<br>2025** | **Three Months <br>Ended<br>June 30,<br>2024** | **Six Months <br>Ended<br>June 30,<br>2025** | **Six Months <br>Ended<br>June 30,<br>2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | $2 | $230 | $50 | $230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments | 369 | 35 | 714 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | (11) | 46 | 36 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain (loss) on investments** | $360 | $311 | $800 | $279 |

---

**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 $1.8 billion outstanding borrowings as of June 30, 2025. 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 as of June 30, 2025, taken together with our available debt capacity of $887.8 million, is expected to be sufficient for our investing activities and to conduct our operations.

As of June 30, 2025 we had $136.2 million in cash. During the six months ended June 30, 2025, we used $351.1 million in cash for operating activities, primarily as a result of funding portfolio investments of $690.8 million and partially offset by other operating activities of $339.7 million. Net cash provided by financing activities was $326.2 million during the period, primarily the result of proceeds from the issuance of common shares and debt borrowings.

***Equity***

As of June 30, 2025, the Company had 75,654,705 shares issued and outstanding with a par value of $0.001 per share.

The following tables summarize transactions in common shares during the three and six months ended June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| | **Shares** | **Amount in Thousands** | **Shares** | **Amount in Thousands** |
| **Class I:** | | | | |
| Proceeds from shares sold | 6196561 | $156731 | 11631597 | $294160 |
| Share transfers between classes | 6911 | 175 | 9899 | 251 |
| Distributions reinvested | 399643 | 10108 | 766317 | 19380 |
| Repurchased shares, net of early repurchase reduction | (1238312) | $(31268) | (1493833) | (37728) |
| **Net increase (decrease)** | **5364803** | $**135746** | **10913980** | $**276063** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| | **Shares** | **Amount in Thousands** | **Shares** | **Amount in Thousands** |
| **Class S:** | | | | |
| Proceeds from shares sold | 1866111 | $47201 | 3666854 | $92732 |
| Share transfers between classes | (6911) | (175) | (6911) | (175) |
| Distributions reinvested | 81918 | 2072 | 147020 | 3718 |
| Repurchased shares, net of early repurchase reduction | (4954) | (120) | (7143) | (175) |
| **Net increase (decrease)** | **1936164** | $**48978** | **3799820** | $**96100** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| | **Shares** | **Amount in Thousands** | **Shares** | **Amount in Thousands** |
| **Class D:** | | | | |
| Proceeds from shares sold | 12452 | $315 | 23992 | $607 |
| Share transfers between classes |  |  | (2989) | (76) |
| Distributions reinvested | 678 | 17 | 1284 | 32 |
| Repurchased shares, net of early repurchase reduction | (5626) | (142) | (7597) | (192) |
| **Net increase (decrease)** | **7504** | $**190** | **14690** | $**371** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| | **Shares** | **Amount in Thousands** | **Shares** | **Amount in Thousands** |
| **Class I:** | | | | |
| Proceeds from shares sold | 8146223 | $206631 | 17183789 | $436398 |
| Share transfers between classes | 19456 | 495 | 19456 | 495 |
| Distributions reinvested | 196973 | 5020 | 356714 | 9080 |
| Repurchased shares, net of early repurchase reduction |  |  | (19539) | (487) |
| **Net increase (decrease)** | **8362652** | $**212146** | **17540420** | $**445486** |

---

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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
| | **Shares** | **Amount in Thousands** | **Shares** | **Amount in Thousands** |
| **Class S:** | | | | |
| Proceeds from shares sold | 700503 | $17811 | 1316269 | $33464 |
| Share transfers between classes | (4112) | (105) | (4112) | (105) |
| Distributions reinvested | 30867 | 785 | 59556 | 1514 |
| **Net increase (decrease)** | **727258** | $**18491** | **1371713** | $**34873** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| | **Shares** | **Amount in Thousands** | **Shares** | **Amount in Thousands** |
| **Class D:** | | | | |
| Proceeds from shares sold | 5530 | $141 | 30306 | $771 |
| Share transfers between classes | (15344) | (390) | (15344) | (390) |
| Distributions reinvested | 721 | 15 | 1508 | 35 |
| **Net increase (decrease)** | **(9093)** | $**(234)** | **16470** | $**416** |

---

**Net Asset Value per Share and Offering Price**

The Company determines net asset value ("NAV") for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV). The following table presents each month-end NAV per share for the common shares during the six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **NAV Per Share** | **NAV Per Share** | **NAV Per Share** |
| **For the Months Ended** | **Class I** | **Class S** | **Class D** |
| January 31, 2025 | $25.28 | $25.28 | $25.28 |
| February 28, 2025 | $25.28 | $25.28 | $25.28 |
| March 31, 2025 | $25.29 | $25.29 | $25.29 |
| April 30, 2025 | $25.30 | $25.30 | $25.30 |
| May 31, 2025 | $25.29 | $25.29 | $25.29 |
| June 30, 2025 | $25.31 | $25.31 | $25.31 |

---

**Dividends**

We plan to make monthly dividends at the Board's discretion. The following tables reflect dividends declared on common shares during the six months ended June 30, 2025.

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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** |
| | | | **Class I** | **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 | $13438 |
| February 25, 2025 | February 28, 2025 | March 27, 2025 | $0.2200 | $13365 |
| March 28, 2025 | March 31, 2025 | April 28, 2025 | $0.2200 | $13788 |
| April 27, 2025 | April 30, 2025 | May 28, 2025 | $0.2200 | $14121 |
| May 28, 2025 | May 31, 2025 | June 26, 2025 | $0.2200 | $14580 |
| June 27, 2025 | June 30, 2025 | July 29, 2025 | $0.2200 | $14969 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** |
| | | | **Class S** | **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 | $1159 |
| April 27, 2025 | April 30, 2025 | May 28, 2025 | $0.2075 | $1307 |
| May 28, 2025 | May 31, 2025 | June 26, 2025 | $0.2071 | $1467 |
| June 27, 2025 | June 30, 2025 | July 29, 2025 | $0.2075 | $1563 |

---

---

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

---

The following tables reflect dividends declared on common shares for the six months ended June 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** |
| | | | **Class I** | **Class I** |
| **Date Declared** | **Record Date** | **Payment Date** | **Dividend per Share** | **Amount in Thousands** |
| January 28, 2024 | January 31, 2024 | February 29, 2024 | $0.2300 | $7355 |
| February 26, 2024 | February 29, 2024 | March 31, 2024 | $0.2300 | $7809 |
| March 28, 2024 | March 31, 2024 | April 30, 2024 | $0.2300 | $9064 |
| April 27, 2024 | April 27, 2024 | May 31, 2024 | $0.2300 | $9566 |
| May 28, 2024 | May 28, 2024 | June 30, 2024 | $0.2300 | $9937 |
| June 27, 2024 | June 27, 2024 | July 31, 2024 | $0.2300 | $10987 |

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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** |
| | | | **Class S** | **Class S** |
| **Date Declared** | **Record Date** | **Payment Date** | **Dividend per Share** | **Amount in Thousands** |
| January 28, 2024 | January 31, 2024 | February 29, 2024 | $0.2246 | $329 |
| February 26, 2024 | February 29, 2024 | March 31, 2024 | $0.2250 | $363 |
| March 28, 2024 | March 31, 2024 | April 30, 2024 | $0.2246 | $410 |
| April 27, 2024 | April 30, 2024 | May 31, 2024 | $0.2248 | $439 |
| May 28, 2024 | May 31, 2024 | June 30, 2024 | $0.2246 | $531 |
| June 27, 2024 | June 30, 2024 | July 31, 2024 | $0.2248 | $575 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** |
| | | | **Class D** | **Class D** |
| **Date Declared** | **Record Date** | **Payment Date** | **Dividend per Share** | **Amount in Thousands** |
| January 28, 2024 | January 31, 2024 | February 29, 2024 | $0.2246 | $3 |
| February 26, 2024 | February 29, 2024 | March 31, 2024 | $0.2250 | $11 |
| March 28, 2024 | March 31, 2024 | April 30, 2024 | $0.2246 | $12 |
| April 27, 2024 | April 30, 2024 | May 31, 2024 | $0.2248 | $10 |
| May 28, 2024 | May 31, 2024 | June 30, 2024 | $0.2246 | $10 |
| June 27, 2024 | June 30, 2024 | July 31, 2024 | $0.2248 | $6 |

---

**Character of Distributions**

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

All of the dividends declared for the three and six months ended June 30, 2025 and 2024 and were derived from ordinary income, as determined on a tax basis. Taxable income is an estimate and is not fully determined until the Company's tax return is filed.

**Distribution Reinvestment Plan**

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

**Share Repurchase Plan**

The Company has 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.

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Tender Offer Expiration Date** | **Total Number of Shares Repurchased (all classes)** | **Percentage of Outstanding Shares Repurchased**<sup>(1)</sup> | **Price paid Per Share** | **Tender Offer Valuation Date** | **Amount Repurchased (all classes) (in thousands)**<sup>(2)</sup> | **Maximum number of shares that may yet be purchased under the repurchase plan**<sup>(3)</sup> |
| January 29, 2025 | 259680 | 0.4% | $25.30 | December 31, 2024 | $6564 | 0 |
| April 25, 2025 | 1248893 | 1.7% | $25.29 | March 31, 2025 | $31530 | 0 |

---

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

(2) Amounts shown net of Early Repurchase Deduction.

(3) All repurchases were satisfied in full.

The following table presents the share repurchases completed during the six months ended June 30, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Tender Offer Expiration Date** | **Total Number of Shares Repurchased (all classes)** | **Percentage of Outstanding Shares Repurchased**<sup>(1)</sup> | **Price paid Per Share** | **Tender Offer Valuation Date** | **Amount Repurchased (all classes) (in thousands)**<sup>(2)</sup> | **Maximum number of shares that may yet be purchased under the repurchase plan**<sup>(3)</sup> |
| January 30, 2024 | 19539 | 0.1% | $25.43 | December 31, 2023 | $487 | 0 |

---

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

(2) Amounts shown net of Early Repurchase Deduction.

(3) All repurchases were satisfied in full.

**Debt**

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

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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

For the three and six months ended June 30, 2025 and 2024, the components of interest expense were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Amounts in thousands) | **Three Months Ended<br>June 30, 2025** | **Three Months <br>Ended<br>June 30,<br>2024** | **Six Months <br>Ended<br>June 30,<br>2025** | **Six Months <br>Ended<br>June 30,<br>2024** |
| Interest expense | $31333 | $18314 | $61960 | $32369 |
| Amortization of deferred financing costs | 1787 | 794 | 3570 | 1424 |
| (Gain) loss from interest rate swaps accounted for as hedges and related hedged items |  |  |  |  |
| Interest rate swaps | (5084) | 561 | (13695) | 1334 |
| Hedged items | 4569 |  | 12723 |  |
| **Total interest expense** | $32605 | $19669 | $64558 | $35127 |
| Average interest rate | 6.73% | 7.89% | 6.77% | 7.85% |
| Average daily borrowings | $1705966 | $913532 | $1707548 | $789318 |

---

**Credit Facilities**

*MSPV Credit Facility*

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") with Twin Brook Capital Funding XXXIII, LLC, as the transferor (the "Transferor"), AGTB Fund Manager, LLC, as the servicer, Morgan Stanley Asset Funding, Inc., as administrative agent, the lenders from time to time party thereto and The Bank of New York Mellon Trust Company, National Association, as the collateral agent, account bank and collateral custodian.

From time to time, the Transferor expects to sell and/or contribute certain investments to the MSPV Borrower. Proceeds from the MSPV Credit Facility will be used to finance the origination and acquisition of loans by the MSPV Borrower, including the purchase of such assets from the Transferor. The Company retains a residual interest in assets contributed to or acquired by the MSPV Borrower through its ownership of the MSPV Borrower. The MSPV Borrower is subject to meet financial covenants under the MSPV Credit Facility agreement. As of June 30, 2025 and December 31, 2024, the MSPV Borrower was in compliance with all such covenants.

The MSPV Borrower may, subject to the applicable prepayment premium, prepay the loans and/or terminate or reduce the revolving commitments under the MSPV Credit Facility at any time without penalty. 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. Prior to May 28, 2024, when the MSPV Credit Facility was amended, the Reinvestment Period terminated on June 17, 2025, the final maturity date was June 17, 2027, and the revolving loans were subject to an interest rate of Term SOFR plus 2.50% per annum during the Reinvestment Period and Term SOFR plus 3.00% per annum during the period following the Reinvestment Period. After the amendment on May 28, 2024, the MSPV Credit Facility permitted prepayment and release of collateral in connection with certain collateralized loan obligation transactions. The other material terms of the MSPV Credit Facility were unchanged.

*ASPV Credit Facility*

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"), with the Transferor, AGTB Fund Manager, LLC, as the collateral manager, Ally Bank, as administrative agent and arranger,

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<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

Computershare Trust Company, National Association, as the collateral custodian, and the lenders from time to time party thereto. On September 19, 2023 the ASPV Credit Facility was amended to appoint Western Alliance Trust Company, N.A., as the successor collateral custodian, and Computershare Trust Company, N.A. resigned as collateral custodian.

From time to time, the Transferor expects to sell and/or contribute certain investments to the ASPV Borrower. Proceeds from the ASPV Credit Facility will be used to finance the origination and acquisition of loans by the ASPV Borrower, including the purchase of such assets from the Transferor. The Company retains a residual interest in assets contributed to or acquired by the ASPV Borrower through its ownership of the ASPV Borrower.

The ASPV Credit Facility created a revolving loan facility with an initial maximum principal amount of $300 million, subject to availability under a borrowing base which consists primarily of commercial loans acquired by the ASPV Borrower from the Transferor, a wholly-owned subsidiary of the Company. The ASPV Borrower may, subject to the applicable prepayment premium, prepay the loans and/or terminate or reduce the revolving commitments under the ASPV Credit Facility at any time without penalty. The obligation of the lenders to make revolving commitments under the ASPV Credit Facility will terminate on December 12, 2025 (the "Reinvestment Period") with a scheduled final maturity date of December 12, 2027. The revolving loans will be subject to an interest rate of daily simple SOFR plus 2.875% per annum.

The ASPV Credit Facility is secured by all of the assets of the ASPV Borrower and a pledge of equity interests in the ASPV Borrower. The ASPV Borrower is subject to meet financial covenants under the ASPV Credit Facility agreement. As of June 30, 2025 and December 31, 2024, the ASPV Borrower was in compliance with all such covenants.

On August 9, 2024, ASPV Borrower entered into Amendment No. 1 to Loan, Security and Collateral Management Agreement (the "First Amendment"), by and among ASPV Borrower, as borrower, AGTB Fund Manager, LLC, as the collateral manager, Ally Bank, as administrative agent, and swingline lender, Western Alliance Trust Company, N.A., as the collateral custodian, and the lenders from time to time party thereto, which amends the Loan, Security and Collateral Management Agreement dated as of December 13, 2022.

The First Amendment amends the ASPV Credit Facility to, among other things: (i) increase the initial maximum principal amount from $300 million to $500 million, subject to availability under a borrowing base, (ii) reduce the interest rate on revolving loans from daily simple SOFR plus 2.875% per annum to daily simple SOFR plus 2.40% per annum and (iii) extend the termination date of the lenders' obligation to make revolving commitments under the ASPV Credit Facility from December 12, 2025 to August 9, 2027 and extend the final scheduled maturity date from December 12, 2027 to August 9, 2029.

*Truist Credit Facility*

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.

On August 16, 2024, the Truist Credit Facility was amended to, among other things: (i) increase the initial maximum principal amount from $300 million to $975 million, subject to availability under a borrowing base, (ii) increase the additional commitments that the Company may seek from new and existing lenders in the future, up to an aggregate facility size not to exceed $1,462,500,000, and (iii) extend the termination date of the lenders' obligation to make loans under the Truist Credit Facility from November 17, 2027 to August 16, 2028 and extend the final scheduled maturity date from November 17, 2028 to August 16, 2029.

The Company may prepay any class of loans and/or terminate or reduce the revolving commitments of any class under the Truist Credit Facility at any time without penalty. The revolving loans will be subject to an interest rate of, at the Company's option, adjusted term SOFR plus 2.00% or the alternate base rate plus 1.00%.

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 Truist Credit Facility is secured by all assets of the Company and the Guarantor. The Company is subject to financial covenants under the Truist Credit Facility agreement. As of June 30, 2025 and December 31, 2024, the Company was in compliance with all such covenants.

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As of June 30, 2025, there are approximately $277.3 million in borrowings outstanding on the ASPV Credit Facility, $360.0 million borrowings outstanding on the MSPV Credit Facility and $51.2 million in borrowings outstanding on the Truist Credit Facility. Borrowings under the Company's facilities are considered the Company's borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

The carrying values of borrowings outstanding under the debt facilities approximate fair value. As of June 30, 2025 and December 31, 2024, the asset coverage ratio was 206.1% and 188.3%, respectively.

*Private Placement Notes*

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.

Interest on the Tranche A Notes and the Tranche B Notes will be due semiannually on March 19 and September 19 of each year, beginning on September 19, 2024. The Tranche A Notes and the Tranche B Notes may be redeemed in whole or in part at any time or from time to time at the Company's option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the Tranche A Notes and the Tranche B Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The Tranche A Notes and the Tranche B Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured and unsubordinated indebtedness issued by 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.

On October 15, 2024, the Company entered into a First Supplement to the Master Note Purchase Agreement, governing the issuance of $400 million aggregate principal amount of Series B Notes consisting of (i) $85 million aggregate principal amount of 6.42% Series B Senior Notes, Tranche A, due October 15, 2028 (the "Series B Tranche A Notes"), (ii) $25 million aggregate principal amount of Series B Senior Notes, Tranche B, due October 15, 2029 to be issued at a floating rate (the "Series B Tranche B Notes"), and (iii) $290 million aggregate principal amount of 6.52% Series B Senior Notes, Tranche C, due October 15, 2029 (the "Series B Tranche C Notes," collectively with the Series B Tranche A Notes and Series B Tranche B Notes, the "Series B Notes"), to qualified institutional investors in a private placement. The Series B Tranche B Notes bear interest at a floating interest rate equal to three-month SOFR plus 3.24% per annum. The Series B Notes are guaranteed by Twin Brook Capital Funding XXXIII, LLC, a subsidiary of the Company. All of the Series B Tranche A Notes and the Series B Tranche B Notes and $100 million of the Series B Tranche C Notes were delivered and paid for on October 15, 2024. Of the remaining Series B Tranche C Notes, $100 million and $90 million were delivered and paid for on November 14, 2024 and December 12, 2024, respectively.

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 "Tranche A Notes"), and (ii) $75 million aggregate principal amount of 6.40% Series C Senior Notes, Tranche B, due June 30, 2030 (the "Tranche B Notes," together with the Tranche A Notes, the "Series C 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 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. All of the Tranche A Notes and the Tranche B Notes were delivered and paid for on June 30, 2025

As of June 30, 2025, the Company was in compliance with all covenants and other requirements of each of the Tranche A Notes, Tranche B Notes, and Tranche C Notes.

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Total debt consisted of the following as of June 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| (Amounts in thousands) | **Maximum Principal Amount<br>Committed** | **Principal Amount Outstanding** | **Principal Amount Available**<sup>(1)</sup> | **Carrying Value**<sup>(2)</sup> | **Assets Pledged as Collateral**<sup>(3)</sup> |
| ASPV Credit Facility | $500000 | $277300 | $46102 | $277300 | $503212 |
| MSPV Credit Facility | 500000 | 360000 | 100546 | 360000 | 737701 |
| Truist Credit Facility | 975000 | 51200 | 741165 | 51200 | 1830778 |
| Series A Tranche A Notes | 90000 | 90000 |  | 90349 |  |
| Series A Tranche B Notes | 150000 | 150000 |  | 151861 |  |
| Series B Tranche A Notes | 85000 | 85000 |  | 86025 |  |
| Series B Tranche B Notes | 25000 | 25000 |  | 25000 |  |
| Series B Tranche C Notes | 290000 | 290000 |  | 293962 |  |
| Series C Tranche A Notes | 25000 | 25000 |  | 25176 |  |
| Series C Tranche B Notes | 75000 | 75000 |  | 75049 |  |
| CLO Transaction | 369000 | 369000 |  | 369000 | 440845 |
| **Total** | $3084000 | $1797500 | $887813 | $1804922 | $3512536 |

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(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, 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| (Amounts in thousands) | **Maximum Principal Amount<br>Committed** | **Principal Amount Outstanding** | **Principal Amount Available**<sup>(1)</sup> | **Carrying Value** | **Assets Pledged as Collateral**<sup>(2)</sup> |
| ASPV Credit Facility | $500000 | $251300 | $69062 | $251300 | $493142 |
| MSPV Credit Facility | 500000 | 191400 | 101922 | 191400 | 505122 |
| Truist Credit Facility | 975000 | 299600 | 546860 | 299600 | 1639675 |
| Series A Tranche A Notes | 90000 | 90000 |  | 89732 |  |
| Series A Tranche B Notes | 150000 | 150000 |  | 148799 |  |
| Series B Tranche A Notes | 85000 | 85000 |  | 84330 |  |
| Series B Tranche B Notes | 25000 | 25000 |  | 25000 |  |
| Series B Tranche C Notes | 290000 | 290000 |  | 286838 |  |
| CLO Transaction | 369000 | 369000 |  | 369000 | 442629 |
| **Total** | $2984000 | $1751300 | $717844 | $1745999 | $3080569 |

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

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

**Debt Securitizations**

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.

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

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| | | | |
|:---|:---|:---|:---|
| | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| (Amounts in thousands) | **Principal Outstanding** | **Interest Rate** | **Credit Rating** |
| Class A Senior Secured Floating Rate Notes | $161000 | SOFR + 1.90% | AAA(sf) |
| Class A-L Senior Secured Floating Rate Loans | $100000 | SOFR + 1.90% | AAA(sf) |
| Class B Senior Secured Floating Rate Notes | $45000 | SOFR + 2.30% | AA(sf) |
| Class C Senior Secured Floating Rate Notes | $36000 | SOFR + 2.95% | A(sf) |
| Class D Senior Secured Floating Rate Notes | $27000 | SOFR + 4.95% | BBB(sf) |
| Equity Interests<sup>1</sup> | $76000 |  | Not Rated |
| **Total CLO Transaction** | $445000 |  |  |

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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, an 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 June 30, 2025 and December 31, 2024, the Company did not have borrowings under Short-Term Financing Transactions with a third party.

**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.

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As of June 30, 2025 and December 31, 2024, we had unfunded commitments, including delayed draw term loans and revolvers, with an aggregate principal amount of $902,712 million and $820,807 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 June 30, 2025 is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payment Due by Period** | **Payment Due by Period** | **Payment Due by Period** | **Payment Due by Period** | **Payment Due by Period** |
| (Amounts in millions) | **Total** | **Less than 1 year** | **1-3** | **3-5** | **More than 5 years** |
| ASPV Credit Facility | $277.3 | $— | $— | $277.3 | $— |
| MSPV Credit Facility | $360.0 | $— | $— | $360.0 | $— |
| Truist Credit Facility | $51.2 | $— | $— | $51.2 | $— |
| 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 | $1797.5 | $— | $90.0 | $1338.5 | $369.0 |

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**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 10-K for the year ended December 31, 2024, filed with the SEC on March 18, 2025, 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 and the war in Russia and Ukraine 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.

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***Valuation Risk***

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

***Interest Rate Risk***

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

As of June 30, 2025, 100% of our debt investments based on fair value in our portfolio were at floating rates. Our credit facilities bear interest at floating rates with no interest rate floor. Our unsecured notes, which bear interest at fixed rates, are hedged by fixed to floating interest rate swaps in order to align the interest rates of our liabilities with our investment portfolio.

Based on our Consolidated Statements of Assets and Liabilities as of June 30, 2025, 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:

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| | | | |
|:---|:---|:---|:---|
| (Amounts in millions) | **Interest Income** | **Interest Expense** | **Net Income** |
| Up 200 basis points | $71.0 | $21.2 | $49.8 |
| Up 100 basis points | $35.2 | $10.6 | $24.6 |
| Down 100 basis points | $(35.2) | $(10.6) | $(24.6) |
| Down 200 basis points | $(70.4) | $(21.2) | $(49.2) |

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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 our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

***Changes in Internal Controls over Financial Reporting***

There have been no changes in our internal control over financial reporting that occurred during the period ended June 30, 2025 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, 2024 filed with the SEC on March 18, 2025 which could materially affect our business, financial condition and/or operating results. The risks are not the only risks we face. Additional risks and uncertainties are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

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

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

The following table sets forth information regarding repurchases of our Common Shares pursuant to a tender offer during the three months ended June 30, 2025 (dollar amounts in thousands, except per share amounts).

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Tender Offer Expiration Date** | **Total Number of Shares Repurchased (all classes)** | **Percentage of Outstanding Shares Repurchased**<sup>(1)</sup> | **Price paid Per Share** | **Tender Offer Valuation Date** | **Amount Repurchased (all classes) (in thousands)**<sup>(2)</sup> | **Maximum number of shares that may yet be purchased under the repurchase plan**<sup>(3)</sup> |
| April 25, 2025 | 1248893 | 1.7% | $25.29 | March 31, 2025 | $31530 | 0 |

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(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.**

During the fiscal quarter ended June 30, 2025, none of our trustees or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement".

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**Item 6. Exhibits.**

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| | |
|:---|:---|
| **Exhibit No.** | &nbsp;&nbsp;&nbsp;&nbsp;**Description** |
| <u>[3.1](https://www.sec.gov/Archives/edgar/data/1913724/000191372425000015/a2024exhibit31.htm)</u> | <u>[Fifth Amended and Restated Agreement and Declaration of Trust, dated March 17, 2025 (incorporated by reference to Exhibit 3.1 to the Company's Annual Report on Form 10-K, filed with the SEC on March 18, 2025)](https://www.sec.gov/Archives/edgar/data/1913724/000191372425000015/a2024exhibit31.htm)</u> |
| <u>[3.2](https://www.sec.gov/Archives/edgar/data/1913724/000191372425000015/a2024exhibit32.htm)</u> | <u>[Fourth Amended and Restated Bylaws, dated March 17, 2025 (incorporated by reference to Exhibit 3.2 to the Company's Annual Report on Form 10-K, filed with the SEC on March 18, 2025)](https://www.sec.gov/Archives/edgar/data/1913724/000191372425000015/a2024exhibit32.htm)</u> |
| <u>[10.1](https://www.sec.gov/Archives/edgar/data/1913724/000191372425000060/exhibit101-npasupplementno2.htm)</u> | <u>[S](https://www.sec.gov/Archives/edgar/data/1913724/000191372425000060/exhibit101-npasupplementno2.htm)[econd Supplement to Master Note Pur](https://www.sec.gov/Archives/edgar/data/1913724/000191372425000060/exhibit101-npasupplementno2.htm)[chase Agreement](https://www.sec.gov/Archives/edgar/data/1913724/000191372425000060/exhibit101-npasupplementno2.htm)[(incorporated by reference to Exhibit 10.](https://www.sec.gov/Archives/edgar/data/1913724/000191372425000060/exhibit101-npasupplementno2.htm)[1](https://www.sec.gov/Archives/edgar/data/1913724/000191372425000060/exhibit101-npasupplementno2.htm)[to the Company](https://www.sec.gov/Archives/edgar/data/1913724/000191372425000060/exhibit101-npasupplementno2.htm)['](https://www.sec.gov/Archives/edgar/data/1913724/000191372425000060/exhibit101-npasupplementno2.htm)[s Current Report](https://www.sec.gov/Archives/edgar/data/1913724/000191372425000060/exhibit101-npasupplementno2.htm)[on F](https://www.sec.gov/Archives/edgar/data/1913724/000191372425000060/exhibit101-npasupplementno2.htm)[orm 8-K](https://www.sec.gov/Archives/edgar/data/1913724/000191372425000060/exhibit101-npasupplementno2.htm)[filed with the Securiti](https://www.sec.gov/Archives/edgar/data/1913724/000191372425000060/exhibit101-npasupplementno2.htm)[es and Exchange Commission on July 2](https://www.sec.gov/Archives/edgar/data/1913724/000191372425000060/exhibit101-npasupplementno2.htm)[, 2025](https://www.sec.gov/Archives/edgar/data/1913724/000191372425000060/exhibit101-npasupplementno2.htm)[)](https://www.sec.gov/Archives/edgar/data/1913724/000191372425000060/exhibit101-npasupplementno2.htm)</u> |
| <u>[31.1\*](exhibit311q1251.htm)</u> | <u>[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](exhibit311q1251.htm)</u> |
| <u>[31.2\*](exhibit312q1251.htm)</u> | <u>[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](exhibit312q1251.htm)</u> |
| <u>[32.1\*](exhibit321q1251.htm)</u> | <u>[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](exhibit321q1251.htm)</u> |
| <u>[32.2\*](exhibit322q1251.htm)</u> | <u>[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](exhibit322q1251.htm)</u> |

---

___________________

\*Filed herewith

------

<u>[**Table of Contents**](#i0806bb0f32364600b5bab6343dc9bfbb_7)</u>

**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 | TPG Twin Brook Capital Income Fund |
| August 11, 2025 | By: | /s/ Trevor Clark |
|  |  | Trevor Clark |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| August 11, 2025 | By: | /s/ Terrence Walters |
|  |  | Terrence Walters |
|  |  | Chief Financial Officer and Treasurer |
|  |  | (Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 31.1

Exhibit 31.1

<u>CERTIFICATIONS</u>

I, Trevor Clark, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of TPG Twin Brook Capital Income Fund (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: August 11, 2025 | By: | /s/ Trevor Clark |
|  | Trevor Clark | Trevor Clark |
|  | Chief Executive Officer and President | Chief Executive Officer and President |

---

## Exhibit 31.2

Exhibit 31.2

<u>CERTIFICATIONS</u>

I, Terrence Walters, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of TPG Twin Brook Capital Income Fund (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: August 11, 2025 | By: | /s/ Terrence Walters |
|  | Terrence Walters | Terrence Walters |
|  | Chief Financial Officer and Treasurer | Chief Financial Officer and Treasurer |

---

## Exhibit 32.1

Exhibit 32.1

**CERTIFICATIONS PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

**(18 U.S.C. SECTION 1350)**

In connection with the Quarterly Report of TPG Twin Brook Capital Income Fund, a Delaware statutory trust (the "Company"), on Form 10-Q for the quarter ended June 30, 2025, as filed with the Securities and Exchange Commission (the "Report"), Trevor Clark, Chief Executive Officer and President of the Company, does hereby certify, pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350), that to his knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ Trevor Clark |
| Trevor Clark |
| Chief Executive Officer and President |
| August 11, 2025 |

---

## Exhibit 32.2

Exhibit 32.2

**CERTIFICATIONS PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

**(18 U.S.C. SECTION 1350)**

In connection with the Quarterly Report of TPG Twin Brook Capital Income Fund, a Delaware statutory trust (the "Company"), on Form 10-Q for the quarter ended June 30, 2025, as filed with the Securities and Exchange Commission (the "Report"), Terrence Walters, Chief Financial Officer of the Company, does hereby certify, pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350), that to his knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ Terrence Walters |
| Terrence Walters |
| Chief Financial Officer and Treasurer |
| August 11, 2025 |

---

<br>