# EDGAR Filing Document

**Accession Number:** 0001913724
**File Stem:** 0001913724-26-000015
**Filing Date:** 2026-5
**Character Count:** 1018706
**Document Hash:** 18926998c81d9200c8b63d7138a589bd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001913724-26-000015.hdr.sgml**: 20260512

**ACCESSION NUMBER**: 0001913724-26-000015

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 85

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260512

**DATE AS OF CHANGE**: 20260512

**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:** 26969444

**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-20260331

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_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 March 31, 2026**

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

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| <u>[PART I](#i3de9d51f6be2434b83508e3770b04054_10)</u> | <u>[FINANCIAL INFORMATION](#i3de9d51f6be2434b83508e3770b04054_10)</u> | <u>[2](#i3de9d51f6be2434b83508e3770b04054_10)</u> |
| <u>[Item 1.](#i3de9d51f6be2434b83508e3770b04054_13)</u> | <u>[Financial Statements](#i3de9d51f6be2434b83508e3770b04054_13)</u> | <u>[2](#i3de9d51f6be2434b83508e3770b04054_13)</u> |
|  | <u>[Consolidated Statements of Assets and Liabilities as of](#i3de9d51f6be2434b83508e3770b04054_16)March 31, 2026[(Unaudited)](#i3de9d51f6be2434b83508e3770b04054_16) and December 31, 2025</u> | <u>[2](#i3de9d51f6be2434b83508e3770b04054_16)</u> |
|  | <u>[Consolidated Statements of Operations for the](#i3de9d51f6be2434b83508e3770b04054_19)Three Months Ended March 31, 2026 and 2025 (Unaudited)</u> | <u>[4](#i3de9d51f6be2434b83508e3770b04054_19)</u> |
|  | <u>[Consolidated Statements of Changes in Net Assets for the](#i3de9d51f6be2434b83508e3770b04054_25)Three Months Ended March 31, 2026 and 2025 (Unaudited)</u> | <u>[6](#i3de9d51f6be2434b83508e3770b04054_25)</u> |
|  | <u>[Consolidated Statements of Cash Flows for the](#i3de9d51f6be2434b83508e3770b04054_22)Three Months Ended March 31, 2026 and 2025 (Unaudited)</u> | <u>[7](#i3de9d51f6be2434b83508e3770b04054_22)</u> |
|  | <u>[Consolidated Schedules of Investments as of](#i3de9d51f6be2434b83508e3770b04054_28)March 31, 2026[(Unaudited)](#i3de9d51f6be2434b83508e3770b04054_28) and December 31, 2025</u>  | <u>[9](#i3de9d51f6be2434b83508e3770b04054_28)</u> |
|  | <u>[Notes to Consolidated Financial Statements (Unaudited)](#i3de9d51f6be2434b83508e3770b04054_40)</u> | <u>[73](#i3de9d51f6be2434b83508e3770b04054_40)</u> |
| <u>[Item 2.](#i3de9d51f6be2434b83508e3770b04054_82)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i3de9d51f6be2434b83508e3770b04054_82)</u> | <u>[113](#i3de9d51f6be2434b83508e3770b04054_82)</u> |
| <u>[Item 3.](#i3de9d51f6be2434b83508e3770b04054_124)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i3de9d51f6be2434b83508e3770b04054_124)</u> | <u>[133](#i3de9d51f6be2434b83508e3770b04054_124)</u> |
| <u>[Item 4.](#i3de9d51f6be2434b83508e3770b04054_127)</u> | <u>[Controls and Procedures](#i3de9d51f6be2434b83508e3770b04054_127)</u> | <u>[133](#i3de9d51f6be2434b83508e3770b04054_127)</u> |
| <u>[PART II](#i3de9d51f6be2434b83508e3770b04054_130)</u> | <u>[OTHER INFORMATION](#i3de9d51f6be2434b83508e3770b04054_130)</u> | <u>[135](#i3de9d51f6be2434b83508e3770b04054_130)</u> |
| <u>[Item 1.](#i3de9d51f6be2434b83508e3770b04054_133)</u> | <u>[Legal Proceedings](#i3de9d51f6be2434b83508e3770b04054_133)</u> | <u>[135](#i3de9d51f6be2434b83508e3770b04054_133)</u> |
| <u>[Item 1A.](#i3de9d51f6be2434b83508e3770b04054_136)</u> | <u>[Risk Factors](#i3de9d51f6be2434b83508e3770b04054_136)</u> | <u>[135](#i3de9d51f6be2434b83508e3770b04054_136)</u> |
| <u>[Item 2.](#i3de9d51f6be2434b83508e3770b04054_139)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i3de9d51f6be2434b83508e3770b04054_139)</u> | <u>[135](#i3de9d51f6be2434b83508e3770b04054_139)</u> |
| <u>[Item 3.](#i3de9d51f6be2434b83508e3770b04054_142)</u> | <u>[Defaults Upon Senior Securities](#i3de9d51f6be2434b83508e3770b04054_142)</u> | <u>[135](#i3de9d51f6be2434b83508e3770b04054_142)</u> |
| <u>[Item 4.](#i3de9d51f6be2434b83508e3770b04054_145)</u> | <u>[Mine Safety Disclosures](#i3de9d51f6be2434b83508e3770b04054_145)</u> | <u>[135](#i3de9d51f6be2434b83508e3770b04054_145)</u> |
| <u>[Item 5.](#i3de9d51f6be2434b83508e3770b04054_148)</u> | <u>[Other Information](#i3de9d51f6be2434b83508e3770b04054_148)</u> | <u>[135](#i3de9d51f6be2434b83508e3770b04054_148)</u> |
| <u>[Item 6.](#i3de9d51f6be2434b83508e3770b04054_151)</u> | <u>[Exhibits](#i3de9d51f6be2434b83508e3770b04054_151)</u> | <u>[137](#i3de9d51f6be2434b83508e3770b04054_151)</u> |
| <u>[Signatures](#i3de9d51f6be2434b83508e3770b04054_154)</u> | <u>[Signatures](#i3de9d51f6be2434b83508e3770b04054_154)</u> | <u>[138](#i3de9d51f6be2434b83508e3770b04054_154)</u> |

---

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_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, 2025** |
| | **March 31, 2026**<br>**(Unaudited)** | **December 31, 2025** |
| **Assets** | | |
| Investments at fair value: |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments at fair value (amortized cost of $4,393,198 and $4,190,298, respectively) | $4382413 | $4174054 |
| &nbsp;&nbsp;Non-controlled/affiliated investments at fair value (amortized cost of $86,501 and $87,345, respectively) | 98605 | 103670 |
| Cash (restricted cash of $51,705 and $85,873, respectively) | 125263 | 162795 |
| Cash equivalents | 7006 | 22007 |
| Deferred financing costs | 26991 | 27232 |
| Interest receivable | 17220 | 17997 |
| Unrealized gain on derivative contracts | 2167 | 3552 |
| Other assets | 1094 | 781 |
| Deferred offering costs | 1188 | 402 |
| Prepaid expenses | 113 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $4662060 | $4512768 |
| **Liabilities** |  |  |
| Debt (Note 5) | $2008483 | $2031988 |
| Payable for share repurchase | 30864 | 21115 |
| Interest payable | 21827 | 27830 |
| Dividend payable | 20245 | 18959 |
| Income incentive fee payable | 8227 | 7758 |
| Management fees payable | 7549 | 6880 |
| Unrealized loss on derivative contracts | 5416 | 2672 |
| Accrued expenses and other liabilities payable to affiliate | 3563 | 4029 |
| Deferred tax liability | 3013 | 3937 |
| Deferred income | 2967 | 2710 |
| Capital gains incentive fee payable | 344 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | $2112498 | $2127878 |
| Commitments and contingencies (Note 8) |  |  |
| **Net assets** |  |  |
| Common shares $0.001 par value, unlimited shares authorized; 101,100,349 and 94,659,223 shares issued and outstanding, respectively | $101 | $95 |
| Additional paid-in-capital | 2538420 | 2389737 |
| Total distributable earnings (loss) | 11041 | (4942) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net assets** | 2549562 | 2384890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and net assets** | $4662060 | $4512768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net asset value per share** | $25.22 | $25.19 |

---

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

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_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, 2025** |
| | **March 31, 2026**<br>**(Unaudited)** | **December 31, 2025** |
| <u>Net Asset Value per Share</u> |  |  |
| **Class I Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $2250167 | $2104653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common shares $0.001 par value, unlimited shares authorized | 89225755 | 83536270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $25.22 | $25.19 |
| **Class S Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $296270 | $277290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common shares $0.001 par value, unlimited shares authorized | 11748271 | 11005998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $25.22 | $25.19 |
| **Class D Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $3186 | $2947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common shares $0.001 par value, unlimited shares authorized | 126323 | 116955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $25.22 | $25.19 |

---

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

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_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>March 31,<br>2026 | **Three Months <br>Ended<br>March 31,<br>2025** |
| **Investment income** |  |  |
| Investment income from non-controlled, non-affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $106023 | $86544 |
| &nbsp;&nbsp;&nbsp;Payment-in-kind interest | 1448 | 967 |
| &nbsp;&nbsp;&nbsp;Other | 1728 | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income from non-controlled, non-affiliated investments: | 109199 | 88855 |
| Investment income from non-controlled, affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | 440 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income from non-controlled, affiliated investments | 440 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 109639 | 88855 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $32491 | $31953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income incentive fees<sup>(1)</sup> | 8227 | 6086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains incentive fees<sup>(1)</sup> | 344 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees<sup>(1)</sup> | 7549 | 4922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1666 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 675 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative fees<sup>(1)</sup> | 508 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs | 419 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting fees | 180 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 172 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | 58 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and shareholder servicing fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 610 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class D | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 52901 | 46147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and shareholder servicing fees waived |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S |  | (74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class D |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net expenses** | 52901 | 46072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss) before taxes** | $56738 | $42783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred federal tax provision<sup>(2)</sup> | (924) | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current federal tax<sup>(2)</sup> | 1023 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss) after taxes** | $56639 | $42416 |
| **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 | (1305) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments | 4797 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | (6) | 47 |
| Net change in unrealized gain (loss) on investment transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | 5459 | (1413) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments | (4221) | 1599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps and options | 262 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | 9 | (45) |

---

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

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net realized and change in unrealized gain (loss) on investment transactions** | 4995 | 1017 |
| **Net increase (decrease) in net assets resulting from operations** | $61634 | $43433 |

---

*(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**](#i3de9d51f6be2434b83508e3770b04054_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>March 31,<br>2026** | **Three Months <br>Ended<br>March 31,<br>2025** |
| **Increase (decrease) in net assets resulting from operations** | | |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $56639 | $42416 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 3486 | 440 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized gain (loss) | 1509 | 577 |
| **Net increase (decrease) in net assets resulting from operations** | 61634 | 43433 |
| **Dividends** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (52850) | (40652) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | (6314) | (3061) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class D | (72) | (50) |
| **Net increase (decrease) in net assets resulting from dividends** | (59236) | (43763) |
| **Capital share transactions** |  |  |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 157878 | 137433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share transfers between classes | 513 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | 14502 | 9272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (29556) | (6464) |
| **Class S** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 17614 | 45531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share transfers between classes | (513) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | 2908 | 1646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (1308) | (55) |
| **Class D** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 216 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share transfers between classes |  | (76) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | 20 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction |  | (50) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | 162274 | 187620 |
| **Total increase (decreases) in net assets** | 164672 | 187290 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, at beginning of period | 2384890 | 1541232 |
| **Net assets, at end of period** | $2549562 | $1728522 |

---

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

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

 **TPG Twin Brook Capital Income Fund**

**Consolidated Statements of Cash Flows**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months <br>Ended<br>March 31,<br>2026** | **Three Months <br>Ended<br>March 31,<br>2025** |
| **Cash flows from operating activities** | | |
| Net increase (decrease) in net assets resulting from operations | $61634 | $43433 |
| 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 | (3492) | (393) |
| &nbsp;&nbsp;&nbsp;Net realized (gain) loss on foreign currency forward contracts | 6 | (47) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | (1238) | (186) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on foreign currency forward contracts | (9) | 45 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on interest rate swaps and options, inclusive of hedging effects | (873) | (892) |
| &nbsp;&nbsp;&nbsp;Net accretion on debt instruments | (4898) | (4511) |
| &nbsp;&nbsp;&nbsp;Net paydown gain on debt instruments | (2102) | (536) |
| &nbsp;&nbsp;&nbsp;Interest received in-kind | (1448) | (967) |
| &nbsp;&nbsp;&nbsp;Purchases and drawdowns of investments | (417470) | (318737) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales and paydowns of investments | 227354 | 102082 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 1799 | 1783 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred offering costs | 419 | 612 |
| Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;(Increase) decrease in interest receivable | 777 | 189 |
| &nbsp;&nbsp;&nbsp;(Increase) decrease in other assets | (313) | 545 |
| &nbsp;&nbsp;&nbsp;(Increase) decrease in prepaid expenses | 165 | 483 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in interest payable | (6003) | (14909) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in accrued expenses and other liabilities payable to affiliate | (466) | (230) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in income incentive fees payable | 469 | 621 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in management fees payable | 669 | 344 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in deferred tax liability | (924) | 280 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in deferred income | 257 | (102) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in capital gains incentive fees payable | 344 |  |
| &nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | (145343) | (191093) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends paid | (40520) | (32468) |
| &nbsp;&nbsp;&nbsp;Payments for repurchase of common shares | (21115) | (6564) |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common shares | 175708 | 183251 |
| &nbsp;&nbsp;&nbsp;Borrowings on debt | 235500 | 363700 |
| &nbsp;&nbsp;&nbsp;Payments on debt | (254000) | (398000) |
| &nbsp;&nbsp;&nbsp;Payments for deferred financing costs | (1558) | (502) |
| &nbsp;&nbsp;&nbsp;Payments for deferred offering costs | (1205) | (550) |
| **Net cash provided by financing activities** | 92810 | 108867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in cash | (52533) | (82226) |
| **Cash, cash equivalents and restricted cash** |  |  |

---

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

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

---

| | | |
|:---|:---|:---|
| | **Three Months <br>Ended<br>March 31,<br>2026** | **Three Months <br>Ended<br>March 31,<br>2025** |
| Cash, cash equivalents and restricted cash, beginning of period | 184802 | 161064 |
| Cash, cash equivalents and restricted cash, end of period | $132269 | $78838 |
| **Supplemental and non-cash information** |  |  |
| Distributions reinvested | $17430 | $10933 |
| Cash paid during the period for interest | $37314 | $45535 |
| Dividends payable | $20245 | $14964 |
| The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated statements of assets and liabilities: |  |  |
| Cash and cash equivalents | $80564 | $27703 |
| Restricted cash | 51705 | 51135 |
| Total cash, cash equivalents and restricted cash | $132269 | $78838 |

---

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 March 31, 2026** 

**(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% | 8.67% | 5/6/2025 | 7/29/2030 | $2610 | $(16) | $(11) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AlphaCoin LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.67% | 7/29/2024 | 7/29/2030 | 3005 | 2959 | 2992 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AlphaCoin LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 7/29/2024 | 7/29/2030 | 4509 | (65) | (50) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AlphaCoin LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 7/29/2024 | 7/29/2030 | 18469 | 18181 | 18265 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AlphaCoin LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 5/6/2025 | 7/29/2030 | 1900 | 1875 | 1879 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mattco Forge, Inc | First lien senior secured revolving loan | S + | 5.25% | 8.95% | 12/19/2024 | 12/19/2030 | 3691 | 2417 | 2423 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mattco Forge, Inc | First lien senior secured term loan | S + | 5.25% | 8.95% | 12/19/2024 | 12/19/2030 | 37761 | 37294 | 37353 | 1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Holdco, LLC (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 8.42% | 6/13/2025 | 6/13/2031 | 3624 | (47) | (41) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Holdco, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 6/13/2025 | 6/13/2031 | 6089 | (79) | (69) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Holdco, LLC | First lien senior secured term loan | S + | 4.75% | 8.42% | 6/13/2025 | 6/13/2031 | 24453 | 24127 | 24172 | 0.95% |
|  |  |  |  |  |  |  |  | 86646 | 86913 | 3.43% |
| &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 + | 7.25% | 11.19% | 6/21/2022 | 6/21/2028 | $3557 | $353 | $350 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Load One Purchaser Corporation | First lien senior secured term loan | S + | 0.25% + 7.00% PIK | 11.21% | 10/23/2024 | 6/21/2028 | 1017 | 998 | 1001 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Load One Purchaser Corporation | First lien senior secured term loan | S + | 0.25% + 7.00% PIK | 11.21% | 6/21/2022 | 6/21/2028 | 14529 | 14277 | 14288 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Load One Purchaser Corporation | First lien senior secured term loan | 12.00% | 12.00% | 12.00% | 11/21/2025 | 6/21/2027 | 49 | 49 | 48 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zipline Logistics, LLC | First lien senior secured revolving loan | S + | 3.00% + 3.00% PIK | 9.78% | 9/19/2022 | 9/19/2027 | 1739 | 1308 | 890 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zipline Logistics, LLC | First lien senior secured term loan | S + | 3.00% + 3.00% PIK | 9.78% | 9/19/2022 | 9/19/2027 | 6993 | 6881 | 5215 | 0.20% |
|  |  |  |  |  |  |  |  | 23866 | 21792 | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto components** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.P.A. Industries, LLC (9) | First lien senior secured revolving loan | S + | 5.25% | 8.92% | 1/10/2023 | 1/10/2028 | $1979 | $272 | $282 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.P.A. Industries, LLC | First lien senior secured term loan | S + | 5.25% | 8.92% | 1/10/2023 | 1/10/2028 | 14169 | 13997 | 14063 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AirPro Diagnostics, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.92% | 2/21/2025 | 2/21/2030 | 3163 | 8 | 13 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AirPro Diagnostics, LLC | First lien senior secured revolving loan | S + | 5.25% | 8.92% | 2/21/2025 | 2/21/2030 | 1822 | 1072 | 1074 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AirPro Diagnostics, LLC | First lien senior secured term loan | S + | 5.25% | 8.92% | 2/21/2025 | 2/21/2030 | 8456 | 8356 | 8365 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvCarb, LLC | First lien senior secured delayed draw term loan | S + | 2.00% + 5.00% PIK | 10.96% | 7/28/2023 | 11/12/2026 | 258 | 255 | 208 | 0.01% |

---

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

------

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

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of March 31, 2026** 

**(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;AvCarb, LLC | First lien senior secured revolving loan | S + | 7.00% | 10.95% | 7/28/2023 | 11/12/2026 | 38 | 37 | 30 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvCarb, LLC | First lien senior secured term loan | S + | 2.00% + 5.00% PIK | 10.96% | 7/28/2023 | 11/12/2026 | 550 | 546 | 444 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bestop, Inc (6) | First lien senior secured revolving loan | S + | 5.50% | 9.20% | 3/29/2024 | 3/29/2029 | 7081 | (92) | (82) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bestop, Inc | First lien senior secured term loan | S + | 5.50% | 9.20% | 3/29/2024 | 3/29/2029 | 43471 | 42851 | 42970 | 1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSC ASI Buyer, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.70% | 12/31/2024 | 12/31/2027 | 3661 | (21) | (18) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSC ASI Buyer, LLC | First lien senior secured term loan | S + | 5.00% | 8.70% | 12/31/2024 | 12/31/2027 | 29452 | 29280 | 29308 | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raneys, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.20% | 2/17/2023 | 6/7/2027 | 4774 | 4739 | 4744 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raneys, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.20% | 6/7/2022 | 6/7/2027 | 1964 | (13) | (11) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raneys, LLC | First lien senior secured term loan | S + | 5.50% | 9.20% | 6/7/2022 | 6/7/2027 | 13282 | 13179 | 13199 | 0.52% |
|  |  |  |  |  |  |  |  | 114466 | 114589 | 4.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building products** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Anchors Group Inc | First lien senior secured delayed draw term loan | S + | 5.25% | 8.95% | 12/31/2025 | 12/31/2026 | $2139 | $2118 | $2115 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Anchors Group Inc | First lien senior secured revolving loan | S + | 5.25% | 8.93% | 7/15/2024 | 7/15/2029 | 4338 | 1230 | 1254 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Anchors Group Inc | First lien senior secured term loan | S + | 5.25% | 8.95% | 7/15/2024 | 7/15/2029 | 20745 | 20379 | 20513 | 0.80% |
|  |  |  |  |  |  |  |  | 23727 | 23882 | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. P. Nonweiler Co. Inc (6) | First lien senior secured revolving loan | S + | 5.00% | 8.70% | 9/30/2025 | 9/30/2030 | $1523 | $(21) | (18) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. P. Nonweiler Co. Inc | First lien senior secured term loan | S + | 5.00% | 8.70% | 9/30/2025 | 9/30/2030 | 13013 | 12836 | 12860 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AM Buyer, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 3/6/2025 | 5/1/2027 | 851 | (3) | $(2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AM Buyer, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 3/6/2025 | 5/1/2027 | 4280 | 4263 | 4267 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Answer Acquisition, LLC | First lien senior secured revolving loan | S + | 6.00% | 9.85% | 7/28/2023 | 6/30/2028 | 759 | 297 | 297 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Answer Acquisition, LLC | First lien senior secured term loan | S + | 6.00% | 9.85% | 7/28/2023 | 6/30/2028 | 1643 | 1635 | 1629 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Answer Acquisition, LLC | First lien senior secured term loan | S + | 6.00% | 9.85% | 1/16/2024 | 6/30/2028 | 841 | 835 | 833 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Answer Acquisition, LLC | First lien senior secured term loan | S + | 6.00% | 9.85% | 6/7/2024 | 6/30/2028 | 9798 | 9708 | 9713 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custom Agronomics Holdings, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 10.28% | 8/30/2022 | 8/30/2027 | 2976 | 1466 | 1476 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custom Agronomics Holdings, LLC | First lien senior secured term loan | S + | 6.50% | 10.46% | 9/25/2025 | 8/30/2027 | 488 | 486 | 486 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custom Agronomics Holdings, LLC | First lien senior secured term loan | S + | 6.50% | 10.46% | 3/25/2024 | 8/30/2027 | 2485 | 2466 | 2475 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custom Agronomics Holdings, LLC | First lien senior secured term loan | S + | 6.50% | 10.46% | 8/30/2022 | 8/30/2027 | 4030 | 3998 | 4013 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fralock Buyer LLC | First lien senior secured term loan | S + | 6.00% | 9.70% | 3/25/2026 | 9/30/2026 | 333 | 331 | 332 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polycorp Ltd | First lien senior secured delayed draw term loan | S + | 4.75% | 8.42% | 1/24/2024 | 1/24/2030 | 10063 | 9922 | 9957 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polycorp Ltd (6) | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 1/24/2024 | 1/24/2030 | 3723 | (55) | (39) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polycorp Ltd | First lien senior secured term loan | S + | 4.75% | 8.42% | 1/24/2024 | 1/24/2030 | 17827 | 17585 | 17639 | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polycorp Ltd | First lien senior secured term loan | S + | 4.75% | 8.42% | 2/28/2025 | 1/24/2030 | 5324 | 5259 | 5268 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teel Plastics, LLC | First lien senior secured revolving loan | S + | 3.75% | 10.50% | 4/22/2025 | 4/22/2030 | 3909 | 750 | 757 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teel Plastics, LLC | First lien senior secured term loan | S + | 4.75% | 8.45% | 4/22/2025 | 4/22/2030 | 31503 | 31228 | 31289 | 1.23% |
|  |  |  |  |  |  |  |  | 102986 | 103232 | 4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial services and supplies** |  |  |  |  |  |  |  |  |  |  |

---

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 March 31, 2026** 

**(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;Alliance Environmental Group, LLC | First lien senior secured delayed draw term loan | S + | 7.00% | 10.96% | 7/28/2023 | 12/30/2027 | $62 | $59 | $24 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliance Environmental Group, LLC | First lien senior secured revolving loan | S + | 7.00% | 10.96% | 6/17/2025 | 12/30/2027 | 8 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliance Environmental Group, LLC | First lien senior secured revolving loan | S + | 7.00% | 10.96% | 7/28/2023 | 12/30/2027 | 41 | 36 | 11 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliance Environmental Group, LLC | First lien senior secured term loan | S + | 7.00% | 10.96% | 7/28/2023 | 12/30/2027 | 2468 | 2357 | 946 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capstone Mechanical LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.70% | 11/20/2025 | 11/20/2030 | 6161 | (72) | (60) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capstone Mechanical LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.70% | 11/20/2025 | 11/20/2030 | 1492 | (17) | (15) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capstone Mechanical LLC | First lien senior secured term loan | S + | 5.00% | 8.70% | 11/20/2025 | 11/20/2030 | 2494 | 2465 | 2470 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franchise Fastlane, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.28% | 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 + | 5.50% | 9.28% | 7/28/2023 | 5/2/2027 | 7194 | 7122 | 7122 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold Medal Holdings, Inc | First lien senior secured delayed draw term loan | S + | 5.75% | 9.45% | 6/14/2024 | 3/17/2027 | 2825 | 965 | 967 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold Medal Holdings, Inc (10) | First lien senior secured revolving loan | S + | 5.75% | 9.45% | 7/28/2023 | 3/17/2027 | 1444 | 476 | 477 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold Medal Holdings, Inc | First lien senior secured term loan | S + | 5.75% | 9.45% | 7/28/2023 | 3/17/2027 | 11932 | 11885 | 11891 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Monster Acquisition, LLC | First lien senior secured revolving loan | S + | 6.00% | 10.43% | 7/28/2023 | 12/28/2026 | 38 | 20 | 20 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Monster Acquisition, LLC | First lien senior secured term loan | S + | 6.00% | 9.93% | 7/28/2023 | 12/28/2026 | 1131 | 1128 | 1127 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative Discovery Acquisition, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 12/31/2025 | 12/31/2030 | 8901 | (63) | (33) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative Discovery Acquisition, LLC (6)(11) | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 12/31/2025 | 12/31/2030 | 389 | (6) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative Discovery Acquisition, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 12/31/2025 | 12/31/2030 | 16876 | 16639 | 16750 | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nimlok Company, LLC (6)(12) | First lien senior secured revolving loan | S + | 5.25% | 8.92% | 11/3/2025 | 11/27/2028 | 1498 | (10) | (7) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nimlok Company, LLC | First lien senior secured term loan | S + | 5.25% | 8.92% | 11/3/2025 | 11/27/2028 | 30351 | 30178 | 30213 | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polaris Labs Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.70% | 9/17/2024 | 9/17/2029 | 2123 | (30) | (27) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polaris Labs Acquisition, LLC | First lien senior secured term loan | S + | 5.00% | 8.70% | 9/17/2024 | 9/17/2029 | 6361 | 6268 | 6278 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRA Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 10.35% | 7/28/2023 | 5/12/2028 | 56 | (1) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRA Acquisition, LLC | First lien senior secured term loan | S + | 6.50% | 10.35% | 7/28/2023 | 5/12/2028 | 557 | 551 | 550 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precision Point Metrics, Inc | First lien senior secured delayed draw term loan | S + | 5.00% | 8.70% | 7/1/2025 | 7/1/2031 | 7240 | 4100 | 4114 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precision Point Metrics, Inc | First lien senior secured revolving loan | S + | 4.00% | 10.75% | 7/1/2025 | 7/1/2031 | 2030 | 379 | 383 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precision Point Metrics, Inc | First lien senior secured term loan | S + | 5.00% | 8.70% | 7/1/2025 | 7/1/2031 | 8095 | 7987 | 8001 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quality Liaison Services of North America, Inc | First lien senior secured revolving loan | S + | 6.00% | 9.82% | 5/2/2023 | 5/2/2028 | 1629 | 696 | 697 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quality Liaison Services of North America, Inc | First lien senior secured term loan | S + | 6.00% | 9.82% | 5/2/2023 | 5/2/2028 | 12167 | 12016 | 12018 | 0.47% |
| &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% | 8.68% | 1/2/2025 | 1/2/2030 | 5437 | 4587 | 4594 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rapid Fire Safety and Security, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.69% | 2/27/2026 | 1/2/2030 | 10576 | (129) | (129) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rapid Fire Safety and Security, LLC | First lien senior secured revolving loan | S + | 5.00% | 8.70% | 1/2/2025 | 1/2/2030 | 1885 | 1106 | 1108 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rapid Fire Safety and Security, LLC | First lien senior secured term loan | S + | 5.00% | 8.69% | 1/2/2025 | 1/2/2030 | 4554 | 4492 | 4498 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superscapes Holdco, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.20% | 4/7/2025 | 4/7/2030 | 2166 | (26) | (23) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superscapes Holdco, LLC | First lien senior secured term loan | S + | 5.50% | 9.20% | 4/7/2025 | 4/7/2030 | 17773 | 17550 | 17579 | 0.69% |

---

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 March 31, 2026** 

**(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;TCG Services, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 7/31/2025 | 7/31/2031 | 7250 | (48) | (34) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCG Services, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 7/31/2025 | 7/31/2031 | 2030 | (27) | (24) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCG Services, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 7/31/2025 | 7/31/2031 | 7394 | 7295 | 7310 | 0.29% |
|  |  |  |  |  |  |  |  | 139928 | 138792 | 5.47% |
| &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 + | 4.75% | 8.42% | 1/7/2025 | 1/7/2031 | $2890 | $(34) | $(30) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AKS Engineering and Forestry, LLC | First lien senior secured term loan | S + | 4.75% | 8.42% | 1/7/2025 | 1/7/2031 | 19777 | 19536 | 19568 | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AKS Engineering and Forestry, LLC | First lien senior secured term loan | S + | 4.75% | 8.42% | 10/2/2025 | 1/7/2031 | 4268 | 4210 | 4223 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp | First lien senior secured delayed draw term loan | S + | 5.75% | 9.45% | 7/28/2023 | 12/14/2027 | 1426 | 1416 | 1419 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp (6) | First lien senior secured delayed draw term loan | S + | 5.75% | 9.45% | 10/10/2024 | 12/14/2027 | 6588 | (35) | (30) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp | First lien senior secured revolving loan | S + | 5.75% | 9.42% | 7/28/2023 | 12/14/2027 | 2447 | 255 | 258 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp | First lien senior secured term loan | S + | 5.75% | 9.45% | 7/28/2023 | 12/14/2027 | 5855 | 5817 | 5828 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp | First lien senior secured term loan | S + | 5.75% | 9.45% | 10/10/2024 | 12/14/2027 | 10845 | 10786 | 10795 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Construction, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.56% | 6/30/2025 | 10/22/2026 | 3161 | 3140 | 3140 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Construction, LLC | First lien senior secured term loan | S + | 5.75% | 9.56% | 6/30/2025 | 10/22/2026 | 5974 | 5934 | 5931 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHS Holdco, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.60% | 5/27/2025 | 5/27/2031 | 18061 | 7656 | 7687 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHS Holdco, LLC (13) | First lien senior secured revolving loan | S + | 5.00% | 8.62% | 5/27/2025 | 5/27/2031 | 6089 | 5705 | 5716 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHS Holdco, LLC | First lien senior secured term loan | S + | 5.00% | 8.60% | 5/27/2025 | 5/27/2031 | 17984 | 17736 | 17776 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Restoration Intermediary Holdings, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.92% | 1/31/2025 | 1/31/2030 | 2489 | 707 | 710 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Restoration Intermediary Holdings, LLC | First lien senior secured revolving loan | S + | 5.25% | 8.92% | 1/31/2025 | 1/31/2030 | 1218 | 514 | 515 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Restoration Intermediary Holdings, LLC | First lien senior secured term loan | S + | 5.25% | 8.92% | 1/31/2025 | 1/31/2030 | 6905 | 6801 | 6807 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highland Acquisition, Inc | First lien senior secured revolving loan | S + | 5.75% | 10.11% | 7/28/2023 | 3/9/2027 | 2213 | 978 | 977 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highland Acquisition, Inc | First lien senior secured term loan | S + | 5.75% | 9.42% | 7/28/2023 | 3/9/2027 | 10712 | 10625 | 10621 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ironhorse Purchaser, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.95% | 9/30/2022 | 9/30/2027 | 8186 | 8138 | 8141 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ironhorse Purchaser, LLC (6)(14) | First lien senior secured revolving loan | S + | 5.25% | 8.95% | 9/30/2022 | 9/30/2027 | 5813 | (42) | (33) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ironhorse Purchaser, LLC | First lien senior secured term loan | S + | 5.25% | 8.95% | 9/30/2022 | 9/30/2027 | 29251 | 29048 | 29068 | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Buyer, LLC (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 8.45% | 1/3/2025 | 1/3/2030 | 7615 | (115) | (105) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Buyer, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.45% | 1/3/2025 | 1/3/2030 | 1884 | (28) | (26) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Buyer, LLC | First lien senior secured term loan | S + | 4.75% | 8.45% | 1/3/2025 | 1/3/2030 | 9009 | 8869 | 8879 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.67% | 11/27/2024 | 11/7/2029 | 3705 | 3663 | 3654 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 11/7/2022 | 11/7/2029 | 8626 | 2180 | 2205 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 5/1/2024 | 11/7/2029 | 1763 | 1736 | 1746 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 11/27/2024 | 11/7/2029 | 12991 | 12849 | 12863 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 11/7/2022 | 11/7/2029 | 17031 | 16765 | 16863 | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 3/10/2026 | 11/7/2029 | 2005 | 1986 | 1985 | 0.08% |

---

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 March 31, 2026** 

**(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** |
|  |  |  |  |  |  |  |  | 186796 | 187151 | 7.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Containers and packaging** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulk Lift International, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.75% | 9.42% | 3/2/2026 | 11/15/2029 | $9278 | $(68) | $(68) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulk Lift International, LLC | First lien senior secured revolving loan | S + | 5.75% | 9.42% | 3/2/2026 | 11/15/2029 | 2529 | 234 | 234 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulk Lift International, LLC | First lien senior secured term loan | S + | 5.75% | 9.45% | 3/2/2026 | 11/15/2029 | 16061 | 15942 | 15941 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative FlexPak, LLC | First lien senior secured delayed draw term loan | 20.00% PIK | 20.00% PIK | 20.00% | 7/31/2025 | 1/23/2027 | 475 | 331 | 88 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative FlexPak, LLC | First lien senior secured revolving loan | S + | 7.00% | 10.78% | 7/28/2023 | 1/23/2027 | 627 | 496 | 217 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative FlexPak, LLC | First lien senior secured term loan | S + | 7.00% | 10.78% | 7/28/2023 | 1/23/2027 | 2616 | 2274 | 1108 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative FlexPak, LLC | First lien senior secured term loan | 20.00% PIK | 20.00% PIK | 20.00% | 7/28/2023 | 1/23/2027 | 941 | 511 | 399 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johns Byrne LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 9.95% | 8/31/2023 | 8/31/2029 | 2568 | 2532 | 2534 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johns Byrne LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 9.95% | 8/31/2023 | 8/31/2029 | 1460 | (21) | (20) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johns Byrne LLC | First lien senior secured term loan | S + | 6.25% | 9.95% | 8/31/2023 | 8/31/2029 | 9252 | 9107 | 9113 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K-1 Packaging Group LLC | First lien senior secured revolving loan | S + | 6.25% | 10.21% | 10/6/2022 | 10/6/2027 | 6748 | 877 | 879 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K-1 Packaging Group LLC | First lien senior secured term loan | S + | 6.25% | 10.21% | 10/6/2022 | 10/6/2027 | 30686 | 30411 | 30433 | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRC Keeler Acquisition LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 9.85% | 7/28/2023 | 6/4/2027 | 4 | 4 | 4 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRC Keeler Acquisition LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 9.85% | 7/28/2023 | 6/4/2027 | 150 |  | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRC Keeler Acquisition LLC | First lien senior secured term loan | S + | 6.00% | 9.85% | 7/28/2023 | 6/4/2027 | 908 | 908 | 899 | 0.04% |
| &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% | 8.70% | 6/27/2025 | 6/27/2031 | 7248 | (40) | (24) | 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% | 8.70% | 6/27/2025 | 6/27/2031 | 3247 | (36) | (30) | 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% | 8.70% | 6/27/2025 | 6/27/2031 | 19063 | 18851 | 18886 | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixarp, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 8.95% | 9/22/2025 | 8/5/2029 | 1722 | (15) | (12) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixarp, LLC | First lien senior secured revolving loan | S + | 5.25% | 8.95% | 9/22/2025 | 8/5/2029 | 3045 | 308 | 314 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixarp, LLC | First lien senior secured term loan | S + | 5.25% | 8.95% | 9/22/2025 | 8/5/2029 | 20357 | 20184 | 20222 | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard Packaging, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.04% | 3/29/2024 | 8/9/2026 | 4408 | 3592 | 3593 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard Packaging, LLC | First lien senior secured term loan | S + | 5.25% | 9.03% | 3/29/2024 | 8/9/2026 | 10032 | 10013 | 10015 | 0.39% |
|  |  |  |  |  |  |  |  | 116395 | 114724 | 4.50% |
| &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 + | 6.50% + 2.25% PIK | 12.53% | 7/28/2023 | 8/17/2027 | $39 | $38 | $30 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTP Acquisition, LLC | First lien senior secured term loan | S + | 6.50% + 2.25% PIK | 12.68% | 7/28/2023 | 8/17/2027 | 2779 | 2765 | 2146 | 0.08% |
|  |  |  |  |  |  |  |  | 2803 | 2176 | 0.08% |
| &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% | 6.85% | 7/28/2023 | 3/31/2028 | $216 | $107 | $96 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50Floor, LLC | First lien senior secured term loan | S + | 3.00% | 6.85% | 7/28/2023 | 3/31/2028 | 1156 | 1140 | 1084 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACES Intermediate, Inc (6) | First lien senior secured revolving loan | S + | 5.00% | 8.78% | 7/27/2022 | 7/27/2027 | 7114 | (53) | (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 March 31, 2026** 

**(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;ACES Intermediate, Inc | First lien senior secured term loan | S + | 5.00% | 8.78% | 7/27/2022 | 7/27/2027 | 37299 | 37012 | 37112 | 1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CL Services Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.70% | 4/25/2023 | 4/25/2028 | 7118 | 7006 | 7039 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CL Services Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.69% | 5/7/2024 | 4/25/2028 | 8432 | 8310 | 8338 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CL Services Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.67% | 9/19/2025 | 4/25/2028 | 32263 | 15256 | 15286 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CL Services Acquisition, LLC | First lien senior secured revolving loan | S + | 5.00% | 8.69% | 4/25/2023 | 4/25/2028 | 5435 | 2909 | 2921 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CL Services Acquisition, LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 4/25/2023 | 4/25/2028 | 13554 | 13329 | 13404 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esquire Deposition Solutions, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.95% | 12/30/2022 | 12/30/2028 | 6878 | 6796 | 6820 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esquire Deposition Solutions, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.95% | 9/20/2023 | 12/30/2028 | 6656 | 6585 | 6600 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esquire Deposition Solutions, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 8.95% | 12/30/2022 | 12/30/2028 | 7666 | (84) | (65) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esquire Deposition Solutions, LLC | First lien senior secured term loan | S + | 5.25% | 8.95% | 12/30/2022 | 12/30/2028 | 47628 | 47035 | 47226 | 1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Repair Purchaser, INC. (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 8.45% | 1/20/2026 | 1/20/2032 | 15220 | (93) | (93) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Repair Purchaser, INC. (6) | First lien senior secured revolving loan | S + | 4.75% | 8.45% | 1/20/2026 | 1/20/2032 | 1809 | (22) | (22) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Repair Purchaser, INC. | First lien senior secured term loan | S + | 4.75% | 8.45% | 1/20/2026 | 1/20/2032 | 4711 | 4654 | 4654 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harley Exteriors Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 8/2/2024 | 8/1/2029 | 3922 | 2761 | 2765 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harley Exteriors Acquisition, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.21% | 8/2/2024 | 8/2/2029 | 1322 | 420 | 422 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harley Exteriors Acquisition, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 8/2/2024 | 8/2/2029 | 8417 | 8287 | 8295 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Brands Group Holdings, Inc (6) | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 7/28/2023 | 1/8/2028 | 48 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Brands Group Holdings, Inc | First lien senior secured term loan | S + | 5.00% | 8.67% | 7/28/2023 | 1/8/2028 | 11996 | 11923 | 11930 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTI Intermediate, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.66% | 3/1/2024 | 3/1/2030 | 2342 | 2308 | 2314 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTI Intermediate, LLC | First lien senior secured revolving loan | S + | 5.00% | 10.06% | 3/1/2024 | 3/1/2030 | 2588 | 484 | 487 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTI Intermediate, LLC | First lien senior secured term loan | S + | 5.00% | 8.66% | 7/2/2025 | 3/1/2030 | 1769 | 1746 | 1747 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTI Intermediate, LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 1/16/2026 | 3/1/2030 | 1499 | 1477 | 1481 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTI Intermediate, LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 3/1/2024 | 3/1/2030 | 4996 | 4924 | 4936 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISSA, LLC | First lien senior secured revolving loan | S + | 6.50% | 10.17% | 7/28/2023 | 3/1/2028 | 131 | 64 | 64 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISSA, LLC | First lien senior secured term loan | S + | 6.50% | 10.20% | 7/28/2023 | 3/1/2028 | 1815 | 1801 | 1795 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juniper Landscaping Holdings LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.45% | 11/13/2023 | 12/29/2026 | 5822 | 5780 | 5782 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juniper Landscaping Holdings LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.42% | 5/23/2025 | 12/29/2026 | 8009 | 2551 | 2542 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juniper Landscaping Holdings LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.45% | 7/28/2023 | 12/29/2026 | 85 | 85 | 85 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juniper Landscaping Holdings LLC (15) | First lien senior secured revolving loan | S + | 5.75% | 9.43% | 7/28/2023 | 12/29/2027 | 3103 | 775 | 786 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juniper Landscaping Holdings LLC | First lien senior secured term loan | S + | 5.75% | 9.45% | 7/28/2023 | 12/29/2027 | 3955 | 3912 | 3928 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lawn Care Holdings Purchaser, Inc | First lien senior secured delayed draw term loan | S + | 5.50% | 9.20% | 10/24/2023 | 10/24/2028 | 4509 | 4432 | 4478 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lawn Care Holdings Purchaser, Inc | First lien senior secured delayed draw term loan | S + | 5.50% | 9.20% | 11/22/2024 | 10/24/2028 | 13878 | 9924 | 9942 | 0.39% |

---

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 March 31, 2026** 

**(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;Lawn Care Holdings Purchaser, Inc (16) | First lien senior secured revolving loan | S + | 4.50% | 11.25% | 10/24/2023 | 10/24/2028 | 2698 | 105 | 116 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lawn Care Holdings Purchaser, Inc | First lien senior secured term loan | S + | 5.50% | 9.20% | 10/24/2023 | 10/24/2028 | 7102 | 7009 | 7053 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPW Acquisition, LLC | First lien senior secured revolving loan | S + | 6.75% | 10.70% | 7/28/2023 | 9/30/2027 | 38 | 28 | 26 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPW Acquisition, LLC | First lien senior secured term loan | S + | 4.25% + 2.50% PIK | 10.71% | 7/28/2023 | 9/30/2027 | 625 | 615 | 596 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Early Childhood Education Partners LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 10.21% | 11/22/2023 | 11/22/2028 | 10782 | 10629 | 10697 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Early Childhood Education Partners LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 10.21% | 9/25/2024 | 11/22/2028 | 8950 | 8842 | 8880 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Early Childhood Education Partners LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 10.21% | 3/27/2025 | 11/22/2028 | 8387 | 6943 | 6954 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Early Childhood Education Partners LLC | First lien senior secured revolving loan | S + | 6.25% | 9.92% | 11/22/2023 | 11/22/2028 | 1380 | 1084 | 1093 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Early Childhood Education Partners LLC | First lien senior secured term loan | S + | 6.25% | 10.21% | 11/22/2023 | 11/22/2028 | 8125 | 8001 | 8062 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Therapy Spot Acquisition, LLC (6) | First lien senior secured delayed draw term loan | S + | 4.50% | 8.16% | 2/20/2026 | 2/20/2031 | 7422 | (46) | (46) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Therapy Spot Acquisition, LLC | First lien senior secured revolving loan | S + | 4.50% | 8.20% | 2/20/2026 | 2/20/2031 | 1214 | 289 | 289 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Therapy Spot Acquisition, LLC | First lien senior secured term loan | S + | 4.50% | 8.16% | 2/20/2026 | 2/20/2031 | 4378 | 4325 | 4324 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSR Concrete Intermediate, LLC | First lien senior secured delayed draw term loan | S + | 4.50% | 8.13% | 12/31/2025 | 12/31/2031 | 12868 | 212 | 212 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSR Concrete Intermediate, LLC | First lien senior secured revolving loan | S + | 4.50% | 8.57% | 12/31/2025 | 12/31/2031 | 6220 | 2839 | 2839 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSR Concrete Intermediate, LLC | First lien senior secured term loan | S + | 4.50% | 8.20% | 12/31/2025 | 12/31/2031 | 25186 | 24950 | 24947 | 0.98% |
| &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% | 9.91% | 7/28/2023 | 3/23/2027 | 370 | 369 | 369 | 0.01% |
| &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% | 9.78% | 12/11/2025 | 3/23/2027 | 8020 | 4365 | 4381 | 0.17% |
| &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% | 9.93% | 7/28/2023 | 3/23/2027 | 1218 | 1214 | 1216 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Land Services Opco Parent, LLC (6)(17) | First lien senior secured revolving loan | S + | 6.00% | 9.93% | 7/28/2023 | 3/23/2027 | 150 | (1) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Land Services Opco Parent, LLC | First lien senior secured term loan | S + | 6.00% | 9.93% | 7/28/2023 | 3/23/2027 | 347 | 347 | 347 | 0.01% |
|  |  |  |  |  |  |  |  | 295660 | 296498 | 11.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified financial services** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Credit Acquisition Corp (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 8.44% | 3/23/2026 | 3/23/2032 | $7544 | $(47) | $(47) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Credit Acquisition Corp | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 3/23/2026 | 3/23/2032 | 2428 | 698 | 698 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Credit Acquisition Corp | First lien senior secured term loan | S + | 4.75% | 8.44% | 3/23/2026 | 3/23/2032 | 14807 | 14622 | 14622 | 0.57% |
|  |  |  |  |  |  |  |  | 15273 | 15273 | 0.60% |
| &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 + | 1.75% + 4.75% PIK | 10.35% | 7/28/2023 | 10/5/2027 | $73 | $72 | $72 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Passion Intermediate Holdings, Inc | First lien senior secured revolving loan | S + | 1.75% | 5.57% | 7/28/2023 | 10/5/2027 | 48 | 15 | 15 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Passion Intermediate Holdings, Inc | First lien senior secured revolving loan | S + | 1.75% + 4.75% PIK | 10.35% | 7/28/2023 | 10/5/2027 | 1 | 1 | 1 | 0.00% |

---

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

------

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

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of March 31, 2026** 

**(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;AEP Passion Intermediate Holdings, Inc | First lien senior secured term loan | S + | 1.75% + 4.75% PIK | 10.32% | 7/28/2023 | 10/5/2027 | 1303 | 1290 | 1287 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP NSA Intermedco, Inc | First lien senior secured delayed draw term loan | S + | 4.75% | 8.46% | 12/15/2025 | 5/17/2030 | 8953 | 3952 | 3988 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP NSA Intermedco, Inc | First lien senior secured delayed draw term loan | S + | 4.75% | 8.42% | 5/17/2024 | 5/17/2030 | 12174 | 12034 | 12113 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP NSA Intermedco, Inc (6) | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 5/17/2024 | 5/17/2030 | 5930 | (62) | (30) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP NSA Intermedco, Inc | First lien senior secured term loan | S + | 4.75% | 8.42% | 5/17/2024 | 5/17/2030 | 36524 | 36129 | 36341 | 1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SENS Intermediate Holdings LLC (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 8.45% | 3/10/2025 | 3/10/2031 | 3468 | (21) | (15) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SENS Intermediate Holdings LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.45% | 3/10/2025 | 3/10/2031 | 2664 | (33) | (29) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SENS Intermediate Holdings LLC | First lien senior secured term loan | S + | 4.75% | 8.45% | 3/10/2025 | 3/10/2031 | 9728 | 9604 | 9621 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raffel Systems, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.18% | 3/24/2026 | 3/24/2032 | 9408 | (71) | (71) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raffel Systems, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.18% | 3/24/2026 | 3/24/2032 | 2384 | (36) | (36) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raffel Systems, LLC | First lien senior secured term loan | S + | 5.50% | 9.18% | 3/24/2026 | 3/24/2032 | 11414 | 11243 | 11242 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCI Volt Purchaser, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.79% | 9/15/2022 | 9/15/2028 | 2249 | (24) | (17) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCI Volt Purchaser, LLC | First lien senior secured term loan | S + | 5.00% | 8.79% | 9/15/2022 | 9/15/2028 | 14758 | 14614 | 14647 | 0.57% |
|  |  |  |  |  |  |  |  | 88707 | 89129 | 3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic equipment, instruments and components** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADC Purchaser Inc | First lien senior secured revolving loan | S + | 4.50% | 8.16% | 7/16/2025 | 7/16/2031 | 6013 | $685 | $696 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADC Purchaser Inc | First lien senior secured term loan | S + | 4.50% | 8.20% | 7/16/2025 | 7/16/2031 | 30725 | 30378 | 30443 | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Lighting Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 2/27/2025 | 11/22/2027 | $1215 | (7) | (6) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Lighting Acquisition, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 2/27/2025 | 11/22/2027 | 8614 | 8555 | 8570 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelson Name Plate Company | First lien senior secured delayed draw term loan | S + | 5.75% | 9.71% | 7/28/2023 | 10/18/2026 | 115 | 115 | 115 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelson Name Plate Company | First lien senior secured revolving loan | S + | 5.75% | 9.71% | 7/28/2023 | 10/18/2026 | 90 | 33 | 33 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelson Name Plate Company | First lien senior secured term loan | S + | 5.75% | 9.71% | 7/28/2023 | 10/18/2026 | 3413 | 3395 | 3398 | 0.13% |
|  |  |  |  |  |  |  |  | 43154 | 43249 | 1.69% |
| &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% | 10.27% | 6/5/2024 | 11/17/2028 | $1347 | $1332 | $1333 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ever Fresh Fruit Company, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 10.27% | 11/17/2023 | 11/17/2028 | 1380 | (19) | (15) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ever Fresh Fruit Company, LLC | First lien senior secured term loan | S + | 6.50% | 10.27% | 11/17/2023 | 11/17/2028 | 7197 | 7087 | 7118 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mad Rose Company, LLC (18) | First lien senior secured revolving loan | S + | 6.50% | 10.45% | 7/28/2023 | 11/7/2026 | 395 | 128 | 128 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mad Rose Company, LLC | First lien senior secured term loan | S + | 6.50% | 10.43% | 7/28/2023 | 11/7/2026 | 2861 | 2859 | 2859 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NutriScience Innovations, LLC (6)(19) | First lien senior secured revolving loan | S + | 6.00% | 9.70% | 7/28/2023 | 6/30/2027 | 131 | (1) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NutriScience Innovations, LLC | First lien senior secured term loan | S + | 6.00% | 9.70% | 7/28/2023 | 6/30/2027 | 1332 | 1331 | 1325 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Produce One, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.70% | 11/24/2025 | 9/21/2030 | 10460 | (61) | (38) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Produce One, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.70% | 3/21/2025 | 3/21/2030 | 4261 | 4196 | 4246 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Produce One, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.70% | 3/21/2025 | 3/21/2030 | 3972 | (53) | (39) | 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 March 31, 2026** 

**(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;Premier Produce One, LLC | First lien senior secured term loan | S + | 5.00% | 8.70% | 3/21/2025 | 3/21/2030 | 5639 | 5555 | 5583 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Produce One, LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 11/24/2025 | 9/21/2030 | 13680 | 13522 | 13545 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qin's Buffalo, LLC | First lien senior secured delayed draw term loan | S + | 2.00% + 4.00% PIK | 9.67% | 7/28/2023 | 5/5/2027 | 74 | 73 | 73 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qin's Buffalo, LLC | First lien senior secured delayed draw term loan | S + | 2.00% + 4.00% PIK | 9.67% | 5/24/2024 | 5/5/2027 | 7889 | 5439 | 5443 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qin's Buffalo, LLC | First lien senior secured revolving loan | S + | 2.00% + 4.00% PIK | 9.67% | 7/28/2023 | 5/5/2027 | 38 | 37 | 37 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qin's Buffalo, LLC | First lien senior secured term loan | S + | 2.00% + 4.00% PIK | 9.67% | 7/28/2023 | 5/5/2027 | 519 | 515 | 515 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Beverage Buyer, LLC | First lien senior secured revolving loan | S + | 6.00% | 9.93% | 7/28/2023 | 5/24/2028 | 38 | 37 | 37 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Beverage Buyer, LLC | First lien senior secured term loan | S + | 6.00% | 9.93% | 7/28/2023 | 5/24/2028 | 8223 | 8164 | 8186 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TruSource Foods LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.70% | 12/5/2025 | 8/1/2031 | 2510 | (36) | (32) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TruSource Foods LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.70% | 8/1/2025 | 8/1/2031 | 3325 | 3276 | 3282 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TruSource Foods LLC | First lien senior secured revolving loan | S + | 5.00% | 8.70% | 8/1/2025 | 8/1/2031 | 1926 | 886 | 890 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TruSource Foods LLC | First lien senior secured term loan | S + | 5.00% | 8.70% | 8/1/2025 | 8/1/2031 | 9578 | 9440 | 9455 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Pure, LLC | First lien senior secured delayed draw term loan | S + | 6.00% + 2.00% PIK | 11.85% | 10/31/2022 | 10/31/2028 | 368 | 363 | 363 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Pure, LLC (20) | First lien senior secured revolving loan | S + | 6.00% + 2.00% PIK | 11.85% | 10/31/2022 | 10/31/2028 | 7262 | 6985 | 6989 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Pure, LLC | First lien senior secured term loan | S + | 6.25% + 1.75% PIK | 11.85% | 10/31/2022 | 10/31/2028 | 17674 | 17403 | 17404 | 0.68% |
|  |  |  |  |  |  |  |  | 88458 | 88686 | 3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food products** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP WLF Intermedco LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 10.09% | 8/19/2022 | 8/19/2028 | $5812 | $5729 | $5769 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP WLF Intermedco LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 10.10% | 12/20/2024 | 8/19/2028 | 7610 | 3585 | 3594 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP WLF Intermedco LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 10.10% | 8/19/2022 | 8/19/2028 | 3383 | (37) | (25) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP WLF Intermedco LLC | First lien senior secured term loan | S + | 6.25% | 10.10% | 8/19/2022 | 8/19/2028 | 24069 | 23758 | 23889 | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icelandirect, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.91% | 12/31/2025 | 7/31/2029 | 2858 | 1749 | 1749 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icelandirect, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 8.95% | 12/31/2025 | 7/31/2029 | 331 | (3) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icelandirect, LLC | First lien senior secured term loan | S + | 5.25% | 8.95% | 12/31/2025 | 7/31/2029 | 1929 | 1912 | 1911 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwest Botanicals Acquisition, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.03% | 7/28/2023 | 4/30/2028 | 174 | 170 | 150 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwest Botanicals Acquisition, LLC | First lien senior secured term loan | S + | 5.25% | 9.03% | 7/28/2023 | 4/30/2028 | 781 | 761 | 673 | 0.03% |

---

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

------

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

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of March 31, 2026** 

**(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;Sun Orchard, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 8/2/2024 | 7/8/2028 | 6078 | 5996 | 6033 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Orchard, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 7/8/2022 | 7/8/2028 | 6851 | (78) | (50) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Orchard, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 7/8/2022 | 7/8/2028 | 34448 | 33997 | 34196 | 1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treat Planet Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 9.45% | 1/11/2023 | 1/11/2028 | 2422 | (29) | (13) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treat Planet Acquisition, LLC | First lien senior secured term loan | S + | 5.75% | 9.45% | 3/7/2025 | 1/11/2028 | 5485 | 5450 | 5457 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treat Planet Acquisition, LLC | First lien senior secured term loan | S + | 5.75% | 9.45% | 1/11/2023 | 1/11/2028 | 8252 | 8142 | 8209 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westminster Cracker Company, Inc | First lien senior secured revolving loan | S + | 6.25% | 10.07% | 8/30/2023 | 8/30/2026 | 1534 | 226 | 227 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westminster Cracker Company, Inc | First lien senior secured term loan | S + | 6.25% | 10.07% | 8/30/2023 | 8/30/2026 | 9440 | 9416 | 9414 | 0.37% |
|  |  |  |  |  |  |  |  | 100744 | 101180 | 3.98% |
| &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 + | 5.00% | 8.82% | 7/28/2023 | 12/30/2027 | $108 | $107 | $108 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydromax USA, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.80% | 6/3/2025 | 6/3/2027 | 1298 | 998 | 999 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydromax USA, LLC | First lien senior secured revolving loan | S + | 5.00% | 8.82% | 7/28/2023 | 12/30/2027 | 228 | 88 | 90 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydromax USA, LLC | First lien senior secured term loan | S + | 5.00% | 8.82% | 7/28/2023 | 12/30/2027 | 1175 | 1154 | 1169 | 0.05% |
|  |  |  |  |  |  |  |  | 2347 | 2366 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health care equipment and supplies** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3BC Matrix Acquisition, LLC (6)(21) | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 5/13/2025 | 5/13/2030 | $1564 | $(26) | $(24) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3BC Matrix Acquisition, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 5/13/2025 | 5/13/2030 | 4753 | 4672 | 4679 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 Holdings Equity LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 9.93% | 7/28/2023 | 2/14/2028 | 219 | 217 | 217 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 Holdings Equity LLC | First lien senior secured revolving loan | S + | 6.00% | 10.16% | 7/28/2023 | 2/14/2028 | 75 | 74 | 74 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 Holdings Equity LLC | First lien senior secured term loan | S + | 6.00% | 9.93% | 7/28/2023 | 2/14/2028 | 855 | 848 | 846 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcresta Buyer, Inc (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 8.92% | 12/4/2025 | 3/12/2031 | 36279 | (341) | (268) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcresta Buyer, Inc | First lien senior secured revolving loan | S + | 5.25% | 8.92% | 3/12/2024 | 3/12/2031 | 3155 | 686 | 713 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcresta Buyer, Inc | First lien senior secured term loan | S + | 5.25% | 8.92% | 3/12/2024 | 3/12/2031 | 28034 | 27632 | 27825 | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMSAR Acquisition LLC | First lien senior secured delayed draw term loan | S + | 6.50% PIK | 10.46% | 7/28/2023 | 9/30/2027 | 230 | 227 | 211 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMSAR Acquisition LLC | First lien senior secured revolving loan | S + | 6.50% PIK | 11.97% | 7/28/2023 | 9/30/2027 | 144 | 62 | 52 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMSAR Acquisition LLC | First lien senior secured term loan | S + | 6.50% PIK | 10.46% | 7/28/2023 | 9/30/2027 | 1117 | 1115 | 1023 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMSAR Acquisition LLC | First lien senior secured term loan | 20.00% PIK | 20.00% PIK | 20.00% | 3/4/2026 | 9/30/2027 | 164 | 164 | 151 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Technology Associates, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.20% | 7/25/2022 | 7/25/2028 | 2981 | 1401 | 1414 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Technology Associates, LLC | First lien senior secured term loan | S + | 5.50% | 9.20% | 7/25/2022 | 7/25/2028 | 28207 | 27892 | 28044 | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nasco Healthcare Inc. | First lien senior secured revolving loan | S + | 5.75% | 9.42% | 12/13/2024 | 6/30/2028 | 2937 | 1743 | 1747 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nasco Healthcare Inc. | First lien senior secured term loan | S + | 5.75% | 9.42% | 12/13/2024 | 6/30/2028 | 11645 | 11574 | 11585 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWI Merger Sub, Inc (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.67% | 12/4/2024 | 12/4/2029 | 6438 | (95) | (87) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWI Merger Sub, Inc (6) | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 12/4/2024 | 12/4/2029 | 2495 | (37) | (34) | 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 March 31, 2026** 

**(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;NWI Merger Sub, Inc | First lien senior secured term loan | S + | 5.00% | 8.67% | 12/4/2024 | 12/4/2029 | 16741 | 16503 | 16516 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCA Buyer, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 10.43% | 7/28/2023 | 1/20/2027 | 275 | 270 | 249 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCA Buyer, LLC | First lien senior secured revolving loan | S + | 6.50% | 10.43% | 7/28/2023 | 1/20/2027 | 134 | 132 | 121 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCA Buyer, LLC | First lien senior secured term loan | S + | 6.50% | 10.43% | 7/28/2023 | 1/20/2027 | 2808 | 2768 | 2543 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCA Buyer, LLC | First lien senior secured term loan | S + | 6.50% | 10.43% | 12/16/2024 | 1/20/2027 | 737 | 727 | 667 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Solutions, LLC (8) | First lien senior secured delayed draw term loan | 18.00% | 18.00% | 18.00% | 4/10/2025 | 4/30/2026 | 140 | 127 | 140 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Solutions, LLC (8) | First lien senior secured delayed draw term loan | 18.00% PIK | 18.00% PIK | 18.00% | 5/3/2024 | 4/30/2026 | 281 | 258 | 280 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Solutions, LLC (8) | First lien senior secured delayed draw term loan | 18.00% PIK | 18.00% PIK | 18.00% | 4/10/2025 | 4/30/2026 | 40 | 36 | 40 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Solutions, LLC (8) | First lien senior secured delayed draw term loan | 15.00% PIK | 15.00% PIK | 15.00% | 7/28/2023 | 4/30/2026 | 140 | 120 |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Solutions, LLC (8) | First lien senior secured revolving loan | S + | 6.25% | 10.50% | 7/28/2023 | 4/30/2026 | 310 | 236 | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Solutions, LLC (8) | First lien senior secured term loan | S + | 6.25% | 10.21% | 7/28/2023 | 4/30/2026 | 661 | 579 | 96 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surplus Solutions, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.21% | 9/30/2024 | 11/30/2027 | 4640 | 3201 | 3193 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surplus Solutions, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.21% | 11/30/2022 | 11/30/2027 | 2227 | (27) | (22) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surplus Solutions, LLC | First lien senior secured term loan | S + | 5.25% | 9.21% | 11/30/2022 | 11/30/2027 | 17167 | 16963 | 16992 | 0.67% |
|  |  |  |  |  |  |  |  | 119701 | 118980 | 4.67% |
| &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 + | 6.50% | 10.28% | 11/29/2022 | 11/29/2027 | $1062 | $(9) | $(8) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADVI Health, LLC | First lien senior secured term loan | S + | 6.50% | 10.28% | 11/29/2022 | 11/29/2027 | 6039 | 5982 | 5983 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advocate RCM Acquisition Corp (6) | First lien senior secured revolving loan | S + | 6.25% | 10.05% | 12/22/2023 | 12/22/2026 | 2902 | (12) | (12) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advocate RCM Acquisition Corp | First lien senior secured term loan | S + | 6.25% | 10.05% | 12/22/2023 | 12/22/2026 | 18226 | 18134 | 18138 | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agility Intermediate, Inc | First lien senior secured delayed draw term loan | S + | 7.00% PIK | 10.96% | 7/28/2023 | 4/15/2026 | 110 | 110 | 107 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agility Intermediate, Inc | First lien senior secured revolving loan | S + | 7.00% PIK | 10.96% | 7/28/2023 | 4/15/2026 | 136 | 109 | 106 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agility Intermediate, Inc | First lien senior secured term loan | S + | 7.00% PIK | 10.96% | 7/28/2023 | 4/15/2026 | 240 | 240 | 233 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aligned Dental Management Services, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.95% | 2/7/2025 | 2/7/2030 | 4974 | 4026 | 4032 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aligned Dental Management Services, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.21% | 2/7/2025 | 2/7/2030 | 1523 | 890 | 892 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aligned Dental Management Services, LLC | First lien senior secured term loan | S + | 5.25% | 9.21% | 2/7/2025 | 2/7/2030 | 7872 | 7746 | 7757 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMCP SAMGI Intermediate, Inc (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.70% | 12/12/2025 | 12/12/2031 | 12910 | (77) | (47) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMCP SAMGI Intermediate, Inc (6) | First lien senior secured revolving loan | S + | 5.00% | 8.70% | 12/12/2025 | 12/12/2031 | 3458 | (41) | (34) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMCP SAMGI Intermediate, Inc | First lien senior secured term loan | S + | 5.00% | 8.70% | 12/12/2025 | 12/12/2031 | 25671 | 25363 | 25414 | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMCP Treatment Intermediate, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.70% | 8/29/2025 | 8/29/2031 | 6608 | (60) | (47) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMCP Treatment Intermediate, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.70% | 8/29/2025 | 8/29/2031 | 3045 | (55) | (50) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMCP Treatment Intermediate, LLC | First lien senior secured term loan | S + | 5.00% | 8.70% | 8/29/2025 | 8/29/2031 | 17751 | 17427 | 17460 | 0.68% |

---

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 March 31, 2026** 

**(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;American Family Care, LLC (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 8.45% | 9/10/2025 | 2/28/2029 | 7325 | (31) | (49) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Family Care, LLC | First lien senior secured delayed draw term loan | S + | 4.75% | 8.42% | 2/29/2024 | 2/28/2029 | 3393 | 3341 | 3370 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Family Care, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.45% | 2/29/2024 | 2/28/2029 | 4912 | (46) | (33) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Family Care, LLC | First lien senior secured term loan | S + | 4.75% | 8.45% | 2/29/2024 | 2/28/2029 | 23055 | 22777 | 22895 | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARC Health OPCO, LLC | First lien senior secured delayed draw term loan | S + | 4.75% | 8.45% | 10/10/2025 | 10/10/2030 | 13699 | 2966 | 2992 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARC Health OPCO, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.45% | 10/10/2025 | 10/10/2030 | 2560 | (29) | (24) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARC Health OPCO, LLC | First lien senior secured term loan | S + | 4.75% | 8.45% | 10/10/2025 | 10/10/2030 | 9371 | 9265 | 9283 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASC Ortho Management Company, LLC (8) | First lien senior secured delayed draw term loan | S + | 9.00% | 12.96% | 7/28/2023 | 12/31/2026 | 327 | 323 | 42 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASC Ortho Management Company, LLC (8) | First lien senior secured revolving loan | S + | 9.00% | 12.67% | 9/19/2025 | 12/31/2026 | 16 | 16 | 16 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASC Ortho Management Company, LLC (8) | First lien senior secured revolving loan | S + | 9.00% | 12.96% | 7/28/2023 | 12/31/2026 | 38 | 37 | 5 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASC Ortho Management Company, LLC (8) | First lien senior secured term loan | S + | 9.00% | 12.96% | 7/28/2023 | 12/31/2026 | 517 | 512 | 67 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascend Plastic Surgery Partners MSO LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 5/3/2024 | 5/3/2029 | 20645 | 4655 | 4662 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascend Plastic Surgery Partners MSO LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.20% | 5/3/2024 | 5/3/2029 | 4197 | (62) | (58) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascend Plastic Surgery Partners MSO LLC | First lien senior secured term loan | S + | 5.50% | 9.20% | 5/3/2024 | 5/3/2029 | 6773 | 6669 | 6676 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Global Holdings, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.92% | 7/31/2024 | 7/31/2029 | 19033 | 13269 | 13296 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Global Holdings, LLC | First lien senior secured revolving loan | S + | 5.25% | 8.92% | 7/31/2024 | 7/31/2029 | 6555 | 6464 | 6474 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Global Holdings, LLC | First lien senior secured term loan | S + | 5.25% | 8.92% | 7/31/2024 | 7/31/2029 | 40455 | 39882 | 39949 | 1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beacon Oral Specialists Management LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.20% | 7/28/2023 | 12/14/2026 | 810 | 808 | 810 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beacon Oral Specialists Management LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.20% | 6/27/2025 | 12/14/2026 | 10333 | 10294 | 10325 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beacon Oral Specialists Management LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 9/12/2025 | 12/14/2026 | 13666 | 2805 | 2822 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beacon Oral Specialists Management LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.20% | 7/28/2023 | 12/14/2026 | 188 | (1) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beacon Oral Specialists Management LLC | First lien senior secured term loan | S + | 5.50% | 9.20% | 7/28/2023 | 12/14/2026 | 894 | 890 | 894 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beghou Consulting, LLC (6)(22) | First lien senior secured revolving loan | S + | 4.75% | 8.45% | 5/1/2023 | 5/1/2028 | 2714 | (35) | (34) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beghou Consulting, LLC | First lien senior secured term loan | S + | 4.75% | 8.45% | 5/1/2023 | 5/1/2028 | 15041 | 14825 | 14829 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP EE Intermedco LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 10.10% | 4/3/2023 | 4/3/2028 | 2013 | 1989 | 1990 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP EE Intermedco LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 10.10% | 4/3/2023 | 4/3/2028 | 2244 | (28) | (27) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP EE Intermedco LLC | First lien senior secured term loan | S + | 6.25% | 10.10% | 4/3/2023 | 4/3/2028 | 6347 | 6261 | 6263 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightview, LLC (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 8.45% | 3/30/2026 | 12/14/2029 | 21140 | (64) | (64) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightview, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.45% | 3/30/2026 | 12/14/2029 | 1658 | (17) | (17) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightview, LLC | First lien senior secured term loan | S + | 4.75% | 8.45% | 3/30/2026 | 12/14/2029 | 17438 | 17264 | 17264 | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp (7)(8) | First lien senior secured delayed draw term loan | 17.00% | 17.00% | 17.00% | 4/5/2024 | 12/31/2026 | 36 | 17 | 17 | 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 March 31, 2026** 

**(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> | **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;Canadian Orthodontic Partners Corp (7)(8) | First lien senior secured delayed draw term loan | T + | 9.00% | 11.64% | 7/28/2023 | 12/31/2026 | C$ | 29 |  | (18) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp (7)(8) | First lien senior secured delayed draw term loan | T + | 9.00% PIK | 11.64% | 7/28/2023 | 12/31/2026 | C$ | 383 | 258 | 32 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp (7)(8) | First lien senior secured revolving loan | T + | 9.00% | 11.64% | 7/28/2023 | 12/31/2026 | C$ | 264 | 178 | 22 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp (7)(8) | First lien senior secured revolving loan | T + | 9.00% | 11.64% | 3/19/2021 | 12/31/2026 | C$ | 111 | 139 | 9 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp (8) | First lien senior secured revolving loan | T + | 9.00% | 12.96% | 7/28/2023 | 12/31/2026 | C$ | 107 | 94 | 13 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp (8) | First lien senior secured revolving loan | T + | 9.00% PIK | 12.96% | 3/19/2021 | 12/31/2026 | C$ | 49 | 43 | 6 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp (7)(8) | First lien senior secured term loan | T + | 9.00% | 11.64% | 7/28/2023 | 12/31/2026 | C$ | 315 | 208 | 27 | 0.00% |
| &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% | 9.10% | 8/2/2022 | 2/2/2029 | 5898 | 5898 | 2178 | 2198 | 0.09% |
| &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% | 9.10% | 5/16/2025 | 2/2/2029 | 3537 | 3537 | 3503 | 3511 | 0.14% |
| &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% | 9.10% | 8/2/2022 | 2/2/2029 | 31320 | 31320 | 30891 | 31090 | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNS Purchaser, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.20% | 1/13/2026 | 12/30/2029 | 17376 | 17376 | (103) | (102) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNS Purchaser, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.20% | 12/30/2024 | 12/30/2029 | 11025 | 11025 | 10885 | 10904 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNS Purchaser, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.20% | 12/30/2024 | 12/30/2029 | 4246 | 4246 | (48) | (42) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNS Purchaser, LLC | First lien senior secured term loan | S + | 5.50% | 9.20% | 12/30/2024 | 12/30/2029 | 42217 | 42217 | 41711 | 41778 | 1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Care Partners, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 9.78% | 7/28/2023 | 6/10/2026 | 162 | 162 | 162 | 161 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Care Partners, LLC | First lien senior secured revolving loan | S + | 6.00% | 9.78% | 7/28/2023 | 6/10/2026 | 75 | 75 | 75 | 75 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Care Partners, LLC | First lien senior secured term loan | S + | 6.00% | 9.78% | 7/28/2023 | 6/10/2026 | 922 | 922 | 922 | 920 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DASCO HME, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.93% | 6/6/2025 | 6/6/2030 | 5342 | 5342 | 1094 | 1102 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DASCO HME, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 8.95% | 6/6/2025 | 6/6/2030 | 3044 | 3044 | (45) | (40) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DASCO HME, LLC | First lien senior secured term loan | S + | 5.25% | 8.95% | 6/6/2025 | 6/6/2030 | 17686 | 17686 | 17421 | 17449 | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dermatology Medical Partners OpCo LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 10.46% | 7/28/2023 | 10/29/2026 | 64 | 64 | 64 | 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% | 10.46% | 7/28/2023 | 10/29/2026 | 38 | 38 | 29 | 29 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dermatology Medical Partners OpCo LLC | First lien senior secured term loan | S + | 6.50% | 10.46% | 7/28/2023 | 10/29/2026 | 257 | 257 | 256 | 256 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EH Management Company, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.45% | 12/30/2025 | 7/15/2028 | 2505 | 2505 | (13) | (10) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EH Management Company, LLC | First lien senior secured term loan | S + | 4.75% | 8.45% | 12/30/2025 | 7/15/2028 | 23665 | 23665 | 23542 | 23570 | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endodontic Practice Partners, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.20% | 11/2/2022 | 11/2/2027 | 16574 | 16574 | 16439 | 16449 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endodontic Practice Partners, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.20% | 4/9/2024 | 11/2/2027 | 13708 | 13708 | 6763 | 6784 | 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% | 9.20% | 2/14/2025 | 11/2/2027 | 4130 | 4130 | (30) | (31) | 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 March 31, 2026** 

**(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;Endodontic Practice Partners, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.20% | 11/2/2022 | 11/2/2027 | 1956 | 765 | 767 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endodontic Practice Partners, LLC | First lien senior secured term loan | S + | 5.50% | 9.20% | 11/2/2022 | 11/2/2027 | 15081 | 14944 | 14968 | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Steps Recovery Acquisition, LLC (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 8.45% | 11/18/2025 | 11/18/2030 | 18828 | (110) | (68) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Steps Recovery Acquisition, LLC | First lien senior secured revolving loan | S + | 4.75% | 8.45% | 11/18/2025 | 11/18/2030 | 4476 | 843 | 852 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Steps Recovery Acquisition, LLC | First lien senior secured term loan | S + | 4.75% | 8.45% | 11/18/2025 | 11/18/2030 | 15202 | 15028 | 15055 | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FYZICAL Buyer, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 6/26/2024 | 6/26/2028 | 2710 | 1578 | 1579 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FYZICAL Buyer, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 6/26/2024 | 6/26/2028 | 18671 | 18491 | 18512 | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geriatric Medical and Surgical Supply, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 9.70% | 7/28/2023 | 6/21/2027 | 300 |  | (2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geriatric Medical and Surgical Supply, LLC | First lien senior secured term loan | S + | 6.00% | 9.70% | 7/28/2023 | 6/21/2027 | 19672 | 19537 | 19542 | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden Bear PT Partners, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 9.96% | 7/28/2023 | 10/22/2026 | 172 | 171 | 170 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden Bear PT Partners, LLC | First lien senior secured revolving loan | S + | 6.00% | 9.93% | 7/28/2023 | 10/22/2026 | 38 | 9 | 9 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden Bear PT Partners, LLC | First lien senior secured term loan | S + | 6.00% | 9.96% | 7/28/2023 | 10/22/2026 | 1472 | 1465 | 1462 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardian Dentistry Practice Management, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.28% | 7/28/2023 | 8/20/2026 | 364 | 363 | 362 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardian Dentistry Practice Management, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.28% | 2/27/2026 | 8/20/2027 | 10617 | (100) | (48) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardian Dentistry Practice Management, LLC | First lien senior secured revolving loan | S + | 4.50% | 11.25% | 7/28/2023 | 8/20/2027 | 4574 | 705 | 711 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardian Dentistry Practice Management, LLC | First lien senior secured term loan | S + | 5.50% | 9.28% | 7/28/2023 | 8/20/2027 | 379 | 379 | 378 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H2 Holdco, Inc | First lien senior secured delayed draw term loan | S + | 6.00% | 9.94% | 6/25/2024 | 5/5/2028 | 18847 | 16968 | 16996 | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H2 Holdco, Inc | First lien senior secured delayed draw term loan | S + | 6.00% | 10.17% | 5/5/2023 | 5/5/2028 | 7127 | 7010 | 7066 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H2 Holdco, Inc (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 9.93% | 12/20/2024 | 5/5/2028 | 7560 | (79) | (65) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H2 Holdco, Inc (23) | First lien senior secured revolving loan | S + | 6.00% | 10.08% | 5/5/2023 | 5/5/2028 | 2544 | 1821 | 1841 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H2 Holdco, Inc | First lien senior secured term loan | S + | 6.00% | 9.93% | 12/20/2024 | 5/5/2028 | 896 | 887 | 888 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H2 Holdco, Inc | First lien senior secured term loan | S + | 6.00% | 10.17% | 5/5/2023 | 5/5/2028 | 17746 | 17417 | 17594 | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMA Group Management Company, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 10.42% | 7/28/2023 | 6/30/2028 | 10 | 10 | 10 | 0.00% |
| &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% | 10.42% | 9/25/2025 | 6/30/2028 | 4088 | (28) | (22) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMA Group Management Company, LLC | First lien senior secured revolving loan | S + | 6.75% | 10.42% | 7/28/2023 | 6/30/2028 | 35 | 31 | 31 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMA Group Management Company, LLC | First lien senior secured term loan | S + | 6.75% | 10.42% | 7/28/2023 | 6/30/2028 | 1538 | 1522 | 1530 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovate 32 Services, LLC (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 8.42% | 10/29/2025 | 10/29/2031 | 19773 | (115) | (71) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovate 32 Services, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 10/29/2025 | 10/29/2031 | 2436 | (28) | (24) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovate 32 Services, LLC | First lien senior secured term loan | S + | 4.75% | 8.42% | 10/29/2025 | 10/29/2031 | 6523 | 6446 | 6460 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inreach Intermediate Holdings II, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.70% | 12/11/2025 | 12/11/2030 | 5033 | (35) | (25) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inreach Intermediate Holdings II, LLC | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 12/11/2025 | 12/11/2030 | 1700 | 197 | 200 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inreach Intermediate Holdings II, LLC | First lien senior secured term loan | S + | 5.00% | 8.70% | 12/11/2025 | 12/11/2030 | 9995 | 9853 | 9870 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPC Pain Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 5/19/2022 | 5/19/2027 | 9731 | 9702 | 9707 | 0.38% |

---

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 March 31, 2026** 

**(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;IPC Pain Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 5/19/2022 | 5/19/2027 | 1140 | (5) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPC Pain Acquisition, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 12/22/2025 | 5/19/2027 | 2628 | 2616 | 2621 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPC Pain Acquisition, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 5/19/2022 | 5/19/2027 | 2865 | 2850 | 2858 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MS Pain, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.20% | 12/4/2024 | 12/4/2029 | 6038 | 4015 | 4022 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MS Pain, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.19% | 12/4/2024 | 12/4/2029 | 861 | 188 | 189 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MS Pain, LLC | First lien senior secured term loan | S + | 5.50% | 9.20% | 12/4/2024 | 12/4/2029 | 3339 | 3287 | 3291 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MWEC Management, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 2/14/2023 | 2/14/2028 | 1420 | 741 | 746 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MWEC Management, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 7/3/2024 | 2/14/2028 | 2532 | (20) | (18) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MWEC Management, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 2/14/2023 | 2/14/2028 | 1924 | 1371 | 1381 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MWEC Management, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 2/14/2023 | 2/14/2028 | 14696 | 14509 | 14593 | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Network Partners Acquisitions, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 9.96% | 7/28/2023 | 12/30/2026 | 38 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Network Partners Acquisitions, LLC | First lien senior secured term loan | S + | 6.00% | 9.96% | 7/28/2023 | 12/30/2026 | 158 | 158 | 158 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New SEES Holdings, LLC | First lien senior secured term loan | S + | 7.25% | 10.95% | 10/31/2025 | 6/30/2028 | 5894 | 4645 | 5351 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneCare LTC, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 11/14/2025 | 11/14/2028 | 2121 | (23) | (20) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneCare LTC, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 11/14/2025 | 11/14/2028 | 18224 | 18026 | 18051 | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P1 DENTAL MSO, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.95% | 1/31/2025 | 1/31/2030 | 5096 | 3510 | 3516 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P1 DENTAL MSO, LLC | First lien senior secured revolving loan | S + | 5.00% | 8.92% | 1/31/2025 | 1/31/2030 | 1522 | 281 | 283 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P1 DENTAL MSO, LLC | First lien senior secured term loan | S + | 5.25% | 8.92% | 1/31/2025 | 1/31/2030 | 18971 | 18687 | 18706 | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Dental Services, LLC | First lien senior secured delayed draw term loan | S + | 6.75% + 6.75% PIK | 21.42% | 7/28/2023 | 4/30/2026 | 618 | 617 | 557 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Dental Services, LLC | First lien senior secured revolving loan | S + | 6.75% + 6.75% PIK | 21.42% | 7/28/2023 | 4/30/2026 | 141 | 101 | 87 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Dental Services, LLC | First lien senior secured term loan | S + | 6.75% + 6.75% PIK | 21.42% | 7/28/2023 | 4/30/2026 | 678 | 675 | 610 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Investment Holdings, LLC | First lien senior secured revolving loan | S + | 7.50% | 11.46% | 7/28/2023 | 12/31/2026 | 363 | 297 | 293 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Investment Holdings, LLC | First lien senior secured term loan | S + | 7.50% | 11.46% | 7/28/2023 | 12/31/2026 | 1367 | 1361 | 1345 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PharmaForceIQ INC. (6) | First lien senior secured revolving loan | S + | 5.25% | 8.92% | 8/2/2024 | 8/2/2029 | 2093 | (28) | (20) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PharmaForceIQ INC. | First lien senior secured term loan | S + | 5.25% | 8.92% | 8/2/2024 | 8/2/2029 | 14700 | 14507 | 14562 | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRM Management Company, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 9.75% | 1/25/2024 | 1/25/2029 | 789 | (15) | (8) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRM Management Company, LLC | First lien senior secured term loan | S + | 6.00% | 9.75% | 1/25/2024 | 1/25/2029 | 6005 | 5903 | 5946 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose Home Health Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.38% | 12/23/2024 | 11/3/2027 | 9067 | 959 | 967 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose Home Health Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.37% | 3/8/2024 | 11/3/2027 | 7980 | 7918 | 7931 | 0.31% |

---

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 March 31, 2026** 

**(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;Purpose Home Health Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.35% | 11/3/2022 | 11/3/2027 | 6678 | 6619 | 6637 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose Home Health Acquisition, LLC | First lien senior secured revolving loan | S + | 5.75% | 9.35% | 11/3/2022 | 11/3/2027 | 1956 | 765 | 770 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose Home Health Acquisition, LLC | First lien senior secured term loan | S + | 5.75% | 9.40% | 11/3/2022 | 11/3/2027 | 17289 | 17138 | 17183 | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RQM Buyer, Inc | First lien senior secured delayed draw term loan | S + | 7.25% PIK | 11.21% | 7/28/2023 | 8/12/2029 | 92 | 88 | 60 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RQM Buyer, Inc | First lien senior secured revolving loan | S + | 7.25% PIK | 11.21% | 7/28/2023 | 8/12/2029 | 138 | 133 | 91 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RQM Buyer, Inc | First lien senior secured term loan | S + | 7.25% PIK | 11.21% | 7/28/2023 | 8/12/2029 | 1899 | 1848 | 1251 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sage Dental Management, LLC | First lien senior secured delayed draw term loan | S + | 4.75% | 8.45% | 12/15/2025 | 12/15/2031 | 11178 | 119 | 142 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sage Dental Management, LLC | First lien senior secured revolving loan | S + | 4.75% | 8.45% | 12/15/2025 | 12/15/2031 | 8220 | 2574 | 2589 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sage Dental Management, LLC | First lien senior secured term loan | S + | 4.75% | 8.45% | 12/15/2025 | 12/15/2031 | 57519 | 56828 | 56944 | 2.23% |
| &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% | 9.96% | 7/28/2023 | 9/25/2026 | 154 | 153 | 153 | 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% | 9.96% | 7/28/2023 | 3/25/2027 | 256 | 190 | 191 | 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% | 9.96% | 7/28/2023 | 3/25/2027 | 2691 | 2681 | 2688 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP ENT and Allergy Services, LLC | First lien senior secured term loan | S + | 6.00% | 9.96% | 7/16/2025 | 3/25/2027 | 919 | 917 | 918 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP OMS Services, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.70% | 3/7/2025 | 3/7/2030 | 9951 | 3758 | 3776 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP OMS Services, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.70% | 3/7/2025 | 3/7/2030 | 2645 | (31) | (27) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP OMS Services, LLC | First lien senior secured term loan | S + | 5.00% | 8.70% | 3/7/2025 | 3/7/2030 | 5639 | 5570 | 5579 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Dental Partners LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.79% | 3/16/2026 | 10/29/2028 | 10395 | 241 | 260 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Dental Partners LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.79% | 3/16/2026 | 10/29/2028 | 38 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Dental Partners LLC | First lien senior secured term loan | S + | 5.00% | 8.79% | 3/16/2026 | 10/29/2028 | 21140 | 20944 | 20981 | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Falls MSO, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 8.92% | 10/22/2025 | 12/31/2028 | 4305 | (34) | (26) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Falls MSO, LLC | First lien senior secured revolving loan | S + | 5.25% | 8.94% | 10/22/2025 | 12/31/2028 | 1523 | 825 | 828 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Falls MSO, LLC | First lien senior secured term loan | S + | 5.25% | 8.92% | 10/22/2025 | 12/31/2028 | 10485 | 10400 | 10422 | 0.41% |
| &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 | 10.93% | 7/28/2023 | 5/17/2026 | 893 | 892 | 889 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SimiTree Acquisition, LLC | First lien senior secured revolving loan | S + | 7.00% | 10.93% | 7/28/2023 | 5/17/2026 | 178 | 50 | 49 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SimiTree Acquisition, LLC | First lien senior secured term loan | S + | 5.25% + 1.75% PIK | 10.93% | 7/28/2023 | 5/17/2026 | 1242 | 1241 | 1237 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIMKO Merger Sub LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 9.96% | 7/28/2023 | 4/7/2027 | 179 | 178 | 178 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIMKO Merger Sub LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 9.95% | 9/19/2023 | 4/7/2027 | 6718 | 6667 | 6668 | 0.26% |

---

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 March 31, 2026** 

**(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;SIMKO Merger Sub LLC | First lien senior secured revolving loan | S + | 6.00% | 9.95% | 7/28/2023 | 4/7/2027 | 56 | 32 | 32 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIMKO Merger Sub LLC | First lien senior secured term loan | S + | 6.00% | 9.96% | 7/28/2023 | 4/7/2027 | 636 | 632 | 631 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solace Healthcare Holdco, Inc (6) | First lien senior secured revolving loan | S + | 4.75% | 8.41% | 2/2/2026 | 2/2/2032 | 2412 | (29) | (29) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solace Healthcare Holdco, Inc | First lien senior secured term loan | S + | 4.75% | 8.41% | 2/2/2026 | 2/2/2032 | 14269 | 14099 | 14097 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Primary Care Partners, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.92% | 12/16/2025 | 12/30/2027 | 508 | 51 | 51 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Primary Care Partners, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 8.95% | 12/16/2025 | 12/30/2027 | 225 | (2) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Primary Care Partners, LLC | First lien senior secured term loan | S + | 5.25% | 8.95% | 12/16/2025 | 12/30/2027 | 836 | 830 | 831 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Orthodontic Partners Management, LLC | First lien senior secured delayed draw term loan | S + | 4.75% | 8.43% | 3/4/2026 | 7/27/2029 | 4887 | 1404 | 1404 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Orthodontic Partners Management, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.41% | 3/4/2026 | 7/27/2029 | 2467 | (21) | (21) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Orthodontic Partners Management, LLC | First lien senior secured term loan | S + | 4.75% | 8.41% | 3/4/2026 | 7/27/2029 | 29529 | 29277 | 29271 | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Sports Medicine Partners, LLC | First lien senior secured revolving loan | S + | 8.00% PIK | 11.93% | 7/28/2023 | 2/23/2027 | 63 | 35 | 34 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Sports Medicine Partners, LLC | First lien senior secured term loan | S + | 8.00% PIK | 11.93% | 7/28/2023 | 2/23/2027 | 755 | 744 | 735 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spa Medicca, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 8/8/2025 | 8/8/2030 | 5576 | (97) | (89) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spa Medicca, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 8/8/2025 | 8/8/2030 | 1624 | (28) | (26) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spa Medicca, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 8/8/2025 | 8/8/2030 | 4808 | 4724 | 4731 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spear Education Holdings, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.02% | 6/26/2024 | 12/15/2028 | 7290 | 3444 | 3451 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spear Education Holdings, LLC | First lien senior secured term loan | S + | 5.25% | 9.02% | 6/26/2024 | 12/15/2028 | 46787 | 46403 | 46475 | 1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Dental Partners LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 12/22/2023 | 12/22/2028 | 10875 | 10693 | 10744 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Dental Partners LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 11/8/2024 | 12/22/2028 | 12053 | 8742 | 8753 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Dental Partners LLC | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 12/22/2023 | 12/22/2028 | 1451 | 846 | 853 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Dental Partners LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 12/22/2023 | 12/22/2028 | 15036 | 14794 | 14854 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chempetitive Group, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 3/22/2024 | 3/22/2029 | 11980 | 1325 | 1342 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chempetitive Group, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 3/22/2024 | 3/22/2029 | 3414 | 299 | 304 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chempetitive Group, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 3/22/2024 | 3/22/2029 | 13499 | 13313 | 13337 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Therapy2000 Acquisition, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.70% | 9/12/2025 | 9/12/2030 | 5232 | (29) | (18) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Therapy2000 Acquisition, LLC | First lien senior secured revolving loan | S + | 5.00% | 8.70% | 9/12/2025 | 9/12/2030 | 2258 | 577 | 581 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Therapy2000 Acquisition, LLC | First lien senior secured term loan | S + | 5.00% | 8.70% | 9/12/2025 | 9/12/2030 | 10021 | 9906 | 9925 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transitions Intermediate Holdings, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 10/25/2024 | 10/25/2027 | 687 | (7) | (6) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transitions Intermediate Holdings, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 10/25/2024 | 10/25/2027 | 2097 | (17) | (9) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transitions Intermediate Holdings, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 10/25/2024 | 10/25/2027 | 10456 | 10358 | 10409 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. BioTek Laboratories, LLC | First lien senior secured revolving loan | S + | 4.50% | 11.25% | 2/20/2026 | 2/20/2029 | 1214 | 110 | 110 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. BioTek Laboratories, LLC | First lien senior secured term loan | S + | 5.50% | 9.09% | 2/20/2026 | 2/20/2029 | 12345 | 12225 | 12224 | 0.48% |

---

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 March 31, 2026** 

**(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;US Foot and Ankle Specialists, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.71% | 9/15/2022 | 9/15/2026 | 13859 | 13827 | 13830 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Foot and Ankle Specialists, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 9.71% | 9/15/2022 | 9/15/2026 | 2699 | (7) | (6) | 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% | 9.71% | 9/15/2022 | 9/15/2026 | 19224 | 19165 | 19166 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varsity DuvaSawko Operating Corp | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 8/27/2025 | 5/27/2027 | 4568 | 1514 | 1520 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varsity DuvaSawko Operating Corp | First lien senior secured term loan | S + | 5.50% | 9.17% | 8/27/2025 | 5/27/2027 | 44724 | 44710 | 44705 | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varsity Rejuvenate Management, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 10.60% | 12/29/2023 | 9/1/2028 | 3249 | 3201 | 3203 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varsity Rejuvenate Management, LLC (6) | First lien senior secured revolving loan | S + | 6.75% | 10.60% | 9/1/2023 | 9/1/2028 | 1245 | (20) | (18) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varsity Rejuvenate Management, LLC | First lien senior secured term loan | S + | 6.75% | 10.60% | 9/1/2023 | 9/1/2028 | 5883 | 5783 | 5799 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VersiCare Management LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.92% | 11/25/2024 | 11/25/2029 | 4527 | 626 | 632 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VersiCare Management LLC | First lien senior secured revolving loan | S + | 5.25% | 8.92% | 11/25/2024 | 11/25/2029 | 1505 | 540 | 543 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VersiCare Management LLC | First lien senior secured term loan | S + | 5.25% | 8.95% | 11/25/2024 | 11/25/2029 | 7751 | 7632 | 7642 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VetEvolve Holdings, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.42% | 10/12/2023 | 10/12/2028 | 11497 | 11341 | 11349 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VetEvolve Holdings, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.42% | 7/8/2025 | 10/12/2028 | 16509 | 7383 | 7416 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VetEvolve Holdings, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 9.42% | 10/12/2023 | 10/12/2028 | 3067 | (42) | (19) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VetEvolve Holdings, LLC | First lien senior secured term loan | S + | 5.75% | 9.42% | 10/12/2023 | 10/12/2028 | 11558 | 11395 | 11487 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Geriatrics Group Buyer, Inc | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 8/15/2025 | 8/15/2031 | 2408 | 720 | 724 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Geriatrics Group Buyer, Inc | First lien senior secured term loan | S + | 4.75% | 8.42% | 8/15/2025 | 8/15/2031 | 10541 | 10397 | 10420 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Veterinary Partners LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.95% | 7/28/2023 | 10/29/2027 | 491 | 488 | 488 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Veterinary Partners LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.95% | 9/27/2024 | 10/29/2027 | 24162 | 23976 | 24004 | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Veterinary Partners LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.94% | 11/14/2025 | 10/29/2027 | 6406 | 4179 | 4189 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Veterinary Partners LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 8.95% | 7/28/2023 | 10/29/2027 | 24 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Veterinary Partners LLC | First lien senior secured term loan | S + | 5.25% | 8.95% | 7/28/2023 | 10/29/2027 | 9277 | 9204 | 9216 | 0.36% |
|  |  |  |  |  |  |  |  | 1155582 | 1156696 | 45.34% |
| &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% | 9.45% | 12/16/2024 | 7/29/2027 | $7892 | $745 | $763 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHR Intermediate, Inc | First lien senior secured delayed draw term loan | S + | 5.75% | 9.45% | 7/29/2022 | 7/29/2027 | 5177 | 5156 | 5162 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHR Intermediate, Inc (6) | First lien senior secured delayed draw term loan | S + | 5.75% | 9.45% | 5/19/2025 | 7/29/2027 | 871 | (3) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHR Intermediate, Inc | First lien senior secured revolving loan | S + | 5.50% | 9.22% | 7/29/2022 | 7/29/2027 | 9888 | 3313 | 3333 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHR Intermediate, Inc | First lien senior secured term loan | S + | 5.75% | 9.45% | 7/29/2022 | 7/29/2027 | 31613 | 31489 | 31521 | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assembly Holdco, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.21% | 3/26/2026 | 3/26/2032 | 5555 | (35) | (35) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assembly Holdco, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.21% | 3/26/2026 | 3/26/2032 | 1669 | (21) | (21) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assembly Holdco, LLC | First lien senior secured term loan | S + | 5.50% | 9.21% | 3/26/2026 | 3/26/2032 | 4954 | 4892 | 4892 | 0.19% |

---

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 March 31, 2026** 

**(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;ELMC RX Solutions, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.20% | 10/1/2025 | 10/1/2030 | 4305 | (70) | (61) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ELMC RX Solutions, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.20% | 10/1/2025 | 10/1/2030 | 914 | 92 | 94 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ELMC RX Solutions, LLC | First lien senior secured term loan | S + | 5.50% | 9.20% | 10/1/2025 | 10/1/2030 | 3575 | 3518 | 3524 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gifthealth, Inc. (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.67% | 7/29/2025 | 7/29/2028 | 7994 | (31) | (17) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gifthealth, Inc. (6) | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 7/29/2025 | 7/29/2028 | 2841 | (22) | (18) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gifthealth, Inc. | First lien senior secured term loan | S + | 5.00% | 8.67% | 7/29/2025 | 7/29/2028 | 9249 | 9173 | 9191 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Millennia Patient Services, LLC | First lien senior secured revolving loan | S + | 6.50% | 10.46% | 7/28/2023 | 9/8/2027 | 134 | 53 | 53 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Millennia Patient Services, LLC | First lien senior secured term loan | S + | 6.50% | 10.46% | 7/28/2023 | 9/8/2027 | 1672 | 1669 | 1667 | 0.07% |
|  |  |  |  |  |  |  |  | 59918 | 60045 | 2.36% |
| &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% | 9.20% | 9/26/2022 | 9/26/2027 | $2940 | $2912 | $2933 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPS Power Buyer, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.20% | 10/20/2023 | 9/26/2027 | 2286 | 2273 | 2280 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPS Power Buyer, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.20% | 9/30/2025 | 9/26/2027 | 8776 | 4788 | 4801 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPS Power Buyer, LLC (24) | First lien senior secured revolving loan | S + | 5.50% | 9.20% | 9/26/2022 | 9/26/2027 | 4406 | 2432 | 2457 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPS Power Buyer, LLC | First lien senior secured term loan | S + | 5.50% | 9.20% | 9/26/2022 | 9/26/2027 | 19614 | 19434 | 19568 | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kravet Design LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.70% | 11/26/2024 | 11/26/2030 | 4349 | (51) | (44) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kravet Design LLC | First lien senior secured term loan | S + | 5.00% | 8.70% | 11/26/2024 | 11/26/2030 | 18584 | 18360 | 18389 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kwalu, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 9.88% | 9/23/2022 | 9/23/2027 | 5061 | (50) | (23) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kwalu, LLC | First lien senior secured term loan | S + | 5.75% | 9.77% | 9/23/2022 | 9/23/2027 | 29887 | 29577 | 29752 | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacKenzie Childs Acquisition, Inc | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 9/2/2022 | 9/2/2027 | 3374 | 548 | 550 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacKenzie Childs Acquisition, Inc | First lien senior secured term loan | S + | 5.50% | 9.35% | 9/2/2022 | 9/2/2027 | 15633 | 15561 | 15569 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renovation Systems, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 9.70% | 1/12/2024 | 1/23/2028 | 1967 | 1944 | 1953 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renovation Systems, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 9.70% | 7/29/2024 | 1/23/2028 | 5680 | 5619 | 5641 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renovation Systems, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 9.64% | 11/27/2024 | 1/23/2028 | 3553 | 2194 | 2197 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renovation Systems, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 9.70% | 1/23/2023 | 1/23/2028 | 5670 | 5590 | 5630 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renovation Systems, LLC | First lien senior secured revolving loan | S + | 6.00% | 9.67% | 1/23/2023 | 1/23/2028 | 2633 | 2596 | 2615 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renovation Systems, LLC | First lien senior secured term loan | S + | 6.00% | 9.70% | 1/23/2023 | 1/23/2028 | 32286 | 31895 | 32061 | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storm Smart Buyer LLC | First lien senior secured revolving loan | S + | 5.00% | 8.68% | 12/31/2025 | 10/5/2028 | 131 | 104 | 104 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storm Smart Buyer LLC | First lien senior secured term loan | S + | 5.00% | 8.70% | 12/31/2025 | 10/5/2028 | 880 | 872 | 872 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trademark Global, LLC (8) | First lien senior secured revolving loan | S + | 8.50% | 12.46% | 7/28/2023 | 6/30/2027 | 113 | 86 | 18 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trademark Global, LLC (8) | First lien senior secured revolving loan | S + | 8.50% PIK | 12.46% | 7/30/2021 | 6/30/2027 | 39 | 36 | 13 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trademark Global, LLC (8) | First lien senior secured term loan | S + | 8.50% | 12.46% | 7/28/2023 | 6/30/2027 | 2541 | 2271 | 815 | 0.03% |
|  |  |  |  |  |  |  |  | 148991 | 148151 | 5.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial conglomerates** |  |  |  |  |  |  |  |  |  |  |

---

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 March 31, 2026** 

**(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;Hultec Buyer, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.32% | 3/31/2023 | 3/31/2029 | $3915 | $3145 | $3147 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hultec Buyer, LLC | First lien senior secured term loan | S + | 5.50% | 9.30% | 3/31/2023 | 3/31/2029 | 14089 | 13825 | 13838 | 0.54% |
|  |  |  |  |  |  |  |  | 16970 | 16985 | 0.66% |
| &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 + | 4.75% | 8.43% | 10/25/2024 | 10/25/2029 | $15149 | $14913 | $15007 | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superior Insurance Partners LLC | First lien senior secured delayed draw term loan | S + | 4.75% | 8.40% | 1/6/2026 | 10/25/2029 | 30623 | 1713 | 1714 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superior Insurance Partners LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.45% | 10/25/2024 | 10/25/2029 | 1347 | (21) | (13) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superior Insurance Partners LLC | First lien senior secured term loan | S + | 4.75% | 8.45% | 10/25/2024 | 10/25/2029 | 9235 | 9082 | 9149 | 0.36% |
|  |  |  |  |  |  |  |  | 25687 | 25857 | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interactive media and services** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duggal Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 4.75% | 8.39% | 9/30/2024 | 9/30/2030 | $5224 | $2547 | $2556 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duggal Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.45% | 9/30/2024 | 9/30/2030 | 7319 | (110) | (100) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duggal Acquisition, LLC | First lien senior secured term loan | S + | 4.75% | 8.45% | 9/30/2024 | 9/30/2030 | 20324 | 20003 | 20037 | 0.79% |
|  |  |  |  |  |  |  |  | 22440 | 22493 | 0.89% |
| &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% | 10.85% | 7/28/2023 | 4/17/2026 | $191 | $133 | $82 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aquatic Sales Solutions, LLC | First lien senior secured term loan | S + | 7.00% | 10.85% | 7/28/2023 | 4/17/2026 | 2669 | 2669 | 1948 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DealerOn Holdco, Inc (6) | First lien senior secured revolving loan | S + | 6.00% | 9.78% | 7/28/2023 | 5/19/2026 | 314 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DealerOn Holdco, Inc | First lien senior secured term loan | S + | 6.00% | 9.78% | 7/28/2023 | 5/19/2026 | 20335 | 20318 | 20306 | 0.80% |
|  |  |  |  |  |  |  |  | 23120 | 22336 | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT services** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brite Acquisition, LLC (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 8.42% | 1/5/2026 | 1/5/2032 | $6125 | $(37) | $(37) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brite Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 1/5/2026 | 1/5/2032 | 1469 | (18) | (18) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brite Acquisition, LLC | First lien senior secured term loan | S + | 4.75% | 8.42% | 1/5/2026 | 1/5/2032 | 5945 | 5874 | 5874 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSC Top Shelf Blocker LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 8.92% | 6/28/2024 | 6/28/2029 | 2256 | (26) | (24) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSC Top Shelf Blocker LLC | First lien senior secured term loan | S + | 5.25% | 8.92% | 6/28/2024 | 6/28/2029 | 15869 | 15672 | 15692 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynamic Campus Acquisition, Inc. (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.70% | 2/18/2026 | 2/14/2031 | 9698 | (71) | (103) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynamic Campus Acquisition, Inc. | First lien senior secured delayed draw term loan | S + | 5.00% | 8.70% | 2/14/2025 | 2/14/2031 | 10220 | 10095 | 10112 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynamic Campus Acquisition, Inc. (6) | First lien senior secured revolving loan | S + | 5.00% | 8.70% | 2/14/2025 | 2/14/2031 | 3044 | (37) | (32) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynamic Campus Acquisition, Inc. | First lien senior secured term loan | S + | 5.00% | 8.70% | 2/14/2025 | 2/14/2031 | 16890 | 16668 | 16704 | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-Phoenix Acquisition Co. Inc | First lien senior secured revolving loan | S + | 5.25% | 8.92% | 11/24/2025 | 6/23/2030 | 2984 | 1024 | 1030 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-Phoenix Acquisition Co. Inc | First lien senior secured term loan | S + | 5.25% | 8.95% | 11/24/2025 | 6/23/2030 | 18506 | 18377 | 18414 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icreon Holdings, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 10.46% | 10/26/2022 | 10/26/2027 | 1071 | (13) | (14) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icreon Holdings, LLC | First lien senior secured term loan | S + | 6.50% | 10.46% | 10/26/2022 | 10/26/2027 | 11241 | 11092 | 11097 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Livefront, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.67% | 12/12/2025 | 12/5/2030 | 4188 | (59) | (52) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Livefront, LLC | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 12/12/2025 | 12/5/2030 | 2991 | 406 | 412 | 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 March 31, 2026** 

**(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;Livefront, LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 12/12/2025 | 12/5/2030 | 10836 | 10684 | 10701 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milestone Technologies, Inc (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.70% | 8/22/2025 | 8/22/2031 | 2918 | (16) | (12) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milestone Technologies, Inc (6) | First lien senior secured revolving loan | S + | 5.00% | 8.70% | 8/22/2025 | 8/22/2031 | 2595 | (35) | (31) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milestone Technologies, Inc | First lien senior secured term loan | S + | 5.00% | 8.70% | 8/22/2025 | 8/22/2031 | 19598 | 19335 | 19371 | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P and R Dental Strategies, LLC | First lien senior secured revolving loan | S + | 5.75% | 9.71% | 7/28/2023 | 12/22/2027 | 23 | 8 | 8 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P and R Dental Strategies, LLC | First lien senior secured term loan | S + | 5.75% | 9.71% | 7/28/2023 | 12/22/2027 | 613 | 609 | 610 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Technology Group, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.67% | 1/3/2024 | 1/3/2029 | 10670 | 10531 | 10581 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Technology Group, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.67% | 2/26/2024 | 1/3/2029 | 9329 | 9205 | 9252 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Technology Group, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.67% | 5/20/2025 | 1/3/2029 | 11297 | 9159 | 9173 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Technology Group, LLC (6)(25) | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 1/3/2024 | 1/3/2029 | 2860 | (37) | (24) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Technology Group, LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 1/3/2024 | 1/3/2029 | 6229 | 6144 | 6177 | 0.24% |
|  |  |  |  |  |  |  |  | 144534 | 144861 | 5.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure equipment and products** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacNeill Pride Group Corp | First lien senior secured delayed draw term loan | S + | 6.00% | 9.78% | 7/28/2023 | 4/22/2026 | $342 | $342 | $342 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacNeill Pride Group Corp (6) | First lien senior secured revolving loan | S + | 6.00% | 9.78% | 7/28/2023 | 4/22/2026 | 287 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacNeill Pride Group Corp | First lien senior secured term loan | S + | 6.00% | 9.78% | 7/28/2023 | 4/22/2026 | 785 | 785 | 785 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TruBlue LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 8.92% | 1/11/2024 | 1/11/2029 | 1430 | (16) | (15) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TruBlue LLC | First lien senior secured term loan | S + | 5.25% | 8.92% | 1/11/2024 | 1/11/2029 | 5108 | 5047 | 5051 | 0.20% |
|  |  |  |  |  |  |  |  | 6158 | 6163 | 0.24% |
| &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 | 10.46% | 7/28/2023 | 5/20/2027 | $78 | $77 | $59 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PHGP MB Purchaser, Inc (26) | First lien senior secured revolving loan | S + | 6.00% +0.50% PIK | 10.46% | 7/28/2023 | 5/20/2027 | 75 | 23 | 5 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PHGP MB Purchaser, Inc | First lien senior secured term loan | S + | 6.00% + 0.50% PIK | 10.46% | 7/28/2023 | 5/20/2027 | 1052 | 1044 | 794 | 0.03% |
|  |  |  |  |  |  |  |  | 1144 | 858 | 0.03% |
| &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 + | 4.75% | 8.45% | 12/10/2025 | 5/3/2028 | $267 | $(1) | $— | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptitude Health Holdings, LLC | First lien senior secured term loan | S + | 4.75% | 8.45% | 12/10/2025 | 5/3/2028 | 1070 | 1067 | 1069 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CR Services Intermediate, LLC | First lien senior secured delayed draw term loan | S + | 7.00% | 10.96% | 7/28/2023 | 7/28/2028 | 135 | 132 | 120 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CR Services Intermediate, LLC | First lien senior secured revolving loan | S + | 7.00% | 10.96% | 7/28/2023 | 7/28/2028 | 39 | 8 | 5 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CR Services Intermediate, LLC | First lien senior secured term loan | S + | 7.00% | 10.96% | 7/28/2023 | 7/28/2028 | 248 | 241 | 220 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CR Services Intermediate, LLC (7) | First lien senior secured term loan | S + | 7.00% | 10.96% | 7/28/2023 | 7/28/2028 | 248 | 241 | 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% | 9.92% | 2/26/2024 | 8/31/2027 | 353 | 351 | 332 | 0.01% |

---

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

------

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

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of March 31, 2026** 

**(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 revolving loan | S + | 6.25% | 9.92% | 2/26/2024 | 8/31/2027 | 5406 | 5373 | 5072 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERG Buyer, LLC | First lien senior secured term loan | S + | 6.25% | 9.92% | 2/26/2024 | 8/31/2027 | 37161 | 36855 | 34874 | 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health and Wellness Partners LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.59% | 3/12/2025 | 3/12/2030 | 5808 | 4568 | 4574 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health and Wellness Partners LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.63% | 3/12/2025 | 3/12/2030 | 2480 | (34) | (31) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health and Wellness Partners LLC | First lien senior secured term loan | S + | 5.00% | 8.63% | 3/12/2025 | 3/12/2030 | 21562 | 21251 | 21280 | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIT Nyckel Acquisition AB (6) | First lien senior secured revolving loan | S + | 4.50% | 8.20% | 12/18/2025 | 12/18/2031 | 2719 | (33) | (27) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIT Nyckel Acquisition AB | First lien senior secured term loan | S + | 4.50% | 8.20% | 12/18/2025 | 12/18/2031 | 7996 | 7900 | 7916 | 0.31% |
|  |  |  |  |  |  |  |  | 77919 | 75624 | 2.96% |
| &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 + | 5.75% | 9.53% | 7/28/2023 | 10/30/2027 | $173 | $72 | $71 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abrasive Technology Intermediate, LLC | First lien senior secured term loan | S + | 5.75% | 9.53% | 7/28/2023 | 10/30/2027 | 2199 | 2196 | 2175 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Manufacturing Company, LLC | First lien senior secured revolving loan | S + | 5.00% | 8.66% | 11/1/2024 | 11/1/2028 | 2898 | 1186 | 1191 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Manufacturing Company, LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 11/1/2024 | 11/1/2028 | 17072 | 16896 | 16924 | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DNS-IMI Acquisition Corp | First lien senior secured revolving loan | S + | 4.25% | 11.00% | 7/28/2023 | 11/23/2026 | 56 | 17 | 17 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DNS-IMI Acquisition Corp | First lien senior secured term loan | S + | 4.25% | 11.00% | 7/28/2023 | 11/23/2026 | 1328 | 1326 | 1324 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Double E Company, LLC | First lien senior secured revolving loan | S + | 6.25% | 10.10% | 6/21/2022 | 6/21/2028 | 3110 | 1936 | 1780 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Double E Company, LLC | First lien senior secured term loan | S + | 4.00% + 2.25% PIK | 10.10% | 8/11/2025 | 6/21/2028 | 795 | 775 | 749 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Double E Company, LLC | First lien senior secured term loan | S + | 4.00% + 2.25% PIK | 10.10% | 6/21/2022 | 6/21/2028 | 19041 | 18846 | 17935 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kittyhawk, Inc (6) | First lien senior secured revolving loan | S + | 5.25% | 6.25% | 5/1/2024 | 5/1/2029 | 3571 | (44) | (41) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kittyhawk, Inc | First lien senior secured term loan | S + | 5.25% | 6.25% | 5/1/2024 | 5/1/2029 | 14925 | 14731 | 14744 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L&J Holding Company LLC | First lien senior secured delayed draw term loan | S + | 4.75% | 8.42% | 7/29/2024 | 7/29/2030 | 9814 | 3424 | 3440 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L&J Holding Company LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.45% | 7/29/2024 | 7/29/2030 | 2204 | (32) | (29) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L&J Holding Company LLC | First lien senior secured term loan | S + | 4.75% | 8.45% | 7/29/2024 | 7/29/2030 | 11610 | 11432 | 11452 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;My Buyer, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.45% | 1/26/2024 | 1/26/2030 | 3108 | 3068 | 3071 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;My Buyer, LLC | First lien senior secured revolving loan | S + | 5.75% | 9.42% | 1/26/2024 | 1/26/2030 | 2360 | 1386 | 1388 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;My Buyer, LLC | First lien senior secured term loan | S + | 5.75% | 9.45% | 1/26/2024 | 1/26/2030 | 7771 | 7663 | 7671 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spartaco Buyer, Inc | First lien senior secured revolving loan | S + | 4.75% | 8.43% | 3/27/2026 | 3/27/2032 | 1788 | 1265 | 1265 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spartaco Buyer, Inc | First lien senior secured term loan | S + | 4.75% | 8.43% | 3/27/2026 | 3/27/2032 | 9022 | 8910 | 8909 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPG Holdco, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 10.07% | 5/16/2025 | 12/1/2028 | 1773 | 1209 | 1211 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPG Holdco, LLC (27) | First lien senior secured revolving loan | S + | 6.25% | 9.92% | 12/1/2023 | 12/1/2028 | 2070 | 1352 | 1359 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPG Holdco, LLC | First lien senior secured term loan | S + | 6.25% | 10.10% | 12/1/2023 | 12/1/2028 | 10447 | 10295 | 10341 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USSC Holding Corp | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 6/21/2024 | 6/21/2030 | 10003 | 9850 | 9880 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USSC Holding Corp | First lien senior secured revolving loan | S + | 5.50% | 9.19% | 6/21/2024 | 6/21/2030 | 7177 | 3658 | 3680 | 0.14% |

---

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 March 31, 2026** 

**(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;USSC Holding Corp | First lien senior secured term loan | S + | 5.50% | 9.20% | 6/21/2024 | 6/21/2030 | 34343 | 33765 | 33893 | 1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USSC Holding Corp | First lien senior secured term loan | S + | 5.50% | 9.20% | 3/9/2026 | 6/21/2030 | 2408 | 2360 | 2376 | 0.09% |
|  |  |  |  |  |  |  |  | 157542 | 156776 | 6.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ansira Partners II, LLC | First lien senior secured revolving loan | S + | 6.00% | 9.67% | 8/15/2025 | 8/15/2031 | $6142 | $1760 | $1771 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ansira Partners II, LLC | First lien senior secured term loan | S + | 6.00% | 9.67% | 8/15/2025 | 8/15/2031 | 46208 | 45593 | 45676 | 1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barkley, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 9.82% | 9/29/2023 | 9/29/2028 | 2300 | (33) | (26) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barkley, LLC | First lien senior secured term loan | S + | 6.00% | 9.82% | 9/29/2023 | 9/29/2028 | 43565 | 42935 | 43078 | 1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Version Media Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 12/31/2024 | 12/31/2030 | 2897 | (44) | (36) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Version Media Acquisition, LLC | First lien senior secured term loan | S + | 4.75% | 8.42% | 12/31/2024 | 12/31/2030 | 26518 | 26110 | 26176 | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creative Outdoor Holding Inc (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 6.00% | 6/26/2025 | 6/26/2030 | 8741 | (93) | (78) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creative Outdoor Holding Inc (6)(28) | First lien senior secured revolving loan | S + | 5.00% | 6.00% | 6/26/2025 | 6/26/2030 | 4168 | (53) | (37) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creative Outdoor Holding Inc | First lien senior secured term loan | S + | 5.00% | 6.00% | 6/26/2025 | 6/26/2030 | 18219 | 18016 | 18053 | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datum Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.70% | 10/30/2024 | 4/30/2030 | 2146 | (34) | (24) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datum Acquisition, LLC | First lien senior secured term loan | S + | 5.00% | 8.70% | 10/30/2024 | 4/30/2030 | 23950 | 23613 | 23682 | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclusive Concepts, LLC | First lien senior secured delayed draw term loan | S + | 3.75% + 3.00% PIK | 10.71% | 7/28/2023 | 12/9/2026 | 221 | 219 | 219 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclusive Concepts, LLC | First lien senior secured delayed draw term loan | S + | 3.75% + 3.00% PIK | 10.71% | 12/22/2023 | 12/9/2026 | 2843 | 2822 | 2824 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclusive Concepts, LLC | First lien senior secured delayed draw term loan | S + | 3.75% + 3.00% PIK | 10.71% | 8/1/2024 | 12/9/2026 | 1775 | 1754 | 1762 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclusive Concepts, LLC | First lien senior secured revolving loan | S + | 3.75% + 3.00% PIK | 10.71% | 7/28/2023 | 12/9/2026 | 23 | 11 | 11 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclusive Concepts, LLC | First lien senior secured term loan | S + | 3.75% + 3.00% PIK | 10.71% | 7/28/2023 | 12/9/2026 | 3498 | 3470 | 3474 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GM Services Buyer, LLC | First lien senior secured delayed draw term loan | S + | 4.75% | 8.42% | 8/26/2025 | 8/26/2030 | 21501 | 14334 | 14474 | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GM Services Buyer, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 8/26/2025 | 8/26/2030 | 3070 | (41) | (36) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GM Services Buyer, LLC | First lien senior secured term loan | S + | 4.75% | 8.42% | 8/26/2025 | 8/26/2030 | 5837 | 5761 | 5771 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infolinks Media Buyco, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.45% | 7/28/2023 | 5/1/2028 | 2057 | 2043 | 2035 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infolinks Media Buyco, LLC | First lien senior secured revolving loan | S + | 5.75% | 9.45% | 7/28/2023 | 5/1/2028 | 38 | 26 | 26 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infolinks Media Buyco, LLC | First lien senior secured term loan | S + | 5.75% | 9.45% | 7/28/2023 | 5/1/2028 | 19863 | 19650 | 19654 | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MediaMint Inc (6) | First lien senior secured revolving loan | S + | 4.75% | 8.45% | 12/15/2025 | 12/15/2030 | 2128 | (25) | (21) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MediaMint Inc | First lien senior secured term loan | S + | 4.75% | 8.45% | 12/15/2025 | 12/15/2030 | 15352 | 15171 | 15199 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merge USA, Inc | First lien senior secured revolving loan | S + | 4.75% | 8.45% | 2/28/2025 | 2/28/2030 | 2515 | 976 | 980 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merge USA, Inc | First lien senior secured term loan | S + | 4.75% | 8.45% | 2/28/2025 | 2/28/2030 | 11150 | 11013 | 11032 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North & Warren, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.20% | 1/31/2025 | 1/31/2030 | 954 | (11) | (10) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North & Warren, LLC | First lien senior secured term loan | S + | 5.50% | 9.20% | 1/31/2025 | 1/31/2030 | 4463 | 4408 | 4418 | 0.17% |

---

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 March 31, 2026** 

**(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;Optimized Marketing Acquisition, LLC | First lien senior secured revolving loan | S + | 6.00% | 9.96% | 8/19/2022 | 8/19/2027 | 3383 | 1383 | 1340 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optimized Marketing Acquisition, LLC | First lien senior secured term loan | S + | 6.00% | 9.96% | 8/19/2022 | 8/19/2027 | 25313 | 25099 | 24797 | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outerbox, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.67% | 6/7/2024 | 6/7/2028 | 4068 | 4025 | 4031 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outerbox, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 6/7/2024 | 6/7/2028 | 2280 | (24) | (21) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outerbox, LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 6/7/2024 | 6/7/2028 | 25884 | 25624 | 25646 | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peninsula MMGY Corporation (29) | First lien senior secured revolving loan | S + | 5.50% | 9.19% | 10/26/2023 | 4/26/2029 | 3691 | 974 | 996 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peninsula MMGY Corporation | First lien senior secured term loan | S + | 5.50% | 9.20% | 10/26/2023 | 4/26/2029 | 9440 | 9276 | 9343 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peninsula MMGY Corporation | First lien senior secured term loan | S + | 5.50% | 9.20% | 4/4/2025 | 4/26/2029 | 12185 | 12045 | 12060 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Channel Company, LLC | First lien senior secured revolving loan | S + | 6.75% | 10.70% | 7/28/2023 | 11/1/2027 | 62 | 55 | 52 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Channel Company, LLC | First lien senior secured term loan | S + | 3.00% + 3.75% PIK | 10.71% | 7/28/2023 | 11/1/2027 | 2505 | 2490 | 2370 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upswell Group, Inc (6) | First lien senior secured revolving loan | S + | 5.00% | 8.71% | 3/26/2026 | 3/26/2032 | 1814 | (23) | (23) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upswell Group, Inc | First lien senior secured term loan | S + | 5.00% | 8.71% | 3/26/2026 | 3/26/2032 | 16743 | 16534 | 16534 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walker Sands, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.70% | 10/1/2025 | 10/1/2030 | 1553 | (21) | (18) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walker Sands, LLC | First lien senior secured term loan | S + | 0.05 | 8.70% | 10/1/2025 | 10/1/2030 | 8819 | 8700 | 8715 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WTWH Buyer, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 12/16/2022 | 12/16/2027 | 1638 | (20) | (23) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WTWH Buyer, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 12/16/2022 | 12/16/2027 | 13960 | 13763 | 13767 | 0.54% |
|  |  |  |  |  |  |  |  | 359231 | 359613 | 14.12% |
| &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 + | 5.00% | 8.74% | 6/17/2024 | 6/17/2029 | $8250 | $(90) | $(59) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEC Purchaser Corp. | First lien senior secured term loan | S + | 5.00% | 8.74% | 6/17/2024 | 6/17/2029 | 55935 | 55264 | 55538 | 2.18% |
|  |  |  |  |  |  |  |  | 55174 | 55479 | 2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Personal products** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosmetic Solutions LLC (8) | First lien senior secured term loan | 4.00% PIK | 4.00% PIK | 4.00% | 7/18/2025 | 10/17/2028 | 1527 | 1483 | 688 | 0.03% |
|  |  |  |  |  |  |  |  | 1483 | 688 | 0.03% |
| &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% | 10.71% | 7/28/2023 | 9/22/2026 | $345 | $340 | $301 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Formulated Buyer, LLC | First lien senior secured revolving loan | S + | 6.75% | 10.78% | 7/28/2023 | 9/22/2029 | 200 | 142 | 120 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Formulated Buyer, LLC | First lien senior secured term loan | S + | 6.75% | 10.71% | 7/28/2023 | 9/22/2029 | 531 | 523 | 455 | 0.02% |
|  |  |  |  |  |  |  |  | 1005 | 876 | 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% | 8.92% | 7/8/2025 | 11/8/2029 | $3564 | $(44) | $(42) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSL Intermediate Acquisition LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.92% | 11/8/2024 | 11/8/2029 | 1683 | 1662 | 1664 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSL Intermediate Acquisition LLC | First lien senior secured revolving loan | S + | 5.25% | 8.92% | 11/8/2024 | 11/8/2029 | 1673 | 188 | 190 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSL Intermediate Acquisition LLC | First lien senior secured term loan | S + | 5.25% | 8.92% | 11/8/2024 | 11/8/2029 | 9147 | 9028 | 9039 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helpware, Inc | First lien senior secured revolving loan | S + | 6.00% | 7.26% | 9/8/2022 | 9/8/2026 | 5061 | 2455 | 2415 | 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 March 31, 2026** 

**(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;Helpware, Inc | First lien senior secured term loan | S + | 5.75% + 0.25% PIK | 7.26% | 9/8/2022 | 9/8/2026 | 14014 | 13984 | 13881 | 0.54% |
|  |  |  |  |  |  |  |  | 27273 | 27147 | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real estate management and development** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBG, Inc (30) | First lien senior secured revolving loan | S + | 6.75% | 10.71% | 7/28/2023 | 1/8/2027 | $233 | $228 | $225 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBG, Inc | First lien senior secured term loan | S + | 6.50% + 0.25% PIK | 10.71% | 7/28/2023 | 1/8/2027 | 1961 | 1913 | 1927 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetaSource, LLC | First lien senior secured revolving loan | S + | 6.75% | 10.53% | 7/28/2023 | 5/17/2027 | 75 | 37 | 37 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetaSource, LLC | First lien senior secured term loan | S + | 6.25% + 0.50% PIK | 10.71% | 7/28/2023 | 5/17/2027 | 917 | 912 | 912 | 0.04% |
|  |  |  |  |  |  |  |  | 3090 | 3101 | 0.13% |
| &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% | 9.85% | 7/28/2023 | 3/2/2028 | $45 | $18 | $18 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altamira Material Solutions, LP | First lien senior secured term loan | S + | 6.00% | 9.85% | 7/28/2023 | 3/2/2028 | 1241 | 1236 | 1228 | 0.05% |
|  |  |  |  |  |  |  |  | 1254 | 1246 | 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% | 10.78% | 7/28/2023 | 7/26/2027 | $186 | $(1) | $(1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affinitiv Inc | First lien senior secured term loan | S + | 7.00% | 10.78% | 7/28/2023 | 7/26/2027 | 2173 | 2156 | 2157 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DemandTec, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.67% | 8/27/2025 | 8/27/2031 | 3855 | (52) | (45) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DemandTec, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 8/27/2025 | 8/27/2031 | 1505 | (20) | (18) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DemandTec, LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 8/27/2025 | 8/27/2031 | 7671 | 7565 | 7579 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genius Bidco, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.95% | 5/1/2024 | 5/1/2030 | 4649 | 4571 | 4610 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genius Bidco, LLC (31) | First lien senior secured revolving loan | S + | 5.25% | 8.95% | 5/1/2024 | 5/1/2030 | 3571 | 904 | 908 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genius Bidco, LLC | First lien senior secured term loan | S + | 5.25% | 8.95% | 5/1/2024 | 5/1/2030 | 12489 | 12304 | 12325 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GPSTrackit Holdings, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.45% | 3/29/2024 | 3/29/2029 | 1943 | 1913 | 1913 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GPSTrackit Holdings, LLC | First lien senior secured revolving loan | S + | 5.75% | 9.44% | 3/29/2024 | 3/29/2029 | 4429 | 2297 | 2294 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GPSTrackit Holdings, LLC | First lien senior secured term loan | S + | 5.75% | 9.45% | 3/29/2024 | 3/29/2029 | 32075 | 31566 | 31582 | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS XX Corporation (6) | First lien senior secured revolving loan | S + | 4.75% | 8.45% | 4/19/2024 | 4/19/2029 | 2381 | (29) | (27) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS XX Corporation | First lien senior secured term loan | S + | 4.75% | 8.45% | 4/19/2024 | 4/19/2029 | 16651 | 16432 | 16448 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shasta Buyer, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.45% | 11/12/2024 | 11/12/2030 | 4307 | (48) | (43) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shasta Buyer, LLC | First lien senior secured term loan | S + | 4.75% | 8.45% | 11/12/2024 | 11/12/2030 | 20140 | 19902 | 19931 | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ShiftKey, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 9.71% | 7/28/2023 | 6/21/2027 | 110 | (1) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ShiftKey, LLC | First lien senior secured term loan | S + | 5.75% + 0.50% PIK | 10.21% | 7/28/2023 | 6/21/2027 | 3455 | 3439 | 3357 | 0.13% |
|  |  |  |  |  |  |  |  | 102898 | 102967 | 4.04% |
| &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 + | 5.00% | 8.70% | 7/28/2023 | 10/22/2027 | $269 | $266 | $267 | 0.01% |

---

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

------

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

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of March 31, 2026** 

**(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;Dykstras Auto LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.69% | 4/14/2025 | 10/22/2027 | 5035 | 4945 | 4963 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dykstras Auto LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.70% | 12/23/2025 | 11/22/2027 | 20050 | (174) | (150) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dykstras Auto LLC | First lien senior secured revolving loan | S + | 5.00% | 8.70% | 7/28/2023 | 10/22/2027 | 1992 | 443 | 450 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dykstras Auto LLC | First lien senior secured term loan | S + | 5.00% | 8.70% | 7/28/2023 | 10/22/2027 | 6079 | 6018 | 6034 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastlap, LLC | First lien senior secured revolving loan | S + | 2.15% + 3.35% PIK | 9.20% | 6/20/2024 | 6/20/2029 | 2310 | 2245 | 2248 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastlap, LLC | First lien senior secured term loan | S + | 2.15% + 3.35% PIK | 9.20% | 6/20/2024 | 6/20/2029 | 10258 | 10047 | 10068 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Good Feet Worldwide, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 9.70% | 2/25/2026 | 2/25/2032 | 2972 | (44) | (44) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Good Feet Worldwide, LLC | First lien senior secured term loan | S + | 6.00% | 9.70% | 2/25/2026 | 2/25/2032 | 24985 | 24619 | 24616 | 0.97% |
| &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 | 12/22/2027 | 152 | 152 | 101 | 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 | 1359 | 1353 | 898 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaizen Auto Care, LLC | First lien senior secured term loan | 5.00% | 5.00% | 5.00% | 2/20/2026 | 12/22/2027 | 66 | 65 | 66 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonard Group, Inc | First lien senior secured revolving loan | S + | 6.75% | 10.70% | 7/28/2023 | 2/26/2027 | 234 | 232 | 192 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonard Group, Inc | First lien senior secured term loan | S + | 6.75% | 10.71% | 7/28/2023 | 2/26/2027 | 1302 | 1295 | 1071 | 0.04% |
|  |  |  |  |  |  |  |  | 51462 | 50780 | 1.99% |
| &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% | 8.67% | 12/30/2024 | 12/20/2030 | $7989 | $(32) | $(16) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakeshirts LLC | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 12/30/2024 | 12/30/2030 | 11650 | 4276 | 4296 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakeshirts LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 12/30/2024 | 12/30/2030 | 29767 | 29533 | 29585 | 1.15% |
|  |  |  |  |  |  |  |  | 33777 | 33865 | 1.32% |
| &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 + | 5.00% | 8.67% | 10/15/2025 | 4/9/2027 | $6426 | $6419 | $6382 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp | First lien senior secured delayed draw term loan | S + | 5.00% | 8.70% | 10/15/2025 | 4/9/2027 | 10516 | 10516 | 10443 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp | First lien senior secured delayed draw term loan | S + | 5.00% | 8.67% | 10/15/2025 | 4/9/2027 | 11427 | 522 | 463 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 10/15/2025 | 10/9/2028 | 2872 | 386 | 390 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp (32) | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 10/15/2025 | 10/9/2026 | 2525 | 2020 | 2003 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp | First lien senior secured term loan | S + | 5.00% | 8.67% | 10/15/2025 | 4/9/2027 | 12784 | 12775 | 12696 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascent Lifting, Inc (6) | First lien senior secured revolving loan | S + | 4.75% | 8.52% | 9/9/2022 | 9/9/2027 | 2500 | (33) | (16) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascent Lifting, Inc | First lien senior secured term loan | S + | 4.75% | 8.52% | 4/28/2023 | 9/9/2027 | 21337 | 21239 | 21197 | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AWI Group, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.45% | 8/1/2024 | 8/1/2029 | 4433 | 4374 | 4179 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AWI Group, LLC | First lien senior secured revolving loan | S + | 5.75% | 9.43% | 8/1/2024 | 8/1/2029 | 10420 | 7363 | 6899 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AWI Group, LLC | First lien senior secured term loan | S + | 5.75% | 9.45% | 8/1/2024 | 8/1/2029 | 54507 | 53745 | 51378 | 2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner Buyer, LLC (8) | First lien senior secured delayed draw term loan | S + | 2.75% + 3.50% PIK | 10.24% | 7/28/2023 | 5/31/2026 | 576 | 573 | 345 | 0.01% |

---

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

------

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

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of March 31, 2026** 

**(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;Banner Buyer, LLC (8) | First lien senior secured revolving loan | S + | 2.75% +3.50% PIK | 10.24% | 7/28/2023 | 5/31/2026 | 372 | 112 | (36) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner Buyer, LLC (8) | First lien senior secured term loan | S + | 2.75% + 3.50% PIK | 10.24% | 7/28/2023 | 5/31/2026 | 1387 | 1379 | 832 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAP KSI Holdings LLC (33) | First lien senior secured revolving loan | S + | 5.25% | 8.94% | 6/28/2024 | 6/28/2030 | 7812 | 5274 | 5305 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAP KSI Holdings LLC | First lien senior secured term loan | S + | 5.25% | 8.94% | 6/28/2024 | 6/28/2030 | 60179 | 59525 | 59776 | 2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastern Communications Solutions, Inc. (6) | First lien senior secured revolving loan | S + | 5.00% | 8.70% | 12/30/2024 | 12/30/2030 | 3240 | (39) | (24) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastern Communications Solutions, Inc. | First lien senior secured term loan | S + | 5.00% | 8.70% | 11/4/2025 | 12/31/2030 | 1697 | 1682 | 1684 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastern Communications Solutions, Inc. | First lien senior secured term loan | S + | 5.00% | 8.70% | 12/30/2024 | 12/30/2030 | 12454 | 12298 | 12362 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empire Equipment Company, LLC | First lien senior secured revolving loan | S + | 6.25% | 10.31% | 7/28/2023 | 7/16/2026 | 439 | 438 | 437 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empire Equipment Company, LLC | First lien senior secured term loan | S + | 6.25% | 10.03% | 7/28/2023 | 7/16/2026 | 1596 | 1592 | 1590 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacent Strategic Merchandising, LLC | First lien senior secured revolving loan | S + | 6.50% | 10.27% | 9/19/2025 | 1/31/2027 | 2436 | 1586 | 1589 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacent Strategic Merchandising, LLC | First lien senior secured term loan | S + | 5.75% | 9.52% | 9/19/2025 | 1/31/2027 | 13502 | 13465 | 13482 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lehman Pipe Buyer, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.70% | 6/13/2025 | 8/30/2030 | 5428 | 1518 | 1526 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lehman Pipe Buyer, LLC | First lien senior secured revolving loan | S + | 5.00% | 8.70% | 8/30/2024 | 8/30/2030 | 6324 | 2017 | 2038 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lehman Pipe Buyer, LLC | First lien senior secured term loan | S + | 5.00% | 8.70% | 8/30/2024 | 8/30/2030 | 37489 | 36909 | 37071 | 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental Equipment Investment Corp | First lien senior secured revolving loan | S + | 4.50% | 8.19% | 10/8/2025 | 10/8/2030 | 7917 | 1257 | 1290 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental Equipment Investment Corp | First lien senior secured term loan | S + | 4.50% | 8.20% | 10/8/2025 | 10/8/2030 | 40829 | 40369 | 40543 | 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triad Technologies, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.10% | 7/28/2023 | 6/30/2027 | 332 | (2) | (2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triad Technologies, LLC | First lien senior secured term loan | S + | 5.25% | 9.10% | 7/28/2023 | 6/30/2027 | 1138 | 1138 | 1129 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Added Distributors, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.41% | 12/19/2024 | 12/19/2029 | 3768 | (45) | (38) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Added Distributors, LLC | First lien senior secured term loan | S + | 4.75% | 8.41% | 12/19/2024 | 12/19/2029 | 12093 | 11954 | 11967 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vintage Parts, Inc | First lien senior secured revolving loan | S + | 4.75% | 11.50% | 3/28/2025 | 3/28/2029 | 1564 | 454 | 457 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vintage Parts, Inc | First lien senior secured term loan | S + | 5.75% | 9.45% | 3/28/2025 | 3/28/2029 | 16084 | 15921 | 15952 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wolf Gordon Inc (6) | First lien senior secured revolving loan | S + | 4.25% | 11.00% | 5/1/2024 | 5/1/2029 | 3809 | (55) | (51) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wolf Gordon Inc | First lien senior secured term loan | S + | 5.25% | 8.92% | 5/1/2024 | 5/1/2029 | 25435 | 25067 | 25106 | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodson and Bozeman, LLC (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 8.45% | 10/1/2025 | 10/1/2031 | 6590 | (45) | (32) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodson and Bozeman, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.45% | 10/1/2025 | 10/1/2031 | 2436 | (34) | (29) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodson and Bozeman, LLC | First lien senior secured term loan | S + | 4.75% | 8.45% | 10/1/2025 | 10/1/2031 | 5904 | 5823 | 5834 | 0.23% |
|  |  |  |  |  |  |  |  | 359457 | 356117 | 13.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Water utilities** |  |  |  |  |  |  |  |  |  |  |

---

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 March 31, 2026** 

**(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;Diamondback Buyer, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.67% | 10/15/2024 | 7/22/2026 | $3625 | $3618 | $3620 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Buyer, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.69% | 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% | 8.69% | 7/28/2023 | 7/22/2026 | 1402 | 1400 | 1399 | 0.04% |
|  |  |  |  |  |  |  |  | 5018 | 5019 | 0.18% |
| &nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliated senior secured debt** |  |  |  |  |  |  |  | $4392784 | $4382355 | 171.89% |
| **Non-controlled/non-affiliated sponsor subordinated notes** |  |  |  |  |  |  |  |  |  |  |
| **Personal products** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cosmetic Solutions LLC | Sponsor subordinated note | 11.00% | 11.00% | 11.00% | 7/18/2025 | 10/17/2028 | 396 | $396 | 44 | 0.00% |
|  |  |  |  |  |  |  |  | 396 | 44 | 0.00% |
| **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 | 12/17/2026 | $20 | $18 | $14 | 0.00% |
|  |  |  |  |  |  |  |  | 18 | 14 | 0.00% |
| &nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliated sponsor subordinated notes** |  |  |  |  |  |  |  | 414 | 58 | 0.00% |
| &nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliated investments** |  |  |  |  |  |  |  | $4393198 | $4382413 | 171.89% |
| &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 (34) (35) (36) | Equity - 16.73% membership interest |  |  |  |  |  |  | $86482 | $98589 | 3.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twin Brook Segregated Equity Holdings, LLC (34) (35) (36) | Equity - 2.11% membership interest |  |  |  |  |  |  | 19 | 16 | 0.00% |
| &nbsp;&nbsp;&nbsp;**Total non-controlled/affiliated investments** |  |  |  |  |  |  |  | 86501 | 98605 | 3.87% |
| **Total investments** |  |  |  |  |  |  |  | $4479699 | $4481018 | 175.76% |
| **Cash equivalents** |  |  |  |  |  |  |  |  |  |  |
| Dreyfus Government Cash Management Money Market Fund - Institutional Shares |  |  |  | 4.04% |  |  |  | $7000 | $7000 | 0.27% |
| JPMorgan U.S. Government Money Market Fund - Share Class: Capital |  |  |  | 4.12% |  |  |  | 6 | 6 | 0.00% |
| &nbsp;&nbsp;&nbsp;**Total cash equivalents** |  |  |  |  |  |  |  | 7006 | 7006 | 0.27% |
| **Total investments and cash equivalents** |  |  |  |  |  |  |  | $4486705 | $4488024 | 176.03% |

---

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

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

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

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

(5)Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the Term Secured Overnight Financing Rate ("Term SOFR" or "S"), the Canadian Overnight Repo Rate Average ("Term CORRA" or "T") and/or an alternate base rate (e.g. prime rate ("P")), which typically resets semiannually, quarterly, or monthly at the borrower's option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the applicable margin has been provided over Term SOFR based on each respective credit agreement. As of March 31, 2026, the reference rates for the

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

------

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

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of March 31, 2026** 

**(Amounts in thousands)**

**(Unaudited)**

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

(6)Represents revolvers and delayed draw term loans where the entire balance is unfunded as of March 31, 2026. The negative fair value is a result of the commitment being valued below par. Refer to Note 8 for further information.

(7)Represents investments that the Company has determined are not "qualifying assets" under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of March 31, 2026, non-qualifying assets represented approximately 4.41% of the total assets of the Company.

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

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

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

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

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

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

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

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

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

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

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

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

(20)Principal balance includes reserve for letter of credit of $116,312 on which the borrower pays 6.00% + 2.00% PIK.

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

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

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

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

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

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

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

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

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

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

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

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

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

(34)As a practical expedient, the Company uses net asset value to determine the fair value of this investment. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels. This represents an investment in an affiliated fund.

(35)Securities exempt from registration under the Securities Act of 1933 (the "Securities Act"), and may be deemed to be "restricted securities" under the Securities Act. As of March 31, 2026, the aggregate fair value of these securities is $98,605 or 3.87% of the Company's net assets.

(36)Non-income producing investment.

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

------

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

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of March 31, 2026** 

**(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 | CAD 240 | USD 329 | 4/28/2026 | $3 |
| **Total** |  |  |  | $**3** |
| **Currency Abbreviations:** |  |  |  |  |
| USD - U.S. Dollar |  |  |  |  |
| CAD - Canadian Dollar |  |  |  |  |

---

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

------

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

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of March 31, 2026** 

**(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 | $305 | $— | $305 |
| Morgan Stanley Capital Services, LLC | Series A, Tranche B Notes | 7.7800% | S + 3.8660% | 3/19/2029 | 150000 | 1248 |  | 1248 |
| MUFG Bank, Ltd. | Series B, Tranche A Notes | 6.4200% | S + 3.1224% | 10/15/2028 | 20000 | (209) |  | (209) |
| MUFG Bank, Ltd. | Series B, Tranche A Notes | 6.4200% | S + 3.1158% | 10/15/2028 | 65000 | (670) |  | (670) |
| Wells Fargo Bank, N.A. | Series B, Tranche C Notes | 6.5200% | S + 3.1810% | 10/15/2029 | 100000 | (1240) |  | (1240) |
| Morgan Stanley Capital Services, LLC | Series B, Tranche C Notes | 6.5200% | S + 3.3840% | 10/15/2029 | 50000 | (760) |  | (760) |
| MUFG Bank, Ltd. | Series B, Tranche C Notes | 6.5200% | S + 3.2432% | 10/15/2029 | 50000 | (746) |  | (746) |
| MUFG Bank, Ltd. | Series B, Tranche C Notes | 6.5200% | S + 3.2659% | 10/15/2029 | 90000 | (1408) |  | (1408) |
| Regions Bank | Series C, Tranche A Notes | 6.0500% | S + 2.5070% | 5/30/2028 | 25000 | (71) |  | (71) |
| Regions Bank | Series C, Tranche B Notes | 6.4000% | S + 2.8595% | 3/30/2030 | 75000 | (312) |  | (312) |
| **Total** |  |  |  |  |  | $**(3863)** | $**—** | $**(3863)** |

---

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 March 31, 2026** 

**(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 | 120 |  | 120 |
| Morgan Stanley Capital Services, LLC | Sold SOFR Floor with Annuitized Premium | 0.09% Quarterly premium | 1.00% 3M SOFR Floor | 4/15/2029 | 50000 | 76 |  | 76 |
| MUFG Bank, Ltd. | Sold SOFR Floor with Annuitized Premium | 0.06% Quarterly premium | 1.00% 3M SOFR Floor | 7/15/2028 | 20000 | 14 |  | 14 |
| MUFG Bank, Ltd. | Sold SOFR Floor with Annuitized Premium | 0.09% Quarterly premium | 1.00% 3M SOFR Floor | 4/15/2029 | 50000 | 60 |  | 60 |
| Morgan Stanley Capital Services, LLC | Sold SOFR Floor with Annuitized Premium | 0.07% Semiannual premium | 1.00% 3M SOFR Floor | 12/19/2026 | 90000 | 6 |  | 6 |
| MUFG Bank, Ltd. | Sold SOFR Floor with Annuitized Premium | 0.06% Quarterly premium | 1.00% 3M SOFR Floor | 7/15/2028 | 65000 | 47 |  | 47 |
| Morgan Stanley Capital Services, LLC | Sold SOFR Floor with Annuitized Premium | 0.11% Semiannual premium | 1.00% 3M SOFR Floor | 9/19/2028 | 150000 | 180 |  | 180 |
| MUFG Bank, Ltd. | Sold SOFR Floor with Annuitized Premium | 0.09% Quarterly premium | 1.00% 3M SOFR Floor | 4/15/2029 | 90000 | 108 |  | 108 |
| Total |  |  |  |  |  | $**611** | $**—** | $**611** |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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% | 8.84% | 5/6/2025 | 7/29/2030 | $2610 | $(17) | $(12) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AlphaCoin LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.84% | 7/29/2024 | 7/29/2030 | 3013 | 2963 | 2999 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AlphaCoin LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.84% | 7/29/2024 | 7/29/2030 | 4509 | (69) | (53) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AlphaCoin LLC | First lien senior secured term loan | S + | 5.00% | 8.84% | 7/29/2024 | 7/29/2030 | 18823 | 18510 | 18600 | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AlphaCoin LLC | First lien senior secured term loan | S + | 5.00% | 8.84% | 5/6/2025 | 7/29/2030 | 1904 | 1878 | 1882 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mattco Forge, Inc | First lien senior secured revolving loan | S + | 5.25% | 8.95% | 12/19/2024 | 12/19/2030 | 3691 | 2415 | 2421 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mattco Forge, Inc | First lien senior secured term loan | S + | 5.25% | 8.92% | 12/19/2024 | 12/19/2030 | 37857 | 37370 | 37430 | 1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Holdco, LLC (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 8.47% | 6/13/2025 | 6/13/2031 | 3624 | (49) | (43) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Holdco, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.47% | 6/13/2025 | 6/13/2031 | 6089 | (83) | (72) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Holdco, LLC | First lien senior secured term loan | S + | 4.75% | 8.47% | 6/13/2025 | 6/13/2031 | 24516 | 24173 | 24220 | 1.02% |
|  |  |  |  |  |  |  |  | 87091 | 87372 | 3.68% |
| &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 + | 7.25% | 11.08% | 7/28/2023 | 6/21/2028 | $3557 | $151 | $150 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Load One Purchaser Corporation | First lien senior secured term loan | S + | 0.25% + 7.00% PIK | 11.88% | 10/23/2024 | 6/21/2028 | 1002 | 981 | 984 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Load One Purchaser Corporation | First lien senior secured term loan | S + | 0.25% + 7.00% PIK | 11.18% | 2/26/2025 | 6/21/2028 | 14317 | 14047 | 14061 | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Load One Purchaser Corporation | First lien senior secured term loan | 12.00% | 12.00% | 12.00% | 11/21/2025 | 6/21/2028 | 48 | 48 | 47 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zipline Logistics, LLC | First lien senior secured revolving loan | S + | 3.00% + 3.00% PIK | 9.83% | 2/26/2025 | 9/19/2027 | 1729 | 1296 | 825 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zipline Logistics, LLC | First lien senior secured term loan | S + | 3.00% + 3.00% PIK | 9.83% | 2/26/2025 | 9/19/2027 | 6958 | 6842 | 4959 | 0.21% |
|  |  |  |  |  |  |  |  | 23365 | 21026 | 0.88% |
| &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 + | 5.25% | 8.98% | 12/17/2025 | 1/10/2028 | $1979 | $(28) | $(20) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.P.A. Industries, LLC | First lien senior secured term loan | S + | 5.25% | 8.98% | 12/17/2025 | 1/10/2028 | 14186 | 13986 | 14044 | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AirPro Diagnostics, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.47% | 2/21/2025 | 2/21/2030 | 3163 | 6 | 11 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AirPro Diagnostics, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.09% | 2/21/2025 | 2/21/2030 | 1822 | 585 | 587 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AirPro Diagnostics, LLC | First lien senior secured term loan | S + | 5.25% | 9.09% | 2/21/2025 | 2/21/2030 | 8477 | 8368 | 8377 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvCarb, LLC | First lien senior secured delayed draw term loan | S + | 2.00% + 5.00% PIK | 10.93% | 7/28/2023 | 11/12/2026 | 255 | 252 | 213 | 0.01% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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;AvCarb, LLC | First lien senior secured revolving loan | S + | 7.00% | 10.99% | 7/28/2023 | 11/12/2026 | 38 | 37 | 31 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvCarb, LLC | First lien senior secured term loan | S + | 2.00% + 5.00% PIK | 10.93% | 7/28/2023 | 11/12/2026 | 543 | 539 | 454 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bestop, Inc | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 3/29/2024 | 3/29/2029 | 6767 | 1253 | 1265 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bestop, Inc (6) | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 2/26/2025 | 3/29/2029 | 7081 | (100) | (87) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bestop, Inc | First lien senior secured term loan | S + | 5.50% | 9.17% | 3/29/2024 | 3/29/2029 | 43582 | 42921 | 43047 | 1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSC ASI Buyer, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 12/31/2024 | 12/31/2027 | 3661 | (24) | (20) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSC ASI Buyer, LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 12/31/2024 | 12/31/2027 | 29527 | 29322 | 29357 | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raneys, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 2/26/2025 | 6/7/2027 | 4786 | 4744 | 4752 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raneys, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 10/23/2024 | 6/7/2027 | 1964 | (16) | (14) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raneys, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 2/26/2025 | 6/7/2027 | 13317 | 13196 | 13220 | 0.55% |
|  |  |  |  |  |  |  |  | 115041 | 115217 | 4.82% |
| &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 delayed draw term loan | S + | 5.00% | 8.67% | 12/31/2025 | 7/16/2029 | $2139 | $(13) | $(21) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Anchors Group Inc | First lien senior secured revolving loan | S + | 5.00% | 8.73% | 6/25/2025 | 7/16/2029 | 4338 | 357 | 393 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Anchors Group Inc | First lien senior secured term loan | S + | 5.00% | 8.67% | 6/25/2025 | 7/16/2029 | 20798 | 20400 | 20598 | 0.86% |
|  |  |  |  |  |  |  |  | 20744 | 20970 | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. P. Nonweiler Co. Inc. (6) | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 9/30/2025 | 9/30/2030 | $1523 | $(22) | $(19) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. P. Nonweiler Co. Inc | First lien senior secured term loan | S + | 4.75% | 8.42% | 9/30/2025 | 9/30/2030 | 13046 | 12856 | 12883 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AM Buyer, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.34% | 3/6/2025 | 5/1/2027 | 851 | (4) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AM Buyer, LLC | First lien senior secured term loan | S + | 5.50% | 9.34% | 3/6/2025 | 5/1/2027 | 4291 | 4268 | 4273 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Answer Acquisition, LLC | First lien senior secured revolving loan | S + | 6.00% | 9.75% | 1/16/2024 | 6/30/2028 | 759 | 221 | 220 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Answer Acquisition, LLC | First lien senior secured term loan | S + | 6.00% | 9.82% | 7/28/2023 | 6/30/2028 | 1647 | 1637 | 1631 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Answer Acquisition, LLC | First lien senior secured term loan | S + | 6.00% | 9.82% | 1/16/2024 | 6/30/2028 | 843 | 835 | 835 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Answer Acquisition, LLC | First lien senior secured term loan | S + | 6.00% | 9.82% | 6/7/2024 | 6/30/2028 | 9823 | 9706 | 9728 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custom Agronomics Holdings, LLC | First lien senior secured revolving loan | S + | 6.50% | 10.33% | 9/25/2025 | 8/30/2027 | 2976 | 719 | 729 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custom Agronomics Holdings, LLC | First lien senior secured term loan | S + | 6.50% | 10.43% | 7/28/2023 | 8/30/2027 | 4040 | 4000 | 4020 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custom Agronomics Holdings, LLC | First lien senior secured term loan | S + | 6.50% | 10.43% | 9/25/2025 | 8/30/2027 | 490 | 486 | 487 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custom Agronomics Holdings, LLC | First lien senior secured term loan | S + | 6.50% | 10.43% | 2/26/2025 | 8/30/2027 | 2492 | 2467 | 2479 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polycorp Ltd | First lien senior secured delayed draw term loan | S + | 4.75% | 8.47% | 1/24/2024 | 1/24/2030 | 14839 | 8092 | 8132 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polycorp Ltd (6) | First lien senior secured revolving loan | S + | 4.75% | 8.47% | 1/24/2024 | 1/24/2030 | 3723 | (58) | (42) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polycorp Ltd | First lien senior secured term loan | S + | 4.75% | 8.47% | 1/24/2024 | 1/24/2030 | 17873 | 17613 | 17670 | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polycorp Ltd | First lien senior secured term loan | S + | 4.75% | 8.47% | 2/28/2025 | 1/24/2030 | 5338 | 5267 | 5277 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teel Plastics, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 4/22/2025 | 4/22/2030 | 3909 | (34) | (27) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teel Plastics, LLC | First lien senior secured term loan | S + | 4.75% | 8.42% | 4/22/2025 | 4/22/2030 | 31583 | 31283 | 31351 | 1.31% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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** |
|  |  |  |  |  |  |  |  | 99332 | 99624 | 4.18% |
| &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 + | 7.00% | 10.93% | 2/26/2025 | 12/30/2027 | $62 | $59 | $23 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliance Environmental Group, LLC | First lien senior secured revolving loan | S + | 7.00% | 10.93% | 7/28/2023 | 12/30/2027 | 41 | 29 | 4 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliance Environmental Group, LLC | First lien senior secured revolving loan | S + | 7.00% | 10.93% | 6/17/2025 | 12/30/2027 | 8 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliance Environmental Group, LLC | First lien senior secured term loan | S + | 7.00% | 10.93% | 12/29/2023 | 12/30/2027 | 2473 | 2349 | 921 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capstone Mechanical LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.67% | 11/20/2025 | 11/20/2030 | 6161 | (76) | (76) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capstone Mechanical LLC | First lien senior secured revolving loan | S + | 5.00% | 8.72% | 11/20/2025 | 11/20/2030 | 1492 | 71 | 71 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capstone Mechanical LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 11/20/2025 | 11/20/2030 | 2500 | 2469 | 2469 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franchise Fastlane, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 9.58% | 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% | 9.58% | 7/28/2023 | 5/2/2027 | 1060 | 1053 | 1052 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold Medal Holdings, Inc | First lien senior secured delayed draw term loan | S + | 5.75% | 9.42% | 6/14/2024 | 3/17/2027 | 2827 | 965 | 968 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold Medal Holdings, Inc (10) | First lien senior secured revolving loan | S + | 5.75% | 9.42% | 6/14/2024 | 3/17/2027 | 1444 | 620 | 621 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold Medal Holdings, Inc | First lien senior secured term loan | S + | 5.75% | 9.42% | 2/26/2025 | 3/17/2027 | 11963 | 11907 | 11914 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Monster Acquisition, LLC | First lien senior secured revolving loan | S + | 6.00% | 10.10% | 7/28/2023 | 12/28/2026 | 38 | 15 | 15 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Monster Acquisition, LLC | First lien senior secured term loan | S + | 6.00% | 10.10% | 2/26/2025 | 12/28/2026 | 1134 | 1129 | 1128 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HLSG Intermediate, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.08% | 3/14/2025 | 3/31/2029 | 2811 | 999 | 1016 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HLSG Intermediate, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.08% | 2/26/2025 | 3/31/2029 | 349 | 344 | 347 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HLSG Intermediate, LLC (11) | First lien senior secured revolving loan | S + | 5.25% | 9.08% | 3/14/2025 | 3/31/2029 | 1051 | 322 | 328 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HLSG Intermediate, LLC | First lien senior secured term loan | S + | 5.25% | 9.08% | 3/14/2025 | 3/31/2029 | 3395 | 3361 | 3376 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HLSG Intermediate, LLC | First lien senior secured term loan | S + | 5.25% | 9.08% | 2/26/2025 | 3/31/2029 | 632 | 622 | 629 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative Discovery Acquisition, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 12/31/2025 | 12/31/2030 | 10230 | (77) | (77) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative Discovery Acquisition, LLC (6)(12) | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 12/31/2025 | 12/31/2030 | 447 | (7) | (7) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative Discovery Acquisition, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 12/31/2025 | 12/31/2030 | 19444 | 19152 | 19152 | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nimlok Company, LLC (6)(13) | First lien senior secured revolving loan | S + | 5.25% | 9.10% | 11/3/2025 | 11/27/2027 | 1498 | (11) | (11) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nimlok Company, LLC | First lien senior secured term loan | S + | 5.25% | 9.10% | 11/3/2025 | 11/27/2027 | 30431 | 30221 | 30209 | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polaris Labs Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 9/17/2024 | 9/17/2029 | 2123 | (32) | (29) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polaris Labs Acquisition, LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 9/17/2024 | 9/17/2029 | 6378 | 6279 | 6289 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRA Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 10.32% | 7/28/2023 | 5/12/2028 | 56 | (1) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRA Acquisition, LLC | First lien senior secured term loan | S + | 6.50% | 10.32% | 7/28/2023 | 5/12/2028 | 557 | 550 | 549 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precision Point Metrics, Inc | First lien senior secured delayed draw term loan | S + | 4.75% | 8.47% | 7/1/2025 | 7/1/2031 | 7250 | 4107 | 4122 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precision Point Metrics, Inc (6) | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 7/1/2025 | 7/1/2031 | 2030 | (28) | (24) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precision Point Metrics, Inc | First lien senior secured term loan | S + | 4.75% | 8.42% | 7/1/2025 | 7/1/2031 | 8115 | 8000 | 8016 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quality Liaison Services of North America, Inc | First lien senior secured revolving loan | S + | 6.00% | 9.99% | 7/28/2023 | 5/2/2028 | 1629 | 698 | 699 | 0.03% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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;Quality Liaison Services of North America, Inc | First lien senior secured term loan | S + | 6.00% | 9.99% | 7/28/2023 | 5/2/2028 | 12198 | 12055 | 12060 | 0.51% |
| &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% | 8.75% | 1/2/2025 | 1/2/2030 | 5449 | 4594 | 4601 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rapid Fire Safety and Security, LLC | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 1/2/2025 | 1/2/2030 | 1885 | 1557 | 1559 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rapid Fire Safety and Security, LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 1/2/2025 | 1/2/2030 | 3951 | 3893 | 3899 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superscapes Holdco, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.34% | 4/7/2025 | 4/7/2030 | 2166 | 251 | 254 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superscapes Holdco, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 4/7/2025 | 4/7/2030 | 17818 | 17578 | 17609 | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCG Services, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.34% | 7/31/2025 | 7/31/2031 | 7250 | (51) | (35) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCG Services, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.34% | 7/31/2025 | 7/31/2031 | 2030 | (28) | (25) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCG Services, LLC | First lien senior secured term loan | S + | 5.50% | 9.34% | 7/31/2025 | 7/31/2031 | 7413 | 7306 | 7322 | 0.31% |
|  |  |  |  |  |  |  |  | 142244 | 140937 | 5.91% |
| &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 + | 4.75% | 8.47% | 1/7/2025 | 1/7/2031 | $2890 | $(36) | $(32) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AKS Engineering and Forestry, LLC | First lien senior secured term loan | S + | 4.75% | 8.47% | 1/7/2025 | 1/7/2031 | 19827 | 19568 | 19601 | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AKS Engineering and Forestry, LLC | First lien senior secured term loan | S + | 4.75% | 8.47% | 11/3/2025 | 1/7/2031 | 4279 | 4217 | 4230 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp | First lien senior secured delayed draw term loan | S + | 5.75% | 9.42% | 2/26/2025 | 12/14/2027 | 1437 | 1426 | 1429 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp (6) | First lien senior secured delayed draw term loan | S + | 5.75% | 9.42% | 10/10/2024 | 12/14/2027 | 6588 | (40) | (34) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp (6) | First lien senior secured revolving loan | S + | 5.75% | 9.42% | 10/10/2024 | 12/14/2027 | 2447 | (17) | (13) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp | First lien senior secured term loan | S + | 5.75% | 9.42% | 10/10/2024 | 12/14/2027 | 16829 | 16721 | 16743 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Construction, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.75% | 9.89% | 6/30/2025 | 10/22/2026 | 9173 | (42) | (35) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Construction, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.89% | 6/30/2025 | 10/22/2026 | 3169 | 3139 | 3139 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Construction, LLC | First lien senior secured term loan | S + | 5.75% | 9.89% | 6/30/2025 | 10/22/2026 | 5989 | 5930 | 5927 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHS Holdco, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.67% | 5/27/2025 | 5/27/2031 | 18081 | 7667 | 7701 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHS Holdco, LLC | First lien senior secured revolving loan | S + | 5.00% | 8.65% | 5/27/2025 | 5/27/2031 | 6089 | 3469 | 3480 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHS Holdco, LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 5/27/2025 | 5/27/2031 | 18029 | 17770 | 17813 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Restoration Intermediary Holdings, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.09% | 1/31/2025 | 1/31/2030 | 2491 | 707 | 710 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Restoration Intermediary Holdings, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.09% | 1/31/2025 | 1/31/2030 | 1218 | (20) | (18) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Restoration Intermediary Holdings, LLC | First lien senior secured term loan | S + | 5.25% | 9.09% | 1/31/2025 | 1/31/2030 | 6922 | 6809 | 6817 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highland Acquisition, Inc | First lien senior secured revolving loan | S + | 5.75% | 9.59% | 9/3/2024 | 3/9/2027 | 2213 | 427 | 426 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highland Acquisition, Inc | First lien senior secured term loan | S + | 5.75% | 9.59% | 9/3/2024 | 3/9/2027 | 10740 | 10662 | 10657 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ironhorse Purchaser, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.97% | 9/30/2022 | 9/30/2027 | 8563 | 8504 | 8508 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ironhorse Purchaser, LLC (6)(14) | First lien senior secured revolving loan | S + | 5.25% | 8.97% | 2/1/2023 | 9/30/2027 | 5813 | (49) | (38) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ironhorse Purchaser, LLC | First lien senior secured term loan | S + | 5.25% | 8.97% | 2/26/2025 | 9/30/2027 | 29251 | 29009 | 29033 | 1.22% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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;Redwood Buyer, LLC (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 8.42% | 1/3/2025 | 1/3/2030 | 7615 | (122) | (112) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Buyer, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 1/3/2025 | 1/3/2030 | 1884 | (30) | (28) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Buyer, LLC | First lien senior secured term loan | S + | 4.75% | 8.42% | 1/3/2025 | 1/3/2030 | 9034 | 8884 | 8896 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.84% | 11/27/2024 | 11/7/2029 | 3714 | 3595 | 3599 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | First lien senior secured revolving loan | S + | 5.00% | 8.88% | 2/26/2025 | 11/7/2029 | 8626 | 5152 | 5175 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | First lien senior secured term loan | S + | 5.00% | 8.84% | 7/28/2023 | 11/7/2029 | 17075 | 16785 | 16888 | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | First lien senior secured term loan | S + | 5.00% | 8.84% | 5/1/2024 | 11/7/2029 | 1767 | 1738 | 1748 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | First lien senior secured term loan | S + | 5.00% | 8.84% | 11/27/2024 | 11/7/2029 | 13024 | 12868 | 12881 | 0.54% |
|  |  |  |  |  |  |  |  | 184691 | 185091 | 7.79% |
| &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% | 10.18% | 7/28/2023 | 11/15/2027 | $125 | $123 | $123 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulk Lift International, LLC | First lien senior secured revolving loan | S + | 6.25% | 10.35% | 7/28/2023 | 11/15/2027 | 1801 | 236 | 233 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulk Lift International, LLC | First lien senior secured term loan | S + | 6.25% | 10.18% | 1/17/2024 | 11/15/2027 | 8042 | 7927 | 7932 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative FlexPak, LLC (8) | First lien senior secured delayed draw term loan | 20.00% PIK | 20.00% PIK | 20.00% | 7/31/2025 | 1/23/2027 | 459 | 257 | 28 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative FlexPak, LLC (8) | First lien senior secured revolving loan | S + | 7.00% | 10.83% | 7/28/2023 | 1/23/2027 | 627 | 496 | 238 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative FlexPak, LLC (8) | First lien senior secured term loan | S + | 7.00% | 10.83% | 7/28/2023 | 1/23/2027 | 2616 | 2274 | 1195 | 0.05% |
| &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% | 2/26/2025 | 1/23/2027 | 896 | 567 | 409 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johns Byrne LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 9.95% | 8/31/2023 | 8/31/2029 | 2575 | 2536 | 2538 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johns Byrne LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 9.92% | 8/31/2023 | 8/31/2029 | 1460 | (22) | (21) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johns Byrne LLC | First lien senior secured term loan | S + | 6.25% | 9.92% | 8/31/2023 | 8/31/2029 | 9276 | 9123 | 9128 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K-1 Packaging Group LLC | First lien senior secured revolving loan | S + | 6.25% | 10.35% | 10/6/2022 | 10/6/2027 | 6748 | 1206 | 1209 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K-1 Packaging Group LLC | First lien senior secured term loan | S + | 6.25% | 10.18% | 2/26/2025 | 10/6/2027 | 30766 | 30437 | 30468 | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRC Keeler Acquisition LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 10.32% | 2/26/2025 | 6/4/2027 | 4 | 4 | 4 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRC Keeler Acquisition LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 10.32% | 7/28/2023 | 6/4/2027 | 150 |  | (2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRC Keeler Acquisition LLC | First lien senior secured term loan | S + | 6.50% | 10.32% | 7/28/2023 | 6/4/2027 | 908 | 908 | 898 | 0.04% |
| &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% | 8.67% | 6/27/2025 | 6/27/2031 | 7248 | (41) | (26) | 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% | 8.67% | 6/27/2025 | 6/27/2031 | 3247 | (37) | (31) | 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% | 8.67% | 6/27/2025 | 6/27/2031 | 19111 | 18891 | 18927 | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixarp, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 8.92% | 9/22/2025 | 8/5/2029 | 1722 | (16) | (13) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixarp, LLC | First lien senior secured revolving loan | S + | 5.25% | 8.92% | 9/22/2025 | 8/5/2029 | 3045 | 306 | 312 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixarp, LLC | First lien senior secured term loan | S + | 5.25% | 8.92% | 9/22/2025 | 8/5/2029 | 20408 | 20213 | 20255 | 0.85% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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;Vanguard Packaging, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.85% | 3/29/2024 | 8/9/2026 | 4408 | 1456 | 1458 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard Packaging, LLC | First lien senior secured term loan | S + | 5.25% | 9.08% | 3/29/2024 | 8/9/2026 | 10064 | 10029 | 10033 | 0.42% |
|  |  |  |  |  |  |  |  | 106873 | 105295 | 4.42% |
| &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 | 10.58% | 7/28/2023 | 8/17/2027 | $39 | $38 | $29 | 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 | 10.85% | 12/13/2023 | 8/17/2027 | 2764 | 2743 | 2074 | 0.09% |
|  |  |  |  |  |  |  |  | 2781 | 2103 | 0.09% |
| &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% | 7.12% | 7/28/2023 | 3/31/2028 | $214 | $105 | $89 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50Floor, LLC | First lien senior secured term loan | S + | 3.00% | 7.12% | 7/28/2023 | 3/31/2028 | 1137 | 1116 | 1039 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACES Intermediate, Inc (6) | First lien senior secured revolving loan | S + | 5.00% | 8.83% | 7/28/2023 | 7/27/2027 | 7114 | (63) | (36) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACES Intermediate, Inc | First lien senior secured term loan | S + | 5.00% | 8.83% | 3/21/2025 | 7/27/2027 | 37404 | 37057 | 37217 | 1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CL Services Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 4.75% | 8.42% | 7/28/2023 | 4/25/2028 | 7136 | 7011 | 7047 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CL Services Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 4.75% | 8.49% | 5/7/2024 | 4/25/2028 | 8453 | 8316 | 8347 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CL Services Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 4.75% | 8.57% | 9/19/2025 | 4/25/2028 | 32288 | 9163 | 9197 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CL Services Acquisition, LLC | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 9/19/2025 | 4/25/2028 | 5435 | 416 | 429 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CL Services Acquisition, LLC | First lien senior secured term loan | S + | 4.75% | 8.59% | 9/19/2025 | 4/25/2028 | 13589 | 13335 | 13419 | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esquire Deposition Solutions, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.92% | 7/1/2024 | 12/30/2028 | 6673 | 6596 | 6613 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esquire Deposition Solutions, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.92% | 2/26/2025 | 12/30/2028 | 6896 | 6806 | 6834 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esquire Deposition Solutions, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 8.92% | 7/1/2024 | 12/30/2028 | 7666 | (91) | (69) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esquire Deposition Solutions, LLC | First lien senior secured term loan | S + | 5.25% | 8.92% | 2/26/2025 | 12/30/2028 | 47749 | 47212 | 47319 | 1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harley Exteriors Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.34% | 8/2/2024 | 8/1/2029 | 3929 | 2763 | 2768 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harley Exteriors Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.34% | 8/2/2024 | 8/2/2029 | 1322 | (22) | (21) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harley Exteriors Acquisition, LLC | First lien senior secured term loan | S + | 5.50% | 9.34% | 8/2/2024 | 8/2/2029 | 8439 | 8295 | 8305 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Brands Group Holdings, Inc (6) | First lien senior secured revolving loan | S + | 5.00% | 8.72% | 7/28/2023 | 1/8/2028 | 48 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Brands Group Holdings, Inc | First lien senior secured term loan | S + | 5.00% | 8.72% | 6/10/2025 | 1/8/2028 | 12034 | 11928 | 11957 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTI Intermediate, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.98% | 3/1/2024 | 3/1/2030 | 2348 | 2311 | 2319 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTI Intermediate, LLC | First lien senior secured revolving loan | S + | 5.00% | 10.08% | 7/2/2025 | 3/1/2030 | 2588 | 482 | 485 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTI Intermediate, LLC | First lien senior secured term loan | S + | 5.00% | 8.98% | 7/2/2025 | 3/1/2030 | 1773 | 1749 | 1751 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTI Intermediate, LLC | First lien senior secured term loan | S + | 5.00% | 8.77% | 3/1/2024 | 3/1/2030 | 5008 | 4934 | 4945 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISSA, LLC | First lien senior secured revolving loan | S + | 6.50% | 10.28% | 7/28/2023 | 3/1/2028 | 131 | 38 | 38 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISSA, LLC | First lien senior secured term loan | S + | 6.50% | 10.17% | 10/6/2023 | 3/1/2028 | 1820 | 1803 | 1797 | 0.08% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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;Juniper Landscaping Holdings LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.44% | 2/26/2025 | 12/29/2027 | 5831 | 5775 | 5783 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juniper Landscaping Holdings LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.56% | 5/23/2025 | 12/29/2027 | 8014 | 1896 | 1884 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juniper Landscaping Holdings LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.43% | 7/28/2023 | 12/29/2027 | 85 | 85 | 85 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juniper Landscaping Holdings LLC (15) | First lien senior secured revolving loan | S + | 5.75% | 9.51% | 5/23/2025 | 12/29/2027 | 3103 | 771 | 781 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juniper Landscaping Holdings LLC | First lien senior secured term loan | S + | 5.75% | 9.43% | 5/23/2025 | 12/29/2027 | 3965 | 3917 | 3933 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lawn Care Holdings Purchaser, Inc | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 10/24/2023 | 10/24/2028 | 4520 | 4436 | 4486 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lawn Care Holdings Purchaser, Inc | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 11/22/2024 | 10/24/2028 | 13901 | 9238 | 9258 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lawn Care Holdings Purchaser, Inc (16) | First lien senior secured revolving loan | P + | 4.50% | 11.25% | 11/22/2024 | 10/24/2028 | 2698 | 507 | 519 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lawn Care Holdings Purchaser, Inc | First lien senior secured term loan | S + | 5.50% | 9.17% | 11/22/2024 | 10/24/2028 | 7120 | 7016 | 7066 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPW Acquisition, LLC | First lien senior secured revolving loan | S + | 6.75% | 10.68% | 7/28/2023 | 3/31/2028 | 38 | 11 | 9 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPW Acquisition, LLC | First lien senior secured term loan | S + | 4.25% + 2.50% PIK | 10.68% | 7/28/2023 | 3/31/2028 | 622 | 612 | 590 | 0.02% |
| &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% | 9.93% | 11/22/2023 | 11/22/2028 | 10809 | 10642 | 10717 | 0.45% |
| &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% | 9.93% | 9/25/2024 | 11/22/2028 | 8973 | 8855 | 8896 | 0.37% |
| &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% | 9.92% | 3/27/2025 | 11/22/2028 | 8403 | 6335 | 6346 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Early Childhood Education Partners LLC | First lien senior secured revolving loan | S + | 6.00% | 9.84% | 11/22/2023 | 11/22/2028 | 1380 | 531 | 540 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Early Childhood Education Partners LLC | First lien senior secured term loan | S + | 6.00% | 9.93% | 11/22/2023 | 11/22/2028 | 8146 | 8006 | 8077 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSR Concrete Intermediate, LLC (6) | First lien senior secured delayed draw term loan | S + | 4.50% | 8.17% | 12/31/2025 | 12/31/2031 | 12868 | (64) | (64) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSR Concrete Intermediate, LLC (6) | First lien senior secured revolving loan | S + | 4.50% | 8.17% | 12/31/2025 | 12/31/2031 | 6220 | (62) | (62) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSR Concrete Intermediate, LLC | First lien senior secured term loan | S + | 4.50% | 8.17% | 12/31/2025 | 12/31/2031 | 25186 | 24934 | 24934 | 1.05% |
| &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% | 10.10% | 7/28/2023 | 3/23/2027 | 1221 | 1216 | 1219 | 0.05% |
| &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% | 10.10% | 7/28/2023 | 3/23/2027 | 371 | 369 | 370 | 0.02% |
| &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% | 9.96% | 12/11/2025 | 3/23/2027 | 8020 | 4361 | 4372 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Land Services Opco Parent, LLC (6)(17) | First lien senior secured revolving loan | S + | 6.00% | 10.10% | 7/28/2023 | 3/23/2027 | 150 | (1) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Land Services Opco Parent, LLC | First lien senior secured term loan | S + | 6.00% | 10.10% | 7/28/2023 | 3/23/2027 | 348 | 347 | 348 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yard-Nique, Inc | First lien senior secured delayed draw term loan | S + | 6.50% | 10.32% | 6/30/2025 | 4/30/2026 | 7640 | 6737 | 6787 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yard-Nique, Inc | First lien senior secured delayed draw term loan | S + | 6.50% | 10.32% | 7/28/2023 | 4/30/2026 | 2542 | 2536 | 2536 | 0.11% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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;Yard-Nique, Inc | First lien senior secured revolving loan | S + | 6.50% | 10.32% | 4/30/2024 | 4/30/2026 | 1947 | 1803 | 1806 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yard-Nique, Inc | First lien senior secured term loan | S + | 6.50% | 10.32% | 2/26/2025 | 4/30/2026 | 6928 | 6904 | 6903 | 0.29% |
|  |  |  |  |  |  |  |  | 288973 | 289908 | 12.17% |
| &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 + | 1.75% + 4.75% PIK | 10.32% | 2/26/2025 | 10/5/2027 | $72 | $71 | $71 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Passion Intermediate Holdings, Inc | First lien senior secured revolving loan | S + | 6.50% | 10.49% | 7/28/2023 | 10/5/2027 | 48 | 15 | 15 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Passion Intermediate Holdings, Inc | First lien senior secured revolving loan | S + | 1.75% + 4.75% PIK | 10.49% | 7/28/2023 | 10/5/2027 | 1 | 1 | 1 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Passion Intermediate Holdings, Inc | First lien senior secured term loan | S + | 1.75% + 4.75% PIK | 10.49% | 7/28/2023 | 10/5/2027 | 1291 | 1275 | 1271 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP NSA Intermedco, Inc | First lien senior secured delayed draw term loan | S + | 4.75% | 8.42% | 5/17/2024 | 5/17/2030 | 12205 | 12056 | 12117 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP NSA Intermedco, Inc (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 8.42% | 12/15/2025 | 5/17/2030 | 8953 | (33) | (33) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP NSA Intermedco, Inc (6) | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 5/17/2024 | 5/17/2030 | 5930 | (65) | (43) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP NSA Intermedco, Inc | First lien senior secured term loan | S + | 4.75% | 8.42% | 12/15/2025 | 5/17/2030 | 36616 | 36184 | 36352 | 1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SENS Intermediate Holdings LLC (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 8.42% | 3/10/2025 | 3/10/2031 | 3468 | (22) | (16) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SENS Intermediate Holdings LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 3/10/2025 | 3/10/2031 | 2664 | (35) | (30) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SENS Intermediate Holdings LLC | First lien senior secured term loan | S + | 4.75% | 8.42% | 3/10/2025 | 3/10/2031 | 9753 | 9624 | 9643 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCI Volt Purchaser, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.08% | 9/15/2022 | 9/15/2028 | 2249 | (20) | (19) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCI Volt Purchaser, LLC | First lien senior secured term loan | S + | 5.25% | 9.08% | 9/15/2022 | 9/15/2028 | 7721 | 7640 | 7647 | 0.32% |
|  |  |  |  |  |  |  |  | 66691 | 66976 | 2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic equipment, instruments and components** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADC Purchaser Inc (6) | First lien senior secured revolving loan | S + | 4.50% | 8.17% | 7/16/2025 | 7/16/2031 | $6013 | $(70) | $(58) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADC Purchaser Inc | First lien senior secured term loan | S + | 4.50% | 8.17% | 7/16/2025 | 7/16/2031 | 30802 | 30433 | 30501 | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Lighting Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.22% | 2/27/2025 | 11/22/2027 | 1215 | (8) | (7) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Lighting Acquisition, LLC | First lien senior secured term loan | S + | 5.50% | 9.22% | 2/27/2025 | 11/22/2027 | 6956 | 6903 | 6913 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelson Name Plate Company | First lien senior secured delayed draw term loan | S + | 5.75% | 9.68% | 7/28/2023 | 10/18/2026 | 115 | 115 | 115 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelson Name Plate Company | First lien senior secured revolving loan | S + | 5.75% | 9.69% | 7/28/2023 | 10/18/2026 | 90 | 33 | 33 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelson Name Plate Company | First lien senior secured term loan | S + | 5.75% | 9.68% | 5/30/2025 | 10/18/2026 | 3422 | 3394 | 3401 | 0.14% |
|  |  |  |  |  |  |  |  | 40800 | 40898 | 1.71% |
| &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% | 10.32% | 6/5/2024 | 11/17/2028 | $1351 | $1333 | $1335 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ever Fresh Fruit Company, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 10.32% | 11/17/2023 | 11/17/2028 | 1380 | (21) | (17) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ever Fresh Fruit Company, LLC | First lien senior secured term loan | S + | 6.50% | 10.32% | 11/17/2023 | 11/17/2028 | 7215 | 7094 | 7129 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mad Rose Company, LLC (18) | First lien senior secured revolving loan | S + | 6.50% | 10.51% | 12/5/2023 | 5/7/2026 | 395 | 141 | 141 | 0.01% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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 | First lien senior secured term loan | S + | 6.50% | 10.60% | 12/5/2023 | 5/7/2026 | 2869 | 2861 | 2860 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NutriScience Innovations, LLC (6)(19) | First lien senior secured revolving loan | S + | 6.00% | 9.67% | 7/28/2023 | 12/31/2026 | 131 | (1) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NutriScience Innovations, LLC | First lien senior secured term loan | S + | 6.00% | 9.67% | 10/15/2024 | 12/31/2026 | 1559 | 1556 | 1553 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Produce One, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.67% | 11/24/2025 | 9/21/2030 | 10460 | (64) | (64) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Produce One, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.88% | 3/21/2025 | 9/21/2030 | 4272 | 4203 | 4246 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Produce One, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 11/24/2025 | 9/21/2030 | 3972 | (56) | (49) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Produce One, LLC | First lien senior secured term loan | S + | 5.00% | 8.88% | 11/24/2025 | 9/21/2030 | 13714 | 13547 | 13545 | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Produce One, LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 3/21/2025 | 9/21/2030 | 5653 | 5565 | 5584 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qin's Buffalo, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.47% | 7/28/2023 | 5/5/2027 | 74 | 73 | 73 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qin's Buffalo, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.47% | 5/24/2024 | 5/5/2027 | 7898 | 5435 | 5439 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qin's Buffalo, LLC | First lien senior secured revolving loan | S + | 5.75% | 9.47% | 7/28/2023 | 5/5/2027 | 38 | 37 | 37 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qin's Buffalo, LLC | First lien senior secured term loan | S + | 5.75% | 9.47% | 7/28/2023 | 5/5/2027 | 520 | 515 | 516 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Beverage Buyer, LLC | First lien senior secured revolving loan | S + | 6.00% | 10.11% | 7/28/2023 | 5/24/2028 | 38 | 37 | 37 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Beverage Buyer, LLC | First lien senior secured term loan | S + | 5.75% | 10.12% | 11/3/2025 | 5/24/2028 | 8244 | 8184 | 8184 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TruSource Foods LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.76% | 12/5/2025 | 8/1/2031 | 2510 | (37) | (34) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TruSource Foods LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.67% | 8/1/2025 | 8/1/2031 | 3334 | 3282 | 3288 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TruSource Foods LLC | First lien senior secured revolving loan | S + | 5.00% | 8.71% | 8/1/2025 | 8/1/2031 | 1926 | 981 | 985 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TruSource Foods LLC | First lien senior secured term loan | S + | 5.00% | 8.76% | 12/5/2025 | 8/1/2031 | 9602 | 9455 | 9471 | 0.40% |
| &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 | 10.07% | 7/28/2023 | 10/31/2028 | 367 | 362 | 362 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Pure, LLC (20) | First lien senior secured revolving loan | S + | 4.50% + 1.75% PIK | 10.07% | 7/28/2023 | 10/31/2028 | 7231 | 6945 | 6949 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Pure, LLC | First lien senior secured term loan | S + | 4.50% + 1.75% PIK | 10.07% | 2/26/2025 | 10/31/2028 | 17641 | 17338 | 17343 | 0.73% |
|  |  |  |  |  |  |  |  | 88765 | 88912 | 3.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food products** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP WLF Intermedco LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 9.86% | 8/19/2022 | 8/19/2028 | $5827 | $5735 | $5780 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP WLF Intermedco LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 9.89% | 12/20/2024 | 8/19/2028 | 7615 | 1755 | 1766 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP WLF Intermedco LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 9.82% | 8/19/2022 | 8/19/2028 | 3383 | (41) | (27) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP WLF Intermedco LLC | First lien senior secured term loan | S + | 6.00% | 9.82% | 2/26/2025 | 8/19/2028 | 24132 | 23777 | 23936 | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icelandirect, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 8.92% | 12/31/2025 | 7/31/2029 | 2858 | (29) | (29) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icelandirect, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 8.92% | 12/31/2025 | 7/31/2029 | 331 | (3) | (3) | 0.00% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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;Icelandirect, LLC | First lien senior secured term loan | S + | 5.25% | 8.92% | 12/31/2025 | 7/31/2029 | 1934 | 1914 | 1914 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwest Botanicals Acquisition, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.08% | 7/28/2023 | 4/30/2028 | 174 | 166 | 143 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwest Botanicals Acquisition, LLC | First lien senior secured term loan | S + | 5.25% | 9.08% | 2/26/2025 | 4/30/2028 | 783 | 761 | 665 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Orchard, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.37% | 8/2/2024 | 1/8/2029 | 6093 | 6002 | 6034 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Orchard, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.35% | 11/24/2025 | 1/8/2029 | 6851 | (86) | (67) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Orchard, LLC | First lien senior secured term loan | S + | 5.50% | 9.35% | 11/24/2025 | 1/8/2029 | 34536 | 34033 | 34200 | 1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treat Planet Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 3/7/2025 | 1/11/2028 | 2422 | (33) | (15) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treat Planet Acquisition, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 3/7/2025 | 1/11/2028 | 5499 | 5457 | 5465 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treat Planet Acquisition, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 9/2/2025 | 1/11/2028 | 8273 | 8146 | 8222 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westminster Cracker Company, Inc | First lien senior secured revolving loan | S + | 6.25% | 10.07% | 8/30/2023 | 8/30/2026 | 1534 | 224 | 224 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westminster Cracker Company, Inc | First lien senior secured term loan | S + | 6.25% | 10.07% | 8/30/2023 | 8/30/2026 | 9440 | 9396 | 9399 | 0.39% |
|  |  |  |  |  |  |  |  | 97174 | 97607 | 4.08% |
| &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% | 9.99% | 2/26/2025 | 12/30/2027 | $109 | $107 | $108 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydromax USA, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 9.99% | 6/3/2025 | 12/30/2027 | 1298 | (9) | (8) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydromax USA, LLC | First lien senior secured revolving loan | S + | 6.00% | 9.99% | 2/26/2025 | 12/30/2027 | 228 | 88 | 90 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydromax USA, LLC | First lien senior secured term loan | S + | 6.00% | 9.99% | 7/28/2023 | 12/30/2027 | 1178 | 1154 | 1171 | 0.05% |
|  |  |  |  |  |  |  |  | 1340 | 1361 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health care equipment and supplies** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3BC Matrix Acquisition, LLC (6)(21) | First lien senior secured revolving loan | S + | 5.50% | 9.22% | 5/13/2025 | 5/13/2030 | $1564 | $(27) | $(25) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3BC Matrix Acquisition, LLC | First lien senior secured term loan | S + | 5.50% | 9.22% | 5/13/2025 | 5/13/2030 | 4765 | 4679 | 4686 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 Holdings Equity LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.10% | 7/28/2023 | 2/14/2028 | 220 | 218 | 217 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 Holdings Equity LLC | First lien senior secured revolving loan | S + | 6.00% | 10.31% | 7/28/2023 | 2/14/2028 | 75 | 74 | 74 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 Holdings Equity LLC | First lien senior secured term loan | S + | 6.00% | 10.10% | 7/28/2023 | 2/14/2028 | 857 | 849 | 847 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcresta Buyer, Inc (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.29% | 12/4/2025 | 3/12/2031 | 36279 | (358) | (357) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcresta Buyer, Inc | First lien senior secured revolving loan | S + | 5.50% | 9.24% | 12/4/2025 | 3/12/2031 | 3155 | 158 | 179 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcresta Buyer, Inc | First lien senior secured term loan | S + | 5.50% | 9.29% | 12/4/2025 | 3/12/2031 | 28105 | 27675 | 27826 | 1.17% |
| &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 | 10.43% | 7/28/2023 | 9/30/2027 | 215 | 212 | 203 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMSAR Acquisition LLC | First lien senior secured revolving loan | S + | 6.50% | 10.43% | 7/28/2023 | 9/30/2027 | 134 | 132 | 126 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMSAR Acquisition LLC | First lien senior secured term loan | S + | 4.50% + 2.00% PIK | 10.43% | 10/13/2023 | 9/30/2027 | 1042 | 1036 | 983 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Technology Associates, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 6/27/2025 | 7/25/2028 | 2981 | 1397 | 1412 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Technology Associates, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 12/5/2025 | 7/25/2028 | 28278 | 27923 | 28098 | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nasco Healthcare Inc. | First lien senior secured revolving loan | S + | 5.75% | 9.59% | 12/13/2024 | 6/30/2028 | 2937 | 713 | 718 | 0.03% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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;Nasco Healthcare Inc. | First lien senior secured term loan | S + | 5.75% | 9.59% | 12/13/2024 | 6/30/2028 | 11675 | 11593 | 11605 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWI Merger Sub, Inc (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.84% | 12/4/2024 | 12/4/2029 | 6438 | (101) | (93) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWI Merger Sub, Inc (6) | First lien senior secured revolving loan | S + | 5.00% | 8.84% | 12/4/2024 | 12/4/2029 | 2495 | (39) | (36) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWI Merger Sub, Inc | First lien senior secured term loan | S + | 5.00% | 8.84% | 12/4/2024 | 12/4/2029 | 16784 | 16527 | 16540 | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCA Buyer, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 10.60% | 2/26/2025 | 1/20/2027 | 275 | 270 | 245 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCA Buyer, LLC | First lien senior secured revolving loan | S + | 6.50% | 10.60% | 7/28/2023 | 1/20/2027 | 134 | 131 | 119 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCA Buyer, LLC | First lien senior secured term loan | S + | 6.50% | 10.60% | 12/16/2024 | 1/20/2027 | 739 | 725 | 659 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCA Buyer, LLC | First lien senior secured term loan | S + | 6.50% | 10.60% | 4/26/2024 | 1/20/2027 | 2815 | 2758 | 2510 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Solutions, LLC (8) | First lien senior secured delayed draw term loan | 18.00% | 18.00% | 18.00% | 4/10/2025 | 3/5/2026 | 134 | 128 | 134 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Solutions, LLC (8) | First lien senior secured delayed draw term loan | 18.00% PIK | 18.00% PIK | 18.00% | 5/3/2024 | 3/5/2026 | 269 | 260 | 267 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Solutions, LLC (8) | First lien senior secured delayed draw term loan | 15.00% PIK | 15.00% PIK | 18.00% | 4/10/2025 | 3/5/2026 | 38 | 36 | 38 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Solutions, LLC (8) | First lien senior secured delayed draw term loan | 15.00% PIK | 15.00% PIK | 15.00% | 7/28/2023 | 3/5/2026 | 135 | 121 |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Solutions, LLC (8) | First lien senior secured revolving loan | S + | 6.25% | 10.28% | 7/28/2023 | 3/5/2026 | 304 | 191 | (53) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Solutions, LLC (8) | First lien senior secured term loan | S + | 6.25% | 10.18% | 7/28/2023 | 3/5/2026 | 644 | 584 | 89 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surplus Solutions, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.92% | 9/30/2024 | 11/30/2027 | 4648 | 3204 | 3195 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surplus Solutions, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.18% | 9/9/2025 | 11/30/2027 | 2227 | (31) | (25) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surplus Solutions, LLC | First lien senior secured term loan | S + | 5.25% | 9.18% | 9/9/2025 | 11/30/2027 | 17211 | 16974 | 17013 | 0.71% |
|  |  |  |  |  |  |  |  | 118012 | 117194 | 4.94% |
| &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 + | 6.50% | 10.33% | 11/29/2022 | 11/29/2027 | $1062 | $(10) | $(10) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADVI Health, LLC | First lien senior secured term loan | S + | 6.50% | 10.33% | 11/29/2022 | 11/29/2027 | 6055 | 5986 | 5990 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advocate RCM Acquisition Corp (6) | First lien senior secured revolving loan | S + | 6.25% | 10.02% | 12/22/2023 | 12/22/2026 | 2902 | (17) | (16) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advocate RCM Acquisition Corp | First lien senior secured term loan | S + | 6.25% | 10.02% | 12/22/2023 | 12/22/2026 | 18226 | 18109 | 18114 | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agility Intermediate, Inc | First lien senior secured delayed draw term loan | S + | 7.00% | 10.93% | 7/28/2023 | 4/15/2026 | 107 | 107 | 102 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agility Intermediate, Inc | First lien senior secured revolving loan | S + | 7.00% | 10.93% | 7/28/2023 | 4/15/2026 | 134 | 106 | 100 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agility Intermediate, Inc | First lien senior secured term loan | S + | 7.00% | 10.93% | 7/28/2023 | 4/15/2026 | 235 | 234 | 222 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aligned Dental Management Services, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.16% | 2/7/2025 | 2/7/2030 | 4978 | 1509 | 1515 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aligned Dental Management Services, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.76% | 2/7/2025 | 2/7/2030 | 1523 | 889 | 891 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aligned Dental Management Services, LLC | First lien senior secured term loan | S + | 5.25% | 9.18% | 2/7/2025 | 2/7/2030 | 7891 | 7755 | 7767 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMCP SAMGI Intermediate, Inc (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.67% | 12/12/2025 | 12/12/2031 | 12910 | (80) | (80) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMCP SAMGI Intermediate, Inc (6) | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 12/12/2025 | 12/12/2031 | 3458 | (43) | (43) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMCP SAMGI Intermediate, Inc | First lien senior secured term loan | S + | 5.00% | 8.67% | 12/12/2025 | 12/12/2031 | 25736 | 25417 | 25414 | 1.07% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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;AMCP Treatment Intermediate, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.67% | 8/29/2025 | 8/29/2031 | 6608 | (62) | (49) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMCP Treatment Intermediate, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 8/29/2025 | 8/29/2031 | 3045 | (58) | (53) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMCP Treatment Intermediate, LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 8/29/2025 | 8/29/2031 | 17796 | 17454 | 17487 | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Family Care, LLC (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 8.42% | 9/10/2025 | 2/28/2029 | 7325 | (33) | (53) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Family Care, LLC | First lien senior secured delayed draw term loan | S + | 4.75% | 8.42% | 9/10/2025 | 2/28/2029 | 5661 | 467 | 519 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Family Care, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 9/10/2025 | 2/28/2029 | 4912 | (50) | (36) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Family Care, LLC | First lien senior secured term loan | S + | 4.75% | 8.42% | 9/10/2025 | 2/28/2029 | 23104 | 22808 | 22933 | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARC Health OPCO, LLC | First lien senior secured delayed draw term loan | S + | 4.75% | 8.64% | 10/10/2025 | 10/10/2030 | 13707 | 2966 | 2966 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARC Health OPCO, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 10/10/2025 | 10/10/2030 | 2560 | (31) | (31) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARC Health OPCO, LLC | First lien senior secured term loan | S + | 4.75% | 8.42% | 10/10/2025 | 10/10/2030 | 9395 | 9281 | 9280 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASC Ortho Management Company, LLC (8) | First lien senior secured delayed draw term loan | S + | 6.50% + 2.50% PIK | 12.93% | 7/28/2023 | 12/31/2026 | 329 | 323 | 64 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASC Ortho Management Company, LLC (8) | First lien senior secured revolving loan | S + | 9.00% | 12.84% | 9/19/2025 | 12/31/2026 | 16 | 9 | 9 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASC Ortho Management Company, LLC (8) | First lien senior secured revolving loan | S + | 9.00% | 12.93% | 7/28/2023 | 12/31/2026 | 38 | 37 | 7 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASC Ortho Management Company, LLC (8) | First lien senior secured term loan | S + | 6.50% + 2.50% PIK | 12.93% | 7/28/2023 | 12/31/2026 | 521 | 507 | 101 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascend Plastic Surgery Partners MSO LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.34% | 5/3/2024 | 5/3/2029 | 20657 | 4697 | 4701 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascend Plastic Surgery Partners MSO LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 5/3/2024 | 5/3/2029 | 4197 | (56) | (52) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascend Plastic Surgery Partners MSO LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 5/3/2024 | 5/3/2029 | 6791 | 6693 | 6701 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Global Holdings, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.09% | 7/31/2024 | 7/31/2029 | 19067 | 13291 | 13313 | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Global Holdings, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.06% | 7/31/2024 | 7/31/2029 | 6555 | 5368 | 5376 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Global Holdings, LLC | First lien senior secured term loan | S + | 5.25% | 9.09% | 7/31/2024 | 7/31/2029 | 40558 | 40519 | 40004 | 1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beacon Oral Specialists Management LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 7/28/2023 | 12/14/2026 | 145 | 144 | 145 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beacon Oral Specialists Management LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 2/26/2025 | 12/14/2026 | 667 | 665 | 666 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beacon Oral Specialists Management LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.16% | 6/27/2025 | 12/14/2026 | 10912 | 10302 | 10347 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beacon Oral Specialists Management LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 9/12/2025 | 12/14/2026 | 13666 | (39) | (15) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beacon Oral Specialists Management LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 7/28/2023 | 12/14/2026 | 188 | (1) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beacon Oral Specialists Management LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 7/28/2023 | 12/14/2026 | 898 | 892 | 897 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beghou Consulting, LLC (22) | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 7/28/2023 | 5/1/2028 | 2714 | 385 | 386 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beghou Consulting, LLC | First lien senior secured term loan | S + | 4.75% | 8.42% | 7/28/2023 | 5/1/2028 | 15080 | 14832 | 14839 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP EE Intermedco LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 10.07% | 4/3/2023 | 4/3/2028 | 2018 | 1991 | 1992 | 0.08% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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;BPCP EE Intermedco LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 10.07% | 4/3/2023 | 4/3/2028 | 2244 | (31) | (30) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCP EE Intermedco LLC | First lien senior secured term loan | S + | 6.25% | 10.07% | 4/3/2023 | 4/3/2028 | 6363 | 6265 | 6267 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightview, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.58% | 7/28/2023 | 12/14/2026 | 47 | 47 | 47 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightview, LLC | First lien senior secured revolving loan | S + | 5.75% | 9.58% | 7/28/2023 | 12/14/2026 | 52 | 41 | 42 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightview, LLC | First lien senior secured term loan | S + | 5.75% | 9.58% | 2/26/2025 | 12/14/2026 | 671 | 670 | 669 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp (7)(8) | First lien senior secured delayed draw term loan | 17.00% | 17.00% | 17.00% | 2/26/2025 | 12/31/2026 | 35 | 17 | 16 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp (7)(8) | First lien senior secured delayed draw term loan | T + | 9.00% | 11.62% | 2/26/2025 | 12/31/2026 | 29 | 1 | (14) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp (7)(8) | First lien senior secured delayed draw term loan | T + | 9.00% PIK | 11.62% | 7/28/2023 | 3/19/2026 | 372 | 258 | 73 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp (8) | First lien senior secured revolving loan | T + | 9.00% | 12.93% | 7/28/2023 | 12/31/2026 | 151 | 137 | 41 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp (7)(8) | First lien senior secured revolving loan | T + | 9.00% | 11.62% | 7/28/2023 | 12/31/2026 | 264 | 184 | 52 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp (7)(8) | First lien senior secured revolving loan | T + | 9.00% PIK | 12.93% | 7/28/2023 | 12/31/2026 | 101 | 134 | 20 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Orthodontic Partners Corp (7)(8) | First lien senior secured term loan | T + | 9.00% | 11.62% | 2/26/2025 | 12/31/2026 | 307 | 202 | 60 | 0.00% |
| &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% | 9.07% | 7/28/2023 | 2/2/2029 | 5898 | 2959 | 2980 | 0.12% |
| &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% | 9.07% | 7/28/2023 | 2/2/2029 | 31320 | 30841 | 31069 | 1.30% |
| &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% | 9.07% | 5/16/2025 | 2/2/2029 | 3546 | 3510 | 3518 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNS Purchaser, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.67% | 12/30/2024 | 12/30/2029 | 11025 | (66) | (46) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNS Purchaser, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 12/30/2024 | 12/30/2029 | 4246 | (51) | (45) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNS Purchaser, LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 12/30/2024 | 12/30/2029 | 38202 | 37725 | 37788 | 1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Care Partners, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 9.83% | 7/28/2023 | 6/10/2026 | 162 | 162 | 161 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Care Partners, LLC | First lien senior secured revolving loan | S + | 6.00% | 9.83% | 7/28/2023 | 6/10/2026 | 75 | 75 | 75 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Care Partners, LLC | First lien senior secured term loan | S + | 6.00% | 9.83% | 7/28/2023 | 6/10/2026 | 925 | 924 | 920 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DASCO HME, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 6/6/2025 | 6/6/2030 | 5344 | 414 | 422 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DASCO HME, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 6/6/2025 | 6/6/2030 | 3044 | (47) | (43) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DASCO HME, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 6/6/2025 | 6/6/2030 | 17731 | 17453 | 17482 | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dermatology Medical Partners OpCo LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 10.43% | 7/28/2023 | 10/29/2026 | 64 | 64 | 64 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dermatology Medical Partners OpCo LLC | First lien senior secured revolving loan | S + | 6.50% | 10.43% | 7/28/2023 | 10/29/2026 | 38 | 29 | 29 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dermatology Medical Partners OpCo LLC | First lien senior secured term loan | S + | 6.50% | 10.43% | 7/28/2023 | 10/29/2026 | 257 | 256 | 255 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EH Management Company, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.47% | 12/30/2025 | 7/15/2028 | 2505 | (15) | (15) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EH Management Company, LLC | First lien senior secured term loan | S + | 4.75% | 8.47% | 12/30/2025 | 7/15/2028 | 23784 | 23643 | 23643 | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endodontic Practice Partners, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 7/28/2023 | 11/2/2027 | 16616 | 16460 | 16472 | 0.69% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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;Endodontic Practice Partners, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 4/9/2024 | 11/2/2027 | 13725 | 6761 | 6786 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endodontic Practice Partners, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 2/14/2025 | 11/2/2027 | 4130 | (35) | (35) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endodontic Practice Partners, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 7/28/2023 | 11/2/2027 | 1956 | 763 | 765 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endodontic Practice Partners, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 7/28/2023 | 11/2/2027 | 15120 | 14954 | 14989 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Steps Recovery Acquisition, LLC (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 8.62% | 11/18/2025 | 11/18/2030 | 18828 | (116) | (116) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Steps Recovery Acquisition, LLC | First lien senior secured revolving loan | S + | 4.75% | 8.62% | 11/18/2025 | 11/18/2030 | 4476 | 840 | 840 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Steps Recovery Acquisition, LLC | First lien senior secured term loan | S + | 4.75% | 8.62% | 11/18/2025 | 11/18/2030 | 15240 | 15054 | 15052 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FYZICAL Buyer, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.22% | 6/26/2024 | 6/26/2028 | 2710 | 1575 | 1578 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FYZICAL Buyer, LLC | First lien senior secured term loan | S + | 5.50% | 9.22% | 6/26/2024 | 6/26/2028 | 18719 | 18513 | 18541 | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geriatric Medical and Surgical Supply, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 7/28/2023 | 6/21/2027 | 300 |  |  | 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% | 9.17% | 2/26/2025 | 6/21/2027 | 19722 | 19565 | 19714 | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden Bear PT Partners, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 9.93% | 2/26/2025 | 10/22/2026 | 172 | 171 | 171 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden Bear PT Partners, LLC | First lien senior secured revolving loan | S + | 6.00% | 9.91% | 7/28/2023 | 10/22/2026 | 38 | 20 | 20 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden Bear PT Partners, LLC | First lien senior secured term loan | S + | 6.00% | 9.93% | 7/28/2023 | 10/22/2026 | 1476 | 1465 | 1464 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardian Dentistry Practice Management, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.33% | 7/28/2023 | 8/20/2026 | 49 | 49 | 49 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardian Dentistry Practice Management, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.33% | 2/26/2025 | 8/20/2026 | 315 | 315 | 314 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardian Dentistry Practice Management, LLC | First lien senior secured revolving loan | P + | 4.50% | 11.25% | 4/30/2024 | 8/20/2027 | 4188 | 811 | 815 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardian Dentistry Practice Management, LLC | First lien senior secured term loan | S + | 5.50% | 9.33% | 7/28/2023 | 8/20/2027 | 380 | 379 | 378 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H2 Holdco, Inc | First lien senior secured delayed draw term loan | S + | 6.00% | 10.30% | 7/28/2023 | 5/5/2028 | 7145 | 7014 | 7074 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H2 Holdco, Inc | First lien senior secured delayed draw term loan | S + | 6.00% | 10.13% | 6/25/2024 | 5/5/2028 | 18883 | 14154 | 14179 | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H2 Holdco, Inc (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 10.10% | 12/20/2024 | 5/5/2028 | 7560 | (89) | (75) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H2 Holdco, Inc (23) | First lien senior secured revolving loan | S + | 6.00% | 10.26% | 7/28/2023 | 5/5/2028 | 2544 | 1477 | 1498 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H2 Holdco, Inc | First lien senior secured term loan | S + | 6.00% | 10.30% | 7/28/2023 | 5/5/2028 | 17791 | 17429 | 17614 | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H2 Holdco, Inc | First lien senior secured term loan | S + | 6.00% | 10.10% | 12/20/2024 | 5/5/2028 | 898 | 888 | 889 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMA Group Management Company, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 10.47% | 7/28/2023 | 6/30/2028 | 10 | 10 | 10 | 0.00% |
| &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% | 10.58% | 9/25/2025 | 6/30/2028 | 4088 | (32) | (25) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMA Group Management Company, LLC | First lien senior secured revolving loan | S + | 6.75% | 10.59% | 7/28/2023 | 6/30/2028 | 35 | 17 | 17 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMA Group Management Company, LLC | First lien senior secured term loan | S + | 6.75% | 10.58% | 9/25/2025 | 6/30/2028 | 1542 | 1524 | 1532 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovate 32 Services, LLC (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 8.59% | 10/29/2025 | 10/29/2031 | 19773 | (120) | (120) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovate 32 Services, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.59% | 10/29/2025 | 10/29/2031 | 2436 | (30) | (30) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovate 32 Services, LLC | First lien senior secured term loan | S + | 4.75% | 8.59% | 10/29/2025 | 10/29/2031 | 6539 | 6459 | 6458 | 0.27% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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;Inreach Intermediate Holdings II, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.74% | 12/11/2025 | 12/11/2030 | 5033 | (37) | (37) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inreach Intermediate Holdings II, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.74% | 12/11/2025 | 12/11/2030 | 1700 | (25) | (25) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inreach Intermediate Holdings II, LLC | First lien senior secured term loan | S + | 5.00% | 8.74% | 12/11/2025 | 12/11/2030 | 10020 | 9872 | 9870 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPC Pain Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.22% | 7/28/2023 | 5/19/2027 | 9756 | 9720 | 9708 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPC Pain Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.23% | 7/28/2023 | 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% | 9.23% | 12/22/2025 | 5/19/2027 | 2641 | 2628 | 2628 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPC Pain Acquisition, LLC | First lien senior secured term loan | S + | 5.50% | 9.22% | 2/26/2025 | 5/19/2027 | 2872 | 2854 | 2858 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MS Pain, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 12/4/2024 | 12/4/2029 | 6038 | (95) | (87) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MS Pain, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 12/4/2024 | 12/4/2029 | 861 | (14) | (13) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MS Pain, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 12/4/2024 | 12/4/2029 | 3347 | 3293 | 3296 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MWEC Management, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.22% | 2/14/2023 | 2/14/2028 | 1422 | 425 | 432 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MWEC Management, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.22% | 7/3/2024 | 2/14/2028 | 2532 | (22) | (20) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MWEC Management, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.22% | 2/14/2023 | 2/14/2028 | 1924 | 1240 | 1251 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MWEC Management, LLC | First lien senior secured term loan | S + | 5.50% | 9.22% | 2/26/2025 | 2/14/2028 | 14733 | 14520 | 14617 | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Network Partners Acquisitions, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 9.93% | 7/28/2023 | 12/30/2026 | 38 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Network Partners Acquisitions, LLC | First lien senior secured term loan | S + | 6.00% | 9.93% | 7/28/2023 | 12/30/2026 | 158 | 158 | 157 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New SEES Holdings, LLC | First lien senior secured term loan | S + | 7.25% | 10.92% | 10/31/2025 | 6/30/2028 | 5751 | 4414 | 5446 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneCare LTC, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.35% | 11/14/2025 | 11/14/2028 | 2121 | (25) | (25) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneCare LTC, LLC | First lien senior secured term loan | S + | 5.50% | 9.35% | 11/14/2025 | 11/14/2028 | 18270 | 18049 | 18046 | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P1 DENTAL MSO, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.67% | 1/31/2025 | 1/31/2030 | 5102 | 2464 | 2471 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P1 DENTAL MSO, LLC | First lien senior secured revolving loan | S + | 5.00% | 8.79% | 1/31/2025 | 1/31/2030 | 1522 | 584 | 586 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P1 DENTAL MSO, LLC | First lien senior secured term loan | S + | 5.00% | 8.84% | 1/31/2025 | 1/31/2030 | 19019 | 18708 | 18730 | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Dental Services, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 11.16% | 2/26/2025 | 3/31/2026 | 57 | 57 | 55 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Dental Services, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 10.84% | 7/28/2023 | 3/31/2026 | 511 | 510 | 498 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Dental Services, LLC | First lien senior secured revolving loan | S + | 6.75% | 10.68% | 7/28/2023 | 3/31/2026 | 133 | 66 | 63 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Dental Services, LLC | First lien senior secured term loan | S + | 6.75% | 10.72% | 10/3/2025 | 3/31/2026 | 626 | 624 | 611 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Investment Holdings, LLC | First lien senior secured revolving loan | S + | 0.50% + 7.50% PIK | 11.93% | 7/28/2023 | 12/31/2026 | 355 | 288 | 283 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Investment Holdings, LLC | First lien senior secured term loan | S + | 7.50% PIK | 11.43% | 2/26/2025 | 12/31/2026 | 1332 | 1331 | 1304 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PharmaForceIQ INC. (6) | First lien senior secured revolving loan | S + | 5.25% | 9.09% | 8/2/2024 | 8/2/2029 | 2093 | (30) | (26) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PharmaForceIQ INC. | First lien senior secured term loan | S + | 5.25% | 9.09% | 10/31/2025 | 8/2/2029 | 14737 | 14523 | 14558 | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRM Management Company, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.75% | 10.69% | 1/25/2024 | 1/25/2029 | 1180 | (22) | (22) | 0.00% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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;PRM Management Company, LLC (6) | First lien senior secured revolving loan | S + | 6.75% | 10.69% | 1/25/2024 | 1/25/2029 | 789 | (15) | (14) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRM Management Company, LLC | First lien senior secured term loan | S + | 6.75% | 10.69% | 1/25/2024 | 1/25/2029 | 4035 | 3950 | 3952 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose Home Health Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.95% | 12/23/2024 | 11/3/2027 | 9069 | 952 | 961 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose Home Health Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.74% | 3/8/2024 | 11/3/2027 | 8000 | 7929 | 7943 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose Home Health Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.41% | 7/28/2023 | 11/3/2027 | 6695 | 6626 | 6648 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose Home Health Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 9.45% | 7/28/2023 | 11/3/2027 | 1956 | (20) | (14) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose Home Health Acquisition, LLC | First lien senior secured term loan | S + | 5.75% | 9.45% | 2/26/2025 | 11/3/2027 | 17333 | 17159 | 17210 | 0.72% |
| &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 | 10.68% | 2/26/2025 | 8/12/2026 | 86 | 85 | 63 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RQM Buyer, Inc | First lien senior secured revolving loan | S + | 2.00% + 4.75% PIK | 10.68% | 7/28/2023 | 8/12/2026 | 130 | 128 | 95 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RQM Buyer, Inc | First lien senior secured term loan | S + | 2.00% + 4.75% PIK | 10.68% | 7/28/2023 | 8/12/2026 | 1732 | 1715 | 1270 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RQM Buyer, Inc | First lien senior secured term loan | S + | 2.00% + 4.75% PIK | 10.68% | 2/26/2025 | 8/12/2026 | 52 | 52 | 38 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sage Dental Management, LLC | First lien senior secured delayed draw term loan | S + | 4.75% | 8.42% | 12/15/2025 | 12/15/2031 | 11178 | 46 | 49 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sage Dental Management, LLC | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 12/15/2025 | 12/15/2031 | 8220 | 1337 | 1337 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sage Dental Management, LLC | First lien senior secured term loan | S + | 4.75% | 8.42% | 12/15/2025 | 12/15/2031 | 57663 | 56943 | 56943 | 2.39% |
| &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% | 9.93% | 7/28/2023 | 3/25/2027 | 154 | 153 | 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% | 9.93% | 7/28/2023 | 3/25/2027 | 256 | 190 | 191 | 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% | 9.98% | 7/16/2025 | 3/25/2027 | 922 | 919 | 921 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP ENT and Allergy Services, LLC | First lien senior secured term loan | S + | 6.00% | 9.98% | 2/26/2025 | 3/25/2027 | 2698 | 2681 | 2695 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP OMS Services, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.69% | 3/7/2025 | 3/7/2030 | 9961 | 3762 | 3796 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP OMS Services, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 3/7/2025 | 3/7/2030 | 2645 | (33) | (29) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP OMS Services, LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 3/7/2025 | 3/7/2030 | 5653 | 5581 | 5590 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Dental Partners LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.58% | 7/28/2023 | 10/29/2026 | 174 | 173 | 173 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Dental Partners LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.58% | 4/22/2024 | 10/29/2026 | 17129 | 14074 | 14063 | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Dental Partners LLC | First lien senior secured revolving loan | S + | 5.75% | 11.09% | 7/28/2023 | 10/29/2026 | 38 | 28 | 28 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Dental Partners LLC | First lien senior secured term loan | S + | 5.75% | 9.58% | 4/22/2024 | 10/29/2026 | 4220 | 4196 | 4195 | 0.18% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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;Signature MD, Inc | First lien senior secured delayed draw term loan | S + | 5.75% | 9.42% | 7/15/2024 | 7/15/2027 | 6932 | 4892 | 4897 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature MD, Inc (6) | First lien senior secured revolving loan | S + | 5.75% | 9.42% | 7/15/2024 | 7/15/2027 | 3297 | (21) | (19) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature MD, Inc | First lien senior secured term loan | S + | 5.75% | 9.42% | 7/15/2024 | 7/15/2027 | 18164 | 18032 | 18056 | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Falls MSO, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.36% | 10/22/2025 | 12/31/2028 | 4305 | (37) | (37) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Falls MSO, LLC | First lien senior secured revolving loan | S + | 5.50% | 10.62% | 10/22/2025 | 12/31/2028 | 1523 | 444 | 444 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Falls MSO, LLC | First lien senior secured term loan | S + | 5.50% | 9.36% | 10/22/2025 | 12/31/2028 | 10512 | 10418 | 10422 | 0.44% |
| &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 | 11.10% | 7/28/2023 | 5/17/2026 | 4 | 4 | 4 | 0.00% |
| &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 | 11.10% | 2/26/2025 | 5/17/2026 | 886 | 884 | 881 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SimiTree Acquisition, LLC | First lien senior secured revolving loan | S + | 7.00% | 11.10% | 7/28/2023 | 5/17/2026 | 178 | 49 | 49 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SimiTree Acquisition, LLC | First lien senior secured term loan | S + | 5.25% + 1.75 PIK | 11.10% | 2/26/2025 | 5/17/2026 | 1239 | 1236 | 1232 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIMKO Merger Sub LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 9.93% | 7/28/2023 | 4/7/2027 | 180 | 178 | 178 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIMKO Merger Sub LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.01% | 9/19/2023 | 4/7/2027 | 6735 | 6671 | 6673 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIMKO Merger Sub LLC | First lien senior secured revolving loan | S + | 6.00% | 10.01% | 7/28/2023 | 4/7/2027 | 56 | 28 | 28 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIMKO Merger Sub LLC | First lien senior secured term loan | S + | 6.00% | 9.93% | 7/28/2023 | 4/7/2027 | 638 | 632 | 632 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Primary Care Partners, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.71% | 12/16/2025 | 12/30/2027 | 508 | (4) | (4) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Primary Care Partners, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.71% | 12/16/2025 | 12/30/2027 | 225 | (2) | (2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Primary Care Partners, LLC | First lien senior secured term loan | S + | 5.00% | 8.71% | 12/16/2025 | 12/30/2027 | 838 | 831 | 831 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Orthodontic Partners Management, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.92% | 7/28/2023 | 7/27/2026 | 185 | 185 | 185 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Orthodontic Partners Management, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.92% | 5/17/2024 | 7/27/2026 | 7112 | 7094 | 7108 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Orthodontic Partners Management, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.92% | 6/26/2025 | 7/27/2026 | 8257 | 3548 | 3558 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Orthodontic Partners Management, LLC | First lien senior secured revolving loan | S + | 5.25% | 8.94% | 7/28/2023 | 7/27/2026 | 171 | 21 | 21 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Orthodontic Partners Management, LLC | First lien senior secured term loan | S + | 5.25% | 8.92% | 5/17/2024 | 7/27/2026 | 2993 | 2986 | 2991 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Sports Medicine Partners, LLC | First lien senior secured revolving loan | S + | 8.00% PIK | 12.10% | 7/28/2023 | 2/23/2027 | 63 | 34 | 33 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Sports Medicine Partners, LLC | First lien senior secured term loan | S + | 8.00% PIK | 12.10% | 7/28/2023 | 2/23/2027 | 742 | 728 | 716 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spa Medicca, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.34% | 8/8/2025 | 8/8/2030 | 5576 | (103) | (94) | 0.00% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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;Spa Medicca, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.34% | 8/8/2025 | 8/8/2030 | 1624 | (30) | (27) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spa Medicca, LLC | First lien senior secured term loan | S + | 5.50% | 9.34% | 8/8/2025 | 8/8/2030 | 4820 | 4729 | 4737 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spear Education Holdings, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.07% | 6/26/2024 | 12/15/2028 | 7290 | 3439 | 3448 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spear Education Holdings, LLC | First lien senior secured term loan | S + | 5.25% | 9.07% | 6/26/2024 | 12/15/2028 | 46906 | 46473 | 46556 | 1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Dental Partners LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.22% | 12/22/2023 | 12/22/2028 | 10903 | 10720 | 10777 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Dental Partners LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.22% | 11/8/2024 | 12/22/2028 | 12069 | 5984 | 5997 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Dental Partners LLC | First lien senior secured revolving loan | S + | 5.50% | 9.22% | 12/22/2023 | 12/22/2028 | 1451 | 846 | 854 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Dental Partners LLC | First lien senior secured term loan | S + | 5.50% | 9.22% | 11/8/2024 | 12/22/2028 | 15075 | 14828 | 14901 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chempetitve Group, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.22% | 3/22/2024 | 3/22/2029 | 11983 | 1323 | 1335 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chempetitve Group, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.22% | 3/22/2024 | 3/22/2029 | 3414 | 297 | 301 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chempetitve Group, LLC | First lien senior secured term loan | S + | 5.50% | 9.22% | 2/26/2025 | 3/22/2029 | 13534 | 13339 | 13356 | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Therapy2000 Acquisition, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.67% | 9/12/2025 | 9/12/2030 | 5232 | (31) | (19) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Therapy2000 Acquisition, LLC | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 9/12/2025 | 9/12/2030 | 2258 | 575 | 580 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Therapy2000 Acquisition, LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 9/12/2025 | 9/12/2030 | 10072 | 9951 | 9971 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transitions Intermediate Holdings, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 9.72% | 10/25/2024 | 10/25/2027 | 687 | (8) | (5) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transitions Intermediate Holdings, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 9.72% | 12/19/2025 | 10/25/2027 | 2097 | (19) | (15) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transitions Intermediate Holdings, LLC | First lien senior secured term loan | S + | 6.00% | 9.72% | 12/19/2025 | 10/25/2027 | 10483 | 10367 | 10409 | 0.44% |
| &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% | 9.68% | 2/26/2025 | 9/15/2026 | 13894 | 13846 | 13851 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Foot and Ankle Specialists, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 9.68% | 9/15/2022 | 9/15/2026 | 2699 | (10) | (9) | 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% | 9.68% | 2/26/2025 | 9/15/2026 | 19274 | 19188 | 19190 | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varsity DuvaSawko Operating Corp (24) | First lien senior secured revolving loan | S + | 5.00% | 8.84% | 8/27/2025 | 5/27/2027 | 4568 | 1512 | 1520 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varsity DuvaSawko Operating Corp | First lien senior secured term loan | S + | 5.00% | 8.84% | 8/27/2025 | 5/27/2027 | 44836 | 44744 | 44819 | 1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varsity Rejuvenate Management, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 10.57% | 12/29/2023 | 9/1/2028 | 3258 | 3204 | 3206 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varsity Rejuvenate Management, LLC (6) | First lien senior secured revolving loan | S + | 6.75% | 10.57% | 12/29/2023 | 9/1/2028 | 1245 | (22) | (20) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varsity Rejuvenate Management, LLC | First lien senior secured term loan | S + | 6.75% | 10.57% | 2/26/2025 | 9/1/2028 | 5898 | 5790 | 5805 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VersiCare Management LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.99% | 11/25/2024 | 11/25/2029 | 4529 | 623 | 629 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VersiCare Management LLC | First lien senior secured revolving loan | S + | 5.25% | 9.11% | 11/25/2024 | 11/25/2029 | 1505 | 538 | 541 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VersiCare Management LLC | First lien senior secured term loan | S + | 5.25% | 8.92% | 11/25/2024 | 11/25/2029 | 7771 | 7640 | 7652 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VetEvolve Holdings, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.47% | 10/12/2023 | 10/12/2028 | 11527 | 11355 | 11363 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VetEvolve Holdings, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.47% | 7/8/2025 | 10/12/2028 | 16520 | 4281 | 4312 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VetEvolve Holdings, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 9.59% | 10/12/2023 | 10/12/2028 | 3067 | (46) | (22) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VetEvolve Holdings, LLC | First lien senior secured term loan | S + | 5.75% | 9.59% | 7/8/2025 | 10/12/2028 | 11587 | 11406 | 11505 | 0.48% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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;Vital Geriatrics Group Buyer, Inc (6) | First lien senior secured revolving loan | S + | 4.75% | 8.59% | 8/15/2025 | 8/15/2031 | 2408 | (34) | (29) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Geriatrics Group Buyer, Inc | First lien senior secured term loan | S + | 4.75% | 8.59% | 8/15/2025 | 8/15/2031 | 10568 | 10414 | 10437 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Veterinary Partners LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.92% | 7/28/2023 | 10/29/2027 | 315 | 312 | 312 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Veterinary Partners LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.92% | 2/26/2025 | 10/29/2027 | 24401 | 24184 | 24217 | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Veterinary Partners LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.95% | 11/14/2025 | 10/29/2027 | 6411 | 1776 | 1787 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Veterinary Partners LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 8.92% | 7/28/2023 | 10/29/2027 | 24 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Veterinary Partners LLC | First lien senior secured term loan | S + | 5.25% | 8.92% | 9/27/2024 | 10/29/2027 | 9300 | 9214 | 9230 | 0.39% |
|  |  |  |  |  |  |  |  | 1071398 | 1072428 | 44.98% |
| &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% | 9.42% | 7/28/2023 | 7/29/2027 | $5190 | $5165 | $5172 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHR Intermediate, Inc | First lien senior secured delayed draw term loan | S + | 5.75% | 9.42% | 12/16/2024 | 7/29/2027 | 7892 | 737 | 759 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHR Intermediate, Inc (6) | First lien senior secured delayed draw term loan | S + | 5.75% | 9.42% | 5/19/2025 | 7/29/2027 | 871 | (3) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHR Intermediate, Inc | First lien senior secured revolving loan | S + | 5.50% | 9.19% | 5/19/2025 | 7/29/2027 | 9888 | 1129 | 1152 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHR Intermediate, Inc | First lien senior secured term loan | S + | 5.75% | 9.42% | 2/26/2025 | 7/29/2027 | 31694 | 31541 | 31585 | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ELMC RX Solutions, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 10/1/2025 | 10/1/2030 | 4305 | (73) | (65) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ELMC RX Solutions, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.36% | 10/1/2025 | 10/1/2030 | 914 | 91 | 93 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ELMC RX Solutions, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 10/1/2025 | 10/1/2030 | 3584 | 3523 | 3530 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gifthealth, Inc. (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.84% | 7/29/2025 | 7/29/2028 | 7994 | (34) | (19) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gifthealth, Inc. (6) | First lien senior secured revolving loan | S + | 5.00% | 8.84% | 7/29/2025 | 7/29/2028 | 2841 | (24) | (20) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gifthealth, Inc. | First lien senior secured term loan | S + | 5.00% | 8.84% | 7/29/2025 | 7/29/2028 | 9272 | 9187 | 9206 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Millennia Patient Services, LLC | First lien senior secured revolving loan | S + | 6.00% | 9.93% | 7/28/2023 | 9/8/2027 | 134 | 53 | 53 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Millennia Patient Services, LLC | First lien senior secured term loan | S + | 6.00% | 9.93% | 10/1/2025 | 9/8/2027 | 1677 | 1669 | 1666 | 0.07% |
|  |  |  |  |  |  |  |  | 52961 | 53109 | 2.23% |
| &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% | 9.17% | 9/26/2022 | 9/26/2027 | $2947 | $2915 | $2940 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPS Power Buyer, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 10/20/2023 | 9/26/2027 | 2291 | 2273 | 2286 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPS Power Buyer, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.22% | 9/30/2025 | 9/26/2027 | 8788 | 4795 | 4811 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPS Power Buyer, LLC (25) | First lien senior secured revolving loan | S + | 5.50% | 9.25% | 9/30/2025 | 9/26/2027 | 4406 | 1016 | 1046 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPS Power Buyer, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 9/30/2025 | 9/26/2027 | 19664 | 19459 | 19614 | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kravet Design LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 11/26/2024 | 11/26/2030 | 4349 | (53) | (46) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kravet Design LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 11/26/2024 | 11/26/2030 | 18636 | 18393 | 18425 | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kwalu, LLC | First lien senior secured revolving loan | S + | 5.75% | 10.13% | 9/23/2022 | 9/23/2027 | 5061 | 1644 | 1661 | 0.07% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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;Kwalu, LLC | First lien senior secured term loan | S + | 5.75% | 9.77% | 12/31/2024 | 9/23/2027 | 29967 | 29699 | 29815 | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacKenzie Childs Acquisition, Inc (6) | First lien senior secured revolving loan | S + | 5.50% | 9.49% | 9/2/2022 | 9/2/2027 | 3374 | (17) | (15) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacKenzie Childs Acquisition, Inc | First lien senior secured term loan | S + | 5.50% | 9.32% | 9/2/2022 | 9/2/2027 | 15633 | 15552 | 15560 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renovation Systems, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 9.67% | 1/12/2024 | 1/23/2028 | 1972 | 1945 | 1956 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renovation Systems, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 9.67% | 1/23/2023 | 1/23/2028 | 5684 | 5593 | 5639 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renovation Systems, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 9.67% | 7/29/2024 | 1/23/2028 | 5695 | 5625 | 5650 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renovation Systems, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 10.08% | 11/27/2024 | 1/23/2028 | 3559 | 2195 | 2199 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renovation Systems, LLC | First lien senior secured revolving loan | S + | 6.00% | 9.88% | 1/12/2024 | 1/23/2028 | 2633 | 2591 | 2612 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renovation Systems, LLC | First lien senior secured term loan | S + | 6.00% | 9.67% | 11/27/2024 | 1/23/2028 | 32368 | 31916 | 32112 | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storm Smart Buyer LLC | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 12/31/2025 | 10/5/2028 | 131 | 64 | 64 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storm Smart Buyer LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 12/31/2025 | 10/5/2028 | 882 | 874 | 874 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trademark Global, LLC | First lien senior secured revolving loan | S + | 8.50% | 12.43% | 7/28/2023 | 6/30/2027 | 113 | 87 | 19 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trademark Global, LLC | First lien senior secured revolving loan | S + | 8.50% PIK | 12.43% | 7/28/2023 | 6/30/2027 | 35 | 32 | 11 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trademark Global, LLC | First lien senior secured term loan | S + | 8.50% | 12.43% | 7/28/2023 | 6/30/2027 | 2465 | 2216 | 809 | 0.03% |
|  |  |  |  |  |  |  |  | 148814 | 148042 | 6.20% |
| &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% | 9.46% | 7/28/2023 | 3/31/2029 | $3915 | $3140 | $3142 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hultec Buyer, LLC | First lien senior secured term loan | S + | 5.50% | 9.32% | 7/28/2023 | 3/31/2029 | 14126 | 13838 | 13854 | 0.58% |
|  |  |  |  |  |  |  |  | 16978 | 16996 | 0.71% |
| &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% | 8.75% | 10/25/2024 | 10/25/2029 | $15177 | $10877 | $10897 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superior Insurance Partners LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.70% | 10/25/2024 | 10/25/2029 | 1347 | (21) | (19) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superior Insurance Partners LLC | First lien senior secured term loan | S + | 5.00% | 8.70% | 10/25/2024 | 10/25/2029 | 9259 | 9107 | 9119 | 0.38% |
|  |  |  |  |  |  |  |  | 19963 | 19997 | 0.84% |
| &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% | 8.42% | 9/30/2024 | 9/30/2030 | $5224 | $(41) | $(32) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duggal Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 9/30/2024 | 9/30/2030 | 7319 | (116) | (106) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duggal Acquisition, LLC | First lien senior secured term loan | S + | 4.75% | 8.42% | 9/30/2024 | 9/30/2030 | 20375 | 20033 | 20070 | 0.84% |
|  |  |  |  |  |  |  |  | 19876 | 19932 | 0.84% |
| &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% | 10.82% | 7/28/2023 | 2/18/2026 | $191 | $133 | $80 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aquatic Sales Solutions, LLC | First lien senior secured term loan | S + | 7.00% | 10.82% | 2/26/2025 | 2/18/2026 | 2669 | 2663 | 1919 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DealerOn Holdco, Inc (6) | First lien senior secured revolving loan | S + | 6.25% | 10.08% | 7/28/2023 | 5/19/2026 | 314 | (1) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DealerOn Holdco, Inc | First lien senior secured term loan | S + | 6.25% | 10.08% | 9/25/2024 | 5/19/2026 | 20388 | 20388 | 20316 | 0.85% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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** |
|  |  |  |  |  |  |  |  | 23183 | 22314 | 0.93% |
| &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% | 8.97% | 6/28/2024 | 6/28/2029 | $2256 | $(28) | $(25) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSC Top Shelf Blocker LLC | First lien senior secured term loan | S + | 5.25% | 8.97% | 6/28/2024 | 6/28/2029 | 15910 | 15695 | 15721 | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynamic Campus Acquisition, Inc. (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 8.42% | 2/14/2025 | 2/14/2031 | 10220 | (131) | (114) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynamic Campus Acquisition, Inc. (6) | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 2/14/2025 | 2/14/2031 | 3044 | (39) | (34) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynamic Campus Acquisition, Inc. | First lien senior secured term loan | S + | 4.75% | 8.42% | 2/14/2025 | 2/14/2031 | 11158 | 11011 | 11029 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-Phoenix Acquisition Co. Inc (6) | First lien senior secured revolving loan | S + | 5.25% | 8.92% | 11/24/2025 | 6/23/2030 | 2984 | (22) | (22) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-Phoenix Acquisition Co. Inc | First lien senior secured term loan | S + | 5.25% | 8.92% | 11/24/2025 | 6/23/2030 | 18557 | 18421 | 18420 | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FreshAddress, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.07% | 7/28/2023 | 4/5/2026 | 30 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FreshAddress, LLC | First lien senior secured term loan | S + | 5.25% | 9.07% | 7/28/2023 | 4/5/2026 | 1630 | 1628 | 1626 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icreon Holdings, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 10.43% | 7/28/2023 | 10/26/2027 | 1071 | (15) | (16) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icreon Holdings, LLC | First lien senior secured term loan | S + | 6.50% | 10.43% | 12/15/2023 | 10/26/2027 | 11241 | 11066 | 11073 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Livefront, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.73% | 12/12/2025 | 12/5/2030 | 4188 | (62) | (62) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Livefront, LLC | First lien senior secured revolving loan | S + | 5.00% | 8.73% | 12/12/2025 | 12/5/2030 | 2991 | 404 | 405 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Livefront, LLC | First lien senior secured term loan | S + | 5.00% | 8.73% | 12/12/2025 | 12/5/2030 | 10863 | 10702 | 10700 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milestone Technologies, Inc (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.67% | 8/22/2025 | 8/22/2031 | 2918 | (19) | (14) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milestone Technologies, Inc (6) | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 8/22/2025 | 8/22/2031 | 2595 | (37) | (32) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milestone Technologies, Inc | First lien senior secured term loan | S + | 5.00% | 8.67% | 8/22/2025 | 8/22/2031 | 20232 | 19939 | 19980 | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P and R Dental Strategies, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.43% | 7/28/2023 | 12/22/2026 | 23 | 8 | 8 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P and R Dental Strategies, LLC | First lien senior secured term loan | S + | 5.50% | 9.43% | 7/28/2023 | 12/22/2026 | 614 | 612 | 611 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Technology Group, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.72% | 1/3/2024 | 1/3/2029 | 10697 | 10546 | 10600 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Technology Group, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.72% | 2/26/2024 | 1/3/2029 | 9353 | 9217 | 9268 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Technology Group, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.72% | 5/20/2025 | 1/3/2029 | 11314 | 6774 | 6790 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Technology Group, LLC (6)(26) | First lien senior secured revolving loan | S + | 5.00% | 8.72% | 1/3/2024 | 1/3/2029 | 2860 | (40) | (26) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Technology Group, LLC | First lien senior secured term loan | S + | 5.00% | 8.72% | 2/26/2025 | 1/3/2029 | 6245 | 6152 | 6189 | 0.26% |
|  |  |  |  |  |  |  |  | 121782 | 122075 | 5.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure equipment and products** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacNeill Pride Group Corp | First lien senior secured delayed draw term loan | S + | 6.25% | 10.18% | 7/28/2023 | 4/22/2026 | $293 | $293 | $293 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacNeill Pride Group Corp | First lien senior secured delayed draw term loan | S + | 6.25% | 10.18% | 2/26/2025 | 4/22/2026 | 50 | 50 | 50 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacNeill Pride Group Corp (6) | First lien senior secured revolving loan | S + | 6.25% | 10.18% | 7/28/2023 | 4/22/2026 | 287 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacNeill Pride Group Corp | First lien senior secured term loan | S + | 6.25% | 10.18% | 2/26/2025 | 4/22/2026 | 787 | 786 | 786 | 0.03% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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;PHGP MB Purchaser, Inc | First lien senior secured delayed draw term loan | S + | 6.00% + 0.50% PIK | 10.43% | 7/28/2023 | 5/20/2027 | 78 | 77 | 70 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PHGP MB Purchaser, Inc (27) | First lien senior secured revolving loan | S + | 6.00% + 0.50% PIK | 10.43% | 7/28/2023 | 5/20/2027 | 75 | 11 | 5 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PHGP MB Purchaser, Inc | First lien senior secured term loan | S + | 6.00% + 0.50% PIK | 10.43% | 7/28/2023 | 5/20/2027 | 1051 | 1041 | 949 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TruBlue LLC (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 8.97% | 1/11/2024 | 1/11/2029 | 2331 | (28) | (26) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TruBlue LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 8.97% | 1/11/2024 | 1/11/2029 | 1430 | (17) | (16) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TruBlue LLC | First lien senior secured term loan | S + | 5.25% | 8.97% | 1/11/2024 | 1/11/2029 | 5121 | 5053 | 5058 | 0.21% |
|  |  |  |  |  |  |  |  | 7266 | 7169 | 0.29% |
| &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 + | 5.00% | 6.00% | 12/10/2025 | 5/3/2028 | $267 | $44 | $44 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptitude Health Holdings, LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 12/10/2025 | 5/3/2028 | 1072 | 1069 | 1069 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CR Services Intermediate, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 10.33% | 7/28/2023 | 7/28/2028 | 132 | 129 | 120 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CR Services Intermediate, LLC | First lien senior secured revolving loan | S + | 6.50% | 10.43% | 7/28/2023 | 7/28/2028 | 39 | 27 | 24 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CR Services Intermediate, LLC | First lien senior secured term loan | S + | 6.50% | 10.33% | 7/28/2023 | 7/28/2028 | 242 | 235 | 221 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CR Services Intermediate, LLC (7) | First lien senior secured term loan | S + | 6.50% | 10.33% | 7/28/2023 | 7/28/2028 | 242 | 235 | 221 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERG Buyer, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 10.07% | 2/26/2024 | 8/31/2027 | 354 | 352 | 279 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERG Buyer, LLC | First lien senior secured revolving loan | S + | 6.25% | 10.07% | 2/26/2024 | 8/31/2027 | 5406 | 5367 | 4263 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERG Buyer, LLC | First lien senior secured term loan | S + | 6.25% | 10.07% | 6/14/2024 | 8/31/2027 | 37252 | 37146 | 29375 | 1.23% |
| &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% | 8.84% | 3/12/2025 | 3/12/2030 | 5808 | (84) | (77) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health and Wellness Partners LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.84% | 3/12/2025 | 3/12/2030 | 2480 | (36) | (33) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health and Wellness Partners LLC | First lien senior secured term loan | S + | 5.00% | 8.84% | 3/12/2025 | 3/12/2030 | 21617 | 21287 | 21316 | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIT Nyckel Acquisition AB (6) | First lien senior secured revolving loan | S + | 4.50% | 8.23% | 12/18/2025 | 12/18/2031 | 2719 | (34) | (34) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIT Nyckel Acquisition AB | First lien senior secured term loan | S + | 4.50% | 8.23% | 12/18/2025 | 12/18/2031 | 8016 | 7916 | 7916 | 0.33% |
|  |  |  |  |  |  |  |  | 73653 | 64704 | 2.71% |
| &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% | 10.08% | 7/28/2023 | 10/30/2027 | $173 | $33 | $32 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abrasive Technology Intermediate, LLC | First lien senior secured term loan | S + | 6.25% | 10.08% | 10/29/2025 | 10/30/2027 | 2205 | 2192 | 2176 | 0.09% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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;Baker Manufacturing Company, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 8.97% | 11/1/2024 | 11/1/2028 | 2898 | (34) | (28) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Manufacturing Company, LLC | First lien senior secured term loan | S + | 5.25% | 8.97% | 11/1/2024 | 11/1/2028 | 17116 | 16919 | 16950 | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DNS-IMI Acquisition Corp (6) | First lien senior secured revolving loan | S + | 5.25% | 9.07% | 7/28/2023 | 11/23/2026 | 56 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DNS-IMI Acquisition Corp | First lien senior secured term loan | S + | 5.25% | 9.07% | 7/28/2023 | 11/23/2026 | 1332 | 1328 | 1326 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Double E Company, LLC | First lien senior secured revolving loan | S + | 6.25% | 10.07% | 2/26/2025 | 6/21/2028 | 3110 | 1703 | 1565 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Double E Company, LLC | First lien senior secured term loan | S + | 4.00% + 2.25% PIK | 10.07% | 8/11/2025 | 6/21/2028 | 793 | 771 | 750 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Double E Company, LLC | First lien senior secured term loan | S + | 4.00% + 2.25% PIK | 10.07% | 2/26/2025 | 6/21/2028 | 18981 | 18665 | 17970 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kittyhawk, Inc (6) | First lien senior secured revolving loan | S + | 5.25% | 8.92% | 5/1/2024 | 5/1/2029 | 3571 | (48) | (44) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kittyhawk, Inc | First lien senior secured term loan | S + | 5.25% | 8.92% | 5/1/2024 | 5/1/2029 | 14925 | 14710 | 14726 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L&J Holding Company LLC | First lien senior secured delayed draw term loan | S + | 4.75% | 8.59% | 7/29/2024 | 7/29/2030 | 9823 | 3427 | 3443 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L&J Holding Company LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 7/29/2024 | 7/29/2030 | 2204 | (34) | (31) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L&J Holding Company LLC | First lien senior secured term loan | S + | 4.75% | 8.42% | 7/29/2024 | 7/29/2030 | 11640 | 11449 | 11472 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;My Buyer, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 9.17% | 1/26/2024 | 1/26/2030 | 3115 | 3073 | 3077 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;My Buyer, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 1/26/2024 | 1/26/2030 | 2360 | (32) | (29) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;My Buyer, LLC | First lien senior secured term loan | S + | 5.50% | 9.17% | 1/26/2024 | 1/26/2030 | 7791 | 7674 | 7683 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPG Holdco, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 9.99% | 5/16/2025 | 12/1/2028 | 1776 | 1210 | 1213 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPG Holdco, LLC (28) | First lien senior secured revolving loan | S + | 6.00% | 9.77% | 12/1/2023 | 12/1/2028 | 2070 | 1350 | 1357 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPG Holdco, LLC | First lien senior secured term loan | S + | 6.00% | 9.82% | 2/26/2025 | 12/1/2028 | 10474 | 10304 | 10358 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USSC Holding Corp | First lien senior secured delayed draw term loan | S + | 5.25% | 9.09% | 6/21/2024 | 6/21/2030 | 10028 | 9879 | 9911 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USSC Holding Corp | First lien senior secured revolving loan | S + | 5.25% | 8.99% | 6/21/2024 | 6/21/2030 | 7177 | 3661 | 3684 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USSC Holding Corp | First lien senior secured term loan | S + | 5.25% | 8.92% | 6/21/2024 | 6/21/2030 | 34431 | 33876 | 34004 | 1.43% |
|  |  |  |  |  |  |  |  | 142076 | 141565 | 5.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ansira Partners II, LLC (6) | First lien senior secured revolving loan | P + | 5.00% | 11.75% | 8/15/2025 | 8/15/2031 | $6142 | $(86) | $(75) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ansira Partners II, LLC | First lien senior secured term loan | S + | 6.00% | 9.84% | 8/15/2025 | 8/15/2031 | 46324 | 45658 | 45752 | 1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barkley, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 9.99% | 9/29/2023 | 9/29/2028 | 2300 | (33) | (28) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barkley, LLC | First lien senior secured term loan | S + | 6.00% | 9.99% | 5/1/2024 | 9/29/2028 | 43565 | 42935 | 43029 | 1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Version Media Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 8.97% | 12/31/2024 | 12/31/2030 | 2897 | (42) | (38) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Version Media Acquisition, LLC | First lien senior secured term loan | S + | 5.25% | 8.97% | 12/31/2024 | 12/31/2030 | 28124 | 27701 | 27740 | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creative Outdoor Holding Inc (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.67% | 6/26/2025 | 6/26/2030 | 8741 | (98) | (83) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creative Outdoor Holding Inc (6)(29) | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 6/26/2025 | 6/26/2030 | 4168 | (56) | (39) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creative Outdoor Holding Inc | First lien senior secured term loan | S + | 5.00% | 8.67% | 6/26/2025 | 6/26/2030 | 18265 | 18052 | 18091 | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datum Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 6/23/2025 | 4/30/2030 | 2146 | (37) | (25) | 0.00% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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;Datum Acquisition, LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 6/23/2025 | 4/30/2030 | 24011 | 23645 | 23720 | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclusive Concepts, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 10.43% | 7/28/2023 | 12/9/2026 | 219 | 217 | 217 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclusive Concepts, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 10.43% | 12/22/2023 | 12/9/2026 | 2815 | 2793 | 2795 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclusive Concepts, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 10.43% | 8/1/2024 | 12/9/2026 | 5099 | 1713 | 1722 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclusive Concepts, LLC | First lien senior secured revolving loan | S + | 6.50% | 10.60% | 7/28/2023 | 12/9/2026 | 23 | 22 | 22 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclusive Concepts, LLC | First lien senior secured term loan | S + | 6.50% | 10.60% | 12/22/2023 | 12/9/2026 | 3463 | 3435 | 3440 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GM Services Buyer, LLC | First lien senior secured delayed draw term loan | S + | 4.75% | 8.59% | 8/26/2025 | 8/26/2030 | 21538 | 14357 | 14505 | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GM Services Buyer, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.59% | 8/26/2025 | 8/26/2030 | 3070 | (43) | (38) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GM Services Buyer, LLC | First lien senior secured term loan | S + | 4.75% | 8.59% | 8/26/2025 | 8/26/2030 | 5852 | 5770 | 5780 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infolinks Media Buyco, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.42% | 6/6/2024 | 11/1/2026 | 2062 | 2051 | 2050 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infolinks Media Buyco, LLC | First lien senior secured revolving loan | S + | 5.75% | 9.42% | 7/28/2023 | 11/1/2026 | 38 | 26 | 26 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infolinks Media Buyco, LLC | First lien senior secured term loan | S + | 5.75% | 9.42% | 6/6/2024 | 11/1/2026 | 19863 | 19748 | 19747 | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MediaMint Inc (6) | First lien senior secured revolving loan | S + | 4.75% | 8.47% | 12/15/2025 | 12/15/2030 | 2128 | (26) | (26) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MediaMint Inc | First lien senior secured term loan | S + | 4.75% | 8.47% | 12/15/2025 | 12/15/2030 | 15391 | 15200 | 15199 | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merge USA, Inc (6) | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 2/28/2025 | 2/28/2030 | 2515 | (31) | (28) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merge USA, Inc | First lien senior secured term loan | S + | 4.75% | 8.42% | 2/28/2025 | 2/28/2030 | 11178 | 11035 | 11054 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North & Warren, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.37% | 1/31/2025 | 1/31/2030 | 954 | (12) | (11) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North & Warren, LLC | First lien senior secured term loan | S + | 5.50% | 9.37% | 8/29/2025 | 1/31/2030 | 4474 | 4414 | 4425 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optimized Marketing Acquisition, LLC | First lien senior secured revolving loan | S + | 6.25% | 10.18% | 8/19/2022 | 8/19/2027 | 3383 | 2287 | 2250 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optimized Marketing Acquisition, LLC | First lien senior secured term loan | S + | 6.25% | 10.18% | 2/26/2025 | 8/19/2027 | 25379 | 25113 | 24872 | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outerbox, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.72% | 6/7/2024 | 6/7/2028 | 4077 | 3489 | 3494 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outerbox, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.72% | 6/7/2024 | 6/7/2028 | 2280 | (21) | (18) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outerbox, LLC | First lien senior secured term loan | S + | 5.00% | 8.72% | 6/7/2024 | 6/7/2028 | 17617 | 17446 | 17468 | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peninsula MMGY Corporation (30) | First lien senior secured revolving loan | S + | 5.50% | 9.19% | 10/26/2023 | 4/26/2029 | 3691 | 231 | 254 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peninsula MMGY Corporation | First lien senior secured term loan | S + | 5.50% | 9.17% | 4/4/2025 | 4/26/2029 | 12185 | 12031 | 12048 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peninsula MMGY Corporation | First lien senior secured term loan | S + | 5.50% | 9.17% | 2/26/2025 | 4/26/2029 | 9440 | 9262 | 9334 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Channel Company, LLC | First lien senior secured revolving loan | S + | 6.75% | 10.70% | 7/28/2023 | 11/1/2027 | 62 | 35 | 32 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Channel Company, LLC | First lien senior secured term loan | S + | 2.50% + 4.25% PIK | 10.68% | 7/28/2023 | 11/1/2027 | 1990 | 1977 | 1892 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Channel Company, LLC | First lien senior secured term loan | S + | 2.50% + 4.25% PIK | 10.68% | 2/26/2025 | 11/1/2027 | 495 | 492 | 471 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walker Sands, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 10/1/2025 | 10/1/2030 | 1553 | (22) | (19) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walker Sands, LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 10/1/2025 | 10/1/2030 | 8841 | 8714 | 8731 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WTWH Buyer, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.22% | 12/16/2022 | 6/16/2029 | 1638 | (23) | (26) | 0.00% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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;WTWH Buyer, LLC | First lien senior secured term loan | S + | 5.50% | 9.22% | 2/26/2025 | 6/16/2029 | 13996 | 13769 | 13773 | 0.58% |
|  |  |  |  |  |  |  |  | 333088 | 333479 | 14.00% |
| &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 + | 5.00% | 8.83% | 8/6/2025 | 6/17/2029 | $8250 | $(97) | $(61) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEC Purchaser Corp. | First lien senior secured term loan | S + | 5.00% | 8.83% | 8/6/2025 | 6/17/2029 | 57802 | 57062 | 57371 | 2.41% |
|  |  |  |  |  |  |  |  | 56965 | 57310 | 2.41% |
| &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% | 10.68% | 7/28/2023 | 9/22/2026 | $337 | $330 | $296 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Formulated Buyer, LLC | First lien senior secured revolving loan | S + | 6.75% | 10.81% | 7/28/2023 | 9/22/2029 | 200 | 119 | 97 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Formulated Buyer, LLC | First lien senior secured term loan | S + | 6.75% | 10.68% | 7/28/2023 | 9/22/2029 | 518 | 508 | 455 | 0.02% |
|  |  |  |  |  |  |  |  | 957 | 848 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Personal products** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosmetic Solutions LLC (8) | First lien senior secured term loan | 4.00% PIK | 4.00% PIK | 4.00% | 7/18/2025 | 10/17/2028 | $1512 | $1483 | $663 | 0.03% |
|  |  |  |  |  |  |  |  | 1483 | 663 | 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% | 8.97% | 7/8/2025 | 11/8/2029 | $3564 | $(47) | $(45) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSL Intermediate Acquisition LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 8.97% | 11/8/2024 | 11/8/2029 | 1688 | 1665 | 1667 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSL Intermediate Acquisition LLC | First lien senior secured revolving loan | S + | 5.25% | 8.97% | 7/8/2025 | 11/8/2029 | 1673 | 396 | 398 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSL Intermediate Acquisition LLC | First lien senior secured term loan | S + | 5.25% | 8.97% | 7/8/2025 | 11/8/2029 | 9170 | 9042 | 9053 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helpware, Inc | First lien senior secured revolving loan | S + | 6.00% | 10.30% | 9/8/2022 | 9/8/2026 | 5061 | 3295 | 3266 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helpware, Inc | First lien senior secured term loan | S + | 5.75% + 0.25% PIK | 9.93% | 2/26/2025 | 9/8/2026 | 14040 | 13997 | 13928 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keystone Partners, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.60% | 10/25/2024 | 10/25/2028 | 2118 | 690 | 692 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keystone Partners, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.84% | 10/25/2024 | 10/25/2028 | 1347 | (14) | (13) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keystone Partners, LLC | First lien senior secured term loan | S + | 5.00% | 8.84% | 10/25/2024 | 10/25/2028 | 10889 | 10765 | 10780 | 0.45% |
|  |  |  |  |  |  |  |  | 39789 | 39726 | 1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real estate management and development** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBG, Inc (31) | First lien senior secured revolving loan | S + | 6.75% | 10.68% | 7/28/2023 | 1/8/2026 | $233 | $228 | $225 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBG, Inc | First lien senior secured term loan | S + | 6.00% + 0.25% PIK | 10.68% | 2/26/2025 | 1/8/2026 | 1964 | 1959 | 1930 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetaSource, LLC | First lien senior secured revolving loan | S + | 6.75% | 10.58% | 7/28/2023 | 5/17/2027 | 75 | 36 | 36 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetaSource, LLC | First lien senior secured term loan | S + | 6.25% + 0.50% PIK | 10.68% | 7/28/2023 | 5/17/2027 | 919 | 913 | 912 | 0.04% |
|  |  |  |  |  |  |  |  | 3136 | 3103 | 0.13% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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;**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% | 10.61% | 7/28/2023 | 3/2/2028 | $45 | $45 | $45 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altamira Material Solutions, LP | First lien senior secured term loan | S + | 6.00% | 9.82% | 12/31/2025 | 3/2/2028 | 1245 | 1243 | 1236 | 0.05% |
|  |  |  |  |  |  |  |  | 1288 | 1281 | 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% | 10.93% | 7/28/2023 | 7/26/2027 | $186 | $(1) | $(1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affinitiv Inc | First lien senior secured term loan | S + | 7.00% | 10.93% | 7/28/2023 | 7/26/2027 | 2178 | 2158 | 2164 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DemandTec, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.84% | 8/27/2025 | 8/27/2031 | 3855 | (55) | (47) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DemandTec, LLC | First lien senior secured revolving loan | S + | 5.00% | 8.71% | 8/27/2025 | 8/27/2031 | 1505 | 355 | 358 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DemandTec, LLC | First lien senior secured term loan | S + | 5.00% | 8.84% | 8/27/2025 | 8/27/2031 | 7691 | 7578 | 7595 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genius Bidco LLC (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 8.92% | 5/1/2024 | 5/1/2030 | 4661 | (34) | (26) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genius Bidco LLC (32) | First lien senior secured revolving loan | S + | 5.25% | 8.92% | 5/1/2024 | 5/1/2030 | 3571 | 425 | 429 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genuis Bico LLC | First lien senior secured term loan | S + | 5.25% | 8.92% | 5/1/2024 | 5/1/2030 | 12520 | 12320 | 12343 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GPSTrackit Holdings, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 9.67% | 3/29/2024 | 3/29/2029 | 1948 | 1916 | 1916 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GPSTrackit Holdings, LLC | First lien senior secured revolving loan | S + | 6.00% | 9.73% | 12/2/2024 | 3/29/2029 | 4429 | 2292 | 2289 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GPSTrackit Holdings, LLC | First lien senior secured term loan | S + | 6.00% | 9.67% | 12/2/2024 | 3/29/2029 | 32157 | 31614 | 31630 | 1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS XX Corporation (6) | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 4/19/2024 | 4/19/2029 | 2381 | (32) | (29) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS XX Corporation | First lien senior secured term loan | S + | 4.75% | 8.42% | 4/19/2024 | 4/19/2029 | 16694 | 16453 | 16472 | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shasta Buyer, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 11/12/2024 | 11/12/2030 | 4307 | (51) | (45) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shasta Buyer, LLC | First lien senior secured term loan | S + | 4.75% | 8.42% | 11/12/2024 | 11/12/2030 | 20191 | 19933 | 19964 | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ShiftKey, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 9.68% | 7/28/2023 | 6/21/2027 | 110 | (1) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ShiftKey, LLC | First lien senior secured term loan | S + | 5.75% + 0.50% PIK | 10.18% | 7/28/2023 | 6/21/2027 | 3460 | 3442 | 3367 | 0.14% |
|  |  |  |  |  |  |  |  | 98312 | 98376 | 4.15% |
| &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 + | 5.00% | 8.67% | 7/28/2023 | 10/22/2027 | $270 | $267 | $267 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dykstras Auto LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.71% | 4/14/2025 | 10/22/2027 | 5042 | 2823 | 2836 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dykstras Auto LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 8.74% | 12/23/2025 | 11/22/2027 | 20050 | (201) | (201) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dykstras Auto LLC | First lien senior secured revolving loan | S + | 5.00% | 8.69% | 4/14/2025 | 10/22/2027 | 1992 | 440 | 445 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dykstras Auto LLC | First lien senior secured term loan | S + | 5.00% | 8.74% | 11/6/2025 | 10/22/2027 | 6095 | 6023 | 6034 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastlap, LLC | First lien senior secured revolving loan | S + | 2.15% + 3.35% PIK | 9.20% | 6/20/2024 | 6/20/2029 | 2292 | 1908 | 1911 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastlap, LLC | First lien senior secured term loan | S + | 2.15% + 3.35% PIK | 9.17% | 6/20/2024 | 6/20/2029 | 10198 | 9985 | 9998 | 0.42% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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;Kaizen Auto Care, LLC | First lien senior secured revolving loan | 5.00% | 5.00% | 5.00% | 2/26/2025 | 12/22/2027 | 152 | 146 | 105 | 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% | 12/27/2023 | 12/22/2027 | 1342 | 1335 | 980 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonard Group, Inc | First lien senior secured revolving loan | S + | 6.75% | 10.97% | 7/28/2023 | 2/26/2027 | 234 | 232 | 232 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonard Group, Inc | First lien senior secured term loan | S + | 6.75% | 10.68% | 7/28/2023 | 2/26/2027 | 1305 | 1302 | 1294 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pink Lily Holdings, LLC | First lien senior secured revolving loan | S + | 7.00% PIK | 10.99% | 7/28/2023 | 11/16/2027 | 31 | 16 | (8) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pink Lily Holdings, LLC | First lien senior secured term loan | S + | 7.00% PIK | 10.99% | 7/28/2023 | 11/16/2027 | 1404 | 1375 | 290 | 0.01% |
|  |  |  |  |  |  |  |  | 25651 | 24183 | 1.00% |
| &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% | 8.84% | 12/30/2024 | 12/20/2030 | $7989 | $(33) | $(17) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakeshirts LLC | First lien senior secured revolving loan | S + | 5.00% | 8.77% | 12/30/2024 | 12/30/2030 | 11650 | 3107 | 3128 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakeshirts LLC | First lien senior secured term loan | S + | 5.00% | 8.84% | 12/30/2024 | 12/30/2030 | 29843 | 29593 | 29645 | 1.24% |
|  |  |  |  |  |  |  |  | 32667 | 32756 | 1.37% |
| &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 + | 5.00% | 8.84% | 10/15/2025 | 10/9/2028 | $6435 | $6427 | $6374 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp | First lien senior secured delayed draw term loan | S + | 5.00% | 8.67% | 10/15/2025 | 10/9/2028 | 10543 | 10542 | 10444 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp | First lien senior secured delayed draw term loan | S + | 5.00% | 8.84% | 10/15/2025 | 10/9/2028 | 11428 | 519 | 435 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp (6) | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 10/15/2025 | 10/9/2028 | 2872 | (27) | (27) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp (33) | First lien senior secured revolving loan | S + | 5.00% | 8.82% | 10/15/2025 | 10/9/2028 | 2525 | 2019 | 1996 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp | First lien senior secured term loan | S + | 5.00% | 8.84% | 10/15/2025 | 10/9/2028 | 12818 | 12804 | 12697 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascent Lifting, Inc (6) | First lien senior secured revolving loan | S + | 4.75% | 8.69% | 4/28/2023 | 9/9/2027 | 2500 | (29) | (28) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascent Lifting, Inc | First lien senior secured term loan | S + | 4.75% | 8.57% | 2/26/2025 | 9/9/2027 | 16605 | 16562 | 16394 | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AWI Group, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 9.42% | 8/1/2024 | 8/1/2029 | 4444 | 4381 | 4301 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AWI Group, LLC | First lien senior secured revolving loan | S + | 5.75% | 9.52% | 8/1/2024 | 8/1/2029 | 10420 | 7353 | 7164 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AWI Group, LLC | First lien senior secured term loan | S + | 5.75% | 9.42% | 8/1/2024 | 8/1/2029 | 54645 | 53804 | 52883 | 2.22% |
| &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 | 10.07% | 7/28/2023 | 5/31/2027 | 572 | 569 | 386 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner Buyer, LLC | First lien senior secured revolving loan | S + | 2.75% + 3.50% PIK | 10.07% | 7/28/2023 | 5/31/2027 | 371 | 111 | (8) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner Buyer, LLC | First lien senior secured term loan | S + | 2.75% + 3.50% PIK | 10.07% | 7/28/2023 | 5/31/2027 | 1379 | 1371 | 931 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAP KSI Holdings LLC (34) | First lien senior secured revolving loan | S + | 5.25% | 9.48% | 6/28/2024 | 6/28/2030 | 7145 | 2778 | 2807 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAP KSI Holdings LLC | First lien senior secured term loan | S + | 5.25% | 8.98% | 7/1/2025 | 6/28/2030 | 59730 | 59049 | 59306 | 2.49% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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;Eastern Communications Solutions, Inc. (6) | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 12/30/2024 | 12/30/2030 | 3240 | (41) | (32) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastern Communications Solutions, Inc. | First lien senior secured term loan | S + | 5.00% | 8.67% | 11/4/2025 | 12/31/2030 | 1701 | 1685 | 1685 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastern Communications Solutions, Inc. | First lien senior secured term loan | S + | 5.00% | 8.67% | 12/30/2024 | 12/30/2030 | 12486 | 12323 | 12363 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empire Equipment Company, LLC | First lien senior secured revolving loan | S + | 6.25% | 10.08% | 7/28/2023 | 7/17/2026 | 439 | 439 | 439 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empire Equipment Company, LLC | First lien senior secured term loan | S + | 6.25% | 10.08% | 2/26/2025 | 7/17/2026 | 1599 | 1598 | 1598 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacent Strategic Merchandising, LLC | First lien senior secured revolving loan | S + | 6.50% | 10.32% | 9/19/2025 | 1/31/2027 | 2436 | 1096 | 1100 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacent Strategic Merchandising, LLC | First lien senior secured term loan | S + | 5.75% | 9.57% | 9/19/2025 | 1/31/2027 | 13537 | 13484 | 13503 | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lehman Pipe Buyer, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.67% | 6/13/2025 | 8/30/2030 | 5432 | 1518 | 1527 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lehman Pipe Buyer, LLC | First lien senior secured revolving loan | S + | 5.00% | 8.72% | 6/13/2025 | 8/30/2030 | 6324 | 2011 | 2034 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lehman Pipe Buyer, LLC | First lien senior secured term loan | S + | 5.00% | 8.67% | 6/13/2025 | 8/30/2030 | 37584 | 36988 | 37140 | 1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.78% | 2/26/2025 | 8/5/2028 | 4625 | 4544 | 4587 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 9.24% | 3/29/2024 | 8/5/2028 | 7118 | 6993 | 7060 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.83% | 10/31/2024 | 8/5/2028 | 4179 | 4140 | 4145 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.63% | 2/26/2025 | 8/5/2028 | 2646 | 2613 | 2625 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 9.18% | 2/26/2025 | 8/5/2028 | 2667 | 2630 | 2646 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 9.07% | 2/26/2025 | 8/5/2028 | 3160 | 3130 | 3135 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 5.00% | 8.84% | 10/31/2024 | 8/5/2028 | 4196 | 4157 | 4162 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured revolving loan | P + | 4.00% | 10.75% | 2/26/2025 | 8/5/2028 | 7269 | 2431 | 2457 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured term loan | S + | 5.00% | 9.02% | 2/26/2025 | 8/5/2028 | 646 | 634 | 641 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured term loan | S + | 5.00% | 9.06% | 8/13/2024 | 8/5/2028 | 2551 | 2529 | 2531 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured term loan | S + | 5.00% | 9.06% | 2/26/2025 | 8/5/2028 | 17382 | 17096 | 17241 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured term loan | S + | 5.00% | 9.20% | 10/31/2024 | 8/5/2028 | 3376 | 3343 | 3349 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEFCO Holding Company, LLC | First lien senior secured term loan | S + | 5.00% | 8.74% | 12/10/2025 | 8/5/2028 | 3293 | 3261 | 3266 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental Equipment Investment Corp | First lien senior secured revolving loan | S + | 4.50% | 8.15% | 10/8/2025 | 10/8/2030 | 7917 | 2598 | 2632 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental Equipment Investment Corp | First lien senior secured term loan | S + | 4.50% | 8.17% | 10/8/2025 | 10/8/2030 | 40932 | 40437 | 40625 | 1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triad Technologies, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.07% | 7/28/2023 | 6/30/2027 | 332 | (2) | (2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triad Technologies, LLC | First lien senior secured term loan | S + | 5.25% | 9.07% | 2/26/2025 | 6/30/2027 | 1138 | 1135 | 1127 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Added Distributors, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.44% | 12/19/2024 | 12/19/2029 | 3768 | (48) | (40) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Added Distributors, LLC | First lien senior secured term loan | S + | 4.75% | 8.44% | 11/20/2025 | 12/19/2029 | 12123 | 11976 | 11987 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vintage Parts, Inc (6) | First lien senior secured revolving loan | S + | 5.75% | 9.42% | 3/28/2025 | 3/28/2029 | 1564 | (16) | (14) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vintage Parts, Inc | First lien senior secured term loan | S + | 5.75% | 9.42% | 3/28/2025 | 3/28/2029 | 16125 | 15952 | 15983 | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wolf Gordon Inc (6) | First lien senior secured revolving loan | S + | 5.25% | 9.09% | 5/1/2024 | 5/1/2029 | 3809 | (59) | (55) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wolf Gordon Inc | First lien senior secured term loan | S + | 5.25% | 9.09% | 5/21/2025 | 5/1/2029 | 25504 | 25099 | 25139 | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodson and Bozeman, LLC (6) | First lien senior secured delayed draw term loan | S + | 4.75% | 8.42% | 10/1/2025 | 10/1/2031 | 6590 | (47) | (33) | 0.00% |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<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;Woodson and Bozeman, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 10/1/2025 | 10/1/2031 | 2436 | (35) | (30) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodson and Bozeman, LLC | First lien senior secured term loan | S + | 4.75% | 8.42% | 10/1/2025 | 10/1/2031 | 5919 | 5833 | 5845 | 0.25% |
|  |  |  |  |  |  |  |  | 409658 | 408421 | 17.16% |
| &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% | 8.84% | 10/15/2024 | 7/22/2026 | $3634 | $3622 | $3626 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Buyer, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.72% | 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% | 8.72% | 10/15/2024 | 7/22/2026 | 1406 | 1402 | 1401 | 0.06% |
|  |  |  |  |  |  |  |  | 5024 | 5027 | 0.21% |
| &nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliated senior secured debt** |  |  |  |  |  |  |  | $4189885 | $4173995 | 175.02% |
| **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 | 12.50% | 7/28/2023 | 7/17/2026 | $19 | $17 | $16 | 0.00% |
| &nbsp;&nbsp;&nbsp;Cosmetic Solutions LLC (8) | Sponsor subordinated note | 11.00% | 11.00% | 11.00% | 7/18/2025 | 10/17/2028 |  | 396 | 43 | 0.00% |
| &nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliated sponsor subordinated notes** |  |  |  |  |  |  |  | 413 | 59 | 0.00% |
| &nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliated investments** |  |  |  |  |  |  |  | 4190298 | 4174054 | 175.02% |
| &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 (35) (36) (37) | Equity - 17.41% membership interest |  |  |  |  |  |  | $87326 | $103655 | 4.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twin Brook Segregated Equity Holdings, LLC (35) (36) (37) | Equity - 2.11% membership interest |  |  |  |  |  |  | 19 | 15 | 0.00% |
| &nbsp;&nbsp;&nbsp;**Total non-controlled/affiliated investments** |  |  |  |  |  |  |  | 87345 | 103670 | 4.35% |
| **Total investments** |  |  |  |  |  |  |  | $4277643 | $4277724 | 179.37% |
| **Cash equivalents** |  |  |  |  |  |  |  |  |  |  |
| Dreyfus Government Cash Management Money Market Fund - Institutional Shares |  |  |  | 3.65% |  |  |  | 22000 | 22000 | 0.92% |
| JPMorgan U.S. Government Money Market Fund - Share Class: Capital |  |  |  | 3.66% |  |  |  | 7 | 7 | 0.00% |
| **Total cash equivalents** |  |  |  |  |  |  |  | $22007 | $22007 | 0.92% |
| **Total investments and cash equivalents** |  |  |  |  |  |  |  | 4299650 | 4299731 | 180.29% |

---

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

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

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

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

(5)Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the Term Secured Overnight Financing Rate ("Term SOFR" or "S"), the Canadian Overnight Repo Rate Average ("Term CORRA" or "T") and/or an alternate base rate (e.g. prime rate ("P")), which typically resets semiannually,

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

quarterly, or monthly at the borrower's option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the applicable margin has been provided over Term SOFR based on each respective credit agreement. As of December 31, 2025, the reference rates for the floating rate loans were the Term SOFR of 3.87%, the Prime Rate of 6.75%, and CORRA of 2.30%.

(6)Represents revolvers and delayed draw term loans where the entire balance is unfunded as of December 31, 2025. The negative fair value is a result of the commitment being valued below par. Refer to Note 8 for further information.

(7)Represents investments that the Company has determined are not "qualifying assets" under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2025, non-qualifying assets represented approximately 3.04% of the total assets of the Company.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(35)As a practical expedient, the Company uses net asset value to determine the fair value of this investment. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels. This represents an investment in an affiliated fund.

(36)Securities exempt from registration under the Securities Act of 1933 (the "Securities Act"), and may be deemed to be "restricted securities" under the Securities Act. As of December 31, 2025, the aggregate fair value of these securities is $103,670 or 4.35% of the Company's net assets. The "restricted securities," Twin Brook Equity Holdings, LLC and Twin Brook Segregated Equity Holdings, LLC, were purchased on May 19, 2022 and July 28, 2023, respectively.

(37)Non-income producing investment.

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign currency forward contracts**<br>**Counterparty** |<br>**Currency Purchased** |<br>**Currency Sold** |<br>**Settlement** |<br>**Unrealized Appreciation/<br>(Depreciation)** |
| Wells Fargo Bank, National Association | USD 234 | CAD 329 | 1/26/2026 | $(6) |
| **Total** |  |  |  | $**(6)** |
| **Currency Abbreviations:** |  |  |  |  |
| USD - U.S. Dollar |  |  |  |  |
| CAD - Canadian Dollar |  |  |  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps**<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 | 593 |  | 593 |
| Morgan Stanley Capital Services, LLC | Series A, Tranche B Notes | 7.7800% | S + 3.866% | 3/19/2029 | 150000 | 2312 |  | 2312 |
| MUFG Bank, Ltd. | Series B, Tranche A Notes | 6.4200% | S + 3.122% | 10/15/2028 | 20000 | (84) |  | (84) |
| MUFG Bank, Ltd. | Series B, Tranche A Notes | 6.4200% | S + 3.116% | 10/15/2028 | 65000 | (261) |  | (261) |
| Wells Fargo Bank, N.A. | Series B, Tranche C Notes | 6.5200% | S + 3.181% | 10/15/2029 | 100000 | (590) |  | (590) |
| Morgan Stanley Capital Services, LLC | Series B, Tranche C Notes | 6.5200% | S + 3.384% | 10/15/2029 | 50000 | (463) |  | (463) |
| MUFG Bank, Ltd. | Series B, Tranche C Notes | 6.5200% | S + 3.243% | 10/15/2029 | 50000 | (430) |  | (430) |
| MUFG Bank, Ltd. | Series B, Tranche C Notes | 6.5200% | S + 3.266% | 10/15/2029 | 90000 | (844) |  | (844) |
| Regions Bank | Series C, Tranche A Notes | 6.0500% | S + 2.507% | 5/30/2028 | 25000 | 95 |  | 95 |
| Regions Bank | Series C, Tranche B Notes | 6.4000% | S + 2.860% | 3/30/2030 | 75000 | 194 |  | 194 |
| **Total** |  |  |  |  |  | $**522** | $**—** | $**522** |

---

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

------

**TPG Twin Brook Capital Income Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Options** | **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 Annnuitized Premium | 0.08%. Semiannual premium | 1.00% 3M SOFR Floor | 4/15/2029 | $100000 | 68 |  | 68 |
| Morgan Stanley Capital Services, LLC | Sold SOFR Floor with Annnuitized Premium | 0.09% Quarterly premium | 1.00% 3M SOFR Floor | 4/15/2029 | 50000 | 44 |  | 44 |
| MUFG Bank, Ltd. | Sold SOFR Floor with Annnuitized Premium | 0.0604% Quarterly premium | 1.00% 3M SOFR Floor | 7/15/2028 | 20000 | 8 |  | 8 |
| MUFG Bank, Ltd. | Sold SOFR Floor with Annnuitized Premium | 0.0919% Quarterly premium | 1.00% 3M SOFR Floor | 4/15/2029 | 50000 | 34 |  | 34 |
| Morgan Stanley Capital Services, LLC | Sold SOFR Floor with Annnuitized Premium | 0.0700% Semiannual premium | 1.00% 3M SOFR Floor | 12/19/2026 | 90000 | 7 |  | 7 |
| MUFG Bank, Ltd. | Sold SOFR Floor with Annnuitized Premium | 0.0642% Quarterly premium | 1.00% 3M SOFR Floor | 7/15/2028 | 65000 | 26 |  | 26 |
| Morgan Stanley Capital Services, LLC | Sold SOFR Floor with Annnuitized Premium | 0.1100% Semiannual premium | 1.00% 3M SOFR Floor | 9/19/2028 | 150000 | 104 |  | 104 |
| MUFG Bank, Ltd. | Sold SOFR Floor with Annnuitized Premium | 0.0935% Quarterly premium | 1.00% 3M SOFR Floor | 4/15/2029 | 90000 | 61 |  | 61 |
| **Total** |  |  |  |  |  | $**352** | $**—** | $**352** |

---

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

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_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"), an indirect wholly-owned subsidiary of TPG Inc. ("TPG") (Nasdaq: TPG), a leading global alternative investment firm, serves as the investment adviser of the Company. The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940. The Company has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended ("1940 Act"). The Company has elected to be treated for federal income tax purposes and intends to qualify annually as a regulated investment company ("RIC") as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

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

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

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

**Note 2. Significant Accounting Policies**

**Basis of Accounting**

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

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

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

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_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.

**Use of Estimates**

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

**Cash and Cash Equivalents**

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

**Restricted Cash**

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

**Investment Related Transactions, Revenue Recognition and Expenses**

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

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

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

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<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**TPG Twin Brook Capital Income Fund**

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

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

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

**Investments at Fair Value** 

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

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

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

Level 3Inputs that are unobservable.

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

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

Investments in investment funds include vehicles structured for the purpose of investing in privately held common and preferred equity interests. Fair values are generally determined utilizing the net asset value ("NAV") supplied by, or on behalf of, management of each investment fund, which is net of management and incentive fees or allocations charged by the investment fund, if applicable, and is in accordance with the "practical expedient", as defined by FASB Accounting Standards Update ("ASU") 2009-12, Investments in Certain Entities that Calculate NAV per Share. NAVs received by, or on behalf of, management of each investment fund are based on the fair value of the investment funds' underlying investments in accordance with policies established by management of each investment fund, as described in each of their

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<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**TPG Twin Brook Capital Income Fund**

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

financial statements and offering memorandum. Withdrawals and distributions from investments in investment funds are at the discretion of the Adviser and may depend on the liquidation of underlying assets. Investments which are valued using NAV as a practical expedient are excluded from the above hierarchy.

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

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

&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**](#i3de9d51f6be2434b83508e3770b04054_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**](#i3de9d51f6be2434b83508e3770b04054_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 months ended March 31, 2026, the Company paid approximately $1.6 million of financing costs. For the three months ended March 31, 2026, the Company amortized approximately $1.8 million of financing costs which have been included in "Interest" expense on the consolidated statements of operations. For the three months ended March 31, 2025, the Company paid approximately $502,000 of financing costs. For the three months ended March 31, 2025, the Company amortized approximately $1.8 million of financing costs which have been included in "Interest" expense on the consolidated statements of operations.

**Deferred Income**

Deferred income consists of annual administrative agent fees received in connection with the servicing of certain loan investments. Such fees are deferred when received and recognized as earned over the applicable period. For the three months ended March 31, 2026, the Company received approximately $1.7 million of agent fees. During the three months ended March 31, 2026, approximately $1.4 million of agent fees have been recognized as earned and included in "Other" income on the consolidated statements of operations. For the three months ended March 31, 2025, the Company received approximately $1.0 million of agent fees. During the three months ended March 31, 2025, approximately $1.1 million of agent fees have been recognized as earned and included in "Other" income on the consolidated statements of operations.

**Income Taxes**

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

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

The Company conducts certain of its activities through its wholly-owned subsidiary, Twin Brook Equity XXXIII Corp., a Delaware corporation. It is treated as a corporation for United States federal income tax purposes and is subject to U.S. federal, state or local income tax. For the three months ended March 31, 2026, the Company accrued $1,023,000 of current federal tax. For the three months ended March 31, 2026, the Company accrued approximately $(924,000) of deferred federal tax related to the corporations, which is included in "deferred federal tax provision" on the consolidated statements of operations. For the three months ended March 31, 2025, the Company accrued $87,000 of current federal tax. For the three months ended March 31, 2025, the Company accrued approximately $280,000 of deferred federal tax related to Twin

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<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**TPG Twin Brook Capital Income Fund**

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

Brook Equity XXXIII Corp., which is included in "deferred federal tax provision" on the consolidated statements of operations.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no tax penalties, and no interest associated with income taxes incurred through March 31, 2026.

**Loan Syndications and Participations**

The Company may originate certain loans and then syndicate all or a portion of those loans to a third party. For the three months ended March 31, 2026, the Company earned approximately $288,000 of syndication and other origination fee income, which is included in "Other" income on the consolidated statements of operations. For the three months ended March 31, 2025, the Company earned approximately $206,000 of syndication and other origination fee income, which is included in "Other" income on the consolidated statements of operations.

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

**Distributions**

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

**Segment Reporting**

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

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

**Note 3. Investments**

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company's outstanding voting securities and/or had the power to exercise control over the management or

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<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**TPG Twin Brook Capital Income Fund**

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| (Amounts in thousands) | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| First lien senior secured debt | $4392784 | $4382355 | $4189885 | $4173995 |
| Sponsor subordinated note | 414 | 58 | 413 | 59 |
| Investment in affiliated funds | 86501 | 98605 | 87345 | 103670 |
| **Total investments** | $4479699 | $4481018 | $4277643 | $4277724 |

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

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

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<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**TPG Twin Brook Capital Income Fund**

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

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| | | |
|:---|:---|:---|
| | **March 31, 2026**<sup>(1)</sup> | **December 31, 2025**<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media | 8.1% | 7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multiline Retail | 1.2% | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multisector holdings | 2.2% | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal products | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional services | 0.6% | 0.9% |
| &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 | 2.3% | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty retail | 1.1% | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Textiles, apparel and luxury goods | 0.8% | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading companies and distributors | 7.9% | 9.5% |
| &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 March 31, 2026 and December 31, 2025*.

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

**Note 4. Fair Value of Investments**

**Fair Value Disclosures**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Assets at Fair Value as of March 31, 2026** | **Assets at Fair Value as of March 31, 2026** | **Assets at Fair Value as of March 31, 2026** | **Assets at Fair Value as of March 31, 2026** |
| (Amounts in thousands) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First lien senior secured debt | $— | $— | $4382355 | $4382355 |
| Sponsor subordinated note |  |  | 58 | 58 |
| Interest rate swaps/options |  | 2164 |  | 2164 |
| Foreign currency forward contracts |  | 3 |  | 3 |
| **Total** | $— | $2167 | $4382413 | $4384580 |
| Investments measured at net asset value<sup>(1)</sup> |  |  |  | $98605 |
| Total financial instruments, at fair value |  |  |  | $4483185 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Liabilities at Fair Value as of March 31, 2026** | **Liabilities at Fair Value as of March 31, 2026** | **Liabilities at Fair Value as of March 31, 2026** | **Liabilities at Fair Value as of March 31, 2026** |
| (Amounts in thousands) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Interest rate swaps/options | $— | $(5416) | $— | $(5416) |
| **Total** | $— | $(5416) | $— | $(5416) |

---

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**TPG Twin Brook Capital Income Fund**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Assets at Fair Value as of December 31, 2025** | **Assets at Fair Value as of December 31, 2025** | **Assets at Fair Value as of December 31, 2025** | **Assets at Fair Value as of December 31, 2025** |
| (Amounts in thousands) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First lien senior secured debt | $— | $— | $4173995 | $4173995 |
| Sponsor subordinated note |  |  | 59 | 59 |
| Interest rate swaps/options |  | 3552 |  | 3552 |
| **Total** | $— | $3552 | $4174054 | $4177606 |
| Investments measured at net asset value<sup>(1)</sup> |  |  |  | $103670 |
| Total financial instruments, at fair value |  |  |  | $4281276 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Liabilities at Fair Value as of December 31, 2025** | **Liabilities at Fair Value as of December 31, 2025** | **Liabilities at Fair Value as of December 31, 2025** | **Liabilities at Fair Value as of December 31, 2025** |
| (Amounts in thousands) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Foreign currency forward contracts | $— | $(6) | $— | $(6) |
| Interest rate swaps/options |  | (2666) |  | (2666) |
| **Total** | $— | $(2672) | $— | $(2672) |

---

The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2026 and 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Level 3 Assets at Fair Value for the Three Months Ended March 31, 2026\*** | **Level 3 Assets at Fair Value for the Three Months Ended March 31, 2026\*** | **Level 3 Assets at Fair Value for the Three Months Ended March 31, 2026\*** | **Level 3 Assets at Fair Value for the Three Months Ended March 31, 2026\*** | **Level 3 Assets at Fair Value for the Three Months Ended March 31, 2026\*** | **Level 3 Assets at Fair Value for the Three Months Ended March 31, 2026\*** | **Level 3 Assets at Fair Value for the Three Months Ended March 31, 2026\*** | **Level 3 Assets at Fair Value for the Three Months Ended March 31, 2026\*** |
| (Amounts in thousands) | **Balance 1/1/2026** | **Purchases and Drawdowns** | **Sales and Paydowns** | **Other\*\*** | **Realized Gains/ (Losses)** | **Change in Unrealized<br>Appreciation/(Depreciation)** | **Balance<br>3/31/2026** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>for Level 3<br>Assets Still<br>Held as of<br>3/31/2026** |
| First lien senior secured debt | $4173995 | $414649 | $(218893) | $8448 | $(1305) | $5460 | $4382354 | $5582 |
| Sponsor subordinated note | 59 | 1 |  |  |  | (1) | 59 | (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** | $4174054 | $414650 | $(218893) | $8448 | $(1305) | $5459 | $4382413 | $5581 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Level 3 Assets at Fair Value for the Three Months Ended March 31, 2025\*** | **Level 3 Assets at Fair Value for the Three Months Ended March 31, 2025\*** | **Level 3 Assets at Fair Value for the Three Months Ended March 31, 2025\*** | **Level 3 Assets at Fair Value for the Three Months Ended March 31, 2025\*** | **Level 3 Assets at Fair Value for the Three Months Ended March 31, 2025\*** | **Level 3 Assets at Fair Value for the Three Months Ended March 31, 2025\*** | **Level 3 Assets at Fair Value for the Three Months Ended March 31, 2025\*** | **Level 3 Assets at Fair Value for the Three Months Ended March 31, 2025\*** |
| (Amounts in thousands) | **Balance 1/1/2025** | **Purchases and Drawdowns** | **Sales and Paydowns** | **Other\*\*** | **Realized Gains/ (Losses)** | **Change in Unrealized<br>Appreciation/(Depreciation)** | **Balance<br>3/31/2025** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>for Level 3<br>Assets Still<br>Held as of<br>3/31/2025** |
| First lien senior secured debt | $3080554 | $315233 | $(101538) | $6062 | $48 | $(1414) | $3298945 | $(1414) |
| 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 | $315233 | $(101538) | $6062 | $48 | $(1413) | $3298961 | $(1413) |

---

*\*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.*

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**TPG Twin Brook Capital Income Fund**

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

**Significant Unobservable Inputs**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Class** | **Fair Value<br>as of<br>3/31/26** | **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 | $4103324 | Discounted cash flow | Yield | 8.3% - 56.4% | 10.0% | Decrease |
|  | 6105 | Discounted cash flow | Yield | 24.3% - 24.4% | 24.3% | Decrease |
|  |  | Market comparable | LTM Revenue multiple | 0.2x | 0.2x | Increase |
|  | 1253 | Discounted cash flow | Yield | 20.5% - 20.7% | 20.6% | Decrease |
|  |  | Market comparable | Forward EBITDA multiple | 6.0x | 6.0x | Increase |
|  | 565 | Discounted cash flow | Yield | 12.7% | 12.7% | Decrease |
|  |  | Market comparable | Forward Revenue multiple | 0.9x | 0.9x | Increase |
|  | 3440 | Market comparable | LTM EBITDA multiple | 9.5x - 12.0x | 11.1x | Increase |
|  | 5351 | Market comparable | Forward EBITDA multiple | 10.0x | 10.0x | Increase |
|  | 2024 | Market comparable | Forward Revenue multiple | 0.4x - 2.8x | 0.6x | Increase |
|  | 4933 | Market comparable | LTM Revenue multiple | 0.4x - 2.3x | 1.3x | Increase |
|  | 2955 | Market comparable | Forward Revenue multiple | 5.5x - 9.0x | 6.9x | Increase |
|  |  |  | Forward EBITDA multiple | 0.4x - 0.5x | 0.5x | Increase |
|  | 1844 | Market comparable | LTM Revenue multiple | 0.6x - 0.9x  | 0.7x | Increase |
|  |  |  | Forward Revenue multiple | 0.6x - 0.8x | 0.7x | Increase |
| Sponsor subordinated note | 14 | Market comparable | LTM EBITDA multiple | 7.6x | 7.6x | Increase |
|  | $4131808 |  |  |  |  |  |

---

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**TPG Twin Brook Capital Income Fund**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Class** | **Fair Value as of 12/31/25** | **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 | $3798639 | Discounted cash flow | Yield | 8.5% - 37.2% | 9.7% | Decrease |
|  | 586 | Discounted cash flow | Yield | 11.2% | 11.2% | Decrease |
|  |  | Market comparable | Forward Revenue multiple | 1.3x | 1.3x | Increase |
|  | 35225 | Market comparable | Forward EBITDA multiple | 7.5x - 9.5x | 9.5x | Increase |
|  | 1871 | Market comparable | Forward EBITDA multiple | 5.5x | 5.5x | Increase |
|  |  |  | Forward Revenue multiple | 0.5x | 0.5x | Increase |
|  | 5446 | Market comparable | Forward EBITDA multiple | 10.0x | 10.0x | Increase |
|  |  |  | LTM EBITDA multiple | 11.0x | 11.0x | Increase |
|  | 7663 | Market comparable | Forward Revenue multiple | 0.3x - 3.3x | 0.4x | Increase |
|  | 1924 | Market comparable | Forward Revenue multiple | 0.6x - 0.9x | 0.7x | Increase |
|  |  |  | LTM Revenue multiple | 0.6x - 0.9x | 0.7x | Increase |
|  | 2283 | Market comparable | LTM EBITDA multiple | 9.0x - 12.0x | 11.8x | Increase |
|  | 3748 | Market comparable | LTM Revenue multiple | 0.3x - 2.3x | 1.4x | Increase |
|  | 749 | Market comparable | LTM Revenue multiple | 1.0x | 1.0x | Increase |
|  |  | Discounted cash flow | Yield | 16.0% | 16.0% | Decrease |
| Sponsor subordinated note | 16 | Market comparable | LTM EBITDA multiple | 7.6x | 7.6x | Increase |
|  | $3858150 |  |  |  |  |  |

---

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

The Company's other Level 3 investments, which represented $250.605 million as of March 31, 2026 and $315.904 million as of December 31, 2025, have been valued primarily using recent transactions. The significant unobservable input used in the discounted cash flow is the yield. The yield is used to discount the estimated future cash flows expected to be received from the underlying investment. The Company considers the portfolio company performance since close, the leverage used by the portfolio company relative to its total enterprise value and other risks associated with an investment in determining the yield. The significant unobservable inputs used in the market comparable valuation techniques include the next twelve months forward and latest twelve month ("LTM") EBITDA (net income before net interest expense, income tax expense, depreciation and amortization) multiple. Forward or LTM EBITDA for comparable portfolio companies are

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**TPG Twin Brook Capital Income Fund**

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

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

**Other Assets and Liabilities**

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

**Note 5. Debt**

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

The carrying values of borrowings outstanding under the debt facilities approximate fair value. As of March 31, 2026 and December 31, 2025, the asset coverage ratio was 227.1% and 217.8%, respectively.

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

---

| | | |
|:---|:---|:---|
| (Amounts in thousands) | **Three Months Ended<br>March 31, 2026** | **Three Months Ended<br>March 31, 2025** |
| Interest expense | $31310 | $30170 |
| Amortization of deferred financing costs | 1799 | 1783 |
| (Gain) loss from interest rate swaps accounted for as hedges and related hedged items |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | 4387 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hedged items | (5005) |  |
| **Total interest expense** | $32491 | $31953 |
| Average interest rate | 6.22% | 6.85% |
| Average daily borrowings | $1949412 | $1709148 |

---

**Credit Facilities**

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

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

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**TPG Twin Brook Capital Income Fund**

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

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

**Private Placement Notes - Series A**

On March 19, 2024, the Company entered into a Note Purchase Agreement, governing the issuance of $90,000,000 aggregate principal amount of 7.69% Series A Senior Notes, Tranche A, due March 19, 2027 (the "Tranche A Notes") and $150,000,000 aggregate principal amount of 7.78% Series A Senior Notes, Tranche B, due March 19, 2029 (the "Tranche B Notes"), to qualified institutional investors in a private placement. The Tranche A Notes and the Tranche B Notes bear interest at a rate equal to 7.69% per annum and 7.78% per annum, respectively. The Tranche A Notes and the Tranche B Notes are guaranteed by Twin Brook Capital Funding XXXIII, LLC, a subsidiary of the Company.

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

**Private Placement Notes - Series B**

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

**Private Placement Notes - Series C**

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

**Debt Securitizations**

On May 30, 2024, the Company completed an approximately $445.0 million term debt securitization (the "CLO Transaction"). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by a subsidiary of the Company, which is consolidated by the Company and subject to the Company's overall asset coverage requirements. The secured notes issued in the CLO Transaction and the secured loan borrowed in the

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**TPG Twin Brook Capital Income Fund**

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

CLO Transaction were issued and incurred, as applicable, by Twin Brook CLO 2024-1 LLC (the "Issuer"), an indirect, wholly-owned, consolidated subsidiary of the Company, and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the Issuer.

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

---

| | | | |
|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| (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 March 31, 2026.

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

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

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

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

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

**Short-Term Debt**

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

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

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**TPG Twin Brook Capital Income Fund**

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| (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> | **Fair Value** | **Fair Value Hierarchy** |
| ASPV Credit Facility | $500000 | $254000 | $60372 | $254000 | $482334 | $254000 | Level 3 |
| MSPV Credit Facility | 500000 | 410500 | 7672 | 410500 | 679425 | 410500 | Level 3 |
| SMBC Truist Credit Facility | 975000 | 232500 | 313695 | 232500 | 2772162 | 232500 | Level 3 |
| Series A Tranche A Notes | 90000 | 90000 |  | 90121 |  | 90548 | Level 3 |
| Series A Tranche B Notes | 150000 | 150000 |  | 150741 |  | 151641 | Level 3 |
| Series B Tranche A Notes | 85000 | 85000 |  | 85386 |  | 84434 | Level 3 |
| Series B Tranche B Notes | 25000 | 25000 |  | 25000 |  | 25000 | Level 3 |
| Series B Tranche C Notes | 290000 | 290000 |  | 291624 |  | 286999 | Level 3 |
| Series C Tranche A Notes | 25000 | 25000 |  | 24683 |  | 24981 | Level 3 |
| Series C Tranche B Notes | 75000 | 75000 |  | 74928 |  | 74870 | Level 3 |
| CLO Transaction | 369000 | 369000 |  | 369000 | 448492 | 369000 | Level 3 |
| **Total** | $3084000 | $2006000 | $381739 | $2008483 | $4382413 | $2004472 |  |

---

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| (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> | **Fair Value** | **Fair Value Hierarchy** |
| ASPV Credit Facility | $500000 | $272600 | $59321 | $272600 | $494373 | $272600 | Level 3 |
| MSPV Credit Facility | 500000 | 386400 | 57296 | 386400 | 684938 | 386400 | Level 3 |
| Truist Credit Facility | 975000 | 256500 | 661179 | 256500 | 2550658 | 256500 | Level 3 |
| Series A Tranche A Notes | 90000 | 90000 |  | 90406 |  | 90965 | Level 3 |
| Series A Tranche B Notes | 150000 | 150000 |  | 151856 |  | 153212 | Level 3 |
| Series B Tranche A Notes | 85000 | 85000 |  | 86045 |  | 84981 | Level 3 |
| Series B Tranche B Notes | 25000 | 25000 |  | 25000 |  | 24999 | Level 3 |
| Series B Tranche C Notes | 290000 | 290000 |  | 293911 |  | 289100 | Level 3 |
| Series C Tranche A Notes | 25000 | 25000 |  | 25178 |  | 25190 | Level 3 |
| Series C Tranche B Notes | 75000 | 75000 |  | 75092 |  | 75786 | Level 3 |
| CLO Transaction | 369000 | 369000 |  | 369000 | 444085 | 369000 | Level 3 |
| **Total** | $3084000 | $2024500 | $777796 | $2031988 | $4174054 | $2028733 |  |

---

(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.

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_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 months ended March 31, 2026 and 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| | **Weighted Average Interest Rate** | **Average Debt Outstanding (in thousands)** | **Weighted Average Interest Rate** | **Average Debt Outstanding (in thousands)** |
| ASPV Credit Facility | 5.56% | $262887 | 6.75% | $298290 |
| MSPV Credit Facility | 5.87% | $398798 | 6.78% | $310391 |
| Truist Credit Facility | 5.61% | $178728 | 6.61% | $91467 |
| 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 | 6.42% | $85000 |
| Series B Tranche B Notes | 6.94% | $25000 | 7.58% | $25000 |
| Series B Tranche C Notes | 6.52% | $290000 | 6.52% | $290000 |
| Series C Tranche A Notes | 6.05% | $25000 |  |  |
| Series C Tranche B Notes | 6.40% | $75000 |  |  |
| CLO Transaction | 5.99% | $369000 | 6.79% | $369000 |
| **Total Weighted Average** | **6.22%** | $**1949413** | **6.85%** | $**1709148** |

---

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

**Administration Agreement**

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

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

Unless earlier terminated as described below, the Administration Agreement will remain in effect until September 6, 2026 and from year to year thereafter if approved annually by the vote of the Board of Trustees and the vote of a majority of the Company's independent trustees (the "Independent Trustees"). The Administration Agreement may be terminated by either party without penalty upon not less than 60 days' written notice to the other.

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

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

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**TPG Twin Brook Capital Income Fund**

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

**Investment Management Agreement**

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

Unless earlier terminated as described below, the Investment Management Agreement remains in effect until November 1, 2026 and from year to year thereafter if approved annually by the vote of the Board of Trustees of the Company or by the vote of a majority of the outstanding voting securities of the Company, and the vote of a majority of the Company's Independent Trustees. The Investment Management Agreement will automatically terminate in the event of assignment. The Investment Management Agreement may be terminated by (1) the Company without penalty on 60 days' written notice, (2) by the vote of a majority of the outstanding voting securities of the Company or by the vote of the Company's trustees, or (3) the Adviser on 120 days' written notice.

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

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

As of March 31, 2026 and December 31, 2025, the Company has approximately $3.6 million and $4.0 million, respectively, payable to the Adviser for offering and operating costs, which is included in "accrued expenses and other liabilities payable to affiliate" and "due to affiliate" on the statements of assets and liabilities.

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

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

For the three months ended March 31, 2026, the Company accrued approximately $7.5 million of base management fees payable to the Adviser. For the three months ended March 31, 2025, the Company accrued approximately $4.9 million of base management fees payable to the Adviser. As of March 31, 2026 and December 31, 2025, base management fees payable by the Company to the Adviser were approximately $7.5 million and $6.9 million, respectively.

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

The portion based on the Company's income is based on Pre-Incentive Fee Net Investment Income Returns. "Pre-Incentive Fee Net Investment Income Returns" means, as the context requires, either the dollar value of, or percentage rate of return on the value of the Company's net assets at the end of the immediate preceding quarter from, interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement entered into between the Company and the Administrator, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any shareholder servicing and/or distribution fees).

Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount ("OID"), debt instruments with payment-in-kind ("PIK") interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**TPG Twin Brook Capital Income Fund**

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

include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

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

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

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

As of March 31, 2026, the Company had approximately $0.3 million of accrued capital gains incentive fees, of which none were paid or payable to the Adviser. As of December 31, 2025, the Company had no accrued capital gains incentive fees, of which none were paid or payable to the Adviser, representing no change in accrued capital gains incentive fees.

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

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

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

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

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**TPG Twin Brook Capital Income Fund**

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

---

| | |
|:---|:---|
|  | **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 | —% |

---

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

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

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

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

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

**Expense Support and Conditional Reimbursement Agreement**

The Company entered into an expense support and conditional reimbursement agreement (the "Expense Support Agreement") with the Adviser on October 25, 2022. The Adviser may elect to pay certain expenses (each, an "Expense Payment"), provided that no portion of the payment will be used to pay any interest or distributions and/or shareholder servicing fees of the Company. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser

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<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**TPG Twin Brook Capital Income Fund**

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

to the Company in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates.

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

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

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

For the three months ended March 31, 2026 and 2025, no such Expense Payments were made by the Adviser.

**Affiliated Transactions**

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

Pursuant to such exemptive relief, the Company is generally permitted to co-invest with certain of its affiliates if a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Board of Trustees make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Company and its shareholders and do not involve overreaching of the Company or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Company's shareholders and is consistent with its investment objective and strategies, and (3) the investment by its affiliates would not disadvantage the Company, and the Company's participation would not be on a basis different from or less advantageous than that on which its affiliates are investing. In certain situations where co-investment with one or more funds managed by TPG Angelo Gordon is not permitted or appropriate, TPG Angelo Gordon will need to decide which funds will proceed with the investment. TPG Angelo Gordon will make these determinations based on its policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations.

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_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 months ended March 31, 2026 and 2025, 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 March 31, 2026** | **Investment in Affiliated Funds at Fair Value for the Three Months Ended March 31, 2026** | **Investment in Affiliated Funds at Fair Value for the Three Months Ended March 31, 2026** | **Investment in Affiliated Funds at Fair Value for the Three Months Ended March 31, 2026** | **Investment in Affiliated Funds at Fair Value for the Three Months Ended March 31, 2026** | **Investment in Affiliated Funds at Fair Value for the Three Months Ended March 31, 2026** | **Investment in Affiliated Funds at Fair Value for the Three Months Ended March 31, 2026** |
| (Amounts in thousands) | **Fair Value as of January 1, 2026** | **Gross Additions** | **Gross Reductions** | **Net Realized Gain (Loss)** | **Net Change in Unrealized<br>Appreciation (Depreciation)** | **Fair Value as of<br>March 31, 2026** | **Dividend, Interest, PIK and Other<br>Income** |
| **Non-controlled/affiliated investments** |  |  |  |  |  |  |  |
| Twin Brook Equity Holdings, LLC | $103655 | $2820 | $(8461) | $4797 | $(4222) | $98589 | $— |
| Twin Brook Segregated Equity Holdings, LLC | 15 |  |  |  | 1 | 16 |  |
| **Total non-controlled/affiliated investments** | $103670 | $2820 | $(8461) | $4797 | $(4221) | $98605 | $— |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Investment in Affiliated Funds at Fair Value for the Three Months Ended March 31, 2025** | **Investment in Affiliated Funds at Fair Value for the Three Months Ended March 31, 2025** | **Investment in Affiliated Funds at Fair Value for the Three Months Ended March 31, 2025** | **Investment in Affiliated Funds at Fair Value for the Three Months Ended March 31, 2025** | **Investment in Affiliated Funds at Fair Value for the Three Months Ended March 31, 2025** | **Investment in Affiliated Funds at Fair Value for the Three Months Ended March 31, 2025** | **Investment in Affiliated Funds at Fair Value for the Three Months Ended March 31, 2025** |
| (Amounts in thousands) | **Fair Value as of January 1, 2025** | **Gross Additions** | **Gross Reductions** | **Net Realized Gain (Loss)** | **Net Change in Unrealized<br>Appreciation (Depreciation)** | **Fair Value as of<br>March 31, 2025** | **Dividend, Interest, PIK and Other<br>Income** |
| **Non-controlled/affiliated investments** |  |  |  |  |  |  |  |
| Twin Brook Equity Holdings, LLC | $80638 | $3504 | $(544) | $345 | $1596 | $85539 | $— |
| Twin Brook Segregated Equity Holdings, LLC | 16 |  |  |  | 3 | 19 |  |
| **Total non-controlled/affiliated investments** | $80654 | $3504 | $(544) | $345 | $1599 | $85558 | $— |

---

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**TPG Twin Brook Capital Income Fund**

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

**Note 7. Derivatives**

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Derivative Contracts/Hedged Items** | **Fair Value (Amounts in Thousands)** | **Statement of Assets and Liabilities Classification** |
| Foreign currency forward contracts | $3 | Unrealized gain on derivative contracts |
| Interest rate swaps<sup>(1)</sup> | 1553 | Unrealized gain on derivative contracts |
| Interest rate swaps<sup>(1)</sup> | (5416) | Unrealized loss on derivative contracts |
| Interest rate options | 611 | Unrealized gain on derivative contracts |
| Hedged items<sup>(2)</sup> | 2483 | Debt |

---

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

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

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<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_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 months ended March 31, 2026 and 2025:

---

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

---

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

The following tables present the Company's assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of March 31, 2026:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands) | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Assets** | **Derivative Assets Subject to Master Netting Agreement** | **Derivatives Available for Offset** | **Non-Cash Collateral Received** | **Cash Collateral Received** | **Net Amount of Derivative Assets**<sup>(1)</sup> |
| Morgan Stanley Capital Services, LLC | $1815 | $(760) | $— | $— | $1055 |
| MUFG Bank, Ltd. | 229 | (229) |  |  |  |
| Wells Fargo Bank, N.A. | 123 | (123) |  |  |  |
| Regions Bank |  |  |  |  |  |
| Total | $2167 | $(1112) | $— | $— | $1055 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands) | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **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 | $(760) | $760 | $— | $— | $— |
| MUFG Bank, Ltd. | (3033) | 229 |  | 2804 |  |
| Wells Fargo Bank, N.A. | (1240) | 123 |  | 1117 |  |
| Regions Bank | (383) |  |  | 383 |  |
| Total | $(5416) | $1112 | $— | $4304 | $— |

---

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

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

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

*Hedging*

In connection with certain fixed rate unsecured notes issued by the Company, the Company has entered into fixed to floating interest rate swaps to more closely align the interest rates of such liabilities with the Company's investment portfolio, which consists primarily of floating rate loans. For derivative instruments designated in qualifying hedge relationships, the change in fair value of the hedging instrument are recorded as interest expense and in the consolidated statements of operations.

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_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 assets and liabilities designated in a qualifying hedge accounting relationship for the three months ended March 31, 2026 and 2025:

---

| | | | |
|:---|:---|:---|:---|
| (Amounts in thousands) | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2025** | **Financial Statement Location** |
| Interest rate swaps | $4387 | $(8611) | Interest expense |
| Hedged items | $(5005) | $8155 | Interest expense |

---

The table below presents the carrying value of unsecured borrowings as of March 31, 2026 that are designated in a qualifying hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Principal Amount (Amounts in thousands)** | **Carrying Value (Amounts in thousands)** | **Cumulative Hedging Adjustments (Amounts in thousands)** |
| Series A Tranche A Notes | $90000 | $90121 | $121 |
| Series A Tranche B Notes | 150000 | 150741 | 741 |
| Series B, Tranche A Notes | 85000 | 85386 | 386 |
| Series B, Tranche C Notes | 290000 | 291624 | 1624 |
| Series C, Tranche A Notes | 25000 | 24683 | (317) |
| Series C, Tranche B Notes | 75000 | 74928 | (72) |
| Total | $715000 | $717483 | $2483 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Principal Amount (Amounts in thousands)** | **Carrying Value (Amounts in thousands)** | **Cumulative Hedging Adjustments (Amounts in thousands)** |
| Series A, Tranche A Notes | $90000 | $90406 | $406 |
| Series A, Tranche B Notes | 150000 | 151856 | 1856 |
| Series B, Tranche A Notes | 85000 | 86045 | 1045 |
| Series B, Tranche C Notes | 290000 | 293911 | 3911 |
| Series C, Tranche A Notes | 25000 | 25178 | 178 |
| Series C, Tranche B Notes | 75000 | 75092 | 92 |
| Total | $715000 | $722488 | $7488 |

---

**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**](#i3de9d51f6be2434b83508e3770b04054_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 March 31, 2026 and December 31, 2025, the Company had the following outstanding commitments to fund investments in current portfolio companies:

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **March 31, 2026** | **December 31, 2025** |
| **First lien senior secured debt** | (Amounts in thousands) | (Amounts in thousands) |
| 3BC Matrix Acquisition, LLC | $1564 | $1564 |
| 50Floor, LLC | 106 | 106 |
| A. P. Nonweiler Co. Inc. | 1523 | 1523 |
| A.P.A Industries, LLC | 1682 | 1979 |
| Abrasive Technology Intermediate, LLC | 100 | 138 |
| ACES Intermediate, LLC | 7114 | 7114 |
| ADC Purchaser Inc | 5262 | 6013 |
| Advanced Lighting Acquisition, LLC | 1215 | 1215 |
| ADVI Health, LLC | 1062 | 1062 |
| Advocate RCM Acquisition Corp | 2902 | 2902 |
| AEP Passion Intermediate Holdings, Inc. | 32 | 32 |
| AFC Industries, Inc. | 13852 | 14262 |
| Affinitiv, Inc. | 186 | 186 |
| Agility Intermediate, Inc. | 27 | 27 |
| AHR Intermediate, Inc | 14503 | 16679 |
| AirPro Diagnostics, LLC | 3846 | 4332 |
| AKS Engineering and Forestry, LLC | 2890 | 2890 |
| Alcresta Buyer, Inc | 38698 | 39224 |
| Aligned Dental Management Services, LLC | 1481 | 3997 |
| Alliance Environmental Group, LLC | 13 | 19 |
| Allied Credit Acquisition Corp | 9244 |  |
| AlphaCoin LLC | 7119 | 7119 |
| Altamira Material Solutions, LP | 26 |  |
| AM Buyer, LLC | 851 | 851 |
| AMCP SAMGI Intermediate, Inc | 16368 | 16368 |
| AMCP Treatment Intermediate, LLC | 9653 | 9653 |
| American Family Care, LLC | 12237 | 17337 |
| Ansira Partners II, LLC | 4299 | 6142 |
| Answer Acquisition, LLC | 455 | 531 |
| Aptitude Health Holdings, LLC | 267 | 223 |
| Aquatic Sales Solutions, LLC | 58 | 58 |
| ARC Health OPCO, LLC | 13138 | 13138 |
| ASC Ortho Management, LLC |  | 7 |
| Ascend Plastic Surgery Partners MSO LLC | 19880 | 19880 |
| Ascent Lifting, Inc. | 2500 | 2500 |
| ASP Global Acquisition, LLC | 5502 | 6595 |
| Assembly Holdco, LLC | 7223 |  |
| AWI Group, LLC | 2918 | 2918 |

---

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**TPG Twin Brook Capital Income Fund**

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

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **March 31, 2026** | **December 31, 2025** |
| Baker Manufacturing Company, LLC | 1681 | 2898 |
| Banner Buyer, LLC | 259 | 259 |
| Barkley, LLC | 2300 | 2300 |
| BBG Intermediate Holdings, Inc. | 4 | 4 |
| BCI Burke Holding Corp. | 8766 | 9036 |
| Beacon Oral Specialists Management LLC | 11020 | 14407 |
| Beghou Consulting, LLC | 2714 | 2290 |
| Best Version Media Acquisition, LLC | 2897 | 2897 |
| Bestop, Inc | 7081 | 12499 |
| BPCP EE Intermedco LLC | 2244 | 2244 |
| BPCP NSA Intermedco, Inc | 10884 | 14883 |
| BPCP WLF Intermedco LLC | 7343 | 9170 |
| Brightview, LLC | 22799 | 10 |
| Brite Acquisition, LLC | 7593 |  |
| BSC ASI BUYER, LLC | 3661 | 3661 |
| BSC Top Shelf Blocker LLC | 2256 | 2256 |
| Bulk Lift International, LLC | 11554 | 1543 |
| Canadian Orthodontic Partners Corp | 29 | 29 |
| CAP KSI Holdings LLC | 2455 | 4287 |
| Capital Construction, LLC |  | 9173 |
| Capstone Mechanical LLC | 7653 | 7563 |
| Change Academy at Lake of the Ozarks, LLC | 3657 | 2870 |
| CHS Holdco, LLC | 10542 | 12775 |
| CL Services Acquisition, LLC | 19071 | 27625 |
| CNS Purchaser, LLC | 21622 | 15271 |
| Compass Restoration Intermediary Holdings, LLC | 2429 | 2961 |
| CPS Power Buyer, LLC | 5893 | 7303 |
| CR Services Intermediate, LLC | 30 | 11 |
| Creative Outdoor Holding Inc | 12909 | 12909 |
| CSL Intermediate Acquisition LLC | 5028 | 4819 |
| Custom Agronomics Holdings, LLC | 1488 | 2232 |
| DASCO HME, LLC | 7214 | 7891 |
| Datum Acquisition, LLC | 2146 | 2146 |
| DealerOn Inc. | 314 | 314 |
| DemandTec, LLC | 5360 | 4984 |
| Dermatology Medical Partners OpCo, LLC | 9 | 9 |
| Diamondback Buyer, LLC | 75 | 75 |
| DNS IMI Acquisition Corp | 40 | 56 |
| Double E Company, LLC | 1152 | 1382 |
| Duggal Acquisition, LLC | 9931 | 12543 |
| Dykstra's Auto, LLC | 21611 | 23732 |
| Dynamic Campus Acquisition, Inc. | 12742 | 13264 |
| Eastern Communications Solutions, Inc. | 3240 | 3240 |
| EH Management Company, LLC | 2505 | 2505 |
| ELMC RX Solutions, LLC | 5112 | 5112 |

---

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**TPG Twin Brook Capital Income Fund**

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

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **March 31, 2026** | **December 31, 2025** |
| EMSAR Acquisition LLC | 80 |  |
| Endodontic Practice Partners, LLC | 12123 | 12123 |
| E-Phoenix Acquisition Co. Inc. | 1940 | 2984 |
| Esquire Deposition Solutions, LLC | 7666 | 7666 |
| Ever Fresh Fruit Company, LLC | 1380 | 1380 |
| Exclusive Concepts, LLC | 11 | 3343 |
| Fastlap, LLC | 23 | 338 |
| First Steps Recovery Acquisition, LLC | 22409 | 22409 |
| Formulated Buyer, LLC | 54 | 76 |
| Foundation Repair Purchaser, INC. | 17029 |  |
| Franchise Fastlane, LLC | 15 | 15 |
| FreshAddress, LLC |  | 30 |
| FYZICAL Buyer, LLC | 1107 | 1107 |
| Genius Bidco LLC | 2619 | 7755 |
| Geriatric Medical and Surgical Supply, LLC | 300 | 300 |
| Gifthealth, Inc. | 10835 | 10835 |
| GM Services Buyer, LLC | 9997 | 9997 |
| Gold Medal Holdings, Inc. | 2812 | 2668 |
| Golden Bear PT Partners, LLC | 28 | 17 |
| Good Feet Worldwide, LLC | 2972 |  |
| GPSTrackit Holdings, LLC | 2067 | 2067 |
| Green Monster Acquisition, LLC | 17 | 23 |
| GS XX Corporation | 2381 | 2381 |
| Guardian Dentistry Practice Management, LLC | 14459 | 3351 |
| H2 Holdco, Inc. | 9931 | 13098 |
| Harley Exteriors Acquisition, LLC | 1982 | 2423 |
| Health and Wellness Partners LLC | 3642 | 8288 |
| HEC Purchaser Corp. | 8250 | 8250 |
| Helpware, Inc. | 2598 | 1754 |
| Highland Acquisition, Inc. | 1217 | 1771 |
| HLSG Intermediate, LLC |  | 2496 |
| Home Brands Group Holdings, Inc. | 48 | 48 |
| HTI Intermediate, LLC | 2070 | 2070 |
| Hultec Buyer, LLC | 705 | 705 |
| Hydromax USA, LLC | 429 | 1435 |
| Icelandirect, LLC | 1413 | 3189 |
| Icreon Holdings, LLC | 1071 | 1071 |
| IMA Group Management Company, LLC | 4091 | 4105 |
| Infolinks Media Buyco, LLC | 11 | 11 |
| Innovate 32 Services, LLC | 22209 | 22209 |
| Innovative Discovery Acquisition, LLC | 9291 | 10677 |
| Innovative FlexPak, LLC | 161 | 230 |
| Inreach Intermediate Holdings II, LLC | 6512 | 6733 |
| IPC Pain Acquisition, LLC | 1140 | 1140 |
| Ironhorse Purchaser, LLC | 5813 | 5813 |

---

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**TPG Twin Brook Capital Income Fund**

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

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **March 31, 2026** | **December 31, 2025** |
| ISSA, LLC | 66 | 92 |
| Jacent Strategic Merchandising, LLC | 843 | 1330 |
| Johns Byrne LLC | 1460 | 1460 |
| Juniper Landscaping Holdings LLC | 7709 | 8360 |
| K-1 Packaging Group, LLC. | 5820 | 5483 |
| Kaizen Auto Care, LLC |  | 6 |
| Keystone Partners, LLC |  | 2753 |
| Kittyhawk, Inc | 3571 | 3571 |
| Kravet Design LLC | 4349 | 4349 |
| Kwalu, LLC | 5061 | 3374 |
| L&J Holding Company LLC | 8490 | 8490 |
| Lakeshirts LLC | 15270 | 16435 |
| Lawn Care Holdings Purchaser, Inc | 6402 | 6696 |
| Lehman Pipe Buyer, LLC | 8057 | 8057 |
| Livefront, LLC | 6730 | 6730 |
| Load One Purchaser Corporation | 3148 | 3344 |
| MacKenzie Childs Acquisition, Inc. | 2812 | 3374 |
| MacNeill Pride Group Corp. | 287 | 287 |
| Mad Rose Company, LLC | 266 | 253 |
| Mattco Forge, Inc. | 1230 | 1230 |
| MediaMint Inc | 2128 | 2128 |
| Medical Technology Associates, LLC | 1550 | 1550 |
| Merge USA, Inc | 1509 | 2515 |
| MetaSource, LLC | 38 | 38 |
| Milestone Technologies, Inc | 5513 | 5513 |
| Millennia Patient Services, LLC | 80 | 80 |
| MRC Keeler Acquisition, LLC | 150 | 150 |
| MS Pain, LLC | 2594 | 6899 |
| MWEC Management, LLC | 3725 | 4168 |
| My Buyer, LLC | 944 | 2360 |
| Nasco Healthcare Inc. | 1175 | 2203 |
| NEFCO Holding Company, LLC |  | 4753 |
| Nelson Name Plate Company | 56 | 56 |
| Network Partners Acquisition, LLC | 38 | 38 |
| Nimlok Company, LLC | 1498 | 1498 |
| North & Warren, LLC | 954 | 954 |
| NutriScience Innovations, LLC | 131 | 131 |
| NWI Merger Sub, Inc | 8933 | 8933 |
| OneCare LTC, LLC | 2121 | 2121 |
| Optimized Marketing Acquisition, LLC | 1974 | 1066 |
| Outerbox, LLC | 2280 | 2830 |
| P and R Dental Strategies, LLC | 14 | 14 |
| P1 DENTAL MSO, LLC | 2725 | 3468 |
| Palmetto Technology Group, LLC | 4889 | 7281 |
| Peak Dental Services, LLC | 40 | 66 |

---

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**TPG Twin Brook Capital Income Fund**

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

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **March 31, 2026** | **December 31, 2025** |
| Peak Investment Holdings, LLC | 65 | 65 |
| Peninsula MMGY Corporation | 2657 | 3395 |
| PharmaForceIQ INC. | 2093 | 2093 |
| PHGP MB Purchaser, Inc. | 51 | 63 |
| Pink Lily Holdings, LLC |  | 15 |
| Polaris Labs Acquisition, LLC | 2123 | 2123 |
| Polycorp Ltd | 3723 | 10261 |
| PPW Acquisition, LLC | 9 | 26 |
| PRA Acquisition, LLC | 56 | 56 |
| Precision Point Metrics, Inc | 4687 | 5093 |
| Premier Early Childhood Education Partners LLC | 1644 | 2813 |
| Premier Produce One, LLC | 14432 | 14432 |
| PRM Management Company, LLC | 789 | 1969 |
| Purpose Home Health Acquisition, LLC | 9217 | 9999 |
| Qin's Buffalo, LLC | 2393 | 2393 |
| Quality Liaison Services of North America, Inc | 912 | 912 |
| Raffel Systems, LLC | 11792 |  |
| Raneys, LLC | 1964 | 1964 |
| Rapid Fire Safety and Security, LLC | 12109 | 1080 |
| Redwood Buyer, LLC | 9499 | 9499 |
| Renovation Systems, LLC | 1331 | 1331 |
| Rental Equipment Investment Corp | 6571 | 5225 |
| Rose Paving, LLC | 6336 | 3431 |
| Sage Dental Management, LLC | 16540 | 17773 |
| SCP Cold Chain Packaging Buyer Corp | 10495 | 10495 |
| SCP ENT and Allergy Services, LLC | 64 | 64 |
| SCP OMS Services, LLC | 8754 | 8754 |
| SENS Intermediate Holdings LLC | 6132 | 6132 |
| Shasta Buyer, LLC | 4307 | 4307 |
| ShiftKey, LLC | 110 | 110 |
| Signature Dental Partners LLC | 10095 | 2974 |
| Signature MD, Inc |  | 5292 |
| Silver Falls MSO, LLC | 4990 | 5371 |
| SimiTree Acquisition LLC | 128 | 128 |
| SIMKO Merger Sub, LLC | 24 | 27 |
| Sixarp, LLC | 4432 | 4432 |
| Solace Healthcare Holdco, Inc | 2412 |  |
| Southeast Primary Care Partners, LLC | 679 | 733 |
| Southern Orthodontic Partners Management, LLC | 5908 | 4843 |
| Southern Sports Medicine Partners, LLC | 27 | 27 |
| Spa Medicca, LLC | 7199 | 7199 |
| Spartaco Buyer, Inc | 501 |  |
| Spear Education Holdings, LLC | 3791 | 3791 |
| Spectrum Solutions, LLC | 48 | 95 |
| SPG Holdco, LLC | 1234 | 1234 |

---

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**TPG Twin Brook Capital Income Fund**

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

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **March 31, 2026** | **December 31, 2025** |
| Star Dental Partners LLC | 3735 | 6513 |
| Starwest Botanicals Acquisition, LLC |  | 4 |
| Storm Smart Buyer LLC | 26 | 66 |
| Sun Orchard, LLC | 6851 | 6851 |
| Superior Insurance Partners LLC | 29969 | 5414 |
| Superscapes Holdco, LLC | 2166 | 1888 |
| Surplus Solutions, LLC | 3626 | 3626 |
| TCG Services, LLC | 9280 | 9280 |
| Teel Plastics, LLC | 3127 | 3909 |
| The Channel Company, LLC | 6 | 27 |
| The Chempetitive Group, LLC | 13578 | 13578 |
| Therapy Spot Acquisition, LLC | 8333 |  |
| Therapy2000 Acquisition, LLC | 6888 | 6888 |
| Third Holdco, LLC | 9713 | 9713 |
| Trademark Global, LLC | 18 | 18 |
| Transitions Intermediate Holdings, LLC | 2784 | 2784 |
| Treat Planet Acquisition, LLC | 2422 | 2422 |
| Triad Technologies, LLC | 332 | 332 |
| TruBlue LLC | 1430 | 3761 |
| TruSource Foods LLC | 3522 | 3425 |
| TSR Concrete Coatings, LLC | 15916 | 19088 |
| U.S. BioTek Laboratories, LLC | 1093 |  |
| United Land Services Opco Parent, LLC | 3779 | 3779 |
| Universal Pure, LLC | 179 | 179 |
| Upswell Group, Inc | 1814 |  |
| US Anchors Group Inc | 3037 | 6043 |
| US Foot and Ankle Specialists, LLC | 2699 | 2699 |
| USSC Holding Corp | 3409 | 3409 |
| Value Added Distributors, LLC | 3768 | 3768 |
| Vanguard Packaging, LLC | 808 | 2939 |
| Varsity DuvaSawko Operating Corp. | 3045 | 3045 |
| Varsity Rejuvenate Partners, LLC | 1245 | 1245 |
| VersiCare Management LLC | 4775 | 4775 |
| VetEvolve Holdings, LLC | 12096 | 15217 |
| Vintage Parts, Inc | 1095 | 1564 |
| VIT Nyckel Acquisition AB | 2719 | 2719 |
| Vital Geriatrics Group Buyer, Inc | 1656 | 2408 |
| Walker Sands, LLC | 1553 | 1553 |
| WCI Volt Purchaser, LLC | 2249 | 2249 |
| Western Veterinary Partners, LLC | 2199 | 4599 |
| Westminster Cracker Company, Inc. | 1303 | 1303 |
| Wolf Gordon Inc | 3809 | 3809 |
| Woodson and Bozeman, LLC | 9026 | 9026 |
| WTWH Buyer, LLC | 1638 | 1638 |
| Yard-Nique, Inc |  | 973 |

---

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**TPG Twin Brook Capital Income Fund**

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

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **March 31, 2026** | **December 31, 2025** |
| Zipline Logistics, LLC | 405 | 405 |
| **Total unfunded portfolio company commitments** | $**1176091** | $**1151840** |

---

**Other Commitments and Contingencies**

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of business. As of March 31, 2026, management was not aware of any material pending or threatened litigation.

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**TPG Twin Brook Capital Income Fund**

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

**Note 9. Net Assets**

**Equity Issuances**

As of March 31, 2026 and December 31, 2025, the Company had 101,100,349 and 94,659,223, respectively, shares issued and outstanding with a par value of $0.001 per share.

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

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **Shares** | **Amount in Thousands** |
| **Class I:** | | |
| Proceeds from shares sold | 6265487 | $157878 |
| Share transfers between classes | 20374 | 513 |
| Distributions reinvested | 575668 | 14502 |
| Repurchased shares, net of early repurchase reduction | (1172045) | (29556) |
| **Net increase (decrease)** | **5689484** | $**143337** |

---

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **Shares** | **Amount in Thousands** |
| **Class S:** | | |
| Proceeds from shares sold | 699103 | $17614 |
| Share transfers between classes | (20374) | (513) |
| Distributions reinvested | 115404 | 2908 |
| Repurchased shares, net of early repurchase reduction | (51859) | (1308) |
| **Net increase (decrease)** | **742274** | $**18701** |

---

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **Shares** | **Amount in Thousands** |
| **Class D:** | | |
| Proceeds from shares sold | 8575 | $216 |
| Share transfers between classes |  |  |
| Distributions reinvested | 793 | 20 |
| Repurchased shares, net of early repurchase reduction |  |  |
| **Net increase (decrease)** | **9368** | $**236** |

---

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**TPG Twin Brook Capital Income Fund**

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

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| | **Shares** | **Amount in Thousands** |
| **Class I:** | | |
| Proceeds from shares sold | 5435339 | $137433 |
| Share transfers between classes | 2989 | 76 |
| Distributions reinvested | 366673 | 9272 |
| Repurchased shares, net of early repurchase reduction | (255521) | (6464) |
| **Net increase (decrease)** | **5549480** | $**140317** |

---

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| | **Shares** | **Amount in Thousands** |
| **Class S:** | | |
| Proceeds from shares sold | 1800742 | $45531 |
| Share transfers between classes |  |  |
| Distributions reinvested | 65102 | 1646 |
| Repurchased shares, net of early repurchase reduction | (2189) | (55) |
| **Net increase (decrease)** | **1863655** | $**47122** |

---

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| | **Shares** | **Amount in Thousands** |
| **Class D:** | | |
| Proceeds from shares sold | 11540 | $292 |
| Share transfers between classes | (2989) | (76) |
| Distributions reinvested | 606 | 15 |
| Repurchased shares, net of early repurchase reduction | (1971) | (50) |
| **Net increase (decrease)** | **7186** | $**181** |

---

**Dividends**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
| | | | **Class I** | **Class I** |
| **Date Declared** | **Record Date** | **Payment Date** | **Dividend per Share** | **Amount in Thousands** |
| January 28, 2026 | January 31, 2026 | February 25, 2026 | $0.2000 | $17035 |
| February 26, 2026 | February 27, 2026 | March 27, 2026 | $0.2000 | $17734 |
| March 26, 2026 | March 31, 2026 | April 28, 2026 | $0.2000 | $18081 |

---

------

<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**TPG Twin Brook Capital Income Fund**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
| | | | **Class S** | **Class S** |
| **Date Declared** | **Record Date** | **Payment Date** | **Dividend per Share** | **Amount in Thousands** |
| January 28, 2026 | January 31, 2026 | February 25, 2026 | $0.1818 | $2050 |
| February 26, 2026 | February 27, 2026 | March 27, 2026 | $0.1836 | $2119 |
| March 26, 2026 | March 31, 2026 | April 28, 2026 | $0.1818 | $2145 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
| | | | **Class D** | **Class D** |
| **Date Declared** | **Record Date** | **Payment Date** | **Dividend per Share** | **Amount in Thousands** |
| January 28, 2026 | January 31, 2026 | February 25, 2026 | $0.1947 | $23 |
| February 26, 2026 | February 27, 2026 | March 27, 2026 | $0.1952 | $24 |
| March 26, 2026 | March 31, 2026 | April 28, 2026 | $0.1947 | $25 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 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 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 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 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 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 |

---

**Distribution Reinvestment Plan**

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

**Share Repurchase Plan**

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**TPG Twin Brook Capital Income Fund**

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

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

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

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

The following table presents the share repurchases completed during the three months ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Tender Offer Expiration Date** | **Total Number of Shares Repurchased (all classes)** | **Percentage of Outstanding Shares Repurchased**<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> |
| March 5, 2026 | 1223904 | 1.3% | $25.22 | March 31, 2026 | $30801 | 0 |

---

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

(2) Amounts shown net of Early Repurchase Deduction.

(3) All repurchases were satisfied in full.

The following table presents the share repurchases completed during the three months ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Tender Offer Expiration Date** | **Total Number of Shares Repurchased (all classes)** | **Percentage of Outstanding Shares Repurchased**<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.

**Character of Distributions**

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**TPG Twin Brook Capital Income Fund**

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

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

All of the dividends declared during the three months ended March 31, 2026 and 2025 were derived from ordinary income, as determined on a tax basis. Taxable income is an estimate and is not fully determined until the Company's tax return is filed.

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**TPG Twin Brook Capital Income Fund**

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

**Note 10. Income Taxes**

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

The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital or total distributable earnings (losses), as appropriate. There were $419,000 of permanent book-to-tax differences for the three months ended March 31, 2026. In addition, there were $612,000 of permanent book-to-tax differences for the three months ended March 31, 2025.

**Note 11. Financial Highlights**

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

---

| | | | |
|:---|:---|:---|:---|
| (Amounts in thousands, except share and per share amounts) | **Three Months Ended<br>March 31, 2026** | **Three Months Ended<br>March 31, 2026** | **Three Months Ended<br>March 31, 2026** |
|  | **Class I** | **Class S** | **Class D** |
| **Per share data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $25.19 | $25.19 | $25.19 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | 0.57 | 0.52 | 0.55 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>(2)</sup> | 0.06 | 0.06 | 0.06 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.63 | 0.58 | 0.61 |
| &nbsp;&nbsp;&nbsp;Dividends declared | (0.60) | (0.55) | (0.58) |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 0.03 | 0.03 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $25.22 | $25.22 | $25.22 |
| **Shares outstanding, end of period** | 89225755 | 11748271 | 126323 |
| **Total return**<sup>(3)(12)</sup> | 2.5% | 2.3% | 2.5% |
| **Ratios / supplemental data** |  |  |  |
| Ratio of total expenses to average net assets<sup>(4)(5)(6)</sup> | 8.5% | 9.3% | 8.7% |
| Ratio of total net operating expenses to average net assets<sup>(4)(5)(7)</sup> | 0.5% | 0.5% | 0.5% |
| Ratio of net investment income (loss) before taxes to average net assets<sup>(4)(5)(8)</sup> | 9.2% | 8.3% | 8.9% |
| Ratio of net investment income (loss) after taxes to average net assets<sup>(4)(5)(9)</sup> | 9.2% | 8.3% | 8.9% |
| &nbsp;&nbsp;&nbsp;Net assets, end of period | $2250167 | $296270 | $3186 |
| &nbsp;&nbsp;&nbsp;Weighted average shares outstanding | 87974309 | 11528747 | 122313 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(10)</sup> | 5.2% | 5.2% | 5.2% |
| &nbsp;&nbsp;&nbsp;Asset coverage ratio<sup>(11)</sup> | 227.1% | 227.1% | 227.1% |

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**TPG Twin Brook Capital Income Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| (Amounts in thousands, except share and per share amounts) | **Three Months Ended<br>March 31, 2025** | **Three Months Ended<br>March 31, 2025** | **Three Months Ended<br>March 31, 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> | 0.65 | 0.61 | 0.65 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>(2)</sup> | 0.01 | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.66 | 0.62 | 0.66 |
| &nbsp;&nbsp;&nbsp;Dividends declared | (0.67) | (0.63) | (0.67) |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | (0.01) | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $25.29 | $25.29 | $25.29 |
| **Shares outstanding, end of period** | 62673057 | 5593418 | 79564 |
| **Total return**<sup>(3)(12)</sup> | 2.6% | 2.5% | 2.6% |
| **Ratios / supplemental data** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses to average net assets<sup>(4)(5)(6)</sup> | 11.2% | 12.3% | 11.3% |
| &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> | 10.5% | 10.3% | 10.5% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after taxes to average net assets<sup>(4)(5)(9)</sup> | 10.4% | 10.2% | 10.4% |
| &nbsp;&nbsp;&nbsp;Net assets, end of period | $1585048 | $141462 | $2012 |
| &nbsp;&nbsp;&nbsp;Weighted average shares outstanding | 60612620 | 4798726 | 75516 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(10)</sup> | 3.1% | 3.1% | 3.1% |
| &nbsp;&nbsp;&nbsp;Asset coverage ratio<sup>(11)</sup> | 200.5% | 200.5% | 200.5% |

---

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

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

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

(4)Annualized.

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

(6)Ratio of total expenses to average net assets is computed using total expenses net of waivers from the Administrator, if applicable. Included in total expenses are annualized incentive fees of 1.4% , 1.4%, and 1.4%, as a percent of average net assets for the three months ended March 31, 2026 for Class I, Class S, and Class D. Included in total expenses are incentive fees of 2.7%, 2.7%, and 2.7%, respectively, as a percent of average net assets for the three months ended March 31, 2025 for Class I, Class S, and Class D respectively. The impact of the waiver included in total expenses net of waivers was not applicable for Class I, Class S and Class D shares, respectively, for the three months ended March 31, 2026. The impact of the waiver included in total expenses net of waivers was 2.7% for Class S shares and was not applicable to Class D or Class I shares for the three months ended March 31, 2025.

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

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**TPG Twin Brook Capital Income Fund**

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

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

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

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

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

(12)Not annualized.

**Note 12. Subsequent Events**

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

**Subsequent Activity, Subscriptions and Dividend Declarations**

The Company received approximately $33 million of net proceeds, inclusive of distributions reinvested through the Company's distribution reinvestment plan, relating to the issuance of Class I shares, Class S shares and Class D shares for subscriptions effective April 1, 2026. Additionally, the Company received approximately $17 million of net proceeds relating to the issuance of Class I shares, Class S shares and Class D shares for subscriptions effective May 1, 2026.

On April 23, 2026, the Company's Board declared net distributions of $0.2000, $0.1824, and $0.1948 per Class I share, Class S share, and Class D share, respectively, payable on May 27, 2026 to shareholders of record as of April 30, 2026.

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

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

**Forward-Looking Statements**

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

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

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

**Overview**

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

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

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

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

**Investments**

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

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

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

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

**Revenues**

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

Our debt investment portfolio consists of primarily floating rate loans. As of March 31, 2026, 99.9% of our debt investments, based on fair value, bore interest at floating rates, which may be subject to interest rate floors. Variable-rate investments subject to a floor generally reset periodically to the applicable floor, only if the floor exceeds the index. Trends in base interest rates, such as Term SOFR, may affect our net investment income over the long term. In addition, our results may vary from period to period depending on the interest rates of new investments made during the period compared to investments that were sold or repaid during the period; these results reflect the characteristics of the particular portfolio companies that we invested in or exited during the period and not necessarily any trends in our business or macroeconomic trends.

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

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**Expenses**

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

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

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

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

**Leverage**

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

As of March 31, 2026, we had borrowings of $2.01 billion outstanding at an average all-in rate of 6.22%, which is included in debt on the consolidated statements of assets and liabilities. As of December 31, 2025, the Company had borrowings of $2.02 billion outstanding at an average all-in rate of 6.71%. We incurred approximately $31.3 million and $30.2 million of

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interest and unused commitment fees for the three months ended March 31, 2026 and 2025, respectively, which is included in interest expense on the consolidated statements of operations. The carrying values of borrowings outstanding under the debt facilities approximate fair value. See Note 5 to the consolidated financial statements for information on the Company's debt.

**Portfolio and Investment Activity**

As of March 31, 2026, based on fair value, our portfolio consisted of 97.80% first lien senior secured debt investments and 2.20% investments in affiliated funds that hold our equity co-investments. As of December 31, 2025, based on fair value, our portfolio consisted of 97.58% first lien senior secured debt investments and 2.42% investments in affiliated funds that hold our equity co-investments.

As of March 31, 2026, we had investments in 270 portfolio companies with an aggregate fair value of $4.5 billion. As of December 31, 2025, we had investments in 265 portfolio companies with an aggregate fair value of $4.3 billion.

Our investment activity for the three months ended March 31, 2026 and 2025 is presented below (information presented herein is at par value unless otherwise indicated).

---

| | | |
|:---|:---|:---|
| (Amounts in thousands) | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2025** |
| **Principal amount of investments committed (including add-ons):** |  |  |
| &nbsp;&nbsp;&nbsp;First lien senior secured debt investments | $462322 | $350015 |
| &nbsp;&nbsp;&nbsp;Investment in affiliated funds | 2820 | 3504 |
| &nbsp;&nbsp;&nbsp;Total principal amount of investments committed | $465142 | $353519 |
| **Principal amount of investments sold or repaid:** |  |  |
| &nbsp;&nbsp;&nbsp;First lien senior secured debt investments | $(236357) | $(86125) |
| &nbsp;&nbsp;&nbsp;Investment in affiliated funds | (8461) | (544) |
| &nbsp;&nbsp;&nbsp;Total principal amount of investments sold or repaid | $(244818) | $(86669) |
| **New debt investments**<sup>(1)</sup>**:** |  |  |
| &nbsp;&nbsp;&nbsp;New commitments | $196383 | $263890 |
| &nbsp;&nbsp;&nbsp;Number of new commitments in new portfolio companies<sup>(2)</sup> | 12 | 15 |
| &nbsp;&nbsp;&nbsp;Average new commitment amount | $16365 | $17593 |
| &nbsp;&nbsp;&nbsp;Weighted average term for new commitments (in years) | 5.7 | 5.2 |
| &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 March 31, 2026 and December 31, 2025 our investments consisted of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| (Amounts in thousands) | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| First lien senior secured debt | $4392784 | $4382355 | $4189885 | $4173995 |
| Sponsor subordinated note | 414 | 58 | 413 | 59 |
| Investment in affiliated funds | 86501 | 98605 | 87345 | 103670 |
| **Total investments** | $4479699 | $4481018 | $4277643 | $4277724 |

---

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

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

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| | | |
|:---|:---|:---|
| | **March 31, 2026**<sup>(1)</sup> | **December 31, 2025**<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional services | 0.6% | 0.9% |
| &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 | 2.3% | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty retail | 1.1% | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Textiles, apparel and luxury goods | 0.8% | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading companies and distributors | 7.9% | 9.5% |
| &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 March 31, 2026, approximately 100.0% of our investments were based in the United States and approximately 0.0% were based in Canada. As of December 31, 2025, approximately 100.0% of our investments were based in the United States and approximately 0.0% were based in Canada.

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

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average total yield of funded debt investments at cost <sup>(1)</sup> | 9.1% | 9.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average total yield of funded debt investments at fair value<sup>(1)</sup> | 9.1% | 9.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average spread over reference rates of all floating rate funded debt investments | 5.4% | 5.3% |

---

<sup>(1)</sup> Calculated using actual interest rates in effect as of March 31, 2026 and December 31, 2025 based on borrower elections.

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

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

&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. |

---

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|<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 | 4280154 | 97.7% | 4035067 | 96.7% |
| C | 80528 | 1.8% | 117907 | 2.8% |
| D | 13343 | 0.3% | 12377 | 0.3% |
| E | 8389 | 0.2% | 8703 | 0.2% |
| F |  |  |  |  |
| **Total** | $4382414 | 100.0% | $4174054 | 100.0% |

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| (Amounts in thousands) | **Amortized Cost** | **Percentage** | **Amortized Cost** | **Percentage** |
| Performing | $4387707 | 99.9% | $4269041 | 99.8% |
| Non-accrual | 5491 | 0.1% | 8602 | 0.2% |
| **Total** | $4393198 | 100.0% | $4277643 | 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 months ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
| (Amounts in thousands) | **Three Months <br>Ended<br>March 31,<br>2026** | **Three Months <br>Ended<br>March 31,<br>2025** |
| Total investment income | $109639 | $88855 |
| Less: expenses and taxes | 53000 | 46440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 56639 | 42415 |
| Net realized gain (loss) | 3486 | 440 |
| Net change in unrealized gain (loss) | 1509 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | $61634 | $43432 |

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

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| | | |
|:---|:---|:---|
| (Amounts in thousands) | **Three Months <br>Ended<br>March 31,<br>2026** | **Three Months <br>Ended<br>March 31,<br>2025** |
| &nbsp;&nbsp;&nbsp;Interest | $106023 | $86544 |
| &nbsp;&nbsp;&nbsp;Payment-in-kind interest | 1448 | 967 |
| &nbsp;&nbsp;&nbsp;Other | 1728 | 1344 |
| &nbsp;&nbsp;&nbsp;Dividends | 440 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | $109639 | $88855 |

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Increases in interest and other investment income were driven by deployment of capital and an increase in investment activity. Total investments as of March 31, 2026 were $4.5 billion as compared to $3.4 billion as of March 31, 2025.

*Expenses*

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

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| | | |
|:---|:---|:---|
| (Amounts in thousands) | **Three Months <br>Ended<br>March 31,<br>2026** | **Three Months <br>Ended<br>March 31,<br>2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $32491 | $31953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income incentive fees | 8227 | 6086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains incentive fees | 344 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 7549 | 4922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1666 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 675 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative fees | 508 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs | 419 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting fees | 180 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 172 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | 58 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and shareholder servicing fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 610 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class D | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | $52901 | $46147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and shareholder servicing fees waived |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S |  | (74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class D |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net expenses** | $52901 | $46072 |

---

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

Increases in incentive fees are correlated to an increase in results from operations. For the three months ended March 31, 2026, there were net increases in net assets resulting from operations of $61.6 million, driving the increase in incentive fees, compared to the three months ended March 31, 2025, there were net increases in net assets resulting from operations of $43.4 million. Increases in management fees were driven by the increase in net assets during the periods presented. The increase in net assets was primarily driven by net capital activity.

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

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

*Income Taxes, including Excise Taxes*

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

Depending on the level of taxable income earned in a tax year, we may carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, we will accrue excise tax on estimated excess taxable income. For the three months ended March 31, 2026 and 2025, we did not accrue U.S. federal excise tax.

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

*Net Change in Unrealized Gains (Losses) on Investment Transactions*

We fair value our portfolio investments quarterly and any changes in fair value are recorded as unrealized gains or losses. During the three months ended March 31, 2026 and 2025, net unrealized gains (losses) on our investment transactions were as follows:

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| | | |
|:---|:---|:---|
| (Amounts in thousands) | **Three Months <br>Ended<br>March 31,<br>2026** | **Three Months <br>Ended<br>March 31,<br>2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | 5459 | (1413) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments | (4221) | 1599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps and options | 262 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | 9 | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net change in unrealized gain (loss) on investment transactions** | $1509 | $577 |

---

For the three months ended March 31, 2026, the net unrealized losses from non-affiliated investments were primarily driven by increased market volatility, offset by unrealized gains driven on equity investments held through our interest in the affiliated funds, Twin Brook Equity Holdings, LLC and Twin Brook Segregated Equity Holdings, LLC. The unrealized loss on interest rate swaps and options represents the unrealized losses on interest rate options from changes in SOFR.

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*Net Realized Gains (Losses) on Investment Transactions*

The realized gains and losses on fully and partially exited portfolio companies during the three months ended March 31, 2026 and 2025, were as follows:

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| | | |
|:---|:---|:---|
| (Amounts in thousands) | **Three Months <br>Ended<br>March 31,<br>2026** | **Three Months <br>Ended<br>March 31,<br>2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | $(1305) | $48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments | 4797 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | (6) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain (loss) on investments** | $3486 | $440 |

---

**Financial Condition, Liquidity, and Capital Resources**

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

We may from time to time increase the size of our existing credit facilities. Any such incurrence would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As market conditions permit and at the discretion of our Adviser, we currently estimate that our portfolio will be approximately 1.00-1.10x levered consistent with our target leverage profile of 0.90x – 1.25x. There were $2.0 billion outstanding borrowings as of March 31, 2026. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation to cover any outstanding unfunded commitments we are required to fund.

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

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

***Equity***

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

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

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<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **Shares** | **Amount in Thousands** |
| **Class I:** | | |
| Proceeds from shares sold | 6265487 | $157878 |
| Share transfers between classes | 20374 | 513 |
| Distributions reinvested | 575668 | 14502 |
| Repurchased shares, net of early repurchase reduction | (1172045) | (29556) |
| **Net increase (decrease)** | **5689484** | $**143337** |

---

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **Shares** | **Amount in Thousands** |
| **Class S:** | | |
| Proceeds from shares sold | 699103 | $17614 |
| Share transfers between classes | (20374) | (513) |
| Distributions reinvested | 115404 | 2908 |
| Repurchased shares, net of early repurchase reduction | (51859) | (1308) |
| **Net increase (decrease)** | **742274** | $**18701** |

---

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **Shares** | **Amount in Thousands** |
| **Class D:** | | |
| Proceeds from shares sold | 8575 | $216 |
| Share transfers between classes |  |  |
| Distributions reinvested | 793 | 20 |
| Repurchased shares, net of early repurchase reduction |  |  |
| **Net increase (decrease)** | **9368** | $**236** |

---

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| | **Shares** | **Amount in Thousands** |
| **Class I:** | | |
| Proceeds from shares sold | 5435339 | $137433 |
| Share transfers between classes | 2989 | 76 |
| Distributions reinvested | 366673 | 9272 |
| Repurchased shares, net of early repurchase reduction | (255521) | (6464) |
| **Net increase (decrease)** | **5549480** | $**140317** |

---

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<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| | **Shares** | **Amount in Thousands** |
| **Class S:** | | |
| Proceeds from shares sold | 1800742 | $45531 |
| Distributions reinvested | 65102 | 1646 |
| Repurchased shares, net of early repurchase reduction | (2189) | (55) |
| **Net increase (decrease)** | **1863655** | $**47122** |

---

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| | **Shares** | **Amount in Thousands** |
| **Class D:** | | |
| Proceeds from shares sold | 11540 | $292 |
| Share transfers between classes | (2989) | (76) |
| Distributions reinvested | 606 | 15 |
| Repurchased shares, net of early repurchase reduction | (1971) | (50) |
| **Net increase (decrease)** | **7186** | $**181** |

---

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

The Company determines net asset value ("NAV") for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV). The following table presents each month-end NAV per share for the common shares during the three months ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| | **NAV Per Share** | **NAV Per Share** | **NAV Per Share** |
| **For the Months Ended** | **Class I** | **Class S** | **Class D** |
| January 31, 2026 | $25.21 | $25.21 | $25.21 |
| February 28, 2026 | $25.19 | $25.19 | $25.19 |
| March 31, 2026 | $25.22 | $25.22 | $25.22 |

---

**Dividends**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
| | | | **Class I** | **Class I** |
| **Date Declared** | **Record Date** | **Payment Date** | **Dividend per Share** | **Amount in Thousands** |
| January 28, 2026 | January 31, 2026 | February 25, 2026 | $0.2000 | $17035 |
| February 26, 2026 | February 27, 2026 | March 27, 2026 | $0.2000 | $17734 |
| March 26, 2026 | March 31, 2026 | April 28, 2026 | $0.2000 | $18081 |

---

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<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
| | | | **Class S** | **Class S** |
| **Date Declared** | **Record Date** | **Payment Date** | **Dividend per Share** | **Amount in Thousands** |
| January 28, 2026 | January 31, 2026 | February 25, 2026 | 0.1818 | $2050 |
| February 26, 2026 | February 27, 2026 | March 27, 2026 | 0.1836 | $2119 |
| March 26, 2026 | March 31, 2026 | April 28, 2026 | 0.1818 | $2145 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
| | | | **Class D** | **Class D** |
| **Date Declared** | **Record Date** | **Payment Date** | **Dividend per Share** | **Amount in Thousands** |
| January 28, 2026 | January 31, 2026 | February 25, 2026 | $0.1947 | $23 |
| February 26, 2026 | February 27, 2026 | March 27, 2026 | $0.1952 | $24 |
| March 26, 2026 | March 31, 2026 | April 28, 2026 | $0.1947 | $25 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 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 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 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 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 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 30, 2025 | $0.2200 | $17 |

---

**Character of Distributions**

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

All of the dividends declared for the three months ended March 31, 2026 and 2025 and were derived from ordinary income, as determined on a tax basis. Taxable income is an estimate and is not fully determined until the Company's tax return is filed.

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<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**Distribution Reinvestment Plan**

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

**Share Repurchase Plan**

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

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

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

The following table presents the share repurchases completed during the three months ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Tender Offer Expiration Date** | **Total Number of Shares Repurchased (all classes)** | **Percentage of Outstanding Shares Repurchased**<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> |
| March 5, 2026 | 1223904 | 1.3% | $25.22 | March 31, 2026 | $30801 | 0 |

---

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

(2) Amounts shown net of Early Repurchase Deduction.

(3) All repurchases were satisfied in full.

The following table presents the share repurchases completed during the three months ended March 31, 2025:

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<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

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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.

**Debt**

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

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

---

| | | |
|:---|:---|:---|
| (Amounts in thousands) | **Three Months Ended<br>March 31, 2026** | **Three Months Ended<br>March 31, 2025** |
| Interest expense | $31310 | $30170 |
| Amortization of deferred financing costs | 1799 | 1783 |
| (Gain) loss from interest rate swaps accounted for as hedges and related hedged items |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | 4387 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hedged items | (5005) |  |
| **Total interest expense** | $32491 | $31953 |
| Average interest rate | 6.22% | 6.85% |
| Average daily borrowings | $1949412 | $1709148 |

---

**Credit Facilities**

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

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

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<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

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

**Private Placement Notes - Series A**

On March 19, 2024, the Company entered into a Note Purchase Agreement, governing the issuance of $90,000,000 aggregate principal amount of 7.69% Series A Senior Notes, Tranche A, due March 19, 2027 (the "Tranche A Notes") and $150,000,000 aggregate principal amount of 7.78% Series A Senior Notes, Tranche B, due March 19, 2029 (the "Tranche B Notes"), to qualified institutional investors in a private placement. The Tranche A Notes and the Tranche B Notes bear interest at a rate equal to 7.69% per annum and 7.78% per annum, respectively. The Tranche A Notes and the Tranche B Notes are guaranteed by Twin Brook Capital Funding XXXIII, LLC, a subsidiary of the Company.

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

**Private Placement Notes - Series B**

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

**Private Placement Notes - Series C**

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

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<u>[**Table of Contents**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| (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> | **Fair Value** | **Fair Value Hierarchy** |
| ASPV Credit Facility | $500000 | $254000 | $60372 | $254000 | $482334 | $254000 | Level 3 |
| MSPV Credit Facility | 500000 | 410500 | 7672 | 410500 | 679425 | 410500 | Level 3 |
| SMBC Truist Credit Facility | 975000 | 232500 | 313695 | 232500 | 2772162 | 232500 | Level 3 |
| Series A Tranche A Notes | 90000 | 90000 |  | 90121 |  | 90548 | Level 3 |
| Series A Tranche B Notes | 150000 | 150000 |  | 150741 |  | 151641 | Level 3 |
| Series B Tranche A Notes | 85000 | 85000 |  | 85386 |  | 84434 | Level 3 |
| Series B Tranche B Notes | 25000 | 25000 |  | 25000 |  | 25000 | Level 3 |
| Series B Tranche C Notes | 290000 | 290000 |  | 291624 |  | 286999 | Level 3 |
| Series C Tranche A Notes | 25000 | 25000 |  | 24683 |  | 24981 | Level 3 |
| Series C Tranche B Notes | 75000 | 75000 |  | 74928 |  | 74870 | Level 3 |
| CLO Transaction | 369000 | 369000 |  | 369000 | 448492 | 369000 | Level 3 |
| **Total** | $3084000 | $2006000 | $381739 | $2008483 | $4382413 | $2004472 |  |

---

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| (Amounts in thousands) | **Maximum Principal Amount<br>Committed** | **Principal Amount Outstanding** | **Principal Amount Available(1)** | **Carrying Value** | **Assets Pledged as Collateral(2)** | **Fair Value** | **Fair Value Hierarchy** |
| ASPV Credit Facility | $500000 | $272600 | $59321 | $272600 | $494373 | $272600 | Level 3 |
| MSPV Credit Facility | 500000 | 386400 | 57296 | 386400 | 684938 | 386400 | Level 3 |
| Truist Credit Facility | 975000 | 256500 | 661179 | 256500 | 2550658 | 256500 | Level 3 |
| Series A Tranche A Notes | 90000 | 90000 |  | 90406 |  | 90965 | Level 3 |
| Series A Tranche B Notes | 150000 | 150000 |  | 151856 |  | 153212 | Level 3 |
| Series B Tranche A Notes | 85000 | 85000 |  | 86045 |  | 84981 | Level 3 |
| Series B Tranche B Notes | 25000 | 25000 |  | 25000 |  | 24999 | Level 3 |
| Series B Tranche C Notes | 290000 | 290000 |  | 293911 |  | 289100 | Level 3 |
| Series C Tranche A Notes | 25000 | 25000 |  | 25178 |  | 25190 | Level 3 |
| Series C Tranche B Notes | 75000 | 75000 |  | 75092 |  | 75786 | Level 3 |
| CLO Transaction | 369000 | 369000 |  | 369000 | 444085 | 369000 | Level 3 |
| **Total** | $3084000 | $2024500 | $777796 | $2031988 | $4174054 | $2028733 |  |

---

(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**](#i3de9d51f6be2434b83508e3770b04054_7)</u>

**Debt Securitizations**

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| (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, a wholly owned subsidiary of the Company (the "Retention Holder") sold and transferred certain middle market loans to the Issuer for the purchase price and other consideration set forth in a loan sale agreement and for future sales from the Retention Holder to the Issuer on an ongoing basis. Such loans constituted the initial portfolio of assets securing the Secured Debt. In connection with such sale and transfer, the Retention Holder made customary representations, warranties and covenants to the Issuer.

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

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

**Short-Term Debt**

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

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

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**Off-Balance Sheet Arrangements**

*Portfolio Company Commitments*

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

As of March 31, 2026 and December 31, 2025, we had unfunded commitments, including delayed draw term loans and revolvers, with an aggregate principal amount of $1,176 million and $1,152 million, respectively.

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

**Contractual Obligations** 

A summary of our contractual payment obligations under our borrowing arrangements as of March 31, 2026 is as follows:

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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 | $254.0 | $— | $— | $254.0 | $— |
| MSPV Credit Facility | $410.5 | $— | $— | $410.5 | $— |
| Truist Credit Facility | $232.5 | $— | $— | $232.5 | $— |
| Series A Tranche A Notes | $90.0 | $— | $90.0 | $— | $— |
| Series A Tranche B Notes | $150.0 | $— | $150.0 | $— | $— |
| CLO Transaction | $369.0 | $— | $— | $— | $369.0 |
| Series B Tranche A Notes | $85.0 | $— | $85.0 | $— | $— |
| Series B Tranche B Notes | $25.0 | $— | $— | $25.0 | $— |
| Series B Tranche C Notes | $290.0 | $— | $— | $290.0 | $— |
| Series C Tranche A Notes | $25.0 | $— | $25.0 | $— | $— |
| Series C Tranche B Notes | $75.0 | $— | $— | $75.0 | $— |
| Total | $2006.0 | $— | $350.0 | $1287.0 | $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

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10-K for the year ended December 31, 2025, filed with the SEC on March 16, 2026, and elsewhere in our filings with the SEC. There have been no significant changes this quarter in our critical accounting policies and practices.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk.**

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

***Valuation Risk***

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

***Interest Rate Risk***

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

As of March 31, 2026, 99.9% of our debt investments based on fair value in our portfolio were at floating rates. Our credit facilities bear interest at floating rates with no interest rate floor. Our unsecured notes, which bear interest at fixed rates, are hedged by fixed to floating interest rate swaps in order to align the interest rates of our liabilities with our investment portfolio.

Based on our Consolidated Statements of Assets and Liabilities as of March 31, 2026, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates on our debt investments and leverage (considering interest rate floors for floating rate instruments) assuming each floating rate investment is subject to Term SOFR and there are no changes in our investment and borrowing structure:

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| | | | |
|:---|:---|:---|:---|
| (Amounts in millions) | **Interest Income** | **Interest Expense** | **Net Income** |
| Up 200 basis points | $89.0 | $25.8 | $63.2 |
| Up 100 basis points | $44.4 | $12.9 | $31.5 |
| Down 100 basis points | $(44.4) | $(12.9) | $(31.5) |
| Down 200 basis points | $(88.9) | $(25.8) | $(63.1) |

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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

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

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

There have been no changes in our internal control over financial reporting that occurred during the period ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II – OTHER INFORMATION**

**Item 1. Legal Proceedings.**

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

**Item 1A. Risk Factors.**

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

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

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

The following table sets forth information regarding repurchases of our Common Shares pursuant to a tender offer during the three months ended March 31, 2026 (dollar amounts in thousands, except per share amounts).

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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> |
| March 5, 2026 | 1223904 | 1.29% | $25.22 | March 31, 2026 | $30801 | 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.**

<u>Trading Arrangements</u>

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During the fiscal quarter ended March 31, 2026, none of our trustees or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement".

<u>Sixth Amended and Restated Declaration of Trust</u> 

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

<u>Fifth Amended and Restated Bylaws</u> 

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

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**Item 6. Exhibits.**

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| | |
|:---|:---|
| **Exhibit No.** | &nbsp;&nbsp;&nbsp;&nbsp;**Description** |
| <u>[3.1](exhibit31q126.htm)</u>\* | <u>[Sixth Amende](exhibit31q126.htm)[d an](exhibit31q126.htm)[d Restated Agreement and Decl](exhibit31q126.htm)[aration of Trust](exhibit31q126.htm)</u> |
| <u>[3.2](exhibit32q126.htm)</u>\* | <u>[F](exhibit32q126.htm)[ifth Amended and Resta](exhibit32q126.htm)[ted](exhibit32q126.htm)[By](exhibit32q126.htm)[laws](exhibit32q126.htm)</u> |
| <u>[10.](exhibit101q126.htm)[1](exhibit101q126.htm)</u>\* | <u>[Amended and Restated Investment Management Agreement, by and between TPG Twin Brook Capital Income Fund and AGTB Fund Manager, LLC.](exhibit101q126.htm)</u> |
| <u>[10](exhibit102q126.htm)[.2](exhibit102q126.htm)</u>\* | <u>[Amended and Restated Administration Agreement, by and between TPG Twin Brook Capital Income Fund and AGTB Fund Manager, LLC.](exhibit102q126.htm)</u> |
| <u>[10.3](exhibit103q126.htm)</u>\* | <u>[Amended and Restated Distribution Reinvestment Plan](exhibit103q126.htm)</u>  |
| <u>[31.1\*](exhibit311q126.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](exhibit311q126.htm)</u> |
| <u>[31.2\*](exhibit312q126.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](exhibit312q126.htm)</u> |
| <u>[32.1\*](exhibit321q126.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](exhibit321q126.htm)</u> |
| <u>[32.2\*](exhibit322q126.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](exhibit322q126.htm)</u> |

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___________________

\*Filed herewith

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**SIGNATURES**

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

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| | | |
|:---|:---|:---|
| | TPG Twin Brook Capital Income Fund | TPG Twin Brook Capital Income Fund |
| May 12, 2026 | By: | /s/ Trevor Clark |
|  |  | Trevor Clark |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| May 12, 2026 | By: | /s/ Terrence Walters |
|  |  | Terrence Walters |
|  |  | Chief Financial Officer and Treasurer |
|  |  | (Principal Financial Officer and Principal Accounting Officer) |

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## Exhibit 3.1

**Exhibit 3.1**

**TPG TWIN BROOK CAPITAL INCOME FUND<br>SIXTH AMENDED AND RESTATED<br>AGREEMENT AND DECLARATION OF TRUST**

<u>Dated as of May 8, 2026</u>

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**TPG TWIN BROOK CAPITAL INCOME FUND<br>SIXTH AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST**

SIXTH AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST (the "<u>Declaration of Trust</u>" or "<u>Declaration</u>") made as of the eighth day of May, 2026 by the Board of Trustees (as defined below) hereunder and CSC Delaware Trust Company (formerly known as Delaware Trust Company), as Delaware trustee.

WHEREAS, this Company (as defined herein) has been formed to carry on business as set forth more particularly hereinafter;

WHEREAS, this Company is authorized to issue an unlimited number of its shares of beneficial interest all in accordance with the provisions hereinafter set forth;

WHEREAS, this Declaration amends and restates in its entirety that certain Fifth Amended and Restated Declaration of Trust dated as of March 17, 2025 (the "<u>5th A&R Declaration</u>");

WHEREAS, the 5th A&R Declaration amended and restated in its entirety that certain Fourth Amended and Restated Declaration of Trust dated as of September 25, 2024 (the "<u>4th A&R Declaration</u>");

WHEREAS, the 4th A&R Declaration amended and restated in its entirety that certain Third Amended and Restated Declaration of Trust dated as of September 6, 2023 (the "<u>3rd A&R Declaration</u>");

WHEREAS, the 3rd A&R Declaration amended and restated in its entirety that certain Second Amended and Restated Declaration of Trust dated as of January 1, 2023 (the "<u>2nd A&R Declaration</u>");

WHEREAS, the 2nd A&R Declaration amended and restated in its entirety that certain Amended and Restated Declaration of Trust dated as of October 25, 2022 (the "<u>A&R Declaration</u>");

WHEREAS, the A&R Declaration amended and restated in its entirety that certain Declaration of Trust dated as of January 26, 2022;

WHEREAS, the Trustees (as defined herein) have agreed to manage all property coming into their hands as Trustees of a Delaware statutory trust in accordance with the provisions hereinafter set forth; and

WHEREAS, the parties hereto intend that the Company shall constitute a statutory trust under the Delaware Statutory Trust Act, as amended from time to time, (the "<u>DSTA</u>") and that this Declaration of Trust and the Bylaws (as defined herein) shall constitute the governing instrument of such statutory trust.

NOW, THEREFORE, the Trustees hereby declare that they will hold all cash, securities, and other assets which they may from time to time acquire in any manner as Trustees hereunder in trust to manage and dispose of the same upon the following terms and conditions for the benefit of the holders from time to time of shares of beneficial interest in this Trust as hereinafter set forth.

**Article I**<br>**NAME; DEFINITIONS**

Section 1.1.<u>Name</u>. The name of the statutory trust is TPG Twin Brook Capital Income Fund (formerly known as AG Twin Brook Capital Income Fund) (the "<u>Company</u>"). So far as may be practicable, the business of the Company shall be conducted and transacted under that name, which name (and the word

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"Company" whenever used in this Declaration of Trust), except where the context otherwise requires, shall refer to the Board of Trustees collectively but not individually or personally and shall not refer to the Shareholders or to any officers, employees or agents of the Company or of such Trustees. Under circumstances in which the Trustees determine that the use of the name "TPG Twin Brook Capital Income Fund" is not practicable, they may use any other designation or name for the Company, subject to applicable law. Any name change shall become effective upon the execution by a majority of the then Trustees of an instrument setting forth the new name and the filing of a certificate of amendment pursuant to Section 3810(b) of the Statutory Trust Act (as defined below). Any such instrument shall not require the approval of the Shareholders, but shall have the status of an amendment to this Declaration of Trust.

Section 1.2.<u>Definitions</u>. As used in this Declaration of Trust, the following terms shall have the following meanings unless the context otherwise requires:

"<u>1940 Act</u>" means the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder.

"<u>Acquisition Expenses</u>" means expenses, including but not limited to legal fees and expenses, travel and communication expenses, costs regarding determination of creditworthiness and due diligence on prospective portfolio holding companies, non-refundable option payments on assets not acquired, accounting fees and expenses, and miscellaneous expenses relating to the purchase or acquisition of assets, whether or not acquired.

"<u>Acquisition Fees</u>" means any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person to any other Person (including any fees or commissions paid by or to any Affiliate of the Company or the Adviser) in connection with the initial purchase or acquisition of assets by the Company. Included in the computation of such fees or commissions shall be any commission, selection fee, supervision fee, financing fee, non-recurring management fee or any fee of a similar nature, however designated.

"<u>Administrator</u>" means AGTB Fund Manager, LLC, any Person to whom the Administrator subcontracts any and all such services and any successor to an Administrator who enters into an administrative services agreement with the Company or who subcontracts with a successor Administrator.

"<u>Adviser</u>" means AGTB Fund Manager, LLC or an affiliated successor in interest thereto, any Person to whom the Adviser subcontracts any and all such services pursuant to a sub-advisory agreement and any successor to an Adviser who enters into an Advisory Agreement with the Company or who subcontracts with a successor Adviser. If the Adviser no longer serves as the investment adviser to the Company, the rights of the Adviser in this Declaration of Trust will become the rights of the Trustees.

"<u>Advisers Act</u>" means the Investment Advisers Act of 1940, as amended, and the rules and regulations promulgated thereunder.

"<u>Advisory Agreement</u>" means that certain investment advisory agreement between the Company and the Adviser named therein pursuant to which the Adviser will act as the adviser to the Company and provide investment advisory, investment management and other specified services to the Company, including any sub-advisory agreement.

"<u>Affiliate</u>" or "<u>Affiliated</u>" means (subject to the limits under the 1940 Act or an exemptive order from the SEC, as each may be applicable) with respect to any specified Person:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;any other Person directly or indirectly owning, controlling or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of such specified Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;any other Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such specified Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;any other Person directly or indirectly controlling, controlled by or under common control with such specified Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;any officer, director, trustee, partner, copartner or employee of such specified Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;any legal entity on which such Person acts as an executive officer, director, trustee or partner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;if such specified Person is an investment company, any investment adviser thereof or any member of an advisory board thereof.

"<u>assessment</u>" means an additional amount of capital that may be mandatorily required of, or paid voluntarily by, a Shareholder beyond his or her subscription commitment excluding deferred payments.

"<u>Benefit Plan Investor</u>" means a benefit plan investor as defined in the Plan Asset Regulations.

"<u>Bylaws</u>" means the bylaws of the Company, as the same are in effect and may be amended from time to time.

"<u>capital contribution</u>" means the total investment, including the original investment and amounts reinvested pursuant to a distribution reinvestment plan in a Program by a participant, or by all participants, as the case may be. Unless otherwise specified, capital contributions shall be deemed to include principal amounts to be received on account of deferred payments.

"<u>cash available for distribution</u>" means Cash Flow plus cash funds available for distribution from Company reserves less amounts set aside for restoration or creation of reserves.

"<u>Cash Flow</u>" means Company cash funds provided from operations, without deduction for depreciation, but after deducting cash funds used to pay all other expenses, debt payments, capital improvements and replacements. Cash withdrawn from reserves is not Cash Flow.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time.

"<u>Common Shares</u>" means the common Shares, par value $0.001 per Share, of the Company that may be issued from time to time in accordance with the terms of this Declaration of Trust and applicable law, as described in Article V hereof, including any class or series of Common Shares.

"<u>Controlling Person</u>" includes, but is not limited to, all Persons, whatever their titles, who perform functions for the Sponsor, the Adviser, or the Administrator similar to those of: (a) chairman or member of the board of directors; (b) executive officers; and (c) those holding ten percent or more equity interest in the Sponsor, the Adviser, or the Administrator or a Person having the power to direct or cause the direction

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of the Sponsor, the Adviser, or the Administrator, whether through the ownership of voting securities, by contract, or otherwise.

"<u>Covered Security</u>" the term "Covered Security" shall have the meaning set forth in the Securities Act.

"<u>Delaware Trustee</u>" has the meaning ascribed to it in Article III hereof and includes any successor Delaware Trustees appointed in accordance with Section 3.3, but that any reference to "Trustee" or "Board of Trustees" in this Declaration of Trust and the Bylaws of the Company shall not be deemed to include or refer to the Delaware Trustee.

"<u>DGCL</u>" means Delaware General Corporation Law, 8 Del. C. § 100, et. seq., as amended from time to time, or any successor statute thereto.

"<u>ERISA</u>" The term "ERISA" means the Employee Retirement Income Security Act of 1974, as amended.

"<u>ERISA Controlling Person</u>" The term "ERISA Controlling Person" means a Person (other than a Benefit Plan Investor) who has discretionary authority or control with respect to the assets of the Company or who provides investment advice for a fee (direct or indirect) with respect to such assets, or any affiliate of such a Person within the meaning of 29 C.F.R. § 2510.3-101(f)(3).

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Front End Fees</u>" means fees and expenses paid by any party for any services rendered to organize the Company and to acquire assets for the Company, including Organization and Offering Expenses, Acquisition Fees, Acquisition Expenses, and any other similar fees, however designated by the Board of Trustees.

"<u>GAAP</u>" means generally accepted accounting principles as in effect in the United States of America from time to time or such other accounting basis mandated by the SEC.

"<u>Independent Expert</u>" means a Person with no material current or prior business or personal relationship with the Sponsor, who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company, and who is qualified to perform such work.

"<u>Independent Trustee</u>" means a Trustee who is not an Interested Person.

"<u>Interested Person</u>" means a Person who is an "interested person" as that term is defined under Section 2(a)(19) of the 1940 Act.

"<u>Investment in Program assets</u>" means the amount of capital contributions actually paid or allocated to the purchase or development of assets acquired by the Program (including working capital reserves allocable thereto, except that working capital reserves in excess of three percent shall not be included) and other cash payments such as interest and taxes, but excluding front-end fees.

"<u>Liquidity Event</u>" means a Listing or any merger, reorganization, business combination, share exchange, acquisition by any Person or related group of Persons of beneficial ownership of all or substantially all of the Shares of the Company in one or more related transactions, or similar transaction involving the Company pursuant to which the Shareholders receive for their Shares, as full or partial

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consideration, cash, Listed (as defined below) equity securities, excluding non-Listed equity securities, or combination thereof: (a) a Listing; (b) a sale or merger in a transaction that provides Shareholders with cash and/or securities of a publicly traded company; or (c) a sale of all or substantially all of the assets of the Company for cash or other consideration.

"<u>Listing</u>" means the listing of the Common Shares (or any successor thereof) on a national securities exchange or national securities association registered with the SEC or the receipt by the Shareholders of securities that are approved for trading on a national securities exchange or national securities association registered with the SEC in exchange for the Common Shares. The term "<u>Listed</u>" shall have the correlative meaning. With regard to the Common Shares, upon commencement of trading of the Common Shares on a national securities exchange or national securities association registered with the SEC, the Common Shares shall be deemed Listed.

"<u>Net Worth</u>" means the excess of total assets over total liabilities as determined by GAAP.

"<u>Omnibus Guidelines</u>" means the Omnibus Guidelines Statement of Policy adopted by the North American Securities Administrators Association on March 29, 1992 and as amended on May 7, 2007 and from time to time.

"<u>Organization and Offering Expenses</u>" means any and all costs and expenses incurred by and to be paid from the assets of the Company in connection with and in preparing for the formation, qualification and registration of the Company, and the marketing and distribution of Shares, including, without limitation, total underwriting and brokerage discounts and commissions (including fees of the underwriters' attorneys), expenses for printing, engraving, amending, supplementing, mailing and distributing costs, salaries of employees while engaged in sales activity, telephone and other telecommunications costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings), charges of transfer agents, registrars, trustees, escrow agents or holders, depositories, experts, fees, expenses and taxes related to the filing, registration and qualification of the sale of the Shares under federal and state laws, including taxes and fees and accountants' and attorneys' fees.

"<u>Person</u>" means an individual, corporation, partnership, estate, trust joint venture, limited liability company or other entity or association.

"<u>Plan Asset Regulation</u>" means 29 C.F.R. § 2510.3-101, as modified by section 3(42) of ERISA.

"<u>Program</u>" means a limited or general partnership, joint venture, unincorporated association or similar organization other than a corporation formed and operated for the primary purpose of investment in and the operation of or gain from and interest in the assets to be acquired by such entity.

"<u>Publicly Offered Securities</u>" means publicly offered securities as defined in 29 C.F.R. § 2510.3-101(b)(2) or any successor regulation thereto.

"<u>Roll-Up Entity</u>" means a partnership, trust, corporation, or other entity that would be created or would survive after the successful completion of a proposed Roll-Up Transaction.

"<u>Roll-Up Transaction</u>" means a transaction involving the acquisition, merger, conversion or consolidation either directly or indirectly of the Company and the issuance of securities of a Roll-Up Entity to the Shareholders. Such term does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;a transaction involving Securities of the Company that have been Listed for at least twelve months; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;a transaction involving the reorganization to another corporate form or to a trust or association form of only the Company, if, as a consequence of the transaction, there will be no significant adverse change in any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Shareholders' voting rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the term of existence of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Adviser compensation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the Company's investment objective.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Securities</u>" means Common Shares, any other Shares or other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as "securities" or any certificates of interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing if and only if any such item is treated as a "security" under the Exchange Act, or applicable state securities laws.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended.

"<u>Shareholders</u>" means the registered holders of the Company's Shares.

"<u>Shares</u>" means the unit of beneficial interest in the trust estate of the Company.

"<u>specified asset Program</u>" means a Program where, at the time a securities registration is ordered effective, at least 75% of the net proceeds from the sale of Program interests are allocable to the purchase, construction, renovation, or improvement of individually identified assets or assets that provide a reasonably objective basis in conformity with the Guidelines of the American Institute of Certified Public Accountants to allow the issuance of prospective financial statements. Reserves shall not be included in the 75%.

"<u>Sponsor</u>" means any person directly or indirectly instrumental in organizing, wholly or in part, a Program or any person who will control, manage or participate in the management of a Program, and any affiliate of such person. Not included is any person whose only relation with the Program is that of an independent manager of a portion of Program assets, and whose only compensation is as such. "Sponsor" does not include wholly independent third parties such as attorneys, accountants, and underwriters whose only compensation is for professional services rendered in connection with the offering of Program interests. A person may also be deemed a Sponsor of the Program by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;taking the initiative, directly or indirectly, in founding or organizing the business or enterprise of the Program, either alone or in conjunction with one or more other Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;receiving a material participation in the Program in connection with the founding or organizing of the business of the Program, in consideration of services or property, or both services and property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;having a substantial number of relationships and contacts with the Program;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;possessing significant rights to control Program properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;receiving fees for providing services to the Program which are paid on a basis that is not customary in the industry; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;providing goods or services to the Program on a basis which was not negotiated at arm's length with the Program.

"<u>Trustees</u>," "<u>Board of Trustees</u>" or "<u>Board</u>" means, collectively, the individuals named in Section 4.1 of this Declaration of Trust so long as they continue in office and all other individuals who have been duly elected and qualify as Trustees of the Company hereunder. For the avoidance of doubt, any references to "Trustee" or "Board of Trustee" or "Board" in this Declaration of Trust, the Bylaws of the Company, or any written instrument, document, resolution or consent delivered by the Trustees or the Board of Trustees shall not be deemed to include or refer to the Delaware Trustee.

**Article II<br>NATURE AND PURPOSE**

The Company is a Delaware statutory trust within the meaning of the DSTA, existing pursuant to this Declaration of Trust and the Company's certificate of trust filed with the Delaware Secretary of State's office on January 27, 2022 (which filing is hereby ratified), each as may be amended or amended and restated from time to time.

The purpose of the Company is to engage in any lawful act or activity for which trusts may be organized under the DSTA as now or hereafter in force, including to conduct, operate and carry on the business of a non-diversified closed-end investment company operating as a business development company, as such terms are defined in the 1940 Act, subject to making an election therefor under the 1940 Act, and to carry on such other business as the Trustees may from time to time determine pursuant to their authority under this Declaration of Trust. In furtherance of the foregoing, it shall be the purpose of the Company to do everything necessary, suitable, convenient or proper for the conduct, promotion and attainment of any businesses and purposes which at any time may be incidental or may appear conducive or expedient for the accomplishment of the business of a business development company regulated under the 1940 Act and which may be engaged in or carried on by a trust organized under the DSTA, and in connection therewith the Company shall have the power and authority to engage in the foregoing and may exercise all of the powers conferred by the laws of the State of Delaware upon a Delaware statutory trust. The Company may not, without the affirmative vote of a majority of the outstanding voting securities, as such term is defined under Section 2(a)(42) of the 1940 Act, of the Company entitled to vote on the matter, change the nature of the Company's business so that the Company ceases to be, or withdraws the Company's election to be, treated as a business development company under the 1940 Act.

Legal title to all of the assets of the Company shall be vested in the Company as a separate legal entity except that the Trustees shall have power to cause legal title to any assets of the Company to be held in the name of any other Person as nominee, custodian or pledgee, on such terms as the Trustees may determine, provided that such arrangement is permitted by the 1940 Act and the interest of the Company therein is appropriately protected.

**Article III<br>DELAWARE TRUSTEE**

Section 3.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment</u>. Pursuant to Section 3807 of the DSTA, the trustee of the Company in the State of Delaware shall be CSC Delaware Trust Company, a Delaware corporation (including any

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successor Delaware Trustee appointed in accordance with Section 3.2 of this Declaration of Trust) (the "Delaware Trustee"). The address of the principal office of CSC Delaware Trust Company is 251 Little Falls Drive, Wilmington, Delaware 19808.

Section 3.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Concerning the Delaware Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Delaware Trustee is appointed to serve as the trustee of the Company in the State of Delaware for the sole purpose of satisfying the requirement pursuant to Section 3807(a) of the DSTA Act that the Company have at least one trustee which has its principal place of business in the State of Delaware. It is understood and agreed by the parties hereto that the Delaware Trustee shall have none of the duties, obligations or liabilities of any other Person, including without limitation, any Trustee or the Board of Trustees. The Company shall have at least one other trustee (other than the Delaware Trustee) to perform all obligations and duties other than fulfilling the Company's obligations pursuant to Section 3807(a) of the DSTA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The duties of the Delaware Trustee shall be limited to (i) accepting legal process served on the Company in the State of Delaware and (ii) the execution of any certificates required to be filed with the Delaware Secretary of State which the Delaware Trustee is required to execute under Section 3811 of the DSTA. Except for the purpose of the foregoing sentence, the Delaware Trustee shall not be deemed a trustee, shall not be a member of the Board of Trustees and shall have no management responsibilities or owe any fiduciary duties to the Company or the Shareholders. To the extent that, at law or in equity, the Delaware Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Company or the Shareholders, it is hereby understood and agreed by the other parties hereto that such duties and liabilities are replaced by the duties and liabilities of the Delaware Trustee expressly set forth in this Declaration of Trust. The Delaware Trustee shall have no liability for the acts or omissions of any other Person, including, without limitation, the Trustees and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Delaware Trustee may be removed by the Trustees upon 30 days' prior written notice to the Delaware Trustee. The Delaware Trustee may resign upon 30 days' prior written notice to the Trustees. No resignation or removal of the Delaware Trustee shall be effective except upon the appointment of a successor Delaware Trustee appointed by the Trustees or a court of competent jurisdiction. If no successor Delaware Trustee has been appointed within such 30 day period, the Delaware Trustee may, at the expense of the Company, petition a court of competent jurisdiction to appoint a successor Delaware Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Any Person into which the Delaware Trustee may be merged or with which it may be consolidated, or any Person resulting from any merger or consolidation to which the Delaware Trustee shall be a party, or any Person which succeeds to all or substantially all of the corporate trust business of the Delaware Trustee, shall be the successor Delaware Trustee under this Declaration of Trust without the execution, delivery or filing of any paper or instrument or further act to be done on the part of the parties hereto, except as may be required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Delaware Trustee shall be entitled to all of the same rights, protections, indemnities and immunities under this Declaration of Trust and with respect to the Company and the Shareholders as the Trustees. No amendment or waiver of any provision of this Declaration of Trust which adversely affects the Delaware Trustee shall be effective against it without its prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Delaware Trustee shall not be liable for supervising or monitoring the performance and the duties and obligations of any other Person, including, without limitation, the Trustees, the Administrator or the Adviser or the Company under this Declaration of Trust or any related document.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Delaware Trustee shall not be personally liable under any circumstances, except for its own willful misconduct, bad faith or gross negligence. In particular, but not by way of limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Delaware Trustee shall not be personally liable for any error of judgment made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)no provision of this Declaration of Trust shall require the Delaware Trustee to expend or risk its personal funds or otherwise incur any financial liability in the performance of its rights or powers hereunder, if the Delaware Trustee shall have reasonable grounds for believing that the payment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)under no circumstances shall the Delaware Trustee be personally liable for any representation, warranty, covenant, agreement or indebtedness of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the Delaware Trustee shall not be personally responsible for or in respect of the validity or sufficiency of this Declaration of Trust or for the due execution hereof by any other party hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)the Delaware Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper reasonably believed by it to be genuine and reasonably believed by it to be signed by the proper party or parties. The Delaware Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the manner of ascertainment of which is not specifically prescribed herein, the Delaware Trustee may for all purposes hereof rely on a certificate or resolution, signed by a Trustee or an officer of the Company as to such fact or matter, and such certificate shall constitute full protection to the Delaware Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)the Delaware Trustee (A) may act directly or through agents or attorneys pursuant to agreements entered into with any of them, and the Delaware Trustee shall not be liable for the default or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Delaware Trustee in good faith and (B) may consult with counsel, accountants and other skilled Persons to be selected by it in good faith and employed by it, and it shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the advice or opinion of any such counsel, accountants or other skilled Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)in accepting and performing its express duties hereunder the Delaware Trustee acts solely as Delaware Trustee hereunder and not in its individual capacity, and all Persons having any claim against the Delaware Trustee by reason of the transactions contemplated by this Declaration of Trust shall look only to the Company for payment or satisfaction thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)the Delaware Trustee shall incur no liability if, by reason of any provision of any present or future law or regulation thereunder, or by any force majeure event, including but not limited to natural disaster, act of war or terrorism, or other circumstances beyond its reasonable control, the Delaware Trustee shall be prevented or forbidden from doing or performing any act or thing which the terms of this Declaration of Trust provide shall or may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for in this Declaration of Trust.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)In the event of the appointment of a successor Delaware Trustee by the Board, such successor shall cause an amendment to the certificate of trust of the Company to be filed with the Secretary of State of Delaware in accordance with Section 3810 of the DSTA, indicating the change of the Delaware Trustee's identity.

Section 1.3.<u>Compensation and Reimbursement of Expenses; Indemnity</u>. The Company hereby agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)compensate the Delaware Trustee in accordance with a separate fee agreement with the Delaware Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)reimburse the Delaware Trustee for all reasonable expenses relating to the services of the Delaware Trustee (including reasonable fees and expenses of counsel and other advisers retained by the Delaware Trustee) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)indemnify, defend and hold harmless the Delaware Trustee, and its employees, agents, officers and trustees (the "Indemnified DE Trustee Parties") from and against any and all claims, actions, suits, demands, assessments, judgments, losses, liabilities, damages, costs, taxes, and expenses, including reasonable fees and expenses of counsel and including costs of enforcement of an Indemnified DE Trustee Party's rights hereunder (collectively, "Expenses"), to the extent that such Expenses arise out of or are imposed upon or asserted at any time against such Indemnified DE Trustee Parties with respect to the performance of any duties contemplated by this Declaration of Trust or from the services provided or functions performed by the Delaware Trustee; provided, however, that the Company shall not be required to indemnify any Indemnified DE Trustee Parties for any Expenses which are a result of the willful misconduct or gross negligence of such Indemnified DE Trustee Parties. To the fullest extent permitted by law, Expenses to be incurred by any Indemnified DE Trustee Parties shall, from time to time, be advanced by, or on behalf of, the Company prior to the final disposition of any matter upon receipt by the Company of an undertaking by, or on behalf of, such Indemnified DE Trustee Parties to repay such amount if it shall be determined that the Indemnified DE Trustee Parties are not entitled to be indemnified under this Declaration of Trust.

**Article IV<br>PROVISIONS FOR DEFINING, LIMITING AND REGULATING CERTAIN POWERS OF THE COMPANY AND OF THE SHAREHOLDERS AND TRUSTEES**

Section 4.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Number of Trustees</u>.

The business and affairs of the Company shall be managed under the direction of the Board of Trustees (not including the Delaware Trustee). The Board of Trustees shall have full, exclusive and absolute power, control and authority over the Company's assets and over the business of the Company to the same extent as a board of directors of a Delaware corporation. The Board of Trustees may take any actions as in its sole judgment and discretion are necessary or desirable to conduct the business of the Company. Except as otherwise specifically provided in this Declaration of Trust and the Bylaws, each Trustee and officer of the Company shall have duties including fiduciary duties (and liability therefore) identical to those of directors and officers of a private corporation for profit organized under the DGCL and shall not have any other duties, including any fiduciary duties, except for fiduciary duties identical to those of directors and officers of a private corporation for profit organized under the DGCL. The number of Trustees of the Company is five (5), which number may be increased or decreased from time to time only by the Trustees pursuant to the Bylaws, but shall never be less than three (3), except for a period of up to sixty (60) days after the death, removal or resignation of a Trustee pending the election of such Trustee's successor. The names of the initial Trustees, and their classes pursuant to Section 4.2, are as follows: Trevor Clark (Class

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II), Terrence Walters (Class III), James E. Bowers (Class III), James N. Hallene (Class II) and Lance A. Ludwick (Class I).

A majority of the Board of Trustees shall be Independent Trustees, except for a period of up to sixty days or such longer period permitted by law, after the death, removal or resignation of an Independent Trustee pending the election of such Independent Trustee's successor by the remaining Trustees.

Subject to applicable requirements of the 1940 Act, in order that any and all vacancies on the Board may be filled only by the affirmative vote of a majority of the remaining Trustees in office, even if the remaining Trustees do not constitute a quorum, any Trustee elected to fill a vacancy shall serve for the remainder of the full term of the trusteeship in which such vacancy occurred and until a successor is duly elected and qualified; provided, however, that any such Trustee elected by the remaining Trustees to fill a vacancy shall be proposed for election by Shareholders at the next annual meeting of Shareholders. There shall be no cumulative voting in the election or removal of Trustees. Trustees shall be elected as set forth in the Bylaws.

Section 4.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Classes of Trustees</u>. The Board of Trustees shall be divided into three classes, designated Class I, Class II and Class III, as nearly equal in number as possible, and the term of office of Trustees of one class shall expire at each annual meeting of Shareholders, and in all cases as to each Trustee such term shall extend until his or her successor shall be elected and shall qualify or until his or earlier resignation, removal from office, death or incapacity. Additional trusteeships resulting from an increase in number of Trustees shall be apportioned among the classes as equally as possible. The initial term of office of Trustees of Class I shall expire at the Company's next annual meeting of Shareholders; the initial term of office of Trustees of Class II shall expire at the Company's second annual meeting of Shareholders; and the initial term of office of Trustees of Class III shall expire at the Company's third annual meeting of Shareholders. Following such initial terms, at each annual meeting of Shareholders, a number of Trustees equal to the number of Trustee of the class whose term expires at the time of such meeting (or, if less, the number of Trustee properly nominated and qualified for election) shall be elected to hold office until the third succeeding annual meeting of Shareholders after their election. Each Trustee may be reelected to an unlimited number of succeeding terms in accordance with these provisions.

If the Board of Trustees is classified, at each annual election, Trustees chosen to succeed those whose terms then expire shall be of the same class as the Trustees they succeed, unless by reason of any intervening changes in the authorized number of Trustees, the Board of Trustees shall designate one or more trusteeships whose term then expires as trusteeships of another class in order to more nearly achieve equality of number of Trustees among the classes.

Notwithstanding the rule that the three classes shall be as nearly equal in number of Trustees as possible, in the event of any change in the authorized number of Trustees, each Trustee then continuing to serve as such shall nevertheless continue as a Trustee of the class of which such Trustee is a member until the expiration of his or her current term, or his or her prior death, resignation or removal. If any newly created trusteeship may, consistently with the rule that the three classes shall be as nearly equal in number of Trustees as possible, be allocated to any class, the Board of Trustees shall allocate it to that of the available class whose term of office is due to expire at the earliest date following such allocation.

The voting procedures and the number of votes required to elect a Trustee shall be as set forth in the Bylaws, which may be amended by the Board.

Section 4.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Shareholder Voting and Annual Meetings</u>. The Company shall hold annual meetings of Shareholders upon reasonable notice and within a reasonable period, as determined by the Trustees, following delivery and/or transmittal of the Company's annual report. Except as provided in

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Article II, Section 4.9, Section 10.2, Section 11.1, Section 13.2 and Section 13.3 of this Declaration of Trust, notwithstanding any provision of law permitting any particular action to be approved by the affirmative vote of the Shareholders of the Company entitled to cast a greater number of votes, any such action shall be effective and valid if declared advisable and approved by the Board of Trustees, and approved by a majority of the votes cast at a meeting of Shareholders at which a quorum is present. All Shares of all classes shall vote together as a single class provided that: (a) as to any matter with respect to which a separate vote of any class is required by the 1940 Act or any orders issued thereunder, such requirement as to a separate vote by that class shall apply in lieu of a general vote of all classes; (b) in the event that separate voting requirements apply with respect to one or more classes, then subject to subparagraph (c), the Shares of all other classes not entitled to a separate vote shall vote together as a single class; and (d) as to any matter which in the judgment of the Board (which judgment shall be conclusive) does not affect the interest of a particular class, such class shall not be entitled to any vote and only the holders of Shares of the one or more affected classes shall be entitled to vote. Notwithstanding any other provisions of this Declaration of Trust or the Bylaws to the contrary, for such matters that require the vote of a majority of the outstanding voting Shares of the Company under the 1940 Act, such majority vote shall be determined as set forth in Section 2(a)(42) of the 1940 Act; provided, however, that the appointment of a new Adviser pursuant to Section 11.1 shall require the approval of more than fifty percent (50%) of the outstanding Shares of the Company entitled to vote thereon. The provisions of this Section 4.3 shall be subject to the limitations of the 1940 Act and other applicable statutes or regulations.

Section 4.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Quorum</u>. The determination of whether a quorum has been established for a meeting of the Company's Shareholders shall be as set forth in the Bylaws.

Section 4.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Preemptive Rights</u>. Except as may be provided by the Board of Trustees in setting the terms of classified or reclassified Shares or as may otherwise be provided by contract approved by the Board, no Shareholder shall, as such Shareholder, have any preemptive right to purchase or subscribe for any additional Shares of the Company or any other Security of the Company that it may issue or sell.

Section 4.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Appraisal Rights</u>. Except as may be provided by the Board of Trustees in setting the terms of any class or series of Shares, and except in connection with a Roll-Up Transaction as provided in Section 12.1, no Shareholder shall be entitled to exercise appraisal rights in connection with any transaction.

Section 4.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Determinations by the Board</u>. The determination as to any of the following matters, made in good faith and in accordance with its fiduciary duties by or pursuant to the direction of the Board of Trustees consistent with this Declaration of Trust shall be final and conclusive and shall be binding upon the Company and every Shareholder: (i) the amount of the net income of the Company for any period and the amount of assets at any time legally available for the payment of dividends, redemption or repurchase of its Shares or the payment of other distributions on its Shares; (ii) the amount of stated capital, capital surplus, net assets, other surplus, annual or other net profit, net assets in excess of capital, undivided profits or excess of profits over losses on sales of assets; (iii) the amount, purpose, time of creation, increase or decrease, alteration or cancellation of any reserves or charges and the propriety thereof (whether or not any obligation or liability for which such reserves or charges shall have been created shall have been paid or discharged); (iv) any interpretation of the terms, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of any class or series of Shares of the Company; (v) the fair value, or any sale, bid or asked price to be applied in determining the fair value, of any asset owned or held by the Company or any Shares of the Company; (vi) any matter relating to the acquisition, holding and disposition of any assets by the Company; or (vii) any other matter relating to the business and affairs of the Company or required or permitted by applicable law, this Declaration of Trust or the Bylaws or otherwise to be determined by the Board provided, however, that any determination by the Board as to any of the preceding matters shall not

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render invalid or improper any action taken or omitted prior to such determination. Nothing in this Section shall be deemed to prevent a Shareholder from bringing an action for breach of trust, either directly or derivatively.

Section 4.8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Sole Discretion; Good Faith; Corporate Opportunities of Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)[<u>Reserved</u>.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding anything to the contrary in the Declaration of Trust, including, but not limited to, this Section 4.8(b), the Adviser and its Affiliates owe fiduciary duties under Delaware law to the Shareholders and the Company, and the Adviser's and its Affiliates' fiduciary duties under Delaware law are not limited, modified or waived. Subject to such fiduciary duties owed under Delaware law, as applicable, the Adviser may engage in or possess an interest in other profit-seeking or business ventures of any nature or description, independently or with others, whether or not such ventures are competitive with the Company and the doctrine of corporate opportunity, or any analogous doctrine. To the extent that the Adviser acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Company, it shall not have any duty to communicate or offer such opportunity to the Company, subject to the requirements of the 1940 Act, the Advisers Act, the Adviser's fiduciary duties under Delaware law, and any applicable co-investment order issued by the SEC, and the Adviser shall not be liable to the Company or to the Shareholders for breach of any fiduciary or other duty by reason of the fact that the Adviser pursues or acquires for, or directs such opportunity to, another Person or does not communicate such opportunity or information to the Company. Neither the Company nor any Shareholder shall have any rights or obligations by virtue of this Declaration of Trust or the trust relationship created hereby in or to such independent ventures or the income or profits or losses derived therefrom, and the pursuit of such ventures, even if competitive with the activities of the Company, shall not be deemed wrongful or improper.

Section 4.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Resignation and Removal of Trustees</u>. Any of the Trustees may resign their trust (without need for prior or subsequent accounting) by an instrument in writing signed by such Trustee and delivered or mailed to the Trustees, Chairman or Secretary, if any, and such resignation shall be effective upon such delivery, or at a later date according to the terms of the instrument. Any Trustee, or the entire Board, may be removed from office at any time (provided the aggregate number of Trustees after such removal shall not be less than the minimum number required by Section 4.1 hereof) (i) by a majority of the remaining Trustees (or in the case of the removal of a Trustee that is not an Interested Person a majority of the remaining Trustees that are not Interested Persons) but only for cause or (ii) upon a vote by the holders of more than fifty percent (50%) of the outstanding Shares of the Company entitled to vote with or without cause. Upon the resignation or removal of a Trustee, each such resigning or removed Trustee shall execute and deliver such documents as the remaining Trustees shall require for the purpose of conveying to the Company or the remaining Trustees any Company property held in the name of such resigning or removed Trustee. Upon the incapacity or death of any Trustee, such Trustee's legal representative shall execute and deliver on such Trustee's behalf such documents as the remaining Trustees shall require as provided in the preceding sentence. Except to the extent expressly provided in a written agreement with the Company, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following the effective date of his resignation or removal, or any right to damages on account of a removal.

Section 4.10&nbsp;&nbsp;&nbsp;&nbsp;[<u>Reserved.</u>]

Section 4.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Special Meetings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>General</u>. The (i) Chairman of the Board, (ii) Chief Executive Officer, (iii) president, or (iv) a majority of the Board may call a special meeting of the Shareholders. Subject to

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subsection (b) of this Section 4.11, the Secretary of the Company shall call a special meeting of Shareholders upon the written request of the Shareholders entitled to cast not less than ten percent (10%) of all the votes entitled to be cast at such meeting (the "Special Meeting Percentage").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Shareholder Requested Special Meetings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Any Shareholder of record seeking to have Shareholders request a special meeting shall, by sending written notice to the Secretary (the "Record Date Request Notice") by registered mail, return receipt requested, request the Board to fix a record date to determine the Shareholders entitled to request a special meeting (the "Request Record Date"). The Record Date Request Notice shall set forth the purpose of the meeting and the matters proposed to be acted on at it, shall be signed by one or more Shareholders of record as of the date of signature (or their agents duly authorized in a writing accompanying the Record Date Request Notice), shall bear the date of signature of each such Shareholder (or such agent) and shall set forth all information relating to each such Shareholder that must be disclosed in solicitations of proxies for election of Trustees in an election contest (even if an election contest is not involved), or as otherwise required, in each case pursuant to Regulation 14A (or any successor provision) under the Exchange Act. Upon receiving the Record Date Request Notice and subject to the DSTA, the Board may fix a Request Record Date. The Request Record Date shall not precede and shall not be more than ten (10) days after the close of business on the date on which the resolution fixing the Request Record Date is adopted by the Board. If the Board, within ten (10) days after the date on which a valid Record Date Request Notice is received, fails to adopt a resolution fixing the Request Record Date, the Request Record Date shall be the close of business on the tenth (10th) day after the first date on which the Record Date Request Notice is received by the Secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)In order for any Shareholder to request a special meeting to act on any matter that may properly be considered at a meeting of Shareholders, one or more written requests for a special meeting signed by Shareholders of record (or their agents duly authorized in a writing accompanying the request) as of the Request Record Date entitled to cast not less than the Special Meeting Percentage (the "Special Meeting Request") shall be delivered to the Secretary. In addition, the Special Meeting Request shall set forth the purpose of the meeting and the matters proposed to be acted on at it (which shall be limited to the matters set forth in the Record Date Request Notice received by the Secretary), shall bear the date of signature of each such Shareholder (or such agent) signing the Special Meeting Request, shall set forth the name and address, as they appear in the Company's books, of each Shareholder signing such request (or on whose behalf the Special Meeting Request is signed) and the class, series and number of all Shares of the Company which are owned by each such Shareholder, and the nominee holder for, and number of, Shares owned beneficially but not of record, shall be sent to the Secretary by registered mail, return receipt requested, and shall be received by the Secretary within sixty (60) days after the Request Record Date (the "Special Meeting Request Deadline"). Any requesting Shareholder may revoke his, her or its request for a special meeting at any time by written revocation delivered to the Secretary (or agent duly authorized in a writing accompanying the revocation or the Special Meeting Request).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)If the Special Meeting Percentage is met by the Special Meeting Request Deadline, the Secretary shall inform the requesting Shareholders of the reasonably estimated cost of preparing and mailing or delivering the notice of meeting (including the Company's proxy materials). The Secretary shall not be required to call a special meeting upon Shareholder request and such meeting shall not be held unless, in addition to the documents required by this subsection, the Secretary receives payment of such reasonably estimated cost prior to the preparation and mailing or delivery of any notice of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Except as provided in the next sentence, any special meeting shall be held at such place, date and time as may be designated by the Chief Executive Officer or the Board, whoever

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has called the meeting. In the case of any special meeting called by the Secretary upon the request of Shareholders (a "Shareholder Requested Meeting"), such meeting shall be held in the United States and at such place, date and time as the Board determines to be in the best interests of Shareholders; provided, however, that the date of any Shareholder Requested Meeting shall be not more than sixty (60) days nor less than fifteen (15) days after the Secretary gives notice for such meeting (the "Meeting Record Date"); and provided further that if the Board fails to designate, within ten (10) days after the date that a valid Special Meeting Request is actually received by the Secretary (the "Delivery Date"), a date and time for a Shareholder requested meeting, then such meeting shall be held at 2:00 p.m. local time on the sixtieth (60th) day after the Meeting Record Date or, if such sixtieth (60th) day is not a Business Day (as defined below), on the first preceding Business Day. The Secretary shall provide a notice to all Shareholders of such Shareholder Requested Meeting within ten (10) days of the Delivery Date, by person or by mail, of the date, time and location of such Shareholder Requested Meeting and the purpose of the Shareholder Requested Meeting; provided that in the event that the Board fails to designate a place for a Shareholder Requested Meeting within ten (10) days after the Delivery Date, then such meeting shall be held at the principal executive office of the Company. In fixing a date for any special meeting, the Chief Executive Officer or the Board may consider such factors as the Trustees deem relevant within the good faith exercise of business judgment, including, without limitation, the nature of the matters to be considered, the facts and circumstances surrounding any request for meeting and any plan of the Board to call an annual meeting or a special meeting. In the case of any Shareholder Requested Meeting, the Board shall fix a Meeting Record Date that is a date not later than thirty (30) days after the Delivery Date. The Board may revoke the notice for any Shareholder Requested Meeting in the event that the requesting Shareholders fail to comply with the provisions of paragraph (3) of this Section 3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)If written revocations of requests for the special meeting have been delivered to the Secretary and the result is that Shareholders of record (or their agents duly authorized in writing), as of the Request Record Date, entitled to cast less than the Special Meeting Percentage have delivered, and not revoked, requests for a special meeting to the Secretary, the Secretary shall: (i) if the notice of meeting has not already been mailed, refrain from mailing the notice of the meeting and send to all requesting Shareholders who have not revoked such requests written notice of any revocation of a request for the special meeting, or (ii) if the notice of meeting has been mailed and if the Secretary first sends to all requesting Shareholders who have not revoked requests for a special meeting written notice of any revocation of a request for the special meeting and written notice of the Secretary's intention to revoke the notice of the meeting, revoke the notice of the meeting at any time before ten (10) days before the commencement of the meeting. Any request for a special meeting received after a revocation by the Secretary of a notice of a meeting shall be considered a request for a new special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)The Board, the chairman of the Board, the Chief Executive Officer or the president may appoint independent inspectors of elections to act as the agent of the Company for the purpose of promptly performing a ministerial review of the validity of any purported Special Meeting Request received by the Secretary. For the purpose of permitting the inspectors to perform such review, no such purported request shall be deemed to have been delivered to the Secretary until the earlier of (i) five (5) Business Days after receipt by the Secretary of such purported request and (ii) such date as the independent inspectors certify to the Company that the valid requests received by the Secretary represent, as of the Request Record Date, not less than the Special Meeting Percentage. Nothing contained in this subsection (6) shall in any way be construed to suggest or imply that the Company or any Shareholder shall not be entitled to contest the validity of any request, whether during or after such five (5) Business Day period, or to take any other action (including, without limitation, the commencement, prosecution or defense of any litigation with respect thereto, and the seeking of injunctive relief in such litigation).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)For purposes of this Section 4.11, "Business Day" shall mean any day other than a Saturday, a Sunday or other day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close.

Section 4.12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Trust Only</u>. It is the intention of the Trustees to create only the relationship of Trustee and beneficiary between the Trustees and each Shareholder from time to time. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust. Nothing in this Declaration of Trust shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

Section 4.13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Trustee Action by Written Consent</u>. Any action which may be taken by Trustees by vote may be taken without a meeting if that number of the Trustees, or members of a committee, as the case may be, required for approval of such action at a meeting of the Trustees or of such committee consent to the action in writing and the written consents are filed with the records of the meetings of Trustees. Such consent shall be treated for all purposes as a vote taken at a meeting of Trustees.

Section 4.14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Officers</u>. The Trustees shall elect a Chief Executive Officer, a Secretary and a Chief Financial Officer and may elect a Chairman and other officers who shall serve at the pleasure of the Trustees or until their successors are elected. The Trustees may elect or appoint or may authorize the Chairman, if any, or Chief Executive Officer to appoint such other officers or agents with such powers as the Trustees may deem to be advisable. A Chairman shall, and the Chief Executive Officer, Secretary and Chief Financial Officer may, but need not, be a Trustee. All officers shall owe to the Company and its Shareholders the same fiduciary duties (and only such fiduciary duties) as owed by officers of corporations to such corporations and their stockholders under the DGCL.

Section 4.15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Principal Transactions</u>. Subject to Sections 10.1 and 10.2, except to the extent prohibited by applicable law and Sections V.A and V.B of the Omnibus Guidelines (where "Program" in each such section of the Omnibus Guidelines shall be the Company), the Trustees may, on behalf of the Company, buy any securities from or sell any securities to, or lend any assets of the Company to, any Trustee or officer of the Company or any firm of which any such Trustee or officer is a member acting as principal, or have any such dealings with any Affiliate of the Company, investment adviser, investment sub-adviser, distributor or transfer agent for the Company or with any Interested Person of such Affiliate or other person; and the Company may employ any such Affiliate or other person, or firm or company in which such Affiliate or other person is an Interested Person, as broker, legal counsel, registrar, investment advisor, investment sub-adviser, distributor, transfer agent, dividend disbursing agent, custodian or in any other capacity upon customary terms.

Section 4.16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Subsidiaries</u>. Subject to the approval or vote by Shareholders required in Sections 11.1(b) and 13.5 of this Declaration of Trust, the Trustees may cause to be organized or assist in organizing one or more corporations, trusts, partnerships, associations or other organizations to take over all of the Company's property or to carry on any business in which the Company shall directly or indirectly have any interest and to sell, convey, and transfer all or a portion of the Company's property to any such corporation, trust, limited liability company, association or organization in exchange for the shares or securities thereof, or otherwise, and to lend money to, subscribe for the shares or securities of and enter into any contracts with any such corporation, trust, limited liability company, partnership, association or organization, or any corporation, partnership, trust, limited liability company, association or organization in which the Company holds or is about to acquire shares or any other interests. The Trustees may not sell all or substantially all of the Company's assets or cause the merger or other reorganization of the Company other than in the ordinary course of the Company's business without the concurrence of a majority of the Shares outstanding

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and entitled to vote on the matter; provided, however, Section 4.16 shall not restrict the Company from forming and transferring assets to subsidiaries in the ordinary course of business.

Section 4.17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Delegation</u>. The Trustees shall have the power to delegate from time to time to such of their number or to officers, employees or agents of the Company the doing of such things, including any matters set forth in this Declaration of Trust, and the execution of such instruments either in the name of the Company or the names of the Trustees or otherwise as the Trustees may deem expedient. The Trustees may designate one or more committees which shall have all or such lesser portion of the authority of the entire Board of Trustees as the Trustees shall determine from time to time except to the extent action by the entire Board of Trustees or particular Trustees is required by the 1940 Act and the Omnibus Guidelines.

**Article V<br>SHARES**

Section 5.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Authorized Shares</u>. The beneficial interest in the Company shall at all times be divided into an unlimited number of Shares. The Shares of the Company shall initially consist of Common Shares, with such par value as may be authorized from time to time by the Trustees in their sole discretion without Shareholder approval. All Common Shares shall be fully paid and nonassessable when issued. Mandatory assessments of Common Shares shall be prohibited and the Company shall not make any mandatory assessment against any Shareholder beyond such Shareholder's subscription commitment. Any different classes or series shall be established and designated, and the variations in the relative rights and preferences as between the different classes shall be fixed and determined, by the Trustees without Shareholder approval. The Trustees may create a class of preferred Shares (the "Preferred Shares") which may be divided into one or more series of Preferred Shares and with such par value as may be authorized from time to time by the Trustees in their sole discretion without Shareholder approval. The Company is authorized to offer and issue an unlimited number of Common Shares and an unlimited number of Preferred Shares.

Section 5.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Authorization by Board of Share Issuance</u>. The Board of Trustees may authorize the issuance from time to time Shares of the Company of any class or series, whether now or hereafter authorized, or securities or rights convertible into Shares of any class or series, whether now or hereafter authorized, for such consideration as the Board may deem advisable (or without consideration in the case of a split of Shares or dividend), subject to such restrictions or limitations, if any, as may be set forth in this Declaration of Trust or the Bylaws.

Section 5.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Classification or Reclassification by the Board</u>. As contemplated by Section 5.1, the variations in the relative rights and preferences as between any classes of Common Shares and any potential Preferred Shares shall be fixed and determined by the Trustees; provided, that all Common Shares or Preferred Shares of the Company or of any series shall be identical to all other Common Shares or Preferred Shares of the Company or of the same series, as the case may be, except that, to the extent permitted by the 1940 Act, there may be variations between different classes as to allocation of expenses, rights of redemption, special and relative rights and preferences as to dividends and distributions and on liquidation, conversion rights, and conditions under which the several classes shall have separate voting rights. All of the outstanding Common Shares as of the date hereof issued to the sole initial Shareholder shall be classified as Class I shares with such terms as set forth in the initial prospectus of the Company, as thereafter subsequently modified from time to time. Any class of Preferred Shares shall have such rights and preferences and priorities over the Common Shares as may be established by the terms thereof; provided that the Company may not issue any Preferred Shares that would limit or subordinate the voting rights of holders of Common Shares as set forth in the Omnibus Guidelines unless required by the 1940 Act.

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The following provisions shall be applicable to any division of Shares of the Company into one or more classes or series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All provisions herein relating to the Shares, or any class or series of Shares of the Company, including common and preferred shares, shall apply equally to each class of Shares of the Company or of any series of the Company, except as the context requires otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The number of Shares of each class that may be issued shall be unlimited. The Trustees may classify or reclassify any Shares or any class of any Shares into one or more other classes that may be established and designated from time to time. The Company may purchase and hold Shares as treasury shares, reissue such treasury shares for such consideration and on such terms as the Trustees may determine, or cancel any Shares of any class acquired by the Company at the Trustees' discretion from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Liabilities, expenses, costs, charges and reserves related to the distribution of, and other identified expenses that should properly be allocated to, the Shares of a particular class or series within the class may be charged to and borne solely by such class or series, and the bearing of expenses solely by a class of Shares or series may be appropriately reflected (in a manner determined by the Trustees) and cause differences in the dividend, redemption and liquidation rights of, the Shares of different classes or series. Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees in their reasonable judgment shall be conclusive and binding upon the Shareholders of all classes for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The establishment and designation of any class or series of Shares shall be effective upon resolution by a majority of the Trustees, adopting a resolution which sets forth such establishment and designation and the relative rights and preferences of such class or series. Each such resolution shall be incorporated herein by reference upon adoption. Prior to the issuance of any class or series of Shares, the Trustees shall determine that such issuance is in the best interest of the Company. The Trustees may, by resolution of a majority of the Trustees, abolish any class or series and the establishment and designation thereof. To the extent the provisions set forth in such resolution conflict with the provisions of this Declaration of Trust with respect to any such rights and privileges of the class or series of Shares, such resolutions shall control.

Section 5.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividends and Distributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Unless otherwise expressly provided in this Declaration of Trust, the holders of each class or series of Shares shall be entitled to dividends and distributions in such amounts and at such times as may be determined by the Board, and the dividends and distributions paid with respect to the various classes or series of Shares may vary among such classes or series. Expenses related to the distribution of, and other identified expenses that properly should be allocated to the Shares of, a particular class or series may be appropriately reflected (in a manner determined by the Board, in its discretion) and cause a difference in the dividend, redemption and liquidation rights of, the Shares of each such class or series of Shares. The Company is permitted to have a distribution reinvestment plan, provided that the plan meets the requirements under Section VI.H of the Omnibus Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Company shall retain a reasonable percentage of proceeds from the offering and revenues to pay the debts or expenses of the Company, to meet obligations of the Company (excluding, for the avoidance of doubt, the payment of Adviser's fees), to use in the conduct of its affairs (including normal repairs, replacements and contingencies, but not for payment of Sponsor fees) as they otherwise may deem desirable, or to retain for future requirements or extensions of the business. Normally, such amount shall not be less than 1% of the offering proceeds of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)From time to time and not less than quarterly, the Company shall review the Company's accounts to determine whether cash distributions are appropriate. The Company shall, subject to authorization by the Board of Trustees, distribute pro rata to the Shareholders funds received by the Company that the Board of Trustees deems unnecessary to retain in the Company. The Board may authorize the Company to declare and pay to Shareholders such dividends or distributions, in cash or other assets of the Company or in Securities of the Company or from any other source, as the Board in its discretion shall determine. The Board shall endeavor to authorize the Company to declare and pay such dividends and distributions: (i) as shall be necessary for the Company to qualify as a "regulated investment company" under the Code and a business development company under the 1940 Act, and (ii) to the extent that the Board deems it unnecessary for the Company to retain funds received by it; provided, however, that in each case Shareholders shall have no right to any dividend or distribution unless and until authorized by the Board and declared by the Company. Distributions pursuant to this Section 5.4 may be among the Shareholders of record of the applicable class or series of Shares at the time of declaring a distribution or among the Shareholders of record at such later date as the Trustees shall determine and specify. The exercise of the powers and rights of the Board pursuant to this Section 5.4 shall be subject to the provisions of any class or series of Shares at the time outstanding. The receipt by any Person in whose name any Shares are registered on the records of the Company or by his or her duly authorized agent shall be a sufficient discharge for all dividends or distributions payable or deliverable in respect of such Shares and from all liability to see to the application thereof. Distributions in kind shall not be permitted, except for distributions of readily marketable securities, distributions of cash from a liquidating trust established for the dissolution of the Company and the liquidation of its assets in accordance with the terms of this Declaration of Trust or distributions in which: (i) the Board advises each Shareholder of the risks associated with direct ownership of the property, (ii) the Board offers each Shareholder the election of receiving such in-kind distributions, and (iii) in-kind distributions are made only to those Shareholders that accept such offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Inasmuch as the computation of net income and gains for Federal income tax purposes may vary from the computation thereof on the books, the above provisions shall be interpreted to give the Trustees the power in their discretion to distribute for any fiscal year as ordinary dividends and as capital gains distributions, respectively, additional amounts sufficient to enable the Company to avoid or reduce liability for taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)If a declaration of dividends or distributions is made pursuant to this Section then at any time prior to the related payment date, the Board may, in its sole discretion, rescind such declaration or change each of the record date and payment date to a later date or dates (in each case for a period of not greater than 180 days after each of the record date and payment date theretofore in effect and provided the payment date as so changed is not more than 60 days after the record date as so changed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)In no event, however, shall funds be advanced or borrowed for purpose of distributions, if the amount of such distributions would exceed the Company's accrued and received revenues for the previous four quarters, less paid and accrued operating costs with respect to such revenues and costs shall be made in accordance with generally accepted accounting principles, consistently applied. Cash distributions from the Company to the Sponsor shall only be made in conjunction with distributions to Shareholders and only out of funds properly allocated to the Sponsor's account.

Section 5.5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Proportionate Rights</u>. All Shares of each particular class shall represent an equal proportionate interest in the assets attributable to the class (subject to the liabilities of that class), and each Share of any particular class shall be equal to each other Share of that class. The Board of Trustees may, from time to time, divide or combine the Shares of any particular class into a greater or lesser number of Shares of that class without thereby changing the proportionate interest in the assets attributable to that class or in any way affecting the rights of holders of Shares of any other class.

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Section 5.6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Distributions in Liquidation</u>. Unless otherwise expressly provided in this Declaration of Trust, in the event of any liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, the holders of all classes of Shares of the Company shall be entitled, after payment or provision for payment of the debts and other liabilities of the Company (as such liability may affect one or more of the classes and series of Shares of the Company), to share ratably in the remaining net assets of the Company.

Section 5.7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Deferred Payments</u>. The Company shall not have authority to make arrangements for deferred payments on account of the purchase price of the Company's Shares unless all of the following conditions are met: (a) such arrangements are warranted by the Company's investment objectives; (b) the period of deferred payments coincides with the anticipated cash needs of the Company; (c) the deferred payments shall be evidenced by a promissory note of the Shareholder, which note shall be with recourse, shall not be negotiable, shall be assignable only subject to defenses of the maker and shall not contain a provision authorizing a confession of judgment; and (d) selling commissions and Front End Fees paid upon deferred payments are payable when payment is made on the note. The Company shall not sell or assign the deferred obligation notes at a discount. In the event of default in the payment of deferred payments by a Shareholder, the Shareholder may be subjected to a reasonable penalty.

Section 5.8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Fractional Shares</u>. The Company shall have authority to issue fractional Shares. Any fractional Shares shall carry proportionately all of the rights of a whole Share, including, without limitation, the right to vote and the right to receive dividends and other distributions.

Section 5.9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Declaration of Trust and Bylaws</u>. All Persons who shall acquire Shares in the Company shall acquire the same subject to the provisions of this Declaration of Trust and the Bylaws.

Section 5.10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Redemptions</u>. Holders of Shares of the Company shall not be entitled to require the Company to repurchase or redeem Shares of the Company.

Section 5.11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Disclosure of Holding</u>. The holders of Shares or other Securities of the Company shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares or other Securities of the Company as the Trustees deem necessary to comply with the provisions of the Code, the 1940 Act or other applicable laws or regulations, or to comply with the requirements of any other taxing or regulatory authority.

Section 5.12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Repurchase of Shares</u>. The Trustees shall have the power to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in, Shares, including Shares in fractional denominations, and, to apply to any such repurchase, redemption, retirement, cancellation or acquisition of Shares any funds or property. The Trustees may establish, from time to time, a Program or Programs by which the Company voluntarily repurchases Shares from the Shareholders; provided, however, that such repurchases do not impair the capital or operations of the Company. The Sponsor is prohibited from receiving a fee on the redemption of Shares by the Company.

Section 5.13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Power to Modify Foregoing Procedures</u>. Notwithstanding any of the foregoing provisions of this Article V, the Trustees may prescribe, in their absolute discretion except as may be required by the 1940 Act, such other bases and times for determining the per Share asset value of the Company's Shares or net income, or the declaration and payment of dividends and distributions as they may deem necessary or desirable for any reason, including to enable the Company to comply with any provision of the 1940 Act, federal securities laws, state securities laws, or any securities exchange or association registered under the Securities Exchange Act of 1934, as amended, or any order of exemption issued by the SEC, all as in effect now or hereafter amended or modified.

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Section 5.14.&nbsp;&nbsp;&nbsp;&nbsp;<u>ERISA Restrictions</u>. Notwithstanding any other provision herein, if and to the extent that any class of Shares do not constitute Publicly Offered Securities, in order to avoid the possibility that the underlying assets of the Company could be treated as assets of Benefit Plan Investor pursuant to the Plan Asset Regulation, the Company, at the direction of the Board of Trustees or any duly-authorized committee of the Board, or, if authorized by the Board, any officer of the Company or the Adviser on behalf of the Company, shall have the power to (1) require any Person proposing to acquire Shares to furnish such information as may be necessary to determine whether such person is (i) a Benefit Plan Investor, or (ii) an ERISA Controlling Person, (2) exclude any Shareholder or potential Shareholder from purchasing our Common Shares (3) prohibit any repurchase of Shares to any Person, and (4) repurchase any or all outstanding Shares held by a Shareholder for such price and on such other terms and conditions as may be determined by or at the direction of the Board.

**Article VI<br>AMENDMENTS; CERTAIN EXTRAORDINARY ACTIONS**

Section 6.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments Generally</u>. The Board of Trustees reserves the right, without any vote of Shareholders, from time to time to make any amendment to this Declaration of Trust, now or hereafter authorized by law, including any amendment altering the terms or contract rights, as expressly set forth in this Declaration of Trust, of any outstanding Shares, provided, however, that if any amendment or new addition to this Declaration of Trust adversely affects the rights of Shareholders, such amendment or addition must be approved by the holders of more than fifty percent (50%) of the outstanding Shares of the Company entitled to vote thereon. All rights and powers conferred by this Declaration of Trust on Shareholders, Trustees and officers are granted subject to this reservation.

Section 6.2.&nbsp;&nbsp;&nbsp;&nbsp;[<u>Reserved</u>.]

Section 6.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Approval of Certain Amendments to Bylaws</u>. The Board of Trustees shall have the exclusive power to adopt, alter or repeal any provision of the Bylaws and to make new Bylaws; provided, however, that if any amendment to the Bylaws adversely affects the voting rights of Shareholders, such amendment must be approved by the affirmative vote of holders of a majority of the outstanding voting Securities of the Company entitled to vote on the matter (as "majority" is defined in Section 2(a)(42) of the 1940 Act).

Section 6.4.&nbsp;&nbsp;&nbsp;&nbsp;[<u>Reserved</u>.]

Section 6.5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Execution of Amendments</u>. Upon obtaining such approvals required by this Declaration of Trust and the Bylaws and without further action or execution by any other Person, including the Delaware Trustee or any Shareholder, (i) any amendment to this Declaration of Trust may be implemented and reflected in a writing executed solely by the requisite members of the Board of Trustees, and (ii) the Delaware Trustee and the Shareholders shall be deemed a party to and bound by such amendment of this Declaration of Trust; provided, however, the Delaware Trustee's written consent shall be required for any amendment that would affect the Delaware Trustee.

**Article VII<br>LIMITATION OF LIABILITY; INDEMNIFICATION AND ADVANCE OF EXPENSES**

Section 7.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation of Shareholder Liability</u>. Shareholders shall be entitled to the same limited liability extended to Shareholders of private Delaware for profit corporations formed under the DGCL. No Shareholder shall be liable for any debt, claim, demand, judgment or obligation of any kind of, against or with respect to the Company by reason of being a Shareholder, nor shall any Shareholder be

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subject to any personal liability whatsoever, in tort, contract or otherwise, to any Person in connection with the Company's assets or the affairs of the Company by reason of being a Shareholder.

Section 7.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation of Trustee and Officer Liability</u>. To the fullest extent permitted by Delaware law, subject to any limitation set forth under the federal securities laws and Washington and California state securities laws, or in this Article VII, no Trustee or officer of the Company shall be liable to the Company or its Shareholders for money damages. Neither the amendment nor repeal of this Section 7.2, nor the adoption or amendment of any other provision of this Declaration of Trust or Bylaws inconsistent with this Section 7.2, shall apply to or affect in any respect the applicability of the preceding sentence with respect to any act or failure to act that occurred prior to such amendment, repeal or adoption. The Company may not incur the cost of that portion of liability insurance which insures the Sponsor for any liability as to which the Sponsor is prohibited from being indemnified.

Section 7.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Person who was or is made a party or is threatened to be made a party to or is otherwise involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative (hereinafter a "proceeding"), by reason of the fact:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)that he or she is or was a Trustee, officer, employee, Controlling Person or agent of the Company, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)that he or she, being at the time a Trustee, officer, employee or agent of the Company, is or was serving at the request of the Company as a director, trustee, officer, employee or agent of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to an employee benefit plan (collectively, "another enterprise" or "other enterprise"), whether either in case (i) or in case (ii) the basis of such proceeding is alleged action or inaction (x) in an official capacity as a Trustee, officer, employee, Controlling Person or agent of the Company, or as a director, trustee, officer, employee or agent of such other enterprise, or (y) in any other capacity related to the Company or such other enterprise while so serving as a director, trustee, officer, employee or agent, shall be indemnified and held harmless by the Company to the fullest extent not prohibited by Delaware law, subject to U.S. federal securities laws, and subject to paragraphs (b) and (c) below, from and against all liability, loss, judgments, penalties, fines, settlements, and reasonable expenses (including, without limitation, attorneys' fees and amounts paid in settlement and including costs of enforcement of enforcement of rights under this Section) (collectively, "Liability and Losses") actually incurred or suffered by such Person in connection therewith. The Persons indemnified hereunder are hereinafter referred to as "Indemnitees." Such indemnification as to such alleged action or inaction shall continue as to an Indemnitee who has after such alleged action or inaction ceased to be a Trustee, officer, employee, Controlling Person or agent of the Company, or director, officer, employee or agent of another enterprise; and shall inure to the benefit of the Indemnitee's heirs, executors and administrators.

The right to indemnification conferred under this Article VII: (A) shall be a contract right; (B) shall not be affected adversely as to any Indemnitee by any amendment or repeal of this Declaration of Trust with respect to any action or inaction occurring prior to such amendment or repeal; and (C) shall vest immediately upon election or appointment of such Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding anything to the contrary in the Declaration of Trust and the Bylaws, including, but not limited to, Article III, Section 15 of the Bylaws, the Company shall not provide any indemnification of, or hold harmless an Indemnitee pursuant to paragraph (a) above, unless all of the following conditions are met:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Sponsor and the Indemnitee has determined, in good faith, that any course of conduct of such Indemnitee giving rise to the Liability and Losses was in the best interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Sponsor and the Indemnitee was acting on behalf of or performing services for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Such Liability and Losses were not the result of (1) negligence or misconduct, in the case that the Indemnitee is the Sponsor or a Trustee (other than an Independent Trustee), officer, employee, Controlling Person, or agent of the Company, or (2) gross negligence or willful misconduct, in the case that the Indemnitee is an Independent Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Such indemnification is recoverable only out of the net assets of the Company and not from the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding anything to the contrary herein, the Company shall not provide any indemnification of any person acting as a broker-dealer for the Company, or an Indemnitee pursuant to paragraph (a) above, for any Liability and Losses arising from or out of an alleged violation of federal or state securities laws by such person or Indemnitee unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee, (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee or (iii) a court of competent jurisdiction approves a settlement of the claims against the particular indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities were offered or sold as to indemnification for violations of securities laws.

Section 7.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Expenses</u>. The Company shall pay or reimburse reasonable legal expenses and other costs incurred by the Sponsor, the Indemnitee, or any Affiliate thereof in advance of final disposition of a proceeding only if all of the following are satisfied: (i) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company, (ii) the Sponsor, the Indemnitee, or any Affiliate thereof provides the Company with written affirmation of the good faith belief of the Sponsor, the Indemnitee, or any Affiliate thereof that the Sponsor, the Indemnitee, or any Affiliate thereof has met the standard of conduct necessary for indemnification by the Company as authorized by Section 7.3(b) hereof, (iii) the legal proceeding was initiated by a third party who is not a Shareholder or, if by a Shareholder of the Company acting in his or her capacity as such, a court of competent jurisdiction approves such advancement, and (iv) the Sponsor, the Indemnitee, or any Affiliate thereof provides the Company with a written agreement to repay the amount paid or reimbursed by the Company, together with the applicable legal rate of interest thereon, if it is ultimately determined by final, non-appealable decision of a court of competent jurisdiction, that the Indemnitee is not entitled to indemnification.

Section 7.5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitations to Indemnification</u>. The provisions of this Article VII shall be subject to the limitations of the 1940 Act.

Section 7.6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Express Exculpatory Clauses in Instruments</u>. Neither the Shareholders nor the Trustees, officers, employees or agents of the Company shall be liable under any written instrument creating an obligation of the Company by reason of their being Shareholders, Trustees, officers, employees or agents of the Company, and all Persons shall look solely to the Company's net assets for the payment of any claim under or for the performance of that instrument. The omission of the foregoing exculpatory language from any instrument shall not affect the validity or enforceability of such instrument and shall not render any

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Shareholder, Trustee, officer, employee or agent liable thereunder to any third party, nor shall the Trustees or any officer, employee or agent of the Company be liable to anyone as a result of such omission.

Section 7.7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-exclusivity</u>. Subject to Sections 7.3 and 7.4, the indemnification and advancement of expenses provided or authorized by this Article VII shall not be deemed exclusive of any other rights, by indemnification or otherwise, to which any Indemnitee may be entitled under the Bylaws, a resolution of Shareholders or Trustees, an agreement or otherwise.

Section 7.8.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Bond Required of Trustees</u>. No Trustee shall, as such, be obligated to give any bond or other security for the performance of any of his or her duties hereunder.

Section 7.9.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Duty of Investigation; No Notice in Trust Instruments, etc</u>. No purchaser, lender, transfer agent or other person dealing with the Trustees or with any officer, employee or agent of the Company shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by said officer, employee or agent or be liable for the application of money or property paid, loaned, or delivered to or on the order of the Trustees or of said officer, employee or agent. Every obligation, contract, undertaking, instrument, certificate, Share, other Security of the Company, and every other act or thing whatsoever executed in connection with the Company shall be conclusively taken to have been executed or done by the executors thereof only in their capacity as Trustees under this Declaration of Trust or in their capacity as officers, employees or agents of the Company. The Trustees may maintain insurance for the protection of the Company's property, the Shareholders, Trustees, officers, employees and agents in such amount as the Trustees shall deem adequate to cover possible tort liability, and such other insurance as the Trustees in their sole judgment shall deem advisable or is required by the 1940 Act.

Section 7.10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Reliance on Experts, etc</u>. Each Trustee and officer or employee of the Company shall, in the performance of its duties, be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in good faith upon the books of account or other records of the Company, upon an opinion of counsel, or upon reports made to the Company by any of the Company's officers or employees or by any advisor, administrator, manager, distributor, selected dealer, accountant, appraiser or other expert or consultant selected with reasonable care by the Trustees, officers or employees of the Company, regardless of whether such counsel or expert may also be a Trustee.

**Article VIII<br>ADVISER, ADMINISTRATOR AND CUSTODIAN; DISTRIBUTION ARRANGEMENTS**

Section 8.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Supervision of Adviser and Administrator</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to the requirements of the 1940 Act, the Board of Trustees may exercise broad discretion in allowing the Adviser and, if applicable, an Administrator, to administer and regulate the operations of the Company, to act as agent for the Company, to execute documents on behalf of the Company and to make executive decisions that conform to general policies and principles established by the Board. The Board shall monitor the Adviser, or if any, the Administrator, to assure that the administrative procedures, operations and Programs of the Company are in the best interests of the Shareholders and are fulfilled and that (i) the expenses incurred are reasonable in light of the investment performance of the Company, its net assets and its net income, (ii) all Front End Fees shall be reasonable and shall not exceed eighteen percent (18%) of the gross proceeds of any offering, regardless of the source of payment, and (iii) the percentage of gross proceeds of any offering committed to investment shall be at least eighty- two percent (82%). All items of compensation to underwriters or dealers, including, but not limited to, selling commissions, expenses, rights of first refusal, consulting fees, finders' fees and all other

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items of compensation of any kind or description paid by the Company, directly or indirectly, shall be taken into consideration in computing the amount of allowable Front End Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Board of Trustees is responsible for determining that compensation paid to the Adviser is reasonable in relation to the nature and quality of services performed and the investment performance of the Company and that the provisions of the Advisory Agreement are being carried out. The Board may consider all factors that they deem relevant in making these determinations. So long as the Company is a business development company under the 1940 Act, compensation to the Adviser shall be considered presumptively reasonable if the incentive fee is limited to the participation in net gains allowed by the Advisers Act.

Section 8.2.&nbsp;&nbsp;&nbsp;&nbsp;F<u>iduciary Obligations of Adviser</u>. The Advisory Agreement shall provide that the Sponsor and the Adviser has a fiduciary responsibility for the safekeeping and use of all funds and assets of the Company, whether or not in the Sponsor's or the Adviser's immediate possession or control, and that the Sponsor or the Adviser shall not employ, or permit another to employ, such funds or assets in any manner except for the exclusive benefit of the Company. The Company shall not permit any Shareholder to contract away any fiduciary obligation owed by the Sponsor or the Adviser under common law.

Section 8.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Experience of Adviser</u>. The Board of Trustees shall determine the sufficiency and adequacy of the relevant experience and qualifications for the officers of the Company given the business objective of the Company in accordance with the requirements of Section II. A of the Omnibus Guidelines. The Board shall determine whether any Adviser possesses sufficient qualifications to perform the advisory function for the Company and whether the compensation provided for in its contract with the Company is justified in accordance with Section II.A of the requirements of the Omnibus Guidelines.

Section 8.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Advisory Agreement</u>. The Advisory Agreement shall provide that it is terminable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)by the Company upon sixty (60) days' written notice to the Adviser: (i) upon the affirmative vote of holders of a majority of the outstanding voting Securities of the Company entitled to vote on the matter (as "majority" is defined in Section 2(a)(42) of the 1940 Act) or (ii) by the vote of the Independent Trustees; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)by the Adviser upon not less than one hundred twenty (120) days' written notice to the Company, in each case without cause or penalty. In the event of termination, the Adviser will cooperate with the Company and the Board in making an orderly transition of the advisory function. In addition, if the Company elects to continue its operations following termination of the Advisory Agreement by the Adviser, the Adviser shall pay all direct expenses incurred as a direct result of its withdrawal. Upon termination of the Advisory Agreement, the Company shall pay the Adviser all amounts then accrued but unpaid to the Adviser. The method of payment must be fair and protect the solvency and liquidity of the Company, in accordance with Section II.E.3 of the Omnibus Guidelines.

Section 8.5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Organization and Offering Expenses Limitation</u>. Unless otherwise provided in any resolution adopted by the Board of Trustees, the Company shall reimburse the Adviser and its Affiliates for Organization and Offering Expenses incurred by the Adviser or its Affiliates; provided, however, that the total amount of all Organization and Offering Expenses shall be reasonable, as determined by the Board, and shall be included in Front End Fees for purposes of the limit on such Front End Fees set forth in Section 8.1.

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Section 8.6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Acquisition Fees</u>. The Company may pay the Adviser and/or its Affiliates fees for the review and evaluation of potential investments; provided, however, that the Board of Trustees shall conclude that the total of all Acquisition Fees and Acquisition Expenses shall be reasonable.

Section 8.7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Reimbursement of Adviser</u>. The Company shall not reimburse the Adviser or its Affiliates for services for which the Adviser or its Affiliates are entitled to compensation in the form of a separate fee. Excluded from the allowable reimbursement shall be: (a) rent or depreciation, utilities, capital equipment, other administrative items of the Adviser; and (b) salaries, fringe benefits, travel expenses and other administrative items incurred or allocated to any Controlling Person of the Adviser.

Section 8.8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Reimbursement of Administrator</u>. In the event the Company executes an agreement for the provision of administrative services, the Company may reimburse the Administrator, at the end of each fiscal quarter, for all expenses of the Company incurred by the Administrator as well as the actual cost of goods and services used for or by the Company and obtained from entities not Affiliated with the Company. Notwithstanding any other provision in this Declaration of Trust, the Administrator may be reimbursed for the administrative services necessary for the prudent operation of the Company performed by it on behalf of the Company; provided, however, the reimbursement shall be an amount equal to the lower of the Administrator's actual cost or the amount the Company would be required to pay third parties for the provision of comparable administrative services in the same geographic location; and provided, further, that such costs are reasonably allocated to the Company on the basis of assets, revenues, time records or other method conforming with generally accepted accounting principles. No reimbursement shall be permitted for services for which the Administrator is entitled to compensation by way of a separate fee.

Section 8.8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Custodians</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Trustees may employ a custodian or custodians meeting the qualifications for custodians for portfolio securities of investment companies contained in the 1940 Act, as custodian with respect to the assets of the Company. Any custodian shall have authority as agent of the Company as determined by the custodian agreement or agreements, but subject to such restrictions, limitations and other requirements, if any, as may be contained in the Bylaws of the Company and the 1940 Act, including without limitation authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to hold the securities owned by the Company and deliver the same upon written order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)to receive any receipt for any moneys due to the Company and deposit the same in its own banking department (if a bank) or elsewhere as the Trustees may direct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)to disburse such funds upon orders or vouchers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)if authorized by the Trustees, to keep the books and accounts of the Company and furnish clerical and accounting services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)if authorized to do so by the Trustees, to compute the net income of the Company; all upon such basis of compensation as may be agreed upon between the Trustees and the custodian.

The Trustees may also authorize each custodian to employ one or more sub-custodians from time to time to perform such of the acts and services of the custodian and upon such terms and conditions, as may be agreed upon between the custodian and such sub-custodian and approved by the Trustees, provided

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that in every case such sub- custodian shall meet the qualifications for custodians contained in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Subject to such rules, regulations and orders as the SEC may adopt, the Trustees may direct the custodian to deposit all or any part of the securities owned by the Company in a system for the central handling of securities established by a national securities exchange or a national securities association registered with the SEC under the Securities Exchange Act of 1934, as amended, or such other Person as may be permitted by the SEC, or otherwise in accordance with the 1940 Act, pursuant to which system all securities of any particular class of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such securities, provided that all such deposits shall be subject to withdrawal only upon the order of the Company.

Section 8.10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Distribution Arrangements</u>. Subject to compliance with the 1940 Act, the Trustees may retain underwriters, distributors and/or placement agents to sell Shares and other Securities of the Company. The Trustees may in their discretion from time to time enter into one or more contracts, providing for the sale of Securities of the Company, whereby the Company may either agree to sell such securities to the other party to the contract or appoint such other party its sales agent for such securities. In either case, the contract shall be on such terms and conditions as the Trustees may in their discretion determine not inconsistent with the provisions of this Article VIII, the Bylaws or the Omnibus Guidelines; and such contract may also provide for the repurchase or sale of Securities of the Company by such other party as principal or as agent of the Company and may provide that such other party may enter into selected dealer agreements and servicing and similar agreements to further the purposes of the distribution or repurchase of the Securities of the Company.

Section 8.11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Expenses of the Company</u>. Notwithstanding anything to the contrary stated in this Section 8, the following apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All expenses of the Company shall be billed to and paid by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Sponsor, the Adviser, and the Administrator may be reimbursed for the actual cost of goods and services used for, or by, the Company and obtained from Persons other than Affiliates of the Sponsor, the Administrator or the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Sponsor, the Adviser, and the Administrator may be reimbursed for the administrative services necessary to the prudent operation of the Company; provided, the reimbursement shall be the lower of the Sponsor's, the Adviser's, or the Administrator's actual cost or the amount the Company would be required to pay to Persons other than Affiliates of the Sponsor, the Adviser or the Administrator, or comparable administrative services in the same geographic location; and provided, further, that such costs are reasonably allocated to the Company on the basis of assets, revenues, time records or other method conforming 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;&nbsp;&nbsp;&nbsp;&nbsp;(d)No reimbursement shall be permitted for services for which the Sponsor, the Adviser, or the Administrator are entitled to compensation by way of a separate fee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Excluded from the allowable reimbursement shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Sponsor's, the Adviser's, or the Administrator's rent and depreciation, utilities, capital equipment, and other administrative items; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Sponsor's, the Adviser's, or the Administrator's Controlling Persons' salaries, fringe benefits, travel expenses, and other administrative items incurred by, or allocated to, the Sponsor's, the Adviser's, or the Administrator's Controlling Persons'.

**Article IX<br>INVESTMENT OBJECTIVES AND LIMITATIONS**

Section 9.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Investment Objective</u>. The Company's investment objective is 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 Trustees shall have power with respect to the Company to manage, conduct, operate and carry on the business of a business development company. The Independent Trustees shall review the investment policies of the Company with sufficient frequency (not less often than annually) to determine that the policies being followed by the Company are in the best interests of its Shareholders. Each such determination and the basis therefor shall be set forth in the minutes of the meetings of the Board of Trustees.

Section 9.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Investments, Generally</u>. All transactions entered into by the Company shall be consistent with the investment permissions and limitations as established for business development companies under the 1940 Act, including any applicable exemptive orders that have been or may be issued in the future by the SEC.

Section 9.3.&nbsp;&nbsp;&nbsp;&nbsp;I<u>nvestments in Programs</u>. For purposes of this Section, "Program" shall be defined as a limited or general partnership, joint venture, unincorporated association or similar organization, other than a corporation, formed and operated for the primary purpose of investment in and the operation of or gain from and interest in the assets to be acquired by such entity. A Program shall not include (and nothing in this Declaration of Trust shall prevent) investments by the Company directly in a master fund in a master/feeder fund structure permissible under the 1940 Act. A Program shall not include an "Eligible Portfolio Company" as defined by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company shall not invest in Programs with non-Affiliates that own and operate specific assets, unless the Company, alone or together with any publicly registered Affiliate of the Company meeting the requirements of subsection (b) below, acquires a controlling interest in such a Program, but in no event shall duplicate fees be permitted; provided, however that the foregoing is not intended to prevent the Company from carrying out its business of investing and reinvesting its assets in securities of other issuers. For purposes of this Section, "controlling interest" means an equity interest possessing the power to direct or cause the direction of the management and policies of the Program, including the authority to: (i) review all contracts entered into by the Program that will have a material effect on its business or assets; (ii) cause a sale or refinancing of the assets or its interest therein subject, in certain cases where required by the Program agreement, to limits as to time, minimum amounts and/or a right of first refusal by the Program or consent of the Program; (iii) approve budgets and major capital expenditures, subject to a stated minimum amount; (iv) veto any sale or refinancing of the assets, or alternatively, to receive a specified preference on sale or refinancing proceeds; and (v) exercise a right of first refusal on any desired sale or refinancing by the Program of its interest in the assets, except for transfer to an Affiliate of the Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Company shall have the authority to invest in Programs with other publicly registered Affiliates of the Company if all of the following conditions are met: (i) the Affiliate and the Company have substantially identical investment objectives; (ii) there are no duplicate fees; (iii) the compensation payable by the Program to the Sponsor or the Adviser in each Company that invests in such Program is substantially identical; (iv) each of the Company and the Affiliate has a right of first refusal to

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buy if the other party wishes to sell assets held in the joint venture; (v) the investment of each of the Company and its Affiliate is on substantially the same terms and conditions; and (vi) any prospectus of the Company in use or proposed to be used when such an investment has been made or is contemplated discloses the potential risk of impasse on joint venture decisions since neither the Company nor its Affiliate controls the Program, and the potential risk that while the Company or its Affiliate may have the right to buy the assets from the Program, it may not have the resources to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Company shall have the authority to invest in Programs with Affiliates other than publicly registered Affiliates of the Company only if all of the following conditions are met: (i) the investment is necessary to relieve the Sponsor or the Adviser from any commitment to purchase the assets entered into in compliance with Section 10.1 prior to the closing of the offering period of the Company; (ii) there are no duplicate fees; (iii) the investment of each entity is on substantially the same terms and conditions; (iv) the Company has a right of first refusal to buy if the Sponsor or the Adviser wishes to sell assets held in the joint venture; and (v) any prospectus of the Company in use or proposed to be used when such an investment has been made or is contemplated discloses the potential risk of impasse on joint venture decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Company may be structured to conduct operations through separate single-purpose entities managed by the Sponsor or the Adviser (multi-tier arrangements); provided, that the terms of any such arrangements do not result in the circumvention of any of the requirements or prohibitions contained herein or under applicable federal or state securities laws, including, as applicable, the Omnibus Guidelines. Any agreements regarding such arrangements shall accompany any prospectus of the Company, if such agreement is then available, and the terms of such agreement shall contain provisions assuring that all of the following restrictions apply: (i) there will be no duplication or increase in Organization and Offering Expenses, fees payable to the Sponsor, Program expenses or other fees and costs; (ii) there will be no substantive alteration in the fiduciary and contractual relationship between the Sponsor or the Adviser, the Company and the Shareholders; and (iii) there will be no diminishment in the voting rights of the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Other than as specifically permitted in subsections (b), (c) and (d) above, the Company shall not invest in Programs with Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Company shall be permitted to invest in general partnership interests of limited partnership Programs only if the Company, alone or together with any publicly registered Affiliate of the Company meeting the requirements of subsection (b) above, acquires a "controlling interest" as defined in subsection (a) above, no duplicate fees are permitted, no additional compensation beyond that permitted under applicable law is paid to the Sponsor or the Adviser, and the limited partnership Program agreement or other applicable agreement complies with this Section 9.3(f) and Section V of the Omnibus Guidelines.

Section 9.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Goods or Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company may accept other goods or other services provided by the Sponsor, including the Adviser, in connection with the operation of assets, provided that: (i) such Sponsor, including the Adviser, as a fiduciary, determines such self-dealing arrangement is in the best interest of the Company; (ii) the terms pursuant to which all such goods or services are provided to the Company by the Sponsor, including the Adviser shall be embodied in a written contract, the material terms of which must be fully disclosed to the Shareholders in the Company's prospectus; (iii) the written contract may only be modified by vote of a majority of then outstanding Shares and (iv) the contract shall contain a clause allowing termination without penalty on sixty (60) days' prior notice. Subject to the foregoing, arrangements to provide such goods or other services must meet all of the following criteria: (X) the Sponsor, including the

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Adviser, must be independently engaged in the business of providing such goods or services to Persons other than Affiliates and at least thirty-three percent (33%) of the Sponsor's associated gross revenues must come from Persons other than Affiliates; (Y) the compensation, price or fee charged for providing such goods or services must be comparable and competitive with the compensation, price or fee charged by Persons other than the Adviser or Affiliates of the Company, the Sponsor, and the Adviser in the same geographic location who provide comparable goods or services which could reasonably be made available to the Company; and (Z) except in extraordinary circumstances, the compensation and other material terms of the arrangement must be fully disclosed to the Shareholders in the Company's prospectus. Extraordinary circumstances are limited to instances when immediate action is required and the goods or services are not immediately available from Persons other than the Adviser or Affiliates of the Company, the Sponsor, and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding the foregoing subsection (a)(X), if the Sponsor, including the Adviser, is not engaged in the business to the extent required by such clause, such Sponsor may provide to the Company other goods or other services if all of the following additional conditions are met: (i) the Sponsor can demonstrate the capacity and capability to provide such goods or services on a competitive basis; (ii) the goods or services are provided at the lesser of cost or the competitive rate charged by Persons other than the Adviser or Affiliates of the Company, the Sponsor, and the Adviser in the same geographic location who are in the business of providing comparable goods or services; (iii) the cost is limited to the reasonable necessary and actual expenses incurred by the Sponsor on behalf of the Company in providing such goods or services, exclusive of expenses of the type which may not be reimbursed under applicable federal or state securities laws, including, as applicable, the Omnibus Guidelines; and (iv) expenses are allocated in accordance with generally accepted accounting principles and are made subject to any special audit required by applicable federal and state securities laws, including, as applicable, the Omnibus Guidelines.

Section 9.5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Borrowing Money or Utilizing Leverage</u>. The Trustees shall have the power to cause the Company to borrow money or otherwise obtain credit or utilize leverage to the maximum extent permitted by law or regulation as such may be needed from time to time and to secure the same by mortgaging, pledging or otherwise subjecting as Security the assets of the Company, including the lending of portfolio securities, and to endorse, guarantee, or undertake the performance of any obligation, contract or engagement of any other person, firm, association or corporation. In addition and notwithstanding any other provision of this Declaration of Trust, the Company is hereby authorized to borrow funds, incur indebtedness and guarantee obligations of any Person, and in connection therewith, to the fullest extent permitted by law, the Trustees, on behalf of the Company, are hereby authorized to pledge, hypothecate, mortgage, assign, transfer or grant security interests in or other liens on (i) the Shareholders' subscription agreements and the Shareholders' obligations to make capital contributions thereunder and hereunder, and (ii) any other assets, rights or remedies of the Company or of the Trustees hereunder or under the subscription agreements, including without limitation, the right to issue capital call notices and to exercise remedies upon a default by a Shareholder in the payment of its capital contributions and the right to receive capital contributions and other payments, subject to the terms hereof and thereof. Notwithstanding any provision in this Declaration of Trust, (i) the Company may borrow funds, incur indebtedness and enter into guarantees together with one or more Persons on a joint and several basis or on any other basis that the Board of Trustees, in its sole discretion, determines is fair and reasonable to the Company, and (ii) in connection with any borrowing, indebtedness or guarantee by the Company, all capital contributions shall be payable to the account of the Company designated by the Board of Trustees, which may be pledged to any lender or other credit party of the Company. All rights granted to a lender pursuant to this Section 9.5 shall apply to its agents and its successors and permitted assigns.

**Article X<br>CONFLICTS OF INTEREST**

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Section 10.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Sales and Leases to Company</u>. Unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC or other applicable law, including, but not limited to, the Omnibus Guidelines, the Company and the Independent Trustees shall not purchase or lease assets in which the Adviser, a Sponsor, any Trustee, or any Affiliate thereof has an interest unless all of the following conditions are met: (a) the transaction occurs at the formation of the Company and transaction is fully disclosed to the Shareholders either in a prospectus or periodic report filed with the SEC or otherwise; and (b) the assets are sold or leased upon terms that are reasonable to the Company and at a price not to exceed the lesser of cost or fair market value as determined by an Independent Expert. Notwithstanding anything to the contrary in this Section 10.1, the Sponsor, including the Adviser, may purchase assets in its own name (and assume loans in connection therewith) and temporarily hold title thereto, for the purposes of facilitating the acquisition of the assets, the borrowing of money, obtaining financing for the Company, or the completion of construction of the assets, provided that all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the assets are purchased by the Company at a price no greater than the cost of the assets to the Sponsor or the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)all income generated by, and the expenses associated with, the assets so acquired shall be treated as belonging to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)there are no other benefits arising out of such transaction to the Sponsor or the Adviser apart from compensation otherwise permitted by federal and state securities laws, including the Omnibus Guidelines.

Section 10.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Sales and Leases to the Sponsor, Adviser, Trustees or Affiliates</u>. Unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC or other applicable law, including, but not limited to, the Omnibus Guidelines, the Company shall not sell assets to the Adviser, a Sponsor, any Trustee, or any Affiliate thereof unless such sale is duly approved by the holders of more than fifty percent (50%) of the outstanding voting Securities of the Company. The Company shall not lease assets to the Adviser, a Sponsor, any Trustee, or any Affiliate thereof unless all of the following conditions are met: (i) the transaction occurs at the formation of the Company and is fully disclosed to the Shareholders either in a prospectus or periodic report filed with the SEC or otherwise; and (ii) the terms of the transaction are fair and reasonable to the Company.

Section 10.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Loans</u>. Except for the advancement of funds pursuant to Sections 7.3 and 7.4, no loans, credit facilities, credit agreements or otherwise shall be made by the Company to a Sponsor, the Adviser or any Affiliate thereof.

Section 10.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Commissions on Financing, Refinancing or Reinvestment</u>. Unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC or other applicable law, including, but not limited to, the Omnibus Guidelines, the Company shall not pay, directly or indirectly, a commission or fee to a Sponsor, the Adviser or any Affiliate thereof in connection with the reinvestment of cash available for distribution and available reserves or of the proceeds of the resale, exchange or refinancing of assets.

Section 10.5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Rebates, Kickbacks and Reciprocal Arrangements</u>. The Sponsor, the Company, and the Adviser may not receive or accept any rebate or give-ups or similar arrangement that is prohibited under applicable federal or state securities laws, including the Omnibus Guidelines. The Sponsor, the Company, and the Adviser may not participate in any reciprocal business arrangement that would circumvent provisions of applicable federal or state securities laws, including the Omnibus Guidelines, governing conflicts of interest or investment restrictions, or enter into any agreement, arrangement or understanding that would circumvent the restrictions against dealing with affiliates or promoters under

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applicable federal or state securities laws, or that would circumvent the restrictions of the Omnibus Guidelines. The Sponsor, the Company, and the Adviser may not directly or indirectly pay or award any fees or commissions or other compensation to any Person engaged to sell Shares or give investment advice to a potential Shareholder; provided, however, that this Section 10.5 shall not prohibit the payment to a registered broker-dealer or other properly licensed agent of normal sales commissions or other normal compensation (including cash compensation and non-cash compensation (as such terms are defined under FINRA Rule 2310)) for selling or distributing Shares, including out of the Sponsor or the Adviser's own assets, including those amounts paid to the Sponsor or the Adviser under the Advisory Agreement.

Section 10.6.&nbsp;&nbsp;&nbsp;&nbsp;[<u>Reserved</u>.]

Section 10.7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Transactions</u>. Unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, the Company shall not engage in any other transaction with the Adviser or a Trustee or Affiliate thereof unless: (a) such transaction complies with all applicable law and (b) a majority of the Trustees (including a majority of the Independent Trustees) not otherwise interested in such transaction approve such transaction as fair and reasonable to the Company and on terms and conditions not less favorable to the Company than those available from non-Affiliated third parties.

Section 10.8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Lending Practices</u>. On financings made available to the Company by the Sponsor, the Adviser or its Affiliates, the Sponsor, the Adviser or its Affiliates may not receive interest in excess of the lesser of the Sponsor's, the Adviser's or its Affiliates' cost of funds or the amounts that would be charged by unrelated lending institutions on comparable loans for the same purpose. The Sponsor, the Adviser or its Affiliates shall not impose a prepayment charge or penalty in connection with such financings and the Sponsor, the Adviser or its Affiliates shall not receive points or other financing charges. The Sponsor, the Adviser or its Affiliates shall be prohibited from providing permanent financing for the Company. For purposes of this Section 10.8, "permanent financing" shall mean any financing with a term in excess of twelve (12) months.

**Article XI**

**SHAREHOLDERS**

Section 11.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Voting Rights of Shareholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to the enumerated rights of any preferred shares and the mandatory provisions of any applicable laws or regulations and subject to the other provisions of this Declaration of Trust, the following actions may be taken by the Shareholders, without concurrence by the Sponsor, including the Company, the Board of Trustees and the Adviser, upon a vote by the holders of more than fifty percent (50%) of the outstanding Shares of the Company entitled to vote on the matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)modify this Declaration of Trust in accordance with Article VI hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)remove the Adviser and appoint a new Adviser pursuant to the procedures in Section 8.4; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)approve or disapprove to sell all or substantially all of the Company's assets other than in the ordinary course of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Without the approval of Shareholders entitled to cast a majority of all the votes entitled to be cast on the matter, or such other approval as may be required under the mandatory provisions

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of any applicable laws or regulations, or other provisions of this Declaration of Trust, the Sponsor, the Company, the Board of Trustees, and the Adviser may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)modify this Declaration of Trust except for amendments which do not adversely affect the rights of Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)appoint a new Adviser (other than a sub-adviser pursuant to the terms of an Advisory Agreement and applicable law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)sell all or substantially all of the Company's assets other than in the ordinary course of the Company's business or as otherwise permitted by law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)except as permitted under the Advisory Agreement, voluntarily withdraw as the Adviser unless such withdrawal would not affect the tax status of the Company and would not materially adversely affect the Shareholders.

Section 11.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Voting Limitations on Shares Held by the Sponsor, the Adviser, the Trustees and Affiliates</u>. With respect to Shares owned by the Sponsor, the Adviser, the Trustees, and any Affiliates thereof, the Sponsor, the Adviser, the Trustees, and any Affiliates thereof may not vote or consent on matters submitted to the Shareholders regarding the removal of the Sponsor, the Adviser, the Trustees, and any Affiliates thereof or any transaction between the Company and the Sponsor, the Adviser, the Trustees, and any Affiliates thereof. In determining the requisite percentage in interest of Shares necessary to approve a matter on which the Sponsor, the Adviser, the Trustees, and any Affiliates thereof may not vote or consent, any Shares owned by the Sponsor, the Adviser, the Trustees, and any Affiliates thereof shall not be included.

Section 11.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Right of Inspection</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Any Shareholder with any purpose reasonably related to the beneficial owner's interest as a beneficial owner of the statutory trust (a "proper purpose") may: (i) in person or by agent, on written request, inspect and obtain copies at all reasonable times the Company's books and records and ledger; and (ii) present to any officer of the Company or its resident agent a written request for a statement of its affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any Shareholder with proper purpose may: (i) in person or by agent, on written request, inspect and copy at all reasonable times the books and records and ledger of the Company; (ii) present to any officer or resident agent of the Company a written request for a statement of its affairs; and (iii) in the event the Company does not maintain the original or a duplicate ledger at its principal office, present to any officer or resident agent of the Company a written request for the Shareholder List. As used in this Section 11.3, the term "Shareholder List" means an alphabetical list of names, addresses and business telephone numbers of the Shareholders of the Company along with the number of equity Shares held by each of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)A copy of the Shareholder List, requested in accordance with this Section, shall be mailed within ten (10) days of the request and shall be printed in alphabetical order, on white paper, and in readily readable type size (no smaller than 10 point font). The Shareholder List shall be updated at least quarterly to reflect changes in the information contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Company may impose a reasonable charge for expenses incurred in reproduction pursuant to the Shareholder request. A holder of Common Shares may request a copy of the Shareholder List in connection with matters relating to Shareholders' voting rights, the exercise of Shareholder rights under federal proxy laws or for any other proper and legitimate purpose.

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Each Shareholder who receives a copy of the Shareholder List shall keep such list confidential and shall sign a confidentiality agreement to the effect that such Shareholder will keep the Shareholder List confidential and share such list only with its employees, representatives or agents who agree in writing to maintain the confidentiality of the Shareholder List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)If the Sponsor, the Company, the Adviser or the Trustees neglects or refuses to exhibit, produce or mail a copy of the Shareholder List as requested, the Sponsor, the Company, the Adviser or the Trustees shall be liable to any Shareholder requesting the list for the costs, including attorneys' fees, incurred by that Shareholder for compelling the production of the Shareholder List, and for actual damages suffered by any Shareholder by reason of such refusal or neglect. It shall be a defense that the actual purpose and reason for the requests for inspection or for a copy of the Shareholder List is to secure such list of Shareholders or other information for the purpose of selling such list or copies thereof, or of using the same for a commercial purpose other than in the interest of the applicant as a Shareholder relative to the affairs of the Company. The Sponsor, the Company, the Adviser or the Trustees may require the Shareholder requesting the Shareholder List to represent that the list is not requested for a commercial purpose unrelated to the Shareholder's interest in the Company. The remedies provided hereunder to Shareholders requesting copies of the Shareholder List are in addition, to and shall not in any way limit, other remedies available to Shareholders under federal law, or the laws of any state.

Section 11.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Shareholder Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Trustees, including the Independent Trustees, shall take reasonable steps to insure that the Company shall cause to be prepared and delivered or made available by any reasonable means, including an electronic medium, to each Shareholder as of a record date after the end of the fiscal year within one hundred twenty (120) days after the end of the fiscal year to which it relates an annual report for each fiscal year ending after the commencement of the Company's initial public offering that shall include: (i) financial statements prepared in accordance with GAAP that are audited and reported on by independent certified public accountants; (ii) a report of the activities of the Company during the period covered by the report; and (iii) where forecasts have been provided to the Shareholders, a table comparing the forecasts previously provided with the actual results during the period covered by the report; and (iv) a report setting forth distributions to Shareholders for the period covered thereby and separately identifying distributions from: (A) Cash Flow from operations during the period; (B) Cash Flow from operations during a prior period which have been held as reserves; (C) proceeds from disposition of assets of the Company; and (D) reserves from the gross proceeds of the offering originally obtained from the Shareholders. Such annual report must also contain a breakdown of the costs reimbursed to the Sponsor, the Adviser and the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Trustees, including the Independent Trustees, shall take reasonable steps to ensure that the Company shall cause to be prepared and filed, as well as delivered or made available to Shareholders, within sixty (60) days after the end of each fiscal quarter of the Company, a Form 10-Q if required under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Trustees, including the Independent Trustees, shall take reasonable steps to ensure that the Company shall cause to be prepared and delivered or made available within seventy-five (75) days after the end of each fiscal year of the Company to each Person who was at any time during such fiscal year a Shareholder all information necessary for the preparation of the Shareholders' federal income tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)If capital stock has been purchased on a deferred payment basis, on which there remains an unpaid balance during any period covered by any report required by subsections (a) and (b) above; then such report shall contain a detailed statement of the status of all deferred payments, actions

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taken by the Company in response to any defaults, and a discussion and analysis of the impact on capital requirements of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Board of Trustees shall cause the Company, upon request from any state official or agency or official administering the securities laws of such state (a "State Administrator"), to submit to such State Administrator the reports and statements required to be distributed to Shareholders pursuant to this Section 11.4. Notwithstanding the foregoing provisions, the Trustees shall neither be required to prepare and issue nor do they intend to prepare and issue any reports regarding the Company for investors or regulators in jurisdictions outside of the United States, consistent with and as permitted under applicable law.

Section 11.5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Suitability of Shareholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)During any public offering of its Shares and until the earlier of a Liquidity Event or the date the Company is no longer subject to the Omnibus Guidelines, the Company and those selling Shares on its behalf shall, with respect to Share offers and sales in which they are broker of record, make every reasonable effort to determine that the Shares are a suitable and appropriate investment for each Shareholder and to assure that such Shares are offered and sold pursuant only to prospective investors who, in each case, meet the income and Net Worth "Suitability Standards" as specified in the Company's prospectus for the Shares (as the same may be amended or supplemented from time to time) and the Omnibus Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Sponsor or each Person selling Common Shares on behalf of the Company shall make this determination on the basis of information it has obtained from a prospective Shareholder. Relevant information for this purpose will include at least the age, investment objectives, investment experience, income, net worth, financial situation and other investments of the prospective Shareholder, as well as any other pertinent factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Sponsor or each Person selling Common Shares on behalf of the Company shall maintain records of the information used to determine that an investment in Common Shares is suitable and appropriate for a Shareholder. The Sponsor or each Person selling Common Shares on behalf of the Company shall maintain these records for at least six years.

Section 11.6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Agreements</u>. Consistent with applicable law (including the 1940 Act), the Company, the Adviser and/or Affiliates of the Adviser may negotiate agreements ("Side Letters") with certain Shareholders that will result in different investment terms than the terms applicable to other Shareholders and that may have the effect of establishing rights under, or altering or supplementing the terms of, this Declaration of Trust or disclosure contained in any offering document of the Shares. As a result of such Side Letters, certain Shareholders may receive additional benefits which other Shareholders will not receive. Unless agreed otherwise in the Side Letter, in general, the Company, the Adviser and affiliates of the Adviser will not be required to notify any or all of the other Shareholders of any such Side Letters or any of the rights and/or terms or provisions thereof, nor will the Company, the Adviser or affiliates of the Adviser be required to offer such additional and/or different rights and/or terms to any or all of the other Shareholders. The Company, the Adviser and/or affiliates of the Adviser may enter into such Side Letters with any Shareholder as each may determine in its sole discretion at any time. Any exceptions or departures contained in any Side Letter with a Shareholder shall govern with respect to such Shareholder notwithstanding the provisions of the Declaration of Trust (including with respect to amendments to this Declaration of Trust) or any applicable subscription agreements.

**Article XII<br>ROLL-UP TRANSACTIONS**

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Section 12.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Roll-Up Transactions</u>. In connection with any proposed Roll-Up Transaction, an appraisal of all of the Company's assets shall be obtained from a competent Independent Expert. If an appraisal will be included in a prospectus used to offer the securities of a Roll-Up Entity, such appraisal shall be filed with the SEC and the state securities administrators as an exhibit to the registration statement. Accordingly, an issuer using the appraisal shall be subject to liability for violation of Section 11 of the Securities Act and comparable provisions under state law for any material misrepresentation or material omissions in the appraisal. The Company's assets shall be appraised on a consistent basis, and the appraisal shall be based on the evaluation of all relevant information and shall indicate the value of the assets as of a date immediately prior to the announcement of the proposed Roll-Up Transaction. The appraisal shall assume an orderly liquidation of the assets over a twelve-month period. The terms of the engagement of the Independent Expert shall clearly state that the engagement is for the benefit of the Company and the Shareholders. A summary of the appraisal, indicating all material assumptions underlying the appraisal, shall be included in a report to Shareholders in connection with a proposed Roll-Up Transaction. In connection with a proposed Roll-Up Transaction, the Person sponsoring the Roll-Up Transaction shall offer to Shareholders who vote against the proposed Roll-Up Transaction the choice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)accepting the securities of a Roll-Up Entity offered in the proposed Roll-Up Transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)remaining as Shareholders and preserving their interests therein on the same terms and conditions as existed previously; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)receiving cash in an amount equal to the Shareholder's pro rata share of the appraised value of the net assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Company is prohibited from participating in any proposed Roll-Up Transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)that would result in the Shareholders having democracy rights in a Roll-Up Entity that are less than the democracy rights provided for in Sections 4.11, 11.1, 11.2 and 13.3 hereof or Section 3(b) of Article II of our Bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)that includes provisions that would operate as a material impediment to, or frustration of, the accumulation of capital stock by any purchaser of the securities of the Roll-Up Entity (except to the minimum extent necessary to preserve the tax status of the Roll-Up Entity), or which would limit the ability of an investor to exercise the voting rights of its securities of the Roll-Up Entity on the basis of the capital stock held by that investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)in which investor's rights to access of records of the Roll-Up Entity will be less than those described in Section 11.3 hereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)in which any of the costs of the Roll-Up Transaction would be borne by the Company if the Roll-Up Transaction is rejected by the Shareholders.

**Article XIII<br>DURATION OF THE COMPANY**

Section 13.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Duration of the Company</u>. The Company shall continue perpetually unless terminated pursuant to the provisions contained herein or pursuant to any applicable provision of the DSTA.

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Section 13.2.&nbsp;&nbsp;&nbsp;&nbsp;[<u>Reserved</u>.]

Section 13.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Dissolution by Shareholder Vote</u>. The Company may be dissolved at any time, without the necessity for concurrence by the Board, upon affirmative vote by the holders of more than fifty percent (50%) of the outstanding Shares entitled to vote on the matter.

Section 13.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Liquidation</u>. Upon dissolution of the Company, the Board of Trustees shall cause the Company to liquidate and wind-up in a manner consistent with Section 3808 of the DSTA, including the distribution to the Shareholders of any assets of the Company. Upon dissolution and the completion of the winding up of the affairs of the Company, the Company shall be terminated by the executing and filing with the Secretary of State of the State of Delaware by one or more Trustees of a certificate of cancellation of the certificate of trust of the Company.

Section 13.5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Merger or Other Reorganization of the Company</u>. The Sponsor, the Company, the Board of Trustees, and the Adviser may not cause the merger or other reorganization of the Company without the affirmative vote by the holders of more than fifty percent (50%) of the outstanding Shares of the Company entitled to vote on the matter.

**Article XIV<br>MISCELLANEOUS**

Section 14.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Construction and Governing Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Declaration of Trust and the Bylaws, in combination, shall constitute the governing instrument of the Company, however to the extent that any provision of the Bylaws conflicts with this Declaration of Trust, the terms of this Declaration of Trust shall control. This Declaration of Trust and the Bylaws, and the rights and obligations of the Trustees and Shareholders hereunder, shall be governed by and construed and enforced in accordance with the DSTA and the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)[<u>Reserved</u>.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)To the fullest extent permitted by law, the Company, the Shareholders, and the Trustees (including the Delaware Trustee) shall not be subject to any applicable provisions of law pertaining to trusts that, in a manner inconsistent with the express terms of this Declaration of Trust or Bylaws, relate to or regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding or investing trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees, which are inconsistent with the limitations or liabilities or authorities and powers of Trustees as set forth or referenced in this Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Sections 3540 and 3561 of Title 12 of the DSTA shall not apply to the Company.

Section 14.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Conflicts of Law</u>. To the extent that any provision of the DSTA or any provision of this Declaration of Trust or Bylaws conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act shall control to the extent that such provision is mandatory; provided, however, that such

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conflict shall not affect any of the remaining provisions of this Declaration of Trust or the Bylaws or render invalid or improper any action taken or omitted prior to such determination. If any provision of this Declaration of Trust or the Bylaws shall be held invalid or unenforceable in any, the invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Declaration of Trust in any jurisdiction.

Section 14.3.&nbsp;&nbsp;&nbsp;&nbsp;[<u>Reserved</u>.]

Section 14.4.&nbsp;&nbsp;&nbsp;&nbsp;[<u>Reserved</u>.]

Section 14.5.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Exclusive Right to Sell</u>. The Company shall not grant any exclusive right to sell, or exclusive employment to sell, any assets of the Company.

Section 14.6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Commingling of Assets</u>. The funds of the Company shall not be commingled with the funds of any other Person and the Company funds will be protected from the claims of affiliated companies (including, for the avoidance of doubt, creditors of such companies).

Section 14.7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Agreement to be Bound</u>. EVERY PERSON, BY VIRTUE OF HAVING BECOME A SHAREHOLDER IN ACCORDANCE WITH THE TERMS OF THIS DECLARATION OF TRUST AND THE BYLAWS, AS AMENDED FROM TIME TO TIME, SHALL BE DEEMED TO HAVE EXPRESSLY ASSENTED AND AGREED TO THE TERMS OF, AND SHALL BE BOUND BY, THIS DECLARATION OF TRUST AND THE BYLAWS.

Section 14.8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery by Electronic Transmission or Otherwise</u>. Any notice, proxy, vote, consent, report, instrument or writing of any kind or any signature referenced in, or contemplated by, this Declaration of Trust or the Bylaws may, in the sole discretion of the Trustees, be given, granted or otherwise delivered by electronic transmission (within the meaning of the DSTA), including via the internet, or in any other manner permitted by applicable law.

[*Remainder of page intentionally left blank*]

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IN WITNESS WHEREOF, the undersigned have caused this Declaration of Trust to be executed as of the day and year above written.

<u>/s/ TREVOR CLARK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Trevor Clark, as Trustee<br><u>/s/ JAMES E. BOWERS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>James E. Bowers, as Trustee<br><u>/s/ JAMES N. HALLENE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>James N. Hallene, as Trustee <br><u>/s/ LANCE A. LUDWICK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Lance A. Ludwick, as Trustee<br>CSC Delaware Trust Company, as Delaware Trustee<br><u>/s/ DANA DUGAN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:&nbsp;&nbsp;&nbsp;&nbsp;Dana Dugan<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Assistant Vice President

[*Signature Page to TCAP Sixth A&R Declaration of Trust*]

## Exhibit 3.2

**Exhibit 3.2**

**TPG TWIN BROOK CAPITAL INCOME FUND<br>FIFTH AMENDED AND RESTATED BYLAWS** 

**ARTICLE I.**

**OFFICES**

Section 1.<u>PRINCIPAL OFFICE</u>. The principal office of TPG Twin Brook Capital Income Fund (formerly known as AG Twin Brook Capital Income Fund) (the "Company") in the State of Delaware shall be located at such place as the Board of Trustees of the Company (the "Trustees" or the "Board") may designate from time to time.

Section 2.<u>ADDITIONAL OFFICES</u>. The principal executive office of the Company is at 245 Park Avenue, 26th Floor, New York, New York 10167. The Company may have additional offices at such places as the Board may from time to time determine or the business of the Company may require.

**ARTICLE II.** 

**MEETINGS OF SHAREHOLDERS**

Section 1.<u>PLACE</u>. All meetings of shareholders shall be held at the principal executive office of the Company or at such other place as shall be set by the Board and stated in the notice of the meeting.

Section 2.<u>NOTICE OF MEETINGS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Method of Delivery; Minimum Contents; Waiver</u>. Written or printed notice of the purpose or purposes, in the case of a special meeting, and of the time and place of every meeting of the shareholders shall be given by the secretary of the Company to each shareholder of record entitled to vote at the meeting and to each other shareholder entitled to notice of the meeting, by: (i) presenting the notice to such shareholder personally, (ii) placing the notice in the mail, (iii) delivering the notice by overnight delivery service, (iv) transmitting the notice by electronic mail or any other electronic means, or (v) any other means permitted by Delaware law, at least ten (10) days, but not more than ninety (90) days, prior to the date designated for the meeting, addressed to each shareholder at such shareholder's address appearing on the records of the Company or supplied by the shareholder to the Company for the purpose of notice. The notice shall state the time and place of the meeting and, in the case of a special meeting or as otherwise maybe required by statute or this Fifth Amended and Restated Bylaws of the Company ("Bylaws"), the purpose for which the meeting is called. The notice of any meeting of shareholders may be accompanied by a form of proxy approved by the Board in favor of the actions or persons as the Board may select. Notice of any meeting of shareholders shall be deemed waived by any shareholder who attends the meeting in person or by proxy or who before or after the meeting submits a signed waiver of notice that is filed with the records of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Scope of Notice</u>. Except as provided in Article II, Section 11, any business of the Company may be transacted at an annual meeting of shareholders without being specifically designated in the notice of such meeting, except such business as is required by any statute to be stated in such notice. No business shall be transacted at a special meeting of shareholders except as specifically designated in the notice of such meeting. The Company may postpone or cancel a meeting of shareholders by making a public announcement (as defined in Section 11(c)(3) of this Article II) of such postponement or cancellation prior to the meeting. Notice of the date, time and place to which the meeting is postponed shall be given not less than ten days prior to such date and otherwise in the manner set forth in this section.

Section 3.<u>ORGANIZATION AND CONDUCT</u>. Every meeting of shareholders shall be conducted by an individual appointed by the Board to be chairman of the meeting or, in the absence of such

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appointment, by the chairman of the board, if any, or, in the case of a vacancy in the office or absence of the chairman of the board, by one of the following officers present at the meeting: the chief executive officer, the president, if any, any vice president, the secretary, the treasurer or, in the absence of such officers, a chairman chosen by the shareholders by the vote of a majority of the votes cast by shareholders present in person or by proxy. The secretary or, in the secretary's absence, an assistant secretary or, in the absence of both the secretary and assistant secretaries, an individual appointed by the Board or, in the absence of such appointment, an individual appointed by the chairman of the meeting shall act as secretary. In the event that the secretary presides at a meeting of the shareholders, an assistant secretary, or, in the absence of assistant secretaries, an individual appointed by the Board or the chairman of the meeting, shall record the minutes of the meeting. Even if present at the meeting, the person holding the office named herein may delegate to another person the power to act as chair or secretary of the meeting. The order of business and all other matters of procedure at any meeting of shareholders shall be determined by the chairman of the meeting. The chairman of the meeting may prescribe such rules, regulations and procedures and take such action as, in the discretion of such chairman, are appropriate for the proper conduct of the meeting, including, without limitation, (a) restricting admission to the time set for the commencement of the meeting; (b) limiting attendance at the meeting to shareholders of record of the Company, their duly authorized proxies or other such individuals as the chairman of the meeting may determine; (c) limiting participation at the meeting on any matter to shareholders of record of the Company entitled to vote on such matter, their duly authorized proxies or other such individuals as the chairman of the meeting may determine; (d) limiting the time allotted to questions or comments by participants; (e) maintaining order and security at the meeting; (f) removing any shareholder or any other individual who refuses to comply with meeting procedures, rules or guidelines as set forth by the chairman of the meeting; and (g) recessing or adjourning the meeting to a later date and time and place announced at the meeting. Unless otherwise determined by the chairman of the meeting, meetings of shareholders shall not be required to be held in accordance with the rules of parliamentary procedure.

Section 4.<u>QUORUM</u>. At any meeting of shareholders, the presence in person or by proxy of the shareholders of the Company holding one half of the outstanding shares of the Company (without regard to class or series) shall constitute a quorum, except with respect to any such matter that, under applicable statutes or regulatory requirements, requires approval by a separate vote of one or more classes of capital shares of the Company, in which case the presence in person or by proxy of the holders of shares of the Company's capital shares holding one half of the outstanding shares of such class shall constitute a quorum. This Section 6 shall not affect any requirement under any applicable law, any other provisions of these Bylaws or the Sixth Amended and Restated Agreement and Declaration of Trust of the Company, as further amended or restated from time to time (the "Declaration of Trust"), for the vote necessary for the adoption of any measure. If such quorum shall not be present at any meeting of the shareholders, then the chairman of the meeting or the shareholders entitled to vote at such meeting, present in person or by proxy, shall have the power to adjourn the meeting to a date not more than one hundred twenty (120) days after the original record date without further notice other than announcement at the meeting. At such adjourned meeting at which a quorum shall be present, any business may be transacted which might have been transacted at the meeting as originally notified.

Section 5.<u>VOTING</u>. A majority of all votes cast at a meeting of shareholders duly called and at which a quorum is present shall be sufficient to elect a Trustee, provided that, in the case where the number of nominees for the trusteeships (or, if applicable, the trusteeships of a particular class of trustees) exceeds the number of such trustees to be elected (a "Contested Election"), a majority of all votes cast shall be required to elect such nominee, provided that if a sufficient number of votes to elect a trustee are not cast in such Contested Election, the incumbent Trustee, if any, shall retain their position until the next annual meeting of shareholders at which time such Trustee will be up for election. Each share may be voted for as many individuals as there are Trustees to be elected and for whose election the share is entitled to be voted. A majority of the votes cast at a meeting of shareholders duly called and at which a quorum is present

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shall be sufficient to approve any other matter which may properly come before the meeting, unless more than a majority of the votes cast is required by the 1940 Act or other applicable law, the Declaration of Trust or Article III of these Bylaws. Unless otherwise provided in the Declaration of Trust, each outstanding share owned of record on the applicable record date, regardless of class, shall be entitled to one vote on each matter submitted to a vote at a meeting of shareholders.

Section 6.<u>PROXIES</u>. A shareholder may vote the shares owned of record by the shareholder, either in person or by proxy executed in writing by the shareholder or by the shareholder's duly authorized agent as permitted by law. Such proxy shall be filed with the secretary of the Company before or at the meeting.

Section 7.<u>VOTING OF SHARES BY CERTAIN HOLDERS</u>. Shares of the Company registered in the name of a corporation, partnership, trust or other entity, if entitled to be voted, may be voted by the president or a vice president, a general partner or trustee thereof, as the case may be, or a proxy appointed by any of the foregoing individuals, unless some other person who has been appointed to vote such share pursuant to a bylaw or a resolution of the governing body of such corporation or other entity or agreement of the partners of a partnership presents a certified copy of such bylaw, resolution or agreement, in which case such person may vote such share. Any fiduciary may vote shares registered in his or her name as such fiduciary, either in person or by proxy.

Shares of the Company directly owned by it or its subsidiaries shall not be voted at any meeting and shall not be counted in determining the total number of outstanding shares entitled to be voted at any given time, unless they are held by it in a fiduciary capacity, in which case they may be voted and shall be counted in determining the total number of outstanding shares at any given time.

The Board may adopt by resolution a procedure by which a shareholder may certify in writing to the Company that any shares registered in the name of the shareholder are held for the account of a specified person other than the shareholder. The resolution shall set forth the class of shareholders who may make the certification, the purpose for which the certification may be made, the form of certification and the information to be contained in it; if the certification is with respect to a record date or closing of the shares transfer books, the time after the record date or closing of the shares transfer books within which the certification must be received by the Company; and any other provisions with respect to the procedure which the Board considers necessary or desirable. On receipt of such certification, the person specified in the certification shall be regarded as, for the purposes set forth in the certification, the shareholder of record of the specified shares in place of the shareholder who makes the certification.

Section 8.<u>INSPECTORS</u>. The Board in advance of any meeting of shareholders, or the chairman of the meeting at any meeting of shareholders, may, but need not, appoint one or more individual inspectors or one or more entities that designate individuals as inspectors to act at the meeting or any adjournment thereof. In case any person who may be appointed as an inspector fails to appear or act, the vacancy may be filled by appointment made by the Board in advance of the meeting or at the meeting by the chairman of the meeting. The inspectors, if any, shall determine the number of shares outstanding and the voting power of each, the shares represented at the meeting, the existence of a quorum, as defined in this Article II, the validity and effect of proxies, and shall receive votes, ballots or consents, hear and determine all challenges and questions arising in connection with the right to vote, count and tabulate all votes, ballots or consents, and determine the result, and do such acts as are proper to conduct the election or vote with fairness to all shareholders. Each such report of an inspector shall be in writing and signed by him or her or by a majority of them if there is more than one inspector acting at such meeting. If there is more than one inspector, the report of a majority shall be the report of the inspectors. The report of the inspector or inspectors on the number of shares represented at the meeting and the results of the voting shall be prima facie evidence thereof.

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Section 9.<u>ADVANCE NOTICE OF SHAREHOLDER NOMINEES FOR TRUSTEES AND OTHER SHAREHOLDER PROPOSALS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Annual Meetings of Shareholders</u>. To the extent that the Company shall hold an annual meeting of its shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Nominations of individuals for election to the Board and the proposal of other business to be considered by the shareholders may be made at an annual meeting of shareholders (i) pursuant to the Company's notice of meeting, (ii) by or at the direction of the Board or (iii) by any shareholder of the Company who was a shareholder of record both at the time of giving of notice provided for in this Section 11(a) and at the time of the annual meeting, who is entitled to vote at the meeting and who has complied with this Section 11(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)For nominations of individuals for election to the Board or other business to be properly brought before an annual meeting by a shareholder pursuant to clause (iii) of subsection (a)(1) of this Section 11, the shareholder must have given timely notice thereof in writing to the secretary of the Company and such other business must otherwise be a proper matter for action by the shareholders. To be timely, a shareholder's notice shall set forth all information required under this Section 11 and shall be delivered to the secretary at the principal executive office of the Company not less than one hundred twenty (120) days nor more than one hundred fifty (150) days prior to the first anniversary of the date of mailing of the notice for the preceding year's annual meeting; provided, however, that in the event that the date of the mailing of the notice for the annual meeting is advanced or delayed by more than thirty (30) days from the first anniversary of the date of mailing of the notice for the preceding year's annual meeting, notice by the shareholder to be timely must be so delivered not earlier than the close of business on the one hundred fiftieth (150th) day prior to the date of mailing of the notice for such annual meeting and not later than the close of business on the later of the one hundred twentieth (120th) day prior to the date of mailing of the notice for such annual meeting or the tenth (10th) day following the day on which public announcement of the date of mailing of the notice for such meeting is first made. In no event shall the public announcement of a postponement or adjournment of an annual meeting commence a new time period for the giving of a shareholder's notice as described above. Such shareholder's notice shall set forth: (i) as to each individual whom the shareholder proposes to nominate for election or reelection as a Trustee, all information relating to such person that is required to be disclosed in solicitations of proxies for election of Trustees, or is otherwise required, in each case pursuant to Regulation 14A (or any successor regulations) under the Exchange Act (including such person's written consent to being named in the proxy statement as a nominee and to serving as a Trustee if elected) and whether such shareholder believes any such individual is, or is not, an Interested Person (as such term is defined in the Declaration of Trust) of the Company and information regarding such individual that is sufficient, in the discretion of the Board or any committee thereof or any authorized officer of the Company, to make such determination: (ii) as to any other business that the shareholder proposes to bring before the meeting, a brief description of the business desired to be brought before the meeting, the reasons for conducting such business at the meeting and any material interest in such business of such shareholder or any Shareholder Associated Person (as defined below) and of the beneficial owner, if any, on whose behalf the proposal is made; and (iii) as to the shareholder giving the notice, any Shareholder Associated Person and the beneficial owner, if any, on whose behalf the nomination or proposal is made, the name and address of such shareholder, as they appear on the Company's books, of any Shareholder Associated Person and of such beneficial owner and the class and number of shares of the Company which are owned beneficially and of record by such shareholder, Shareholder Associated Person and such beneficial owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Notwithstanding anything in the second sentence of Section 11(a)(2) to the contrary, in the event that the number of Trustees to be elected to the Board is increased and there is no public announcement naming all of the nominees for Trustee or specifying the size of the increased Board

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)For purposes of this Section 11, "Shareholder Associated Person" of any shareholder shall mean (i) any person controlling, directly or indirectly, or acting in concert with, such shareholder, (ii) any beneficial owner (as defined in the Declaration of Trust) of shares of the Company owned of record or beneficially by such shareholder and (iii) any person controlling, controlled by or under common control with such Shareholder Associated Person. For purposes of this Section 11, "control" shall have the meaning ascribed to it in Section 2 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Special Meetings of Shareholders</u>. Only such business shall be conducted at a special meeting of shareholders as shall have been brought before the meeting pursuant to the Company's notice of meeting. Nominations of individuals for election to the Board may be made at a special meeting of shareholders at which Trustees are to be elected (i) pursuant to the Company's notice of meeting, (ii) by or at the direction of the Board or (iii) provided that the Board has determined that Trustees shall be elected at such special meeting, by any shareholder of the Company who is a shareholder of record both at the time of giving of notice provided for in this Section 11 and at the time of the special meeting, who is entitled to vote at the meeting and who complied with the notice procedures set forth in this Section 11. In the event the Company calls a special meeting of shareholders for the purpose of electing one or more individuals to the Board, any such shareholder may nominate an individual or individuals (as the case may be) for election as a Trustee as specified in the Company's notice of meeting, if the shareholder's notice required by subsection (a) (2) of this Section 11 shall be delivered to the secretary at the principal executive office of the Company not earlier than the one hundred fiftieth (150th) day prior to such special meeting and not later than the close of business on the later of the one hundred twentieth (120th) day prior to such special meeting or the tenth (10th) day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board to be elected at such meeting. In no event shall the public announcement of a postponement or adjournment of a special meeting commence a new time period for the giving of a shareholder's notice as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Upon written request by the secretary or the Board or any committee thereof, any shareholder proposing a nominee for election as a Trustee or any proposal for other business at a meeting of shareholders shall provide, within five (5) Business Days of delivery of such request (or such other period as may be specified in such request), written verification, satisfactory, in the discretion of the Board or any committee thereof or any authorized officer of the Company, to demonstrate the accuracy of any information submitted by the shareholder pursuant to this Section 11. If a shareholder fails to provide such written verification within such period, the information as to which written verification was requested may be deemed not to have been provided in accordance with this Section 11. "Business Day" shall mean any day other than a Saturday, a Sunday or other day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Only such individuals who are nominated in accordance with this Section 11 shall be eligible for election as Trustees, and only such business shall be conducted at a meeting of shareholders as shall have been brought before the meeting in accordance with this Section 11. The chairman of the meeting shall have the power to determine whether a nomination or any other business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with this Section 11.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)For purposes of this Section 11, (a) the "date of mailing of the notice" shall mean the date of the proxy statement for the solicitation of proxies for election of Trustees and (b) "public announcement" shall mean disclosure (i) in a press release reported by Dow Jones News Service, Associated Press Business Wire, PR Newswire or comparable news service or (ii) in a document publicly filed by the Company with the United States Securities and Exchange Commission pursuant to the Exchange Act or the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Notwithstanding the foregoing provisions of this Section 11, a shareholder shall also comply with all applicable requirements of state law and of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this Section 11. Nothing in this Section 11 shall be deemed to affect any right of a shareholder to request inclusion of a proposal in, nor the right of the Company to omit a proposal from, the Company's proxy statement pursuant to Rule 14a-8 (or any successor provision) under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Nothing in this Section 11 shall be deemed to affect any right of a shareholder to request inclusion of a proposal in, or the right of the Company to omit a proposal from, the Company's proxy statement pursuant to Rule 14a-8 (or any successor provision) under the Exchange Act

Section 10.<u>VOTING BY BALLOT</u>. Voting on any question or in any election may be viva voce unless the presiding officer shall order or any shareholder shall demand that voting be by ballot.

Section 11.<u>SHAREHOLDERS' CONSENT IN LIEU OF MEETING</u>. Any action required or permitted to be taken at any meeting of shareholders may be taken without a meeting if a unanimous consent setting forth the action is given in writing or by electronic transmission by each shareholder entitled to vote on the matter and filed with the minutes of proceedings of the shareholders.

**ARTICLE III.**<br>**TRUSTEES**

Section 1.<u>GENERAL POWERS</u>. The business and affairs of the Company shall be managed under the direction of its Board. The Board may designate a chairman of the Board, who may also be an officer of the Company, and who will have such powers and duties as determined by the Board from time to time.

Section 2.<u>NUMBER, TENURE AND QUALIFICATIONS</u>. At any regular meeting or at any special meeting called for that purpose, a majority of the entire Board may establish, increase or decrease the number of Trustees, provided that the number thereof shall never be fewer than one, and further provided that the tenure of office of a Trustee shall not be affected by any decrease in the number of Trustees. A majority of Trustees shall be Independent Trustees (for purposes of these Bylaws, as such term is defined in the Declaration of Trust).

Section 3.<u>ANNUAL AND REGULAR MEETINGS</u>. An annual meeting of the Board shall be held immediately after and at the same place as the annual meeting of shareholders, if any, no notice other than this Bylaw being necessary. In the event such meeting is not so held, the meeting may be held at such time and place as shall be specified in a notice given as hereinafter provided for special meetings of the Board. Regular meetings of the Board shall be held from time to time at such places and times as provided by the Board by resolution, without notice other than such resolution.

Section 4.<u>SPECIAL MEETINGS</u>. Special meetings of the Board may be called by or at the request of the chairman of the Board, the chief executive officer, the president or by a majority of the Trustees then in office. The person or persons authorized to call special meetings of the Board may fix any

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place as the place for holding any special meeting of the Board called by them. The Board may provide, by resolution, the time and place for the holding of special meetings of the Board, without notice other than such resolution.

Section 5.<u>NOTICE</u>. Meetings of the Trustees may be held without call or notice. Neither the business to be transacted at, nor the purpose of, any meeting of the Board need be stated in the notice or waiver of notice of such meeting, and no notice need be given of action proposed to be taken by unanimous written consent.

Section 6.<u>QUORUM</u>. Any time there is more than one Trustee, a quorum for all meetings of the Trustees shall be the majority of the Trustees. Unless provided otherwise in the Declaration of Trust or these Bylaws and except as required under the 1940 Act, any action of the Trustees may be taken at a meeting by vote of a majority of the Trustees present (a quorum being present) or without a meeting by written consent of a majority of the Trustees. Any committee of the Trustees, including an executive committee, if any, may act with or without a meeting. A quorum for all meetings of any such committee shall be the majority of the members thereof. Unless provided otherwise in this Declaration, any action of any such committee may be taken at a meeting by vote of a majority of the members present (a quorum being present) or without a meeting by written consent as provided in Section 10. With respect to actions of the Trustees and any committee of the Trustees, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under this Section and shall be entitled to vote to the extent not prohibited by the 1940 Act. The Trustees present at a meeting which has been duly called and convened may continue to transact business until adjournment, notwithstanding the withdrawal of enough Trustees to leave less than a quorum.

Section 7.<u>VOTING</u>. The action of the majority of the Trustees present at a meeting at which a quorum, as defined in Section 6 of this Article III, is present shall be the action of the Board, unless the concurrence of a greater proportion is required for such action by applicable statute or the Declaration of Trust. If enough Trustees have withdrawn from a meeting to leave less than a quorum, as defined in Section 6 of this Article III, but the meeting is not adjourned, the action of the majority of the Trustees still present at such meeting shall be the action of the Board, unless the concurrence of a greater proportion is required for such action by applicable statute or the Declaration of Trust.

Section 8.<u>ORGANIZATION</u>. At each meeting of the Board, the chairman of the Board or, in the absence of the chairman, the chief executive officer shall act as chairman of the meeting. In the absence of both the chairman and the chief executive officer, the president, if any, or in the absence of the president, a Trustee chosen by a majority of the Trustees present shall act as chairman of the meeting. The secretary or, in his or her absence, an assistant secretary of the Company, or in the absence of the secretary and all assistant secretaries, a person appointed by the chairman, shall act as secretary of the meeting.

Section 9.<u>TELEPHONE MEETINGS</u>. Trustees may participate in a meeting, and any committee member of any committee established by the Board pursuant to Article IV, by means of a conference telephone or similar communications equipment if all persons participating in the meeting can hear each other at the same time; provided however, this Section 9 does not apply to any action of the Trustees pursuant to the 1940 Act, that requires the vote of the Trustees to be cast in person at a meeting. Participation in a meeting by these means shall constitute presence in person at the meeting.

Section 10.<u>WRITTEN CONSENT BY TRUSTEES</u>. Any action which may be taken by Trustees by vote may be taken without a meeting if that number of the Trustees, or members of a committee, as the case may be, required for approval of such action at a meeting of the Trustees or of such committee consent to the action in writing and the written consents are filed with the records of the meetings of Trustees. Such consent shall be treated for all purposes as a vote taken at a meeting of Trustees; provided

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however, this Section 10 does not apply to any action of the Trustees pursuant to the 1940 Act that requires the vote of the Trustees to be cast in person at a meeting.

Section 11.<u>VACANCIES</u>. If for any reason any or all the Trustees cease to be Trustees, such event shall not terminate the Company or affect these Bylaws or the powers of the remaining Trustees hereunder, if any. Subject to applicable requirements of the 1940 Act, except as may be provided by the Board in setting the terms of any class or series of preferred shares, (a) any vacancy on the Board may be filled only by a majority of the remaining Trustees, even if the remaining Trustees do not constitute a quorum, as defined in Section 6 of this Article III, and (b) any Trustee elected to fill a vacancy shall serve until a successor is elected and qualified; provided, however, that any such Trustee elected by the remaining Trustees to fill a vacancy shall be proposed for election by shareholders at the next annual meeting of shareholders.

Section 12.<u>COMPENSATION</u>. The Trustees shall have power to pay reasonable compensation from the funds of the Company to themselves as Trustees. The Trustees shall fix the compensation of all officers, employees and Trustees. Nothing herein contained shall be construed to preclude any Trustees from serving the Company in any other capacity and receiving compensation therefor.

Section 13.<u>LOSS OF DEPOSITS</u>. No Trustee shall be liable for any loss which may occur by reason of the failure of the bank, trust company, savings and loan association, or other institution with whom moneys or stock have been deposited.

Section 14.<u>SURETY BONDS</u>. Unless required by law, no Trustee shall be obligated to give any bond or surety or other security for the performance of any of his or her duties.

Section 15.<u>RELIANCE</u>. Each Trustee, officer, employee and agent of the Company shall, in the performance of his duties with respect to the Company, be fully justified and protected with regard to any act or failure to act in reliance in good faith upon the books of account or other records of the Company, upon an opinion of counsel or upon reports made to the Company by any of its officers or employees or by the advisers, accountants, appraisers or other experts or consultants selected by the Trustees or officers of the Company, regardless of whether such counsel or expert may also be a Trustee. Each Trustee, officer, employee and agent of the Company shall also otherwise be entitled to the benefit of Section 3806(k) of the Delaware Statutory Trust Act (the "DSTA").

Section 16.<u>CERTAIN RIGHTS OF TRUSTEES, OFFICERS, EMPLOYEES AND AGENTS</u>. The Trustees shall have no responsibility to devote their full time to the affairs of the Company. Any Trustee, officer, employee or agent of the Company, in his personal capacity or in a capacity as an affiliate, employee, or agent of any other person, or otherwise, may have business interests and engage in business activities similar to or in addition to those of or relating to the Company, subject to the adoption of any policies relating to such interests and activities adopted by the Trustees and applicable law, including, as applicable, the Omnibus Guidelines (as such term is defined in the Declaration of Trust).

**ARTICLE IV.** <br>**COMMITTEES**

Section 1.<u>NUMBER, TENURE AND QUALIFICATIONS</u>. The Board may, by resolution passed by a majority of the whole Board, appoint from among its members an Audit Committee, a Nominating and Corporate Governance Committee, and other committees the Board shall determine from time to time to be in the best interests of the Company and its shareholders, each of which shall be composed of one or more Trustees, who will serve at the pleasure of the Board.

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Section 2.<u>POWERS</u>. The Board may delegate to committees appointed under Section 1 of this Article any of the powers of the Board, except as prohibited by law.

Section 3.<u>MEETINGS</u>. Each committee, if deemed advisable by the Board, shall have a written charter. Notice of committee meetings shall be given in the same manner as notice for special meetings of the Board. A majority of the members of a committee shall constitute a quorum for the transaction of business at any meeting of such committee. The act of a majority of the committee members present at a meeting shall be the act of such committee. The Board may designate a chairman of any committee, and such chairman or, in the absence of a chairman, any two members of any committee (if there are at least two (2) members of the committee) may fix the time and place of its meeting unless the Board shall otherwise provide. In the absence of any member of any such committee, the members thereof present at any meeting, whether or not they constitute a quorum, may appoint another Trustee to act in the place of such absent member. Each committee may fix rules of procedures for its business. Each committee shall keep minutes of its proceedings.

Section 4.<u>VACANCIES</u>. Subject to the provisions hereof, the Board shall have the power at any time to change the membership of any committee, to fill all vacancies, to designate alternate members to replace any absent or disqualified member or to dissolve any such committee. Subject to the power of the Board, the members of the committee shall have the power to fill any vacancies on the committee.

**ARTICLE V.<br>OFFICERS**

Section 1.<u>GENERAL PROVISIONS</u>. The officers of the Company shall include a chief executive officer and/or a president, a secretary, a treasurer and/or chief financial officer and to the extent that Rule 38a-1 under the 1940 Act applies, a chief compliance officer and an anti-money laundering officer, and may include one or more vice presidents, a chief operating officer, a chief investment officer, one or more assistant secretaries and one or more assistant treasurers. In addition, the Board may from time to time elect such other officers with such powers and duties as it shall deem necessary or desirable. The officers of the Company shall be elected annually by the Board at the first meeting of the Board following the annual meeting of shareholders and initially at the organizational meeting of the Company, except that the chief executive officer or president may from time to time appoint one or more vice presidents, assistant secretaries, assistant treasurers or other officers. Each officer shall hold office until his or her successor is elected and qualifies or until death, resignation or removal in the manner hereinafter provided. Any two (2) or more offices except president and vice president may be held by the same person although any person holding more than one office in the Company may not act in more than one capacity to execute, acknowledge or verify an instrument required by law to be executed, acknowledged or verified by more than one officer. In their discretion, the Trustees may leave unfilled any office except that of the chief executive officer and/or the president, the treasurer and/or chief financial officer, the secretary and, to the extent that Rule 38a-1 under the 1940 Act applies, the chief compliance officer. Election of an officer or agent shall not of itself create contract rights between the Company and such officer or agent.

Section 2.<u>REMOVAL AND RESIGNATION</u>. Any officer or agent of the Company may be removed, with or without cause, by a majority of the whole Board if in its judgment the best interests of the Company would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed. Any officer of the Company may resign at any time by giving written notice of his or her resignation to the Board, the chairman of the Board, the chief executive officer, the president or the secretary. Any resignation shall take effect immediately upon its receipt or, if the time when it shall become effective is specified therein, at such later time specified in the notice of resignation. The acceptance of a resignation shall not be necessary to make it effective unless otherwise stated in the resignation. Such resignation shall be without prejudice to the contract rights, if any, of the Company. In addition, the

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termination or resignation of the chief compliance officer shall be effected in accordance with Rule 38a-1(4) under the 1940 Act.

Section 3.<u>VACANCIES</u>. A vacancy in any office may be filled by the Board for the balance of the term.

Section 4.<u>CHIEF EXECUTIVE OFFICER</u>. The Board may designate a chief executive officer from among its Board or elected officers. In the absence of such designation, the president shall be the chief executive officer of the Company. The chief executive officer shall have general responsibility for implementation of the policies of the Company, as determined by the Board, and for the management of the business and affairs of the Company. He or she may execute any deed, mortgage, bond, contract or other instrument, except in cases where the execution thereof shall be expressly delegated by the Trustees or by these Bylaws to some other officer or agent of the Company or shall be required by law to be otherwise executed, and in general shall perform all duties incident to the office of chief executive officer and such other duties as may be prescribed by the Board from time to time.

Section 5.<u>CHIEF OPERATING OFFICER</u>. The Board may designate a chief operating officer. The chief operating officer, under the direction of the chief executive officer, shall have the responsibilities and perform the duties incident to the office of chief operating officer, including general management authority and responsibility for the day-to- day implementation of the policies of the Company and such other responsibilities and duties prescribed by the Board or the chief executive officer from time to time.

Section 6.<u>CHIEF INVESTMENT OFFICER</u>. The Board may designate a chief investment officer. The chief investment officer shall have the responsibilities and duties incident to the office of chief investment officer and such other duties as may be prescribed by the Board, the chief executive officer or the president.

Section 7.<u>CHIEF FINANCIAL OFFICER</u>. The Board may designate a chief financial officer. The chief financial officer shall have the responsibilities and duties incident to the office of chief financial officer and such other duties as may be prescribed as set forth by the Board, the chief executive officer or the president.

Section 8.<u>CHIEF COMPLIANCE OFFICER; ANTI-MONEY LAUNDERING OFFICER</u>. The Board shall designate a chief compliance officer to the extent required by, and consistent with the requirements of, the 1940 Act. The chief compliance officer, who shall also serve as the anti-money laundering officer and subject to the direction of, and reporting to, the Board, shall be responsible for the oversight of the Company's compliance with the U.S. federal securities laws and other applicable regulatory requirements. The designation, compensation and removal of the chief compliance officer must be approved by the Board, including a majority of the Independent Trustees of the Company. The chief compliance officer shall perform such executive, supervisory and management functions and duties as may be assigned to him or her from time to time by the Board, the chief executive officer or the president.

Section 9.<u>PRESIDENT</u>. In the absence of a designation of a chief executive officer by the Board, the president shall be the chief executive officer. He or she may sign with the secretary or any other proper officer of the Company authorized by the Board, deeds, mortgages, bonds, contracts, or other instruments which the Board has authorized to be executed, except in cases where the signing and execution thereof shall be expressly delegated by the Board or by these Bylaws to some other officer or agent of the Company, or shall be required by law to be otherwise signed or executed, and in general shall perform all duties incident to the office of president and such other duties as may be prescribed by the Board from time to time.

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Section 10.<u>VICE PRESIDENTS</u>. In the absence of the chief executive officer, president, the chief operating officer, or in the event of a vacancy in all such offices, the vice president (or in the event there be more than one vice president, the vice presidents in the order designated at the time of their election or, in the absence of any designation, then in the order of their election) shall perform the duties of the president and when so acting shall have all the powers of and be subject to all the restrictions upon the chief executive officer and the president; and shall perform such other duties as from time to time may be assigned to such vice president by the chief executive officer, the chief operating officer, the president or by the Board. The Board may designate one or more vice presidents as executive vice president, senior vice president or as vice president for particular areas of responsibility.

Section 11.<u>SECRETARY</u>. The secretary shall: (a) keep the minutes of the proceedings of the shareholders, the Board and committees of the Board in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these Bylaws or as required by law; (c) be custodian of the corporate records and of the seal of the Company; (d) keep a register of the post office address of each shareholder which shall be furnished to the secretary by such shareholder; (e) have general charge of the shares transfer books of the Company; and (f) in general perform such other duties as from time to time may be assigned by the chief executive officer, the president or by the Board.

Section 12.<u>TREASURER</u>. In the absence of a designation of a chief financial officer by the Board, the treasurer shall be the chief financial officer of the Company. In the absence of a designation of a treasurer by the Board, then the chief financial officer shall be responsible for the duties of the treasurer specified in this Section 12. The treasurer shall be responsible for: (a) the custody of the funds and securities of the Company; (b) the keeping of full and accurate accounts of receipts and disbursements in books belonging to the Company; and (c) the depositing of all moneys and other valuable effects in the name and to the credit of the Company in such depositories as may be designated by the Board.

The treasurer shall disburse the funds of the Company as may be ordered by the Board, taking proper vouchers for such disbursements, and shall render to the president and Board, at the regular meetings of the Board or whenever it may so require, an account of all his or her transactions as treasurer and of the financial condition of the Company. The treasurer shall, if required by the Board, give bonds for the faithful performance of his duties in such sums and with such surety or sureties as shall be satisfactory to the Board.

Section 13.<u>ASSISTANT SECRETARIES AND ASSISTANT TREASURER</u>. The assistant secretaries and assistant treasurers, in general, shall perform such duties as shall be assigned to them by the secretary or treasurer, respectively, or by the chief executive officer, the president or the Board. The assistant treasurers shall, if required by the Board, give bonds for the faithful performance of their duties in such sums and with such surety or sureties as shall be satisfactory to the Board.

**ARTICLE VI.<br>CONTRACTS, LOANS, CHECKS AND DEPOSITS**

Section 1.<u>CONTRACTS</u>. The Board may authorize any officer or agent to enter into any contract or to execute and deliver any instrument in the name of and on behalf of the Company and such authority may be general or confined to specific instances. Any agreement, deed, mortgage, lease or other document shall be valid and binding upon the Company when authorized or ratified by action of the Board and executed by an authorized person.

Section 2.<u>CHECKS AND DRAFTS</u>. All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the Company shall be signed by such officer or agent of the Company in such manner as shall from time to time be determined by the Board.

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Section 3.<u>DEPOSITS</u>. All funds of the Company not otherwise employed shall be deposited from time to time to the credit of the Company in such banks, trust companies or other depositories as the Board may designate.

**ARTICLE VII.**

**SHARES**

Section 1.<u>CERTIFICATES</u>. The Company will not issue share certificates. A shareholder's investment in the Company will be recorded on the books of the Company. A shareholder wishing to transfer his or her shares will be required to send a completed and executed form to the Company, such form to be provided upon a shareholder's request.

Section 2.<u>TRANSFERS</u>. All transfers of shares shall be made on the books of the Company, by the holder of the shares, in person or by his or her attorney, in such manner as the Board or any officer of the Company may prescribe.

The Company shall be entitled to treat the holder of record of any shares as the holder in fact thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such share or on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of the State of Delaware.

Notwithstanding the foregoing, transfers of shares of any class or series of shares will be subject in all respects to the Declaration of Trust of the Company and all of the terms and conditions contained therein.

Section 3.<u>NOTICE OF ISSUANCE OR TRANSFER</u>. Upon issuance or transfer of shares in the Company, the Company shall send the shareholder a written statement that reflects such investment or transfer containing such information, at a minimum, as required by law. The Company, alternatively, may furnish notice that a full statement of the information contained in the foregoing sentence will be provided to any shareholder upon request and without charge.

Section 4.<u>CLOSING OF TRANSFER BOOKS OR FIXING OF RECORD DATE</u>. The Board may set, in advance, a record date for the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or determining shareholders entitled to receive payment of any dividend or the allotment of any other rights, or in order to make a determination of shareholders for any other proper purpose. Such date, in any case, shall not be prior to the close of business on the day the record date is fixed and shall be not more than ninety (90) days and, in the case of a meeting of shareholders, not less than ten (10) days, before the date on which the meeting or particular action requiring such determination of shareholders of record is to be held or taken.

In the context of fixing a record date, the Board may provide that the shares transfer books shall be closed for a stated period but not longer than twenty (20) days. If the shares transfer books are closed for the purpose of determining shareholders entitled to notice of or to vote at a meeting of shareholders, such books shall be closed for at least ten (10) days before the date of such meeting.

If no record date is fixed and the shares transfer books are not closed for the determination of shareholders, (a) the record date for the determination of shareholders entitled to notice of or to vote at a meeting of shareholders shall be at the close of business on the day on which the notice of meeting is mailed or the thirtieth (30th) day before the meeting, whichever is the closer date to the meeting; and (b) the record date for the determination of shareholders entitled to receive payment of a dividend or an allotment of any other rights shall be the close of business on the day on which the resolution of the Trustees, declaring the dividend or allotment of rights, is adopted.

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When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this section, such determination shall apply to any adjournment thereof, except when (i) the determination has been made through the closing of the transfer books and the stated period of closing has expired or (ii) the meeting is adjourned to a date more than one hundred twenty (120) days after the record date fixed for the original meeting, in either of which case a new record date shall be determined as set forth herein.

Section 5.<u>SHARES LEDGER</u>. The Company shall maintain at its principal office or at the office of its counsel, accountants or transfer agent, an original or duplicate share ledger containing the name and address of each shareholder and the number of shares of each class held by such shareholder.

Section 6.<u>FRACTIONAL SHARES; ISSUANCE OF UNITS</u>. The Board may issue fractional shares or provide for the issuance of scrip, all on such terms and under such conditions as they may determine. Notwithstanding any other provision of the Declaration of Trust or these Bylaws, the Board may issue units consisting of different securities of the Company. Any security issued in a unit shall have the same characteristics as any identical securities issued by the Company, except that the Board may provide that for a specified period securities of the Company issued in such unit may be transferred on the books of the Company only in such unit.

**ARTICLE VIII.<br>ACCOUNTING YEAR**

The fiscal year of the Company shall end on December 31 of each fiscal year, and may thereafter be changed by duly adopted resolution of the Board from time to time.

**ARTICLE IX.<br>DISTRIBUTIONS**

Section 1.<u>AUTHORIZATION</u>. Dividends and other distributions upon the shares of the Company may be authorized by the Board, subject to the provisions of law and the Declaration of Trust of the Company. Dividends and other distributions may be paid in cash, property or shares of the Company, subject to the provisions of law and the Declaration of Trust.

Section 2.<u>CONTINGENCIES</u>. Before payment of any dividends or other distributions, there may be set aside out of any assets of the Company available for dividends or other distributions such sum or sums as the Board may from time to time, in its absolute discretion, think proper as a reserve fund for contingencies, for equalizing dividends or other distributions, for repairing or maintaining any property of the Company or for such other purpose as the Board shall determine to be in the best interest of the Company, and the Board may modify or abolish any such reserve.

**ARTICLE X.<br>SEAL**

Section 1.<u>SEAL</u>. The Board may authorize the adoption of a seal by the Company. The Board may authorize one or more duplicate seals and provide for the custody thereof.

Section 2.<u>AFFIXING SEAL</u>. Whenever the Company is permitted or required to affix its seal to a document, it shall be sufficient to meet the requirements of any law, rule or regulation relating to a seal to place the word "(SEAL)" adjacent to the signature of the person authorized to execute the document on behalf of the Company.

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**ARTICLE XI.<br>WAIVER OF NOTICE**

Whenever any notice is required to be given pursuant to the Declaration of Trust of the Company or these Bylaws or pursuant to applicable law, a waiver thereof in writing, signed by the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. Neither the business to be transacted at nor the purpose of any meeting need be set forth in the waiver of notice, unless specifically required by statute. The attendance of any person at any meeting shall constitute a waiver of notice of such meeting, except where such person attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened.

**ARTICLE XII.<br>INVESTMENT COMPANY ACT**

If and to the extent that any provision of the DSTA, or any provision of the Declaration of Trust or these Bylaws conflicts with any provision of the 1940 Act, then the applicable provision of the 1940 Act shall control to the extent that such provision is mandatory; provided, however, that such conflict shall not affect any of the remaining provisions of these Bylaws or the Declaration of Trust or render invalid or improper any action take or omitted prior to such determination.

**ARTICLE XIII.<br>AMENDMENT OF BYLAWS**

The Board shall have the exclusive power to adopt, alter or repeal any provision of these Bylaws and to make new Bylaws not inconsistent with the Declaration of Trust. To the extent any provisions of the Bylaws conflict with the Declaration of Trust, the Declaration of Trust shall control.

*Effective as of May 8, 2026.*

## Exhibit 10.1

**Exhibit 10.1**

**SECOND AMENDED AND RESTATED** 

**INVESTMENT MANAGEMENT AGREEMENT BETWEEN<br>TPG TWIN BROOK CAPITAL INCOME FUND<br>AND<br>AGTB FUND MANAGER, LLC**

This Second Amended and Restated Investment Management Agreement (the "Agreement") made this eighth day of May, 2026, is made by and between TPG Twin Brook Capital Income Fund (formerly known as AG Twin Brook Capital Income Fund), a Delaware statutory trust (the "Company") and AGTB Fund Manager, LLC, a Delaware limited liability company (the "Adviser"). Capitalized terms used but not defined herein have the meanings set forth in the Company's Sixth Amended and Restated Agreement and Declaration of Trust (as may be further amended and restated from time to time, the "Declaration of Trust").

WHEREAS, the Company is a closed-end management investment company that has elected to be treated as a business development company ("BDC") under the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder (the "1940 Act");

WHEREAS, the Adviser is an investment adviser that has registered under the Investment Advisers Act of 1940, as amended, and the rules and regulations promulgated thereunder (the "Advisers Act"); and

WHEREAS, the Company desires to retain the Adviser to furnish investment advisory services to the Company on the terms and conditions hereinafter set forth, and the Adviser wishes to be retained to provide such services.

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Duties of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company hereby employs the Adviser to act as the investment adviser to the Company and to manage the investment and reinvestment of the assets of the Company, subject to the supervision of the Company's board of trustees (the "Board of Trustees"), for the period and upon the terms herein set forth, (i) in accordance with the investment objective, policies and restrictions that are set forth in the Company's Registration Statement on Form N-2, as the same shall be amended from time to time (as amended, the "Registration Statement"), (ii) in accordance with the 1940 Act and (iii) during the term of this Agreement, in accordance with all other applicable federal and state laws, rules and regulations, and the Company's charter and by-laws. Without limiting the generality of the foregoing, the Adviser hereby undertakes and agrees, upon the terms and conditions herein set forth, to provide overall investment advisory services for the Company and in connection therewith to, in accordance with the Company's investment objective, policies and restrictions as in effect from time to time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)determining the composition of the Company's portfolio, the nature and timing of the changes to the Company's portfolio and the manner of implementing such changes in accordance with the Company's investment objective, policies and restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)identifying investment opportunities and making investment decisions for the Company, including negotiating the terms of investments in, and dispositions of, portfolio securities and other instruments on the Company's behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)monitoring the Company's investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)performing due diligence on prospective portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)exercising voting rights in respect of portfolio securities and other investments for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)serving on, and exercising observer rights for, boards of directors and similar committees of the Company's portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)negotiating, obtaining and managing financing facilities and other forms of leverage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)providing the Company with such other investment advisory and related services as the Company may, from time to time, reasonably require for the investment of capital, which may include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)making, in consultation with the Board of Trustees, investment strategy decisions for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)reasonably assisting the Board of Trustees and the Company's other service providers with the valuation of the Company's assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)exercising voting rights in respect of the Company's portfolio securities and other investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)The Adviser shall, upon request by any state official or agency or official administering the securities laws of such state (a "State Administrator"), submit to such State Administrator the reports and statements required to be distributed to the Company's shareholders pursuant to this Agreement, any registration statement filed with the United States Securities and Exchange Commission ("SEC") and applicable federal and state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)The Adviser has a fiduciary responsibility and duty to the Company for the safekeeping and use of all the funds and assets of the Company, whether or not in the Adviser's immediate possession or control. The Adviser shall not employ, or permit another to employ, such funds or assets except for the exclusive benefit of the Company. The Adviser shall not contract away any fiduciary obligation owed by the Adviser to the Company's shareholders under common law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Subject to the supervision of the Board of Trustees, the Adviser shall have the power and authority on behalf of the Company to effectuate its investment decisions for the Company, including the execution and delivery of all documents relating to the Company's investments and the placing of orders for other purchase or sale transactions on behalf of the Company and causing the Company to pay investment-related expenses. In the event that the

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Company determines to acquire debt financing or to refinance existing debt financing, the Adviser will arrange for such financing on the Company's behalf. If it is necessary or appropriate for the Adviser to make investments on behalf of the Company through a subsidiary or special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such subsidiary or special purpose vehicle and to make such investments through such subsidiary or special purpose vehicle in accordance with the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Adviser hereby accepts such engagement and agrees during the term hereof to render the services described herein for the compensation provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Subject to the prior approval of a majority of the Board of Trustees, including a majority of the Board of Trustees who are not "interested persons" of the Company and, to the extent required by the 1940 Act and the rules and regulations thereunder, subject to any applicable guidance or interpretation of the SEC or its staff, by the shareholders of the Company, as applicable, the Adviser is hereby authorized, but not required, to enter into one or more sub-advisory agreements with other investment advisers (each, a "Sub-Adviser") pursuant to which the Adviser may obtain the services of the Sub-Adviser(s) to assist the Adviser in fulfilling its responsibilities hereunder. The Adviser, and not the Company, shall be responsible for any compensation payable to any Sub-Adviser. Any sub-advisory agreement entered into by the Adviser shall be in accordance with the requirements of the 1940 Act, the Advisers Act and other applicable federal and state law. The Company acknowledges that the Adviser makes no warranty that any investments made by the Adviser hereunder will not depreciate in value or at any time not be affected by adverse tax consequences, nor does it give any warranty as to the performance or profitability of the assets or the success of any investment strategy recommended or used by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Adviser shall for all purposes herein provided be deemed to be an independent contractor and, except as expressly provided or authorized herein, shall have no authority to act for or represent the Company in any way or otherwise be deemed an agent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Adviser shall keep and preserve, in the manner and for the period required by the 1940 Act, any books and records relevant to the provision of its investment advisory services to the Company and shall specifically maintain all books and records with respect to the Company's portfolio transactions and shall render to Board of Trustees such periodic and special reports as the Board of Trustees may reasonably request. The Adviser agrees that all records that it maintains for the Company are the property of the Company and will surrender promptly to the Company any such records upon the Company's request, provided that the Adviser may retain a copy of such records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Company Responsibilities and Expenses Pa</u>y<u>able by the Company</u>. In connection herewith, the Adviser agrees to maintain a staff within its organization to furnish the above services to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as specifically provided below and above in Section 1 hereof, the Company anticipates that all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to the Company, and the base compensation,

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bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding anything to the contrary stated in this Section 2, the following apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)All expenses of the Company shall be billed to and paid by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Sponsor (as defined in Section 1.2 of the Company's charter), the Adviser, and the Administrator may be reimbursed for the actual cost of goods and services used for, or by, the Company and obtained from Persons other than Affiliates (as each such term is defined in the Declaration of Trust) of the Sponsor, the Administrator, the Adviser or the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The Sponsor, the Adviser, and the Administrator may be reimbursed for the administrative services necessary to the prudent operation of the Company; provided, the reimbursement shall be the lower of the Sponsor's, the Adviser's, or the Administrator's actual cost or the amount the Company would be required to pay to Persons other than Affiliates of the Sponsor, the Adviser or the Administrator for comparable administrative services in the same geographic location; and provided, further, that such costs are reasonably allocated to the Company on the basis of assets, revenues, time records or other method conforming 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;&nbsp;&nbsp;&nbsp;&nbsp;(iv)No reimbursement shall be permitted for services for which the Sponsor, the Adviser, or the Administrator are entitled to compensation by way of a separate fee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Excluded from the allowable reimbursement shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)the Sponsor's, the Adviser's, or the Administrator's rent and depreciation, utilities, capital equipment, and other administrative items; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)the Sponsor's, the Adviser's, or the Administrator's Controlling Persons' salaries, fringe benefits, travel expenses, and other administrative items incurred by, or allocated to, the Sponsor's, the Adviser's, or the Administrator's Controlling Persons'. The term "Controlling Person" includes, but is not limited to, all Persons, whatever their titles, who perform functions for the Sponsor, the Adviser, or the Administrator similar to those of: (a) chairman or member of the board of directors; (b) executive officers; and (c) those holding ten percent or more equity interest in the Sponsor, the Adviser, or the Administrator or a Person having the power to direct or cause the direction of the Sponsor, the Adviser, or the Administrator, whether through the ownership of voting securities, by contract, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Adviser shall bear the expenses arising out of its duties hereunder, except as provided in this Section 2.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Company will bear all other costs and expenses of the Company's operations, administration and transactions, including, but not limited to: investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to this Agreement; the Company's allocable portion of compensation and other expenses incurred by AGTB Fund Manager, LLC (the "Administrator") in performing its administrative obligations under the administration agreement between the Company and the Administrator (the "Administration Agreement"), including but not limited to: (i) the Company's chief compliance officer, chief financial officer, general counsel and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any personnel of Angelo, Gordon & Co., L.P. ("Angelo Gordon") or any of its affiliates providing non-investment related services to the Company; and all other expenses of the Company's operations, administrations and transactions including, without limitation, those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)organization and offering expenses associated with the offering of securities (including legal, accounting, printing, mailing, subscription processing and filing fees and expenses and other offering expenses, including costs associated with technology integration between the Company's systems and those of participating intermediaries, reasonable bona fide due diligence expenses of participating intermediaries supported by detailed and itemized invoices, costs in connection with preparing sales materials and other marketing expenses, design and website expenses, fees and expenses of the Company's transfer agent, fees to attend retail seminars sponsored by participating intermediaries and costs, expenses and reimbursements for travel, meals, accommodations, entertainment and other similar expenses related to meetings or events with prospective investors, intermediaries, registered investment advisors or financial or other advisors, but excluding the shareholder servicing fee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)all taxes, fees, costs, and expenses, retainers and/or other payments of accountants, legal counsel, advisors (including tax advisors), administrators, auditors (including with respect to any additional auditing required under The Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and any applicable legislation implemented by an EEA Member state in connection with such Directive (the "AIFMD"), investment bankers, administrative agents, paying agents, depositaries, custodians, trustees, sub-custodians, consultants (including individuals consulted through expert network consulting firms), engineers, senior advisors, industry experts, operating partners, deal sourcers (including personnel dedicated to but not employed by the Administrator or its affiliates in the credit-focused business of Angelo Gordon), and other professionals (including, for the avoidance of doubt, the costs and charges allocable with respect to the provision of internal legal, tax, accounting, technology or other services and professionals related thereto (including secondees and temporary personnel or consultants that may be engaged on short- or long-term arrangements) as deemed appropriate by the Administrator, with the oversight of the Board of Trustees, where such internal personnel perform services that would be paid by the Company if outside service providers provided the same services); fees, costs, and expenses herein include (x) costs, expenses and fees for hours spent by its in-house attorneys and tax advisors that provide legal advice and/or services to the Company or its portfolio companies on matters related to potential or actual investments and transactions and the ongoing operations of the Company and (y) expenses and fees to provide

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administrative and accounting services to the Company or its portfolio companies, and expenses, charges and/or related costs incurred directly by the Company or affiliates in connection such services, in each case, (I) that are specifically charged or specifically allocated or attributed by the Administrator, with the oversight of the Board of Trustees, to the Company or its portfolio companies and (II) provided that any such amounts shall not be greater than what would be paid to an unaffiliated third party for substantially similar advice and/or services of the same skill and expertise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the cost of calculating the Company's net asset value, including the cost of any third-party valuation services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the cost of effecting any sales and repurchases of the Shares and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)fees and expenses payable under any intermediary manager and selected intermediary agreements, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)interest and fees and expenses arising out of all borrowings, guarantees and other financings or derivative transactions (including interest, fees and related legal expenses) made or entered into by the Company, including, but not limited to, the arranging thereof and related legal expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)all fees, costs and expenses of any loan servicers and other service providers and of any custodians, lenders, investment banks and other financing sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)costs incurred in connection with the formation or maintenance of entities or vehicles to hold the Company's assets for tax or other purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)costs of derivatives and hedging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)expenses, including travel, entertainment, lodging and meal expenses, incurred by the Adviser, or members of its investment team, or payable to third parties, in negotiating, structuring and performing due diligence on prospective portfolio companies, including such expenses related to potential investments that were not consummated, and, if necessary, enforcing the Company's rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)expenses (including the allocable portions of compensation and out-of-pocket expenses such as travel expenses) or an appropriate portion thereof of employees of the Adviser to the extent such expenses relate to attendance at meetings of the Board of Trustees or any committees thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)all fees, costs and expenses, if any, incurred by or on behalf of the Company in negotiating and structuring prospective or potential investments that are not ultimately made, including, without limitation any legal, tax, administrative, accounting, travel, meals, accommodations and entertainment, advisory, excluding advisory services provided by the Adviser contemplated herein, consulting and printing expenses, reverse termination fees and any liquidated damages, commitment fees that become payable in

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connection with any proposed investment that is not ultimately made, forfeited deposits or similar payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)the allocated costs incurred by the Adviser and the Administrator in providing managerial assistance to those portfolio companies that request it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)all brokerage costs, hedging costs, prime brokerage fees, custodial expenses, agent bank and other bank service fees; private placement fees, commissions, appraisal fees, commitment fees and underwriting costs; costs and expenses of any lenders, investment banks and other financing sources, and other investment costs, fees and expenses actually incurred in connection with evaluating, making, holding, settling, clearing, monitoring or disposing of actual investments (including, without limitation, travel, meals, accommodations and entertainment expenses and any expenses related to attending trade association and/or industry meetings, conferences or similar meetings, any costs or expenses relating to currency conversion in the case of investments denominated in a currency other than U.S. dollars) and expenses arising out of trade settlements (including any delayed compensation expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)investment costs, excluding internal costs of the Adviser for providing investment advisory services, and any fees, costs and expenses related to the organization or maintenance of any vehicle through which the Company directly or indirectly participates in the acquisition, holding and/or disposition of investments or which otherwise facilitate the Company's investment activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)transfer agent, dividend agent and custodial fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)fees and expenses associated with marketing efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)federal and state registration fees, franchise fees, any stock exchange listing fees and fees payable to rating agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)independent trustees' fees and expenses including reasonable travel, entertainment, lodging and meal expenses, and any legal counsel or other advisors retained by, or at the discretion or for the benefit of, the independent trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)costs of preparing financial statements and maintaining books and records, costs of Sarbanes-Oxley Act of 2002 compliance and attestation and costs of preparing and filing reports or other documents with the SEC, Financial Industry Regulatory Authority, U.S. Commodity Futures Trading Commission ("CFTC") and other regulatory bodies and other reporting and compliance costs, including registration and exchange listing and the costs associated with reporting and compliance obligations under the 1940 Act and any other applicable federal and state securities laws, and the compensation of professionals responsible for the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi)all fees, costs and expenses associated with the preparation and issuance of the Company's periodic reports and related statements (e.g., financial statements and tax returns) and other internal and third-party printing (including a flat service fee), publishing (including time spent performing such printing and publishing services) and reporting-

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related expenses (including other notices and communications) in respect of the Company and its activities (including internal expenses, charges and/or related costs incurred, charged or specifically attributed or allocated by the Company or the Adviser or its affiliates in connection with such provision of services thereby);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii)the costs of any reports, proxy statements or other notices to shareholders (including printing and mailing costs) and the costs of any shareholder or Board of Trustees meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii)proxy voting expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv)costs associated with an exchange listing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv)costs of registration rights granted to certain investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi)any taxes and/or tax-related interest, fees or other governmental charges (including any penalties incurred where the Adviser lacks sufficient information from third parties to file a timely and complete tax return) levied against the Company and all expenses incurred in connection with any tax audit, investigation, litigation, settlement or review of the Company and the amount of any judgments, fines, remediation or settlements paid in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii)all fees, costs and expenses of any litigation, arbitration or audit involving the Company any vehicle or its portfolio companies and the amount of any judgments, assessments fines, remediations or settlements paid in connection therewith, Board of Trustees and officers, liability or other insurance (including costs of title insurance) and indemnification (including advancement of any fees, costs or expenses to persons entitled to indemnification) or extraordinary expense or liability relating to the affairs of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) all fees, costs and expenses associated with the Company's information and data technology systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix)the costs of specialty and custom software for investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx)costs associated with individual or group shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi)fidelity bond, trustees and officers errors and omissions liability insurance and other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii)direct costs and expenses of administration, including printing, mailing, long distance telephone, copying and secretarial and other staff;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) all fees, costs and expenses of winding up and liquidating the Company's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv)extraordinary expenses (such as litigation or indemnification);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxv)all fees, costs and expenses related to compliance-related matters (such as developing and implementing specific policies and procedures in order to comply with certain regulatory requirements) and regulatory filings; notices or disclosures related to the Company's activities (including, without limitation, expenses relating to the preparation and filing of filings required under the Securities Act, Internal Revenue Service filings under FATCA and FBAR reporting requirements applicable to the Company or reports to be filed with the CFTC, reports, disclosures, filings and notifications prepared in connection with the laws and/or regulations of jurisdictions in which the Company engages in activities, including any notices, reports and/or filings required under the AIFMD, European Securities and Markets Authority and any related regulations, and other regulatory filings, notices or disclosures of the Adviser relating to the Company and its affiliates relating to the Company, and their activities) and/or other regulatory filings, notices or disclosures of the Adviser and its affiliates relating to the Company including those pursuant to applicable disclosure laws and expenses relating to FOIA requests, but excluding, for the avoidance of doubt, any expenses incurred for general compliance and regulatory matters that are not related to the Company and its activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvi) costs and expenses (including travel) in connection with the diligence and oversight of the Company's service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvii)costs and expenses, including travel, meals, accommodations, entertainment and other similar expenses, incurred by the Adviser or its affiliates for meetings with existing investors and any intermediaries, registered investment advisors, financial and other advisors representing such existing investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxviii)all other expenses incurred by the Administrator in connection with administering the Company's business.

From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services. The Company will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on the Company's 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 the Company's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Transactions with Affiliates</u>. The Adviser is authorized on behalf of the Company, from time to time when deemed to be in the best interests of the Company and to the extent permitted by applicable law, to purchase and/or sell securities in which the Adviser or any of its affiliates underwrites, deals in and/or makes a market and/or may perform or seek to perform investment banking services for issuers of such securities. The Adviser is further authorized, to the extent permitted by applicable law, to select brokers (including any brokers affiliated with the Adviser) for the execution of trades for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Best Execution; Research Services</u>.

The Adviser is authorized, for the purchase and sale of the Company's portfolio securities, to employ such dealers and brokers as may, in the judgment of the Adviser, implement the policy of the Company to obtain the best results, taking into account such factors as price, including dealer

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spread, the size, type and difficulty of the transaction involved, the firm's general execution and operational facilities and the firm's risk in positioning the securities involved. Consistent with this policy, the Adviser is authorized to direct the execution of the Company's portfolio transactions to dealers and brokers furnishing statistical information or research deemed by the Adviser to be useful or valuable to the performance of its investment advisory functions for the Company. It is understood that in these circumstances, as contemplated by Section 28(e) of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the "Exchange Act"), the commissions paid may be higher than those which the Company might otherwise have paid to another broker if those services had not been provided. Information so received will be in addition to and not in lieu of the services required to be performed by the Adviser. It is understood that the expenses of the Adviser will not necessarily be reduced as a result of the receipt of such information or research. Research services furnished to the Adviser by brokers who effect securities transactions for the Company may be used by the Adviser in servicing other investment companies, entities or funds and accounts which it manages. Similarly, research services furnished to the Adviser by brokers who effect securities transactions for other investment companies, entities or funds and accounts which the Adviser manages may be used by the Adviser in servicing the Company. It is understood that not all of these research services are used by the Adviser in managing any particular account, including the Company.

The Adviser and its affiliates may aggregate purchase or sale orders for the assets with purchase or sale orders for the same security for other clients' accounts of the Adviser or of its affiliates, the Adviser's own accounts and hold proprietary positions in accordance with its current aggregation and allocation policy (collectively, the "Advisory Clients"), but only if (x) in the Adviser's reasonable judgment such aggregation results in an overall economic or other benefit to the assets taking into consideration the advantageous selling or purchase price, brokerage commission and other expenses and factors and (y) the Adviser's actions with respect to aggregating orders for multiple Advisory Clients, as well as the Company, are consistent with applicable law. However, the Adviser is under no obligation to aggregate any such orders under any circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Excess Brokera</u>g<u>e Commissions</u>. The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Company to pay a member of a national securities exchange, broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of such exchange, broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm's risk and skill in positioning blocks of securities, that such amount of commission is reasonable in relation to the value of the brokerage and/or research services provided by such member, broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Company's portfolio, and constitutes the best net results for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)All Front End Fees (as applicable and defined in the Declaration of Trust) shall be reasonable and shall not exceed 18% of the gross proceeds of any offering, regardless of the source of payment and the percentage of gross proceeds of any offering committed to investment shall be at least eighty-two percent (82%). All items of compensation to underwriters or dealers, including, but not limited to, selling commissions, expenses, rights of first refusal, consulting fees, finders'

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fees and all other items of compensation of any kind or description paid by the Company, directly or indirectly, shall be taken into consideration in computing the amount of allowable Front End Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Compensation of the Adviser</u>. The Company agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a base management fee ("Base Management Fee") and an incentive fee ("Incentive Fee") as hereinafter set forth. The Company shall make any payments due hereunder to the Adviser or to the Adviser's designee as the Adviser may otherwise direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Base Management Fee</u>. The Base Management Fee is payable monthly in arrears at an annual rate of 1.25% of the value of the Company's net assets as of the beginning of the first business day of the month. For the first calendar month in which the Company has operations, net assets will be measured as the beginning net assets as of the date on which the Company begins operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Incentive Fee</u>. The Incentive Fee will consist of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on a percentage of the Company's income and a portion is based on a percentage of the Company's capital gains, each as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Incentive Fee on Pre-Incentive Fee Net Investment Income</u>. 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 Base Management Fee, expenses payable under the Administration Agreement, 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 distribution or shareholder servicing fees).

Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind 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.

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

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

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&nbsp;&nbsp;&nbsp;&nbsp;&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;

&nbsp;&nbsp;&nbsp;&nbsp;&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 rate but is less than a rate of return of 1.43% (5.72% annualized). This is referred to as Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) as the "catch-up"; and

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>Incentive Fee Based on Capital Gains</u>. 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:

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

Each year, the fee paid for the capital gains incentive fee is net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods. 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. In no event will the capital gains incentive fee payable pursuant to this Agreement be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.

The fees that are payable under this Agreement for any partial period will be appropriately prorated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Adviser represents and warrants that it is duly registered and authorized as an investment adviser under the Advisers Act, and the Adviser agrees to maintain effective all material requisite registrations, authorizations and licenses, as the case may be, until the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Adviser shall prepare or shall cause to be prepared and distributed to shareholders during each year the following reports of the Company (either included in a periodic report filed with the SEC or distributed in a separate report) (i) within sixty (60) days of the end

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of each quarter, a report containing the same financial information contained in the Company's Quarterly Report on Form 10-Q filed by the Company under the Exchange Act and (ii) within one hundred and twenty (120) days after the end of the Company's fiscal year, (a) an annual report that shall include financial statements prepared in accordance with U.S. GAAP which are audited and reported on by independent certified public accountants; (b) a report of the material activities of the Company during the period covered by the report; (c) where forecasts have been provided to the Company's shareholders, a table comparing the forecasts previously provided with the actual results during the period covered by the report; and (d) a report setting forth distributions to the Company's shareholders for the period covered thereby and separately identifying distributions from: (A) cash flow from operations during the period; (B) cash flow from operations during a prior period which have been held as reserves; (C) proceeds from disposition of assets; and (D) reserves from the gross proceeds of the Company's offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)From time to time and not less than quarterly, the Company shall cause the Adviser to review the Company's accounts to determine whether cash distributions are appropriate. The Company shall, subject to authorization by the Board of Trustees, distribute pro rata to the Company's shareholders funds which the Board of Trustees deems unnecessary to retain in the Company. The Board of Trustees may from time to time authorize the Company to declare and pay to the Company's shareholders such dividends or other distributions, in cash or other assets of the Company or in securities of the Company, including in shares of one class or series payable to the holders of the shares of another class or series, or from any other source as the Board of Trustees in its discretion shall determine. Any such cash distributions to the Adviser shall be made only in conjunction with distributions to shareholders and only out of funds properly allocated to the Adviser's account. All such cash distributions shall be made only out of funds legally available therefor pursuant to the Delaware General Corporation Law, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Adviser shall, in its sole discretion, temporarily place proceeds from offerings by the Company of its equity securities into short-term, highly liquid investments which, in its reasonable judgment, afford appropriate safety of principal during such time as it is determining the composition and allocation of the portfolio of the Company and the nature, timing and implementation of any changes thereto pursuant to Section 1 of the this Agreement; provided however, that the Adviser shall be under no fiduciary obligation to select any such short-term, highly liquid investment based solely on any yield or return of such investment. The Adviser shall cause any proceeds of the offering of Company securities not committed for investment within the later of two years from the date of effectiveness of the Registration Statement or one year from termination of the offering, unless a longer period is permitted by the applicable State Administrator, to be paid as a distribution to the shareholders of the Company as a return of capital without deduction of a sales load.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Limitations on the Engagement of the Adviser</u>. The services of the Adviser to the Company are not exclusive, and the Adviser may engage in any other business or render similar or different services to others including, without limitation, the direct or indirect sponsorship or management of other investment based accounts or commingled pools of capital, however structured, having investment objectives similar to those of the Company, so long as its services to the Company hereunder are not impaired thereby, and nothing in this Agreement shall limit or restrict the right of any manager, partner, officer or employee of the Adviser to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar

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or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for serving as a director of, or providing consulting services to, one or more of the Company's portfolio companies, subject to applicable law). So long as this Agreement or any extension, renewal or amendment remains in effect, the Adviser shall be the only investment adviser for the Company, subject to the Adviser's right to enter into sub-advisory agreements. It is understood that the Adviser shall not have any obligation to recommend for purchase or sale any loans which its principals, affiliates or employees may purchase or sell for its or their own accounts or for any other client or account if, in the opinion of the Adviser, such transaction or investment appears unsuitable, impractical or undesirable for the Company. Nothing herein shall be construed as constituting the Adviser an agent of the Company. The Adviser assumes no responsibility under this Agreement other than to render the services called for hereunder. It is understood that trustees, officers, employees and shareholders of the Company are or may become interested in the Adviser and its affiliates, as trustees, officers, employees, partners, shareholders, members, managers or otherwise, and that the Adviser and trustees, officers, employees, partners, shareholders, members and managers of the Adviser and its affiliates are or may become similarly interested in the Company as shareholders or otherwise. Subject to any restrictions prescribed by law, by the provisions of the Code of Ethics of the Company and the Adviser and by the Adviser's Allocation Policy, the Adviser and its members, officers, employees and agents shall be free from time to time to acquire, possess, manage and dispose of securities or other investment assets for their own accounts, for the accounts of their family members, for the account of any entity in which they have a beneficial interest or for the accounts of others for whom they may provide investment advisory, brokerage or other services (collectively, "Managed Accounts"), in transactions that may or may not correspond with transactions effected or positions held by the Company or to give advice and take action with respect to Managed Accounts that differs from advice given to, or action taken on behalf of, the Company; provided that the Adviser allocates investment opportunities to the Company, over a period of time on a fair and equitable basis compared to investment opportunities extended to other Managed Accounts. The Adviser is not, and shall not be, obligated to initiate the purchase or sale for the Company of any security that the Adviser and its members, officers, employees or agents may purchase or sell for its or their own accounts or for the account of any other client if, in the opinion of the Adviser, such transaction or investment appears unsuitable or undesirable for the Company.

The Adviser and its affiliates may face conflicts of interest as described in the Company's Registration Statement and/or the Company's periodic filings with the SEC (as such disclosures may be updated from time to time) and such disclosures have been provided, and any updates will be provided, to the Board of Trustees in connection with its consideration of this Agreement and any future renewal of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Responsibility of Dual Directors, Officers and/or Emplo</u>y<u>ees</u>. If any person who is a manager, partner, officer or employee of the Adviser or the Administrator is or becomes a trustee, officer and/or employee of the Company and acts as such in any business of the Company, then such manager, partner, officer and/or employee of the Adviser or the Administrator shall be deemed to be acting in such capacity solely for the Company, and not as a manager, partner, officer and/or employee of the Adviser or the Administrator or under the control or direction of the Adviser or the Administrator, even if paid by the Adviser or the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Limitation of Liability of the Adviser; Indemnification</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Adviser and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it (the "Indemnified Parties") shall not be liable for any error of judgment or mistake of law or for any act or omission or any loss suffered by the Company in connection with the matters to which this Agreement relates, provided that the Adviser shall not be protected against any liability to the Company or its shareholders to which the Adviser would otherwise be subject by reason of willful misfeasance, bad faith or negligence on its part in the performance of its duties or by reason of the reckless disregard of its duties and obligations ("disabling conduct"). An Indemnified Party may consult with counsel and accountants in respect of the Company's affairs and shall be fully protected and justified in any action or inaction which is taken in accordance with the advice or opinion of such counsel and accountants; provided, that such counsel or accountants were selected with reasonable care. Absent disabling conduct, the Company will indemnify the Indemnified Parties against, and hold them harmless from, any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of the Adviser's services under this Agreement or otherwise as adviser for the Company. The Indemnified Parties shall not be liable under this Agreement or otherwise for any loss due to the mistake, action, inaction, negligence, dishonesty, fraud or bad faith of any broker or other agent; provided, that such broker or other agent shall have been selected, engaged or retained by the Adviser in good faith, unless such action or inaction was made by reason of disabling conduct, or in the case of a criminal action or proceeding, where the Adviser had reasonable cause to believe its conduct was unlawful.

Indemnification shall be made only following: (i) a final decision on the merits by a court or other body before which the proceeding was brought that the Indemnified Party was not liable by reason of disabling conduct or (ii) in the absence of such a decision, a reasonable determination, based upon a review of the facts, that the Indemnified Party was not liable by reason of disabling conduct by (a) the vote of a majority of a quorum of trustees of the Company who are neither "interested persons" of the Company nor parties to the proceeding ("disinterested non-party trustees") or (b) an independent legal counsel in a written opinion.

An Indemnified Party shall be entitled to advances from the Company for payment of the reasonable expenses (including reasonable counsel fees and expenses) incurred by it in connection with the matter as to which it is seeking indemnification in the manner and to the fullest extent permissible under law. Prior to any such advance, the Indemnified Party shall provide to the Company a written affirmation of its good faith belief that the standard of conduct necessary for indemnification by the Company has been met and a written undertaking to repay any such advance if it should ultimately be determined that the standard of conduct has not been met. In addition, at least one of the following additional conditions shall be met: (a) the Indemnified Party shall provide a security in form and amount acceptable to the Company for its undertaking; (b) the Company is insured against losses arising by reason of the advance; or (c) a majority of a quorum of disinterested non-party trustees or independent legal counsel, in a written opinion, shall have determined, based on a review of facts readily available to the Company at the time the advance is proposed to be made, that there is reason to believe that the Indemnified Party will ultimately be found to be entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding Section 9(a) to the contrary, the Company shall not provide for indemnification of an Indemnified Party for any liability or loss suffered by an Indemnified Party,

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nor shall the Company provide that any of the Indemnified Parties be held harmless for any loss or liability suffered by the Company, unless all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Company has determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Company has determined, in good faith, that the Indemnified Party was acting on behalf of or performing services for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the Company has determined, in good faith, that such liability or loss was not the result of (A) negligence or misconduct, in the case that the Indemnified Party is the Adviser or an Affiliate of the Adviser, or (B) gross negligence or willful misconduct, in the case that the Indemnified Party is a director of the Company who is not also an officer of the Company or the Adviser or an Affiliate of the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)such indemnification or agreement to hold harmless is recoverable only out of the Company's net assets and not from the Company shareholders.

The Company may not incur the cost of that portion of liability insurance which insures the Adviser for any liability as to which the Adviser is prohibited from being indemnified under the Omnibus Guidelines (as such term is defined in the Declaration of Trust).

Furthermore, the Indemnified Party shall not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)here has been a successful adjudication on the merits of each count involving alleged material securities law violations as to the Indemnified Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnified Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)a court of competent jurisdiction approves a settlement of the claims against the Indemnified Party and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which Shares were offered or sold as to indemnification for violations of securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Company may pay or reimburse reasonable legal expenses and other costs incurred by the Indemnified Party in advance of final disposition of a proceeding only if all of the following are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Indemnified Party provides the Company with written affirmation of such Indemnified Party's good faith belief that the Indemnified Party has met the standard of conduct necessary for indemnification by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the legal proceeding was initiated by a third party who is not a shareholder of the Company, or, if by a Company shareholder acting in his or her capacity as such, a court of competent jurisdiction approves such advancement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the Indemnified Party provides the Company with a written agreement to repay the amount paid or reimbursed by the Company, together with the applicable legal rate of interest thereon, if it is ultimately determined that the Indemnified Party did not comply with the requisite standard of conduct and is not entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Effectiveness, Duration and Termination of Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Agreement shall become effective as of the date first written above. This Agreement may be terminated at any time, without the payment of any penalty, on 60 days' written notice by the Company, by the vote of a majority of the outstanding voting securities of the Company (as defined by the 1940 Act) or by the vote of the Company's trustees or on 120 days' written notice by the Adviser. The provisions of Section 9 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed under Sections 2 or 5 through the date of termination or expiration, and Section 9 shall continue in force and effect and apply to the Adviser and its representatives as and to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This Agreement shall continue in effect until November 1, 2026, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (i) the vote of the Board of Trustees, or by the vote of a majority of the outstanding voting securities of the Company and (ii) the vote of a majority of the Board of Trustees who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party, in accordance with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)This Agreement will automatically terminate in the event of its "assignment" (as such term is defined for purposes of Section 15(a)(4) of the 1940 Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)After the termination of this Agreement, the Adviser shall not be entitled to compensation for further services provided hereunder, except that it shall be entitled to receive from the Company within 30 days after the effective date of such termination all unpaid reimbursements and all earned but unpaid fees payable to the Adviser prior to termination of this Agreement, including any deferred fees. The Adviser shall promptly upon termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Deliver to the Board of Trustees a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board of Trustees;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Deliver to the Board of Trustees all assets and documents of the Company then in custody of the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Cooperate with the Company to provide an orderly management transition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Without the approval of holders of a majority of the Shares entitled to vote on the matter, or such other approval as may be required under the mandatory provisions of any applicable laws or regulations, or other provisions of the Declaration of Trust, the Adviser may not: (i) modify this Agreement except for amendments that do not adversely affect the rights of the shareholders; (ii) appoint a new Adviser (other than a sub-adviser pursuant to the terms of this Agreement and applicable law); (iii) sell all or substantially all of the Company's assets other than in the ordinary course of the Company's business or as otherwise permitted by law; or (iv) except as otherwise permitted herein, voluntarily withdraw as the Adviser unless such withdrawal would not affect the tax status of the Company and would not materially adversely affect the shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Company may terminate the Adviser's interest in the Company's revenues, expenses, income, losses, distributions and capital by payment of an amount equal to the then present fair market value of the terminated Adviser's interest, determined by agreement of the terminated Adviser and the Company. If the Company and the Adviser cannot agree upon such amount, the parties will submit to binding arbitration which cost will be borne equally by the Adviser and the Company. The method of payment to the terminated Adviser must be fair and must protect the solvency and liquidity of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Conflicts of Interest and Prohibited Activities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Adviser is not hereby granted or entitled to an exclusive right to sell or exclusive employment to sell assets for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Adviser shall not: (i) receive or accept any rebate, give-up or similar arrangement that is prohibited under applicable federal or state securities laws, including the Omnibus Guidelines; (ii) participate in any reciprocal business arrangement that would circumvent provisions of applicable federal or state securities laws, including the Omnibus Guidelines, governing conflicts of interest or investment restrictions; or (iii) enter into any agreement, arrangement or understanding that would circumvent the restrictions against dealing with affiliates or promoters under applicable federal or state securities laws, including the Omnibus Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Adviser shall not directly or indirectly pay or award any fees or commissions or other compensation to any person engaged to sell Shares or give investment advice to a potential shareholder; provided, however, that this subsection shall not prohibit the payment to a registered broker-dealer or other properly licensed agent of normal sales commissions or other compensation (including cash compensation and non-cash compensation (as such terms are defined under FINRA Rule 2310)) for selling or distributing Shares, including out of the Adviser's own assets, including those amounts paid to the Adviser under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Adviser covenants that it shall not permit the funds of the Company or cause the funds of the Company to be commingled with the funds of any other Person and the Company

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funds will be protected from the claims of affiliated companies (including, for the avoidance of doubt, creditors of such companies).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Access to Shareholder List</u>.

If a shareholder requests a copy of an alphabetical list of names, addresses and business telephone numbers of the Shareholders of the Company along with the number of equity shares held by each of them (the "Shareholder List") pursuant to Section 11.3 of the Company's charter or any successor provision thereto (the "Charter Shareholder List Provision"), the Adviser is hereby authorized to request a copy of the Shareholder List from the Company's transfer agent and send a copy of the Shareholder List to any shareholder so requesting in accordance with the charter Shareholder List Provision. The Adviser and the Board of Trustees shall be liable to any shareholder requesting the list for the costs, including attorneys' fees, incurred by that shareholder for compelling the production of the Shareholder List, and for actual damages suffered by any shareholder by reason of such refusal or neglect. It shall be a defense that the actual purpose and reason for the requests for inspection or for a copy of the Shareholder List is to secure such list of shareholder or other information for the purpose of selling such list or copies thereof, or of using the same for a commercial purpose other than in the interest of the applicant as a shareholder relative to the affairs of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Notices</u>. Any notice under this Agreement shall be in writing and shall be delivered in person or by telex or facsimile (followed by delivery in person) to the parties at the addresses set forth below.

If to the Company:

TPG Twin Brook Capital Income Fund<br>245 Park Avenue, 26th Floor<br>New York, New York 10167<br>Attn: Trevor Clark, Chairman of the Board of Trustee and Chief Executive<br>Officer

If to the Adviser:

AGTB Fund Manager, LLC<br>245 Park Avenue, 26th Floor<br>New York, New York 10167<br>Attn: Jenny B. Neslin, General Counsel and Secretary

or to such other address as to which the recipient shall have informed the other party in writing.

Unless specifically provided elsewhere, notice given as provided above shall be deemed to have been given, if by personal delivery, on the day of such delivery, and, if by facsimile and mail, on the date on which such facsimile or mail is sent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Amendments</u>. This Agreement may be amended by mutual consent, but the consent of the Company must be obtained in conformity with the requirements of the 1940 Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Entire Agreement; Governing Law</u>. This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. This Agreement shall be construed in accordance with the laws of the State of New York and the applicable provisions of the 1940 Act. To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the 1940 Act, the latter shall control.

[*The remainder of this page intentionally left blank*]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the date above written.

**TPG TWIN BROOK CAPITAL INCOME FUND**

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ JENNY B. NESLIN&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp;Jenny B. Neslin

&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp;General Counsel and Secretary

**AGTB FUND MANAGER, LLC**

By:&nbsp;&nbsp;&nbsp;&nbsp;Angelo, Gordon & Co., L.P., its manager

&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ CHRISTOPHER D. MOORE&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp;Christopher D. Moore

&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory

*[Signature Page to Second Amended & Restated* 

*Investment Management Agreement]*

## Exhibit 10.2

**Exhibit 10.2**

**<u>SECOND AMENDED AND RESTATED ADMINISTRATION AGREEMENT</u>**

This SECOND AMENDED AND RESTATED AGREEMENT (this "Agreement") made as of this eighth day of May, 2026, by and between TPG Twin Brook Capital Income Fund (formerly known as AG Twin Brook Capital Income Fund), a Delaware statutory trust (the "Company"), and AGTB Fund Manager, LLC, a Delaware limited liability company (the "Administrator"). Capitalized terms used but not defined herein have the meanings set forth in the Company's Sixth Amended and Restated Agreement and Declaration of Trust (as may be further amended and restated from time to time, the "Declaration of Trust").

**WITNESSETH:** 

WHEREAS, the Company is a newly formed, closed-end non-diversified management investment company that has elected to be treated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "Investment Company Act");

WHEREAS, the Company desires to retain the Administrator to provide administrative services to the Company in the manner and on the terms hereinafter set forth;

WHEREAS, the Company's investment adviser is AGTB Fund Manager, LLC (in such capacity, the "Adviser");

WHEREAS, Angelo, Gordon & Co., L.P. ("Angelo Gordon") is the Administrator's sole member; and

WHEREAS, the Administrator is willing to provide administrative services to the Company on the terms and conditions hereafter set forth.

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Company and the Administrator hereby agree as follows:

1.<u>Duties of the Administrator</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Employment of Administrator</u>. The Company hereby employs the Administrator to act as administrator of the Company, and to furnish, or arrange for others to furnish, the administrative services, personnel and facilities described below, subject to review by and the overall control of the Board of Trustees of the Company (the "Board"), for the period and on the terms and conditions set forth in this Agreement. The Administrator hereby accepts such employment and agrees during such period to render, or arrange for the rendering of, such services and to assume the obligations herein set forth subject to the reimbursement of costs and expenses provided for below. The Administrator and such others shall for all purposes herein be deemed to be independent contractors and shall, unless otherwise expressly provided or authorized herein, have no authority to act for or represent the Company in any way or otherwise be deemed agents of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Services</u>. The Administrator shall perform (or oversee, or arrange for, the performance of) the administrative services necessary for the operation of the Company. Without

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limiting the generality of the foregoing, the Administrator shall provide the Company with office facilities, equipment, clerical, bookkeeping and record keeping services at such facilities and such other services as the Administrator, subject to review by the Board, shall from time to time determine to be necessary or useful to perform its obligations under this Agreement. The Administrator shall also, on behalf of the Company, conduct relations with custodians, depositories, transfer agents, dividend disbursing agents, other shareholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. The Administrator shall make reports to the Board of its performance of obligations hereunder and furnish advice and recommendations with respect to such other aspects of the business and affairs of the Company as it shall determine to be desirable; provided that nothing herein shall be construed to require the Administrator to, and the Administrator shall not in such capacity, provide any advice or recommendation relating to the securities and other assets that the Company should purchase, retain or sell or any other investment advisory services to the Company. The Administrator shall be responsible for the financial and other records that the Company is required to maintain and shall prepare reports to shareholders, and reports and other materials filed with the United States Securities and Exchange Commission (the "SEC"). The Administrator will provide on the Company's behalf significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance. In addition, the Administrator will assist the Company in determining and publishing the Company's net asset value, overseeing the preparation and filing of the Company's tax returns, and the printing and dissemination of reports to shareholders of the Company, and generally overseeing the payment of the Company's expenses and the performance of administrative and professional services rendered to the Company by others. The Administrator is hereby authorized, but not required, to enter into one or more sub-administration agreements as the Administrator determines necessary in order to carry out the services set forth in this paragraph, subject to the prior approval of the Company, with other administrators (each, a "Sub-Administrator") pursuant to which the Administrator may obtain the services of the Sub-Administrator(s) to assist the Administrator in fulfilling its responsibilities hereunder. To the extent the Administrator outsources any of its functions, at the request of the Administrator, the Company will pay the fees associated with such functions on a direct basis without profit to the Administrator.

2.<u>Records</u>

The Administrator agrees to maintain and keep all books, accounts and other records of the Company that relate to activities performed by the Administrator hereunder and, if required by the Investment Company Act, will maintain and keep such books, accounts and records in accordance with that Act. In compliance with the requirements of Rule 31a-3 under the Investment Company Act, the Administrator agrees that all records which it maintains for the Company shall at all times remain the property of the Company, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of this Agreement or otherwise on written request. The Administrator further agrees that all records which it maintains for the Company pursuant to Rule 31a-1 under the Investment Company Act will be preserved for the periods prescribed by Rule 31a-2 under the Investment Company Act unless any such records are earlier surrendered as provided above. Records shall be surrendered in usable machine-readable form. The Administrator shall have the right to retain copies of such records subject to observance of its confidentiality obligations under this Agreement.

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3.<u>Confidentiality</u>

The parties hereto agree that each shall treat confidentially all information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto, including nonpublic personal information pursuant to Regulation S-P of the SEC, shall be used by any other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party, without the prior consent of such providing party. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed by any regulatory authority, any authority or legal counsel of the parties hereto, by judicial or administrative process or otherwise by applicable law or regulation.

4.<u>Compensation; Allocation of Costs and Expenses</u>

In full consideration of the provision of the services of the Administrator, the Company shall reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations including the Company's allocable portion of the costs and expenses of providing personnel and facilities hereunder. Except as specifically provided herein or otherwise in the Investment Management Agreement between the Company and the Adviser (the "Investment Management Agreement"), the Company anticipates that all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to the Company, and the base compensation, and bonus and benefits of such personnel allocable to such services, will be provided and paid for by the Adviser. The Company will bear all other costs and expenses of the Company's operations, administration and transactions, including, but not limited to:

1)investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Investment Management Agreement;

2)the Company's allocable portion of compensation and other expenses incurred by the Administrator in performing its administrative obligations under this Agreement, including but not limited to: (i) the Company's chief compliance officer, chief financial officer, general counsel and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any personnel of Angelo Gordon or any of its affiliates providing non-investment related services to the Company; and

3)all other expenses of the Company's operations, administrations and transactions including, without limitation, those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)organization and offering expenses associated with the offering of securities (including legal, accounting, printing, mailing, subscription processing and filing fees and expenses and other offering expenses, including costs associated with technology integration between the Company's systems and those of participating intermediaries, reasonable bona fide due diligence expenses of participating intermediaries supported by detailed and itemized invoices, costs in connection with preparing sales materials and other

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marketing expenses, design and website expenses, fees and expenses of the Company's transfer agent, fees to attend retail seminars sponsored by participating intermediaries and costs, expenses and reimbursements for travel, meals, accommodations, entertainment and other similar expenses related to meetings or events with prospective investors, intermediaries, registered investment advisors or financial or other advisors, but excluding the shareholder servicing fee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)all taxes, fees, costs, and expenses, retainers and/or other payments of accountants, legal counsel, advisors (including tax advisors), administrators and sub-administrators, auditors (including with respect to any additional auditing required under The Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and any applicable legislation implemented by an EEA Member state in connection with such Directive (the "AIFMD"), investment bankers, administrative agents, paying agents, depositaries, custodians, trustees, sub-custodians, consultants (including individuals consulted through expert network consulting firms), engineers, senior advisors, industry experts, operating partners, deal sourcers (including personnel dedicated to but not employed by Angelo Gordon), and other professionals (including, for the avoidance of doubt, the costs and charges allocable with respect to the provision of internal legal, tax, accounting, technology or other services and professionals related thereto (including secondees and temporary personnel or consultants that may be engaged on short- or long-term arrangements) as deemed appropriate by the Administrator, with the oversight of the Board, where such internal personnel perform services that would be paid by the Company if outside service providers provided the same services); fees, costs, and expenses herein include (x) costs, expenses and fees for hours spent by its in-house attorneys and tax advisors that provide legal advice and/or services to the Company or its portfolio companies on matters related to potential or actual investments and transactions and the ongoing operations of the Company and (y) expenses and fees to provide administrative and accounting services to the Company or its portfolio companies, and expenses, charges and/or related costs incurred directly by the Company or affiliates in connection such services, in each case, (I) that are specifically charged or specifically allocated or attributed by the Administrator, with the oversight of the Board, to the Company or its portfolio companies and (II) provided that any such amounts shall not be greater than what would be paid to an unaffiliated third party for substantially similar advice and/or services of the same skill and expertise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the cost of calculating the Company's net asset value, including the cost of any third-party valuation services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the cost of effecting any sales and repurchases of the Company's common shares of beneficial interest and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)fees and expenses payable under any intermediary manager and selected intermediary agreements, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)interest and fees and expenses arising out of all borrowings, guarantees and other financings or derivative transactions (including interest, fees and related legal

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expenses) made or entered into by the Company, including, but not limited to, the arranging thereof and related legal expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)all fees, costs and expenses of any loan servicers and other service providers and of any custodians, lenders, investment banks and other financing sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)costs incurred in connection with the formation or maintenance of entities or vehicles to hold the Company's assets for tax or other purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)costs of derivatives and hedging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)expenses, including travel, entertainment, lodging and meal expenses, incurred by the Adviser, or members of its investment team, or payable to third parties, in negotiating, structuring and performing due diligence on prospective portfolio companies, including such expenses related to potential investments that were not consummated, and, if necessary, enforcing the Company's rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)expenses (including the allocable portions of compensation and out-of-pocket expenses such as travel expenses) or an appropriate portion thereof of employees of the Adviser to the extent such expenses relate to attendance at meetings of the Board or any committees thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)all fees, costs and expenses, if any, incurred by or on behalf of the Company in negotiating and structuring prospective or potential investments that are not ultimately made, including, without limitation any legal, tax, administrative, accounting, travel, meals, accommodations and entertainment, advisory, excluding advisory services provided by the Adviser contemplated herein, consulting and printing expenses, reverse termination fees and any liquidated damages, commitment fees that become payable in connection with any proposed investment that is not ultimately made, forfeited deposits or similar payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)the allocated costs incurred by the Administrator in providing managerial assistance to those portfolio companies that request it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)all brokerage costs, hedging costs, prime brokerage fees, custodial expenses, agent bank and other bank service fees; private placement fees, commissions, appraisal fees, commitment fees and underwriting costs; costs and expenses of any lenders, investment banks and other financing sources, and other investment costs, fees and expenses actually incurred in connection with evaluating, making, holding, settling, clearing, monitoring or disposing of actual investments (including, without limitation, travel, meals, accommodations and entertainment expenses and any expenses related to attending trade association and/or industry meetings, conferences or similar meetings, any costs or expenses relating to currency conversion in the case of investments denominated in a currency other than U.S. dollars) and expenses arising out of trade settlements (including any delayed compensation expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)investment costs, excluding internal costs of the Adviser for providing investment advisory services, and any fees, costs and expenses related to the organization

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or maintenance of any vehicle through which the Company directly or indirectly participates in the acquisition, holding and/or disposition of investments or which otherwise facilitate the Company's investment activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)transfer agent, dividend agent and custodial fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)fees and expenses associated with marketing efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)federal and state registration fees, franchise fees, any stock exchange listing fees and fees payable to rating agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)independent trustees' fees and expenses including reasonable travel, entertainment, lodging and meal expenses, and any legal counsel or other advisors retained by, or at the discretion or for the benefit of, the independent trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)costs of preparing financial statements and maintaining books and records, costs of Sarbanes-Oxley Act of 2002 compliance and attestation and costs of preparing and filing reports or other documents with the SEC, Financial Industry Regulatory Authority, U.S. Commodity Futures Trading Commission ("CFTC") and other regulatory bodies and other reporting and compliance costs, including registration and exchange listing and the costs associated with reporting and compliance obligations under the Investment Company Act and any other applicable federal and state securities laws, and the compensation of professionals responsible for the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi)all fees, costs and expenses associated with the preparation and issuance of the Company's periodic reports and related statements (e.g., financial statements and tax returns) and other internal and third-party printing (including a flat service fee), publishing (including time spent performing such printing and publishing services) and reporting-related expenses (including other notices and communications) in respect of the Company and its activities (including internal expenses, charges and/or related costs incurred, charged or specifically attributed or allocated by the Company or the Adviser or its affiliates in connection with such provision of services thereby);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii)the costs of any reports, proxy statements or other notices to shareholders (including printing and mailing costs) and the costs of any shareholder or Trustee meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii)proxy voting expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv)costs associated with an exchange listing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv)costs of registration rights granted to certain investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi)any taxes and/or tax-related interest, fees or other governmental charges (including any penalties incurred where the Adviser lacks sufficient information from third parties to file a timely and complete tax return) levied against the Company and all expenses incurred in connection with any tax audit, investigation, litigation, settlement or

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review of the Company and the amount of any judgments, fines, remediation or settlements paid in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii)all fees, costs and expenses of any litigation, arbitration or audit involving the Company, any vehicle or its portfolio companies and the amount of any judgments, assessments fines, remediations or settlements paid in connection therewith, trustees and officers, liability or other insurance (including costs of title insurance) and indemnification (including advancement of any fees, costs or expenses to persons entitled to indemnification) or extraordinary expense or liability relating to the affairs of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) all fees, costs and expenses associated with the Company's information and data technology systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix)the costs of specialty and custom software for investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx)costs associated with individual or group shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi)fidelity bond, trustees and officers errors and omissions liability insurance and other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii)direct costs and expenses of administration, including printing, mailing, long distance telephone, copying and secretarial and other staff;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) all fees, costs and expenses of winding up and liquidating the Company's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv) extraordinary expenses (such as litigation or indemnification);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxv)all fees, costs and expenses related to compliance-related matters (such as developing and implementing specific policies and procedures in order to comply with certain regulatory requirements) and regulatory filings; notices or disclosures related to the Company's activities (including, without limitation, expenses relating to the preparation and filing of filings required under the Securities Act, Internal Revenue Service filings under FATCA and FBAR reporting requirements applicable to the Company or reports to be filed with the CFTC, reports, disclosures, filings and notifications prepared in connection with the laws and/or regulations of jurisdictions in which the Company engages in activities, including any notices, reports and/or filings required under the AIFMD, European Securities and Markets Authority and any related regulations, and other regulatory filings, notices or disclosures of the Adviser relating to the Company and its affiliates relating to the Company, and their activities) and/or other regulatory filings, notices or disclosures of the Adviser and its affiliates relating to the Company including those pursuant to applicable disclosure laws and expenses relating to FOIA requests, but excluding, for the avoidance of doubt, any expenses incurred for general compliance and regulatory matters that are not related to the Company and its activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvi) costs and expenses (including travel) in connection with the diligence and oversight of the Company's service providers;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvii)costs and expenses, including travel, meals, accommodations, entertainment and other similar expenses, incurred by the Adviser or its affiliates for meetings with existing investors and any intermediaries, registered investment advisors, financial and other advisors representing such existing investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxviii)all other expenses incurred by the Administrator in connection with administering the Company's business.

From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services. The Company will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on the Company's 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 the Company's shareholders.

Costs and expenses of the Administrator and the Adviser that are eligible for reimbursement by the Company will be reasonably allocated to the Company on the basis of time spent, assets under management, usage rates, proportionate holdings, a combination thereof or other reasonable methods determined by the Administrator.

4)Notwithstanding anything to the contrary stated in this Section 4, the following apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)All expenses of the Company shall be billed to and paid by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Sponsor (as defined in Section 1.2 of the Company's charter), the Adviser, and the Administrator may be reimbursed for the actual cost of goods and services used for, or by, the Company and obtained from Persons other than Affiliates (as such term is defined in the Declaration of Trust) of the Sponsor, the Administrator or the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The Sponsor, the Adviser, and the Administrator may be reimbursed for the administrative services necessary to the prudent operation of the Company; provided, the reimbursement shall be the lower of the Sponsor's, the Adviser's, or the Administrator's actual cost or the amount the Company would be required to pay to Persons other than Affiliates of the Sponsor, the Adviser or the Administrator for comparable administrative services in the same geographic location; and provided, further, that such costs are reasonably allocated to the Company on the basis of assets, revenues, time records or other method conforming 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;&nbsp;&nbsp;&nbsp;&nbsp;(iv)No reimbursement shall be permitted for services for which the Sponsor, the Adviser, or the Administrator are entitled to compensation by way of a separate fee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Excluded from the allowable reimbursement shall be:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the Sponsor's, the Adviser's, or the Administrator's rent and depreciation, utilities, capital equipment, and other administrative items; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the Sponsor's, the Adviser's, or the Administrator's Controlling Persons' salaries, fringe benefits, travel expenses, and other administrative items incurred by, or allocated to, the Sponsor's, the Adviser's, or the Administrator's Controlling Persons'. The term "Controlling Person" includes, but is not limited to, all Persons, whatever their titles, who perform functions for the Sponsor, the Adviser, or the Administrator similar to those of: (a) chairman or member of the board of directors; (b) executive officers; and (c) those holding ten percent or more equity interest in the Sponsor, the Adviser, or the Administrator or a Person having the power to direct or cause the direction of the Sponsor, the Adviser, or the Administrator, whether through the ownership of voting securities, by contract, or otherwise.

5.<u>Limitation of Liability of the Administrator; Indemnification</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with the Administrator, including without limitation its members and the Adviser) shall not be liable to the Company or its shareholders for any action taken or omitted to be taken by the Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with the Administrator, including without limitation its members) in connection with the performance of any of its duties or obligations under this Agreement or otherwise as administrator for the Company, and the Company shall indemnify, defend and protect the Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with the Administrator, including without limitation the Adviser, each of whom shall be deemed a third party beneficiary hereof) (collectively, the "Indemnified Parties") and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance of any of the Administrator's duties or obligations under this Agreement or otherwise as administrator for the Company. Notwithstanding the preceding sentence of this Paragraph 5(a) to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Company or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations in the performance of the Administrator's duties or by reason of the reckless disregard of the Administrator's duties and obligations under this Agreement (to

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the extent applicable, as the same shall be determined in accordance with the Investment Company Act and any interpretations or guidance by the SEC or its staff thereunder).

An Indemnified Party shall be entitled to advances from the Company for payment of the reasonable expenses (including reasonable counsel fees and expenses) incurred by it in connection with the matter as to which it is seeking indemnification in the manner and to the fullest extent permissible under law. Prior to any such advance, the Indemnified Party shall provide to the Company a written affirmation of its good faith belief that the standard of conduct necessary for indemnification by the Company has been met and a written undertaking to repay any such advance if it should ultimately be determined that the standard of conduct has not been met. In addition, at least one of the following additional conditions shall be met: (a) the Indemnified Party shall provide a security in form and amount acceptable to the Company for its undertaking; (b) the Company is insured against losses arising by reason of the advance; or (c) a majority of a quorum of disinterested non-party trustees or independent legal counsel, in a written opinion, shall have determined, based on a review of facts readily available to the Company at the time the advance is proposed to be made, that there is reason to believe that the Indemnified Party will ultimately be found to be entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding Section 5(a) to the contrary, the Company shall not provide any indemnification of an Indemnified Party for any liability or loss suffered by an Indemnified Party, nor shall the Company provide that any of the Indemnified Parties be held harmless for any loss or liability suffered by the Company, unless all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Company has determined, in good faith, that the course of conduct which caused the loss or liability was in the best interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Company has determined, in good faith, that the Indemnified Party was acting on behalf of or performing services for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The Company has determined, in good faith, that such liability or loss was not the result of (A) negligence or misconduct, in the case that the Indemnified Party is the Adviser or an Affiliate (as defined in the Declaration of Trust) of the Adviser, or (B) gross negligence or willful misconduct, in the case that the Indemnified Party is a director of the Company who is not also an officer of the Company or the Adviser or an Affiliate of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Such indemnification or agreement to hold harmless is recoverable only out of the Company's net assets and not from the shareholders.

Furthermore, the Indemnified Party shall not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)here has been a successful adjudication on the merits of each count involving alleged material securities law violations as to the Indemnified Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnified Party; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)a court of competent jurisdiction approves a settlement of the claims against the Indemnified Party and finds that indemnification of the settlement and related costs should be made, and the court of law considering the request for indemnification has been advised of the position of the SEC and the published position of any state securities regulatory authority in which Shares were offered or sold as to indemnification for violations of securities laws.

The Company may not incur the cost of that portion of liability insurance which insures the Sponsor for any liability as to which the Sponsor is prohibited from being indemnified under the Omnibus Guidelines (as such term is defined in the Declaration of Trust).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Company may pay or reimburse reasonable legal expenses and other costs incurred by the Indemnified Party in advance of final disposition of a proceeding only if all of the following are satisfied:

1)the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company;

2)the legal proceeding was initiated by a third party who is not a shareholder of the Company, or, if by a Company shareholder acting in his or her capacity as such, a court of competent jurisdiction approves such advancement; and

3)the Indemnified Party provides the Company with a written agreement to repay the amount paid or reimbursed by the Company, together with the applicable legal rate of interest thereon, if it is ultimately determined that the Indemnified Party did not comply with the requisite standard of conduct and is not entitled to indemnification.

6.<u>Activities of the Administrator</u>

The services of the Administrator to the Company are not to be deemed to be exclusive, and the Administrator and each affiliate is free to render services to others. It is understood that trustees, officers, employees and shareholders of the Company are or may become interested in the Administrator and its affiliates, as trustees, officers, members, managers, employees, partners, shareholders or otherwise, and that the Administrator and trustees, officers, members, managers, employees, partners and shareholders of the Administrator and its affiliates are or may become similarly interested in the Company as shareholders or otherwise.

7.<u>Duration and Termination of this Agreement</u>

This Agreement shall continue in effect until September 6, 2026, and thereafter shall continue from year to year, but only so long as such continuance is specifically approved at least annually by (i) the Board and (ii) a majority of those trustees of the Board who are not parties to this Agreement or "interested persons" (as defined in the Investment Company Act) of any such party to this Agreement.

This Agreement may be terminated at any time, without the payment of any penalty, by vote of the trustees of the Company, or by the Administrator, upon 60 days' written notice to the

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other party. This Agreement may not be assigned by a party without the prior consent of the other party.

8.<u>Amendments to this Agreement</u>

This Agreement may be amended pursuant to a written instrument by mutual consent of the parties.

9.<u>Governing Law</u>

This Agreement shall be construed in accordance with laws of the State of New York and the applicable provisions of the Investment Company Act, if any. To the extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the Investment Company Act, if any, the latter shall control.

10.<u>Entire Agreement</u>

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.

11.<u>Notices</u>

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the date above written.

TPG Twin Brook Capital Income Fund <br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ JENNY B. NESLIN&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:&nbsp;&nbsp;&nbsp;&nbsp;Jenny B. Neslin<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;General Counsel and Secretary

AGTB Fund Manager, LLC<br>By:&nbsp;&nbsp;&nbsp;&nbsp;Angelo, Gordon & Co., L.P., its manager<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ CHRISTOPHER D. MOORE&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:&nbsp;&nbsp;&nbsp;&nbsp;Christopher D. Moore<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory

[*Signature page to for Administration Agreement*]

## Exhibit 10.3

**Exhibit 10.3**

**AMENDED AND RESTATED DISTRIBUTION REINVESTMENT PLAN**

**Effective May 8, 2026**

This Amended and Restated Distribution Reinvestment Plan (the "**Plan**") is adopted by TPG Twin Brook Capital Income Fund (the "**Fund**") and amends and restates in its entirety the Distribution Reinvestment Plan adopted by the Fund effective as of October 25, 2022.

1. Distribution Reinvestment. As agent for the shareholders (the "**Shareholders**") of the Fund who (i) purchase Class S shares, Class D shares or Class I shares of the Fund's common shares of beneficial interest (collectively the "**Shares**") pursuant to the Fund's continuous public offering (the "**Offering**"), or (ii) purchase Shares pursuant to any future offering of the Fund, and who do not opt out of participating in the Plan (or, in the case of investors in certain states that do not permit automatic enrollment in the Plan, as described in the Prospectus (defined below) (the "**Opt-In States**"), and clients of participating broker-dealers that do not permit automatic enrollment in the Plan, who opt to participate in the Plan) (the "**Participants**"), the Fund will apply all dividends and other distributions declared and paid in respect of the Shares held by each Participant and attributable to the class of Shares purchased by such Participant (the "**Distributions**"), including Distributions paid with respect to any full or fractional Shares acquired under the Plan, to the purchase of additional Shares of the same class for such Participant.

2. Effective Date. The effective date of this Plan shall be May 8, 2026.

3. Procedure for Participation. Any Shareholder (unless such Shareholder is a resident of an Opt-In State or is a client of a participating broker-dealer that does not permit automatic enrollment in the Plan) who has received the Fund's prospectus (as amended and/or supplemented from time to time, the "**Prospectus**"), as contained in the Fund's registration statement filed with the SEC, will automatically become a Participant unless they elect not to become a Participant by noting such election on their subscription agreement. Any Shareholder who is a resident of an Opt-In State or is a client of a participating broker-dealer that does not permit automatic enrollment in the Plan who has received the Prospectus will become a Participant if they elect to become a Participant by noting such election on their subscription agreement. If any Shareholder initially elects not to be a Participant, they may later become a Participant by subsequently completing and executing an enrollment form or any appropriate authorization form as may be available from the Fund or SS&C Technologies, Inc. (formerly DST Systems, Inc.) (the "**Plan Administrator**"). Participation in the Plan will begin with the next Distribution payable after acceptance of a Participant's subscription, enrollment or authorization. Shares will be purchased under the Plan as of the first calendar day of the month (the "**Purchase Date**") following the record date of the Distribution.

4. Suitability. Each Participant is requested to promptly notify the Fund in writing if the Participant experiences a material change in his or her financial condition, including the failure to meet the income, net worth and investment concentration standards imposed by such Participant's state of residence and set forth in the Prospectus. For the avoidance of doubt, this request in no way shifts to the Participant the responsibility of the Fund's sponsor, or any other person selling Shares on behalf of the Fund to the Participant to make every reasonable effort to determine that the purchase of Shares is a suitable and appropriate investment based on information provided by such Participant.

5. Purchase of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The Fund shall use newly-issued Shares to implement the Plan. The number of newly-issued Shares to be issued to a Shareholder shall be determined by dividing the total dollar amount of the distribution payable to such Shareholder by a price equal to the net asset value as of the Purchase Date. Shares issued pursuant to the Plan will have the same voting rights as Shares issued pursuant to the Offering. The Fund shall pay the Plan Administrator's fees under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.No upfront selling commissions will be payable with respect to Shares purchased pursuant to the Plan, but such Shares may be subject to ongoing distributor and/or shareholder servicing fees. Participants in the Plan may purchase fractional Shares so that 100% of the Distributions will be used to acquire Shares.

6. Notice. Any notice or other communication required or permitted to be given by any provision of this Plan shall be in writing and addressed to TPG Twin Brook Capital Income Fund, c/o SS&C Technologies, Inc. if to the Plan Administrator, or such other addresses as may be specified by written notice to all Participants. Notices to a Participant may be given by letter addressed to the Participant at the Participant's last address of record with the Fund. Each Participant shall notify the Fund promptly in writing of any change of address.

7. Taxes. THE REINVESTMENT OF DISTRIBUTIONS DOES NOT RELIEVE A PARTICIPANT OF ANY INCOME TAX LIABILITY THAT MAY BE PAYABLE ON THE DISTRIBUTIONS. INFORMATION REGARDING POTENTIAL INCOME TAX LIABILITY OF PARTICIPANTS MAY BE FOUND IN THE PUBLIC FILINGS MADE BY THE FUND WITH THE SEC.

8. Share Certificates. The ownership of the Shares purchased through the Plan will be in book-entry form unless and until the Fund issues certificates for its outstanding Shares.

9. Termination by Participant. A Participant may terminate participation in the Plan at any time, without penalty, by delivering notice to the Plan Administrator. Such notice must be received by the Plan Administrator five business days in advance of the first calendar day of the next month in order for a Participant's termination to be effective for such month. Any transfer of Shares by a Participant to a non-Participant will terminate participation in the Plan with respect to the transferred Shares. If a Participant elects to tender its Shares in full pursuant to any tender offer by the Fund, any Shares issued to the Participant under the Plan subsequent to the expiration of the tender offer will be considered part of the Participant's request to tender its Shares in full, and such Participant's participation in the Plan will be terminated as of the valuation date of the applicable tender offer. Any distributions to be paid to such Participant on or after such date will be paid in cash on the scheduled distribution payment date. If a Participant elects to tender a portion of its Shares, such Participant's participation in the Plan with respect to the tendered Shares will be terminated as of the valuation date of the applicable tender offer, regardless of whether all the Shares tendered are ultimately repurchased. If a Participant terminates Plan participation, the Fund may, at its option, ensure that the terminating Participant's account will reflect the whole number of Shares in such Participant's account and provide a check for the cash value of any fractional Share in such account. Upon termination of Plan participation for any reason, future Distributions will be distributed to the Participant in cash.

10. Amendment, Suspension or Termination by the Fund. The Board of Trustees of the Fund may by majority vote amend any aspect of the Plan; provided that the Plan cannot be amended to eliminate a Participant's right to terminate participation in the Plan and that

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notice of any material amendment must be provided to Participants at least 10 business days prior to the effective date of that amendment. The Fund's Board of Trustees may by majority vote suspend or terminate the Plan for any reason upon 10 business days' written notice to the Participants.

11. Liability of the Fund. The Fund shall not be liable for any act done in good faith, or for any good faith omission to act, including, without limitation, any claims or liability (i) arising out of failure to terminate a Participant's account upon such Participant's death prior to timely receipt of notice in writing of such death or (ii) with respect to the time and the prices at which Shares are purchased or sold for a Participant's account. To the extent that indemnification may apply to liabilities arising under the Securities Act, or the securities laws of a particular state, the Fund has been advised that, in the opinion of the SEC and certain state securities commissioners, such indemnification is contrary to public policy and, therefore, unenforceable.

12. Applicable Law. These terms and conditions shall be governed by the laws of the State of New York.<br>

## 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: May 12, 2026 | 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: May 12, 2026 | 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 March 31, 2026, 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 |
| May 12, 2026 |

---

## 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 March 31, 2026, 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 |
| May 12, 2026 |

---

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