# EDGAR Filing Document

**Accession Number:** 0001913724
**File Stem:** 0001913724-23-000012
**Filing Date:** 2023-1
**Character Count:** 22918
**Document Hash:** cf5c3f3fcd7b18b670aabea8d8a27cbc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001913724-23-000012.hdr.sgml**: 20230111

**ACCESSION NUMBER**: 0001913724-23-000012

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230111

**DATE AS OF CHANGE**: 20230111

**EFFECTIVENESS DATE**: 20230111

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AG Twin Brook Capital Income Fund
- **CENTRAL INDEX KEY:** 0001913724
- **IRS NUMBER:** 886103622
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-268405
- **FILM NUMBER:** 23524222

**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

**As filed with the Securities and Exchange Commission on January 11, 2023** 

**Securities Act File No. 333-268405** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM N-2** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

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| | |
|:---|:---|
| **Pre-Effective Amendment No.** | ☐ |
| **Post-Effective Amendment No. 1** | ☒ |

---

**AG Twin Brook Capital Income Fund**

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

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

**New York, NY 10167**

**(212) 692-2000**

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

**<br>Jenny B. Neslin**

**AG Twin Brook Capital Income Fund**

**245 Park Avenue, 26th Floor**

**New York, NY 10167** 

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

***COPIES TO:***

**Rajib Chanda, Esq.** 

**Steven Grigoriou, Esq.** 

**Simpson Thacher & Bartlett LLP** 

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

**Washington, DC 20001** 

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

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

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

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

**EXPLANATORY NOTE** 

This Post-Effective Amendment No. 1 to the Registration Statement on Form N-2 (File No. 333-268405) of AG Twin Brook Capital Income Fund (the "Registration Statement") is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the "Securities Act"), solely for the purpose of filing exhibits to the Registration Statement. Accordingly, this Post-Effective Amendment No. 1 consists only of a facing page, this explanatory note and Part C of the Registration Statement setting forth the exhibits to the Registration Statement. This Post-Effective Amendment No. 1 does not modify any other part of the Registration Statement. Pursuant to Rule 462(d) under the Securities Act, this Post-Effective Amendment No. 1 shall become effective immediately upon filing with the Securities and Exchange Commission. The contents of the Registration Statement are hereby incorporated by reference.

**PART C** 

**Other Information** 

**Item 25. Financial Statements And Exhibits** 

*(1) Financial Statements* 

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

**INDEX TO FINANCIAL STATEMENT** 

---

| | |
|:---|:---|
|  | **PAGE** |
| <u>[Report of Independent Registered Public Accounting Firm](https://www.sec.gov/Archives/edgar/data/1913724/000191372423000010/agtwinbrookcapitalincomefu.htm#ibcf1201e2dba46dcaa5096301f11d719_1517)</u> | &nbsp;&nbsp;F-2 |
| <u>[Statement of Assets and Liabilities as of September 30, 2022](https://www.sec.gov/Archives/edgar/data/1913724/000191372423000010/agtwinbrookcapitalincomefu.htm#ibcf1201e2dba46dcaa5096301f11d719_1538)</u> | &nbsp;&nbsp;F-3 |
| <u>[Notes to Financial Statements](https://www.sec.gov/Archives/edgar/data/1913724/000191372423000010/agtwinbrookcapitalincomefu.htm#ibcf1201e2dba46dcaa5096301f11d719_1577)</u> | &nbsp;&nbsp;F-5-8 |

---

*(2) Exhibits* 

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| | |
|:---|:---|
| &nbsp;&nbsp;(a)(1) | <u>[Second Amended and Restated Declaration of Trust of the](https://www.sec.gov/Archives/edgar/data/1913724/000191372423000006/exhibit31-secondardecoftru.htm)[Registrant](https://www.sec.gov/Archives/edgar/data/1913724/000191372423000006/exhibit31-secondardecoftru.htm)</u><sup>(3)</sup> |
| &nbsp;&nbsp;(b)(1) | <u>[Amended and Restated Bylaws of the Registrant](https://www.sec.gov/Archives/edgar/data/1913724/000191372423000006/exhibit32-arbylaws.htm)</u><sup>(3)</sup> |
| &nbsp;&nbsp;(d) | <u>[Form of Subscription Agreement (included in the Prospectus as Appendix A)](https://www.sec.gov/Archives/edgar/data/1913724/000119312522302873/d305989dn2a.htm#pro305989_33)</u><sup>(2)</sup> |
| &nbsp;&nbsp;(e) | <u>[Distribution Reinvestment Plan of the Registrant, dated October 25, 2022](http://www.sec.gov/Archives/edgar/data/0001913724/000119312522286345/d305989dex99e.htm)</u><sup>(1)</sup> |

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------

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| | |
|:---|:---|
| &nbsp;&nbsp;(g) | <u>[Investment Management Agreement by and between the Fund and the Adviser, dated October 25, 2022](http://www.sec.gov/Archives/edgar/data/0001913724/000119312522286345/d305989dex99g.htm)</u><sup>(1)</sup> |
| &nbsp;&nbsp;(h)(1) | <u>[Form of Intermediary Manager Agreement](https://www.sec.gov/Archives/edgar/data/1913724/000119312522302873/d305989dex99h1.htm)</u><sup>(2)</sup> |
| &nbsp;&nbsp;(h)(2) | <u>[Form of Selected Intermediary Agreement](https://www.sec.gov/Archives/edgar/data/1913724/000119312522302873/d305989dex99h2.htm)</u><sup>(2)</sup> |
| &nbsp;&nbsp;(h)(3) | <u>[Distribution and Shareholder Servicing Plan of the Registrant, dated October 25, 2022](http://www.sec.gov/Archives/edgar/data/0001913724/000119312522286345/d305989dex99h3.htm)</u><sup>(1)</sup> |
| &nbsp;&nbsp;(j) | <u>[Form of Custodian Agreement](https://www.sec.gov/Archives/edgar/data/1913724/000119312522302873/d305989dex99j.htm)</u><sup>(2)</sup> |
| &nbsp;&nbsp;(k)(1) | <u>[Administration Agreement by and between the Fund and the Administrator, dated October 25, 2022](http://www.sec.gov/Archives/edgar/data/0001913724/000119312522286345/d305989dex99k1.htm)</u><sup>(1)</sup> |
| &nbsp;&nbsp;(k)(2) | <u>[Transfer Agent Agreement by and between the Fund and DST Systems, Inc., dated October 24, 2022](http://www.sec.gov/Archives/edgar/data/0001913724/000119312522286345/d305989dex99k2.htm)</u><sup>(1)</sup> |
| &nbsp;&nbsp;(k)(3) | <u>[Multi-Class Plan of the Registrant, dated October 25, 2022](http://www.sec.gov/Archives/edgar/data/0001913724/000119312522286345/d305989dex99k3.htm)</u><sup>(1)</sup> |
| &nbsp;&nbsp;(k)(4) | <u>[Expense Support and Conditional Reimbursement Agreement by and between the Registrant and the Adviser, dated October 25, 2022](http://www.sec.gov/Archives/edgar/data/0001913724/000119312522286345/d305989dex99k4.htm)</u><sup>(1)</sup> |
| &nbsp;&nbsp;(k)(5) | <u>[Loan and Servicing Agreement, dated as of June 17, 2022, by and among Twin Brook Capital Funding XXXIII MSPV, LLC, Twin Brook Capital Funding XXXIII, LLC, AGTB Fund Manager, LLC, the Lenders (as defined therein) party thereto, Morgan Stanley Asset Funding Inc. and The Bank of New York Mellon Trust Company, National Association](https://www.sec.gov/Archives/edgar/data/1913721/000113542822000048/ex-101.htm)</u><sup>(4)</sup> |
| &nbsp;&nbsp;(k)(6) | <u>[Amendment No. 1 to Loan and Servicing Agreement, dated as of October 28, 2022, by and among Twin Brook Capital Funding XXXIII MSPV, LLC, Twin Brook Capital Funding XXXIII, LLC, AGTB Fund Manager, LLC, the Lenders (defined therein) party thereto, Morgan Stanley Asset Funding Inc. and The Bank of New York Mellon Trust Company, National Association](https://www.sec.gov/Archives/edgar/data/1913721/000191372122000023/use-ex101xmsupsizeamendment.htm)</u><sup>(5)</sup>  |
| &nbsp;&nbsp;(k)(7) | <u>[Loan, Security and Collateral Management Agreement, dated as of December 13, 2022, by and among Twin Brook Capital Funding XXXIII ASPV, LLC, Twin Brook Capital Funding XXXIII, LLC, AGTB Fund Manager, LLC, the Lenders (defined therein) party thereto, Ally Bank and Computershare Trust Company, National Association](https://www.sec.gov/Archives/edgar/data/1913721/000191372122000031/exhibit101-lscma.htm)</u><sup>(6)</sup> |
| &nbsp;&nbsp;(l) | <u>[Opinion of Richards, Layton & Finger, P.A.](https://www.sec.gov/Archives/edgar/data/1913724/000119312522302873/d305989dex99l.htm)</u><sup>(2)</sup> |
| &nbsp;&nbsp;(n)(1) | <u>[Consent of Independent Registered Public Accounting Firm for Fund](http://www.sec.gov/Archives/edgar/data/0001913724/000119312522286345/d305989dex99n1.htm)</u><sup>(1)</sup> |
| &nbsp;&nbsp;(n)(2) | <u>[Power of Attorney](http://www.sec.gov/Archives/edgar/data/0001913724/000119312522286345/d305989dex99n2.htm)</u><sup>(1)</sup> |
| &nbsp;&nbsp;(n)(3) | <u>[Consent of Independent Registered Public Accounting Firm for AGTB Private BDC](pwcconsentletter.htm)[\*](pwcconsentletter.htm)</u> |
| &nbsp;&nbsp;(p) | <u>[Subscription Agreement for Seed Capital, dated February 17, 2022](http://www.sec.gov/Archives/edgar/data/0001913724/000119312522286345/d305989dex99p.htm)</u><sup>(1)</sup> |
| &nbsp;&nbsp;(r) | <u>[Joint Code of Ethics of the Fund and the Adviser](http://www.sec.gov/Archives/edgar/data/0001913724/000119312522286345/d305989dex99r.htm)</u><sup>(1)</sup> |
| &nbsp;&nbsp;(s) | <u>[Calculation of Filing Fee Tables](http://www.sec.gov/Archives/edgar/data/0001913724/000119312522286345/d305989dexfilingfees.htm)</u><sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;_______________ | &nbsp;&nbsp;&nbsp;&nbsp;_______________ |
| \* | Filed herewith. |
| (1) | Previously filed as an exhibit to the Registrant's Registration Statement on Form N-2 (File No. 333-268405), filed on November 16, 2022 and incorporated herein by reference. |
| (2) | Previously filed as an exhibit to the Registrant's amended Registration Statement on Form N-2/A (File No. 333-268405), as amended on December 12, 2022 and incorporated herein by reference. |
| (3) | Previously filed as an exhibit to the Registrant's Current Report on Form 8-K (File No. 000-56502), filed on January 5, 2023 and incorporated herein by reference. |
| (4) | Previously filed as an exhibit to AGTB Private BDC's Current Report on Form 8-K (File No. 814-01520), filed on June 24, 2022 and incorporated herein by reference. |
| (5) | Previously filed as an exhibit to AGTB Private BDC's Current Report on Form 8-K (File No. 814-01520), filed on November 1, 2022 and incorporated herein by reference. |
| (6) | Previously filed as an exhibit to AGTB Private BDC's Current Report on Form 8-K (File No. 814-01520), filed on December 19, 2022 and incorporated herein by reference. |

---

**Item 26. Marketing Arrangements** 

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

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

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| | |
|:---|:---|
| SEC registration fee | $551000 |
| FINRA filing fee | $225500 |
| Legal | $3000000 |
| Printing | $700000 |
| Accounting | $60000 |
| Blue Sky Expenses | $350000 |
| Advertising and sales literature | $700000 |
| Due Diligence | $300000 |
| Miscellaneous fees and expenses | $850000 |
| Total | $6736500 |

---

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

None.

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

The following table sets forth the number of record holders of the Registrant's common shares at September 30, 2022.

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| | |
|:---|:---|
| **Title of Class** | **Number of**<br>**Record Holders**  |
| Common shares of beneficial interest, $0.001 par value | 1 |

---

**Item 30. Indemnification** 

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

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to Trustees, officers and controlling persons of the Registrant pursuant to the provisions described above, or otherwise, the

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

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

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

A description of any other business, profession, vocation or employment of a substantial nature in which AGTB Fund Manager, LLC, and each managing director, director or executive officer of AGTB Fund Manager, LLC, is or has been, during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, partner or trustee, is set forth in Part A of this Registration Statement in the section entitled "Management of the Fund." Additional information regarding AGTB Fund Manager, LLC and its officers

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and managing member is set forth in its Form ADV, as filed with the Securities and Exchange Commission (SEC File No. 801-123304), and is incorporated herein by reference.

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

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

4)&nbsp;&nbsp;&nbsp;&nbsp;the Registrant;

5)&nbsp;&nbsp;&nbsp;&nbsp;the transfer agent;

6)&nbsp;&nbsp;&nbsp;&nbsp;the Custodian;

7)&nbsp;&nbsp;&nbsp;&nbsp;the Adviser; and

8)&nbsp;&nbsp;&nbsp;&nbsp;the Administrator.

**Item 33. Management Services** 

Not Applicable.

**Item 34. Undertakings** 

We hereby undertake:

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

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

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

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

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

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

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

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

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undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

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

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

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

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**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, as amended (the "Securities Act"), the Registrant has caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Chicago, State of Illinois on the 11<sup>th</sup> day of January, 2023.

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

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

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| | | |
|:---|:---|:---|
| **Signature** | &nbsp;&nbsp;**Title** | &nbsp;&nbsp;**Date** |
| <u>/s/ Trevor Clark</u><br>Trevor Clark | &nbsp;&nbsp;&nbsp;Chairman, Chief Executive Officer and President | &nbsp;&nbsp;&nbsp;January 11, 2023 |
| <u>/s/ Terrence Walters</u><br>Terrence Walters | &nbsp;&nbsp;&nbsp;Trustee, Chief Financial Officer and Treasurer | &nbsp;&nbsp;&nbsp;January 11, 2023 |
| <u>/s/ James E. Bowers\*</u><br>James E. Bowers | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;January 11, 2023 |
| <u>/s/ James N. Hallene\*</u><br>James N. Hallene | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;January 11, 2023 |
| <u>/s/ Lance A. Ludwick\*</u><br>Lance A. Ludwick | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;January 11, 2023 |

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

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January 11, 2023

The original powers of attorney authorizing Trevor Clark, Terrence Walters and Jenny B. Neslin to execute the Registration Statement, and any amendments thereto, for the trustees of the Registrant on whose behalf this Amendment is filed have been executed and filed as an Exhibit to the Registration Statement on Form N-2 (File No. 333-268405), filed on November 16, 2022.

## Ex-99.(N)(3)

**Exhibit (n)(3)**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Registration Statement of AG Twin Brook Capital Income Fund of our report dated April 22, 2022 relating to the financial statements of AGTB Private BDC, which appear in such Registration Statement. We also consent to the reference to us under the heading "Independent Registered Public Accounting Firm" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

New York, New York

January 5, 2023

<br>