TPG Twin Brook Capital Income Fund 8-K

What Happened
TPG Twin Brook Capital Income Fund (TCAP) filed an 8-K under Item 7.01 (Regulation FD disclosure) on June 8, 2026 providing a business update. The Fund reported continued strong performance since its 2022 inception (9.8% annualized total return) and a 10.4% total return in 2025, and reiterated its focus on directly originated, first‑lien senior secured loans to private equity‑backed lower middle‑market companies.

Key Details

• Filing date: June 8, 2026; reporting period and metrics generally as of March 31, 2026.
• Portfolio size and structure: $4.5 billion across 270 positions; 100% of debt investments are directly originated first‑lien senior secured loans.
• Performance & distributions: 9.8% annualized total return since inception (2022); 10.4% total return in 2025; 9.9% annualized distribution rate.
• Risk & liquidity metrics: average loan‑to‑value at close 40%; payment‑in‑kind (PIK) interest 1.3%; non‑accrual rate 0.2% (0.1% on fair value basis); interest coverage ~2.4x; available liquidity >$832 million as of March 31, 2026.
• Capital activity and repurchases: capital inflows of ~$181 million from April 1–June 8, 2026; repurchase requests equal 2.1% of shares outstanding (fulfilled), below the 5% quarterly limit.

Why It Matters
This update highlights TCAP’s portfolio size, yield profile and liquidity position—key factors for current and prospective retail investors in a non‑listed BDC‑style fund. The reported low non‑accrual and PIK rates, high share of first‑lien secured loans, and substantial available liquidity are intended to signal portfolio resilience and the Fund’s ability to meet distribution and repurchase obligations. As with all filings, past performance and these metrics are descriptive and not guarantees of future results; investors should review TCAP’s prospectus and SEC filings for full risk disclosures.