TPG Twin Brook Capital Income Fund Completes $372M CLO Refinancing

What Happened
TPG Twin Brook Capital Income Fund announced it completed an approximately $372.0 million refinancing of a term debt securitization (a collateralized loan obligation, or CLO) on August 19, 2026. The securities were issued by Twin Brook CLO 2024-1 LLC, an indirect, wholly owned and consolidated subsidiary of the Company, and are backed by a portfolio of middle‑market loans and participation interests. The refinancing included both secured notes (the “2026 Notes”) and secured loans (the “2026 Loans”) under a Supplemental Indenture and a Credit Agreement dated as of the Refinancing Date.

Key Details

• Total size: approximately $372.0 million in 2026 Secured Debt (notes + loans).
• Notes issued (class and amounts):
  • Class A-1-R AAA(sf): $113.32M, floating, interest = 3‑month SOFR + 1.50%
  • Class A-2-R AAA(sf): $18.16M, floating, interest = 3‑month SOFR + 1.75%
  • Class B-R AA(sf): $27.24M, floating, interest = 3‑month SOFR + 2.05%
  • Class C-R A(sf) (deferrable): $36.32M, floating, interest = 3‑month SOFR + 2.50%
  • Class D-R BBB-(sf) (deferrable): $27.24M, floating, interest = 3‑month SOFR + 3.85%
• Loans: $150.00M Class A-1L-R Senior Secured Floating Rate Loans, interest = 3‑month SOFR + 1.50%.
• Maturity: scheduled July 20, 2038; issuer may redeem/repay after August 19, 2027 at the direction of AGTB Fund Manager, LLC (the collateral manager).
• Retention and placement: Twin Brook Capital Funding XXXIII, LLC retained all Class D‑R Notes to satisfy U.S./EU/UK securitization retention rules; notes were privately placed (Morgan Stanley & Co. LLC as initial purchaser, KeyBanc Capital Markets Inc. as co‑manager) and are not registered under the Securities Act.
• Agreements include customary covenants and events of default; collateral manager waived its right to fees (waiver may be rescinded).

Why It Matters
This filing notifies investors that the Company’s consolidated subsidiary completed a sizeable CLO refinancing, replacing or restructuring secured financing tied to a pool of middle‑market loans. Because the issuer is consolidated into the Company, the new secured notes and loans are part of the Company’s consolidated secured obligations and subject to its asset coverage requirements — a key consideration for investors tracking leverage and regulatory coverage. The private placement and retention mechanics also reflect compliance with securitization rules and mean these notes are not publicly registered. The redemption option after one year and the collateral manager’s fee waiver are operational details investors may watch for their potential effect on future cash flows and management incentives.