Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$ 132,934	$ 98,445
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Net realized (gain) loss on investments	(1,055)	(1,148)
Net realized (gain) loss on foreign currency forward contracts	0	(5)
Net change in unrealized (appreciation) depreciation on investments	8,343	(1,352)
Net change in unrealized (appreciation) depreciation on interest rate swaps and options, inclusive of hedging effects	(969)	1,387
Net accretion on debt instruments	(13,289)	(8,227)
Net paydown gain on debt instruments	(3,702)	(2,643)
Interest received in-kind	(3,476)	(1,756)
Purchases and drawdowns of investments	(1,169,263)	(1,655,667)
Proceeds from sales and paydowns of investments	442,979	291,212
Net settlements on derivative contracts	0	5
Amortization of deferred financing costs	5,281	2,633
Amortization of deferred offering costs	1,621	1,042
Change in operating assets and liabilities:
(Increase) decrease in interest receivable	(4,089)	(7,126)
(Increase) decrease in other assets	(255)	(150)
(Increase) decrease in prepaid expenses	666	(494)
Increase (decrease) in interest payable	(9,076)	7,993
Increase (decrease) in accrued expenses and other liabilities payable to affiliate	2,197	(223)
Increase (decrease) in income incentive fees payable	1,923	3,100
Increase (decrease) in management fees payable	1,706	1,821
Increase (decrease) in deferred tax liability	1,246	553
Increase (decrease) in deferred income	(12)	486
Increase (decrease) in capital gains incentive fees payable	0	(178)
Net cash used in operating activities	(606,252)	(1,270,325)
Cash flows from financing activities
Dividends paid	(104,090)	(80,719)
Payments for repurchase of common shares	(44,409)	(1,457)
Proceeds from issuance of common shares	607,980	598,974
Borrowings on debt	1,073,100	1,725,048
Payments on debt	(931,900)	(913,100)
Payments for deferred financing costs	(1,958)	(17,939)
Payments for deferred offering costs	(1,061)	(1,069)
Net cash provided by financing activities	597,662	1,309,738
Net change in cash	(8,590)	39,413
Cash and restricted cash, beginning of period	161,064	62,706
Cash and restricted cash, end of period	152,474	102,119
Supplemental and non-cash information
Distributions reinvested	37,530	19,347
Cash paid during the period for interest	104,565	51,640
Dividends payable	18,513	13,350
The following table provides a reconciliation of cash and restricted cash reported within the consolidated statements of assets and liabilities:
Cash	84,023	63,167
Restricted cash	68,451	38,952
Total cash and restricted cash	152,474	102,119
Foreign currency forward contracts
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts	$ 38	$ (33)

TPG Twin Brook Capital Income Fund 10-Q