TPG Twin Brook Capital Income Fund 8-K

What Happened

• TPG Twin Brook Capital Income Fund filed an 8-K on December 29, 2025 announcing December 2025 distributions for each share class and reporting net asset value as of November 30, 2025. Distributions were declared on December 29, 2025, payable on or about January 28, 2026 (record date: open of business Dec 31, 2025). The filing also updates the company’s NAV, portfolio fair value, debt levels and the status of its ongoing public offering.

Key Details

• Distributions declared (gross / servicing fee / net per share):
  • Class I: $0.2000 / $0.0000 / $0.2000
  • Class S: $0.2000 / $0.0182 / $0.1818
  • Class D: $0.2000 / $0.0053 / $0.1947
• Payment options: cash or reinvestment under the Company’s distribution reinvestment plan.
• NAV and balance-sheet snapshot (as of Nov 30, 2025):
  • NAV per share (all classes): $25.1509
  • Aggregate NAV: $2.2 billion
  • Fair value of investment portfolio: $4.1 billion
  • Principal debt outstanding: $2.0 billion
  • Debt-to-equity ratio: ~0.88x
• Offering status (continuous offering up to $5.0 billion; data through Dec 1, 2025 subscription date):
  • Class I shares issued: 83,551,265 (total consideration $2,119.2M)
  • Class S shares issued: 10,515,087 (total consideration $266.6M)
  • Class D shares issued: 120,341 (total consideration $3.1M)
  • Total issued: 94,186,693 shares (total consideration $2,388.9M)

Why It Matters

• The declared distribution and reinvestment option affect near-term cash flows and yield for shareholders. Net amounts differ by share class because of servicing fees (notably Class S).
• The NAV and portfolio/debt figures provide a snapshot of the fund’s size and leverage (debt-to-equity ~0.88x), which investors use to assess solvency and risk.
• The ongoing $5.0 billion continuous offering and ~$2.39 billion sold to date indicate continued capital-raising activity that can affect share count, liquidity and future distributions.