ANGELO GORDON & CO., L.P. 4

What Happened
TPG GP A, LLC (reported as a 10% owner) acquired 396,912.024 common shares of TPG Twin Brook Capital Income Fund on January 29, 2026. The shares were bought at $25.19 per share for an aggregate purchase price of $10,000,000. This was a purchase (P) reported on Form 4, which is typically seen as a direct investment rather than a sale.

Key Details

• Transaction date and price: 2026-01-29 at $25.19 per share (open market or private purchase, code P).
• Total purchased: 396,912.024 shares for $10,000,000.
• Shares owned after transaction: Not explicitly stated in the filing for TPG GP A; filing includes footnotes describing related entities’ holdings (see below).
• Filing date/timeliness: Form 4 filed 2026-02-02. This filing appears timely under Section 16 reporting rules (filed within the required business-day window).
• Notable footnotes: reporting persons include TPG GP A and related parties tied to Angelo, Gordon & Co., L.P.; Angelo Gordon and BDC Holdings hold significant Common Shares and the filing disclaims direct beneficial ownership except to the extent of pecuniary interest (see F1–F5).
• Joint filing and signature: The Form 4 is jointly filed pursuant to Rule 16a-3(j); Gerald Neugebauer signed on behalf of Messrs. Coulter and Winkelried under prior authorization.

Context
This transaction was an institutional purchase by a 10% owner entity (not an individual officer). Footnotes describe a complex ownership/management relationship involving TPG GP A, Angelo Gordon, and BDC Holdings; those relationships can create deemed beneficial ownership limited to pecuniary interests, per the filing. The purchase increases the reporting persons’ economic exposure but the filing disclaims broader beneficial ownership claims beyond pecuniary interests.