TPG Twin Brook Capital Income Fund reported a 9.9% trailing-twelve-month total return as of June 30, 2026. It said it will honor repurchase requests representing 1.2% of shares outstanding, while reporting over $1.1 billion in available Liquidity as of June 30, 2026.

Key Highlights

  • The fund holds 100% first Lien senior secured Debt investments at a 39% average loan-to-value at closing.
  • Its $4.8 billion portfolio spans 287 positions, with an average position size of 0.35%.
  • It instead states that the portfolio supported a reported 10.0% annualized distribution rate.

Senior Secured Portfolio Supports Distribution Rate

The portfolio consists entirely of directly originated first lien senior secured loans, supporting the reported 10.0% annualized distribution rate. TPG Twin Brook said it closes on less than 4% of transactions screened, drawing on relationships with lower middle market Private Equity firms and its Underwriting process. The $4.8 billion portfolio contains 287 positions, with an average position size of 0.35%, while software represents approximately 2% of fair value. First lien senior secured investments account for 100% of debt investments, with a 39% average loan-to-value at closing. Payment-in-kind interest was 1.3%, the non-accrual rate was 0.2% based on amortized cost and 0.1% based on fair value, and interest coverage was 2.6x.

Repurchase Requests Remain Below Program Limit

The fund received $193 million of new subscriptions during the second quarter. TPG Twin Brook said it will honor all requests, which remain below the program’s 5% quarterly limit.