TPG Twin Brook Capital Income Fund reports 10.4% total return in 2025, $4.5B portfolio with low non-accrual

TPG Twin Brook Capital Income Fund

9.8% annualized total return since inception (2022) and 10.4% in 2025, outperforming fixed income and leveraged loan benchmarks by 750 and 220 bps respectively.
Portfolio of $4.5B: 100% directly originated first lien senior secured loans across 270 positions; avg position size 0.37%.
Low credit stress: PIK interest 1.3% of income, non-accrual rate 0.2% (0.1% by fair value); interest coverage 2.4x.
Capital inflows $181M from Apr 1 to Jun 8, 2026; Q1 new subscriptions $193M; repurchase requests 2.1% of shares (below 5% limit).
Available liquidity $832M as of Mar 31, 2026; annualized distribution rate 9.9%.

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