---
schema_version: "secwatch.filing_event.v1"
accession: "0001913721-23-000006"
form_type: "8-K"
ticker: null
cik: "0001913721"
company_name: "AGTB Private BDC"
filed_at: "2023-01-05T23:59:59+00:00"
generated_at: "2026-06-20T19:52:16.340635+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# AGTB Private BDC merges into AG Twin Brook Capital Income Fund, creating $800M non-traded BDC

## Summary
- Merger effective Jan 1, 2023; TCAP survives with over $800M in total assets and $530M in equity.
- TCAP issued 20,943,030 Class I shares to former Private BDC shareholders in a 1:1 exchange.
- Fund targets floating-rate senior secured loans to lower middle market (EBITDA < $25M) PE-backed companies.
- Credit facilities of Private BDC assumed by TCAP in the merger.

## SEC filing metadata
- accession: 0001913721-23-000006
- form_type: 8-K
- cik: 0001913721
- company_name: AGTB Private BDC
- filed_at: 2023-01-05T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1913721/000191372123000006/0001913721-23-000006-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1913721/000191372123000006/agtbprivatebdc-form8xkxmer.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001913721-23-000006
- JSON: https://secwatch.observer/filing/0001913721-23-000006.json
- Plain text: https://secwatch.observer/filing/0001913721-23-000006.txt

## Key facts
- M&A Transactions
  AGTB Private BDC underwent a change of control involving AG Twin Brook Capital Income Fund (TCAP) (closed 2023-01-01).
  - Action: change of control
  - Counterparty: AG Twin Brook Capital Income Fund (TCAP)
  - Closing: 2023-01-01
  source text: On January 1, 2023, AGTB Private BDC, a Delaware statutory trust (“Private BDC”), completed its merger (the “Merger”) with AG Twin Brook Capital Income Fund, a Delaware statutory trust (“TCAP”), with TCAP continuing as the surviving company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1913721/000191372123000006/0001913721-23-000006-index.htm
- Material Agreements
  AGTB Private BDC entered into Agreement and Plan of Merger with AG Twin Brook Capital Income Fund (effective 2022-12-30).
  - Action: entry
  - Agreement: merger
  - Counterparty: AG Twin Brook Capital Income Fund
  - Effective: 2022-12-30
  source text: The Merger was completed pursuant to an Agreement and Plan of Merger (the “Merger Agreement”), dated December 30, 2022, by and between TCAP and Private BDC.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1913721/000191372123000006/0001913721-23-000006-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.