TCAP reports Q1 2025 portfolio: 9.6% ITD return, 0.2% non-accruals

TPG Twin Brook Capital Income Fund

Annualized distribution rate (Class I) of 11.0%; excess return over leveraged loans index 170 bps in Q1.
Non-accrual rate of 0.2% (at cost); PIK interest 1.1% of investment income.
Originated 15 new loans totaling $354M; weighted average yield of 9.4% on new investments.
100% first lien senior secured; average portfolio company EBITDA $18.5M; LTV 40%; interest coverage 2.3x.
80%+ of borrowers have low tariff impact; only 2% potentially impacted severely, all first lien with covenants.

item 7.01

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