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TPG Twin Brook Capital Income Fund (TCAP)

NAV: $25.38 |

ITD Total Return: 11.1%1 as of October 31, 2024

NAV: $25.38 |

ITD Total Return: 10.8%1 as of October 31, 2024

NAV: $25.38 |

ITD Total Return: 9.5%1 as of October 31, 2024

1 Past Performance is not indicative of future results. Total Return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested) divided by the beginning NAV per share. For additional information please refer to the Total Return table in the Performance page of TCAP’s website.

TCAP seeks to deliver attractive, consistent total returns for income-focused investors through the active management of a diversified portfolio principally comprised of floating rate, senior secured loans to private equity-backed lower middle market companies.

TCAP seeks to deliver attractive, consistent total returns for income-focused investors through the active management of a diversified portfolio consisting of senior secured loans to private equity-backed lower middle market companies.

Angelo Gordon Twin Brook Capital Income Fund (TCAP) video

TCAP Investment Philosophy Pillars

Strength

Backed by TPG Angelo Gordon’s experienced mid-market direct lending team, Twin Brook Capital Partners, and the strength and breadth of the broader TPG Angelo Gordon platform, we believe TCAP is well positioned to capitalize on yield potential across varying market conditions.

Senior

With an objective of mitigating risk, TCAP primarily focuses on investing in privately originated senior secured loans, which are at the top of the capital structure, are backed by collateral, and have strong lender protections2 in place.

Selectivity

A rigorous, disciplined underwriting approach and focus on loans to market leading companies in what we believe are non-cyclical industries makes for a strategy aimed at minimizing volatility and delivering attractive, consistent total returns.

2Lender protections are structural elements of a loan investment that serve to strengthen the lender’s position. These may include, but are not limited to, first lien perfected security interests on tangible/intangible assets of a portfolio company and covenant packages with both financial and negative covenants.

$19.3M

Portfolio Company Average EBITDA3

40%

Average Loan-to-Value4

100%

Senior Secured First Lien5

3 EBITDA is a weighted average at investment closing.
4 Loan-to-Value (LTV) is a weighted average at investment closing.
5 Represents senior secured first lien debt as a percentage of total debt investments and excludes TCAP’s equity investments.

Higher Yields | Reduced Risk6

Private credit has historically provided low volatility and strong relative risk-adjusted returns

TCAP Resources

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Data is as of October 31, 2024, unless otherwise indicated. Returns for periods less than or greater than one year are annualized. Past performance is not indicative of future results and there can be no assurance that TCAP will achieve results similar to those of any of TPG Angelo Gordon’s prior funds or be able to implement its strategy or achieve its investment objectives, including due to an inability to access sufficient investment opportunities.

Summary of Risk Factors

TPG Twin Brook Capital Income Fund (formerly known as “AG Twin Brook Capital Income Fund”) (“TCAP”) is a non-exchange traded business development company (“BDC”). This investment involves a high degree of risk. You should purchase these securities only if you can afford the complete loss of your investment. You should read the prospectus carefully for a description of the risks associated with an investment in TCAP. These risks include, but are not limited to, the following:

  • We have limited operating history and there is no assurance that we will achieve our investment objectives.
  • We cannot guarantee that we will be able to replicate the historical results achieved by other TPG Angelo Gordon products.
  • As required by the Investment Company Act of 1940, as amended, a significant portion of our investment portfolio is and will be recorded at fair value as determined in good faith and, as a result, there is and will be uncertainty as to the value of our portfolio investments.
  • If a subscription request, including the full subscription amount, is not received in good order at least five business days prior to the first day of the month, the investor may not be eligible to purchase securities during that month’s offering. Accordingly, if the subscription is not withdrawn, such investor will not know the NAV per share until the following month’s NAV is determined, which will be a significant period of time from the initial subscription. If an investor disagrees with the NAV per share at which a purchase is made and decides to tender such common shares of beneficial interest (“Common Shares”) within a year of such purchase, such investor would be subject to an early repurchase deduction and such Common Shares will be repurchased at 98% of NAV at the time of repurchase (“Early Repurchase Deduction”).
  • You should not expect to be able to sell your shares regardless of how we perform.
  • You should consider that you may not have access to the money you invest for an extended period of time.
  • We do not intend to list our shares on any securities exchange, and we do not expect a secondary market in our shares to develop.
  • Because you may be unable to sell your shares, you will be unable to reduce your exposure in any market downturn.
  • We intend to implement a share repurchase program, but only a limited number of shares will be eligible for repurchase and repurchases will be subject to available liquidity and other significant restrictions.
  • An investment in our Common Shares is not suitable for you if you need access to the money you invest.
  • You will bear substantial fees and expenses in connection with your investment.
  • We cannot guarantee that we will make distributions, and if we do we may fund such distributions from sources other than cash flow from operations, including the sale of assets, borrowings or return of capital, and although we generally expect to fund distributions from cash flow from operations, we have not established limits on the amounts we may pay from such sources.
  • Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by AGTB Fund Manager, LLC (the “Adviser”) or its affiliates, that may be subject to reimbursement to the Adviser or its affiliates. The repayment of any amounts owed to the Adviser or any of its affiliates will reduce future distributions to which you would otherwise be entitled.
  • The Fund’s distributions may be funded from unlimited amounts of offering proceeds or borrowings, which may constitute a return of capital and reduce the amount of capital available to the Fund for investment. Any capital returned to shareholders through distributions will be distributed after payment of fees and expenses.
  • A return of capital to shareholders is a return of a portion of their original investment in the Fund, thereby reducing the tax basis of their investment. As a result from such reduction in tax basis, shareholders may be subject to tax in connection with the sale of shares, even if such shares are sold at a loss relative to the shareholder’s original investment.
  • We use and expect to continue to use leverage, which will magnify the potential for loss on amounts invested in us.
  • We qualify as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Common Shares less attractive to investors.
  • We invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be illiquid and difficult to value.
  • We invest primarily in privately-held companies for which very little public information exists. Such companies may experience substantial variations in operating results.

Neither the Securities and Exchange Commission nor any state securities regulator has approved or disapproved of these securities or determined if the prospectus is truthful or complete. Any representation to the contrary is unlawful.

This website must be read in conjunction with the TCAP prospectus in order to fully understand all the implications and risks of an investment in TCAP. This website is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the prospectus, which must be made available to you prior to making a purchase of shares in connection with this offering and is available at www.AGTBCAP.com. Prior to making an investment, investors should read the prospectus, including the “Risk Factors” section therein, which contains a discussion of the risks and uncertainties that we believe are material to our business, operating results, prospects and financial condition.

Numerical data is approximate and as of October 31, 2024, unless otherwise noted. The words “we”, “us”, and “our” refer to TCAP and its consolidated subsidiaries, unless the context requires otherwise.

Foreside Financial Services, LLC (“Foreside”) is a member of FINRA and is a broker-dealer and provides registered representative licensing services. You should exercise your own judgment and/or consult with a professional advisor to determine whether it is advisable for you to invest in any TPG Angelo Gordon strategy or product. For financial advice relating to an investment in any TPG Angelo Gordon strategy or product, contact your own professional advisor.

Index Definitions. The Cliffwater Direct Lending Index (CDLI) seeks to measure the unlevered, gross of fee performance of U.S. middle market corporate loans, as represented by the asset-weighted performance of the underlying assets of Business Development Companies (BDCs), including both exchange-traded and unlisted BDCs, subject to certain eligibility requirements. Credit Suisse Leveraged Loan Index is composed of over 1,600 loans representing over $1.2 trillion of notional value with credit ratings of CCC- to BB+. We believe this index best captures the performance of the entirety of the syndicated loan market. Bloomberg US Corporate High Yield Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below. Bloomberg US Treasury Index is a rules-based, market-value weighted index engineered to measure the performance and characteristics of fixed rate coupon US Treasuries which have a maturity greater than 12 months. To be included in the index a security must have a minimum par amount of $1 billion. Bloomberg US Corporate Bond Index measures the investment grade, fixed-rate, taxable corporate bond market. Bloomberg US Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

Footnotes

1As of October 31, 2024. Past Performance is not indicative of future results. TCAP launched on January 1, 2023. Total Return for Class I shares includes AGTB Private BDC, which commenced operations on May 10, 2022 and merged with TCAP on January 1, 2023. For additional information, including financial information, regarding AGTB Private BDC and the Merger, see TCAP’s prospectus. Total Return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested) divided by the beginning NAV per share. All returns are derived from unaudited financial information and are net of all TCAP expenses, including general and administrative expenses, transaction related expenses, management fees, incentive fees, and share class specific fees. Returns are prior to the impact of any potential upfront placement fees. Inception to date Total Return has been annualized for periods less than or greater than one year. An investment in TCAP is subject to a maximum upfront placement fee of 1.5% for Class D and 3.5% for Class S, which would reduce the amount of capital available for investment, if applicable. There are no upfront placement fees for Class I shares. Inception to date figures for Class I, Class D, and Class S shares use the initial offering price per share as the beginning NAV. Past performance is historical and not a guarantee of future results. The returns have been prepared using unaudited data and valuations of the underlying investments in TCAP’s portfolios which are estimates of fair value and form the basis for TCAP’s NAV. Valuations based on unaudited reports from the underlying investments may be subject to later adjustments, may not correspond to realized value, and may not accurately reflect the price at which assets could be liquidated.

2Lender protections are structural elements of a loan investment that serve to strengthen the lender’s position. These may include, but are not limited to, first lien perfected security interests on tangible/intangible assets of a portfolio company and covenant packages with both financial and negative covenants.

3EBITDA is a weighted average at investment closing.

4Loan-to-Value (LTV) is a weighted average at investment closing.

5Represents senior secured first lien debt as a percentage of total debt investments and excludes TCAP’s equity investments.

6Sources: Bloomberg and Cliffwater. Bloomberg data as of September 30, 2022. Volatility is measured using standard deviation. All of the quarterly standard deviations are then annualized. “Private Credit” is represented by the Cliffwater Direct Lending Index. “Leveraged Loans” is represented by the Credit Suisse Leveraged Loan Index. “High Yield” is represented by the Bloomberg U.S. Corporate High Yield Index. ”Corporate Bonds” is represented by the Bloomberg U.S. Corporate Bond Index. “Investment Grade” is represented by the Bloomberg U.S. Aggregate Bond Index. ”Treasuries” is represented by the Bloomberg U.S. Treasury Index. These indices (excluding U.S. Direct Lending and Private Credit) represent investments that have material differences from an investment in TCAP or that TCAP may make. Investments/Risks: TCAP expects to invest primarily in loans to private U.S. companies similar to those represented in the private credit index and therefore will face risks similar to those facing the assets represented by that index. TCAP’s investments and private credit assets are expected to face risks different than those faced by the other indices, including significantly less liquidity as private credit assets generally do not have liquid markets and greater risk of default and related risk of loss of principal. TCAP may also invest in instruments not represented by private credit or the other indices above, including equities, preferred securities or non-U.S. securities (including non-U.S. dollar denominated instruments), among others, and therefore is subject to additional risks, such as increased volatility, currency risk, risk of regulation or foreign market events. Fees and Expenses: An investment in TCAP is subject to fees and expenses, which will lower TCAP’s returns. The indices presented are not subject to fees or expenses and it is not possible to directly invest in any index presented. Use of Leverage: Unlike the indices presented, TCAP does and will continue to employ leverage, which will increase the volatility of TCAP’s investments and will magnify the potential for loss of amounts invested in TCAP. See “Important Disclosure Information” for important information regarding index comparisons. For more information on these indices, please see the Index Definitions below. For a more detailed description of TCAP’s risk factors, please refer to TCAP’s prospectus. Past performance is not indicative of future results, and there can be no assurance that TCAP will achieve comparable results or that TCAP will be able to implement its investment strategy or achieve its investment objectives. Portfolio diversification does not guarantee profit or protect against loss.

Important Disclosure Information

Uncertainty and volatility in the financial markets and political systems of the United States, the United Kingdom, and other countries may have adverse spill-over effects into the global financial markets generally. Moreover, a recession, slowdown and/or a sustained downturn in the U.S. or global economy (or any particular segment thereof) will have a pronounced impact on TCAP and could adversely affect TCAP’s profitability, impede the ability of TCAP’s portfolio companies to perform under or refinance their existing obligations, and impair TCAP’s ability to effectively deploy its capital or realize upon portfolio investments on favorable terms and may have an adverse impact on TCAP’s business and operations.

Index Comparison

The volatility and risk profile of the indices presented in this website is likely to be materially different from that of the Fund. In addition, the indices employ different investment guidelines and criteria than the Fund and do not employ leverage; as a result, the holdings in the Fund and the liquidity of such holdings may differ significantly from the securities that comprise the indices. The indices are not subject to fees or expenses and it is not possible to invest in the indices. A summary of the investment guidelines for the indices presented are available upon request.

IMPORTANT NOTICE

This site and the materials herein are directed only to certain types of investors and to persons in jurisdictions where TPG Twin Brook Capital Income Fund (formerly known as “AG Twin Brook Capital Income Fund”) (“TCAP”) is authorized for distribution.

Complete information about investing in shares of TCAP is available in the Prospectus. An investment in TCAP involves risks.

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