10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 814-01520

AG Twin Brook Capital Income Fund

(Exact name of registrant as specified in its charter)

Delaware	88-6102187
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
245 Park Avenue, 26th Floor, New York, NY	10167
(Address of principal executive offices)	(Zip Code)

(Registrant’s telephone number, including area code): (212) 692-2000

________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

Securities registered pursuant to Section 12(g) of the Act:

Common Shares, par value $0.001 per share

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	x	Smaller reporting company	o
		Emerging growth company	x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No x

As of August 11, 2023, the registrant had 23,183,428 common shares of beneficial interest, $0.001 par value per share, outstanding. Common Shares outstanding exclude July 3, 2023 subscriptions since the issuance price is not yet finalized at the date of this filing.

TABLE OF CONTENTS

PART I	FINANCIAL INFORMATION	2
Item 1.	Financial Statements	2
	Consolidated Statements of Assets and Liabilities as of June 30, 2023 (Unaudited) and December 31, 2022	2
	Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2023 and for the Three Months Ended June 30, 2022 and for the Period January 27, 2022 (Inception) through June 30, 2022 (Unaudited)	3
	Consolidated Statements of Changes in Net Assets for the Three and Six Months ended June 30, 2023 and for the Three Months Ended June 30, 2022 and for the period January 27, 2022 (Inception) through June 30, 2022 (Unaudited)	4
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 (Unaudited) and for the period January 27, 2022 (Inception) through June 30, 2022 (Unaudited)	5
	Consolidated Schedules of Investments as of June 30, 2023 (Unaudited) and December 31, 2022	6
	Notes to Consolidated Financial Statements (Unaudited)	19
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	42
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	59
Item 4.	Controls and Procedures	60
PART II	OTHER INFORMATION	61
Item 1.	Legal Proceedings	61
Item 1A.	Risk Factors	61
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	61
Item 3.	Defaults Upon Senior Securities	61
Item 4.	Mine Safety Disclosures	61
Item 5.	Other Information	61
Item 6.	Exhibits	62
Signatures		63

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

AG Twin Brook Capital Income Fund

Consolidated Statements of Assets and Liabilities

(Amounts in thousands, except share and per share amounts)

	June 30, 2023		December 31, 2022
	(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments at fair value (amortized cost of $943,989 and $795,429, respectively)	$	945,778	$	797,019
Non-controlled/affiliated investments at fair value (amortized cost of $34,165 and $27,234, respectively)	38,564		27,468
Cash	15,350		22,659
Restricted cash	25,956		15,850
Deferred financing costs	7,175		7,892
Interest receivable	3,802		6,023
Deferred offering costs	1,086		459
Prepaid expenses	38		138
Total assets	$	1,037,749	$	877,508
Liabilities
Debt (Note 5)	$	423,200	$	323,200
Interest payable	6,206		4,782
Dividend payable	4,173		15,707
Income incentive fee payable	1,915		1,412
Management fees payable	1,770		1,397
Accrued expenses and other liabilities payable to affiliate	1,390		1,064
Deferred tax liability	924		—
Capital gains incentive fee payable	793		249
Deferred income	509		614
Due to affiliate	—		188
Total liabilities	440,880		348,613
Commitments and contingencies (Note 7)
Net assets
Class I common shares $0.001 par value, unlimited shares authorized; 23,183,428 and 20,943,030 shares issued and outstanding, respectively	$	23	$	21
Additional paid-in-capital	583,748		528,878
Total distributable earnings (loss)	13,098		(4)
Total net assets	596,869		528,895
Total liabilities and net assets	$	1,037,749	$	877,508
Net asset value per share	$	25.75	$	25.25

The accompanying notes are an integral part of these consolidated financial statements.

2

AG Twin Brook Capital Income Fund

Consolidated Statements of Operations

(Amounts in thousands, except share and per share amounts)

(Unaudited)

	Three Months Ended June 30, 2023		Three Months Ended June 30, 2022		Six Months Ended June 30, 2023		Period from January 27, 2022 (Inception) to June 30, 2022
Investment income
Investment income from non-controlled, non-affiliated investments:
Interest	$	28,312	$	297	$	52,451	$	297
Other	331		418		1,259		418
Total investment income from non-controlled, non-affiliated investments:	28,643		715		53,710		715
Total investment income	28,643		715		53,710		715
Expenses
Interest	$	9,625	$	104	$	17,317	$	104
Income incentive fees(1)	1,915		—		3,585		—
Management fees(1)	1,770		174		3,410		174
Offering costs	836		60		1,618		60
Other	357		38		643		38
Professional fees	721		16		1,273		16
Administrative fees(1)	321		255		1,072		255
Capital gains incentive fees(1)	209		—		543		—
Organizational costs	—		61		528		381
Accounting fees	114		72		272		72
Insurance fees	23		82		112		82
Trustees' fees	45		52		89		52
Total expenses	15,936		914		30,462		1,234
Net investment income (loss) before taxes	$	12,707	$	(199)	$	23,248	$	(519)
Deferred federal tax provision(2)	346		—		924		—
Net investment income (loss) after taxes	$	12,361	$	(199)	$	22,324	$	(519)
Net realized and unrealized gain (loss) on investment transactions
Net realized gain (loss) on investment transactions:
Non-controlled, non-affiliated investments	—		—		(18)		—
Net change in unrealized gain (loss) on investment transactions:
Non-controlled, non-affiliated investments	29		(6)		199		(6)
Non-controlled, affiliated investments	1,644		—		4,165		—
Total net realized and unrealized gain (loss) on investment transactions	1,673		(6)		4,346		$	(6)
Net increase (decrease) in net assets resulting from operations	$	14,034	$	(205)	$	26,670	$	(525)
Net investment income (loss) per share - basic and diluted	$	0.54	$	(0.09)	$	1.02	$	(0.34)
Earnings (loss) per share - basic and diluted	$	0.62	$	(0.09)	$	1.22	$	(0.34)
Weighted average shares outstanding - basic and diluted	22,724,706		2,241,785		21,890,401		1,533,872

(1)Refer to Note 6 - Agreements and Related Party Transactions

(2)Related to the Company’s wholly-owned, consolidated subsidiary, Twin Brook Equity XXXIII Corp., which is treated as a corporation for United States federal income tax purposes

The accompanying notes are an integral part of these consolidated financial statements.

3

AG Twin Brook Capital Income Fund

Consolidated Statements of Changes in Net Assets

(Amounts in thousands, except share amounts)

(Unaudited)

	Three Months Ended June 30, 2023		Three Months Ended June 30, 2022		Six Months Ended June 30, 2023		Period from January 27, 2022 (Inception) to June 30, 2022
Increase (decrease) in net assets resulting from operations
Net investment income (loss)	$	12,361	$	(199)	$	22,324	$	(519)
Net realized gain (loss)	—		—		(18)		—
Net change in unrealized gain (loss)	1,673		(6)		4,364		(6)
Net increase (decrease) in net assets resulting from operations	14,034		(205)		26,670		(525)
Dividends
Dividends declared from earnings	(12,295)		—		(16,120)		—
Net increase (decrease) in net assets resulting from dividends	(12,295)		—		(16,120)		—
Capital share transactions
Proceeds from shares sold	49,325		174,998		57,140		175,000
Distributions reinvested	284		—		284		—
Net increase (decrease) in net assets resulting from capital share transactions	49,609		174,998		57,424		175,000
Total increase (decreases) in net assets	51,348		174,793		67,974		174,475
Net assets, at beginning of period	545,521		(318)		528,895		—
Net assets, at end of period	$	596,869	$	174,475	$	596,869	$	174,475

The accompanying notes are an integral part of these consolidated financial statements.

4

AG Twin Brook Capital Income Fund

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)

	Six Months Ended June 30, 2023		Period from January 27, 2022 (Inception) to June 30, 2022
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	26,670	$	(525)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Net realized (gain) loss on investments	18		—
Net change in unrealized (appreciation) depreciation on investments	(4,364)		6
Net accretion on debt instruments	(2,186)		(25)
Net paydown gain on debt instruments	(359)		—
Interest received in-kind	(59)		—
Purchases and drawdowns of investments	(253,754)		(85,995)
Proceeds from sales and paydowns of investments	100,849		—
Amortization of deferred financing costs	867		45
Amortization of deferred offering costs	1,618		60
Change in operating assets and liabilities:
(Increase) decrease in interest receivable	2,221		(243)
(Increase) decrease in prepaid expenses	100		—
Increase (decrease) in interest payable	1,424		58
Increase (decrease) in accrued expenses and other liabilities payable to affiliate	326		466
Increase (decrease) in income incentive fees payable	503		—
Increase (decrease) in management fees payable	373		174
Increase (decrease) in deferred tax liability	924		—
Increase (decrease) in capital gains incentive fees payable	544		—
Increase (decrease) in deferred income	(105)		107
Increase (decrease) in due to affiliate	(188)		360
Increase (decrease) in organizational costs payable to affiliate	—		378
Net cash used in operating activities	(124,578)		(85,134)
Cash flows from financing activities
Dividends paid	(27,370)		—
Proceeds from issuance of common shares	57,140		173,512
Borrowings on debt	230,400		1,000
Payments on debt	(130,400)		—
Payments for deferred financing costs	(150)		(3,522)
Payments for deferred offering costs	(2,245)		(360)
Net cash provided by financing activities	127,375		170,630
Net change in cash	2,797		85,496
Cash
Cash, beginning of period	38,509		—
Cash, end of period	$	41,306	$	85,496
Supplemental and non-cash information
Contributions receivable	$	—	$	1,488
Distributions reinvested	$	284	$	—
Cash paid during the period for interest	$	15,026	$	1
Dividends payable	$	4,173	$	—
The following table provides a reconciliation of cash and restricted cash reported within the consolidated statements of assets and liabilities:
Cash	$	15,350	$	85,496
Restricted cash	25,956		—
Total cash and restricted cash	$	41,306	$	85,496

The accompanying notes are an integral part of these consolidated financial statements.

5

Table of Contents

AG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Investments
Non-controlled/non-affiliated senior secured debt
Air freight and logistics
Load One Purchaser Corporation (6)	First lien senior secured delayed draw term loan	S +	5.75%	11.25%	6/21/2028	$	6,080	$	(94)	$	(92)	(0.02)	%
Load One Purchaser Corporation	First lien senior secured revolving loan	S +	5.75%	11.25%	6/21/2028	3,482		291		296		0.05	%
Load One Purchaser Corporation	First lien senior secured term loan	S +	5.75%	11.25%	6/21/2028	13,410		13,175		13,200		2.21	%
Zipline Logistics, LLC (6)	First lien senior secured delayed draw term loan	S +	5.75%	10.97%	9/19/2027	4,527		(76)		(70)		(0.01)	%
Zipline Logistics, LLC (6)	First lien senior secured revolving loan	S +	5.75%	10.97%	9/19/2027	1,687		(28)		(26)		0.00	%
Zipline Logistics, LLC	First lien senior secured term loan	S +	5.75%	10.97%	9/19/2027	6,889		6,768		6,779		1.14	%
								20,036		20,087		3.37	%
Auto components
Raneys, LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.45%	6/7/2027	$	4,855	$	1,255	$	1,270	0.21	%
Raneys, LLC (6)	First lien senior secured revolving loan	S +	6.00%	11.50%	6/7/2027	1,522		(29)		(27)		0.00	%
Raneys, LLC	First lien senior secured term loan	S +	6.00%	11.50%	6/7/2027	8,894		8,715		8,735		1.46	%
A.P.A. Industries, LLC (6)	First lien senior secured revolving loan	S +	6.25%	11.75%	1/10/2028	1,523		(35)		(33)		(0.01)	%
A.P.A. Industries, LLC	First lien senior secured term loan	S +	6.25%	11.75%	1/10/2028	10,065		9,836		9,849		1.65	%
								19,742		19,794		3.31	%
Chemicals
Custom Agronomics Holdings, LLC (6)	First lien senior secured revolving loan	S +	6.50%	12.00%	8/30/2027	$	2,312	$	(39)	$	(35)	(0.01)	%
Custom Agronomics Holdings, LLC	First lien senior secured term loan	S +	6.50%	12.00%	8/30/2027	3,910		3,843		3,849		0.64	%
								3,804		3,814		0.63	%
Commercial services and supplies
Industrial Air Flow Dynamics, Inc. (6)	First lien senior secured revolving loan	S +	6.25%	11.45%	8/5/2028	$	2,537	$	(43)	$	(39)	(0.01)	%
Industrial Air Flow Dynamics, Inc.	First lien senior secured term loan	S +	6.25%	11.45%	8/5/2028	17,668		17,353		17,390		2.91	%
QLS Buyer, Inc (6)	First lien senior secured revolving loan	S +	6.00%	11.23%	5/2/2028	1,591		(38)		(38)		(0.01)	%
QLS Buyer, Inc	First lien senior secured term loan	S +	6.00%	11.23%	5/2/2028	12,434		12,132		12,132		2.03	%
								29,404		29,445		4.92	%
Construction and engineering
Rose Paving, LLC	First lien senior secured revolving loan	S +	5.50%	10.94%	11/7/2028	$	4,961	$	2,285	$	2,295	0.38	%
Rose Paving, LLC	First lien senior secured term loan	S +	5.50%	10.70%	11/7/2028	16,768		16,391		16,415		2.75	%
Ironhorse Purchaser, LLC	First lien senior secured delayed draw term loan	S +	6.50%	12.00%	9/30/2027	9,366		9,252		9,262		1.55	%
Ironhorse Purchaser, LLC (7)	First lien senior secured revolving loan	S +	6.50%	11.84%	9/30/2027	5,813		3,590		3,617		0.61	%
Ironhorse Purchaser, LLC	First lien senior secured term loan	S +	6.50%	12.00%	9/30/2027	30,452		30,043		30,099		5.04	%
								61,561		61,688		10.33	%

The accompanying notes are an integral part of these consolidated financial statements.

6

Table of Contents

AG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Containers and packaging
Bulk Lift International, LLC (6)	First lien senior secured revolving loan	S +	6.75%	12.25%	11/15/2027	$	1,748	$	(43)	$	(41)	(0.01)	%
Bulk Lift International, LLC	First lien senior secured term loan	S +	6.75%	12.25%	11/15/2027	5,787		5,645		5,653		0.95	%
K-1 Packaging Group, LLC. (6)	First lien senior secured revolving loan	S +	6.00%	11.22%	10/6/2027	6,748		(144)		(136)		(0.02)	%
K-1 Packaging Group, LLC.	First lien senior secured term loan	S +	6.00%	11.22%	10/6/2027	32,949		32,208		32,278		5.42	%
Sixarp, LLC (6)	First lien senior secured delayed draw term loan	S +	5.25%	10.75%	8/5/2027	3,180		(51)		(48)		(0.01)	%
Sixarp, LLC (6)	First lien senior secured revolving loan	S +	5.25%	10.75%	8/5/2027	3,732		(61)		(56)		(0.01)	%
Sixarp, LLC	First lien senior secured term loan	S +	5.25%	10.75%	8/5/2027	19,726		19,386		19,422		3.25	%
								56,940		57,072		9.57	%
Diversified consumer services
ACES Intermediate, LLC (6)	First lien senior secured revolving loan	S +	5.50%	10.72%	7/27/2027	$	6,964	$	(113)	$	(104)	(0.02)	%
ACES Intermediate, LLC	First lien senior secured term loan	S +	5.50%	10.72%	7/27/2027	31,219		30,693		30,747		5.16	%
Yard-Nique, Inc	First lien senior secured delayed draw term loan	S +	6.00%	11.39%	4/30/2026	6,086		399		402		0.07	%
Yard-Nique, Inc (6)	First lien senior secured revolving loan	S +	6.00%	11.39%	4/30/2026	870		(10)		(9)		0.00	%
Yard-Nique, Inc	First lien senior secured term loan	S +	6.00%	11.39%	4/30/2026	6,705		6,631		6,640		1.11	%
Esquire Deposition Solutions, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.90%	12/30/2027	3,842		2,331		2,332		0.39	%
Esquire Deposition Solutions, LLC	First lien senior secured revolving loan	S +	6.50%	11.89%	12/30/2027	2,162		590		592		0.10	%
Esquire Deposition Solutions, LLC	First lien senior secured term loan	S +	6.50%	11.89%	12/30/2027	13,391		13,026		13,041		2.18	%
CL Services Acquisition, LLC	First lien senior secured delayed draw term loan	S +	6.25%	11.65%	4/25/2028	7,090		3,658		3,658		0.61	%
CL Services Acquisition, LLC (6)	First lien senior secured revolving loan	S +	6.25%	11.47%	4/25/2028	1,591		(38)		(38)		(0.01)	%
CL Services Acquisition, LLC	First lien senior secured term loan	S +	6.25%	11.47%	4/25/2028	9,891		9,651		9,648		1.62	%
								66,818		66,909		11.21	%
Electrical equipment
WCI Volt Purchaser, LLC (6)	First lien senior secured revolving loan	S +	5.75%	11.25%	9/15/2028	$	2,249	$	(39)	$	(36)	(0.01)	%
WCI Volt Purchaser, LLC	First lien senior secured term loan	S +	5.75%	11.25%	9/15/2028	9,834		9,656		9,674		1.62	%
								9,617		9,638		1.61	%
Electronic equipment, instruments and components
ITSavvy LLC	First lien senior secured delayed draw term loan	S +	5.25%	10.57%	8/8/2028	$	2,428	$	2,183	$	2,184	0.37	%
ITSavvy LLC (6)	First lien senior secured revolving loan	S +	5.50%	11.05%	8/8/2028	1,741		(15)		(12)		0.00	%
ITSavvy LLC	First lien senior secured term loan	S +	5.50%	11.05%	8/8/2028	11,188		11,092		11,114		1.86	%
								13,260		13,286		2.23	%
Food and staples retailing
Universal Pure, LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.34%	10/31/2028	$	355	$	36	$	36	0.01	%
Universal Pure, LLC (8)	First lien senior secured revolving loan	S +	6.00%	11.36%	10/31/2028	6,992		1,752		1,760		0.29	%

The accompanying notes are an integral part of these consolidated financial statements.

7

Table of Contents

AG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Universal Pure, LLC	First lien senior secured term loan	S +	6.00%	11.39%	10/31/2028	17,009		16,584		16,602		2.78	%
								18,372		18,398		3.08	%
Food products
Sun Orchard, LLC (6)	First lien senior secured revolving loan	S +	5.25%	10.75%	7/8/2027	$	5,223	$	(84)	$	(77)	(0.01)	%
Sun Orchard, LLC	First lien senior secured term loan	S +	5.25%	10.75%	7/8/2027	9,408		9,252		9,268		1.55	%
BPCP WLF Intermedco LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	11.39%	8/19/2027	5,846		(97)		(89)		(0.01)	%
BPCP WLF Intermedco LLC	First lien senior secured revolving loan	S +	6.00%	11.39%	8/19/2027	3,383		1,297		1,302		0.22	%
BPCP WLF Intermedco LLC	First lien senior secured term loan	S +	6.00%	11.39%	8/19/2027	23,209		22,815		22,852		3.83	%
Treat Planet Acquisition, LLC (6)	First lien senior secured revolving loan	S +	6.50%	12.00%	1/11/2028	1,965		(53)		(52)		(0.01)	%
Treat Planet Acquisition, LLC	First lien senior secured term loan	S +	6.50%	12.00%	1/11/2028	7,264		7,065		7,073		1.19	%
								40,195		40,277		6.76	%
Health care equipment and supplies
Medical Technology Associates, Inc. (6)	First lien senior secured revolving loan	S +	6.25%	11.75%	7/25/2028	$	1,929	$	(41)	$	(37)	(0.01)	%
Medical Technology Associates, Inc.	First lien senior secured term loan	S +	6.25%	11.75%	7/25/2028	14,286		13,970		14,010		2.35	%
Nasco Healthcare Inc. (9)	First lien senior secured revolving loan	S +	5.75%	11.13%	6/30/2025	3,322		800		803		0.13	%
Nasco Healthcare Inc.	First lien senior secured term loan	S +	5.75%	11.14%	6/30/2025	17,722		17,561		17,581		2.95	%
Surplus Solutions, LLC (6)	First lien senior secured revolving loan	S +	6.00%	11.50%	11/30/2027	1,771		(39)		(37)		(0.01)	%
Surplus Solutions, LLC	First lien senior secured term loan	S +	6.00%	11.50%	11/30/2027	10,093		9,871		9,882		1.66	%
								42,122		42,202		7.07	%
Health care providers and services
Benefit Plan Administrators of Eau Claire, LLC	First lien senior secured delayed draw term loan	S +	5.50%	11.00%	6/7/2026	$	7,318	$	1,645	$	1,648	0.28	%
Benefit Plan Administrators of Eau Claire, LLC (6)	First lien senior secured revolving loan	S +	5.50%	10.79%	6/7/2026	1,672		(20)		(18)		0.00	%
Benefit Plan Administrators of Eau Claire, LLC	First lien senior secured term loan	S +	5.50%	10.79%	6/7/2026	12,897		12,730		12,748		2.14	%
Change Academy at Lake of the Ozarks, LLC	First lien senior secured revolving loan	S +	5.50%	11.00%	8/2/2027	5,786		1,255		1,263		0.21	%
Change Academy at Lake of the Ozarks, LLC	First lien senior secured term loan	S +	5.50%	10.89%	8/2/2027	29,547		29,051		29,098		4.88	%
Endodontic Practice Partners, LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.66%	11/2/2027	16,642		12,780		12,801		2.14	%
Endodontic Practice Partners, LLC	First lien senior secured revolving loan	S +	6.00%	11.22%	11/2/2027	1,918		156		161		0.03	%
Endodontic Practice Partners, LLC	First lien senior secured term loan	S +	6.00%	11.46%	11/2/2027	14,846		14,568		14,610		2.45	%
IPC Pain Acquisition, LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.22%	5/19/2027	10,830		9,680		9,683		1.62	%
IPC Pain Acquisition, LLC (6)	First lien senior secured revolving loan	S +	6.00%	11.22%	5/19/2027	1,115		(13)		(11)		0.00	%
IPC Pain Acquisition, LLC	First lien senior secured term loan	S +	6.00%	11.22%	5/19/2027	2,771		2,737		2,742		0.46	%
NH Kronos Buyer, Inc. (6)	First lien senior secured revolving loan	S +	6.25%	11.64%	11/1/2028	12,443		(332)		(292)		(0.05)	%
NH Kronos Buyer, Inc.	First lien senior secured term loan	S +	6.25%	11.64%	11/1/2028	51,746		50,345		50,497		8.46	%
Propio LS, LLC	First lien senior secured revolving loan	S +	5.50%	11.02%	8/2/2027	3,619		520		525		0.09	%
Propio LS, LLC	First lien senior secured term loan	S +	5.50%	10.96%	8/2/2027	19,741		19,405		19,442		3.26	%
Purpose Home Health Acquisition, LLC (6)	First lien senior secured delayed draw term loan	S +	6.25%	11.71%	11/3/2027	6,682		(131)		(122)		(0.02)	%

The accompanying notes are an integral part of these consolidated financial statements.

8

Table of Contents

AG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Purpose Home Health Acquisition, LLC (6)	First lien senior secured revolving loan	S +	6.25%	11.71%	11/3/2027	1,918		(37)		(35)		(0.01)	%
Purpose Home Health Acquisition, LLC	First lien senior secured term loan	S +	6.25%	11.71%	11/3/2027	7,921		7,765		7,777		1.30	%
ADVI Health, LLC (6)	First lien senior secured revolving loan	S +	7.00%	12.50%	11/29/2027	1,062		(23)		(22)		0.00	%
ADVI Health, LLC	First lien senior secured term loan	S +	7.00%	12.50%	11/29/2027	6,211		6,070		6,081		1.02	%
Spear Education Holdings, LLC (6)	First lien senior secured revolving loan	S +	7.50%	12.89%	12/15/2027	4,463		(109)		(105)		(0.02)	%
Spear Education Holdings, LLC	First lien senior secured term loan	S +	7.50%	12.89%	12/15/2027	12,509		12,196		12,210		2.05	%
US Foot and Ankle Specialists, LLC	First lien senior secured delayed draw term loan	S +	5.75%	10.97%	9/15/2026	16,558		9,710		9,714		1.63	%
US Foot and Ankle Specialists, LLC	First lien senior secured revolving loan	S +	5.75%	10.97%	9/15/2026	2,699		637		640		0.11	%
US Foot and Ankle Specialists, LLC	First lien senior secured term loan	S +	5.75%	10.97%	9/15/2026	20,915		20,619		20,644		3.46	%
MWEC Management, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	11.39%	2/14/2025	1,429		(32)		(33)		(0.01)	%
MWEC Management, LLC	First lien senior secured revolving loan	S +	6.00%	11.39%	2/14/2028	1,924		111		114		0.02	%
MWEC Management, LLC	First lien senior secured term loan	S +	6.00%	11.39%	2/14/2028	11,684		11,377		11,399		1.91	%
Beghou Consulting, LLC (6)	First lien senior secured revolving loan	S +	6.00%	11.50%	5/1/2028	2,654		(71)		(71)		(0.01)	%
Beghou Consulting, LLC	First lien senior secured term loan	S +	6.00%	11.50%	5/1/2028	14,897		14,499		14,499		2.43	%
BPCP EE Intermedco LLC	First lien senior secured delayed draw term loan	S +	6.25%	11.64%	4/3/2028	3,213		1,986		1,990		0.33	%
BPCP EE Intermedco LLC (6)	First lien senior secured revolving loan	S +	6.25%	11.64%	4/3/2028	2,244		(59)		(56)		(0.01)	%
BPCP EE Intermedco LLC	First lien senior secured term loan	S +	6.25%	11.64%	4/3/2028	6,526		6,355		6,363		1.07	%
Flourish Research Acquisition, LLC (6)	First lien senior secured delayed draw term loan	S +	6.50%	11.81%	4/28/2025	2,162		(51)		(51)		(0.01)	%
Flourish Research Acquisition, LLC (6)	First lien senior secured revolving loan	S +	6.50%	11.81%	4/28/2026	829		(20)		(20)		—	%
Flourish Research Acquisition, LLC	First lien senior secured term loan	S +	6.50%	11.81%	4/28/2026	19,027		18,569		18,569		3.11	%
H2 Holdco, Inc. (6)	First lien senior secured delayed draw term loan	S + 5.25% + 2.25% PIK		11.01%	5/5/2028	7,061		(205)		(205)		(0.03)	%
H2 Holdco, Inc. (6)(10)	First lien senior secured revolving loan	S + 5.25% + 2.25% PIK		11.01%	5/5/2028	2,488		(72)		(72)		(0.01)	%
H2 Holdco, Inc.	First lien senior secured term loan	S + 5.25% + 2.25% PIK		11.01%	5/5/2028	17,292		16,785		16,787		2.81	%
								280,376		280,892		47.09	%
Health care technology
AHR Intermediate, Inc	First lien senior secured delayed draw term loan	S +	5.25%	10.60%	7/29/2027	$	5,202	$	3,795	$	3,782	0.63	%
AHR Intermediate, Inc	First lien senior secured revolving loan	S +	5.25%	10.75%	7/29/2027	7,708		645		705		0.12	%
AHR Intermediate, Inc	First lien senior secured term loan	S +	5.25%	10.75%	7/29/2027	24,169		23,939		23,964		4.01	%
								28,379		28,451		4.76	%
Household durables
CPS Power Buyer, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.72%	9/26/2027	$	3,018	$	2,605	$	2,609	0.44	%
CPS Power Buyer, LLC (6)	First lien senior secured revolving loan	S +	6.50%	12.00%	9/26/2027	1,687		(29)		(26)		0.00	%

The accompanying notes are an integral part of these consolidated financial statements.

9

Table of Contents

AG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
CPS Power Buyer, LLC	First lien senior secured term loan	S +	6.50%	12.00%	9/26/2027	5,092		5,001		5,010		0.84	%
Kwalu, LLC (6)	First lien senior secured revolving loan	S +	5.75%	11.25%	9/23/2027	5,061		(86)		(79)		(0.01)	%
Kwalu, LLC	First lien senior secured term loan	S +	5.75%	11.25%	9/23/2027	24,712		24,277		24,315		4.07	%
MacKenzie Childs Acquisition, Inc.	First lien senior secured revolving loan	S +	6.00%	11.11%	9/2/2027	3,374		2,882		2,887		0.48	%
MacKenzie Childs Acquisition, Inc.	First lien senior secured term loan	S +	6.00%	11.11%	9/2/2027	17,972		17,738		17,766		2.98	%
Renovation Systems, LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.53%	1/23/2028	5,826		4,069		4,070		0.68	%
Renovation Systems, LLC	First lien senior secured revolving loan	S +	6.00%	11.50%	1/23/2028	1,965		437		439		0.07	%
Renovation Systems, LLC	First lien senior secured term loan	S +	6.00%	11.50%	1/23/2028	12,349		12,013		12,025		2.01	%
								68,907		69,016		11.56	%
Industrial Conglomerates
Hultec Buyer, LLC	First lien senior secured revolving loan	S +	6.25%	11.45%	3/31/2029	$	3,825	$	273	$	277	0.05	%
Hultec Buyer, LLC	First lien senior secured term loan	S +	6.25%	11.65%	3/31/2029	14,230		13,814		13,839		2.32	%
								14,087		14,116		2.37	%
IT services
Icreon Holdings, LLC (6)	First lien senior secured revolving loan	S +	6.50%	12.00%	10/26/2027	1,049		$	(23)	$	(21)	—	%
Icreon Holdings, LLC	First lien senior secured term loan	S +	6.50%	12.00%	10/26/2027	8,223		8,040		8,056		1.35	%
								8,017		8,035		1.35	%
Machinery
Double E Company, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	11.39%	6/21/2028	$	1,969	$	(15)	$	(13)	0.00	%
Double E Company, LLC	First lien senior secured revolving loan	S +	6.00%	11.32%	6/21/2028	3,044		1,294		1,299		0.22	%
Double E Company, LLC	First lien senior secured term loan	S +	6.00%	11.39%	6/21/2028	17,367		17,217		17,260		2.89	%
								18,496		18,546		3.11	%
Media
Optimized Marketing Acquisition, LLC	First lien senior secured revolving loan	S +	5.75%	11.05%	8/19/2027	$	3,383	$	1,128	$	1,133	0.19	%
Optimized Marketing Acquisition, LLC	First lien senior secured term loan	S +	5.75%	10.97%	8/19/2027	26,037		25,590		25,636		4.30	%
RKD Group, LLC (6)	First lien senior secured revolving loan	S +	6.00%	11.39%	8/17/2028	4,905		(63)		(55)		(0.01)	%
RKD Group, LLC	First lien senior secured term loan	S +	6.00%	11.39%	8/17/2028	33,507		33,072		33,138		5.55	%
WTWH Buyer, LLC (6)	First lien senior secured revolving loan	S +	6.50%	12.00%	12/16/2027	1,638		(37)		(35)		(0.01)	%
WTWH Buyer, LLC	First lien senior secured term loan	S +	6.50%	12.00%	12/16/2027	10,145		9,912		9,927		1.66	%
								69,602		69,744		11.68	%
Professional services
Helpware, Inc.	First lien senior secured revolving loan	S +	5.75%	11.23%	9/8/2026	$	5,061	$	1,800	$	1,807	0.30	%
Helpware, Inc.	First lien senior secured term loan	S +	5.75%	11.25%	9/8/2026	14,043		13,874		13,894		2.33	%
								15,674		15,701		2.63	%
Software
Shasta Buyer, LLC	First lien senior secured revolving loan	S +	6.25%	11.75%	8/9/2028	$	2,199	$	250	$	253	0.04	%
Shasta Buyer, LLC	First lien senior secured term loan	S +	6.25%	11.75%	8/9/2028	11,604		11,399		11,422		1.91	%
								11,649		11,675		1.95	%
Specialty retail

The accompanying notes are an integral part of these consolidated financial statements.

10

Table of Contents

AG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Soccer Post Acquisition, LLC	First lien senior secured delayed draw term loan	S +	5.50%	11.00%	6/30/2027	$	1,513	$	1,416	$	1,418	0.24	%
Soccer Post Acquisition, LLC	First lien senior secured revolving loan	S +	5.50%	11.00%	6/30/2027	1,741		185		187		0.03	%
Soccer Post Acquisition, LLC	First lien senior secured term loan	S +	5.50%	11.00%	6/30/2027	7,552		7,443		7,455		1.25	%
								9,044		9,060		1.52	%
Trading companies and distributors
Ascent Lifting, Inc.	First lien senior secured revolving loan	S +	6.00%	11.20%	9/9/2027	$	2,500	$	605	$	608	0.10	%
Ascent Lifting, Inc.	First lien senior secured term loan	S +	6.00%	11.20%	9/9/2027	17,280		16,840		16,862		2.83	%
NEFCO Holding Company, LLC	First lien senior secured delayed draw term loan	S +	6.50%	12.06%	8/5/2028	2,186		2,155		2,154		0.36	%
NEFCO Holding Company, LLC	First lien senior secured delayed draw term loan	S +	6.50%	12.09%	8/5/2024	2,192		25		28		0.00	%
NEFCO Holding Company, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.78%	8/5/2028	2,611		2,593		2,570		0.43	%
NEFCO Holding Company, LLC	First lien senior secured revolving loan	P +	5.50%	13.75%	8/5/2028	3,045		1,572		1,576		0.26	%
NEFCO Holding Company, LLC	First lien senior secured term loan	S +	6.50%	11.78%	8/5/2028	14,360		14,097		14,134		2.37	%
								37,887		37,932		6.35	%
Total non-controlled/non-affiliated senior secured debt								$	943,989	$	945,778	158.46	%
Non-controlled/affiliated investments
Multisector holdings
Twin Brook Equity Holdings, LLC (11) (12) (13)	Equity 7.03% membership interest							$	34,165	$	38,564	6.46	%
Total non-controlled/affiliated investments								$	34,165	$	38,564	6.46	%
Total investments								$	978,154	$	984,342	164.92	%

(1)Unless otherwise indicated, all investments are considered Level 3 investments. Under section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”), we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of June 30, 2023, there were no non-qualifying assets.

(2)Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

(3)Principal/par amount is denominated in U.S. Dollars (“$”) unless otherwise noted.

(4)The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(5)Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the Term Secured Overnight Financing Rate (“Term SOFR” or “S”) and/or an alternate base rate (e.g. prime rate (“P”)), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the applicable margin has been provided over Term SOFR based on each respective credit agreement. As of June 30, 2023, the reference rates for the floating rate loans were the Term SOFR of 5.09% and the Prime Rate of 8.25%.

(6)Represents revolvers and delayed draw term loans where the entire balance is unfunded as of June 30, 2023. The negative fair value is a result of the commitment being valued below par. Refer to Note 7 for further information.

(7)Principal balance includes reserve for letter of credit of $82,358 on which the borrower pays 6.50%.

(8)Principal balance includes reserve for letter of credit of $160,279 on which the borrower pays 6.00%.

(9)Principal balance includes reserve for letter of credit of $265,760 on which the borrower pays 5.75%.

The accompanying notes are an integral part of these consolidated financial statements.

11

Table of Contents

AG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands)

(Unaudited)

(10)Principal balance includes reserve for letter of credit of $213,947 on which the borrower pays 5.25%.

(11)As a practical expedient, the Company uses net asset value (“NAV”) to determine the fair value of this investment. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels. This represents an investment in an affiliated fund.

(12)Securities exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of June 30, 2023, the aggregate fair value of these securities is $38,564 or 6.46% of the Company's net assets. The “restricted security”, Twin Brook Equity Holdings, LLC was purchased on May 19, 2022.

(13)Non-income producing investment.

The accompanying notes are an integral part of these consolidated financial statements.

12

AG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Investments
Non-controlled/non-affiliated senior secured debt
Air freight and logistics
Load One Purchaser Corporation (6)	First lien senior secured delayed draw term loan	S +	6.00%	10.84	%	6/21/2028	$	6,080	$	(103)	$	(101)	(0.02)	%
Load One Purchaser Corporation	First lien senior secured revolving loan	S +	6.00%	10.84	%	6/21/2028	3,482		285		291		0.06	%
Load One Purchaser Corporation	First lien senior secured term loan	S +	6.00%	10.84	%	6/21/2028	13,477		13,225		13,252		2.51	%
Zipline Logistics, LLC (6)	First lien senior secured delayed draw term loan	S +	5.75%	10.59	%	9/19/2027	4,527		(85)		(79)		(0.01)	%
Zipline Logistics, LLC (6)	First lien senior secured revolving loan	S +	5.75%	10.59	%	9/19/2027	1,687		(32)		(29)		(0.01)	%
Zipline Logistics, LLC	First lien senior secured term loan	S +	5.75%	10.59	%	9/19/2027	6,924		6,792		6,804		1.29	%
									20,082		20,138		3.82	%
Auto components
Raneys, LLC (6)	First lien senior secured revolving loan	S +	5.75%	10.59	%	6/7/2027	$	1,522	$	(27)	$	(25)	0.00	%
Raneys, LLC	First lien senior secured term loan	S +	5.75%	10.59	%	6/7/2027	7,364		7,231		7,243		1.37	%
									7,204		7,218		1.37	%
Chemicals
Custom Agronomics Holdings, LLC (6)	First lien senior secured revolving loan	S +	6.50%	11.34	%	8/26/2027	$	2,312	$	(43)	$	(40)	(0.01)	%
Custom Agronomics Holdings, LLC	First lien senior secured term loan	S +	6.50%	11.34	%	8/26/2027	3,930		3,853		3,863		0.73	%
									3,810		3,823		0.72	%
Commercial services and supplies
Industrial Air Flow Dynamics, Inc.	First lien senior secured revolving loan	P +	5.25%	12.75	%	8/5/2028	$	2,537	$	376	$	380	0.07	%
Industrial Air Flow Dynamics, Inc.	First lien senior secured term loan	S +	5.25%	10.67	%	8/5/2028	17,757		17,412		17,452		3.30	%
									17,788		17,832		3.37	%
Construction and engineering
Ironhorse Purchaser, LLC (6)	First lien senior secured delayed draw term loan	S +	6.50%	11.34	%	9/30/2027	$	9,413	$	(82)	$	(70)	(0.01)	%
Ironhorse Purchaser, LLC	First lien senior secured revolving loan	S +	6.50%	11.33	%	9/30/2027	4,210		1,960		1,968		0.37	%
Ironhorse Purchaser, LLC	First lien senior secured term loan	S +	6.50%	11.34	%	9/30/2027	30,605		30,312		30,376		5.74	%
Rose Paving, LLC	First lien senior secured revolving loan	S +	5.75%	10.57	%	11/7/2028	4,560		2,442		2,442		0.46	%
Rose Paving, LLC	First lien senior secured term loan	S +	5.75%	10.55	%	11/7/2028	16,853		16,439		16,439		3.11	%
									51,071		51,155		9.67	%
Containers and packaging
Bulk Lift International, LLC (6)	First lien senior secured revolving loan	S +	6.75%	11.28	%	11/15/2027	$	1,748	$	(43)	$	(43)	(0.01)	%
Bulk Lift International, LLC	First lien senior secured term loan	S +	6.75%	11.28	%	11/15/2027	5,816		5,673		5,673		1.07	%
K-1 Packaging Group, LLC (6)	First lien senior secured revolving loan	S +	6.00%	10.84	%	10/6/2027	6,748		(161)		(152)		(0.03)	%
K-1 Packaging Group, LLC	First lien senior secured term loan	S +	6.00%	10.84	%	10/6/2027	33,115		32,317		32,370		6.12	%
Sixarp, LLC (6)	First lien senior secured delayed draw term loan	S +	5.50%	10.34	%	8/5/2027	3,180		(57)		(54)		(0.01)	%

The accompanying notes are an integral part of these consolidated financial statements.

13

AG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Sixarp, LLC (6)	First lien senior secured revolving loan	S +	5.50%	10.34	%	8/5/2027	3,732		(69)		(63)		(0.01)	%
Sixarp, LLC	First lien senior secured term loan	S +	5.50%	10.34	%	8/5/2027	19,825		19,443		19,482		3.68	%
									57,103		57,213		10.81	%
Diversified consumer services
ACES Intermediate, LLC (6)	First lien senior secured revolving loan	S +	5.75%	10.63	%	7/27/2027	$	6,964	$	(127)	$	(117)	(0.02)	%
ACES Intermediate, LLC	First lien senior secured term loan	S +	5.75%	10.63	%	7/27/2027	31,376		30,789		30,859		5.83	%
Esquire Deposition Solutions, LLC (6)	First lien senior secured delayed draw term loan	S +	6.50%	10.92	%	12/30/2027	3,845		(115)		(115)		(0.02)	%
Esquire Deposition Solutions, LLC (6)	First lien senior secured revolving loan	S +	6.50%	10.92	%	12/30/2027	2,162		(65)		(65)		(0.01)	%
Esquire Deposition Solutions, LLC	First lien senior secured term loan	S +	6.50%	10.92	%	12/30/2027	13,458		13,054		13,054		2.47	%
Yard-Nique, Inc (6)	First lien senior secured delayed draw term loan	S +	6.00%	9.71	%	4/30/2026	6,086		(72)		(68)		(0.01)	%
Yard-Nique, Inc	First lien senior secured revolving loan	S +	5.00%	8.71	%	4/30/2026	870		250		251		0.05	%
Yard-Nique, Inc	First lien senior secured term loan	S +	6.00%	9.71	%	4/30/2026	6,739		6,651		6,661		1.26	%
									50,365		50,460		9.55	%
Electrical equipment
WCI Volt Purchaser, LLC (6)	First lien senior secured revolving loan	S +	5.75%	10.59	%	9/15/2028	$	2,249	$	(43)	$	(39)	(0.01)	%
WCI Volt Purchaser, LLC	First lien senior secured term loan	S +	5.75%	10.59	%	9/15/2028	10,035		9,841		9,859		1.86	%
									9,798		9,820		1.85	%
Electronic equipment, instruments and components
ITSavvy LLC (6)	First lien senior secured delayed draw term loan	S +	5.25%	8.76	%	8/8/2028	$	3,043	$	(25)	$	(22)	0.00	%
ITSavvy LLC (6)	First lien senior secured revolving loan	S +	5.25%	9.68	%	8/8/2028	1,741		(16)		(13)		0.00	%
ITSavvy LLC	First lien senior secured term loan	S +	5.25%	8.76	%	8/8/2028	11,244		11,138		11,162		2.11	%
									11,097		11,127		2.11	%
Food and staples retailing
Universal Pure, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	10.24	%	10/31/2028	$	5,236	$	(140)	$	(140)	(0.03)	%
Universal Pure, LLC (6)(8)	First lien senior secured revolving loan	S +	6.00%	10.24	%	10/31/2028	6,992		(187)		(187)		(0.04)	%
Universal Pure, LLC	First lien senior secured term loan	S +	6.00%	10.24	%	10/31/2028	29,898		29,088		29,088		5.50	%
									28,761		28,761		5.43	%
Food products
BPCP WLF Intermedco LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	10.73	%	8/19/2027	$	5,846	$	(108)	$	(100)	(0.02)	%
BPCP WLF Intermedco LLC	First lien senior secured revolving loan	S +	6.00%	10.75	%	8/19/2027	3,383		1,291		1,295		0.24	%
BPCP WLF Intermedco LLC	First lien senior secured term loan	S +	6.00%	10.73	%	8/19/2027	23,326		22,883		22,923		4.33	%
Sun Orchard, LLC	First lien senior secured revolving loan	S +	5.25%	9.69	%	7/8/2027	5,223		254		261		0.05	%
Sun Orchard, LLC	First lien senior secured term loan	S +	5.25%	10.09	%	7/8/2027	9,456		9,279		9,297		1.76	%
									33,599		33,676		6.36	%
Health care equipment and supplies
Medical Technology Associates, Inc. (6)	First lien senior secured revolving loan	S +	6.00%	10.84	%	7/25/2028	$	1,929	$	(36)	$	(33)	(0.01)	%
Medical Technology Associates, Inc.	First lien senior secured term loan	S +	6.00%	10.84	%	7/25/2028	6,713		6,585		6,599		1.25	%
Nasco Healthcare Inc. (6)(7)	First lien senior secured revolving loan	S +	5.75%	10.48	%	6/30/2025	3,322		(38)		(38)		(0.01)	%

The accompanying notes are an integral part of these consolidated financial statements.

14

AG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Nasco Healthcare Inc.	First lien senior secured term loan	S +	5.75%	10.48	%	6/30/2025	17,811		17,605		17,605		3.33	%
Surplus Solutions, LLC (6)	First lien senior secured revolving loan	S +	6.00%	10.66	%	11/30/2027	1,771		(44)		(44)		(0.01)	%
Surplus Solutions, LLC	First lien senior secured term loan	S +	6.00%	10.66	%	11/30/2027	10,143		9,894		9,894		1.87	%
									33,966		33,983		6.42	%
Health care providers and services
ADVI Health, LLC (6)	First lien senior secured revolving loan	S +	7.00%	11.67	%	11/29/2027	$	1,062	$	(26)	$	(26)	0.00	%
ADVI Health, LLC	First lien senior secured term loan	S +	7.00%	11.67	%	11/29/2027	6,242		6,089		6,089		1.15	%
Benefit Plan Administrators of Eau Claire, LLC (6)	First lien senior secured delayed draw term loan	S +	5.50%	9.19	%	6/7/2026	7,318		(96)		(92)		(0.02)	%
Benefit Plan Administrators of Eau Claire, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.19	%	6/7/2026	1,672		(23)		(21)		0.00	%
Benefit Plan Administrators of Eau Claire, LLC	First lien senior secured term loan	S +	5.50%	9.19	%	6/7/2026	12,962		12,779		12,800		2.42	%
Change Academy at Lake of the Ozarks, LLC (6)	First lien senior secured revolving loan	S +	5.25%	9.98	%	8/2/2027	5,786		(106)		(98)		(0.02)	%
Change Academy at Lake of the Ozarks, LLC	First lien senior secured term loan	S +	5.25%	9.98	%	8/2/2027	29,547		28,992		29,043		5.49	%
Endodontic Practice Partners, LLC	First lien senior secured delayed draw term loan	S +	5.75%	10.90	%	11/2/2027	16,705		11,621		11,621		2.20	%
Endodontic Practice Partners, LLC (6)	First lien senior secured revolving loan	S +	5.75%	10.64	%	11/2/2027	1,918		(37)		(37)		(0.01)	%
Endodontic Practice Partners, LLC	First lien senior secured term loan	S +	5.75%	10.64	%	11/2/2027	14,927		14,636		14,636		2.77	%
IPC Pain Acquistion, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	10.44	%	5/19/2027	10,830		(112)		(107)		(0.02)	%
IPC Pain Acquistion, LLC (6)	First lien senior secured revolving loan	S +	6.00%	10.44	%	5/19/2027	1,115		(15)		(13)		0.00	%
IPC Pain Acquistion, LLC	First lien senior secured term loan	S +	6.00%	10.44	%	5/19/2027	2,785		2,745		2,751		0.52	%
NH Kronos Buyer, Inc. (6)	First lien senior secured revolving loan	S +	10.00%	14.24	%	11/1/2028	12,443		(363)		(363)		(0.07)	%
NH Kronos Buyer, Inc.	First lien senior secured term loan	S +	6.25%	10.49	%	11/1/2028	68,063		66,054		66,365		12.55	%
Propio LS, LLC	First lien senior secured revolving loan	S +	5.50%	10.46	%	8/2/2027	3,619		2,648		2,653		0.50	%
Propio LS, LLC	First lien senior secured term loan	S +	5.50%	10.38	%	8/2/2027	19,840		19,470		19,503		3.69	%
Purpose Home Health Acquisition, LLC (6)	First lien senior secured delayed draw term loan	S +	6.25%	11.19	%	11/3/2027	6,682		(145)		(145)		(0.03)	%
Purpose Home Health Acquisition, LLC (6)	First lien senior secured revolving loan	S +	6.25%	11.19	%	11/3/2027	1,918		(42)		(42)		(0.01)	%
Purpose Home Health Acquisition, LLC	First lien senior secured term loan	S +	6.25%	11.19	%	11/3/2027	7,961		7,788		7,786		1.47	%
Spear Education Holdings, LLC (6)	First lien senior secured revolving loan	S +	7.50%	11.94	%	12/15/2027	4,463		(122)		(122)		(0.02)	%
Spear Education Holdings, LLC	First lien senior secured term loan	S +	7.50%	11.94	%	12/15/2027	18,858		18,340		18,339		3.47	%
US Foot and Ankle Specialists, LLC	First lien senior secured delayed draw term loan	S +	5.25%	9.69	%	9/15/2026	16,598		5,908		5,913		1.12	%
US Foot and Ankle Specialists, LLC	First lien senior secured revolving loan	S +	5.25%	9.69	%	9/15/2026	2,699		631		635		0.12	%
US Foot and Ankle Specialists, LLC	First lien senior secured term loan	S +	5.25%	9.69	%	9/15/2026	21,020		20,672		20,705		3.91	%
									217,286		217,773		41.18	%
Health care technology
AHR Intermediate, Inc (6)	First lien senior secured delayed draw term loan	S +	5.75%	10.19	%	7/29/2027	$	5,202	$	(31)	$	(47)	(0.01)	%
AHR Intermediate, Inc	First lien senior secured revolving loan	S +	5.75%	10.19	%	7/29/2027	7,708		630		697		0.13	%
AHR Intermediate, Inc	First lien senior secured term loan	S +	5.75%	10.19	%	7/29/2027	24,292		24,012		24,050		4.55	%
									24,611		24,700		4.67	%

The accompanying notes are an integral part of these consolidated financial statements.

15

AG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Household durables
CPS Power Buyer, LLC (6)	First lien senior secured delayed draw term loan	S +	6.50%	10.89	%	9/26/2027	$	3,018	$	(57)	$	(53)	(0.01)	%
CPS Power Buyer, LLC (6)	First lien senior secured revolving loan	S +	6.50%	10.89	%	9/26/2027	1,687		(32)		(29)		(0.01)	%
CPS Power Buyer, LLC	First lien senior secured term loan	S +	6.50%	10.89	%	9/26/2027	5,118		5,019		5,028		0.95	%
Kwalu, LLC (6)	First lien senior secured revolving loan	S +	6.00%	10.84	%	9/23/2027	5,061		(96)		(88)		(0.02)	%
Kwalu, LLC	First lien senior secured term loan	S +	6.00%	10.84	%	9/23/2027	24,836		24,363		24,405		4.61	%
MacKenzie Childs Acquisition, Inc.	First lien senior secured revolving loan	S +	6.00%	10.73	%	9/2/2027	3,374		2,877		2,883		0.55	%
MacKenzie Childs Acquisition, Inc.	First lien senior secured term loan	S +	6.00%	10.73	%	9/2/2027	18,063		17,807		17,842		3.37	%
									49,881		49,988		9.44	%
IT services
ARC Healthcare Technologies, LLC	First lien senior secured delayed draw term loan	S +	5.25%	10.09	%	6/22/2025	$	7,340	$	661	$	668	0.13	%
ARC Healthcare Technologies, LLC (6)	First lien senior secured revolving loan	S +	5.25%	10.09	%	6/22/2025	3,341		(34)		(30)		(0.01)	%
ARC Healthcare Technologies, LLC	First lien senior secured term loan	S +	5.25%	10.09	%	6/22/2025	23,421		23,173		23,210		4.39	%
Icreon Holdings, LLC (6)	First lien senior secured revolving loan	S +	6.50%	10.94	%	10/26/2027	1,049		(25)		(25)		0.00	%
Icreon Holdings, LLC	First lien senior secured term loan	S +	6.50%	10.94	%	10/26/2027	8,265		8,063		8,063		1.52	%
									31,838		31,886		6.03	%
Machinery
Double E Company, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	10.55	%	6/21/2028	$	1,969	$	(17)	$	(14)	0.00	%
Double E Company, LLC	First lien senior secured revolving loan	P +	5.00%	12.50	%	6/21/2028	3,044		671		677		0.13	%
Double E Company, LLC	First lien senior secured term loan	S +	6.00%	10.55	%	6/21/2028	17,455		17,290		17,337		3.28	%
									17,944		18,000		3.41	%
Media
Optimized Marketing Acquisition, LLC	First lien senior secured revolving loan	S +	5.75%	10.97	%	8/19/2027	$	3,383	$	1,460	$	1,465	0.28	%
Optimized Marketing Acquisition, LLC	First lien senior secured term loan	S +	5.75%	10.97	%	8/19/2027	26,168		25,664		25,717		4.86	%
RKD Group, LLC (6)	First lien senior secured revolving loan	S +	6.00%	10.73	%	8/17/2028	4,905		(69)		(60)		(0.01)	%
RKD Group, LLC	First lien senior secured term loan	S +	6.00%	10.73	%	8/17/2028	33,676		33,191		33,260		6.29	%
WTWH Buyer, LLC (6)	First lien senior secured revolving loan	S +	6.50%	11.26	%	12/16/2027	1,638		(41)		(41)		(0.01)	%
WTWH Buyer, LLC	First lien senior secured term loan	S +	6.50%	11.26	%	12/16/2027	10,196		9,942		9,941		1.88	%
									70,147		70,282		13.29	%
Professional services
Helpware, Inc.	First lien senior secured revolving loan	S +	5.75%	10.59	%	9/8/2026	$	5,061	$	1,792	$	1,800	0.34	%
Helpware, Inc.	First lien senior secured term loan	S +	5.75%	10.41	%	9/8/2026	14,114		13,934		13,956		2.64	%
									15,726		15,756		2.98	%
Software
Shasta Buyer, LLC	First lien senior secured revolving loan	S +	6.25%	11.09	%	8/9/2028	$	2,199	$	196	$	199	0.04	%
Shasta Buyer, LLC	First lien senior secured term loan	S +	6.25%	11.09	%	8/9/2028	11,663		11,436		11,462		2.17	%
									11,632		11,661		2.21	%

The accompanying notes are an integral part of these consolidated financial statements.

16

AG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate and Spread (5)		Interest Rate		Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Specialty retail
Soccer Post Acquisition, LLC	First lien senior secured delayed draw term loan	S +	5.75%	10.91	%	6/30/2027	$	1,520	$	1,420	$	1,422	0.27	%
Soccer Post Acquisition, LLC	First lien senior secured revolving loan	S +	5.75%	10.59	%	6/30/2027	1,741		1,017		1,020		0.19	%
Soccer Post Acquisition, LLC	First lien senior secured term loan	S +	5.75%	10.59	%	6/30/2027	7,590		7,465		7,480		1.41	%
									9,902		9,922		1.87	%
Trading companies and distributors
Ascent Lifting, Inc. (6)	First lien senior secured revolving loan	S +	6.50%	10.17	%	9/9/2027	$	1,350	$	(25)	$	(23)	0.00	%
Ascent Lifting, Inc.	First lien senior secured term loan	S +	6.50%	10.17	%	9/9/2027	5,118		5,019		5,029		0.95	%
NEFCO Holding Company, LLC	First lien senior secured delayed draw term loan	S +	6.50%	9.87	%	8/5/2028	2,631		2,611		2,585		0.49	%
NEFCO Holding Company, LLC	First lien senior secured delayed draw term loan	S +	6.50%	9.87	%	8/5/2028	2,192		124		122		0.02	%
NEFCO Holding Company, LLC (6)	First lien senior secured delayed draw term loan	S +	6.50%	11.30	%	8/5/2024	2,192		(40)		(38)		(0.01)	%
NEFCO Holding Company, LLC (6)	First lien senior secured revolving loan	S +	6.50%	11.30	%	8/5/2028	3,045		(57)		(52)		(0.01)	%
NEFCO Holding Company, LLC	First lien senior secured term loan	S +	6.50%	11.30	%	8/5/2028	14,469		14,186		14,222		2.69	%
									21,818		21,845		4.13	%
Total non-controlled/non-affiliated senior secured debt									$	795,429	$	797,019	150.70	%
Non-controlled/affiliated investments
Multisector holdings
Twin Brook Equity Holdings, LLC(9)(10)(11)	Equity - 5.09% membership interest								$	27,234	$	27,468	5.19	%
Total non-controlled/affiliated investments									$	27,234	$	27,468	5.19	%
Total investments									$	822,663	$	824,487	155.89	%

(1)Unless otherwise indicated, all investments are considered Level 3 investments. Under section 55(a) of the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2022, there were no non-qualifying assets.

(2)Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

(3)Principal/par amount is denominated in U.S. Dollars (“$”) unless otherwise noted.

(4)The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(5)Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the Term Secured Overnight Financing Rate (“Term SOFR” or “S”) and/or an alternate base rate (e.g. prime rate (“P”)), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the applicable margin has been provided over

The accompanying notes are an integral part of these consolidated financial statements.

17

AG Twin Brook Capital Income Fund

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Term SOFR based on each respective credit agreement. As of December 31, 2022, the reference rates for the floating rate loans were the Term SOFR of 4.30% and the Prime Rate of 7.50%.

(6)Represents revolvers and delayed draw term loans where the entire balance is unfunded as of December 31, 2022. The negative fair value is a result of the commitment being valued below par. Refer to Note 7 for further information.

(7)Principal balance includes reserve for letter of credit of $265,760 on which the borrower pays 5.75%.

(8)Principal balance includes reserve for letter of credit of $155,534 on which the borrower pays 6.00%.

(9)As a practical expedient, the Company uses net asset value (“NAV”) to determine the fair value of this investment. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels. This represents an investment in an affiliated fund.

(10)Securities exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2022, the aggregate fair value of these securities is $27,468 or 5.19% of the Company's net assets.

(11)Non-income producing investment.

The accompanying notes are an integral part of these consolidated financial statements.

18

AG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited)

Note 1.  Organization

AG Twin Brook Capital Income Fund (“TCAP” or the “Company”) is a Delaware statutory trust which was formed on January 27, 2022 (date of inception). AGTB Fund Manager, LLC (the “Adviser”), a wholly-owned subsidiary of Angelo, Gordon & Co., L.P. (“Angelo Gordon”), serves as the investment adviser of the Company. The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Company intends to elect to be treated for federal income tax purposes, and intends to qualify annually thereafter, as a regulated investment company (“RIC”) as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

There were no operations other than those related to the Company’s organization and preparation for its public, ongoing offering prior to December 31, 2022. As of December 31, 2022, the Adviser contributed $50,000 of capital to the Company. In exchange for this contribution, the Adviser had received 2,000 Class I shares of the Company.

On December 15, 2022, the Company’s registration statement on Form N-2, registering the continuous offer and sale (the “Offering”) of up to $5 billion in the Company’s common shares of beneficial interest, was declared effective by the SEC.

The Company’s investment objective is to seek to generate attractive, consistent total returns, predominantly in the form of current income and, to a lesser extent, capital appreciation, by targeting investment opportunities with favorable risk-adjusted returns.

The Merger with AGTB Private BDC

On January 1, 2023, the Company completed its merger (the “Merger”) with AGTB Private BDC (“Private BDC”), with TCAP continuing as the surviving company and Private BDC continuing as the accounting survivor. Therefore, all comparative consolidated financial statements prior to the Merger are those of the Private BDC.

Pursuant to the Merger Agreement, TCAP and Private BDC caused the Merger to be consummated by filing a certificate of merger (the “Certificate of Merger”) with the Secretary of State of the State of Delaware on December 30, 2022. The Merger became effective on January 1, 2023 (the “Effective Time”), as agreed to by the parties and specified in the Certificate of Merger. At the Effective Time, common shares of beneficial interest, par value $0.001 per share, of Private BDC outstanding immediately prior to the Effective Time were converted into a number of Class I shares of beneficial interest, par value $0.001 per share, of TCAP (the “TCAP Common Shares”) equal to a ratio of one to one. As a result, TCAP issued an aggregate of approximately 20.9 million TCAP Common Shares to former Private BDC shareholders. The TCAP Common Shares issued and outstanding immediately prior to the Effective Time remained outstanding upon the Effective Time and were unaffected by the Merger. As a result, immediately following the Merger, TCAP had approximately 20,945,030 Class I shares outstanding, and no Class S or D shares outstanding.

The Merger with AG Twin Brook BDC, Inc.

On July 28, 2023, the Company completed its previously announced acquisition of AG Twin Brook BDC, Inc., a Delaware corporation (“AGTB” and, together with the Company, the “Parties”), with the Company continuing as the surviving company (the “Transaction”). The Transaction was completed pursuant to an Agreement and Plan of Merger (the “Merger Agreement”), dated May 19, 2023, by and between the Parties. Prior to the Transaction closing, AGTB was an affiliated business BDC managed by AG Twin Brook Manager, LLC, a wholly-owned subsidiary of Angelo Gordon. The Company is a public, non-exchange traded BDC, managed by AGTB Fund Manager, LLC, which is also a wholly-owned subsidiary of Angelo Gordon. The Company is the accounting survivor of the merger.

Note 2.  Significant Accounting Policies

Basis of Accounting

The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”).  The Company is an investment company and accordingly

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AG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the financial position and results of operations for the periods presented herein. On January 1, 2023, the Company completed the Merger with Private BDC and commenced operations as the surviving company, with its fiscal year end on December 31.

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2023.

Principles of Consolidation

The Company conducts certain of its activities through its wholly-owned subsidiaries Twin Brook Capital Funding XXXIII, LLC, Twin Brook Equity XXXIII Corp., Twin Brook Capital Funding XXXIII MSPV, LLC, and Twin Brook Capital Funding XXXIII ASPV, LLC. The Company consolidates wholly-owned subsidiaries that are controlled by the Company. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Cash

Cash is comprised of cash on deposit with major financial institutions. The Company places its cash with high credit quality institutions to minimize credit risk exposure.

Restricted Cash

Restricted cash represents cash held through certain of the Company’s wholly-owned subsidiaries that may only be used to purchase additional collateral loans, pay accrued interest on advances, fund certain expenses, and prepay outstanding advances in connection with the Company’s asset facilities.

Investment Related Transactions, Revenue Recognition and Expenses

Investment transactions and the related revenue and expenses are recorded on a trade-date basis. Realized gains and losses on investment transactions are determined using the specific identification method. All costs associated with consummated investments are included in the cost of such investments. Broken deal expenses incurred in connection with investment transactions which are not successfully consummated are expensed as a component of “Other” expense on the consolidated statements of operations.

Interest income and interest expense are recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Company and calculated using the effective interest method. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income.

20

AG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

Upon prepayment of investments in debt instruments, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as “Interest” income on the consolidated statements of operations. Interest received in-kind, computed at the contractual rate specified in each investment agreement, is added to the principal balance of the investment and reported as “Interest” income on the consolidated statements of operations. The Company records dividend income from private securities pursuant to the terms of the respective investments.

The Company may earn various fees during the life of the loans. Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Company on an ongoing basis. These fees and any other income are recognized as earned as a component of "Other" income on the consolidated statement of operations.

Investments at Fair Value

The Company applies Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, the Company discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). ASC 820 establishes three levels of the fair value hierarchy as follows:

Level 1Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date;

Level 2Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active;

Level 3Inputs that are unobservable.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, interest rates, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement; however, the determination of what constitutes “observable” requires significant judgment by the Company. The Company considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Company’s perceived risk of that instrument.

The availability of observable inputs can vary from product to product and is affected by a wide variety of factors, including for example, the type of product, whether the product is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company, the Board, and the Adviser in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.

Investments in investment funds include vehicles structured for the purpose of investing in privately held common and preferred equity interests. Fair values are generally determined utilizing the net asset value (“NAV”) supplied by, or on behalf of, management of each investment fund, which is net of management and incentive fees or allocations charged by the investment fund, if applicable, and is in accordance with the “practical expedient”, as defined by FASB Accounting Standards Update (“ASU”) 2009-12, Investments in Certain Entities that Calculate NAV per Share. NAVs received by, or on behalf of, management of each investment fund are based on the fair value of the investment funds’ underlying investments in accordance with policies established by management of each investment fund, as described in each of their financial statements and offering memorandum. Withdrawals and distributions from investments in investment funds are at

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AG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

the discretion of the Adviser and may depend on the liquidation of underlying assets. Investments which are valued using NAV as a practical expedient are excluded from the above hierarchy.

The Board has designated the Adviser as its “valuation designee” pursuant to Rule 2a-5 under the 1940 Act (“Rule 2a-5”), and in that role, the Adviser is responsible for performing fair value determinations relating to all of the Company’s investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. Even though the Board designated the Adviser as “valuation designee,” the Board is ultimately responsible for fair value determinations under the 1940 Act.

Under the valuation policies and procedures that have been approved by the Board, the Adviser conducts a multi-step valuation process, which includes, among other procedures, the following:

•The valuation process begins with each investment being initially valued by using certain inputs provided by, among other inputs, the investment professionals responsible for the portfolio investment in conjunction with the portfolio management team.

•The Adviser’s management reviews the preliminary valuations with the investment professionals.

•The Adviser determines the fair value of each investment; valuations that are not based on readily available market quotations are valued in good faith, based on, among other things, the input of the Adviser and, where applicable, other third parties. Valuation determinations are presented to the Board.

When determining the fair value of Level 3 investments, the Adviser may take into account the following factors, where relevant: recent transactions, the enterprise value of the underlying company, the nature and realizable value of any collateral, the underlying company’s ability to make payments and its earnings and discounted cash flows, the markets in which the underlying company does business, financial covenants, the seniority of the financial instrument in the capital structure of the company, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”). The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Adviser will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Adviser uses a market interest rate yield analysis to determine fair value.

The Company’s investments trade infrequently and when they are traded, the price may be unobservable, and as a result, multiple external pricing sources may not be available. In such instances, the Adviser may use an internal pricing model as either a corroborating or sole data point in determining the price. Pricing models take into account the contractual terms of the financial instrument, as well as relevant inputs, including where applicable, equity prices, interest rate yield curves, credit curves, correlation, and the creditworthiness of the counterparty. The Adviser generally engages third party firm(s) to assist in validating certain financial instruments where multiple external prices cannot be obtained. The third party firm(s) either independently determine prices or assess the reasonableness of the Adviser’s prices. The analyses provided by such third party firm(s) are reviewed and considered by the Adviser. As part of the risk management process, the Adviser reviews and analyzes the prices obtained from external pricing sources to evaluate their reliability and accuracy, which includes identifying and excluding vendor prices and broker quotations that the Adviser believes does not reflect fair value. In addition, the Adviser’s valuation committee meets regularly and engages in ongoing reviews of the valuation processes and procedures including reviews of methodology, ongoing accuracy, source quality and independence. Such reviews include, but are not limited to, comparison of current vendor prices and broker quotations against ongoing daily trading activity, vendor due diligence, and back testing.

Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the assumptions are set to reflect those that the Company believes market participants would use in pricing the asset or liability at the measurement date.

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AG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

Organizational Costs

Organizational costs to establish the Company are charged to expense as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company.

Offering Costs

Offering costs in connection with the offering of common shares of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over a 12-month period. These expenses consist primarily of legal fees and other costs incurred with the Company’s share offerings, the preparation of the Company’s registration statement, and registration fees.

Deferred Financing Costs

Deferred financing costs consist of financing costs incurred in connection with obtaining the Company’s financing facilities.  Such financing costs are capitalized and amortized over the life of the facility utilizing the straight-line method.  For the three and six months ended June 30, 2023, the Company paid approximately $150,000 of financing costs. For the three and six months ended June 30, 2023, the Company amortized approximately $429,000 and $867,000 of financing costs which have been included in “Interest” expense on the consolidated statements of operations. For the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022, the Company paid approximately $3.5 million of financing costs, of which $45,000 were amortized and have been included in “Interest” expense on the consolidated statements of operations.

Deferred Income

Deferred income consists of annual administrative agent fees received in connection with the servicing of certain loan investments. Such fees are deferred when received and recognized as earned over the applicable period.  For the three and six months ended June 30, 2023, the Company received approximately $311,000 and $449,000 of agent fees. During the three and six months ended June 30, 2023, approximately $302,000 and $554,000 of agent fees have been recognized as earned and included in “Other” income on the consolidated statements of operations. For the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) through June 30, 2022, the Company received approximately $119,000 of agent fees. During the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022, approximately $12,000 of agent fees have been recognized as earned and included in “Other” income on the consolidated statements of operations.

Income Taxes

The Company has elected to be regulated as a BDC under the 1940 Act. The Company also intends to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended. As a RIC, the Company generally will not have to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes timely to its shareholders as dividends. To the extent the Company qualifies as a RIC, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company.

To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. The Company will generally be subject to a 4% non-deductible U.S. federal excise tax on certain undistributed income or gains in respect of any calendar year, unless it distributes annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the one-year period ending on October 31 in such calendar year and (iii) any net ordinary income and capital gain net income recognized, but not distributed, in preceding years. The Company, at its discretion, may carry forward taxable income for distribution in the following taxable year and pay the applicable U.S. federal excise tax. For the three and six months ended June 30, 2023 the Company did not accrue U.S. federal excise tax.

23

AG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

The Company conducts certain of its activities through its wholly-owned subsidiary, Twin Brook Equity XXXIII Corp., a Delaware corporation. Twin Brook Equity XXXIII Corp. is treated as a corporation for United States federal income tax purposes and is subject to U.S. federal, state or local income tax. For the three and six months ended June 30, 2023, the Company accrued $0 current federal tax. For the three and six months ended June 30, 2023 the company accrued approximately $346,000 and $924,000 of deferred federal tax related to Twin Brook Equity XXXIII Corp., which is included in “deferred tax provision” on the consolidated statements of operations.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no tax penalties, and no interest associated with income taxes incurred through June 30, 2023.

Loan Syndications and Participations

The Company may originate certain loans and then syndicate all or a portion of those loans to a third party. For the three and six months ended June 30, 2023, the Company earned approximately $29,000 and $705,000 of syndication and other origination fee income, which is included in “Other” income on the consolidated statements of operations. For the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022, the Company earned approximately $406,000 of syndication and other origination fee income, which is included in “Other” income on the consolidated statements of operations.

The Company follows the guidance in Accounting Standards Codification (“ASC”) Topic 860 Transfers and Servicing when accounting for loan participations and other partial loan sales. Such guidance requires a participation or other partial loan sale to meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales that do not meet the definition of a participating interest remain on the consolidated statements of assets and liabilities and the proceeds are recorded as a secured borrowing until the definition is met. Secured borrowings are carried at fair value to correspond with the related investments, which are carried at fair value. There were no participations that were accounted for as secured borrowings during the period.

Distributions

Distributions to common shareholders are recorded on the record date. The amount to be distributed, if any, is determined by the Board each month. The Company intends to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, the Company may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to stockholders.

Note 3.  Investments

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, "non-affiliated investments" are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the consolidated financial statements, including the consolidated schedules of investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled affiliated investments.

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AG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

Investments at fair value and amortized cost consisted of the following as of June 30, 2023 and December 31, 2022:

	June 30, 2023				December 31, 2022
(Amounts in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First lien senior secured debt	$	943,989	$	945,778	$	795,429	$	797,019
Investment in affiliated funds	34,165		38,564		27,234		27,468
Total investments	$	978,154	$	984,342	$	822,663	$	824,487

The industry composition of investments based on fair value as of June 30, 2023 and December 31, 2022 was as follows:

	June 30, 2023		December 31, 2022
Air freight and logistics	2.0	%	2.4	%
Auto components	2.0	%	0.9	%
Chemicals	0.4	%	0.5	%
Commercial services and supplies	3.0	%	2.2	%
Construction and engineering	6.3	%	6.2	%
Containers and packaging	5.8	%	6.9	%
Diversified consumer services	6.8	%	6.1	%
Electrical equipment	1.0	%	1.2	%
Electronic equipment, instruments and components	1.3	%	1.3	%
Food and staples retailing	1.9	%	3.5	%
Food products	4.1	%	4.1	%
Health care equipment and supplies	4.3	%	4.1	%
Health care providers and services	28.6	%	26.4	%
Health care technology	2.8	%	3.0	%
Household durables	7.0	%	6.1	%
Industrial Conglomerates	1.4	%	—	%
IT services	0.8	%	3.9	%
Machinery	1.9	%	2.2	%
Media	7.1	%	8.5	%
Multisector holdings	3.9	%	3.3	%
Professional services	1.6	%	1.9	%
Software	1.2	%	1.4	%
Specialty retail	0.9	%	1.2	%
Trading companies and distributors	3.9	%	2.7	%
Total	100.0	%	100.0	%

As of June 30, 2023 and December 31, 2022, 100% of investments held were based in the United States.

Note 4.  Fair Value of Investments

Fair Value Disclosures

The following table presents the fair value hierarchy of financial instruments as of June 30, 2023 and December 31, 2022:

	Assets at Fair Value as of June 30, 2023
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
First lien senior secured debt	$	—	$	—	$	945,778	$	945,778
Total	$	—	$	—	$	945,778	$	945,778

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AG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

Investments measured at net asset value(1)	$	38,564
Total financial instruments, at fair value	$	984,342

(1)Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

	Assets at Fair Value as of December 31, 2022
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
First lien senior secured debt	$	—	$	—	$	797,019	$	797,019
Total	$	—	$	—	$	797,019	$	797,019
Investments measured at net asset value(1)							$	27,468
Total financial instruments, at fair value							$	824,487

(1)Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three and six months ended June 30, 2023 and for the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022:

	Level 3 Assets at Fair Value for the Three Months Ended June 30, 2023*
(Amounts in thousands)	Balance 4/1/2023		Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 6/30/2023		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2023
First lien senior secured debt	$	851,253	$	138,578	$	(45,480)	$	1,398	$	—	$	29	$	945,778	$	29
Total	$	851,253	$	138,578	$	(45,480)	$	1,398	$	—	$	29	$	945,778	$	29

	Level 3 Assets at Fair Value for the Six Months Ended June 30, 2023*
(Amounts in thousands)	Balance 1/1/2023		Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 6/30/2023		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2023
First lien senior secured debt	$	797,019	$	246,821	$	(100,847)	$	2,604	$	(18)	$	199	$	945,778	$	199
Total	$	797,019	$	246,821	$	(100,847)	$	2,604	$	(18)	$	199	$	945,778	$	199

	Level 3 Assets at Fair Value for the Three Months Ended June 30, 2022*
(Amounts in thousands)	Balance 4/1/2022		Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 6/30/2022		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2022
First lien senior secured debt	$	—	$	83,747	$	—	$	25	$	—	$	(6)	$	83,766	$	(6)
Total	$	—	$	83,747	$	—	$	25	$	—	$	(6)	$	83,766	$	(6)

26

AG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

	Level 3 Assets at Fair Value for the period from January 27, 2022 (Inception) to June 30, 2022*
(Amounts in thousands)	Balance 1/27/2022		Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 6/30/2022		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2022
First lien senior secured debt	$	—	$	83,747	$	—	$	25	$	—	$	(6)	$	83,766	$	(6)
Total	$	—	$	83,747	$	—	$	25	$	—	$	(6)	$	83,766	$	(6)

*Gains and losses are included in their respective captions in the consolidated statements of operations.

**Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable.

Significant Unobservable Inputs

In accordance with ASC 820, the following tables provide quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of June 30, 2023 and December 31, 2022. The table is not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

Asset Class	Fair Value as of 6/30/23		Valuation Techniques	Significant Unobservable Inputs	Input Ranges	Weighted Average (1)		Impact to Valuation from an Increase in Input
	(Amounts in thousands)
First lien senior secured debt	$	862,686	Discounted cash flow	Yield	10.3% - 13.3%	11.3	%	Decrease
	$	862,686

Asset Class	Fair Value as of 12/31/22		Valuation Techniques	Significant Unobservable Inputs	Input Ranges	Weighted Average (1)		Impact to Valuation from an Increase in Input
	(Amounts in thousands)
First lien senior secured debt	$	529,200	Discounted cash flow	Yield	9.7% - 13.0%	10.7	%	Decrease
	$	529,200

(1)Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

The Company’s other Level 3 investments have been valued primarily using recent transactions. The significant unobservable input used in the discounted cash flow is the yield. The yield is used to discount the estimated future cash flows expected to be received from the underlying investment. The Company considers the portfolio company performance since close, the leverage used by the portfolio company relative to its total enterprise value and other risks associated with an investment in determining the yield. Pricing models take into account the contractual terms of the financial instrument, as well as relevant inputs, including where applicable, equity prices, interest rate yield curves, credit curves, correlation, and the creditworthiness of the counterparty.

Note 5.  Debt

In accordance with the 1940 Act, the Company can borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowings, subject to certain limitations.

27

AG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

On June 17, 2022, Twin Brook Capital Funding XXXIII MSPV, LLC, as borrower (the “MSPV Borrower”), an indirect, wholly-owned subsidiary of the Company, entered into a new loan and servicing agreement (as amended, supplemented or otherwise modified from time to time, the “MSPV Credit Facility”) with Twin Brook Capital Funding XXXIII, LLC, as the transferor (the “Transferor”), AGTB Fund Manager, LLC, as the servicer, Morgan Stanley Asset Funding, Inc., as administrative agent, the lenders from time to time party thereto and The Bank of New York Mellon Trust Company, National Association, as the collateral agent, account bank and collateral custodian.

From time to time, the Transferor expects to sell and/or contribute certain investments to the MSPV Borrower. Proceeds from the MSPV Credit Facility will be used to finance the origination and acquisition of loans by the MSPV Borrower, including the purchase of such assets from the Transferor. The Company retains a residual interest in assets contributed to or acquired by the MSPV Borrower through its ownership of the MSPV Borrower. The MSPV Borrower is subject to meet certain covenants under the MSPV Credit Facility agreement. As of June 30, 2023 and December 31, 2022, the MSPV Borrower was in compliance with all such covenants.

The MSPV Credit Facility has a maximum principal amount of $500 million, subject to availability under a borrowing base which consists primarily of commercial loans acquired by the MSPV Borrower from the Transferor, a wholly-owned subsidiary of the Company. The MSPV Borrower may, subject to the applicable prepayment premium, prepay the loans and/or terminate or reduce the revolving commitments under the MSPV Credit Facility at any time without penalty. The obligation of the lenders to make revolving commitments under the MSPV Credit Facility will terminate on June 17, 2025 (the “Reinvestment Period”) with a scheduled final maturity date of June 17, 2027. The revolving loans are subject to an interest rate, during the Reinvestment Period, of Term SOFR plus 2.50% per annum and thereafter, Term SOFR plus 3.00% per annum.

On December 13, 2022, Twin Brook Capital Funding XXXIII ASPV, LLC, as borrower (the “ASPV Borrower”), an indirect, wholly-owned subsidiary of the Company, entered into a new Loan, Security and Collateral Management Agreement (as amended, supplemented or otherwise modified from time to time, the “ASPV Credit Facility”), with the Transferor, AGTB Fund Manager, LLC, as the collateral manager, Ally Bank, as administrative agent and arranger, Computershare Trust Company, National Association, as the collateral custodian, and the lenders from time to time party thereto.

From time to time, the Transferor expects to sell and/or contribute certain investments to the ASPV Borrower. Proceeds from the ASPV Credit Facility will be used to finance the origination and acquisition of loans by the ASPV Borrower, including the purchase of such assets from the Transferor. The Company retains a residual interest in assets contributed to or acquired by the ASPV Borrower through its ownership of the ASPV Borrower.

The ASPV Credit Facility created a revolving loan facility with an initial maximum principal amount of $300 million, subject to availability under a borrowing base which consists primarily of commercial loans acquired by the ASPV Borrower from the Transferor, a wholly-owned subsidiary of the Company. The ASPV Borrower may, subject to the applicable prepayment premium, prepay the loans and/or terminate or reduce the revolving commitments under the ASPV Credit Facility at any time without penalty. The obligation of the lenders to make revolving commitments under the ASPV Credit Facility will terminate on December 12, 2025 (the “Reinvestment Period”) with a scheduled final maturity date of December 12, 2027. The revolving loans will be subject to an interest rate of daily simple SOFR plus 2.875% per annum.

The ASPV Credit Facility is secured by all of the assets of the ASPV Borrower and a pledge of equity interests in the ASPV Borrower. The ASPV Borrower is subject to meet certain covenants under the ASPV Credit Facility agreement. As of June 30, 2023 and December 31, 2022, the ASPV Borrower was in compliance with all such covenants.

As of June 30, 2023, there are approximately $91.4 million in borrowings outstanding on the ASPV Credit Facility, and $331.8 million borrowings outstanding on the MSPV Credit Facility. Borrowings under the Company’s facilities are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

The carrying values of borrowings outstanding under the debt facilities approximate fair value. As of June 30, 2023 and December 31, 2022, the asset coverage ratio was 241.0% and 263.6%, respectively. Debt obligations consisted of the following as of June 30, 2023:

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AG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

	As of June 30, 2023
(Amounts in thousands)	Maximum Principal Amount Committed		Principal Amount Outstanding		Principal Amount Available(1)		Carrying Value		Assets Pledged as Collateral(2)
ASPV Credit Facility	$	300,000	$	91,400	$	44,073	$	91,400	$	229,779
MSPV Credit Facility	$	500,000	$	331,800	$	92,215	$	331,800	$	664,825
Total debt	$	800,000	$	423,200	$	136,288	$	423,200	$	894,604

(1)The amount available reflects any limitations related to the facilities borrowing bases.

(2)Fair market value of the assets held as collateral in the respective credit facility.

Debt obligations consisted of the following as of December 31, 2022:

	As of December 31, 2022
(Amounts in thousands)	Maximum Principal Amount Committed		Principal Amount Outstanding		Principal Amount Available(1)		Carrying Value		Assets Pledged as Collateral(2)
ASPV Credit Facility	$	300,000	$	20,000	$	311	$	20,000	$	62,932
MSPV Credit Facility	$	500,000	$	303,200	$	130,417	$	303,200	$	677,575
Total debt	$	800,000	$	323,200	$	130,728	$	323,200	$	740,507

(1)The amount available reflects any limitations related to the facilities borrowing bases.

(2)Fair market value of the assets held as collateral in the respective credit facility.

For the three and six months ended June 30, 2023 and 2022 the components of interest expense were as follows:

(Amounts in thousands)	Three Months Ended June 30, 2023			Three Months Ended June 30, 2022			Six Months Ended June 30, 2023			Period from January 27, 2022 (Inception) to June 30, 2022
Interest expense	$	9,196		$	59		$	16,450		$	59
Amortization of deferred financing costs	429			45			867			45
Total interest expense	$	9,625		$	104		$	17,317		$	104
Average interest rate	7.46		%	2.26		%	7.30		%	2.26		%
Average daily borrowings	$	414,790		$	88		$	386,850		$	52

Note 6.  Agreements and Related Party Transactions

Administration Agreement

On October 25, 2022, the Company entered into an Administration Agreement (the “Administration Agreement”) with AGTB Fund Manager, LLC (the “Administrator”). Under the terms of the Administration Agreement, the Administrator performs, or oversees the performance of, required administrative services, which include providing office space, equipment and office services, maintaining financial records, preparing reports to shareholders and reports filed with the SEC, and managing the payment of expenses and the performance of administrative and professional services rendered by others.

The Company reimburses the Administrator for services performed for it pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Administrator for any services performed for it by such affiliate or third party.

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AG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

Unless earlier terminated as described below, the Administration Agreement will remain in effect until October 25, 2024 and from year to year thereafter if approved annually by the vote of the board of trustees of the Company (the “Board of Trustees”) and the vote of a majority of the Company’s independent trustees (the “Independent Trustees”). The Administration Agreement may be terminated by either party without penalty upon not less than 60 days’ written notice to the other.

No person who is an officer, trustee, or employee of the Administrator or its affiliates and who serves as a trustee of the Company receives any compensation from the Company for his or her services as a trustee. However, the Company reimburses the Administrator (or its affiliates) for an allocable portion of the compensation paid by the Administrator or its affiliates to the Company’s officers who provide operational and administrative services, as well as their respective staffs and other professionals who provide services to the Company, who assist with the preparation, coordination and administration of the foregoing or provide other “back office” or “middle office”, financial or operational services to the Company (based on the percentage of time those individuals devote, on an estimated basis, to the business and affairs of the Company). Trustees who are not affiliated with the Administrator receive compensation for their services and reimbursement of expenses incurred to attend meetings.

For the three and six months ended June 30, 2023, the Administrator charged approximately $321,000 and $1,072,000, respectively, for certain costs and expenses allocable to the Company under the terms of the Administration Agreement. For the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022, the Administrator charged approximately $255,000 for certain costs and expenses allocable to the Company under the terms of the Administration Agreement.

Investment Management Agreement

On October 25, 2022, the Company entered into an Investment Management Agreement (the “Investment Management Agreement”) with the Adviser. Under the terms of the Investment Management Agreement, the Adviser is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company’s investments and monitoring the Company’s investments and portfolio companies on an ongoing basis.

Unless earlier terminated as described below, the Investment Management Agreement will remain in effect until October 25, 2024 and from year to year thereafter if approved annually by the vote of the Board of Trustees of the Company or by the vote of a majority of the outstanding voting securities of the Company, and the vote of a majority of the Company’s Independent Trustees. The Investment Management Agreement will automatically terminate in the event of assignment. The Investment Management Agreement may be terminated by (1) the Company without penalty on 60 days’ written notice, (2) by the vote of a majority of the outstanding voting securities of the Company or by the vote of the Company’s trustees, or (3) the Adviser on 120 days’ written notice.

From time to time, the Adviser may pay amounts owed by the Company to third-party providers of goods or services, including the Board, and the Company will subsequently reimburse the Adviser for such amounts paid on its behalf. Amounts payable to the Adviser are settled in the normal course of business without formal payment terms.

The Investment Management Agreement also provides that the Company reimburses the Adviser for certain organizational costs incurred prior to the commencement of the Company’s operations, and for certain offering costs.

As of June 30, 2023 and December 31, 2022, the Company has approximately $1.4 million and $1.3 million, respectively, payable to the Adviser for organizational, offering and operating costs, which is included in “accrued expenses and other liabilities payable to affiliate” and “due to affiliate” on the statements of assets and liabilities.

Under the terms of the Investment Management Agreement, the Company will pay the Adviser a base management fee and may also pay to it certain incentive fees. The cost of both the base management fee and the incentive fee will ultimately be borne by the Company’s shareholders.

The base management fee is calculated at an annual rate of 1.25% of the Company’s net assets. For services rendered under the Investment Management Agreement, the base management fee is payable monthly in arrears. The base management fee is calculated based on the Company’s net assets at the first business day of the applicable month. For the

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AG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

first calendar month in which the Company has operations, net assets will be measured as the beginning net assets as of the date on which the Company begins operations. Base management fees for any partial month or quarter will be appropriately pro-rated.

For the three and six months ended June 30, 2023, the Company accrued approximately $1.8 million and $3.4 million, respectively, of base management fees payable to the Adviser. For the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022, the Company accrued approximately $174,000 of base management fees payable to the Adviser. As of June 30, 2023 and December 31, 2022, base management fees payable by the Company to the Adviser were approximately $1.8 million and $1.4 million, respectively.

Pursuant to the Investment Management Agreement, the Adviser is entitled to an incentive fee (“Incentive Fee”), which consists of two components; an incentive fee based on income and an incentive fee based on capital gains.

The portion based on the Company’s income is based on Pre-Incentive Fee Net Investment Income Returns. “Pre-Incentive Fee Net Investment Income Returns” means, as the context requires, either the dollar value of, or percentage rate of return on the value of the Company’s net assets at the end of the immediate preceding quarter from, interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement entered into between the Company and the Administrator, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any shareholder servicing and/or distribution fees).

Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount (“OID”), debt instruments with payment-in-kind (“PIK”) interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Company’s net assets at the end of the immediate preceding quarter, is compared to a “hurdle rate” of return of 1.25% per quarter (5.0% annualized).

The Company will pay the Adviser an incentive fee quarterly in arrears with respect to the Company’s Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized) (the “hurdle rate” or “Hurdle”);

100% of the dollar amount of the Company’s Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the Hurdle but is less than a rate of return of 1.43% (5.72% annualized). The Company refers to this portion of its Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) as the “catch-up.” The “catch-up” is meant to provide the Adviser with approximately 12.5% of the Company’s Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and 12.5% of the dollar amount of the Company’s Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized). This reflects that once the Hurdle is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser.

These calculations are pro-rated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter.

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable equals 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the

31

AG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP. The Company will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if the Company were to sell the relevant investment and realize a capital gain.

For the three and six months ended June 30, 2023, the Company accrued approximately $1.9 million and $3.6 million, respectively, of income incentive fees. The Company did not accrue income incentive fees for the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022. As of June 30, 2023 and December 31, 2022, the Company had approximately $1.9 million and $1.4 million of income incentive fees payable, respectively.

As of June 30, 2023, the Company had approximately $0.8 million of accrued capital gains incentive fees, of which none were paid or payable to the Adviser, representing an increase in accrued capital gains incentive fees of $0.2 million and $0.6 million, respectively, for the three and six months ended June 30, 2023. As of December 31, 2022, the Company had approximately $0.2 million of capital gains incentive fees payable.

Expense Support and Conditional Reimbursement Agreement

The Company entered into an expense support and conditional reimbursement agreement (the “Expense Support Agreement”) with the Adviser on October 25, 2022. The Adviser may elect to pay certain expenses (each, an “Expense Payment”), provided that no portion of the payment will be used to pay any interest or distributions and/or shareholder servicing fees of the Company. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment”. “Available Operating Funds” means the sum of (i) net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

No Reimbursement Payment for any month will be made if: (1) the “Effective Rate of Distributions Per Share” (as defined below) declared by the Company at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the “Operating Expense Ratio” (as defined below) at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. Pursuant to the Expense Support Agreement, “Effective Rate of Distributions Per Share” means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder fees, and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing operating expenses, less organizational and offering expenses, base management and incentive fees owed to Adviser, and interest expense, by net assets.

The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.

For the three and six months ended June 30, 2023, no such Expense Payments were made by the Adviser. For the avoidance of doubt, pursuant to the Merger Agreement, the Expense Support Agreement terminated at the Effective Time of the Merger.

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AG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

Affiliated Transactions

The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the Company’s Independent Trustees, and in some cases, the prior approval of the SEC. The Company intends to rely on exemptive relief that has been granted by the SEC to the Company, the Adviser, and Angelo Gordon to permit the Company to co-invest with other funds managed by the Adviser or Angelo Gordon, in a manner consistent with the Company’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.

Pursuant to such exemptive relief, the Company is generally permitted to co-invest with certain of its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Company and its shareholders and do not involve overreaching of the Company or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Company’s shareholders and is consistent with its investment objective and strategies, and (3) the investment by its affiliates would not disadvantage the Company, and the Company’s participation would not be on a basis different from or less advantageous than that on which its affiliates are investing. In certain situations where co-investment with one or more funds managed by Angelo Gordon is not permitted or appropriate, Angelo Gordon will need to decide which funds will proceed with the investment. Angelo Gordon will make these determinations based on its policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations.

Investment in Affiliated Funds

The Company holds equity investments through its interest in the affiliated fund, Twin Brook Equity Holdings, LLC. Twin Brook Equity Holdings, LLC was created to hold equity interest that are purchased alongside the underlying portfolio companies’ debt.

Fair value as of June 30, 2023 and 2022 and transactions for the three and six months ended June 30, 2023, and transactions for the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022, of the Company’s investments in affiliates were as follows:

	Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2023
(Amounts in thousands)	Fair Value as of April 1, 2023		Gross Additions		Gross Reductions		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of June 30, 2023		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	33,380	$	3,542	$	(2)	$	—	$	1,644	$	38,564	$	—
Total non-controlled/affiliated investments	$	33,380	$	3,542	$	(2)	$	—	$	1,644	$	38,564	$	—

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AG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

	Investment in Affiliated Funds at Fair Value for the Six Months Ended June 30, 2023
(Amounts in thousands)	Fair Value as of January 1, 2023		Gross Additions		Gross Reductions		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of June 30, 2023		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	27,468	$	6,933	$	(2)	$	—	$	4,165	$	38,564	$	—
Total non-controlled/affiliated investments	$	27,468	$	6,933	$	(2)	$	—	$	4,165	$	38,564	$	—

	Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2022
(Amounts in thousands)	Fair Value as of April 1, 2022		Gross Additions		Gross Reductions		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of June 30, 2022		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	—	$	2,248	$	—	$	—	$	—	$	2,248	$	—
Total non-controlled/affiliated investments	$	—	$	2,248	$	—	$	—	$	—	$	2,248	$	—

	Investment in Affiliated Funds at Fair Value for the Period from January 27, 2022 (Inception) to June 30, 2022
(Amounts in thousands)	Fair Value as of January 27, 2022 (Inception)		Gross Additions		Gross Reductions		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of June 30, 2022		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	—	$	2,248	$	—	$	—	$	—	$	2,248	$	—
Total non-controlled/affiliated investments	$	—	$	2,248	$	—	$	—	$	—	$	2,248	$	—

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AG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

Note 7.  Commitments and Contingencies

Commitments

The Company’s investment portfolio contains debt investments that are in the form of revolving lines of credit and unfunded delayed draw commitments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements.

Unfunded portfolio company commitments and funded debt investments are presented on the consolidated schedule of investments and are fair valued. Unrealized appreciation or depreciation, if any, is included in the consolidated statements of assets and liabilities and consolidated statements of operations.

As of June 30, 2023 and December 31, 2022, the Company had the following outstanding commitments to fund investments in current portfolio companies:

Portfolio Company	June 30, 2023		December 31, 2022
First lien senior secured debt	(Amounts in thousands)		(Amounts in thousands)
A.P.A. Industries, LLC	$	1,523	$	—
ACES Intermediate, LLC	6,964		6,964
ADVI Health, LLC	1,062		1,062
AHR Intermediate, Inc	8,290		12,139
ARC Healthcare Technologies, LLC	—		9,947
Ascent Lifting, Inc.	1,834		1,345
Beghou Consulting, LLC	2,654		—
Benefit Plan Administrators of Eau Claire, LLC	7,263		8,990
BPCP EE Intermedco LLC	3,387		—
BPCP WLF Intermedco LLC	7,876		7,876
Bulk Lift International, LLC	1,748		1,748
Change Academy at Lake of the Ozarks, LLC	4,436		5,786
CL Services Acquisition, LLC	4,852		—
CPS Power Buyer, LLC	2,049		4,705
Custom Agronomics Holdings, LLC	2,312		2,312
Double E Company, LLC	3,694		4,314
Endodontic Practice Partners, LLC	5,301		6,696
Esquire Deposition Solutions, LLC	2,923		6,007
Flourish Research Acquisition, LLC	2,991		—
H2 Holdco, Inc.	9,549		—
Helpware, Inc.	3,205		3,205
Hultec Buyer, LLC	3,442		—
Icreon Holdings, LLC	1,049		1,049
Industrial Air Flow Dynamics, Inc.	2,537		2,114
IPC Pain Acquistion, LLC	2,188		11,945
Ironhorse Purchaser, LLC	2,132		11,624
ITSavvy LLC	1,969		4,784
K-1 Packaging Group, LLC.	6,748		6,748
Kwalu, LLC	5,061		5,061
Load One Purchaser Corporation	9,214		9,214
MacKenzie Childs Acquisition, Inc.	450		445

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Notes to Consolidated Financial Statements (Unaudited) - Continued

Portfolio Company	June 30, 2023		December 31, 2022
Medical Technology Associates, Inc.	1,929		1,929
MWEC Management, LLC	3,192		—
Nasco Healthcare Inc.	2,492		3,322
NEFCO Holding Company, LLC	3,551		7,270
NH Kronos Buyer, Inc.	12,443		12,443
Optimized Marketing Acquisition, LLC	2,199		1,861
Propio LS, LLC	3,040		905
Purpose Home Health Acquisition, LLC	8,600		8,600
QLS Buyer, Inc	1,591		—
Raneys, LLC	5,022		1,522
Renovation Systems, LLC	3,076		—
RKD Group, LLC	4,905		4,905
Rose Paving, LLC	2,562		2,006
Shasta Buyer, LLC	1,911		1,962
Sixarp, LLC	6,912		6,912
Soccer Post Acquisition, LLC	1,608		772
Spear Education Holdings, LLC	4,463		4,463
Sun Orchard, LLC	5,223		4,875
Surplus Solutions, LLC	1,771		1,771
Treat Planet Acquisition, LLC	1,965		—
Universal Pure, LLC	5,380		12,228
US Foot and Ankle Specialists, LLC	8,664		12,467
WCI Volt Purchaser, LLC	2,249		2,249
WTWH Buyer, LLC	1,638		1,638
Yard-Nique, Inc	6,500		6,695
Zipline Logistics, LLC	6,214		6,214
Total unfunded portfolio company commitments	$	227,803	$	243,089

Other Commitments and Contingencies

From time to time, the Company may become a party to certain legal proceedings during the normal course of business. As of June 30, 2023, management was not aware of any material pending or threatened litigation.

Note 8.  Net Assets

Equity Issuances

At the Effective Time of the Merger, common shares of beneficial interest, par value $0.001 per share, of Private BDC outstanding immediately prior to the Effective Time were converted into a number of Class I shares of beneficial interest, par value $0.001 per share, of TCAP (the “TCAP Common Shares”) equal to a ratio of one to one. As a result, TCAP issued an aggregate of approximately 20.9 million TCAP Common Shares to former Private BDC shareholders. The TCAP Common Shares issued and outstanding immediately prior to the Effective Time remained outstanding upon the Effective Time and were unaffected by the Merger. As a result, immediately following the Merger, TCAP had approximately 20,945,030 Class I shares outstanding, and no Class S or D shares outstanding.

As of June 30, 2023, the Company had 23,183,428 shares issued and outstanding with a par value of $0.001 per share.

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AG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

The following tables summarize transactions in common shares during the three and six months ended June 30, 2023 (excluding the shares issued in connection with the Merger):

	Three Months Ended June 30, 2023
	Shares	Amount in Thousands
Class I:
Proceeds from shares sold	1,921,844	$	49,325
Distributions reinvested	11,162	284
Net increase (decrease)	1,933,006	$	49,609

	Six Months Ended June 30, 2023
	Shares	Amount in Thousands
Class I:
Proceeds from shares sold	2,227,236	$	57,140
Distributions reinvested	11,162	284
Net increase (decrease)	2,238,398	$	57,424

The following tables summarize transactions in common shares during the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022 (excluding the shares issued in connection with the Merger):

	Three Months Ended June 30, 2022
	Shares	Amount in Thousands
Class I:
Proceeds from shares sold	6,999,940	$	174,998
Net increase (decrease)	6,999,940	$	174,998

	For the period from January 27, 2022 (Inception) to June 30, 2022
	Shares	Amount in Thousands
Class I:
Proceeds from shares sold	7,000,000	$	175,000
Net increase (decrease)	7,000,000	$	175,000

Dividends

The following table reflects dividends declared on common shares during the six months ended June 30, 2023.

For the Six Months Ended June 30, 2023
			Class I
Date Declared	Record Date	Payment Date	Dividend per Share		Amount in Thousands
March 27, 2023	March 31, 2023	April 28, 2023	$	0.18	$	3,825
April 26, 2023	April 28, 2023	May 31, 2023	$	0.18	$	4,019
May 25, 2023	May 31, 2023	June 30, 2023	$	0.18	$	4,103
June 27, 2023	June 30, 2023	July 28, 2023	$	0.18	$	4,173

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AG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

There were no dividends declared for the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022.

Distribution Reinvestment Plan

The Company has adopted a distribution reinvestment plan, pursuant to which it reinvests all cash dividends declared by the Board on behalf of its shareholders who do not elect to receive their dividends in cash. As a result, if the Board authorizes, and the Company declares, a cash dividend or other distribution, then shareholders who have not opted out of our Company’s distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.

Share Repurchase Plan

The Company has implemented a share repurchase program under which, at the discretion of the Board, the Company may repurchase, in each quarter, up to 5% of the NAV of the Company’s Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. For the avoidance of doubt, such target amount is assessed each calendar quarter. The Board may amend or suspend the share repurchase program at any time (including to offer to purchase fewer shares) if in its reasonable judgment it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect the Company’s operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter, or may only be available in an amount less than 5% of our Common Shares outstanding.

The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase plan, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder; in the event that a shareholder’s shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance; due to trade or operational error; and repurchases of shares submitted by discretionary model portfolio management programs (and similar arrangements) as approved by the Company. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

During the three and six months ended June 30, 2023, no shares were repurchased.

Character of Distributions

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment.

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following tables present the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its shares of common stock during the six months ended June 30, 2023:

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AG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

	Class I
Source of Distribution	Per Share		Amounts (in thousands)
Net investment income	$	0.72	$	16,120
Net realized gains	—		—
Total	$	0.72	$	16,120

Note 9.  Earnings Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per common share for the three and six months ended June 30, 2023 and for the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022:

(Amounts in thousands, except share and per share amounts)	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023		Three Months Ended June 30, 2022		Period from January 27, 2022 (Inception) to June 30, 2022
Net increase (decrease) in net assets resulting from operations	$	14,034	$	26,670	$	(205)	$	(525)
Weighted average shares of common stock outstanding - basic and diluted	22,724,706		21,890,401		2,241,785		1,533,872
Earnings (loss) per common share - basic and diluted	$	0.62	$	1.22	$	(0.09)	$	(0.34)

Note 10.  Income Taxes

Taxable income generally differs from net increase (decrease) in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized.

The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital or total distributable earnings (losses), as appropriate. There were $1,186,000 and $2,552,000 of permanent differences for the three and six months ended June 30, 2023.

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AG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

Note 11.  Financial Highlights

The following are financial highlights for a common share outstanding for the six months ended June 30, 2023 and for the period from January 27, 2022 (Inception) to June 30, 2022.

(Amounts in thousands, except share and per share amounts)	Six Months Ended June 30, 2023		Period from January 27, 2022 (Inception) to June 30, 2022
Per share data:
Net asset value, beginning of period	$	25.25	$	25.00
Net investment income (loss)(1)	1.02		(0.34)
Net realized and unrealized gain (loss)(2)	0.20		0.27
Total from operations	1.22		(0.07)
Dividends declared	(0.72)		0.00
Total increase (decrease) in net assets	0.50		(0.07)
Net asset value, end of period	$	25.75	$	24.93
Shares outstanding, end of period	23,183,428		7,000,000
Total return(3)(4)	4.9%		(0.3)%
Ratios / supplemental data
Ratio of total expenses to average net assets(4)(5)(6)	5.6%		1.2%
Ratio of total net operating expenses less interest and tax expense to average net assets(4)(5)(7)	0.6%		0.5%
Ratio of net investment income (loss) before taxes to average net assets(4)(5)(8)	4.2%		(0.5)%
Ratio of net investment income (loss) after taxes to average net assets(4)(5)(9)	4.0%		(0.5)%
Net assets, end of period	$	596,869	$	174,475
Weighted average shares outstanding	21,890,401		1,533,872
Portfolio turnover rate(10)	11.2%		0.0%
Asset coverage ratio(11)	241.0%		17,547.5%

(1)The per share data was derived using the weighted average shares outstanding during the period.

(2)The amount shown at this caption includes the balancing amount derived from other figures in the schedule. The amount shown does not correspond with the aggregate amount for the period due to the effect of the timing of capital transactions.

(3)Total return is calculated as the change in net asset value ("NAV") per share during the period, assuming dividends and distributions, if any, are reinvested in accordance with the Company’s distribution reinvestment plan, divided by the opening NAV per share. Total return does not include upfront transaction fee, if any.

(4)Not annualized.

(5)Average net assets are computed using the average balance of net assets at the end of each month of the reporting period.

(6)Ratio of net expenses to average net assets is computed using total expenses net of waivers from the Administrator, if applicable.

(7)Ratio of net operating expenses less interest and taxes to average net assets is computed using total operating expenses net of interest expense, tax expense, organizational expense, offering expense, management fees, incentive fees, and waivers from the Administrator, if applicable.

(8)Ratio of net investment income (loss) before taxes to average net assets does not include applicable tax expenses that are not attributable to the BDC itself but are taxes to a consolidated subsidiary to the fund and thus shown on the Statements of Operations

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AG Twin Brook Capital Income Fund

Notes to Consolidated Financial Statements (Unaudited) - Continued

(9)Ratio of net investment income (loss) after taxes to average net assets includes applicable tax expenses that are not attributable to the BDC itself, but are taxes to a consolidated subsidiary to the fund and thus shown on the Statements of Operations.

(10)Portfolio turnover rate is calculated using the lesser of total sales or total purchases over the average of the investments at fair value for the periods reported.

(11)Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) total debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period.

Note 12.  Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of these consolidated financial statements. There have been no subsequent events that occurred that would require disclosure in, or would be required to be recognized in, these consolidated financial statements, except as discussed below:

Subsequent Subscriptions and Dividend Declarations

The Company received approximately $8.7 million of net proceeds, inclusive of distributions reinvested through the Company’s distribution reinvestment plan, relating to the issuance of Class I shares for subscriptions effective July 1, 2023. Additionally, the Company received approximately $79.7 million of net proceeds relating to the issuance of Class I shares for subscriptions effective August 1, 2023. The issuance price for August share issuances is not yet finalized at the date of this filing.

On July 27, 2023, the Company’s Board declared net distributions of $0.18 per Class I share, payable on August 31, 2023 to shareholders of record as of July 31, 2023.

The Merger with AG Twin Brook BDC, Inc.

On July 28, 2023, the Company completed its previously announced acquisition of AG Twin Brook BDC, Inc., a Delaware corporation (“AGTB” and, together with the Company, the “Parties”), with the Company continuing as the surviving company (the “Transaction”). The Transaction was completed pursuant to the Merger Agreement, dated May 19, 2023, by and between the Parties. Prior to the Transaction closing, AGTB was an affiliated BDC managed by AG Twin Brook Manager, LLC, a wholly-owned subsidiary of Angelo Gordon The Company is a public, non-exchange traded BDC, managed by AGTB Fund Manager, LLC, which is also a wholly-owned subsidiary of Angelo Gordon. The Company is the accounting survivor of the Transaction.

As of the effective time, each share of AGTB’s common stock, par value $0.001 per share, outstanding immediately prior to the effective time was converted into the right to receive $20 per share in cash, without interest (the “Per Share Consideration”), subject to any applicable withholding taxes. The Company paid cash consideration in connection with the Transaction of approximately $193 million and had transaction costs of approximately $0.8 million. The Company acquired $186 million of investments at amortized cost and fair value, with $7 million in other assets net of other liabilities.

The Transaction will be accounted for as an asset acquisition of AGTB by the Company in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations-Related Issues, with the fair value of total consideration paid in conjunction with the Transaction allocated to the assets acquired and liabilities assumed based on their relative fair values as of the date of the Transaction. Generally, under asset acquisition accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. The cost of the group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on their relative fair values of net identifiable assets acquired other than certain “non-qualifying” assets (for example cash) and does not give rise to goodwill.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

In this quarterly report on Form 10-Q, or this "report," we refer to AG Twin Brook Capital Income Fund and its consolidated subsidiaries as "we," "us," the "Company," "TCAP," or "our," unless we specifically state otherwise or the context indicates otherwise. We refer to our investment Adviser, AGTB Fund Manager, LLC, as our "Adviser," and we refer to the direct parent company of our Adviser, Angelo, Gordon & Co., L.P., as "Angelo Gordon." The Adviser serves as the Company’s Administrator and may also be referred to herein as "Administrator". On January 1, 2023, we completed the Merger with AGTB Private BDC, which we refer to as the “Private BDC” and commenced operations as the surviving company. Since the Private BDC is the Company’s accounting predecessor, the following section contains information on the results of operations and financial condition of the Private BDC as of December 31, 2022, and for the period from January 27, 2022 (date of inception) through December 31, 2022.

Forward-Looking Statements

The information contained in this section should be read in conjunction with “Item 1. Financial Statements.” This discussion contains forward-looking statements, which relate to future events our future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those set forth in "Risk Factors" in Part I, Item 1A of our annual report on Form 10-K for the year ended December 31, 2022 and Part II, Item 1A of and elsewhere in this Form 10-Q. Actual results could differ materially from those implied or expressed in any forward-looking statements.

These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about TCAP, our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statements in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Item 1A. Risk Factors” and elsewhere in this report. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements, except as required by applicable law. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the U.S. Securities and Exchange Commission (the “SEC”) including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K. This quarterly report on 10-Q contains statistics and other data that have been obtained from or compiled from information made available by third-party service providers. We have not independently verified such statistics or data. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934 Act, as amended (the “1934 Act”).

Overview

We are an externally managed, non-diversified closed-end management investment company that has elected to be treated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). Formed as a Delaware statutory trust on January 27, 2022, we are externally managed by the Adviser, a wholly-owned subsidiary of Angelo Gordon. Our Adviser is registered as an investment adviser with the SEC. We also intend to elect to be treated, and intend to qualify annually thereafter, as a RIC under the Code.

Pursuant to our Investment Management Agreement, subject to the overall supervision of our board of trustees (the “Board”), our Adviser manages our day-to-day operations, and provides investment advisory and management services to us. Our Adviser is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring our investments, and monitoring our investments and portfolio companies on an ongoing basis.

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Under our Investment Management Agreement, we have agreed to pay the Adviser an annual management fee as well as an incentive fee based on our investment performance. Also, under the Administration Agreement, we have agreed to reimburse the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including our allocable portion of the costs of compensation and related expenses of our chief compliance officer, chief financial officer, general counsel and their respective staffs.

On May 15, 2023, Angelo Gordon announced that it and certain of its affiliated entities entered into a transaction agreement with TPG Inc. (“TPG”) and certain of its affiliated entities pursuant to which TPG has agreed to acquire Angelo Gordon on the terms and subject to the conditions set forth in the transaction agreement (the “TPG Transaction”). Following the TPG Transaction, Angelo Gordon and the Adviser (which also serves as our Administrator) will be indirect subsidiaries of TPG. Our investment strategy and team remains unchanged, and the TPG Transaction is not expected to have a material impact on our operations.

The TPG Transaction is expected to close in the fourth quarter of 2023, subject to customary closing conditions, including Hart-Scott-Rodino Act filings, international regulatory approvals, and other client and third-party consents. The closing of the TPG Transaction will result in a change of control of the Adviser under the 1940 Act, which will further result in the assignment of our current Investment Management Agreement (“Current Agreement”) under the 1940 Act and the immediate termination of the Current Agreement. Since the Current Agreement will terminate upon completion of the TPG Transaction, our shareholders will be asked to approve a new investment management agreement between us and the Adviser (“New Agreement”) at an upcoming special shareholder meeting. The New Agreement will replace the Current Agreement upon the consummation of the TPG Transaction. All material terms in the New Agreement will remain unchanged from the Current Agreement, and the New Agreement, if approved by our shareholders, will become effective upon the closing of the TPG Transaction.

As a BDC, we must invest at least 70% of our assets in “eligible portfolio companies,” generally, U.S. private operating companies (or small U.S. public operating companies with a market capitalization of less than $250 million). As a BDC, we may also invest up to 30% of our portfolio in non-eligible portfolio company investments, such as investments in non-U.S. companies, which may include investments in a “passive foreign investment company” (a “PFIC”). Because we have elected to be regulated as a BDC, and we intend to continue to qualify as a RIC under the Code, our portfolio will also be subject to the diversification and other requirements under the Code.

Investments

We invest principally in privately originated senior secured loans to U.S. middle market companies, which we believe have consistent capital needs and have not only been underserved in recent years by traditional providers of capital such as banks and the public debt markets, but also for a variety of reasons may prefer working with experienced non-bank lenders. Our origination strategy focuses on the middle market private equity community. This financing is utilized for a variety of purposes, including to fund organic growth, acquisitions, recapitalizations, management buyouts and leveraged buyouts for companies with revenue generally under $500 million. In describing our business, we generally use the term “middle market” to refer to companies with EBITDA of between $3 million and $50 million annually; however, we typically invest in companies with EBITDA of less than $25 million. Notwithstanding the foregoing, the Adviser may determine whether companies qualify as “middle market” in its sole discretion, and we may from time to time invest in larger or smaller companies.

By investing predominantly in senior secured debt, we expect to reduce our risk of principal loss and deliver more stable returns over time as compared with investments in bonds, unsecured loans, mezzanine investments and public, private and project equity. However, we may also invest opportunistically in other parts of the capital structure, including senior secured stretch and unitranche facilities, second lien loans, mezzanine and mezzanine-related loans, and equity investments, as well as select other subordinated instruments either directly or through acquisitions in the secondary market.

The level of our investment activity depends on many factors, including the amount of debt and equity capital available to prospective portfolio companies, the level of merger, acquisition and refinancing activity for such companies, the availability of credit to finance transactions, the general economic environment and the competitive environment for the types of investments we make.

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As a BDC, we must invest at least 70% of our assets in “eligible portfolio companies,” generally, U.S. private operating companies (or small U.S. public operating companies with a market capitalization of less than $250 million). As a BDC, we may also invest up to 30% of our portfolio in non-eligible portfolio company investments, such as investments in non-U.S. companies, which may include investments in a “passive foreign investment company.” Because we have elected to be regulated as a BDC, and we intend to elect to be treated, and intend to qualify annually thereafter, as a RIC, our portfolio will also be subject to the diversification and other requirements under the Code. Subject to the limitations of the 1940 Act, we may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other Angelo Gordon funds. From time to time, we may co-invest with other Angelo Gordon funds.

Revenues

We generate revenues primarily through the receipt of interest income from the investments we hold. In addition, we generate income from various loan origination and other fees and from dividends on direct equity investments. In addition, we may generate revenue in the form of commitment, origination, administration, amendment, and loan servicing fees. Loan origination fees, original issue discount and market discount or premium are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income. We record contractual prepayment premiums on loans and debt securities as interest income.

Our debt investment portfolio consists of primarily floating rate loans. As of June 30, 2023, 100% of our debt investments, based on fair value, bore interest at floating rates, which may be subject to interest rate floors. Variable-rate investments subject to a floor generally reset periodically to the applicable floor, only if the floor exceeds the index. Trends in base interest rates, such as Term SOFR, may affect our net investment income over the long term. In addition, our results may vary from period to period depending on the interest rates of new investments made during the period compared to investments that were sold or repaid during the period; these results reflect the characteristics of the particular portfolio companies that we invested in or exited during the period and not necessarily any trends in our business or macroeconomic trends.

Dividend income that we receive from our ownership of private securities is recorded pursuant to the terms of the respective investments.

Expenses

Our primary operating expenses include the payment of fees to the Adviser under the Investment Management Agreement, our allocable portion of overhead expenses under the Administration Agreement, interest expense related to borrowings outstanding, and other operating costs described below.

We are responsible for all costs and expenses incurred in connection with the operations of the Company and locating, structuring, evaluating, consummating, maintaining and disposing of investments and potential investments (whether or not the acquisition is consummated), including but not limited to legal, regulatory, accounting and other professional or third-party costs or disbursements including travel, rent or lodging, out-of-pocket expenses of the Adviser, the fees and expenses of any independent counsel engaged by the Adviser and out-of-pocket expenses related to third-party service providers (including loan servicer fees), placement agent fees and expenses, advertising expenses, litigation expenses, brokerage commissions, clearing and settlement charges and other transaction costs, custody fees, interest expenses, financing charges, initial and variation margin, broken deal expenses, compensation (which may include fees or performance-based compensation) of Advisers, consultants and finders, joint venture partners, or other professionals relating to the Company’s operations and investments or potential investments (whether or not completed), which may include costs incurred to attend or sponsor networking and other similar events hosted by both for-profit and not-for-profit organizations (which may include organizations affiliated with current or prospective investors), specific expenses incurred in obtaining, developing or maintaining market data technology systems, research and other information and information service subscriptions utilized with respect to the Company’s investment program including fees to third party providers of research, portfolio risk management services (including the costs of risk management software or database packages), fees of pricing and valuation services, appraisal costs and brokerage expenses. We will also bear all commitment fees and any transfer or recording taxes, registration fees and other expenses in connection with acquisitions and dispositions of investments, and all expenses relating to the ownership and operation of investments, including taxes, interest, insurance, and other fees and expenses. Travel expenses may include first-class airfare and limited use of private or charter aircraft, as well as premium accommodations, in accordance with our Adviser’s policies related thereto.

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In addition, we will bear all costs of the administration of the Company, including but not limited to accounting expenses (including accounting systems) and expenses relating to audit, legal and regulatory expenses (including filings with U.S. and non-U.S. regulators and compliance obligations), costs associated with our reporting and compliance obligations under the 1940 Act and other applicable U.S. federal and state securities laws, fees and expenses of any administrators in connection with the administration of the Company, expenses relating to the maintenance of registered offices of the Company to the extent provided by unaffiliated service providers, temporary office space of non-employee consultants or auditors, blue sky and corporate filing fees and expenses, corporate licensing expenses, indemnification expenses, costs of holding any meetings or conferences of investors or their delegates or Advisers (including meetings of the Adviser and related activities), Independent Trustees’ fees and expenses, costs of any litigation or threatened litigation or costs of any investigation or legal inquiries involving Company activities (including regulatory sweeps), the cost of any liability insurance or fidelity coverage for the Company, including any trustees’ and officers’ liability insurance and key-person life insurance policies, maintained with respect to liabilities arising in connection with the activities of our trustees and officers conducted on behalf of the Company, costs associated with reporting and providing information to existing and prospective investors, including printing and mailing costs, wind-up and liquidation expenses, and any extraordinary expenses arising in connection with the operations of the Company.

From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services. We will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on our behalf. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders, subject to the cap on organization and offering expenses described above.

Leverage

In accordance with the 1940 Act, we can borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 150% after such borrowings, subject to certain limitations. We may from time to time increase the size of our existing credit facilities or enter into new credit facilities. Any such incurrence would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

As of June 30, 2023, we had borrowings of $423.2 million outstanding at an average all-in rate of 7.53%, which is included in debt on the consolidated statements of assets and liabilities. As of December 31, 2022, the Company had borrowings of $323.2 million outstanding at an average all-in rate of 4.71%. We incurred approximately $9.2 million and $16.5 million of interest and unused commitment fees for the three and six months ended June 30, 2023, which is included in interest expense on the consolidated statements of operations. The carrying values of borrowings outstanding under the debt facilities approximate fair value.

Portfolio and Investment Activity

As of June 30, 2023, based on fair value, our portfolio consisted of 96.08% first lien senior secured debt investments and 3.92% investments in affiliated funds, that hold our equity co-investments. As of December 31, 2022, based on fair value, our portfolio consisted of 96.67% first lien senior secured debt investments and 3.33% investments in affiliated funds.

As of June 30, 2023, we had investments in 56 portfolio companies with an aggregate fair value of $984.3 million. As of December 31, 2022, we had investments in 46 portfolio companies with an aggregate fair value of $824.5 million.

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Our investment activity for the three months ended June 30, 2023 and 2022 is presented below (information presented herein is at par value unless otherwise indicated).

(Amounts in thousands)	Three Months Ended June 30, 2023			Three Months Ended June 30, 2022
Principal amount of investments committed (including add-ons):
First lien senior secured debt investments	$	126,498		$	135,729
Investment in affiliated funds	3,542			2,248
Total principal amount of investments committed	$	130,040		$	137,977
Principal amount of investments sold or repaid:
First lien senior secured debt investments	$	(46,651)		$	—
Investment in affiliated funds	(2)
Total principal amount of investments sold or repaid	$	(46,653)		$	—
New debt investments(1):
New commitments	$	110,983		$	135,729
Number of new commitments in new portfolio companies(2)	6			7
Average new commitment amount	$	18,497		$	19,390
Weighted average term for new commitments (in years)	4.6			4.0
Percentage of new commitments at floating rates	100.0		%	100.0		%
Percentage of new commitments at fixed rates	—		%	—		%

(1)Amounts shown exclude add-on transactions to existing portfolio companies during the period.

(2)Number of new debt investment commitments represent commitments to a particular portfolio company.

As of June 30, 2023 and December 31, 2022 our investments consisted of the following:

	June 30, 2023				December 31, 2022
(Amounts in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First lien senior secured debt	$	943,989	$	945,778	$	795,429	$	797,019
Investment in affiliated funds	34,165		38,564		27,234		27,468
Total investments	$	978,154	$	984,342	$	822,663	$	824,487

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The table below describes investments by industry composition based on fair value as of June 30, 2023 and December 31, 2022 :

	June 30, 2023		December 31, 2022
Air freight and logistics	2.0	%	2.4	%
Auto components	2.0	%	0.9	%
Chemicals	0.4	%	0.5	%
Commercial services and supplies	3.0	%	2.2	%
Construction and engineering	6.3	%	6.2	%
Containers and packaging	5.8	%	6.9	%
Diversified consumer services	6.8	%	6.1	%
Electrical equipment	1.0	%	1.2	%
Electronic equipment, instruments and components	1.3	%	1.3	%
Food and staples retailing	1.9	%	3.5	%
Food products	4.1	%	4.1	%
Health care equipment and supplies	4.3	%	4.1	%
Health care providers and services	28.6	%	26.4	%
Health care technology	2.8	%	3.0	%
Household durables	7.0	%	6.1	%
Industrial Conglomerates	1.4	%	—	%
IT services	0.8	%	3.9	%
Machinery	1.9	%	2.2	%
Media	7.1	%	8.5	%
Multisector holdings	3.9	%	3.3	%
Professional services	1.6	%	1.9	%
Software	1.2	%	1.4	%
Specialty retail	0.9	%	1.2	%
Trading companies and distributors	3.9	%	2.7	%
Total	100.0	%	100.0	%

As of June 30, 2023 and December 31, 2022, 100% of our investments were based in the United States.

The weighted average yields and interest rates of our funded debt investments as of June 30, 2023 and December 31, 2022 were as follows:

	June 30, 2023		December 31, 2022
Weighted average total yield of funded debt investments at cost	11.4	%	10.9	%
Weighted average total yield of funded debt investments at fair value	11.4	%	10.9	%
Weighted average interest rate of funded debt investments (1)	11.4	%	10.6	%
Weighted average spread over reference rates of all floating rate funded debt investments	6.0	%	5.9	%

(1)Calculated using actual interest rates in effect as of June 30, 2023 and December 31, 2022 based on borrower elections.

The weighted average yield of our funded debt investments is not the same as a return on investment for our shareholders but, rather, relates to a portion of our investment portfolio and is calculated before the payment of all of our and our subsidiaries’ fees and expenses. The weighted average yield was computed using the effective interest rates of each investment as of each respective date, including accretion of original issue discount, but excluding investments on non-accrual status, if any. There can be no assurance that the weighted average yield will remain at its current level.

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Our Adviser monitors our portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action with respect to each portfolio company. Our Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

•assessment of success of the portfolio company in adhering to its business plan and compliance with covenants;

•periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments;

•comparisons to other companies in the portfolio company’s industry; and

•review of monthly or quarterly financial statements and financial projections for portfolio companies.

As part of the monitoring process, our Adviser employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Adviser rates the credit risk of all debt investments on a scale of A to F. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. The rating system is as follows:

Investment Rating	Description
A	A loan supported by exceptional financial strength, stability and liquidity;
B	As a general rule, a new transaction will be risk rated a “B” loan. Overtime, a “B” loan is supported by good financial strength, stability and liquidity;
C	A loan that is exhibiting deteriorating trends, which if not corrected could jeopardize repayment of the debt. In general, a default by the borrower of one of its financial performance covenants (leverage or coverage ratios) would warrant a downgrade of a loan to a risk rating of “C”;
D	A loan that has a well-defined weakness that jeopardizes the repayment of the debt or the ongoing enterprise value of the borrower;
E	A loan that has an uncured payment default; and
F	An asset that is considered uncollectible or of such little value that its continuance as a booked asset is unwarranted.

Our Adviser rates the investments in our portfolio at least quarterly and it is possible that the rating of a portfolio investment may be reduced or increased over time. For investments rated C through F, our Adviser enhances its level of scrutiny over the monitoring of such portfolio company.

The following table shows the composition of our debt investments on the A to F rating scale as of June 30, 2023 and December 31, 2022:

	June 30, 2023				December 31, 2022
Investment Rating	Investments at Fair Value		Percentage of Total Debt Investments		Investments at Fair Value		Percentage of Total Debt Investments
(Amounts in thousands)
A	$	—	—		$	—	—
B	945,778		100.0	%	797,019		100.0	%
C	—		—		—		—
D	—		—		—		—
E	—		—		—		—
F	—		—		—		—
Total	$	945,778	100.0	%	$	797,019	100.0	%

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The following table shows the amortized cost of our performing and non-accrual debt investments as of June 30, 2023 and December 31, 2022:

	June 30, 2023				December 31, 2022
(Amounts in thousands)	Amortized Cost		Percentage		Amortized Cost		Percentage
Performing	$	943,989	100.0	%	$	795,429	100.0	%
Non-accrual	—		—		—		—
Total	$	943,989	100.0	%	$	795,429	100.0	%

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon the Adviser’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in the Adviser’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Results of Operations

The following table represents the operating results for the three and six months ended June 30, 2023, and for the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022:

(Amounts in thousands)	Three Months Ended June 30, 2023		Three Months Ended June 30, 2022		Six Months Ended June 30, 2023		Period from January 27, 2022 (Inception) to June 30, 2022
Total investment income	$	28,643	$	715	$	53,710	$	715
Less: expenses and taxes	16,282		914		31,386		1,234
Net investment income (loss)	12,361		(199)		22,324		(519)
Net realized gain (loss)	—		—		(18)		—
Net change in unrealized gain (loss)	1,673		(6)		4,364		(6)
Net increase (decrease) in net assets resulting from operations	$	14,034	$	(205)	$	26,670	$	(525)

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including the level of new investment commitments, expenses, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio.

Investment Income

Investment income for the three and six months ended June 30, 2023, and for the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022, were as follows:

(Amounts in thousands)	Three Months Ended June 30, 2023		Three Months Ended June 30, 2022		Six Months Ended June 30, 2023		Period from January 27, 2022 (Inception) to June 30, 2022
Interest	$	28,312	$	297	$	52,451	$	297
Other	331		418		1,259		418
Total investment income	$	28,643	$	715	$	53,710	$	715

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Increases in interest and other investment income were driven by deployment of capital, rising interest rates and an increase in investment activity. Total investments as of June 30, 2023 were $984 million as compared to $86 million as of June 30, 2022.

Expenses

Expenses for the three and six months ended June 30, 2023, and for the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022, were as follows:

(Amounts in thousands)	Three Months Ended June 30, 2023		Three Months Ended June 30, 2022		Six Months Ended June 30, 2023		Period from January 27, 2022 (Inception) to June 30, 2022
Interest	$	9,625	$	104	$	17,317	$	104
Income incentive fees	1,915		—		3,585		—
Management fees	1,770		174		3,410		174
Offering costs	836		60		1,618		60
Professional fees	721		16		1,273		16
Other	357		38		643		38
Administrative fees	321		255		1,072		255
Capital gains incentive fees	209		—		543		—
Organizational costs	—		61		528		381
Accounting fees	114		72		272		72
Insurance fees	23		82		112		82
Trustees' fees	45		52		89		52
Total expenses	$	15,936	$	914	$	30,462	$	1,234

Increases in interest and other expenses were driven by the Company’s continued deployment of capital, rising interest rates and an increase in investment activity and leverage.

Increases in incentive fees are correlated to an increase in net assets from operations. For the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022, there were net decreases in net assets resulting from operations, therefore there were no fees accrued. For the three and six months ended June 30, 2023, there were increases in net assets resulting from operations of $14.0 million and $26.7 million, respectively, driving the increase in fees. Increases in management fees are correlated to an increase in the net asset value, which increased from $174.5 million as of June 30, 2022, to $596.9 million as of June 30, 2023.

Under the terms of the Administration Agreement and Investment Management Agreement, we reimburse the Administrator and Adviser, respectively, for services performed for us. In addition, pursuant to the terms of these agreements, the Administrator and Adviser may delegate its obligations under these agreements to an affiliate or to a third party and we reimburse the Administrator and Adviser for any services performed for us by such affiliate or third party.

For the three and six months ended June 30, 2023, the Administrator charged approximately $321,000 and $1,072,000, respectively, for certain costs and expenses allocable to the Company under the terms of the Administration Agreement. For the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022, the Administrator charged approximately $255,000 for certain costs and expenses allocable to the Company under the terms of the Administration Agreement.

Income Taxes, including Excise Taxes

We intend to elect to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To continue to qualify for tax treatment as a RIC, we must, among other things, distribute to our shareholders in each taxable year generally at least 90% of our investment company taxable income, as defined by the Code, and net tax-exempt income for that taxable year. To maintain our tax treatment as

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a RIC, we, among other things, intend to make the requisite distributions to our shareholders, which generally relieves us from corporate-level U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, we will accrue excise tax on estimated excess taxable income. For the three and six months ended June 30, 2023, we did not accrue U.S. federal excise tax.

We conduct certain activities through our wholly-owned subsidiary, Twin Brook Equity XXXIII Corp., a Delaware corporation. Twin Brook Equity XXXIII Corp. is treated as a corporation for United States federal income tax purposes and is subject to U.S. federal, state or local income tax. For the three and six months ended June 30, 2023, the Company accrued $0 current federal tax. For the three and six months ended June 30, 2023, the company accrued $346,000 and $924,000 of deferred federal tax related to Twin Brook Equity XXXIII Corp., which is included as "deferred federal tax provision” on the Statements of Operations.

Net Change in Unrealized Gains (Losses) on Investment Transactions

We fair value our portfolio investments quarterly and any changes in fair value are recorded as unrealized gains or losses. During the three and six months ended June 30, 2023, and during the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022, net unrealized gains (losses) on our investment transactions were as follows:

(Amounts in thousands)	Three Months Ended June 30, 2023		Three Months Ended June 30, 2022				Six Months Ended June 30, 2023		Period from January 27, 2022 (Inception) to June 30, 2022
Non-controlled, non-affiliated investments	$	29	$	(6)	$	(6)	$	199	$	(6)
Non-controlled, affiliated investments	1,644		—		—		4,165		—
Net change in unrealized gain (loss) on investment transactions	$	1,673	$	(6)	$	(6)	$	4,364	$	(6)

For the three and six months ended June 30, 2023, the net unrealized gains were primarily driven by an increase in the fair value of our investments driven primarily by strong financial results of portfolio companies. The unrealized gains were also driven by improved performance of equity investments that increased our net asset value in the affiliated fund for the three and six months ended June 30, 2023.

For the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022, the net unrealized loss was primarily driven by a decrease in the fair value of our investments.

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Net Realized Gains (Losses) on Investment Transactions

The realized gains and losses on fully and partially exited portfolio companies during the three and six months ended June 30, 2023, and during the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022, were as follows:

(Amounts in thousands)	Three Months Ended June 30, 2023		Three Months Ended June 30, 2023		Six Months Ended June 30, 2023		Period from January 27, 2022 (Inception) to June 30, 2022
Net realized gain (loss) on investments	$	—	$	—	$	(18)	$	—
Net realized gain (loss) on investments	$	—	$	—	$	(18)	$	—

Financial Condition, Liquidity, and Capital Resources

Our liquidity and capital resources primarily from the net proceeds of our continuous offering of common shares, cash flows from interest, dividends and fees earned from our investments and principal repayments, and credit facilities. The primary uses of our cash are (1) investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (2) the cost of operations (including paying our Adviser and Administrator or its affiliates), (3) debt service of any borrowings and (4) cash distributions to the holders of our stock.

We may from time to time increase the size of our existing credit facilities. Any such incurrence would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. There were $423.2 million outstanding borrowings as of June 30, 2023. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation to cover any outstanding unfunded commitments we are required to fund.

Cash as of June 30, 2023, taken together with our available debt capacity of $136.3 million, is expected to be sufficient for our investing activities and to conduct our operations.

As of June 30, 2023 we had $41.3 million in cash. During the six months ended June 30, 2023, we used $124.6 million in cash for operating activities, primarily as a result of funding portfolio investments of $253.8 million and partially offset by other operating activities of $129.2 million. Cash provided by financing activities was $127.4 million during the period, primarily the result of proceeds from the issuance of common shares and debt borrowings.

As of June 30, 2022, we had $85.5 million in cash. For the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022, we used $85.1 million in cash for operating activities, primarily as a result of funding portfolio investments of $86 million and partially offset by other operating activities of $0.9 million. Cash used for financing activities was $170.6 million during the period, primarily the result of proceeds from the issuance of common shares.

Equity

At the Effective Time of the Merger, common shares of beneficial interest, par value $0.001 per share, of Private BDC outstanding immediately prior to the Effective Time were converted into a number of Class I shares of beneficial interest, par value $0.001 per share, of TCAP (the “TCAP Common Shares”) equal to a ratio of one to one. As a result, TCAP issued an aggregate of approximately 20.9 million TCAP Common Shares to former Private BDC shareholders. The TCAP Common Shares issued and outstanding immediately prior to the Effective Time remained outstanding upon the Effective Time and were unaffected by the Merger. As a result, immediately following the Merger, TCAP had approximately 20,945,030 Class I shares outstanding, and no Class S or D shares outstanding.

As of June 30, 2023, the Company had 23,183,428 shares issued and outstanding with a par value of $0.001 per share.

The following tables summarize transactions in common shares during the three and six months ended June 30, 2023, and the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022:

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Three Months Ended June 30, 2023
	Shares	Amount in Thousands
Class I:
Proceeds from shares sold	1,921,844	$	49,325
Distributions reinvested	11,162	$	284
Net increase (decrease)	1,933,006	$	49,609

Six Months Ended June 30, 2023
	Shares	Amount in Thousands
Class I:
Proceeds from shares sold	2,227,236	$	57,140
Distributions reinvested	11,162	$	284
Net increase (decrease)	2,238,398	$	57,424

Three Months Ended June 30, 2022
	Shares	Amount in Thousands
Common Shares
Proceeds from shares sold	6,999,940	$	174,998
Net increase (decrease)	6,999,940	$	174,998

Period from January 27, 2022 (Inception) to June 30, 2022
	Shares	Amount in Thousands
Common Shares
Proceeds from shares sold	7,000,000	$	175,000
Net increase (decrease)	7,000,000	$	175,000

Net Asset Value per Share and Offering Price

The Company determines NAV for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV). The following table presents each month-end NAV per share for the common shares during the six months ended June 30, 2023:

	NAV Per Share
For the Months Ended	Class I
January 31, 2023	$	25.39
February 28, 2023	$	25.59
March 31, 2023	$	25.67
April 30, 2023	$	25.65
May 31, 2023	$	25.67
June 30, 2023	$	25.75

Dividends

We plan to make monthly dividends at the Board’s discretion, starting with the first monthly distribution declared in March 2023. The following table reflects dividends declared on common shares during the six months ended June 30, 2023:

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For the Six Months Ended June 30, 2023
Date Declared	Record Date	Payment Date	Dividend per Share		Amount in Thousands
March 27, 2023	March 31, 2023	April 28, 2023	$	0.18	$	3,825
April 26, 2023	April 28, 2023	May 31, 2023	$	0.18	$	4,019
May 25, 2023	May 31, 2023	June 30, 2023	$	0.18	$	4,103
June 27, 2023	June 30, 2023	July 28, 2023	$	0.18	$	4,173

There were no dividends declared for the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022.

Distribution Reinvestment Plan

The Company has adopted a distribution reinvestment plan, pursuant to which it reinvests all cash dividends declared by the Board on behalf of its shareholders who do not elect to receive their dividends in cash. As a result, if the Board authorizes, and the Company declares, a cash dividend or other distribution, then shareholders who have not opted out of our Company’s distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.

Share Repurchase Plan

The Company has implemented a share repurchase program under which, at the discretion of the Board, the Company may repurchase, in each quarter, up to 5% of the NAV of the Company’s Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. For the avoidance of doubt, such target amount is assessed each calendar quarter. The Board may amend or suspend the share repurchase program at any time (including to offer to purchase fewer shares) if in its reasonable judgment it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect the Company’s operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter, or may only be available in an amount less than 5% of our Common Shares outstanding.

The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase plan, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder; in the event that a shareholder’s shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance; due to trade or operational error; and repurchases of shares submitted by discretionary model portfolio management programs (and similar arrangements) as approved by the Company. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

During the three and six months ended June 30, 2023, no shares were repurchased.

Character of Distributions

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and fee and expense reimbursement waivers from the Adviser, which is subject to recoupment, or the Administrator, if any.

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Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following tables present the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its shares of common stock during the three and six months ended June 30, 2023:

For the Three Months Ended June 30, 2023
	Class I
Source of Distribution	Per Share		Amounts (in thousands)
Net investment income	$	0.54	(12,295)
Net realized gains	—		—
Total	$	0.54	$	(12,295)

For the Six Months Ended June 30, 2023
	Class I
Source of Distribution	Per Share		Amounts (in thousands)
Net investment income	$	0.72	(16,120)
Net realized gains	—		—
Total	$	0.72	$	(16,120)

Debt

In accordance with the 1940 Act, we can borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 150% after such borrowings, subject to certain limitations.

On June 17, 2022, Twin Brook Capital Funding XXXIII MSPV, LLC, as borrower (the “MSPV Borrower”), an indirect, wholly-owned subsidiary of the Company, entered into a new loan and servicing agreement (as amended, supplemented or otherwise modified from time to time, the “MSPV Credit Facility”) with Twin Brook Capital Funding XXXIII, LLC, as the transferor (the “Transferor”), AGTB Fund Manager, LLC, as the servicer, Morgan Stanley Asset Funding, Inc., as administrative agent, the lenders from time to time party thereto and The Bank of New York Mellon Trust Company, National Association, as the collateral agent, account bank and collateral custodian.

From time to time, the Transferor expects to sell and/or contribute certain investments to the MSPV Borrower. Proceeds from the MSPV Credit Facility will be used to finance the origination and acquisition of loans by the MSPV Borrower, including the purchase of such assets from the Transferor. The Company retains a residual interest in assets contributed to or acquired by the MSPV Borrower through its ownership of the MSPV Borrower. The MSPV Borrower is subject to meet certain covenants under the MSPV Credit Facility agreement. As of June 30, 2023 and December 31, 2022, the MSPV Borrower was in compliance with all such covenants.

The MSPV Credit Facility has a maximum principal amount of $500 million, subject to availability under a borrowing base which consists primarily of commercial loans acquired by the MSPV Borrower from the Transferor, a wholly-owned subsidiary of the Company. The MSPV Borrower may, subject to the applicable prepayment premium, prepay the loans and/or terminate or reduce the revolving commitments under the MSPV Credit Facility at any time without penalty. The obligation of the lenders to make revolving commitments under the MSPV Credit Facility will terminate on June 17, 2025 (the “Reinvestment Period”) with a scheduled final maturity date of June 17, 2027. The revolving loans are subject to an interest rate, during the Reinvestment Period, of Term SOFR plus 2.50% per annum and thereafter, Term SOFR plus 3.00% per annum.

On December 13, 2022, Twin Brook Capital Funding XXXIII ASPV, LLC, as borrower (the “ASPV Borrower”), an indirect, wholly-owned subsidiary of the Company, entered into a new Loan, Security and Collateral Management Agreement (as amended, supplemented or otherwise modified from time to time, the “ASPV Credit Facility”), with the Transferor, AGTB Fund Manager, LLC, as the collateral manager, Ally Bank, as administrative agent and arranger, Computershare Trust Company, National Association, as the collateral custodian, and the lenders from time to time party thereto.

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From time to time, the Transferor expects to sell and/or contribute certain investments to the ASPV Borrower. Proceeds from the ASPV Credit Facility will be used to finance the origination and acquisition of loans by the ASPV Borrower, including the purchase of such assets from the Transferor. The Company retains a residual interest in assets contributed to or acquired by the ASPV Borrower through its ownership of the ASPV Borrower.

The ASPV Credit Facility created a revolving loan facility with an initial maximum principal amount of $300 million, subject to availability under a borrowing base which consists primarily of commercial loans acquired by the ASPV Borrower from the Transferor, a wholly-owned subsidiary of the Company. The ASPV Borrower may, subject to the applicable prepayment premium, prepay the loans and/or terminate or reduce the revolving commitments under the ASPV Credit Facility at any time without penalty. The obligation of the lenders to make revolving commitments under the ASPV Credit Facility will terminate on December 12, 2025 (the “Reinvestment Period”) with a scheduled final maturity date of December 12, 2027. The revolving loans will be subject to an interest rate of daily simple SOFR plus 2.875% per annum.

The ASPV Credit Facility is secured by all of the assets of the ASPV Borrower and a pledge of equity interests in the ASPV Borrower. The ASPV Borrower is subject to meet certain covenants under the ASPV Credit Facility agreement. As of June 30, 2023 and December 31, 2022, the ASPV Borrower was in compliance with all such covenants.

The carrying values of borrowings outstanding under the debt facilities approximate fair value. As of June 30, 2023 and December 31, 2022, the asset coverage ratio was 241.0% and 263.6%, respectively. Debt obligations consisted of the following as of June 30, 2023:

Debt obligations consisted of the following as of June 30, 2023:

	As of June 30, 2023
(Amounts in thousands)	Maximum Principal Amount Committed		Principal Amount Outstanding		Principal Amount Available(1)		Carrying Value		Assets Pledged as Collateral(2)
ASPV Credit Facility	$	300,000	$	91,400	$	44,073	$	91,400	$	229,779
MSPV Credit Facility	$	500,000	$	331,800	$	92,215	$	331,800	$	664,825
Total debt	$	800,000	$	423,200	$	136,288	$	423,200	$	894,604

(1)The amount available reflects any limitations related to the facilities borrowing bases.

Debt obligations consisted of the following as of December 31, 2022:

	As of December 31, 2022
(Amounts in thousands)	Maximum Principal Amount Committed		Principal Amount Outstanding		Principal Amount Available(1)		Carrying Value		Assets Pledged as Collateral(2)
ASPV Credit Facility	$	300,000	$	20,000	$	311	$	20,000	$	62,932
MSPV Credit Facility	$	500,000	$	303,200	$	130,417	$	303,200	$	677,575
Total debt	$	800,000	$	323,200	$	130,728	$	323,200	$	740,507

(1)The amount available reflects any limitations related to the facilities borrowing bases.

For the three and six months ended June 30, 2023, and for the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022, the components of interest expense were as follows:

(Amounts in thousands)	Three Months Ended June 30, 2023		Three Months Ended June 30, 2022		Six Months Ended June 30, 2023		Period from January 27, 2022 (Inception) to June 30, 2022
Interest expense	$	9,196	$	59	$	16,450	$	59
Amortization of deferred financing costs	429		45		867		45
Total interest expense	$	9,625	$	104	$	17,317	$	104

56

Average interest rate	7.46		%	2.26		%	7.30		%	2.26		%
Average daily borrowings	$	414,790		$	88		$	386,850		$	52

Off-Balance Sheet Arrangements

Portfolio Company Commitments

Our investment portfolio may contain debt investments that are in the form of revolving lines of credit and unfunded delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements. Unfunded portfolio company commitments and funded debt investments are presented on the consolidated schedule of investments at fair value. Unrealized appreciation or depreciation, if any, is included in the consolidated statements of assets and liabilities and consolidated statements of operations.

As of June 30, 2023 and December 31, 2022, the Company had the following outstanding commitments to fund investments in current portfolio companies:

Portfolio Company	June 30, 2023		December 31, 2022
First lien senior secured debt	(Amounts in thousands)		(Amounts in thousands)
A.P.A. Industries, LLC	$	1,523	$	—
ACES Intermediate, LLC	6,964		6,964
ADVI Health, LLC	1,062		1,062
AHR Intermediate, Inc	8,290		12,139
ARC Healthcare Technologies, LLC	—		9,947
Ascent Lifting, Inc.	1,834		1,345
Beghou Consulting, LLC	2,654		—
Benefit Plan Administrators of Eau Claire, LLC	7,263		8,990
BPCP EE Intermedco LLC	3,387		—
BPCP WLF Intermedco LLC	7,876		7,876
Bulk Lift International, LLC	1,748		1,748
Change Academy at Lake of the Ozarks, LLC	4,436		5,786
CL Services Acquisition, LLC	4,852		—
CPS Power Buyer, LLC	2,049		4,705
Custom Agronomics Holdings, LLC	2,312		2,312
Double E Company, LLC	3,694		4,314
Endodontic Practice Partners, LLC	5,301		6,696
Esquire Deposition Solutions, LLC	2,923		6,007
Flourish Research Acquisition, LLC	2,991		—
H2 Holdco, Inc.	9,549		—
Helpware, Inc.	3,205		3,205
Hultec Buyer, LLC	3,442		—
Icreon Holdings, LLC	1,049		1,049
Industrial Air Flow Dynamics, Inc.	2,537		2,114
IPC Pain Acquistion, LLC	2,188		11,945
Ironhorse Purchaser, LLC	2,132		11,624
ITSavvy LLC	1,969		4,784
K-1 Packaging Group, LLC.	6,748		6,748
Kwalu, LLC	5,061		5,061
Load One Purchaser Corporation	9,214		9,214
MacKenzie Childs Acquisition, Inc.	450		445
Medical Technology Associates, Inc.	1,929		1,929

57

Portfolio Company	June 30, 2023		December 31, 2022
MWEC Management, LLC	3,192		—
Nasco Healthcare Inc.	2,492		3,322
NEFCO Holding Company, LLC	3,551		7,270
NH Kronos Buyer, Inc.	12,443		12,443
Optimized Marketing Acquisition, LLC	2,199		1,861
Propio LS, LLC	3,040		905
Purpose Home Health Acquisition, LLC	8,600		8,600
QLS Buyer, Inc	1,591		—
Raneys, LLC	5,022		1,522
Renovation Systems, LLC	3,076		—
RKD Group, LLC	4,905		4,905
Rose Paving, LLC	2,562		2,006
Shasta Buyer, LLC	1,911		1,962
Sixarp, LLC	6,912		6,912
Soccer Post Acquisition, LLC	1,608		772
Spear Education Holdings, LLC	4,463		4,463
Sun Orchard, LLC	5,223		4,875
Surplus Solutions, LLC	1,771		1,771
Treat Planet Acquisition, LLC	1,965		—
Universal Pure, LLC	5,380		12,228
US Foot and Ankle Specialists, LLC	8,664		12,467
WCI Volt Purchaser, LLC	2,249		2,249
WTWH Buyer, LLC	1,638		1,638
Yard-Nique, Inc	6,500		6,695
Zipline Logistics, LLC	6,214		6,214
Total unfunded portfolio company commitments	$	227,803	$	243,089

We seek to carefully manage our unfunded portfolio company commitments for purposes of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage ratio, to cover any outstanding portfolio company unfunded commitments we are required to fund.

Contractual Obligations

A summary of our contractual payment obligations under our credit facilities as of June 30, 2023 is as follows:

	Payment Due by Period
(Amounts in millions)	Total		Less than 1 year		1-3		3-5		More than 5 years
ASPV Credit Facility	$	91.4	$	—	$	—	$	91.4	$	—
MSPV Credit Facility	$	331.8	$	—	$	—	$	331.8	$	—
Total	$	423.2	$	—	$	—	$	423.2	$	—

Related Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the Investment Management Agreement, the Administration Agreement, Expense Support and Conditional Reimbursement Agreement and the Resource Sharing Agreement.

In addition to the aforementioned agreements, we intend to rely on exemptive relief that has been granted to us, our Adviser, and Angelo Gordon to permit us to co-invest with other funds managed by Angelo Gordon in a manner consistent

58

with our investment objective, positions, policies, strategies and restrictions as well as any regulatory requirements and other pertinent factors. See “Item 1. – Notes to Consolidated Financial Statements – Note 6. Agreements and Related Party Transactions” for further description of our related party transactions.

Critical Accounting Policies

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies, including those relating to the valuation of our investment portfolio, are described in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 17, 2023, and elsewhere in our filings with the SEC. There have been no significant changes this quarter in our critical accounting policies and practices.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Uncertainty with respect to the economic effects of rising interest rates in response to inflation, the war in Russia and Ukraine and the ongoing COVID-19 pandemic has introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks, including those listed below. We are subject to financial market risks, including valuation risk and interest rate risk.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and therefore, we will value these investments at fair value as determined in good faith by Adviser, pursuant to Rule 2a-5, based on, among other things, the input of independent third party valuation firm(s) engaged by the Adviser, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We may fund portions of our investments with borrowings on a short term basis, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure you that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of June 30, 2023, 100% of our debt investments based on fair value in our portfolio were at floating rates.

Based on our Consolidated Statements of Assets and Liabilities as of June 30, 2023, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates on our debt investments and leverage (considering interest rate floors for floating rate instruments) assuming each floating rate investment is subject to Term SOFR and there are no changes in our investment and borrowing structure:

(Amounts in millions)	Interest Income		Interest Expense		Net Income
Up 200 basis points	$	19.3	$	8.5	$	10.8
Up 100 basis points	$	9.7	$	4.2	$	5.5
Down 100 basis points	$	(9.7)	$	(4.2)	$	(5.5)
Down 200 basis points	$	(19.3)	$	(8.5)	$	(10.8)

To a limited extent, we may in the future hedge against interest rate fluctuations by using hedging instruments such as futures, options, swaps and forward contracts, and credit hedging contracts, such as credit default swaps. However, no assurance can be given that such hedging transactions will be entered into or, if they are, that they will be effective.

59

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

Changes in Internal Controls over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the period ended June 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

60

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

Item 1A. Risk Factors.

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, filed with the SEC on March 17, 2023 and May 12, 2023, respectively, which could materially affect our business, financial condition and/or operating results. The risks are not the only risks we face. Additional risks and uncertainties are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

We did not sell any securities during the period covered by this Quarterly Report on Form 10-Q that were not registered under the Securities Act.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

During the fiscal quarter ended June 30, 2023, none of our trustees or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement”.

61

Item 6. Exhibits.

Exhibit No.	Description
2.1	Agreement and Plan of Merger among AG Twin Brook Capital Income Fund and AG Twin Brook BDC, Inc., dated as of May 19, 2023 (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K, filed with the SEC on May 19, 2023)
3.1	Second Amended and Restated Agreement and Declaration of Trust, dated January 1, 2023 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed with the SEC on January 5, 2023)
3.2	Amended and Restated By-laws, dated January 1, 2023 (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K, filed with the SEC on January 5, 2023)
31.1*	Certification of Trevor Clark pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	Certification of Terrence Walters pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*	Certification of Trevor Clark pursuant to Securities Exchange Act Rule 13a-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*	Certification of Terrence Walters pursuant to Securities Exchange Act Rule 13a-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
99*	Unaudited Financial Statements of AG Twin Brook BDC, Inc.

___________________

*Filed herewith

62

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused his report to be signed on its behalf by the undersigned thereunto duly authorized.

	AG Twin Brook Capital Income Fund
August 11, 2023	By:	/s/ Trevor Clark
		Trevor Clark
		Chief Executive Officer
		(Principal Executive Officer)
August 11, 2023	By:	/s/ Terrence Walters
		Terrence Walters
		Chief Financial Officer and Treasurer
		(Principal Financial Officer and Principal Accounting Officer)

63

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Trevor Clark, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of AG Twin Brook Capital Income Fund (the “registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

c.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 11, 2023	By:	/s/ Trevor Clark
	Trevor Clark
	Chief Executive Officer and President

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Terrence Walters, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of AG Twin Brook Capital Income Fund (the “registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

c.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 11, 2023	By:	/s/ Terrence Walters
	Terrence Walters
	Chief Financial Officer and Treasurer

EX-32.1

Exhibit 32.1

CERTIFICATIONS PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

In connection with the Quarterly Report of AG Twin Brook Capital Income Fund, a Delaware statutory trust (the “Company”), on Form 10-Q for the quarter ended June 30, 2023, as filed with the Securities and Exchange Commission (the “Report”), Trevor Clark, Chief Executive Officer and President of the Company, does hereby certify, pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350), that to his knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Trevor Clark

Trevor Clark

Chief Executive Officer and President

August 11, 2023

EX-32.2

Exhibit 32.2

CERTIFICATIONS PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

In connection with the Quarterly Report of AG Twin Brook Capital Income Fund, a Delaware statutory trust (the “Company”), on Form 10-Q for the quarter ended June 30, 2023, as filed with the Securities and Exchange Commission (the “Report”), Terrence Walters, Chief Financial Officer of the Company, does hereby certify, pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350), that to his knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Terrence Walters

Terrence Walters

Chief Financial Officer and Treasurer

August 11, 2023

EX-99

AG TWIN BROOK BDC, INC.

FINANCIAL STATEMENTS

JUNE 30, 2023

1

TABLE OF CONTENTS

	Page
Financial Statements	2
Consolidated Statements of Assets and Liabilities as of June 30, 2023 (Unaudited) and December 31, 2022	3
Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2023 and for the Three and Six Months Ended June 30, 2022	4
Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2023 and for the Three and Six Months Ended June 30, 2022	5
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and for the Six Months Ended June 30, 2022	6
Consolidated Schedule of Investments as of June 30, 2023 (Unaudited)	7
Consolidated Schedule of Investments as of December 31, 2022	23
Notes to Consolidated Financial Statements	39-67

2

AG Twin Brook BDC, Inc.

Consolidated Statements of Assets and Liabilities

(Amounts in thousands, except share and per share amounts)

	June 30, 2023		December 31, 2022
	(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments at fair value (amortized cost of $178,602 and $180,526, respectively)	$	177,163	$	179,785
Non-controlled/affiliated investments at fair value (amortized cost of $7,242 and $7,137, respectively)	9,084		10,354
Cash	15,445		12,028
Interest receivable	924		775
Prepaid expenses	173		127
Total assets	$	202,789	$	203,069
Liabilities
Unrealized loss on foreign currency forward contracts	$	29	$	15
Dividend payable	2,418		5,030
Accrued expenses and other liabilities payable to affiliate	1,235		677
Incentive fees payable	1,194		1,295
Deferred tax liability	389		—
Management fees payable	278		281
Deferred income	154		184
Total liabilities	5,697		7,482
Commitments and contingencies (Note 8)
Net assets
Common shares $0.001 par value, 100,000,000 shares authorized; 9,672,358 and 9,672,358 shares issued and outstanding, respectively	$	10	$	10
Additional paid-in-capital	194,184		193,704
Total distributable earnings (loss)	2,898		1,873
Total net assets	197,092		195,587
Total liabilities and net assets	$	202,789	$	203,069
Net asset value per share	$	20.38	$	20.22

The accompanying notes are an integral part of these consolidated financial statements.

3

AG Twin Brook BDC, Inc.

Consolidated Statements of Operations

(Amounts in thousands, except share and per share amounts)

(Unaudited)

	Three Months Ended June 30, 2023		Three Months Ended June 30, 2022		Six Months Ended June 30, 2023		Six Months Ended June 30, 2022
Investment income
Investment income from non-controlled, non-affiliated investments:
Interest	$	5,397	$	3,176	$	10,647	$	6,099
Other	92		288		191		437
Total investment income from non-controlled, non-affiliated investments:	5,489		3,464		10,838		6,536
Total investment income	5,489		3,464		10,838		6,536
Expenses
Incentive fees(1)	$	697	$	442	$	1,273	$	823
Management fees(1)	278		254		559		495
Deferred tax expense	(147)		—		389		—
Professional fees	119		162		211		281
Accounting fees	114		105		227		209
Other	35		131		141		217
Current tax expense	65		—		271		—
Directors' fees	45		45		90		90
Administrative fees(1)	91		63		106		117
Insurance fees	—		66		6		156
Interest	—		—		—		55
Total net expenses	1,297		1,268		3,273		2,443
Net investment income (loss)	4,192		2,196		7,565		4,093
Net realized and unrealized gain (loss) on investment transactions
Net realized gain (loss) on investment transactions:
Non-controlled, non-affiliated investments	$	3	$	22	$	2	$	57
Non-controlled, affiliated investments	104		—		880		—
Foreign currency forward transactions	4		30		(18)		28
Net change in unrealized gain (loss) on investment transactions:
Non-controlled, non-affiliated investments	(65)		(246)		(698)		(58)
Non-controlled, affiliated investments	(724)		815		(1,375)		1,064
Foreign currency forward contracts	(38)		18		(15)		—
Foreign currency translation	—		2		—		—
Total net realized and unrealized gain (loss) on investment transactions	(716)		641		(1,224)		1,091
Net increase (decrease) in net assets resulting from operations	$	3,476	$	2,837	$	6,341	$	5,184
Net investment income (loss) per share - basic and diluted	$	0.43	$	0.23	$	0.78	$	0.44
Earnings (loss) per share - basic and diluted	$	0.36	$	0.30	$	0.66	$	0.56
Weighted average shares outstanding - basic and diluted	9,672,358		9,345,477		9,672,358		9,243,891

(1)Refer to Note 6 - Agreements and Related Party Transactions

The accompanying notes are an integral part of these consolidated financial statements.

4

AG Twin Brook BDC, Inc.

Consolidated Statements of Changes in Net Assets

(Amounts in thousands, except share amounts)

(Unaudited)

	Three Months Ended June 30, 2023		Three Months Ended June 30, 2022		Six Months Ended June 30, 2023		Six Months Ended June 30, 2022
Increase (decrease) in net assets resulting from operations
Net investment income (loss)	$	4,192	$	2,196	$	7,565	$	4,093
Net realized gain (loss)	111		52		864		85
Net change in unrealized gain (loss)	(827)		589		(2,088)		1,006
Net increase in net assets resulting from operations	3,476		2,837		6,341		5,184
Dividends
Dividends declared from earnings	(2,418)		(3,763)		(4,836)		(3,763)
Net decrease in net assets resulting from dividends	(2,418)		(3,763)		(4,836)		(3,763)
Capital share transactions
Issuance of common shares	—		10,800		—		10,800
Net increase in net assets resulting from capital share transactions	—		10,800		—		10,800
Total increase in net assets	1,058		9,874		1,505		12,221
Net assets, at beginning of period	196,034		186,445		195,587		184,098
Net assets, at end of period	$	197,092	$	196,319	$	197,092	$	196,319
Capital share activity
Shares issued	—		531,182		—		531,182
Net increase in shares outstanding	—		531,182		—		531,182
Dividends declared per share	$	0.25	$	0.40	$	0.50	$	0.40

The accompanying notes are an integral part of these consolidated financial statements.

5

AG Twin Brook BDC, Inc.

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)

	Six Months Ended June 30, 2023		Six Months Ended June 30, 2022
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	6,341	$	5,184
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized (gain) loss on investments	(882)		(57)
Net change in unrealized (appreciation) depreciation on investments	2,073		(1,006)
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts	15		—
Net accretion on debt instruments	(425)		(357)
Net paydown gain on debt instruments	(160)		(93)
Interest received in-kind	(108)		(25)
Purchases and drawdowns of investments	(13,034)		(42,140)
Proceeds from sales and paydowns of investments	16,428		23,020
Amortization of deferred financing costs	—		47
Change in operating assets and liabilities:
(Increase) decrease in interest receivable	(149)		—
(Increase) decrease in prepaid expenses	(47)		124
Increase (decrease) in incentive fees payable	(101)		97
Increase (decrease) in accrued expenses and other liabilities payable to affiliate	558		32
Increase (decrease) in deferred tax liability	389		—
Increase (decrease) in management fees payable	(3)		58
Increase (decrease) in deferred income	(30)		(13)
Increase (decrease) in interest payable	—		(7)
Net cash provided by (used in) operating activities	10,865		(15,136)
Cash flows from financing activities
Proceeds from issuance of common shares	—		10,800
Dividends paid	(7,448)		(3,643)
Net cash provided by (used in) financing activities	(7,448)		7,157
Net change in cash	3,417		(7,979)
Cash
Cash, beginning of period	12,028		27,711
Cash, end of period	$	15,445	$	19,732
Supplemental and non-cash information
Cash paid during the period for interest	$	—	$	15
Dividend payable	$	2,418	$	1,934
Cash paid during the period for income taxes	$	45	$	16

The accompanying notes are an integral part of these consolidated financial statements.

6

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity  Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair  Value			Percentage of Net Assets
Investments
Non-controlled/non-affiliated senior secured debt
Aerospace and defense
Mattco Forge, Inc. (6)	First lien senior secured revolving loan	S +	5.75%	11.34%	12/6/2024	$	506	$	(4)	$	(7)		0.00	%
Mattco Forge, Inc.	First lien senior secured term loan	S +	5.75%	11.34%	12/6/2024	2,064		2,043		2,035			1.03	%
								2,039		2,028			1.03	%
Air Freight & Logistics
Load One Purchaser Corporation (6)	First lien senior secured delayed draw term loan	S +	5.75%	11.25%	6/21/2028	$	150	$	(2)	$	(2)	-3000	0.00	%
Load One Purchaser Corporation	First lien senior secured revolving loan	S +	5.75%	11.25%	6/21/2028	75		6		6		9000	0.00	%
Load One Purchaser Corporation	First lien senior secured term loan	S +	5.75%	11.25%	6/21/2028	806		792		794		798000	0.40	%
								796		798			0.40	%
Auto components
AvCarb, LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.29%	11/12/2026	$	664	$	223	$	222		0.11	%
AvCarb, LLC	First lien senior secured revolving loan	L +	6.00%	11.31%	11/12/2026	38		14		15			0.01	%
AvCarb, LLC	First lien senior secured term loan	S +	6.00%	11.29%	11/12/2026	492		485		486			0.25	%
CCG Acquisition, Inc. (6)	First lien senior secured revolving loan	S +	6.00%	11.50%	5/17/2027	19		—		—			0.00	%
CCG Acquisition, Inc.	First lien senior secured term loan	S +	6.00%	11.50%	5/17/2027	422		417		417			0.21	%
Raneys, LLC (6)	First lien senior secured revolving loan	S +	6.00%	11.50%	6/7/2027	38		(1)		(1)			0.00	%
Raneys, LLC	First lien senior secured term loan	S +	6.00%	11.50%	6/7/2027	450		442		442			0.22	%
Vehicle Accessories, Inc. (6)	First lien senior secured revolving loan	P +	4.50%	12.50%	11/30/2026	38		—		—			0.00	%
Vehicle Accessories, Inc.	First lien senior secured term loan	S +	5.50%	11.00%	11/30/2026	1,658		1,648		1,651			0.84	%
								3,228		3,232			1.64	%
Chemicals
AM Buyer, LLC	First lien senior secured revolving loan	S +	6.75%	12.06%	5/1/2025	$	111	$	47	$	47		0.02	%
AM Buyer, LLC	First lien senior secured term loan	S +	6.75%	12.25%	5/1/2025	467		462		464			0.24	%
Answer Acquisition, LLC	First lien senior secured term loan	S +	5.75%	11.14%	12/30/2026	1,690		1,665		1,668			0.85	%
Custom Agronomics Holdings, LLC	First lien senior secured term loan	S +	6.50%	12.00%	8/30/2027	235		231		231			0.12	%
SASE Company, LLC	First lien senior secured revolving loan	S +	6.00%	11.22%	11/15/2026	38		22		22			0.01	%
SASE Company, LLC	First lien senior secured term loan	S +	6.00%	11.22%	11/15/2026	1,607		1,584		1,587			0.80	%
Teel Plastics, LLC (6)	First lien senior secured revolving loan	S +	5.00%	10.22%	1/24/2025	324		(3)		(1)			0.00	%
Teel Plastics, LLC	First lien senior secured term loan	S +	5.00%	10.22%	1/24/2025	1,778		1,763		1,773			0.90	%
USALCO, LLC	First lien senior secured revolving loan	S +	6.00%	11.22%	10/19/2026	100		57		57			0.03	%
USALCO, LLC	First lien senior secured term loan	S +	6.00%	11.22%	10/19/2027	1,875		1,860		1,864			0.94	%
								7,688		7,712			3.91	%

7

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity  Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair  Value		Percentage of Net Assets
Commercial services and supplies
Alliance Environmental Group, LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.50%	12/30/2027	$	74	$	53	$	53	0.03	%
Alliance Environmental Group, LLC	First lien senior secured revolving loan	L +	6.00%	11.50%	12/30/2027	38		33		33		0.02	%
Alliance Environmental Group, LLC	First lien senior secured term loan	S +	6.00%	11.50%	12/30/2027	1,464		1,441		1,444		0.72	%
Edko Acquisition, LLC (6)(8)	First lien senior secured revolving loan	S +	5.75%	11.25%	6/25/2026	38		—		—		0.00	%
Edko Acquisition, LLC	First lien senior secured term loan	S +	5.75%	11.25%	6/25/2026	1,133		1,118		1,120		0.57	%
Franchise Fastlane, LLC (6)	First lien senior secured revolving loan	S +	5.50%	10.81%	5/2/2027	15		—		—		0.00	%
Franchise Fastlane, LLC	First lien senior secured term loan	S +	5.50%	10.81%	5/2/2027	1,164		1,144		1,146		0.58	%
Gold Medal Holdings, Inc. (9)	First lien senior secured revolving loan	S +	7.00%	12.47%	3/17/2027	50		44		44		0.02	%
Gold Medal Holdings, Inc.	First lien senior secured term loan	S +	7.00%	12.50%	3/17/2027	720		711		715		0.36	%
Green Monster Acquisition, LLC (6)	First lien senior secured revolving loan	S +	5.50%	11.03%	12/28/2026	38		(1)		—		0.00	%
Green Monster Acquisition, LLC	First lien senior secured term loan	S +	5.50%	11.03%	12/28/2026	1,170		1,153		1,154		0.59	%
HLSG Intermediate, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.72%	3/31/2028	95		94		94		0.05	%
HLSG Intermediate, LLC	First lien senior secured revolving loan	S +	6.50%	11.72%	3/31/2028	60		19		19		0.01	%
HLSG Intermediate, LLC	First lien senior secured term loan	S +	6.50%	11.72%	3/31/2028	999		989		991		0.50	%
Nimlok Company, LLC (6)(10)	First lien senior secured revolving loan	S +	5.50%	11.03%	11/27/2024	320		(2)		(3)		0.00	%
Nimlok Company, LLC	First lien senior secured term loan	S +	5.50%	11.03%	11/27/2025	1,868		1,847		1,848		0.93	%
Nimlok Company, LLC	First lien senior secured term loan	S +	5.50%	11.03%	11/27/2025	738		728		730		0.37	%
Steel City Wash, LLC	First lien senior secured delayed draw term loan	S +	6.50%	12.00%	12/27/2026	142		140		140		0.07	%
Steel City Wash, LLC	First lien senior secured revolving loan	S +	6.50%	11.93%	12/27/2026	38		21		21		0.01	%
Steel City Wash, LLC	First lien senior secured term loan	S +	6.50%	12.00%	12/27/2026	790		778		780		0.40	%
PRA Acquisition, LLC	First lien senior secured revolving loan	P +	5.50%	13.75%	5/12/2028	56		10		10		0.01	%
PRA Acquisition, LLC	First lien senior secured term loan	S +	6.50%	11.79%	5/12/2028	638		622		621		0.32	%
QLS Buyer, Inc (6)	First lien senior secured revolving loan	S +	6.00%	11.23%	5/2/2028	38		(1)		(1)		0.00	%
QLS Buyer, Inc	First lien senior secured term loan	S +	6.00%	11.23%	5/2/2028	480		468		468		0.24	%
								11,409		11,427		5.80	%
Construction and engineering
BCI Burke Holding Corp.	First lien senior secured delayed draw term loan	S +	5.50%	11.00%	12/14/2027	$	131	$	24	$	24	0.01	%
BCI Burke Holding Corp. (6)	First lien senior secured revolving loan	S +	5.50%	11.00%	12/14/2027	79		(1)		(1)		0.00	%
BCI Burke Holding Corp.	First lien senior secured term loan	S +	5.50%	11.00%	12/14/2027	869		860		861		0.44	%
CPS HVAC Group, LLC	First lien senior secured delayed draw term loan	L +	6.75%	12.25%	12/15/2026	150		32		30		0.02	%
CPS HVAC Group, LLC (11)	First lien senior secured revolving loan	L +	6.75%	12.25%	12/15/2026	38		10		10		0.01	%
CPS HVAC Group, LLC	First lien senior secured term loan	S +	6.75%	12.25%	12/15/2026	271		267		263		0.13	%
Domino Equipment Company, LLC (6)	First lien senior secured revolving loan	S +	6.50%	11.96%	4/1/2026	79		(1)		(1)		0.00	%
Domino Equipment Company, LLC	First lien senior secured term loan	S +	6.50%	11.96%	4/1/2026	506		496		497		0.25	%
Highland Acquisition, Inc. (6)	First lien senior secured revolving loan	S +	5.75%	11.25%	3/9/2027	30		—		—		0.00	%

8

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity  Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair  Value		Percentage of Net Assets
Highland Acquisition, Inc.	First lien senior secured term loan	S +	5.75%	11.25%	3/9/2027	871		857		858		0.43	%
Rose Paving, LLC	First lien senior secured revolving loan	S +	5.50%	10.94%	11/7/2028	94		43		43		0.02	%
Rose Paving, LLC	First lien senior secured term loan	S +	5.50%	10.70%	11/7/2028	747		730		731		0.37	%
								3,317		3,315		1.68	%
Containers and packaging
Bulk Lift International, LLC (6)	First lien senior secured delayed draw term loan	S +	6.75%	12.25%	11/15/2027	$	128	$	(3)	$	(3)	0.00	%
Bulk Lift International, LLC (6)	First lien senior secured revolving loan	S +	6.75%	12.25%	11/15/2027	53		(1)		(1)		0.00	%
Bulk Lift International, LLC	First lien senior secured term loan	S +	6.75%	12.25%	11/15/2027	424		414		414		0.21	%
Innovative FlexPak, LLC	First lien senior secured revolving loan	P +	7.00%	15.25%	1/23/2025	627		498		315		0.16	%
Innovative FlexPak, LLC	First lien senior secured term loan	S +	7.00%	12.22%	1/23/2025	2,964		2,925		2,067		1.05	%
MRC Keeler Acquisition, LLC	First lien senior secured delayed draw term loan	S +	5.75%	11.14%	12/4/2025	73		72		72		0.04	%
MRC Keeler Acquisition, LLC (6)	First lien senior secured revolving loan	S +	5.75%	11.14%	12/4/2025	150		(1)		(1)		0.00	%
MRC Keeler Acquisition, LLC	First lien senior secured term loan	S +	5.75%	11.14%	12/4/2025	904		895		896		0.45	%
Vanguard Packaging, LLC (6)	First lien senior secured revolving loan	L +	5.00%	10.27%	8/9/2024	535		(2)		(3)		0.00	%
Vanguard Packaging, LLC	First lien senior secured term loan	L +	5.00%	10.27%	8/9/2024	1,152		1,148		1,146		0.58	%
								5,945		4,902		2.49	%
Distributors
RTP Acquisition, LLC	First lien senior secured revolving loan	S +	6.50%	11.72%	8/17/2026	$	38	$	3	$	3	0.00	%
RTP Acquisition, LLC	First lien senior secured term loan	S +	6.50%	11.72%	8/17/2026	913		898		898		0.46	%
								901		901		0.46	%
Diversified consumer services
50Floor, LLC	First lien senior secured revolving loan	L +	7.75%	13.03%	12/31/2025	$	199	$	196	$	196	0.10	%
50Floor, LLC	First lien senior secured term loan	S +	7.75%	13.14%	12/31/2026	953		939		940		0.48	%
ACES Intermediate, LLC (6)	First lien senior secured revolving loan	S +	5.50%	10.72%	7/27/2027	150		(2)		(2)		0.00	%
ACES Intermediate, LLC	First lien senior secured term loan	S +	5.50%	10.72%	7/27/2027	1,877		1,846		1,849		0.93	%
Home Brands Group Holdings, Inc. (6)	First lien senior secured revolving loan	S +	4.75%	10.16%	11/8/2026	48		(1)		(1)		0.00	%
Home Brands Group Holdings, Inc.	First lien senior secured term loan	S +	4.75%	10.16%	11/8/2026	1,837		1,811		1,814		0.92	%
ISSA, LLC (6)	First lien senior secured revolving loan	S +	6.25%	11.75%	3/1/2027	131		(2)		(2)		0.00	%
ISSA, LLC	First lien senior secured term loan	S +	6.25%	11.75%	3/1/2027	917		903		904		0.46	%
Juniper Landscaping Holdings LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.46%	12/29/2026	87		69		69		0.04	%
Juniper Landscaping Holdings LLC (12)	First lien senior secured revolving loan	S +	6.00%	11.30%	12/29/2026	44		6		6		0.00	%
Juniper Landscaping Holdings LLC	First lien senior secured term loan	S +	6.00%	11.50%	12/29/2026	1,307		1,290		1,292		0.66	%
Kalkomey Enterprises, LLC	First lien senior secured revolving loan	L +	6.75%	12.14%	4/24/2025	77		46		46		0.02	%
Kalkomey Enterprises, LLC	First lien senior secured term loan	S +	6.75%	12.14%	4/24/2026	1,040		1,026		1,030		0.52	%
PPW Acquisition, LLC	First lien senior secured revolving loan	S +	6.75%	12.25%	9/30/2026	38		9		8		0.00	%
PPW Acquisition, LLC	First lien senior secured term loan	S +	6.75%	12.25%	9/30/2026	602		593		584		0.30	%

9

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity  Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair  Value		Percentage of Net Assets
United Land Services Opco Parent, LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.50%	3/23/2026	375		—		1		0.00	%
United Land Services Opco Parent, LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.40%	3/23/2026	188		183		185		0.09	%
United Land Services Opco Parent, LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.49%	3/23/2026	1,065		1,048		1,049		0.53	%
United Land Services Opco Parent, LLC (6)	First lien senior secured revolving loan	P +	5.00%	13.25%	3/23/2026	150		(3)		(2)		0.00	%
United Land Services Opco Parent, LLC	First lien senior secured term loan	S +	6.00%	11.50%	3/23/2026	357		351		352		0.18	%
Yard-Nique, Inc	First lien senior secured delayed draw term loan	S +	6.00%	11.39%	4/30/2026	150		10		10		0.01	%
Yard-Nique, Inc (6)	First lien senior secured revolving loan	S +	6.00%	11.39%	4/30/2026	19		—		—		0.00	%
Yard-Nique, Inc	First lien senior secured term loan	S +	6.00%	11.39%	4/30/2026	403		399		399		0.20	%
CL Services Acquisition, LLC	First lien senior secured delayed draw term loan	S +	6.25%	11.65%	4/25/2028	188		97		97		0.05	%
CL Services Acquisition, LLC (6)	First lien senior secured revolving loan	S +	6.25%	11.47%	4/25/2028	38		(1)		(1)		0.00	%
CL Services Acquisition, LLC	First lien senior secured term loan	S +	6.25%	11.47%	4/25/2028	382		372		372		0.19	%
								11,185		11,195		5.68	%
Electrical equipment
AEP Passion Intermediate Holdings, Inc.	First lien senior secured delayed draw term loan	S +	6.50%	11.70%	10/5/2027	$	71	$	70	$	69	0.04	%
AEP Passion Intermediate Holdings, Inc.	First lien senior secured revolving loan	S +	6.50%	11.70%	10/5/2027	48		10		10		0.01	%
AEP Passion Intermediate Holdings, Inc.	First lien senior secured term loan	S +	6.50%	11.91%	10/5/2027	1,275		1,257		1,244		0.62	%
								1,337		1,323		0.67	%
Electronic equipment, instruments and components
Advanced Lighting Acquisition, LLC	First lien senior secured revolving loan	S +	6.00%	11.22%	11/22/2025	$	324	$	62	$	64	0.03	%
Advanced Lighting Acquisition, LLC	First lien senior secured term loan	S +	6.00%	11.22%	11/22/2025	1,220		1,207		1,218		0.62	%
ITSavvy LLC	First lien senior secured delayed draw term loan	S +	5.25%	10.57%	8/8/2028	60		54		54		0.03	%
ITSavvy LLC (6)	First lien senior secured revolving loan	S +	5.50%	11.05%	8/8/2028	38		—		—		0.00	%
ITSavvy LLC	First lien senior secured term loan	S +	5.50%	11.05%	8/8/2028	673		667		668		0.34	%
Nelson Name Plate Company	First lien senior secured delayed draw term loan	S +	5.50%	11.00%	10/18/2026	118		102		102		0.05	%
Nelson Name Plate Company	First lien senior secured revolving loan	S +	5.50%	10.72%	10/18/2026	90		5		5		0.00	%
Nelson Name Plate Company	First lien senior secured term loan	S +	5.50%	11.00%	10/18/2026	764		754		755		0.38	%
								2,851		2,866		1.45	%
Food and staples retailing
Engelman Baking Co., LLC	First lien senior secured revolving loan	S +	5.50%	10.72%	2/28/2025	$	207	$	16	$	17	0.01	%
Engelman Baking Co., LLC	First lien senior secured term loan	S +	5.50%	10.72%	2/28/2025	709		699		704		0.36	%
Mad Rose Company, LLC (13)	First lien senior secured revolving loan	S +	6.25%	11.78%	5/7/2026	119		65		65		0.03	%
Mad Rose Company, LLC	First lien senior secured term loan	S +	6.25%	11.78%	5/7/2026	926		913		916		0.46	%
Main Street Gourmet, LLC	First lien senior secured delayed draw term loan	S +	5.25%	10.75%	11/10/2025	666		35		36		0.02	%
Main Street Gourmet, LLC	First lien senior secured revolving loan	S +	5.25%	10.75%	11/10/2025	38		15		15		0.01	%
Main Street Gourmet, LLC	First lien senior secured term loan	S +	5.25%	10.75%	11/10/2025	1,115		1,105		1,106		0.56	%
NutriScience Innovations, LLC (6)(14)	First lien senior secured revolving loan	S +	7.00%	12.50%	4/21/2026	131		(2)		(2)		0.00	%

10

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity  Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair  Value		Percentage of Net Assets
NutriScience Innovations, LLC	First lien senior secured term loan	S +	7.00%	12.50%	4/21/2026	390		384		385		0.20	%
Qin's Buffalo, LLC (6)	First lien senior secured delayed draw term loan	S +	5.75%	11.25%	5/5/2027	75		(1)		(1)		0.00	%
Qin's Buffalo, LLC (6)	First lien senior secured revolving loan	S +	5.75%	11.25%	5/5/2027	38		(1)		(1)		0.00	%
Qin's Buffalo, LLC	First lien senior secured term loan	S +	5.75%	11.25%	5/5/2027	534		525		526		0.27	%
SCP Beverage Buyer, LLC	First lien senior secured revolving loan	S +	5.25%	10.56%	11/24/2026	38		7		7		0.00	%
SCP Beverage Buyer, LLC	First lien senior secured term loan	S +	5.25%	10.56%	11/24/2026	410		403		404		0.20	%
Universal Pure, LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.34%	10/31/2028	9		1		1		0.00	%
Universal Pure, LLC (15)	First lien senior secured revolving loan	S +	6.00%	11.36%	10/31/2028	150		38		38		0.02	%
Universal Pure, LLC	First lien senior secured term loan	S +	6.00%	11.39%	10/31/2028	756		737		738		0.37	%
								4,939		4,954		2.51	%
Food products
Icelandirect, LLC	First lien senior secured revolving loan	P +	5.00%	13.25%	7/30/2026	$	38	$	29	$	29	0.01	%
Icelandirect, LLC	First lien senior secured term loan	S +	6.00%	11.50%	7/30/2026	711		701		703		0.36	%
Starwest Botanicals Acquisition, LLC	First lien senior secured revolving loan	S +	5.25%	10.47%	4/30/2027	174		172		165		0.08	%
Starwest Botanicals Acquisition, LLC	First lien senior secured term loan	S +	5.25%	10.47%	4/30/2027	803		793		763		0.39	%
Sun Orchard, LLC (6)	First lien senior secured revolving loan	S +	5.25%	10.75%	7/8/2027	113		(2)		(2)		0.00	%
Sun Orchard, LLC	First lien senior secured term loan	S +	5.25%	10.75%	7/8/2027	2,064		2,029		2,033		1.03	%
								3,722		3,691		1.87	%
Gas utilities
Hydromax USA, LLC	First lien senior secured delayed draw term loan	S +	6.75%	11.95%	12/30/2026	$	111	$	110	$	107	0.05	%
Hydromax USA, LLC (6)	First lien senior secured revolving loan	S +	6.75%	11.95%	12/30/2026	228		(3)		(9)		0.00	%
Hydromax USA, LLC	First lien senior secured term loan	S +	6.75%	11.95%	12/30/2026	1,228		1,212		1,179		0.60	%
								1,319		1,277		0.65	%
Health care equipment and supplies
626 Holdings Equity, LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.48%	2/14/2028	$	314	$	183	$	183	0.09	%
626 Holdings Equity, LLC	First lien senior secured revolving loan	S +	6.00%	11.50%	2/14/2028	75		53		53		0.03	%
626 Holdings Equity, LLC	First lien senior secured term loan	S +	6.00%	11.50%	2/14/2028	879		864		866		0.44	%
EMSAR Acquisition LLC	First lien senior secured delayed draw term loan	S +	6.50%	12.00%	3/30/2026	215		211		212		0.11	%
EMSAR Acquisition LLC	First lien senior secured revolving loan	S +	6.50%	12.00%	3/30/2026	134		118		119		0.06	%
EMSAR Acquisition LLC	First lien senior secured term loan	S +	6.50%	12.00%	3/30/2026	635		627		627		0.32	%
Medical Technology Associates, Inc. (6)	First lien senior secured revolving loan	S +	6.25%	11.75%	7/25/2028	38		(1)		(1)		0.00	%
Medical Technology Associates, Inc.	First lien senior secured term loan	S +	6.25%	11.75%	7/25/2028	601		587		589		0.30	%
Reliable Medical Supply LLC	First lien senior secured delayed draw term loan	S +	7.00%	12.53%	4/8/2025	67		66		66		0.03	%
Reliable Medical Supply LLC (6)	First lien senior secured delayed draw term loan	S +	7.00%	12.50%	4/8/2025	75		(1)		(1)		0.00	%
Reliable Medical Supply LLC	First lien senior secured revolving loan	S +	7.00%	12.52%	4/8/2025	138		117		117		0.06	%
Reliable Medical Supply LLC	First lien senior secured term loan	S +	7.00%	12.50%	4/8/2025	928		912		918		0.46	%
SCA Buyer, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.96%	1/20/2026	394		273		271		0.14	%

11

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity  Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair  Value		Percentage of Net Assets
SCA Buyer, LLC	First lien senior secured revolving loan	S +	6.50%	11.97%	1/20/2026	133		104		103		0.05	%
SCA Buyer, LLC	First lien senior secured term loan	S +	6.50%	11.96%	1/20/2026	753		738		736		0.37	%
Spectrum Solutions, LLC (6)	First lien senior secured revolving loan	S +	6.00%	11.31%	3/5/2026	267		(4)		(38)		(0.02)	%
Spectrum Solutions, LLC	First lien senior secured term loan	S +	6.00%	11.31%	3/5/2026	477		469		411		0.21	%
								5,316		5,231		2.65	%
Health care providers and services
Agility Intermediate, Inc.	First lien senior secured delayed draw term loan	S +	6.75%	12.06%	4/15/2026	$	111	$	109	$	107	0.05	%
Agility Intermediate, Inc.	First lien senior secured revolving loan	S +	6.75%	12.19%	4/15/2026	134		78		76		0.04	%
Agility Intermediate, Inc.	First lien senior secured term loan	S +	6.75%	12.25%	4/15/2026	241		237		233		0.12	%
Apex Dental Partners, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.96%	11/23/2025	555		452		454		0.23	%
Apex Dental Partners, LLC	First lien senior secured revolving loan	S +	6.50%	11.96%	11/23/2025	150		93		93		0.05	%
Apex Dental Partners, LLC	First lien senior secured term loan	S +	6.50%	11.96%	11/23/2025	619		610		613		0.31	%
ASC Ortho Management, LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.50%	12/31/2026	358		321		321		0.16	%
ASC Ortho Management, LLC	First lien senior secured revolving loan	S +	6.00%	11.50%	12/31/2026	38		12		12		0.01	%
ASC Ortho Management, LLC	First lien senior secured term loan	S +	6.00%	11.50%	12/31/2026	516		508		509		0.26	%
ASP Global Acquisition, LLC	First lien senior secured delayed draw term loan	S +	6.50%	12.00%	1/21/2025	559		554		549		0.28	%
ASP Global Acquisition, LLC (6)	First lien senior secured revolving loan	S +	6.50%	12.00%	1/21/2026	485		(6)		(9)		0.00	%
ASP Global Acquisition, LLC	First lien senior secured term loan	S +	6.50%	12.00%	1/21/2026	2,416		2,387		2,373		1.18	%
Beacon Oral Specialists Management LLC	First lien senior secured delayed draw term loan	S +	6.50%	12.00%	12/14/2025	684		676		678		0.34	%
Beacon Oral Specialists Management LLC	First lien senior secured delayed draw term loan	S +	6.50%	12.08%	12/14/2025	149		147		147		0.07	%
Beacon Oral Specialists Management LLC (6)	First lien senior secured revolving loan	S +	6.50%	12.00%	12/14/2025	188		(2)		(2)		0.00	%
Beacon Oral Specialists Management LLC	First lien senior secured term loan	S +	6.50%	12.00%	12/14/2025	933		921		923		0.47	%
Behavior Frontiers, LLC (6)(16)	First lien senior secured revolving loan	S +	7.50%	13.00%	5/21/2026	38		(1)		(2)		0.00	%
Behavior Frontiers, LLC	First lien senior secured term loan	S +	7.50%	13.00%	5/21/2026	578		566		552		0.28	%
Benefit Plan Administrators of Eau Claire, LLC	First lien senior secured delayed draw term loan	S +	5.50%	11.00%	6/7/2026	188		42		42		0.02	%
Benefit Plan Administrators of Eau Claire, LLC (6)	First lien senior secured revolving loan	S +	5.50%	10.79%	6/7/2026	38		—		—		0.00	%
Benefit Plan Administrators of Eau Claire, LLC	First lien senior secured term loan	S +	5.50%	10.79%	6/7/2026	820		809		810		0.41	%
Brightview, LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.22%	12/14/2026	107		47		47		0.02	%
Brightview, LLC	First lien senior secured revolving loan	S +	6.00%	11.22%	12/14/2026	52		15		15		0.01	%
Brightview, LLC	First lien senior secured term loan	S +	6.00%	11.22%	12/14/2026	689		679		684		0.35	%
Canadian Orthodontic Partners Corp. (7)(6)	First lien senior secured delayed draw term loan	C +	7.00%	12.40%	3/19/2026	C$ 28		(1)		(1)		0.00	%
Canadian Orthodontic Partners Corp. (7)	First lien senior secured delayed draw term loan	C +	7.00%	12.40%	3/19/2026	C$ 283		217		206		0.10	%
Canadian Orthodontic Partners Corp. (7)	First lien senior secured revolving loan	S +	7.00%	12.50%	3/19/2026	112		108		108		0.05	%
Canadian Orthodontic Partners Corp. (7)	First lien senior secured revolving loan	C +	7.00%	12.40%	3/19/2026	C$ 279		209		201		0.10	%
Canadian Orthodontic Partners Corp. (7)	First lien senior secured term loan	C +	7.00%	12.40%	3/19/2026	C$ 233		179		170		0.09	%
Change Academy at Lake of the Ozarks, LLC	First lien senior secured revolving loan	S +	5.50%	11.00%	8/2/2027	113		24		25		0.01	%
Change Academy at Lake of the Ozarks, LLC	First lien senior secured term loan	S +	5.50%	10.89%	8/2/2027	1,773		1,743		1,746		0.89	%

12

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity  Date	Principal/ Par Amount(3)	Amortized Cost(4)	Fair  Value	Percentage of Net Assets
Community Care Partners, LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.22%	6/10/2026	222	163	165	0.08	%
Community Care Partners, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	11.22%	6/10/2026	19	—	—	0.00	%
Community Care Partners, LLC	First lien senior secured revolving loan	P +	5.00%	13.25%	6/10/2026	75	63	63	0.03	%
Community Care Partners, LLC	First lien senior secured term loan	S +	6.00%	11.22%	6/10/2026	949	939	942	0.48	%
Dermatology Medical Partners OpCo, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.99%	10/29/2026	97	48	48	0.02	%
Dermatology Medical Partners OpCo, LLC	First lien senior secured revolving loan	S +	6.50%	11.94%	10/29/2026	38	22	22	0.01	%
Dermatology Medical Partners OpCo, LLC	First lien senior secured term loan	S +	6.50%	12.00%	10/29/2026	319	313	313	0.16	%
EH Management Company, LLC	First lien senior secured revolving loan	S +	6.00%	11.50%	7/15/2026	38	22	22	0.01	%
EH Management Company, LLC	First lien senior secured term loan	S +	6.00%	11.50%	7/15/2026	965	953	954	0.48	%
Endodontic Practice Partners, LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.66%	11/2/2027	374	287	287	0.15	%
Endodontic Practice Partners, LLC	First lien senior secured revolving loan	S +	6.00%	11.22%	11/2/2027	38	3	3	0.00	%
Endodontic Practice Partners, LLC	First lien senior secured term loan	S +	6.00%	11.46%	11/2/2027	658	646	648	0.33	%
Geriatric Medical and Surgical Supply, LLC	First lien senior secured revolving loan	S +	6.00%	11.34%	12/21/2025	300	49	49	0.02	%
Geriatric Medical and Surgical Supply, LLC	First lien senior secured term loan	S +	6.00%	11.50%	12/21/2025	912	900	901	0.46	%
Golden Bear PT Partners, LLC	First lien senior secured delayed draw term loan	S +	7.75%	13.25%	10/22/2026	174	170	169	0.09	%
Golden Bear PT Partners, LLC	First lien senior secured revolving loan	S +	7.75%	13.25%	10/22/2026	38	15	14	0.01	%
Golden Bear PT Partners, LLC	First lien senior secured term loan	S +	7.75%	13.25%	10/22/2026	1,495	1,460	1,452	0.74	%
Golden Bear PT Partners, LLC	First lien senior secured term loan	S +	12.00%	17.50%	10/22/2026	49	48	48	0.02	%
Guardian Dentistry Practice Management, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.72%	8/20/2026	496	490	492	0.25	%
Guardian Dentistry Practice Management, LLC (6)	First lien senior secured revolving loan	S +	6.50%	11.72%	8/20/2026	23	—	—	0.00	%
Guardian Dentistry Practice Management, LLC	First lien senior secured term loan	S +	6.50%	11.72%	8/20/2026	518	509	513	0.26	%
IPC Pain Acquisition, LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.22%	5/19/2027	278	248	248	0.13	%
IPC Pain Acquisition, LLC (6)	First lien senior secured revolving loan	S +	6.00%	11.22%	5/19/2027	25	—	—	0.00	%
IPC Pain Acquisition, LLC	First lien senior secured term loan	S +	6.00%	11.22%	5/19/2027	176	174	174	0.09	%
Network Partners Acquisition, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	11.50%	12/30/2026	113	(2)	(1)	0.00	%
Network Partners Acquisition, LLC (6)	First lien senior secured revolving loan	S +	6.00%	11.50%	12/30/2026	38	(1)	—	0.00	%
Network Partners Acquisition, LLC	First lien senior secured term loan	S +	6.00%	11.50%	12/30/2026	390	384	385	0.20	%
NH Kronos Buyer, Inc. (6)	First lien senior secured revolving loan	S +	6.25%	11.64%	11/1/2028	263	(7)	(6)	0.00	%
NH Kronos Buyer, Inc.	First lien senior secured term loan	S +	6.25%	11.64%	11/1/2028	1,829	1,779	1,785	0.91	%
Peak Dental Services, LLC	First lien senior secured delayed draw term loan	S +	6.75%	12.08%	12/31/2025	95	57	57	0.03	%
Peak Dental Services, LLC	First lien senior secured delayed draw term loan	S +	6.75%	12.20%	12/31/2025	522	515	516	0.26	%
Peak Dental Services, LLC	First lien senior secured revolving loan	S +	6.75%	12.21%	12/31/2025	133	131	131	0.07	%
Peak Dental Services, LLC	First lien senior secured term loan	S +	6.75%	12.24%	12/31/2025	582	575	576	0.29	%
Peak Investment Holdings, LLC (6)	First lien senior secured delayed draw term loan	S +	7.00%	12.50%	12/31/2025	113	(1)	(1)	0.00	%
Peak Investment Holdings, LLC	First lien senior secured revolving loan	S +	7.00%	12.54%	12/31/2025	324	28	29	0.01	%
Peak Investment Holdings, LLC	First lien senior secured term loan	S +	7.00%	12.50%	12/31/2025	1,216	1,199	1,202	0.61	%
Pentec Acquisition Corp. (6)	First lien senior secured revolving loan	S +	6.00%	11.22%	10/8/2026	75	(1)	(1)	0.00	%

13

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity  Date	Principal/ Par Amount(3)	Amortized Cost(4)	Fair  Value	Percentage of Net Assets
Pentec Acquisition Corp.	First lien senior secured term loan	S +	6.00%	11.22%	10/8/2026	991	976	983	0.50	%
Propio LS, LLC	First lien senior secured revolving loan	S +	5.50%	11.02%	8/2/2027	75	11	11	0.01	%
Propio LS, LLC	First lien senior secured term loan	S +	5.50%	10.96%	8/2/2027	1,187	1,167	1,169	0.59	%
Purpose Home Health Acquisition, LLC (6)	First lien senior secured delayed draw term loan	S +	6.25%	11.71%	11/3/2027	150	(3)	(3)	0.00	%
Purpose Home Health Acquisition, LLC (6)	First lien senior secured revolving loan	S +	6.25%	11.71%	11/3/2027	38	(1)	(1)	0.00	%
Purpose Home Health Acquisition, LLC	First lien senior secured term loan	S +	6.25%	11.71%	11/3/2027	351	344	345	0.18	%
Revival Animal Health, LLC	First lien senior secured revolving loan	S +	6.50%	12.00%	4/6/2026	131	43	43	0.02	%
Revival Animal Health, LLC	First lien senior secured term loan	S +	6.50%	12.00%	4/6/2026	1,016	1,003	1,006	0.51	%
RQM Buyer, Inc.	First lien senior secured delayed draw term loan	S +	5.75%	11.51%	8/12/2026	84	83	83	0.04	%
RQM Buyer, Inc. (6)	First lien senior secured revolving loan	S +	5.75%	11.51%	8/12/2026	206	(3)	(1)	0.00	%
RQM Buyer, Inc.	First lien senior secured term loan	S +	5.75%	11.51%	8/12/2026	1,736	1,712	1,726	0.87	%
Sage Dental Management, LLC (6)	First lien senior secured revolving loan	S +	5.75%	11.04%	4/1/2024	75	—	—	0.00	%
Sage Dental Management, LLC	First lien senior secured term loan	S +	5.75%	11.04%	4/1/2024	942	938	939	0.48	%
SAMGI Buyer, Inc. (6)	First lien senior secured revolving loan	S +	5.50%	11.00%	4/14/2025	138	(2)	(1)	0.00	%
SAMGI Buyer, Inc.	First lien senior secured term loan	S +	5.50%	11.00%	4/14/2025	716	708	710	0.36	%
SCP ENT and Allergy Services, LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.25%	9/25/2025	157	11	13	0.01	%
SCP ENT and Allergy Services, LLC	First lien senior secured revolving loan	S +	6.00%	11.50%	9/25/2025	256	21	23	0.01	%
SCP ENT and Allergy Services, LLC	First lien senior secured term loan	S +	6.00%	11.50%	9/25/2025	2,768	2,721	2,739	1.39	%
Signature Dental Partners LLC	First lien senior secured delayed draw term loan	S +	6.25%	11.47%	10/29/2026	178	148	148	0.08	%
Signature Dental Partners LLC	First lien senior secured revolving loan	S +	6.25%	11.47%	10/29/2026	38	19	19	0.01	%
Signature Dental Partners LLC	First lien senior secured term loan	S +	6.25%	11.47%	10/29/2026	857	841	842	0.43	%
Silver Falls MSO, LLC	First lien senior secured revolving loan	P +	5.75%	14.00%	8/30/2025	235	172	157	0.08	%
Silver Falls MSO, LLC	First lien senior secured term loan	S +	6.75%	12.25%	8/30/2025	1,293	1,269	1,199	0.61	%
SimiTree Acquisition LLC	First lien senior secured delayed draw term loan	S +	6.75%	12.06%	5/17/2026	887	865	870	0.44	%
SimiTree Acquisition LLC (6)	First lien senior secured revolving loan	S +	6.75%	12.06%	5/17/2026	178	(3)	(2)	0.00	%
SimiTree Acquisition LLC	First lien senior secured term loan	S +	6.75%	12.06%	5/17/2026	1,221	1,205	1,210	0.61	%
SIMKO Merger Sub, LLC	First lien senior secured delayed draw term loan	S +	7.00%	12.50%	4/7/2027	187	63	63	0.03	%
SIMKO Merger Sub, LLC	First lien senior secured revolving loan	S +	7.00%	12.31%	4/7/2027	56	5	5	0.00	%
SIMKO Merger Sub, LLC	First lien senior secured term loan	S +	7.00%	12.50%	4/7/2027	653	641	642	0.33	%
Southeast Primary Care Partners, LLC	First lien senior secured delayed draw term loan	S +	6.25%	11.75%	12/30/2025	520	489	490	0.25	%
Southeast Primary Care Partners, LLC	First lien senior secured revolving loan	P +	5.25%	13.50%	12/30/2025	225	197	198	0.10	%
Southeast Primary Care Partners, LLC	First lien senior secured term loan	S +	6.25%	11.75%	12/30/2025	858	844	846	0.43	%
Southern Orthodontic Partners Management, LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.50%	1/27/2026	78	77	78	0.04	%
Southern Orthodontic Partners Management, LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.50%	5/25/2024	112	94	94	0.05	%
Southern Orthodontic Partners Management, LLC	First lien senior secured revolving loan	S +	6.00%	11.50%	1/27/2026	171	98	99	0.05	%
Southern Orthodontic Partners Management, LLC	First lien senior secured term loan	S +	6.00%	11.50%	1/27/2026	1,348	1,330	1,340	0.68	%
Southern Sports Medicine Partners, LLC	First lien senior secured revolving loan	S +	8.00%	13.50%	2/23/2027	60	24	23	0.01	%

14

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity  Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair  Value		Percentage of Net Assets
Southern Sports Medicine Partners, LLC	First lien senior secured term loan	S +	8.00%	13.50%	2/23/2027	668		658		640		0.32	%
Varsity DuvaSawko Operating Corp. (6)	First lien senior secured revolving loan	S +	6.25%	11.72%	11/27/2024	474		(3)		(2)		0.00	%
Varsity DuvaSawko Operating Corp.	First lien senior secured term loan	S +	6.25%	11.72%	11/27/2024	2,540		2,525		2,528		1.28	%
Vital Care Buyer, LLC (6)	First lien senior secured revolving loan	S +	5.25%	10.75%	10/19/2025	580		(5)		(4)		0.00	%
Vital Care Buyer, LLC	First lien senior secured term loan	S +	5.25%	10.75%	10/19/2025	903		895		896		0.45	%
Western Veterinary Partners, LLC	First lien senior secured delayed draw term loan	S +	6.25%	11.75%	10/29/2026	505		497		499		0.25	%
Western Veterinary Partners, LLC (6)	First lien senior secured revolving loan	S +	6.25%	11.75%	10/29/2026	24		—		—		0.00	%
Western Veterinary Partners, LLC	First lien senior secured term loan	S +	6.25%	11.75%	10/29/2026	1,309		1,287		1,294		0.66	%
Beghou Consulting, LLC (6)	First lien senior secured revolving loan	S +	6.00%	11.50%	5/1/2028	60		(2)		(2)		0.00	%
Beghou Consulting, LLC	First lien senior secured term loan	S +	6.00%	11.50%	5/1/2028	571		555		555		0.28	%
Flourish Research Acquisition, LLC (6)	First lien senior secured delayed draw term loan	S +	6.50%	11.81%	4/28/2025	56		(1)		(1)		0.00	%
Flourish Research Acquisition, LLC (6)	First lien senior secured revolving loan	S +	6.50%	11.81%	4/28/2026	19		—		—		0.00	%
Flourish Research Acquisition, LLC	First lien senior secured term loan	S +	6.50%	11.81%	4/28/2026	729		711		711		0.36	%
H2 Holdco, Inc. (6)	First lien senior secured delayed draw term loan	S + 5.25% + 2.25% PIK		11.01%	5/5/2028	184		(5)		(5)		0.00	%
H2 Holdco, Inc. (6)(17)	First lien senior secured revolving loan	S + 5.25% + 2.25% PIK		11.01%	5/5/2028	56		(2)		(2)		0.00	%
H2 Holdco, Inc.	First lien senior secured term loan	S + 5.25% + 2.25% PIK		11.01%	5/5/2028	662		643		643		0.33	%
IMA Group Management Company, LLC (6)	First lien senior secured delayed draw term loan	S +	6.25%	11.84%	6/30/2028	174		(5)		(5)		0.00	%
IMA Group Management Company, LLC (6)	First lien senior secured revolving loan	S +	6.25%	11.84%	6/30/2028	35		(1)		(1)		0.00	%
IMA Group Management Company, LLC	First lien senior secured term loan	S +	6.25%	11.84%	6/30/2028	868		844		844		0.43	%
								50,609		50,572		25.66	%
Health care technology
AHR Intermediate, Inc	First lien senior secured delayed draw term loan	S +	5.25%	10.60%	7/29/2027	$	117	$	86	$	85	0.04	%
AHR Intermediate, Inc	First lien senior secured revolving loan	S +	5.25%	10.75%	7/29/2027	150		13		14		0.01	%
AHR Intermediate, Inc	First lien senior secured term loan	S +	5.25%	10.75%	7/29/2027	1,450		1,436		1,438		0.73	%
Millennia Patient Services, LLC	First lien senior secured revolving loan	S +	6.50%	11.72%	3/8/2026	134		19		19		0.01	%
Millennia Patient Services, LLC	First lien senior secured term loan	S +	6.50%	11.72%	3/8/2026	985		974		975		0.49	%
								2,528		2,531		1.28	%
Household durables
Storm Smart Buyer LLC (6)	First lien senior secured revolving loan	S +	6.00%	11.50%	4/5/2026	$	131	$	(2)	$	(1)	0.00	%
Storm Smart Buyer LLC	First lien senior secured term loan	S +	6.00%	11.50%	4/5/2026	903		892		893		0.45	%
Trademark Global, LLC	First lien senior secured revolving loan	S +	7.50%	12.81%	7/30/2024	115		78		73		0.04	%
Trademark Global, LLC	First lien senior secured term loan	S +	7.50%	12.81%	7/30/2024	1,853		1,837		1,749		0.89	%
								2,805		2,714		1.38	%
Industrial Conglomerates
Hultec Buyer, LLC	First lien senior secured revolving loan	S +	6.25%	11.45%	3/31/2029	$	90	$	6	$	7	0.00	%
Hultec Buyer, LLC	First lien senior secured term loan	S +	6.25%	11.65%	3/31/2029	549		533		534		0.27	%
								539		541		0.27	%

15

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity  Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair  Value		Percentage of Net Assets
Internet and direct marketing retail
Aquatic Sales Solutions, LLC	First lien senior secured revolving loan	L +	6.50%	12.39%	12/18/2025	$	188	$	180	$	179	0.09	%
Aquatic Sales Solutions, LLC	First lien senior secured term loan	S +	7.00%	12.39%	12/18/2025	2,502		2,460		2,452		1.24	%
DealerOn Inc. (6)	First lien senior secured revolving loan	S +	5.50%	10.72%	11/19/2024	314		(2)		(1)		0.00	%
DealerOn Inc.	First lien senior secured term loan	S +	5.50%	10.72%	11/19/2024	1,556		1,544		1,550		0.79	%
								4,182		4,180		2.12	%
IT services
E-Phoenix Acquisition Co. Inc.	First lien senior secured term loan	S +	5.75%	11.14%	6/23/2027	$	1,423	$	1,410	$	1,412	0.71	%
FreshAddress, LLC (6)	First lien senior secured revolving loan	S +	5.50%	10.89%	10/5/2025	30		—		—		0.00	%
FreshAddress, LLC	First lien senior secured term loan	S +	5.50%	10.89%	10/5/2025	1,681		1,666		1,667		0.85	%
Icreon Holdings, LLC (6)	First lien senior secured revolving loan	S +	6.50%	12.00%	10/26/2027	23		—		—		0.00	%
Icreon Holdings, LLC	First lien senior secured term loan	S +	6.50%	12.00%	10/26/2027	365		357		358		0.18	%
P and R Dental Strategies, LLC (6)	First lien senior secured revolving loan	S +	6.00%	11.22%	12/22/2026	23		—		—		0.00	%
P and R Dental Strategies, LLC	First lien senior secured term loan	S +	6.00%	11.22%	12/22/2026	650		641		642		0.33	%
								4,074		4,079		2.07	%
Leisure equipment and products
MacNeill Pride Group Corp.	First lien senior secured delayed draw term loan	S +	6.50%	12.00%	4/22/2026	$	422	$	374	$	375	0.19	%
MacNeill Pride Group Corp. (6)	First lien senior secured revolving loan	S +	6.50%	12.00%	4/22/2026	287		(2)		(1)		0.00	%
MacNeill Pride Group Corp.	First lien senior secured term loan	S +	0.065	12.00%	4/22/2026	862		857		859		0.0044
Champion Motorsports Group, LLC (6)	First lien senior secured revolving loan	S +	6.25%	11.75%	10/8/2026	56		(1)		(1)		0.00	%
Champion Motorsports Group, LLC	First lien senior secured term loan	S +	6.25%	11.75%	10/8/2026	1,680		1,654		1,654		0.83	%
								2,882		2,886		1.46	%
Leisure products
PHGP MB Purchaser, Inc. (6)	First lien senior secured delayed draw term loan	S +	6.00%	11.50%	5/27/2027	$	113	$	(1)	$	(1)	0.00	%
PHGP MB Purchaser, Inc.	First lien senior secured revolving loan	S +	6.00%	11.50%	5/20/2027	75		12		12		0.01	%
PHGP MB Purchaser, Inc.	First lien senior secured term loan	S +	6.00%	11.50%	5/20/2027	1,098		1,080		1,082		0.54	%
								1,091		1,093		0.55	%
Life sciences tools and services
Aptitude Health Holdings, LLC (6)	First lien senior secured revolving loan	S +	5.25%	10.75%	5/3/2026	$	267	$	(3)	$	(3)	0.00	%
Aptitude Health Holdings, LLC	First lien senior secured term loan	S +	5.25%	10.75%	5/3/2026	1,095		1,081		1,083		0.55	%
								1,078		1,080		0.55	%
Machinery
Abrasive Technology Intermediate, LLC	First lien senior secured revolving loan	L +	5.75%	11.12%	4/30/2026	$	173	$	85	$	85	0.04	%
Abrasive Technology Intermediate, LLC	First lien senior secured term loan	L +	5.75%	10.98%	4/30/2026	931		919		920		0.47	%
DNS IMI Acquisition Corp (6)	First lien senior secured delayed draw term loan	S +	5.75%	11.14%	11/23/2026	75		(1)		(1)		0.00	%
DNS IMI Acquisition Corp (6)	First lien senior secured revolving loan	S +	5.75%	11.14%	11/23/2026	56		(1)		(1)		0.00	%
DNS IMI Acquisition Corp	First lien senior secured term loan	S +	5.75%	11.14%	11/23/2026	1,640		1,617		1,619		0.82	%

16

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity  Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair  Value		Percentage of Net Assets
Double E Company, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	11.39%	6/21/2028	49		—		—		0.00	%
Double E Company, LLC	First lien senior secured revolving loan	S +	6.00%	11.32%	6/21/2028	66		28		28		0.01	%
Double E Company, LLC	First lien senior secured term loan	S +	6.00%	11.39%	6/21/2028	1,044		1,035		1,038		0.53	%
								3,682		3,688		1.87	%
Media
ALM Media, LLC (6)(18)	First lien senior secured revolving loan	S +	6.00%	11.39%	11/25/2024	$	971	$	(6)	$	(3)	0.00	%
ALM Media, LLC	First lien senior secured term loan	S +	6.00%	11.39%	11/25/2024	2,387		2,366		2,377		1.22	%
Exclusive Concepts, LLC	First lien senior secured delayed draw term loan	S +	6.50%	12.00%	12/9/2026	224		220		219		0.11	%
Exclusive Concepts, LLC (6)	First lien senior secured revolving loan	S +	6.50%	12.00%	12/9/2026	23		—		(1)		0.00	%
Exclusive Concepts, LLC	First lien senior secured term loan	S +	6.50%	12.00%	12/9/2026	623		613		609		0.31	%
Infolinks Media Buyco, LLC	First lien senior secured delayed draw term loan	S +	5.50%	10.70%	11/1/2026	39		23		23		0.01	%
Infolinks Media Buyco, LLC (6)	First lien senior secured revolving loan	S +	5.50%	10.70%	11/1/2026	38		(1)		—		0.00	%
Infolinks Media Buyco, LLC	First lien senior secured term loan	S +	5.50%	10.70%	11/1/2026	1,146		1,130		1,132		0.57	%
The Channel Company, LLC	First lien senior secured revolving loan	S +	5.50%	11.00%	11/1/2027	62		44		44		0.02	%
The Channel Company, LLC	First lien senior secured term loan	S +	5.50%	11.00%	11/1/2027	2,335		2,303		2,312		1.17	%
								6,692		6,712		3.41	%
Metals and mining
Copperweld Group, Inc.	First lien senior secured revolving loan	S +	6.00%	11.41%	3/31/2026	$	462	$	116	$	120	0.06	%
Copperweld Group, Inc.	First lien senior secured term loan	S +	6.00%	11.50%	3/31/2026	2,273		2,234		2,259		1.15	%
								2,350		2,379		1.21	%
Personal products
Cosmetic Solutions, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.81%	10/17/2025	$	362	$	358	$	350	0.18	%
Cosmetic Solutions, LLC (6)	First lien senior secured revolving loan	S +	6.50%	11.81%	10/17/2025	344		(4)		(12)		(0.01)	%
Cosmetic Solutions, LLC	First lien senior secured term loan	S +	6.50%	11.81%	10/17/2025	2,770		2,736		2,676		1.36	%
								3,090		3,014		1.53	%
Pharmaceuticals
Bio Agri Mix Holdings Inc. (7)(6)	First lien senior secured revolving loan	C +	5.75%	11.15%	7/23/2026	$	30	$	—	$	—	0.00	%
Bio Agri Mix Holdings Inc. (7)(6)	First lien senior secured revolving loan	C +	5.75%	11.15%	7/23/2026	C$ 75		(1)		(1)		0.00	%
Bio Agri Mix Holdings Inc. (7)	First lien senior secured term loan	C +	5.75%	11.15%	7/23/2026	C$ 1238		971		923		0.47	%
Formulated Buyer, LLC	First lien senior secured delayed draw term loan	L +	5.25%	10.70%	9/22/2026	299		166		166		0.08	%
Formulated Buyer, LLC	First lien senior secured revolving loan	L +	5.25%	10.68%	9/22/2026	188		35		35		0.02	%
Formulated Buyer, LLC	First lien senior secured term loan	S +	5.25%	10.75%	9/22/2026	458		452		452		0.23	%
								1,623		1,575		0.80	%
Professional services
Stax Holding Company, LLC (6)(19)	First lien senior secured revolving loan	S +	5.00%	10.53%	10/29/2026	$	60	$	(1)	$	(1)	0.00	%

17

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity  Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair  Value		Percentage of Net Assets
Stax Holding Company, LLC	First lien senior secured term loan	S +	5.00%	10.53%	10/29/2026	813		804		806		0.41	%
								803		805		0.41	%
Real estate management and development
BBG Intermediate Holdings, Inc. (20)	First lien senior secured revolving loan	S +	6.50%	12.03%	1/8/2026	$	233	$	226	$	210	0.11	%
BBG Intermediate Holdings, Inc.	First lien senior secured term loan	S +	6.50%	11.81%	1/8/2026	1,875		1,852		1,726		0.87	%
MetaSource, LLC (6)	First lien senior secured delayed draw term loan	S +	6.25%	11.47%	5/17/2027	49		—		—		0.00	%
MetaSource, LLC	First lien senior secured revolving loan	S +	6.25%	11.47%	5/17/2027	75		29		30		0.02	%
MetaSource, LLC	First lien senior secured term loan	S +	6.25%	11.47%	5/17/2027	931		924		926		0.47	%
								3,031		2,892		1.47	%
Semiconductors and semiconductor equipment
Altamira Material Solutions, LP (6)	First lien senior secured revolving loan	S +	5.50%	10.90%	9/2/2026	$	45	$	(1)	$	(1)	0.00	%
Altamira Material Solutions, LP	First lien senior secured term loan	S +	5.50%	10.90%	9/2/2026	718		707		709		0.36	%
								706		708		0.36	%
Software
Affinitiv, Inc. (6)	First lien senior secured revolving loan	S +	6.00%	11.50%	8/26/2024	$	248	$	(1)	$	(1)	0.00	%
Affinitiv, Inc.	First lien senior secured term loan	S +	6.00%	11.50%	8/26/2024	2,254		2,237		2,244		1.14	%
ShiftKey, LLC (6)	First lien senior secured revolving loan	S +	5.75%	11.25%	6/21/2027	110		(1)		(1)		0.00	%
ShiftKey, LLC	First lien senior secured term loan	S +	5.75%	11.25%	6/21/2027	3,721		3,698		3,697		1.87	%
								5,933		5,939		3.01	%
Specialty retail
Dykstra's Auto, LLC	First lien senior secured delayed draw term loan	S +	5.75%	11.19%	10/22/2026	$	185	$	183	$	183	0.09	%
Dykstra's Auto, LLC	First lien senior secured revolving loan	S +	5.75%	11.23%	10/22/2026	38		9		9		0.00	%
Dykstra's Auto, LLC	First lien senior secured term loan	S +	5.75%	11.25%	10/22/2026	489		481		482		0.24	%
Kaizen Auto Care, LLC	First lien senior secured delayed draw term loan	S +	6.50%	12.00%	12/22/2023	223		219		219		0.11	%
Kaizen Auto Care, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.95%	12/22/2026	224		220		221		0.11	%
Kaizen Auto Care, LLC	First lien senior secured revolving loan	S +	6.50%	12.00%	12/22/2026	38		29		29		0.01	%
Kaizen Auto Care, LLC	First lien senior secured term loan	S +	6.50%	12.00%	12/22/2026	856		841		843		0.43	%
Leonard Group, Inc. (6)	First lien senior secured revolving loan	S +	6.00%	11.50%	2/26/2026	234		(5)		(1)		0.00	%
Leonard Group, Inc.	First lien senior secured term loan	S +	6.00%	11.50%	2/26/2026	1,559		1,543		1,550		0.80	%
Pink Lily Holdings, LLC (6)	First lien senior secured revolving loan	S +	7.00%	12.20%	11/16/2027	63		(1)		(1)		0.00	%
Pink Lily Holdings, LLC	First lien senior secured term loan	S +	7.00%	12.20%	11/16/2027	1,239		1,219		1,209		0.62	%
Soccer Post Acquisition, LLC	First lien senior secured delayed draw term loan	S +	5.50%	11.00%	6/30/2027	37		35		35		0.02	%
Soccer Post Acquisition, LLC	First lien senior secured revolving loan	S +	5.50%	11.00%	6/30/2027	38		4		4		0.00	%
Soccer Post Acquisition, LLC	First lien senior secured term loan	S +	5.50%	11.00%	6/30/2027	702		692		693		0.35	%
								5,469		5,475		2.78	%

18

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity  Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair  Value		Percentage of Net Assets
Trading companies and distributors
AFC Industries, Inc.	First lien senior secured delayed draw term loan	S +	6.25%	11.49%	4/9/2027	$	127	$	127	$	124	0.06	%
AFC Industries, Inc.	First lien senior secured delayed draw term loan	S +	6.25%	11.53%	4/9/2027	106		103		103		0.05	%
AFC Industries, Inc.	First lien senior secured delayed draw term loan	S +	6.25%	11.68%	4/9/2027	106		83		84		0.04	%
AFC Industries, Inc.	First lien senior secured delayed draw term loan	S +	6.25%	11.45%	4/9/2027	350		347		342		0.17	%
AFC Industries, Inc. (21)	First lien senior secured revolving loan	S +	6.25%	11.48%	10/9/2026	156		73		71		0.04	%
AFC Industries, Inc.	First lien senior secured term loan	S +	6.25%	11.63%	4/9/2027	858		846		837		0.42	%
Banner Buyer, LLC	First lien senior secured delayed draw term loan	S +	5.75%	10.95%	10/31/2025	566		563		565		0.29	%
Banner Buyer, LLC	First lien senior secured revolving loan	S +	5.75%	10.95%	10/31/2025	370		71		72		0.04	%
Banner Buyer, LLC	First lien senior secured term loan	S +	5.75%	10.95%	10/31/2025	1,364		1,353		1,357		0.69	%
Empire Equipment Company, LLC	First lien senior secured revolving loan	S +	5.50%	10.72%	1/17/2025	439		91		91		0.05	%
Empire Equipment Company, LLC	First lien senior secured term loan	S +	5.50%	10.72%	1/17/2025	1,544		1,531		1,533		0.78	%
Montway LLC	First lien senior secured delayed draw term loan	S +	6.25%	11.54%	11/4/2025	672		663		664		0.34	%
Montway LLC (6)	First lien senior secured revolving loan	S +	6.25%	12.01%	11/4/2025	150		(2)		(2)		0.00	%
Montway LLC	First lien senior secured term loan	S +	6.25%	12.01%	11/4/2025	712		702		703		0.36	%
Triad Technologies, LLC (6)	First lien senior secured revolving loan	S +	6.00%	11.15%	6/8/2026	332		(5)		(5)		0.00	%
Triad Technologies, LLC	First lien senior secured term loan	S +	6.00%	11.15%	6/8/2026	1,348		1,323		1,328		0.67	%
American Equipment Systems LLC	First lien senior secured delayed draw term loan	S +	6.00%	11.72%	11/5/2026	38		37		37		0.02	%
American Equipment Systems LLC	First lien senior secured term loan	S +	6.00%	11.50%	11/5/2026	321		313		313		0.16	%
								8,219		8,217		4.18	%
Water utilities
Diamondback Buyer, LLC	First lien senior secured revolving loan	S +	5.50%	11.00%	7/22/2026	$	75	$	37	$	37	0.02	%
Diamondback Buyer, LLC	First lien senior secured term loan	S +	5.50%	11.01%	7/22/2026	1,195		1,176		1,182		0.60	%
								1,213		1,219		0.62	%
Total non-controlled/non-affiliated senior secured debt								$	178,591	$	177,151	89.88	%
Non-controlled/non-affiliated sponsor subordinated notes
Trading companies and distributors
Empire Equipment Company, LLC	Sponsor subordinated note		19.50% PIK	19.50%	7/17/2025			$	11	$	12	0.01	%
Total non-controlled/non-affiliated sponsor subordinated notes								$	11	$	12	0.01	%
Total non-controlled/non-affiliated investments								$	178,602	$	177,163	89.89	%
Non-controlled/affiliated investments
Multisector holdings

19

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Reference Rate  and Spread(5)	Interest Rate	Maturity  Date	Principal/ Par Amount(3)	Amortized Cost(4)		Fair  Value		Percentage of Net Assets
Twin Brook Equity Holdings, LLC (22) (23) (24)	Equity - 1.65% membership interest					$	7,228	$	9,065	4.60	%
Twin Brook Segregated Equity Holdings, LLC (22) (23) (24)	Equity - 2.11% membership interest					14		19		0.01	%
Total non-controlled/affiliated investments						$	7,242	$	9,084	4.61	%
Total investments						$	185,844	$	186,247	94.50	%

20

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands)

(Unaudited)

(1)	Unless otherwise indicated, all investments are considered Level 3 investments. Amounts shown in thousands for principal/par amount, amortized cost and fair value.
(2)	Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.
(3)	Principal/par amount is denominated in U.S. Dollars (“$”) unless otherwise noted, Canadian Dollars (“C$”).
(4)	The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(5)	Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the London Interbank Offered Rate (“LIBOR” or “L”), the Term Secured Overnight Financing Rate (“Term SOFR” or S”) and/or an alternate base rate (e.g. prime rate (“P”)), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the applicable margin has been provided over Term SOFR based on each respective credit agreement. As of June 30, 2023, the reference rates for the floating rate loans were the 3 Month L of 5.53%, 3 Month CDOR of 5.40%, Term SOFR of 5.09% and the Prime Rate of 8.25%.
(6)	Represents revolvers and delayed draw term loans where the entire balance is unfunded as of June 30, 2023. The negative fair value is a result of the commitment being valued below par. Refer to Note 8 for further information.
(7)	Represents investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of June 30, 2023, non-qualifying assets (foreign investments and derivative contracts) represented approximately 4.62% of the total assets of the Company.
(8)	Principal balance includes reserve for letter of credit of $1,875 on which the borrower pays 5.75%.
(9)	Principal balance includes reserve for letter of credit of $190 on which the borrower pays 7.00%.
(10)	Principal balance includes reserve for letter of credit of $10,663 on which the borrower pays 5.50%.
(11)	Principal balance includes reserve for letter of credit of $2,145 on which the borrower pays 6.75%.
(12)	Principal balance includes reserve for letter of credit of $9,735 on which the borrower pays 6.00%.
(13)	Principal balance includes reserve for letter of credit of $2,851 on which the borrower pays 6.25%.
(14)	Principal balance includes reserve for letter of credit of $3,930 on which the borrower pays 7.00%.
(15)	Principal balance includes reserve for letter of credit of $3,438 on which the borrower pays 6.00%.
(16)	Principal balance includes reserve for letter of credit of $5,410 on which the borrower pays 7.50%.
(17)	Principal balance includes reserve for letter of credit of $4,838 on which the borrower pays 5.25%.
(18)	Principal balance includes reserve for letter of credit of $141,677 on which the borrower pays 0.00%.
(19)	Principal balance includes reserve for letter of credit of $2,248 on which the borrower pays 5.00%.
(20)	Principal balance includes reserve for letter of credit of $3,517 on which the borrower pays 6.50%.
(21)	Principal balance includes reserve for letter of credit of $6,240 on which the borrower pays 6.25%.
(22)	As a practical expedient, the Company uses net asset value (“NAV”) to determine the fair value of this investment. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels. This represents an investment in an affiliated fund.
(23)	Securities exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of June 30, 2023, the aggregate fair value of these securities is $9,084 or 4.61% of the Company's net assets. The “restricted securities”, Twin Brook Equity Holdings, LLC and Twin Brook Segregated Equity Holdings, LLC were purchased on April 30, 2021 and May 5, 2021, respectively.
(24)	Non-income producing investment.

21

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands)

(Unaudited)

Foreign currency forward contracts

Counterparty	Currency Purchased	Currency Sold	Settlement	Unrealized Appreciation/ (Depreciation)
Wells Fargo Bank, National Association	USD 1,427	CAD 1,926	10/13/2023	$	(29)
Total				$	(29)
Currency Abbreviations:
USD - U.S. Dollar
CAD - Canadian Dollar

22

The accompanying notes are an integral part of these consolidated financial statements.

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Investments
Non-controlled/non-affiliated senior secured debt
Aerospace and defense
Mattco Forge, Inc. (6)	First lien senior secured revolving loan	L +	6.25%	10.42%	12/6/2024	$	506	$	(5)	$	(11)	(0.01)	%
Mattco Forge, Inc.	First lien senior secured term loan	L +	6.25%	10.42%	12/6/2024	2,168		2,142		2,119		1.08	%
								2,137		2,108		1.07	%
Air freight and logistics
Load One Purchaser Corporation (6)	First lien senior secured delayed draw term loan	S +	6.00%	10.84%	6/21/2028	$	150	$	(3)	$	(2)	—	%
Load One Purchaser Corporation	First lien senior secured revolving loan	S +	6.00%	10.84%	6/21/2028	75		6		6		—	%
Load One Purchaser Corporation	First lien senior secured term loan	S +	6.00%	10.84%	6/21/2028	810		795		797		0.41	%
								798		801		0.41	%
Auto components
AvCarb, LLC	First lien senior secured delayed draw term loan	L +	6.00%	10.57%	11/12/2026	$	665	$	222	$	222	0.11	%
AvCarb, LLC	First lien senior secured revolving loan	L +	6.00%	10.17%	11/12/2026	38		3		3		—	%
AvCarb, LLC	First lien senior secured term loan	L +	6.00%	10.17%	11/12/2026	495		486		487		0.25	%
CCG Acquisition, Inc. (6)	First lien senior secured revolving loan	S +	6.00%	10.84%	5/17/2027	19		—		—		—	%
CCG Acquisition, Inc.	First lien senior secured term loan	S +	6.00%	10.84%	5/17/2027	425		419		420		0.21	%
Raneys, LLC (6)	First lien senior secured revolving loan	S +	5.75%	10.59%	6/7/2027	38		(1)		(1)		—	%
Raneys, LLC	First lien senior secured term loan	S +	5.75%	10.59%	6/7/2027	453		444		445		0.23	%
Vehicle Accessories, Inc. (6)	First lien senior secured revolving loan	P +	4.50%	12.00%	11/30/2026	38		—		—		—	%
Vehicle Accessories, Inc.	First lien senior secured term loan	S +	5.50%	10.34%	11/30/2026	1,666		1,655		1,659		0.85	%
								3,228		3,235		1.65	%
Chemicals
AM Buyer, LLC (6)	First lien senior secured revolving loan	S +	6.75%	11.59%	5/1/2025	$	111	$	(1)	$	(1)	—	%
AM Buyer, LLC	First lien senior secured term loan	S +	6.75%	11.59%	5/1/2025	474		467		469		0.24	%
Answer Acquisition, LLC (6)	First lien senior secured revolving loan	L +	5.50%	10.23%	12/30/2026	38		(1)		(1)		—	%
Answer Acquisition, LLC	First lien senior secured term loan	L +	5.50%	10.23%	12/30/2026	1,699		1,671		1,673		0.86	%
Custom Agronomics Holdings, LLC (6)	First lien senior secured revolving loan	S +	6.50%	11.34%	8/26/2027	45		(1)		(1)		—	%
Custom Agronomics Holdings, LLC	First lien senior secured term loan	S +	6.50%	11.34%	8/26/2027	236		231		232		0.12	%
SASE Company, LLC (6)	First lien senior secured revolving loan	S +	5.75%	10.19%	11/15/2026	38		(1)		(1)		—	%
SASE Company, LLC	First lien senior secured term loan	S +	5.75%	10.19%	11/15/2026	1,615		1,588		1,592		0.81	%
Teel Plastics, LLC (6)	First lien senior secured revolving loan	S +	5.00%	9.44%	1/24/2025	324		(3)		(1)		—	%
Teel Plastics, LLC	First lien senior secured term loan	S +	5.00%	9.44%	1/24/2025	1,787		1,767		1,779		0.91	%
USALCO, LLC	First lien senior secured revolving loan	L +	6.00%	10.38%	10/19/2026	100		42		42		0.02	%
USALCO, LLC	First lien senior secured term loan	L +	6.00%	10.73%	10/19/2027	1,884		1,867		1,872		0.96	%

23

The accompanying notes are an integral part of these consolidated financial statements.

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
								7,626		7,654		3.92	%
Commercial services and supplies
Alliance Environmental Group, LLC	First lien senior secured delayed draw term loan	L +	6.00%	11.15%	12/30/2027	$	75	$	53	$	53	0.03	%
Alliance Environmental Group, LLC	First lien senior secured revolving loan	L +	6.00%	10.47%	12/30/2027	38		35		35		0.02	%
Alliance Environmental Group, LLC	First lien senior secured term loan	L +	6.00%	11.15%	12/30/2027	1,451		1,426		1,428		0.73	%
Edko Acquisition, LLC (8)	First lien senior secured revolving loan	S +	6.00%	10.84%	6/25/2026	38		3		3		—	%
Edko Acquisition, LLC	First lien senior secured term loan	S +	5.75%	10.59%	6/25/2026	1,139		1,122		1,124		0.57	%
Franchise Fastlane, LLC (6)	First lien senior secured revolving loan	S +	5.50%	10.38%	5/2/2027	15		—		—		—	%
Franchise Fastlane, LLC	First lien senior secured term loan	S +	5.50%	10.38%	5/2/2027	1,170		1,149		1,151		0.59	%
Gold Medal Holdings, Inc. (9)	First lien senior secured revolving loan	S +	7.00%	11.74%	3/17/2027	50		23		23		0.01	%
Gold Medal Holdings, Inc.	First lien senior secured term loan	S +	7.00%	11.84%	3/17/2027	722		713		716		0.37	%
Green Monster Acquisition, LLC (6)	First lien senior secured revolving loan	L +	5.50%	10.23%	12/28/2026	38		(1)		(1)		—	%
Green Monster Acquisition, LLC	First lien senior secured term loan	L +	5.50%	10.23%	12/28/2026	1,176		1,157		1,158		0.59	%
HLSG Intermediate, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.03%	3/31/2028	96		94		95		0.05	%
HLSG Intermediate, LLC (6)	First lien senior secured revolving loan	S +	6.50%	10.94%	3/31/2028	60		(1)		(1)		—	%
HLSG Intermediate, LLC	First lien senior secured term loan	S +	6.50%	10.94%	3/31/2028	1,004		993		995		0.51	%
Nimlok Company, LLC (6)(10)	First lien senior secured revolving loan	S +	5.50%	10.16%	11/27/2024	320		(3)		(4)		—	%
Nimlok Company, LLC	First lien senior secured term loan	S +	5.50%	10.16%	11/27/2025	2,678		2,641		2,645		1.35	%
Steel City Wash, LLC	First lien senior secured delayed draw term loan	S +	6.25%	11.09%	12/27/2026	143		141		141		0.07	%
Steel City Wash, LLC	First lien senior secured revolving loan	S +	6.25%	10.90%	12/27/2026	38		15		15		0.01	%
Steel City Wash, LLC	First lien senior secured term loan	S +	6.25%	11.09%	12/27/2026	794		781		783		0.40	%
								10,341		10,359		5.30	%
Construction and engineering
BCI Burke Holding Corp.	First lien senior secured delayed draw term loan	L +	5.50%	9.70%	12/14/2027	$	131	$	24	$	24	0.01	%
BCI Burke Holding Corp. (6)	First lien senior secured revolving loan	L +	5.50%	10.23%	12/14/2027	79		(1)		(1)		—	%
BCI Burke Holding Corp.	First lien senior secured term loan	L +	5.50%	10.23%	12/14/2027	874		863		865		0.44	%
CPS HVAC Group, LLC	First lien senior secured delayed draw term loan	L +	6.75%	11.37%	12/15/2026	150		32		32		0.02	%
CPS HVAC Group, LLC (11)	First lien senior secured revolving loan	L +	6.75%	11.90%	12/15/2026	38		8		8		—	%
CPS HVAC Group, LLC	First lien senior secured term loan	L +	6.75%	11.90%	12/15/2026	272		268		268		0.14	%
Domino Equipment Company, LLC (6)	First lien senior secured revolving loan	S +	6.25%	11.13%	4/1/2026	79		(1)		(1)		—	%
Domino Equipment Company, LLC	First lien senior secured term loan	S +	6.25%	11.13%	4/1/2026	575		565		566		0.29	%
Highland Acquisition, Inc. (6)	First lien senior secured revolving loan	S +	5.50%	10.34%	3/9/2027	30		(1)		—		—	%
Highland Acquisition, Inc.	First lien senior secured term loan	S +	5.50%	10.34%	3/9/2027	937		921		922		0.47	%
Rose Paving, LLC	First lien senior secured revolving loan	S +	5.75%	10.57%	11/7/2028	94		50		50		0.03	%
Rose Paving, LLC	First lien senior secured term loan	S +	5.75%	10.55%	11/7/2028	751		732		732		0.37	%

24

The accompanying notes are an integral part of these consolidated financial statements.

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
								3,460		3,465		1.77	%
Containers and packaging
Bulk Lift International, LLC (6)(7)	First lien senior secured revolving loan	S +	6.75%	11.28%	11/15/2027	$	38	$	(1)	$	(1)	—	%
Bulk Lift International, LLC (7)	First lien senior secured term loan	S +	6.75%	11.28%	11/15/2027	258		252		252		0.13	%
Innovative FlexPak, LLC	First lien senior secured revolving loan	S +	7.00%	11.36%	1/23/2025	627		464		325		0.17	%
Innovative FlexPak, LLC	First lien senior secured term loan	S +	7.00%	11.44%	1/23/2025	2,616		2,574		1,998		1.00	%
MRC Keeler Acquisition, LLC	First lien senior secured delayed draw term loan	L +	5.75%	10.48%	12/4/2025	75		74		74		0.04	%
MRC Keeler Acquisition, LLC	First lien senior secured revolving loan	L +	5.75%	10.07%	12/4/2025	150		73		73		0.04	%
MRC Keeler Acquisition, LLC	First lien senior secured term loan	L +	5.75%	10.48%	12/4/2025	952		940		941		0.48	%
Vanguard Packaging, LLC	First lien senior secured revolving loan	L +	5.00%	9.66%	8/9/2024	535		51		50		0.03	%
Vanguard Packaging, LLC	First lien senior secured term loan	L +	5.00%	9.73%	8/9/2024	1,193		1,186		1,185		0.61	%
								5,613		4,897		2.50	%
Distributors
RTP Acquisition, LLC	First lien senior secured revolving loan	S +	6.25%	10.69%	8/17/2026	$	38	$	3	$	3	—	%
RTP Acquisition, LLC	First lien senior secured term loan	S +	6.25%	10.69%	8/17/2026	918		902		905		0.46	%
								905		908		0.46	%
Diversified consumer services
50Floor, LLC (6)	First lien senior secured revolving loan	L +	6.25%	10.98%	12/31/2025	$	199	$	(2)	$	(2)	—	%
50Floor, LLC	First lien senior secured term loan	L +	6.25%	10.98%	12/31/2026	953		939		941		0.48	%
ACES Intermediate, LLC (6)	First lien senior secured revolving loan	S +	5.75%	10.63%	7/27/2027	150		(3)		(3)		—	%
ACES Intermediate, LLC	First lien senior secured term loan	S +	5.75%	10.63%	7/27/2027	1,887		1,851		1,856		0.95	%
Groundworks Operations, LLC	First lien senior secured delayed draw term loan	L +	4.75%	9.48%	1/17/2026	1,866		1,814		1,821		0.93	%
Groundworks Operations, LLC (6)	First lien senior secured revolving loan	L +	4.75%	9.48%	1/17/2026	387		(4)		(2)		—	%
Groundworks Operations, LLC	First lien senior secured term loan	L +	4.75%	9.48%	1/17/2026	2,479		2,449		2,463		1.26	%
Home Brands Group Holdings, Inc. (6)	First lien senior secured revolving loan	L +	4.75%	9.16%	11/8/2026	48		(1)		(1)		—	%
Home Brands Group Holdings, Inc.	First lien senior secured term loan	L +	4.75%	9.16%	11/8/2026	1,900		1,867		1,873		0.96	%
ISSA, LLC (6)	First lien senior secured revolving loan	S +	6.25%	11.09%	3/1/2027	131		(2)		(2)		—	%
ISSA, LLC	First lien senior secured term loan	S +	6.25%	11.09%	3/1/2027	922		906		908		0.46	%
Juniper Landscaping Holdings LLC	First lien senior secured delayed draw term loan	L +	6.00%	11.14%	12/29/2026	88		69		69		0.04	%
Juniper Landscaping Holdings LLC (12)	First lien senior secured revolving loan	L +	6.00%	10.54%	12/29/2026	44		10		11		0.01	%
Juniper Landscaping Holdings LLC	First lien senior secured term loan	L +	6.00%	11.15%	12/29/2026	1,314		1,295		1,297		0.66	%
Kalkomey Enterprises, LLC (6)	First lien senior secured revolving loan	L +	6.75%	11.48%	4/24/2025	77		(1)		(1)		—	%
Kalkomey Enterprises, LLC	First lien senior secured term loan	L +	6.75%	11.48%	4/24/2026	1,050		1,033		1,037		0.53	%
PPW Acquisition, LLC	First lien senior secured revolving loan	L +	6.25%	10.85%	9/30/2026	38		37		37		0.02	%
PPW Acquisition, LLC	First lien senior secured term loan	L +	6.25%	10.98%	9/30/2026	605		595		596		0.30	%

25

The accompanying notes are an integral part of these consolidated financial statements.

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
United Land Services Opco Parent, LLC	First lien senior secured delayed draw term loan	S +	6.00%	10.84%	3/23/2026	1,069		658		659		0.34	%
United Land Services Opco Parent, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	10.84%	3/23/2026	188		(4)		(3)		—	%
United Land Services Opco Parent, LLC	First lien senior secured revolving loan	S +	6.00%	10.44%	3/23/2026	150		37		38		0.02	%
United Land Services Opco Parent, LLC	First lien senior secured term loan	S +	6.00%	10.84%	3/23/2026	303		298		298		0.15	%
Yard-Nique, Inc (6)	First lien senior secured delayed draw term loan	S +	6.00%	9.71%	4/30/2026	150		(2)		(2)		—	%
Yard-Nique, Inc	First lien senior secured revolving loan	S +	5.00%	8.71%	4/30/2026	19		5		5		—	%
Yard-Nique, Inc	First lien senior secured term loan	S +	6.00%	9.71%	4/30/2026	405		400		401		0.21	%
								14,244		14,294		7.32	%
Electrical equipment
AEP Passion Intermediate Holdings, Inc.	First lien senior secured delayed draw term loan	L +	5.50%	9.88%	10/5/2027	$	71	$	42	$	42	0.02	%
AEP Passion Intermediate Holdings, Inc.	First lien senior secured revolving loan	L +	5.50%	9.88%	10/5/2027	48		28		28		0.01	%
AEP Passion Intermediate Holdings, Inc.	First lien senior secured term loan	L +	5.50%	9.91%	10/5/2027	1,281		1,265		1,267		0.65	%
								1,335		1,337		0.68	%
Electronic equipment, instruments and components
Advanced Lighting Acquisition, LLC (6)	First lien senior secured revolving loan	S +	5.00%	9.44%	11/22/2025	$	324	$	(3)	$	(1)	—	%
Advanced Lighting Acquisition, LLC	First lien senior secured term loan	S +	5.00%	9.44%	11/22/2025	1,133		1,120		1,131		0.58	%
ITSavvy LLC (6)	First lien senior secured delayed draw term loan	S +	5.25%	8.76%	8/8/2028	75		(1)		(1)		—	%
ITSavvy LLC (6)	First lien senior secured revolving loan	S +	5.25%	9.68%	8/8/2028	38		—		—		—	%
ITSavvy LLC	First lien senior secured term loan	S +	5.25%	8.76%	8/8/2028	676		670		671		0.34	%
Nelson Name Plate Company	First lien senior secured delayed draw term loan	L +	5.50%	10.23%	10/18/2026	119		102		102		0.05	%
Nelson Name Plate Company	First lien senior secured revolving loan	L +	5.50%	10.23%	10/18/2026	90		15		15		0.01	%
Nelson Name Plate Company	First lien senior secured term loan	L +	5.50%	10.23%	10/18/2026	768		756		757		0.39	%
								2,659		2,674		1.37	%
Food and staples retailing
Engelman Baking Co., LLC	First lien senior secured revolving loan	L +	5.50%	9.88%	2/28/2025	$	207	$	31	$	30	0.02	%
Engelman Baking Co., LLC	First lien senior secured term loan	L +	5.50%	9.88%	2/28/2025	713		701		703		0.36	%
Mad Rose Company, LLC (13)	First lien senior secured revolving loan	S +	6.25%	10.69%	5/7/2026	119		58		59		0.03	%
Mad Rose Company, LLC	First lien senior secured term loan	S +	6.25%	10.69%	5/7/2026	931		916		919		0.47	%
Main Street Gourmet, LLC	First lien senior secured delayed draw term loan	L +	5.50%	9.89%	11/10/2025	666		34		35		0.02	%
Main Street Gourmet, LLC	First lien senior secured revolving loan	L +	5.50%	10.23%	11/10/2025	38		18		18		0.01	%
Main Street Gourmet, LLC	First lien senior secured term loan	L +	5.50%	10.23%	11/10/2025	1,121		1,108		1,110		0.57	%
NutriScience Innovations, LLC (6)(14)	First lien senior secured revolving loan	L +	7.00%	11.73%	4/21/2026	131		(2)		(2)		—	%
NutriScience Innovations, LLC	First lien senior secured term loan	L +	7.00%	11.73%	4/21/2026	434		428		428		0.22	%
Qin's Buffalo, LLC (6)	First lien senior secured delayed draw term loan	S +	5.75%	10.59%	5/5/2027	75		(1)		(1)		—	%
Qin's Buffalo, LLC (6)	First lien senior secured revolving loan	S +	5.75%	10.59%	5/5/2027	38		(1)		(1)		—	%

26

The accompanying notes are an integral part of these consolidated financial statements.

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Qin's Buffalo, LLC	First lien senior secured term loan	S +	5.75%	10.59%	5/5/2027	536		526		528		0.27	%
SCP Beverage Buyer, LLC	First lien senior secured revolving loan	S +	5.75%	10.11%	11/24/2026	38		14		14		0.01	%
SCP Beverage Buyer, LLC	First lien senior secured term loan	S +	5.75%	10.11%	11/24/2026	412		404		405		0.21	%
Universal Pure, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	10.24%	10/31/2028	128		(3)		(3)		—	%
Universal Pure, LLC (6)(15)	First lien senior secured revolving loan	S +	6.00%	10.24%	10/31/2028	150		(4)		(4)		—	%
Universal Pure, LLC	First lien senior secured term loan	S +	6.00%	10.24%	10/31/2028	1,328		1,292		1,292		0.66	%
								5,519		5,530		2.85	%
Food products
Icelandirect, LLC	First lien senior secured revolving loan	L +	6.00%	10.73%	7/30/2026	$	38	$	35	$	36	0.02	%
Icelandirect, LLC	First lien senior secured term loan	L +	6.00%	10.73%	7/30/2026	684		674		675		0.35	%
Starwest Botanicals Acquisition, LLC	First lien senior secured revolving loan	L +	5.25%	9.83%	4/30/2027	174		172		168		0.09	%
Starwest Botanicals Acquisition, LLC	First lien senior secured term loan	L +	5.25%	9.63%	4/30/2027	807		796		779		0.40	%
Sun Orchard, LLC	First lien senior secured revolving loan	S +	5.25%	9.69%	7/8/2027	113		5		6		—	%
Sun Orchard, LLC	First lien senior secured term loan	S +	5.25%	10.09%	7/8/2027	2,074		2,035		2,039		1.04	%
								3,717		3,703		1.90	%
Gas utilities
Hydromax USA, LLC	First lien senior secured delayed draw term loan	S +	6.75%	11.48%	12/30/2026	$	112	$	110	$	107	0.05	%
Hydromax USA, LLC	First lien senior secured revolving loan	S +	6.75%	11.48%	12/30/2026	228		156		149		0.08	%
Hydromax USA, LLC	First lien senior secured term loan	S +	6.75%	11.48%	12/30/2026	1,235		1,216		1,181		0.60	%
								1,482		1,437		0.73	%
Health care equipment and supplies
626 Holdings Equity, LLC	First lien senior secured delayed draw term loan	S +	5.50%	10.17%	2/14/2028	$	315	$	105	$	105	0.05	%
626 Holdings Equity, LLC	First lien senior secured revolving loan	P +	4.50%	12.00%	2/14/2027	75		49		49		0.03	%
626 Holdings Equity, LLC	First lien senior secured term loan	S +	5.50%	10.72%	2/14/2028	884		868		870		0.44	%
EMSAR Acquisition LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.34%	3/30/2026	216		212		213		0.11	%
EMSAR Acquisition LLC	First lien senior secured revolving loan	S +	6.50%	11.34%	3/30/2026	134		118		118		0.06	%
EMSAR Acquisition LLC	First lien senior secured term loan	S +	6.50%	11.34%	3/30/2026	638		628		629		0.32	%
Medical Technology Associates, Inc. (6)	First lien senior secured revolving loan	S +	6.00%	10.84%	7/25/2028	38		(1)		(1)		—	%
Medical Technology Associates, Inc.	First lien senior secured term loan	S +	6.00%	10.84%	7/25/2028	403		395		396		0.20	%
Reliable Medical Supply LLC	First lien senior secured delayed draw term loan	S +	7.00%	11.44%	4/8/2025	67		66		66		0.03	%
Reliable Medical Supply LLC	First lien senior secured revolving loan	S +	7.00%	11.44%	4/8/2025	138		39		40		0.02	%
Reliable Medical Supply LLC	First lien senior secured term loan	S +	7.00%	11.44%	4/8/2025	751		737		743		0.38	%
SCA Buyer, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.38%	1/20/2026	396		273		271		0.14	%
SCA Buyer, LLC	First lien senior secured revolving loan	S +	6.50%	11.38%	1/20/2026	133		77		76		0.04	%
SCA Buyer, LLC	First lien senior secured term loan	S +	6.50%	11.38%	1/20/2026	757		740		737		0.38	%

27

The accompanying notes are an integral part of these consolidated financial statements.

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Spectrum Solutions, LLC (6)	First lien senior secured revolving loan	L +	6.00%	10.38%	3/5/2026	267		(5)		(23)		(0.01)	%
Spectrum Solutions, LLC	First lien senior secured term loan	L +	6.00%	10.38%	3/5/2026	478		470		438		0.22	%
								4,771		4,727		2.41	%
Health care providers and services
Agility Intermediate, Inc.	First lien senior secured delayed draw term loan	S +	6.50%	10.77%	4/15/2026	$	401	$	104	$	105	0.05	%
Agility Intermediate, Inc.	First lien senior secured revolving loan	S +	6.50%	11.34%	4/15/2026	134		38		38		0.02	%
Agility Intermediate, Inc.	First lien senior secured term loan	S +	6.50%	11.34%	4/15/2026	242		238		238		0.12	%
Apex Dental Partners, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.16%	11/23/2025	112		15		15		0.01	%
Apex Dental Partners, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.16%	11/23/2025	445		438		440		0.22	%
Apex Dental Partners, LLC	First lien senior secured revolving loan	S +	6.50%	11.04%	11/23/2025	150		65		66		0.03	%
Apex Dental Partners, LLC	First lien senior secured term loan	S +	6.50%	11.38%	11/23/2025	622		612		614		0.31	%
ASC Ortho Management, LLC	First lien senior secured delayed draw term loan	L +	6.00%	10.73%	12/31/2026	359		322		322		0.16	%
ASC Ortho Management, LLC (6)	First lien senior secured revolving loan	L +	6.00%	10.73%	12/31/2026	38		(1)		(1)		—	%
ASC Ortho Management, LLC	First lien senior secured term loan	L +	6.00%	10.73%	12/31/2026	519		510		511		0.26	%
ASP Global Acquisition, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.34%	1/21/2025	562		555		552		0.28	%
ASP Global Acquisition, LLC (6)	First lien senior secured revolving loan	S +	6.50%	11.34%	1/21/2025	647		(10)		(12)		(0.01)	%
ASP Global Acquisition, LLC	First lien senior secured term loan	S +	6.50%	11.34%	1/21/2025	2,306		2,270		2,263		1.16	%
Beacon Oral Specialists Management LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.34%	12/14/2025	838		790		791		0.40	%
Beacon Oral Specialists Management LLC	First lien senior secured revolving loan	S +	6.50%	11.34%	12/14/2025	188		69		69		0.04	%
Beacon Oral Specialists Management LLC	First lien senior secured term loan	S +	6.50%	11.34%	12/14/2025	940		926		928		0.47	%
Behavior Frontiers, LLC (16)	First lien senior secured revolving loan	S +	7.50%	12.34%	5/21/2026	38		18		15		0.01	%
Behavior Frontiers, LLC	First lien senior secured term loan	S +	7.50%	12.34%	5/21/2026	656		645		597		0.31	%
Benefit Plan Administrators of Eau Claire, LLC (6)	First lien senior secured delayed draw term loan	S +	5.50%	9.19%	6/7/2026	188		(2)		(2)		—	%
Benefit Plan Administrators of Eau Claire, LLC (6)	First lien senior secured revolving loan	S +	5.50%	9.19%	6/7/2026	38		(1)		—		—	%
Benefit Plan Administrators of Eau Claire, LLC	First lien senior secured term loan	S +	5.50%	9.19%	6/7/2026	824		812		814		0.42	%
Brightview, LLC	First lien senior secured delayed draw term loan	L +	5.75%	10.13%	12/14/2026	107		47		47		0.02	%
Brightview, LLC (6)	First lien senior secured revolving loan	L +	5.75%	10.13%	12/14/2026	52		(1)		—		—	%
Brightview, LLC	First lien senior secured term loan	L +	5.75%	10.13%	12/14/2026	692		685		686		0.35	%
Canadian Orthodontic Partners Corp. (6)(7)	First lien senior secured delayed draw term loan	C +	7.00%	11.88%	3/19/2026	140		(1)		(3)		—	%
Canadian Orthodontic Partners Corp. (7)	First lien senior secured delayed draw term loan	C +	7.00%	11.88%	3/19/2026	358		212		195		0.10	%
Canadian Orthodontic Partners Corp. (7)	First lien senior secured revolving loan	S +	7.00%	11.84%	3/19/2026	107		105		104		0.05	%
Canadian Orthodontic Partners Corp. (7)	First lien senior secured revolving loan	C +	7.00%	11.88%	3/19/2026	268		204		190		0.10	%
Canadian Orthodontic Partners Corp. (7)	First lien senior secured term loan	C +	7.00%	11.88%	3/19/2026	225		176		162		0.08	%
Change Academy at Lake of the Ozarks, LLC (6)	First lien senior secured revolving loan	S +	5.25%	9.98%	8/2/2027	113		(2)		(2)		—	%
Change Academy at Lake of the Ozarks, LLC	First lien senior secured term loan	S +	5.25%	9.98%	8/2/2027	1,773		1,740		1,743		0.89	%

28

The accompanying notes are an integral part of these consolidated financial statements.

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)	Amortized Cost(4)	Fair Value	Percentage of Net Assets
Community Care Partners, LLC	First lien senior secured delayed draw term loan	S +	6.00%	10.44%	6/10/2026	223	163	165	0.08	%
Community Care Partners, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	10.44%	6/10/2026	19	—	—	—	%
Community Care Partners, LLC	First lien senior secured revolving loan	S +	6.00%	10.44%	6/10/2026	75	14	14	0.01	%
Community Care Partners, LLC	First lien senior secured term loan	S +	6.00%	10.44%	6/10/2026	953	942	946	0.48	%
Dermatology Medical Partners OpCo, LLC	First lien senior secured delayed draw term loan	S +	6.50%	11.21%	10/29/2026	97	39	39	0.02	%
Dermatology Medical Partners OpCo, LLC	First lien senior secured revolving loan	S +	6.50%	11.08%	10/29/2026	38	16	16	0.01	%
Dermatology Medical Partners OpCo, LLC	First lien senior secured term loan	S +	6.50%	11.34%	10/29/2026	321	314	314	0.16	%
EH Management Company, LLC	First lien senior secured revolving loan	S +	5.50%	10.34%	7/15/2026	38	22	22	0.01	%
EH Management Company, LLC	First lien senior secured term loan	S +	5.50%	10.34%	7/15/2026	970	954	957	0.49	%
Endodontic Practice Partners, LLC	First lien senior secured delayed draw term loan	S +	5.75%	10.90%	11/2/2027	375	261	261	0.13	%
Endodontic Practice Partners, LLC (6)	First lien senior secured revolving loan	S +	5.75%	10.64%	11/2/2027	38	(1)	(1)	—	%
Endodontic Practice Partners, LLC	First lien senior secured term loan	S +	5.75%	10.64%	11/2/2027	662	649	649	0.33	%
Geriatric Medical and Surgical Supply, LLC (6)	First lien senior secured revolving loan	S +	6.00%	10.84%	12/21/2025	300	(4)	(4)	—	%
Geriatric Medical and Surgical Supply, LLC	First lien senior secured term loan	S +	6.00%	10.84%	12/21/2025	943	929	930	0.48	%
Golden Bear PT Partners, LLC	First lien senior secured delayed draw term loan	S +	7.75%	12.59%	10/22/2026	333	167	162	0.08	%
Golden Bear PT Partners, LLC	First lien senior secured revolving loan	S +	7.75%	12.59%	10/22/2026	38	7	6	—	%
Golden Bear PT Partners, LLC	First lien senior secured term loan	S +	7.75%	12.59%	10/22/2026	1,544	1,510	1,488	0.76	%
Guardian Dentistry Practice Management, LLC	First lien senior secured delayed draw term loan	S +	6.50%	10.94%	8/20/2026	67	66	67	0.03	%
Guardian Dentistry Practice Management, LLC	First lien senior secured delayed draw term loan	S +	6.50%	10.94%	8/20/2026	112	111	111	0.06	%
Guardian Dentistry Practice Management, LLC	First lien senior secured delayed draw term loan	S +	6.50%	10.94%	8/20/2026	319	314	316	0.16	%
Guardian Dentistry Practice Management, LLC (6)	First lien senior secured revolving loan	S +	6.50%	10.94%	8/20/2026	23	—	—	—	%
Guardian Dentistry Practice Management, LLC	First lien senior secured term loan	S +	6.50%	10.94%	8/20/2026	521	511	515	0.26	%
IPC Pain Acquisition, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	10.44%	5/19/2027	278	(3)	(3)	—	%
IPC Pain Acquisition, LLC (6)	First lien senior secured revolving loan	S +	6.00%	10.44%	5/19/2027	25	—	—	—	%
IPC Pain Acquisition, LLC	First lien senior secured term loan	S +	6.00%	10.44%	5/19/2027	177	174	175	0.09	%
Network Partners Acquisition, LLC (6)	First lien senior secured delayed draw term loan	L +	6.00%	10.73%	12/30/2026	113	(2)	(2)	—	%
Network Partners Acquisition, LLC (6)	First lien senior secured revolving loan	L +	6.00%	10.73%	12/30/2026	38	(1)	(1)	—	%
Network Partners Acquisition, LLC	First lien senior secured term loan	L +	6.00%	10.73%	12/30/2026	392	386	386	0.20	%
NH Kronos Buyer, Inc. (6)	First lien senior secured revolving loan	S +	10.00%	14.24%	11/1/2028	263	(8)	(8)	—	%
NH Kronos Buyer, Inc.	First lien senior secured term loan	S +	6.25%	10.49%	11/1/2028	2,229	2,163	2,173	1.11	%
Peak Dental Services, LLC	First lien senior secured delayed draw term loan	S +	6.75%	11.18%	12/31/2025	603	13	8	—	%
Peak Dental Services, LLC	First lien senior secured delayed draw term loan	S +	6.75%	11.18%	12/31/2025	885	572	571	0.29	%
Peak Dental Services, LLC	First lien senior secured revolving loan	S +	6.75%	11.48%	12/31/2025	133	131	131	0.07	%
Peak Dental Services, LLC	First lien senior secured term loan	S +	6.75%	11.56%	12/31/2025	585	576	578	0.30	%
Peak Investment Holdings, LLC	First lien senior secured delayed draw term loan	L +	7.00%	11.73%	12/6/2024	603	13	8	—	%

29

The accompanying notes are an integral part of these consolidated financial statements.

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)	Amortized Cost(4)	Fair Value	Percentage of Net Assets
Peak Investment Holdings, LLC (6)	First lien senior secured revolving loan	L +	7.00%	11.73%	12/6/2024	324	(3)	(6)	—	%
Peak Investment Holdings, LLC	First lien senior secured term loan	L +	7.00%	11.73%	12/6/2024	1,288	1,275	1,265	0.65	%
Pentec Acquisition Corp. (6)	First lien senior secured revolving loan	L +	6.00%	10.38%	10/8/2026	75	(1)	(1)	—	%
Pentec Acquisition Corp.	First lien senior secured term loan	L +	6.00%	10.38%	10/8/2026	996	980	988	0.51	%
Propio LS, LLC	First lien senior secured revolving loan	S +	5.50%	10.46%	8/2/2027	75	55	55	0.03	%
Propio LS, LLC	First lien senior secured term loan	S +	5.50%	10.38%	8/2/2027	1,193	1,171	1,173	0.60	%
Purpose Home Health Acquisition, LLC (6)	First lien senior secured delayed draw term loan	S +	6.25%	11.19%	11/3/2027	150	(3)	(3)	—	%
Purpose Home Health Acquisition, LLC (6)	First lien senior secured revolving loan	S +	6.25%	11.19%	11/3/2027	38	(1)	(1)	—	%
Purpose Home Health Acquisition, LLC	First lien senior secured term loan	S +	6.25%	11.19%	11/3/2027	353	345	345	0.18	%
Revival Animal Health, LLC	First lien senior secured revolving loan	S +	6.50%	11.23%	4/6/2026	131	43	43	0.02	%
Revival Animal Health, LLC	First lien senior secured term loan	S +	6.50%	11.34%	4/6/2026	1,021	1,006	1,009	0.52	%
RQM Buyer, Inc.	First lien senior secured delayed draw term loan	S +	5.75%	10.59%	8/12/2026	84	83	84	0.04	%
RQM Buyer, Inc.	First lien senior secured revolving loan	S +	5.75%	10.52%	8/12/2026	206	12	14	0.01	%
RQM Buyer, Inc.	First lien senior secured term loan	S +	5.75%	10.59%	8/12/2026	1,694	1,668	1,682	0.86	%
Sage Dental Management, LLC (6)	First lien senior secured revolving loan	P +	4.25%	11.25%	4/1/2024	75	—	—	—	%
Sage Dental Management, LLC	First lien senior secured term loan	S +	5.75%	10.59%	4/1/2024	947	940	941	0.48	%
SAMGI Buyer, Inc. (6)	First lien senior secured revolving loan	L +	5.50%	10.23%	4/14/2025	138	(2)	(2)	—	%
SAMGI Buyer, Inc.	First lien senior secured term loan	L +	5.50%	10.23%	4/14/2025	720	709	712	0.36	%
SCP ENT and Allergy Services, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	10.84%	9/25/2025	158	(4)	(2)	—	%
SCP ENT and Allergy Services, LLC (6)	First lien senior secured revolving loan	S +	6.00%	10.84%	9/25/2025	256	(5)	(3)	—	%
SCP ENT and Allergy Services, LLC	First lien senior secured term loan	S +	6.00%	10.84%	9/25/2025	2,782	2,728	2,744	1.40	%
Signature Dental Partners LLC	First lien senior secured delayed draw term loan	S +	6.25%	10.69%	10/29/2026	179	148	149	0.08	%
Signature Dental Partners LLC (6)	First lien senior secured revolving loan	S +	6.25%	10.69%	10/29/2026	38	(1)	(1)	—	%
Signature Dental Partners LLC	First lien senior secured term loan	S +	6.25%	10.69%	10/29/2026	861	843	845	0.43	%
Silver Falls MSO, LLC	First lien senior secured revolving loan	S +	6.75%	11.59%	8/30/2024	235	231	226	0.12	%
Silver Falls MSO, LLC	First lien senior secured term loan	S +	6.75%	11.59%	8/30/2024	1,290	1,277	1,253	0.64	%
SimiTree Acquisition LLC	First lien senior secured delayed draw term loan	S +	6.75%	11.59%	5/17/2026	13	4	4	—	%
SimiTree Acquisition LLC	First lien senior secured delayed draw term loan	S +	6.75%	11.59%	5/17/2026	878	863	870	0.44	%
SimiTree Acquisition LLC (6)	First lien senior secured revolving loan	S +	6.75%	11.11%	5/17/2026	178	(3)	(2)	—	%
SimiTree Acquisition LLC	First lien senior secured term loan	S +	6.75%	11.11%	5/17/2026	1,227	1,208	1,216	0.62	%
SIMKO Merger Sub, LLC	First lien senior secured delayed draw term loan	S +	7.00%	11.84%	4/7/2027	187	63	63	0.03	%
SIMKO Merger Sub, LLC	First lien senior secured revolving loan	S +	7.00%	11.36%	4/7/2027	56	5	6	—	%
SIMKO Merger Sub, LLC	First lien senior secured term loan	S +	7.00%	11.84%	4/7/2027	654	641	643	0.33	%
Southeast Primary Care Partners, LLC	First lien senior secured delayed draw term loan	S +	6.25%	10.81%	12/30/2025	523	464	465	0.24	%
Southeast Primary Care Partners, LLC	First lien senior secured revolving loan	S +	6.25%	11.09%	12/30/2025	225	94	94	0.05	%

30

The accompanying notes are an integral part of these consolidated financial statements.

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Southeast Primary Care Partners, LLC	First lien senior secured term loan	S +	6.25%	11.09%	12/30/2025	862		847		849		0.43	%
Southern Orthodontic Partners Management, LLC	First lien senior secured delayed draw term loan	S +	6.00%	10.84%	1/27/2026	78		78		78		0.04	%
Southern Orthodontic Partners Management, LLC	First lien senior secured delayed draw term loan	S +	6.00%	10.84%	1/27/2026	112		47		47		0.02	%
Southern Orthodontic Partners Management, LLC	First lien senior secured revolving loan	S +	6.00%	10.84%	1/27/2026	171		97		99		0.05	%
Southern Orthodontic Partners Management, LLC	First lien senior secured term loan	S +	6.00%	10.84%	1/27/2026	1,355		1,333		1,345		0.69	%
Southern Sports Medicine Partners, LLC	First lien senior secured delayed draw term loan	S +	6.00%	10.84%	2/23/2027	171		29		29		0.01	%
Southern Sports Medicine Partners, LLC	First lien senior secured revolving loan	S +	6.00%	10.55%	2/23/2027	60		24		24		0.01	%
Southern Sports Medicine Partners, LLC	First lien senior secured term loan	S +	6.00%	10.84%	2/23/2027	638		629		630		0.32	%
Varsity DuvaSawko Operating Corp. (6)	First lien senior secured revolving loan	L +	6.25%	10.98%	11/27/2024	474		(4)		(3)		—	%
Varsity DuvaSawko Operating Corp.	First lien senior secured term loan	L +	6.25%	10.98%	11/27/2024	2,553		2,532		2,536		1.30	%
Vital Care Buyer, LLC	First lien senior secured revolving loan	P +	4.25%	11.75%	10/19/2025	580		91		92		0.05	%
Vital Care Buyer, LLC	First lien senior secured term loan	L +	5.25%	9.98%	10/19/2025	907		897		898		0.46	%
Western Veterinary Partners, LLC	First lien senior secured delayed draw term loan	S +	7.25%	12.09%	10/29/2026	508		499		501		0.26	%
Western Veterinary Partners, LLC	First lien senior secured revolving loan	S +	7.25%	12.09%	10/29/2026	24		1		1		—	%
Western Veterinary Partners, LLC	First lien senior secured term loan	S +	7.25%	12.09%	10/29/2026	1,315		1,292		1,299		0.66	%
								47,801		47,767		24.40	%
Health care technology
AHR Intermediate, Inc (6)	First lien senior secured delayed draw term loan	S +	5.75%	10.19%	7/29/2027	$	117	$	(1)	$	(1)	—	%
AHR Intermediate, Inc	First lien senior secured revolving loan	S +	5.75%	10.19%	7/29/2027	150		12		14		0.01	%
AHR Intermediate, Inc	First lien senior secured term loan	S +	5.75%	10.19%	7/29/2027	1,458		1,441		1,443		0.74	%
Millennia Patient Services, LLC (6)	First lien senior secured delayed draw term loan	L +	6.00%	10.38%	3/8/2026	267		(3)		(3)		—	%
Millennia Patient Services, LLC	First lien senior secured revolving loan	L +	6.00%	10.38%	3/8/2026	134		32		32		0.02	%
Millennia Patient Services, LLC	First lien senior secured term loan	L +	6.00%	10.38%	3/8/2026	990		976		978		0.50	%
								2,457		2,463		1.27	%
Household durables
Storm Smart Buyer LLC	First lien senior secured revolving loan	L +	6.00%	10.73%	4/5/2026	$	131	$	77	$	77	0.04	%
Storm Smart Buyer LLC	First lien senior secured term loan	L +	6.00%	10.73%	4/5/2026	908		895		896		0.46	%
Trademark Global, LLC	First lien senior secured revolving loan	L +	7.50%	11.88%	7/30/2024	114		103		99		0.05	%
Trademark Global, LLC	First lien senior secured term loan	L +	7.50%	11.88%	7/30/2024	1,835		1,813		1,743		0.89	%
								2,888		2,815		1.44	%
Internet and direct marketing retail
Aquatic Sales Solutions, LLC	First lien senior secured revolving loan	L +	6.50%	11.01%	12/18/2025	$	188	$	105	$	105	0.05	%
Aquatic Sales Solutions, LLC	First lien senior secured term loan	L +	6.50%	11.16%	12/18/2025	2,515		2,475		2,481		1.27	%
DealerOn Inc. (6)	First lien senior secured revolving loan	S +	5.50%	9.94%	11/19/2024	314		(3)		(2)		—	%
DealerOn Inc.	First lien senior secured term loan	S +	5.50%	9.94%	11/19/2024	1,603		1,586		1,594		0.81	%

31

The accompanying notes are an integral part of these consolidated financial statements.

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
								4,163		4,178		2.13	%
IT services
ARC Healthcare Technologies, LLC	First lien senior secured delayed draw term loan	S +	5.25%	10.09%	6/22/2025	$	188	$	17	$	17	0.01	%
ARC Healthcare Technologies, LLC (6)	First lien senior secured revolving loan	S +	5.25%	10.09%	6/22/2025	75		(1)		(1)		—	%
ARC Healthcare Technologies, LLC	First lien senior secured term loan	S +	5.25%	10.09%	6/22/2025	1,410		1,395		1,398		0.71	%
E-Phoenix Acquisition Co. Inc. (6)	First lien senior secured revolving loan	L +	5.50%	10.23%	6/23/2027	75		(1)		(1)		—	%
E-Phoenix Acquisition Co. Inc.	First lien senior secured term loan	L +	5.50%	10.23%	6/23/2027	1,430		1,416		1,419		0.73	%
FreshAddress, LLC (6)	First lien senior secured revolving loan	L +	5.25%	9.98%	10/5/2025	30		—		—		—	%
FreshAddress, LLC	First lien senior secured term loan	L +	5.25%	9.98%	10/5/2025	1,689		1,670		1,673		0.86	%
Icreon Holdings, LLC (6)	First lien senior secured revolving loan	S +	6.50%	10.94%	10/26/2027	23		(1)		(1)		—	%
Icreon Holdings, LLC	First lien senior secured term loan	S +	6.50%	10.94%	10/26/2027	367		358		358		0.18	%
P and R Dental Strategies, LLC (6)	First lien senior secured revolving loan	L +	6.50%	10.88%	12/22/2026	23		—		—		—	%
P and R Dental Strategies, LLC	First lien senior secured term loan	L +	6.50%	10.88%	12/22/2026	653		642		643		0.33	%
								5,495		5,505		2.82	%
Leisure equipment and products
MacNeill Pride Group Corp.	First lien senior secured delayed draw term loan	S +	6.25%	11.09%	4/22/2026	$	501	$	452	$	453	0.23	%
MacNeill Pride Group Corp.	First lien senior secured revolving loan	S +	6.25%	11.09%	4/22/2026	287		106		106		0.05	%
MacNeill Pride Group Corp.	First lien senior secured term loan	S +	6.25%	11.09%	4/22/2026	867		860		863		0.44	%
Performance PowerSports Group Purchaser, Inc. (6)	First lien senior secured revolving loan	P +	4.75%	11.75%	10/8/2026	56		(1)		(1)		—	%
Performance PowerSports Group Purchaser, Inc.	First lien senior secured term loan	S +	5.75%	10.59%	10/8/2026	1,684		1,654		1,657		0.85	%
								3,071		3,078		1.57	%
Leisure products
PHGP MB Purchaser, Inc. (6)	First lien senior secured delayed draw term loan	S +	6.00%	10.84%	5/27/2027	$	113	$	(2)	$	(2)	—	%
PHGP MB Purchaser, Inc.	First lien senior secured revolving loan	S +	6.00%	10.84%	5/20/2027	75		20		21		0.01	%
PHGP MB Purchaser, Inc.	First lien senior secured term loan	S +	6.00%	10.84%	5/20/2027	1,103		1,083		1,085		0.55	%
								1,101		1,104		0.56	%
Life sciences tools and services
Aptitude Health Holdings, LLC (6)	First lien senior secured revolving loan	L +	5.25%	9.98%	5/3/2026	$	267	$	(4)	$	(3)	—	%
Aptitude Health Holdings, LLC	First lien senior secured term loan	L +	5.25%	9.98%	5/3/2026	1,103		1,087		1,089		0.56	%
								1,083		1,086		0.56	%
Machinery
Abrasive Technology Intermediate, LLC	First lien senior secured revolving loan	L +	6.25%	10.88%	4/30/2026	$	173	$	50	$	50	0.03	%
Abrasive Technology Intermediate, LLC	First lien senior secured term loan	L +	6.25%	10.40%	4/30/2026	935		922		923		0.47	%
DNS IMI Acquisition Corp (6)	First lien senior secured delayed draw term loan	L +	5.75%	10.48%	11/23/2026	75		(1)		(1)		—	%

32

The accompanying notes are an integral part of these consolidated financial statements.

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
DNS IMI Acquisition Corp	First lien senior secured revolving loan	P +	4.75%	12.25%	11/23/2026	56		8		9		—	%
DNS IMI Acquisition Corp	First lien senior secured term loan	L +	5.75%	10.48%	11/23/2026	1,648		1,621		1,624		0.83	%
Double E Company, LLC (6)	First lien senior secured delayed draw term loan	S +	6.00%	10.55%	6/21/2028	49		—		—		—	%
Double E Company, LLC	First lien senior secured revolving loan	P +	5.00%	12.50%	6/21/2028	66		14		15		0.01	%
Double E Company, LLC	First lien senior secured term loan	S +	6.00%	10.55%	6/21/2028	1,050		1,040		1,043		0.53	%
								3,654		3,663		1.87	%
Media
ALM Media, LLC (6)(17)	First lien senior secured revolving loan	L +	6.50%	10.91%	11/25/2024	$	971	$	(9)	$	(9)	—	%
ALM Media, LLC	First lien senior secured term loan	L +	6.50%	10.91%	11/25/2024	2,471		2,443		2,447		1.25	%
Exclusive Concepts, LLC	First lien senior secured delayed draw term loan	L +	6.00%	10.97%	12/9/2026	225		169		170		0.09	%
Exclusive Concepts, LLC (6)	First lien senior secured revolving loan	L +	6.00%	11.15%	12/9/2026	23		—		—		—	%
Exclusive Concepts, LLC	First lien senior secured term loan	L +	6.00%	11.15%	12/9/2026	626		616		617		0.32	%
Infolinks Media Buyco, LLC (6)	First lien senior secured delayed draw term loan	L +	5.50%	10.23%	11/1/2026	39		—		—		—	%
Infolinks Media Buyco, LLC (6)	First lien senior secured revolving loan	L +	5.50%	10.23%	11/1/2026	38		(1)		(1)		—	%
Infolinks Media Buyco, LLC	First lien senior secured term loan	L +	5.50%	10.23%	11/1/2026	1,152		1,134		1,135		0.58	%
The Channel Company, LLC	First lien senior secured revolving loan	S +	5.50%	9.94%	11/1/2027	62		3		3		—	%
The Channel Company, LLC	First lien senior secured term loan	S +	5.50%	10.34%	11/1/2027	2,347		2,311		2,321		1.19	%
								6,666		6,683		3.43	%
Metals and mining
Copperweld Group, Inc.	First lien senior secured revolving loan	P +	5.00%	12.50%	9/27/2024	$	462	$	52	$	58	0.03	%
Copperweld Group, Inc.	First lien senior secured term loan	S +	6.00%	10.84%	9/27/2024	2,285		2,234		2,268		1.16	%
								2,286		2,326		1.19	%
Personal products
Cosmetic Solutions, LLC	First lien senior secured delayed draw term loan	L +	5.75%	10.48%	10/17/2025	$	364	$	360	$	357	0.18	%
Cosmetic Solutions, LLC (6)	First lien senior secured revolving loan	L +	5.75%	10.48%	10/17/2025	344		(4)		(6)		—	%
Cosmetic Solutions, LLC	First lien senior secured term loan	L +	5.75%	10.48%	10/17/2025	2,775		2,742		2,726		1.39	%
								3,098		3,077		1.57	%
Pharmaceuticals
Bio Agri Mix Holdings Inc. (6)(7)	First lien senior secured revolving loan	C +	5.75%	10.63%	7/23/2026	$	30	$	—	$	—	—	%
Bio Agri Mix Holdings Inc. (6)(7)	First lien senior secured revolving loan	C +	5.75%	10.63%	7/23/2026	75		(1)		(1)		—	%
Bio Agri Mix Holdings Inc. (7)	First lien senior secured term loan	C +	5.75%	10.63%	7/23/2026	1,244		973		906		0.46	%
Formulated Buyer, LLC	First lien senior secured delayed draw term loan	L +	5.25%	10.40%	9/22/2026	299		111		111		0.06	%
Formulated Buyer, LLC	First lien senior secured revolving loan	L +	5.25%	10.46%	9/22/2026	188		72		72		0.04	%
Formulated Buyer, LLC	First lien senior secured term loan	L +	5.25%	10.40%	9/22/2026	461		454		454		0.23	%
Maxor National Pharmacy Services, LLC (6)	First lien senior secured revolving loan	L +	5.25%	9.98%	12/6/2027	84		(1)		(1)		—	%

33

The accompanying notes are an integral part of these consolidated financial statements.

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Maxor National Pharmacy Services, LLC	First lien senior secured term loan	L +	5.25%	9.98%	12/6/2027	1,785		1,768		1,758		0.90	%
								3,376		3,299		1.69	%
Professional services
Stax Holding Company, LLC (6)(18)	First lien senior secured revolving loan	L +	5.00%	9.73%	10/29/2026	$	60	$	(1)	$	(1)	—	%
Stax Holding Company, LLC	First lien senior secured term loan	L +	5.00%	9.73%	10/29/2026	817		807		809		0.41	%
								806		808		0.41	%
Real estate management and development
BBG Intermediate Holdings, Inc. (19)	First lien senior secured revolving loan	S +	6.00%	10.84%	1/8/2026	$	233	$	—	$	1	—	%
BBG Intermediate Holdings, Inc.	First lien senior secured term loan	S +	6.00%	10.27%	1/8/2026	1,884		1,857		1,867		0.95	%
MetaSource, LLC (6)	First lien senior secured delayed draw term loan	S +	6.25%	10.69%	5/17/2027	49		—		—		—	%
MetaSource, LLC	First lien senior secured revolving loan	S +	6.25%	10.69%	5/17/2027	75		14		14		0.01	%
MetaSource, LLC	First lien senior secured term loan	S +	6.25%	10.69%	5/17/2027	936		927		930		0.48	%
								2,798		2,812		1.44	%
Semiconductors and semiconductor equipment
Altamira Material Solutions, LP (6)	First lien senior secured revolving loan	L +	5.50%	9.84%	9/2/2026	$	45	$	(1)	$	(1)	—	%
Altamira Material Solutions, LP	First lien senior secured term loan	L +	5.50%	9.84%	9/2/2026	722		710		711		0.36	%
								709		710		0.36	%
Software
Affinitiv, Inc. (6)	First lien senior secured revolving loan	S +	6.00%	10.41%	8/26/2024	$	248	$	(2)	$	(1)	—	%
Affinitiv, Inc.	First lien senior secured term loan	S +	6.00%	10.41%	8/26/2024	2,265		2,243		2,255		1.15	%
ShiftKey, LLC (6)	First lien senior secured revolving loan	S +	5.75%	10.59%	6/21/2027	110		(1)		(1)		—	%
ShiftKey, LLC	First lien senior secured term loan	S +	5.75%	10.59%	6/21/2027	3,740		3,705		3,706		1.88	%
								5,945		5,959		3.03	%
Specialty retail
Dykstra's Auto, LLC	First lien senior secured delayed draw term loan	S +	5.75%	10.39%	10/22/2026	$	186	$	183	$	183	0.09	%
Dykstra's Auto, LLC	First lien senior secured revolving loan	P +	4.50%	10.75%	10/22/2026	38		15		15		0.01	%
Dykstra's Auto, LLC	First lien senior secured term loan	S +	5.75%	10.59%	10/22/2026	492		482		483		0.25	%
Kaizen Auto Care, LLC	First lien senior secured delayed draw term loan	S +	6.00%	10.84%	12/22/2023	225		162		163		0.08	%
Kaizen Auto Care, LLC	First lien senior secured delayed draw term loan	S +	6.00%	10.84%	12/22/2023	223		220		220		0.11	%
Kaizen Auto Care, LLC	First lien senior secured revolving loan	S +	6.00%	10.84%	12/22/2026	38		29		29		0.01	%
Kaizen Auto Care, LLC	First lien senior secured term loan	S +	6.00%	10.84%	12/22/2026	842		828		830		0.42	%
Leonard Group, Inc.	First lien senior secured revolving loan	S +	6.00%	10.79%	2/26/2026	234		25		30		0.02	%
Leonard Group, Inc.	First lien senior secured term loan	S +	6.00%	10.84%	2/26/2026	1,718		1,696		1,706		0.87	%

34

The accompanying notes are an integral part of these consolidated financial statements.

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)		Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)		Fair Value		Percentage of Net Assets
Pink Lily Holdings, LLC (6)	First lien senior secured revolving loan	L +	6.50%	10.88%	11/16/2027	63		(1)		(1)		—	%
Pink Lily Holdings, LLC	First lien senior secured term loan	L +	6.50%	10.88%	11/16/2027	1,357		1,337		1,339		0.68	%
Soccer Post Acquisition, LLC	First lien senior secured delayed draw term loan	S +	5.75%	10.91%	6/30/2027	38		35		35		0.02	%
Soccer Post Acquisition, LLC	First lien senior secured revolving loan	S +	5.75%	10.59%	6/30/2027	38		22		22		0.01	%
Soccer Post Acquisition, LLC	First lien senior secured term loan	S +	5.75%	10.59%	6/30/2027	705		694		695		0.36	%
								5,727		5,749		2.93	%
Trading companies and distributors
AFC Industries, Inc.	First lien senior secured delayed draw term loan	S +	6.25%	10.80%	4/9/2027	$	352	$	348	$	343	0.18	%
AFC Industries, Inc.	First lien senior secured delayed draw term loan	S +	6.25%	10.80%	4/9/2027	234		189		188		0.10	%
AFC Industries, Inc. (20)	First lien senior secured revolving loan	S +	6.25%	10.79%	10/9/2026	156		64		62		0.03	%
AFC Industries, Inc.	First lien senior secured term loan	S +	6.25%	10.68%	4/9/2027	767		758		748		0.38	%
Banner Buyer, LLC	First lien senior secured delayed draw term loan	L +	5.75%	10.13%	10/31/2025	569		565		568		0.29	%
Banner Buyer, LLC	First lien senior secured revolving loan	L +	5.75%	10.13%	10/31/2025	370		71		72		0.04	%
Banner Buyer, LLC	First lien senior secured term loan	L +	5.75%	10.13%	10/31/2025	1,371		1,358		1,363		0.70	%
Empire Equipment Company, LLC	First lien senior secured revolving loan	S +	5.50%	9.80%	1/17/2025	439		215		215		0.11	%
Empire Equipment Company, LLC	First lien senior secured term loan	S +	5.50%	9.94%	1/17/2025	1,547		1,530		1,533		0.78	%
Montway LLC	First lien senior secured delayed draw term loan	S +	6.25%	11.06%	11/4/2025	675		665		665		0.34	%
Montway LLC (6)	First lien senior secured revolving loan	S +	6.25%	11.47%	11/4/2025	150		(2)		(2)		—	%
Montway LLC	First lien senior secured term loan	S +	6.25%	11.47%	11/4/2025	716		704		705		0.36	%
Shearer Supply, LLC	First lien senior secured revolving loan	P +	4.25%	11.75%	9/17/2027	113		81		81		0.04	%
Shearer Supply, LLC	First lien senior secured term loan	S +	5.25%	10.09%	9/17/2027	924		909		911		0.47	%
Triad Technologies, LLC (6)	First lien senior secured revolving loan	L +	4.75%	9.48%	10/31/2025	314		(3)		(3)		—	%
Triad Technologies, LLC	First lien senior secured term loan	S +	5.50%	10.23%	10/31/2025	931		921		923		0.47	%
								8,373		8,372		4.29	%
Water utilities
Diamondback Buyer, LLC (6)	First lien senior secured revolving loan	S +	5.50%	10.38%	7/22/2026	$	75	$	(1)	$	(1)	—	%
Diamondback Buyer, LLC	First lien senior secured term loan	S +	5.50%	10.17%	7/22/2026	1,201		1,179		1,186		0.61	%
								1,178		1,185		0.61	%
Total non-controlled/non-affiliated senior secured debt								$	180,510	$	179,768	91.91	%
Non-controlled/non-affiliated sponsor subordinated note
Trading companies and distributors
Empire Equipment Company, LLC	Sponsor subordinated note	12.50% + 7.00% PIK			7/17/2025			$	11	$	12	0.01	%
Shearer Supply, LLC	Sponsor subordinated note	12.50% + 7.00% PIK			3/17/2028			5		5		—	%

35

The accompanying notes are an integral part of these consolidated financial statements.

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Company(1)(2)	Investment	Reference Rate  and Spread(5)	Interest Rate	Maturity Date	Principal/ Par Amount(3)	Amortized Cost(4)		Fair Value		Percentage of Net Assets
Total non-controlled/non-affiliated sponsor subordinated note						16		17		0.01	%
Total non-controlled/non-affiliated investments						$	180,526	$	179,785	91.92	%
Non-controlled/affiliated investments
Multisector holdings
Twin Brook Equity Holdings, LLC (21) (22) (23)	Equity - 1.90% membership interest					$	7,123	10,333		5.28	%
Twin Brook Segregated Equity Holdings, LLC (21) (22) (23)	Equity - 2.11% membership interest					14		21		0.01	%
Total non-controlled/affiliated investments						$	7,137	$	10,354	5.29	%
Total investments						$	187,663	$	190,139	97.21	%

(1)Unless otherwise indicated, all investments are considered Level 3 investments.

(2)Unless otherwise indicated, all investments represent co-investments made with the Company's affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

(3)Principal/par amount is denominated in U.S. Dollars ("$") unless otherwise noted, Canadian Dollars ("C$").

(4)The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(5)Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the Term Secured Overnight Financing Rate (“Term SOFR” or “S”) and/or an alternate base rate (e.g. prime rate (“P”)), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the applicable margin has been provided over Term SOFR based on each respective credit agreement. As of December 31, 2022, the reference rates for the floating rate loans were the Term SOFR of 4.30% and the Prime Rate of 7.50%.

(6)Represents revolvers and delayed draw term loans where the entire balance is unfunded as of December 31, 2022. The negative fair value is a result of the commitment being valued below par. Refer to Note 8 for further information.

(7)Represents investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2022, non-qualifying assets(foreign investments and derivative contracts)represented approximately 5.55% of the total assets of the Company.

(8)Principal balance includes reserve for letter of credit of $1,875 on which the borrower pays 6.00%.

(9)Principal balance includes reserve for letter of credit of $15,654 on which the borrower pays 7.00%.

(10)Principal balance includes reserve for letter of credit of $10,663 on which the borrower pays 5.50%.

36

The accompanying notes are an integral part of these consolidated financial statements.

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

(11)Principal balance includes reserve for letter of credit of $2,145 on which the borrower pays 6.75%.

(12)Principal balance includes reserve for letter of credit of $9,735 on which the borrower pays 6.00%.

(13)Principal balance includes reserve for letter of credit of $2,851 on which the borrower pays 6.25%.

(14)Principal balance includes reserve for letter of credit of $2,620 on which the borrower pays 7.00%.

(15)Principal balance includes reserve for letter of credit of $3,337 on which the borrower pays 6.00%.

(16)Principal balance includes reserve for letter of credit of $5,410 on which the borrower pays 7.50%.

(17)Principal balance includes reserve for letter of credit of $141,677 on which the borrower pays 0.00%.

(18)Principal balance includes reserve for letter of credit of $1,013 on which the borrower pays 5.00%.

(19)Principal balance includes reserve for letter of credit of $3,517 on which the borrower pays 6.00%.

(20)Principal balance includes reserve for letter of credit of $6,240 on which the borrower pays 6.25%

(21)As a practical expedient, the Company uses net asset value ("NAV") to determine the fair value of this investment. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels. This represents an investment in an affiliated fund.

(22)Securities exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2022, the aggregate fair value of these securities is $10,354 or 5.29% of the Company's net assets.

(23)Non-income producing investment.

37

The accompanying notes are an integral part of these consolidated financial statements.

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands)

Additional Information

Foreign currency forward contracts

Counterparty	Currency Purchased	Currency Sold	Settlement	Unrealized Appreciation/ (Depreciation)
Wells Fargo Bank, National Association	CAD 48	USD 35	1/23/2023	$	—
Wells Fargo Bank, National Association	USD 640	CAD 872	1/23/2023	(4)
Wells Fargo Bank, National Association	USD 921	CAD 1,262	1/23/2023	(11)
Total				$	(15)
Currency Abbreviations:
USD - U.S. Dollar
CAD - Canadian Dollar

38

The accompanying notes are an integral part of these consolidated financial statements.

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

Note 1. Organization

AG Twin Brook BDC, Inc. (the “Company”), formerly known as 1889 BDC, Inc., is a Delaware corporation which was formed on February 4, 2016. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for tax purposes, the Company has elected to be treated as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company seeks to provide risk-adjusted returns and current income to investors by investing primarily in senior secured debt of middle market companies. The Company may also invest opportunistically in other parts of the capital structure, including senior secured stretch and unitranche facilities, second lien loans, mezzanine and mezzanine-related loans, and equity investments, as well as select other subordinated instruments either directly or through acquisitions in the secondary market.

AG Twin Brook Manager, LLC (the “Advisor”), a wholly-owned subsidiary of Angelo, Gordon & Co., L.P. (“Angelo Gordon”), serves as the investment advisor of the Company. The Advisor is registered as an investment advisor with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940.

Twin Brook Capital Partners, LLC (“TBCP”) is an affiliate of Angelo Gordon and provides collateral agent, administrative and other services with respect to certain investments held by the Company. Twin Brook Capital Servicer, LLC (“TBCS”) is an affiliate of Angelo Gordon and provides loan servicing with respect to certain investments held by the Company.

The Company conducts private offerings (each, a “Private Offering”), where investors make a capital commitment to purchase shares of the Company’s common stock pursuant to a subscription agreement entered into with the Company. Investors will be required to make capital contributions to purchase shares of the Company’s common stock each time the Company delivers a drawdown notice. The initial closing of the Private Offering occurred on July 19, 2019 (the “Initial Closing”), and additional closings of the Private Offering are expected to occur from time to time as determined by the Company. Upon the earlier to occur of (i) a Qualified IPO (as defined below), and (ii) the five year anniversary of the Initial Closing, investors will be released from any further obligation to purchase additional shares, subject to certain exceptions. A “Qualified IPO” is an initial public offering (“IPO”) of the Company’s common stock that results in an unaffiliated public float of at least the lower of (A) $60 million and (B) 17.5% of the aggregate capital commitments received prior to the date of such initial public offering.

The Company commenced its loan origination and investment activities with the initial drawdown from investors in the Private Offering on July 29, 2019 (the commencement of operations). The Company made its first portfolio company investment in August 2019.

Note 2. Significant Accounting Policies

Basis of Accounting

The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification

39

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

(“ASC”) Topic 946, Financial Services – Investment Companies. These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the financial position and results of operations for the periods presented herein. The Company commenced operations on July 29, 2019 and its fiscal year ends on December 31.

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2023.

Principles of Consolidation

The Company conducts certain of its activities through its wholly-owned subsidiaries Twin Brook Capital Funding XVIII, LLC and Twin Brook Equity XVIII Corp. The Company consolidates wholly-owned subsidiaries that are controlled by the Company. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Cash

Cash is comprised of cash on deposit with major financial institutions. The Company places its cash with high credit quality institutions to minimize credit risk exposure.

Investment Related Transactions, Revenue Recognition and Expenses

Investment transactions and the related revenue and expenses are recorded on a trade-date basis. Realized gains and losses on investment transactions are determined using the specific identification method. All costs associated with consummated investments are included in the cost of such investments. Broken deal expenses incurred in connection with investment transactions which are not successfully consummated are expensed as a component of “Other” expense on the consolidated statements of operations.

Interest income and interest expense are recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Company and calculated using the effective interest method. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income.

40

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

Upon prepayment of investments in debt instruments, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as “Interest” income on the consolidated statements of operations. Interest received in-kind, computed at the contractual rate specified in each investment agreement, is added to the principal balance of the investment and reported as “Interest” income on the consolidated statements of operations. The Company records dividend income from private securities pursuant to the terms of the respective investments.

The Company may earn various fees during the life of the loans. Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Company on an ongoing basis. These fees and any other income are recognized as earned as a component of "Other" income on the consolidated statements of operations.

Investments at Fair Value

The Company applies Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, the Companydiscloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). ASC 820 establishes three levels of the fair value hierarchy as follows:

Level 1Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date;

Level 2Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active;

Level 3Inputs that are unobservable.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, interest rates, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement; however, the determination of what constitutes “observable” requires significant judgment by the Company. The Company considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Company’s perceived risk of that instrument.

The availability of observable inputs can vary from product to product and is affected by a wide variety of factors, including for example, the type of product, whether the product is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or

41

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company, the Board, and the Advisor in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.

Investments in investment funds include vehicles structured for the purpose of investing in privately held common and preferred equity interests. Fair values are generally determined utilizing the NAV supplied by, or on behalf of, management of each investment fund, which is net of management and incentive fees or allocations charged by the investment fund, if applicable, and is in accordance with the “practical expedient”, as defined by FASB Accounting Standards Update (“ASU”) 2009-12, Investments in Certain Entities that Calculate Net Asset Value per Share. NAVs received by, or on behalf of, management of each investment fund are based on the fair value of the investment funds’ underlying investments in accordance with policies established by management of each investment fund, as described in each of their financial statements and offering memorandum. Withdrawals and distributions from investments in investment funds are at the discretion of the Advisor and may depend on the liquidation of underlying assets. Investments which are valued using NAV as a practical expedient are excluded from the above hierarchy.

The Board has designated the Advisor as its “valuation designee” pursuant to Rule 2a-5 under the 1940 Act (“Rule 2a-5”), and in that role, the Advisor is responsible for performing fair value determinations relating to all of the Company’s investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. Even though the Board designated the Advisor as “valuation designee” the Board ultimately responsible for fair value determinations under the 1940 Act.

Under the valuation policies and procedures that have been approved by the Board, the Advisor conducts a multi-step valuation process, which includes, among other procedures, the following:

•The valuation process begins with each investment being initially valued by using certain inputs provided by, among other inputs, the investment professionals responsible for the portfolio investment in conjunction with the portfolio management team.

•The Advisor’s management reviews the preliminary valuations with the investment professionals.

•The Advisor determines the fair value of each investment; valuations that are not based on readily available market quotations are valued in good faith, based on, among other things, the input of the Advisor and, where applicable, other third parties. Valuation determinations are presented to the Board.

When determining the fair value of Level 3 investments, the Advisor may take into account the following factors, where relevant: recent transactions, the enterprise value of the underlying company, the nature and realizable value of any collateral, the underlying company’s ability to make payments and its earnings and discounted cash flows, the markets in which the underlying company does business, financial covenants, the seniority of the financial instrument in the capital structure of the company, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest

42

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

expense, income tax expense, depreciation and amortization (“EBITDA”). The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Advisor will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Advisor uses a market interest rate yield analysis to determine fair value.

The Company’s investments trade infrequently and when they are traded, the price may be unobservable, and as a result, multiple external pricing sources may not be available. In such instances, the Advisor may use an internal pricing model as either a corroborating or sole data point in determining the price. Pricing models take into account the contractual terms of the financial instrument, as well as relevant inputs, including where applicable, equity prices, interest rate yield curves, credit curves, correlation, and the creditworthiness of the counterparty. The Advisor generally engages third party firm(s) to assist in validating certain financial instruments where multiple external prices cannot be obtained. The third party firm(s) either independently determine prices or assess the reasonableness of the Advisor’s prices. The analyses provided by such third party firm(s) are reviewed and considered by the Advisor. As part of the risk management process, the Advisor reviews and analyzes the prices obtained from external pricing sources to evaluate their reliability and accuracy, which includes identifying and excluding vendor prices and broker quotations that the Advisor believes does not reflect fair value. In addition, the Advisor’s valuation committee meets regularly and engages in ongoing reviews of the valuation processes and procedures including reviews of methodology, ongoing accuracy, source quality and independence. Such reviews include, but are not limited to, comparison of current vendor prices and broker quotations against ongoing daily trading activity, vendor due diligence, and back testing.

Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the assumptions are set to reflect those that the Company believes market participants would use in pricing the asset or liability at the measurement date.

Foreign Currency Translation

Amounts denominated in foreign currencies are translated into USD on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into USD based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into USD based upon currency exchange rates prevailing on the transaction dates.

The Company does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within net realized and unrealized gain (loss) on investments on the consolidated statements of operations. Unrealized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates are included in the net change in unrealized gain (loss) on foreign currency translation on the consolidated statements of operations. Net realized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to changes in foreign currency exchange rates are

43

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

included in net realized gain (loss) on foreign currency transactions on the consolidated statements of operations.

Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Foreign Currency Forward Contracts

The Company may enter into foreign currency forward contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Forward foreign currency contracts are marked-to-market at the applicable forward rate. Unrealized gain (loss) on foreign currency forward contracts are recorded on the consolidated statements of assets and liabilities on a gross basis, not taking into account collateral posted which is recorded separately, if applicable. Notional amounts of foreign currency forward contract assets and liabilities are presented separately on the consolidated schedules of investments. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date.

The Company does not utilize hedge accounting and as such, the Company recognizes its derivatives at fair value with changes in the net unrealized gain (loss) on foreign currency forward contracts recorded on the consolidated statements of operations.

Offering Costs

Offering costs in connection with the offering of common shares of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the commencement of operations. These expenses consist primarily of legal fees and other costs incurred with the Company’s share offerings, the preparation of the Company’s registration statement, and registration fees.

Deferred Financing Costs

Deferred financing costs consist of financing costs incurred in connection with obtaining the Company’s subscription facility. Such financing costs are capitalized and amortized over the life of the facility utilizing the straight-line method. For the three and six months ended June 30, 2022, the Company amortized approximately $0 and $47,000 of financing costs which have been included in “Interest” expense on the consolidated statements of operations. As of June 30, 2023, there were no such facilities outstanding.

Deferred Income

Deferred income consists of annual administrative agent fees received in connection with the servicing of certain loan investments. Such fees are deferred when received and recognized as earned over the applicable period. For the three and six months ended June 30, 2023, the Company received approximately $68,000 and $137,000 of agent fees, respectively. During the three and six months ended June 30, 2023, approximately $84,000 and $167,000 of agent fees, respectively, have been

44

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

recognized as earned and included in “Other” income on the consolidated statements of operations. For the three and six months ended June 30, 2022, the Company received approximately $73,000 and $132,000 of agent fees, respectively. During the three and six months ended June 30, 2022, approximately $77,000 and $145,000 of agent fees, respectively, have been recognized as earned and included in “Other” income on the consolidated statements of operations.

Income Taxes

The Company has elected to be regulated as a BDC under the 1940 Act. The Company also has elected to be treated as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended. As a RIC, the Company generally will not have to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes timely to its shareholders as dividends. To the extent the Company continues to qualify as a RIC, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company.

To continue to qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to continue to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. The Company will generally be subject to a 4% non-deductible U.S. federal excise tax on certain undistributed income or gains in respect of any calendar year, unless it distributes annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the one-year period ending on October 31 in such calendar year and (iii) any net ordinary income and capital gain net income recognized, but not distributed, in preceding years. The Company, at its discretion, may carry forward taxable income for distribution in the following taxable year and pay the applicable U.S. federal excise tax. For the three and six months ended June 30, 2023 and 2022, the Company did not accrue U.S. federal excise tax.

The Company conducts certain of its activities through its wholly-owned subsidiary, Twin Brook Equity XVIII Corp., a Delaware C corporation. Twin Brook Equity XVIII Corp. is treated as a corporation for United States federal income tax purposes and is subject to U.S. federal, state or local income tax. For the three and six months ended June 30, 2023, the Company accrued a current federal tax provision of $65,000 and $271,000. As of June 30, 2023, the Company had a deferred federal tax liability of $389,000, representing a decrease of $147,000 for the three months ended June 30, 2023 and an increase of $389,000 for the six months ended June 30, 2023 related to Twin Brook Equity XVIII Corp. The Company did not accrue any U.S. federal tax expense for the three and six months ended June 30, 2022 related to Twin Brook Equity XVIII Corp.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to,

45

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

on-going analyses of tax laws, regulations and interpretations thereof. There were no tax penalties, and no interest associated with income taxes was incurred through June 30, 2023.

Loan Syndications and Participations

The Company may originate certain loans and then syndicate all or a portion of those loans to a third party. For the three and six months ended June 30, 2023, the Company earned approximately $8,000 and $24,000 of syndication and other origination fee income, which is included in “Other” income on the consolidated statements of operations. For the three and six months ended June 30, 2022, the Company earned approximately $211,000 and $292,000 of syndication and other origination fee income, which is included in “Other” income on the consolidated statements of operations.

The Company follows the guidance in Accounting Standards Codification (“ASC”) Topic 860 Transfers and Servicing when accounting for loan participations and other partial loan sales. Such guidance requires a participation or other partial loan sale to meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales that do not meet the definition of a participating interest remain on the consolidated statements of assets and liabilities and the proceeds are recorded as a secured borrowing until the definition is met. Secured borrowings are carried at fair value to correspond with the related investments, which are carried at fair value. There were no participations that were accounted for as secured borrowings during the period.

Dividends

Dividends to common stockholders are recorded on the record date. The amount to be distributed, if any, is determined by the Board each quarter. The Company intends to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such dividends. However, the Company may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed dividends to stockholders.

46

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

Note 3. Investments

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, "non-affiliated investments" are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the consolidated financial statements, including the consolidated schedule of investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled affiliated investments.

Investments at fair value and amortized cost consisted of the following as of June 30, 2023 and December 31, 2022:

	June 30, 2023				December 31, 2022
(Amounts in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First lien senior secured debt	$	178,591	$	177,151	$	180,510	$	179,768
Sponsor subordinated note	11		12		16		17
Investment in affiliated funds	7,242		9,084		7,137		10,354
Total investments	$	185,844	$	186,247	$	187,663	$	190,139

47

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

The industry composition of investments based on fair value as of June 30, 2023 and December 31, 2022 was as follows:

	June 30, 2023		December 31, 2022
Aerospace and defense	1.1	%	1.1	%
Air freight and logistics	0.4	%	0.4	%
Auto components	1.7	%	1.7	%
Chemicals	4.1	%	4.0	%
Commercial services and supplies	6.1	%	5.4	%
Construction and engineering	1.8	%	1.8	%
Containers and packaging	2.6	%	2.6	%
Distributors	0.5	%	0.5	%
Diversified consumer services	6.0	%	7.5	%
Electrical equipment	0.7	%	0.7	%
Electronic equipment, instruments and components	1.5	%	1.4	%
Food and staples retailing	2.7	%	2.9	%
Food products	2.0	%	1.9	%
Gas utilities	0.7	%	0.8	%
Health care equipment and supplies	2.8	%	2.5	%
Health care providers and services	27.2	%	25.2	%
Health care technology	1.4	%	1.3	%
Household durables	1.5	%	1.5	%
Industrial Conglomerates	0.3	%	—	%
Internet and direct marketing retail	2.2	%	2.2	%
IT services	2.2	%	2.9	%
Leisure equipment and products	1.5	%	1.6	%
Leisure products	0.6	%	0.6	%
Life sciences tools and services	0.6	%	0.6	%
Machinery	2.0	%	1.9	%
Media	3.6	%	3.6	%
Metals and mining	1.3	%	1.2	%
Multisector holdings	4.9	%	5.5	%
Personal products	1.6	%	1.6	%
Pharmaceuticals	0.8	%	1.7	%
Professional services	0.4	%	0.4	%
Real estate management and development	1.6	%	1.5	%
Semiconductors and semiconductor equipment	0.4	%	0.4	%
Software	3.2	%	3.1	%
Specialty retail	2.9	%	3.0	%
Trading companies and distributors	4.4	%	4.4	%
Water utilities	0.7	%	0.6	%
Total	100.0	%	100.0	%

As of June 30, 2023, 99.1% of investments held were based in the United States and 0.9% were based in Canada. As of December 31, 2022, 99.2% of investments were based in the United States and 0.8% were based in Canada.

48

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

Note 4. Fair Value of Investments

Fair Value Disclosures

The following tables present the fair value hierarchy of financial instruments as of June 30, 2023:

	Assets at Fair Value as June 30, 2023
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
First lien senior secured debt	$	—	$	—	$	177,151	$	177,151
Sponsor subordinated note	—		—		12		12
Total	$	—	$	—	$	177,163	$	177,163
Investments measured at net asset value(1)							9,084
Total financial instruments, at fair value							$	186,247

(1)Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

	Liabilities at Fair Value as of June 30, 2023
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
Foreign currency forward contracts	$	—	$	29	$	—	$	29

The following tables present the fair value hierarchy of financial instruments as of December 31, 2022:

	Assets at Fair Value as of December 31, 2022
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
First lien senior secured debt	$	—	$	—	$	179,768	$	179,768
Sponsor subordinated note	—		—		17		17
Total	$	—	$	—	$	179,785	$	179,785
Investments measured at net asset value(1)							10,354
Total financial instruments, at fair value							$	190,139

(1)Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

	Liabilities at Fair Value as of December 31, 2022
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
Foreign currency forward contracts	$	—	$	15	$	—	$	15

49

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three and six months ended June 30, 2023 and 2022:

	Level 3 Assets at Fair Value for the Three Months Ended June 30, 2023*
(Amounts in thousands)	Balance 4/1/2023		Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 6/30/2023		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2023
First lien senior secured debt	$	174,487	$	7,977	$	(5,568)	$	317	$	3	$	(65)	$	177,151	$	(65)
Sponsor subordinated notes	18		—		(6)		—		—		—		12		—
Total	$	174,505	$	7,977	$	(5,574)	$	317	$	3	$	(65)	$	177,163	$	(65)

*Gains and losses are included in their respective captions in the consolidated statements of operations.

**Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable.

	Level 3 Assets at Fair Value for the Six Months Ended June 30, 2023*
(Amounts in thousands)	Balance 1/1/2023		Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 6/30/2023		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2023
First lien senior secured debt	$	179,768	$	12,695	$	(15,309)	$	693	$	2	$	(698)	$	177,151	$	(699)
Sponsor subordinated notes	17		—		(5)		—		—		—		12		—
Total	$	179,785	$	12,695	$	(15,314)	$	693	$	2	$	(698)	$	177,163	$	(699)

*Gains and losses are included in their respective captions in the consolidated statements of operations.

**Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable

50

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

	Level 3 Assets at Fair Value for the Three Months Ended June 30, 2022*
(Amounts in thousands)	Balance 4/1/2022		Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 6/30/2022		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/22
First lien senior secured debt	$	153,712	$	28,396	$	(12,099)	$	246	$	22	$	(246)	$	170,031	$	(239)
Sponsor subordinated notes	16		—		—		—		—		—		16		—
Total	$	153,728	$	28,396	$	(12,099)	$	246	$	22	$	(246)	$	170,047	$	(239)

*Gains and losses are included in their respective captions in the consolidated statements of operations.

**Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable.

	Level 3 Assets at Fair Value for the Six Months Ended June 30, 2022*
(Amounts in thousands)	Balance 1/1/2022		Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 6/30/2022		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/22
First lien senior secured debt	$	151,105	$	41,439	$	(22,987)	$	475	$	57	$	(58)	$	170,031	$	(63)
Sponsor subordinated notes	16		—		—		—		—		—		16		—
Total	$	151,121	$	41,439	$	(22,987)	$	475	$	57	$	(58)	$	170,047	$	(63)

*Gains and losses are included in their respective captions in the consolidated statements of operations.

**Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable.

Significant Unobservable Inputs

In accordance with ASC 820, the following tables provide quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of June 30, 2023 and December 31, 2022. The table is not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

51

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

Asset Class	Fair Value as of 6/30/23		Valuation Techniques	Significant Unobservable Inputs	Input Ranges	Weighted Average (1)		Impact to Valuation from an Increase in Input
	(Amounts in thousands)
First lien senior secured debt	$	170,114	Discounted cash flow	Yield	9.9% - 20.6%	12.1	%	Decrease
	2,383		Market comparable	Forward EBITDA multiple	43.8x	43.8x		Increase
Sponsor subordinated notes	12		Market comparable	LTM EBITDA multiple	7.6x	7.6x		Increase
	$	172,509

(1)Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

Asset Class	Fair Value as of 12/31/22		Valuation Techniques	Significant Unobservable Inputs	Input Ranges	Weighted Average (1)		Impact to Valuation from an Increase in Input
	(Amounts in thousands)
First lien senior secured debt	$	171,353	Discounted cash flow	Yield	9.6% - 16.9%	11.1	%	Decrease
	2,323		Market comparable	Forward EBITDA multiple	8.8x	8.8x		Increase
Sponsor subordinated notes	17		Market comparable	LTM EBITDA multiple	7.1x	7.1x		Increase
	$	173,693

(1)Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

The Company’s other Level 3 investments have been valued primarily using recent transactions. The significant unobservable input used in the discounted cash flow is the yield. The yield is used to discount the estimated future cash flows expected to be received from the underlying investment. The Company considers the portfolio company performance since close, the leverage used by the portfolio company relative to its total enterprise value and other risks associated with an investment in determining the yield. The significant unobservable input used in the market comparable is the latest twelve month “LTM” EBITDA multiple.

52

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

Note 5. Subscription Facility

In accordance with the 1940 Act, the Company can borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowings, subject to certain limitations. There were no outstanding borrowings as of June 30, 2023 and December 31, 2022.

On August 14, 2019, the Company entered into a revolving credit facility (the “Subscription Facility”) with Wells Fargo Bank, National Association (the “Lender”). The Subscription Facility enabled the Company to request loans from the Lender up to a maximum commitment of $15 million. The borrowings under the Subscription Facility are collateralized by the eligible unfunded capital commitments of investors in the Company. The total amount available under the Subscription Facility may be reduced as a result of decreases in the unfunded capital commitments of investors in the Company as well as other provisions of the Subscription Facility. On May 4, 2022, the Company terminated the Subscription Facility's revolving credit agreement.

Borrowings under the Subscription Facility bore interest at either (i) LIBOR plus the applicable margin of 1.50%, if the borrowing was a LIBOR Rate Loan or (ii) the Prime Rate plus the applicable margin of 0.50%, if the borrowing was a Reference Rate Loan. In addition, the Company paid an unused commitment fee of 0.20% per annum on the daily unused commitments of the Lender. The maturity date of the Subscription Facility was Aug 12, 2022.

The Subscription Facility contained representations, warranties, covenants, including financial covenants, events of default and indemnities that are customary for agreements of this type.

There were no debt obligations as of June 30, 2023 and December 31, 2022.

For the three and six months ended June 30, 2023 and 2022, the components of interest expense were as follows:

(Amounts in thousands)	Three Months Ended June 30, 2023		Three Months Ended June 30, 2022		Six Months Ended June 30, 2023		Six Months Ended June 30, 2022
Interest expense	$	—	$	—	$	—	$	8
Amortization of deferred financing costs	—		—		—		47
Total interest expense	—		—		—		55
Average interest rate	N/A		N/A		N/A		N/A
Average daily borrowings	N/A		N/A		N/A		N/A

53

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

Note 6. Agreements and Related Party Transactions

Administration Agreement

On June 26, 2019, the Company entered into an Administration Agreement (the “Administration Agreement”) with Angelo Gordon (the “Administrator”). Under the terms of the Administration Agreement, the Administrator performs, or oversees the performance of, required administrative services, which include providing office space, equipment and office services, maintaining financial records, preparing reports to shareholders and reports filed with the SEC, and managing the payment of expenses and the performance of administrative and professional services rendered by others.

The Company reimburses the Administrator for services performed for it pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Administrator for any services performed for it by such affiliate or third party.

Unless earlier terminated as described below, the Administration Agreement will remain in effect until June 26, 2024 and from year to year thereafter if approved annually by the vote of the Board of Directors of the Company and the vote of a majority of the Company’s Independent Directors. The Administration Agreement may be terminated by either party without penalty upon not less than 60 days’ written notice to the other.

No person who is an officer, director, or employee of the Administrator or its affiliates and who serves as a director of the Company receives any compensation from the Company for his or her services as a director. However, the Company reimburses the Administrator (or its affiliates) for an allocable portion of the compensation paid by the Administrator or its affiliates to the Company’s officers who provide operational and administrative services, as well as their respective staffs and other professionals who provide services to the Company, who assist with the preparation, coordination and administration of the foregoing or provide other “back office” or “middle office” financial or operational services to the Company (based on the percentage of time those individuals devote to the business and affairs of the Company). Directors who are not affiliated with the Administrator receive compensation for their services and reimbursement of expenses incurred to attend meetings.

For the three and six months ended June 30, 2023, the Administrator charged approximately $91,000 and $106,000 for certain costs and expenses allocable to the Company under the terms of the Administration agreement. For the three and six months ended June 30, 2022, the Administrator charged approximately $63,000 and $117,000, respectively, for certain costs and expenses allocable to the Company under the terms of the Administration agreement.

Investment Management Agreement

On June 26, 2019, the Company entered into an Investment Management Agreement (the “Investment Management Agreement”) with the Advisor. Under the terms of the Investment Management Agreement, the Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company’s investments and monitoring the Company’s investments and portfolio companies on an ongoing basis.

54

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

Unless earlier terminated as described below, the Investment Management Agreement will remain in effect until June 26, 2024 and from year to year thereafter if approved annually by (a) the vote of the Board of Directors of the Company or by the vote of a majority of the outstanding voting securities of the Company and (b) the vote of a majority of the Company’s Independent Directors. The Investment Management Agreement will automatically terminate in the event of assignment. The Investment Management Agreement may be terminated without penalty upon not less than 60 days’ written notice by the vote of a majority of the outstanding voting securities of the Company, or by the vote of the Company’s Directors or by the Advisor.

From time to time, the Advisor may pay amounts owed by the Company to third-party providers of goods or services and the Company will subsequently reimburse the Advisor for such amounts paid on its behalf. Amounts payable to the Advisor are settled in the normal course of business without formal payment terms.

The Investment Management Agreement also provides that the Company reimburses the Advisor for certain organizational costs incurred prior to the commencement of the Company’s operations, and for certain offering costs. The Company has agreed to repay the Advisor for initial organizational costs and offering costs up to a maximum of $1.25 million, with the Advisor bearing any organizational and offering costs in excess of such amount.

As of June 30, 2023, the Company had approximately $1.2 million payable to Angelo Gordon for operating costs which is included in “Accrued expenses and other liabilities payable to affiliate” on the consolidated statements of assets and liabilities. As of December 31, 2022, the Company had approximately $677,000 payable to Angelo Gordon for operating costs which is included in “Accrued expenses and other liabilities payable to affiliate” on the consolidated statements of assets and liabilities.

Under the terms of the Investment Management Agreement, the Company will pay the Advisor a base management fee and may also pay to it certain incentive fees. The cost of both the base management fee and the incentive fee will ultimately be borne by the Company’s shareholders.

The base management fee is calculated at an annual rate of 0.60% of the Company’s gross assets, excluding cash and cash equivalents. For services rendered under the Investment Management Agreement, the base management fee is payable quarterly in arrears. The base management fee is calculated based on the average value of the Company’s gross assets (excluding cash and cash equivalents) at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter. Base management fees for any partial month or quarter will be appropriately pro-rated. For purposes of the Investment Management Agreement, cash equivalents means U.S. government securities and commercial paper instruments maturing within one year of purchase. Upon the occurrence of a Qualified IPO, the base management fee will be calculated at an annual rate of 1.25% of the Company’s gross assets, excluding cash and cash equivalents.

For the three and six months ended June 30, 2023, the Company accrued approximately $278,000 and $559,000, respectively, of base management fees payable to the Advisor. For the three and six months ended June 30, 2022, the Company accrued approximately $254,000 and $495,000, respectively, of base management fees payable to the Advisor. As of June 30, 2023 and December 31, 2022, base

55

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

management fees payable by the Company to the Advisor were approximately $278,000 and $281,000, respectively.

Pursuant to the Investment Management Agreement, the Advisor is entitled to an incentive fee (“Incentive Fee”), which consists of two components; an incentive fee based on income and an incentive fee based on capital gains.

The first part, the income incentive fee, is calculated and payable quarterly in arrears and equals (a) 100% of the excess of the Company’s pre-incentive fee net investment income for the immediately preceding calendar quarter, over a preferred return of 1% per quarter (4% annualized) (the “Hurdle”), until the Advisor has received a “catch-up” equal to 16.75% of the pre-incentive fee net investment income for the current quarter; and (b) 16.75% of all remaining pre-incentive fee net investment income above the “catch-up.”

The second part, the capital gains incentive fee, is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Investment Management Agreement), and equals 16.75% of the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of the fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees (the “Cumulative Capital Gains”). We will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Advisor if we were to sell the relevant investment and realize a capital gain.

For the three and six months ended June 30, 2023, the Company accrued approximately $816,000 and $1.5 million, respectively, of income incentive fees payable to the Advisor. For the three and six months ended June 30, 2022, the Company accrued approximately $442,000 and $823,000, respectively, of income incentive fees payable to the Advisor. As of June 30, 2023 and December 31, 2022, the Company had approximately $816,000 and $712,000, respectively, of income incentive fees payable to the Advisor.

As of December 31, 2022, March 31, 2023, and June 30, 2023, the Company had $583,000, $497,000 and $378,000 of accrued capital gains incentive fees, respectively, of which none were paid or payable to the Advisor. This represents a decrease in accrued capital gains incentive fees of $119,000 and $205,000 for the three and six months ended June 30, 2023, respectively.

Affiliated Transactions

The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the Company’s Independent Directors, and in some cases, the prior approval of the SEC. The Company intends to rely on exemptive relief that has been granted by the SEC to the Company, the Advisor, and Angelo Gordon to permit the Company to co-invest with other funds managed by the Advisor or Angelo Gordon, in a manner consistent with the Company’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.

Pursuant to such exemptive relief, the Company is generally permitted to co-invest with certain of its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Company and its

56

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

shareholders and do not involve overreaching of the Company or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Company’s shareholders and is consistent with its investment objective and strategies, and (3) the investment by its affiliates would not disadvantage the Company, and the Company’s participation would not be on a basis different from or less advantageous than that on which its affiliates are investing. In certain situations where co-investment with one or more funds managed by Angelo Gordon is not permitted or appropriate, Angelo Gordon will need to decide which funds will proceed with the investment. Angelo Gordon will make these determinations based on its policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations.

Investment in Affiliated Funds

The Company holds equity investments through its interest in the affiliated funds, Twin Brook Equity Holdings, LLC and Twin Brook Segregated Equity Holdings, LLC, which were created to hold equity interests that are purchased alongside the underlying portfolio companies' debt.

Fair value as of June 30, 2023 and 2022 and transactions during the three and six months ended June 30, 2023 and 2022 of the Company’s investments in affiliates were as follows:

	Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2023
(Amounts in thousands)	Fair Value as of April 1, 2023		Gross Additions		Gross Reductions		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of June 30, 2023		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	9,592	$	230	$	(136)	$	104	$	(725)	$	9,065	$	—
Twin Brook Segregated Equity Holdings, LLC	18		—		—		—		1		19		—
Total non-controlled/affiliated investments	$	9,610	$	230	$	(136)	$	104	$	(724)	$	9,084	$	—

	Investment in Affiliated Funds at Fair Value for the Six Months Ended June 30, 2023
(Amounts in thousands)	Fair Value as of January 1, 2023		Gross Additions		Gross Reductions		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of June 30, 2023		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	10,333	$	339	$	(1,114)	$	880	$	(1,373)	$	9,065	$	—
Twin Brook Segregated Equity Holdings, LLC	21		—		—		—		(2)		19		—
Total non-controlled/affiliated investments	$	10,354	$	339	$	(1,114)	$	880	$	(1,375)	$	9,084	$	—

57

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

	Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2022
(Amounts in thousands)	Fair Value as of April 1, 2022		Gross Additions		Gross Reductions		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of June 30, 2022		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	8,447	$	463	$	(25)	$	—	$	812	$	9,697	$	—
Twin Brook Segregated Equity Holdings, LLC	18		—		—		—		3		21
Total non-controlled/affiliated investments	$	8,465	$	463	$	(25)	$	—	$	815	$	9,718	$	—

	Investment in Affiliated Funds at Fair Value for the Six Months Ended June 30, 2022
(Amounts in thousands)	Fair Value as of January 1, 2022		Gross Additions		Gross Reductions		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of June 30, 2022		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	7,972	$	701	$	(33)	$	—	$	1,057	$	9,697	$	—
Twin Brook Segregated Equity Holdings, LLC	14		—		—		—		7		21
Total non-controlled/affiliated investments	$	7,986	$	701	$	(33)	$	—	$	1,064	$	9,718	$	—

58

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

Note 7. Derivatives

The Company may enter into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies.

In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or a similar agreement with its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Company and a counterparty that governs OTC derivatives, including foreign currency forward contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

For the three and six months ended June 30, 2023, the Company’s average USD notional exposure to foreign currency forward contracts was approximately $1,427,000 and $1,459,000, respectively.

The following table presents both gross and net information about derivative instruments eligible for offset in the consolidated statements of assets and liabilities as of June 30, 2023:

Counterparty	Gross Amount of Assets	Gross Amount of Liabilities	Net Amount of Assets/(Liabilities)		Collateral Received/Pledged(1)		Net Amounts(2)
Wells Fargo Bank, National Association	—	29	$	(29)	$	—	$	(29)

(1)Amount excludes excess cash collateral paid.

(2)Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable.

The following table presents both gross and net information about derivative instruments eligible for offset in the consolidated statements of assets and liabilities as of December 31, 2022:

Counterparty	Gross Amount of Assets	Gross Amount of Liabilities		Net Amount of Assets/(Liabilities)		Collateral Received/Pledged(1)		Net Amounts(2)
Wells Fargo Bank, National Association	—	$	15	$	(15)	$	—	$	(15)

(1)Amount excludes excess cash collateral paid.

(2)Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable.

59

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

The effect of transactions in derivative instruments on the consolidated statements of operations during the three and six months ended June 30, 2023 was as follows:

	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023
Net change in unrealized gain (loss) on foreign currency forward contracts	$	(38)	$	(15)
Realized (loss) on foreign currency forward contracts	4		(18)

The effect of transactions in derivative instruments on the consolidated statements of operations during the three and six months ended June 30, 2022 was as follows:

	Three Months Ended June 30, 2022		Six Months Ended June 30, 2022
Net change in unrealized gain (loss) on foreign currency forward contracts	$	18	$	—
Realized (loss) on foreign currency forward contracts	30		28

Note 8. Commitments and Contingencies

Commitments

The Company’s investment portfolio may contain debt investments that are in the form of revolving lines of credit and unfunded delayed draw commitments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements.

Unfunded portfolio company commitments and funded debt investments are presented on the consolidated schedule of investments and are fair valued. Unrealized appreciation or depreciation, if any, is included in the consolidated statements of assets and liabilities and consolidated statements of operations.

As of June 30, 2023 and December 31, 2022, the Company had the following outstanding commitments to fund investments in current portfolio companies:

Portfolio Company	June 30, 2023		December 31, 2022
First lien senior secured debt(1)	(Amounts in thousands)		(Amounts in thousands)
50Floor, LLC	$	—	$	199
626 Holdings Equity, LLC	147		229
Abrasive Technology Intermediate, LLC	87		121
ACES Intermediate, LLC	150		150
Advanced Lighting Acquisition, LLC	259		324
AEP Passion Intermediate Holdings, Inc.	37		48
AFC Industries, Inc.	101		131
Affinitiv, Inc.	248		248
Agility Intermediate, Inc.	53		383
AHR Intermediate, Inc	165		252
Alliance Environmental Group, LLC	24		23
ALM Media, LLC	971		971

60

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

Portfolio Company	June 30, 2023	December 31, 2022
Altamira Material Solutions, LP	45	45
AM Buyer, LLC	64	111
Answer Acquisition, LLC	28	38
Apex Dental Partners, LLC	152	179
Aptitude Health Holdings, LLC	267	267
Aquatic Sales Solutions, LLC	5	80
ARC Healthcare Technologies, LLC	—	244
ASC Ortho Management, LLC	57	69
ASP Global Acquisition, LLC	485	647
AvCarb, LLC	455	467
Banner Buyer, LLC	296	296
BBG Intermediate Holdings, Inc.	4	229
BCI Burke Holding Corp.	185	185
Beacon Oral Specialists Management LLC	188	152
Beghou Consulting, LLC	60	—
Behavior Frontiers, LLC	38	19
Benefit Plan Administrators of Eau Claire, LLC	181	225
Bio Agri Mix Holdings Inc.	87	85
Brightview, LLC	96	111
Bulk Lift International, LLC	180	38
Canadian Orthodontic Partners Corp.	23	168
CCG Acquisition, Inc.	19	19
Champion Motorsports Group, LLC	56	—
Change Academy at Lake of the Ozarks, LLC	86	113
CL Services Acquisition, LLC	124	—
Community Care Partners, LLC	87	136
Copperweld Group, Inc.	339	401
Cosmetic Solutions, LLC	344	344
CPS HVAC Group, LLC	143	144
Custom Agronomics Holdings, LLC	45	45
DealerOn Inc.	314	314
Dermatology Medical Partners OpCo, LLC	62	78
Diamondback Buyer, LLC	38	75
DNS IMI Acquisition Corp	131	122
Domino Equipment Company, LLC	79	79
Double E Company, LLC	86	99
Dykstra's Auto, LLC	28	22
Edko Acquisition, LLC	38	34
EH Management Company, LLC	15	15
Empire Equipment Company, LLC	345	219
EMSAR Acquisition LLC	13	13
Endodontic Practice Partners, LLC	114	145
Engelman Baking Co., LLC	189	174
E-Phoenix Acquisition Co. Inc.	75	75
Exclusive Concepts, LLC	23	74
Flourish Research Acquisition, LLC	75	—

61

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

Portfolio Company	June 30, 2023	December 31, 2022
Formulated Buyer, LLC	279	297
Franchise Fastlane, LLC	15	15
FreshAddress, LLC	30	30
Geriatric Medical and Surgical Supply, LLC	248	300
Gold Medal Holdings, Inc.	6	26
Golden Bear PT Partners, LLC	22	188
Green Monster Acquisition, LLC	38	38
Groundworks Operations, LLC	—	420
Guardian Dentistry Practice Management, LLC	23	23
H2 Holdco, Inc.	240	—
Highland Acquisition, Inc.	30	30
HLSG Intermediate, LLC	40	60
Home Brands Group Holdings, Inc.	48	48
Hultec Buyer, LLC	81	—
Hydromax USA, LLC	228	68
Icelandirect, LLC	8	2
Icreon Holdings, LLC	23	23
IMA Group Management Company, LLC	209	—
Infolinks Media Buyco, LLC	53	77
Innovative FlexPak, LLC	122	154
IPC Pain Acquisition, LLC	53	303
ISSA, LLC	131	131
ITSavvy LLC	43	113
Juniper Landscaping Holdings LLC	55	51
Kaizen Auto Care, LLC	8	66
Kalkomey Enterprises, LLC	31	77
Leonard Group, Inc.	234	203
Load One Purchaser Corporation	218	218
MacNeill Pride Group Corp.	332	225
Mad Rose Company, LLC	52	58
Main Street Gourmet, LLC	647	643
Mattco Forge, Inc.	506	506
Maxor National Pharmacy Services, LLC	—	84
Medical Technology Associates, Inc.	38	38
MetaSource, LLC	94	109
Millennia Patient Services, LLC	113	367
Montway LLC	150	150
MRC Keeler Acquisition, LLC	150	75
Nelson Name Plate Company	99	89
Network Partners Acquisition, LLC	150	150
NH Kronos Buyer, Inc.	263	263
Nimlok Company, LLC	320	320
NutriScience Innovations, LLC	131	131
P and R Dental Strategies, LLC	23	23
Peak Dental Services, LLC	38	303
Peak Investment Holdings, LLC	404	908

62

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

Portfolio Company	June 30, 2023	December 31, 2022
Pentec Acquisition Corp.	75	75
Performance PowerSports Group Purchaser, Inc.	—	56
PHGP MB Purchaser, Inc.	174	166
Pink Lily Holdings, LLC	63	63
PPW Acquisition, LLC	28	—
PRA Acquisition, LLC	45	—
Propio LS, LLC	63	19
Purpose Home Health Acquisition, LLC	188	188
Qin's Buffalo, LLC	113	113
QLS Buyer, Inc	38	—
Raneys, LLC	38	38
Reliable Medical Supply LLC	94	97
Revival Animal Health, LLC	86	86
Rose Paving, LLC	48	41
RQM Buyer, Inc.	206	191
RTP Acquisition, LLC	34	34
Sage Dental Management, LLC	75	75
SAMGI Buyer, Inc.	138	138
SASE Company, LLC	15	38
SCA Buyer, LLC	141	167
SCP Beverage Buyer, LLC	30	23
SCP ENT and Allergy Services, LLC	372	413
Shearer Supply, LLC	—	30
ShiftKey, LLC	110	110
Signature Dental Partners LLC	45	65
Silver Falls MSO, LLC	60	2
SimiTree Acquisition LLC	186	186
SIMKO Merger Sub, LLC	171	170
Soccer Post Acquisition, LLC	35	17
Southeast Primary Care Partners, LLC	47	177
Southern Orthodontic Partners Management, LLC	89	136
Southern Sports Medicine Partners, LLC	35	175
Spectrum Solutions, LLC	267	267
Stax Holding Company, LLC	60	60
Steel City Wash, LLC	16	22
Storm Smart Buyer LLC	131	52
Sun Orchard, LLC	113	105
Teel Plastics, LLC	324	324
The Channel Company, LLC	18	58
Trademark Global, LLC	36	9
Triad Technologies, LLC	332	314
United Land Services Opco Parent, LLC	517	693
Universal Pure, LLC	116	278
USALCO, LLC	43	58
Vanguard Packaging, LLC	535	481
Varsity DuvaSawko Operating Corp.	474	474

63

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

Portfolio Company	June 30, 2023		December 31, 2022
Vehicle Accessories, Inc.	38		38
Vital Care Buyer, LLC	580		483
Western Veterinary Partners, LLC	24		22
Yard-Nique, Inc	158		163
Total unfunded portfolio company commitments	$	20,656	$	23,867

(1)Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date.

As of June 30, 2023 and December 31, 2022, approximately $199,000 and $207,000, respectively, of the Company's unfunded revolver commitments are reserved for letters of credit issued to third party beneficiaries on behalf of the Company's investments.

Investor Commitments

As of June 30, 2023 and December 31, 2022, the Company had $216.0 million in total capital commitments from investors ($21.6 million undrawn). These undrawn capital commitments will no longer remain in effect following the completion of a Qualified IPO.

Four investors in the Company have aggregate capital commitments representing 100% of the Company’s total capital commitments. Such concentration of investor commitments could have a material effect on the Company.

Other Commitments and Contingencies

From time to time, the Company may become a party to certain legal proceedings during the normal course of business. As of June 30, 2023, and December 31, 2022, management was not aware of any material pending or threatened litigation.

Note 9. Net Assets

Subscriptions and Drawdowns

As of June 30, 2023, the Company had 9,672,358 shares issued and outstanding with a par value of $0.001 per share.

The Company has entered into subscription agreements with investors providing for the private placement of the Company’s common shares. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase the Company’s common shares up to the amount of their respective capital commitment on an as-needed basis each time the Advisor delivers a drawdown notice to such investors.

During the six months ended June 30, 2023, there were no capital call notices delivered to investors.

During the six months ended June 30, 2022, the Advisor delivered the following capital call notices to investors:

64

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

Six Months Ended June 30, 2022
Capital Drawdown Notice Date	Common Share Issuance Date	Number of Common Shares Issued	Aggregate Offering Price ($ in millions)
May 12, 2022	May 26, 2022	531,182	$10.80
Total		531,182	$10.80

Dividends

The following table reflects dividends declared on shares of the Company's common stock during the six months ended June 30, 2023 and 2022:

For the Six Months Ended June 30, 2023
Date Declared	Record Date	Payment Date	Dividend per Share
March 14, 2023	March 31, 2023	April 28, 2023	$0.25
May 10, 2023	June 30, 2023	July 28, 2023	$0.25

For the Six Months Ended June 30, 2022
Date Declared	Record Date	Payment Date	Dividend per Share
April 14, 2022	April 18, 2022	April 29, 2022	$0.20
May 11, 2022	June 30, 2022	July 29, 2022	$0.20

Note 10. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per common share for the three and six months ended June 30, 2023 and 2022:

(Amounts in thousands, except share and per share amounts)	Three Months Ended June 30, 2023		Three Months Ended June 30, 2022		Six Months Ended June 30, 2023		Six Months Ended June 30, 2022
Net increase (decrease) in net assets resulting from operations	$	3,476	$	2,837	$	6,341	$	5,184
Weighted average shares of common stock outstanding - basic and diluted	$	9,672	$	9,345	$	9,672	$	9,244
Earnings (loss) per common share - basic and diluted	$	0.36	$	0.30	$	0.66	$	0.56

Note 11. Income Taxes

Taxable income generally differs from net increase (decrease) in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized.

The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital or total distributable earnings (losses), as appropriate. For the six months ended June 30, 2023, permanent differences were approximately $480,000, primarily related to net income from wholly-owned subsidiary. There were no permanent differences for the six months ended June 30, 2022.

65

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

Note 12. Financial Highlights

The following are financial highlights for a common share outstanding during the six months ended June 30, 2023 and 2022:

(Amounts in thousands, except share and per share amounts)	Six Months Ended June 30, 2023			Six Months Ended June 30, 2022
Per share data:
Net asset value, beginning of period	$	20.22		$	20.14
Net investment income (loss)(1)	0.78			0.44
Net realized and unrealized gain (loss) on investment transactions(1)	(0.12)			0.12
Total from operations	0.66			0.56
Dividends declared	(0.50)			(0.40)
Total increase (decrease) in net assets	0.16			0.16
Net asset value, end of period	$	20.38		$	20.30
Shares outstanding, end of period	9,672,358			9,672,358
Total return(2)(3)	3.3		%	2.8		%
Ratios / supplemental data
Ratio of gross expenses to average net assets(3)(4)(5)	1.7		%	1.3		%
Ratio of net expenses to average net assets(3)(4)(6)	1.7		%	1.3		%
Ratio of net investment income (loss) to average net assets(3)(4)	3.8		%	2.2		%
Net assets, end of period	$	197,092		$	196,319
Weighted average shares outstanding	9,672,358			9,243,891
Total capital commitments, end of period	$	216,000		$	216,000
Ratio of total contributed capital to total committed capital, end of period	90.0		%	90.0		%
Portfolio turnover rate(7)	6.9		%	13.6		%
Asset coverage ratio(8)	N/A			N/A

(1)The per share data was derived using the weighted average shares outstanding during the period.

(2)Total return is calculated as the change in net asset value ("NAV") per share during the period, plus dividends per share, if any, divided by the NAV per share at the beginning of the period.

(3)Not annualized.

(4)Average net assets are computed using the average balance of net assets at the end of each month of the reporting period.

(5)Ratio of gross expenses to average net assets is computed using expenses before waivers from the Administrator, if applicable.

(6)Ratio of net expenses to average net assets is computed using total expenses net of waivers from the Administrator, if applicable.

(7)Portfolio turnover rate is calculated using the lesser of total sales or total purchases over the average of the investments at fair value for the periods reported.

(8)Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) total debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period. The ratio is not applicable as of June 30, 2023 or June 30, 2022 as there was no debt outstanding during the period.

66

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

Note 13. Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of these consolidated financial statements. There have been no subsequent events that occurred that would require disclosure in, or would be required to be recognized in, these consolidated financial statements, except as discussed below:

On July 27, 2023, the Company’s Board declared a special dividend of $0.7556 per share of Common Stock, payable on July 28, 2023 to stockholders of record as of July 27, 2023.

On July 28, 2023, AG Twin Brook Capital Income Fund, a Delaware statutory trust (“TCAP”), completed its previously announced acquisition of the Company, with TCAP continuing as the surviving company (the “Transaction”). The Transaction was completed pursuant to an Agreement and Plan of Merger, dated May 19, 2023, by and between the Parties. Prior to the Transaction closing, the Company was an affiliated business development company (“BDC”) managed by Angelo Gordon. TCAP is a public, non-exchange traded BDC, managed by AGTB Fund Manager, LLC, which is also a wholly-owned subsidiary of Angelo Gordon.

As of the effective time, each share of common stock, outstanding immediately prior to the effective time was converted into the right to receive $20 per share in cash, without interest, subject to any applicable withholding taxes. TCAP paid total cash consideration in connection with the Transaction of approximately $193 million.

67

XML

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 11, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	814-01520
Entity Registrant Name	AG Twin Brook Capital Income Fund
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-6102187
Entity Address, Address Line One	245 Park Avenue
Entity Address, Address Line Two	26th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10167
City Area Code	212
Local Phone Number	692-2000
Title of 12(g) Security	Common Shares, par value $0.001 per share
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,183,428
Entity Central Index Key	0001913724
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

XML

Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands	Jun. 30, 2023		Dec. 31, 2022
Assets
Investments at fair value	$ 984,342	[1],[2]	$ 824,487	[3],[4]
Cash	15,350		22,659
Restricted cash	25,956		15,850
Deferred financing costs	7,175		7,892
Interest receivable	3,802		6,023
Deferred offering costs	1,086		459
Prepaid expenses	38		138
Total assets	1,037,749		877,508
Liabilities
Debt (Note 5)	423,200		323,200
Interest payable	6,206		4,782
Dividend payable	4,173		15,707
Income incentive fee payable	1,915		1,412
Management fees payable	1,770		1,397
Accrued expenses and other liabilities payable to affiliate	1,390		1,064
Deferred tax liability	924		0
Capital gains incentive fee payable	793		249
Deferred income	509		614
Due to affiliate	0		188
Total liabilities	440,880		348,613
Commitments and contingencies (Note 7)
Net assets
Class I common shares $0.001 par value, unlimited shares authorized; 23,183,428 and 20,943,030 shares issued and outstanding, respectively	23		21
Additional paid-in-capital	583,748		528,878
Total distributable earnings (loss)	13,098		(4)
Total net assets	596,869		528,895
Total liabilities and net assets	$ 1,037,749		$ 877,508
Net asset value per share (in usd per share)	$ 25.75		$ 25.25
Non-controlled/non-affiliated
Assets
Investments at fair value	$ 945,778		$ 797,019
Non-controlled/affiliated
Assets
Investments at fair value	$ 38,564		$ 27,468

[1] Unless otherwise indicated, all investments are considered Level 3 investments. Under section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”), we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of June 30, 2023, there were no non-qualifying assets.

[2] Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

[3] Unless otherwise indicated, all investments are considered Level 3 investments. Under section 55(a) of the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2022, there were no non-qualifying assets.

[4] Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

XML

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023		Jan. 01, 2023	Dec. 31, 2022		Jun. 30, 2022
Investments, amortized cost	$ 978,154	[1],[2],[3]		$ 822,663	[4],[5],[6]
Common shares, par value (in usd per share)	$ 0.001		$ 0.001	$ 0.001
Common shares, issued (in shares)	23,183,428			20,943,030
Common shares, outstanding (in shares)	23,183,428			20,943,030		7,000,000
Non-controlled/non-affiliated
Investments, amortized cost	$ 943,989			$ 795,429
Non-controlled/affiliated
Investments, amortized cost	$ 34,165			$ 27,234

[1] The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

[2] Unless otherwise indicated, all investments are considered Level 3 investments. Under section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”), we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of June 30, 2023, there were no non-qualifying assets.

[3] Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

[4] The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

[5] Unless otherwise indicated, all investments are considered Level 3 investments. Under section 55(a) of the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2022, there were no non-qualifying assets.

[6] Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

XML

Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended		5 Months Ended	6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2023
Investment income
Total investment income		$ 28,643	$ 715	$ 715	$ 53,710
Expenses
Interest		9,625	104	104	17,317
Income incentive fees	[1]	1,915	0	0	3,585
Management fees	[1]	1,770	174	174	3,410
Offering costs		836	60	60	1,618
Other		357	38	38	643
Professional fees		721	16	16	1,273
Administrative fees	[1]	321	255	255	1,072
Capital gains incentive fees	[1]	209	0	0	543
Organizational costs		0	61	381	528
Accounting fees		114	72	72	272
Insurance fees		23	82	82	112
Trustees' fees		45	52	52	89
Total expenses		15,936	914	1,234	30,462
Net investment income (loss) before taxes		12,707	(199)	(519)	23,248
Deferred federal tax provision	[2]	346	0	0	924
Net investment income (loss) after taxes		12,361	(199)	(519)	22,324
Net realized gain (loss) on investment transactions:
Net realized (gain) loss on investments				0	(18)
Net change in unrealized gain (loss) on investment transactions:
Net change in unrealized (appreciation) depreciation on investments				(6)	4,364
Total net realized and unrealized gain (loss) on investment transactions		1,673	(6)	(6)	4,346
Net increase (decrease) in net assets resulting from operations		$ 14,034	$ (205)	$ (525)	$ 26,670
Net investment income (loss) per share - basic (in usd per share)		$ 0.54	$ (0.09)	$ (0.34)	$ 1.02
Net investment income (loss) per share - diluted (in usd per share)		0.54	(0.09)	(0.34)	1.02
Earnings (loss) per share - basic (in usd per share)		0.62	(0.09)	(0.34)	1.22
Earnings (loss) per share - diluted (in usd per share)		$ 0.62	$ (0.09)	$ (0.34)	$ 1.22
Weighted average shares outstanding - basic (in shares)		22,724,706	2,241,785	1,533,872	21,890,401
Weighted average shares outstanding - diluted (in shares)		22,724,706	2,241,785	1,533,872	21,890,401
Non-controlled/non-affiliated
Investment income
Interest		$ 28,312	$ 297	$ 297	$ 52,451
Other		331	418	418	1,259
Total investment income		28,643	715	715	53,710
Net realized gain (loss) on investment transactions:
Net realized (gain) loss on investments		0	0	0	(18)
Net change in unrealized gain (loss) on investment transactions:
Net change in unrealized (appreciation) depreciation on investments		29	(6)	(6)	199
Non-controlled/affiliated
Net realized gain (loss) on investment transactions:
Net realized (gain) loss on investments		0	0	0	0
Net change in unrealized gain (loss) on investment transactions:
Net change in unrealized (appreciation) depreciation on investments		$ 1,644	$ 0	$ 0	$ 4,165

[1] Refer to Note 6 - Agreements and Related Party Transactions

[2] Related to the Company’s wholly-owned, consolidated subsidiary, Twin Brook Equity XXXIII Corp., which is treated as a corporation for United States federal income tax purposes

XML

Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands	3 Months Ended		5 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2023
Increase (decrease) in net assets resulting from operations
Net investment income (loss)	$ 12,361	$ (199)	$ (519)	$ 22,324
Net realized gain (loss)	0	0	0	(18)
Net change in unrealized gain (loss)	1,673	(6)	(6)	4,364
Net increase (decrease) in net assets resulting from operations	14,034	(205)	(525)	26,670
Dividends
Dividends declared from earnings	(12,295)	0	0	(16,120)
Net increase (decrease) in net assets resulting from dividends	(12,295)	0	0	(16,120)
Capital share transactions
Proceeds from shares sold	49,325	174,998	175,000	57,140
Distributions reinvested	284	0	0	284
Net increase (decrease) in net assets resulting from capital share transactions	49,609	174,998	175,000	57,424
Total increase (decreases) in net assets	51,348	174,793	174,475	67,974
Net assets, at beginning of period	545,521	(318)	0	528,895
Net assets, at end of period	$ 596,869	$ 174,475	$ 174,475	$ 596,869

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	5 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2023
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$ (525)	$ 26,670
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Net realized (gain) loss on investments	0	18
Net change in unrealized (appreciation) depreciation on investments	6	(4,364)
Net accretion on debt instruments	(25)	(2,186)
Net paydown gain on debt instruments	0	(359)
Interest received in-kind	0	(59)
Purchases and drawdowns of investments	(85,995)	(253,754)
Proceeds from sales and paydowns of investments	0	100,849
Amortization of deferred financing costs	45	867
Amortization of deferred offering costs	60	1,618
Change in operating assets and liabilities:
(Increase) decrease in interest receivable	(243)	2,221
(Increase) decrease in prepaid expenses	0	100
Increase (decrease) in interest payable	58	1,424
Increase (decrease) in accrued expenses and other liabilities payable to affiliate	466	326
Increase (decrease) in income incentive fees payable	0	503
Increase (decrease) in management fees payable	174	373
Increase (decrease) in deferred tax liability	0	924
Increase (decrease) in capital gains incentive fees payable	0	544
Increase (decrease) in deferred income	107	(105)
Increase (decrease) in due to affiliate	360	(188)
Increase (decrease) in organizational costs payable to affiliate	378	0
Net cash used in operating activities	(85,134)	(124,578)
Cash flows from financing activities
Dividends paid	0	(27,370)
Proceeds from issuance of common shares	173,512	57,140
Borrowings on debt	1,000	230,400
Payments on debt	0	(130,400)
Payments for deferred financing costs	(3,522)	(150)
Payments for deferred offering costs	(360)	(2,245)
Net cash provided by financing activities	170,630	127,375
Net change in cash	85,496	2,797
Cash, beginning of period	0	38,509
Cash, end of period	85,496	41,306
Supplemental and non-cash information
Contributions receivable	1,488	0
Distributions reinvested	0	284
Cash paid during the period for interest	1	15,026
Dividends payable	0	4,173
The following table provides a reconciliation of cash and restricted cash reported within the consolidated statements of assets and liabilities:
Cash	85,496	15,350
Restricted cash	0	25,956
Total cash and restricted cash	$ 85,496	$ 41,306

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Consolidated Schedule of Investments - USD ($) $ in Thousands		Jun. 30, 2023		Mar. 31, 2023	Dec. 31, 2022		Jun. 30, 2022	Mar. 31, 2022	Jan. 26, 2022
Schedule of Investments [Line Items]
Amortized Cost		$ 978,154	[1],[2],[3]		$ 822,663	[4],[5],[6]
Fair Value		$ 984,342	[2],[3]		$ 824,487	[5],[6]
Percentage of Net Assets		164.92%	[2],[3]		155.89%	[5],[6]
Non-controlled/non-affiliated
Schedule of Investments [Line Items]
Amortized Cost		$ 943,989			$ 795,429
Fair Value		$ 945,778			$ 797,019
Percentage of Net Assets		158.46%			150.70%
Non-controlled/affiliated
Schedule of Investments [Line Items]
Amortized Cost		$ 34,165			$ 27,234
Fair Value		$ 38,564		$ 33,380	$ 27,468		$ 2,248	$ 0	$ 0
Percentage of Net Assets		6.46%			5.19%
Air freight and logistics
Schedule of Investments [Line Items]
Amortized Cost		$ 20,036			$ 20,082
Fair Value		$ 20,087			$ 20,138
Percentage of Net Assets		3.37%			3.82%
Auto components
Schedule of Investments [Line Items]
Amortized Cost		$ 19,742			$ 7,204
Fair Value		$ 19,794			$ 7,218
Percentage of Net Assets		3.31%			1.37%
Chemicals
Schedule of Investments [Line Items]
Amortized Cost		$ 3,804			$ 3,810
Fair Value		$ 3,814			$ 3,823
Percentage of Net Assets		0.63%			0.72%
Commercial services and supplies
Schedule of Investments [Line Items]
Amortized Cost		$ 29,404			$ 17,788
Fair Value		$ 29,445			$ 17,832
Percentage of Net Assets		4.92%			3.37%
Construction and engineering
Schedule of Investments [Line Items]
Amortized Cost		$ 61,561			$ 51,071
Fair Value		$ 61,688			$ 51,155
Percentage of Net Assets		10.33%			9.67%
Containers and packaging
Schedule of Investments [Line Items]
Amortized Cost		$ 56,940			$ 57,103
Fair Value		$ 57,072			$ 57,213
Percentage of Net Assets		9.57%			10.81%
Diversified consumer services
Schedule of Investments [Line Items]
Amortized Cost		$ 66,818			$ 50,365
Fair Value		$ 66,909			$ 50,460
Percentage of Net Assets		11.21%			9.55%
Electrical equipment
Schedule of Investments [Line Items]
Amortized Cost		$ 9,617			$ 9,798
Fair Value		$ 9,638			$ 9,820
Percentage of Net Assets		1.61%			1.85%
Electronic equipment, instruments and components
Schedule of Investments [Line Items]
Amortized Cost		$ 13,260			$ 11,097
Fair Value		$ 13,286			$ 11,127
Percentage of Net Assets		2.23%			2.11%
Food and staples retailing
Schedule of Investments [Line Items]
Amortized Cost		$ 18,372			$ 28,761
Fair Value		$ 18,398			$ 28,761
Percentage of Net Assets		3.08%			5.43%
Food products
Schedule of Investments [Line Items]
Amortized Cost		$ 40,195			$ 33,599
Fair Value		$ 40,277			$ 33,676
Percentage of Net Assets		6.76%			6.36%
Health care equipment and supplies
Schedule of Investments [Line Items]
Amortized Cost		$ 42,122			$ 33,966
Fair Value		$ 42,202			$ 33,983
Percentage of Net Assets		7.07%			6.42%
Health care providers and services
Schedule of Investments [Line Items]
Amortized Cost		$ 280,376			$ 217,286
Fair Value		$ 280,892			$ 217,773
Percentage of Net Assets		47.09%			41.18%
Health care technology
Schedule of Investments [Line Items]
Amortized Cost		$ 28,379			$ 24,611
Fair Value		$ 28,451			$ 24,700
Percentage of Net Assets		4.76%			4.67%
Household durables
Schedule of Investments [Line Items]
Amortized Cost		$ 68,907			$ 49,881
Fair Value		$ 69,016			$ 49,988
Percentage of Net Assets		11.56%			9.44%
Industrial Conglomerates
Schedule of Investments [Line Items]
Amortized Cost		$ 14,087
Fair Value		$ 14,116
Percentage of Net Assets		2.37%
IT services
Schedule of Investments [Line Items]
Amortized Cost		$ 8,017			$ 31,838
Fair Value		$ 8,035			$ 31,886
Percentage of Net Assets		1.35%			6.03%
Machinery
Schedule of Investments [Line Items]
Amortized Cost		$ 18,496			$ 17,944
Fair Value		$ 18,546			$ 18,000
Percentage of Net Assets		3.11%			3.41%
Media
Schedule of Investments [Line Items]
Amortized Cost		$ 69,602			$ 70,147
Fair Value		$ 69,744			$ 70,282
Percentage of Net Assets		11.68%			13.29%
Professional services
Schedule of Investments [Line Items]
Amortized Cost		$ 15,674			$ 15,726
Fair Value		$ 15,701			$ 15,756
Percentage of Net Assets		2.63%			2.98%
Software
Schedule of Investments [Line Items]
Amortized Cost		$ 11,649			$ 11,632
Fair Value		$ 11,675			$ 11,661
Percentage of Net Assets		1.95%			2.21%
Specialty retail
Schedule of Investments [Line Items]
Amortized Cost		$ 9,044			$ 9,902
Fair Value		$ 9,060			$ 9,922
Percentage of Net Assets		1.52%			1.87%
Trading companies and distributors
Schedule of Investments [Line Items]
Amortized Cost		$ 37,887			$ 21,818
Fair Value		$ 37,932			$ 21,845
Percentage of Net Assets		6.35%			4.13%
Investment, Identifier [Axis]: A.P.A. Industries, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread	[7],[8]	6.25%
Interest Rate	[7]	11.75%
Principal/Par Amount	[7],[9]	$ 1,523
Amortized Cost	[7]	(35)
Fair Value	[7]	$ (33)
Percentage of Net Assets	[7]	(0.01%)
Investment, Identifier [Axis]: A.P.A. Industries, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread	[8]	6.25%
Interest Rate		11.75%
Principal/Par Amount	[9]	$ 10,065
Amortized Cost		9,836
Fair Value		$ 9,849
Percentage of Net Assets		1.65%
Investment, Identifier [Axis]: ACES Intermediate, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		5.50%	[7],[8]		5.75%	[10],[11]
Interest Rate		10.72%	[7]		10.63%	[10]
Principal/Par Amount		$ 6,964	[7],[9]		$ 6,964	[10],[12]
Amortized Cost		(113)	[7]		(127)	[10]
Fair Value		$ (104)	[7]		$ (117)	[10]
Percentage of Net Assets		(0.02%)	[7]		(0.02%)	[10]
Investment, Identifier [Axis]: ACES Intermediate, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		5.50%	[8]		5.75%	[11]
Interest Rate		10.72%			10.63%
Principal/Par Amount		$ 31,219	[9]		$ 31,376	[12]
Amortized Cost		30,693			30,789
Fair Value		$ 30,747			$ 30,859
Percentage of Net Assets		5.16%			5.83%
Investment, Identifier [Axis]: ADVI Health, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		7.00%	[7],[8]		7.00%	[10],[11]
Interest Rate		12.50%	[7]		11.67%	[10]
Principal/Par Amount		$ 1,062	[7],[9]		$ 1,062	[10],[12]
Amortized Cost		(23)	[7]		(26)	[10]
Fair Value		$ (22)	[7]		$ (26)	[10]
Percentage of Net Assets		0.00%	[7]		0.00%	[10]
Investment, Identifier [Axis]: ADVI Health, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		7.00%	[8]		7.00%	[11]
Interest Rate		12.50%			11.67%
Principal/Par Amount		$ 6,211	[9]		$ 6,242	[12]
Amortized Cost		6,070			6,089
Fair Value		$ 6,081			$ 6,089
Percentage of Net Assets		1.02%			1.15%
Investment, Identifier [Axis]: AHR Intermediate, Inc, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Spread		5.25%	[8]		5.75%	[10],[11]
Interest Rate		10.60%			10.19%	[10]
Principal/Par Amount		$ 5,202	[9]		$ 5,202	[10],[12]
Amortized Cost		3,795			(31)	[10]
Fair Value		$ 3,782			$ (47)	[10]
Percentage of Net Assets		0.63%			(0.01%)	[10]
Investment, Identifier [Axis]: AHR Intermediate, Inc, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		5.25%	[8]		5.75%	[11]
Interest Rate		10.75%			10.19%
Principal/Par Amount		$ 7,708	[9]		$ 7,708	[12]
Amortized Cost		645			630
Fair Value		$ 705			$ 697
Percentage of Net Assets		0.12%			0.13%
Investment, Identifier [Axis]: AHR Intermediate, Inc, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		5.25%	[8]		5.75%	[11]
Interest Rate		10.75%			10.19%
Principal/Par Amount		$ 24,169	[9]		$ 24,292	[12]
Amortized Cost		23,939			24,012
Fair Value		$ 23,964			$ 24,050
Percentage of Net Assets		4.01%			4.55%
Investment, Identifier [Axis]: ARC Healthcare Technologies, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Spread	[11]				5.25%
Interest Rate					10.09%
Principal/Par Amount	[12]				$ 7,340
Amortized Cost					661
Fair Value					$ 668
Percentage of Net Assets					0.13%
Investment, Identifier [Axis]: ARC Healthcare Technologies, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread	[10],[11]				5.25%
Interest Rate	[10]				10.09%
Principal/Par Amount	[10],[12]				$ 3,341
Amortized Cost	[10]				(34)
Fair Value	[10]				$ (30)
Percentage of Net Assets	[10]				(0.01%)
Investment, Identifier [Axis]: ARC Healthcare Technologies, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread	[11]				5.25%
Interest Rate					10.09%
Principal/Par Amount	[12]				$ 23,421
Amortized Cost					23,173
Fair Value					$ 23,210
Percentage of Net Assets					4.39%
Investment, Identifier [Axis]: Ascent Lifting, Inc., Ascent Lifting, Inc. 1
Schedule of Investments [Line Items]
Spread	[7],[8]	6.00%
Interest Rate	[7]	11.20%
Principal/Par Amount	[7],[9]	$ 2,500
Amortized Cost	[7]	605
Fair Value	[7]	$ 608
Percentage of Net Assets	[7]	0.10%
Investment, Identifier [Axis]: Ascent Lifting, Inc., Ascent Lifting, Inc. 2
Schedule of Investments [Line Items]
Spread	[8]	6.00%
Interest Rate		11.20%
Principal/Par Amount	[9]	$ 17,280
Amortized Cost		16,840
Fair Value		$ 16,862
Percentage of Net Assets		2.83%
Investment, Identifier [Axis]: Ascent Lifting, Inc., First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread	[10],[11]				6.50%
Interest Rate	[10]				10.17%
Principal/Par Amount	[10],[12]				$ 1,350
Amortized Cost	[10]				(25)
Fair Value	[10]				$ (23)
Percentage of Net Assets	[10]				0.00%
Investment, Identifier [Axis]: Ascent Lifting, Inc., First lien senior secured term loan
Schedule of Investments [Line Items]
Spread	[11]				6.50%
Interest Rate					10.17%
Principal/Par Amount	[12]				$ 5,118
Amortized Cost					5,019
Fair Value					$ 5,029
Percentage of Net Assets					0.95%
Investment, Identifier [Axis]: BPCP EE Intermedco LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Spread	[8]	6.25%
Interest Rate		11.64%
Principal/Par Amount	[9]	$ 3,213
Amortized Cost		1,986
Fair Value		$ 1,990
Percentage of Net Assets		0.33%
Investment, Identifier [Axis]: BPCP EE Intermedco LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread	[7],[8]	6.25%
Interest Rate	[7]	11.64%
Principal/Par Amount	[7],[9]	$ 2,244
Amortized Cost	[7]	(59)
Fair Value	[7]	$ (56)
Percentage of Net Assets	[7]	(0.01%)
Investment, Identifier [Axis]: BPCP EE Intermedco LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread	[8]	6.25%
Interest Rate		11.64%
Principal/Par Amount	[9]	$ 6,526
Amortized Cost		6,355
Fair Value		$ 6,363
Percentage of Net Assets		1.07%
Investment, Identifier [Axis]: BPCP WLF Intermedco LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Spread		6.00%	[7],[8]		6.00%	[10],[11]
Interest Rate		11.39%	[7]		10.73%	[10]
Principal/Par Amount		$ 5,846	[7],[9]		$ 5,846	[10],[12]
Amortized Cost		(97)	[7]		(108)	[10]
Fair Value		$ (89)	[7]		$ (100)	[10]
Percentage of Net Assets		(0.01%)	[7]		(0.02%)	[10]
Investment, Identifier [Axis]: BPCP WLF Intermedco LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		6.00%	[8]		6.00%	[11]
Interest Rate		11.39%			10.75%
Principal/Par Amount		$ 3,383	[9]		$ 3,383	[12]
Amortized Cost		1,297			1,291
Fair Value		$ 1,302			$ 1,295
Percentage of Net Assets		0.22%			0.24%
Investment, Identifier [Axis]: BPCP WLF Intermedco LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		6.00%	[8]		6.00%	[11]
Interest Rate		11.39%			10.73%
Principal/Par Amount		$ 23,209	[9]		$ 23,326	[12]
Amortized Cost		22,815			22,883
Fair Value		$ 22,852			$ 22,923
Percentage of Net Assets		3.83%			4.33%
Investment, Identifier [Axis]: Beghou Consulting, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread	[7],[8]	6.00%
Interest Rate	[7]	11.50%
Principal/Par Amount	[7],[9]	$ 2,654
Amortized Cost	[7]	(71)
Fair Value	[7]	$ (71)
Percentage of Net Assets	[7]	(0.01%)
Investment, Identifier [Axis]: Beghou Consulting, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread	[8]	6.00%
Interest Rate		11.50%
Principal/Par Amount	[9]	$ 14,897
Amortized Cost		14,499
Fair Value		$ 14,499
Percentage of Net Assets		2.43%
Investment, Identifier [Axis]: Benefit Plan Administrators of Eau Claire, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Spread		5.50%	[8]		5.50%	[10],[11]
Interest Rate		11.00%			9.19%	[10]
Principal/Par Amount		$ 7,318	[9]		$ 7,318	[10],[12]
Amortized Cost		1,645			(96)	[10]
Fair Value		$ 1,648			$ (92)	[10]
Percentage of Net Assets		0.28%			(0.02%)	[10]
Investment, Identifier [Axis]: Benefit Plan Administrators of Eau Claire, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		5.50%	[7],[8]		5.50%	[10],[11]
Interest Rate		10.79%	[7]		9.19%	[10]
Principal/Par Amount		$ 1,672	[7],[9]		$ 1,672	[10],[12]
Amortized Cost		(20)	[7]		(23)	[10]
Fair Value		$ (18)	[7]		$ (21)	[10]
Percentage of Net Assets		0.00%	[7]		0.00%	[10]
Investment, Identifier [Axis]: Benefit Plan Administrators of Eau Claire, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		5.50%	[8]		5.50%	[11]
Interest Rate		10.79%			9.19%
Principal/Par Amount		$ 12,897	[9]		$ 12,962	[12]
Amortized Cost		12,730			12,779
Fair Value		$ 12,748			$ 12,800
Percentage of Net Assets		2.14%			2.42%
Investment, Identifier [Axis]: Bulk Lift International, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		6.75%	[7],[8]		6.75%	[10],[11]
Interest Rate		12.25%	[7]		11.28%	[10]
Principal/Par Amount		$ 1,748	[7],[9]		$ 1,748	[10],[12]
Amortized Cost		(43)	[7]		(43)	[10]
Fair Value		$ (41)	[7]		$ (43)	[10]
Percentage of Net Assets		(0.01%)	[7]		(0.01%)	[10]
Investment, Identifier [Axis]: Bulk Lift International, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		6.75%	[8]		6.75%	[11]
Interest Rate		12.25%			11.28%
Principal/Par Amount		$ 5,787	[9]		$ 5,816	[12]
Amortized Cost		5,645			5,673
Fair Value		$ 5,653			$ 5,673
Percentage of Net Assets		0.95%			1.07%
Investment, Identifier [Axis]: CL Services Acquisition, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread	[7],[8]	6.25%
Interest Rate	[7]	11.47%
Principal/Par Amount	[7],[9]	$ 1,591
Amortized Cost	[7]	(38)
Fair Value	[7]	$ (38)
Percentage of Net Assets	[7]	(0.01%)
Investment, Identifier [Axis]: CL Services Acquisition, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread	[8]	6.25%
Interest Rate		11.47%
Principal/Par Amount	[9]	$ 9,891
Amortized Cost		9,651
Fair Value		$ 9,648
Percentage of Net Assets		1.62%
Investment, Identifier [Axis]: CL Services Acquisition, LLC, term loan
Schedule of Investments [Line Items]
Spread	[8]	6.25%
Interest Rate		11.65%
Principal/Par Amount	[9]	$ 7,090
Amortized Cost		3,658
Fair Value		$ 3,658
Percentage of Net Assets		0.61%
Investment, Identifier [Axis]: CPS Power Buyer, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Spread		6.50%	[8]		6.50%	[10],[11]
Interest Rate		11.72%			10.89%	[10]
Principal/Par Amount		$ 3,018	[9]		$ 3,018	[10],[12]
Amortized Cost		2,605			(57)	[10]
Fair Value		$ 2,609			$ (53)	[10]
Percentage of Net Assets		0.44%			(0.01%)	[10]
Investment, Identifier [Axis]: CPS Power Buyer, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		6.50%	[7],[8]		6.50%	[10],[11]
Interest Rate		12.00%	[7]		10.89%	[10]
Principal/Par Amount		$ 1,687	[7],[9]		$ 1,687	[10],[12]
Amortized Cost		(29)	[7]		(32)	[10]
Fair Value		$ (26)	[7]		$ (29)	[10]
Percentage of Net Assets		0.00%	[7]		(0.01%)	[10]
Investment, Identifier [Axis]: CPS Power Buyer, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		6.50%	[8]		6.50%	[11]
Interest Rate		12.00%			10.89%
Principal/Par Amount		$ 5,092	[9]		$ 5,118	[12]
Amortized Cost		5,001			5,019
Fair Value		$ 5,010			$ 5,028
Percentage of Net Assets		0.84%			0.95%
Investment, Identifier [Axis]: Change Academy at Lake of the Ozarks, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		5.50%	[8]		5.25%	[10],[11]
Interest Rate		11.00%			9.98%	[10]
Principal/Par Amount		$ 5,786	[9]		$ 5,786	[10],[12]
Amortized Cost		1,255			(106)	[10]
Fair Value		$ 1,263			$ (98)	[10]
Percentage of Net Assets		0.21%			(0.02%)	[10]
Investment, Identifier [Axis]: Change Academy at Lake of the Ozarks, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		5.50%	[8]		5.25%	[11]
Interest Rate		10.89%			9.98%
Principal/Par Amount		$ 29,547	[9]		$ 29,547	[12]
Amortized Cost		29,051			28,992
Fair Value		$ 29,098			$ 29,043
Percentage of Net Assets		4.88%			5.49%
Investment, Identifier [Axis]: Custom Agronomics Holdings, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		6.50%	[7],[8]		6.50%	[10],[11]
Interest Rate		12.00%	[7]		11.34%	[10]
Principal/Par Amount		$ 2,312	[7],[9]		$ 2,312	[10],[12]
Amortized Cost		(39)	[7]		(43)	[10]
Fair Value		$ (35)	[7]		$ (40)	[10]
Percentage of Net Assets		(0.01%)	[7]		(0.01%)	[10]
Investment, Identifier [Axis]: Custom Agronomics Holdings, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		6.50%	[8]		6.50%	[11]
Interest Rate		12.00%			11.34%
Principal/Par Amount		$ 3,910	[9]		$ 3,930	[12]
Amortized Cost		3,843			3,853
Fair Value		$ 3,849			$ 3,863
Percentage of Net Assets		0.64%			0.73%
Investment, Identifier [Axis]: Double E Company, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Spread		6.00%	[7],[8]		6.00%	[10],[11]
Interest Rate		11.39%	[7]		10.55%	[10]
Principal/Par Amount		$ 1,969	[7],[9]		$ 1,969	[10],[12]
Amortized Cost		(15)	[7]		(17)	[10]
Fair Value		$ (13)	[7]		$ (14)	[10]
Percentage of Net Assets		0.00%	[7]		0.00%	[10]
Investment, Identifier [Axis]: Double E Company, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		6.00%	[8]		5.00%	[11]
Interest Rate		11.32%			12.50%
Principal/Par Amount		$ 3,044	[9]		$ 3,044	[12]
Amortized Cost		1,294			671
Fair Value		$ 1,299			$ 677
Percentage of Net Assets		0.22%			0.13%
Investment, Identifier [Axis]: Double E Company, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		6.00%	[8]		6.00%	[11]
Interest Rate		11.39%			10.55%
Principal/Par Amount		$ 17,367	[9]		$ 17,455	[12]
Amortized Cost		17,217			17,290
Fair Value		$ 17,260			$ 17,337
Percentage of Net Assets		2.89%			3.28%
Investment, Identifier [Axis]: Endodontic Practice Partners, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Spread		6.00%	[8]		5.75%	[11]
Interest Rate		11.66%			10.90%
Principal/Par Amount		$ 16,642	[9]		$ 16,705	[12]
Amortized Cost		12,780			11,621
Fair Value		$ 12,801			$ 11,621
Percentage of Net Assets		2.14%			2.20%
Investment, Identifier [Axis]: Endodontic Practice Partners, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		6.00%	[8]		5.75%	[10],[11]
Interest Rate		11.22%			10.64%	[10]
Principal/Par Amount		$ 1,918	[9]		$ 1,918	[10],[12]
Amortized Cost		156			(37)	[10]
Fair Value		$ 161			$ (37)	[10]
Percentage of Net Assets		0.03%			(0.01%)	[10]
Investment, Identifier [Axis]: Endodontic Practice Partners, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		6.00%	[8]		5.75%	[11]
Interest Rate		11.46%			10.64%
Principal/Par Amount		$ 14,846	[9]		$ 14,927	[12]
Amortized Cost		14,568			14,636
Fair Value		$ 14,610			$ 14,636
Percentage of Net Assets		2.45%			2.77%
Investment, Identifier [Axis]: Esquire Deposition Solutions, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Spread		6.50%	[8]		6.50%	[10],[11]
Interest Rate		11.90%			10.92%	[10]
Principal/Par Amount		$ 3,842	[9]		$ 3,845	[10],[12]
Amortized Cost		2,331			(115)	[10]
Fair Value		$ 2,332			$ (115)	[10]
Percentage of Net Assets		0.39%			(0.02%)	[10]
Investment, Identifier [Axis]: Esquire Deposition Solutions, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		6.50%	[8]		6.50%	[10],[11]
Interest Rate		11.89%			10.92%	[10]
Principal/Par Amount		$ 2,162	[9]		$ 2,162	[10],[12]
Amortized Cost		590			(65)	[10]
Fair Value		$ 592			$ (65)	[10]
Percentage of Net Assets		0.10%			(0.01%)	[10]
Investment, Identifier [Axis]: Esquire Deposition Solutions, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		6.50%	[8]		6.50%	[11]
Interest Rate		11.89%			10.92%
Principal/Par Amount		$ 13,391	[9]		$ 13,458	[12]
Amortized Cost		13,026			13,054
Fair Value		$ 13,041			$ 13,054
Percentage of Net Assets		2.18%			2.47%
Investment, Identifier [Axis]: Flourish Research Acquisition, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Spread	[7],[8]	6.50%
Interest Rate	[7]	11.81%
Principal/Par Amount	[7],[9]	$ 2,162
Amortized Cost	[7]	(51)
Fair Value	[7]	$ (51)
Percentage of Net Assets	[7]	(0.01%)
Investment, Identifier [Axis]: Flourish Research Acquisition, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread	[7],[8]	6.50%
Interest Rate	[7]	11.81%
Principal/Par Amount	[7],[9]	$ 829
Amortized Cost	[7]	(20)
Fair Value	[7]	$ (20)
Percentage of Net Assets	[7]	0.00%
Investment, Identifier [Axis]: Flourish Research Acquisition, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread	[8]	6.50%
Interest Rate		11.81%
Principal/Par Amount	[9]	$ 19,027
Amortized Cost		18,569
Fair Value		$ 18,569
Percentage of Net Assets		3.11%
Investment, Identifier [Axis]: H2 Holdco, Inc., First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Interest Rate	[7]	11.01%
Interest rate, cash	[7],[8]	5.25%
Interest rate, PIK	[7],[8]	2.25%
Principal/Par Amount	[7],[9]	$ 7,061
Amortized Cost	[7]	(205)
Fair Value	[7]	$ (205)
Percentage of Net Assets	[7]	(0.03%)
Investment, Identifier [Axis]: H2 Holdco, Inc., First lien senior secured revolving loan
Schedule of Investments [Line Items]
Interest Rate	[7],[13]	11.01%
Interest rate, cash	[7],[8],[13]	5.25%
Interest rate, PIK	[7],[8],[13]	2.25%
Principal/Par Amount	[7],[9],[13]	$ 2,488
Amortized Cost	[7],[13]	(72)
Fair Value	[7],[13]	$ (72)
Percentage of Net Assets	[7],[13]	(0.01%)
Investment, Identifier [Axis]: H2 Holdco, Inc., First lien senior secured term loan
Schedule of Investments [Line Items]
Interest Rate		11.01%
Interest rate, cash	[8]	5.25%
Interest rate, PIK	[8]	2.25%
Principal/Par Amount	[9]	$ 17,292
Amortized Cost		16,785
Fair Value		$ 16,787
Percentage of Net Assets		2.81%
Investment, Identifier [Axis]: Helpware, Inc., First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		5.75%	[8]		5.75%	[11]
Interest Rate		11.23%			10.59%
Principal/Par Amount		$ 5,061	[9]		$ 5,061	[12]
Amortized Cost		1,800			1,792
Fair Value		$ 1,807			$ 1,800
Percentage of Net Assets		0.30%			0.34%
Investment, Identifier [Axis]: Helpware, Inc., First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		5.75%	[8]		5.75%	[11]
Interest Rate		11.25%			10.41%
Principal/Par Amount		$ 14,043	[9]		$ 14,114	[12]
Amortized Cost		13,874			13,934
Fair Value		$ 13,894			$ 13,956
Percentage of Net Assets		2.33%			2.64%
Investment, Identifier [Axis]: Hultec Buyer, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread	[8]	6.25%
Interest Rate		11.45%
Principal/Par Amount	[9]	$ 3,825
Amortized Cost		273
Fair Value		$ 277
Percentage of Net Assets		0.05%
Investment, Identifier [Axis]: Hultec Buyer, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread	[8]	6.25%
Interest Rate		11.65%
Principal/Par Amount	[9]	$ 14,230
Amortized Cost		13,814
Fair Value		$ 13,839
Percentage of Net Assets		2.32%
Investment, Identifier [Axis]: IPC Pain Acquisition, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Spread	[8]	6.00%
Interest Rate		11.22%
Principal/Par Amount	[9]	$ 10,830
Amortized Cost		9,680
Fair Value		$ 9,683
Percentage of Net Assets		1.62%
Investment, Identifier [Axis]: IPC Pain Acquisition, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread	[7],[8]	6.00%
Interest Rate	[7]	11.22%
Principal/Par Amount	[7],[9]	$ 1,115
Amortized Cost	[7]	(13)
Fair Value	[7]	$ (11)
Percentage of Net Assets	[7]	0.00%
Investment, Identifier [Axis]: IPC Pain Acquisition, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread	[8]	6.00%
Interest Rate		11.22%
Principal/Par Amount	[9]	$ 2,771
Amortized Cost		2,737
Fair Value		$ 2,742
Percentage of Net Assets		0.46%
Investment, Identifier [Axis]: IPC Pain Acquistion, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Spread	[10],[11]				6.00%
Interest Rate	[10]				10.44%
Principal/Par Amount	[10],[12]				$ 10,830
Amortized Cost	[10]				(112)
Fair Value	[10]				$ (107)
Percentage of Net Assets	[10]				(0.02%)
Investment, Identifier [Axis]: IPC Pain Acquistion, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread	[10],[11]				6.00%
Interest Rate	[10]				10.44%
Principal/Par Amount	[10],[12]				$ 1,115
Amortized Cost	[10]				(15)
Fair Value	[10]				$ (13)
Percentage of Net Assets	[10]				0.00%
Investment, Identifier [Axis]: IPC Pain Acquistion, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread	[11]				6.00%
Interest Rate					10.44%
Principal/Par Amount	[12]				$ 2,785
Amortized Cost					2,745
Fair Value					$ 2,751
Percentage of Net Assets					0.52%
Investment, Identifier [Axis]: ITSavvy LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Spread		5.25%	[8]		5.25%	[10],[11]
Interest Rate		10.57%			8.76%	[10]
Principal/Par Amount		$ 2,428	[9]		$ 3,043	[10],[12]
Amortized Cost		2,183			(25)	[10]
Fair Value		$ 2,184			$ (22)	[10]
Percentage of Net Assets		0.37%			0.00%	[10]
Investment, Identifier [Axis]: ITSavvy LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		5.50%	[7],[8]		5.25%	[10],[11]
Interest Rate		11.05%	[7]		9.68%	[10]
Principal/Par Amount		$ 1,741	[7],[9]		$ 1,741	[10],[12]
Amortized Cost		(15)	[7]		(16)	[10]
Fair Value		$ (12)	[7]		$ (13)	[10]
Percentage of Net Assets		0.00%	[7]		0.00%	[10]
Investment, Identifier [Axis]: ITSavvy LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		5.50%	[8]		5.25%	[11]
Interest Rate		11.05%			8.76%
Principal/Par Amount		$ 11,188	[9]		$ 11,244	[12]
Amortized Cost		11,092			11,138
Fair Value		$ 11,114			$ 11,162
Percentage of Net Assets		1.86%			2.11%
Investment, Identifier [Axis]: Icreon Holdings, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		6.50%	[7],[8]		6.50%	[10],[11]
Interest Rate		12.00%	[7]		10.94%	[10]
Principal/Par Amount		$ 1,049	[7],[9]		$ 1,049	[10],[12]
Amortized Cost		(23)	[7]		(25)	[10]
Fair Value		$ (21)	[7]		$ (25)	[10]
Percentage of Net Assets		0.00%	[7]		0.00%	[10]
Investment, Identifier [Axis]: Icreon Holdings, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		6.50%	[8]		6.50%	[11]
Interest Rate		12.00%			10.94%
Principal/Par Amount		$ 8,223	[9]		$ 8,265	[12]
Amortized Cost		8,040			8,063
Fair Value		$ 8,056			$ 8,063
Percentage of Net Assets		1.35%			1.52%
Investment, Identifier [Axis]: Industrial Air Flow Dynamics, Inc., First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		6.25%	[7],[8]		5.25%	[11]
Interest Rate		11.45%	[7]		12.75%
Principal/Par Amount		$ 2,537	[7],[9]		$ 2,537	[12]
Amortized Cost		(43)	[7]		376
Fair Value		$ (39)	[7]		$ 380
Percentage of Net Assets		(0.01%)	[7]		0.07%
Investment, Identifier [Axis]: Industrial Air Flow Dynamics, Inc., First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		6.25%	[8]		5.25%	[11]
Interest Rate		11.45%			10.67%
Principal/Par Amount		$ 17,668	[9]		$ 17,757	[12]
Amortized Cost		17,353			17,412
Fair Value		$ 17,390			$ 17,452
Percentage of Net Assets		2.91%			3.30%
Investment, Identifier [Axis]: Ironhorse Purchaser, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Spread		6.50%	[8]		6.50%	[10],[11]
Interest Rate		12.00%			11.34%	[10]
Principal/Par Amount		$ 9,366	[9]		$ 9,413	[10],[12]
Amortized Cost		9,252			(82)	[10]
Fair Value		$ 9,262			$ (70)	[10]
Percentage of Net Assets		1.55%			(0.01%)	[10]
Investment, Identifier [Axis]: Ironhorse Purchaser, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		6.50%	[8],[14]		6.50%	[11]
Interest Rate		11.84%	[14]		11.33%
Principal/Par Amount		$ 5,813	[9],[14]		$ 4,210	[12]
Amortized Cost		3,590	[14]		1,960
Fair Value		$ 3,617	[14]		$ 1,968
Percentage of Net Assets		0.61%	[14]		0.37%
Investment, Identifier [Axis]: Ironhorse Purchaser, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		6.50%	[8]		6.50%	[11]
Interest Rate		12.00%			11.34%
Principal/Par Amount		$ 30,452	[9]		$ 30,605	[12]
Amortized Cost		30,043			30,312
Fair Value		$ 30,099			$ 30,376
Percentage of Net Assets		5.04%			5.74%
Investment, Identifier [Axis]: K-1 Packaging Group, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread	[10],[11]				6.00%
Interest Rate	[10]				10.84%
Principal/Par Amount	[10],[12]				$ 6,748
Amortized Cost	[10]				(161)
Fair Value	[10]				$ (152)
Percentage of Net Assets	[10]				(0.03%)
Investment, Identifier [Axis]: K-1 Packaging Group, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread	[11]				6.00%
Interest Rate					10.84%
Principal/Par Amount	[12]				$ 33,115
Amortized Cost					32,317
Fair Value					$ 32,370
Percentage of Net Assets					6.12%
Investment, Identifier [Axis]: K-1 Packaging Group, LLC., First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread	[7],[8]	6.00%
Interest Rate	[7]	11.22%
Principal/Par Amount	[7],[9]	$ 6,748
Amortized Cost	[7]	(144)
Fair Value	[7]	$ (136)
Percentage of Net Assets	[7]	(0.02%)
Investment, Identifier [Axis]: K-1 Packaging Group, LLC., First lien senior secured term loan
Schedule of Investments [Line Items]
Spread	[8]	6.00%
Interest Rate		11.22%
Principal/Par Amount	[9]	$ 32,949
Amortized Cost		32,208
Fair Value		$ 32,278
Percentage of Net Assets		5.42%
Investment, Identifier [Axis]: Kwalu, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		5.75%	[7],[8]		6.00%	[10],[11]
Interest Rate		11.25%	[7]		10.84%	[10]
Principal/Par Amount		$ 5,061	[7],[9]		$ 5,061	[10],[12]
Amortized Cost		(86)	[7]		(96)	[10]
Fair Value		$ (79)	[7]		$ (88)	[10]
Percentage of Net Assets		(0.01%)	[7]		(0.02%)	[10]
Investment, Identifier [Axis]: Kwalu, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		5.75%	[8]		6.00%	[11]
Interest Rate		11.25%			10.84%
Principal/Par Amount		$ 24,712	[9]		$ 24,836	[12]
Amortized Cost		24,277			24,363
Fair Value		$ 24,315			$ 24,405
Percentage of Net Assets		4.07%			4.61%
Investment, Identifier [Axis]: Load One Purchaser Corporation, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Spread		5.75%	[7],[8]		6.00%	[10],[11]
Interest Rate		11.25%	[7]		10.84%	[10]
Principal/Par Amount		$ 6,080	[7],[9]		$ 6,080	[10],[12]
Amortized Cost		(94)	[7]		(103)	[10]
Fair Value		$ (92)	[7]		$ (101)	[10]
Percentage of Net Assets		(0.02%)	[7]		(0.02%)	[10]
Investment, Identifier [Axis]: Load One Purchaser Corporation, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		5.75%	[8]		6.00%	[11]
Interest Rate		11.25%			10.84%
Principal/Par Amount		$ 3,482	[9]		$ 3,482	[12]
Amortized Cost		291			285
Fair Value		$ 296			$ 291
Percentage of Net Assets		0.05%			0.06%
Investment, Identifier [Axis]: Load One Purchaser Corporation, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		5.75%	[8]		6.00%	[11]
Interest Rate		11.25%			10.84%
Principal/Par Amount		$ 13,410	[9]		$ 13,477	[12]
Amortized Cost		13,175			13,225
Fair Value		$ 13,200			$ 13,252
Percentage of Net Assets		2.21%			2.51%
Investment, Identifier [Axis]: MWEC Management, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Spread	[7],[8]	6.00%
Interest Rate	[7]	11.39%
Principal/Par Amount	[7],[9]	$ 1,429
Amortized Cost	[7]	(32)
Fair Value	[7]	$ (33)
Percentage of Net Assets	[7]	(0.01%)
Investment, Identifier [Axis]: MWEC Management, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread	[8]	6.00%
Interest Rate		11.39%
Principal/Par Amount	[9]	$ 1,924
Amortized Cost		111
Fair Value		$ 114
Percentage of Net Assets		0.02%
Investment, Identifier [Axis]: MWEC Management, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread	[8]	6.00%
Interest Rate		11.39%
Principal/Par Amount	[9]	$ 11,684
Amortized Cost		11,377
Fair Value		$ 11,399
Percentage of Net Assets		1.91%
Investment, Identifier [Axis]: MacKenzie Childs Acquisition, Inc., First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		6.00%	[8]		6.00%	[11]
Interest Rate		11.11%			10.73%
Principal/Par Amount		$ 3,374	[9]		$ 3,374	[12]
Amortized Cost		2,882			2,877
Fair Value		$ 2,887			$ 2,883
Percentage of Net Assets		0.48%			0.55%
Investment, Identifier [Axis]: MacKenzie Childs Acquisition, Inc., First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		6.00%	[8]		6.00%	[11]
Interest Rate		11.11%			10.73%
Principal/Par Amount		$ 17,972	[9]		$ 18,063	[12]
Amortized Cost		17,738			17,807
Fair Value		$ 17,766			$ 17,842
Percentage of Net Assets		2.98%			3.37%
Investment, Identifier [Axis]: Medical Technology Associates, Inc., First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		6.25%	[7],[8]		6.00%	[10],[11]
Interest Rate		11.75%	[7]		10.84%	[10]
Principal/Par Amount		$ 1,929	[7],[9]		$ 1,929	[10],[12]
Amortized Cost		(41)	[7]		(36)	[10]
Fair Value		$ (37)	[7]		$ (33)	[10]
Percentage of Net Assets		(0.01%)	[7]		(0.01%)	[10]
Investment, Identifier [Axis]: Medical Technology Associates, Inc., First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		6.25%	[8]		6.00%	[11]
Interest Rate		11.75%			10.84%
Principal/Par Amount		$ 14,286	[9]		$ 6,713	[12]
Amortized Cost		13,970			6,585
Fair Value		$ 14,010			$ 6,599
Percentage of Net Assets		2.35%			1.25%
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, First lien senior secured delayed draw term loan 1
Schedule of Investments [Line Items]
Spread	[11]				6.50%
Interest Rate					9.87%
Principal/Par Amount	[12]				$ 2,631
Amortized Cost					2,611
Fair Value					$ 2,585
Percentage of Net Assets					0.49%
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, First lien senior secured delayed draw term loan 2
Schedule of Investments [Line Items]
Spread	[11]				6.50%
Interest Rate					9.87%
Principal/Par Amount	[12]				$ 2,192
Amortized Cost					124
Fair Value					$ 122
Percentage of Net Assets					0.02%
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, First lien senior secured delayed draw term loan 3
Schedule of Investments [Line Items]
Spread	[10],[11]				6.50%
Interest Rate	[10]				11.30%
Principal/Par Amount	[10],[12]				$ 2,192
Amortized Cost	[10]				(40)
Fair Value	[10]				$ (38)
Percentage of Net Assets	[10]				(0.01%)
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread	[10],[11]				6.50%
Interest Rate	[10]				11.30%
Principal/Par Amount	[10],[12]				$ 3,045
Amortized Cost	[10]				(57)
Fair Value	[10]				$ (52)
Percentage of Net Assets	[10]				(0.01%)
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread	[11]				6.50%
Interest Rate					11.30%
Principal/Par Amount	[12]				$ 14,469
Amortized Cost					14,186
Fair Value					$ 14,222
Percentage of Net Assets					2.69%
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, NEFCO Holding Company, LLC 1
Schedule of Investments [Line Items]
Spread	[8]	6.50%
Interest Rate		12.06%
Principal/Par Amount	[9]	$ 2,186
Amortized Cost		2,155
Fair Value		$ 2,154
Percentage of Net Assets		0.36%
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, NEFCO Holding Company, LLC 2
Schedule of Investments [Line Items]
Spread	[8]	6.50%
Interest Rate		12.09%
Principal/Par Amount	[9]	$ 2,192
Amortized Cost		25
Fair Value		$ 28
Percentage of Net Assets		0.00%
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, NEFCO Holding Company, LLC 3
Schedule of Investments [Line Items]
Spread	[8]	6.50%
Interest Rate		11.78%
Principal/Par Amount	[9]	$ 2,611
Amortized Cost		2,593
Fair Value		$ 2,570
Percentage of Net Assets		0.43%
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, NEFCO Holding Company, LLC 4
Schedule of Investments [Line Items]
Spread	[8]	5.50%
Interest Rate		13.75%
Principal/Par Amount	[9]	$ 3,045
Amortized Cost		1,572
Fair Value		$ 1,576
Percentage of Net Assets		0.26%
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, NEFCO Holding Company, LLC 5
Schedule of Investments [Line Items]
Spread	[8]	6.50%
Interest Rate		11.78%
Principal/Par Amount	[9]	$ 14,360
Amortized Cost		14,097
Fair Value		$ 14,134
Percentage of Net Assets		2.37%
Investment, Identifier [Axis]: NH Kronos Buyer, Inc., First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		6.25%	[7],[8]		10.00%	[10],[11]
Interest Rate		11.64%	[7]		14.24%	[10]
Principal/Par Amount		$ 12,443	[7],[9]		$ 12,443	[10],[12]
Amortized Cost		(332)	[7]		(363)	[10]
Fair Value		$ (292)	[7]		$ (363)	[10]
Percentage of Net Assets		(0.05%)	[7]		(0.07%)	[10]
Investment, Identifier [Axis]: NH Kronos Buyer, Inc., First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		6.25%	[8]		6.25%	[11]
Interest Rate		11.64%			10.49%
Principal/Par Amount		$ 51,746	[9]		$ 68,063	[12]
Amortized Cost		50,345			66,054
Fair Value		$ 50,497			$ 66,365
Percentage of Net Assets		8.46%			12.55%
Investment, Identifier [Axis]: Nasco Healthcare Inc., First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		5.75%	[8],[15]		5.75%	[10],[11],[16]
Interest Rate		11.13%	[15]		10.48%	[10],[16]
Principal/Par Amount		$ 3,322	[9],[15]		$ 3,322	[10],[12],[16]
Amortized Cost		800	[15]		(38)	[10],[16]
Fair Value		$ 803	[15]		$ (38)	[10],[16]
Percentage of Net Assets		0.13%	[15]		(0.01%)	[10],[16]
Investment, Identifier [Axis]: Nasco Healthcare Inc., First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		5.75%	[8]		5.75%	[11]
Interest Rate		11.14%			10.48%
Principal/Par Amount		$ 17,722	[9]		$ 17,811	[12]
Amortized Cost		17,561			17,605
Fair Value		$ 17,581			$ 17,605
Percentage of Net Assets		2.95%			3.33%
Investment, Identifier [Axis]: Optimized Marketing Acquisition, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		5.75%	[8]		5.75%	[11]
Interest Rate		11.05%			10.97%
Principal/Par Amount		$ 3,383	[9]		$ 3,383	[12]
Amortized Cost		1,128			1,460
Fair Value		$ 1,133			$ 1,465
Percentage of Net Assets		0.19%			0.28%
Investment, Identifier [Axis]: Optimized Marketing Acquisition, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		5.75%	[8]		5.75%	[11]
Interest Rate		10.97%			10.97%
Principal/Par Amount		$ 26,037	[9]		$ 26,168	[12]
Amortized Cost		25,590			25,664
Fair Value		$ 25,636			$ 25,717
Percentage of Net Assets		4.30%			4.86%
Investment, Identifier [Axis]: Propio LS, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		5.50%	[8]		5.50%	[11]
Interest Rate		11.02%			10.46%
Principal/Par Amount		$ 3,619	[9]		$ 3,619	[12]
Amortized Cost		520			2,648
Fair Value		$ 525			$ 2,653
Percentage of Net Assets		0.09%			0.50%
Investment, Identifier [Axis]: Propio LS, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		5.50%	[8]		5.50%	[11]
Interest Rate		10.96%			10.38%
Principal/Par Amount		$ 19,741	[9]		$ 19,840	[12]
Amortized Cost		19,405			19,470
Fair Value		$ 19,442			$ 19,503
Percentage of Net Assets		3.26%			3.69%
Investment, Identifier [Axis]: Purpose Home Health Acquisition, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Spread		6.25%	[7],[8]		6.25%	[10],[11]
Interest Rate		11.71%	[7]		11.19%	[10]
Principal/Par Amount		$ 6,682	[7],[9]		$ 6,682	[10],[12]
Amortized Cost		(131)	[7]		(145)	[10]
Fair Value		$ (122)	[7]		$ (145)	[10]
Percentage of Net Assets		(0.02%)	[7]		(0.03%)	[10]
Investment, Identifier [Axis]: Purpose Home Health Acquisition, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		6.25%	[7],[8]		6.25%	[10],[11]
Interest Rate		11.71%	[7]		11.19%	[10]
Principal/Par Amount		$ 1,918	[7],[9]		$ 1,918	[10],[12]
Amortized Cost		(37)	[7]		(42)	[10]
Fair Value		$ (35)	[7]		$ (42)	[10]
Percentage of Net Assets		(0.01%)	[7]		(0.01%)	[10]
Investment, Identifier [Axis]: Purpose Home Health Acquisition, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		6.25%	[8]		6.25%	[11]
Interest Rate		11.71%			11.19%
Principal/Par Amount		$ 7,921	[9]		$ 7,961	[12]
Amortized Cost		7,765			7,788
Fair Value		$ 7,777			$ 7,786
Percentage of Net Assets		1.30%			1.47%
Investment, Identifier [Axis]: QLS Buyer, Inc, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread	[7],[8]	6.00%
Interest Rate	[7]	11.23%
Principal/Par Amount	[7],[9]	$ 1,591
Amortized Cost	[7]	(38)
Fair Value	[7]	$ (38)
Percentage of Net Assets	[7]	(0.01%)
Investment, Identifier [Axis]: QLS Buyer, Inc, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread	[8]	6.00%
Interest Rate		11.23%
Principal/Par Amount	[9]	$ 12,434
Amortized Cost		12,132
Fair Value		$ 12,132
Percentage of Net Assets		2.03%
Investment, Identifier [Axis]: RKD Group, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		6.00%	[7],[8]		6.00%	[10],[11]
Interest Rate		11.39%	[7]		10.73%	[10]
Principal/Par Amount		$ 4,905	[7],[9]		$ 4,905	[10],[12]
Amortized Cost		(63)	[7]		(69)	[10]
Fair Value		$ (55)	[7]		$ (60)	[10]
Percentage of Net Assets		(0.01%)	[7]		(0.01%)	[10]
Investment, Identifier [Axis]: RKD Group, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		6.00%	[8]		6.00%	[11]
Interest Rate		11.39%			10.73%
Principal/Par Amount		$ 33,507	[9]		$ 33,676	[12]
Amortized Cost		33,072			33,191
Fair Value		$ 33,138			$ 33,260
Percentage of Net Assets		5.55%			6.29%
Investment, Identifier [Axis]: Raneys, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Spread	[8]	6.00%
Interest Rate		11.45%
Principal/Par Amount	[9]	$ 4,855
Amortized Cost		1,255
Fair Value		$ 1,270
Percentage of Net Assets		0.21%
Investment, Identifier [Axis]: Raneys, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		6.00%	[7],[8]		5.75%	[10],[11]
Interest Rate		11.50%	[7]		10.59%	[10]
Principal/Par Amount		$ 1,522	[7],[9]		$ 1,522	[10],[12]
Amortized Cost		(29)	[7]		(27)	[10]
Fair Value		$ (27)	[7]		$ (25)	[10]
Percentage of Net Assets		0.00%	[7]		0.00%	[10]
Investment, Identifier [Axis]: Raneys, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		6.00%	[8]		5.75%	[11]
Interest Rate		11.50%			10.59%
Principal/Par Amount		$ 8,894	[9]		$ 7,364	[12]
Amortized Cost		8,715			7,231
Fair Value		$ 8,735			$ 7,243
Percentage of Net Assets		1.46%			1.37%
Investment, Identifier [Axis]: Renovation Systems, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Spread	[8]	6.00%
Interest Rate		11.53%
Principal/Par Amount	[9]	$ 5,826
Amortized Cost		4,069
Fair Value		$ 4,070
Percentage of Net Assets		0.68%
Investment, Identifier [Axis]: Renovation Systems, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread	[8]	6.00%
Interest Rate		11.50%
Principal/Par Amount	[9]	$ 1,965
Amortized Cost		437
Fair Value		$ 439
Percentage of Net Assets		0.07%
Investment, Identifier [Axis]: Renovation Systems, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread	[8]	6.00%
Interest Rate		11.50%
Principal/Par Amount	[9]	$ 12,349
Amortized Cost		12,013
Fair Value		$ 12,025
Percentage of Net Assets		2.01%
Investment, Identifier [Axis]: Rose Paving, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		5.50%	[8]		5.75%	[11]
Interest Rate		10.94%			10.57%
Principal/Par Amount		$ 4,961	[9]		$ 4,560	[12]
Amortized Cost		2,285			2,442
Fair Value		$ 2,295			$ 2,442
Percentage of Net Assets		0.38%			0.46%
Investment, Identifier [Axis]: Rose Paving, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		5.50%	[8]		5.75%	[11]
Interest Rate		10.70%			10.55%
Principal/Par Amount		$ 16,768	[9]		$ 16,853	[12]
Amortized Cost		16,391			16,439
Fair Value		$ 16,415			$ 16,439
Percentage of Net Assets		2.75%			3.11%
Investment, Identifier [Axis]: Shasta Buyer, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		6.25%	[8]		6.25%	[11]
Interest Rate		11.75%			11.09%
Principal/Par Amount		$ 2,199	[9]		$ 2,199	[12]
Amortized Cost		250			196
Fair Value		$ 253			$ 199
Percentage of Net Assets		0.04%			0.04%
Investment, Identifier [Axis]: Shasta Buyer, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		6.25%	[8]		6.25%	[11]
Interest Rate		11.75%			11.09%
Principal/Par Amount		$ 11,604	[9]		$ 11,663	[12]
Amortized Cost		11,399			11,436
Fair Value		$ 11,422			$ 11,462
Percentage of Net Assets		1.91%			2.17%
Investment, Identifier [Axis]: Sixarp, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Spread		5.25%	[7],[8]		5.50%	[10],[11]
Interest Rate		10.75%	[7]		10.34%	[10]
Principal/Par Amount		$ 3,180	[7],[9]		$ 3,180	[10],[12]
Amortized Cost		(51)	[7]		(57)	[10]
Fair Value		$ (48)	[7]		$ (54)	[10]
Percentage of Net Assets		(0.01%)	[7]		(0.01%)	[10]
Investment, Identifier [Axis]: Sixarp, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		5.25%	[7],[8]		5.50%	[10],[11]
Interest Rate		10.75%	[7]		10.34%	[10]
Principal/Par Amount		$ 3,732	[7],[9]		$ 3,732	[10],[12]
Amortized Cost		(61)	[7]		(69)	[10]
Fair Value		$ (56)	[7]		$ (63)	[10]
Percentage of Net Assets		(0.01%)	[7]		(0.01%)	[10]
Investment, Identifier [Axis]: Sixarp, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		5.25%	[8]		5.50%	[11]
Interest Rate		10.75%			10.34%
Principal/Par Amount		$ 19,726	[9]		$ 19,825	[12]
Amortized Cost		19,386			19,443
Fair Value		$ 19,422			$ 19,482
Percentage of Net Assets		3.25%			3.68%
Investment, Identifier [Axis]: Soccer Post Acquisition, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Spread		5.50%	[8]		5.75%	[11]
Interest Rate		11.00%			10.91%
Principal/Par Amount		$ 1,513	[9]		$ 1,520	[12]
Amortized Cost		1,416			1,420
Fair Value		$ 1,418			$ 1,422
Percentage of Net Assets		0.24%			0.27%
Investment, Identifier [Axis]: Soccer Post Acquisition, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		5.50%	[8]		5.75%	[11]
Interest Rate		11.00%			10.59%
Principal/Par Amount		$ 1,741	[9]		$ 1,741	[12]
Amortized Cost		185			1,017
Fair Value		$ 187			$ 1,020
Percentage of Net Assets		0.03%			0.19%
Investment, Identifier [Axis]: Soccer Post Acquisition, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		5.50%	[8]		5.75%	[11]
Interest Rate		11.00%			10.59%
Principal/Par Amount		$ 7,552	[9]		$ 7,590	[12]
Amortized Cost		7,443			7,465
Fair Value		$ 7,455			$ 7,480
Percentage of Net Assets		1.25%			1.41%
Investment, Identifier [Axis]: Spear Education Holdings, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		7.50%	[7],[8]		7.50%	[10],[11]
Interest Rate		12.89%	[7]		11.94%	[10]
Principal/Par Amount		$ 4,463	[7],[9]		$ 4,463	[10],[12]
Amortized Cost		(109)	[7]		(122)	[10]
Fair Value		$ (105)	[7]		$ (122)	[10]
Percentage of Net Assets		(0.02%)	[7]		(0.02%)	[10]
Investment, Identifier [Axis]: Spear Education Holdings, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		7.50%	[8]		7.50%	[11]
Interest Rate		12.89%			11.94%
Principal/Par Amount		$ 12,509	[9]		$ 18,858	[12]
Amortized Cost		12,196			18,340
Fair Value		$ 12,210			$ 18,339
Percentage of Net Assets		2.05%			3.47%
Investment, Identifier [Axis]: Sun Orchard, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		5.25%	[7],[8]		5.25%	[11]
Interest Rate		10.75%	[7]		9.69%
Principal/Par Amount		$ 5,223	[7],[9]		$ 5,223	[12]
Amortized Cost		(84)	[7]		254
Fair Value		$ (77)	[7]		$ 261
Percentage of Net Assets		(0.01%)	[7]		0.05%
Investment, Identifier [Axis]: Sun Orchard, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		5.25%	[8]		5.25%	[11]
Interest Rate		10.75%			10.09%
Principal/Par Amount		$ 9,408	[9]		$ 9,456	[12]
Amortized Cost		9,252			9,279
Fair Value		$ 9,268			$ 9,297
Percentage of Net Assets		1.55%			1.76%
Investment, Identifier [Axis]: Surplus Solutions, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		6.00%	[7],[8]		6.00%	[10],[11]
Interest Rate		11.50%	[7]		10.66%	[10]
Principal/Par Amount		$ 1,771	[7],[9]		$ 1,771	[10],[12]
Amortized Cost		(39)	[7]		(44)	[10]
Fair Value		$ (37)	[7]		$ (44)	[10]
Percentage of Net Assets		(0.01%)	[7]		(0.01%)	[10]
Investment, Identifier [Axis]: Surplus Solutions, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		6.00%	[8]		6.00%	[11]
Interest Rate		11.50%			10.66%
Principal/Par Amount		$ 10,093	[9]		$ 10,143	[12]
Amortized Cost		9,871			9,894
Fair Value		$ 9,882			$ 9,894
Percentage of Net Assets		1.66%			1.87%
Investment, Identifier [Axis]: Treat Planet Acquisition, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread	[7],[8]	6.50%
Interest Rate	[7]	12.00%
Principal/Par Amount	[7],[9]	$ 1,965
Amortized Cost	[7]	(53)
Fair Value	[7]	$ (52)
Percentage of Net Assets	[7]	(0.01%)
Investment, Identifier [Axis]: Treat Planet Acquisition, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread	[8]	6.50%
Interest Rate		12.00%
Principal/Par Amount	[9]	$ 7,264
Amortized Cost		7,065
Fair Value		$ 7,073
Percentage of Net Assets		1.19%
Investment, Identifier [Axis]: Twin Brook Equity Holdings, LLC
Schedule of Investments [Line Items]
Fair Value		$ 38,564		$ 33,380	$ 27,468		$ 2,248	$ 0	$ 0
Investment, Identifier [Axis]: Twin Brook Equity Holdings, LLC, Equity interest
Schedule of Investments [Line Items]
Amortized Cost		34,165	[13],[17],[18]		27,234	[19],[20],[21]
Fair Value		$ 38,564	[13],[17],[18]		$ 27,468	[19],[20],[21]
Percentage of Net Assets		6.46%	[13],[17],[18]		5.19%	[19],[20],[21]
Investment, Identifier [Axis]: US Foot and Ankle Specialists, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Spread		5.75%	[8]		5.25%	[11]
Interest Rate		10.97%			9.69%
Principal/Par Amount		$ 16,558	[9]		$ 16,598	[12]
Amortized Cost		9,710			5,908
Fair Value		$ 9,714			$ 5,913
Percentage of Net Assets		1.63%			1.12%
Investment, Identifier [Axis]: US Foot and Ankle Specialists, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		5.75%	[8]		5.25%	[11]
Interest Rate		10.97%			9.69%
Principal/Par Amount		$ 2,699	[9]		$ 2,699	[12]
Amortized Cost		637			631
Fair Value		$ 640			$ 635
Percentage of Net Assets		0.11%			0.12%
Investment, Identifier [Axis]: US Foot and Ankle Specialists, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		5.75%	[8]		5.25%	[11]
Interest Rate		10.97%			9.69%
Principal/Par Amount		$ 20,915	[9]		$ 21,020	[12]
Amortized Cost		20,619			20,672
Fair Value		$ 20,644			$ 20,705
Percentage of Net Assets		3.46%			3.91%
Investment, Identifier [Axis]: Universal Pure, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Spread		6.00%	[8]		6.00%	[10],[11]
Interest Rate		11.34%			10.24%	[10]
Principal/Par Amount		$ 355	[9]		$ 5,236	[10],[12]
Amortized Cost		36			(140)	[10]
Fair Value		$ 36			$ (140)	[10]
Percentage of Net Assets		0.01%			(0.03%)	[10]
Investment, Identifier [Axis]: Universal Pure, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		6.00%	[8],[22]		6.00%	[10],[11],[23]
Interest Rate		11.36%	[22]		10.24%	[10],[23]
Principal/Par Amount		$ 6,992	[9],[22]		$ 6,992	[10],[12],[23]
Amortized Cost		1,752	[22]		(187)	[10],[23]
Fair Value		$ 1,760	[22]		$ (187)	[10],[23]
Percentage of Net Assets		0.29%	[22]		(0.04%)	[10],[23]
Investment, Identifier [Axis]: Universal Pure, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		6.00%	[8]		6.00%	[11]
Interest Rate		11.39%			10.24%
Principal/Par Amount		$ 17,009	[9]		$ 29,898	[12]
Amortized Cost		16,584			29,088
Fair Value		$ 16,602			$ 29,088
Percentage of Net Assets		2.78%			5.50%
Investment, Identifier [Axis]: WCI Volt Purchaser, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		5.75%	[7],[8]		5.75%	[10],[11]
Interest Rate		11.25%	[7]		10.59%	[10]
Principal/Par Amount		$ 2,249	[7],[9]		$ 2,249	[10],[12]
Amortized Cost		(39)	[7]		(43)	[10]
Fair Value		$ (36)	[7]		$ (39)	[10]
Percentage of Net Assets		(0.01%)	[7]		(0.01%)	[10]
Investment, Identifier [Axis]: WCI Volt Purchaser, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		5.75%	[8]		5.75%	[11]
Interest Rate		11.25%			10.59%
Principal/Par Amount		$ 9,834	[9]		$ 10,035	[12]
Amortized Cost		9,656			9,841
Fair Value		$ 9,674			$ 9,859
Percentage of Net Assets		1.62%			1.86%
Investment, Identifier [Axis]: WTWH Buyer, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		6.50%	[7],[8]		6.50%	[10],[11]
Interest Rate		12.00%	[7]		11.26%	[10]
Principal/Par Amount		$ 1,638	[7],[9]		$ 1,638	[10],[12]
Amortized Cost		(37)	[7]		(41)	[10]
Fair Value		$ (35)	[7]		$ (41)	[10]
Percentage of Net Assets		(0.01%)	[7]		(0.01%)	[10]
Investment, Identifier [Axis]: WTWH Buyer, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		6.50%	[8]		6.50%	[11]
Interest Rate		12.00%			11.26%
Principal/Par Amount		$ 10,145	[9]		$ 10,196	[12]
Amortized Cost		9,912			9,942
Fair Value		$ 9,927			$ 9,941
Percentage of Net Assets		1.66%			1.88%
Investment, Identifier [Axis]: Yard-Nique, Inc, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Spread		6.00%	[8]		6.00%	[10],[11]
Interest Rate		11.39%			9.71%	[10]
Principal/Par Amount		$ 6,086	[9]		$ 6,086	[10],[12]
Amortized Cost		399			(72)	[10]
Fair Value		$ 402			$ (68)	[10]
Percentage of Net Assets		0.07%			(0.01%)	[10]
Investment, Identifier [Axis]: Yard-Nique, Inc, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		6.00%	[7],[8]		5.00%	[11]
Interest Rate		11.39%	[7]		8.71%
Principal/Par Amount		$ 870	[7],[9]		$ 870	[12]
Amortized Cost		(10)	[7]		250
Fair Value		$ (9)	[7]		$ 251
Percentage of Net Assets		0.00%	[7]		0.05%
Investment, Identifier [Axis]: Yard-Nique, Inc, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		6.00%	[8]		6.00%	[11]
Interest Rate		11.39%			9.71%
Principal/Par Amount		$ 6,705	[9]		$ 6,739	[12]
Amortized Cost		6,631			6,651
Fair Value		$ 6,640			$ 6,661
Percentage of Net Assets		1.11%			1.26%
Investment, Identifier [Axis]: Zipline Logistics, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Spread		5.75%	[7],[8]		5.75%	[10],[11]
Interest Rate		10.97%	[7]		10.59%	[10]
Principal/Par Amount		$ 4,527	[7],[9]		$ 4,527	[10],[12]
Amortized Cost		(76)	[7]		(85)	[10]
Fair Value		$ (70)	[7]		$ (79)	[10]
Percentage of Net Assets		(0.01%)	[7]		(0.01%)	[10]
Investment, Identifier [Axis]: Zipline Logistics, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Spread		5.75%	[7],[8]		5.75%	[10],[11]
Interest Rate		10.97%	[7]		10.59%	[10]
Principal/Par Amount		$ 1,687	[7],[9]		$ 1,687	[10],[12]
Amortized Cost		(28)	[7]		(32)	[10]
Fair Value		$ (26)	[7]		$ (29)	[10]
Percentage of Net Assets		0.00%	[7]		(0.01%)	[10]
Investment, Identifier [Axis]: Zipline Logistics, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Spread		5.75%	[8]		5.75%	[11]
Interest Rate		10.97%			10.59%
Principal/Par Amount		$ 6,889	[9]		$ 6,924	[12]
Amortized Cost		6,768			6,792
Fair Value		$ 6,779			$ 6,804
Percentage of Net Assets		1.14%			1.29%

[1] The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

[2] Unless otherwise indicated, all investments are considered Level 3 investments. Under section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”), we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of June 30, 2023, there were no non-qualifying assets.

[3] Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

[4] The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

[5] Unless otherwise indicated, all investments are considered Level 3 investments. Under section 55(a) of the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2022, there were no non-qualifying assets.

[6] Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

[7] Represents revolvers and delayed draw term loans where the entire balance is unfunded as of June 30, 2023. The negative fair value is a result of the commitment being valued below par. Refer to Note 7 for further information.

[8] Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the Term Secured Overnight Financing Rate (“Term SOFR” or “S”) and/or an alternate base rate (e.g. prime rate (“P”)), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the applicable margin has been provided over Term SOFR based on each respective credit agreement. As of June 30, 2023, the reference rates for the floating rate loans were the Term SOFR of 5.09% and the Prime Rate of 8.25%.

[9] Principal/par amount is denominated in U.S. Dollars (“$”) unless otherwise noted.

[10] Represents revolvers and delayed draw term loans where the entire balance is unfunded as of December 31, 2022. The negative fair value is a result of the commitment being valued below par. Refer to Note 7 for further information.

[11] Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the Term Secured Overnight Financing Rate (“Term SOFR” or “S”) and/or an alternate base rate (e.g. prime rate (“P”)), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the applicable margin has been provided over Term SOFR based on each respective credit agreement. As of December 31, 2022, the reference rates for the floating rate loans were the Term SOFR of 4.30% and the Prime Rate of 7.50%.

[12] Principal/par amount is denominated in U.S. Dollars (“$”) unless otherwise noted.

[13] As a practical expedient, the Company uses net asset value (“NAV”) to determine the fair value of this investment. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels. This represents an investment in an affiliated fund.

[14] Principal balance includes reserve for letter of credit of $82,358 on which the borrower pays 6.50%.

[15] Principal balance includes reserve for letter of credit of $265,760 on which the borrower pays 5.75%.(10)Principal balance includes reserve for letter of credit of $213,947 on which the borrower pays 5.25%.

[16] Principal balance includes reserve for letter of credit of $265,760 on which the borrower pays 5.75%.

[17] Non-income producing investment.

[18] Securities exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of June 30, 2023, the aggregate fair value of these securities is $38,564 or 6.46% of the Company's net assets. The “restricted security”, Twin Brook Equity Holdings, LLC was purchased on May 19, 2022.

[19] As a practical expedient, the Company uses net asset value (“NAV”) to determine the fair value of this investment. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels. This represents an investment in an affiliated fund.

[20] Non-income producing investment.

[21] Securities exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2022, the aggregate fair value of these securities is $27,468 or 5.19% of the Company's net assets.

[22] Principal balance includes reserve for letter of credit of $160,279 on which the borrower pays 6.00%.

[23] Principal balance includes reserve for letter of credit of $155,534 on which the borrower pays 6.00%.

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Consolidated Schedule of Investments (Parenthetical) - USD ($)		Jun. 30, 2023		Mar. 31, 2023	Dec. 31, 2022		Jun. 30, 2022	Mar. 31, 2022	Jan. 26, 2022
Schedule of Investments [Line Items]
Investments at fair value		$ 984,342,000	[1],[2]		$ 824,487,000	[3],[4]
Percentage of Net Assets		164.92%	[1],[2]		155.89%	[3],[4]
Investment, Identifier [Axis]: A.P.A. Industries, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value	[5]	$ (33,000)
Percentage of Net Assets	[5]	(0.01%)
Investment, Identifier [Axis]: A.P.A. Industries, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 9,849,000
Percentage of Net Assets		1.65%
Investment, Identifier [Axis]: ACES Intermediate, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ (104,000)	[5]		$ (117,000)	[6]
Percentage of Net Assets		(0.02%)	[5]		(0.02%)	[6]
Investment, Identifier [Axis]: ACES Intermediate, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 30,747,000			$ 30,859,000
Percentage of Net Assets		5.16%			5.83%
Investment, Identifier [Axis]: ADVI Health, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ (22,000)	[5]		$ (26,000)	[6]
Percentage of Net Assets		0.00%	[5]		0.00%	[6]
Investment, Identifier [Axis]: ADVI Health, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 6,081,000			$ 6,089,000
Percentage of Net Assets		1.02%			1.15%
Investment, Identifier [Axis]: AHR Intermediate, Inc, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 3,782,000			$ (47,000)	[6]
Percentage of Net Assets		0.63%			(0.01%)	[6]
Investment, Identifier [Axis]: AHR Intermediate, Inc, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ 705,000			$ 697,000
Percentage of Net Assets		0.12%			0.13%
Investment, Identifier [Axis]: AHR Intermediate, Inc, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 23,964,000			$ 24,050,000
Percentage of Net Assets		4.01%			4.55%
Investment, Identifier [Axis]: ARC Healthcare Technologies, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Investments at fair value					$ 668,000
Percentage of Net Assets					0.13%
Investment, Identifier [Axis]: ARC Healthcare Technologies, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value	[6]				$ (30,000)
Percentage of Net Assets	[6]				(0.01%)
Investment, Identifier [Axis]: ARC Healthcare Technologies, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value					$ 23,210,000
Percentage of Net Assets					4.39%
Investment, Identifier [Axis]: Ascent Lifting, Inc., Ascent Lifting, Inc. 1
Schedule of Investments [Line Items]
Investments at fair value	[5]	$ 608,000
Percentage of Net Assets	[5]	0.10%
Investment, Identifier [Axis]: Ascent Lifting, Inc., Ascent Lifting, Inc. 2
Schedule of Investments [Line Items]
Investments at fair value		$ 16,862,000
Percentage of Net Assets		2.83%
Investment, Identifier [Axis]: Ascent Lifting, Inc., First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value	[6]				$ (23,000)
Percentage of Net Assets	[6]				0.00%
Investment, Identifier [Axis]: Ascent Lifting, Inc., First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value					$ 5,029,000
Percentage of Net Assets					0.95%
Investment, Identifier [Axis]: BPCP EE Intermedco LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 1,990,000
Percentage of Net Assets		0.33%
Investment, Identifier [Axis]: BPCP EE Intermedco LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value	[5]	$ (56,000)
Percentage of Net Assets	[5]	(0.01%)
Investment, Identifier [Axis]: BPCP EE Intermedco LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 6,363,000
Percentage of Net Assets		1.07%
Investment, Identifier [Axis]: BPCP WLF Intermedco LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Investments at fair value		$ (89,000)	[5]		$ (100,000)	[6]
Percentage of Net Assets		(0.01%)	[5]		(0.02%)	[6]
Investment, Identifier [Axis]: BPCP WLF Intermedco LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ 1,302,000			$ 1,295,000
Percentage of Net Assets		0.22%			0.24%
Investment, Identifier [Axis]: BPCP WLF Intermedco LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 22,852,000			$ 22,923,000
Percentage of Net Assets		3.83%			4.33%
Investment, Identifier [Axis]: Beghou Consulting, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value	[5]	$ (71,000)
Percentage of Net Assets	[5]	(0.01%)
Investment, Identifier [Axis]: Beghou Consulting, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 14,499,000
Percentage of Net Assets		2.43%
Investment, Identifier [Axis]: Benefit Plan Administrators of Eau Claire, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 1,648,000			$ (92,000)	[6]
Percentage of Net Assets		0.28%			(0.02%)	[6]
Investment, Identifier [Axis]: Benefit Plan Administrators of Eau Claire, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ (18,000)	[5]		$ (21,000)	[6]
Percentage of Net Assets		0.00%	[5]		0.00%	[6]
Investment, Identifier [Axis]: Benefit Plan Administrators of Eau Claire, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 12,748,000			$ 12,800,000
Percentage of Net Assets		2.14%			2.42%
Investment, Identifier [Axis]: Bulk Lift International, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ (41,000)	[5]		$ (43,000)	[6]
Percentage of Net Assets		(0.01%)	[5]		(0.01%)	[6]
Investment, Identifier [Axis]: Bulk Lift International, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 5,653,000			$ 5,673,000
Percentage of Net Assets		0.95%			1.07%
Investment, Identifier [Axis]: CL Services Acquisition, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value	[5]	$ (38,000)
Percentage of Net Assets	[5]	(0.01%)
Investment, Identifier [Axis]: CL Services Acquisition, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 9,648,000
Percentage of Net Assets		1.62%
Investment, Identifier [Axis]: CL Services Acquisition, LLC, term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 3,658,000
Percentage of Net Assets		0.61%
Investment, Identifier [Axis]: CPS Power Buyer, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 2,609,000			$ (53,000)	[6]
Percentage of Net Assets		0.44%			(0.01%)	[6]
Investment, Identifier [Axis]: CPS Power Buyer, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ (26,000)	[5]		$ (29,000)	[6]
Percentage of Net Assets		0.00%	[5]		(0.01%)	[6]
Investment, Identifier [Axis]: CPS Power Buyer, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 5,010,000			$ 5,028,000
Percentage of Net Assets		0.84%			0.95%
Investment, Identifier [Axis]: Change Academy at Lake of the Ozarks, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ 1,263,000			$ (98,000)	[6]
Percentage of Net Assets		0.21%			(0.02%)	[6]
Investment, Identifier [Axis]: Change Academy at Lake of the Ozarks, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 29,098,000			$ 29,043,000
Percentage of Net Assets		4.88%			5.49%
Investment, Identifier [Axis]: Custom Agronomics Holdings, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ (35,000)	[5]		$ (40,000)	[6]
Percentage of Net Assets		(0.01%)	[5]		(0.01%)	[6]
Investment, Identifier [Axis]: Custom Agronomics Holdings, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 3,849,000			$ 3,863,000
Percentage of Net Assets		0.64%			0.73%
Investment, Identifier [Axis]: Double E Company, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Investments at fair value		$ (13,000)	[5]		$ (14,000)	[6]
Percentage of Net Assets		0.00%	[5]		0.00%	[6]
Investment, Identifier [Axis]: Double E Company, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ 1,299,000			$ 677,000
Percentage of Net Assets		0.22%			0.13%
Investment, Identifier [Axis]: Double E Company, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 17,260,000			$ 17,337,000
Percentage of Net Assets		2.89%			3.28%
Investment, Identifier [Axis]: Endodontic Practice Partners, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 12,801,000			$ 11,621,000
Percentage of Net Assets		2.14%			2.20%
Investment, Identifier [Axis]: Endodontic Practice Partners, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ 161,000			$ (37,000)	[6]
Percentage of Net Assets		0.03%			(0.01%)	[6]
Investment, Identifier [Axis]: Endodontic Practice Partners, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 14,610,000			$ 14,636,000
Percentage of Net Assets		2.45%			2.77%
Investment, Identifier [Axis]: Esquire Deposition Solutions, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 2,332,000			$ (115,000)	[6]
Percentage of Net Assets		0.39%			(0.02%)	[6]
Investment, Identifier [Axis]: Esquire Deposition Solutions, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ 592,000			$ (65,000)	[6]
Percentage of Net Assets		0.10%			(0.01%)	[6]
Investment, Identifier [Axis]: Esquire Deposition Solutions, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 13,041,000			$ 13,054,000
Percentage of Net Assets		2.18%			2.47%
Investment, Identifier [Axis]: Flourish Research Acquisition, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Investments at fair value	[5]	$ (51,000)
Percentage of Net Assets	[5]	(0.01%)
Investment, Identifier [Axis]: Flourish Research Acquisition, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value	[5]	$ (20,000)
Percentage of Net Assets	[5]	0.00%
Investment, Identifier [Axis]: Flourish Research Acquisition, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 18,569,000
Percentage of Net Assets		3.11%
Investment, Identifier [Axis]: H2 Holdco, Inc., First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Investments at fair value	[5]	$ (205,000)
Percentage of Net Assets	[5]	(0.03%)
Investment, Identifier [Axis]: H2 Holdco, Inc., First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value	[5],[7]	$ (72,000)
Percentage of Net Assets	[5],[7]	(0.01%)
Letter of credit		$ 213,947
Interest rate		5.25%
Investment, Identifier [Axis]: H2 Holdco, Inc., First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 16,787,000
Percentage of Net Assets		2.81%
Investment, Identifier [Axis]: Helpware, Inc., First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ 1,807,000			$ 1,800,000
Percentage of Net Assets		0.30%			0.34%
Investment, Identifier [Axis]: Helpware, Inc., First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 13,894,000			$ 13,956,000
Percentage of Net Assets		2.33%			2.64%
Investment, Identifier [Axis]: Hultec Buyer, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ 277,000
Percentage of Net Assets		0.05%
Investment, Identifier [Axis]: Hultec Buyer, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 13,839,000
Percentage of Net Assets		2.32%
Investment, Identifier [Axis]: IPC Pain Acquisition, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 9,683,000
Percentage of Net Assets		1.62%
Investment, Identifier [Axis]: IPC Pain Acquisition, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value	[5]	$ (11,000)
Percentage of Net Assets	[5]	0.00%
Investment, Identifier [Axis]: IPC Pain Acquisition, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 2,742,000
Percentage of Net Assets		0.46%
Investment, Identifier [Axis]: IPC Pain Acquistion, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Investments at fair value	[6]				$ (107,000)
Percentage of Net Assets	[6]				(0.02%)
Investment, Identifier [Axis]: IPC Pain Acquistion, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value	[6]				$ (13,000)
Percentage of Net Assets	[6]				0.00%
Investment, Identifier [Axis]: IPC Pain Acquistion, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value					$ 2,751,000
Percentage of Net Assets					0.52%
Investment, Identifier [Axis]: ITSavvy LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 2,184,000			$ (22,000)	[6]
Percentage of Net Assets		0.37%			0.00%	[6]
Investment, Identifier [Axis]: ITSavvy LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ (12,000)	[5]		$ (13,000)	[6]
Percentage of Net Assets		0.00%	[5]		0.00%	[6]
Investment, Identifier [Axis]: ITSavvy LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 11,114,000			$ 11,162,000
Percentage of Net Assets		1.86%			2.11%
Investment, Identifier [Axis]: Icreon Holdings, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ (21,000)	[5]		$ (25,000)	[6]
Percentage of Net Assets		0.00%	[5]		0.00%	[6]
Investment, Identifier [Axis]: Icreon Holdings, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 8,056,000			$ 8,063,000
Percentage of Net Assets		1.35%			1.52%
Investment, Identifier [Axis]: Industrial Air Flow Dynamics, Inc., First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ (39,000)	[5]		$ 380,000
Percentage of Net Assets		(0.01%)	[5]		0.07%
Investment, Identifier [Axis]: Industrial Air Flow Dynamics, Inc., First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 17,390,000			$ 17,452,000
Percentage of Net Assets		2.91%			3.30%
Investment, Identifier [Axis]: Ironhorse Purchaser, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 9,262,000			$ (70,000)	[6]
Percentage of Net Assets		1.55%			(0.01%)	[6]
Investment, Identifier [Axis]: Ironhorse Purchaser, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ 3,617,000	[8]		$ 1,968,000
Percentage of Net Assets		0.61%	[8]		0.37%
Letter of credit		$ 82,358
Interest rate		6.50%
Investment, Identifier [Axis]: Ironhorse Purchaser, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 30,099,000			$ 30,376,000
Percentage of Net Assets		5.04%			5.74%
Investment, Identifier [Axis]: K-1 Packaging Group, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value	[6]				$ (152,000)
Percentage of Net Assets	[6]				(0.03%)
Investment, Identifier [Axis]: K-1 Packaging Group, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value					$ 32,370,000
Percentage of Net Assets					6.12%
Investment, Identifier [Axis]: K-1 Packaging Group, LLC., First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value	[5]	$ (136,000)
Percentage of Net Assets	[5]	(0.02%)
Investment, Identifier [Axis]: K-1 Packaging Group, LLC., First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 32,278,000
Percentage of Net Assets		5.42%
Investment, Identifier [Axis]: Kwalu, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ (79,000)	[5]		$ (88,000)	[6]
Percentage of Net Assets		(0.01%)	[5]		(0.02%)	[6]
Investment, Identifier [Axis]: Kwalu, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 24,315,000			$ 24,405,000
Percentage of Net Assets		4.07%			4.61%
Investment, Identifier [Axis]: Load One Purchaser Corporation, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Investments at fair value		$ (92,000)	[5]		$ (101,000)	[6]
Percentage of Net Assets		(0.02%)	[5]		(0.02%)	[6]
Investment, Identifier [Axis]: Load One Purchaser Corporation, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ 296,000			$ 291,000
Percentage of Net Assets		0.05%			0.06%
Investment, Identifier [Axis]: Load One Purchaser Corporation, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 13,200,000			$ 13,252,000
Percentage of Net Assets		2.21%			2.51%
Investment, Identifier [Axis]: MWEC Management, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Investments at fair value	[5]	$ (33,000)
Percentage of Net Assets	[5]	(0.01%)
Investment, Identifier [Axis]: MWEC Management, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ 114,000
Percentage of Net Assets		0.02%
Investment, Identifier [Axis]: MWEC Management, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 11,399,000
Percentage of Net Assets		1.91%
Investment, Identifier [Axis]: MacKenzie Childs Acquisition, Inc., First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ 2,887,000			$ 2,883,000
Percentage of Net Assets		0.48%			0.55%
Investment, Identifier [Axis]: MacKenzie Childs Acquisition, Inc., First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 17,766,000			$ 17,842,000
Percentage of Net Assets		2.98%			3.37%
Investment, Identifier [Axis]: Medical Technology Associates, Inc., First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ (37,000)	[5]		$ (33,000)	[6]
Percentage of Net Assets		(0.01%)	[5]		(0.01%)	[6]
Investment, Identifier [Axis]: Medical Technology Associates, Inc., First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 14,010,000			$ 6,599,000
Percentage of Net Assets		2.35%			1.25%
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, First lien senior secured delayed draw term loan 1
Schedule of Investments [Line Items]
Investments at fair value					$ 2,585,000
Percentage of Net Assets					0.49%
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, First lien senior secured delayed draw term loan 2
Schedule of Investments [Line Items]
Investments at fair value					$ 122,000
Percentage of Net Assets					0.02%
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, First lien senior secured delayed draw term loan 3
Schedule of Investments [Line Items]
Investments at fair value	[6]				$ (38,000)
Percentage of Net Assets	[6]				(0.01%)
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value	[6]				$ (52,000)
Percentage of Net Assets	[6]				(0.01%)
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value					$ 14,222,000
Percentage of Net Assets					2.69%
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, NEFCO Holding Company, LLC 1
Schedule of Investments [Line Items]
Investments at fair value		$ 2,154,000
Percentage of Net Assets		0.36%
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, NEFCO Holding Company, LLC 2
Schedule of Investments [Line Items]
Investments at fair value		$ 28,000
Percentage of Net Assets		0.00%
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, NEFCO Holding Company, LLC 3
Schedule of Investments [Line Items]
Investments at fair value		$ 2,570,000
Percentage of Net Assets		0.43%
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, NEFCO Holding Company, LLC 4
Schedule of Investments [Line Items]
Investments at fair value		$ 1,576,000
Percentage of Net Assets		0.26%
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, NEFCO Holding Company, LLC 5
Schedule of Investments [Line Items]
Investments at fair value		$ 14,134,000
Percentage of Net Assets		2.37%
Investment, Identifier [Axis]: NH Kronos Buyer, Inc., First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ (292,000)	[5]		$ (363,000)	[6]
Percentage of Net Assets		(0.05%)	[5]		(0.07%)	[6]
Investment, Identifier [Axis]: NH Kronos Buyer, Inc., First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 50,497,000			$ 66,365,000
Percentage of Net Assets		8.46%			12.55%
Investment, Identifier [Axis]: Nasco Healthcare Inc., First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ 803,000	[9]		$ (38,000)	[6],[10]
Percentage of Net Assets		0.13%	[9]		(0.01%)	[6],[10]
Letter of credit		$ 265,760			$ 265,760
Interest rate		5.75%			5.75%
Investment, Identifier [Axis]: Nasco Healthcare Inc., First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 17,581,000			$ 17,605,000
Percentage of Net Assets		2.95%			3.33%
Investment, Identifier [Axis]: Optimized Marketing Acquisition, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ 1,133,000			$ 1,465,000
Percentage of Net Assets		0.19%			0.28%
Investment, Identifier [Axis]: Optimized Marketing Acquisition, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 25,636,000			$ 25,717,000
Percentage of Net Assets		4.30%			4.86%
Investment, Identifier [Axis]: Propio LS, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ 525,000			$ 2,653,000
Percentage of Net Assets		0.09%			0.50%
Investment, Identifier [Axis]: Propio LS, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 19,442,000			$ 19,503,000
Percentage of Net Assets		3.26%			3.69%
Investment, Identifier [Axis]: Purpose Home Health Acquisition, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Investments at fair value		$ (122,000)	[5]		$ (145,000)	[6]
Percentage of Net Assets		(0.02%)	[5]		(0.03%)	[6]
Investment, Identifier [Axis]: Purpose Home Health Acquisition, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ (35,000)	[5]		$ (42,000)	[6]
Percentage of Net Assets		(0.01%)	[5]		(0.01%)	[6]
Investment, Identifier [Axis]: Purpose Home Health Acquisition, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 7,777,000			$ 7,786,000
Percentage of Net Assets		1.30%			1.47%
Investment, Identifier [Axis]: QLS Buyer, Inc, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value	[5]	$ (38,000)
Percentage of Net Assets	[5]	(0.01%)
Investment, Identifier [Axis]: QLS Buyer, Inc, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 12,132,000
Percentage of Net Assets		2.03%
Investment, Identifier [Axis]: RKD Group, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ (55,000)	[5]		$ (60,000)	[6]
Percentage of Net Assets		(0.01%)	[5]		(0.01%)	[6]
Investment, Identifier [Axis]: RKD Group, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 33,138,000			$ 33,260,000
Percentage of Net Assets		5.55%			6.29%
Investment, Identifier [Axis]: Raneys, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 1,270,000
Percentage of Net Assets		0.21%
Investment, Identifier [Axis]: Raneys, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ (27,000)	[5]		$ (25,000)	[6]
Percentage of Net Assets		0.00%	[5]		0.00%	[6]
Investment, Identifier [Axis]: Raneys, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 8,735,000			$ 7,243,000
Percentage of Net Assets		1.46%			1.37%
Investment, Identifier [Axis]: Renovation Systems, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 4,070,000
Percentage of Net Assets		0.68%
Investment, Identifier [Axis]: Renovation Systems, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ 439,000
Percentage of Net Assets		0.07%
Investment, Identifier [Axis]: Renovation Systems, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 12,025,000
Percentage of Net Assets		2.01%
Investment, Identifier [Axis]: Rose Paving, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ 2,295,000			$ 2,442,000
Percentage of Net Assets		0.38%			0.46%
Investment, Identifier [Axis]: Rose Paving, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 16,415,000			$ 16,439,000
Percentage of Net Assets		2.75%			3.11%
Investment, Identifier [Axis]: Shasta Buyer, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ 253,000			$ 199,000
Percentage of Net Assets		0.04%			0.04%
Investment, Identifier [Axis]: Shasta Buyer, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 11,422,000			$ 11,462,000
Percentage of Net Assets		1.91%			2.17%
Investment, Identifier [Axis]: Sixarp, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Investments at fair value		$ (48,000)	[5]		$ (54,000)	[6]
Percentage of Net Assets		(0.01%)	[5]		(0.01%)	[6]
Investment, Identifier [Axis]: Sixarp, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ (56,000)	[5]		$ (63,000)	[6]
Percentage of Net Assets		(0.01%)	[5]		(0.01%)	[6]
Investment, Identifier [Axis]: Sixarp, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 19,422,000			$ 19,482,000
Percentage of Net Assets		3.25%			3.68%
Investment, Identifier [Axis]: Soccer Post Acquisition, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 1,418,000			$ 1,422,000
Percentage of Net Assets		0.24%			0.27%
Investment, Identifier [Axis]: Soccer Post Acquisition, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ 187,000			$ 1,020,000
Percentage of Net Assets		0.03%			0.19%
Investment, Identifier [Axis]: Soccer Post Acquisition, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 7,455,000			$ 7,480,000
Percentage of Net Assets		1.25%			1.41%
Investment, Identifier [Axis]: Spear Education Holdings, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ (105,000)	[5]		$ (122,000)	[6]
Percentage of Net Assets		(0.02%)	[5]		(0.02%)	[6]
Investment, Identifier [Axis]: Spear Education Holdings, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 12,210,000			$ 18,339,000
Percentage of Net Assets		2.05%			3.47%
Investment, Identifier [Axis]: Sun Orchard, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ (77,000)	[5]		$ 261,000
Percentage of Net Assets		(0.01%)	[5]		0.05%
Investment, Identifier [Axis]: Sun Orchard, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 9,268,000			$ 9,297,000
Percentage of Net Assets		1.55%			1.76%
Investment, Identifier [Axis]: Surplus Solutions, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ (37,000)	[5]		$ (44,000)	[6]
Percentage of Net Assets		(0.01%)	[5]		(0.01%)	[6]
Investment, Identifier [Axis]: Surplus Solutions, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 9,882,000			$ 9,894,000
Percentage of Net Assets		1.66%			1.87%
Investment, Identifier [Axis]: Treat Planet Acquisition, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value	[5]	$ (52,000)
Percentage of Net Assets	[5]	(0.01%)
Investment, Identifier [Axis]: Treat Planet Acquisition, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 7,073,000
Percentage of Net Assets		1.19%
Investment, Identifier [Axis]: Twin Brook Equity Holdings, LLC
Schedule of Investments [Line Items]
Investments at fair value		$ 38,564,000		$ 33,380,000	$ 27,468,000		$ 2,248,000	$ 0	$ 0
Investment, Identifier [Axis]: Twin Brook Equity Holdings, LLC, Equity interest
Schedule of Investments [Line Items]
Membership interest		7.03%	[7],[11],[12]		5.09%	[13]
Investments at fair value		$ 38,564,000	[7],[11],[12]		$ 27,468,000	[13],[14],[15]
Percentage of Net Assets		6.46%	[7],[11],[12]		5.19%	[13],[14],[15]
Investment, Identifier [Axis]: US Foot and Ankle Specialists, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 9,714,000			$ 5,913,000
Percentage of Net Assets		1.63%			1.12%
Investment, Identifier [Axis]: US Foot and Ankle Specialists, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ 640,000			$ 635,000
Percentage of Net Assets		0.11%			0.12%
Investment, Identifier [Axis]: US Foot and Ankle Specialists, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 20,644,000			$ 20,705,000
Percentage of Net Assets		3.46%			3.91%
Investment, Identifier [Axis]: Universal Pure, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 36,000			$ (140,000)	[6]
Percentage of Net Assets		0.01%			(0.03%)	[6]
Investment, Identifier [Axis]: Universal Pure, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ 1,760,000	[16]		$ (187,000)	[6],[17]
Percentage of Net Assets		0.29%	[16]		(0.04%)	[6],[17]
Letter of credit		$ 160,279			$ 155,534
Interest rate		6.00%			6.00%
Investment, Identifier [Axis]: Universal Pure, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 16,602,000			$ 29,088,000
Percentage of Net Assets		2.78%			5.50%
Investment, Identifier [Axis]: WCI Volt Purchaser, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ (36,000)	[5]		$ (39,000)	[6]
Percentage of Net Assets		(0.01%)	[5]		(0.01%)	[6]
Investment, Identifier [Axis]: WCI Volt Purchaser, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 9,674,000			$ 9,859,000
Percentage of Net Assets		1.62%			1.86%
Investment, Identifier [Axis]: WTWH Buyer, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ (35,000)	[5]		$ (41,000)	[6]
Percentage of Net Assets		(0.01%)	[5]		(0.01%)	[6]
Investment, Identifier [Axis]: WTWH Buyer, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 9,927,000			$ 9,941,000
Percentage of Net Assets		1.66%			1.88%
Investment, Identifier [Axis]: Yard-Nique, Inc, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 402,000			$ (68,000)	[6]
Percentage of Net Assets		0.07%			(0.01%)	[6]
Investment, Identifier [Axis]: Yard-Nique, Inc, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ (9,000)	[5]		$ 251,000
Percentage of Net Assets		0.00%	[5]		0.05%
Investment, Identifier [Axis]: Yard-Nique, Inc, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 6,640,000			$ 6,661,000
Percentage of Net Assets		1.11%			1.26%
Investment, Identifier [Axis]: Zipline Logistics, LLC, First lien senior secured delayed draw term loan
Schedule of Investments [Line Items]
Investments at fair value		$ (70,000)	[5]		$ (79,000)	[6]
Percentage of Net Assets		(0.01%)	[5]		(0.01%)	[6]
Investment, Identifier [Axis]: Zipline Logistics, LLC, First lien senior secured revolving loan
Schedule of Investments [Line Items]
Investments at fair value		$ (26,000)	[5]		$ (29,000)	[6]
Percentage of Net Assets		0.00%	[5]		(0.01%)	[6]
Investment, Identifier [Axis]: Zipline Logistics, LLC, First lien senior secured term loan
Schedule of Investments [Line Items]
Investments at fair value		$ 6,779,000			$ 6,804,000
Percentage of Net Assets		1.14%			1.29%

[1] Unless otherwise indicated, all investments are considered Level 3 investments. Under section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”), we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of June 30, 2023, there were no non-qualifying assets.

[2] Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

[3] Unless otherwise indicated, all investments are considered Level 3 investments. Under section 55(a) of the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2022, there were no non-qualifying assets.

[4] Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

[5] Represents revolvers and delayed draw term loans where the entire balance is unfunded as of June 30, 2023. The negative fair value is a result of the commitment being valued below par. Refer to Note 7 for further information.

[6] Represents revolvers and delayed draw term loans where the entire balance is unfunded as of December 31, 2022. The negative fair value is a result of the commitment being valued below par. Refer to Note 7 for further information.

[7] As a practical expedient, the Company uses net asset value (“NAV”) to determine the fair value of this investment. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels. This represents an investment in an affiliated fund.

[8] Principal balance includes reserve for letter of credit of $82,358 on which the borrower pays 6.50%.

[9] Principal balance includes reserve for letter of credit of $265,760 on which the borrower pays 5.75%.(10)Principal balance includes reserve for letter of credit of $213,947 on which the borrower pays 5.25%.

[10] Principal balance includes reserve for letter of credit of $265,760 on which the borrower pays 5.75%.

[11] Non-income producing investment.

[12] Securities exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of June 30, 2023, the aggregate fair value of these securities is $38,564 or 6.46% of the Company's net assets. The “restricted security”, Twin Brook Equity Holdings, LLC was purchased on May 19, 2022.

[13] Non-income producing investment.

[14] As a practical expedient, the Company uses net asset value (“NAV”) to determine the fair value of this investment. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels. This represents an investment in an affiliated fund.

[15] Securities exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2022, the aggregate fair value of these securities is $27,468 or 5.19% of the Company's net assets.

[16] Principal balance includes reserve for letter of credit of $160,279 on which the borrower pays 6.00%.

[17] Principal balance includes reserve for letter of credit of $155,534 on which the borrower pays 6.00%.

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Organization

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Organization

AG Twin Brook Capital Income Fund (“TCAP” or the “Company”) is a Delaware statutory trust which was formed on January 27, 2022 (date of inception). AGTB Fund Manager, LLC (the “Adviser”), a wholly-owned subsidiary of Angelo, Gordon & Co., L.P. (“Angelo Gordon”), serves as the investment adviser of the Company. The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Company intends to elect to be treated for federal income tax purposes, and intends to qualify annually thereafter, as a regulated investment company (“RIC”) as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

There were no operations other than those related to the Company’s organization and preparation for its public, ongoing offering prior to December 31, 2022. As of December 31, 2022, the Adviser contributed $50,000 of capital to the Company. In exchange for this contribution, the Adviser had received 2,000 Class I shares of the Company.

On December 15, 2022, the Company’s registration statement on Form N-2, registering the continuous offer and sale (the “Offering”) of up to $5 billion in the Company’s common shares of beneficial interest, was declared effective by the SEC.

The Company’s investment objective is to seek to generate attractive, consistent total returns, predominantly in the form of current income and, to a lesser extent, capital appreciation, by targeting investment opportunities with favorable risk-adjusted returns.

The Merger with AGTB Private BDC

On January 1, 2023, the Company completed its merger (the “Merger”) with AGTB Private BDC (“Private BDC”), with TCAP continuing as the surviving company and Private BDC continuing as the accounting survivor. Therefore, all comparative consolidated financial statements prior to the Merger are those of the Private BDC.

Pursuant to the Merger Agreement, TCAP and Private BDC caused the Merger to be consummated by filing a certificate of merger (the “Certificate of Merger”) with the Secretary of State of the State of Delaware on December 30, 2022. The Merger became effective on January 1, 2023 (the “Effective Time”), as agreed to by the parties and specified in the Certificate of Merger. At the Effective Time, common shares of beneficial interest, par value $0.001 per share, of Private BDC outstanding immediately prior to the Effective Time were converted into a number of Class I shares of beneficial interest, par value $0.001 per share, of TCAP (the “TCAP Common Shares”) equal to a ratio of one to one. As a result, TCAP issued an aggregate of approximately 20.9 million TCAP Common Shares to former Private BDC shareholders. The TCAP Common Shares issued and outstanding immediately prior to the Effective Time remained outstanding upon the Effective Time and were unaffected by the Merger. As a result, immediately following the Merger, TCAP had approximately 20,945,030 Class I shares outstanding, and no Class S or D shares outstanding.

The Merger with AG Twin Brook BDC, Inc.

On July 28, 2023, the Company completed its previously announced acquisition of AG Twin Brook BDC, Inc., a Delaware corporation (“AGTB” and, together with the Company, the “Parties”), with the Company continuing as the surviving company (the “Transaction”). The Transaction was completed pursuant to an Agreement and Plan of Merger (the “Merger Agreement”), dated May 19, 2023, by and between the Parties. Prior to the Transaction closing, AGTB was an affiliated business BDC managed by AG Twin Brook Manager, LLC, a wholly-owned subsidiary of Angelo Gordon. The Company is a public, non-exchange traded BDC, managed by AGTB Fund Manager, LLC, which is also a wholly-owned subsidiary of Angelo Gordon. The Company is the accounting survivor of the merger.

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Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

Significant Accounting Policies

Basis of Accounting

The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”).  The Company is an investment company and accordingly

follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the financial position and results of operations for the periods presented herein. On January 1, 2023, the Company completed the Merger with Private BDC and commenced operations as the surviving company, with its fiscal year end on December 31.

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2023.

Principles of Consolidation

The Company conducts certain of its activities through its wholly-owned subsidiaries Twin Brook Capital Funding XXXIII, LLC, Twin Brook Equity XXXIII Corp., Twin Brook Capital Funding XXXIII MSPV, LLC, and Twin Brook Capital Funding XXXIII ASPV, LLC. The Company consolidates wholly-owned subsidiaries that are controlled by the Company. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Cash

Cash is comprised of cash on deposit with major financial institutions. The Company places its cash with high credit quality institutions to minimize credit risk exposure.

Restricted Cash

Restricted cash represents cash held through certain of the Company’s wholly-owned subsidiaries that may only be used to purchase additional collateral loans, pay accrued interest on advances, fund certain expenses, and prepay outstanding advances in connection with the Company’s asset facilities.

Investment Related Transactions, Revenue Recognition and Expenses

Investment transactions and the related revenue and expenses are recorded on a trade-date basis. Realized gains and losses on investment transactions are determined using the specific identification method. All costs associated with consummated investments are included in the cost of such investments. Broken deal expenses incurred in connection with investment transactions which are not successfully consummated are expensed as a component of “Other” expense on the consolidated statements of operations.

Interest income and interest expense are recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Company and calculated using the effective interest method. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income.

Upon prepayment of investments in debt instruments, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as “Interest” income on the consolidated statements of operations. Interest received in-kind, computed at the contractual rate specified in each investment agreement, is added to the principal balance of the investment and reported as “Interest” income on the consolidated statements of operations. The Company records dividend income from private securities pursuant to the terms of the respective investments.

The Company may earn various fees during the life of the loans. Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Company on an ongoing basis. These fees and any other income are recognized as earned as a component of "Other" income on the consolidated statement of operations.

Investments at Fair Value

The Company applies Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, the Company discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). ASC 820 establishes three levels of the fair value hierarchy as follows:

Level 1Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date;

Level 2Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active;

Level 3Inputs that are unobservable.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, interest rates, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement; however, the determination of what constitutes “observable” requires significant judgment by the Company. The Company considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Company’s perceived risk of that instrument.

The availability of observable inputs can vary from product to product and is affected by a wide variety of factors, including for example, the type of product, whether the product is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company, the Board, and the Adviser in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.

Investments in investment funds include vehicles structured for the purpose of investing in privately held common and preferred equity interests. Fair values are generally determined utilizing the net asset value (“NAV”) supplied by, or on behalf of, management of each investment fund, which is net of management and incentive fees or allocations charged by the investment fund, if applicable, and is in accordance with the “practical expedient”, as defined by FASB Accounting Standards Update (“ASU”) 2009-12, Investments in Certain Entities that Calculate NAV per Share. NAVs received by, or on behalf of, management of each investment fund are based on the fair value of the investment funds’ underlying investments in accordance with policies established by management of each investment fund, as described in each of their financial statements and offering memorandum. Withdrawals and distributions from investments in investment funds are at

the discretion of the Adviser and may depend on the liquidation of underlying assets. Investments which are valued using NAV as a practical expedient are excluded from the above hierarchy.

The Board has designated the Adviser as its “valuation designee” pursuant to Rule 2a-5 under the 1940 Act (“Rule 2a-5”), and in that role, the Adviser is responsible for performing fair value determinations relating to all of the Company’s investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. Even though the Board designated the Adviser as “valuation designee,” the Board is ultimately responsible for fair value determinations under the 1940 Act.

Under the valuation policies and procedures that have been approved by the Board, the Adviser conducts a multi-step valuation process, which includes, among other procedures, the following:

•The valuation process begins with each investment being initially valued by using certain inputs provided by, among other inputs, the investment professionals responsible for the portfolio investment in conjunction with the portfolio management team.

•The Adviser’s management reviews the preliminary valuations with the investment professionals.

•The Adviser determines the fair value of each investment; valuations that are not based on readily available market quotations are valued in good faith, based on, among other things, the input of the Adviser and, where applicable, other third parties. Valuation determinations are presented to the Board.

When determining the fair value of Level 3 investments, the Adviser may take into account the following factors, where relevant: recent transactions, the enterprise value of the underlying company, the nature and realizable value of any collateral, the underlying company’s ability to make payments and its earnings and discounted cash flows, the markets in which the underlying company does business, financial covenants, the seniority of the financial instrument in the capital structure of the company, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”). The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Adviser will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Adviser uses a market interest rate yield analysis to determine fair value.

The Company’s investments trade infrequently and when they are traded, the price may be unobservable, and as a result, multiple external pricing sources may not be available. In such instances, the Adviser may use an internal pricing model as either a corroborating or sole data point in determining the price. Pricing models take into account the contractual terms of the financial instrument, as well as relevant inputs, including where applicable, equity prices, interest rate yield curves, credit curves, correlation, and the creditworthiness of the counterparty. The Adviser generally engages third party firm(s) to assist in validating certain financial instruments where multiple external prices cannot be obtained. The third party firm(s) either independently determine prices or assess the reasonableness of the Adviser’s prices. The analyses provided by such third party firm(s) are reviewed and considered by the Adviser. As part of the risk management process, the Adviser reviews and analyzes the prices obtained from external pricing sources to evaluate their reliability and accuracy, which includes identifying and excluding vendor prices and broker quotations that the Adviser believes does not reflect fair value. In addition, the Adviser’s valuation committee meets regularly and engages in ongoing reviews of the valuation processes and procedures including reviews of methodology, ongoing accuracy, source quality and independence. Such reviews include, but are not limited to, comparison of current vendor prices and broker quotations against ongoing daily trading activity, vendor due diligence, and back testing.

Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the assumptions are set to reflect those that the Company believes market participants would use in pricing the asset or liability at the measurement date.

Organizational Costs

Organizational costs to establish the Company are charged to expense as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company.

Offering Costs

Offering costs in connection with the offering of common shares of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over a 12-month period. These expenses consist primarily of legal fees and other costs incurred with the Company’s share offerings, the preparation of the Company’s registration statement, and registration fees.

Deferred Financing Costs

Deferred financing costs consist of financing costs incurred in connection with obtaining the Company’s financing facilities.  Such financing costs are capitalized and amortized over the life of the facility utilizing the straight-line method.  For the three and six months ended June 30, 2023, the Company paid approximately $150,000 of financing costs. For the three and six months ended June 30, 2023, the Company amortized approximately $429,000 and $867,000 of financing costs which have been included in “Interest” expense on the consolidated statements of operations. For the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022, the Company paid approximately $3.5 million of financing costs, of which $45,000 were amortized and have been included in “Interest” expense on the consolidated statements of operations.

Deferred Income

Deferred income consists of annual administrative agent fees received in connection with the servicing of certain loan investments. Such fees are deferred when received and recognized as earned over the applicable period.  For the three and six months ended June 30, 2023, the Company received approximately $311,000 and $449,000 of agent fees. During the three and six months ended June 30, 2023, approximately $302,000 and $554,000 of agent fees have been recognized as earned and included in “Other” income on the consolidated statements of operations. For the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) through June 30, 2022, the Company received approximately $119,000 of agent fees. During the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022, approximately $12,000 of agent fees have been recognized as earned and included in “Other” income on the consolidated statements of operations.

Income Taxes

The Company has elected to be regulated as a BDC under the 1940 Act. The Company also intends to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended. As a RIC, the Company generally will not have to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes timely to its shareholders as dividends. To the extent the Company qualifies as a RIC, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company.

To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. The Company will generally be subject to a 4% non-deductible U.S. federal excise tax on certain undistributed income or gains in respect of any calendar year, unless it distributes annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the one-year period ending on October 31 in such calendar year and (iii) any net ordinary income and capital gain net income recognized, but not distributed, in preceding years. The Company, at its discretion, may carry forward taxable income for distribution in the following taxable year and pay the applicable U.S. federal excise tax. For the three and six months ended June 30, 2023 the Company did not accrue U.S. federal excise tax.

The Company conducts certain of its activities through its wholly-owned subsidiary, Twin Brook Equity XXXIII Corp., a Delaware corporation. Twin Brook Equity XXXIII Corp. is treated as a corporation for United States federal income tax purposes and is subject to U.S. federal, state or local income tax. For the three and six months ended June 30, 2023, the Company accrued $0 current federal tax. For the three and six months ended June 30, 2023 the company accrued approximately $346,000 and $924,000 of deferred federal tax related to Twin Brook Equity XXXIII Corp., which is included in “deferred tax provision” on the consolidated statements of operations.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no tax penalties, and no interest associated with income taxes incurred through June 30, 2023.

Loan Syndications and Participations

The Company may originate certain loans and then syndicate all or a portion of those loans to a third party. For the three and six months ended June 30, 2023, the Company earned approximately $29,000 and $705,000 of syndication and other origination fee income, which is included in “Other” income on the consolidated statements of operations. For the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022, the Company earned approximately $406,000 of syndication and other origination fee income, which is included in “Other” income on the consolidated statements of operations.

The Company follows the guidance in Accounting Standards Codification (“ASC”) Topic 860 Transfers and Servicing when accounting for loan participations and other partial loan sales. Such guidance requires a participation or other partial loan sale to meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales that do not meet the definition of a participating interest remain on the consolidated statements of assets and liabilities and the proceeds are recorded as a secured borrowing until the definition is met. Secured borrowings are carried at fair value to correspond with the related investments, which are carried at fair value. There were no participations that were accounted for as secured borrowings during the period.

Distributions

Distributions to common shareholders are recorded on the record date. The amount to be distributed, if any, is determined by the Board each month. The Company intends to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, the Company may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to stockholders.

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Investments

6 Months Ended

Jun. 30, 2023

Schedule of Investments [Abstract]

Investments

InvestmentsUnder the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, "non-affiliated investments" are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the consolidated financial statements, including the consolidated schedules of investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled affiliated investments.

Investments at fair value and amortized cost consisted of the following as of June 30, 2023 and December 31, 2022:

	June 30, 2023				December 31, 2022
(Amounts in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First lien senior secured debt	$	943,989	$	945,778	$	795,429	$	797,019
Investment in affiliated funds	34,165		38,564		27,234		27,468
Total investments	$	978,154	$	984,342	$	822,663	$	824,487

The industry composition of investments based on fair value as of June 30, 2023 and December 31, 2022 was as follows:

	June 30, 2023		December 31, 2022
Air freight and logistics	2.0	%	2.4	%
Auto components	2.0	%	0.9	%
Chemicals	0.4	%	0.5	%
Commercial services and supplies	3.0	%	2.2	%
Construction and engineering	6.3	%	6.2	%
Containers and packaging	5.8	%	6.9	%
Diversified consumer services	6.8	%	6.1	%
Electrical equipment	1.0	%	1.2	%
Electronic equipment, instruments and components	1.3	%	1.3	%
Food and staples retailing	1.9	%	3.5	%
Food products	4.1	%	4.1	%
Health care equipment and supplies	4.3	%	4.1	%
Health care providers and services	28.6	%	26.4	%
Health care technology	2.8	%	3.0	%
Household durables	7.0	%	6.1	%
Industrial Conglomerates	1.4	%	—	%
IT services	0.8	%	3.9	%
Machinery	1.9	%	2.2	%
Media	7.1	%	8.5	%
Multisector holdings	3.9	%	3.3	%
Professional services	1.6	%	1.9	%
Software	1.2	%	1.4	%
Specialty retail	0.9	%	1.2	%
Trading companies and distributors	3.9	%	2.7	%
Total	100.0	%	100.0	%

As of June 30, 2023 and December 31, 2022, 100% of investments held were based in the United States.

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Fair Value of Investments

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value of Investments

Fair Value of Investments

Fair Value Disclosures

The following table presents the fair value hierarchy of financial instruments as of June 30, 2023 and December 31, 2022:

	Assets at Fair Value as of June 30, 2023
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
First lien senior secured debt	$	—	$	—	$	945,778	$	945,778
Total	$	—	$	—	$	945,778	$	945,778

Investments measured at net asset value(1)	$	38,564
Total financial instruments, at fair value	$	984,342

(1)Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

	Assets at Fair Value as of December 31, 2022
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
First lien senior secured debt	$	—	$	—	$	797,019	$	797,019
Total	$	—	$	—	$	797,019	$	797,019
Investments measured at net asset value(1)							$	27,468
Total financial instruments, at fair value							$	824,487

(1)Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three and six months ended June 30, 2023 and for the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022:

	Level 3 Assets at Fair Value for the Three Months Ended June 30, 2023*
(Amounts in thousands)	Balance 4/1/2023		Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 6/30/2023		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2023
First lien senior secured debt	$	851,253	$	138,578	$	(45,480)	$	1,398	$	—	$	29	$	945,778	$	29
Total	$	851,253	$	138,578	$	(45,480)	$	1,398	$	—	$	29	$	945,778	$	29

	Level 3 Assets at Fair Value for the Six Months Ended June 30, 2023*
(Amounts in thousands)	Balance 1/1/2023		Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 6/30/2023		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2023
First lien senior secured debt	$	797,019	$	246,821	$	(100,847)	$	2,604	$	(18)	$	199	$	945,778	$	199
Total	$	797,019	$	246,821	$	(100,847)	$	2,604	$	(18)	$	199	$	945,778	$	199

	Level 3 Assets at Fair Value for the Three Months Ended June 30, 2022*
(Amounts in thousands)	Balance 4/1/2022		Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 6/30/2022		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2022
First lien senior secured debt	$	—	$	83,747	$	—	$	25	$	—	$	(6)	$	83,766	$	(6)
Total	$	—	$	83,747	$	—	$	25	$	—	$	(6)	$	83,766	$	(6)

	Level 3 Assets at Fair Value for the period from January 27, 2022 (Inception) to June 30, 2022*
(Amounts in thousands)	Balance 1/27/2022		Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 6/30/2022		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2022
First lien senior secured debt	$	—	$	83,747	$	—	$	25	$	—	$	(6)	$	83,766	$	(6)
Total	$	—	$	83,747	$	—	$	25	$	—	$	(6)	$	83,766	$	(6)

*Gains and losses are included in their respective captions in the consolidated statements of operations.

**Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable.

Significant Unobservable Inputs

In accordance with ASC 820, the following tables provide quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of June 30, 2023 and December 31, 2022. The table is not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

Asset Class	Fair Value as of 6/30/23		Valuation Techniques	Significant Unobservable Inputs	Input Ranges	Weighted Average (1)		Impact to Valuation from an Increase in Input
	(Amounts in thousands)
First lien senior secured debt	$	862,686	Discounted cash flow	Yield	10.3% - 13.3%	11.3	%	Decrease
	$	862,686

Asset Class	Fair Value as of 12/31/22		Valuation Techniques	Significant Unobservable Inputs	Input Ranges	Weighted Average (1)		Impact to Valuation from an Increase in Input
	(Amounts in thousands)
First lien senior secured debt	$	529,200	Discounted cash flow	Yield	9.7% - 13.0%	10.7	%	Decrease
	$	529,200

(1)Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

The Company’s other Level 3 investments have been valued primarily using recent transactions. The significant unobservable input used in the discounted cash flow is the yield. The yield is used to discount the estimated future cash flows expected to be received from the underlying investment. The Company considers the portfolio company performance since close, the leverage used by the portfolio company relative to its total enterprise value and other risks associated with an investment in determining the yield. Pricing models take into account the contractual terms of the financial instrument, as well as relevant inputs, including where applicable, equity prices, interest rate yield curves, credit curves, correlation, and the creditworthiness of the counterparty.

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Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

DebtIn accordance with the 1940 Act, the Company can borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowings, subject to certain limitations.

On June 17, 2022, Twin Brook Capital Funding XXXIII MSPV, LLC, as borrower (the “MSPV Borrower”), an indirect, wholly-owned subsidiary of the Company, entered into a new loan and servicing agreement (as amended, supplemented or otherwise modified from time to time, the “MSPV Credit Facility”) with Twin Brook Capital Funding XXXIII, LLC, as the transferor (the “Transferor”), AGTB Fund Manager, LLC, as the servicer, Morgan Stanley Asset Funding, Inc., as administrative agent, the lenders from time to time party thereto and The Bank of New York Mellon Trust Company, National Association, as the collateral agent, account bank and collateral custodian.

From time to time, the Transferor expects to sell and/or contribute certain investments to the MSPV Borrower. Proceeds from the MSPV Credit Facility will be used to finance the origination and acquisition of loans by the MSPV Borrower, including the purchase of such assets from the Transferor. The Company retains a residual interest in assets contributed to or acquired by the MSPV Borrower through its ownership of the MSPV Borrower. The MSPV Borrower is subject to meet certain covenants under the MSPV Credit Facility agreement. As of June 30, 2023 and December 31, 2022, the MSPV Borrower was in compliance with all such covenants.

The MSPV Credit Facility has a maximum principal amount of $500 million, subject to availability under a borrowing base which consists primarily of commercial loans acquired by the MSPV Borrower from the Transferor, a wholly-owned subsidiary of the Company. The MSPV Borrower may, subject to the applicable prepayment premium, prepay the loans and/or terminate or reduce the revolving commitments under the MSPV Credit Facility at any time without penalty. The obligation of the lenders to make revolving commitments under the MSPV Credit Facility will terminate on June 17, 2025 (the “Reinvestment Period”) with a scheduled final maturity date of June 17, 2027. The revolving loans are subject to an interest rate, during the Reinvestment Period, of Term SOFR plus 2.50% per annum and thereafter, Term SOFR plus 3.00% per annum.

On December 13, 2022, Twin Brook Capital Funding XXXIII ASPV, LLC, as borrower (the “ASPV Borrower”), an indirect, wholly-owned subsidiary of the Company, entered into a new Loan, Security and Collateral Management Agreement (as amended, supplemented or otherwise modified from time to time, the “ASPV Credit Facility”), with the Transferor, AGTB Fund Manager, LLC, as the collateral manager, Ally Bank, as administrative agent and arranger, Computershare Trust Company, National Association, as the collateral custodian, and the lenders from time to time party thereto.

From time to time, the Transferor expects to sell and/or contribute certain investments to the ASPV Borrower. Proceeds from the ASPV Credit Facility will be used to finance the origination and acquisition of loans by the ASPV Borrower, including the purchase of such assets from the Transferor. The Company retains a residual interest in assets contributed to or acquired by the ASPV Borrower through its ownership of the ASPV Borrower.

The ASPV Credit Facility created a revolving loan facility with an initial maximum principal amount of $300 million, subject to availability under a borrowing base which consists primarily of commercial loans acquired by the ASPV Borrower from the Transferor, a wholly-owned subsidiary of the Company. The ASPV Borrower may, subject to the applicable prepayment premium, prepay the loans and/or terminate or reduce the revolving commitments under the ASPV Credit Facility at any time without penalty. The obligation of the lenders to make revolving commitments under the ASPV Credit Facility will terminate on December 12, 2025 (the “Reinvestment Period”) with a scheduled final maturity date of December 12, 2027. The revolving loans will be subject to an interest rate of daily simple SOFR plus 2.875% per annum.

The ASPV Credit Facility is secured by all of the assets of the ASPV Borrower and a pledge of equity interests in the ASPV Borrower. The ASPV Borrower is subject to meet certain covenants under the ASPV Credit Facility agreement. As of June 30, 2023 and December 31, 2022, the ASPV Borrower was in compliance with all such covenants.

As of June 30, 2023, there are approximately $91.4 million in borrowings outstanding on the ASPV Credit Facility, and $331.8 million borrowings outstanding on the MSPV Credit Facility. Borrowings under the Company’s facilities are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

The carrying values of borrowings outstanding under the debt facilities approximate fair value. As of June 30, 2023 and December 31, 2022, the asset coverage ratio was 241.0% and 263.6%, respectively. Debt obligations consisted of the following as of June 30, 2023:

	As of June 30, 2023
(Amounts in thousands)	Maximum Principal Amount Committed		Principal Amount Outstanding		Principal Amount Available(1)		Carrying Value		Assets Pledged as Collateral(2)
ASPV Credit Facility	$	300,000	$	91,400	$	44,073	$	91,400	$	229,779
MSPV Credit Facility	$	500,000	$	331,800	$	92,215	$	331,800	$	664,825
Total debt	$	800,000	$	423,200	$	136,288	$	423,200	$	894,604

(1)The amount available reflects any limitations related to the facilities borrowing bases.

(2)Fair market value of the assets held as collateral in the respective credit facility.

Debt obligations consisted of the following as of December 31, 2022:

	As of December 31, 2022
(Amounts in thousands)	Maximum Principal Amount Committed		Principal Amount Outstanding		Principal Amount Available(1)		Carrying Value		Assets Pledged as Collateral(2)
ASPV Credit Facility	$	300,000	$	20,000	$	311	$	20,000	$	62,932
MSPV Credit Facility	$	500,000	$	303,200	$	130,417	$	303,200	$	677,575
Total debt	$	800,000	$	323,200	$	130,728	$	323,200	$	740,507

(1)The amount available reflects any limitations related to the facilities borrowing bases.

(2)Fair market value of the assets held as collateral in the respective credit facility.

For the three and six months ended June 30, 2023 and 2022 the components of interest expense were as follows:

(Amounts in thousands)	Three Months Ended June 30, 2023			Three Months Ended June 30, 2022			Six Months Ended June 30, 2023			Period from January 27, 2022 (Inception) to June 30, 2022
Interest expense	$	9,196		$	59		$	16,450		$	59
Amortization of deferred financing costs	429			45			867			45
Total interest expense	$	9,625		$	104		$	17,317		$	104
Average interest rate	7.46		%	2.26		%	7.30		%	2.26		%
Average daily borrowings	$	414,790		$	88		$	386,850		$	52

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Agreements and Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Agreements and Related Party Transactions

Agreements and Related Party Transactions

Administration Agreement

On October 25, 2022, the Company entered into an Administration Agreement (the “Administration Agreement”) with AGTB Fund Manager, LLC (the “Administrator”). Under the terms of the Administration Agreement, the Administrator performs, or oversees the performance of, required administrative services, which include providing office space, equipment and office services, maintaining financial records, preparing reports to shareholders and reports filed with the SEC, and managing the payment of expenses and the performance of administrative and professional services rendered by others.

The Company reimburses the Administrator for services performed for it pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Administrator for any services performed for it by such affiliate or third party.

Unless earlier terminated as described below, the Administration Agreement will remain in effect until October 25, 2024 and from year to year thereafter if approved annually by the vote of the board of trustees of the Company (the “Board of Trustees”) and the vote of a majority of the Company’s independent trustees (the “Independent Trustees”). The Administration Agreement may be terminated by either party without penalty upon not less than 60 days’ written notice to the other.

No person who is an officer, trustee, or employee of the Administrator or its affiliates and who serves as a trustee of the Company receives any compensation from the Company for his or her services as a trustee. However, the Company reimburses the Administrator (or its affiliates) for an allocable portion of the compensation paid by the Administrator or its affiliates to the Company’s officers who provide operational and administrative services, as well as their respective staffs and other professionals who provide services to the Company, who assist with the preparation, coordination and administration of the foregoing or provide other “back office” or “middle office”, financial or operational services to the Company (based on the percentage of time those individuals devote, on an estimated basis, to the business and affairs of the Company). Trustees who are not affiliated with the Administrator receive compensation for their services and reimbursement of expenses incurred to attend meetings.

For the three and six months ended June 30, 2023, the Administrator charged approximately $321,000 and $1,072,000, respectively, for certain costs and expenses allocable to the Company under the terms of the Administration Agreement. For the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022, the Administrator charged approximately $255,000 for certain costs and expenses allocable to the Company under the terms of the Administration Agreement.

Investment Management Agreement

On October 25, 2022, the Company entered into an Investment Management Agreement (the “Investment Management Agreement”) with the Adviser. Under the terms of the Investment Management Agreement, the Adviser is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company’s investments and monitoring the Company’s investments and portfolio companies on an ongoing basis.

Unless earlier terminated as described below, the Investment Management Agreement will remain in effect until October 25, 2024 and from year to year thereafter if approved annually by the vote of the Board of Trustees of the Company or by the vote of a majority of the outstanding voting securities of the Company, and the vote of a majority of the Company’s Independent Trustees. The Investment Management Agreement will automatically terminate in the event of assignment. The Investment Management Agreement may be terminated by (1) the Company without penalty on 60 days’ written notice, (2) by the vote of a majority of the outstanding voting securities of the Company or by the vote of the Company’s trustees, or (3) the Adviser on 120 days’ written notice.

From time to time, the Adviser may pay amounts owed by the Company to third-party providers of goods or services, including the Board, and the Company will subsequently reimburse the Adviser for such amounts paid on its behalf. Amounts payable to the Adviser are settled in the normal course of business without formal payment terms.

The Investment Management Agreement also provides that the Company reimburses the Adviser for certain organizational costs incurred prior to the commencement of the Company’s operations, and for certain offering costs.

As of June 30, 2023 and December 31, 2022, the Company has approximately $1.4 million and $1.3 million, respectively, payable to the Adviser for organizational, offering and operating costs, which is included in “accrued expenses and other liabilities payable to affiliate” and “due to affiliate” on the statements of assets and liabilities.

Under the terms of the Investment Management Agreement, the Company will pay the Adviser a base management fee and may also pay to it certain incentive fees. The cost of both the base management fee and the incentive fee will ultimately be borne by the Company’s shareholders.

The base management fee is calculated at an annual rate of 1.25% of the Company’s net assets. For services rendered under the Investment Management Agreement, the base management fee is payable monthly in arrears. The base management fee is calculated based on the Company’s net assets at the first business day of the applicable month. For the

first calendar month in which the Company has operations, net assets will be measured as the beginning net assets as of the date on which the Company begins operations. Base management fees for any partial month or quarter will be appropriately pro-rated.

For the three and six months ended June 30, 2023, the Company accrued approximately $1.8 million and $3.4 million, respectively, of base management fees payable to the Adviser. For the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022, the Company accrued approximately $174,000 of base management fees payable to the Adviser. As of June 30, 2023 and December 31, 2022, base management fees payable by the Company to the Adviser were approximately $1.8 million and $1.4 million, respectively.

Pursuant to the Investment Management Agreement, the Adviser is entitled to an incentive fee (“Incentive Fee”), which consists of two components; an incentive fee based on income and an incentive fee based on capital gains.

The portion based on the Company’s income is based on Pre-Incentive Fee Net Investment Income Returns. “Pre-Incentive Fee Net Investment Income Returns” means, as the context requires, either the dollar value of, or percentage rate of return on the value of the Company’s net assets at the end of the immediate preceding quarter from, interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement entered into between the Company and the Administrator, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any shareholder servicing and/or distribution fees).

Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount (“OID”), debt instruments with payment-in-kind (“PIK”) interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Company’s net assets at the end of the immediate preceding quarter, is compared to a “hurdle rate” of return of 1.25% per quarter (5.0% annualized).

The Company will pay the Adviser an incentive fee quarterly in arrears with respect to the Company’s Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized) (the “hurdle rate” or “Hurdle”);

100% of the dollar amount of the Company’s Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the Hurdle but is less than a rate of return of 1.43% (5.72% annualized). The Company refers to this portion of its Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) as the “catch-up.” The “catch-up” is meant to provide the Adviser with approximately 12.5% of the Company’s Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and 12.5% of the dollar amount of the Company’s Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized). This reflects that once the Hurdle is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser.

These calculations are pro-rated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter.

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable equals 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the

aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP. The Company will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if the Company were to sell the relevant investment and realize a capital gain.

For the three and six months ended June 30, 2023, the Company accrued approximately $1.9 million and $3.6 million, respectively, of income incentive fees. The Company did not accrue income incentive fees for the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022. As of June 30, 2023 and December 31, 2022, the Company had approximately $1.9 million and $1.4 million of income incentive fees payable, respectively.

As of June 30, 2023, the Company had approximately $0.8 million of accrued capital gains incentive fees, of which none were paid or payable to the Adviser, representing an increase in accrued capital gains incentive fees of $0.2 million and $0.6 million, respectively, for the three and six months ended June 30, 2023. As of December 31, 2022, the Company had approximately $0.2 million of capital gains incentive fees payable.

Expense Support and Conditional Reimbursement Agreement

The Company entered into an expense support and conditional reimbursement agreement (the “Expense Support Agreement”) with the Adviser on October 25, 2022. The Adviser may elect to pay certain expenses (each, an “Expense Payment”), provided that no portion of the payment will be used to pay any interest or distributions and/or shareholder servicing fees of the Company. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment”. “Available Operating Funds” means the sum of (i) net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

No Reimbursement Payment for any month will be made if: (1) the “Effective Rate of Distributions Per Share” (as defined below) declared by the Company at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the “Operating Expense Ratio” (as defined below) at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. Pursuant to the Expense Support Agreement, “Effective Rate of Distributions Per Share” means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder fees, and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing operating expenses, less organizational and offering expenses, base management and incentive fees owed to Adviser, and interest expense, by net assets.

The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.

For the three and six months ended June 30, 2023, no such Expense Payments were made by the Adviser. For the avoidance of doubt, pursuant to the Merger Agreement, the Expense Support Agreement terminated at the Effective Time of the Merger.

Affiliated Transactions

The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the Company’s Independent Trustees, and in some cases, the prior approval of the SEC. The Company intends to rely on exemptive relief that has been granted by the SEC to the Company, the Adviser, and Angelo Gordon to permit the Company to co-invest with other funds managed by the Adviser or Angelo Gordon, in a manner consistent with the Company’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.

Pursuant to such exemptive relief, the Company is generally permitted to co-invest with certain of its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Company and its shareholders and do not involve overreaching of the Company or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Company’s shareholders and is consistent with its investment objective and strategies, and (3) the investment by its affiliates would not disadvantage the Company, and the Company’s participation would not be on a basis different from or less advantageous than that on which its affiliates are investing. In certain situations where co-investment with one or more funds managed by Angelo Gordon is not permitted or appropriate, Angelo Gordon will need to decide which funds will proceed with the investment. Angelo Gordon will make these determinations based on its policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations.

Investment in Affiliated Funds

The Company holds equity investments through its interest in the affiliated fund, Twin Brook Equity Holdings, LLC. Twin Brook Equity Holdings, LLC was created to hold equity interest that are purchased alongside the underlying portfolio companies’ debt.

Fair value as of June 30, 2023 and 2022 and transactions for the three and six months ended June 30, 2023, and transactions for the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022, of the Company’s investments in affiliates were as follows:

	Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2023
(Amounts in thousands)	Fair Value as of April 1, 2023		Gross Additions		Gross Reductions		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of June 30, 2023		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	33,380	$	3,542	$	(2)	$	—	$	1,644	$	38,564	$	—
Total non-controlled/affiliated investments	$	33,380	$	3,542	$	(2)	$	—	$	1,644	$	38,564	$	—

	Investment in Affiliated Funds at Fair Value for the Six Months Ended June 30, 2023
(Amounts in thousands)	Fair Value as of January 1, 2023		Gross Additions		Gross Reductions		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of June 30, 2023		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	27,468	$	6,933	$	(2)	$	—	$	4,165	$	38,564	$	—
Total non-controlled/affiliated investments	$	27,468	$	6,933	$	(2)	$	—	$	4,165	$	38,564	$	—

	Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2022
(Amounts in thousands)	Fair Value as of April 1, 2022		Gross Additions		Gross Reductions		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of June 30, 2022		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	—	$	2,248	$	—	$	—	$	—	$	2,248	$	—
Total non-controlled/affiliated investments	$	—	$	2,248	$	—	$	—	$	—	$	2,248	$	—

	Investment in Affiliated Funds at Fair Value for the Period from January 27, 2022 (Inception) to June 30, 2022
(Amounts in thousands)	Fair Value as of January 27, 2022 (Inception)		Gross Additions		Gross Reductions		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of June 30, 2022		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	—	$	2,248	$	—	$	—	$	—	$	2,248	$	—
Total non-controlled/affiliated investments	$	—	$	2,248	$	—	$	—	$	—	$	2,248	$	—

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Commitments

The Company’s investment portfolio contains debt investments that are in the form of revolving lines of credit and unfunded delayed draw commitments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements.

Unfunded portfolio company commitments and funded debt investments are presented on the consolidated schedule of investments and are fair valued. Unrealized appreciation or depreciation, if any, is included in the consolidated statements of assets and liabilities and consolidated statements of operations.

As of June 30, 2023 and December 31, 2022, the Company had the following outstanding commitments to fund investments in current portfolio companies:

Portfolio Company	June 30, 2023		December 31, 2022
First lien senior secured debt	(Amounts in thousands)		(Amounts in thousands)
A.P.A. Industries, LLC	$	1,523	$	—
ACES Intermediate, LLC	6,964		6,964
ADVI Health, LLC	1,062		1,062
AHR Intermediate, Inc	8,290		12,139
ARC Healthcare Technologies, LLC	—		9,947
Ascent Lifting, Inc.	1,834		1,345
Beghou Consulting, LLC	2,654		—
Benefit Plan Administrators of Eau Claire, LLC	7,263		8,990
BPCP EE Intermedco LLC	3,387		—
BPCP WLF Intermedco LLC	7,876		7,876
Bulk Lift International, LLC	1,748		1,748
Change Academy at Lake of the Ozarks, LLC	4,436		5,786
CL Services Acquisition, LLC	4,852		—
CPS Power Buyer, LLC	2,049		4,705
Custom Agronomics Holdings, LLC	2,312		2,312
Double E Company, LLC	3,694		4,314
Endodontic Practice Partners, LLC	5,301		6,696
Esquire Deposition Solutions, LLC	2,923		6,007
Flourish Research Acquisition, LLC	2,991		—
H2 Holdco, Inc.	9,549		—
Helpware, Inc.	3,205		3,205
Hultec Buyer, LLC	3,442		—
Icreon Holdings, LLC	1,049		1,049
Industrial Air Flow Dynamics, Inc.	2,537		2,114
IPC Pain Acquistion, LLC	2,188		11,945
Ironhorse Purchaser, LLC	2,132		11,624
ITSavvy LLC	1,969		4,784
K-1 Packaging Group, LLC.	6,748		6,748
Kwalu, LLC	5,061		5,061
Load One Purchaser Corporation	9,214		9,214
MacKenzie Childs Acquisition, Inc.	450		445

Portfolio Company	June 30, 2023		December 31, 2022
Medical Technology Associates, Inc.	1,929		1,929
MWEC Management, LLC	3,192		—
Nasco Healthcare Inc.	2,492		3,322
NEFCO Holding Company, LLC	3,551		7,270
NH Kronos Buyer, Inc.	12,443		12,443
Optimized Marketing Acquisition, LLC	2,199		1,861
Propio LS, LLC	3,040		905
Purpose Home Health Acquisition, LLC	8,600		8,600
QLS Buyer, Inc	1,591		—
Raneys, LLC	5,022		1,522
Renovation Systems, LLC	3,076		—
RKD Group, LLC	4,905		4,905
Rose Paving, LLC	2,562		2,006
Shasta Buyer, LLC	1,911		1,962
Sixarp, LLC	6,912		6,912
Soccer Post Acquisition, LLC	1,608		772
Spear Education Holdings, LLC	4,463		4,463
Sun Orchard, LLC	5,223		4,875
Surplus Solutions, LLC	1,771		1,771
Treat Planet Acquisition, LLC	1,965		—
Universal Pure, LLC	5,380		12,228
US Foot and Ankle Specialists, LLC	8,664		12,467
WCI Volt Purchaser, LLC	2,249		2,249
WTWH Buyer, LLC	1,638		1,638
Yard-Nique, Inc	6,500		6,695
Zipline Logistics, LLC	6,214		6,214
Total unfunded portfolio company commitments	$	227,803	$	243,089

Other Commitments and Contingencies

From time to time, the Company may become a party to certain legal proceedings during the normal course of business. As of June 30, 2023, management was not aware of any material pending or threatened litigation.

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Net Assets

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Net Assets

Net Assets

Equity Issuances

At the Effective Time of the Merger, common shares of beneficial interest, par value $0.001 per share, of Private BDC outstanding immediately prior to the Effective Time were converted into a number of Class I shares of beneficial interest, par value $0.001 per share, of TCAP (the “TCAP Common Shares”) equal to a ratio of one to one. As a result, TCAP issued an aggregate of approximately 20.9 million TCAP Common Shares to former Private BDC shareholders. The TCAP Common Shares issued and outstanding immediately prior to the Effective Time remained outstanding upon the Effective Time and were unaffected by the Merger. As a result, immediately following the Merger, TCAP had approximately 20,945,030 Class I shares outstanding, and no Class S or D shares outstanding.

As of June 30, 2023, the Company had 23,183,428 shares issued and outstanding with a par value of $0.001 per share.

The following tables summarize transactions in common shares during the three and six months ended June 30, 2023 (excluding the shares issued in connection with the Merger):

	Three Months Ended June 30, 2023
	Shares	Amount in Thousands
Class I:
Proceeds from shares sold	1,921,844	$	49,325
Distributions reinvested	11,162	284
Net increase (decrease)	1,933,006	$	49,609

	Six Months Ended June 30, 2023
	Shares	Amount in Thousands
Class I:
Proceeds from shares sold	2,227,236	$	57,140
Distributions reinvested	11,162	284
Net increase (decrease)	2,238,398	$	57,424

The following tables summarize transactions in common shares during the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022 (excluding the shares issued in connection with the Merger):

	Three Months Ended June 30, 2022
	Shares	Amount in Thousands
Class I:
Proceeds from shares sold	6,999,940	$	174,998
Net increase (decrease)	6,999,940	$	174,998

	For the period from January 27, 2022 (Inception) to June 30, 2022
	Shares	Amount in Thousands
Class I:
Proceeds from shares sold	7,000,000	$	175,000
Net increase (decrease)	7,000,000	$	175,000

Dividends

The following table reflects dividends declared on common shares during the six months ended June 30, 2023.

For the Six Months Ended June 30, 2023
			Class I
Date Declared	Record Date	Payment Date	Dividend per Share		Amount in Thousands
March 27, 2023	March 31, 2023	April 28, 2023	$	0.18	$	3,825
April 26, 2023	April 28, 2023	May 31, 2023	$	0.18	$	4,019
May 25, 2023	May 31, 2023	June 30, 2023	$	0.18	$	4,103
June 27, 2023	June 30, 2023	July 28, 2023	$	0.18	$	4,173

There were no dividends declared for the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022.

Distribution Reinvestment Plan

The Company has adopted a distribution reinvestment plan, pursuant to which it reinvests all cash dividends declared by the Board on behalf of its shareholders who do not elect to receive their dividends in cash. As a result, if the Board authorizes, and the Company declares, a cash dividend or other distribution, then shareholders who have not opted out of our Company’s distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.

Share Repurchase Plan

The Company has implemented a share repurchase program under which, at the discretion of the Board, the Company may repurchase, in each quarter, up to 5% of the NAV of the Company’s Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. For the avoidance of doubt, such target amount is assessed each calendar quarter. The Board may amend or suspend the share repurchase program at any time (including to offer to purchase fewer shares) if in its reasonable judgment it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect the Company’s operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter, or may only be available in an amount less than 5% of our Common Shares outstanding.

The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase plan, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder; in the event that a shareholder’s shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance; due to trade or operational error; and repurchases of shares submitted by discretionary model portfolio management programs (and similar arrangements) as approved by the Company. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

During the three and six months ended June 30, 2023, no shares were repurchased.

Character of Distributions

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment.

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following tables present the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its shares of common stock during the six months ended June 30, 2023:

	Class I
Source of Distribution	Per Share		Amounts (in thousands)
Net investment income	$	0.72	$	16,120
Net realized gains	—		—
Total	$	0.72	$	16,120

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Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per common share for the three and six months ended June 30, 2023 and for the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022:

(Amounts in thousands, except share and per share amounts)	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023		Three Months Ended June 30, 2022		Period from January 27, 2022 (Inception) to June 30, 2022
Net increase (decrease) in net assets resulting from operations	$	14,034	$	26,670	$	(205)	$	(525)
Weighted average shares of common stock outstanding - basic and diluted	22,724,706		21,890,401		2,241,785		1,533,872
Earnings (loss) per common share - basic and diluted	$	0.62	$	1.22	$	(0.09)	$	(0.34)

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Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesTaxable income generally differs from net increase (decrease) in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized.The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital or total distributable earnings (losses), as appropriate. There were $1,186,000 and $2,552,000 of permanent differences for the three and six months ended June 30, 2023.

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Financial Highlights

6 Months Ended

Jun. 30, 2023

Investment Company [Abstract]

Financial Highlights

Financial Highlights

The following are financial highlights for a common share outstanding for the six months ended June 30, 2023 and for the period from January 27, 2022 (Inception) to June 30, 2022.

(Amounts in thousands, except share and per share amounts)	Six Months Ended June 30, 2023		Period from January 27, 2022 (Inception) to June 30, 2022
Per share data:
Net asset value, beginning of period	$	25.25	$	25.00
Net investment income (loss)(1)	1.02		(0.34)
Net realized and unrealized gain (loss)(2)	0.20		0.27
Total from operations	1.22		(0.07)
Dividends declared	(0.72)		0.00
Total increase (decrease) in net assets	0.50		(0.07)
Net asset value, end of period	$	25.75	$	24.93
Shares outstanding, end of period	23,183,428		7,000,000
Total return(3)(4)	4.9%		(0.3)%
Ratios / supplemental data
Ratio of total expenses to average net assets(4)(5)(6)	5.6%		1.2%
Ratio of total net operating expenses less interest and tax expense to average net assets(4)(5)(7)	0.6%		0.5%
Ratio of net investment income (loss) before taxes to average net assets(4)(5)(8)	4.2%		(0.5)%
Ratio of net investment income (loss) after taxes to average net assets(4)(5)(9)	4.0%		(0.5)%
Net assets, end of period	$	596,869	$	174,475
Weighted average shares outstanding	21,890,401		1,533,872
Portfolio turnover rate(10)	11.2%		0.0%
Asset coverage ratio(11)	241.0%		17,547.5%

(1)The per share data was derived using the weighted average shares outstanding during the period.

(2)The amount shown at this caption includes the balancing amount derived from other figures in the schedule. The amount shown does not correspond with the aggregate amount for the period due to the effect of the timing of capital transactions.

(3)Total return is calculated as the change in net asset value ("NAV") per share during the period, assuming dividends and distributions, if any, are reinvested in accordance with the Company’s distribution reinvestment plan, divided by the opening NAV per share. Total return does not include upfront transaction fee, if any.

(4)Not annualized.

(5)Average net assets are computed using the average balance of net assets at the end of each month of the reporting period.

(6)Ratio of net expenses to average net assets is computed using total expenses net of waivers from the Administrator, if applicable.

(7)Ratio of net operating expenses less interest and taxes to average net assets is computed using total operating expenses net of interest expense, tax expense, organizational expense, offering expense, management fees, incentive fees, and waivers from the Administrator, if applicable.

(8)Ratio of net investment income (loss) before taxes to average net assets does not include applicable tax expenses that are not attributable to the BDC itself but are taxes to a consolidated subsidiary to the fund and thus shown on the Statements of Operations

(9)Ratio of net investment income (loss) after taxes to average net assets includes applicable tax expenses that are not attributable to the BDC itself, but are taxes to a consolidated subsidiary to the fund and thus shown on the Statements of Operations.

(10)Portfolio turnover rate is calculated using the lesser of total sales or total purchases over the average of the investments at fair value for the periods reported.

(11)Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) total debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period.

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Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of these consolidated financial statements. There have been no subsequent events that occurred that would require disclosure in, or would be required to be recognized in, these consolidated financial statements, except as discussed below:

Subsequent Subscriptions and Dividend Declarations

The Company received approximately $8.7 million of net proceeds, inclusive of distributions reinvested through the Company’s distribution reinvestment plan, relating to the issuance of Class I shares for subscriptions effective July 1, 2023. Additionally, the Company received approximately $79.7 million of net proceeds relating to the issuance of Class I shares for subscriptions effective August 1, 2023. The issuance price for August share issuances is not yet finalized at the date of this filing.

On July 27, 2023, the Company’s Board declared net distributions of $0.18 per Class I share, payable on August 31, 2023 to shareholders of record as of July 31, 2023.

The Merger with AG Twin Brook BDC, Inc.

On July 28, 2023, the Company completed its previously announced acquisition of AG Twin Brook BDC, Inc., a Delaware corporation (“AGTB” and, together with the Company, the “Parties”), with the Company continuing as the surviving company (the “Transaction”). The Transaction was completed pursuant to the Merger Agreement, dated May 19, 2023, by and between the Parties. Prior to the Transaction closing, AGTB was an affiliated BDC managed by AG Twin Brook Manager, LLC, a wholly-owned subsidiary of Angelo Gordon The Company is a public, non-exchange traded BDC, managed by AGTB Fund Manager, LLC, which is also a wholly-owned subsidiary of Angelo Gordon. The Company is the accounting survivor of the Transaction.

As of the effective time, each share of AGTB’s common stock, par value $0.001 per share, outstanding immediately prior to the effective time was converted into the right to receive $20 per share in cash, without interest (the “Per Share Consideration”), subject to any applicable withholding taxes. The Company paid cash consideration in connection with the Transaction of approximately $193 million and had transaction costs of approximately $0.8 million. The Company acquired $186 million of investments at amortized cost and fair value, with $7 million in other assets net of other liabilities.

The Transaction will be accounted for as an asset acquisition of AGTB by the Company in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations-Related Issues, with the fair value of total consideration paid in conjunction with the Transaction allocated to the assets acquired and liabilities assumed based on their relative fair values as of the date of the Transaction. Generally, under asset acquisition accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. The cost of the group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on their relative fair values of net identifiable assets acquired other than certain “non-qualifying” assets (for example cash) and does not give rise to goodwill.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		5 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2023
Pay vs Performance Disclosure
Net increase (decrease) in net assets resulting from operations	$ 14,034	$ (205)	$ (525)	$ 26,670

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Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Accounting

Basis of Accounting

The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”).  The Company is an investment company and accordingly

follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the financial position and results of operations for the periods presented herein. On January 1, 2023, the Company completed the Merger with Private BDC and commenced operations as the surviving company, with its fiscal year end on December 31.

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2023.

Principles of Consolidation

Principles of Consolidation

The Company conducts certain of its activities through its wholly-owned subsidiaries Twin Brook Capital Funding XXXIII, LLC, Twin Brook Equity XXXIII Corp., Twin Brook Capital Funding XXXIII MSPV, LLC, and Twin Brook Capital Funding XXXIII ASPV, LLC. The Company consolidates wholly-owned subsidiaries that are controlled by the Company. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Cash

Cash

Cash is comprised of cash on deposit with major financial institutions. The Company places its cash with high credit quality institutions to minimize credit risk exposure.

Restricted Cash

Restricted Cash

Restricted cash represents cash held through certain of the Company’s wholly-owned subsidiaries that may only be used to purchase additional collateral loans, pay accrued interest on advances, fund certain expenses, and prepay outstanding advances in connection with the Company’s asset facilities.

Investment Related Transactions, Revenue Recognition and Expenses

Investment Related Transactions, Revenue Recognition and Expenses

Investment transactions and the related revenue and expenses are recorded on a trade-date basis. Realized gains and losses on investment transactions are determined using the specific identification method. All costs associated with consummated investments are included in the cost of such investments. Broken deal expenses incurred in connection with investment transactions which are not successfully consummated are expensed as a component of “Other” expense on the consolidated statements of operations.

Interest income and interest expense are recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Company and calculated using the effective interest method. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income.

Upon prepayment of investments in debt instruments, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as “Interest” income on the consolidated statements of operations. Interest received in-kind, computed at the contractual rate specified in each investment agreement, is added to the principal balance of the investment and reported as “Interest” income on the consolidated statements of operations. The Company records dividend income from private securities pursuant to the terms of the respective investments. The Company may earn various fees during the life of the loans. Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Company on an ongoing basis. These fees and any other income are recognized as earned as a component of "Other" income on the consolidated statement of operations.

Investments at Fair Value

Investments at Fair Value

The Company applies Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, the Company discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). ASC 820 establishes three levels of the fair value hierarchy as follows:

Level 1Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date;

Level 2Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active;

Level 3Inputs that are unobservable.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, interest rates, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement; however, the determination of what constitutes “observable” requires significant judgment by the Company. The Company considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Company’s perceived risk of that instrument.

The availability of observable inputs can vary from product to product and is affected by a wide variety of factors, including for example, the type of product, whether the product is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company, the Board, and the Adviser in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.

Investments in investment funds include vehicles structured for the purpose of investing in privately held common and preferred equity interests. Fair values are generally determined utilizing the net asset value (“NAV”) supplied by, or on behalf of, management of each investment fund, which is net of management and incentive fees or allocations charged by the investment fund, if applicable, and is in accordance with the “practical expedient”, as defined by FASB Accounting Standards Update (“ASU”) 2009-12, Investments in Certain Entities that Calculate NAV per Share. NAVs received by, or on behalf of, management of each investment fund are based on the fair value of the investment funds’ underlying investments in accordance with policies established by management of each investment fund, as described in each of their financial statements and offering memorandum. Withdrawals and distributions from investments in investment funds are at

the discretion of the Adviser and may depend on the liquidation of underlying assets. Investments which are valued using NAV as a practical expedient are excluded from the above hierarchy.

The Board has designated the Adviser as its “valuation designee” pursuant to Rule 2a-5 under the 1940 Act (“Rule 2a-5”), and in that role, the Adviser is responsible for performing fair value determinations relating to all of the Company’s investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. Even though the Board designated the Adviser as “valuation designee,” the Board is ultimately responsible for fair value determinations under the 1940 Act.

Under the valuation policies and procedures that have been approved by the Board, the Adviser conducts a multi-step valuation process, which includes, among other procedures, the following:

•The valuation process begins with each investment being initially valued by using certain inputs provided by, among other inputs, the investment professionals responsible for the portfolio investment in conjunction with the portfolio management team.

•The Adviser’s management reviews the preliminary valuations with the investment professionals.

•The Adviser determines the fair value of each investment; valuations that are not based on readily available market quotations are valued in good faith, based on, among other things, the input of the Adviser and, where applicable, other third parties. Valuation determinations are presented to the Board.

When determining the fair value of Level 3 investments, the Adviser may take into account the following factors, where relevant: recent transactions, the enterprise value of the underlying company, the nature and realizable value of any collateral, the underlying company’s ability to make payments and its earnings and discounted cash flows, the markets in which the underlying company does business, financial covenants, the seniority of the financial instrument in the capital structure of the company, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”). The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Adviser will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Adviser uses a market interest rate yield analysis to determine fair value.

The Company’s investments trade infrequently and when they are traded, the price may be unobservable, and as a result, multiple external pricing sources may not be available. In such instances, the Adviser may use an internal pricing model as either a corroborating or sole data point in determining the price. Pricing models take into account the contractual terms of the financial instrument, as well as relevant inputs, including where applicable, equity prices, interest rate yield curves, credit curves, correlation, and the creditworthiness of the counterparty. The Adviser generally engages third party firm(s) to assist in validating certain financial instruments where multiple external prices cannot be obtained. The third party firm(s) either independently determine prices or assess the reasonableness of the Adviser’s prices. The analyses provided by such third party firm(s) are reviewed and considered by the Adviser. As part of the risk management process, the Adviser reviews and analyzes the prices obtained from external pricing sources to evaluate their reliability and accuracy, which includes identifying and excluding vendor prices and broker quotations that the Adviser believes does not reflect fair value. In addition, the Adviser’s valuation committee meets regularly and engages in ongoing reviews of the valuation processes and procedures including reviews of methodology, ongoing accuracy, source quality and independence. Such reviews include, but are not limited to, comparison of current vendor prices and broker quotations against ongoing daily trading activity, vendor due diligence, and back testing.

Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the assumptions are set to reflect those that the Company believes market participants would use in pricing the asset or liability at the measurement date.

Organizational Costs

Organizational Costs

Organizational costs to establish the Company are charged to expense as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company.

Offering Costs

Offering CostsOffering costs in connection with the offering of common shares of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over a 12-month period. These expenses consist primarily of legal fees and other costs incurred with the Company’s share offerings, the preparation of the Company’s registration statement, and registration fees.

Deferred Financing Costs

Deferred Financing Costs

Deferred financing costs consist of financing costs incurred in connection with obtaining the Company’s financing facilities.  Such financing costs are capitalized and amortized over the life of the facility utilizing the straight-line method.  For the three and six months ended June 30, 2023, the Company paid approximately $150,000 of financing costs. For the three and six months ended June 30, 2023, the Company amortized approximately $429,000 and $867,000 of financing costs which have been included in “Interest” expense on the consolidated statements of operations. For the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022, the Company paid approximately $3.5 million of financing costs, of which $45,000 were amortized and have been included in “Interest” expense on the consolidated statements of operations.

Deferred Income

Deferred Income

Deferred income consists of annual administrative agent fees received in connection with the servicing of certain loan investments. Such fees are deferred when received and recognized as earned over the applicable period.  For the three and six months ended June 30, 2023, the Company received approximately $311,000 and $449,000 of agent fees. During the three and six months ended June 30, 2023, approximately $302,000 and $554,000 of agent fees have been recognized as earned and included in “Other” income on the consolidated statements of operations. For the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) through June 30, 2022, the Company received approximately $119,000 of agent fees. During the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022, approximately $12,000 of agent fees have been recognized as earned and included in “Other” income on the consolidated statements of operations.

Income Taxes

Income Taxes

The Company has elected to be regulated as a BDC under the 1940 Act. The Company also intends to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended. As a RIC, the Company generally will not have to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes timely to its shareholders as dividends. To the extent the Company qualifies as a RIC, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company.

To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. The Company will generally be subject to a 4% non-deductible U.S. federal excise tax on certain undistributed income or gains in respect of any calendar year, unless it distributes annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the one-year period ending on October 31 in such calendar year and (iii) any net ordinary income and capital gain net income recognized, but not distributed, in preceding years. The Company, at its discretion, may carry forward taxable income for distribution in the following taxable year and pay the applicable U.S. federal excise tax. For the three and six months ended June 30, 2023 the Company did not accrue U.S. federal excise tax.

The Company conducts certain of its activities through its wholly-owned subsidiary, Twin Brook Equity XXXIII Corp., a Delaware corporation. Twin Brook Equity XXXIII Corp. is treated as a corporation for United States federal income tax purposes and is subject to U.S. federal, state or local income tax. For the three and six months ended June 30, 2023, the Company accrued $0 current federal tax. For the three and six months ended June 30, 2023 the company accrued approximately $346,000 and $924,000 of deferred federal tax related to Twin Brook Equity XXXIII Corp., which is included in “deferred tax provision” on the consolidated statements of operations. The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

Loan Syndications and Participants

Loan Syndications and Participations

The Company may originate certain loans and then syndicate all or a portion of those loans to a third party. For the three and six months ended June 30, 2023, the Company earned approximately $29,000 and $705,000 of syndication and other origination fee income, which is included in “Other” income on the consolidated statements of operations. For the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022, the Company earned approximately $406,000 of syndication and other origination fee income, which is included in “Other” income on the consolidated statements of operations.

The Company follows the guidance in Accounting Standards Codification (“ASC”) Topic 860 Transfers and Servicing when accounting for loan participations and other partial loan sales. Such guidance requires a participation or other partial loan sale to meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales that do not meet the definition of a participating interest remain on the consolidated statements of assets and liabilities and the proceeds are recorded as a secured borrowing until the definition is met. Secured borrowings are carried at fair value to correspond with the related investments, which are carried at fair value. There were no participations that were accounted for as secured borrowings during the period.

Distributions

DistributionsDistributions to common shareholders are recorded on the record date. The amount to be distributed, if any, is determined by the Board each month. The Company intends to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, the Company may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to stockholders.

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Investments (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Investments [Abstract]

Schedule of Investments

Investments at fair value and amortized cost consisted of the following as of June 30, 2023 and December 31, 2022:

	June 30, 2023				December 31, 2022
(Amounts in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First lien senior secured debt	$	943,989	$	945,778	$	795,429	$	797,019
Investment in affiliated funds	34,165		38,564		27,234		27,468
Total investments	$	978,154	$	984,342	$	822,663	$	824,487

The industry composition of investments based on fair value as of June 30, 2023 and December 31, 2022 was as follows:

	June 30, 2023		December 31, 2022
Air freight and logistics	2.0	%	2.4	%
Auto components	2.0	%	0.9	%
Chemicals	0.4	%	0.5	%
Commercial services and supplies	3.0	%	2.2	%
Construction and engineering	6.3	%	6.2	%
Containers and packaging	5.8	%	6.9	%
Diversified consumer services	6.8	%	6.1	%
Electrical equipment	1.0	%	1.2	%
Electronic equipment, instruments and components	1.3	%	1.3	%
Food and staples retailing	1.9	%	3.5	%
Food products	4.1	%	4.1	%
Health care equipment and supplies	4.3	%	4.1	%
Health care providers and services	28.6	%	26.4	%
Health care technology	2.8	%	3.0	%
Household durables	7.0	%	6.1	%
Industrial Conglomerates	1.4	%	—	%
IT services	0.8	%	3.9	%
Machinery	1.9	%	2.2	%
Media	7.1	%	8.5	%
Multisector holdings	3.9	%	3.3	%
Professional services	1.6	%	1.9	%
Software	1.2	%	1.4	%
Specialty retail	0.9	%	1.2	%
Trading companies and distributors	3.9	%	2.7	%
Total	100.0	%	100.0	%

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Fair Value of Investments (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Hierarchy of Financial Instruments

The following table presents the fair value hierarchy of financial instruments as of June 30, 2023 and December 31, 2022:

	Assets at Fair Value as of June 30, 2023
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
First lien senior secured debt	$	—	$	—	$	945,778	$	945,778
Total	$	—	$	—	$	945,778	$	945,778

Investments measured at net asset value(1)	$	38,564
Total financial instruments, at fair value	$	984,342

(1)Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

	Assets at Fair Value as of December 31, 2022
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
First lien senior secured debt	$	—	$	—	$	797,019	$	797,019
Total	$	—	$	—	$	797,019	$	797,019
Investments measured at net asset value(1)							$	27,468
Total financial instruments, at fair value							$	824,487

(1)Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

Changes in Fair Value of Level 3 Investments

The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three and six months ended June 30, 2023 and for the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022:

	Level 3 Assets at Fair Value for the Three Months Ended June 30, 2023*
(Amounts in thousands)	Balance 4/1/2023		Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 6/30/2023		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2023
First lien senior secured debt	$	851,253	$	138,578	$	(45,480)	$	1,398	$	—	$	29	$	945,778	$	29
Total	$	851,253	$	138,578	$	(45,480)	$	1,398	$	—	$	29	$	945,778	$	29

	Level 3 Assets at Fair Value for the Six Months Ended June 30, 2023*
(Amounts in thousands)	Balance 1/1/2023		Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 6/30/2023		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2023
First lien senior secured debt	$	797,019	$	246,821	$	(100,847)	$	2,604	$	(18)	$	199	$	945,778	$	199
Total	$	797,019	$	246,821	$	(100,847)	$	2,604	$	(18)	$	199	$	945,778	$	199

	Level 3 Assets at Fair Value for the Three Months Ended June 30, 2022*
(Amounts in thousands)	Balance 4/1/2022		Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 6/30/2022		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2022
First lien senior secured debt	$	—	$	83,747	$	—	$	25	$	—	$	(6)	$	83,766	$	(6)
Total	$	—	$	83,747	$	—	$	25	$	—	$	(6)	$	83,766	$	(6)

	Level 3 Assets at Fair Value for the period from January 27, 2022 (Inception) to June 30, 2022*
(Amounts in thousands)	Balance 1/27/2022		Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 6/30/2022		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2022
First lien senior secured debt	$	—	$	83,747	$	—	$	25	$	—	$	(6)	$	83,766	$	(6)
Total	$	—	$	83,747	$	—	$	25	$	—	$	(6)	$	83,766	$	(6)

*Gains and losses are included in their respective captions in the consolidated statements of operations.

**Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable.

Significant Unobservable Inputs

In accordance with ASC 820, the following tables provide quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of June 30, 2023 and December 31, 2022. The table is not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

Asset Class	Fair Value as of 6/30/23		Valuation Techniques	Significant Unobservable Inputs	Input Ranges	Weighted Average (1)		Impact to Valuation from an Increase in Input
	(Amounts in thousands)
First lien senior secured debt	$	862,686	Discounted cash flow	Yield	10.3% - 13.3%	11.3	%	Decrease
	$	862,686

Asset Class	Fair Value as of 12/31/22		Valuation Techniques	Significant Unobservable Inputs	Input Ranges	Weighted Average (1)		Impact to Valuation from an Increase in Input
	(Amounts in thousands)
First lien senior secured debt	$	529,200	Discounted cash flow	Yield	9.7% - 13.0%	10.7	%	Decrease
	$	529,200

(1)Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

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Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt Obligations

Debt obligations consisted of the following as of June 30, 2023:

	As of June 30, 2023
(Amounts in thousands)	Maximum Principal Amount Committed		Principal Amount Outstanding		Principal Amount Available(1)		Carrying Value		Assets Pledged as Collateral(2)
ASPV Credit Facility	$	300,000	$	91,400	$	44,073	$	91,400	$	229,779
MSPV Credit Facility	$	500,000	$	331,800	$	92,215	$	331,800	$	664,825
Total debt	$	800,000	$	423,200	$	136,288	$	423,200	$	894,604

(1)The amount available reflects any limitations related to the facilities borrowing bases.

(2)Fair market value of the assets held as collateral in the respective credit facility.

Debt obligations consisted of the following as of December 31, 2022:

	As of December 31, 2022
(Amounts in thousands)	Maximum Principal Amount Committed		Principal Amount Outstanding		Principal Amount Available(1)		Carrying Value		Assets Pledged as Collateral(2)
ASPV Credit Facility	$	300,000	$	20,000	$	311	$	20,000	$	62,932
MSPV Credit Facility	$	500,000	$	303,200	$	130,417	$	303,200	$	677,575
Total debt	$	800,000	$	323,200	$	130,728	$	323,200	$	740,507

(1)The amount available reflects any limitations related to the facilities borrowing bases.

(2)Fair market value of the assets held as collateral in the respective credit facility.

Components of Interest Expense

For the three and six months ended June 30, 2023 and 2022 the components of interest expense were as follows:

(Amounts in thousands)	Three Months Ended June 30, 2023			Three Months Ended June 30, 2022			Six Months Ended June 30, 2023			Period from January 27, 2022 (Inception) to June 30, 2022
Interest expense	$	9,196		$	59		$	16,450		$	59
Amortization of deferred financing costs	429			45			867			45
Total interest expense	$	9,625		$	104		$	17,317		$	104
Average interest rate	7.46		%	2.26		%	7.30		%	2.26		%
Average daily borrowings	$	414,790		$	88		$	386,850		$	52

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Agreements and Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Investments in and Affiliated Funds

Fair value as of June 30, 2023 and 2022 and transactions for the three and six months ended June 30, 2023, and transactions for the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022, of the Company’s investments in affiliates were as follows:

	Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2023
(Amounts in thousands)	Fair Value as of April 1, 2023		Gross Additions		Gross Reductions		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of June 30, 2023		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	33,380	$	3,542	$	(2)	$	—	$	1,644	$	38,564	$	—
Total non-controlled/affiliated investments	$	33,380	$	3,542	$	(2)	$	—	$	1,644	$	38,564	$	—

	Investment in Affiliated Funds at Fair Value for the Six Months Ended June 30, 2023
(Amounts in thousands)	Fair Value as of January 1, 2023		Gross Additions		Gross Reductions		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of June 30, 2023		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	27,468	$	6,933	$	(2)	$	—	$	4,165	$	38,564	$	—
Total non-controlled/affiliated investments	$	27,468	$	6,933	$	(2)	$	—	$	4,165	$	38,564	$	—

	Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2022
(Amounts in thousands)	Fair Value as of April 1, 2022		Gross Additions		Gross Reductions		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of June 30, 2022		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	—	$	2,248	$	—	$	—	$	—	$	2,248	$	—
Total non-controlled/affiliated investments	$	—	$	2,248	$	—	$	—	$	—	$	2,248	$	—

	Investment in Affiliated Funds at Fair Value for the Period from January 27, 2022 (Inception) to June 30, 2022
(Amounts in thousands)	Fair Value as of January 27, 2022 (Inception)		Gross Additions		Gross Reductions		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of June 30, 2022		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	—	$	2,248	$	—	$	—	$	—	$	2,248	$	—
Total non-controlled/affiliated investments	$	—	$	2,248	$	—	$	—	$	—	$	2,248	$	—

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Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Outstanding Commitments to Fund Investments

As of June 30, 2023 and December 31, 2022, the Company had the following outstanding commitments to fund investments in current portfolio companies:

Portfolio Company	June 30, 2023		December 31, 2022
First lien senior secured debt	(Amounts in thousands)		(Amounts in thousands)
A.P.A. Industries, LLC	$	1,523	$	—
ACES Intermediate, LLC	6,964		6,964
ADVI Health, LLC	1,062		1,062
AHR Intermediate, Inc	8,290		12,139
ARC Healthcare Technologies, LLC	—		9,947
Ascent Lifting, Inc.	1,834		1,345
Beghou Consulting, LLC	2,654		—
Benefit Plan Administrators of Eau Claire, LLC	7,263		8,990
BPCP EE Intermedco LLC	3,387		—
BPCP WLF Intermedco LLC	7,876		7,876
Bulk Lift International, LLC	1,748		1,748
Change Academy at Lake of the Ozarks, LLC	4,436		5,786
CL Services Acquisition, LLC	4,852		—
CPS Power Buyer, LLC	2,049		4,705
Custom Agronomics Holdings, LLC	2,312		2,312
Double E Company, LLC	3,694		4,314
Endodontic Practice Partners, LLC	5,301		6,696
Esquire Deposition Solutions, LLC	2,923		6,007
Flourish Research Acquisition, LLC	2,991		—
H2 Holdco, Inc.	9,549		—
Helpware, Inc.	3,205		3,205
Hultec Buyer, LLC	3,442		—
Icreon Holdings, LLC	1,049		1,049
Industrial Air Flow Dynamics, Inc.	2,537		2,114
IPC Pain Acquistion, LLC	2,188		11,945
Ironhorse Purchaser, LLC	2,132		11,624
ITSavvy LLC	1,969		4,784
K-1 Packaging Group, LLC.	6,748		6,748
Kwalu, LLC	5,061		5,061
Load One Purchaser Corporation	9,214		9,214
MacKenzie Childs Acquisition, Inc.	450		445

Portfolio Company	June 30, 2023		December 31, 2022
Medical Technology Associates, Inc.	1,929		1,929
MWEC Management, LLC	3,192		—
Nasco Healthcare Inc.	2,492		3,322
NEFCO Holding Company, LLC	3,551		7,270
NH Kronos Buyer, Inc.	12,443		12,443
Optimized Marketing Acquisition, LLC	2,199		1,861
Propio LS, LLC	3,040		905
Purpose Home Health Acquisition, LLC	8,600		8,600
QLS Buyer, Inc	1,591		—
Raneys, LLC	5,022		1,522
Renovation Systems, LLC	3,076		—
RKD Group, LLC	4,905		4,905
Rose Paving, LLC	2,562		2,006
Shasta Buyer, LLC	1,911		1,962
Sixarp, LLC	6,912		6,912
Soccer Post Acquisition, LLC	1,608		772
Spear Education Holdings, LLC	4,463		4,463
Sun Orchard, LLC	5,223		4,875
Surplus Solutions, LLC	1,771		1,771
Treat Planet Acquisition, LLC	1,965		—
Universal Pure, LLC	5,380		12,228
US Foot and Ankle Specialists, LLC	8,664		12,467
WCI Volt Purchaser, LLC	2,249		2,249
WTWH Buyer, LLC	1,638		1,638
Yard-Nique, Inc	6,500		6,695
Zipline Logistics, LLC	6,214		6,214
Total unfunded portfolio company commitments	$	227,803	$	243,089

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Net Assets (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Transactions in Common Shares

The following tables summarize transactions in common shares during the three and six months ended June 30, 2023 (excluding the shares issued in connection with the Merger):

	Three Months Ended June 30, 2023
	Shares	Amount in Thousands
Class I:
Proceeds from shares sold	1,921,844	$	49,325
Distributions reinvested	11,162	284
Net increase (decrease)	1,933,006	$	49,609

	Six Months Ended June 30, 2023
	Shares	Amount in Thousands
Class I:
Proceeds from shares sold	2,227,236	$	57,140
Distributions reinvested	11,162	284
Net increase (decrease)	2,238,398	$	57,424

The following tables summarize transactions in common shares during the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022 (excluding the shares issued in connection with the Merger):

	Three Months Ended June 30, 2022
	Shares	Amount in Thousands
Class I:
Proceeds from shares sold	6,999,940	$	174,998
Net increase (decrease)	6,999,940	$	174,998

	For the period from January 27, 2022 (Inception) to June 30, 2022
	Shares	Amount in Thousands
Class I:
Proceeds from shares sold	7,000,000	$	175,000
Net increase (decrease)	7,000,000	$	175,000

Dividends Declared

The following table reflects dividends declared on common shares during the six months ended June 30, 2023.

For the Six Months Ended June 30, 2023
			Class I
Date Declared	Record Date	Payment Date	Dividend per Share		Amount in Thousands
March 27, 2023	March 31, 2023	April 28, 2023	$	0.18	$	3,825
April 26, 2023	April 28, 2023	May 31, 2023	$	0.18	$	4,019
May 25, 2023	May 31, 2023	June 30, 2023	$	0.18	$	4,103
June 27, 2023	June 30, 2023	July 28, 2023	$	0.18	$	4,173

The following tables present the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its shares of common stock during the six months ended June 30, 2023:

	Class I
Source of Distribution	Per Share		Amounts (in thousands)
Net investment income	$	0.72	$	16,120
Net realized gains	—		—
Total	$	0.72	$	16,120

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Computation of Earnings per Common Share

The following table sets forth the computation of basic and diluted earnings (loss) per common share for the three and six months ended June 30, 2023 and for the three months ended June 30, 2022 and for the period from January 27, 2022 (Inception) to June 30, 2022:

(Amounts in thousands, except share and per share amounts)	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023		Three Months Ended June 30, 2022		Period from January 27, 2022 (Inception) to June 30, 2022
Net increase (decrease) in net assets resulting from operations	$	14,034	$	26,670	$	(205)	$	(525)
Weighted average shares of common stock outstanding - basic and diluted	22,724,706		21,890,401		2,241,785		1,533,872
Earnings (loss) per common share - basic and diluted	$	0.62	$	1.22	$	(0.09)	$	(0.34)

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Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2023

Investment Company [Abstract]

Schedule of Financial Highlights

The following are financial highlights for a common share outstanding for the six months ended June 30, 2023 and for the period from January 27, 2022 (Inception) to June 30, 2022.

(Amounts in thousands, except share and per share amounts)	Six Months Ended June 30, 2023		Period from January 27, 2022 (Inception) to June 30, 2022
Per share data:
Net asset value, beginning of period	$	25.25	$	25.00
Net investment income (loss)(1)	1.02		(0.34)
Net realized and unrealized gain (loss)(2)	0.20		0.27
Total from operations	1.22		(0.07)
Dividends declared	(0.72)		0.00
Total increase (decrease) in net assets	0.50		(0.07)
Net asset value, end of period	$	25.75	$	24.93
Shares outstanding, end of period	23,183,428		7,000,000
Total return(3)(4)	4.9%		(0.3)%
Ratios / supplemental data
Ratio of total expenses to average net assets(4)(5)(6)	5.6%		1.2%
Ratio of total net operating expenses less interest and tax expense to average net assets(4)(5)(7)	0.6%		0.5%
Ratio of net investment income (loss) before taxes to average net assets(4)(5)(8)	4.2%		(0.5)%
Ratio of net investment income (loss) after taxes to average net assets(4)(5)(9)	4.0%		(0.5)%
Net assets, end of period	$	596,869	$	174,475
Weighted average shares outstanding	21,890,401		1,533,872
Portfolio turnover rate(10)	11.2%		0.0%
Asset coverage ratio(11)	241.0%		17,547.5%

(1)The per share data was derived using the weighted average shares outstanding during the period.

(2)The amount shown at this caption includes the balancing amount derived from other figures in the schedule. The amount shown does not correspond with the aggregate amount for the period due to the effect of the timing of capital transactions.

(3)Total return is calculated as the change in net asset value ("NAV") per share during the period, assuming dividends and distributions, if any, are reinvested in accordance with the Company’s distribution reinvestment plan, divided by the opening NAV per share. Total return does not include upfront transaction fee, if any.

(4)Not annualized.

(5)Average net assets are computed using the average balance of net assets at the end of each month of the reporting period.

(6)Ratio of net expenses to average net assets is computed using total expenses net of waivers from the Administrator, if applicable.

(7)Ratio of net operating expenses less interest and taxes to average net assets is computed using total operating expenses net of interest expense, tax expense, organizational expense, offering expense, management fees, incentive fees, and waivers from the Administrator, if applicable.

(8)Ratio of net investment income (loss) before taxes to average net assets does not include applicable tax expenses that are not attributable to the BDC itself but are taxes to a consolidated subsidiary to the fund and thus shown on the Statements of Operations

(9)Ratio of net investment income (loss) after taxes to average net assets includes applicable tax expenses that are not attributable to the BDC itself, but are taxes to a consolidated subsidiary to the fund and thus shown on the Statements of Operations.

(10)Portfolio turnover rate is calculated using the lesser of total sales or total purchases over the average of the investments at fair value for the periods reported.

(11)Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) total debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period.

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Organization (Details) $ / shares in Units, $ in Thousands	Jan. 01, 2023 $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 15, 2022 USD ($)	Jun. 30, 2023 $ / shares shares	Jun. 30, 2022 shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Contributed capital | $		$ 50
Common shares issued (in shares)		2,000
Maximum offering amount | $			$ 5,000,000
Class of Stock [Line Items]
Common shares, par value (in usd per share) | $ / shares	$ 0.001	$ 0.001		$ 0.001
Merger ratio	1
Common stock issued (in shares)	20,900,000
Common shares, outstanding (in shares)		20,943,030		23,183,428	7,000,000
Common Class I
Class of Stock [Line Items]
Common shares, outstanding (in shares)	20,945,030
Common Class D
Class of Stock [Line Items]
Common shares, outstanding (in shares)	0
Common Class S
Class of Stock [Line Items]
Common shares, outstanding (in shares)	0
AGTB Private BDC
Class of Stock [Line Items]
Common shares, par value (in usd per share) | $ / shares	$ 0.001

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Significant Accounting Policies (Details) - USD ($)		3 Months Ended		5 Months Ended	6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2023
Accounting Policies [Abstract]
Offering costs, amortization period		12 months			12 months
Deferred financing costs		$ 150,000	$ 3,500,000	$ 3,522,000	$ 150,000
Amortization of deferred financing costs		429,000	45,000	45,000	867,000
Agent fees received		311,000	119,000	119,000	449,000
Agent fees recognized as earned		302,000	12,000	12,000	554,000
U.S. federal excise tax		0
Current federal tax		0			0
Deferred federal tax	[1]	346,000	0	0	924,000
Income tax penalties		0
Income tax interest		0
Syndication and other origination fee income		$ 29,000	$ 406,000	$ 406,000	$ 705,000

[1] Related to the Company’s wholly-owned, consolidated subsidiary, Twin Brook Equity XXXIII Corp., which is treated as a corporation for United States federal income tax purposes

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Investments - Fair Value and Amortized Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2023		Mar. 31, 2023	Dec. 31, 2022		Jun. 30, 2022	Mar. 31, 2022	Jan. 26, 2022
Schedule of Investments [Line Items]
Amortized Cost	$ 978,154	[1],[2],[3]		$ 822,663	[4],[5],[6]
Fair Value	984,342	[2],[3]		824,487	[5],[6]
Non-controlled/non-affiliated
Schedule of Investments [Line Items]
Amortized Cost	943,989			795,429
Fair Value	945,778			797,019
Non-controlled/affiliated
Schedule of Investments [Line Items]
Amortized Cost	34,165			27,234
Fair Value	38,564		$ 33,380	27,468		$ 2,248	$ 0	$ 0
First lien senior secured debt | Non-controlled/non-affiliated
Schedule of Investments [Line Items]
Amortized Cost	943,989			795,429
Fair Value	$ 945,778			$ 797,019

[1] The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

[2] Unless otherwise indicated, all investments are considered Level 3 investments. Under section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”), we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of June 30, 2023, there were no non-qualifying assets.

[3] Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

[4] The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

[5] Unless otherwise indicated, all investments are considered Level 3 investments. Under section 55(a) of the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2022, there were no non-qualifying assets.

[6] Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

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Investments - Industry Composition (Details)	Jun. 30, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Total	100.00%	100.00%
Air freight and logistics
Schedule of Investments [Line Items]
Total	2.00%	2.40%
Auto components
Schedule of Investments [Line Items]
Total	2.00%	0.90%
Chemicals
Schedule of Investments [Line Items]
Total	0.40%	0.50%
Commercial services and supplies
Schedule of Investments [Line Items]
Total	3.00%	2.20%
Construction and engineering
Schedule of Investments [Line Items]
Total	6.30%	6.20%
Containers and packaging
Schedule of Investments [Line Items]
Total	5.80%	6.90%
Diversified consumer services
Schedule of Investments [Line Items]
Total	6.80%	6.10%
Electrical equipment
Schedule of Investments [Line Items]
Total	1.00%	1.20%
Electronic equipment, instruments and components
Schedule of Investments [Line Items]
Total	1.30%	1.30%
Food and staples retailing
Schedule of Investments [Line Items]
Total	1.90%	3.50%
Food products
Schedule of Investments [Line Items]
Total	4.10%	4.10%
Health care equipment and supplies
Schedule of Investments [Line Items]
Total	4.30%	4.10%
Health care providers and services
Schedule of Investments [Line Items]
Total	28.60%	26.40%
Health care technology
Schedule of Investments [Line Items]
Total	2.80%	3.00%
Household durables
Schedule of Investments [Line Items]
Total	7.00%	6.10%
Industrial Conglomerates
Schedule of Investments [Line Items]
Total	1.40%	0.00%
IT services
Schedule of Investments [Line Items]
Total	0.80%	3.90%
Machinery
Schedule of Investments [Line Items]
Total	1.90%	2.20%
Media
Schedule of Investments [Line Items]
Total	7.10%	8.50%
Multisector holdings
Schedule of Investments [Line Items]
Total	3.90%	3.30%
Professional services
Schedule of Investments [Line Items]
Total	1.60%	1.90%
Software
Schedule of Investments [Line Items]
Total	1.20%	1.40%
Specialty retail
Schedule of Investments [Line Items]
Total	0.90%	1.20%
Trading companies and distributors
Schedule of Investments [Line Items]
Total	3.90%	2.70%

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Investments - Narrative (Details)	Jun. 30, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Investment percentage	100.00%	100.00%
United States
Schedule of Investments [Line Items]
Investment percentage	100.00%	100.00%

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Fair Value of Investments - Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023		Dec. 31, 2022
Assets at Fair Value
Investments at fair value	$ 984,342	[1],[2]	$ 824,487	[3],[4]
Levels 1, 2 and 3
Assets at Fair Value
Investments at fair value	945,778		797,019
Level 1
Assets at Fair Value
Investments at fair value	0		0
Level 2
Assets at Fair Value
Investments at fair value	0		0
Level 3
Assets at Fair Value
Investments at fair value	945,778		797,019
Fair value measured at net asset value
Assets at Fair Value
Investments at fair value	38,564		27,468
First lien senior secured debt
Assets at Fair Value
Investments at fair value	945,778		797,019
First lien senior secured debt | Level 1
Assets at Fair Value
Investments at fair value	0		0
First lien senior secured debt | Level 2
Assets at Fair Value
Investments at fair value	0		0
First lien senior secured debt | Level 3
Assets at Fair Value
Investments at fair value	$ 945,778		$ 797,019

[1] Unless otherwise indicated, all investments are considered Level 3 investments. Under section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”), we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of June 30, 2023, there were no non-qualifying assets.

[2] Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

[3] Unless otherwise indicated, all investments are considered Level 3 investments. Under section 55(a) of the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2022, there were no non-qualifying assets.

[4] Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

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Fair Value of Investments - Changes in Fair Value of Level 3 Investments (Details) - USD ($) $ in Thousands	3 Months Ended		5 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2023
Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 851,253	$ 0	$ 0	$ 797,019
Purchases and Drawdowns	138,578	83,747	83,747	246,821
Sales and Paydowns	(45,480)	0	0	(100,847)
Other	1,398	25	25	2,604
Ending balance	945,778	83,766	83,766	945,778
Change in Unrealized Appreciation/(Depreciation) for Level 3 Assets Still Held	29	(6)	(6)	199
Investments | Realized Gains/ (Losses)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gains (losses) included in earnings	0	0	0	(18)
Investments | Change in Unrealized Appreciation/(Depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gains (losses) included in earnings	29	(6)	(6)	199
First lien senior secured debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	851,253	0	0	797,019
Purchases and Drawdowns	138,578	83,747	83,747	246,821
Sales and Paydowns	(45,480)	0	0	(100,847)
Other	1,398	25	25	2,604
Ending balance	945,778	83,766	83,766	945,778
Change in Unrealized Appreciation/(Depreciation) for Level 3 Assets Still Held	29	(6)	(6)	199
First lien senior secured debt | Realized Gains/ (Losses)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gains (losses) included in earnings	0	0	0	(18)
First lien senior secured debt | Change in Unrealized Appreciation/(Depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gains (losses) included in earnings	$ 29	$ (6)	$ (6)	$ 199

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Fair Value of Investments - Significant Unobservable Inputs (Details) $ in Thousands	Jun. 30, 2023 USD ($)		Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 984,342	[1],[2]	$ 824,487	[3],[4]
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	945,778		797,019
Discounted cash flow and market comparable | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	862,686		529,200
First lien senior secured debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	945,778		797,019
First lien senior secured debt | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	945,778		797,019
First lien senior secured debt | Discounted cash flow | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 862,686		$ 529,200
First lien senior secured debt | Minimum | Discounted cash flow | Level 3 | Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value, measurement input	0.103		0.097
First lien senior secured debt | Maximum | Discounted cash flow | Level 3 | Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value, measurement input	0.133		0.130
First lien senior secured debt | Weighted Average | Discounted cash flow | Level 3 | Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value, measurement input	0.113		0.107

[1] Unless otherwise indicated, all investments are considered Level 3 investments. Under section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”), we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of June 30, 2023, there were no non-qualifying assets.

[2] Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

[3] Unless otherwise indicated, all investments are considered Level 3 investments. Under section 55(a) of the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2022, there were no non-qualifying assets.

[4] Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

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Debt - Narrative (Details) - USD ($) $ in Thousands	Dec. 13, 2022	Oct. 28, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Jun. 17, 2022
Line of Credit Facility [Line Items]
Maximum commitment			$ 800,000	$ 800,000
Borrowings outstanding			$ 423,200	$ 323,200
Asset coverage ratio			241.00%	263.60%	17547.50%
MSPV Credit Facility | Line of credit
Line of Credit Facility [Line Items]
Maximum commitment			$ 500,000	$ 500,000		$ 500,000
Borrowings outstanding			331,800	303,200
MSPV Credit Facility | Line of credit | Term SOFR | Interest rate scenario one
Line of Credit Facility [Line Items]
Basis spread on variable interest rate		2.50%
MSPV Credit Facility | Line of credit | Term SOFR | Interest rate scenario two
Line of Credit Facility [Line Items]
Basis spread on variable interest rate		3.00%
ASPV Credit Facility | Line of credit
Line of Credit Facility [Line Items]
Maximum commitment	$ 300,000		300,000	300,000
Borrowings outstanding			$ 91,400	$ 20,000
ASPV Credit Facility | Line of credit | Term SOFR
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	2.875%

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Debt - Debt Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 13, 2022	Jun. 17, 2022
Line of Credit Facility [Line Items]
Maximum Principal Amount Committed	$ 800,000	$ 800,000
Principal Amount Outstanding	423,200	323,200
Principal Amount Available	136,288	130,728
Carrying Value	423,200	323,200
Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Assets Pledged as Collateral	894,604	740,507
ASPV Credit Facility | Line of credit
Line of Credit Facility [Line Items]
Maximum Principal Amount Committed	300,000	300,000	$ 300,000
Principal Amount Outstanding	91,400	20,000
Principal Amount Available	44,073	311
Carrying Value	91,400	20,000
ASPV Credit Facility | Line of credit | Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Assets Pledged as Collateral	229,779	62,932
MSPV Credit Facility | Line of credit
Line of Credit Facility [Line Items]
Maximum Principal Amount Committed	500,000	500,000		$ 500,000
Principal Amount Outstanding	331,800	303,200
Principal Amount Available	92,215	130,417
Carrying Value	331,800	303,200
MSPV Credit Facility | Line of credit | Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Assets Pledged as Collateral	$ 664,825	$ 677,575

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Debt - Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		5 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2023
Debt Disclosure [Abstract]
Interest expense	$ 9,196	$ 59	$ 59	$ 16,450
Amortization of deferred financing costs	429	45	45	867
Total interest expense	$ 9,625	$ 104	$ 104	$ 17,317
Average interest rate	7.46%	2.26%	2.26%	7.30%
Average daily borrowings	$ 414,790	$ 88	$ 52	$ 386,850

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Agreements and Related Party Transactions - Narrative (Details)			3 Months Ended		5 Months Ended	6 Months Ended
		Oct. 25, 2022 component	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Administrative fees	[1]		$ 321,000	$ 255,000	$ 255,000	$ 1,072,000
Management fees	[1]		1,770,000	174,000	174,000	3,410,000
Management fees payable			1,770,000			1,770,000		$ 1,397,000
Income incentive fees	[1]		1,915,000	0	0	3,585,000
Income incentive fee payable			1,915,000			1,915,000		1,412,000
Capital gains incentive fee payable			793,000			793,000		249,000
Increase in accrued capital gains incentive fees						600,000
Affiliated Entity
Related Party Transaction [Line Items]
Administrative fees			321,000	255,000		1,072,000	$ 255,000
Management fees			1,800,000	174,000	174,000	3,400,000
Increase in accrued capital gains incentive fees			200,000
Administration Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Company written notice for termination		60 days
Investment Management Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Company written notice for termination		60 days
Adviser written notice for termination		120 days
Accrued expenses and other liabilities payable to affiliate			1,400,000			1,400,000		1,300,000
Management and service fees, base rate		1.25%
Management fees payable			1,800,000			1,800,000		1,400,000
Number of components of incentive fee | component		2
Income incentive fees			1,900,000	$ 0	$ 0	3,600,000
Income incentive fee payable			1,900,000			1,900,000		1,400,000
Capital gains incentive fee payable			800,000			800,000		$ 200,000
Investment Management Agreement - incentive rate, quarterly hurdle rate | Affiliated Entity
Related Party Transaction [Line Items]
Incentive fee percentage		1.25%
Investment Management Agreement - incentive rate, annualized hurdle rate | Affiliated Entity
Related Party Transaction [Line Items]
Incentive fee percentage		5.00%
Investment Management Agreement - incentive rate, pre-incentive fee net investment income below catch-up threshold | Affiliated Entity
Related Party Transaction [Line Items]
Incentive fee percentage		100.00%
Investment Management Agreement - incentive rate, quarterly catch-up threshold | Affiliated Entity
Related Party Transaction [Line Items]
Incentive fee percentage		1.43%
Investment Management Agreement - incentive rate, annualized catch-up threshold | Affiliated Entity
Related Party Transaction [Line Items]
Incentive fee percentage		5.72%
Investment Management Agreement - incentive rate, pre-incentive fee net investment income exceeds catch-up threshold | Affiliated Entity
Related Party Transaction [Line Items]
Incentive fee percentage		12.50%
Investment Management Agreement - incentive rate, capital gains | Affiliated Entity
Related Party Transaction [Line Items]
Incentive fee percentage		12.50%
Expense Support Agreement
Related Party Transaction [Line Items]
Expense payments			$ 0			$ 0
Expense Support Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Payment term		45 days
Expense reimbursement period		3 years

[1] Refer to Note 6 - Agreements and Related Party Transactions

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Agreements and Related Party Transactions - Investment in Affiliated Funds (Details) - USD ($) $ in Thousands		3 Months Ended		5 Months Ended	6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2023
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[1],[2]				$ 824,487
Net Realized Gain (Loss)				$ 0	(18)
Net Change in Unrealized Appreciation (Depreciation)				(6)	4,364
Fair value, end of period	[3],[4]	$ 984,342			984,342
Non-controlled/affiliated
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period		33,380	$ 0	0	27,468
Gross Additions		3,542	2,248	2,248	6,933
Gross Reductions		(2)	0	0	(2)
Net Realized Gain (Loss)		0	0	0	0
Net Change in Unrealized Appreciation (Depreciation)		1,644	0	0	4,165
Fair value, end of period		38,564	2,248	2,248	38,564
Dividend, Interest, PIK and Other Income		0	0	0	0
Investment, Identifier [Axis]: A.P.A. Industries, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period	[5]	(33)			(33)
Investment, Identifier [Axis]: A.P.A. Industries, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period		9,849			9,849
Investment, Identifier [Axis]: ACES Intermediate, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(117)
Fair value, end of period	[5]	(104)			(104)
Investment, Identifier [Axis]: ACES Intermediate, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					30,859
Fair value, end of period		30,747			30,747
Investment, Identifier [Axis]: ADVI Health, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(26)
Fair value, end of period	[5]	(22)			(22)
Investment, Identifier [Axis]: ADVI Health, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					6,089
Fair value, end of period		6,081			6,081
Investment, Identifier [Axis]: AHR Intermediate, Inc, First lien senior secured delayed draw term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(47)
Fair value, end of period		3,782			3,782
Investment, Identifier [Axis]: AHR Intermediate, Inc, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					697
Fair value, end of period		705			705
Investment, Identifier [Axis]: AHR Intermediate, Inc, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					24,050
Fair value, end of period		23,964			23,964
Investment, Identifier [Axis]: ARC Healthcare Technologies, LLC, First lien senior secured delayed draw term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					668
Investment, Identifier [Axis]: ARC Healthcare Technologies, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(30)
Investment, Identifier [Axis]: ARC Healthcare Technologies, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					23,210
Investment, Identifier [Axis]: Ascent Lifting, Inc., Ascent Lifting, Inc. 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period	[5]	608			608
Investment, Identifier [Axis]: Ascent Lifting, Inc., Ascent Lifting, Inc. 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period		16,862			16,862
Investment, Identifier [Axis]: Ascent Lifting, Inc., First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(23)
Investment, Identifier [Axis]: Ascent Lifting, Inc., First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					5,029
Investment, Identifier [Axis]: BPCP EE Intermedco LLC, First lien senior secured delayed draw term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period		1,990			1,990
Investment, Identifier [Axis]: BPCP EE Intermedco LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period	[5]	(56)			(56)
Investment, Identifier [Axis]: BPCP EE Intermedco LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period		6,363			6,363
Investment, Identifier [Axis]: BPCP WLF Intermedco LLC, First lien senior secured delayed draw term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(100)
Fair value, end of period	[5]	(89)			(89)
Investment, Identifier [Axis]: BPCP WLF Intermedco LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					1,295
Fair value, end of period		1,302			1,302
Investment, Identifier [Axis]: BPCP WLF Intermedco LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					22,923
Fair value, end of period		22,852			22,852
Investment, Identifier [Axis]: Beghou Consulting, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period	[5]	(71)			(71)
Investment, Identifier [Axis]: Beghou Consulting, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period		14,499			14,499
Investment, Identifier [Axis]: Benefit Plan Administrators of Eau Claire, LLC, First lien senior secured delayed draw term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(92)
Fair value, end of period		1,648			1,648
Investment, Identifier [Axis]: Benefit Plan Administrators of Eau Claire, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(21)
Fair value, end of period	[5]	(18)			(18)
Investment, Identifier [Axis]: Benefit Plan Administrators of Eau Claire, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					12,800
Fair value, end of period		12,748			12,748
Investment, Identifier [Axis]: Bulk Lift International, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(43)
Fair value, end of period	[5]	(41)			(41)
Investment, Identifier [Axis]: Bulk Lift International, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					5,673
Fair value, end of period		5,653			5,653
Investment, Identifier [Axis]: CL Services Acquisition, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period	[5]	(38)			(38)
Investment, Identifier [Axis]: CL Services Acquisition, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period		9,648			9,648
Investment, Identifier [Axis]: CL Services Acquisition, LLC, term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period		3,658			3,658
Investment, Identifier [Axis]: CPS Power Buyer, LLC, First lien senior secured delayed draw term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(53)
Fair value, end of period		2,609			2,609
Investment, Identifier [Axis]: CPS Power Buyer, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(29)
Fair value, end of period	[5]	(26)			(26)
Investment, Identifier [Axis]: CPS Power Buyer, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					5,028
Fair value, end of period		5,010			5,010
Investment, Identifier [Axis]: Change Academy at Lake of the Ozarks, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(98)
Fair value, end of period		1,263			1,263
Investment, Identifier [Axis]: Change Academy at Lake of the Ozarks, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					29,043
Fair value, end of period		29,098			29,098
Investment, Identifier [Axis]: Custom Agronomics Holdings, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(40)
Fair value, end of period	[5]	(35)			(35)
Investment, Identifier [Axis]: Custom Agronomics Holdings, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					3,863
Fair value, end of period		3,849			3,849
Investment, Identifier [Axis]: Double E Company, LLC, First lien senior secured delayed draw term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(14)
Fair value, end of period	[5]	(13)			(13)
Investment, Identifier [Axis]: Double E Company, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					677
Fair value, end of period		1,299			1,299
Investment, Identifier [Axis]: Double E Company, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					17,337
Fair value, end of period		17,260			17,260
Investment, Identifier [Axis]: Endodontic Practice Partners, LLC, First lien senior secured delayed draw term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					11,621
Fair value, end of period		12,801			12,801
Investment, Identifier [Axis]: Endodontic Practice Partners, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(37)
Fair value, end of period		161			161
Investment, Identifier [Axis]: Endodontic Practice Partners, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					14,636
Fair value, end of period		14,610			14,610
Investment, Identifier [Axis]: Esquire Deposition Solutions, LLC, First lien senior secured delayed draw term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(115)
Fair value, end of period		2,332			2,332
Investment, Identifier [Axis]: Esquire Deposition Solutions, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(65)
Fair value, end of period		592			592
Investment, Identifier [Axis]: Esquire Deposition Solutions, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					13,054
Fair value, end of period		13,041			13,041
Investment, Identifier [Axis]: Flourish Research Acquisition, LLC, First lien senior secured delayed draw term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period	[5]	(51)			(51)
Investment, Identifier [Axis]: Flourish Research Acquisition, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period	[5]	(20)			(20)
Investment, Identifier [Axis]: Flourish Research Acquisition, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period		18,569			18,569
Investment, Identifier [Axis]: H2 Holdco, Inc., First lien senior secured delayed draw term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period	[5]	(205)			(205)
Investment, Identifier [Axis]: H2 Holdco, Inc., First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period	[5],[7]	(72)			(72)
Investment, Identifier [Axis]: H2 Holdco, Inc., First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period		16,787			16,787
Investment, Identifier [Axis]: Helpware, Inc., First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					1,800
Fair value, end of period		1,807			1,807
Investment, Identifier [Axis]: Helpware, Inc., First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					13,956
Fair value, end of period		13,894			13,894
Investment, Identifier [Axis]: Hultec Buyer, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period		277			277
Investment, Identifier [Axis]: Hultec Buyer, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period		13,839			13,839
Investment, Identifier [Axis]: IPC Pain Acquisition, LLC, First lien senior secured delayed draw term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period		9,683			9,683
Investment, Identifier [Axis]: IPC Pain Acquisition, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period	[5]	(11)			(11)
Investment, Identifier [Axis]: IPC Pain Acquisition, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period		2,742			2,742
Investment, Identifier [Axis]: IPC Pain Acquistion, LLC, First lien senior secured delayed draw term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(107)
Investment, Identifier [Axis]: IPC Pain Acquistion, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(13)
Investment, Identifier [Axis]: IPC Pain Acquistion, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					2,751
Investment, Identifier [Axis]: ITSavvy LLC, First lien senior secured delayed draw term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(22)
Fair value, end of period		2,184			2,184
Investment, Identifier [Axis]: ITSavvy LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(13)
Fair value, end of period	[5]	(12)			(12)
Investment, Identifier [Axis]: ITSavvy LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					11,162
Fair value, end of period		11,114			11,114
Investment, Identifier [Axis]: Icreon Holdings, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(25)
Fair value, end of period	[5]	(21)			(21)
Investment, Identifier [Axis]: Icreon Holdings, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					8,063
Fair value, end of period		8,056			8,056
Investment, Identifier [Axis]: Industrial Air Flow Dynamics, Inc., First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					380
Fair value, end of period	[5]	(39)			(39)
Investment, Identifier [Axis]: Industrial Air Flow Dynamics, Inc., First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					17,452
Fair value, end of period		17,390			17,390
Investment, Identifier [Axis]: Ironhorse Purchaser, LLC, First lien senior secured delayed draw term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(70)
Fair value, end of period		9,262			9,262
Investment, Identifier [Axis]: Ironhorse Purchaser, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					1,968
Fair value, end of period	[8]	3,617			3,617
Investment, Identifier [Axis]: Ironhorse Purchaser, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					30,376
Fair value, end of period		30,099			30,099
Investment, Identifier [Axis]: K-1 Packaging Group, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(152)
Investment, Identifier [Axis]: K-1 Packaging Group, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					32,370
Investment, Identifier [Axis]: K-1 Packaging Group, LLC., First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period	[5]	(136)			(136)
Investment, Identifier [Axis]: K-1 Packaging Group, LLC., First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period		32,278			32,278
Investment, Identifier [Axis]: Kwalu, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(88)
Fair value, end of period	[5]	(79)			(79)
Investment, Identifier [Axis]: Kwalu, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					24,405
Fair value, end of period		24,315			24,315
Investment, Identifier [Axis]: Load One Purchaser Corporation, First lien senior secured delayed draw term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(101)
Fair value, end of period	[5]	(92)			(92)
Investment, Identifier [Axis]: Load One Purchaser Corporation, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					291
Fair value, end of period		296			296
Investment, Identifier [Axis]: Load One Purchaser Corporation, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					13,252
Fair value, end of period		13,200			13,200
Investment, Identifier [Axis]: MWEC Management, LLC, First lien senior secured delayed draw term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period	[5]	(33)			(33)
Investment, Identifier [Axis]: MWEC Management, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period		114			114
Investment, Identifier [Axis]: MWEC Management, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period		11,399			11,399
Investment, Identifier [Axis]: MacKenzie Childs Acquisition, Inc., First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					2,883
Fair value, end of period		2,887			2,887
Investment, Identifier [Axis]: MacKenzie Childs Acquisition, Inc., First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					17,842
Fair value, end of period		17,766			17,766
Investment, Identifier [Axis]: Medical Technology Associates, Inc., First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(33)
Fair value, end of period	[5]	(37)			(37)
Investment, Identifier [Axis]: Medical Technology Associates, Inc., First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					6,599
Fair value, end of period		14,010			14,010
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, First lien senior secured delayed draw term loan 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					2,585
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, First lien senior secured delayed draw term loan 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					122
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, First lien senior secured delayed draw term loan 3
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(38)
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(52)
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					14,222
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, NEFCO Holding Company, LLC 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period		2,154			2,154
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, NEFCO Holding Company, LLC 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period		28			28
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, NEFCO Holding Company, LLC 3
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period		2,570			2,570
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, NEFCO Holding Company, LLC 4
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period		1,576			1,576
Investment, Identifier [Axis]: NEFCO Holding Company, LLC, NEFCO Holding Company, LLC 5
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period		14,134			14,134
Investment, Identifier [Axis]: NH Kronos Buyer, Inc., First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(363)
Fair value, end of period	[5]	(292)			(292)
Investment, Identifier [Axis]: NH Kronos Buyer, Inc., First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					66,365
Fair value, end of period		50,497			50,497
Investment, Identifier [Axis]: Nasco Healthcare Inc., First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6],[9]				(38)
Fair value, end of period	[10]	803			803
Investment, Identifier [Axis]: Nasco Healthcare Inc., First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					17,605
Fair value, end of period		17,581			17,581
Investment, Identifier [Axis]: Optimized Marketing Acquisition, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					1,465
Fair value, end of period		1,133			1,133
Investment, Identifier [Axis]: Optimized Marketing Acquisition, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					25,717
Fair value, end of period		25,636			25,636
Investment, Identifier [Axis]: Propio LS, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					2,653
Fair value, end of period		525			525
Investment, Identifier [Axis]: Propio LS, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					19,503
Fair value, end of period		19,442			19,442
Investment, Identifier [Axis]: Purpose Home Health Acquisition, LLC, First lien senior secured delayed draw term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(145)
Fair value, end of period	[5]	(122)			(122)
Investment, Identifier [Axis]: Purpose Home Health Acquisition, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(42)
Fair value, end of period	[5]	(35)			(35)
Investment, Identifier [Axis]: Purpose Home Health Acquisition, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					7,786
Fair value, end of period		7,777			7,777
Investment, Identifier [Axis]: QLS Buyer, Inc, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period	[5]	(38)			(38)
Investment, Identifier [Axis]: QLS Buyer, Inc, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period		12,132			12,132
Investment, Identifier [Axis]: RKD Group, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(60)
Fair value, end of period	[5]	(55)			(55)
Investment, Identifier [Axis]: RKD Group, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					33,260
Fair value, end of period		33,138			33,138
Investment, Identifier [Axis]: Raneys, LLC, First lien senior secured delayed draw term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period		1,270			1,270
Investment, Identifier [Axis]: Raneys, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(25)
Fair value, end of period	[5]	(27)			(27)
Investment, Identifier [Axis]: Raneys, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					7,243
Fair value, end of period		8,735			8,735
Investment, Identifier [Axis]: Renovation Systems, LLC, First lien senior secured delayed draw term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period		4,070			4,070
Investment, Identifier [Axis]: Renovation Systems, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period		439			439
Investment, Identifier [Axis]: Renovation Systems, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period		12,025			12,025
Investment, Identifier [Axis]: Rose Paving, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					2,442
Fair value, end of period		2,295			2,295
Investment, Identifier [Axis]: Rose Paving, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					16,439
Fair value, end of period		16,415			16,415
Investment, Identifier [Axis]: Shasta Buyer, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					199
Fair value, end of period		253			253
Investment, Identifier [Axis]: Shasta Buyer, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					11,462
Fair value, end of period		11,422			11,422
Investment, Identifier [Axis]: Sixarp, LLC, First lien senior secured delayed draw term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(54)
Fair value, end of period	[5]	(48)			(48)
Investment, Identifier [Axis]: Sixarp, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(63)
Fair value, end of period	[5]	(56)			(56)
Investment, Identifier [Axis]: Sixarp, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					19,482
Fair value, end of period		19,422			19,422
Investment, Identifier [Axis]: Soccer Post Acquisition, LLC, First lien senior secured delayed draw term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					1,422
Fair value, end of period		1,418			1,418
Investment, Identifier [Axis]: Soccer Post Acquisition, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					1,020
Fair value, end of period		187			187
Investment, Identifier [Axis]: Soccer Post Acquisition, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					7,480
Fair value, end of period		7,455			7,455
Investment, Identifier [Axis]: Spear Education Holdings, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(122)
Fair value, end of period	[5]	(105)			(105)
Investment, Identifier [Axis]: Spear Education Holdings, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					18,339
Fair value, end of period		12,210			12,210
Investment, Identifier [Axis]: Sun Orchard, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					261
Fair value, end of period	[5]	(77)			(77)
Investment, Identifier [Axis]: Sun Orchard, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					9,297
Fair value, end of period		9,268			9,268
Investment, Identifier [Axis]: Surplus Solutions, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(44)
Fair value, end of period	[5]	(37)			(37)
Investment, Identifier [Axis]: Surplus Solutions, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					9,894
Fair value, end of period		9,882			9,882
Investment, Identifier [Axis]: Treat Planet Acquisition, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period	[5]	(52)			(52)
Investment, Identifier [Axis]: Treat Planet Acquisition, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, end of period		7,073			7,073
Investment, Identifier [Axis]: Twin Brook Equity Holdings, LLC
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period		33,380	0	0	27,468
Gross Additions		3,542	2,248	2,248	6,933
Gross Reductions		(2)	0	0	(2)
Net Realized Gain (Loss)		0	0	0	0
Net Change in Unrealized Appreciation (Depreciation)		1,644	0	0	4,165
Fair value, end of period		38,564	2,248	2,248	38,564
Dividend, Interest, PIK and Other Income		0	$ 0	$ 0	0
Investment, Identifier [Axis]: Twin Brook Equity Holdings, LLC, Equity interest
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[11],[12],[13]				27,468
Fair value, end of period	[7],[14],[15]	38,564			38,564
Investment, Identifier [Axis]: US Foot and Ankle Specialists, LLC, First lien senior secured delayed draw term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					5,913
Fair value, end of period		9,714			9,714
Investment, Identifier [Axis]: US Foot and Ankle Specialists, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					635
Fair value, end of period		640			640
Investment, Identifier [Axis]: US Foot and Ankle Specialists, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					20,705
Fair value, end of period		20,644			20,644
Investment, Identifier [Axis]: Universal Pure, LLC, First lien senior secured delayed draw term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(140)
Fair value, end of period		36			36
Investment, Identifier [Axis]: Universal Pure, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6],[16]				(187)
Fair value, end of period	[17]	1,760			1,760
Investment, Identifier [Axis]: Universal Pure, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					29,088
Fair value, end of period		16,602			16,602
Investment, Identifier [Axis]: WCI Volt Purchaser, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(39)
Fair value, end of period	[5]	(36)			(36)
Investment, Identifier [Axis]: WCI Volt Purchaser, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					9,859
Fair value, end of period		9,674			9,674
Investment, Identifier [Axis]: WTWH Buyer, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(41)
Fair value, end of period	[5]	(35)			(35)
Investment, Identifier [Axis]: WTWH Buyer, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					9,941
Fair value, end of period		9,927			9,927
Investment, Identifier [Axis]: Yard-Nique, Inc, First lien senior secured delayed draw term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(68)
Fair value, end of period		402			402
Investment, Identifier [Axis]: Yard-Nique, Inc, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					251
Fair value, end of period	[5]	(9)			(9)
Investment, Identifier [Axis]: Yard-Nique, Inc, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					6,661
Fair value, end of period		6,640			6,640
Investment, Identifier [Axis]: Zipline Logistics, LLC, First lien senior secured delayed draw term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(79)
Fair value, end of period	[5]	(70)			(70)
Investment, Identifier [Axis]: Zipline Logistics, LLC, First lien senior secured revolving loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period	[6]				(29)
Fair value, end of period	[5]	(26)			(26)
Investment, Identifier [Axis]: Zipline Logistics, LLC, First lien senior secured term loan
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning of period					6,804
Fair value, end of period		$ 6,779			$ 6,779

[1] Unless otherwise indicated, all investments are considered Level 3 investments. Under section 55(a) of the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2022, there were no non-qualifying assets.

[2] Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

[3] Unless otherwise indicated, all investments are considered Level 3 investments. Under section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”), we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of June 30, 2023, there were no non-qualifying assets.

[4] Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

[5] Represents revolvers and delayed draw term loans where the entire balance is unfunded as of June 30, 2023. The negative fair value is a result of the commitment being valued below par. Refer to Note 7 for further information.

[6] Represents revolvers and delayed draw term loans where the entire balance is unfunded as of December 31, 2022. The negative fair value is a result of the commitment being valued below par. Refer to Note 7 for further information.

[7] As a practical expedient, the Company uses net asset value (“NAV”) to determine the fair value of this investment. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels. This represents an investment in an affiliated fund.

[8] Principal balance includes reserve for letter of credit of $82,358 on which the borrower pays 6.50%.

[9] Principal balance includes reserve for letter of credit of $265,760 on which the borrower pays 5.75%.

[10] Principal balance includes reserve for letter of credit of $265,760 on which the borrower pays 5.75%.(10)Principal balance includes reserve for letter of credit of $213,947 on which the borrower pays 5.25%.

[11] As a practical expedient, the Company uses net asset value (“NAV”) to determine the fair value of this investment. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels. This represents an investment in an affiliated fund.

[12] Non-income producing investment.

[13] Securities exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2022, the aggregate fair value of these securities is $27,468 or 5.19% of the Company's net assets.

[14] Non-income producing investment.

[15] Securities exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of June 30, 2023, the aggregate fair value of these securities is $38,564 or 6.46% of the Company's net assets. The “restricted security”, Twin Brook Equity Holdings, LLC was purchased on May 19, 2022.

[16] Principal balance includes reserve for letter of credit of $155,534 on which the borrower pays 6.00%.

[17] Principal balance includes reserve for letter of credit of $160,279 on which the borrower pays 6.00%.

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Commitments and Contingencies (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
First lien senior secured debt
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	$ 227,803	$ 243,089
Investment, Identifier [Axis]: A.P.A. Industries, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	1,523	0
Investment, Identifier [Axis]: ACES Intermediate, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	6,964	6,964
Investment, Identifier [Axis]: ADVI Health, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	1,062	1,062
Investment, Identifier [Axis]: AHR Intermediate, Inc
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	8,290	12,139
Investment, Identifier [Axis]: ARC Healthcare Technologies, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	0	9,947
Investment, Identifier [Axis]: Ascent Lifting, Inc.
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	1,834	1,345
Investment, Identifier [Axis]: BPCP EE Intermedco LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	3,387	0
Investment, Identifier [Axis]: BPCP WLF Intermedco LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	7,876	7,876
Investment, Identifier [Axis]: Beghou Consulting, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	2,654	0
Investment, Identifier [Axis]: Benefit Plan Administrators of Eau Claire, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	7,263	8,990
Investment, Identifier [Axis]: Bulk Lift International, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	1,748	1,748
Investment, Identifier [Axis]: CL Services Acquisition, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	4,852	0
Investment, Identifier [Axis]: CPS Power Buyer, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	2,049	4,705
Investment, Identifier [Axis]: Change Academy at Lake of the Ozarks, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	4,436	5,786
Investment, Identifier [Axis]: Custom Agronomics Holdings, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	2,312	2,312
Investment, Identifier [Axis]: Double E Company, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	3,694	4,314
Investment, Identifier [Axis]: Endodontic Practice Partners, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	5,301	6,696
Investment, Identifier [Axis]: Esquire Deposition Solutions, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	2,923	6,007
Investment, Identifier [Axis]: Flourish Research Acquisition, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	2,991	0
Investment, Identifier [Axis]: H2 Holdco, Inc.
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	9,549	0
Investment, Identifier [Axis]: Helpware, Inc.
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	3,205	3,205
Investment, Identifier [Axis]: Hultec Buyer, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	3,442	0
Investment, Identifier [Axis]: IPC Pain Acquistion, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	2,188	11,945
Investment, Identifier [Axis]: ITSavvy LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	1,969	4,784
Investment, Identifier [Axis]: Icreon Holdings, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	1,049	1,049
Investment, Identifier [Axis]: Industrial Air Flow Dynamics, Inc.
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	2,537	2,114
Investment, Identifier [Axis]: Ironhorse Purchaser, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	2,132	11,624
Investment, Identifier [Axis]: K-1 Packaging Group, LLC.
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	6,748	6,748
Investment, Identifier [Axis]: Kwalu, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	5,061	5,061
Investment, Identifier [Axis]: Load One Purchaser Corporation
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	9,214	9,214
Investment, Identifier [Axis]: MWEC Management, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	3,192	0
Investment, Identifier [Axis]: MacKenzie Childs Acquisition, Inc.
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	450	445
Investment, Identifier [Axis]: Medical Technology Associates, Inc.
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	1,929	1,929
Investment, Identifier [Axis]: NEFCO Holding Company, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	3,551	7,270
Investment, Identifier [Axis]: NH Kronos Buyer, Inc.
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	12,443	12,443
Investment, Identifier [Axis]: Nasco Healthcare Inc.
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	2,492	3,322
Investment, Identifier [Axis]: Optimized Marketing Acquisition, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	2,199	1,861
Investment, Identifier [Axis]: Propio LS, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	3,040	905
Investment, Identifier [Axis]: Purpose Home Health Acquisition, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	8,600	8,600
Investment, Identifier [Axis]: QLS Buyer, Inc
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	1,591	0
Investment, Identifier [Axis]: RKD Group, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	4,905	4,905
Investment, Identifier [Axis]: Raneys, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	5,022	1,522
Investment, Identifier [Axis]: Renovation Systems, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	3,076	0
Investment, Identifier [Axis]: Rose Paving, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	2,562	2,006
Investment, Identifier [Axis]: Shasta Buyer, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	1,911	1,962
Investment, Identifier [Axis]: Sixarp, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	6,912	6,912
Investment, Identifier [Axis]: Soccer Post Acquisition, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	1,608	772
Investment, Identifier [Axis]: Spear Education Holdings, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	4,463	4,463
Investment, Identifier [Axis]: Sun Orchard, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	5,223	4,875
Investment, Identifier [Axis]: Surplus Solutions, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	1,771	1,771
Investment, Identifier [Axis]: Treat Planet Acquisition, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	1,965	0
Investment, Identifier [Axis]: US Foot and Ankle Specialists, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	8,664	12,467
Investment, Identifier [Axis]: Universal Pure, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	5,380	12,228
Investment, Identifier [Axis]: WCI Volt Purchaser, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	2,249	2,249
Investment, Identifier [Axis]: WTWH Buyer, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	1,638	1,638
Investment, Identifier [Axis]: Yard-Nique, Inc
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	6,500	6,695
Investment, Identifier [Axis]: Zipline Logistics, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Outstanding commitments to fund investments	$ 6,214	$ 6,214

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Net Assets - Narrative (Details)		3 Months Ended	6 Months Ended
	Jan. 01, 2023 $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares shares	Jun. 30, 2022 shares
Class of Stock [Line Items]
Common shares, par value (in usd per share) | $ / shares	$ 0.001	$ 0.001	$ 0.001	$ 0.001
Merger ratio	1
Shares issued in conjunction with merger (in shares)	20,900,000
Common shares, outstanding (in shares)		23,183,428	23,183,428	20,943,030	7,000,000
Common shares, issued (in shares)		23,183,428	23,183,428	20,943,030
Share repurchase program, authorized, percent of NAV		5.00%	5.00%
Share repurchase program, price if outstanding less than one year, percent of NAV		98.00%	98.00%
Share repurchase program, minimum holding period			1 year
Share repurchase program, minimum account balance | $		$ 500	$ 500
Shares repurchased during period (in shares)		0	0
Common Class I
Class of Stock [Line Items]
Common shares, outstanding (in shares)	20,945,030
Common Class S
Class of Stock [Line Items]
Common shares, outstanding (in shares)	0
Common Class D
Class of Stock [Line Items]
Common shares, outstanding (in shares)	0
AGTB Private BDC
Class of Stock [Line Items]
Common shares, par value (in usd per share) | $ / shares	$ 0.001

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Net Assets - Transactions in Common Shares (Details) - USD ($) $ in Thousands	3 Months Ended		5 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2023
Equity [Abstract]
Shares sold (in shares)	1,921,844	6,999,940	7,000,000	2,227,236
Distributions reinvested (in shares)	11,162			11,162
Net increase in shares outstanding (in shares)	1,933,006	6,999,940	7,000,000	2,238,398
Proceeds from shares sold	$ 49,325	$ 174,998	$ 175,000	$ 57,140
Distributions reinvested	284	0	0	284
Net increase (decrease)	$ 49,609	$ 174,998	$ 175,000	$ 57,424

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Net Assets - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands										3 Months Ended	5 Months Ended	6 Months Ended
	Jul. 28, 2023	Jul. 27, 2023	Jun. 30, 2023	Jun. 27, 2023	May 31, 2023	May 25, 2023	Apr. 28, 2023	Apr. 26, 2023	Mar. 27, 2023	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2023
Dividends Payable [Line Items]
Dividends per Share (in usd per share)				$ 0.18		$ 0.18		$ 0.18	$ 0.18	$ 0	$ (0.00)	$ 0.72
Amount			$ 4,103		$ 4,019		$ 3,825				$ 0	$ 27,370
Subsequent Event
Dividends Payable [Line Items]
Dividends per Share (in usd per share)		$ 0.18
Amount	$ 4,173

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Net Assets - Sources of Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended		5 Months Ended	6 Months Ended
	Jun. 27, 2023	May 25, 2023	Apr. 26, 2023	Mar. 27, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2023
Equity [Abstract]
Net investment income (in usd per share)	$ 0.18	$ 0.18	$ 0.18	$ 0.18		$ 0	$ (0.00)	$ 0.72
Net realized gains (in usd per share)								0
Total (in usd per share)								$ 0.72
Net investment income								$ 16,120
Net realized gains								0
Total					$ 12,295	$ 0	$ 0	$ 16,120

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Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		5 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2023
Earnings Per Share [Abstract]
Net increase (decrease) in net assets resulting from operations	$ 14,034	$ (205)	$ (525)	$ 26,670
Weighted average shares outstanding - basic (in shares)	22,724,706	2,241,785	1,533,872	21,890,401
Weighted average shares outstanding - diluted (in shares)	22,724,706	2,241,785	1,533,872	21,890,401
Earnings (loss) per share - basic (in usd per share)	$ 0.62	$ (0.09)	$ (0.34)	$ 1.22
Earnings (loss) per share - diluted (in usd per share)	$ 0.62	$ (0.09)	$ (0.34)	$ 1.22

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Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Permanent taxable differences	$ 1,186	$ 2,552

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Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended		5 Months Ended	6 Months Ended
	Jun. 27, 2023	May 25, 2023	Apr. 26, 2023	Mar. 27, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Jan. 26, 2022
Per share data:
Net asset value, beginning of period (in usd per share)							$ 25.00	$ 25.25
Net investment income (loss) - basic (in usd per share)					$ 0.54	$ (0.09)	(0.34)	1.02
Net investment income (loss) - diluted (in usd per share)					0.54	(0.09)	(0.34)	1.02
Net realized and unrealized gain (loss) (in usd per share)							0.27	0.20
Total from operations (in usd per share)							(0.07)	1.22
Dividends declared (in usd per share)	$ (0.18)	$ (0.18)	$ (0.18)	$ (0.18)		0	0.00	(0.72)
Total increase (decrease) in net assets (in usd per share)							(0.07)	0.50
Net asset value, end of period (in usd per share)					$ 25.75	$ 24.93	$ 24.93	$ 25.75
Shares outstanding, end of period (in shares)					23,183,428	7,000,000	7,000,000	23,183,428		20,943,030
Total return							(0.30%)	4.90%
Ratios / supplemental data
Ratio of total expenses to average net assets							1.20%	5.60%
Ratio of total net operating expenses less interest and tax expense to average net assets							0.50%	0.60%
Ratio of net investment income (loss) before taxes to average net assets							(0.50%)	4.20%
Ratio of net investment income (loss) after taxes to average net assets							(0.50%)	4.00%
Net assets, end of period					$ 596,869	$ 174,475	$ 174,475	$ 596,869	$ 545,521	$ 528,895	$ (318)	$ 0
Weighted average shares outstanding - basic (in shares)					22,724,706	2,241,785	1,533,872	21,890,401
Weighted average shares outstanding - diluted (in shares)					22,724,706	2,241,785	1,533,872	21,890,401
Portfolio turnover rate							0.00%	11.20%
Asset coverage ratio					241.00%	17547.50%	17547.50%	241.00%		263.60%

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Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands										3 Months Ended	5 Months Ended	6 Months Ended
	Aug. 01, 2023	Jul. 28, 2023	Jul. 27, 2023	Jul. 01, 2023	Jun. 27, 2023	May 25, 2023	Apr. 26, 2023	Mar. 27, 2023	Dec. 31, 2022	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2023	Jan. 01, 2023
Subsequent Event [Line Items]
Net proceeds for share subscriptions									$ 50
Net investment income (in usd per share)					$ 0.18	$ 0.18	$ 0.18	$ 0.18		$ 0	$ (0.00)	$ 0.72
Common shares, par value (in usd per share)									$ 0.001			$ 0.001	$ 0.001
Subsequent Event
Subsequent Event [Line Items]
Net proceeds from distribution reinvestment plan				$ 8,700
Net proceeds for share subscriptions	$ 79,700
Net investment income (in usd per share)			$ 0.18
Common shares, par value (in usd per share)		$ 0.001
Subsequent Event | AG Twin Brook BDC, Inc.
Subsequent Event [Line Items]
Acquisition share price (in usd per share)		$ 20
Cash consideration		$ 193,000
Transaction costs		800
Investments, fair value		186,000
Investments, cost		186,000
Net other assets and liabilities		$ 7,000