TPG Twin Brook Capital Income Fund
Monitor the December 3 expiration for tender results; the actual repurchase amount will depend on shareholder participation. The 5% cap and pro-rata mechanism limit liquidity risk for remaining shareholders. The next quarterly tender is expected around March 31, 2027.
Executive Summary
TPG Twin Brook Capital Income Fund launched a tender offer to repurchase up to 5,536,880 of its shares (approximately 5% of outstanding shares as of September 30, 2026) at net asset value per share as of December 31, 2026. The offer provides liquidity to shareholders in a closed-end BDC with no secondary market, funded from cash on hand or borrowings. Shares issued after January 1, 2026 (excluding DRIP shares) are subject to a 2% early repurchase deduction.
Key Financial Metrics
Key Facts
- Offer to purchase up to 5,536,880 shares, representing approximately 5% of outstanding shares as of September 30, 2026
- Purchase price equals net asset value per share as of December 31, 2026 (Valuation Date)
- Offer expires December 3, 2026 at 11:59 p.m. Eastern Time
- Shares issued on or after January 1, 2026 (except DRIP shares) subject to 2% early repurchase deduction
- Funding from cash on hand, borrowings, or proceeds from portfolio sales
- No minimum tender condition; pro-rata acceptance if oversubscribed
- No officers, trustees, or affiliates intend to tender shares
- Shares are not traded on any established market
Financial Impact
Maximum aggregate purchase price of approximately $139.5 million based on $25.20 NAV per share as of September 30, 2026
Risk Factors
- If oversubscribed, shareholders may have only a portion of tendered shares repurchased on a pro-rata basis
- Repurchases may require portfolio liquidation, potentially causing losses or higher turnover expenses
- Early repurchase deduction of 2% applies to shares held less than 12 months (excluding DRIP shares)
- No guarantee of future tender offers; liquidity is limited to periodic repurchase offers
Documents Analyzed
This report is based on 11 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC TO-I Filing (Primary) | 0001628280-26-070206 |
| Document: tcap-exa1ii12x31x26.htm | 0001628280-26-070206 |
| Document: tcap-scheduleto12x31x26.htm | 0001628280-26-070206 |
| Document: tcap-exa1vi12x31x26.htm | 0001628280-26-070206 |
| Document: tcap-exa1v12x31x26.htm | 0001628280-26-070206 |
| Document: tcaptofilingfees123126.htm | 0001628280-26-070206 |
| Document: tcap-exa1i12x31x26.htm | 0001628280-26-070206 |
| Document: tcap-exa1iv12x31x26.htm | 0001628280-26-070206 |
| Document: 0001628280-26-070206-index-headers.html | 0001628280-26-070206 |
| Document: 0001628280-26-070206-index.html | 0001628280-26-070206 |
| Document: 0001628280-26-070206.txt | 0001628280-26-070206 |
US Market Status
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