TPG Twin Brook Capital Income Fund completed an approximately $372 million refinancing of a term debt securitization backed by middle-market loans and related participation interests. The transaction closed on August 19, 2026, through Twin Brook CLO 2024-1 LLC, an indirect, wholly owned subsidiary of the nontraded business development company.
The refinancing included approximately $222.3 million of floating-rate secured notes and a $150 million senior secured floating-rate loan. The notes range from AAA-rated securities priced at three-month SOFR plus 1.50% to BBB-minus securities priced at SOFR plus 3.85%. The $150 million loan also carries a rate of three-month SOFR plus 1.50%.
A TPG Twin Brook subsidiary retained the entire $27.24 million Class D tranche, helping satisfy U.S., European Union and United Kingdom requirements that securitization sponsors maintain exposure to the assets’ performance. Morgan Stanley served as initial purchaser for the notes, with KeyBanc Capital Markets acting as co-manager.
The refinanced debt is scheduled to mature on July 20, 2038. After August 19, 2027, the issuer may redeem or repay the obligations at the direction of AGTB Fund Manager, TPG Twin Brook Capital Income Fund’s adviser. The transaction restructures a significant source of secured financing supported by the BDC’s middle-market loan portfolio.
