Private Credit Portfolio Analysis | TPG Twin Brook Capital Income Fund Reports Q1 2025 Results
- Editor
- May 12
- 2 min read
Whats New:
TPG Twin Brook Capital Income Fund reported its Q1 2025 financial results, showing growth in assets and investments compared to the previous quarter. The fund's total assets increased to $3.51 billion as of March 31, 2025, up from $3.37 billion at the end of 2024. Investments owned at fair value rose to $3.38 billion from $3.16 billion in the same period.
Portfolio Dynamics:
Total assets grew to $3.51 billion as of March 31, 2025, compared to $3.37 billion at the end of 2024.
Investments owned at fair value increased to $3.38 billion, up from $3.16 billion at the end of 2024.
Cash and cash equivalents decreased to $78.84 million from $161.06 million at the end of 2024.
Investment Activity:
Derivative assets increased to $3.31 million from $1.02 million at the end of 2024.
Interest receivable slightly decreased to $12.29 million from $12.48 million at the end of 2024.
Deferred offering costs decreased to $973,000 from $1.04 million at the end of 2024.
Capital Structure:
Long-term debt decreased to $1.72 billion from $1.75 billion at the end of 2024.
Stockholders' equity grew to $1.73 billion from $1.54 billion at the end of 2024.
The fund issued additional common stock, with the value increasing to $68 million from $61 million at the end of 2024.
Performance Profile:
Net asset value per share decreased slightly to $25.29 as of March 31, 2025, compared to $25.30 at the end of 2024.
Retained earnings deficit improved to $3.39 million from $3.67 million at the end of 2024.
Additional paid-in capital increased to $1.73 billion from $1.54 billion at the end of 2024.
Risk & Quality:
Derivative liabilities decreased to $7.29 million from $14.00 million at the end of 2024.
Incentive fee payable increased to $6.09 million from $5.47 million at the end of 2024.
Management fee payable rose to $4.92 million from $4.58 million at the end of 2024.
The Wrap:
TPG Twin Brook Capital Income Fund demonstrated growth in Q1 2025, with significant increases in total assets, investments at fair value, and stockholders' equity. While the fund's net asset value per share remained relatively stable, there were notable changes in its debt structure and fee payables. The increase in investments and equity, coupled with a decrease in long-term debt, suggests a shift in the fund's capital allocation strategy.
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