Agreements and Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2025

The following table shows the shareholder servicing and/or distribution fees we pay the Intermediary Manager under the Intermediary Manager Agreement with respect to the Class S, Class D and Class I shares on an annualized basis as a percentage of our NAV for such class. The shareholder servicing and/or distribution fees will be paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month.


			Shareholder Servicing and/or Distribution Fee as a % of NAV
Class S shares			0.85%
Class D shares			0.25%
Class I shares			—%

Schedule of Investments in and Affiliated Funds

Fair value for the three and six months ended June 30, 2025 and 2024, and transactions of the Company’s investments in affiliates were as follows:


	Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2025
(Amounts in thousands)	Fair Value as of April 1, 2025		Gross Additions		Gross Reductions		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of June 30, 2025		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	85,539	$	4,271	$	(1,540)	$	369	$	3,214	$	91,853	$	—
Twin Brook Segregated Equity Holdings, LLC	19		—		—		—		(4)		15		—
Total non-controlled/affiliated investments	$	85,558	$	4,271	$	(1,540)	$	369	$	3,210	$	91,868	$	—


	Investment in Affiliated Funds at Fair Value for the Six Months Ended June 30, 2025
(Amounts in thousands)	Fair Value as of January 1, 2025		Gross Additions		Gross Reductions		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of June 30, 2025		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	80,638	$	7,775	$	(2,084)	$	714	$	4,810	$	91,853	$	—
Twin Brook Segregated Equity Holdings, LLC	16		—		—		—		(1)		15		—
Total non-controlled/affiliated investments	$	80,654	$	7,775	$	(2,084)	$	714	$	4,809	$	91,868	$	—


	Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2024
(Amounts in thousands)	Fair Value as of April 1, 2024		Gross Additions		Gross Reductions		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of June 30, 2024		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	62,105	$	8,339	$	(77)	$	35	$	(508)	$	69,894	$	—
Twin Brook Segregated Equity Holdings, LLC	21		—		—		—		(2)		19		—
Total non-controlled/affiliated investments	$	62,126	$	8,339	$	(77)	$	35	$	(510)	$	69,913	$	—


	Investment in Affiliated Funds at Fair Value for the Six Months Ended June 30, 2024
(Amounts in thousands)	Fair Value as of January 1, 2024		Gross Additions		Gross Reductions		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of June 30, 2024		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	54,697	$	14,389	$	(314)	$	35	$	1,087	$	69,894	$	—
Twin Brook Segregated Equity Holdings, LLC	17		—		—		—		2		19		—
Total non-controlled/affiliated investments	$	54,714	$	14,389	$	(314)	$	35	$	1,089	$	69,913	$	—