Borrowings (Tables)

3 Months Ended

Mar. 31, 2026

As of March 31, 2026 and December 31, 2025, the Company had the following outstanding Unsecured Notes (dollars in thousands):


	March 31, 2026		December 31, 2025
Series A Notes, net of $1,048 and $1,168, respectively, of unamortized deferred financing costs	$	141,452	$	141,332
March 2029 Notes, net of $2,301 and $2,465, respectively, of unamortized deferred financing costs and premium		139,865		139,701
August 2026 Notes, net of $229 and $373, respectively, of unamortized deferred financing costs		124,771		124,627
July 2030 Notes, net of $2,728 and $2,889, respectively, of unamortized deferred financing costs and discount		122,272		122,111
September 2029 Notes, net of $2,704 and $2,867, respectively, of unamortized deferred financing costs and premium		119,511		119,348
December 2026 Notes, net of $263 and $356, respectively, of unamortized deferred financing costs		74,737		74,644
Total Unsecured Notes, net of $9,273 and $10,118, respectively, of unamortized deferred financing costs and premium/discount	$	722,608	$	721,763

Series A Notes

Debt Instrument [Line Items]

Components of Interest Expense and Related Fees

The components of interest expense and related fees for the Series A Notes are as follows (in thousands):


		Three Months Ended				Three Months Ended
		March 31, 2026				March 31, 2025
Stated interest expense	$		2,701		$		2,701
Amortization of deferred financing costs			120				120
Total interest and amortization of deferred financing costs	$		2,821		$		2,821

Weighted average effective interest rate			7.9	%			7.9	%
Weighted average outstanding balance	$		142,500		$		142,500

2025 Notes

Debt Instrument [Line Items]

Components of Interest Expense and Related Fees

The components of interest expense and related fees for the 2025 Notes are as follows (in thousands):


		Three Months Ended				Three Months Ended
		March 31, 2026				March 31, 2025
Stated interest expense	$		—		$		445
Amortization of deferred financing costs			—				81
Total interest and amortization of deferred financing costs	$		—		$		526

Weighted average effective interest rate			—	%			8.3	%
Weighted average outstanding balance	$		—		$		25,417

6.00% Convertible Notes due 2025

Debt Instrument [Line Items]

Components of Interest Expense and Related Fees

The components of interest expense and related fees for the Convertible Notes were as follows (in thousands):


		Three Months Ended				Three Months Ended
		March 31, 2026				March 31, 2025
Stated interest expense	$		—		$		417
Amortization of deferred financing costs and original issue discount			—				89
Total interest and amortization of deferred financing costs and original issue discount	$		—		$		506

Weighted average effective interest rate			—	%			7.1	%
Weighted average outstanding balance	$		—		$		28,333

August 2026 Notes

Debt Instrument [Line Items]

Components of Interest Expense and Related Fees

The components of interest expense and related fees for the August 2026 Notes are as follows (in thousands):


		Three Months Ended				Three Months Ended
		March 31, 2026				March 31, 2025
Stated interest expense	$		1,367		$		1,367
Amortization of deferred financing costs			144				144
Total interest and amortization of deferred financing costs	$		1,511		$		1,511

Weighted average effective interest rate			4.8	%			4.8	%
Weighted average outstanding balance	$		125,000		$		125,000

December 2026 Notes

Debt Instrument [Line Items]

Components of Interest Expense and Related Fees

The components of interest expense and related fees for the December 2026 Notes are as follows (in thousands):


		Three Months Ended				Three Months Ended
		March 31, 2026				March 31, 2025
Stated interest expense	$		797		$		797
Amortization of deferred financing costs			95				93
Total interest and amortization of deferred financing costs	$		892		$		890

Weighted average effective interest rate			4.8	%			4.7	%
Weighted average outstanding balance	$		75,000		$		75,000

March 2029 Notes

Debt Instrument [Line Items]

Components of Interest Expense and Related Fees

The components of interest expense and related fees for the March 2029 Notes are as follows (in thousands):


		Three Months Ended				Three Months Ended
		March 31, 2026				March 31, 2025
Stated interest expense	$		2,799		$		2,264
Amortization of deferred financing costs			192				173
Total interest and amortization of deferred financing costs	$		2,991		$		2,437

Weighted average effective interest rate			8.4	%			8.5	%
Weighted average outstanding balance	$		142,166		$		115,023

Summary of Carrying Value of Convertible Notes

The components of the carrying value of the March 2029 Notes were as follows (in thousands):


	March 31, 2026			December 31, 2025
Principal amount of debt	$	142,166		$	142,166
Unamortized deferred financing cost		(2,431	)		(2,604	)
Issuance premium and/or (discount), net of accretion		130			139
Carrying value of March 2029 Notes	$	139,865		$	139,701

September 2029 Notes

Debt Instrument [Line Items]

Components of Interest Expense and Related Fees

The components of interest expense and related fees for the September 2029 Notes are as follows (in thousands):


		Three Months Ended				Three Months Ended
		March 31, 2026				March 31, 2025
Stated interest expense	$		2,406		$		2,265
Amortization of deferred financing costs			192				184
Total interest and amortization of deferred financing costs	$		2,598		$		2,449

Weighted average effective interest rate			8.5	%			8.5	%
Weighted average outstanding balance	$		122,215		$		115,251

Summary of Carrying Value of Convertible Notes

The components of the carrying value of the September 2029 Notes were as follows (in thousands):


	March 31, 2026			December 31, 2025
Principal amount of debt	$	122,215		$	122,215
Unamortized deferred financing cost		(2,758	)		(2,925	)
Issuance premium and/or (discount), net of accretion		54			58
Carrying value of September 2029 Notes	$	119,511		$	119,348

July 2030 Notes

Debt Instrument [Line Items]

Components of Interest Expense and Related Fees

The components of interest expense and related fees for the July 2030 Notes are as follows (in thousands):


		Three Months Ended				Three Months Ended
		March 31, 2026				March 31, 2025
Stated interest expense	$		2,109		$		—
Amortization of deferred financing costs			165				—
Total interest and amortization of deferred financing costs	$		2,274		$		—

Weighted average effective interest rate			7.3	%			—	%
Weighted average outstanding balance	$		125,000		$		—

Summary of Carrying Value of Convertible Notes

The components of the carrying value of the July 2030 Notes were as follows (in thousands):


	March 31, 2026			December 31, 2025
Principal amount of debt	$	125,000		$	125,000
Unamortized deferred financing cost		(1,623	)		(1,719	)
Issuance premium and/or (discount), net of accretion		(1,105	)		(1,170	)
Carrying value of July 2030 Notes	$	122,272		$	122,111

KeyBank Credit Facility

Debt Instrument [Line Items]

Components of Interest Expense and Related Fees

The summary information regarding the KeyBank Credit Facility is as follows (dollars in thousands):


		Three Months Ended				Three Months Ended
		March 31, 2026				March 31, 2025
Stated interest expense	$		7,443		$		6,131
Amortization of deferred financing costs			432				385
Total interest and amortization of deferred financing costs	$		7,875		$		6,516

Weighted average effective interest rate			7.5	%			8.5	%
Weighted average outstanding balance	$		421,927		$		305,296

Secured Notes

On November 5, 2025, TrinCap, a wholly owned subsidiary of the Company, as borrower, and the Company, as servicer, entered into the KeyBank Term Credit Agreement with the lenders from time to time party thereto, KeyBank, as administrative agent and syndication agent, and Computershare Trust Company, N.A., as collateral custodian.

The KeyBank Secured Term Loan Facility includes a commitment of $200.0 million from KeyBank. Borrowings under the KeyBank Term Credit Agreement bear interest at a rate equal to Term SOFR plus 2.40%, per year payable monthly, commencing on January 6, 2026. The KeyBank Secured Term Loan Facility provides for a maximum advance rate of up to 58%.

The KeyBank Secured Term Loan Facility includes a two-year initial period and a two-year amortization period, and matures on November 5, 2029, unless extended. The KeyBank Secured Term Loan Facility is collateralized by all investment assets held by TF3, and contains representations and warranties and affirmative and negative covenants customary for secured financings of this type, including certain financial covenants such as a consolidated tangible net worth requirement and an asset coverage ratio requirement.

The KeyBank Secured Term Loan Facility also contains customary events of default (subject to certain grace periods, as applicable), including but not limited to the nonpayment of principal, interest or fees; breach of covenants; inaccuracy of representations or warranties in any material respect; voluntary or involuntary bankruptcy proceedings; and change of control of the borrower without the prior written consent of KeyBank.

The Company incurred approximately $1.5 million of initial and additional financing costs in connection with the KeyBank Secured Term Loan Facility that were capitalized and deferred using the straight-line method over the life of the facility. As of March 31, 2026 and December 31, 2025, unamortized deferred financing costs related to the KeyBank Secured Term Loan Facility were $1.3 million and $1.5 million, respectively.

The summary information regarding the KeyBank Secured Term Loan Facility is as follows (in thousands):


		Three Months Ended				Three Months Ended
		March 31, 2026				March 31, 2025
Stated interest expense	$		3,044		$		—
Amortization of deferred financing costs			98				—
Total interest and amortization of deferred financing costs	$		3,142		$		—

Weighted average effective interest rate			6.3	%			—	%
Weighted average outstanding balance	$		200,000		$		—

KeyBank Secured Term Loan Facility

Debt Instrument [Line Items]

Components of Interest Expense and Related Fees

The summary information regarding the KeyBank Secured Term Loan Facility is as follows (in thousands):


		Three Months Ended				Three Months Ended
		March 31, 2026				March 31, 2025
Stated interest expense	$		3,044		$		—
Amortization of deferred financing costs			98				—
Total interest and amortization of deferred financing costs	$		3,142		$		—

Weighted average effective interest rate			6.3	%			—	%
Weighted average outstanding balance	$		200,000		$		—