ept-20260630

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-39958

Eagle Point Trinity Senior Secured Lending Company

(Exact name of registrant as specified in its charter)


Delaware			99-2899518
(State or other jurisdiction of incorporation or organization)			(IRS Employer Identification No.)


600 Steamboat Road, Suite 202 Greenwich, CT			06830
(Address of principal executive offices)			(Zip Code)

(203) 340-8500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:


Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	x	Smaller reporting company	o
		Emerging growth company	x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No x

As of July 31, 2026, the registrant had 6,107,167 shares of beneficial interest outstanding.

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

FORM 10-Q

FOR THE QUARTER ENDED JUNE 30, 2026

TABLE OF CONTENTS


		PAGE NO.

PART I	FINANCIAL INFORMATION	3
Item 1.	Consolidated Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of June 30 2026 (unaudited) and December 31, 2025	3
	Consolidated Statements of Operations for the Three Months and S ix Months Ended June 30 , 2026 (unaudited) and June 30 , 2025 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the Three Months and Six Months Ended J u ne 30 , 2026 (unaudited) and June 30 , 2025 (unaudited)	5
	Consolidated Statements of Cash Flows for the Six Months Ended J u ne 30 , 2026 (unaudited) and June 30 , 2025 (unaudited)	7
	Consolidated Schedule of Investments as of June 30 , 2026 (unaudited)	8
	Consolidated Schedule of Investments as of December 31, 2025	25
	Notes to Consolidated Financial Statements (unaudited)	44
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	70
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	82
Item 4.	Controls and Procedures	83
PART II	OTHER INFORMATION	84
Item 1.	Legal Proceedings	84
Item 1A.	Risk Factors	84
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	84
Item 3.	Defaults Upon Senior Securities	85
Item 4.	Mine Safety Disclosures	85
Item 5.	Other Information	85
Item 6.	Exhibits	86

SIGNATURES		87

Table of Contents

PART I: FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Statements of Assets and Liabilities

(In thousands, except share and per share data)


	June 30, 2026		December 31, 2025
	(Unaudited)
ASSETS
Investments at fair value:
Non-controlled/non-affiliated investments (amortized cost of $137,932 and $121,142, respectively)	$	139,972	$	123,127
Cash and cash equivalents	2,553		576
Interest receivable	1,199		1,099
Deferred credit facility costs	679		390
Due from affiliates	3		1,274
Other assets	339		307
Total assets	$	144,745	$	126,773

LIABILITIES
KeyBank Credit Facility	$	52,600	$	36,700
2028 Series A Notes, net of $330 and $425, respectively, of unamortized deferred financing costs	24,670		24,575
Management fees payable	599		532
Incentive fees payable	430		153
Contingent incentive fees payable	676		484
Interest payable	1,014		974
Security deposits	227		248
Directors' fees payable	275		—
Accrued expenses and other liabilities	1,688		1,508
Total liabilities	$	82,179	$	65,174

Commitments and contingencies (Note 6)	—		—

NET ASSETS
Common shares of beneficial interest, unlimited shares authorized (6,107,167 and 6,017,855 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)	—		—
Paid-in capital in excess of par	61,805		60,896
Distributable earnings	761		703
Total net assets	62,566		61,599
Total liabilities and net assets	$	144,745	$	126,773
NET ASSET VALUE PER SHARE	$	10.24	$	10.24

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Statements of Operations

(In thousands, except share and per share data) (Unaudited)


	Three Months Ended June 30, 2026 (Unaudited)		Three Months Ended June 30, 2025 (Unaudited)		Six Months Ended June 30, 2026 (Unaudited)		Six Months Ended June 30, 2025 (Unaudited)
INVESTMENT INCOME:
Interest income from non-controlled/non-affiliated investments	$	4,533	$	2,670	$	8,873	$	5,141
Fee income from non-controlled/non-affiliated investments	274		71		562		93
Total investment income	4,807		2,741		9,435		5,234

EXPENSES:
Origination fees	152		148		302		209
Management fees	598		337		1,158		643
Incentive fees	430		189		807		515
Contingent incentive fees	66		96		191		122
Organizational costs	—		55		—		55
Offering Fees	46		—		207		—
Professional fees	444		170		900		219
Directors' fees	56		—		107		—
Interest expense and other debt financing costs	1,320		486		2,606		877
Other expenses	32		258		119		312
Total expenses	3,144		1,739		6,397		2,952

NET INVESTMENT INCOME	1,663		1,002		3,038		2,282

NET REALIZED GAIN/(LOSS) FROM INVESTMENTS:
Non-controlled/non-affiliated investments	—		290		16		290
Net realized gain/(loss) from investments	—		290		16		290

NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) FROM INVESTMENTS
Non-controlled/non-affiliated investments	63		258		55		319
Net change in unrealized appreciation/(depreciation) from investments	63		258		55		319

NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,726	$	1,550	$	3,109	$	2,891


NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC AND DILUTED	$	0.28	$	—	$	0.51	$	—

WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED	6,082,510		—		6,054,150		—

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Statements of Changes in Net Assets

(In thousands, except share and per share data)

(Unaudited)

Three Months Ended June 30, 2026:


						Distributable Earnings /
	Common Shares			Paid In		(Accumulated		Total
	Shares	Par Value		Capital		Deficit)		Net Assets
Balance as of March 31, 2026	6,040,715	$	—	$	61,129	$	568	$	61,697
Capital contributions	66,452	—		676		—		676
Distributions	—	—		—		(1,533)		(1,533)
Net investment income	—	—		—		1,663		1,663
Net realized gain/(loss) on investments	—	—		—		—		—
Net change in unrealized appreciation/(depreciation) on investments	—	—		—		63		63
Balance as of June 30, 2026	6,107,167	$	—	$	61,805	$	761	$	62,566

Three Months Ended June 30, 2025:


								Distributable Earnings /
	Members'		Common Shares			Paid In		(Accumulated		Total
	Interest		Shares	Par Value		Capital		Deficit)		Net Assets
Balance as of March 31, 2025	$	57,646	—	$	—	$	—	$	—	$	57,646
Capital contributions	—		—	—		—		—		—
Distributions	—		—	—		—		—		—
Net investment income	1,002		—	—		—		—		1,002
Net realized gain/(loss) on investments	290		—	—		—		—		290
Net change in unrealized appreciation/(depreciation) on investments	258		—	—		—		—		258
Balance as of June 30, 2025	59,196		—	$	—	$	—	$	—	$	59,196

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Statements of Changes in Net Assets

(In thousands, except share and per share data)

(Unaudited)

Six Months Ended June 30, 2026


						Distributable Earnings /
	Common Shares			Paid In		(Accumulated		Total
	Shares	Par Value		Capital		Deficit)		Net Assets
Balance as of December 31, 2025	6,017,855	$	—	$	60,896	$	703	$	61,599
Capital contributions	89,312	—		909		—		909
Distributions	—	—		—		(3,051)		(3,051)
Net investment income	—	—		—		3,038		3,038
Net realized gain/(loss) on investments	—	—		—		16		16
Net change in unrealized appreciation/(depreciation) on investments	—	—		—		55		55
Balance as of June 30, 2026	6,107,167	$	—	$	61,805	$	761	$	62,566

Six Months Ended June 30, 2025


								Distributable Earnings /
	Members'		Common Shares			Paid In		(Accumulated		Total
	Interest		Shares	Par Value		Capital		Deficit)		Net Assets
Balance as of December 31, 2024	$	56,305	—	$	—					$	56,305
Capital contributions			—	—		—		—		—
Distributions			—	—		—		—		—
Net investment income	2,282		—	—		—		—		2,282
Net realized gain/(loss) on investments	290		—	—		—		—		290
Net change in unrealized appreciation/(depreciation) on investments	319		—	—		—		—		319
Balance as of June 30, 2025	59,196		—	$	—	$	—	$	—	$	59,196

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)


	Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Cash flows provided by/(used in) operating activities:
Net increase/(decrease) in net assets resulting from operations	$	3,109	$	2,891
Adjustments to reconcile net increase/(decrease) in net assets resulting from operation to net cash provided by/(used in) operating activities:
Net unrealized (appreciation)/depreciation from investments	(55)		(319)
Net realized (gain)/loss from investments	(16)		(290)
Accretion of original issue discounts and end of term payments on investments	(1,534)		(613)
Amortization of deferred debt financing costs	222		214
Purchases of investments, net of deferred fees	(28,207)		(23,077)
Interest received in-kind	(38)		(38)
Proceeds from the sale and paydowns of investments	13,004		8,355
Change in operating assets and liabilities
(Increase)/Decrease in due from affiliates	1,271		—
Increase/(Decrease) in interest receivable and other assets	(132)		(20)
Increase/(Decrease) in security deposits	(21)		5
Increase/(Decrease) in directors fees payable	275		—
Increase/(Decrease) in accrued expenses and other liabilities	180		103
Increase/(Decrease) in management fees payable, incentive fees payable, and interest payable	576		155
Net cash provided by/(used in) operating activities	(11,366)		(12,634)

Cash flows provided by/(used in) financing activities
Capital contributions	909		—
Distributions	(3,051)		—
Borrowings under Credit Facility	35,300		16,700
Repayments under Credit Facility	(19,400)		(5,500)
Deferred credit facility costs paid	(415)		—

Net cash provided by/(used in) financing activities	13,343		11,200

Net increase/(decrease) in cash and cash equivalents	1,977		(1,434)
Cash and cash equivalents at beginning of period	576		2,239
Cash and cash equivalents at end of period	$	2,553	$	805

Supplemental and non-cash financing activities:
Cash paid during the period for interest	$	2,326	$	536

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

June 30, 2026

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company (1)	Type of Investment (2)	Investment Date (10)	Maturity Date	Interest Rate (3)	Principal Amount (4)		Cost		Fair Value (5)		Footnotes
Debt Securities - United States
AI Automation & Infrastructure
Augmented Reality Concepts, Inc.	Secured Loan	November 19, 2024	June 18, 2029	Variable interest rate SOFR 3 Month Term +7.3% EOT 0.0%	$	1,227	$	1,225	$	1,214	(6)

Cirrascale Cloud Services, LLC	Equipment Financing	November 19, 2024	April 1, 2027	Fixed interest rate 10.2%; EOT 5.0%	$	248	$	315	$	313
	Equipment Financing	November 19, 2024	September 1, 2026	Fixed interest rate 12.7%; EOT 4.0%	131		192		192
Total Cirrascale Cloud Services, LLC					$	379	$	507	$	505

D-Wave Quantum Inc.	Equipment Financing	August 1, 2025	September 1, 2028	Fixed interest rate 10.8%; EOT 4.0%	$	45	$	45	$	46

Path Robotics, Inc.	Secured Loan	April 28, 2026	May 1, 2030	Variable interest rate Prime + 4.0% or Floor rate 10.8%; EOT 2.8%	$	1,628	$	1,555	$	1,554	(6)

Sortera Technologies, Inc.	Equipment Financing	February 11, 2025	March 1, 2028	Fixed interest rate 12.5%; EOT 4.0%	$	862	$	876	$	885

Swimlane, Inc.	Secured Loan	May 28, 2025	June 1, 2030	Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 2.3%	$	3,600	$	3,564	$	3,495	(6)

Together Computer, Inc.	Equipment Financing	June 29, 2026	July 1, 2029	Fixed interest rate 11.0%; EOT 4.5%	$	1,528	$	1,520	$	1,520

Tquila Automation, Inc	Secured Loan	July 2, 2025	August 1, 2030	Variable interest rate Prime + 5.0% or Floor rate 12.3%; EOT 3.0%	$	900	$	896	$	908	(6)

Uniphore Technologies Inc.	Secured Loan	September 30, 2025	October 1, 2030	Variable interest rate Prime + 4.8% or Floor rate 12.3%; EOT 3.0%	$	4,000	$	3,931	$	3,919	(6)
	Secured Loan	October 2, 2025	October 1, 2030	Variable interest rate Prime + 4.8% or Floor rate 12.3%; EOT 3.0%	1,500		1,478		1,471		(6)
Total Uniphore Technologies Inc.					$	5,500	$	5,409	$	5,390

Sub-Total: AI Automation & Infrastructure (24.8%)*					$	15,669	$	15,597	$	15,517

Biotechnology
Candel Therapeutics, Inc.	Secured Loan	October 14, 2025	October 1, 2030	Variable interest rate Prime + 3.0% or Floor rate 9.8%; EOT 4.3%	$	1,500	$	1,465	$	1,473	(6)

Taysha Gene Therapies, Inc.	Secured Loan	August 7, 2025	September 1, 2030	Variable interest rate Prime + 4.0% or Floor rate 11.5%; EOT 5.0%	$	2,000	$	2,015	$	2,060	(6)

Sub-Total: Biotechnology (5.6%)*					$	3,500	$	3,480	$	3,533

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

June 30, 2026

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company (1)	Type of Investment (2)	Investment Date (10)	Maturity Date	Interest Rate (3)	Principal Amount (4)		Cost		Fair Value (5)		Footnotes
Debt Securities - United States, Continued
Connectivity
AST & Science, LLC	Equipment Financing	June 27, 2025	July 1, 2030	Fixed interest rate 12.4%; EOT 9.0%	$	2,164	$	2,230	$	2,256
	Equipment Financing	June 30, 2025	July 1, 2030	Fixed interest rate 12.5%; EOT 9.0%	352		363		367
	Equipment Financing	September 26, 2025	October 1, 2030	Fixed interest rate 12.4%; EOT 9.0%	791		807		816
	Equipment Financing	December 23, 2025	January 1, 2031	Fixed interest rate 12.4%; EOT 9.0%	496		501		503
Total AST & Science, LLC					$	3,803	$	3,901	$	3,942

Sub-Total: Connectivity (6.3%)*					$	3,803	$	3,901	$	3,942

Consumer Products & Services
Bobbie Baby, Inc.	Equipment Financing	September 12, 2025	October 1, 2028	Fixed interest rate 11.6%; EOT 3.0%	$	1,635	$	1,640	$	1,666

Ogee, Inc.	Secured Loan	November 25, 2024	March 1, 2027	Variable interest rate Prime + 5.8% or Floor rate 12.0%; EOT 3.8%	$	300	$	309	$	305	(6)
	Secured Loan	November 25, 2024	March 1, 2027	Variable interest rate Prime + 5.8% or Floor rate 12.0%; EOT 3.8%	300		309		305		(6)
	Secured Loan	November 25, 2024	March 1, 2027	Variable interest rate Prime + 5.8% or Floor rate 12.0%; EOT 3.8%	300		307		305		(6)
	Secured Loan	July 18, 2025	March 1, 2027	Variable interest rate Prime + 5.8% or Floor rate 12.0%; EOT 3.8%	300		290		305		(6)
Total Ogee, Inc.					$	1,200	$	1,215	$	1,220

Sub-Total: Consumer Products & Services (4.6%)*					$	2,835	$	2,855	$	2,886

Diagnostics & Tools
Artera, Inc.	Secured Loan	March 13, 2026	February 1, 2031	Variable interest rate Prime + 4.0% or Floor rate 10.0%; EOT 4.5%	$	1,350	$	1,337	$	1,348	(6)

Rapid Micro Biosystems, Inc.	Secured Loan	August 8, 2025	September 1, 2030	Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 4.0%	$	1,800	$	1,766	$	1,788	(6)

Sub-Total: Diagnostics & Tools (5.0%)*					$	3,150	$	3,103	$	3,136

Finance and Insurance
Beam Technologies, Inc.	Secured Loan	November 19, 2024	October 1, 2029	Variable interest rate Prime + 2.8% or Floor rate 11.0%+PIK Fixed Interest Rate 1.5%; EOT 2.0%	$	2,281	$	2,365	$	2,296	(6) (7)
	Secured Loan	June 25, 2025	October 1, 2029	Variable interest rate Prime + 2.8% or Floor rate 11.0%+PIK Fixed Interest Rate 1.5%; EOT 2.0%	183		186		184		(6) (7)
	Secured Loan	August 7, 2025	December 31, 2029	Fixed interest rate 0.0%; EOT 0.0%	30		30		21		(8)
Total Beam Technologies, Inc.					$	2,494	$	2,581	$	2,501

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

June 30, 2026

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company (1)	Type of Investment (2)	Investment Date (10)	Maturity Date	Interest Rate (3)	Principal Amount (4)		Cost		Fair Value (5)		Footnotes
Debt Securities - United States, Continued
Centivo Corporation	Secured Loan	November 19, 2024	August 1, 2029	Variable interest rate Prime + 4.5% or Floor rate 11.3%+PIK Fixed Interest Rate 1.0%; EOT 2.0%	$	510	$	509	$	516	(6) (7)
	Secured Loan	December 20, 2024	August 1, 2029	Variable interest rate Prime + 4.5% or Floor rate 11.3%+PIK Fixed Interest Rate 1.0%; EOT 2.0%	507		496		500		(6) (7)
	Secured Loan	February 3, 2025	August 1, 2029	Variable interest rate Prime + 4.5% or Floor rate 11.3%+PIK Fixed Interest Rate 1.0%; EOT 2.0%	507		497		501		(6) (7)
	Secured Loan	May 20, 2025	August 1, 2029	Variable interest rate Prime + 4.5% or Floor rate 11.3%+PIK Fixed Interest Rate 1.0%; EOT 2.0%	1,010		989		998		(6) (7)
	Secured Loan	June 13, 2025	August 1, 2029	Variable interest rate Prime + 4.5% or Floor rate 11.3%+PIK Fixed Interest Rate 1.0%; EOT 2.0%	505		494		498		(6) (7)
Total Centivo Corporation					$	3,039	$	2,985	$	3,013

Cherry Technologies, Inc.	Secured Loan	June 28, 2024	April 1, 2030	Variable interest rate Prime + 2.5% or Floor rate 9.5%; EOT 2.0%	$	265	$	276	$	273	(6)
	Secured Loan	July 31, 2024	April 1, 2030	Variable interest rate Prime + 2.5% or Floor rate 9.5%; EOT 2.0%	265		276		273		(6)
Total Cherry Technologies, Inc.					$	530	$	552	$	546

Tilt Finance, Inc (dba Empower Financial, Inc.)	Secured Loan	June 25, 2026	May 1, 2028	Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%	$	1,880	$	1,922	$	1,905	(6)

Kard Financial, Inc.	Secured Loan	September 10, 2025	October 1, 2030	Variable interest rate Prime + 5.0% or Floor rate 12.5%; EOT 2.9%	$	980	$	962	$	991	(6)
	Secured Loan	May 28, 2026	October 1, 2030	Variable interest rate Prime + 5.0% or Floor rate 12.5%; EOT 2.9%	280		264		264
Total Kard Financial, Inc.					$	1,260	$	1,226	$	1,255

One Million Metrics (dba Kinetic)	Secured Loan	August 25, 2025	September 1, 2030	Variable interest rate Prime + 4.5% or Floor rate 12.0%; EOT 3.0%	$	1,050	$	1,032	$	1,064	(6)

Lendflow, Inc.	Secured Loan	April 24, 2025	May 1, 2030	Variable interest rate Prime + 4.5% or Floor rate 12.0%; EOT 2.7%	$	960	$	955	$	977	(6)
	Secured Loan	December 15, 2025	May 1, 2030	Variable interest rate Prime + 4.5% or Floor rate 12.0%; EOT 2.7%	480		474		478		(6)
Total Lendflow, Inc.					$	1,440	$	1,429	$	1,455

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

June 30, 2026

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company (1)	Type of Investment (2)	Investment Date (10)	Maturity Date	Interest Rate (3)	Principal Amount (4)		Cost		Fair Value (5)		Footnotes
Debt Securities - United States, Continued
PatientFi, Inc.	Secured Loan	March 14, 2025	April 1, 2030	Variable interest rate Prime + 3.5% or Floor rate 10.5%; EOT 2.5%	$	1,800	$	1,793	$	1,769	(6)
	Secured Loan	December 16, 2025	April 1, 2030	Variable interest rate Prime + 3.5% or Floor rate 10.5%; EOT 2.5%	1,800		1,767		1,739		(6)
Total PatientFi, Inc.					$	3,600	$	3,560	$	3,508

Wisetack, Inc.	Secured Loan	November 14, 2024	December 1, 2029	Variable interest rate Prime + 5.0% or Floor rate 12.5%; EOT 2.5%	$	900	$	899	$	919	(6)
	Secured Loan	December 9, 2025	September 22, 2027	Fixed interest rate 6.0%; EOT 0.0%	30		30		31		(6)(8)
Total Wisetack, Inc.					$	930	$	929	$	950

Sub-Total: Finance and Insurance (25.9%)*					$	16,223	$	16,216	$	16,197

Food and Agriculture Technologies
DrinkPak, LLC	Equipment Financing	June 28, 2024	September 1, 2026	Fixed interest rate 12.9%; EOT 7.0%	$	107	$	254	$	252	(8)

Sub-Total: Food and Agriculture Technologies (0.4%)*					$	107	$	254	$	252

Energy and Resource Technology
Commonwealth Fusion Systems, LLC	Equipment Financing	November 19, 2024	July 1, 2030	Fixed interest rate 13.2%; EOT 10.0%	$	2,730	$	2,949	$	2,965
	Equipment Financing	June 28, 2024	July 1, 2030	Fixed interest rate 13.0%; EOT 10.0%	943		1,054		1,048
	Equipment Financing	January 14, 2025	July 1, 2029	Fixed interest rate 11.2%; EOT 6.0%	139		145		146
	Equipment Financing	December 24, 2025	December 1, 2030	Fixed interest rate 11.4%; EOT 6.0%	1,160		1,167		1,172
Total Commonwealth Fusion Systems, LLC					$	4,972	$	5,315	$	5,331

Electric Hydrogen Co.	Equipment Financing	June 28, 2024	January 1, 2029	Fixed interest rate 12.6%; EOT 15.0%	$	774	$	935	$	904
	Equipment Financing	November 19, 2024	January 1, 2029	Fixed interest rate 12.6%; EOT 15.0%	636		742		727
	Equipment Financing	November 19, 2024	October 1, 2028	Fixed interest rate 12.5%; EOT 15.0%	374		434		426
	Equipment Financing	November 14, 2024	December 1, 2028	Fixed interest rate 11.9%; EOT 15.0%	91		104		102
	Equipment Financing	March 31, 2026	April 1, 2030	Fixed interest rate 12.2%; EOT 10.0%	83		83		83
	Secured Loan	April 30, 2026	April 30, 2027	Fixed interest rate 8.0%; EOT 0.0%	7		7		7		(8)
Total Electric Hydrogen Co.					$	1,965	$	2,305	$	2,249

Form Energy, Inc.	Equipment Financing	November 19, 2024	November 1, 2027	Fixed interest rate 12.7%; EOT 3.0%	$	1,172	$	1,217	$	1,221
	Equipment Financing	December 12, 2024	January 1, 2028	Fixed interest rate 12.5%; EOT 3.0%	327		336		337
Total Form Energy, Inc.					$	1,499	$	1,553	$	1,558

Luxwall, Inc	Equipment Financing	June 4, 2026	December 1, 2028	Fixed interest rate 10.1%; EOT 3.5%	$	2,200	$	2,177	$	2,177

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

June 30, 2026

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company (1)	Type of Investment (2)	Investment Date (10)	Maturity Date	Interest Rate (3)	Principal Amount (4)		Cost		Fair Value (5)		Footnotes
Debt Securities - United States, Continued
Torus Inc.	Equipment Financing	February 17, 2026	August 1, 2029	Fixed interest rate 11.9%; EOT 5.0%	$	1,704	$	1,718	$	1,731
	Equipment Financing	May 1, 2026	December 1, 2029	Fixed interest rate 11.5%; EOT 5.0%	161		162		162
	Equipment Financing	June 18, 2026	January 1, 2030	Fixed interest rate 11.9%; EOT 5.0%	264		264		264
Total Torus Inc.					$	2,129	$	2,144	$	2,157

Sub-Total: Energy & Resource Technology (21.5%)*					$	12,765	$	13,494	$	13,472

Healthcare Technology
B.Well Connected Health, Inc.	Secured Loan	April 10, 2025	May 1, 2030	Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 3.0%	$	1,800	$	1,794	$	1,787	(6)
	Secured Loan	October 29, 2025	May 1, 2030	Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 3.0%	720		713		709		(6)
	Secured Loan	May 29, 2026	May 1, 2030	Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 3.0%	720		707		707		(6)
Total B.Well Connected Health, Inc.					$	3,240	$	3,214	$	3,203

Paytient Technologies, Inc.	Secured Loan	May 27, 2025	June 1, 2030	Variable interest rate Prime + 3.8% or Floor rate 10.8%; EOT 3.0%	$	1,250	$	1,236	$	1,198	(6)
	Secured Loan	October 2, 2025	June 1, 2030	Variable interest rate Prime + 3.8% or Floor rate 10.8%; EOT 3.0%	1,250		1,251		1,214		(6)
Total Paytient Technologies, Inc.					$	2,500	$	2,487	$	2,412

Pearl Health, Inc.	Secured Loan	June 17, 2026	July 1, 2031	Variable interest rate Prime + 5.3% or Floor rate 12.0%; EOT 2.0%	$	2,000	$	1,971	$	1,971	(6)

PurpleLab, Inc.	Secured Loan	September 24, 2025	October 1, 2030	Variable interest rate Prime + 4.5% or Floor rate 11.5%; EOT 2.0%	$	3,500	$	3,447	$	3,476	(6)

Sub-Total: Healthcare Technology (17.7%)*					$	11,240	$	11,119	$	11,062

Marketing, Media and Entertainment
Angel Studios, Inc.	Secured Loan	September 8, 2025	October 1, 2030	Variable interest rate Prime + 6.0% or Floor rate 13.5%; EOT 2.0%	$	1,600	$	1,475	$	1,512	(6)
	Secured Loan	February 17, 2026	October 1, 2030	Variable interest rate Prime + 6.0% or Floor rate 13.5%; EOT 2.0%	800		784		756		(6)
Total Angel Studios, Inc.					$	2,400	$	2,259	$	2,268

Rarefied Atmosphere, Inc.	Secured Loan	June 26, 2026	June 1, 2031	Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 2.0%	$	3,763	$	3,838	$	3,798	(6)

Vox Media Holdings, Inc.	Secured Loan	June 28, 2024	November 1, 2027	Variable interest rate Prime + 6.3% or Floor rate 11.8%; EOT 2.5%	$	1,419	$	1,439	$	1,405	(6)
	Secured Loan	June 28, 2024	January 1, 2028	Variable interest rate Prime + 6.3% or Floor rate 11.8%; EOT 2.5%	749		758		742		(6)
Total Vox Media Holdings, Inc.					$	2,168	$	2,197	$	2,147

Sub-Total: Marketing, Media and Entertainment (13.1%)*					$	8,331	$	8,294	$	8,213

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

June 30, 2026

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company (1)	Type of Investment (2)	Investment Date (10)	Maturity Date	Interest Rate (3)	Principal Amount (4)		Cost		Fair Value (5)		Footnotes
Debt Securities - United States, Continued
Medical Devices
Apiject Holdings, Inc.	Equipment Financing	November 19, 2024	July 1, 2028	Fixed interest rate 10.9%; EOT 7.5%	$	809	$	904	$	812
	Equipment Financing	November 19, 2024	October 1, 2028	Fixed interest rate 11.3%; EOT 7.5%	411		456		410
Total Apiject Holdings, Inc.					$	1,220	$	1,360	$	1,222

Cagent Vascular, Inc.	Secured Loan	January 24, 2025	February 1, 2030	Variable interest rate Prime + 4.0% or Floor rate 11.3%; EOT 3.0%	$	1,200	$	1,219	$	1,228	(6)
	Secured Loan	January 15, 2026	February 1, 2030	Variable interest rate Prime + 4.0% or Floor rate 11.3%; EOT 3.0%	1,200		1,193		1,203		(6)
Total Cagent Vascular, Inc.					$	2,400	$	2,412	$	2,431

Cala Health, Inc.	Secured Loan	February 24, 2026	March 1, 2031	Variable interest rate Prime + 4.5% or Floor rate 8.5%+PIK Fixed Interest Rate 1.5%; EOT 4.5%	$	1,044	$	1,034	$	1,041	(6)(7)

Elucent Medical, Inc.	Secured Loan	June 30, 2026	June 1, 2031	Variable interest rate Prime + 4.0% or Floor rate 10.8%; EOT 3.5%	$	1,800	$	1,775	$	1,775	(6)

Emboline, Inc.	Secured Loan	March 3, 2026	April 1, 2031	Variable interest rate Prime + 4.0% or Floor rate 10.5%; EOT 4.0%	$	2,100	$	2,078	$	2,094	(6)

Iantrek, Inc.	Secured Loan	April 14, 2026	April 14, 2031	Variable interest rate Prime + 3.5% or Floor rate 10.3%; EOT 4.0%	$	700	$	682	$	682

Lightforce Orthodontics, Inc.	Secured Loan	November 19, 2024	August 6, 2029	Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 4.0%	$	1,800	$	1,809	$	1,789	(6)
	Secured Loan	November 19, 2024	August 6, 2029	Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 4.0%	300		301		298		(6)
Total Lightforce Orthodontics, Inc.					$	2,100	$	2,110	$	2,087

Monteris Medical US, Inc.	Secured Loan	March 3, 2026	March 1, 2031	Variable interest rate Prime + 4.3% or Floor rate 11.0%; EOT 4.0%	$	2,100	$	2,058	$	2,106	(6)

Neuros Medical, Inc.	Secured Loan	December 11, 2025	January 1, 2031	Variable interest rate Prime + 3.8% or Floor rate 10.5%; EOT 4.0%	$	1,884	$	1,891	$	1,873	(6)

Okami Medical, Inc.	Secured Loan	June 24, 2025	July 1, 2030	Variable interest rate Prime + 3.8% or Floor rate 10.5%; EOT 2.0%	$	600	$	592	$	597	(6)

Restor3d, Inc.	Secured Loan	November 19, 2024	July 4, 2028	Variable interest rate Prime + 4.8% or Floor rate 12.3%; EOT 3.3%	$	255	$	258	$	263	(6)

Vital Connect, Inc.	Secured Loan	November 19, 2024	July 3, 2029	Variable interest rate Prime + 4.0% or Floor rate 11.5%; EOT 4.0%	$	2,100	$	2,119	$	2,175	(6)
	Secured Loan	March 21, 2025	July 3, 2029	Variable interest rate Prime + 4.0% or Floor rate 11.5%; EOT 4.0%	600		603		619		(6)
	Secured Loan	December 17, 2025	July 3, 2029	Variable interest rate Prime + 4.0% or Floor rate 11.5%; EOT 4.0%	600		598		603		(6)
Total Vital Connect, Inc.					$	3,300	$	3,320	$	3,397

Sub-Total: Medical Devices (31.3%)*					$	19,503	$	19,570	$	19,568

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

June 30, 2026

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company (1)	Type of Investment (2)	Investment Date (10)	Maturity Date	Interest Rate (3)	Principal Amount (4)		Cost		Fair Value (5)		Footnotes
Debt Securities - United States, Continued
Other Healthcare Services
Cellares Corporation	Secured Loan	November 19, 2024	August 31, 2026	Variable interest rate Prime + 3.3% or Floor rate 11.8%; EOT 4.0%	$	3,000	$	3,120	$	3,120	(6)

LHV Newco LLC	Secured Loan	February 5, 2026	February 1, 2031	Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 4.0%	$	1,600	$	1,592	$	1,597	(6)

Sub-Total: Other Healthcare Services (7.5%)*					$	4,600	$	4,712	$	4,717

Software as a Service ("SaaS")
Eyelit Technologies, Inc.	Secured Loan	November 19, 2024	November 4, 2029	Variable interest rate SOFR 1 Month Term + 6.0%; EOT 0.0%	$	500	$	493	$	493	(6) (9)
	Secured Loan	December 27, 2024	November 4, 2029	Variable interest rate SOFR 1 Month Term + 6.0%; EOT 0.0%	880		868		868		(6) (9)
	Secured Loan	June 20, 2025	November 4, 2029	Variable interest rate SOFR 1 Month Term + 6.0%; EOT 0.0%	100		98		99		(6) (9)
	Secured Loan	September 10, 2025	November 4, 2029	Variable interest rate SOFR 1 Month Term + 6.0%; EOT 0.0%	250		246		245		(6) (9)
	Secured Loan	March 2, 2026	November 4, 2029	Variable interest rate SOFR 1 Month Term + 6.0%; EOT 0.0%	120		118		117		(6) (9)
Total Eyelit Technologies, Inc.					$	1,850	$	1,823	$	1,822

Hometown Ticketing, Inc.	Secured Loan	November 25, 2024	November 25, 2029	Variable interest rate SOFR 3 Month Term + 7.7%; EOT 0.0%	$	1,566	$	1,546	$	1,553	(6)
	Secured Loan	June 23, 2026	December 31, 2026	Variable interest rate SOFR 3 Month Term + 7.7%; EOT 0.0%	128		128		128		(6)
Total Hometown Ticketing, Inc.					$	1,694	$	1,674	$	1,681

ServiceTrade, Inc.	Secured Loan	April 17, 2026	August 15, 2029	Variable interest rate SOFR 3 Month Term + 8.0%; EOT 0.0%	$	1,210	$	1,210	$	1,234	(6) (9)
	Secured Loan	April 17, 2026	August 15, 2029	Variable interest rate SOFR 3 Month Term + 4.8%; EOT 0.0%	110		108		108		(6) (9)
	Secured Loan	May 5, 2026	August 15, 2029	Variable interest rate SOFR 3 Month Term + 4.8%; EOT 0.0%	220		217		217		(6) (9)
	Secured Loan	May 29, 2026	August 15, 2029	Variable interest rate SOFR 3 Month Term + 4.8%; EOT 0.0%	220		217		217		(6) (9)
	Secured Loan	June 29, 2026	August 15, 2029	Variable interest rate SOFR 3 Month Term + 4.8%; EOT 0.0%	990		975		975		(6) (9)
Total ServiceTrade, Inc.					$	2,750	$	2,727	$	2,751

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

June 30, 2026

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company (1)	Type of Investment (2)	Investment Date (10)	Maturity Date	Interest Rate (3)	Principal Amount (4)		Cost		Fair Value (5)		Footnotes
Debt Securities - United States, Continued
Silk Technologies, Inc.	Secured Loan	November 19, 2024	December 1, 2029	Variable interest rate Prime + 4.0% or Floor rate 11.3%; EOT 1.5%	$	1,200	$	1,189	$	1,200	(6)

SOCI, Inc.	Secured Loan	November 19, 2024	October 3, 2029	Variable interest rate SOFR 3 Month Term + 7.9%; EOT 0.0%	$	2,270	$	2,245	$	2,270	(6) (9)
	Secured Loan	December 30, 2024	October 3, 2029	Variable interest rate SOFR 3 Month Term + 7.9%; EOT 0.0%	207		204		207		(6) (9)
	Secured Loan	April 23, 2025	October 3, 2029	Variable interest rate SOFR 3 Month Term + 7.9%; EOT 0.0%	104		102		104		(6) (9)
	Secured Loan	August 5, 2025	October 3, 2029	Variable interest rate SOFR 3 Month Term + 7.9%; EOT 0.0%	109		107		109		(6) (9)
Total SOCI, Inc.					$	2,690	$	2,658	$	2,690

Steno Agency, Inc.	Secured Loan	November 19, 2024	July 1, 2029	Variable interest rate Prime + 4.0% or Floor rate 12.5%; EOT 2.5%	$	510	$	513	$	521	(6)
	Secured Loan	January 2, 2025	July 1, 2029	Variable interest rate Prime + 4.0% or Floor rate 12.5%; EOT 2.5%	600		605		615		(6)
	Secured Loan	May 16, 2025	July 1, 2029	Variable interest rate Prime + 4.0% or Floor rate 12.5%; EOT 2.5%	600		588		596		(6)
Total Steno Agency					$	1,710	$	1,706	$	1,732

Xytech Systems, LLC	Secured Loan	February 26, 2025	February 26, 2030	Variable interest rate SOFR 3 Month Term + 6.3%; EOT 0.0%	$	2,400	$	2,400	$	2,350	(6) (9)
	Secured Loan	July 2, 2025	February 26, 2030	Variable interest rate SOFR 3 Month Term + 6.3%; EOT 0.0%	120		118		116		(6) (9)
	Secured Loan	March 3, 2026	February 26, 2030	Variable interest rate SOFR 3 Month Term + 6.3%; EOT 0.0%	105		103		102		(6) (9)
Total Xytech Systems, LLC					$	2,625	$	2,621	$	2,568

Sub-Total: Software as a Service ("SaaS") (23.1%)*					$	14,519	$	14,398	$	14,444

Space Technology
Astranis Space Technologies Corp.	Equipment Financing	November 19, 2024	October 1, 2027	Fixed interest rate 12.6%; EOT 4.0%	$	128	$	134	$	134
	Equipment Financing	August 25, 2025	September 1, 2028	Fixed interest rate 11.6%; EOT 4.0%	150		153		155
	Equipment Financing	October 30, 2025	November 1, 2028	Fixed interest rate 11.7%; EOT 4.0%	39		40		40
	Equipment Financing	March 30, 2026	April 1, 2029	Fixed interest rate 11.7%; EOT 4.0%	78		78		79
	Equipment Financing	June 25, 2026	June 1, 2029	Fixed interest rate 11.6%; EOT 4.0%	59		58		58
	Secured Loan	August 25, 2025	August 25, 2030	Variable interest rate Prime + 4.8% or Floor rate 12.3%; EOT 4.0%	2,000		1,945		1,996		(6)
Total Astranis Space Technologies Corp.					$	2,454	$	2,408	$	2,462

Hermeus Corporation	Equipment Financing	March 23, 2026	October 1, 2029	Fixed interest rate 11.3%; EOT 4.0%	$	1,283	$	1,262	$	1,271
	Equipment Financing	May 22, 2026	December 1, 2029	Fixed interest rate 11.3%; EOT 4.0%	156		153		153
Total Hermeus Corporation					$	1,439	$	1,415	$	1,424

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

June 30, 2026

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company (1)	Type of Investment (2)	Investment Date (10)	Maturity Date	Interest Rate (3)	Principal Amount (4)		Cost		Fair Value (5)		Footnotes
Debt Securities - United States, Continued
Impulse Space, Inc.	Equipment Financing	November 19, 2024	July 1, 2027	Fixed interest rate 12.7%; EOT 3.0%	$	125	$	134	$	134
	Equipment Financing	November 19, 2024	October 1, 2027	Fixed interest rate 12.5%; EOT 3.0%	138		144		146
	Equipment Financing	December 27, 2024	January 1, 2028	Fixed interest rate 12.9%; EOT 3.0%	146		149		153
	Equipment Financing	February 12, 2025	March 1, 2028	Fixed interest rate 12.6%; EOT 3.0%	173		177		179
	Equipment Financing	June 25, 2025	July 1, 2028	Fixed interest rate 12.8%; EOT 3.0%	224		226		229
	Equipment Financing	September 25, 2025	October 1, 2028	Fixed interest rate 12.8%; EOT 3.0%	1,112		1,111		1,124
Total Impulse Space, Inc.					$	1,918	$	1,941	$	1,965

Kymeta Corporation	Secured Loan	November 19, 2024	August 1, 2029	Variable interest rate Prime + 4.0% or Floor rate 12.5%; EOT 3.0%	$	600	$	595	$	613	(6)
	Secured Loan	June 11, 2025	August 1, 2029	Variable interest rate Prime + 4.0% or Floor rate 12.5%; EOT 3.0%	600		603		614		(6)
Total Kymeta Corporation					$	1,200	$	1,198	$	1,227

Slingshot Aerospace, Inc.	Secured Loan	November 19, 2024	August 1, 2029	Variable interest rate Prime + 5.5% or Floor rate 14.0%; EOT 3.0%	$	1,800	$	1,805	$	1,843	(6)

Sub-Total: Space Technology (14.3%)*					$	8,811	$	8,767	$	8,921

Transportation Technology
EH Leasing Company, LLC	Equipment Financing	November 1, 2025	November 1, 2029	Fixed interest rate 14.4%; EOT 18.7%	$	294	$	338	$	286	(8)

Sub-Total: Transportation Technology (0.5%)*					$	294	$	338	$	286

Total Debt Securities - United States (201.6%)*					$	125,350	$	126,098	$	126,146

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

June 30, 2026

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company (1)	Type of Investment (2)	Investment Date (10)	Maturity Date	Interest Rate (3)	Principal Amount (4)		Cost		Fair Value (5)		Footnotes
Debt Securities - Canada
Space Technology
Earthdaily Constellation Holdings, LP	Equipment Financing	June 10, 2025	January 1, 2029	Fixed interest rate 13.5%; EOT 7.0%	$	2,728	$	2,787	$	2,764
	Equipment Financing	August 28, 2025	March 1, 2029	Fixed interest rate 13.9%; EOT 7.0%	382		386		383
Total Earthdaily Constellation Holdings, LP					$	3,110	$	3,173	$	3,147

Sub-Total: Space Technology (5.0%)*					$	3,110	$	3,173	$	3,147

Total Debt Securities - Canada (5.0%)*					$	3,110	$	3,173	$	3,147
Debt Securities - Europe
Medical Devices
CMR Surgical Limited	Secured Loan	March 24, 2025	April 1, 2030	Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 4.0%	$	1,875	$	1,896	$	1,928	(6)
	Secured Loan	December 16, 2025	April 1, 2030	Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 4.0%	750		742		758		(6)
	Secured Loan	June 2, 2026	April 1, 2030	Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 4.0%	750		737		737		(6)
Total CMR Surgical Limited					$	3,375	$	3,375	$	3,423

Sub-Total: Medical Devices (5.5%)*					$	3,375	$	3,375	$	3,423

Other Healthcare Services
Zandivio PLC	Secured Loan	November 19, 2024	May 1, 2029	Variable interest rate Prime + 5.3% or Floor rate 13.8%; EOT 2.5%	$	1,759	$	1,756	$	1,786	(6)

Sub-Total: Other Healthcare Services (2.9%)*					$	1,759	$	1,756	$	1,786

Total: Debt Securities - Europe (8.3%)*					$	5,134	$	5,131	$	5,209

Total Debt Securities (215.0%)*					$	133,594	$	134,402	$	134,502

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

June 30, 2026

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company (1)	Type of Investment (2)(8)	Investment Date (10)	Expiration Date	Series	Shares	Strike Price		Cost		Fair Value (5)		Footnotes
Warrant Investments - United States
AI Automation & Infrastructure
D-Wave Quantum Inc.	Warrant	August 1, 2025	August 1, 2035	Common Stock	2,588	$	16.05	$	36	$	54

Path Robotics Inc.	Warrant	April 28, 2026	April 28, 2036	Common Stock	13,498	$	3.77	$	64	$	58

Sortera Technologies, Inc.	Warrant	February 11, 2025	February 11, 2035	Common Stock	9,995	$	5.23	$	69	$	79

Swimlane, Inc.	Warrant	May 28, 2025	May 28, 2037	Preferred Series B	687,265	$	0.19	$	43	$	16	(11)

Tquila Automation, Inc	Warrant	July 2, 2025	July 2, 2037	Common Stock	4,397	$	0.81	$	6	$	1

Uniphore Technologies Inc.	Warrant	September 30, 2025	September 30, 2035	Common Stock	92,385	$	2.40	$	95	$	105

Sub-Total: AI Automation & Infrastructure (0.5%)*								$	313	$	313

Biotechnology
Candel Therapeutics, Inc.	Warrant	October 14, 2025	October 14, 2035	Common Stock	7,639	$	5.89	$	41	$	76

Sub-Total: Biotechnology (0.1%)*								$	41	$	76

Connectivity
Tarana Wireless, Inc.	Warrant	November 19, 2024	September 23, 2034	Common Stock	169,859	$	0.51	$	56	$	26

Sub-Total: Connectivity (0.0%)*								$	56	$	26

Consumer Products & Services
Bobbie Baby, Inc.	Warrant	September 12, 2025	September 12, 2035	Common Stock	15,456	$	4.05	$	21	$	22

Ogee, Inc.	Warrant	November 25, 2024	February 14, 2033	Preferred Series A-3	15,553	$	0.68	$	8	$	22	(11)
Ogee, Inc.	Warrant	November 25, 2024	February 14, 2033	Preferred Series A-3	15,553	$	0.68	8		22		(11)
Ogee, Inc.	Warrant	November 25, 2024	August 1, 2034	Preferred Series A-3	15,553	$	0.68	8		22		(11)
Ogee, Inc.	Warrant	July 18, 2025	August 1, 2034	Preferred Series A-3	15,553	$	0.68	50		22		(11)
Total Ogee, Inc.								$	74	$	88

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

June 30, 2026

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company (1)	Type of Investment (2)(8)	Investment Date (10)	Expiration Date	Series	Shares	Strike Price		Cost		Fair Value (5)		Footnotes
Warrant Investments - United States, Continued
Whoop, Inc.	Warrant	June 28, 2024	May 17, 2033	Common Stock	93,745	$	0.43	$	76	$	581

Sub-Total: Consumer Products & Services (1.1%)*								$	171	$	691

Diagnostics & Tools
Artera, Inc.	Warrant	March 13, 2026	March 16, 2036	Class B Common Stock	9,903	$	4.77	$	5	$	5

Rapid Micro Biosystems, Inc.	Warrant	August 8, 2025	August 8, 2035	Common Stock	16,119	$	3.35	$	44	$	20

Sub-Total: Diagnostics & Tools (0.0%)*								$	49	$	25

Energy and Resource Technology
Form Energy, Inc.	Warrant	November 19, 2024	October 21, 2034	Common Stock	6,338	$	8.03	$	59	$	1

Luxwall, Inc	Warrant	June 4, 2026	June 4, 2036	Common Stock	20,790	$	2.65	$	17	$	18

Sub-Total: Energy and Resource Technology (0.0%)*								$	76	$	19

Finance and Insurance
Beam Technologies, Inc.	Warrant	November 19, 2024	August 30, 2034	Common Stock	3,606	$	17.28	$	46	$	25
	Warrant	August 7, 2025	August 7, 2032	Preferred Series F Prime	310	$	—	11		11		(11)
Total Beam Technologies, Inc.								$	57	$	36

Centivo Corporation	Warrant	November 19, 2024	July 31, 2034	Common Stock	10,744	$	0.76	$	9	$	4
	Warrant	December 20, 2024	July 31, 2034	Common Stock	10,744	$	0.76	25		4
	Warrant	February 3, 2025	July 31, 2034	Common Stock	10,744	$	0.76	22		4
	Warrant	May 20, 2025	July 31, 2034	Common Stock	21,488	$	0.76	39		9
	Warrant	June 13, 2025	July 31, 2034	Common Stock	10,744	$	0.76	19		4
Total Centivo Corporation								$	114	$	25

Tilt Finance, Inc (dba Empower Financial, Inc.)	Warrant	June 28, 2024	October 13, 2033	Common Stock	13,503	$	1.43	$	51	$	141

Gravie, Inc.	Warrant	November 19, 2024	June 4, 2034	Common Stock	7,903	$	2.68	$	16	$	1

Kard Financial, Inc.	Warrant	September 10, 2025	September 10, 2035	Common Stock	34,331	$	1.36	$	41	$	60
	Warrant	May 28, 2026	May 28, 2036	Common Stock	17,166	$	0.01	$	24	$	41
Total Kard Financial, Inc.								$	65	$	101

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

June 30, 2026

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company (1)	Type of Investment (2)(8)	Investment Date (10)	Expiration Date	Series	Shares	Strike Price		Cost		Fair Value (5)		Footnotes
Warrant Investments - United States, Continued
One Million Metrics (dba Kinetic)	Warrant	August 25, 2025	August 25, 2035	Common Stock	27,490	$	0.51	$	22	$	19

Lendflow, Inc.	Warrant	April 24, 2025	April 24, 2035	Common Stock	40,365	$	0.70	$	37	$	65

PatientFi, Inc.	Warrant	March 14, 2025	March 14, 2035	Preferred Series B	38,521	$	3.10	$	60	$	126	(11)

Under Technologies, Inc.	Warrant	November 19, 2024	May 3, 2034	Common Stock	6,173	$	2.90	$	17	$	14

Wisetack, Inc.	Warrant	November 14, 2024	November 14, 2034	Common Stock	8,234	$	1.58	$	8	$	12

Sub-Total: Finance and Insurance (0.9%)*								$	447	$	540

Food and Agriculture Technologies
DrinkPak, LLC	Warrant	June 28, 2024	February 17, 2033	Common Stock	1,608	$	18.89	$	69	$	39

Sub-Total: Food and Agriculture Technologies (0.1%)*								$	69	$	39

Healthcare Technology
B.Well Connected Health, Inc.	Warrant	April 10, 2025	April 10, 2035	Common Stock	20,455	$	0.79	$	35	$	111

Paytient Technologies, Inc.	Warrant	May 27, 2025	May 27, 2035	Common Stock	9,603	$	1.01	$	13	$	12

Pearl Health, Inc.	Warrant	June 17, 2026	June 17, 2036	Common Stock	111,280	$	0.22	$	22	$	22

PurpleLab, Inc.	Warrant	September 24, 2025	September 24, 2035	Common Stock	1,653	$	23.09	$	44	$	42

Sub-Total: Healthcare Technology (0.3%)*								$	114	$	187

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

June 30, 2026

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company (1)	Type of Investment (2)(8)	Investment Date (10)	Expiration Date	Series	Shares	Strike Price		Cost		Fair Value (5)		Footnotes
Warrant Investments - United States, Continued
Marketing, Media and Entertainment
Angel Studios, Inc.	Warrant	September 8, 2025	September 11, 2030	Common Stock	23,402	$	7.29	$	152	$	39
	Warrant	February 17, 2026	September 11, 2030	Common Stock	11,702	7.29		12		19
Total Angel Studios, Inc.								$	164	$	58

Rarefied Atmosphere, Inc.	Warrant	May 6, 2025	May 6, 2037	Common Stock	13,218	$	7.35	$	43	$	56

Vox Media Holdings, Inc.	Warrant	June 1, 2025	June 25, 2035	Class A Common Stock	225,010	$	0.37	$	66	$	24

Sub-Total: Marketing, Media and Entertainment (0.2%)*								$	273	$	138

Medical Devices
Apiject Holdings, Inc.	Warrant	November 19, 2024	June 24, 2034	Common Stock	63,068	$	0.01	$	35	$	2

Cala Health, Inc.	Warrant	February 24, 2026	February 24, 2036	Preferred Series C-1	63,254	$	0.33	$	5	$	4	(11)

Elucent Medical, Inc.	Warrant	November 19, 2024	October 31, 2034	Preferred Series C-2	201,005	$	0.30	$	15	$	19	(11)
	Warrant	June 30, 2026	June 30, 2036	Preferred Series C-2	241,206	$	0.30	$	22	$	22	(11)
Total Elucent Medical, Inc.								$	37	$	41

Emboline, Inc.	Warrant	March 3, 2026	March 3, 2036	Series D Preferred Stock	21,396	$	3.93	$	9	$	14	(11)

Iantrek, Inc.	Warrant	April 14, 2026	April 14, 2036	Preferred Stock Series C-3	5,816	$	3.61	$	14	$	12

Lightforce Orthodontics, Inc.	Warrant	November 19, 2024	August 6, 2034	Preferred Series-D	666	$	18.01	$	2	$	—	(11)
	Warrant	December 1, 2024	August 6, 2034	Preferred Series-D	3,997	$	18.01	14		1		(11)
Total Lightforce Orthodontics, Inc.								$	16	$	1

Monteris Medical US, Inc.	Warrant	March 3, 2026	March 3, 2036	Series E Convertible Preferred Stock	402,813	$	0.23	$	32	$	101	(11)

Okami Medical, Inc.	Warrant	June 24, 2025	June 24, 2035	Preferred Series F-1	5,254	$	2.86	$	6	$	6	(11)

Restor3d, Inc.	Warrant	November 19, 2024	June 4, 2034	Preferred Series A	6,108	$	5.01	$	5	$	1	(11)

Sub-Total: Medical Devices (0.3%)*								$	159	$	182

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

June 30, 2026

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company (1)	Type of Investment (2)(8)	Investment Date (10)	Expiration Date	Series	Shares	Strike Price		Cost		Fair Value (5)		Footnotes
Warrant Investments - United States, Continued
Other Healthcare Services
Cellares Corporation	Warrant	November 19, 2024	August 2, 2034	Common Stock	15,566	$	4.77	$	54	$	81

Upward Health, Inc.	Warrant	November 19, 2024	August 6, 2034	Class A Common Stock	64,948	$	0.28	$	21	$	48

Sub-Total: Other Healthcare Services (0.2%)*								$	75	$	129

Software as a Service ("SaaS")
Silk Technologies, Inc.	Warrant	November 19, 2024	November 4, 2034	Common Stock	15,167	$	1.98	$	32	$	42

Steno Agency, Inc.	Warrant	November 19, 2024	June 21, 2034	Common Stock	7,612	$	1.98	$	18	$	31
	Warrant	May 16, 2025	June 21, 2034	Common Stock	8,955	$	1.98	27		37
Total Steno Agency, Inc.								$	45	$	68

Sub-Total: Software as a Service ("SaaS") (0.2%)*								$	77	$	110

Space Technology
Astranis Space Technologies Corp.	Warrant	June 28, 2024	April 13, 2033	Common Stock	11,203	$	7.89	$	39	$	154
	Warrant	November 19, 2024	September 27, 2034	Common Stock	14,930	$	2.27	66		229
	Warrant	June 26, 2025	June 26, 2035	Common Stock	2,751	$	0.01	13		44
	Warrant	June 26, 2025	June 26, 2035	Common Stock	1,765	$	0.01	9		28
	Warrant	August 25, 2025	August 25, 2035	Common Stock	18,319	$	2.33	70		280
Total Astranis Space Technologies Corp.								$	197	$	735

Hermeus Corporation	Warrant	June 28, 2024	August 9, 2032	Common Stock	9,338	$	6.24	$	21	$	117
	Warrant	March 23, 2026	March 20, 2036	Common Stock	3,198	$	8.83	35		36
Total Hermeus Corporation								$	56	$	153

Impulse Space, Inc.	Warrant	November 19, 2024	June 18, 2034	Common Stock	13,944	$	1.91	$	248	$	707

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

June 30, 2026

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company (1)	Type of Investment (2)(8)	Investment Date (10)	Expiration Date	Series	Shares	Strike Price		Cost		Fair Value (5)		Footnotes
Warrant Investments - United States, Continued
Kymeta Corporation	Warrant	November 19, 2024	July 3, 2034	Common Stock	303,449	$	0.11	$	22	$	20

Slingshot Aerospace, Inc.	Warrant	November 19, 2024	July 12, 2036	Common Stock	24,943	$	0.46	$	30	$	27

Sub-Total: Space Technology (2.6%)*								$	553	$	1,642

Total: Warrant Investments - United States (6.6%)*								$	2,473	$	4,117

Warrant Investments- Canada
Space Technology
Earthdaily Constellation Holdings, LP	Warrant	June 10, 2025	June 10, 2035	Class B Common Stock	282,171	$	0.81	$	161	$	49
Sub-Total: Space Technology (0.1%)*								$	161	$	49

Total: Warrants Investments- Canada (0.1%)*								$	161	$	49

Warrant Investments - Europe
Medical Devices
CMR Surgical Limited	Warrant	March 24, 2025	March 24, 2030	Ordinary Stock	864	$	0.01	$	22	$	34
Sub-Total: Medical Devices (0.1%)*								$	22	$	34

Other Healthcare Services
Zandivio PLC	Warrant	November 19, 2024	October 29, 2034	Common Stock	8,428	$	0.01	$	49	$	24
Sub-Total: Other Healthcare Services (0.0%)*								$	49	$	24

Total: Warrant Investments- Europe (0.1%)*								$	71	$	58

Total Warrant Investments (6.7%)*								$	2,705	$	4,224

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

June 30, 2026

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company (1)	Type of Investment (2)(8)	Investment Date (10)	Shares/Principal	Series	Cost		Fair Value (5)		Footnotes
Equity Investments- United States
AI Automation & Infrastructure
Path Robotics, Inc.	Equity	April 28, 2026	10,315	Preferred Series D-2	$	80	$	81	(11)

Sub-Total: AI Automation & Infrastructure (0.1%)*					$	80	$	81

Connectivity
Tarana Wireless, Inc.	Equity	October 9, 2025	28,053	Preferred Series 8	$	30	$	47	(11)

Sub-Total: Connectivity (0.1%)*					$	30	$	47

Energy and Resource Technology
Crusoe Energy Systems LLC	Equity	November 6, 2024	1,713	Preferred Series D-1	$	50	$	90	(11)

Torus, Inc.	Equity	June 26, 2026	2,749	Preferred Series C	$	60	$	60	(11)

Sub-Total: Energy and Resource Technology (0.2%)*					$	110	$	150

Finance and Insurance
Centivo Corporation	Equity	December 20, 2024	17,119	Preferred Series B-1	$	50	$	29	(11)

Sub-Total: Finance and Insurance (0.0%)*					$	50	$	29

Food and Agriculture Technologies
Athletic Brewing Company, LLC	Equity	August 1, 2024	73	Class B Units	$	17	$	15	(11)

Sub-Total: Food and Agriculture Technologies (0.0%)*					$	17	$	15

Marketing, Media and Entertainment
Angel Studios, Inc.	Equity	April 13, 2026	19,048	Common Stock	$	40	$	70	(12)

Sub-Total: Marketing, Media and Entertainment (0.1%)*					$	40	$	70

Medical Devices
Elucent Medical, Inc.	Equity	April 10, 2026	100,502	Preferred Series C-2	$	30	$	27	(11)

Sub-Total: Medical Devices (0.0%)*					$	30	$	27

Software as a Service ("SaaS")
Silk Technologies, Inc.	Equity	December 1, 2025	30,000	SAFE Note	$	30	$	30

Sub-Total: Software as a Service ("SaaS") (0.0%)*					$	30	$	30

Space Technology
Astranis Space Technologies Corp.	Equity	April 21, 2026	2,080	Preferred Series E	$	40	$	47	(11)

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

June 30, 2026

(In thousands, except share and per share data)

(Unaudited)



Portfolio Company (1)	Type of Investment (2)(8)	Investment Date (10)	Shares/Principal	Series	Cost		Fair Value (5)		Footnotes
Equity Investments- United States, Continued
Impulse Space, Inc.	Equity	March 4, 2025	7,151	Preferred Series B	$	98	$	389	(11)
	Equity	May 9, 2025	2,616	Preferred Series C	100		162		(11)
	Equity	April 21, 2026	2,470	Preferred Series D	200		199		(11)
Total Impulse Space Inc.					$	398	$	750

Sub-Total: Space Technology (1.3%)*					$	438	$	797

Total: Equity Investments- United States (2.0%)*					$	825	$	1,246

Total Investments in Securities (223.7%)*					$	137,932	$	139,972

* Represents % of Net Asset.

(1)All portfolio companies are located in North America or Europe. As of June 30, 2026, the Fund had three foreign domiciled portfolio companies, two of which are based in Europe and one of which is based in Canada. In total, foreign domiciled portfolio investment represented 13.53% of total net assets based on fair value.

(2)All debt investments are income producing unless otherwise noted. All equity and warrant investments are non-income producing unless otherwise noted. Equipment financed under our equipment financing investments relates to operational equipment essential to revenue production for the portfolio company in the industry noted.

(4)Principal is net of repayments, if any, as per the terms of the debt instrument’s contract.

(5)Except as noted, all investments were valued at fair value using Level 3 inputs. Fair value is determined in good faith by Eagle Point Credit Management LLC, as the Fund's “valuation designee,” in accordance with Rule 2a-5 under the Investment Company Act of 1940.

(6)The interest rate on variable interest rate investments represents a benchmark rate plus spread. The benchmark interest rate is subject to an interest rate floor. As of June 30, 2026, the U.S. Prime Rate (“Prime”) was 6.75%, the Secured Overnight Financing Rate (“SOFR”) 30 Day Forward Rate was 3.65%, and the SOFR 3-Month Term Rate was 3.73%.

(7)Interest on this loan includes a payment-in-kind (“PIK”) provision. Contractual PIK interest, which represents contractually deferred interest added to the loan balance that is generally due at the end of the loan term, is recorded on an accrual basis to the extent such amounts are expected to be collected.

(8)Investment is not pledged as collateral supporting amounts outstanding under the Fund's credit facility with KeyBank, National Association (the “KeyBank Credit Facility”). See “Note 5 – Borrowings” for more information.

(9)Investment has an unfunded commitment as of June 30, 2026 (see “Note 6 – Commitments and Contingencies”). The fair value of the investment includes the impact of the fair value of any unfunded commitments.

(10)Investment date represents the date of initial investment date, either purchases or funding, not adjusted for modifications.

(11)Preferred stock represents investments through which the Fund will have preference in liquidation rights and do not contain any cumulative preferred dividends.

(12)Asset is valued at fair value as determined in good faith by Eagle Point Credit Management LLC using Level 1 inputs.

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share and per share data)


Portfolio Company (1)	Type of Investment (2)	Investment Date (10)	Maturity Date	Interest Rate (3)	Principal Amount (4)		Cost		Fair Value (5)		Footnotes
Debt Securities - United States
Artificial Intelligence & Automation
Applied Digital Corporation	Equipment Financing	June 28, 2024	March 1, 2026	Fixed interest rate 19.0%; EOT —%	$	320	$	320	$	326
	Equipment Financing	June 28, 2024	April 1, 2026	Fixed interest rate 19.0%; EOT —%	213		213		217
	Equipment Financing	November 19, 2024	April 1, 2026	Fixed interest rate 19.0%; EOT —%	345		346		351
Total Applied Digital Corporation					$	878	$	879	$	894

Augmented Reality Concepts, Inc.	Secured Loan	November 19, 2024	June 18, 2029	Variable interest rate SOFR 3 Month Term + 7.3%; EOT —%	$	1,230	$	1,227	$	1,235	(6)

Cirrascale Cloud Services, LLC	Equipment Financing	November 19, 2024	April 1, 2027	Fixed interest rate 10.2%; EOT 5.0%	$	605	$	661	$	663
	Equipment Financing	November 19, 2024	September 1, 2026	Fixed interest rate 12.7%; EOT 4.0%	510		567		568
Total Cirrascale Cloud Services, LLC					$	1,115	$	1,228	$	1,231

D-Wave Quantum Inc.	Equipment Financing	August 1, 2025	September 1, 2028	Fixed interest rate 10.8%; EOT 4.0%	$	54	$	53	$	54

Sortera Technologies, Inc.	Equipment Financing	February 11, 2025	March 1, 2028	Fixed interest rate 12.5%; EOT 4.0%	$	1,088	$	1,074	$	1,085	(6)

Swimlane, Inc.	Secured Loan	May 28, 2025	June 1, 2030	Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 2.3%	$	3,600	$	3,544	$	3,639	(6)

Tquila Automation, Inc.	Secured Loan	July 2, 2025	August 1, 2030	Variable interest rate Prime + 5.0% or Floor rate 12.3%; EOT 3.0%	$	900	$	891	$	904

Uniphore Technologies Inc.	Secured Loan	September 30, 2025	October 1, 2030	Variable interest rate Prime + 4.8% or Floor rate 12.3%; EOT 3.0%	$	4,000	$	3,904	$	3,975
	Secured Loan	October 2, 2025	October 1, 2030	Variable interest rate Prime + 4.8% or Floor rate 12.3%; EOT 3.0%	1,500		1,468		1,468
Total Uniphore Technologies Inc.					$	5,500	$	5,372	$	5,443

Sub-Total: Artificial Intelligence & Automation (23.5%)*					$	14,365	$	14,268	$	14,485

Biotechnology
Candel Therapeutics, Inc.	Secured Loan	October 14, 2025	October 1, 2030	Variable interest rate Prime + 3.0% or Floor rate 9.8%; EOT 4.3%	$	1,500	$	1,451	$	1,451

Taysha Gene Therapies, Inc.	Secured Loan	August 7, 2025	September 1, 2030	Variable interest rate Prime + 4.0% or Floor rate 11.5%; EOT 5.0%	$	2,000	$	2,005	$	2,055	(6)

Sub-Total: Biotechnology (5.7%)*					$	3,500	$	3,456	$	3,506

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share and per share data)


Portfolio Company (1)	Type of Investment (2)	Investment Date (10)	Maturity Date	Interest Rate (3)	Principal Amount (4)		Cost		Fair Value (5)		Footnotes
Debt Securities - United States, Continued
Connectivity
AST & Science, LLC	Equipment Financing	June 27, 2025	July 1, 2030	Fixed interest rate 12.4%; EOT 9.0%	$	2,367	$	2,394	$	2,439
	Equipment Financing	June 30, 2025	July 1, 2030	Fixed interest rate 12.5%; EOT 9.0%	385		389		397
	Equipment Financing	September 26, 2025	October 1, 2030	Fixed interest rate 12.4%; EOT 9.0%	860		861		876
	Equipment Financing	December 23, 2025	January 1, 2031	Fixed interest rate 12.4%; EOT 9.0%	540		536		536
Total AST & Science, LLC					$	4,152	$	4,180	$	4,248

Tarana Wireless, Inc.	Secured Loan	November 19, 2024	October 1, 2029	Variable interest rate Prime + 4.5% or Floor rate 12.5%; EOT 4.0%	$	1,200	$	1,172	$	1,176	(6)

Sub-Total: Connectivity (8.8%)*					$	5,352	$	5,352	$	5,424

Consumer Products & Services
Bobbie Baby, Inc.	Equipment Financing	September 12, 2025	October 1, 2028	Fixed interest rate 11.6%; EOT 3.0%	$	1,944	$	1,922	$	1,957

Ogee, Inc.	Secured Loan	November 25, 2024	March 1, 2027	Variable interest rate Prime + 5.8% or Floor rate 12.0%; EOT 3.8%	$	300	$	307	$	307	(6)
	Secured Loan	November 25, 2024	March 1, 2027	Variable interest rate Prime + 5.8% or Floor rate 12.0%; EOT 3.8%	300		308		308		(6)
	Secured Loan	November 25, 2024	March 1, 2027	Variable interest rate Prime + 5.8% or Floor rate 12.0%; EOT 3.8%	300		304		303		(6)
	Secured Loan	July 18, 2025	March 1, 2027	Variable interest rate Prime + 5.8% or Floor rate 12.0%; EOT 3.8%	300		268		266		(6)
Total Ogee, Inc.					$	1,200	$	1,187	$	1,184

Sub-Total: Consumer Products & Services (5.1%)*					$	3,144	$	3,109	$	3,141

Diagnostics & Tools
Rapid Micro Biosystems, Inc.	Secured Loan	August 8, 2025	September 1, 2030	Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 4.0%	$	1,800	$	1,751	$	1,777
Sub-Total: Diagnostics & Tools (2.9%)*					$	1,800	$	1,751	$	1,777

Finance and Insurance
Beam Technologies, Inc.	Secured Loan	November 19, 2024	October 1, 2029	Variable interest rate Prime + 2.8% or Floor rate 11.0%+PIK Fixed Interest Rate 1.5%; EOT 2.0%	$	2,264	$	2,358	$	2,320	(6) (7)
	Secured Loan	June 25, 2025	October 1, 2029	Variable interest rate Prime + 2.8% or Floor rate 11.0%+PIK Fixed Interest Rate 1.5%; EOT 2.0%	181		185		186		(6) (7)
	Secured Loan	August 7, 2025	December 31, 2029	Fixed interest rate —%; EOT —%	30		30		30		(8)
Total Beam Technologies, Inc.					$	2,475	$	2,573	$	2,536

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share and per share data)


Portfolio Company (1)	Type of Investment (2)	Investment Date (10)	Maturity Date	Interest Rate (3)	Principal Amount (4)		Cost		Fair Value (5)		Footnotes
Debt Securities - United States, Continued
Centivo Corporation	Secured Loan	November 19, 2024	August 1, 2029	Variable interest rate Prime + 4.5% or Floor rate 11.3%+PIK Fixed Interest Rate 1.0%; EOT 2.0%	$	507	$	504	$	513	(6) (7)
	Secured Loan	December 20, 2024	August 1, 2029	Variable interest rate Prime + 4.5% or Floor rate 11.3%+PIK Fixed Interest Rate 1.0%; EOT 2.0%	505		488		495		(6) (7)
	Secured Loan	February 3, 2025	August 1, 2029	Variable interest rate Prime + 4.5% or Floor rate 11.3%+PIK Fixed Interest Rate 1.0%; EOT 2.0%	504		489		496		(6) (7)
	Secured Loan	May 20, 2025	August 1, 2029	Variable interest rate Prime + 4.5% or Floor rate 11.3%+PIK Fixed Interest Rate 1.0%; EOT 2.0%	1,005		973		988		(6) (7)
	Secured Loan	June 13, 2025	August 1, 2029	Variable interest rate Prime + 4.5% or Floor rate 11.3%+PIK Fixed Interest Rate 1.0%; EOT 2.0%	502		486		493		(6) (7)
Total Centivo Corporation					$	3,023	$	2,940	$	2,985

Cherry Technologies, Inc.	Secured Loan	June 28, 2024	April 1, 2030	Variable interest rate Prime + 2.5% or Floor rate 9.5%; EOT 2.0%	$	265	$	276	$	273	(6)
	Secured Loan	July 31, 2024	April 1, 2030	Variable interest rate Prime + 2.5% or Floor rate 9.5%; EOT 2.0%	265		276		272		(6)
Total Cherry Technologies, Inc.					$	530	$	552	$	545

Tilt Finance, Inc (dba Empower Financial, Inc.)	Secured Loan	June 28, 2024	May 1, 2028	Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%	$	378	$	388	$	384	(6)
	Secured Loan	June 28, 2024	May 1, 2028	Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%	98		97		98		(6)
	Secured Loan	June 28, 2024	May 1, 2028	Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%	147		147		147		(6)
	Secured Loan	June 28, 2024	May 1, 2028	Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%	152		149		149		(6)
	Secured Loan	June 28, 2024	May 1, 2028	Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%	505		514		522		(6)
Total Tilt Finance, Inc (dba Empower Financial, Inc.)					$	1,280	$	1,295	$	1,300

Gravie, Inc.	Secured Loan	November 19, 2024	July 1, 2029	Variable interest rate Prime + 4.5% or Floor rate 13.0%; EOT 2.5%	$	1,020	$	1,030	$	1,007	(6)

Kard Financial, Inc.	Secured Loan	September 10, 2025	October 1, 2030	Variable interest rate Prime + 5.0% or Floor rate 12.5%; EOT 2.0%	$	980	$	955	$	984	(6)

One Million Metrics (dba Kinetic)	Secured Loan	August 25, 2025	September 1, 2030	Variable interest rate Prime + 4.5% or Floor rate 12.0%; EOT 3.0%	$	1,050	$	1,024	$	1,053	(6)

Lendflow, Inc.	Secured Loan	April 24, 2025	May 1, 2030	Variable interest rate Prime + 4.5% or Floor rate 12.0%; EOT 2.7%	$	960	$	949	$	974	(6)
	Secured Loan	December 15, 2025	May 1, 2030	Variable interest rate Prime + 4.5% or Floor rate 12.0%; EOT 2.7%	480		471		471		(6)
Total Lendflow, Inc.					$	1,440	$	1,420	$	1,445

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share and per share data)


Portfolio Company (1)	Type of Investment (2)	Investment Date (10)	Maturity Date	Interest Rate (3)	Principal Amount (4)		Cost		Fair Value (5)		Footnotes
Debt Securities - United States, Continued
PatientFi, Inc.	Secured Loan	March 14, 2025	April 1, 2030	Variable interest rate Prime + 3.5% or Floor rate 10.5%; EOT 2.5%	$	1,800	$	1,783	$	1,797	(6)
	Secured Loan	December 16, 2025	April 1, 2030	Variable interest rate Prime + 3.5% or Floor rate 10.5%; EOT 2.5%	1,800		1,753		1,753		(6)
Total PatientFi, Inc.					$	3,600	$	3,536	$	3,550

Under Technologies, Inc.	Secured Loan	November 19, 2024	June 1, 2029	Variable interest rate Prime + 3.8% or Floor rate 12.0%; EOT 4.3%	$	600	$	599	$	615	(6)
	Secured Loan	November 27, 2024	June 1, 2029	Variable interest rate Prime + 3.8% or Floor rate 12.0%; EOT 4.3%	600		598		607		(6)
Total Under Technologies, Inc.					$	1,200	$	1,197	$	1,222

Wisetack, Inc.	Secured Loan	November 14, 2024	December 1, 2029	Variable interest rate Prime + 5.0% or Floor rate 12.5%; EOT 2.5%	$	900	$	894	$	917	(6)
	Secured Loan	December 9, 2025	September 22, 2027	Fixed interest rate 6.0%; EOT —%	30		30		30		(6)(8)
Total Wisetack, Inc.					$	930	$	924	$	947

Sub-Total: Finance and Insurance (28.5%)*					$	17,528	$	17,446	$	17,574

Food and Agriculture Technologies
DrinkPak, LLC	Equipment Financing	June 28, 2024	September 1, 2026	Fixed interest rate 12.9%; EOT 7.0%	$	415	$	548	$	554

Sub-Total: Food and Agriculture Technologies (0.9%)*					$	415	$	548	$	554

Green Technology
Commonwealth Fusion Systems, LLC	Equipment Financing	November 19, 2024	July 1, 2030	Fixed interest rate 13.2%; EOT 10.0%	$	2,981	$	3,167	$	3,200
	Equipment Financing	June 28, 2024	July 1, 2030	Fixed interest rate 13.0%; EOT 10.0%	1,030		1,135		1,132
	Equipment Financing	January 14, 2025	July 1, 2029	Fixed interest rate 11.2%; EOT 6.0%	161		165		167
	Equipment Financing	December 24, 2025	December 1, 2030	Fixed interest rate 11.4%; EOT 6.0%	1,300		1,288		1,288
Total Commonwealth Fusion Systems, LLC					$	5,472	$	5,755	$	5,787

Electric Hydrogen Co.	Equipment Financing	June 28, 2024	January 1, 2029	Fixed interest rate 12.6%; EOT 15.0%	$	902	$	1,046	$	1,016
	Equipment Financing	November 19, 2024	January 1, 2029	Fixed interest rate 12.6%; EOT 15.0%	740		828		818
	Equipment Financing	November 19, 2024	October 1, 2028	Fixed interest rate 12.5%; EOT 15.0%	444		489		485
	Equipment Financing	November 14, 2024	December 1, 2028	Fixed interest rate 11.9%; EOT 15.0%	107		116		115
Total Electric Hydrogen Co.					$	2,193	$	2,479	$	2,434

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share and per share data)


Portfolio Company (1)	Type of Investment (2)	Investment Date (10)	Maturity Date	Interest Rate (3)	Principal Amount (4)		Cost		Fair Value (5)		Footnotes
Debt Securities - United States, Continued
Form Energy, Inc.	Equipment Financing	November 19, 2024	November 1, 2027	Fixed interest rate 12.7%; EOT 3.0%	$	1,563	$	1,585	$	1,608
	Equipment Financing	December 12, 2024	January 1, 2028	Fixed interest rate 12.5%; EOT 3.0%	423		426		432
Total Form Energy, Inc.					$	1,986	$	2,011	$	2,040

Sub-Total: Green Technology (16.7%)*					$	9,651	$	10,245	$	10,261

Healthcare Technology
B.Well Connected Health, Inc.	Secured Loan	April 10, 2025	May 1, 2030	Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 3.0%	$	1,800	$	1,783	$	1,829	(6)
	Secured Loan	October 29, 2025	May 1, 2030	Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 3.0%	720		708		708		(6)
Total B.Well Connected Health, Inc.					$	2,520	$	2,491	$	2,537

Paytient Technologies, Inc.	Secured Loan	May 27, 2025	June 1, 2030	Variable interest rate Prime + 3.8% or Floor rate 10.8%; EOT 3.0%	$	1,250	$	1,228	$	1,246	(6)
	Secured Loan	October 2, 2025	June 1, 2030	Variable interest rate Prime + 3.8% or Floor rate 10.8%; EOT 3.0%	1,250		1,246		1,246		(6)
Total Paytient Technologies, Inc.					$	2,500	$	2,474	$	2,492

PurpleLab, Inc.	Secured Loan	September 24, 2025	October 1, 2030	Variable interest rate Prime + 4.5% or Floor rate 11.5%; EOT 2.0%	$	3,500	$	3,430	$	3,461	(6)

Sub-Total: Healthcare Technology (13.8%)*					$	8,520	$	8,395	$	8,490

Marketing, Media and Entertainment
Angel Studios, Inc.	Secured Loan	September 8, 2025	October 1, 2030	Variable interest rate Prime + 6.0% or Floor rate 13.5%; EOT 2.0%	$	1,600	$	1,449	$	1,481	(6)

Rarefied Atmosphere, Inc.	Secured Loan	May 6, 2025	June 1, 2030	Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 2.0%	$	3,163	$	3,119	$	3,202	(6)

Vox Media Holdings, Inc.	Secured Loan	June 28, 2024	November 1, 2027	Variable interest rate Prime + 6.3% or Floor rate 11.8%; EOT 2.5%	$	1,494	$	1,503	$	1,479	(6)
	Secured Loan	June 28, 2024	January 1, 2028	Variable interest rate Prime + 6.3% or Floor rate 11.8%; EOT 2.5%	749		753		740		(6)
Total Vox Media Holdings, Inc.					$	2,243	$	2,256	$	2,219

Sub-Total: Marketing, Media and Entertainment (11.2%)*					$	7,006	$	6,824	$	6,902

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share and per share data)


Portfolio Company (1)	Type of Investment (2)	Investment Date (10)	Maturity Date	Interest Rate (3)	Principal Amount (4)		Cost		Fair Value (5)		Footnotes
Debt Securities - United States, Continued
Medical Devices
Apiject Holdings, Inc.	Equipment Financing	November 19, 2024	July 1, 2028	Fixed interest rate 10.9%; EOT 7.5%	$	880	$	976	$	894
	Equipment Financing	November 19, 2024	October 1, 2028	Fixed interest rate 11.1%; EOT 7.5%	447		492		455
Total Apiject Holdings, Inc.					$	1,327	$	1,468	$	1,349

Cagent Vascular, Inc.	Secured Loan	January 24, 2025	February 1, 2030	Variable interest rate Prime + 4.0% or Floor rate 11.3%; EOT 3.0%	$	1,200	$	1,217	$	1,226	(6)

Elucent Medical, Inc.	Secured Loan	November 19, 2024	November 30, 2029	Variable interest rate Prime + 3.8% or Floor rate 11.3%; EOT 3.3%	$	900	$	894	$	887	(6)

Lightforce Orthodontics, Inc.	Secured Loan	November 19, 2024	August 6, 2029	Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 4.0%	$	1,800	$	1,798	$	1,845	(6)
	Secured Loan	November 19, 2024	August 6, 2029	Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 4.0%	300		300		307		(6)
Total Lightforce Orthodontics, Inc.					$	2,100	$	2,098	$	2,152

Nalu Medical, Inc.	Secured Loan	July 3, 2025	August 1, 2030	Variable interest rate Prime + 3.0% or Floor rate 10.0%; EOT 4.0%	$	1,575	$	1,562	$	1,588	(6)

Neuros Medical, Inc.	Secured Loan	December 11, 2025	January 1, 2031	Variable interest rate Prime + 3.8% or Floor rate 10.5%; EOT 4.0%	$	1,884	$	1,885	$	1,896	(6)

Okami Medical, Inc.	Secured Loan	June 24, 2025	July 1, 2030	Variable interest rate Prime + 3.8% or Floor rate 10.5%; EOT 2.0%	$	600	$	590	$	595	(6)

Restor3d, Inc.	Secured Loan	November 19, 2024	July 4, 2028	Variable interest rate Prime + 4.8% or Floor rate 12.3%; EOT 3.3%	$	255	$	257	$	262	(6)

Vital Connect, Inc.	Secured Loan	November 19, 2024	July 3, 2029	Variable interest rate Prime + 4.0% or Floor rate 11.5%; EOT 4.0%	$	2,100	$	2,110	$	2,170	(6)
	Secured Loan	March 21, 2025	July 3, 2029	Variable interest rate Prime + 4.0% or Floor rate 11.5%; EOT 4.0%	600		600		617		(6)
	Secured Loan	December 17, 2025	July 3, 2029	Variable interest rate Prime + 4.0% or Floor rate 11.5%; EOT 4.0%	600		594		594		(6)
Total Vital Connect, Inc.					$	3,300	$	3,304	$	3,381

Sub-Total: Medical Devices (21.7%)*					$	13,141	$	13,275	$	13,336

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share and per share data)


Portfolio Company (1)	Type of Investment (2)	Investment Date (10)	Maturity Date	Interest Rate (3)	Principal Amount (4)		Cost		Fair Value (5)		Footnotes
Debt Securities - United States, Continued
Other Healthcare Services
Cellares Corporation	Equipment Financing	November 19, 2024	September 1, 2029	Fixed interest rate 12.0%; EOT 4.5%	$	237	$	242	$	245
	Equipment Financing	January 10, 2025	February 1, 2030	Fixed interest rate 12.2%; EOT 4.5%	159		161		161
	Equipment Financing	January 29, 2025	February 1, 2030	Fixed interest rate 12.5%; EOT 4.5%	97		98		98
	Secured Loan	November 19, 2024	February 1, 2027	Variable interest rate Prime + 3.3% or Floor rate 11.8%; EOT 4.0%	3,000		3,037		3,082		(6)
Total Cellares Corporation					$	3,493	$	3,538	$	3,586

Upward Health, Inc.	Secured Loan	November 19, 2024	September 1, 2029	Variable interest rate Prime + 4.3% or Floor rate 12.8%; EOT 3.0%	$	500	$	494	$	509	(6)

Sub-Total: Other Healthcare Services (6.6%)*					$	3,993	$	4,032	$	4,095

Software as a Service ("SaaS")
Eyelit Technologies, Inc.	Secured Loan	November 19, 2024	November 4, 2029	Variable interest rate SOFR 1 Month Term + 5.8%; EOT 0.0%	$	500	$	492	$	491	(6) (9)
	Secured Loan	December 27, 2024	November 4, 2029	Variable interest rate SOFR 1 Month Term + 5.8%; EOT 0.0%	880		866		864		(6) (9)
	Secured Loan	June 20, 2025	November 4, 2029	Variable interest rate SOFR 1 Month Term + 5.8%; EOT 0.0%	100		98		99		(6) (9)
	Secured Loan	September 10, 2025	November 4, 2029	Variable interest rate SOFR 1 Month Term + 5.8%; EOT 0.0%	250		245		244		(6) (9)
Total Eyelit Technologies, Inc.					$	1,730	$	1,701	$	1,698

Hometown Ticketing, Inc.	Secured Loan	November 25, 2024	November 25, 2029	Variable interest rate SOFR 3 Month Term + 7.7%; EOT 0.0%	$	1,574	$	1,551	$	1,580	(6)

ServiceTrade, Inc.	Secured Loan	November 19, 2024	August 15, 2029	Variable interest rate SOFR 3 Month Term + 5.3%; EOT 0.0%	$	1,500	$	1,481	$	1,494	(6) (9)
	Secured Loan	May 2, 2025	August 15, 2029	Variable interest rate SOFR 3 Month Term + 5.3%; EOT 0.0%	120		118		120		(6) (9)
	Secured Loan	June 3, 2025	August 15, 2029	Variable interest rate SOFR 3 Month Term + 5.3%; EOT 0.0%	120		118		120		(6) (9)
	Secured Loan	September 22, 2025	August 15, 2029	Variable interest rate SOFR 3 Month Term + 5.3%; EOT 0.0%	120		118		120		(6) (9)
Total ServiceTrade, Inc.					$	1,860	$	1,835	$	1,854

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share and per share data)


Portfolio Company (1)	Type of Investment (2)	Investment Date (10)	Maturity Date	Interest Rate (3)	Principal Amount (4)		Cost		Fair Value (5)		Footnotes
Debt Securities - United States, Continued
Silk Technologies, Inc.	Secured Loan	November 19, 2024	December 1, 2029	Variable interest rate Prime + 4.0% or Floor rate 11.3%; EOT 1.5%	$	1,200	$	1,182	$	1,195	(6)

SOCI, Inc.	Secured Loan	November 19, 2024	October 3, 2029	Variable interest rate SOFR 3 Month Term + 7.9%; EOT 0.0%	$	2,281	$	2,244	$	2,203	(6) (9)
	Secured Loan	December 30, 2024	October 3, 2029	Variable interest rate SOFR 3 Month Term + 7.8%; EOT 0.0%	208		204		201		(6) (9)
	Secured Loan	April 23, 2025	October 3, 2029	Variable interest rate SOFR 6 Month Term + 7.8%; EOT 0.0%	104		102		103		(6) (9)
	Secured Loan	August 5, 2025	October 3, 2029	Variable interest rate SOFR 3 Month Term + 7.9%; EOT 0.0%	110		108		108		(6) (9)
Total SOCI, Inc.					$	2,703	$	2,658	$	2,615

Steno Agency, Inc.	Secured Loan	November 19, 2024	July 1, 2029	Variable interest rate Prime + 4.0% or Floor rate 12.5%; EOT 2.5%	$	510	$	511	$	522	(6)
	Secured Loan	January 2, 2025	July 1, 2029	Variable interest rate Prime + 4.0% or Floor rate 12.5%; EOT 2.5%	600		603		616		(6)
	Secured Loan	May 16, 2025	July 1, 2029	Variable interest rate Prime + 4.0% or Floor rate 12.5%; EOT 2.5%	600		580		592		(6)
Total Steno Agency, Inc.					$	1,710	$	1,694	$	1,730

Xytech Systems, LLC	Secured Loan	February 26, 2025	February 26, 2030	Variable interest rate SOFR 3 Month Term + 6.0%; EOT 0.0%	$	2,400	$	2,400	$	2,357	(6) (9)
	Secured Loan	July 2, 2025	February 26, 2030	Variable interest rate SOFR 3 Month Term + 6.0%; EOT 0.0%	120		118		116		(6) (9)
Total Xytech Systems, LLC					$	2,520	$	2,518	$	2,473

Sub-Total: Software as a Service ("SaaS") (21.3%)*					$	13,297	$	13,139	$	13,145

Space Technology
Astranis Space Technologies Corp.	Equipment Financing	June 28, 2024	May 1, 2027	Fixed interest rate 12.1%; EOT 6.5%	$	184	$	231	$	197
	Equipment Financing	November 19, 2024	October 1, 2028	Fixed interest rate 13.8%; EOT 6.5%	225		243		242
	Equipment Financing	November 19, 2024	October 1, 2027	Fixed interest rate 12.6%; EOT 4.0%	173		175		176
	Equipment Financing	August 25, 2025	September 1, 2028	Fixed interest rate 11.6%; EOT 4.0%	180		180		183
	Equipment Financing	October 30, 2025	November 1, 2028	Fixed interest rate 11.7%; EOT 4.0%	46		46		46
	Secured Loan	August 25, 2025	August 25, 2030	Variable interest rate Prime + 4.8% or Floor rate 12.3%; EOT 4.0%	2,000		1,925		1,984		(6)
Total Astranis Space Technologies Corp.					$	2,808	$	2,800	$	2,828

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share and per share data)


Portfolio Company (1)	Type of Investment (2)	Investment Date (10)	Maturity Date	Interest Rate (3)	Principal Amount (4)		Cost		Fair Value (5)		Footnotes
Debt Securities - United States, Continued
Impulse Space, Inc.	Equipment Financing	November 19, 2024	July 1, 2027	Fixed interest rate 12.7%; EOT 3.0%	$	182	$	189	$	190
	Equipment Financing	November 19, 2024	October 1, 2027	Fixed interest rate 12.5%; EOT 3.0%	187		191		194
	Equipment Financing	December 27, 2024	January 1, 2028	Fixed interest rate 12.9%; EOT 3.0%	189		189		195
	Equipment Financing	February 12, 2025	March 1, 2028	Fixed interest rate 12.6%; EOT 3.0%	218		219		222
	Equipment Financing	June 25, 2025	July 1, 2028	Fixed interest rate 12.8%; EOT 3.0%	272		269		274
	Equipment Financing	September 25, 2025	October 1, 2028	Fixed interest rate 12.8%; EOT 3.0%	1,319		1,298		1,318
Total Impulse Space, Inc.					$	2,367	$	2,355	$	2,393

Kymeta Corporation	Secured Loan	November 19, 2024	August 1, 2029	Variable interest rate Prime + 4.0% or Floor rate 12.5%; EOT 3.0%	$	600	$	589	$	608	(6)
	Secured Loan	June 11, 2025	August 1, 2029	Variable interest rate Prime + 4.0% or Floor rate 12.5%; EOT 3.0%	600		599		610		(6)
Total Kymeta Corporation					$	1,200	$	1,188	$	1,218


Slingshot Aerospace, Inc.	Secured Loan	November 19, 2024	August 1, 2029	Variable interest rate Prime + 5.5% or Floor rate 14.0%; EOT 3.0%	$	1,800	$	1,793	$	1,837	(6)

Sub-Total: Space Technology (13.4%)*					$	8,175	$	8,136	$	8,276

Transportation Technology
EH Leasing Company, LLC	Equipment Financing	November 1, 2025	November 1, 2029	Fixed interest rate 14.4%; EOT 18.7%	$	318	$	357	$	328	(8)

Sub-Total: Transportation Technology (0.5%)*					$	318	$	357	$	328

Total: Debt Securities - United States (180.7%)*					$	110,205	$	110,333	$	111,294

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share and per share data)


Portfolio Company (1)	Type of Investment (2)	Investment Date (10)	Maturity Date	Interest Rate (3)	Principal Amount (4)		Cost		Fair Value (5)		Footnotes
Debt Securities - Canada
Space Technology
Earthdaily Constellation Holdings, LP	Equipment Financing	June 10, 2025	January 1, 2029	Fixed interest rate 13.5%; EOT 7.0%	$	3,173	$	3,154	$	3,185
	Equipment Financing	August 28, 2025	March 1, 2029	Fixed interest rate 13.9%; EOT 7.0%	439		432		437
Total Earthdaily Constellation Holdings, LP					$	3,612	$	3,586	$	3,622

Sub-Total: Space Technology (5.9%)*					$	3,612	$	3,586	$	3,622

Total: Debt Securities - Canada (5.9%)*					$	3,612	$	3,586	$	3,622

Debt Securities - Europe
Medical Devices
CMR Surgical Limited	Secured Loan	March 24, 2025	April 1, 2030	Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 4.0%	$	1,875	$	1,887	$	1,925	(6)
	Secured Loan	December 16, 2025	April 1, 2030	Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 4.0%	750		735		735		(6)
Total CMR Surgical Limited					$	2,625	$	2,622	$	2,660

Sub-Total: Medical Devices (4.3%)*					$	2,625	$	2,622	$	2,660

Other Healthcare Services
Zandivio PLC	Secured Loan	November 19, 2024	May 1, 2029	Variable interest rate Prime + 5.3% or Floor rate 13.8%; EOT 2.5%	$	1,800	$	1,782	$	1,817	(6)

Sub-Total: Other Healthcare Services (2.9%)*					$	1,800	$	1,782	$	1,817

Total: Debt Securities - Europe (7.3%)*					$	4,425	$	4,404	$	4,477

Total Debt Securities (193.8%)*					$	118,242	$	118,323	$	119,393

Table of Contents

EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share and per share data)


Portfolio Company (1)	Type of Investment (2)(8)	Investment Date (10)	Expiration Date	Series	Shares	Strike Price		Cost		Fair Value (5)		Footnotes
Warrant Investments - United States
Artificial Intelligence & Automation
D-Wave Quantum Inc.	Warrant	August 1, 2025	August 1, 2035	Common Stock	2,588	$	16.05	$	35	$	58

Sortera Technologies, Inc.	Warrant	February 11, 2025	February 11, 2035	Common Stock	9,995	$	5.23	$	69	$	66

Swimlane, Inc.	Warrant	May 28, 2025	May 28, 2037	Preferred Series B	687,265	$	0.19	$	43	$	46	(11)

Tquila Automation, Inc.	Warrant	July 2, 2025	July 2, 2037	Common Stock	4,397	$	0.81	$	6	$	5

Uniphore Technologies Inc.	Warrant	September 30, 2025	September 30, 2035	Common Stock	92,385	$	2.40	$	95	$	72

Sub-Total: Artificial Intelligence & Automation (0.4%)*								$	248	$	247

Biotechnology
Candel Therapeutics, Inc.	Warrant	October 14, 2025	October 14, 2035	Common Stock	7,639	$	5.89	$	41	$	42

Sub-Total: Biotechnology (0.1%)*								$	41	$	42

Connectivity
Tarana Wireless, Inc.	Warrant	November 19, 2024	September 23, 2034	Common Stock	169,859	$	0.51	$	56	$	35

Sub-Total: Connectivity (0.1%)*								$	56	$	35

Consumer Products & Services
Bobbie Baby, Inc.	Warrant	September 12, 2025	September 12, 2035	Common Stock	15,456	$	4.05	$	21	$	22

Ogee, Inc.	Warrant	November 25, 2024	February 14, 2033	Preferred Series A-3	15,553	$	0.68	$	8	$	42	(11)
		November 25, 2024	February 14, 2033	Preferred Series A-3	15,553	$	0.68	8		42		(11)
		November 25, 2024	August 1, 2034	Preferred Series A-3	15,553	$	0.68	8		42		(11)
		July 18, 2025	August 1, 2034	Preferred Series A-3	15,553	$	0.68	50		42		(11)
Total Ogee, Inc.								$	74	$	168

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EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share and per share data)


Portfolio Company (1)	Type of Investment (2)(8)	Investment Date (10)	Expiration Date	Series	Shares	Strike Price		Cost		Fair Value (5)		Footnotes
Warrant Investments - United States, Continued
Whoop, Inc.	Warrant	June 28, 2024	May 17, 2033	Common Stock	93,745	$	0.43	$	76	$	181

Sub-Total: Consumer Products & Services (0.6%)*								$	171	$	371

Diagnostics & Tools
Rapid Micro Biosystems, Inc.	Warrant	August 8, 2025	August 8, 2035	Common Stock	16,119	$	3.35	$	44	$	37

Sub-Total: Diagnostics & Tools (0.1%)*								$	44	$	37

Finance and Insurance
Beam Technologies, Inc.	Warrant	November 19, 2024	August 30, 2034	Common Stock	3,606	$	17.28	$	46	$	36
		August 7, 2025	August 7, 2032	Preferred Series F Prime	310	$	—	11		12		(11)
Total Beam Technologies, Inc.								$	57	$	48

Centivo Corporation	Warrant	November 19, 2024	July 31, 2034	Common Stock	10,744	$	0.76	$	9	$	13
		December 20, 2024	July 31, 2034	Common Stock	10,744	$	0.76	25		13
		February 3, 2025	July 31, 2034	Common Stock	10,744	$	0.76	22		13
		May 20, 2025	July 31, 2034	Common Stock	21,488	$	0.76	39		25
		June 13, 2025	July 31, 2034	Common Stock	10,744	$	0.76	19		13
Total Centivo Corporation								$	114	$	77

Tilt Finance, Inc (dba Empower Financial, Inc.)	Warrant	June 28, 2024	October 13, 2033	Common Stock	13,503	$	1.43	$	51	$	116

Gravie, Inc.	Warrant	November 19, 2024	June 4, 2034	Common Stock	7,903	$	2.68	$	16	$	1

Kard Financial, Inc.	Warrant	September 10, 2025	September 10, 2035	Common Stock	34,331	$	1.36	$	41	$	40

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EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share and per share data)


Portfolio Company (1)	Type of Investment (2)(8)	Investment Date (10)	Expiration Date	Series	Shares	Strike Price		Cost		Fair Value (5)		Footnotes
Warrant Investments - United States, Continued
One Million Metrics (dba Kinetic)	Warrant	August 25, 2025	August 25, 2035	Common Stock	27,490	$	0.51	$	22	$	22

Lendflow, Inc.	Warrant	April 24, 2025	April 24, 2035	Common Stock	40,365	$	0.70	$	37	$	41

PatientFi, Inc.	Warrant	March 14, 2025	March 14, 2035	Preferred Series B	38,521	$	3.10	$	60	$	54	(11)

Under Technologies, Inc.	Warrant	November 19, 2024	May 3, 2034	Common Stock	6,173	$	2.90	$	17	$	18

Wisetack, Inc.	Warrant	November 14, 2024	November 14, 2034	Common Stock	8,234	$	1.58	$	8	$	9

Sub-Total: Finance and Insurance (0.7%)*								$	423	$	426

Food and Agriculture Technologies
DrinkPak, LLC	Warrant	June 28, 2024	February 17, 2033	Common Stock	1,608	$	18.89	$	69	$	32

Sub-Total: Food and Agriculture Technologies (0.1%)*								$	69	$	32

Green Technology
Form Energy, Inc.	Warrant	November 19, 2024	October 21, 2034	Common Stock	6,338	$	8.03	$	59	$	44

Sub-Total: Green Technology (0.1%)*								$	59	$	44

Healthcare Technology
B.Well Connected Health, Inc.	Warrant	April 10, 2025	April 10, 2035	Common Stock	20,455	$	0.79	$	35	$	21

Paytient Technologies, Inc.	Warrant	May 27, 2025	May 27, 2035	Common Stock	9,603	$	1.01	$	13	$	15

PurpleLab, Inc.	Warrant	September 24, 2025	September 24, 2035	Common Stock	1,653	$	23.09	$	44	$	46

Sub-Total: Healthcare Technology (0.1%)*								$	92	$	82

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EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share and per share data)


Portfolio Company (1)	Type of Investment (2)(8)	Investment Date (10)	Expiration Date	Series	Shares	Strike Price		Cost		Fair Value (5)		Footnotes
Warrant Investments - United States, Continued
Marketing, Media and Entertainment
Angel Studios, Inc.	Warrant	September 8, 2025	September 11, 2030	Common Stock	23,402	$	7.29	$	152	$	47

Rarefied Atmosphere, Inc.	Warrant	May 6, 2025	May 6, 2037	Common Stock	13,218	$	7.35	$	43	$	50

Vox Media Holdings, Inc.	Warrant	June 1, 2025	June 25, 2035	Class A Common Stock	225,010	$	0.37	$	66	$	53

Sub-Total: Marketing, Media and Entertainment (0.2%)*								$	261	$	150

Medical Devices
Apiject Holdings, Inc.	Warrant	November 19, 2024	June 24, 2034	Common Stock	63,068	$	0.01	$	35	$	9

Elucent Medical, Inc.	Warrant	November 19, 2024	October 31, 2034	Preferred Series C-2	120,603	$	0.30	$	11	$	7	(11)

Lightforce Orthodontics, Inc.	Warrant	November 19, 2024	August 6, 2034	Preferred Series-D	666	$	18.01	$	2	$	1	(11)
		December 1, 2024	August 6, 2034	Preferred Series-D	3,997	$	18.01	14		3		(11)
Total Lightforce Orthodontics, Inc.								$	16	$	4

Nalu Medical, Inc.	Warrant	July 3, 2025	July 3, 2035	Preferred Series E	7,313	$	4.85	$	12	$	27	(11)

Okami Medical, Inc.	Warrant	June 24, 2025	June 24, 2035	Preferred Series F-1	5,254	$	2.86	$	6	$	5	(11)

Restor3d, Inc.	Warrant	November 19, 2024	June 4, 2034	Preferred Series A	6,108	$	5.01	$	5	$	11	(11)

Sub-Total: Medical Devices (0.1%)*								$	85	$	63

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EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share and per share data)


Portfolio Company (1)	Type of Investment (2)(8)	Investment Date (10)	Expiration Date	Series	Shares	Strike Price		Cost		Fair Value (5)		Footnotes
Warrant Investments - United States, Continued
Other Healthcare Services
Cellares Corporation	Warrant	November 19, 2024	August 2, 2034	Common Stock	15,566	$	4.77	$	54	$	78

Upward Health, Inc.	Warrant	November 19, 2024	August 6, 2034	Class A Common Stock	64,948	$	0.28	$	21	$	64

Sub-Total: Other Healthcare Services (0.2%)*								$	75	$	142

Software as a Service ("SaaS")
Silk Technologies, Inc.	Warrant	November 19, 2024	November 4, 2034	Common Stock	15,167	$	1.98	$	32	$	26

Steno Agency, Inc.	Warrant	November 19, 2024	June 21, 2034	Common Stock	7,612	$	1.98	$	18	$	25
		May 16, 2025	June 21, 2034	Common Stock	8,955	$	1.98	27		30
Total Steno Agency, Inc.								$	45	$	55

Sub-Total: Software as a Service ("SaaS") (0.1%)*								$	77	$	81

Space Technology
Astranis Space Technologies Corp.	Warrant	June 28, 2024	April 13, 2033	Common Stock	11,203	$	7.89	$	39	$	146
		November 19, 2024	September 27, 2034	Common Stock	14,930	$	2.27	66		235
		June 26, 2025	June 26, 2035	Common Stock	2,751	$	0.01	13		47
		June 26, 2025	June 26, 2035	Common Stock	1,765	$	0.01	9		30
		August 25, 2025	August 25, 2035	Common Stock	18,319	$	2.33	70		288
Total Astranis Space Technologies Corp.								$	197	$	746

Hermeus Corporation	Warrant	June 28, 2024	August 9, 2032	Common Stock	9,338	$	6.24	$	21	$	110

Impulse Space, Inc.	Warrant	November 19, 2024	June 18, 2034	Common Stock	13,944	$	1.91	$	248	$	345

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EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share and per share data)


Portfolio Company (1)	Type of Investment (2)(8)	Investment Date (10)	Expiration Date	Series	Shares	Strike Price		Cost		Fair Value (5)		Footnotes
Warrant Investments - United States, Continued
Kymeta Corporation	Warrant	November 19, 2024	July 3, 2034	Common Stock	303,449	$	0.11	$	22	$	15

Slingshot Aerospace, Inc.	Warrant	November 19, 2024	July 12, 2036	Common Stock	24,943	$	0.46	$	30	$	38

Sub-Total: Space Technology (2.0%)*								$	518	$	1,254

Total: Warrant Investments - United States (4.9%)*								$	2,219	$	3,006

Warrant Investments - Canada
Space Technology
Earthdaily Constellation Holdings, LP	Warrant	June 10, 2025	June 10, 2035	Class B Common Stock	282,171	$	0.81	$	161	$	145
Sub-Total: Space Technology (0.2%)*								$	161	$	145

Total: Warrant Investments - Canada (0.2%)*								$	161	$	145

Warrant Investments - Europe
Medical Devices
CMR Surgical Limited	Warrant	March 24, 2025	March 24, 2030	Ordinary Stock	672	€	0.01	$	16	$	29
Sub-Total: Medical Devices (0.0%)*								$	16	$	29

Other Healthcare Services
Zandivio PLC	Warrant	November 19, 2024	October 29, 2034	Common Stock	8,428	€	0.01	$	49	$	34
Sub-Total: Other Healthcare Services (0.1%)*								$	49	$	34

Total: Warrant Investments - Europe (0.1%)*								$	65	$	63

Total Warrant Investments (5.2%)*								$	2,445	$	3,214

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EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share and per share data)


Portfolio Company (1)	Type of Investment (2)(8)	Investment Date (10)	Shares/Principal	Series	Cost		Fair Value (5)		Footnotes
Equity Investments- United States
Connectivity
Tarana Wireless, Inc.	Equity	October 9, 2025	28,053	Preferred Series 8	$	30	$	52	(11)

Sub-Total: Connectivity (0.1%)*					$	30	$	52

Finance and Insurance
Centivo Corporation	Equity	December 20, 2024	17,119	Preferred Series B-1	$	50	$	45	(11)

Sub-Total: Finance and Insurance (0.1%)*					$	50	$	45

Food and Agriculture Technologies
Athletic Brewing Company, LLC	Equity	August 1, 2024	73	Class B Units	$	17	$	15	(11)

Sub-Total: Food and Agriculture Technologies (0.0%)*					$	17	$	15

Green Technology
Crusoe Energy Systems LLC	Equity	November 6, 2024	1,713	Preferred Series D-1	$	50	$	75	(11)

Sub-Total: Green Technology (0.1%)*					$	50	$	75

Software as a Service ("SaaS")
Silk Technologies, Inc.	Equity	December 1, 2025	30,000	SAFE Note	$	30	$	30

Sub-Total: Software as a Service ("SaaS") (0.0%)*					$	30	$	30

Space Technology
Impulse Space, Inc.	Equity	March 4, 2025	7,151	Preferred Series B	$	98	$	206	(11)
	Equity	May 9, 2025	2,616	Preferred Series C	99		97		(11)
Total Impulse Space, Inc.					$	197	$	303

Sub-Total: Space Technology (0.5%)*					$	197	$	303

Total: Equity Investments- United States (0.8%)*					$	374	$	520

Total Investments in Securities (199.9%)*					$	121,142	$	123,127

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EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share and per share data)

* Represents % of Net Assets.

(1)All portfolio companies are located in North America or Europe. As of December 31, 2025, the Fund had three foreign domiciled portfolio companies, two of which are based in Europe and one of which is based in Canada. In total, foreign domiciled portfolio investment represented 13.4% of total net assets based on fair value.

(3)Interest rate is the fixed or variable rate of the debt investments and does not include any original issue discount, end-of-term (“EOT”) payment, or additional fees related to such investments, such as deferred interest, commitment fees, prepayment fees or exit fees. EOT payments are contractual payments due in cash at the maturity date of the loan, including upon prepayment, and are a fixed rate determined at the inception of the loan. At the end of the term of certain equipment financings, the borrower has the option to purchase the underlying assets at fair value, generally subject to a cap, or return the equipment and pay a restocking fee. The fair values of the financed assets have been estimated as a percentage of original cost for purpose of the EOT payment value. The EOT payment is amortized and recognized as non-cash income over the term of the loan or equipment financing prior to its payment and is included as a component of the cost basis of the Fund’s current debt securities.

(4)Principal is net of repayments, if any, as per the terms of the debt instrument’s contract.

(5)All investments were valued at fair value using Level 3 inputs. Fair value is determined in good faith by Eagle Point Credit Management LLC, as the Fund's “valuation designee,” in accordance with Rule 2a-5 under the Investment Company Act of 1940.

(6)The interest rate on variable interest rate investments represents a benchmark rate plus spread. The benchmark interest rate is subject to an interest rate floor. As of December 31, 2025, the U.S. Prime Rate (“Prime”) was 6.75%, the Secured Overnight Financing Rate (“SOFR”) 30 Day Forward Rate was 3.69%, and the SOFR 3-Month Term Rate was 3.65%.

(9)Investment has an unfunded commitment as of December 31, 2025 (see “Note 6 – Commitments and Contingencies”). The fair value of the investment includes the impact of the fair value of any unfunded commitments.

(10)Investment date represents the date of initial investment date, either purchases or funding, not adjusted for modifications.

(11)Preferred stock represents investments through which the Fund will have preference in liquidation rights and do not contain any cumulative preferred dividends.

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EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 1. Organization

Eagle Point Trinity Senior Secured Lending Company (“EPT” or the “Fund”) is a Delaware statutory trust that is a “perpetual-life,” externally managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund intends to elect to be treated, and to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), for U.S. federal income tax purposes.

The Fund’s investment objective is to generate current income and, to a lesser extent, capital appreciation. The Fund seeks to achieve its investment objective by making investments consisting primarily of senior secured term loans, equipment financings and to a lesser extent, asset-based lending, working capital loans, equity and equity-related investments.

The Fund was initially formed on May 3, 2024, as a Delaware limited liability company named EPT 16 LLC and commenced operations on June 28, 2024 as a private fund in reliance on an exemption from the definition of “investment company” under Section 3(c)(7) of the 1940 Act. On August 28, 2025, the Fund converted into a Delaware statutory trust named Eagle Point Trinity Senior Secured Lending Company and elected to be regulated as a BDC (the “Conversion”).

The Fund’s investment activities are managed by Eagle Point Credit Management LLC (the “Adviser”) and Trinity Capital Adviser LLC (the “Sub-Adviser”), a wholly owned subsidiary of Trinity Capital Inc., and supervised by the Fund’s Board of Trustees (the “Board” or “Board of Trustees”), a majority of whom are independent as required by the 1940 Act. The Adviser’s affiliate, Eagle Point Administration LLC (the “Administrator”), provides certain ongoing administrative services necessary for the Fund’s operations. See “Note 11 – Related Party Transactions” for additional information.

The Fund holds certain assets through its wholly-owned subsidiary, EPT SPV 16 SUB (US) LLC (the “SPV”), to secure the KeyBank Credit Facility (as discussed and defined in “Note 5 – Borrowings”). EPT and the SPV are collectively referred to herein as the “Fund.”

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

The Fund’s interim consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, the unaudited financial results included herein contain all adjustments, consisting solely of normal accruals, considered necessary for the fair statement of the results for the interim period included herein. The current period’s consolidated results of operations are not necessarily indicative of results that may be achieved for the year. The interim consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto included in the Fund’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission (“SEC”) on March 31, 2026. Certain prior year amounts have been reclassified to conform to the current year presentation.

The Fund is an investment company and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification,

Table of Conte n ts

as amended, (“ASC”) Topic 946, Financial Services - Investment Companies (“ASC 946”). Items included in the consolidated financial statements are measured and presented in U.S. dollars. Under U.S. GAAP for investment companies, investments are recorded at their estimated fair value, and the carrying value for all other assets and liabilities approximates their fair value.

Principles of Consolidation

As permitted under Regulation S-X and consistent with the guidance in ASC 946-810-45-3, Financial Services - Investment Companies - Consolidation - Other Presentation Matters, the Fund generally does not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Fund. Accordingly, the Fund consolidates the results of its wholly owned subsidiary, the SPV, in the Fund’s consolidated financial statements. All intercompany accounts and transactions have been eliminated in consolidation. The SPV is the borrower under the Fund’s KeyBank Credit Facility as discussed in “Note 5 – Borrowings.”

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the applicable reporting date. These estimates and assumptions also affect the reported amounts of revenues, costs and expenses during the reporting period. Management evaluates these estimates and assumptions on a regular basis. Actual results could differ materially from these estimates.

Investment Transactions

Loan originations are recorded on the date of the legally binding commitment. Realized gains or losses are recorded using the specific identification method as the difference between the net proceeds received, excluding prepayment fees, if any, and the amortized cost basis of the investment without regard to unrealized gains or losses previously recognized, and include investments written off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment fair values as of the last business day of the reporting period and also includes the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

Valuation of Investments

The most significant estimate inherent in the preparation of the Fund’s consolidated financial statements is the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded.

The Fund’s investments are carried at fair value in accordance with the 1940 Act and ASC 946 and measured in accordance with ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the observability of inputs used to measure fair value, and provides disclosure requirements for fair value measurements. ASC 820 requires the Fund to assume that each of the portfolio investments is sold in a hypothetical transaction in the principal or, as applicable, most advantageous market using market participant assumptions as of the measurement date. Market participants are defined as buyers and sellers in the principal market that are independent, knowledgeable and willing and able to transact.

Pursuant to Rule 2a-5 under the 1940 Act (“Rule 2a-5”), the Board of Trustees has designated the Adviser to serve as the “valuation designee” to perform fair value determinations in respect of the Fund’s portfolio investments that do not have readily available market quotations. Accordingly, fair valuations are ultimately determined by the Adviser in accordance with its valuation policies and procedures. The Adviser’s valuation process will be conducted monthly (or more frequently, as appropriate) or as otherwise determined by the Adviser. The Adviser may either engage independent valuation firms on a discretionary basis or receive (on a non-reliance basis) the Sub-Adviser valuations and the reports of independent valuation firms engaged by the Sub-Adviser and its affiliates (as discussed

Table of Conte n ts

below). The Board of Trustees oversees the valuation designee and the process that it uses to determine the fair value of the Fund’s assets. In this regard, the Board of Trustees receives periodic and, as applicable, prompt reporting regarding certain material valuation matters, as required by Rule 2a-5.

Independent valuation firms have been engaged to provide valuation assistance with respect to the Fund’s investments on a discretionary basis. Specifically, an independent valuation firm assists in valuing a subset of the Fund’s portfolio investments on a quarterly basis. The Sub-Adviser assists in selecting these portfolio investments based on a number of factors, including, but not limited to, the potential for material fluctuations in valuation results, size, credit quality and the time lapse since the last valuation of the portfolio investment by an independent valuation firm.

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows:

Level 1 — Investments whose values are based on unadjusted quoted prices for identical assets in an active market that the Fund has the ability to access (examples include investments in active exchange-traded equity securities and investments in most U.S. government and agency securities).

Level 2 — Investments whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the investment.

Level 3 — Investments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (for example, investments in illiquid securities issued by privately held companies). These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the investment.

Given the nature of lending to venture capital-backed growth-stage companies, 100% of the Fund’s investments in these portfolio companies are considered Level 3 assets under ASC 820 because there is no known or accessible market or market indexes for these investment securities to be traded or exchanged. The Fund uses an internally developed portfolio investment rating system in connection with its investment oversight, portfolio management and analysis, and investment valuation procedures. This system takes into account both quantitative and qualitative factors of the portfolio companies. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material.

Debt Securities

The debt securities identified on the Consolidated Schedule of Investments are secured loans and equipment financings made to growth-stage companies. For portfolio investments in debt securities for which third-party quotes or other independent pricing are not available, fair value is generally estimated based on the assumptions that hypothetical market participants would use to value the investment in a current hypothetical sale using an income approach.

In applying the income approach to determine the fair value of debt securities, the assessment of fair value is based on projections of the discounted future free cash flows that the security will likely generate, including analyzing the discounted cash flows of interest and principal amounts for the security, as set forth in the associated loan and equipment financing agreements, as well as market yields and the financial position and credit risk of the portfolio company (the “Hypothetical Market Yield Method”). The discount rate applied to the future cash flows of the security is based on the calibrated yield implied by the terms of the Fund’s investment adjusted for changes in

Table of Conte n ts

market yields and performance of the subject company. The estimate of the expected repayment date of the Fund’s loans and equipment financings securities is either the maturity date of the instrument or the anticipated pre-payment date, depending on the facts and circumstances. The Hypothetical Market Yield Method also considers changes in leverage levels, credit quality, portfolio company performance, market yield movements, and other factors. If (i) there is deterioration in credit quality, (ii) the debt investment is deemed to be controlled by the Company under the 1940 Act, or (iii) a security is in workout status, then the Company may consider other fair value methodologies in determining the fair value of the security, including, but not limited to, the value attributable to the security from the enterprise value of the portfolio company or the proceeds that would most likely be received in a liquidation analysis.

Equity Securities and Warrants

Often the Fund is issued warrants by issuers as yield enhancements. These warrants are recorded as assets at estimated fair value on the grant date. The cost basis of the warrants or other equity securities received is determined based upon their respective fair values on the date of receipt in proportion to the total fair value of the debt and warrants or other equity securities received. Depending on the facts and circumstances, a combination of one or several forms of the market approach and contingent claim analyses (a form of option analysis) may be utilized to estimate the fair value of the securities as of the measurement date and determine the cost basis using a relative fair value methodology. In applying the market approach, the enterprise value of a portfolio company is estimated utilizing customary pricing multiples, based on the development stage of the underlying issuers, or other appropriate valuation methods, such as considering recent transactions in the equity securities of the portfolio company or third-party valuations that are assessed to be indicative of fair value of the respective portfolio company. If appropriate, based on the facts and circumstances, the enterprise value to the equity securities may be allocated utilizing a contingent claim analysis and/or other waterfall calculation by which the enterprise value is allocated across the portfolio company’s securities in order of their preference relative to one another.

Fair value estimates are made at discrete points in time based on relevant information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. The carrying amounts of the Fund’s financial instruments, consisting of cash, investments, receivables, payables, and other liabilities, approximate the fair values of such items due to the short-term nature of these instruments. Refer to “Note 4 – Fair Value of Financial Instruments” for further discussion.

Cash and Cash Equivalents

Cash and cash equivalents consist of funds deposited with financial institutions and short-term (original maturity of three months or less) liquid investments in money market deposit accounts. Cash equivalents are classified as Level 1 assets and are valued using the net asset value (“NAV”) per share of the money market fund.

As of June 30, 2026, and December 31, 2025, cash and cash equivalents consisted of $2.6 million and $0.6 million, respectively. Cash held in demand deposit accounts may exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limit and therefore is subject to credit risk. All of the Fund’s cash deposits are held at large, established, high credit quality financial institutions, and management believes that the risk of loss associated with any uninsured balances is remote.

Other Assets

Other assets generally consist of prepaid expenses, deferred offering costs and unsettled receivables.

Equity Offering Costs

Equity offering costs associated with the sale of the Fund’s shares of beneficial interest are capitalized at the time of incurrence and subsequently amortized to expense on a straight line basis over the twelve-month period following capitalization.

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Security Deposits

Security deposits are collected upon funding equipment financings and are applied in lieu of regular payments at the end of the term.

Debt Financing Costs

The Fund records costs related to the issuance of debt obligations as deferred debt financing costs. These costs are deferred and amortized using the straight-line method over stated maturity life of the obligations. Debt financing costs related to secured or unsecured notes are netted with the outstanding principal balance on the Fund’s Consolidated Statements of Assets and Liabilities. Debt financing costs related to the KeyBank Credit Facility are recorded as deferred credit facility costs on the Fund’s Consolidated Statements of Assets and Liabilities.

Income Recognition

Interest and Dividend Income

The Fund recognizes interest income on an accrual basis and recognizes it as earned in accordance with the contractual terms of the loan agreement to the extent that such amounts are expected to be collected. Original issue discount (“OID”) initially includes the estimated fair value of detachable warrants obtained in conjunction with the origination of debt securities and is accreted into interest income over the term of the loan as a yield enhancement based on the effective yield method. In addition, the Fund may also be entitled to an end-of-term (“EOT”) payment. EOT payments to be paid at the termination of the debt agreements are accreted into interest income over the contractual life of the debt based on the effective yield method. The EOT payments receivable is included as a component of the cost basis of the Fund’s current debt securities. When a portfolio company pre-pays their indebtedness prior to the scheduled maturity date, the acceleration of the unaccreted OID and EOT payment is recognized as interest income.

The Fund has a limited number of debt investments in its portfolio that contain a payment-in-kind (“PIK”) provision. Contractual PIK interest, which represents contractually deferred interest added to the loan balance that is generally due at the end of the loan term, is generally recorded on an accrual basis to the extent such amounts are expected to be collected. The Fund will generally cease accruing PIK interest if there is insufficient value to support the accrual or management does not expect the portfolio company to be able to pay all principal and interest due.

The Fund recorded less than $0.1 million in PIK interest income during the three months and six months ended June 30, 2026 and less than $0.1 million for the three months and six months ended June 30, 2025.

Income related to application or origination payments, including facility commitment fees, net of related expenses and generally collected in advance, is amortized into interest income over the contractual life of the loan. The Fund recognizes nonrecurring fees and additional OID and EOT payments received in consideration for contract modifications commencing in the quarter relating to the specific modification.

Fee Income

The Fund recognizes one-time fee income, including, but not limited to, structuring fees, prepayment penalties and exit fees related to a change in ownership of the portfolio company, as other income when earned. These fees are generally earned when the portfolio company enters into an equipment financing arrangement or pays off their outstanding indebtedness prior to the scheduled maturity.

Non-Accrual Policy

When a debt security becomes 90 days or more past due, or if management otherwise does not expect that principal, interest, and other obligations due will be collected in full, the Fund will generally place the debt security on non-accrual status and cease recognizing interest income on that debt security until all principal and interest due has been paid or the Fund believes the borrower has demonstrated the ability to repay its current and future

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contractual obligations. Any uncollected interest is reversed from income in the period that collection of the interest receivable is determined to be doubtful. However, the Fund may make exceptions to this policy if the investment has sufficient collateral value and is in the process of collection.

As of June 30, 2026 and December 31, 2025, there were no investments on non-accrual status.

Net Realized Gains / (Losses)

Realized gains / (losses) are measured by the difference between the net proceeds from the sale or redemption of an investment or a financial instrument and the cost basis of the investment or financial instrument, without regard to unrealized appreciation or depreciation previously recognized, and includes investments written off during the period net of recoveries and realized gains or losses from in-kind redemptions. Net proceeds exclude any prepayment penalties, exit fees, and OID and EOT acceleration. Prepayment penalties and exit fees received at the time of sale or redemption are included in fee income on the Consolidated Statements of Operations. OID and EOT acceleration is included in interest income on the Consolidated Statements of Operations.

Net Change in Unrealized Appreciation / (Depreciation)

Net change in unrealized appreciation / (depreciation) reflects the net change in the fair value of the investment portfolio and financial instruments and the reclassification of any prior period unrealized appreciation or depreciation on exited investments and financial instruments to realized gains or losses.

Earnings Per Share

The Fund’s earnings per share (“EPS”) amounts have been computed based on the weighted-average number of shares of beneficial interest outstanding for the period. Basic earnings per share is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted-average number of shares outstanding for the period. Diluted EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted-average number of shares of beneficial interest assuming all potential shares had been issued and the additional shares were dilutive.

Income Taxes

The Fund intends to elect to be treated, and to qualify annually, as a RIC under Subchapter M of the Code for U.S. federal tax purposes. In order to maintain its treatment as a RIC, the Fund is generally required to distribute at least annually to its shareholders at least the sum of 90% of its investment company taxable income (which generally includes its net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90% of its net tax-exempt income (if any). The Fund generally will not be subject to U.S. federal income tax on these distributed amounts but will pay U.S. federal income tax at corporate rates on any retained amounts.

The Fund evaluates tax positions taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority in accordance with ASC 740, Income Taxes (“ASC 740”), as modified by ASC 946. Tax benefits of positions not deemed to meet the more-likely-than-not threshold, or uncertain tax positions, would be recorded as tax expense in the current year. It is the Fund’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense.

The Fund has no material uncertain tax positions as of June 30, 2026, and December 31, 2025. All the Fund’s tax returns remain subject to examination by U.S. federal and state tax authorities.

Based on federal excise distribution requirements applicable to RICs, the Fund will be subject to a 4% nondeductible federal excise tax on undistributed taxable income and gains unless the Fund distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income or gain realized, but not distributed, in the preceding years. For this purpose, however, any ordinary income or capital gain net income retained by the Fund and on which the Fund paid corporate income tax is

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considered to have been distributed. The Fund, at its discretion, may determine to carry forward taxable income or gain and pay a 4% excise tax on the amount by which it falls short of this calendar-year distribution requirement. If the Fund chooses to do so, this generally will increase expenses and reduce the amount available to be distributed to shareholders. The Fund will accrue excise tax on estimated undistributed taxable income and capital gains as required on an annual basis.

Distributions

Distributions to shareholders are recorded on the record date. The composition of distributions paid to shareholders from net investment income and capital gains is determined in accordance with U.S. federal income tax regulations, which differ from U.S. GAAP. Distributions to shareholders can be comprised of net investment income, net realized capital gains and return of capital for U.S. federal income tax purposes and are intended to be paid monthly.

Note 3. Investments

The Fund provides debt, including senior secured loans, equipment financings and asset-based lending, to growth-oriented companies, including institutional investor-backed companies, primarily in the United States. The Fund’s investment strategy includes making investments consisting primarily of secured term loans and equipment financings and, to a lesser extent, working capital loans, equity and equity-related investments. In addition, the Fund may obtain warrants or contingent exit fees at funding from many of its portfolio companies.

Debt Securities

The Fund’s debt securities primarily consist of direct investments in interest-bearing secured loans and equipment financings to privately held companies based in the United States. Secured loans are generally secured by a blanket first position lien or a blanket second position lien on the assets of the portfolio company. Equipment financings typically include a specific asset first position lien on mission-critical assets as well as a second position lien on the assets of the portfolio company. These debt securities typically have a term of up to 60 months from the original investment date. Certain of the debt securities are “covenant-lite” loans, which generally are loans that do not have a complete set of financial maintenance covenants and have covenants that are incurrence-based, meaning they are only tested and can only be breached following an affirmative action of the borrower rather than by a deterioration in the borrower’s financial condition. The equipment financings in the investment portfolio generally have fixed interest rates. The secured loans in the investment portfolio generally have floating interest rates subject to interest rate floors. Both equipment financings and secured loans generally include an EOT payment.

The specific terms of each debt security vary depending on the creditworthiness of the portfolio company and the projected value of the financed assets. Companies with stronger creditworthiness may receive an initial period of lower financing factor, which is analogous to an interest-only period on a traditional term loan. Equipment financings may include upfront interim payments and security deposits. Equipment financing arrangements have various structural protections, including customary default penalties, information and reporting rights, material adverse change or investor abandonment provisions, consent rights for any additions or changes to senior debt, and, as needed, intercreditor agreements with cross-default provisions to protect the Fund’s second lien positions.

Warrant Investments

In connection with the Fund’s debt investments, the Fund may receive warrants in the portfolio company. Warrants received in connection with a debt investment typically include a potentially discounted contract price to exercise, and thus, as a portfolio company appreciates in value, the Fund may achieve additional investment return from this equity interest. The warrants typically contain provisions that protect the Fund as a minority-interest holder, as well as secured or unsecured put rights, or rights to sell such securities back to the portfolio company, upon the occurrence of specified events. In certain cases, the Fund may also obtain follow-up rights in connection with these equity interests, which allow the Fund to participate in future financing rounds.

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Equity Investments

In specific circumstances, the Fund may seek to make direct equity investments in situations where it is appropriate to align the interests of the Fund with key management and shareholders of the portfolio company, and to allow for participation in the appreciation in the equity values of the portfolio company. These equity investments are generally made in connection with debt investments. The Fund (alongside Trinity Capital Inc. and other funds or accounts managed by the Sub-Adviser) seeks to maintain fully diluted equity positions in its portfolio companies of 5% to 50% and may have controlling equity interests in some instances.

Portfolio Composition

The Fund’s portfolio investments are in companies conducting business in a variety of industries. Industry classifications have been updated to a preferred presentation and the prior year has been amended to conform with the new preferred presentation. The following table summarizes the composition of the Fund’s portfolio investments by industry at cost and fair value and as a percentage of the total portfolio as of June 30, 2026, and December 31, 2025 (dollars in thousands):


	June 30, 2026								December 31, 2025
	Cost				Fair Value				Cost				Fair Value
Industry	Amount		%		Amount		%		Amount		%		Amount		%
Medical Devices	$	23,156	16.8	%	$	23,234	16.6	%	$	15,998	13.2	%	$	16,088	13.1	%
Finance and Insurance	16,713		12.1	%	16,766		12.0	%	17,918		14.8	%	18,043		14.6	%
AI Automation & Infrastructure	15,990		11.6	%	15,911		11.3	%	14,516		12.0	%	14,732		12.0	%
SaaS	14,505		10.5	%	14,584		10.4	%	13,246		10.9	%	13,256		10.8	%
Energy and Resource Technology	13,680		9.9	%	13,641		9.7	%	10,354		8.5	%	10,380		8.4	%
Space Technology	13,092		9.5	%	14,556		10.4	%	12,599		10.4	%	13,602		11.0	%
Healthcare Technology	11,233		8.1	%	11,249		8.0	%	8,487		7.0	%	8,572		7.0	%
Marketing, Media and Entertainment	8,607		6.3	%	8,421		6.0	%	7,085		5.9	%	7,052		5.7	%
Other Healthcare Services	6,592		4.8	%	6,656		4.8	%	5,938		4.9	%	6,088		4.9	%
Connectivity	3,987		2.9	%	4,015		2.9	%	5,438		4.5	%	5,511		4.5	%
Biotechnology	3,521		2.6	%	3,609		2.6	%	3,497		2.9	%	3,548		2.9	%
Diagnostics & Tools	3,152		2.3	%	3,161		2.3	%	1,795		1.5	%	1,814		1.5	%
Consumer Products & Services	3,026		2.2	%	3,577		2.6	%	3,280		2.7	%	3,512		2.8	%
Food and Agriculture Technologies	340		0.2	%	306		0.2	%	634		0.5	%	601		0.5	%
Transportation Technology	338		0.2	%	286		0.2	%	357		0.3	%	328		0.3	%
Total	$	137,932	100.0	%	$	139,972	100.0	%	121,142		100.0	%	123,127		100.0	%

The geographic composition of the Fund's investment portfolio is determined by the location of the corporate headquarters of the portfolio company. The following table summarizes the composition of the Fund’s portfolio investments by geographic region of the United States and other countries at cost and fair value and as a percentage of the total portfolio as of June 30, 2026, and December 31, 2025 (dollars in thousands):

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	June 30, 2026								December 31, 2025
	Cost				Fair Value				Cost				Fair Value
Geographic Region	Amount		%		Amount		%		Amount		%		Amount		%
United States
West	$	41,726	30.3	%	$	43,362	31.0	%	$	40,554	33.5	%	$	41,668	33.9	%
Northeast	41,385		30.0	%	41,717		29.7	%	39,148		32.3	%	39,440		32.0	%
Midwest	12,960		9.4	%	13,007		9.3	%	7,132		5.9	%	7,140		5.8	%
Mountain	12,470		9.0	%	12,413		8.9	%	8,764		7.2	%	8,907		7.2	%
South	12,165		8.8	%	12,285		8.8	%	12,580		10.4	%	12,844		10.4	%
Southeast	8,690		6.3	%	8,722		6.2	%	4,748		3.9	%	4,821		3.9	%
International:
Western Europe	5,202		3.8	%	5,267		3.8	%	4,469		3.7	%	4,540		3.7	%
Canada	3,334		2.4	%	3,199		2.3	%	3,747		3.1	%	3,767		3.1	%
Total	$	137,932	100.0	%	$	139,972	100.0	%	$	121,142	100.0	%	$	123,127	100.0	%

The following table summarizes the composition of the Fund’s portfolio investments by investment type at cost and fair value and as a percentage of the total portfolio as of June 30, 2026, and December 31, 2025 (dollars in thousands):


	June 30, 2026								December 31, 2025
	Cost				Fair Value				Cost				Fair Value
Investment	Amount		%		Amount		%		Amount		%		Amount		%
Secured Loans	$	103,482	75.0	%	$	103,709	74.1	%	$	89,048	73.5	%	$	90,068	73.2	%
Equipment Financings	30,920		22.4	%	30,793		22.0	%	29,275		24.2	%	29,325		23.8	%
Warrants	2,705		2.0	%	4,224		3.0	%	2,445		2.0	%	3,214		2.6	%
Equity	825		0.6	%	1,246		0.9	%	374		0.3	%	520		0.4	%
Total	$	137,932	100.0	%	$	139,972	100.0	%	$	121,142	100.0	%	$	123,127	100.0	%

Certain Risk Factors

In the ordinary course of business, the Fund manages a variety of risks, including market risk, credit risk and liquidity risk. The Fund identifies, measures and monitors risk through various control mechanisms, including investment limits and diversifying exposures and activities across a variety of instruments, markets and counterparties.

Market risk is the risk of potential adverse changes to the value of financial instruments because of changes in market conditions, including as a result of changes in the credit quality of a particular issuer, credit spreads, interest rates, and other movements and volatility in security prices or commodities. In particular, the Fund may invest in issuers that are experiencing or have experienced financial or business difficulties (including difficulties resulting from the initiation or prospect of significant litigation or bankruptcy proceedings), which involves significant risks. The Fund manages its exposure to market risk through the use of risk management strategies and various analytical monitoring techniques.

The Fund’s investments are generally comprised of securities and other financial instruments or obligations that are illiquid or thinly traded, making purchase or sale of such securities and financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.

The Fund’s investments consist of growth-oriented companies, many of which have relatively limited operating histories and may experience variation in operating results. Many of these companies conduct business in regulated

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industries and could be affected by changes in government regulations. Most of the Fund’s borrowers will need additional capital to satisfy their continuing working capital needs and other requirements, and in many instances, to service the interest and principal payments on the debt.

Note 4. Fair Value of Financial Instruments

ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the observability of inputs used to measure fair value, and provides disclosure requirements for fair value measurements. The Fund accounts for its investments at fair value in accordance with ASC 820. As of June 30, 2026, and December 31, 2025, the Fund’s portfolio investments consisted primarily of investments in secured loans and equipment financings. The fair value amounts have been measured as of the reporting date and have not been reevaluated or updated for purposes of these financial statements subsequent to that date. As such, the fair values of these financial instruments subsequent to the reporting date may be different than amounts reported.

In accordance with ASC 820, the Fund has categorized its investments based on the priority of the inputs to the valuation technique into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical investments (Level 1) and the lowest priority to unobservable inputs (Level 3). See “Note 2 – Summary of Significant Accounting Policies.”

As required by ASC 820, when the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized within the Level 3 tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).

The fair value determination of each portfolio investment categorized as Level 3 requires one or more of the following unobservable inputs:

•Financial information obtained from each portfolio company, including unaudited statements of operations and balance sheets for the most recent period available as compared to budgeted numbers;

•Current and projected financial condition of the portfolio company;

•Current and projected ability of the portfolio company to service its debt obligations;

•Type and amount of collateral, if any, underlying the investment;

•Current financial ratios (e.g., fixed charge coverage ratio, interest coverage ratio and net debt/EBITDA ratio) applicable to the investment;

•Current liquidity of the investment and related financial ratios (e.g., current ratio and quick ratio);

•Pending debt or capital restructuring of the portfolio company;

•Projected operating results of the portfolio company;

•Current information regarding any offers to purchase the investment;

•Current ability of the portfolio company to raise any additional financing as needed;

•Changes in the economic environment, which may have a material impact on the operating results of the portfolio company;

•Internal occurrences that may have an impact (both positive and negative) on the operating performance of the portfolio company;

•Qualitative assessment of key management;

•Contractual rights, obligations or restrictions associated with the investment; and

•Time to exit.

The use of significant unobservable inputs creates uncertainty in the measurement of fair value as of the reporting date. The significant unobservable inputs used in the fair value measurement of the Fund’s investments, are (i) earnings before interest, tax, depreciation, and amortization (“EBITDA”) and revenue multiples (both projected and historic), and (ii) volatility assumptions. Significant increases (decreases) in EBITDA and revenue multiple inputs in isolation would result in a significantly higher (lower) fair value measurement. Similarly, significant increases (decreases) in volatility inputs in isolation would result in a significantly higher (lower) fair value assessment. Conversely, significant increases (decreases) in weighted average cost of capital inputs in isolation would result in a significantly lower (higher) fair value measurement. However, due to the nature of certain

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investments, fair value measurements may be based on other criteria, such as third-party appraisals of collateral and fair values as determined by independent third parties, which are not presented in the tables below.

The following is a summary of the levels within the fair value hierarchy of the Fund’s investment portfolio by investment type as of June 30, 2026:


	Fair Value Hierarchy (in thousands)
	Level 1		Level 2		Level 3		Total
Secured Loans	$	—	$	—	$	103,709	$	103,709
Equipment Financings	—		—		30,793		30,793
Warrants	—		—		4,224		4,224
Equity	70		—		1,176		1,246
Total Investments at fair value	$	70	$	—	$	139,902	$	139,972

The following is a summary of the levels within the fair value hierarchy of the Fund’s investment portfolio by investment type as of December 31, 2025:


	Fair Value Hierarchy (in thousands)
	Level 1		Level 2		Level 3		Total
Secured Loans	$	—	$	—	$	90,068	$	90,068
Equipment Financings	—		—		29,325		29,325
Warrants	—		—		3,214		3,214
Equity	—		—		520		520
Total Investments at fair value	$	—	$	—	$	123,127	$	123,127

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The methodology for determining the fair value of the Fund’s investments is discussed in “Note 2 – Summary of Significant Accounting Policies.” The following table provides a summary of the significant unobservable inputs used to measure the fair value of the Level 3 portfolio investments as of June 30, 2026.

Fair Value as of

June 30, 2026

Valuation Techniques/

Unobservable

Weighted

Investment Type

(in thousands)

Methodologies

Inputs (1)

Range

Average (2)

Debt investments

120,454

Discounted Cash Flows

Hypothetical Market Yield

5.7% - 25.0%

13.8%

11,900

Cost approximates fair value (5)

n/a

2,148

Transaction Precedent (6)

Transaction price

n/a

Warrants

4,018

Market Approach

Performance Multiple (3)

0.6x - 22.9x

3.9 x

Volatility (4)

43.6% - 134.8%

74.1%

Risk-Free Interest Rate

3.9% - 4.2%

4.1%

Estimated Time to Exit (in years)

1.8 - 4.5

2.9

206

Black Scholes

Volatility (4)

72.1% - 124.7%

93.4%

Discount for Lack of Marketability

n/a

Risk-Free Interest Rate

4.2% - 4.4%

4.3%

Estimated Time to Exit (in years)

4.2 - 9.3

7.8

Equity investments

1,146

Market Approach

Revenue Multiple

3.1x - 3.9x

3.4 x

Volatility (4)

39.5% - 98.0%

71.3%

Risk-Free Interest Rate

3.9% - 4.2%

4.1%

Estimated Time to Exit (in years)

2.5 - 4.5

3.1

Cost approximates fair value (5)

n/a

Total Level 3 Investments

139,902

(1)The significant unobservable inputs used in the fair value measurement of the Fund’s debt securities are hypothetical market yields and premiums/(discounts). The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The significant unobservable inputs used in the fair value measurement of the Fund’s equity and warrant securities are revenue multiples and portfolio company specific adjustment factors. Additional inputs used in the option pricing model (“OPM”) include industry volatility, risk free interest rate and estimated time to exit. Significant increases (decreases) in the inputs in isolation would result in a significantly higher (lower) fair value measurement, depending on the materiality of the investment. For some investments, additional consideration may be given to data from the last round of financing or merger or acquisition events near the measurement date.

(2)Weighted averages are calculated based on the fair value of each investment.

(3)Represents amounts used when the Fund has determined that market participants would use such would use such revenue and/or EBITDA multiples when pricing the investments.

(4)Represents the range of industry volatility used by market participants when pricing the investment.

(5)Includes investments originated within the past three months, for which cost approximates fair value, unless events have occurred during the period that would indicate a different valuation is warranted.

(6)Represents investments where there is an observable transaction or pending event for the investment.

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The following table provides a summary of the significant unobservable inputs used to measure the fair value of the Level 3 portfolio investments as of December 31, 2025.

Fair Value as of

December 31, 2025

Valuation Techniques/

Unobservable

Weighted

Investment Type

(in thousands)

Methodologies

Inputs (1)

Range

Average (2)

Debt investments

108,598

Discounted Cash Flows

Hypothetical Market Yield

9.8% - 30.6%

13.4%

10,356

Cost approximates fair value (5)

n/a

439

Transaction Precedent (6)

Transaction price

n/a

Warrants

3,030

Market Approach

Revenue Multiple(3)

0.7x - 47.5x

15.8 x

Volatility (4)

43.8% - 113.9%

71.3%

Risk-Free Interest Rate

3.5% - 3.9%

3.5%

Estimated Time to Exit (in years)

1.0 - 4.5

2.7

183

Black Scholes

Volatility (4)

61.8% - 128.0%

84.0%

Discount for Lack of Marketability

n/a

Risk-Free Interest Rate

3.7% - 4.2%

4.0%

Estimated Time to Exit (in years)

4.7 - 9.8

8.4

Equity investments

491

Market Approach

Revenue Multiple

3.7x - 19.4x

14.3 x

Volatility (4)

40.2% - 74.2%

64.5%

Risk-Free Interest Rate

3.5% - 3.6%

3.6%

Estimated Time to Exit (in years)

2.3 - 3.8

3.3

Cost approximates fair value (5)

n/a

Total Level 3 Investments

123,127

(2)Weighted averages are calculated based on the fair value of each investment.

(3)Represents amounts used when the Fund has determined that market participants would use such multiples when pricing the investments.

(4)Represents the range of industry volatility used by market participants when pricing the investment.

(5)Includes debt investments originated within the past three months, for which cost approximates fair value, unless events have occurred during the period that would indicate a different valuation is warranted.

(6)Represents investments where there is an observable transaction or pending event for the investment.

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The following tables provide a summary of changes in the fair value of the Fund’s Level 3 loans and equipment financings (collectively “Debt”), equity and warrant portfolio investments for the six months ended June 30, 2026 (in thousands):


Six Months Ended June 30, 2026	Type of Investment
	Debt		Equity		Warrants		Total
Fair Value as of December 31, 2025	$	119,393	$	520	$	3,214	$	123,127
Purchases, net of deferred fees	27,481		413		273		28,167
Proceeds from sales and paydowns	(12,976)		—		(28)		(13,004)
Accretion of OID, EOT, and PIK payments	1,573		(2)		—		1,571
Net realized gain/(loss)	—		—		16		16
Net change in unrealized appreciation/(depreciation)	(969)		245		749		25
Fair Value as of June 30, 2026	$	134,502	$	1,176	$	4,224	$	139,902

Net change in unrealized appreciation/(depreciation) on Level 3 investments still held as of June 30, 2026	$	(969)	$	245	$	749	$	25

The following table provides a summary of changes in the fair value of the Fund’s Level 3 Debt, equity and warrant portfolio investments for the year ended December 31, 2025 (in thousands):


Year Ended December 31, 2025	Type of Investment
	Debt		Equity		Warrants		Total
Fair Value as of December 31, 2024	$	65,834	$	99	$	953	$	66,886
Purchases, net of deferred fees	72,934		275		1,827		75,036
Proceeds from sales and paydowns	(22,757)		—		(313)		(23,070)
Accretion of OID, EOT, and PIK payments	1,828		—		—		1,828
Net realized gain/(loss)	927		—		6		933
Net change in unrealized appreciation/(depreciation)	627		146		741		1,514
Fair Value as of December 31, 2025	$	119,393	$	520	$	3,214	$	123,127

Net change in unrealized appreciation/(depreciation) on Level 3 investments still held as of December 31, 2025	$	627	$	146	$	741	$	1,514

Fair Value of Financial Instruments Carried at Cost

As of June 30, 2026 and December 31, 2025, the carrying value of the KeyBank Credit Facility was approximately $52.6 million and $36.7 million, respectively. The carrying value of the KeyBank Credit Facility as of June 30, 2026, and December 31, 2025, approximates the fair value, which was estimated using a market yield approach with Level 3 inputs.

As of June 30, 2026, and December 31, 2025, the carrying value of the 2028 Series A Notes (as defined below) was approximately $24.7 million and $24.6 million, respectively, net of unamortized deferred financing costs of $0.3 million and $0.4 million as of June 30, 2026 and December 31, 2025, respectively. The 2028 Series A Notes have a fixed interest rate as discussed in “Note 5 – Borrowings.” The fair value of the 2028 Series A Notes as of June 30, 2026, and December 31, 2025, was approximately $24.8 million and $24.6 million, respectively, which was estimated using a relative market yield approach with Level 3 inputs.

Table of Conte n ts

Note 5. Borrowings

KeyBank Credit Facility

On November 12, 2024, SPV, as borrower, and Trinity Capital Adviser LLC, as servicer, entered into a senior credit facility (as amended from time to time, the “KeyBank Credit Facility” or “Credit Facility”) with KeyBank National Association (“KeyBank”) as the administrative and syndication agent and Computershare Trust Company, N.A. as the collateral custodian. On June 26, 2026, the agreement was amended to increase the commitment from $60.0 million to $75.0 million and to extend the maturity date of the credit facility to June 26, 2031.

The KeyBank Credit Facility includes a commitment of $75.0 million from KeyBank and allows the Fund, through the SPV, to increase the commitment up to $200.0 million, subject to the consent of the administrative agent. Borrowings under the KeyBank Credit Agreement bear interest at a rate equal to the Secured Overnight Financing Rate (“SOFR”) plus 3.00% to 3.30%, subject to the number of eligible loans in the collateral pool and the utilization rate. The KeyBank Credit Facility provides for a variable advance rate of up to 62% on eligible first lien loans and up to 47% on eligible second lien loans. In addition, the Fund pays a fee on committed but undrawn amounts under the KeyBank Credit Facility.

The KeyBank Credit Facility includes a two-year revolving period and a three-year amortization period and matures on June 26, 2031, unless extended. Such Credit Facility is collateralized by all investment assets held by the SPV. The KeyBank Credit Agreement 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 a required asset coverage ratio.

The KeyBank Credit Agreement 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. As of June 30, 2026, the Fund was in compliance in all material respects with the terms of the KeyBank Credit Facility.

During the three months ended June 30, 2026, the Fund borrowed $20.8 million and made repayments of $11.2 million under the KeyBank Credit Facility. During the six months ended June 30, 2026, the Fund borrowed $35.3 million and made repayments of $19.4 million under the KeyBank Credit Facility.

During the three months ended June 30, 2025, the Fund borrowed $14.8 million and made repayments of $4 million under the KeyBank Credit Facility. During the six months ended June 30, 2025, the Fund borrowed $16.7 million and made repayments of $5.5 million under the KeyBank Credit Facility.

The Fund incurred approximately $1.3 million of initial and additional financing costs in connection with the KeyBank Credit Facility, which were capitalized and deferred using the straight-line method over the life of the facility. As of June 30, 2026 and December 31, 2025, unamortized deferred financing costs related to the KeyBank Credit Facility were $0.7 million and $0.4 million, respectively. As of June 30, 2026 and December 31, 2025, the Fund had a borrowing availability of approximately $22.4 million and $23.3 million, respectively.

Table of Conte n ts

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


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025			Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
Stated interest expense	$	765		$	362		$	1,460		$	633
Custody fees	6			6			12			8
Amortization of deferred financing costs	46			107			126			214
Total interest, custody fees and amortization of deferred financing costs	$	817		$	475		$	1,598		$	855

Weighted average effective interest rate	7.4		%	11.6		%	7.6		%	12.1		%
Weighted average outstanding balance	$	44,445		$	16,391		$	42,166		$	14,192

2028 Series A Notes

On August 1, 2025, the Fund entered into a note purchase agreement (the “2028 Note Purchase Agreement”), governing the issuance of $25.0 million aggregate principal amount of 7.25% Series A Notes due 2028 (the “2028 Series A Notes”) in a transaction exempt from registration under the Securities Act. The 2028 Series A Notes bear interest at the rate of 7.25% per annum, payable semi-annually in arrears on February 1 and August 1 of each year, commencing February 1, 2026, and will mature on August 1, 2028.

At the Fund's option, the 2028 Series A Notes may be redeemed in whole or in part, at any time or from time to time, prior to their maturity at the then-applicable redemption price (including a customary “make whole” on any amounts redeemed prior to August 1, 2027), plus any accrued and unpaid interest thereon to, but excluding, the redemption date. In addition, on the occurrence of a “Change in Control,” as defined in the 2028 Note Purchase Agreement, the Fund will generally be required to make an offer to prepay the outstanding 2028 Series A Notes at a price equal to 100% of the principal amount of the 2028 Notes being prepaid, plus any accrued and unpaid interest thereon to, but excluding, the repurchase date. The 2028 Note Purchase Agreement contains certain covenants, including maintaining a minimum asset coverage ratio (as calculated under the 1940 Act) of 1.5:1 and providing financial information to the holders of the Notes if the Fund is no longer subject to reporting requirements under the Exchange Act.

As of June 30, 2026, the Fund was in compliance in all material respects with the terms of the 2028 Note Purchase Agreement.

The 2028 Series A Notes are the Fund’s general unsecured obligations that rank senior in right of payment to all of the Fund’s existing and future indebtedness that is expressly subordinated in right of payment to the 2028 Series A Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by us, rank effectively junior to any of the Fund’s secured indebtedness (including unsecured indebtedness that the Fund may later secure) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Fund’s subsidiaries, financing vehicles or similar facilities.

Aggregate offering costs in connection with the 2028 Series A Notes issuance, including fees paid to the placement agent, were approximately $0.5 million, which were capitalized and deferred. As of June 30, 2026, unamortized deferred financing costs related to the 2028 Series A Notes were $0.3 million.

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The components of interest expense and related fees for the 2028 Series A Notes are as follows (in thousands):


	Three Months Ended June 30, 2026			Six Months Ended June 30, 2026
Stated interest expense	$	453		$	906
Amortization of deferred financing costs	39			96
Total interest and amortization of deferred financing costs	$	492		$	1,002

Weighted average effective interest rate	7.9		%	8.1		%
Weighted average outstanding balance	$	25,000		$	25,000

Asset Coverage Requirement

The Fund obtained the approval of its initial shareholders and the Board to permit the Fund to be subject to an 150% asset coverage test under the 1940 Act with respect to the issuance of “senior securities” (as such term is defined in Section 18(g) of the 1940 Act), which generally consist of borrowings under credit facilities or debt securities or preferred shares issued by the Fund (if any).

Note 6. Commitments and Contingencies

Unfunded Commitments

The Fund’s commitments and contingencies consist primarily of unused commitments to extend credit in the form of loans or equipment financings to the Fund’s portfolio companies. A portion of these unfunded contractual commitments as of June 30, 2026, and December 31, 2025, are generally dependent upon the portfolio company reaching certain milestones before the debt commitment becomes available. Furthermore, the Fund’s credit agreements contain customary lending provisions that allow the Fund relief from funding obligations for previously made commitments in instances where the underlying portfolio company experiences materially adverse events that affect the financial condition or business outlook for the Fund. Since a portion of these commitments may expire without being drawn, unfunded contractual commitments do not necessarily represent future cash requirements. As such, the Fund’s disclosure of unfunded contractual commitments as of June 30, 2026, and December 31, 2025, includes only those commitments that are available at the request of the portfolio company and are unencumbered by milestones or additional lending provisions.

The Fund will fund its unfunded commitments, if any, from the same sources it uses to fund its investment commitments that are funded at the time they are made (which are typically through existing cash and cash equivalents and borrowings under its KeyBank Credit Facility) and maintains adequate liquidity to fund its unfunded commitments through these sources.

As of June 30, 2026, the Fund had aggregate unfunded commitments of $4.3 million to five portfolio companies. As of December 31, 2025, the Fund had aggregate unfunded commitments of $2.2 million to four portfolio companies.

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In the normal course of business, the Fund enters into contracts that provide a variety of representations and warranties and general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to the Fund under these arrangements is unknown as it would involve future claims that may be made against the Fund; however, based on the Fund’s experience, the risk of loss is remote, and no such claims are expected to occur. As such, the Fund had not accrued any liability in connection with such indemnifications as of June 30, 2026, and December 31, 2025.

Expense Limitation Agreement

The Fund and the Adviser have entered into the Expense Limitation Agreement (as defined below), dated as of August 28, 2025, pursuant to which the Adviser or an affiliate thereof may provide expense support to the Fund in order to reduce operating expenses borne by the Fund’s shareholders. Expense support payments may be made in the form of paying expenses directly, reimbursing the Fund for expenses incurred and paid, or waiving a portion of or all fees due by the Fund to the Adviser or an affiliate thereof during each quarterly calculation period. Any such expense limitation payments or waivers are subject to reimbursement by the Fund for three years after the date on which such expense limitation payment or waiver was made. No such expense limitation payments or waivers were made during the three and six months ended June 30, 2026, and June 30, 2025. See “Note 11 – Related Party Transactions” for additional information.

Organizational and Offering Expense Support and Reimbursement Agreement

The Fund and the Adviser have entered into the O&O Expense Agreement (as defined below), dated as of August 28, 2025, pursuant to which the Fund may pay for organizational and permissible offering (“O&O”) expenses up to a limit of 1.50% of gross equity contributions (including the value of the seed capital as described below). The Adviser, the Administrator or their affiliates will bear any O&O expenses in excess of the 1.50% limit. The Fund may pay O&O expenses in the form of direct payments to third-party vendors. The Fund may also pay O&O expenses to its affiliates and affiliates of the Adviser or the Administrator in the form of reimbursement (“Affiliate O&O Expense Reimbursement”). Affiliate O&O Expense Reimbursement will not be included in the calculation of operating expenses under the Expense Limitation Agreement. Any O&O Expenses subject to Affiliate O&O Expense Reimbursement are reimbursable by the Fund up to three years after the date on which such O&O Expenses were paid on the Fund’s behalf, provided that reimbursement does not cause the Fund to exceed the 1.50% limit described above at the time of such reimbursement. No such Affiliate O&O Expense Reimbursements were made during the three and six months ended June 30, 2026, and June 30, 2025. See “Note 11 – Related Party Transactions” for additional information.

Legal Proceedings

The Fund may, from time to time, be involved in litigation arising out of its operations in the normal course of business or otherwise. Furthermore, third parties may try to seek to impose liability on the Fund in connection with the activities of its portfolio companies. As of June 30, 2026, and December 31, 2025, there were no material legal matters or material litigation pending of which the Fund is aware.

Note 7. Shareholders' Equity

The Fund has the authority to issue an unlimited number of shares of beneficial interest.

Seed Capital

On June 28, 2024, during the Fund’s private fund stage (prior to the Conversion), the Fund’s two initial members, EPCM Holdings LLC (an affiliate of the Adviser) and Trinity Capital Inc. (an affiliate of the Sub-Adviser), made capital commitments of $50.0 million and $10.0 million, respectively, in reliance upon the available exemptions from registration requirements of Section 4(a)(2) of and Regulation D under the Securities Act. These capital commitments have been called by the Fund and funded over time to make certain investments and pay certain expenses, and the related interests in the Fund were converted to 6,013,221 shares of the Fund in connection with the Conversion.

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On September 19, 2025, EPCM Holdings LLC transferred 100% of its interests in the Fund to its affiliate, EPH Investments LLC, which is also an affiliate of the Adviser.

Private Offering

The Fund conducts a continuous private offering of its shares to investors in reliance on exemptions from the registration requirements of the Securities Act, including the exemptions provided by Section 4(a)(2) of the Securities Act and Regulation D and Regulation S promulgated thereunder (the “Private Offering”). The Fund offers and sells shares to (i) persons who are “accredited investors” within the meaning of Regulation D under the Securities Act and (ii) non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act. Eagle Point Securities LLC, an affiliate of the Adviser, serves as the dealer manager (the “Dealer Manager”) for the Private Offering, on a best-efforts basis, pursuant to a dealer manager agreement with the Fund. See “Note 11 – Related Party Transactions” and “Note 14 – Subsequent Events” for additional information.

Share Repurchase Program

No shareholder has the right to require the Fund to redeem shares. No public market for shares exists, and none is expected to develop in the future.

Subject to the Board of Trustees' discretion, the Fund intends to offer to repurchase shares from shareholders in each quarter in an amount up to 5% of the shares outstanding, calculated as of the prior calendar quarter end. At the discretion of the Board of Trustees, the Fund may extend multiple offers to repurchase shares in a quarter in an aggregate amount of 5% of the shares outstanding. The Fund’s Board may amend, suspend or terminate the share repurchase program at any time if it deems such action to be in the Fund’s best interest and the best interest of the shareholders. As a result, share repurchases may not be available each quarter. The Fund intends to conduct repurchase offers in accordance with the requirements of Rule 13e-4 under the Exchange Act and the 1940 Act.

The Fund did not repurchase any shares during the three and six months ended June 30, 2026.

Distribution Reinvestment Plan

The Fund’s distribution reinvestment plan (“DRIP”) provides for the reinvestment of distributions in the form of shares, unless a shareholder has elected to receive distributions in cash. As a result, if the Fund declares a cash distribution, its shareholders who have not “opted out” of the DRIP by the applicable opt out date will have their cash distribution automatically reinvested into additional shares.

Shares will be issued pursuant to the DRIP at a price equal to 95% of their most recently determined NAV as of the payment date. There is no sales load or other charge for distribution reinvestment, and the plan administrator’s fees are paid by the Fund. Participants in the DRIP may purchase fractional shares so that 100% of the distributions are used to acquire shares. The Fund reserves the right to amend or terminate the DRIP.

Brokerage firms and other financial intermediaries may decide not to participate in the Fund’s DRIP but may provide a similar distribution reinvestment plan for their clients. During the three and six months ended June 30, 2026, no shares were issued under the DRIP.

Distributions

The Fund intends to authorize and declare ordinary cash distributions on a quarterly basis and pay such distributions on a monthly basis.

Table of Conte n ts

Note 8. Earnings Per Share

The following table sets forth the computation of the basic and diluted earnings per common share for the three and six months ended June 30, 2026 (in thousands except shares and per share information). Prior to the Conversion, there were no shares outstanding.


	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026
Earnings per share - basic and diluted
Numerator for basic and diluted earnings per share	$	1,726	$	3,109
Denominator for basic and diluted weighted average shares	6,082,510		6,054,150
Earnings/(Loss) per share - basic and diluted	$	0.28	$	0.51

Note 9. Income Taxes

The Fund intends to elect to be treated, and to qualify annually as, a RIC under Subchapter M of the Code for U.S. federal tax purposes. In order to maintain its treatment as a RIC, the Fund is generally required to distribute at least annually to its shareholders at least the sum of 90% of its investment company taxable income (which generally includes its net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90% of its net tax-exempt income (if any). The Fund generally will not be subject to U.S. federal income tax on these distributed amounts, but will pay U.S. federal income tax at corporate rates on any retained amounts.

The amount of taxable income to be paid out as a distribution is determined by the Board each quarter and is generally based upon the annual earnings estimated by management of the Fund. Net capital gains, if any, are distributed at least annually, although the Fund may decide to retain all or some of those capital gains for investment and pay U.S. federal income tax at corporate rates on those retained amounts. If the Fund chooses to do so, this generally will increase expenses and reduce the amount available to be distributed to shareholders. In the event the Fund’s taxable income (including any net capital gains) for a fiscal year falls below the amount of distributions declared and paid with respect to that year, however, a portion of the total amount of those distributions may be deemed a return of capital for tax purposes to the Fund’s shareholders.

Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the financial statements to reflect their appropriate tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

As of June 30, 2026, the Fund had accrued U.S. federal excise tax of less than $0.1 million.

The following table sets forth the tax cost basis and the estimated aggregate gross unrealized appreciation and depreciation from investments for federal income tax purposes as of June 30, 2026, and December 31, 2025 (in thousands):


	June 30, 2026		December 31, 2025
Tax Cost of Investments	$	138,136	$	121,346


	June 30, 2026		December 31, 2025
Unrealized appreciation	$	3,435	$	2,644
Unrealized depreciation	(1,599)		(862)
Net change in unrealized appreciation from investments	$	1,836	$	1,782

Table of Conte n ts

Note 10. Financial Highlights

The following presents financial highlights for the six months ended June 30, 2026, and June 30, 2025 (in thousands except share and per share information):


	Six Months Ended June 30, 2026
Net asset value, beginning of year/period	$	10.24
Results of operations:
Net investment income	0.50
Net realized gains (losses) and unrealized appreciation (depreciation)	0.01
Net increase (decrease) in net assets resulting from operations	0.51

Net decrease in net assets resulting from distributions	(0.51)
Net asset value, end of year/period	$	10.24

Shares outstanding, end of year/period	6,107,167
Weighted average Shares outstanding	6,054,150
Total return	5.0		%


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025

Ratio/Supplemental Data:
Net assets, end of year/period	$	62,566		$	59,196
Ratio of total expenses to average net assets	20.8		%	10.2		%
Ratio of net investment income to average net assets	9.9		%	8.1		%
Ratio of interest and credit facility expenses to average net assets(2)	8.5		%	3.1		%
Portfolio turnover rate(1)	9.9		%	11.4		%
Asset coverage ratio (2)	179.3		%	348.4		%

(1)Portfolio turnover rate is calculated using the lesser of year-to-date cash sales/repayments or year-to-date cash purchases over the average of the total investments at fair value.

(2)The calculation is based on outstanding debt of $77.6 million and $23.6 million as of June 30, 2026 and June 30, 2025, respectively.

Note 11. Related Party Transactions

Investment Advisory Agreement and Sub-Advisory Agreement

The Fund is party to an Investment Advisory Agreement with the Adviser (the “Investment Advisory Agreement”) and a Sub-Advisory Agreement with the Sub-Adviser (the “Sub-Advisory Agreement), each dated as of August 28, 2025. The Adviser provides its services under the Investment Advisory Agreement, and the Sub-Adviser provides its services under the Sub-Advisory Agreement. The activities of both of the Adviser and the Sub-Adviser are subject to the supervision and oversight of the Board of Trustees.

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Pursuant to the Investment Advisory Agreement, the Fund pays the Adviser a fee for its services consisting of two components: a base management fee and an incentive fee. Pursuant to the Sub-Advisory Agreement, the Sub-Adviser receives 50% of all fees paid to the Adviser under the Investment Advisory Agreement net of any payments, reimbursements or waivers under the Expense Limitation Agreement.

Base management fee

The base management fee is calculated monthly and payable quarterly in arrears and equals an annual rate of 1.75% of the Fund’s Managed Assets (as defined below). The base management fee is calculated based on the Fund’s Managed Assets at the end of the most recently completed calendar month, and adjusted for any share issuances or repurchases during the relevant calendar month. “Managed Assets” means the Fund’s total assets (including assets attributable to the use of leverage) minus the sum of the Fund’s accrued liabilities (other than liabilities incurred for the purpose of creating leverage).

For the three months and six months ended June 30, 2026, the base management fee totaled $0.6 million and $1.2 million, respectively. As of June 30, 2026, $0.6 million remained payable. These amounts exclude base management fees payable under the Initial Advisory Agreement, as described below.

Incentive fee

The incentive fee consists of two parts. Under the Investment Advisory Agreement, the first part of the incentive fee, which is referred to as the incentive fee on income, is calculated and payable quarterly in arrears based upon the Fund’s “Pre-Incentive Fee Net Investment Income,” as defined below, for the immediately preceding quarter. The payment of the incentive fee on income is subject to payment of a preferred return to shareholders each quarter (i.e., a “hurdle rate”), expressed as a rate of return on the value of the Fund’s net assets at the end of the immediately preceding quarter, of 2.00%, subject to a “catch up” feature.

For this purpose, “Pre-Incentive Fee Net Investment Income” means (a) interest income, dividend income and any other income (including any other fees, such as commitment, exit/success, origination, structuring, diligence and consulting fees, but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus (b) the Fund’s operating expenses for the quarter (including the base management fee, expenses payable under the Administration Agreement to the Administrator, any interest expense and/or dividends paid on any issued and outstanding debt or preferred shares, but excluding organizational and offering expenses, the incentive fee and any distribution and/or shareholder servicing fee) after giving application to the Expense Limitation Agreement. Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as OID, debt instruments PIK interest and zero-coupon securities), accrued income that the Fund has not yet received in cash. The Adviser is not obligated to return the incentive fee based on income it receives on deferred interest that is later determined to be uncollectible in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Fund’s net assets at the end of the immediately preceding calendar quarter, is compared to a hurdle rate of 2.00% (8.00% annualized) of the Fund’s net assets at the end of such quarter and subject to a “catch-up” feature as described below. For such purposes, the Fund’s quarterly rate of return is determined by dividing Pre-Incentive Fee Net Investment Income by the Fund’s net assets at the end of such quarter.

The incentive fee in each calendar quarter is paid to the Adviser as follows:

•no incentive fee in any calendar quarter in which Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 2.00% (8.00% annualized) of the Fund’s net assets at the end of the immediately preceding calendar quarter;

•100% of the Fund’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.50% (10.00% annualized) of the Fund’s net assets at the end of the immediately preceding calendar quarter. The Fund refers to this portion of its Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is

Table of Conte n ts

less than 2.50% (10.00% annualized) of the Fund’s net assets at the end of the immediately preceding calendar quarter) as the “catch-up.” The “catch-up” is meant to provide the Adviser with 10.00% of the Fund’s Pre-Incentive Fee Net Investment Income as if a hurdle did not apply; and

•20% of the amount of the Fund’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.50% (10.00% annualized) of the Fund’s net assets at the end of the immediately preceding calendar quarter is payable to the Adviser (that is, once the hurdle rate is reached and the catch-up is achieved, 20% of all Pre-Incentive Fee Net Investment Income thereafter is paid to the Adviser).

For the three months and six months ended June 30, 2026, incentive fees based on income totaled $0.4 million and $0.8 million, respectively. As of June 30, 2026, $0.4 million remained payable. These amounts exclude incentive fees payable under the Initial Advisory Agreement, as described below.

The second part of the incentive fee, which is referred to as the capital gains incentive fee, will be an annual fee that will be determined and payable, in arrears, as of the end of each calendar year (or upon termination of the Investment Advisory Agreement) in an amount equal to 20.00% of cumulative realized capital gains, if any, determined on a cumulative basis from the date of the Fund’s election to be regulated as a BDC (based on the fair market value of each investment as of such date) through the end of such calendar year (or upon termination of the Investment Advisory Agreement), computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from the date of the Fund’s election to be regulated as a BDC (based on the fair market value of each investment as of such date) through the end of such calendar year (or upon termination of the Investment Advisory Agreement), less the aggregate amount of any previously paid capital gains incentive fees.

For the three and six months ended June 30, 2026, the Fund did not record an accrual for incentive fees based on capital gains under GAAP. These amounts exclude incentive fees payable under the Initial Advisory Agreement, as described below.

Additionally, the Fund will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if the Fund were to sell the relevant investment and realize a capital gain. For the three and six months ended June 30, 2026, such incentive fee totaled $0.1 million and $0.2 million, respectively, which remained unrealized. This amount excludes incentive fees payable under the Initial Advisory Agreement, as described below.

The fees that will be payable under the Investment Advisory Agreement will be appropriately adjusted for any share issuances or repurchases during the calendar quarter (based on the actual number of days elapsed relative to the total number of days in such calendar quarter) and except as described above, exclude capital gains, realized loss and unrealized capital appreciation or depreciation.

Origination Fee

The Fund also pays the Sub-Adviser (and prior to the Conversion, paid the Initial Manager, as defined below) a fee (the “Origination Fee”) equal to 1.00% of the funded amount of each investment acquired or made by the Fund on, under or with respect to an originated investment purchased by the Fund.

For the three and six months ended June 30, 2026, the Fund incurred $0.2 million and $0.3 million in Origination Fees, respectively. For the three and six months ended June 30, 2025, the Fund incurred $0.1 million and $0.2 million in Origination Fees, respectively. As of June 30, 2026, and December 31, 2025, there were no unpaid Origination Fees included in accrued expenses and other liabilities in the accompanying Consolidated Statement of Assets and Liabilities.

Private Fund Advisory Agreement

Prior to the Conversion, during its private fund stage, the Fund was a party to an investment advisory agreement (the “Initial Advisory Agreement”), dated as of June 28, 2024, with Trinity Capital Adviser, as the Fund’s sole investment adviser (the “Initial Manager”). The Initial Advisory Agreement was terminated in accordance with its terms in connection with the Conversion and the Fund’s election to be regulated as a BDC. Under the Initial Advisory Agreement, the Fund paid the Initial Manager advisory fees, including a base management fee and an

Table of Conte n ts

incentive fee, on substantially the same terms (including identical fee rates) as the currently effective Investment Advisory Agreement. Under the Initial Advisory Agreement, EPCM Holdings LLC (and subsequently EPH Investments LLC), as the non-managing member, was entitled to a reimbursement of 50% of all advisory fees earned by the Initial Manager.

For the three and six months ended June 30, 2026, the Fund did not incur management fees and incentive fees representing the Income Incentive Fee and Capital Gains Incentive Fee pursuant to the Initial Advisory Agreement. For the three and six months ended June 30, 2025, the Fund incurred $0.3 million and $0.6 million in base management fees, respectively. For the three and six months ended June 30, 2025, the Fund incurred $0.2 million and $0.5 million, respectively, representing the Income Incentive Fee and $0.1 million and $0.1 million, respectively, representing the Contingent Capital Gains Incentive Fee pursuant to the Initial Advisory Agreement. As of June 30, 2026, and December 31, 2025, no fees remained unpaid pursuant to the Initial Advisory Agreement.

Administration Agreement

The Fund is party to an Administration Agreement, dated as of August 28, 2025, with the Administrator. Pursuant to the Administration Agreement, the Administrator provides the Fund with office facilities, equipment, clerical, bookkeeping, and record keeping services at such facilities and such other services necessary for the Fund’s operations, including but not limited to accounting services, maintenance of financial reports, preparing shareholder reports, preparing and filing tax returns and investor relations support, as set forth in the Administration Agreement.

In consideration of the provision of the services under the Administration Agreement, the Fund reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel (including salaries and related payroll expenses) and facilities under the Administration Agreement. Payments under the Administration Agreement are equal to an amount based upon the Fund’s allocable portion of the Administrator’s overhead in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions and the Fund’s allocable portion of the compensation of the Fund’s Chief Financial Officer and Chief Compliance Officer and the Fund’s allocable portion of the compensation of any administrative support staff. The Fund’s allocable portion of such total compensation is based on an allocation of the time spent on the Fund relative to other matters. To the extent the Administrator outsources any of its functions, the Fund pays the fees on a direct basis, without profit to the Administrator. The Administrator has the ability to delegate responsibilities to sub-administrators. The Administrator has delegated certain administration responsibilities to Harmonic Fund Services, a third-party.

For the three months ended June 30, 2026, the Fund was charged a total of $0.1 million in administration fees pursuant to the Administration Agreement, consisting of less than $0.1 million for services provided by the Administrator and less than $0.1 million for services provided by Harmonic Fund Services, all of which was payable as of June 30, 2026.

For the six months ended June 30, 2026, the Fund was charged a total of $0.2 million in administration fees pursuant to the Administration Agreement, consisting approximately of $0.1 million and for services provided by the Administrator and less than $0.1 million for services provided by Harmonic Fund Services, all of which was payable as of June 30, 2026.

Private Fund Administration Agreement

Prior to the Conversion, during its private fund stage, the Fund was a party to an Administration Agreement, dated as of June 28, 2024 (the “Initial Administration Agreement”), with the Administrator, which was terminated in accordance with its terms in connection with the Conversion and the Fund’s election to be regulated as a BDC. The terms of the Initial Administration Agreement, including all compensation terms, were substantially similar to those of the Administration Agreement.

For the three and six months ended June 30, 2026, the Fund did not incur administration fees pursuant to the Initial Administration Agreement. For the three and six months ended June 30, 2025, the Fund was charged less than $0.1 million in administration fees pursuant to the Initial Administration Agreement, consisting of $0.0 million and less than $0.1 million, relating to services provided by the Initial Administrator and Harmonic Fund Services,

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respectively. As of June 30, 2026, and December 31, 2025, no fees remained unpaid pursuant to the Initial Administration Agreement.

Due from Affiliate

As of June 30, 2026, and December 31, 2025, the Fund’s “Due from affiliates” balance of less than $0.1 million and $1.3 million, respectively, as reflected on Consolidated Statements as Assets and Liabilities, consisted of a net amount receivable from the Sub-Adviser related to trade settlements and is expected to be paid in the normal course of business.

Expense Limitation Agreement

The Fund has entered into the Expense Limitation Agreement with the Adviser pursuant to which the Adviser or an affiliate thereof may provide expense support to us in order to reduce operating expenses borne by the Fund’s shareholders. See “Note 6 – Commitments and Contingencies.”

Organizational and Offering Expense Support and Reimbursement Agreement

The Fund has entered into the O&O Expense Agreement pursuant to which the Fund may pay for O&O expenses up to a limit of 1.50% of gross equity contributions (including the value of the initial seed portfolio), and the Adviser, the Administrator or their affiliates will bear any O&O expenses in excess of the 1.50% limit. The Fund may also pay Affiliate O&O Expense Reimbursements. See “Note 6 – Commitments and Contingencies.”

Dealer Manager Agreement

The Fund has entered into a Dealer Manager Agreement, dated as of August 28, 2025 (the “Dealer Manager Agreement”), with the Dealer Manager with respect to the Private Offering. Pursuant to the Dealer Manager Agreement, the Dealer Manager will offer and sell the Fund’s shares, on a best efforts basis, at NAV plus a sales load of up to 6.75%, which is comprised of a selling commission of up to 6.00% and a dealer manager fee of up to 0.75%. The Fund and the Dealer Manager may also enter into agreements with various brokers-dealers and other financial intermediaries (“Selling Agents”) for the sale and servicing of the shares in connection with the Private Offering. The Dealer Manager may reallow a portion or all of the sales load to Selling Agents for selling shares to their customers. The Dealer Manager and/or a Selling Agent may, at its discretion, waive all or a portion of the sales load for the purchase of shares.

Co-Investments

The Fund and certain affiliates have received an exemptive relief order (the “Order”) from the SEC that permits the Fund to participate in certain negotiated co-investments alongside certain affiliates, including Trinity Capital Inc. or other funds or accounts managed by the Sub-Adviser (or any future investment adviser that controls, is controlled by or is under common control with the Sub-Adviser), in a manner consistent with the Fund’s investment objective, positions, policies, strategies, and restrictions as well as regulatory requirements and other pertinent factors, and subject to compliance with the Order. The Order contains certain conditions and requires the Board to maintain oversight of the Fund’s participation in the co-investment program. The Order also requires a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board’s eligible trustees to make certain conclusions pursuant to Section 57(f) of the 1940 Act in connection with certain co-investment transactions, including co-investment transactions in which an affiliate is an existing investor in the portfolio company, non-pro rata follow on investments and non-pro rata dispositions of investments.

The Fund may co-invest on a concurrent basis with other accounts managed by certain affiliates of the Adviser and/or Sub-Adviser, subject to compliance with applicable regulations and regulatory guidance.

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Note 12. Segment Reporting

The Fund has determined that it has a single operating segment in accordance with Topic 280, Segment Reporting (“ASC 280”). The Fund’s Chief Operating Decision Maker (“CODM”) is comprised of each of the Fund’s Chief Executive Officers, the Chief Financial Officer and the Chief Operating Officer. While the Fund derives income and capital appreciation by providing debt to growth-oriented companies across various industries, the Fund and the CODM evaluate and monitor performance of the business on a consolidated basis. Further, each investment is evaluated and managed using similar processes and shared operations support functions such as deal origination, underwriting, loan servicing in addition to the administrative functions of human resources, legal, finance and information technology. The accounting policies of the segment align with those outlined in “Note 2 – Summary of Significant Accounting Policies” included in the notes of the consolidated financial statements.

The CODM uses consolidated net investment income and net increase/(decrease) in net assets resulting from operations when allocating resources and assessing the Fund’s performance. Net investment income is comprised of consolidated total investment income (“segment revenues”) and consolidated total net operating expenses (“significant segment expenses”). The net increase/(decrease) in net assets is comprised of consolidated net investment income and consolidated net realized gain/(loss) from investments and consolidated net change in unrealized appreciation/(depreciation) from investments. These performance metrics are considered the key segment measure of profit or loss received by the CODM. As the Fund’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as Total Assets, investments held on the Consolidated Statements of Investments, and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

Note 13. Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Fund evaluated the disclosure requirements of ASU 2023-09 and determined that the standard did not have a material effect on the Fund’s income tax disclosures or overall consolidated financial statements; therefore, no additional disclosures were required upon adoption.

In November 2024, the Financial Accounting Standards Board (“FASB”) issued ASU 2024-03, Income Statement- Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”) related to expense disclosures. The amendments in ASU 2024-03 require public entities to provide disaggregated disclosure of expenses included within relevant income statement expense captions, as well as additional disclosures about selling expenses. This update will become effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Fund is currently evaluating the impact of adopting this guidance with respect to the consolidated financial statements.

Note 14. Subsequent Events

The Fund’s management evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require recognition or disclosure.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Except where the context suggests otherwise, the terms “we,” “us,” “our,” and “the Fund” refer to Eagle Point Trinity Senior Secured Lending Company, a Delaware statutory trust, and its consolidated subsidiaries and predecessor entities. The information contained in this section should be read in conjunction with our consolidated financial statements and related notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q.

Forward-Looking Statements

This quarterly report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Accordingly, these statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed in them. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of several factors discussed under Item 1A. “Risk Factors” of Part II of this quarterly report and Item 1A. “Risk Factors” of Part I of our Registration Statement on Form 10, filed with the SEC on August 28, 2025, including but not limited to the following:

•our future operating results;

•our business prospects and the prospects of the companies in which we may invest;

•risks related to investments in growth-oriented companies, other venture capital-backed companies and generally U.S. companies;

•changes in our investment objectives and strategy;

•the use of leverage;

•changes in political, economic, social and/or industry conditions;

•uncertainty surrounding domestic and/or global financial and/or political stability;

•changes in interest rates, inflation rates, trade policies and/or the general economy;

•changes in laws, regulations, policies, tax rates and similar matters;

•risks related to the uncertainty of the value of our portfolio investments;

•the impact of market volatility and disruptions;

•our ability to deploy capital and make and/or exit investments;

•our ability to raise and access capital;

•our ability to make distributions and/or repurchase offers;

•the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks; and

•our ability to maintain our status as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and qualify annually for tax treatment as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

Additionally, there may be other risks that are otherwise described from time to time in the reports that we file with the SEC. Any forward-looking statements in this Quarterly Report on Form 10-Q should be considered in light

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of various important factors, including the risks and uncertainties listed above, as well as others. All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations, and, therefore, you are cautioned not to place undue reliance on such statements. Any forward-looking statements are qualified in their entirety by reference to the risk factors discussed throughout this quarterly report. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. Because we are an investment company, the forward-looking statements and projections contained in this quarterly report are excluded from the safe harbor protections provided by Section 27A(b)(2)(B) of the Securities Act, and Section 21E of the Exchange Act (the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995).

Overview

We are a “perpetual-life”, externally managed, non-diversified closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. We were initially formed as a Delaware limited liability company on May 3, 2024, commenced operations as a private fund exempt from the definition of “investment company” under Section 3(c)(7) of the 1940 Act on June 28, 2024, and converted into a Delaware statutory trust on August 28, 2025 in connection with our election to be regulated as a BDC.

Our investment objective is to generate current income and, to a lesser extent, capital appreciation.

We seek to achieve our investment objective by making investments consisting primarily of senior secured term loans, equipment financings and to a lesser extent, asset-based lending, working capital loans, equity and equity-related investments. We make senior secured loans typically to institutionally-backed growth-oriented companies for growth capital. Our equipment financings involve loans for general or specific use, including acquiring equipment, that are secured by the equipment or other assets of the portfolio company and provide the borrower with growth capital. In addition, we may obtain warrants or contingent exit fees at funding from many of our portfolio companies, providing an additional potential source of investment return. The warrants entitle us to purchase preferred or common equity of a portfolio company, and we typically target the amount of such warrants to scale in proportion to the amount of the debt or equipment financing. Contingent exit fees are cash fees payable upon the consummation of certain trigger events, such as a successful change of control or initial public offering of the portfolio company. In addition, we may obtain rights to purchase additional shares of our portfolio companies in subsequent equity financing round.

We target investments in growth-oriented companies with institutional investor support, experienced management teams, promising products and offerings, and large expanding markets. We define “growth-oriented companies” as companies that have significant ownership and active participation by sponsors and expected annual revenues of up to $100 million. These companies typically are private companies that have begun to have success selling their products to the market and need additional capital to expand their operations and sales. Despite often achieving growing revenues, these types of companies typically have limited financing options to fund their growth. Equity, being dilutive in nature, is generally the most expensive form of capital available, while traditional bank financing is rarely available, given the lifecycle stage of these companies. Financing from us bridges this financing gap, providing companies with growth capital, which may result in improved profitability, less dilution for all equity investors, and increased enterprise value.

Under normal market conditions, we expect to invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in senior secured lending instruments (measured at the time of investment). Senior Secured Lending instruments refers to fixed or floating rate debt instruments which (1) are legally entitled to a priority right of repayment in full prior to the repayment of subordinated indebtedness and/or equity interests and (2) hold a security interest against some or all assets which have been pledged in favor of the persons which have furnished such Senior Secured Lending instruments (or direct or indirect assignees, participants, syndicates or other successors thereto). Our investments in equity or equity-related instruments (or instruments convertible into equity or equity-related instruments) that were “attached” to or otherwise acquired by us in conjunction with an investment in Senior Secured Lending instruments shall count towards the numerator in determining our compliance with this 80%

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investment policy. In addition, any investments consistent with the foregoing that are held through a subsidiary, special purpose vehicle, joint venture, or other similar structuring vehicle shall count towards the numerator.

Critical Accounting Estimates and Policies

The preparation of our financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ materially. Our critical accounting estimates, including those relating to valuation of investments and income recognition, are described below. Please refer to “Note 2 – Summary of Significant Accounting Policies” in the notes to the consolidated financial statements included in this Quarterly Report on Form 10-Q for a discussion of our significant accounting policies.

Valuation of Investments

The most significant estimate inherent in the preparation of our consolidated financial statements is the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded. There is no single method for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. Pursuant to Rule 2a-5, the Board of Trustees has designated the Adviser to serve as the “valuation designee” to perform fair value determinations in respect of our portfolio investments that do not have readily available market quotations.

We account for our investments in accordance with U.S. GAAP, and fair value our investment portfolio in accordance with the provisions of the FASB ASC Topic 820, Fair Value Measurements and Disclosures of the Financial Accounting Standards Board’s Accounting Standards Codification, as amended, which defines fair value, establishes a framework for measuring fair value and requires enhanced disclosures about fair value measurements. Fair value is the estimated amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date (i.e., the exit price).

In determining the value of publicly-traded securities (if any), such securities are generally valued utilizing the official closing price from the applicable exchange at the measurement date. Public non-traded securities are typically valued based on recent market transactions involving the same security on or around the measurement date. If observable transactions are limited (or if there are none), the Adviser will consider utilizing broker quotations or an independent valuation agent. Privately placed investments are fair valued in accordance with the Adviser’s valuation policies and procedures. The Adviser may either engage independent valuation firms on a discretionary basis or receive (on a non-reliance basis) the Sub-Adviser valuations and the reports of independent valuation firms engaged by the Sub-Adviser and its affiliates. In addition to the techniques described above, the Adviser may from time to time use other valuation techniques and methodologies when determining fair value measurements. A third-party firm’s advice is only one factor considered in the valuation of an investment, and the Adviser does not rely on such advice in determining the fair value of our investments in accordance with the 1940 Act.

Our investment portfolio is valued no less frequently than monthly. Fair valuations are ultimately determined by the Adviser in accordance with the Adviser’s valuation policies and procedures. Our Board of Trustees oversees the valuation designee and the process that it uses to determine the fair value of our assets. In this regard, the Board of Trustees receives periodic and, as applicable, prompt reporting regarding certain material valuation matters, as required by Rule 2a-5. We have the sole right to change the frequency of determination of the net asset value (“NAV”) at the Board of Trustees’ discretion.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material. Fair value estimates are made at discrete points in time based on relevant information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. The carrying amounts of our financial instruments, consisting of cash, investments,

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receivables, payables and other liabilities approximate the fair values of such items due to the short-term nature of these instruments.

Income Recognition

We recognize interest income on an accrual basis and recognize it as earned in accordance with the contractual terms of the loan agreement to the extent that such amounts are expected to be collected. Original issue discount (“OID”) initially includes the estimated fair value of detachable warrants obtained in conjunction with the origination of debt securities, and is accreted into interest income over the term of the loan as a yield enhancement based on the effective yield method. Interest income from payment-in-kind (“PIK”) represents contractually deferred interest added to the loan balance recorded on an accrual basis to the extent such amounts are expected to be collected.

In addition, we may also be entitled to an end-of-term (“EOT”) payment. EOT payments to be paid at the termination of the debt agreement are accreted into interest income over the contractual life of the debt based on the effective yield method. When a portfolio company pre-pays their indebtedness prior to the scheduled maturity date, the acceleration of the unaccreted OID and EOT is recognized as interest income.

Income related to application or origination payments, including facility commitment fees, net of related expenses and generally collected in advance, are accreted into interest income over the contractual life of the loan. We recognize nonrecurring fees and additional OID and EOT received in consideration for contract modifications commencing in the quarter relating to the specific modification.

We record dividend income on an accrual basis to the extent amounts are expected to be collected. Dividend income is recorded when dividends are declared by the portfolio company or at such other time that an obligation exists for the portfolio company to make a distribution.

We recognize one-time fee income, including, but not limited to, structuring fees, prepayment penalties, and exit fees related to a change in ownership of the portfolio company, as other income when earned. These fees are generally earned when the portfolio company enters into an equipment financing arrangement or pays off their outstanding indebtedness prior to the scheduled maturity.

Portfolio Composition and Investment Activity

Portfolio Composition

As of June 30, 2026, our investment portfolio had an aggregate fair value of approximately $140.0 million and was comprised of approximately $103.7 million in secured loans, $30.8 million in equipment financings, and $5.5 million in equity and warrants, across 75 portfolio companies. As of December 31, 2025, our investment portfolio had an aggregate fair value of approximately $123.1 million and was comprised of approximately $90.1 million in secured loans, $29.3 million in equipment financings, and $3.7 million in equity and warrants, across 66 portfolio companies.

A summary of the composition of our investment portfolio at cost and fair value as a percentage of total investments are shown in the following table as of June 30, 2026 and December 31, 2025:


	June 30, 2026				December 31, 2025
Type	Cost		Fair Value		Cost		Fair Value
Secured Loans	75.0	%	74.1	%	73.5	%	73.2	%
Equipment Financings	22.4	%	22.0	%	24.2	%	23.8	%
Warrants	2.0	%	3.0	%	2.0	%	2.6	%
Equity	0.6	%	0.9	%	0.3	%	0.4	%
Total	100.0	%	100.0	%	100.0	%	100.0	%

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The following table shows the composition of our investment portfolio by geographic region at cost and fair value as a percentage of total investments as of June 30, 2026, and December 31, 2025. The geographic composition is determined by the location of the corporate headquarters of the portfolio company.


	June 30, 2026				December 31, 2025
Geographic Region	Cost		Fair Value		Cost		Fair Value
United States
West	30.3	%	31.0	%	33.5	%	33.9	%
Northeast	30.0	%	29.7	%	32.3	%	32.0	%
Midwest	9.4	%	9.3	%	5.9	%	5.8	%
Mountain	9.0	%	8.9	%	7.2	%	7.2	%
South	8.8	%	8.8	%	10.4	%	10.4	%
Southeast	6.3	%	6.2	%	3.9	%	3.9	%
International:
Western Europe	3.8	%	3.8	%	3.7	%	3.7	%
Canada	2.4	%	2.3	%	3.1	%	3.1	%
Total	100.0	%	100.0	%	100.0	%	100.0	%

Set forth below is a table showing the industry composition of our investment portfolio at cost and fair value as a percentage of total investments as of June 30, 2026 and December 31, 2025:


	June 30, 2026				December 31, 2025
Industry	Cost		Fair Value		Cost		Fair Value
Medical Devices	16.8	%	16.6	%	13.2	%	13.1	%
Finance and Insurance	12.1	%	12.0	%	14.8	%	14.6	%
AI Automation & Infrastructure	11.6	%	11.3	%	12.0	%	12.0	%
SaaS	10.5	%	10.4	%	10.9	%	10.8	%
Energy and Resource Technology	9.9	%	9.7	%	8.5	%	8.4	%
Space Technology	9.5	%	10.4	%	10.4	%	11.0	%
Healthcare Technology	8.1	%	8.0	%	7.0	%	7.0	%
Marketing, Media and Entertainment	6.3	%	6.0	%	5.9	%	5.7	%
Other Healthcare Services	4.8	%	4.8	%	4.9	%	4.9	%
Connectivity	2.9	%	2.9	%	4.5	%	4.5	%
Biotechnology	2.6	%	2.6	%	2.9	%	2.9	%
Diagnostics & Tools	2.3	%	2.3	%	1.5	%	1.5	%
Consumer Products & Services	2.2	%	2.6	%	2.7	%	2.8	%
Food and Agriculture Technologies	0.2	%	0.2	%	0.5	%	0.5	%
Transportation Technology	0.2	%	0.2	%	0.3	%	0.3	%
Total	100.0	%	100.0	%	100.0	%	100.0	%

As of both June 30, 2026, and December 31, 2025, the debt, including loans and equipment financings, in our portfolio had an average time to maturity of approximately 3.1 years and 3.3 years, respectively. Additional information regarding our portfolio is set forth in the Consolidated Schedule of Investments and the related notes thereto included with this Quarterly Report on Form 10-Q.

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Concentrations of Credit Risk

Credit risk is the risk of default or non-performance by portfolio companies, equivalent to the investment’s carrying amount. Industry and sector concentrations will vary from period to period based on portfolio activity.

As of June 30, 2026, and December 31, 2025, the Fund’s ten largest portfolio companies represented approximately 28.3% and 33.1%, respectively, of the total fair value of the Fund’s investments in portfolio companies. As of both June 30, 2026, and December 31, 2025, the Fund had 14 and 12 portfolio companies that represented 5% or more of the Fund’s net assets, respectively.

Investment Activity

During the six months ended June 30, 2026, we invested approximately $18.5 million in 11 new portfolio companies and approximately $9.7 million in 16 existing portfolio companies, excluding deferred fees. During the six months ended June 30, 2026, we received an aggregate of $13.0 million in proceeds from repayments and sales of our investments, including proceeds of approximately $7.3 million from early repayments on our debt investments, $5.7 million from scheduled/amortizing debt payments.

During the year ended December 31, 2025, we invested approximately $58.3 million in 28 new portfolio companies and approximately $16.7 million in 40 existing portfolio companies, excluding deferred fees. During the year ended December 31, 2025, we received an aggregate of $23.1 million in proceeds from repayments and sales of our investments, including proceeds of approximately $12.3 million from early repayments on our debt investments and $10.8 million from scheduled/amortizing debt payments.

The following table provides a summary of the changes in the investment portfolio for the six months ended June 30, 2026, and the year ended December 31, 2025 (in thousands):


	Six Months Ended June 30, 2026		Year Ended December 31, 2025
Beginning Portfolio, at fair value	$	123,127	$	66,886
Purchases, net of deferred fees	28,207		75,036
Proceeds received from sales and paydowns	(13,004)		(23,070)
Accretion of OID, EOT, and PIK payments	1,571		1,828
Net realized gain/(loss)	16		933
Net change in unrealized appreciation/(depreciation)	55		1,514
Ending Portfolio, at fair value	$	139,972	$	123,127

The level of our investment activity can vary substantially from period to period depending on many factors, including the amount of debt, including loans and equipment financings, and equity capital required by growth-oriented companies, the general economic environment and market conditions and the competitive environment for the types of investments we make.

Portfolio Asset Quality

The Sub-Adviser’s portfolio management team uses an ongoing investment risk rating system to characterize and monitor our outstanding loans and equipment financings. The portfolio management team monitors and, when appropriate, recommends changes to the investment risk ratings. The Sub-Adviser reviews the recommendations and/or changes to the investment risk ratings, which are submitted to and reviewed by the Adviser and ultimately presented to the audit committee of our Board of Trustees.

For our investment risk rating system, we review seven different criteria and, based on our review of such criteria, we assign a risk rating on a scale of 1 to 5, as set forth in the following illustration.

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INVESTMENT RISK RATING


We review 7 different criteria on a scale of 1-5 against specific benchmark.

Risk Rating Score			Designation
4.0 - 5.0			Very Strong Performance
3.0 - 3.9			Strong Performance
2.0 - 2.9			Performing
1.6 - 1.9			Watch
1.0 - 1.5			Default/Workout

The following table shows the distribution of our secured loan and equipment financing investments on the 1 to 5 investment risk rating scale range at fair value as of June 30, 2026 and December 31, 2025 (dollars in thousands):


		June 30, 2026				December 31, 2025
Investment Risk Rating		Investments at		Percentage of		Investments at		Percentage of
Scale Range	Designation	Fair Value		Total Portfolio		Fair Value		Total Portfolio
4.0 - 5.0	Very Strong Performance	$	3,869	2.9	%	$	3,693	3.1	%
3.0 - 3.9	Strong Performance	50,565		37.6	%	39,410		33.0	%
2.0 - 2.9	Performing	79,782		59.3	%	76,290		63.9	%
1.6 - 1.9	Watch	286		0.2	%	—		—	%
1.0 - 1.5	Default/Workout	—		—	%	—		—	%
Total Debt Investments		$	134,502	100.0	%	$	119,393	100.0	%

As of June 30, 2026, and December 31, 2025, our debt investments had a weighted average risk rating score of 2.9 and 2.9, respectively.

Debt Investments on Non-Accrual Status

When a debt security becomes 90 days or more past due, or if our management otherwise does not expect that principal, interest, and other obligations due will be collected in full, we will generally place the debt security on non-accrual status and cease recognizing interest income on that debt security until all principal and interest due has been paid or we believe the borrower has demonstrated the ability to repay its current and future contractual obligations. Any uncollected interest is reversed from income in the period that collection of the interest receivable is determined to be doubtful. However, we may make exceptions to this policy if the investment has sufficient collateral value and is in the process of collection.

As of June 30, 2026, and December 31, 2025, no loans or equipment financings loans were on non-accrual status.

Results of Operations

The following discussion and analysis of our results of operations encompasses our consolidated results for the three and six months ended June 30, 2026, and June 30, 2025.

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Investment Income

The following table sets forth the components of investment income (in thousands):


	Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Stated interest income	$	3,731	$	2,288	$	7,341	$	4,450
Amortization of OID and EOT	802		382		1,532		691
Prepayment penalty and related fees	28		—		254		—
Other fee income	246		71		308		93
Total investment income	$	4,807	$	2,741	$	9,435	$	5,234

For the three and six months ended June 30, 2026, total investment income was approximately $4.8 million, and $9.4 million, respectively, which represents an approximate effective yield of 14.7% and 14.5%, respectively, on the average investments during the year. For the three and six months ended June 30, 2025, total investment income was approximately $2.7 million and $5.2 million, respectively, which represents an approximate effective yield of 14.7% and 14.1%, respectively, on the average investments during the year. The increase in investment income for the three and six months ended June 30, 2026 was due to increases in each underlying component of investment income. Stated interest income and amortization of OID and EOT increased due to a higher principal value of income producing debt investments. Prepayment penalty and related fee income increased due to a higher volume of early repayments. Other fee income increased as a result of portfolio activity.

Net Operating Expenses

Our operating expenses are comprised of interest and fees on our borrowings, management fees and incentive fees, professional fees, directors' fees, general and administrative expenses. Our operating expenses totaled approximately $3.1 million and $6.4 million for the three and six months ended June 30, 2026, respectively. For the three and six months ended June 30, 2025, our operating expenses totaled approximately $1.7 million and $3.0 million, respectively. The increase in our operating expenses for the three and six months ended June 30, 2026, is discussed with respect to each component of such expenses below.

Interest Expense and Other Debt Financing Costs

Our interest expense and other debt financing costs are primarily comprised of interest and fees related to secured borrowings under the KeyBank Credit Agreement and 2028 Series A Notes. Interest expense and other debt financing costs on our borrowings totaled approximately $1.3 million and $2.6 million, respectively, for the three and six months ended June 30, 2026 and $0.5 million and $0.9 million for the three and six months ended June 30, 2025, respectively. Our weighted average effective interest rate, comprised of interest and amortization of fees and discount, was approximately 7.6% and 7.8%, respectively, for the three and six months ended June 30, 2026, and 11.6% and 12.1%, respectively, the three and six months ended June 30, 2025. The increase in interest expense for the three months ended June 30, 2026 was primarily due to increased borrowings under the KeyBank Credit Facility and the incurrence of additional indebtedness under the 2028 Series A Notes.

Management Fees and Incentive Fees

Base management fees for the three and six months ended June 30, 2026, totaled approximately $0.6 million and $1.2 million, respectively. Base management fees for the three and six months ended June 30, 2025, totaled approximately $0.3 million and $0.6 million, respectively. Incentive fees for the three and six months ended June 30, 2026, totaled approximately $0.5 million and $1.0 million. Incentive fees for the three and six months ended June 30, 2025, totaled approximately $0.3 million and $0.6 million, respectively. The increase in base management

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fees for the three and six months ended June 30, 2026, was due to an increase in managed assets. The increase in incentive fees for the three and six months ended June 30, 2026, was primarily driven by higher pre-incentive fee net investment income and an increase in unrealized capital appreciation.

Professional Fees Expenses

Professional fees expenses, consisting of legal fees, accounting fees and third-party valuation fees, totaled approximately $0.4 million and $0.7 million, respectively, for the three and six months ended June 30, 2026, and $0.1 million and $0.1 million, respectively, for the three and six months ended June 30, 2025. The increase in professional fees for the three and six months ended June 30, 2026 was driven by increases in legal, administrative, audit and valuation expenses.

Administrative Services Expenses and General and Administrative Expenses

Administrative services expenses primarily consist of administrative fees and general and administrative expenses include insurance premiums, rent, state taxes and various other expenses related to our ongoing operations. Our administrative services expenses and general and administrative expenses totaled approximately $0.1 million and $0.2 million, respectively, for the three and six months ended June 30, 2026, and $0.1 million and $0.1 million, respectively, for the three and six months ended June 30, 2025. These amounts are presented within professional fees on the Consolidated Statements of Operations. The increase in administrative services expenses and general and administrative expenses for the three and six months ended June 30, 2026, was primarily due to increases in administrative services expenses.

Directors' Fees Expenses

Directors' fees expenses totaled less than $0.1 million and approximately $0.1 million, respectively, for the three and six months ended June 30, 2026. For the three and six months ended June 30, 2025, directors' fees expenses were not applicable as the Fund had not yet elected to be regulated as BDC.

Net Investment Income

For the three and six months ended June 30, 2026, we recognized approximately $4.8 million and $9.4 million, respectively, in total investment income as compared to approximately $3.1 million and $6.4 million, respectively, in total expenses, resulting in net investment income of approximately $1.7 million and $3.0 million, respectively. For the three and six months ended June 30, 2025, we recognized approximately $2.7 million and $5.2 million, respectively, in total investment income as compared to approximately $1.7 million and $3.0 million respectively, in total expenses, resulting in net investment income of approximately $1.0 million and $2.3 million, respectively.

Net Realized Gains and Losses

Realized gains or losses are measured by the difference between the net proceeds from the sale or redemption of an investment or a financial instrument and the cost basis of the investment or financial instrument, without regard to unrealized appreciation or depreciation previously recognized, and includes investments written off during the period.

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The net realized gains (losses) from the sales, repayments, or exits of investments for the three and six months ended June 30, 2026, and 2025 were comprised of the following (in thousands):


	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Net realized gain/(loss) on investments:
Gross realized gains	$	—	$	290	$	16	$	290
Gross realized losses	—		—		—		—
Total net realized gains/(losses) on investments	$	—	$	290	$	16	$	290

Net Change in Unrealized Appreciation / (Depreciation) from Investments

Net change in unrealized appreciation/(depreciation) from investments primarily reflects the net change in the fair value of the investment portfolio and financial instruments and the reclassification of any prior period unrealized appreciation or depreciation on exited investments and financial instruments to realized gains or losses.

Net unrealized appreciation and depreciation on investments for the three and six months ended June 30, 2026, and June 30, 2025, is comprised of the following (in thousands):


	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Gross unrealized appreciation	$	1,178	$	537	$	1,908	$	786
Gross unrealized depreciation	(1,115)		(250)		(1,838)		(437)
Net unrealized appreciation/(depreciation) reclassified related to net realized gains or losses	—		(29)		(15)		(30)
Total net unrealized gains/(losses) on investments	$	63	$	258	$	55	$	319

During the three months ended June 30, 2026, our net unrealized appreciation totaled approximately $0.1 million, which included net unrealized depreciation of $0.5 million from our debt investments plus net unrealized appreciation of $0.6 million from our warrant and equity investments.

During the six months ended June 30, 2026, our net unrealized appreciation totaled approximately $0.1 million, which included net unrealized depreciation of $0.9 million from our debt investments plus net unrealized appreciation of $1.0 million from our warrant and equity investments.

During the three months ended June 30, 2025, our net unrealized appreciation totaled approximately $0.3 million, which included net unrealized depreciation of $0.1 million from our debt investments plus net unrealized appreciation of $0.4 million from our warrant and equity investments.

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During the six months ended June 30, 2025, our net unrealized appreciation totaled approximately $0.3 million, which included net unrealized depreciation of $0.1 million from our debt investments plus net unrealized appreciation of $0.4 million from our warrant and equity investments.

Net Increase (Decrease) in Net Assets Resulting from Operations

Net increase in net assets resulting from operations during the three and six months ended June 30, 2026, totaled approximately $1.7 million and $3.1 million, respectively.

Net increase in net assets resulting from operations during the three and six months ended June 30, 2025, totaled approximately $1.5 million and $2.9 million, respectively.

Net Increase (Decrease) in Net Assets Resulting from Operations and Earnings Per Share

For the three months ended June 30, 2026, basic and diluted net increase in net assets per common share was $0.28. For the six months ended June 30, 2026, basic and diluted net increase in net assets per common share was $0.51.

Financial Condition, Liquidity and Capital Resources

Our liquidity and capital resources are generated primarily from the net proceeds of offerings of our securities and borrowings under the KeyBank Credit Agreement, as well as cash flows from our operations, including investment sales and repayments and income earned on investments and cash equivalents. Our primary use of our funds includes investments in portfolio companies, payments of interest on our outstanding debt, and payments of fees and other operating expenses we incur. We also expect to use our funds to pay distributions to our shareholders. We have used, and expect to continue to use, our borrowings, including under the KeyBank Credit Agreement or any future credit facility, as well as proceeds from the turnover of our portfolio, to finance our investment objectives and activities.

From time to time, we may enter into additional credit facilities, increase the size of our existing KeyBank Credit Agreement, or issue additional securities in private or public offerings. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions, and other factors.

During the six months ended June 30, 2026, we experienced a net increase in cash and cash equivalents in the amount of less than $2.0 million, which is the net result of $13.3 million of cash provided by financing activities, offset by $11.4 million of cash used in operating activities.

During the six months ended June 30, 2025, we experienced a net decrease in cash and cash equivalents in the amount of $1.4 million, which is the net result of $11.2 million of cash provided by financing activities, offset by $12.6 million of cash used in operating activities.

As of June 30, 2026 and December 31, 2025, we had cash and cash equivalents of $2.6 million and $0.6 million, respectively. Cash held in demand deposit accounts may exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limit and therefore is subject to credit risk. All of the Fund’s cash deposits are held at large established high credit quality financial institutions, and management believes that the risk of loss associated with any uninsured balances is remote.

As of June 30, 2026, and December 31, 2025, we had approximately $22.4 million and $23.3 million, respectively, of available borrowings under the KeyBank Credit Agreement, subject to its terms and regulatory requirements. Cash and cash equivalents, taken together with available borrowings under the KeyBank Credit Agreement, as of June 30, 2026, are expected to be sufficient for our investing activities and to conduct our operations in the near term and long term.

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Refer to “Note 5 – Borrowings” in the notes to our consolidated financial statements included in this Quarterly Report on Form 10-Q for additional information, including a discussion of our borrowings.

Asset Coverage Requirements

In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. On March 25, 2025, the Board, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) and our initial shareholder approved the application to us of the 150% minimum asset coverage ratio set forth in Section 61(a)(2) of the 1940 Act. As a result, we are generally permitted to borrow $2 for every $1 of investor equity (subject to any additional or more restrictive debt limitations under the terms of our existing financing agreements).

As of June 30, 2026, our asset coverage ratio was approximately 179.3% and our asset coverage ratio per unit was approximately $1.8. As of December 31, 2025, our asset coverage ratio was approximately 198.5% and our asset coverage ratio per unit was approximately $2.0.

Commitments

Our commitments and contingencies consist primarily of unfunded commitments to extend credit in the form of loans to our portfolio companies. A portion of these unfunded contractual commitments as of June 30, 2026, and December 31, 2025 are dependent upon the portfolio company reaching certain milestones before the debt commitment becomes available. Furthermore, our credit agreements with our portfolio companies generally contain customary lending provisions that allow us relief from funding obligations for previously made commitments in instances where the underlying portfolio company experiences materially adverse events that affect the financial condition or business outlook for the Fund. Since a portion of these commitments may expire without being drawn, unfunded contractual commitments do not necessarily represent future cash requirements. As such, our disclosure of unfunded contractual commitments includes only those which are available at the request of the portfolio company and unencumbered by milestones. We will fund future unfunded commitments from the same sources we use to fund its investment commitments that are funded at the time they are made (which are typically through existing cash and cash equivalents and borrowings under the KeyBank Credit Agreement).

In the normal course of business, we enter into contracts that provide a variety of representations and warranties, and general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to us under these arrangements is unknown as it would involve future claims that may be made against us; however, based on our experience, the risk of loss is remote and no such claims are expected to occur. As such, we have not accrued any liability in connection with such indemnifications.

Contractual Obligations

A summary of our contractual payment obligations as of June 30, 2026, is as follows (in thousands):


	Payments Due by Period
	Less than 1 year		1-3 years		4-5 years		After 5 years		Total
KeyBank Credit Facility	$	—	$	—	$	52,600	$	—	$	52,600
2028 Series A Notes	$	—	$	25,000	$	—	$	—	$	25,000
Total Contractual Obligations	$	—	$	25,000	$	52,600	$	—	$	77,600

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including valuation risk and interest rate risk. Uncertainty with respect to the economic effects of the overall market conditions has introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks, including those listed below.

Valuation Risk

Our investments may not have readily available market quotations (as such term is defined in Rule 2a-5), and those investments which do not have readily available market quotations are valued at fair value as determined in good faith by the Adviser, as our valuation designee, in accordance with its valuation policies and procedures. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is possible that the difference could be material.

In accordance with Rule 2a-5, our Adviser, as our valuation designee, periodically assesses and manages material risks associated with the determination of the fair value of our investments.

Interest Rate Risk

Interest rate sensitivity and risk refer to the change in earnings that may result from changes in the level of interest rates. To the extent that we borrow money to make investments, including under the KeyBank Credit Facility or any future financing arrangement, our net investment income will be affected by the difference between the rate at which we borrow funds and the rate at which we invest these funds. In periods of rising interest rates, our cost of borrowing funds would increase, which may reduce our net investment income. As a result, there can be no assurance that a significant change in market interest rates, including as a result of inflation, will not have a material adverse effect on our net investment income. Inflation is likely to continue in the near to medium-term, particularly in the United States and Europe, with the possibility that monetary policy may tighten in response. Persistent inflationary pressures could affect our portfolio companies’ profit margins.

As of June 30, 2026, approximately 77.1% of our debt investments based on outstanding principal balance represented floating-rate investments based on U.S. Prime Rate (“Prime”) or Secured Overnight Financing Rate (“SOFR”), and approximately 22.9% of our debt investments based on outstanding principal balance represented fixed rate investments. In addition, borrowings under the KeyBank Credit Agreement bear interest at a rate equal to SOFR plus an applicable spread.

Based on our Consolidated Statements of Operations as of June 30, 2026, the following table shows the annualized impact on net income of hypothetical base rate changes in the Prime Rate on our debt investments (considering interest rate floors for floating-rate instruments) and the hypothetical base rate changes in the SOFR on

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our KeyBank Credit Agreement, assuming that there are no changes in our investment and borrowing structure (in thousands):


Basis Point Change	Interest Income		Interest Expense		Net Investment Income (Loss)
Up 300 basis points	$	2,734	$	(1,578)	$	1,156
Up 200 basis points	$	1,823	$	(1,052)	$	771
Up 100 basis points	$	782	$	(526)	$	256
Down 100 basis points	$	(260)	$	526	$	266
Down 200 basis points	$	(441)	$	1,052	$	611
Down 300 basis points	$	(662)	$	1,578	$	916

Currency Risk

Any investments we make that are denominated in a foreign currency will be subject to risks associated with changes in currency exchange rates. These risks include the possibility of significant fluctuations in the foreign currency markets, the imposition or modification of foreign exchange controls and potential illiquidity in the secondary market. These risks will vary depending upon the currency or currencies involved. As of June 30, 2026, we had three foreign domiciled portfolio companies. Our exposure to currency risk related to these debt investments is minimal as payments from such portfolio companies are primarily received in U.S. dollars. No other investments as of June 30, 2026, were subject to currency risk.

Hedging

We may hedge against interest rate and currency exchange rate fluctuations by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates with respect to our portfolio of investments with fixed interest rates. We may also borrow funds in local currency as a way to hedge our non-U.S. denominated investments.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report, our management carried out an evaluation, under the supervision and with the participation of our Co-Chief Executive Officers and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, our Co-Chief Executive Officers and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of June 30, 2026. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the three months ended June 30, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II: OTHER INFORMATION

Item 1. Legal Proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

Item 1A. Risk Factors

An investment in our securities involves a high degree of risk. There have been no material changes to the risk factors previously reported under Item 1A. “Risk Factors” in our Annual Report for the year ended December 31, 2025, on Form 10-K, filed with the SEC on March 31, 2026. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may materially affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Private Offering

We are conducting a continuous private offering of our shares to investors in reliance on exemptions from the registration requirements of the Securities Act, including the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D and Regulation S promulgated thereunder (the “Private Offering”). We are offering and selling our shares to (i) persons who are “accredited investors” within the meaning of Regulation D under the Securities Act and (ii) non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act.

The following summarizes the total shares issued and proceeds received related to subscriptions for the Private Offering in the fiscal quarter ended June 30, 2026:

•On April 1, 2026, the Fund issued and sold 29,669 of its shares for aggregate proceeds to the Fund of $0.3 million.

•On June 1, 2026, the Fund issued and sold 36,783 of its shares for aggregate proceeds to the Fund of $0.4 million.

Each purchaser of shares was required to represent that it (i) is either an “accredited investor” as defined in Rule 501 of Regulation D under the Securities Act or, in the case of shares sold outside the United States, not a “U.S. person” in accordance with Regulation S of the Securities Act and (ii) was acquiring the shares for investment and not with a view to resell or distribute. We did not engage in general solicitation or advertising, and did not offer securities to the public, in connection with such issuances and sales.

Share Repurchase Program

No shareholder has the right to require us to redeem shares. No public market for shares exists, and none is expected to develop in the future. Consequently, shareholders may not be able to liquidate their investment other than as a result of repurchases of shares by us.

Subject to the Board of Trustees' discretion, we intend to offer to repurchase shares from shareholders in each quarter in an amount up to 5% of our shares outstanding, calculated as of the prior calendar quarter end. At the

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discretion of the Board of Trustees, we may extend multiple offers to repurchase shares in a quarter in an aggregate amount of 5% of our shares outstanding. The Fund’s Board may amend, suspend or terminate the share repurchase program at any time if it deems such action to be in the Fund’s best interest and the best interest of the shareholders. As a result, share repurchases may not be available each quarter. We intend to conduct repurchase offers in accordance with the requirements of Rule 13e-4 under the Exchange Act and the 1940 Act.

During the three months ended June 30, 2026, we did not repurchase any of our shares.

Distribution Reinvestment Plan

During the three months ended June 30, 2026, no shares were issued pursuant to the Fund's distribution reinvestment plan,

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not Applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended June 30, 2026, none of the Fund’s trustees or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Fund shares that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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Item 6. Exhibits

The following exhibits are filed as part of this Quarterly Report on Form 10-Q or hereby incorporated by reference to exhibits previously filed with the SEC:


Exhibit Number						Description of Exhibits
10.1*						First Amendment to the Credit Agreement, dated June 26, 2026 , by and among EPT SPV 1 6 SUB (US), LLC, as borrower, Trinity Capital Adviser LLC, as servicer, KeyBa nk National Association, as administrative agent and s yndication agent, Computershare Trust Company , N.A., as collateral custodian, and the lenders party thereto .
31.1*						Certification of Co-Principal Executive Officer Pursuant to Rules 13a 14(a) and 15d 14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*						Certification of Co-Principal Executive Officer Pursuant to Rules 13a 14(a) and 15d 14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.3*						Certification of Principal Financial Officer Pursuant to Rules 13a 14(a) and 15d 14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**						Certification of Co-Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**						Certification of Co-Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.3**						Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS						Inline XBRL Instance Document-the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document
101.SCH						Inline XBRL Taxonomy Extension Schema Document with Embedded Linkbase Documents
104						Cover Page formatted as Inline XBRL and contained in Exhibit 101

________

*Filed herewith

**Furnished herewith

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Quarterly Report on Form 10-Q to be signed on its behalf by the undersigned, thereunto duly authorized.


	EAGLE POINT TRINITY SENIOR SECURED LENDING COMPANY


Dated: August 13, 2026	By:	/s/ Thomas Majewski
		Thomas Majewski
		Co-Chief Executive Officer
		(Co-Principal Executive Officer)

Dated: August 13, 2026	By:	/s/ Kyle Brown
		Kyle Brown
		Co-Chief Executive Officer
		(Co-Principal Executive Officer)


Dated: August 13, 2026	By:	/s/ Kenneth P. Onorio
		Kenneth P. Onorio
		Chief Financial Officer and Chief Accounting Officer
		(Principal Financial and Accounting Officer)