v3.26.1
Borrowings
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Borrowings 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.
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 fees6 6 12 8 
Amortization of deferred financing costs46 107 126 214 
Total interest, custody fees and amortization of deferred financing costs$817 $475 $1,598 $855 
Weighted average effective interest rate7.4 %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.
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 costs39 96 
Total interest and amortization of deferred financing costs$492 $1,002 
Weighted average effective interest rate7.9 %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).