Trinity Capital Inc
Inside Trinity Capital Inc’s $2.7B private-credit portfolio — 517 holdings disclosed in SEC filings. The portfolio is 75% first-lien by fair value, a weighted-average spread near 518 bps.
Aug 5 · SEC EDGAR
Credit Snapshot
How the market and the balance sheet read TRIN as a credit: NAV per share is the Q1 FY2026 book value ($13.94) from its SEC quarterly filing — for a BDC, book value is NAV. Fair values underneath are the manager’s own estimates. Price as of 2026-08-26.
| Metric | Value | What healthy looks like |
|---|---|---|
| Price-to-NAV | 1.34x (premium) | Quality BDCs tend to trade near NAV; a deep discount often signals credit concern — or opportunity to investigate. |
| NII Return on Equity | 13.2% GAAP NII on FY2025 FY-end NAV | What the portfolio EARNED on book value, before mark swings — steadier than mark-driven ROE. BDCs typically land high single digits to low teens; internally managed books keep more of it. |
| NAV Total Return | +8.8% FY2025: ΔNAV/share + distributions 3-yr ≈+6.5%/yr compound | NAV change plus distributions, per share — what the book earned independent of market sentiment. Sustained positive NAV total return means the credit book is creating value, not just distributing it back. |
| Leverage (Gross Debt/Equity) | 1.19x | Most BDCs run 0.8x–1.25x debt-to-equity; the regulatory ceiling is 2.0x. |
| Asset Coverage | 184% | A gross total-debt coverage read; the statutory ratio excludes SBA debentures, so an SBIC’s 10-K figure can differ. Healthy BDCs sit well above the 150% floor. |
| Top-5 Borrower Concentration | 12% of portfolio FV ≈ 28% of Q1 FY2026 NAV largest: Investment Date June 25, 2026 (2.7% of FV) | Measured against NAV, not just portfolio value: leverage means one borrower’s writedown hits book value harder than its portfolio share suggests. Diversified BDCs typically keep any single name to a low single-digit share of the portfolio. |
| Debt Marked Below 90 | 2.4% (0.3% below 80) of marked debt FV (100% coverage) | Loans marked below 90 cents on the dollar are the book’s watchlist; a growing tail often precedes non-accrual. |
| PIK Income Share | 7.2% of debt FV carries a PIK component | Interest paid “in kind” adds to the loan instead of paying cash; a rising PIK share is the classic early sign of borrower stress. |
| Floating-Rate Mix | 73% floating, mostly Prime of rate-classified debt (100% coverage); the rest fixed | Floating-rate loans reprice with their benchmark (mostly SOFR), so a high floating share means portfolio income rises when the Fed hikes and falls when it cuts — the book’s rate sensitivity in one number. |
| Non-Accruals | — not yet parsed | 1–3% of debt fair value is normal; 5%+ is a warning sign. We don’t parse this yet — check the latest 10-Q. |
| Fee Structure — manager economics, from the same annual filing | ||
| Management Structure | Internally managed no external manager; operating costs run through the income statement directly | No external manager to pay — fee economics accrue to shareholders, which is why internally managed BDCs typically convert more of their investment income into NII. |
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public). As of the 2026-08-05 filing.
Maturity Wall
Debt fair value by each loan’s stated maturity year (99% of debt FV carries a parsed maturity). The refinancing question: 8% of the maturity-dated book comes due by end-2027 — debt that must be repaid, refinanced, or extended. As of the 2026-08-05 filing.
| Maturing | Debt FV | % of dated debt |
|---|---|---|
| 2026 or earlier | $66M | 2.7% |
| 2027 | $120M | 5.0% |
| 2028 | $306M | 12.7% |
| 2029 | $668M | 27.8% |
| 2030 | $810M | 33.7% |
| 2031+ | $436M | 18.1% |
Manager Track Record
Through-the-cycle indicators computed from filed schedule-of-investments data: the non-accrual level and its four-quarter direction, the fleet standing among BDCs whose latest filing clears the 90% determinate-coverage gate, and the average debt mark against a year earlier. A track record, not a verdict — each row is coverage-gated and omitted when the data doesn’t support it. As of the 2026-08-05 filing.
| Avg debt mark vs 4q ago | 100.3 vs 97.7 (+2.6 pts) |
Quarter-over-quarter changes
Borrowers added to and dropped from the book between the 2026-05-06 and 2026-08-05 filings, and the largest weighted-mark moves on borrowers held across both. Aggregated to the borrower so a company’s exposure is counted once even when its loan tranches are re-cut quarter to quarter; entries and exits under $0.5M are omitted as parse noise.
New this quarter 45
- Together Computer, Inc.$50M
- Trin H Opco I Llc$33M
- Equity Investments- United States Energy & Resource Technology Rts Holding, Inc. Type Of$23M
- Equity Investments- United States Multi-Sector Holdings Captrin Partners, Llc Type Of$21M
- Path Robotics, Inc.$19M
- Warrant Investments- United States Consumer Products & Services Boosted Ecommerce, Inc. Type Of$17M
Exited 130
- Commonwealth Fusion Systems, Llc$79M
- Inktavo, Llc$70M
- Uveye, Inc.$66M
- Astranis Space Technology Corporation$63M
- Renalogic Holdings, Inc.$62M
- Cellares Corporation$50M
Biggest mark moves
- Cirrascale Cloud Services, Llc↑ 116→135
- Swimlane, Inc.↓ 101→97
- Sortera Technologies, Inc.↑ 101→103
Top Portfolio Holdings
| # | Company | Type | Coupon | Maturity | Fair Value | % of FV | % of Net Assets |
|---|---|---|---|---|---|---|---|
| 1 | Investment Date June 25, 2026 | 1L Sr Secured | Prime + 4.80% | May 2028 | $74M | 2.7% | 6.4% |
| 2 | Investment Date October 15, 2023 | 1L Sr Secured | SOFR + 6.80% | Oct 2031 | $67M | 2.5% | 5.8% |
| 3 | Investment Date June 30, 2025 | 1L Sr Secured | SOFR + 5.80% | Jun 2030 | $63M | 2.3% | 5.4% |
| 4 | Investment Date June 26, 2026 | 1L Sr Secured | Prime + 4.30% | Jun 2031 | $60M | 2.2% | 5.1% |
| 5 | Portfolio Company Debt Securities- United States Energy & Resource Technology Commonwealth Fusion Systems, LLC Type of Investment Equipment Financing Investment Date December 24, 2025 | Debt | Fixed interest rate 11.4%; EOT 6.0% | Dec 2030 | $54M | 2.0% | 4.6% |
| 6 | Together Computer, Inc. | Debt | Fixed interest rate 11.0%; EOT 4.5% | Jul 2029 | $49M | 1.8% | 4.2% |
| 7 | Investment Date August 2, 2024 | 1L Sr Secured | Prime + 3.30% | Aug 2026 | $49M | 1.8% | 4.2% |
| 8 | Investment Date March 28, 2024 | 1L Sr SecuredPIK 3.00% | Prime + 2.50% | Apr 2029 | $46M | 1.7% | 3.9% |
| 9 | Investment Date August 7, 2025 | 1L Sr Secured | Prime + 4.00% | Sep 2030 | $44M | 1.6% | 3.8% |
| 10 | Investment Date August 25, 2025 | 1L Sr Secured | Prime + 4.80% | Aug 2030 | $43M | 1.6% | 3.7% |
| Full schedule — all 517 holdings, sortable and screenable → | |||||||
% of net assets reads each position against stockholders’ equity as of Q1 FY2026 — on a levered book, a position is a larger share of the equity that absorbs losses than of portfolio fair value.
This page is the public file — the Ledge adds
Borrower cross-reference
Search any borrower, see every BDC exposed to it — Trinity Capital Inc shares 2 borrowers with other managers we track.
Quarterly diffs
What entered and exited the book each quarter.
Book-structure risk
Senior-secured, floating-rate and PIK share — how the book is built.
Loan-Pricing Trend
Fair-value-weighted average credit spread and average mark across this BDC’s Schedule-of-Investments debt holdings, by filing quarter. Mark is fair value as a percent of par (100 = par). Spread is in basis points over each loan’s own benchmark, normalized from the filing’s as-reported units. Source: SEC EDGAR (public). Spreads have compressed from 688 to 518 bps over 14 quarters while marks held near 101.
| Quarter | Borrowers | Priced Positions | Wtd-Avg cash spread (bps) | Avg Mark (% of par) | Debt Fair Value |
|---|---|---|---|---|---|
| Q1 2025 | 74 | 116 | 554 | 99.6 | $1.7B |
| Q2 2025 | 78 | 129 | 543 | 97.7 | $1.8B |
| Q3 2025 | 129 | 146 | 536 | 97.1 | $2.0B |
| Q4 2025 | 63 | 139 | 535 | 100.6 | $2.2B |
| Q1 2026 | 88 | 147 | 509 | 99.9 | $2.2B |
| Q2 2026 | 123 | 138 | 518 | 100.3 | $2.4B |
2 quarters omitted — filing not parsed.
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.
Questions this page answers
What does Trinity Capital Inc invest in?
Trinity Capital Inc's portfolio breaks down by total portfolio fair value into approximately 75% first-lien senior secured, 0% second-lien or mezzanine, 14% other or unclassified debt, and 11% equity or other as of its 2026-08-05 SEC filing.
How large is Trinity Capital Inc's portfolio?
Trinity Capital Inc reported $2.7B in portfolio fair value across 517 holdings and 395 unique borrowers as of its 2026-08-05 SEC filing.
What do Trinity Capital Inc's fixed-rate loans yield?
The fair-value-weighted average all-in coupon across Trinity Capital Inc's fixed-rate income-producing holdings is approximately 11.3%, measured over the fixed-rate holdings representing 16% of portfolio fair value (floating-rate loans, quoted as a spread over a benchmark, are excluded) as of its 2026-08-05 SEC filing.
Where does this data come from?
This data is parsed by Oxford Ledge from Trinity Capital Inc's Schedule of Investments in its SEC EDGAR filings. Fair values are the manager's own estimates as of the 2026-08-05 filing date.
About Trinity Capital Inc
Trinity Capital Inc (TRIN) is a publicly traded Business Development Company (BDC) — essentially a publicly listed fund that lends money to mid-sized private companies. In plain English: BDCs raise money from public investors and lend it to businesses that are too small for Wall Street banks. To qualify for pass-through tax treatment, they distribute at least 90% of their taxable investment income to shareholders, which is why BDC yields are often 8–12%. Trinity Capital Inc discloses its full loan portfolio through SEC filings.