Trinity Capital Inc
Inside Trinity Capital Inc’s $2.5B private-credit portfolio — 508 portfolio holdings disclosed in SEC filings.
Filing Information
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public).
Top Portfolio Holdings
| Company | Sector | Investment | Coupon | Maturity | Cost | Fair Value |
|---|---|---|---|---|---|---|
| Inktavo, LLC | Secured Loan Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 6.80% | 2031-10-15 | $66,254,000 | $67,737,000 | |
| Renalogic Holdings, Inc. | Secured Loan Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.80% | 2030-06-30 | $61,936,000 | $62,461,000 | |
| Commonwealth Fusion Systems, LLC | Fixed interest rate 11.4%; EOT 6.0% | 2030-12-01 | $56,303,000 | $56,691,000 | ||
| Cellares Corporation | Secured Loan Senior Secured | http://fasb.org/us-gaap/2025#PrimeRateMember + 3.30% | 2026-05-30 | $48,831,000 | $49,201,000 | |
| Metabolon, Inc. | Secured Loan Senior Secured | http://fasb.org/us-gaap/2025#PrimeRateMember + 2.50% (PIK 3.00%) | 2029-04-01 | $44,794,000 | $45,601,000 | |
| Taysha Gene Therapies, Inc. | Secured Loan Senior Secured | http://fasb.org/us-gaap/2025#PrimeRateMember + 4.00% | 2030-09-01 | $43,211,000 | $44,240,000 | |
| Astranis Space Technology Corporation | Secured Loan Senior Secured | http://fasb.org/us-gaap/2025#PrimeRateMember + 4.80% | 2030-08-25 | $41,502,000 | $42,779,000 | |
| Candel Therapeutics, Inc. | Secured Loan Senior Secured | http://fasb.org/us-gaap/2025#PrimeRateMember + 3.00% | 2030-10-01 | $42,258,000 | $42,534,000 | |
| Rarefied Atmosphere, Inc. | Secured Loan Senior Secured | http://fasb.org/us-gaap/2025#PrimeRateMember + 4.30% | 2030-06-01 | $41,155,000 | $42,204,000 | |
| Xytech Systems, LLC | Secured Loan Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 6.00% | 2030-02-26 | $37,042,000 | $36,792,000 | |
| Uniphore Technologies Inc. | Secured Loan Senior Secured | http://fasb.org/us-gaap/2025#PrimeMember + 4.80% | 2030-10-01 | $35,251,000 | $35,140,000 | |
| SOCi, Inc. | Secured Loan Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 7.90% | 2029-10-03 | $35,080,000 | $34,180,000 | |
| Monteris Medical US, Inc. | Secured Loan Senior Secured | http://fasb.org/us-gaap/2025#PrimeRateMember + 4.30% | 2031-03-01 | $32,110,000 | $32,110,000 | |
| Angel Studios, Inc. | Secured Loan Senior Secured | http://fasb.org/us-gaap/2025#PrimeRateMember + 6.00% | 2030-10-01 | $31,429,000 | $32,048,000 | |
| Investment Date January 16, 2024 Series Preferred Series C | Equity | $20,000,000 | $30,442,000 | |||
| CMR Surgical Limited | Secured Loan Senior Secured | Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 4.0% | $29,351,000 | $30,188,000 | ||
| Beam Technologies, Inc. | Secured Loan Senior Secured | http://fasb.org/us-gaap/2025#PrimeRateMember + 2.80% (PIK 1.50%) | 2029-10-01 | $30,506,000 | $30,062,000 | |
| Vital Connect, Inc. | Secured Loan Senior Secured | http://fasb.org/us-gaap/2025#PrimeRateMember + 4.00% | 2029-07-03 | $27,840,000 | $28,604,000 | |
| Zandivio PLC | Secured Loan Senior Secured | http://fasb.org/us-gaap/2025#PrimeRateMember + 5.30% | 2029-05-01 | $28,034,000 | $28,545,000 | |
| Lightforce Orthodontics, Inc. | Secured Loan Senior Secured | http://fasb.org/us-gaap/2025#PrimeRateMember + 4.30% | 2029-08-06 | $28,251,000 | $27,909,000 | |
| iGrafx, LLC | Secured Loan Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.80% | 2028-11-12 | $24,611,000 | $24,907,000 | |
| OrgChart, LLC | Secured Loan Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.50% | 2031-01-13 | $24,761,000 | $24,761,000 | |
| Cala Health, Inc. | Secured Loan Senior Secured | http://fasb.org/us-gaap/2025#PrimeRateMember + 1.50% (PIK 1.50%) | 2031-03-01 | $24,654,000 | $24,654,000 | |
| Inshur, Inc. | Secured Loan Senior Secured | http://fasb.org/us-gaap/2025#PrimeRateMember + 4.00% | 2030-07-01 | $24,723,000 | $24,572,000 | |
| Hometown Ticketing, Inc. | Secured Loan Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 7.70% | 2029-11-25 | $24,237,000 | $24,378,000 |
Loan-Pricing Trend
Fair-value-weighted average credit spread and average mark across this BDC’s Schedule-of-Investments debt holdings, by filing quarter. Spread and mark are shown in the units reported in the filing. Source: SEC EDGAR (public).
| Quarter | Priced Loans | Wtd-Avg Spread | Avg Mark | Debt Fair Value |
|---|---|---|---|---|
| 2022-06-30 | 1 | 11.00 | — | $70K |
| 2023-06-30 | 31 | 6.68 | 103.9 | $7.4B |
| 2023-09-30 | 49 | 6.24 | 104.4 | $7.2B |
| 2023-12-31 | 95 | 6.29 | 102.9 | $8.2B |
| 2024-03-31 | 108 | 6.02 | 101.5 | $8.6B |
| 2024-06-30 | 107 | 6.02 | 101.8 | $9.1B |
| 2024-09-30 | 119 | 5.62 | 100.7 | $10.6B |
| 2024-12-31 | 113 | 5.62 | 98.5 | $10.8B |
| 2025-03-31 | 115 | 5.54 | 100.1 | $11.4B |
| 2025-06-30 | 127 | 5.44 | 98.1 | $1.9B |
| 2025-09-30 | 144 | 5.38 | 97.4 | $2.0B |
| 2025-12-31 | 139 | 5.29 | 100.6 | $2.4B |
| 2026-03-31 | 146 | 5.08 | 99.9 | $2.2B |
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.
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. By law, they must pay out at least 90% of their profits as dividends, which is why BDC yields are often 8–12%. Trinity Capital Inc discloses its full loan portfolio through SEC filings.
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