Trinity Capital Inc.
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
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Sep 30, 2026 · Filed Nov 4, 2026
Contents
Secured Notes
On November 5, 2025, TF3, a wholly owned subsidiary of the Company, as borrower, and the Company, as servicer, entered into the KeyBank Term Credit Agreement with the lenders from time to time party thereto, KeyBank, as administrative agent and syndication agent, and Computershare Trust Company, N.A., as collateral custodian.
The KeyBank Secured Term Loan Facility includes a commitment of $200.0 million from KeyBank. Borrowings under the KeyBank Term Credit Agreement bear interest at a rate equal to Term SOFR plus 2.40%, per year payable monthly, commencing on January 6, 2026. The KeyBank Secured Term Loan Facility provides for a maximum advance rate of up to 58%.
The KeyBank Secured Term Loan Facility includes atwo-year initial period and atwo-year amortization period, and matures on November 5, 2029, unless extended. The KeyBank Secured Term Loan Facility is collateralized by all investment assets held by TF3, and contains representations and warranties and affirmative and negative covenants customary for secured financings of this type, including certain financial covenants such as a consolidated tangible net worth requirement and an asset coverage ratio requirement.
The KeyBank Secured Term Loan Facility also contains customary events of default (subject to certain grace periods, as applicable), including but not limited to the nonpayment of principal, interest or fees; breach of covenants; inaccuracy of representations or warranties in any material respect; voluntary or involuntary bankruptcy proceedings; and change of control of the borrower without the prior written consent of KeyBank.
For both the three and nine months ended September 30, 2026, the Company made repayments of $25.1 million under the KeyBank Secured Term Loan Facility.
The Company incurred approximately $1.5 million of initial and additional financing costs in connection with the KeyBank Secured Term Loan Facility that were capitalized and deferred using the straight-line method over the life of the facility. As of September 30, 2026 and December 31, 2025, unamortized deferred financing costs related to the KeyBank Secured Term Loan Facility were $1.2 million and $1.5 million, respectively.
The summary information regarding the KeyBank Secured Term Loan Facility is as follows (in thousands):
| Three Months Ended · Three Months Ended · Nine Months Ended · Nine Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30, 2026 · September 30, 2025 · September 30, 2026 · September 30, 2025 | ||||||||||||
| Stated interest expense | $ | 2,931 | $ | — | $ | 9,032 | $ | — | ||||
| Amortization of deferred financing costs | 96 | — | 290 | — | ||||||||
| Total interest and amortization of deferred financing costs | $ | 3,027 | $ | — | $ | 9,322 | $ | — | ||||
| Weighted average effective interest rate | 6.4 | % | — | % | 6.3 | % | — | % | ||||
| Weighted average outstanding balance | $ | 189,126 | $ | — | $ | 196,336 | $ | — | ||||
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