Trinity Capital

What Trinity Capital does

Trinity Capital Inc. is a Phoenix-headquartered, Nasdaq-listed (TRIN) internally managed Business Development Company founded in 2008. It is structured as an alternative asset manager providing private credit to growth-stage companies through five dedicated verticals: Tech Lending, Equipment Financing, Healthcare & Life Sciences, Sponsor Finance, and Asset Based Lending. The company deploys non-dilutive capital in the form of venture debt, growth capital loans, equipment leases, and asset-based facilities, with typical individual commitments of $5–$50 million. As of March 31, 2026, Trinity reported $5.7 billion in cumulative fundings across 470 investments since inception and $2.9 billion in assets under management, with $2.42 billion of total investments at fair value, $1.094 billion of net assets, and a 0.7% non-accrual rate.

Revenue is generated primarily through interest income on secured loans, equipment financings, and other debt instruments, supplemented by fee income from SBIC-managed third-party capital and warrant/equity upside in portfolio companies. Trinity funds its balance sheet through diversified channels: a $690 million KeyBank-led revolving credit facility with a 13-bank syndicate, a ladder of unsecured notes (notably a $300 million 7.0% issuance due 2031 priced in May 2026), SBA-guaranteed debentures through three SBIC-licensed funds, and public equity via ATM and follow-on offerings. The company pays a monthly dividend of $0.17 per share (~12–14% yield), with dividend coverage of 102% in Q4 2025 and 104% in Q1 2026, and carries a Baa3 investment grade rating from Moody's assigned in May 2025.

In 2026 Trinity executed a series of platform-expanding moves: it acquired Equipment Leasing Services (May 2026), formed a $100 million 50/50 joint venture with Capital Southwest (March 2026), received SBA approval for its third SBIC fund (Trinity Capital SBIC LP, up to $175 million of SBA-guaranteed debentures), and expanded UK originations through growth-capital commitments to Dwelly and Motorway. The company serves institutional investors, wealth professionals, and public shareholders as distribution channels, while its direct-lending origination is executed bilaterally by vertical-specialized investment teams.

Name

Trinity Capital

Legal name

Trinity Capital Inc.

Website

https://trinitycap.com

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

101–250 employees

Short description

Trinity Capital is a Nasdaq-listed, internally managed Business Development Company that provides venture debt, equipment financing, and growth capital to growth-stage companies across five verticals — tech, equipment, healthcare & life sciences, sponsor finance, and asset-based lending. It manages $2.9 billion in AUM across 470 investments since inception.

Ownership category

akta.pro rank

Product category

Private Credit / Business Development Company

NAICS

Other Financial Investment Activities (5239)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

BDC / Public Vehicle Venture Debt Providers (FSANAIAC)

Keywords

• Venture debt financing
• Equipment financing
• Growth capital lending
• Private credit solutions
• Business development company

Headquarters

HQ city

Phoenix

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income from Debt Investments: Trinity Capital generates interest income from secured loans, equipment financings, and other debt instruments extended to portfolio companies. As a BDC, it invests primarily in private credit opportunities including venture debt, equipment leases, and growth capital loans to growth-stage companies.
2. Equipment Financing: Equipment finance portfolio generates recurring income through leases and loans secured by equipment. The company surpassed $1 billion in equipment finance fundings and reached $336.8 million in equipment finance portfolio as of Q4 2025.
3. Warrant and Equity Investment Returns: The company holds warrants and equity stakes in portfolio companies, generating realized and unrealized gains. Total investments at fair value reached $2.42 billion in Q4 2025.
4. Fee-Based Third-Party Asset Management: The company earns management fees from sponsored investment funds including its SBIC funds, generating platform scalability and fee-based earnings potential.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Trinity Capital is an internally managed Business Development Company (BDC) that provides venture debt, equipment financing, and growth capital to growth-stage companies across five distinct verticals: Tech Lending, Equipment Financing, Healthcare & Life Sciences, Sponsor Finance, and Asset Based Lending. The company invests primarily in private credit opportunities through secured loans, equipment leases, and growth capital loans.

Product overview

Trinity Capital is an international alternative asset manager and internally managed Business Development Company (BDC) that provides a diversified suite of private credit solutions to growth-stage companies. Its offering is organized around five distinct investment verticals — Tech Lending, Equipment Financing, Healthcare & Life Sciences, Sponsor Finance, and Asset Based Lending — each targeting different sectors and company stages. The company also operates a subsidiary fund (Trinity Capital SBIC LP) holding an SBA SBIC license, enabling access to SBA-guaranteed leverage. In May 2026, Trinity Capital expanded its platform through the acquisition of Equipment Leasing Services (ELS), a 25+ year-old equipment finance provider operating as a standalone portfolio company. As of March 31, 2026, Trinity Capital had deployed over $5.7 billion in fundings across approximately 470 investments since inception, with $2.9 billion in assets under management.

Differentiator

Problem solved

Functional benefit

Products and services

• Tech Lending Provides venture debt and growth capital loans to growth-stage technology companies.
• Equipment Financing Provides equipment leases and financing to equipment-intensive businesses.
• Healthcare & Life Sciences Provides venture debt and growth capital to companies in the healthcare and life sciences sectors.
• Sponsor Finance Provides debt financing to private equity-backed companies across sponsor-led transactions.
• Asset Based Lending Provides asset-based loans secured by collateral such as receivables, inventory, or other balance sheet assets.

Named customers14 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Equipment Leasing Services (ELS)coreStrategic or Co-development Partner · 26 May 2026Acquisition of Equipment Leasing Services, a Phoenix-based equipment leasing company operating over 25 years serving manufacturing, aerospace, transportation, and construction markets in Southwest US. ELS will continue operating as standalone portfolio company under existing leadership.

Scale indicators20 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Hercules Capital: Hercules Capital is the largest publicly traded venture debt BDC, providing senior secured loans to venture-backed technology, healthcare, and life sciences companies. Closest direct competitor to Trinity Capital with a similar growth-stage lending model, vertical specialization, and dividend-focused shareholder base.
• Horizon Technology Finance: Horizon Technology Finance is a publicly traded specialty finance BDC focused on venture debt to technology, life science, and cleantech companies. Directly comparable to Trinity Capital's Tech Lending and Healthcare & Life Sciences verticals with similar deal sizes and growth-stage borrower profile.
• Capital Southwest: Capital Southwest is an internally managed BDC focused on first-lien debt and equity to lower middle market companies. Recently formed a $100M joint venture with Trinity Capital and shares a similar diversified debt-focused investment model.
• Runway Growth Finance: Runway Growth Finance is a publicly traded BDC providing senior secured loans to venture and non-venture-backed growth-stage companies. Highly comparable to Trinity Capital's growth capital and venture debt focus across technology and consumer sectors.
• Saratoga Investment Corp: Saratoga Investment Corp is a publicly traded BDC providing leveraged loans and other debt to middle market and growth-stage companies. Comparable to Trinity's lower middle market and Sponsor Finance verticals with similar specialty finance positioning.
• Sixth Street Specialty Lending: Sixth Street Specialty Lending (TSLX) is a publicly traded BDC affiliated with Sixth Street providing senior secured loans to mid-market and growth-stage companies. Comparable to Trinity's diversified debt strategy with similar investment grade quality and premium valuation characteristics.
• WhiteHorse Finance: WhiteHorse Finance is a publicly traded BDC providing senior secured loans to lower middle market companies. Comparable to Trinity Capital's lower middle market positioning and Sponsor Finance vertical with similar deal size focus.

Broad incumbents

• Oaktree Specialty Lending: Oaktree Specialty Lending (OCSL) is a large publicly traded BDC managed by Oaktree Capital providing senior loans to mid-market companies. Broader incumbent in the BDC space with less specialization in venture debt but otherwise directly comparable investment model.
• Ares Capital Corp: Ares Capital Corp (ARCC) is the largest publicly traded BDC providing senior and mezzanine debt to middle market companies. Broad incumbent competitor representing the scale leader that Trinity Capital aspires to compete against, but with less venture-stage specialization.
• Golub Capital BDC: Golub Capital BDC is a large publicly traded BDC sponsored by Golub Capital providing one-stop loans to mid-market companies. Broad incumbent competitor with overlapping middle market lending but different focus than Trinity's venture debt specialization.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks1 record

Key highlights7 records

Customer concentration

• Xx.com/trincapinvest
• YouTubeyoutube.com/@TrinityCapitalInvestment
• LinkedInlinkedin.com/company/trinity-capital-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries3 records

Funding overview

Funding rounds10 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments189 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Trinity Capital