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TRINI supplier relationships

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TRINI supplier relationship map

Trinity Capital (TRINI) — counterparty map and commercial implications for investors

Trinity Capital operates a venture-debt and growth capital platform that originates secured loans and equipment financings to venture-stage and growth-stage companies, earning interest, exit fees and occasionally PIK consideration; it supports yield generation for noteholders (including its 7.875% March 2029 notes) while recycling capital through repayments and sales. The business monetizes by pricing credit risk aggressively (double-digit fixed rates or prime‑plus variable spread), structuring security interests, and syndicating liquidity via credit facilities and public notes. For a registered view of Trinity’s supplier / borrower relationships, visit https://nullexposure.com/.

How Trinity’s portfolio structure dictates underwriting posture

Trinity’s dealbook in the 2024 Form 10‑K shows a repeatable pattern: short- to medium-term maturities, high single-digit to mid-teens effective yields, and collateralized structures (equipment liens, secured loans). That mix produces high current income but concentrates performance risk in the healthtech, space/defense, energy and software verticals where counterparties are earlier stage and more cyclical.

  • The KeyBank relationship is evidenced as a multi‑year credit facility and should be treated as a long‑term secured liquidity line in Trinity’s capital stack (see KeyBank mention below).
  • Company‑level signals: Trinity’s filings flag materiality risk if asset values decline (a governance constraint that affects distributions and RIC status), active relationship stage for numerous financings, and the use of third‑party service providers (for example, for cybersecurity) as part of its operational model.

If you track counterparty exposure and funding liquidity, check Trinity’s public disclosure hub at https://nullexposure.com/ for cross‑reference and monitoring.

Counterparty roster — every relationship in the filing and public notices

Below are the counterparties listed in Trinity’s source results, each with a plain‑English one‑line summary and citation to the underlying disclosure.

  • Silk Technologies, Inc. — Trinity extended a secured loan dated November 4, 2024, maturing December 1, 2029 at variable interest (Prime + 4.0% or floor 11.3%), carrying ~$18.3k on the 2024 balance sheet. (TRINI 2024 Form 10‑K, FY2024)

  • Apiject Holdings, Inc. — Equipment financing originated June 24, 2024 with a fixed 12.6% rate maturing July 1, 2028; carrying ~ $17.8k. (TRINI 2024 Form 10‑K, FY2024)

  • Astranis Space Technology Corporation — Equipment financing from April 13, 2023 maturing November 1, 2026 at 12.1% fixed, balance reported in FY2024. (TRINI 2024 Form 10‑K, FY2024)

  • Axiom Space, Inc. — Secured loan dated May 28, 2021 maturing June 1, 2026 at Prime + 6.0% (floor 9.3%), with ~$15k carrying value in 2024. (TRINI 2024 Form 10‑K, FY2024)

  • BackBlaze, Inc. — Equipment financing originated March 29, 2021 at a 7.5% fixed rate maturing April 1, 2025; small carrying amount on FY2024 balance sheet. (TRINI 2024 Form 10‑K, FY2024)

  • Cellares Corporation — Equipment financing from August 2, 2024 at 12.0% fixed, maturing September 1, 2029, with FY2024 carry. (TRINI 2024 Form 10‑K, FY2024)

  • Commonwealth Fusion Systems, LLC — Equipment financing dated June 16, 2023 at 13.0% fixed, maturity July 1, 2030; reported in FY2024. (TRINI 2024 Form 10‑K, FY2024)

  • Convergent Dental, Inc. — Secured loan April 21, 2023 maturing May 1, 2027 at Prime + 5.8% (floor 13.5%), carrying value in FY2024. (TRINI 2024 Form 10‑K, FY2024)

  • Cpacket Networks, Inc. — Secured loan January 29, 2024 with Prime + 4.8% or floor 12.0% plus PIK, and a small fixed-rate tranche; reported ~$20.3k. (TRINI 2024 Form 10‑K, FY2024)

  • Crusoe Energy Systems LLC — Equipment financing March 1, 2024 at 12.7% fixed, maturity March 1, 2029; FY2024 carry. (TRINI 2024 Form 10‑K, FY2024)

  • Dandelion Energy, Inc. — Equipment financing June 25, 2024 at 15.9% fixed, maturing July 1, 2025; modest carrying balance. (TRINI 2024 Form 10‑K, FY2024)

  • Drone Racing League, Inc. — Secured loan October 17, 2022 maturing December 1, 2025 at Prime + 7.5% (floor 11.0%), FY2024 balance. (TRINI 2024 Form 10‑K, FY2024)

  • Electric Hydrogen Co. — Equipment financing September 12, 2022 at 9.0% fixed, maturing April 1, 2026; small carrying value FY2024. (TRINI 2024 Form 10‑K, FY2024)

  • Elucent Medical, Inc. — Secured loan October 31, 2024 maturing November 30, 2029 at Prime + 3.8% (floor 11.3%), FY2024 carry. (TRINI 2024 Form 10‑K, FY2024)

  • Emergy, Inc. — Equipment financing December 15, 2021 at 11.2% fixed, maturity July 1, 2026; FY2024 reporting shows fluctuation. (TRINI 2024 Form 10‑K, FY2024)

  • Eyelit Technologies, Inc. — Secured loan November 4, 2024 maturing November 4, 2029 at SOFR 1‑month + 5.8%, FY2024 carry. (TRINI 2024 Form 10‑K, FY2024)

  • Footprint International Holding, Inc. — Secured loan February 18, 2022 at Prime + 7.3% (floor 10.5%), maturing March 1, 2027; material reported balance. (TRINI 2024 Form 10‑K, FY2024)

  • Form Energy Inc. — Equipment financing October 21, 2024 at 12.7% fixed, maturing November 1, 2027 with a larger carrying balance (~$35.6k). (TRINI 2024 Form 10‑K, FY2024)

  • Formlogic Corporation — Equipment financing December 28, 2023 at 12.1% fixed, maturity January 1, 2028; FY2024 carry. (TRINI 2024 Form 10‑K, FY2024)

  • Get Spiffy, Inc. — Secured loan July 14, 2023 at Prime + 4.5% (floor 12.3%), maturing January 14, 2028; FY2024 balance. (TRINI 2024 Form 10‑K, FY2024)

  • Grabit Interactive Media, Inc. — Secured loan April 8, 2022 at Prime + 7.5% (floor 10.8%), maturing November 1, 2026. (TRINI 2024 Form 10‑K, FY2024)

  • Hadrian Automation, Inc. — Equipment financing March 2, 2022 at 12.6% fixed, maturing September 1, 2025; small exposure. (TRINI 2024 Form 10‑K, FY2024)

  • Hi‑Power, LLC — Equipment financing September 30, 2021 at 12.4% fixed, maturity April 1, 2025; modest balance. (TRINI 2024 Form 10‑K, FY2024)

  • Homelight Lending, Inc. — Secured loan October 15, 2021 at Prime + 8.3% (floor 11.5%), maturing June 1, 2026; FY2024 carry. (TRINI 2024 Form 10‑K, FY2024)

  • Hometown Ticketing, Inc. — Secured loan November 25, 2024 at SOFR 3‑month + 7.7%, maturing November 25, 2029 with a sizeable FY2024 balance. (TRINI 2024 Form 10‑K, FY2024)

  • Impulse Space, Inc. — Equipment financing June 18, 2024 at 12.7% fixed, maturing July 1, 2027; FY2024 balance. (TRINI 2024 Form 10‑K, FY2024)

  • Incontext Solutions, Inc. — Secured loan January 16, 2020 at 11.8% fixed, maturing September 1, 2025; balance noted in FY2024. (TRINI 2024 Form 10‑K, FY2024)

  • Knockaway, Inc. — Secured loan September 29, 2023 at 10.2% fixed, maturing September 1, 2028; FY2024 carry. (TRINI 2024 Form 10‑K, FY2024)

  • Kymeta Corporation — Secured loan July 3, 2024 at Prime + 4.0% (floor 12.5%), maturing August 1, 2029; FY2024 balance. (TRINI 2024 Form 10‑K, FY2024)

  • Lark Technologies, Inc. — Secured loan September 30, 2020 at Prime + 8.3% (floor 11.5%, ceiling 13.5%), maturing April 1, 2025; small exposure. (TRINI 2024 Form 10‑K, FY2024)

  • Lightforce Orthodontics, Inc. — Secured loan August 6, 2024 at Prime + 4.3% (floor 11.8%), maturing August 6, 2029 with a large carry. (TRINI 2024 Form 10‑K, FY2024)

  • Macrofab, Inc. — Secured loan July 21, 2023 at Prime + 5.5% (floor 13.3%), maturing August 1, 2027; FY2024 balance. (TRINI 2024 Form 10‑K, FY2024)

  • Mainspring Energy, Inc. — Secured loan March 18, 2022 at 11.0% fixed, maturing October 1, 2026; material reported balance. (TRINI 2024 Form 10‑K, FY2024)

  • Maxwell Financial Labs, Inc. — Secured loan September 30, 2021 at Prime + 6.0% (floor 10.0%), maturing April 1, 2026. (TRINI 2024 Form 10‑K, FY2024)

  • Metabolon, Inc. — Secured loan March 28, 2024 at Prime + 2.5% (floor 10.0%) with PIK option, maturing April 1, 2029 and showing one of the largest carrying values (~$42.4k). (TRINI 2024 Form 10‑K, FY2024)

  • Moxe Health Corporation — Secured loan December 29, 2023 at Prime + 5.5% (floor 13.0%), maturing January 1, 2028; FY2024 carry. (TRINI 2024 Form 10‑K, FY2024)

  • Neurolens, Inc. — Secured loan September 29, 2023 at Prime + 3.5% (floor 11.5%), maturing October 1, 2028 with ~$20k exposure. (TRINI 2024 Form 10‑K, FY2024)

  • Neuros Medical, Inc. — Secured loan August 10, 2023 at Prime + 6.0% (floor 14.3%), maturing September 1, 2027; FY2024 carry and a subsequent growth capital commitment reported in FY2026 news. (TRINI 2024 Form 10‑K, FY2024; press coverage, FY2026)

  • NextCar Holding Company, Inc. — Secured loan December 14, 2021 at Prime + 5.8% (floor 9.0%), maturing March 31, 2025; FY2024 carry declined vs. prior periods. (TRINI 2024 Form 10‑K, FY2024)

  • Nomad Health, Inc. — Secured loan March 29, 2022 at Prime + 5.5% (floor 9.3%), maturing December 1, 2026; reported significant exposure in FY2024. (TRINI 2024 Form 10‑K, FY2024)

  • Nucleus RadioPharma, Inc. — Equipment financing June 4, 2024 at 11.8% fixed, maturing June 1, 2027; small carry. (TRINI 2024 Form 10‑K, FY2024)

  • Orchard Technologies, Inc. — Secured loan January 1, 2024 at Prime + 8.0% (floor 15.0%), maturing January 1, 2029; FY2024 balance. (TRINI 2024 Form 10‑K, FY2024)

  • PebblePost, Inc. — Secured loan May 7, 2021 at Prime + 8.8% (floor 11.5%), maturing June 1, 2026; FY2024 carry. (TRINI 2024 Form 10‑K, FY2024)

  • Restor3d, Inc. — Secured loan June 4, 2024 at Prime + 4.8% (floor 12.3%), maturing July 4, 2028; FY2024 balance. (TRINI 2024 Form 10‑K, FY2024)

  • Rocket Lab USA, Inc. — Equipment financing December 29, 2023 at 12.8% fixed, maturing January 1, 2029; one of the larger exposures (~$45.6k). (TRINI 2024 Form 10‑K, FY2024)

  • RXAnte, Inc. — Secured loan November 21, 2022 at Prime + 4.48% (floor 9.98%) with PIK option, maturing December 1, 2027; FY2024 carry. (TRINI 2024 Form 10‑K, FY2024)

  • SeaOn Global, LLC — Equipment financing June 16, 2022 at 9.3% fixed, maturing July 1, 2026; modest FY2024 balance. (TRINI 2024 Form 10‑K, FY2024)

  • ServiceTrade, Inc. — Secured loan August 15, 2024 at SOFR 3‑month + 5.5%, maturing August 15, 2029 with ~ $23.1k carry. (TRINI 2024 Form 10‑K, FY2024)

  • Shoulder Innovations, Inc. — Secured loan August 7, 2023 at Prime + 3.5% (floor 11.5%), maturing September 1, 2028; FY2024 exposure. (TRINI 2024 Form 10‑K, FY2024)

  • 3DEO, Inc. — Equipment financing February 23, 2022 showing a 0% fixed instrument with an end‑of‑term rate, maturity February 1, 2025; small carry. (TRINI 2024 Form 10‑K, FY2024)

  • Slingshot Aerospace, Inc. — Secured loan July 12, 2024 at Prime + 5.5% (floor 14.0%), maturing August 1, 2029; FY2024 balance. (TRINI 2024 Form 10‑K, FY2024)

  • SOCi, Inc. — Secured loan October 3, 2024 at SOFR 3‑month + 7.9%, maturing October 3, 2029; significant carry reported. (TRINI 2024 Form 10‑K, FY2024)

  • Space Perspective, Inc. — Secured loan March 3, 2022 at Prime + 7.8% (floor 11.0%), maturing July 1, 2026; FY2024 carry. (TRINI 2024 Form 10‑K, FY2024)

  • Steno Agency, Inc. — Secured loan June 21, 2024 at Prime + 4.0% (floor 12.5%), maturing July 1, 2029; FY2024 balance. (TRINI 2024 Form 10‑K, FY2024)

  • TMRW Life Sciences, Inc. — Secured loan April 29, 2022 at Prime + 5.0% (floor 8.8%), maturing May 1, 2027; FY2024 carry. (TRINI 2024 Form 10‑K, FY2024)

  • Upward Health, Inc. — Secured loan August 6, 2024 at Prime + 4.3% (floor 12.8%), maturing September 1, 2029; FY2024 balance. (TRINI 2024 Form 10‑K, FY2024)

  • Uveye, Inc. — Equipment financing December 26, 2024 at 11.9% fixed, maturing January 1, 2028; FY2024 carry. (TRINI 2024 Form 10‑K, FY2024)

  • Velentium, Inc. — Secured loan May 24, 2024 at Prime + 5.0% (floor 12.5%), maturing May 24, 2029; FY2024 balance. (TRINI 2024 Form 10‑K, FY2024)

  • Vital Connect, Inc. — Secured loan July 3, 2024 at Prime + 4.0% (floor 11.5%), maturing July 3, 2029; large FY2024 exposure. (TRINI 2024 Form 10‑K, FY2024)

  • Vox Media Holdings, Inc. — Secured loan October 18, 2022 at Prime + 6.3% (floor 11.8%), maturing November 1, 2027; FY2024 carry. (TRINI 2024 Form 10‑K, FY2024)

  • WorkWell Prevention & Care Inc. — Secured loan December 31, 2022 at Prime + 5.0% (floor 6.0%), maturing January 1, 2027; small exposure. (TRINI 2024 Form 10‑K, FY2024)

  • Zuum Transportation, Inc. — Secured loan December 17, 2021 at Prime + 6.0% (floor 10.8%), maturing January 1, 2027; FY2024 carry. (TRINI 2024 Form 10‑K, FY2024)

  • Nalu Medical, Inc. — Trinity announced a commitment of up to $50 million in growth funding to Nalu (PR Newswire press release, March 2026). (PR Newswire, FY2025/FY2026 press release)

  • Neuros Medical — Press reports note Trinity committed $35 million in growth capital to Neuros Medical to support commercialization (industry press, March 2026). (Intellectia/press coverage, FY2026)

  • KeyBank — Trinity reports approximately $208.4 million of available borrowing capacity under its KeyBank credit facility at period end; the facility has a multi‑year revolving and amortization schedule (press release, FY2025; KeyBank referenced directly in 10‑K). (TRINI press release/10‑K, FY2025/FY2024)

  • INSHUR — Trinity committed $35 million in growth capital to INSHUR for global expansion, per press coverage. (Reinsurance.News, FY2025)

Where exposure is concentrated and what it means for investors

Several financings show large single‑name exposures in the tens of millions (Rocket Lab, Metabolon, Form Energy, SOCi, Lightforce, Vital Connect). That concentration profile yields attractive yield pickup but increases idiosyncratic credit risk for noteholders if one or more sponsors underperform. Trinity’s reliance on its KeyBank facility and public notes (including the March 2029 7.875% notes) makes liquidity and asset valuation the two critical operational levers for maintaining distributions and RIC tax status.

For deeper analysis and monitoring tools that map these exposures, see https://nullexposure.com/.

Investment takeaway and action points

  • Yield engine: Trinity captures premium yield through secured and equipment financings priced in the high single digits to mid‑teens.
  • Concentration risk: Several large, long‑dated financings create idiosyncratic downside risk if specific sectors retrench.
  • Liquidity profile: The KeyBank facility and public notes provide multi‑year structural funding; treat the facility as a long‑term committed line when stress testing liquidity positions.

If you are evaluating TRINI for a credit allocation or counterparty diligence, use the public filings summarized above and check the real‑time relationship tracker at https://nullexposure.com/ before making deployment decisions.

Conclusion — Trinity’s model is a classical yield‑for‑illiquidity trade: attractive contractual returns backed by collateral but concentrated in early‑stage enterprise risk. Investors should balance current yield against recovery assumptions and the company’s liquidity architecture when sizing positions.