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TRINZ supplier relationships

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Trinity Capital (TRINZ) supplier exposure — concentrated growth-credit plays and what investors should know

Trinity Capital monetizes by providing venture-style debt and equipment financing to high-growth private companies and charging above-market coupons, origination fees and equity kickers where available; the company funds this portfolio through public debt instruments such as the 7.875% notes due 2029 and a revolver, and earns spread between its secured/asset-backed yields and its cost of capital. The FY2024 10‑K shows a broad set of secured loans and equipment financings across technology, life sciences, energy and aerospace—a portfolio constructed for yield, growth optionality and recoverability through asset liens. For a deeper supplier and counterparty breakdown visit https://nullexposure.com/.

Why the counterparty list matters to investors

Trinity’s revenue model is driven by credit selection and contract structure: fixed-rate equipment financings and secured loans with floors or prime‑linked variable rates dominate the record. That structure creates predictable coupon income and downside protection via collateral, but concentrates exposure in growth-stage companies that can be cyclical and capital-intensive. Trinity’s publicly filed relationships are the clearest window into asset vintage, sector concentration and contractual protections.

Visit https://nullexposure.com/ for original filings and consolidated supplier tracking.

Detailed counterparty list from the FY2024 10‑K (each relationship summarized)

  • 3DEO, Inc. — Equipment financing dated Feb 23, 2022 to Feb 1, 2025 at a fixed rate of 0.0% with EOT 9.0%. Source: Trinity Capital FY2024 10‑K.
  • Aledia, Inc. — Equipment financing executed Mar 31, 2022 to Apr 1, 2025 at fixed 9.0%, EOT 7.0%. Source: FY2024 10‑K.
  • All.Space Networks, Limited. — Secured loan from Aug 22, 2022 to Sep 1, 2027 at Prime + 7.0% (floor 11.5%); EOT 2.5%. Source: FY2024 10‑K.
  • Apiject Holdings, Inc. — Equipment financing dated Jun 24, 2024 to Jul 1, 2028 at fixed 12.6%, EOT 7.5%. Source: FY2024 10‑K.
  • Astranis Space Technology Corporation — Equipment financing Apr 13, 2023 to Nov 1, 2026 at fixed 12.1%, EOT 5.0%. Source: FY2024 10‑K.
  • Axiom Space, Inc. — Secured loan May 28, 2021 to Jun 1, 2026 at Prime + 6.0% (floor 9.3%); EOT 2.5%. Source: FY2024 10‑K.
  • BackBlaze, Inc. — Equipment financing Mar 29, 2021 to Apr 1, 2025 at fixed 7.5%, EOT 11.5%. Source: FY2024 10‑K.
  • Cellares Corporation — Equipment financing Aug 2, 2024 to Sep 1, 2029 at fixed 12.0%, EOT 4.5%. Source: FY2024 10‑K.
  • Commonwealth Fusion Systems, LLC — Equipment financing Jun 16, 2023 to Jul 1, 2030 at fixed 13.0%, EOT 10.0%. Source: FY2024 10‑K.
  • Convergent Dental, Inc. — Secured loan Apr 21, 2023 to May 1, 2027 at Prime + 5.8% (floor 13.5%); EOT 5.5%. Source: FY2024 10‑K.
  • Cpacket Networks, Inc. — Secured loan Jan 29, 2024 to Feb 1, 2029 with PRIME + 4.8% or PIK and a fixed component 1.3%; floor 12.0%; EOT 3.0%. Source: FY2024 10‑K.
  • Crusoe Energy Systems LLC — Equipment financing Mar 1, 2024 to Mar 1, 2029 at fixed 12.7%, EOT 0.0%. Source: FY2024 10‑K.
  • Dandelion Energy, Inc. — Equipment financing Jun 25, 2024 to Jul 1, 2025 at fixed 15.9%, EOT 0.0%. Source: FY2024 10‑K.
  • Drone Racing League, Inc. — Secured loan Oct 17, 2022 to Dec 1, 2025 at Prime + 7.5% (floor 11.0%); EOT 2.5%. Source: FY2024 10‑K.
  • Electric Hydrogen Co. — Equipment financing Sep 12, 2022 to Apr 1, 2026 at fixed 9.0%, EOT 10.0%. Source: FY2024 10‑K.
  • Elucent Medical, Inc. — Secured loan Oct 31, 2024 to Nov 30, 2029 at Prime + 3.8% (floor 11.3%); EOT 3.3%. Source: FY2024 10‑K.
  • Emergy, Inc. — Equipment financing Dec 15, 2021 to Jul 1, 2026 at fixed 11.2%, EOT 11.5%. Source: FY2024 10‑K.
  • Eyelit Technologies, Inc. — Secured loan Nov 4, 2024 to Nov 4, 2029 at SOFR 1M + 5.8%; EOT 0.0%. Source: FY2024 10‑K.
  • Footprint International Holding, Inc. — Secured loan Feb 18, 2022 to Mar 1, 2027 at Prime + 7.3% (floor 10.5%); EOT 3.5%. Source: FY2024 10‑K.
  • Form Energy Inc. — Equipment financing Oct 21, 2024 to Nov 1, 2027 at fixed 12.7%, EOT 3.0%. Source: FY2024 10‑K.
  • Formlogic Corporation — Equipment financing Dec 28, 2023 to Jan 1, 2028 at fixed 12.1%, EOT 1.5%. Source: FY2024 10‑K.
  • Get Spiffy, Inc. — Secured loan Jul 14, 2023 to Jan 14, 2028 at Prime + 4.5% (floor 12.3%); EOT 6.0%. Source: FY2024 10‑K.
  • GoFor Delivers, Inc. — Secured loan Jun 28, 2024 to Jul 1, 2028 at Prime + 3.5% (floor 12.0%); EOT 2.5%. Source: FY2024 10‑K.
  • Grabit Interactive Media, Inc. — Secured loan Apr 8, 2022 to Nov 1, 2026 at Prime + 7.5% (floor 10.8%); EOT 2.5%. Source: FY2024 10‑K.
  • Hadrian Automation, Inc. — Equipment financing Mar 2, 2022 to Sep 1, 2025 at fixed 12.6%, EOT 0.0%. Source: FY2024 10‑K.
  • Hi-Power, LLC — Equipment financing Sep 30, 2021 to Apr 1, 2025 at fixed 12.4%, EOT 1.0%. Source: FY2024 10‑K.
  • Homelight Lending, Inc. — Secured loan Oct 15, 2021 to Jun 1, 2026 at Prime + 8.3% (floor 11.5%); EOT 4.5%. Source: FY2024 10‑K.
  • Hometown Ticketing, Inc. — Secured loan Nov 25, 2024 to Nov 25, 2029 at SOFR 3M + 7.7%; EOT 0.0%. Source: FY2024 10‑K.
  • Impulse Space, Inc. — Equipment financing Jun 18, 2024 to Jul 1, 2027 at fixed 12.7%, EOT 3.0%. Source: FY2024 10‑K.
  • Incontext Solutions, Inc. — Secured loan Jan 16, 2020 to Sep 1, 2025 at fixed 11.8%, EOT 11.4%. Source: FY2024 10‑K.
  • Knockaway, Inc. — Secured loan Sep 29, 2023 to Sep 1, 2028 at fixed 10.2%, EOT 0.0%. Source: FY2024 10‑K.
  • Kymeta Corporation — Secured loan Jul 3, 2024 to Aug 1, 2029 at Prime + 4.0% (floor 12.5%); EOT 3.0%. Source: FY2024 10‑K.
  • Lark Technologies, Inc. — Secured loan Sep 30, 2020 to Apr 1, 2025 at Prime + 8.3% (floor 11.5%; ceiling 13.5%); EOT 4.0%. Source: FY2024 10‑K.
  • Lightforce Orthodontics, Inc. — Secured loan Aug 6, 2024 to Aug 6, 2029 at Prime + 4.3% (floor 11.8%); EOT 4.0%. Source: FY2024 10‑K.
  • Macrofab, Inc. — Secured loan Jul 21, 2023 to Aug 1, 2027 at Prime + 5.5% (floor 13.3%); EOT 4.0%. Source: FY2024 10‑K.
  • Mainspring Energy, Inc. — Secured loan Mar 18, 2022 to Oct 1, 2026 at fixed 11.0%, EOT 3.8%. Source: FY2024 10‑K.
  • Maxwell Financial Labs, Inc. — Secured loan Sep 30, 2021 to Apr 1, 2026 at Prime + 6.0% (floor 10.0%); EOT 5.0%. Source: FY2024 10‑K.
  • Metabolon, Inc. — Secured loan Mar 28, 2024 to Apr 1, 2029 at Prime + 2.5% (floor 10.0%); PIK option and fixed interest 3.0%; EOT 4.8%. Source: FY2024 10‑K.
  • Moxe Health Corporation — Secured loan Dec 29, 2023 to Jan 1, 2028 at Prime + 5.5% (floor 13.0%); EOT 4.8%. Source: FY2024 10‑K.
  • Neurolens, Inc. — Secured loan Sep 29, 2023 to Oct 1, 2028 at Prime + 3.5% (floor 11.5%); EOT 3.0%. Source: FY2024 10‑K.
  • Neuros Medical, Inc. — Secured loan Aug 10, 2023 to Sep 1, 2027 at Prime + 6.0% (floor 14.3%); EOT 4.5%. Source: FY2024 10‑K.
  • Nexii, Inc. — Secured loan Jul 24, 2024 to Jul 1, 2027 at fixed 10.0%, EOT 0.0%. Source: FY2024 10‑K.
  • NextCar Holding Company, Inc. — Secured loan Dec 14, 2021 to Mar 31, 2025 at Prime + 5.8% (floor 9.0%); EOT 2.0%. Source: FY2024 10‑K.
  • Nomad Health, Inc. — Secured loan Mar 29, 2022 to Dec 1, 2026 at Prime + 5.5% (floor 9.3%); EOT 4.0%. Source: FY2024 10‑K.
  • Nucleus RadioPharma, Inc. — Equipment financing Jun 4, 2024 to Jun 1, 2027 at fixed 11.8%, EOT 4.0%. Source: FY2024 10‑K.
  • Orchard Technologies, Inc. — Secured loan Jan 1, 2024 to Jan 1, 2029 at Prime + 8.0% (floor 15.0%); EOT 3.0%. Source: FY2024 10‑K.
  • PebblePost, Inc. — Secured loan May 7, 2021 to Jun 1, 2026 at Prime + 8.8% (floor 11.5%); EOT 3.8%. Source: FY2024 10‑K.
  • Restor3d, Inc. — Secured loan Jun 4, 2024 to Jul 4, 2028 at Prime + 4.8% (floor 12.3%); EOT 3.3%. Source: FY2024 10‑K.
  • Rocket Lab USA, Inc. — Equipment financing Dec 29, 2023 to Jan 1, 2029 at fixed 12.8%, EOT 1.0%. Source: FY2024 10‑K.
  • RXAnte, Inc. — Secured loan Nov 21, 2022 to Dec 1, 2027 at Prime + 4.48% (floor 9.98%); PIK/ fixed 1.5%; EOT 3.5%. Source: FY2024 10‑K.
  • SeaOn Global, LLC — Equipment financing Jun 16, 2022 to Jul 1, 2026 at fixed 9.3%, EOT 11.0%. Source: FY2024 10‑K.
  • ServiceTrade, Inc. — Secured loan Aug 15, 2024 to Aug 15, 2029 at SOFR 3M + 5.5%; EOT 0.0%. Source: FY2024 10‑K.
  • Shoulder Innovations, Inc. — Secured loan Aug 7, 2023 to Sep 1, 2028 at Prime + 3.5% (floor 11.5%); EOT 3.0%. Source: FY2024 10‑K.
  • Silk Technologies, Inc. — Secured loan Nov 4, 2024 to Dec 1, 2029 at Prime + 4.0% (floor 11.3%); EOT 1.5%. Source: FY2024 10‑K.
  • Slingshot Aerospace, Inc. — Secured loan Jul 12, 2024 to Aug 1, 2029 at Prime + 5.5% (floor 14.0%); EOT 3.0%. Source: FY2024 10‑K.
  • SOCi, Inc. — Secured loan Oct 3, 2024 to Oct 3, 2029 at SOFR 3M + 7.9%; EOT 0.0%. Source: FY2024 10‑K.
  • Space Perspective, Inc. — Secured loan Mar 3, 2022 to Jul 1, 2026 at Prime + 7.8% (floor 11.0%); EOT 5.0%. Source: FY2024 10‑K.
  • Steno Agency, Inc. — Secured loan Jun 21, 2024 to Jul 1, 2029 at Prime + 4.0% (floor 12.5%); EOT 2.5%. Source: FY2024 10‑K.
  • TMRW Life Sciences, Inc. — Secured loan Apr 29, 2022 to May 1, 2027 at Prime + 5.0% (floor 8.8%); EOT 4.0%. Source: FY2024 10‑K.
  • Upward Health, Inc. — Secured loan Aug 6, 2024 to Sep 1, 2029 at Prime + 4.3% (floor 12.8%); EOT 3.0%. Source: FY2024 10‑K.
  • Uveye, Inc. — Equipment financing Dec 26, 2024 to Jan 1, 2028 at fixed 11.9%, EOT 1.0%. Source: FY2024 10‑K.
  • Velentium, Inc. — Secured loan May 24, 2024 to May 24, 2029 at Prime + 5.0% (floor 12.5%); EOT 4.0%. Source: FY2024 10‑K.
  • Vital Connect, Inc. — Secured loan Jul 3, 2024 to Jul 3, 2029 at Prime + 4.0% (floor 11.5%); EOT 4.0%. Source: FY2024 10‑K.
  • Vox Media Holdings, Inc. — Secured loan Oct 18, 2022 to Nov 1, 2027 at Prime + 6.3% (floor 11.8%); EOT 2.5%. Source: FY2024 10‑K.
  • WorkWell Prevention & Care Inc. — Secured loan Dec 31, 2022 to Jan 1, 2027 at Prime + 5.0% (floor 6.0%); EOT 0.0%. Source: FY2024 10‑K.
  • Zandivio PLC — Secured loan Oct 30, 2024 to May 1, 2029 at Prime + 5.3% (floor 13.8%); EOT 2.5%. Source: FY2024 10‑K.
  • Zuum Transportation, Inc. — Secured loan Dec 17, 2021 to Jan 1, 2027 at Prime + 6.0% (floor 10.8%); EOT 2.5%. Source: FY2024 10‑K.
  • Dwelly — Trinity committed US$50 million in growth capital as reported with Q4 2025 results; the investment is disclosed in market coverage of Trinity’s FY2025 activity. Source: SimplyWallSt news summary (March 2026).

What the contract-level signals tell us about Trinity’s operating model

  • Long-term contracting posture: The portfolio contains multiple multi-year financings and equipment leases and is supported by a credit facility with a revolving period and maturity through 2029, indicating strategic duration matching between assets and liabilities. Evidence: KeyBank facility terms in the FY2024 filing.
  • Geographic concentration but international reach: Portfolio companies are primarily in North America with a small European presence, a fact Trinity discloses when describing portfolio domicile. This creates regional credit correlation to U.S. rates and venture cycles.
  • Active, ongoing relationships: Several contracts are current and extend into 2027–2030; Trinity maintains operational controls such as fidelity bonding and active portfolio monitoring, indicating an active servicing posture rather than passive legacy paper.
  • Scale of capacity: Trinity reports borrowing availability near $487 million as of Dec 31, 2024, a firm-level signal that the company is capitalized to originate and hold a >$100m+ portfolio of growth financings.
    These constraints together show a lender that structures secured, yield-focused, long-dated financings with geographic concentration in NA/EMEA and operational processes to monitor and protect collateral.

Investment implications and risk profile

  • Yield advantage, credit concentration risk: Trinity’s portfolio carries double‑digit fixed coupons and Prime/SOFR spreads, generating attractive yields but concentrating risk in outcomes for growth-stage borrowers across energy, aerospace, healthtech and software.
  • Collateral and covenant design mitigate but do not eliminate default risk; heavy use of floors, EOT premiums and PIK options reflects negotiated pricing for credit and liquidity risk.
  • Balance-sheet management is central: the company’s ability to refinance the 7.875% notes due 2029 and draw on the revolver will determine the sustainability of originations; liquidity metrics and borrowing availability are key monitoring items.

Explore Trinity’s supplier and capital structure disclosures at https://nullexposure.com/ to evaluate individual counterparty exposures and covenant schedules.

Bottom line and next steps for investors

Trinity is executing a repeatable, secured-growth lending strategy: disciplined contract terms, concentrated sector exposure and multi-year vintages delivered through public debt funding. For a portfolio-level read on covenant timing, sector weights and maturity ladders, review the source filings and the consolidated supplier index at https://nullexposure.com/. Investors should monitor upcoming maturities, revolver utilization and any material changes in borrower performance as the primary drivers of downside risk.